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Author : P. Sheard
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book Delegated Monitoring Among Delegated Monitors written by P. Sheard and published by . This book was released on 1993 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andrew Winton
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Delegated Monitoring and Bank Structure in a Finite Economy written by Andrew Winton and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When banks act as delegated monitors of borrowing firms in a finite economy, two factors help banks dominate direct lending: portfolio diversification, which increases with bank size, and bank capitalization, which diminishes with size. With free entry into banking, intermediated equilibria are possible even when direct lending cannot overcome autarky. There are usually multiple intermediated equilibria; these may not be Pareto-ranked by bank size, since smaller banks are better capitalized and may Pareto-dominate larger banks. Even when one large bank would be most efficient, assigning a monopoly bank charter to coordinate beliefs on the single bank equilibrium may be unattractive: in some cases, a monopoly bank cannot overcome autarky even though free-entry banking can, and in other cases, the monopoly bank reduces production from the direct lending level.
Author : Xuan Tian
Publisher :
ISBN 13 :
Total Pages : 69 pages
Book Rating : 4.:/5 (13 download)
Download or read book Disciplining Delegated Monitors written by Xuan Tian and published by . This book was released on 2015 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: Information-based theories of financial intermediation focus on delegated monitoring. However, there is little evidence on how markets discipline intermediaries who fail at this function. We exploit the direct link between corporate fraud and monitoring failure and examine how a venture capital (VC) firm's reputation is affected when it fails to prevent fraud in its portfolio companies. We find that reputation-damaged VCs interact differently in the future with their limited partners, other VCs, and IPO underwriters because they are perceived as ineffective monitors. In addition, VCs that fail to prevent fraud experience greater difficulty in taking future portfolio companies public.
Author : Xavier Gine
Publisher : World Bank Publications
ISBN 13 : 0609181742
Total Pages : 38 pages
Book Rating : 4.6/5 (91 download)
Download or read book Group Versus Individual Liability written by Xavier Gine and published by World Bank Publications. This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Group liability is often portrayed as the key innovation that led to the explosion of the microcredit movement, which started with the Grameen Bank in the 1970s and continues on today with hundreds of institutions around the world. Group lending claims to improve repayment rates and lower transaction costs when lending to the poor by providing incentives for peers to screen, monitor, and enforce each other's loans. However, some argue that group liability creates excessive pressure and discourages good clients from borrowing, jeopardizing both growth and sustainability. Therefore, it remains unclear whether group liability improves the lender's overall profitability and the poor's access to financial markets. The authors worked with a bank in the Philippines to conduct a field experiment to examine these issues. They randomly assigned half of the 169 pre-existing group liability 'centers' of approximately twenty women to individual-liability centers (treatment) and kept the other half as-is with group liability (control). We find that the conversion to individual liability does not affect the repayment rate, and leads to higher growth in center size by attracting new clients.
Author : Kyrre Kjellevold
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Delegating the Monitoring of Fair Value Measurements written by Kyrre Kjellevold and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Company specialists engaged by management may be delegated a monitoring role by auditors, creditors, or investors, and reduce information asymmetry present in fair value measurements (FVMs). Utilizing in-depth interviews with Norwegian company specialists and audit partners this study investigates factors potentially impacting company specialists' effectiveness as monitors of the reliability of FVMs and how such factors challenge auditors' reliance on their monitoring. The findings suggest that company specialists are not immune to management pressure and several influence tactics are documented. Furthermore, as company specialists strategically guard their private information (e.g., valuation models or non-client specific information) auditors are forced to rely on external, and potentially biased, information sources to evaluate the objectivity and reliability of the company specialists. While auditors often request that clients engage several specialists to alleviate concerns about conflicts-of-interest, management seems to anticipate this and strategically controls information flow between the specialists to create more persuasive evidence. The findings provide support for theoretical predictions from agency theory and financial economics and enhances our understanding of specialists' delegated monitoring effectiveness.
Author : Mike Buckle
Publisher : Manchester University Press
ISBN 13 : 1526105047
Total Pages : 458 pages
Book Rating : 4.5/5 (261 download)
Download or read book The UK financial system written by Mike Buckle and published by Manchester University Press. This book was released on 2016-10-21 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: The UK financial system, now in its fifth edition, provides an up-to-date discussion of the UK financial system and the changes affecting it. Throughout the world the nature and regulation of financial systems have changed dramatically following the global financial crisis. In this text the necessary underlying theory is introduced and a range of relevant statistics provided in each chapter to supplement the narrative. Coverage includes a critique of the UK financial institutions and markets, as well as regulation emanating both from within the UK and also from supranational bodies such as the Bank for International Settlements and the European Union. The discussion is based on both the underlying theory as well as the operating practices of the institutions and markets. Each supplemented by a comprehensive glossary, the book is subdivided into three main sections: financial institutions; financial markets; and the regulation of banks and other financial institutions. The book will be essential reading to lecturers and undergraduate students enrolled on courses in financial economics and banking.
Author :
Publisher : Lulu.com
ISBN 13 : 9291316695
Total Pages : 294 pages
Book Rating : 4.2/5 (913 download)
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Shubhashis Gangopadhyay
Publisher :
ISBN 13 :
Total Pages : 23 pages
Book Rating : 4.:/5 (129 download)
Download or read book Delegated Monitoring and Moral Hazard in Underdeveloped Credit Markets written by Shubhashis Gangopadhyay and published by . This book was released on 2007 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper originates from the current move to individual-based lending systems by many microfinance institutions and the fear that this move will lead to a decrease in access to credit for the poor. More specifically, the paper examines how an individual-based lending scheme can be devised such that moral hazard issues can be addressed, even when straight forward individual lending is unable to do so. We show that the moral hazard problem can be solved if microfinance institutions hire informal lenders to monitor the borrowers. In addition, we show that by offering the informal lender a demandable debt contract a simple incentive scheme could be obtained that induces the informal lender to collect the necessary information, and to truthfully reveal this information.
Author : Sudipto Bhattacharya
Publisher :
ISBN 13 : 9780199243068
Total Pages : 934 pages
Book Rating : 4.2/5 (43 download)
Download or read book Credit, Intermediation, and the Macroeconomy written by Sudipto Bhattacharya and published by . This book was released on 2004 with total page 934 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in theories of financial markets and institutions, using the tools of the economics of uncertainty and of contracts, as well as results in game theory, have, over the last two decades, constituted an exciting and burgeoning field of research. This collection of readings drawstogether highlights of the 'second generation' literature in this area, emphasizing the theoretical, institutional, and policy-oriented regulatory implications of some of the key modelling techniques in the field.The collection divides into seven sections covering the monitoring role of banks and other intermediaries; liquidity demand and the role of banks and the government; bank runs and financial crises; bank regulation; inter-bank competition and bank--firm relationships; comparative financial systems;and imperfect credit markets and the macroeconomy. Each section comprises four articles previously published in top-ranking economics and finance journals, plus a discussion by a prominent scholar, who provides a synthesis and critique of the literature, and suggests promising directions for futureresearch and application of results.
Author : Paul Tucker
Publisher : Princeton University Press
ISBN 13 : 0691196303
Total Pages : 662 pages
Book Rating : 4.6/5 (911 download)
Download or read book Unelected Power written by Paul Tucker and published by Princeton University Press. This book was released on 2019-09-10 with total page 662 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tucker presents guiding principles for ensuring that central bankers and other unelected policymakers remain stewards of the common good.
Author : Hans-Joachim Schramm
Publisher : Springer Science & Business Media
ISBN 13 : 3790827746
Total Pages : 375 pages
Book Rating : 4.7/5 (98 download)
Download or read book Freight Forwarder's Intermediary Role in Multimodal Transport Chains written by Hans-Joachim Schramm and published by Springer Science & Business Media. This book was released on 2012-01-05 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the business of international freight forwarding is examined from both a theoretical and empirical point of view with a special emphasis on multimodal transport chains, including sea or air transport operations. In such contexts, the freight forwarder is always considered "The Architect of Transport", but this intermediary role seems to be largely neglected in research to date. Therefore, relevant concepts from economic theory and economic sociology are employed to produce both an intermediary and a network perspective of freight forwarding in order to provide a better understanding of this kind of transportation business. Furthermore, its intermediary role in such inherent network structures is explored by mapping relationship patterns in a stylized model framework applied to a questionnaire-based sample collected among freight forwarders engaged in such multimodal transport chains in Germany (especially from Hamburg, Bremen and Bremerhaven) as well as in Austria in 2003.
Author : Ikujiro Nonaka
Publisher : SAGE
ISBN 13 : 1847876625
Total Pages : 353 pages
Book Rating : 4.8/5 (478 download)
Download or read book Managing Industrial Knowledge written by Ikujiro Nonaka and published by SAGE. This book was released on 2001-02-06 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Managing Industrial Knowledge illuminates the complex processes at work in the creation and successful transfer of corporate knowledge. It is now generally recognized that the competitive advantages of firms depends on their ability to build, utilize and protect knowledge assets. In this volume many of the foremost international authors and pioneers of the study of knowledge in firms present their latest work and insights into organizational knowledge and innovation. In a world where markets, products, technologies, competitors, regulations, and even societies change rapidly, continuous innovation and the knowledge that produces innovation have become key. The chapters in this keynote volume shed new light on the contextual factors in knowledge creation, the links between knowledge and innovation in all aspects of business life and the processes by which these may be fostered or lost in organizations.
Author : Alessio Pacces
Publisher : Routledge
ISBN 13 : 1135099413
Total Pages : 492 pages
Book Rating : 4.1/5 (35 download)
Download or read book Rethinking Corporate Governance written by Alessio Pacces and published by Routledge. This book was released on 2013-01-17 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard approach to the legal foundations of corporate governance is based on the view that corporate law promotes separation of ownership and control by protecting non-controlling shareholders from expropriation. This book takes a broader perspective by showing that investor protection is a necessary, but not sufficient, legal condition for the efficient separation of ownership and control. Supporting the control powers of managers or controlling shareholders is as important as protecting investors from the abuse of these powers. Rethinking Corporate Governance reappraises the existing framework for the economic analysis of corporate law based on three categories of private benefits of control. Some of these benefits are not necessarily bad for corporate governance. The areas of law mainly affecting private benefits of control – including the distribution of corporate powers, self-dealing, and takeover regulation – are analyzed in five jurisdictions, namely the US, the UK, Italy, Sweden, and the Netherlands. Not only does this approach to corporate law explain separation of ownership and control better than just investor protection; it also suggests that the law can improve the efficiency of corporate governance by allowing non-controlling shareholders to be less powerful.
Author : Martin P. Kühle
Publisher : diplom.de
ISBN 13 : 3832403078
Total Pages : 89 pages
Book Rating : 4.8/5 (324 download)
Download or read book Changes in the Russian Banking System written by Martin P. Kühle and published by diplom.de. This book was released on 1997-08-26 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inhaltsangabe:Abstract: This dissertation analyses the structural changes in the Russian banking system and gives insights into the current market situation. Starting with a review of theoretical aspects of banking in Western economies and the rationale for the existence of banks, the deficiencies of the former socialist banking system are exposed. A large section is dedicated to the special role of the banking system during the process of transition and to an evaluation of how far Russian banks rise to the challenges of these tasks. The historical process of reforming the central and commercial banking system is described, laying emphasis on the legislative changes and the means of supervision. The banking system in Russia has been dominated by rapid growth in the last three years due to high profit expectations. However, many banks granted credits to dubious industrial companies and now face a large amount of uncollectable assets in their credit portfolios. The analysis shows that with rising positive real interest rates and growing competition in the banking market, a large number of small and mediumsized banks will either have to admit bankruptcy or be acquired by expanding banks. The emerging interbank, bond and equity markets are illustrated with regard to the influence of banks. The deficiencies in settlement processes, liquidity, trading rules, and private and commercial law are examined. The next urgently required steps in the reform process are listed. The future progress of the Russian banking system however, is not only dependent on legal and structural changes in related financial and capital markets, but based on the critical assumption of peaceful, politically stable and socially balanced developments in Russia. Inhaltsverzeichnis:Table of Contents: AbstractIV 1.Introduction1 2.Theoretical Aspects of Banking 2.1Theory of Financial Intermidiation3 2.2Thr, Banking System in a Centrally Planned Economy7 2.3The Role of Banks in Russia's Transition to a Market Economy9 3.The Banking Refomis in Russia 3.1Russian Banking Legislation18 3.1.1The Independence of the Central Bank19 3.1.2The Commercial Banking Legislation23 3.2Russian Banking Supervision24 3.2.1The Licensing Process25 3.2.2Creditor Protection and Assessment of Reliability29 3.2.3Accounting and Audit33 4.The Financial Market Situation in Russia 4.1Russian Commercial Banks36 4.1.1The -Former Specialised Banks36 4.1.2The Ministerial Bank38 4.1.3Independent [...]
Author : Michael Minnis
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (13 download)
Download or read book Financial Statements as Monitoring Mechanisms written by Michael Minnis and published by . This book was released on 2016 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a data set that records banks' ongoing requests of information from small commercial borrowers, we examine when banks use financial statements to monitor borrowers after loan origination. We find that banks request financial statements for half the loans and this variation is related to borrower credit risk, relationship length, collateral, and the provision of business tax returns, but in complex ways. The relation between borrower risk and financial statement requests has an inverted U-shape; and tax returns can be both substitutes and complements to financial statements, conditional on borrower characteristics and the degree of bank-borrower information asymmetry. Frequent financial reporting is used to monitor collateral, but only for non-real estate loans and only when the collateral is easily accessible to lenders. Collectively, our results provide novel evidence of a fundamental information demand for financial reporting in monitoring small commercial borrowers and a specific channel through which banks fulfill their role as delegated monitors.
Author : Darren G. Hawkins
Publisher : Cambridge University Press
ISBN 13 : 1139458817
Total Pages : 425 pages
Book Rating : 4.1/5 (394 download)
Download or read book Delegation and Agency in International Organizations written by Darren G. Hawkins and published by Cambridge University Press. This book was released on 2006-09-14 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do states delegate certain tasks and responsibilities to international organizations rather than acting unilaterally or cooperating directly? Furthermore, to what extent do states continue to control IOs once authority has been delegated? Examining a variety of different institutions including the World Trade Organization, the United Nations and the European Commission, this book explores the different methods that states employ to ensure their interests are being served, and identifies the problems involved with monitoring and managing IOs. The contributors suggest that it is not inherently more difficult to design effective delegation mechanisms at international level than at domestic level and, drawing on principal-agent theory, help explain the variations that exist in the extent to which states are willing to delegate to IOs. They argue that IOs are neither all evil nor all virtuous, but are better understood as bureaucracies that can be controlled to varying degrees by their political masters.
Author : Jin Cao
Publisher : Routledge
ISBN 13 : 1000465446
Total Pages : 677 pages
Book Rating : 4.0/5 (4 download)
Download or read book The Economics of Banking written by Jin Cao and published by Routledge. This book was released on 2021-11-04 with total page 677 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wide coverage of different perspectives of banking, the book presents classical microeconomic thoeries of banking, but also covers central banking, financial frictions and banking-macro linkages, banking regulation in theory and practice etc., giving students a rounded picture of the world of banking, and also allowing instructors to design and create their own courses with different emphases A self-contained textbook making “linear” progress through chapters. Banking is all about imperfect market, market failure and frictions, therefore, market friction is the key to making progress throughout the book. Necessary elements from contract theory, game theory, dynamic macroeconomics and mathematical techniques will be provided through boxes and appendices, making the textbook self-contained An up-to-date textbook that presents both state-of-the-art research and the evolving reality, an evidence-based textbook that connects theory and practice.
