The Use Of Burt’S Method In Rationalizing The Cost Of Time And Evaluating The Performance Companies: An Applied Study In State Company For Textile And Leather Industries - Hilla Textile Factory,
2025
Accounting, Administrations & Economic, University/Institution: Al Muthanna University
The Use Of Burt’S Method In Rationalizing The Cost Of Time And Evaluating The Performance Companies: An Applied Study In State Company For Textile And Leather Industries - Hilla Textile Factory, Aqeel Jaber Kadhim
Muthanna Journal of Administrative and Economics Sciences
Burt’s method is a significant process research method that provides information that directly affects the scheduling process of complex projects and planning and monitoring their completion. As a result, it has gained notoriety among practitioners in the field of specialization and offers additional advantages through computer systems for completion. It seeks to finish the project as quickly as possible while using the resources and capabilities that are available and at the lowest feasible cost. The evaluation of the performance of companies is represented in the extent of the ability of the company’s management to evaluate the performance of its activities …
Can Esg Reduce Credit Risk? An Empirical Investigation Across Asean-5 Markets,
2025
Universitas Indonesia
Can Esg Reduce Credit Risk? An Empirical Investigation Across Asean-5 Markets, Arrafif Pratama Zaini, Maria Ulpah
The Indonesian Capital Market Review
Based on stakeholder theory and signaling theory, companies with strong ESG performance send signals to various stakeholders, thus building trust and influencing better credit risk evaluation. This study empirically examines the effect of Environmental, Social, and Governance (ESG) performance on the credit risk of non-financial public companies in ASEAN-5 countries (Indonesia, Malaysia, Philippines, Singapore, and Thailand) over the period 2019-2023. Corporate credit risk is measured using 2 main approaches: the accounting-based and market-based models. Merton's KMV model calculates the probability of default (PD) using a market-based approach. In contrast, the Altman Z-Score predicts bankruptcy risk based on financial ratios in …
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach,
2025
Singapore Management University
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach, Peng Liu, Chyng Wen Tee, Xiaofei Xu
Research Collection Lee Kong Chian School Of Business
Multi-period portfolio optimization is a central problem in finance, yet it is computationally intractable for traditional dynamic programming methods due to the curse of dimensionality. This paper develops a tractable and theoretically grounded 'one-shot' stochastic optimization framework that recasts the sequential decision problem into a single, high-dimensional optimization task. Our approach models the predictive distribution of factor returns using Gaussian Processes (GPs), allowing it to capture complex, non-linear market dynamics. We make three primary contributions. First, for the special case of a linear GP kernel, we derive an analytical solution for the optimal portfolio path, providing a clear economic interpretation …
Do Search Costs Explain Persistent Investment In Active Mutual Funds?,
2025
Singapore Management University
Do Search Costs Explain Persistent Investment In Active Mutual Funds?, Aljoscha Janssen, Jurre Thiel
Research Collection School Of Economics
Active funds, though losing market share since the 1990s, make up nearly half of all mutual funds but charge more without better performance. We analyze fund data and a search model, highlighting the impact of search costs and active fund preferences. From 1993 to 2018, reduced search costs expanded the market and heightened competition, while a preference shift from active to passive funds increased the latter's market share. However, investors who choose active funds, facing higher search costs, and continue to show a strong preference for them, allow these funds to keep charging higher fees.
Lessons Learned: Luis Jácome,
2025
Yale University
Lessons Learned: Luis Jácome, Mercedes Cardona
Journal of Financial Crises
Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …
Lessons Learned: Vincenzo La Via,
2025
Yale University
Lessons Learned: Vincenzo La Via, Mercedes Cardona
Journal of Financial Crises
Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …
Lessons Learned: Miguel Carcaño,
2025
Yale University
Lessons Learned: Miguel Carcaño, Mercedes Cardona
Journal of Financial Crises
During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.
Lessons Learned: Benoît Cœuré,
2025
Yale University
Lessons Learned: Benoît Cœuré, Mercedes Cardona
Journal of Financial Crises
Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …
Lessons Learned: Ignazio Angeloni,
2025
Yale University
Lessons Learned: Ignazio Angeloni, Mercedes Cardona
Journal of Financial Crises
Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …
Lessons Learned: Mark Branson,
2025
Yale University
Lessons Learned: Mark Branson, Mercedes Cardona
Journal of Financial Crises
Mark Branson joined the Swiss Financial Market Supervisory Authority (FINMA) as head of the banking division in 2010, during the European Sovereign Debt Crisis. He became deputy director of FINMA in 2013 and was named director a year later. Although Switzerland is not a member of the European Union (EU) or its banking union, the nation participates in bilateral agreements that govern trade with the EU, its largest trading partner. In the wake of the Global Financial Crisis (GFC), it enacted a number of regulations to improve oversight of the financial sector. Branson left FINMA in 2021 to become head …
How Us Bank Regulation Failed Svb And Its Supervisors,
2025
YPFS, Yale School of Management
How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina
Journal of Financial Crises
It is well known that Silicon Valley Bank (SVB) failed in March 2023 because of a toxic combination of uninsured deposits and underwater securities. This article argues that the bank’s failure could have been avoided if SVB had been subject to two global standards established by the Basel Committee on Banking Supervision. First, the interest-rate risk in the banking book (IRR-BB) standard, never fully implemented in the United States, would have identified the bank’s extremely risky asset-liability management strategy and required remedial action 10 quarters before it failed. Second, the liquidity coverage ratio (LCR), from which US regulators had exempted …
Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?,
2025
YPFS, Yale School of Management
Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold
Journal of Financial Crises
In the European Union (EU), primary EU treaty law prohibits central banks from engaging in monetary financing, which includes lending to insolvent firms. This legal prohibition exists alongside, and in parallel to, various regulatory provisions of the Eurosystem. As a result, EU Member State central banks face unique legal limitations when acting in their roles as lenders of last resort, providing emergency liquidity assistance (ELA). In practice, European central banks—both members of the Eurosystem and not—lend to firms of questionable solvency with some frequency, often creatively employing fiscal guarantees to limit their balance sheet exposure and shift the lending risk …
United States: Rhode Island Limited Bank Holiday, 1991,
2025
University of Chicago Harris School of Public Policy
United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden
Journal of Financial Crises
In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …
United States: Reserve Primary Fund Suspension, 2008,
2025
YPFS, Yale School of Management
United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija
Journal of Financial Crises
In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …
United States: National Bank Holiday, 1933,
2025
University of Chicago Harris School of Public Policy
United States: National Bank Holiday, 1933, Ayodeji George
Journal of Financial Crises
By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …
India: Yes Bank Moratorium, 2020,
2025
YPFS, Yale School of Management
India: Yes Bank Moratorium, 2020, Salil Gupta
Journal of Financial Crises
By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …
Greece: National Bank Holiday, 2015,
2025
YPFS, Yale School of Management
Greece: National Bank Holiday, 2015, Stella Schaefer-Brown
Journal of Financial Crises
In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …
Cyprus: National Bank Holiday, 2013,
2025
YPFS, Yale School of Management
Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown
Journal of Financial Crises
The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …
Ecuador: National Bank Holiday, 1999,
2025
YPFS, Yale School of Management
Ecuador: National Bank Holiday, 1999, Bailey Decker
Journal of Financial Crises
After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …
Argentina: National Bank Holidays, 2001,
2025
YPFS, Yale School of Management
Argentina: National Bank Holidays, 2001, Owen Heaphy
Journal of Financial Crises
Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …
