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Articles 1 - 6 of 6
Full-Text Articles in Finance and Financial Management
Cta Strategies For Returns-Enhancing Diversification, Francis Koh, David K. C. Lee, Kok Fai Phoon
Cta Strategies For Returns-Enhancing Diversification, Francis Koh, David K. C. Lee, Kok Fai Phoon
Francis Koh
No abstract provided.
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis
Elisabeta Pana
Credit unions focus their profit and capital management on the tradeoff between providing immediate financial benefits to members and augmenting their institutional well-being through capital accumulation. In this study, we investigate the changes in benefits to credit union members via the interest-rate spread around the adoptions of internet-based services for the period of 2000–2009. Using the propensity score matching method, we show that adopters offer a less favorable interest-rate spread to their members than non-adopters. However, we find evidence that early adopters have a lower degree of market power in dealing with their members than late adopters and offer interest-rate …
Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana
Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana
Elisabeta Pana
We study a sample of publicly traded firms that expand by acquiring other firms in pure, stock-for-stock mergers. After these mergers, we find that the diversification premium decreases for the acquiring firm due to having added a target firm trading at a discount. Furthermore, the acquiring firm experiences a decrease in investment opportunities and a decrease in leverage. This is an effect confined only to non-diversifying mergers. Our results indicate that the acquirer’s investment efficiency at the firm level remains unchanged after the merger.
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
Elisabeta Pana
Using 189 commercial bank mergers between 1997 and 2004, we document a positive impact of the merger activity on bank liquidity creation. Consistent with the deposit insurance hypothesis, we find that banks with higher levels of deposit insurance create higher levels of liquidity around mergers. Furthermore, we document that the level of equity capital explains the change in liquidity creation around mergers for the sample of large acquirers. We show that for the sample of small acquirers there is a negative relationship between the level of economic growth and changes in liquidity creation around mergers.
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana
Elisabeta Pana
This study examines the survival of small banks with commercial real estate concentrations over the 2006-2009 period. Using data on 4646 banks, I document that commercial real estate loan concentrations increase the hazard of disappearance. The analysis of bank-specific factors reveals that bank capitalization, liquidity, and asset quality play a significant role on bank survival. I also find evidence that small banks in the Pacific Southwest and South Atlantic regions are less likely to survive as separate entities.
Poison Pill Redemption: Evidence From The Commercial Banking Industry, Elisabeta Pana
Poison Pill Redemption: Evidence From The Commercial Banking Industry, Elisabeta Pana
Elisabeta Pana
No abstract provided.