86,761 research outputs found
Subordinated debt, market discipline, and bank risk
No full textThis paper demonstrates that subordinated debt (‘subdebt’ thereafter) regulation can be an effective mechanism for disciplining banks. Under our proposal, investors buy the subdebt of a bank only if they receive favourable information about the bank, and the bank is subject to a regulatory examination if it fails to issue subdebt. By forcing banks to be examined when they are likely weak, subdebt regulation not only reduces the chance that managers of distressed banks can take value-destroying actions to benefit themselves, but may also encourage banks to lower asset risk. It shows that subdebt regulation and bank capital requirements can be complements for alleviating the banks’ moral hazard problems. It also suggests that to make subdebt regulation effective, regulators may need impose ceilings on the interest rates of subdebt, prohibit collusion between banks and subdebt investors, and require the subdebt to convert into the issuing bank’s equity when the government takes over or provides open assistance to the bank.subordinated debt regulation; bank capital regulation; market discipline; moral hazard; contingent capital certificate
The impact of CFO gender on bank loan contracting
No full textMotivated by recent studies that show female CFOs are more risk averse than male CFOs when making various corporate decisions, we examine whether banks take into consideration the gender of CFOs when pricing bank loans. We find that in our sample, firms under the control of female CFOs on average enjoy about 11% lower bank loan price than firms under the control of male CFOs. In addition, loans given to female CFO-led companies have longer maturities and are less likely to be required to provide collateral than loans given to male CFO led companies. Our results are robust to a series of robustness tests, such as a firm and year-fixed effect regression, a Heckman two-stage self selection model, a propensity score match method and a differences-in-differences approach. Overall, our results suggest that banks tend to recognize the role of female CFOs in providing more reliable accounting information ex ante and reducing default risk ex post, and grant firms with female CFOs lower loan price and more favourable contract terms.CFOs; gender; accounting information; bank loans
Regional growth and finance in Europe: Is there a quality effect of bank efficiency?
No full textIn this study, we test whether regional growth in 11 European countries depends on financial development and suggest the use of cost- and profit-efficiency estimates as quality measures for financial institutions. Contrary to the usual quantitative proxies for financial development, the quality of financial institutions is measured in this study as the relative ability of banks to intermediate funds. An improvement in bank efficiency spurs five times more regional growth than does an identical increase in credit. More credit provided by efficient banks exerts an independent growth effect in addition to the direct quantity and quality channel effects.bank performance; regional growth; bank efficiency; Europe
Financial market integration and the value of global diversification: evidence from US acquirers in cross-border mergers and acquisitions
No full textUsing theories of internal capital markets, this paper examines the link between financial market integration and the value of global diversification. Based on a sample of 1,491 completed cross-border mergers and acquisitions (M&As) conducted by US acquirers during the 1990–2003 period, we find that, in general, US shareholders gain significant positive abnormal returns following the announcement of the merger/acquisition. Specifically, firms that acquire/merge with targets from countries with financially segmented markets experience significantly higher positive abnormal returns than those that acquire/merge with targets from countries with financially integrated capital markets. We find that the significantly higher positive returns are driven particularly by deals between firms from unrelated industries. These firms with higher announcement returns are also characterized by positive and significant post-merger operating performance. This finding is consistent with our event study results and suggests that the overall improvement in the merged firms’ performance is likely due to the influx of internal capital from wholly integrated acquirers to segmented targets, firms that, on average are usually faced with higher capital constraints.financial market integration; global diversification; internal capital markets; mergers; acquisitions
Cymindis laevistriata Lucas 1846
No full textCymindis (s. str.) laevistriata Lucas, 1846 Cymindis laevistriata Lucas, 1846: 10Published as part of Rasool, Iftekhar, Felix, Ron F. F. L., Abdel-Dayem, Mahmoud S. & Aldhafer, Hathal M., 2017, A review of subtribe Cymindidina Laporte, 1834 (Coleoptera: Carabidae: Lebiini) in Southwestern Saudi Arabia, with descriptions of two new species, pp. 157-171 in Zootaxa 4236 (1) on page 169, DOI: 10.11646/zootaxa.4236.1.9, http://zenodo.org/record/32200
FIGURE 28 in A review of subtribe Cymindidina Laporte, 1834 (Coleoptera: Carabidae: Lebiini) in Southwestern Saudi Arabia, with descriptions of two new species
No full textFIGURE 28. Photograph of the type locality for Afrotarus fadli sp. n. at Al Qumma National Park, Biljurashi, Al Baha Provence, southwestern of Saudi Arabia at an elevation of 1963 mPublished as part of Rasool, Iftekhar, Felix, Ron F. F. L., Abdel-Dayem, Mahmoud S. & Aldhafer, Hathal M., 2017, A review of subtribe Cymindidina Laporte, 1834 (Coleoptera: Carabidae: Lebiini) in Southwestern Saudi Arabia, with descriptions of two new species, pp. 157-171 in Zootaxa 4236 (1) on page 167, DOI: 10.11646/zootaxa.4236.1.9, http://zenodo.org/record/32200
The determinants of option-adjusted delta credit spreads: a comparative analysis of the United States, the United Kingdom and the euro area
No full textWe analyse the determinants of the variation of option-adjusted credit spreads (OASs) on a unique database that enlarges the traditional scope of analysis to more disaggregated indexes (combining industry, grade and maturity levels), new variables (volumes of sales and purchases of institutional investors) and a complete set of markets (besides the United States, the United Kingdom and the euro area). With our extended set of regressors we explain almost half of the variability of OASs and find evidence of a significant impact of institutional investors’ purchases and sales on corporate bond risk. We also find that US business cycle indicators significantly affect the variability of OASs in the United Kingdom and the euro area.option-adjusted credit spreads; delta; corporate bond risk; institutional investors; business cycle indicators
Matabele , Peringuey 1896
No full textMatabele Péringuey, 1896 Type species: Matabele miranda Péringuey, 1896 The genus Matabele is a small genus within the subtribe Lebiina with only two species, Afrotropical M. miranda Péringuey, 1896 from Ethopia, Tanzania, Zaire and Somalia and Arabian species M. arabica Mateu, 1986 from Saudi Arabia and Oman (Mateu, 1986; Anichtchenko, 2016). This genus can be separated from other genera of Lebiina by large body size from 12-14 mm; coarse sculpture of head and pronotum; tarsal claws pectinate and lack of distal emargination on male mesotibiae; mentum with bifid tooth; apical external angles of elytra pointed (Mateu, 1986).Published as part of Rasool, Iftekhar, Abdel-Dayem, Mahmoud S., Felix, Ron F. F. L. & Aldhafer, Hathal M., 2018, A review of the Subtribe Lebiina Bonelli (Lebiini, Carabidae, Coleoptera) from Southwest of Saudi Arabia, pp. 87-102 in Zootaxa 4379 (1) on page 99, DOI: 10.11646/zootaxa.4379.1.5, http://zenodo.org/record/117235
Variations on the Author
No full text“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
[Newspaper Clipping: Author Claims Evidence of Second JFK Assassin #1]
No full textNewspaper article titled "Author Claims Evidence of Second JFK Assassin." The article states that author Richard J. Whalen concluded "that there is circumstantial evidence to support the theory of a second assassin in the shooting of President John F. Kennedy.
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