Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Keyword
- File Type
Articles 1 - 17 of 17
Full-Text Articles in Finance and Financial Management
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Changes In Corporate Credit Spreads?, Elisabeta Pana, Michael Mayberger, '14
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Changes In Corporate Credit Spreads?, Elisabeta Pana, Michael Mayberger, '14
Elisabeta Pana
No abstract provided.
Tarp Funds Distribution: Evidence From Bank Internal Capital Markets, Elisabeta Pana, Tarun Mukherjee
Tarp Funds Distribution: Evidence From Bank Internal Capital Markets, Elisabeta Pana, Tarun Mukherjee
Elisabeta Pana
No abstract provided.
Lobbying On Defense Aerospace: What Factors Impact It And Why, Elisabeta Pana, Austin Smiley, '13
Lobbying On Defense Aerospace: What Factors Impact It And Why, Elisabeta Pana, Austin Smiley, '13
Elisabeta Pana
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 management on providing benefits to their members and augmenting their institutional well-being through capital accumulation. In this study, we investigate the changes in benefits to borrowing and saving members around the adoptions of transactional websites by credit unions for the period of 2000-2009. Using the propensity score matching method, we show that credit union adopters offered borrowing members a better interest rate than non-adopters immediately after the recession of 2001-2002 and a similar rate when economy rebounded. Our results indicate that transactional websites offer credit union members more convenient services with no negative impact on …
Political Influence And Tarp Investments In Credit Unions, Elisabeta Pana, Linus Wilson
Political Influence And Tarp Investments In Credit Unions, Elisabeta Pana, Linus Wilson
Elisabeta Pana
About 48 credit unions received capital injections as part of the financial sector bailout. The predicted probability of receiving bailout funds jumps from 29% to 81% for the typical credit union, if the institution's headquarters was in the district of a member of the U. S. House Financial Services Committee (HFS). The credit unions receiving funds were significantly less likely to lend, contrary to the goals of the program. These results indicate that political influence may be an important determinant of which institutions receive taxpayer funds.
Determinants Of Dow Jones Returns, Elisabeta Pana, Cory Sloan, '12
Determinants Of Dow Jones Returns, Elisabeta Pana, Cory Sloan, '12
Elisabeta Pana
No abstract provided.
The Finance Behind Conference Realignment, Elisabeta Pana, Brian Piotrowski, '12
The Finance Behind Conference Realignment, Elisabeta Pana, Brian Piotrowski, '12
Elisabeta Pana
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 …
Qep And Bank Liquidity Creation: Evidence From Japan, Elisabeta Pana
Qep And Bank Liquidity Creation: Evidence From Japan, Elisabeta Pana
Elisabeta Pana
The 2001-2006 Japanese quantitative easing policy (QEP) represents the most prominent example of unconventional monetary policy used prior to the recent financial crisis. This paper contributes to the current debate over the effectiveness of Japan’s QEP by documenting the changes in absolute amount of liquidity created by Japanese banks during the period of 2001-2007. Using the liquidity creation measure developed by Berger and Bouwman (2009), we document the impact of macroeconomic factors and bank characteristic on liquidity creation. The analysis is conducted in a multivariate dynamic panel regression framework using a dataset comprised of 120 Japanese banks containing balance sheet …
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, Elisabeta Pana
Commercial Real Estate Concentrations, Elisabeta Pana
Elisabeta Pana
No abstract provided.
Commercial Real Estate Lending Concentrations: New Evidence, Elisabeta Pana
Commercial Real Estate Lending Concentrations: New Evidence, Elisabeta Pana
Elisabeta Pana
This study documents the management of risk used by small banks with commercial real estate lending concentrations prior to the 2007-2009 financial crisis. We show that banks with commercial real estate concentrations traded interest rate risk for credit risk. The trade-off is accompanied by a higher leverage and liquidity risk. Our findings support the argument advanced by policymakers and academic researchers that the increased scrutiny over banks’ lending standards and risk management practices is justified.
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.
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
No abstract provided.
Credit Unions As Liquidity Creators, Elisabeta Pana, Tarun Mukherjee
Credit Unions As Liquidity Creators, Elisabeta Pana, Tarun Mukherjee
Elisabeta Pana
No abstract provided.
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.