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Financial Deepening In Mexico, Alexander Herman, Alexander Klemm Mar 2024

Financial Deepening In Mexico, Alexander Herman, Alexander Klemm

Journal of Banking and Financial Economics

International comparisons reveal that – even controlling for a host of explanatory factors – credit depth is exceptionally low in Mexico. Using panel data methods linking credit growth and fundamentals, this paper estimates a long-term gap between actual and expected credit of about 40 percent of GDP. Possible explanations include the history of banking crises, the large informal sector and an inefficient legal system. Using a disequilibrium regression approach, this paper also finds that supply factors are particularly important as determinants of credit in Mexico. Recent financial reforms address many of the supply constraints, but their success will depend on …

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Local Competition, Innovation, And Firms’ Bank Relationships, Maximilian Zurek Mar 2024

Local Competition, Innovation, And Firms’ Bank Relationships, Maximilian Zurek

Journal of Banking and Financial Economics

With firms searching for secured external funding by engaging in multiple bank relationships on the one hand and banks for profit maximization on the other hand, conflicts of interests may arise when firms’ banks demand access to corporate private information. This information can help banks to gauge the creditworthiness of borrowers, but also exposes the latter to losses of secrecy. Thus, firms which are dependant on informative secrecy – especially innovative firms – might incur difficulties when trying to get access to external funding. As rival firms prevail within firms’ own industries, a special focus is on effects of local …

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Pacific Island Countries: In Search Of A Trade Strategy, Hong Chen, Lanieta Rauqeuqe, Shiu Raj Singh, Yiqun Wu, Yongzheng Yang Mar 2024

Pacific Island Countries: In Search Of A Trade Strategy, Hong Chen, Lanieta Rauqeuqe, Shiu Raj Singh, Yiqun Wu, Yongzheng Yang

Journal of Banking and Financial Economics

This paper examines the role of international trade for economic prosperity in Pacific island countries (PICs), discusses their comparative advantage, and explores the potential for trade, and tourism in particular, to serve as a locomotive for inclusive economic growth. We find the trade performance in PICs has been generally weak over the past decade, with the exception of resource-rich countries. Small country size and remoteness from global economic centers may have contributed to this relatively poor performance. Using the gravity models to analyze the determinants of merchandise trade and tourism in PICs, we find tourism in these countries faces more …

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Determinants Of Bank Competitiveness In Digital Era A Case Study Of South Korea, Young Jun Jin, Yanthi Hutagaol-Martowidjojo Mar 2024

Determinants Of Bank Competitiveness In Digital Era A Case Study Of South Korea, Young Jun Jin, Yanthi Hutagaol-Martowidjojo

Journal of Banking and Financial Economics

Technical innovations in Digital Era provide the incentives for banks to redesign their business operations to enhance their competitiveness. Prior studies use financial indicator as factors that affect bank competitiveness, however, with the technology advancement, Information Communication Technology (ICT) become major factors in assessing banks’ competitiveness. The aim of this study is to analyze specific ICT factors, as well as financial factors, affecting bank competitiveness. This study examines all 17 commercial banks in South Korea. The ICT factors are measured by IT center operation and IT scandal released in news or mass media while the bank competitiveness is proxied by …

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Banks’ Trust In The Eu Macroprudential Regulation, Matias Huhtilainen Mar 2024

Banks’ Trust In The Eu Macroprudential Regulation, Matias Huhtilainen

Journal of Banking and Financial Economics

Prior studies suggest that regulatory uncertainty is potentially detrimental to the wider economic performance, to the effectiveness of regulatory measures and to the objective of harmonized rules and a level playing field across jurisdictions. This paper discusses on the applicability of banks’ perceived trust as a method to evaluate the quality of the EU macroprudential regulation. Accordingly, the regulatory credibility, as opposed to regulatory uncertainty, is assumed to indicate consistent, predictable and solid regulatory and institutional environment. This paper argues that the perception of trust and the regulatory credibility are interrelated so that one cannot exist without the other. For …

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Sharing The Growth Dividend: Analysis Of Inequality In Asia, Sonali Jain-Chandra, Tidiane Kinda, Kalpana Kochhar, Shi Piao, Johanna Schauer Mar 2024

Sharing The Growth Dividend: Analysis Of Inequality In Asia, Sonali Jain-Chandra, Tidiane Kinda, Kalpana Kochhar, Shi Piao, Johanna Schauer

Journal of Banking and Financial Economics

This paper focusses on income inequality in Asia, its drivers and policies to combat it. It finds that income inequality has risen in most of Asia, in contrast to many other regions. While in the past, rapid growth in Asia has come with equitable distribution of the gains, more recently fast- growing Asian economies have been unable to replicate the “growth with equity” miracle. There is a growing consensus that high levels of inequality can hamper the pace and sustainability of growth. The paper argues that policies could have a substantial effect on reversing the trend of rising inequality. It …

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The Use Of The Bootstrap Method For The Assessment Of Investment Effectiveness And Risk – The Case Of Confidence Intervals Estimation For The Sharpe Ratio And Tailvar, Klaudia Jarno, Łukasz Smaga Mar 2024

The Use Of The Bootstrap Method For The Assessment Of Investment Effectiveness And Risk – The Case Of Confidence Intervals Estimation For The Sharpe Ratio And Tailvar, Klaudia Jarno, Łukasz Smaga

Journal of Banking and Financial Economics

This paper is aimed at presenting application of bootstrap interval estimation methods to the assessment of financial investment’s effectiveness and risk. At first, we give an overview of various methods of bootstrap confidence interval estimation, i.e. bootstrap-t interval, percentile interval and BCa interval. Then, bootstrap confidence interval estimation methods are used to estimate confidence intervals for the Sharpe ratio and TailVaR of the Warsaw Stock Exchange sectoral indices. The results show that the bootstrap confidence intervals of different types are quite similarly positioned for each of the analysed index and measure. Taking into the account the locations of confidence intervals …

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Bkash Vs. Bank-Led Option: Factors Influencing Customer’S Preferences – Does It Warrant Voluntary-Insurance-Policy For Rapid-Growth Digital-Banking In Bangladesh-Economy?, Akim M. Rahman Mar 2024

Bkash Vs. Bank-Led Option: Factors Influencing Customer’S Preferences – Does It Warrant Voluntary-Insurance-Policy For Rapid-Growth Digital-Banking In Bangladesh-Economy?, Akim M. Rahman

Journal of Banking and Financial Economics

In today’s technology-driven world-economy, banking-services have been modernized where customers compete for comparative time-saving-options. Bangladesh, a developing country, is no exception. Besides traditional banking, Agent-banking, bKash, Western-Union etc. serve new-way financial-services. But, in 21st-Century business-mentality era, many factors are unpredictable. Strict laws & application can marginalize the magnitudes of Perceived-risk where developed countries are ahead of developing countries. But it does not guarantee risk-free digital-transaction where developing countries are vulnerable. It might have led a slower growth of digital-banking in countries like Bangladesh. Dealing with determinant Perceived-risk, current author proposed Voluntary-Insurance policy (Rahman, 2018) that deserves to be scrutinized. Using …

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Reconciling Macroeconomic Determinants With Stock Market Performance In Selected Sub-Saharan African Countries: An Ardl Approach, Kareem Abidemi Arikewuyo, Akeem Adekunle Adeyemi, Eunice Titilayo Omodara, Lateef Adewale Yunusa Mar 2024

Reconciling Macroeconomic Determinants With Stock Market Performance In Selected Sub-Saharan African Countries: An Ardl Approach, Kareem Abidemi Arikewuyo, Akeem Adekunle Adeyemi, Eunice Titilayo Omodara, Lateef Adewale Yunusa

Journal of Banking and Financial Economics

Prior studies have adduced unstable macroeconomic factors to stock price movement overtime but the relationship between the duo remained unsettled. Autoregressive Distributed Lag (ARDL) technique was used to reconcile the macroeconomic determinants with performance of stock markets in selected Sub-Saharan Africa (SSA) covering the period of 1999:1–2017:4. It was found that macroeconomic indicators were essential in determining stock market performance in Nigeria while South African stock market did not show any predictable linkage but the contemporaneous effect of oil price changes on stock market performance in selected SSA. The study, therefore, recommended that countries in SSA should reduce overdependence on …

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The Impact Of Credit Risk On Bank Profitability In Nigeria, Charles Onyeiwu, Gideon Ajayi, Obumneke Muoneke B. Mar 2024

The Impact Of Credit Risk On Bank Profitability In Nigeria, Charles Onyeiwu, Gideon Ajayi, Obumneke Muoneke B.

Journal of Banking and Financial Economics

This study examines the impact credit risk management has on the profitability of commercial banks in Nigeria. The main objective of this material is to show how credit risk parameters are related to the expected performance of commercial banks in Nigeria. Using the regression analysis, relationship was drawn between credit risk parameters (which include capital adequacy ratio and non-performing loan ratio) and the profitability ratio (return on average asset, in particular) of five big Nigerian banks. Mixed research methodology was adopted in that primary data were sourced via questionnaires and secondary data were used via annual report of selected banks. …

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Belize’S 2016–17 Sovereign Debt Restructuring – Third Time Lucky?, Tamon Asonuma, Michael G. Papaioannou, Eriko Togo, Bert Van Selm Mar 2024

Belize’S 2016–17 Sovereign Debt Restructuring – Third Time Lucky?, Tamon Asonuma, Michael G. Papaioannou, Eriko Togo, Bert Van Selm

Journal of Banking and Financial Economics

This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.

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Causal Analysis Between Liquidity And Profitability: Is There Any Difference Between Public And Private Commercial Banks In Bangladesh?, Qamarullah Bin Tariq Islam Mar 2024

Causal Analysis Between Liquidity And Profitability: Is There Any Difference Between Public And Private Commercial Banks In Bangladesh?, Qamarullah Bin Tariq Islam

Journal of Banking and Financial Economics

This paper analyzes the causal relationship between liquidity and profitability for public and private commercial banks in Bangladesh. The augmented Dickey-Fuller test of stationarity is carried out first. As they are found to be integrated of the same order, the Engle-Granger test of cointegration is applied. Finally, the Granger causality test is applied to check if there is any causal relationship between liquidity and profitability for public and private commercial banks in Bangladesh from 2001 to 2019. Another aim of the paper is to see if there is any difference in the causal relationship between these two bank typologies. The …

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Gdp Growth As A Bank Loan Quality Determinant, Joanna Rachuba Mar 2024

Gdp Growth As A Bank Loan Quality Determinant, Joanna Rachuba

Journal of Banking and Financial Economics

Past financial crises and recessions have revealed the importance of the economy’s condition for the loan quality. Macroeconomic determinants of the non-performing loans have been attracting considerable attention in recent years. The aim of this paper is to organize and summarize studies examining the role of GDP growth and its impact on bank loan quality. This approach reveals the research problem which is to specify if there exists a statistically significant relationship between economic growth and the level of non-performing loans. It is equally important to determine the direction of this link. By appealing to common knowledge, the research hypothesis …

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Condition Of Banks Listed On The Warsaw Stock Exchange During The First 3 Months Of The Pandemic In Poland, Zbigniew Korzeb, Paweł Niedziółka Mar 2024

Condition Of Banks Listed On The Warsaw Stock Exchange During The First 3 Months Of The Pandemic In Poland, Zbigniew Korzeb, Paweł Niedziółka

Journal of Banking and Financial Economics

The aim of the paper is to assess the condition of commercial banks listed on the Warsaw Stock Exchange after the first three months of the COVID-19 pandemic in Poland. The consolidated results for Q1 and Q2 2020 were used focusing on selected evaluation areas such as: capital adequacy, profitability, liquidity, credit portfolio quality as well as operational efficiency. The authors concluded that as a result of the credit crunch and the retention of previously earned profits, almost every medium (except for mBank SA) and every large bank experienced an increase in capital adequacy ratios. Moreover, the profitability of the …

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Full Issue Mar 2024

Full Issue

The Thetean: A Student Journal for Scholarly Historical Writing

No abstract provided.

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"Uncle Sam Meets John Bull':· American Fur Traders' Attitudes Toward The Hudson's Bay Company, 1821-1832, Andrea Gayle Radke Mar 2024

"Uncle Sam Meets John Bull':· American Fur Traders' Attitudes Toward The Hudson's Bay Company, 1821-1832, Andrea Gayle Radke

The Thetean: A Student Journal for Scholarly Historical Writing

The disgruntled British trapper cocked his rifle and shoved it into the chest of Mr. Lucien Fontenelle. Feeling that the American rivals had instigated the desertion of a fellow English trader, the gun-wielding Brit planned on taking out his frustrations on Fontenelle, the American Fur Company leader. Immediately, Fontenelle's men sprang from their horses with rifles ready, "prepared to give them Battle, should they presume to offer any further show of hostility." Cooler heads prevailed, however, and the companies parted without additional conflict.

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The Bomb In Political Cartoons Of The 1950s, Cory B. Stokes Mar 2024

The Bomb In Political Cartoons Of The 1950s, Cory B. Stokes

The Thetean: A Student Journal for Scholarly Historical Writing

Cartoons are irresistible. No other printed medium conveys its message to a wider range of people. Hebert Block (Herblock) and other popular syndicated cartoonists provided a substantial slice of the cartoons Americans saw each evening as they opened their newspapers. Their themes represent discourse on a national level as opposed to regional or local cartoonists. Examining the intent and content of 1950s editorial cartoons sheds light on society's reaction to the nuclear threat and what part the opinion pages played in shaping the public perception of the nuclear weapons race. Herblock's cartoons emphasized the unknown and uncontrollable nature of atomic …

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The Influence Of The Council On Foreign Relations In American Foreign Policy Initiatives, Walter Kenneth Lovell Mar 2024

The Influence Of The Council On Foreign Relations In American Foreign Policy Initiatives, Walter Kenneth Lovell

The Thetean: A Student Journal for Scholarly Historical Writing

United States Foreign policy has generally followed common themes since the nation's birth. Ideally, in a democratic society, the prevailing views of the mass of people create the policies guiding the government both domestically and abroad. It is in this vein that former Secretary of State Dean Rusk spoke when defining foreign policy as constant. Foreign policy ought not change according to political climate, but rather take its basis from the values the people ostensibly hold sacred.

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Faith In Europe: De Gasperi, Adenauer And Their Visions Of Postwar Europe, Michael Griffitts Mar 2024

Faith In Europe: De Gasperi, Adenauer And Their Visions Of Postwar Europe, Michael Griffitts

The Thetean: A Student Journal for Scholarly Historical Writing

G ermany and Italy faced exceptional challenges after World War II. Their culpability in the outbreak of this devastating war made recovery an especially difficult task. Konrad Adenauer (1876-1967) and Alcide De Gasperi (1881-1954) had the unenviable jobs of rebuilding their respective nations after Adolf Hitler and Benito Mussolini had fallen from power. Both were Chri~tian Democrats who believed that the Christian tradition could provide an important foundation for Europe's rebirth. For both, the ennobling principles of Christianity and the transnational solidarity promoted by the religious tradition offered a refreshing possibility for peace and stability. Their commitment to greater European …

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'A Mighty Woman In Zion": The Roles Of Mary Jane Dilworth Hammond As An Lds Missionary Wife In Nineteenth-Century Hawaii, Julia Ann Oldroyd Mar 2024

'A Mighty Woman In Zion": The Roles Of Mary Jane Dilworth Hammond As An Lds Missionary Wife In Nineteenth-Century Hawaii, Julia Ann Oldroyd

The Thetean: A Student Journal for Scholarly Historical Writing

Mary Jane Dilworth, the twelfth of thirteen children of Caleb and Eliza Wollerton Dilworth, was born on 29 July 1831 in Uwchlan, Chester, Pennsylvania. By 1846, her mother, brother, and eight sisters had joined The Church of Jesus Christ of Latter-day Saints and had moved to Nauvoo, Illinois, to gather with the other Church members. The inhabitants of Nauvoo were later driven from their homes to Winter Qyarters, Nebraska, and on 17 June 1847 most of the Dilworth family headed farther west with the Jedediah M. Grant Mormon pioneer company and arrived in the Salt Lake Valley almost four months …

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Front Matter Mar 2024

Front Matter

The Thetean: A Student Journal for Scholarly Historical Writing

No abstract provided.

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Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?, Kay Chung, Michael G. Papaioannou Mar 2024

Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?, Kay Chung, Michael G. Papaioannou

Journal of Banking and Financial Economics

This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.

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The Impact Of The Reforms Of The 2000s And The Arab Spring Of 2011 On The Performance Of The Egyptian Banking Sector, Ahmed L. M. Ahmed Mar 2024

The Impact Of The Reforms Of The 2000s And The Arab Spring Of 2011 On The Performance Of The Egyptian Banking Sector, Ahmed L. M. Ahmed

Journal of Banking and Financial Economics

This paper aims to assess the current condition of the Egyptian banking sector, based on the past reforms of the 2000s. This analysis is based on data from the Central Bank of Egypt (CBE), data from the Egyptian banking sector and the literature review. The main finding is that despite many changes in the political and economic scene that drove the country into a crisis, the Egyptian banking sector was able to work well in the post-2008 period, achieving high growth rates. This study contributes to the academic literature on factors influencing financial development in emerging counties, based on the …

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The Impact Of The Turkish Presidential System On The Turkish Lira, Mahmut Zeki Akarsu Mar 2024

The Impact Of The Turkish Presidential System On The Turkish Lira, Mahmut Zeki Akarsu

Journal of Banking and Financial Economics

The political system always has a significant impact on economic indicators. Currency exchange is one of the indicators, which is influenced directly or indirectly by political developments. Investors and economic agents make investment decisions by not only economic outcomes but also political developments. Turkey is one of the countries, which can be an example of a domestic currency losing value significantly due to undemocratic political actions since the 2017 referendum. Therefore, in this study, the impact of the new presidential system on the Turkish Lira is investigated using the Bayesian structural time-series model in R software. According to the literature …

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The Effect Of Targeted Monetary Policy On Bank Lending, Olli-Matti Laine Mar 2024

The Effect Of Targeted Monetary Policy On Bank Lending, Olli-Matti Laine

Journal of Banking and Financial Economics

This paper studies the effect of central banks’ targeted refinancing operations on bank lending. It utilizes data from the European Central Bank’s targeted longer-term refinancing operations (TLTROs) together with monthly bank level balance sheet data from multiple countries. The effect of targeted policy is identified utilizing the institutional setting that provides natural instrumental variables and a proxy for credit demand. Unlike previous papers, this paper studies the effects on corporate loans and loans for consumption separately. The cumulative effect of TLTROs on participating banks’ stock of corporate loans is estimated to be significant (about 20 per cent). However, the effect …

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Supervisory Technology As A New Tool For Banking Sector Supervision, Tomasz Dziawgo Mar 2024

Supervisory Technology As A New Tool For Banking Sector Supervision, Tomasz Dziawgo

Journal of Banking and Financial Economics

After last global financial crisis from a decade ago, financial market have been experiencing significant increase in number of regulations. This was especially visible in the banking sector, in which number of post-crisis new regulations amounted to thousands per year. It was not only challenging for banks, that have been spending increasingly more financial resources on compliance, but also for supervisory entities that have to keep track of compliance for every entity on financial market. Due to the fact that supervisory process relies mostly on manual process, it can be both time consuming and inefficient. This is why, not only …

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Conventionalists, Pioneers And Criminals Choosing Between A National Currency And A Global Currency, Guizhou Wang, Kjell Hausken Mar 2024

Conventionalists, Pioneers And Criminals Choosing Between A National Currency And A Global Currency, Guizhou Wang, Kjell Hausken

Journal of Banking and Financial Economics

The article analyzes how conventionalists, pioneers and criminals choose between a national currency (e.g. a central bank digital currency) and a global currency (e.g. a cryptocurrency such as Bitcoin) that both have specific characteristics in an economy. Conventionalists favor what is traditional and historically common. They tend to prefer the national currency. Pioneers (early adopters) tend to break away from tradition, and criminals prefer not to get caught. They both tend to prefer the global currency. Each player has a Cobb-Douglas utility with one output elasticity for each of the two currencies, comprised of backing, convenience, confidentiality, transaction efficiency, financial …

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The Impact Of Investor Sentiment On Direction Of Stock Price Changes: Evidence From The Polish Stock Market, Kamil Polak Mar 2024

The Impact Of Investor Sentiment On Direction Of Stock Price Changes: Evidence From The Polish Stock Market, Kamil Polak

Journal of Banking and Financial Economics

The purpose of this research is to examine the impact of sentiment derived from news headlines on the direction of stock price changes. The study examines stocks listed on the WIG-banking sub-sector index on the Warsaw Stock Exchange. Two types of data were used: textual and market data. The research period covers the years 2015–2018. Through the research, 7,074 observations were investigated, of which 3,390 with positive sentiment, 2,665 neutral, and 1,019 negative. In order to examine the predictive power of sentiment, six machine learning models were used: Decision Tree Classifier, Random Forest Classifier, XGBoost Classifier, KNN Classifier, SVC and …

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Re-Evaluating Sharpe Ratio In Hedge Fund Performance In Light Of Liquidity Risk, Richard Van Horne, Katarzyna Perez Mar 2024

Re-Evaluating Sharpe Ratio In Hedge Fund Performance In Light Of Liquidity Risk, Richard Van Horne, Katarzyna Perez

Journal of Banking and Financial Economics

This paper demonstrates how the Sharpe Ratio can be modified by altering the measure of “total risk” in the denominator of the Sharpe Ratio (i.e., the standard deviation) to include liquidity risk, a major risk for investors in hedge funds that is missing from the standard Sharpe Ratio formulation. We refer to our liquidity-risk-adjusted performance ratio as the LRAPR. The results of our analysis of 1186 hedge funds alive in 2012–2020 show that funds with higher liquidity risk exhibit higher Sharpe Ratios and higher Alphas (as estimated in a 7-factor model that does not incorporate liquidity risk). We posit that …

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Concept Of Peer-To-Peer Lending And Application Of Machine Learning In Credit Scoring, Aleksy Klimowicz, Krzysztof Spirzewski Mar 2024

Concept Of Peer-To-Peer Lending And Application Of Machine Learning In Credit Scoring, Aleksy Klimowicz, Krzysztof Spirzewski

Journal of Banking and Financial Economics

Numerous applications of AI are found in the banking sector. Starting from the front-office, enhancing customer recognition and personalized services, continuing in the middle-office with automated fraud-detection systems, ending with the back-office and internal processes automatization. In this paper we provide comprehensive information on the phenomenon of peer-to-peer lending in the modern view of alternative finance and crowdfunding from several perspectives. The aim of this research is to explore the phenomenon of peer-to-peer lending market model. We apply and check the suitability and effectiveness of credit scorecards in the marketplace lending along with determining the appropriate cut-off point. We conducted …

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