Business Commons^™

Tarp Funds Distribution: Evidence From Bank Internal Capital Markets, Elisabeta Pana, Tarun Mukherjee

Elisabeta Pana

No abstract provided.

Thomsonone.Com Investment Banking Database Review, Marc Vinyard

Marc Vinyard

The Impact Of Non Interest Income On Bank Risk In Australia, Barry Williams

Barry Williams

This paper considers the relationship between bank revenue composition and bank risk in Australia, using data drawn from Australian bank confidential regulatory returns. It is found that those banks with lower levels of non interest income and higher revenue concentration are less risky, contrary to mean-variance portfolio theory but consistent with previous international evidence. Decreasing returns to scale in bank risk is found, with results suggesting that the major Australian banks have reached the scale point where size is risk increasing. Non interest income is found to be risk increasing, but some evidence is found that trading and investment income …

Does Adopting Good Corporate Governance Enhance Accruals Quality During The Global Financial Crisis?, Husam Aldamen, Keith Duncan

Keith Duncan

This paper examines the impact of corporate governance practices on accruals quality during the global financial crisis (GFC). Prior research establishes linkages between good governance and accruals quality during periods of financial stability (Strydom 2008; Kent et al. 2010; Dhaliwal et al. 2010). We extend this analysis to the 2008-2009 GFC period to assess whether the monitoring and informational benefits of corporate governance mitigate the negative effects of the exogenous shock, thereby increasing accruals quality. Our findings show that good corporate governance practices increases accruals quality during the GFC. Furthermore, governance is shown to positively impact innate accruals quality and, …

Lobbying On Defense Aerospace: What Factors Impact It And Why, Elisabeta Pana, Austin Smiley, '13

Elisabeta Pana

No abstract provided.

Debt And Study, Stefano Harney, F Moten

Stephen Matthias Harney

They say we have too much debt. We need better credit, more credit, less spending. They offer us credit repair, credit counseling, microcredit, personal financial planning. They promise to match credit and debt again, debt and credit. But our debts stay bad. We keep buying another song, another round. It is not credit that we seek, nor even debt, but bad debt -- which is to say real debt, the debt that cannot be repaid, the debt at a distance, the debt without creditor, the black debt, the queer debt, the criminal debt. Excessive debt, incalculable debt, debt for no …

Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand, James Forest, Paul Turner

James J Forest

This paper presents Monte Carlo simulations which compare the empirical performance of two alternative single equation estimators of the equilibrium parameters in a dynamic relationship. The estimators considered are Stock and Watson’s dynamic ordinary least squares (DOLS) estimator and Bewley’s transformation of the general autoregressive distributed lag model. The results indicate that the Bewley transformation produces a lower mean-square error as well as superior serial correlation properties even with lower truncation lags for the lagged variables included in the estimation equation. An application is then provided which examines the nature of the equilibrium relationship between aggregate US exports, world trade …

Jump Processes In The Market For Crude Oil, Neil Wilmot, Charles Mason

Charles F Mason

In many commodity markets, the arrival of new information leads to unexpectedly rapid changes—or jumps—in commodity prices. Such arrivals suggest the assumption that log-return relatives are normally distributed may hold. Combined with time-varying volatility, the possibility of jumps offers a potential explanation for fat tails in oil price returns. This article investigates the potential presence of jumps and time-varying volatility in the spot price of crude oil and in futures prices. The investigation is carried out over three data frequencies (Monthly, Weekly, Daily), which allows for an investigation of temporal properties. Employing likelihood ratio tests to compare among four stochastic …

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 …