1,720,984 research outputs found
Why are some banks recapitalized and others taken over?
Get PDFThis study investigates the likelihood of takeovers or recapitalizations for EU listed banks
before and during the financial, using both static and sequential multinomial logistic models.
Takeovers and recapitalizations are potential alternatives used to shore up financial institutions. We
find that takeovers occur when the bank has low net interest margins. Instead, private
recapitalizations occur for banks with lower equity, higher net interest margins, and positive growth
at the bank level. Public recapitalizations occur for larger, less liquid banks with positive prospects
that operate in bigger banking systems. Both types of recapitalizations occur in countries with lower
growth. The determinants for takeovers and recapitalization differ between the pre-crisis and crisis
periods. Overall, a need for corporate control exists when traditional banking suffers lower
performance, whereas the search for stability explains recapitalization
The determinants of mergers and acquisitions in banking
No full textThis paper investigates the determinants associated with the likelihood of a bank
becoming involved in a merger or an acquisition. Using a multinomial logistic regression
and a Cox regression with time-dependent covariates, we investigate the determinants of
being a target or an acquirer from a sample of 777 deals involving EU acquirers and 312
global targets over the period of 1991 to 2006. Both the multinomial logistic and Cox
regressions identify the same determinants associated with becoming acquirers or targets. A
higher likelihood of becoming an acquirer exists for larger banks with a history of high
growth, greater cost X-efficiency, and lower capitalization. In contrast, banks are more likely
to be targets if they have lower free cash flows, are less efficient, are relatively illiquid, and
are under-capitalized. But, the predictive power of the two regressions is different as the
multinomial logistic regression outperforms the Cox regression when predicting the likelihood
of becoming an acquirer
Hidden effects of bank recapitalizations
No full textGiven the importance of capital regulation in the banking industry, how and why a bank’s behavior reacts to a recapitalization has profound consequences. To this end, we investigate the effects of 306 seasoned equity offerings (SEOs) conducted by listed European banks between 2002 and 2014. We use propen- sity score matching and find that SEOs lead to asset expansion as opposed to any deleveraging. Further, we find a decrease in lending in the short-term followed by a subsequent increase, a reduction in prof- itability, and an increase in systemic risk. Regulators might not have fully considered this last negative externality when they imposed the tougher Basel III capital requirements. The effects of SEOs strongly depend on the reasons behind the recapitalizations
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
- …
