Finance and Financial Management Commons^™

Iceland: Kaupthing Emergency Liquidity Program, 2008, Sophia Alden, Léo Brougher

Journal of Financial Crises

Following the privatization of Iceland’s state-owned banks between 1998 and 2003, the three largest banks in Iceland—Glitnir, Landsbanki, and Kaupthing—grew rapidly, with consolidated assets increasing from 100% of Iceland’s GDP in 2004 to nearly 900% by the end of 2007. Initially, this growth was funded by debt issuances in the European medium-term note market; however, as cracks in the international financial system appeared in 2006, the banks turned to offering high-interest savings accounts through their foreign subsidiaries. Beginning in October 2006, Kaupthing launched “Kaupthing Edge,” an online savings and deposit platform operating in markets outside Iceland. When the United States …

Germany: Ikb Deutsche Industriebank Emergency Liquidity Program, 2008, Ayodeji George, Sophia Alden

Journal of Financial Crises

In the summer of 2007, IKB Deutsche Industriebank (IKB) faced heavy losses owing to the liquidity support it had provided on commercial paper issued by Rhineland Funding Capital Corporation, its off-balance-sheet vehicle, which held distressed collateralized debt obligations backed by US subprime mortgages. In July 2007, authorities became aware that IKB itself had lost access to liquidity from Deutsche Bank and other funding partners. Publicly owned development bank Kreditanstalt für Wiederaufbau (KfW) held a 38% stake in IKB, exposing it to potentially heavy losses in the event of an IKB failure. KfW, German financial authorities, and German banks pursued a …

Denmark: Roskilde Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Roskilde Bank A/S (Roskilde) was the eighth-largest bank in Denmark at the time of the Global Financial Crisis, with approximately 43 billion Danish kroner (DKK; USD 9.1 billion) in consolidated assets as of March 2008. Roskilde had considerable exposure to real estate and construction firms, prompting ratings downgrades and larger write-downs than expected in July 2008. On July 10, 2008, Roskilde asked for liquidity assistance from the Danish central bank, Danmarks Nationalbank (DNB). Later that day, DNB and the banking sector’s self-insurance group, the Private Contingency Association (PCA), announced emergency liquidity assistance to Roskilde in the form of an unlimited …

Cyprus: Laiki Bank Ad Hoc Emergency Liquidity Assistance, 2011, Stella Schaefer-Brown

Journal of Financial Crises

Following the European Union’s decision to restructure Greek debt in October 2011, Laiki Bank’s depositors began to withdraw their funds from the bank in growing numbers after it reported that its portfolio of Greek government bonds had lost EUR 2.3 billion in value. Beginning October 2011 and lasting until the bank’s resolution in 2013, Laiki Bank requested and received emergency liquidity assistance (ELA) from the Central Bank of Cyprus (CBC) so that the bank could continue to fund itself as depositors withdrew their funds. In June 2012, Cypriot authorities recapitalized Laiki Bank, and the government became an 84% shareholder. From …

Canada: Canadian Commercial Bank Emergency Liquidity Program, 1985, Adam Keanie, Léo Brougher

Journal of Financial Crises

In March 1985, the Canadian Commercial Bank (CCB)—Canada’s 10th largest bank, with CAD 2.9 billion in assets—reported to the Office of the Inspector General of Banks (OIGB) and the Bank of Canada (BoC) that CCB would not survive owing to large losses on its United States energy loans portfolio. In response, the BoC assembled an emergency CAD 255 million rescue package, secured through contributions from a consortium composed of the federal government, the provincial government of Alberta, the Canadian Deposit Insurance Corporation, and Canada’s six largest banks. Despite the BoC’s reassurances, including a public announcement promising virtually unlimited liquidity support, …

Ad Hoc Emergency Liquidity Programs In The 21st Century, Steven Kelly, Vincient Arnold, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 22 case studies of 21st century instances when financial crisis-fighters implemented ad hoc emergency liquidity (AHEL) interventions, interventions designed to provide liquidity to a troubled institution that the authorities believe is systemically important. While emergency liquidity support is often introduced with the real or communicated intention of preventing illiquidity from leading to insolvency, the liquidity crisis should instead be viewed as the manifestation of the market’s assessing the firm as nonviable as a going concern. For that reason, authorities should provide AHEL assistance only to institutions that they have deemed viable or that they have committed to …

Brazil: Banco Btg Pactual Emergency Liquidity Program, 2015, Vincient Arnold

Journal of Financial Crises

On November 25, 2015, André Esteves, then CEO of Banco BTG Pactual, a large Brazilian investment bank, was arrested by Brazilian authorities in connection with suspected involvement in a corruption scandal. Although the arrest did not involve BTG in any capacity and Esteves was later acquitted, the company’s stock quickly collapsed and depositors and other creditors rushed to reduce their exposures to the company. Depositors withdrew certificates of bank deposits, which BTG relied on to fund its daily operations. By November 27, BTG shares had fallen 26%. On December 2, the top seven shareholders of BTG took control of the …

Containing Runs On Solvent Banks: Prioritizing Recovery Over Resolution, Edoardo David Martino, Enrico C. Perotti

Journal of Financial Crises

The sudden banking defaults in the spring of 2023 proved current prudential norms insufficient to prevent bank distress. Capital and liquidity norms need to be adjusted. The experience also shows how a lack of credible supervisory tools led to forbearance and finally chaotic public bailouts. An intervention gap arises when viable but undercapitalized banks are at the mercy of runs. Once outflows start to escalate, all that is left is to prepare for resolution and assign losses. We call for new Pillar II – i.e. activated by the supervisor – stabilizing measures, as contingent capital and liquidity tools.

A timely …

Robinhood Stock Pitch, Morgan Cole

Student Research Symposium

Investment Overview

Projected 2 Year Stock Price

$86.89

Current Stock Price (as of close 4/1/25)

$42.85

Projected Upside

103%

A Comparative Analysis Of Financial Ratios In Healthcare Sectors, Lucille Barnett

Undergraduate Theses

How can for-profit financial strategies be adapted to support nonprofit financial stability? And how would those strategies translate to entities with diverse operational goals? The purpose of this study was to conduct a comparative analysis of nonprofit and for-profit healthcare organizations operating in Texas, examining financial differences driven by organizational structures and objectives across three healthcare sectors: Hospitals, Specialty Care Providers, and Community Health Centers. Using financial data from Form 990 and 10-K tax filings, this analysis aims to identify sector-specific financial challenges and opportunities, providing insight for financial decision-makers seeking to improve the long-term sustainability of nonprofit healthcare providers.

Assessing The Long-Term Impact Of Initial Market Performance On Investors’ Risk-Taking Behavior, Drew Mahoney

Honors Projects in Finance

Since World War II, financial markets have been traditionally analyzed through quantitative models, yet these approaches often fail to account for the psychological and behavioral tendencies of investors. This study examines how investors’ initial experiences with market conditions shape their long-term risk-taking behavior. Findings suggest that individual market experiences, personal background, demographics, and other factors all influence how investors perceive risk. For instance, those who enter the market during periods of volatility may develop a more risk-averse mindset, while investors who experience strong bull markets early on may become overconfident in their future decisions. These insights have significant implications for …

Essays On Empirical Asset Pricing, Qi Fan

Dissertations and Theses Collection (Open Access)

My dissertation consists of three studies on how investor behavior affects the outcomes in financial markets. The first study focuses on the investors’ limited capacity on processing the complicated information transmitted through interconnected firms. The other two studies explore the investor heterogeneity on preferred time of trading, due to their personal traits or irrational judgements on the market conditions.

In Chapter 2, I focus on the return predictability across economically linked firms, due to investor limited attention. I document significant outperformance of stocks whose industry peers currently experience salient (attention-grabbing) gains, especially for those with strong social ties. The long-short …

Corporate Environmental (Ir)Responsibility Of Chinese Construction Companies, Bin Zhang

Dissertations and Theses Collection (Open Access)

Grounded in a multi-stakeholder perspective, this study delves into the impact of Corporate Environmental Responsibility (CER) on the performance of firms in the Chinese construction industry. Utilizing a panel dataset of listed companies in the Chinese construction sector from 2008 to 2023, the research conducts empirical analysis by incorporating key stakeholder relationship indicators (customer concentration, government support, and bank loan costs) while controlling for firm characteristics, aiming to assess the effect of corporate environmental information disclosure on financial performance. The findings reveal that CER significantly positively affects financial performance. More crucially, this relationship is partly attributed to the strengthening of …

Analysis Of The Implementation Path Of Zero-Carbon Parks In The Context Of “Carbon Peak And Carbon Neutrality”, Jun Li

Dissertations and Theses Collection (Open Access)

With the introduction of China's "carbon peak and carbon neutrality" construction goals, it has become imperative to promote carbon reduction across all levels of domestic economic activities. As a critical component of economic activities, achieving zero-carbon goals in industrial parks is crucial for achieving the dual carbon objectives. This article focuses on analyzing the implementation pathways for zero-carbon parks, exploring how chemical parks can achieve zero-carbon emissions and their economic feasibility under existing policies and technologies. Through theoretical analysis, model development, and case application, this research provides systematic methodologies and recommendations for constructing zero-carbon parks.
This study confirms through empirical …

Fixed Income Fund Report, April 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Equity Fund Monthly Report, April 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Financial Inclusion For Persons With Disabilities: Experiences Of Providers And Users Of Financial Products And Services In Kenya., Sheru W. Muuo, Bhavisha Virendrakumar, George Okello, Moses Chege, Vibian Angweny, Kenneth Gichohi, Hillary Kibet, Sally Nduta, Stevens Bechange, Elena Elena Schmidt

Institute for Human Development, East Africa

Background; Inclusion of persons with disabilities in financial products and services has been identified as an important step on the pathway to achieving the sustainable development goals. Evidence of how people with disabilities are included in financial products and services including strategies to improve their inclusion in low and middle-income countries is limited. We draw on qualitative data to to understand the experiences of providing and using financial products and services from the perspectives of persons with disabilities and representatives of different financial institutions in Nairobi and Migori counties of Kenya.

Methods ;Eighty-one persons with disabilities (49.4% < 35 years, 57% female) were purposively sampled to take part in 10 focus group discussions. Additionally, 26 in-depth interviews were conducted with financial institution representatives. Data were collected between July and September 2022 and analysed thematically.

Results ; Participants …

Internal Control And Urban Investment Bond Issuance, Feixiong Zhu

Dissertations and Theses Collection (Open Access)

With the rapid growth of China's economy, the financing needs of local governments are increasing, and municipal investment bonds, as animportant financing tool for local governments, play a pivotal role in the capital market. However, the rapid development of the municipal investment bond market has also brought about problems such as inadequate informationdisclosure and accumulation of market risks, which has aroused widespreadconcern about potential financial risks. Against this background, the state has strengthened the regulation of municipal bonds, emphasized the importance of compliance management, and introduced a series of policies and measures toimprove the transparency and standardization of the market. …

Competency Of Sales Employees In Knowledge-Intensive Industries An Empirical Study Based On The Pharmaceutical Industry, Yue Zhang

Dissertations and Theses Collection (Open Access)

With the rapid development of modern technology, the pharmaceutical industry is undergoing a period of unprecedented change. On the one hand, global population growth, aging, and the continued increase in people's healthconcerns have led to an ever-expanding demand for the pharmaceutical market. On the other hand, a large amount of capital is pouring into the pharmaceutical field, prompting the emergence of new pharmaceutical enterprises, and the competition in the market is becoming increasingly heated. Against this backdrop, the replacement of pharmaceutical products has acceleratedsignificantly, with new therapeutic methods, pharmaceutical dosage forms andinnovative drugs being introduced to the market. At the …

The Effects Of Financial Vulnerability On The Prosocial Behavior Of Medical Staff At Pet Hospitals, Guoxing Xu

Dissertations and Theses Collection (Open Access)

The coronavirus disease 2019 (COVID-19) pandemic has fundamentally disrupted business operations, causing widespread financial strain and uncertainty for employees, and research shows that financial vulnerability – the sense of insecurity regarding one’s economic resources – has reached unprecedented levels among workers. But while conventional wisdom might suggest that financial stress leads to decreased work performance, a critical gap exists in understanding how financial vulnerability influences employee behavior in service-oriented environments.

Therefore, this study investigated the relationship between financial vulnerability and employee behavior within the context of pet hospitals in China, examining how organizational factors moderate this relationship. Data were collected …