Two Essays In Banking And Finance

Download Two Essays In Banking And Finance full books in PDF, epub, and Kindle. Read online Two Essays In Banking And Finance ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Two Essays in Banking and Finance

Author : Yuna Heo
Publisher :
ISBN 13 :
Total Pages : 96 pages
Book Rating : 4.:/5 (922 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Banking and Finance by : Yuna Heo

Download or read book Two Essays in Banking and Finance written by Yuna Heo and published by . This book was released on 2015 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation includes two essays. The first essay investigates whether money illusion misleads investors in the stock market. To the extent that anomalies reflect mispricing, I examine whether money illusion plays a role in the anomaly-based strategies. I find that, following high inflation, anomalies are stronger and the returns on the short-leg portfolios are lower. These findings indicate investors are overly optimistic on the past performance of stocks and overestimate the upside potential of stock returns following high inflation periods. I extend the effect of money illusion by examining sentiment and other commonly used measure for predicting stock returns. I find that money illusion-driven mispricing remains largely unchanged after controlling for many additional variables. These results suggest that money illusion provides a complementary power for cross-sectional stock returns beyond commonly used variables. In summary, this essay contributes to the literatures on money illusion and mispricing by providing evidence that money illusion can lead to mispricing in the stock market. The second essay identifies a new risk factor for bank stock returns. First, I document that standard factor models do not explain bank stock returns well. I investigate the linkage between Loan Loss Provision (LLP) and bank stock returns. I find that low-LLP bank stocks have significantly higher risk-adjusted returns than medium- and high-LLP bank stocks. These findings indicates that low-LLP banks are more likely distressed when economic conditions are bad, as a result, investors require higher returns on low-LLP bank stocks. Most importantly, the new factor model including the LLP return factor adds a new dimension of explanatory power for bank stock returns, reducing the magnitude of alphas mostly to insignificance. Combined with its economic intuition, this essay suggests that loan loss provisions play an important role in evaluating bank stock returns.

Two Essays in Finance

Author : Ahmed Mahmoud Elnahas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (969 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Finance by : Ahmed Mahmoud Elnahas

Download or read book Two Essays in Finance written by Ahmed Mahmoud Elnahas and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation comprises two essays. In the first essay we show that accruals management, sales manipulation, and reckless growth in operating capacity are used in conjunction with forward splits by hundreds of firms in schemes to manipulate stock prices that help justify an average 32% increase in executives’ salaries and additional gains from aggressive stock sales. This is a path to destruction that ultimately leads to shedding of labor and physical assets and substantial declines in both return on assets and stock price that often necessitates a reverse stock split. Our results highlight agency problems in the context of deceptive stock splits that can be part of complex financial chicanery.In the second essay we show that during 2000-2004 Doral Financial Corporation, a leading banking holding company, overstated its pre-tax income by 100 percent, which enabled Doral to report 28 consecutive quarters of record earnings. Our results show that the proportion of equity related incentives and the timing of option grants likely played a significant role in prompting Doral’s earnings misstatements. After the restatement announcement, Doral’s new management adopted several corporate governance improvements such as increasing the board size and independence and separating the chair and CEO roles. However, these actions were not sufficient to restore Doral’s pre-restatement good reputation.

Essays in Banking and Corporate Finance

Author : Gregory D. Allen (Financial economist)
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (128 download)

DOWNLOAD NOW!

Book Synopsis Essays in Banking and Corporate Finance by : Gregory D. Allen (Financial economist)

Download or read book Essays in Banking and Corporate Finance written by Gregory D. Allen (Financial economist) and published by . This book was released on 2020 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second and third chapters show that patterns in local firms' demand for bank finance influence the behavior of individual banks and the structure of the banking industry. Many studies find that bank industrial organization helps structure nonfinancial industries via the credit supply, but these chapters argue that causality also runs in the other direction.

Two Essays

Author : Arun Ghosh
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.3/5 (91 download)

DOWNLOAD NOW!

Book Synopsis Two Essays by : Arun Ghosh

Download or read book Two Essays written by Arun Ghosh and published by . This book was released on 1999 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Future of Banking

Author : Arnoud W. A. Boot
Publisher :
ISBN 13 : 9789080572812
Total Pages : 56 pages
Book Rating : 4.5/5 (728 download)

DOWNLOAD NOW!

Book Synopsis The Future of Banking by : Arnoud W. A. Boot

Download or read book The Future of Banking written by Arnoud W. A. Boot and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Corporate Finance and Banking

Author : John Lynch (Ph. D. in finance)
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (14 download)

DOWNLOAD NOW!

Book Synopsis Essays on Corporate Finance and Banking by : John Lynch (Ph. D. in finance)

Download or read book Essays on Corporate Finance and Banking written by John Lynch (Ph. D. in finance) and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three chapters on topics related to corporate finance and banking. The first two chapters explore how fiscal policy and bank branching deregulation can impact firms’ liquidity and credit constraints, while the third chapter looks at the relationships between executive status, compensation, masculinity, and language complexity. In the first chapter, I shed light on the complexity of liquidity injection programs by providing evidence on unintended consequences that arise when governments and central banks do not consider firm heterogeneity. Utilizing hand-collected, firm-level data from the Paycheck Protection Program, I show that government lending effectively reduced closures (the ultimate consequence of a liquidity shortfall), especially when received during the first two weeks of the program. However, I find that there was significant heterogeneity in the effectiveness of funds, resulting from the government’s broad-brush eligibility guidelines and differences in how firms process policy information. The implementation heavily relied on the banking system, which exacerbated the distributional effects by favoring firms with stronger customer capital. Overall, this chapter highlights the importance of the design of liquidity distribution to maximize its benefits. In the second chapter, I quantify the extent to which financial constraints limit the scope of activity of small firms, influence their labor decisions, and impact their ultimate survival. To study this, I first document how markets with bank branching deregulation experienced an increase in branches, driven by the entry of larger out-of-state banks with a decrease in existing branches. Consequently, small businesses were affected disproportionally. In the treated markets, the overall lending to small businesses declined by 5.4% and remained lower for several years. The decline in credit supply led to a decrease in the number of small businesses; however, many firms were able to stay open by decreasing their demand for labor. Specifically, I document decreases in employment, hours worked, and wages in treated markets. Overall, the results demonstrate the critical dependence of small businesses on relationship lending by local banks and show how temporary negative credit supply shocks can have persistent adverse effects on labor. In the third chapter, I use novel measures of CEO and CFO vocal masculinity and language complexity to gain insight into how these individual-level traits influence executive status and compensation both within and across genders. I find that vocal masculinity, within females, positively impacts their likelihood of becoming a CEO while the opposite is true for males. Furthermore, I find heterogeneity in these relationships depending on the gender composition of the board, the gender of the CFO, and the entrenchment level of a firm. When it comes to communication, CEOs speak with greater complexity than CFOs while both female CEOs and CFOs use more complex language and speak longer during earnings calls than their male counterparts. Finally, for both male and female CEOs, compensation is positively related to masculinity, while increased language complexity only matters for females. These results help provide insight into the determinants of CEO status and compensation and may help explain how boards view and reward perceived competency across genders.

Two Essays in Finance

Author : Samir Kamat
Publisher :
ISBN 13 :
Total Pages : 154 pages
Book Rating : 4.:/5 (533 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Finance by : Samir Kamat

Download or read book Two Essays in Finance written by Samir Kamat and published by . This book was released on 2003 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Monetary and Banking History

Author : Geoffrey Wood
Publisher : Taylor & Francis
ISBN 13 : 1136835326
Total Pages : 332 pages
Book Rating : 4.1/5 (368 download)

DOWNLOAD NOW!

Book Synopsis Monetary and Banking History by : Geoffrey Wood

Download or read book Monetary and Banking History written by Geoffrey Wood and published by Taylor & Francis. This book was released on 2011-05-11 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Forrest Capie is an eminent economic historian who has published extensively on a wide range of topics, with an emphasis on banking and monetary history, particularly in the nineteenth and twentieth centuries, but also in other areas such as tariffs and the interwar economy. He is a former editor of the Economic History Review, one of the leading academic journals in this discipline. Under the steely editorship of Geoffrey Wood, this book brings together a stellar line of of contributors - including Charles Goodhart, Harold James, Michael Bordo, Barry Eichengreen, Charles Calomiris, and Anna Schwartz. The book analyzes many of the mainstream themes in economic and financial history - monetary policy, international financial regulation, economic performance, exchange rate systems, international trade, banking and financial markets - where historical perspectives are considered important. The current wave of globalisation has stimulated interest in many of these areas as ‘lessons of history’ are sought. These themes also reflect the breadth of Capie’s work in terms of time periods and topics.

Two Essays in Finance

Author : Eunji Oh
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (114 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Finance by : Eunji Oh

Download or read book Two Essays in Finance written by Eunji Oh and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Financial Analytics

Author : Pascal Alphonse
Publisher : Springer Nature
ISBN 13 : 303129050X
Total Pages : 344 pages
Book Rating : 4.0/5 (312 download)

DOWNLOAD NOW!

Book Synopsis Essays on Financial Analytics by : Pascal Alphonse

Download or read book Essays on Financial Analytics written by Pascal Alphonse and published by Springer Nature. This book was released on with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Two Essays in Finance

Author : David G. Shrider
Publisher :
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.:/5 (532 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Finance by : David G. Shrider

Download or read book Two Essays in Finance written by David G. Shrider and published by . This book was released on 2003 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays

Author : Ramesh Gampat
Publisher : Xlibris Corporation
ISBN 13 : 1669802450
Total Pages : 387 pages
Book Rating : 4.6/5 (698 download)

DOWNLOAD NOW!

Book Synopsis Essays by : Ramesh Gampat

Download or read book Essays written by Ramesh Gampat and published by Xlibris Corporation. This book was released on 2022-01-06 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no information available at this point.

History of Financial Institutions

Author : Carmen Hofmann
Publisher : Taylor & Francis
ISBN 13 : 1317213661
Total Pages : 223 pages
Book Rating : 4.3/5 (172 download)

DOWNLOAD NOW!

Book Synopsis History of Financial Institutions by : Carmen Hofmann

Download or read book History of Financial Institutions written by Carmen Hofmann and published by Taylor & Francis. This book was released on 2016-10-04 with total page 223 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalization is not an external force but a result of concrete business decisions made by millions of entrepreneurs and managers across the world. As such, the modern corporation has completely altered the economic landscape; business and finance have shaped the international order of the modern world. History of Financial Institutions contributes to the analysis of how the modern corporation, business and finance have shaped and keep on shaping our world. In a collection of nine succinct essays, this volume looks at the role of finance in European history from the beginning of the 19th century to the period after the Second World War. Archivists and financial historians, who are also leading scholars of banking and financial history, investigate the ways in which the international post-war order developed. They draw on often hitherto unused archival sources from central banks and other institutions to reveal the unique histories of a variety of European countries and the paths that have led to the contemporary economic and financial system. The collection includes reflections on (monetary) stabilization, inflation, hyperinflation, globalization and public relations in banking and commerce. This book is essential reading for banking and finance executives, as well as policy makers with a historical interest. It will also be of importance to academics with a particular interest in economic history, financial or banking history, and European history.

Two Essays in Finance

Author : Inmoo Lee
Publisher :
ISBN 13 :
Total Pages : 172 pages
Book Rating : 4.:/5 (35 download)

DOWNLOAD NOW!

Book Synopsis Two Essays in Finance by : Inmoo Lee

Download or read book Two Essays in Finance written by Inmoo Lee and published by . This book was released on 1995 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the first essay, "Do Firms Knowingly Sell Overvalued Equity?", I develop a simple equilibrium model which shows that insider trading around seasoned equity offerings (SEO) depends on both the quality of issuing firms and insiders' exogenous consumption shocks, neither of which are known by outside investors in the model. The empirical evidence indicates that insider trading is not reliably related to the future long-term stock returns of issuing firms even though it is reliably related to their announcement period abnormal returns. Issuing firms underperform their benchmarks regardless of the prior insider trading pattern. This suggests that insiders who have purchased shares before issuing do not realize that the market has overcapitalized prior good news, and are not knowingly selling overvalued equity. The second essay, "Deposit Insurance with Changing Volatility: An Application of Exotic Options", develops a model to incorporate the bank managers' incentives to change the bank's volatility into the pricing of deposit insurance. It is assumed that the volatility of the bank's assets changes or can be changed when the assets first hit a certain level. The results show that the shareholders' equity and the deposit insurance premium can be represented as combinations of generalized versions of particular barrier options known as down-and-out and down-and-in options. Numerical examples are used to illustrate the properties of the model.

Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics

Author : Jan Toporowski
Publisher : Anthem Press
ISBN 13 : 0857286560
Total Pages : 158 pages
Book Rating : 4.8/5 (572 download)

DOWNLOAD NOW!

Book Synopsis Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by : Jan Toporowski

Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics

Author : Jan Toporowski
Publisher : Anthem Press
ISBN 13 : 0857286544
Total Pages : 159 pages
Book Rating : 4.8/5 (572 download)

DOWNLOAD NOW!

Book Synopsis Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics by : Jan Toporowski

Download or read book Why the World Economy Needs a Financial Crash and Other Critical Essays on Finance and Financial Economics written by Jan Toporowski and published by Anthem Press. This book was released on 2010-12 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essays in this volume explain the key structural features of financial inflation that give rise to financial crisis. These features include excessive reliance on finance to maintain economic activity through rising asset prices. Reliance on asset inflation induces a preoccupation with property values and a new social divide between the asset-rich and the asset-poor that undermines the culture of the welfare state. When debt can no longer be supported by cash flow from asset markets, excess debt plunges economies into economic depression.

Three Essays in International Finance

Author : Byong-Ju Lee
Publisher : Stanford University
ISBN 13 :
Total Pages : 132 pages
Book Rating : 4.F/5 ( download)

DOWNLOAD NOW!

Book Synopsis Three Essays in International Finance by : Byong-Ju Lee

Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.