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Financial Services Consolidation And Performance In New York State Savings And Loan Associations, 2000-2011, Mine Aysen Doyran
Financial Services Consolidation And Performance In New York State Savings And Loan Associations, 2000-2011, Mine Aysen Doyran
Publications and Research
The market structure-performance relationship has been tested for US banking in industrial organization studies. Two divergent hypotheses with regard to this relationship are the Structure-Conduct-Performance (SCP) Paradigm and Efficient Structure Hypothesis (ESH). This paper presents the test results of both hypotheses with respect to the New York State S&L associations using the time-series and cross sectional (firm-level) data for the most recent period 2000-2010. The results of PEGLS regression indicate that performances of S&Ls vary with respect to operating cost, credit risk and capitalization. Neither market share nor concentration, however, plays a significant role in explaining profitability. The results partially …
Pricing Options On Foreign Currency With A Preset Exchange Rate, Avner Wolf, Christopher Heseel
Pricing Options On Foreign Currency With A Preset Exchange Rate, Avner Wolf, Christopher Heseel
Publications and Research
This paper presents a new option that can be used by agents for managing foreign exchange risk. Unlike the Garman Kolhagen model [1], (GK), this paper presents a new model with a preset exchange rate (PE), that allows the agent to take advantage of the his/her view on both the direction and magnitude of rate movement and as such provides this agent with more choices. The model has a provision for an automatic exchange of the payoff at a preset exchange rate, and upon expiration gives the agent the choice of keeping the payoff in the foreign currency or exchanging …