Download or read book Three Essays on Financial Institutions and Real Estate written by Robert Deacle and published by . This book was released on 2011 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines several aspects of U.S. financial institutions' real estate-related activity. The first two essays examine the impact of Federal Home Loan Bank (FHLB) membership and funding on bank and thrift holding company (BHC and THC) risk and returns. The first essay uses risk measures derived from BHC and THC stock prices, while the second essay uses risk measures based upon BHC and THC bond prices. The third essay studies the impact of BHC investment in real estate on risk and returns using measures based on stock prices. In the first essay, BHC and THC stock portfolios are formed along several dimensions. Bivariate generalized autoregressive conditional heteroskedasticity (GARCH) models are estimated to produce measures of total risk, market risk, and interest rate risk for the time period from the beginning of 2001 through 2009. Two sets of results related to FHLB activity are obtained. First, FHLB membership is found to be associated with lower total risk and market risk while having no association with interest rate risk. Second, and similarly, greater reliance on FHLB advances is associated with lower total risk and market risk but is not associated with interest rate risk. These results are consistent with the view that the risks created by government backing of the FHLB system and some of the system's policies are mitigated by FHLB policies and products that reduce risk. In addition, THC stocks are found to have lower total and market risk than the portfolio of BHC stocks. The second essay investigates the relationship of both FHLB membership and funding with BHC and THC risk by using the cost of uninsured debt as a measure of risk. These relationships are analyzed in a simultaneous equation regression framework using data from the start of the third quarter of 2002 through the end of the first quarter of 2009. The cost of uninsured debt is proxied by yield spreads calculated from trading data on holding company (HC) bonds. Several interesting results are obtained. Reliance on advances is found to have a negative effect on the cost of debt throughout the sample period (the third quarter of 2002 through the first quarter of 2009). Cost of debt has a significant effect on the level of advances only during the recent financial crisis (the third quarter of 2007 through the first quarter of 2009), when the effect is negative. The negative association between cost of debt and the level of advances suggests that BHCs and THCs, on the whole, do not use FHLB advances to make unusually risky loans and supports the argument that FHLB policies and services have some risk-reducing effects. FHLB membership, independent of advances, is found to have no influence on HC cost of debt. Additional analysis indicates that THC status is associated with higher cost of debt than BHC status. The third essay examines the influence of real estate investment by BHCs from the third quarter of 1990 through the fourth quarter of 2010 on their risks and returns. Portfolios are formed of BHC stocks according to BHCs' ratio of real estate investment to total assets and according to the type of regulation - lenient or strict - under which they invest in real estate. Tests of differences in median portfolio returns between these portfolios are performed. In addition, the effects of real estate investment on risk and return are estimated using univariate GARCH models of portfolio returns. The main results are as follows: 1) BHCs that invest in real estate have greater total risk and lower risk-adjusted returns than those that do not; 2) greater real estate investment is associated with lower returns and greater market risk for some types of BHCs while it is not associated with significant differences in total risk or risk-adjusted returns; and 3) BHCs that invest in real estate under relatively lenient rules have lower returns, greater total risk, and lower risk-adjusted returns than those that invest in real estate under relatively strict rules. The results indicate that benefits from real estate investment by banks - such as diversification of cash flows, economies of scale and scope, and increased charter value - are outweighed by greater variability of returns and lower returns due to BHCs' lack of expertise in the field. The findings also provide evidence that rules granting banks greater freedom to invest in real estate result in increased risk but not increased returns.
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.
Download or read book Two Essays on Financial Institutions written by Steven J. Pilloff and published by . This book was released on 1995 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book International Financial Policy written by Mr.Jacob A. Frenkel and published by International Monetary Fund. This book was released on 1991-09-15 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: During his distinguished career at the IMF, Jacques J. Polak served as both Director of Research and, subsequently as a member of the IMF Executive Board. His distinct contribution to the discipline of international financial policy is highlighted in this book edited by Jacob A. Frenkel and Morris Goldstein. The papers included were prepared for a conference, cosponsored by the Netherlands Bank and the IMF, held in Polak's honor in Washington, D.C., in January 1991.
Download or read book Essays on Money Banking and Regulation written by C.J.M Kool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essays on Money, Banking and Regulation honors the interests and achievements of the Dutch economist Conrad Oort. The book is divided into four parts. Part 1 - Fiscal and monetary policy - reviews a variety of topics ranging from the measurement of money to the control and management of government expenditures. Part 2 - International institutions and international economic policy - looks at the international dimension of monetary and fiscal policy, with extensive discussion of the International Monetary Fund and the European Monetary Union. Part 3 - The future of international banking and the financial sector in the Netherlands - is an insider's view of the strategic choices facing financial institutions in the near future. Finally, Part 4 - Taxation and reforms in the Dutch tax system - is closest to Oort's research and practice since he has become known as an architect of the 1990 Dutch tax reform; this part is dedicated in particular to the tax reforms suggested by Oort.
Download or read book Essays on Financial Institutions written by César Orosco and published by . This book was released on 2005 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Future of Financial Systems and Services written by Edward P.M. Gardener and published by Springer. This book was released on 2015-12-22 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume of essays comprises a systematic collection of views from scholars and practitioners on the future of financial systems and services and reflects the fact that the financial industry worldwide is involved in a major restructuring process.
Download or read book Summary of the Thesis Essays on Financial Stability and Corporate Finance written by Mónica López-Puertas Lamy and published by Ed. Universidad de Cantabria. This book was released on 2014-01-20 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: El principal objetivo de este trabajo consiste en analizar los efectos que la estructura de propiedad bancaria tiene sobre la toma de riesgos, a nivel microeconómico y sobre el riesgo sistémico, a nivel macroeconómico. Para ello se desarrolla un modelo de competencia oligopolística y se analizan las propiedades del equilibrio de mercado en términos de beneficios, cuota de mercado y micro y macro estabilidad financiera cuando un banco comercial, maximizador de beneficios, compite contra un banco no orientado hacia los beneficios (stakeholder bank). Los resultados teóricos son validados empíricamente usando datos bancarios de 72 países durante el periodo 1997-2007. Concretamente se muestra que a) los stakeholder banks son menos arriesgados que los bancos comerciales, b) cualquier banco es más arriesgado cuando compite contra un stakeholder bank en lugar de contra un banco comercial, c) a nivel sistémico la presencia de stakeholder banks aumenta la estabilidad financiera, d) el efecto de la regulación bancaria y de la competencia en la toma de riesgos depende de la estructura de propiedad del banco, e) la concentración accionarial incrementa el riesgo bancario, f) el diseño de los incentivos gerenciales tiene un efecto muy significativo sobre la toma de riesgos bancarios.
Download or read book Essays on financial institutions written by Binzi Shu and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Institutions and Advisors written by Joseph D. Farizo and published by . This book was released on 2020 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Three Essays in Financial Institutions and Investments written by Mark Kurt Pyles and published by . This book was released on 2005 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Institutions and Instability written by Yu Jin and published by . This book was released on 2012 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Institutions written by C. N. V. Krishnan and published by . This book was released on 2001 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Financial Institutions written by Ronnie Rashmi Shah and published by . This book was released on 2008 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I explore the ability of financial institutions to impact firm behavior. The first essay examines whether relationships between venture capital owners (VCs) and investment banking underwriters affect a firm's ability to issue equity. I find that past interactions between VC owners and underwriters in the form of previously underwritten initial public offerings (IPOs) significantly increase the likelihood that an IPO firm chooses a specific underwriter. In terms of how VCs and underwriters associate with each other, older VCs partner with more reputable underwriters. Despite paying higher fees, issuing firms benefit from stronger VC-Underwriter relationships through upward offer price revisions and higher valuations. VC-Underwriter relationships also predict underwriter choice in subsequent equity offerings. This essay provides empirical evidence that suggests VCs use their relationships with investment banks to enable their portfolio firms access to high quality underwriters and better underwriting services. The second essay investigates whether credit rating concerns affect capital investment decisions. Using ex-ante measures of proximity to a rating change, I find that firms that are near a credit rating downgrade spend significantly less on capital expenditures relative to those not near a rating change. The response of firms to credit rating upgrades is not symmetric: firms do not seem to adopt significantly different investment policies when near an upgrade. This effect of lowering investment when near a credit downgrade is stronger for firms that face financial constraints, experience greater adverse selection and are more active in debt markets. Related to reductions in investment, firms near rating changes also spend less on research and development expenses and pay lower dividends. My findings are consistent with firms conserving financial resources to prevent adverse credit rating changes that could increase their cost of capital.
Download or read book Two Essays in Financial Institutions and Corporate Finance written by Xinting Zhen and published by . This book was released on 2018 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Essays written by Charles Franklin Dunbar and published by Beaufort Books. This book was released on 1904 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic science in America, 1776-1876.--The reaction in political economy.--The academic study of political economy.--Ricardo's use of facts.--Some precedents followed by Alexander Hamilton.--The direct tax of 1861.--The new income tax.--Early banking Schemes in England.--The bank of Venice.--Accounts of the first bank of the United States.--Deposits as currency.--The bank-note question.--The safety of the legal tender paper.--the national banking system.--Can we keep a gold currency?--The crisis of 1857.--The crisis of 1860.--State banks in 1860.--The establishment of the national banking system.--The circulation of the national banks, 1865-1900.
Download or read book Essays in Financial Institutions and Central Banking written by Matteo Crosignani and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
