4,403 research outputs found
Don Banks: Pezzo Dramatico (1956)
No full text"Don Banks's short piano piece Pezzo Dramatico was written after his period of study in Italy with Dallapiccola. Like so much of Banks's best music it successfully combines strongly differentiated ideas through the use of a closely worked thematic-motivic approach. As in the Horn Concerto (1965) and Tirade (1968) sudden dramatic contrasts, rhetorical rhythmic gestures, intense but thwarted lyricism and a formalised system of pitch control are found in Pezzo Dramatico. Yet even within such a varied and dramatic context the overall effect of the piece is taut, perhaps even repressed. Many works by Banks reveal his determination to forge a personal style whilst drawlng on the diverse elements of his musical background. His early experience in Australia as a jazz performer is in interesting contrast to the time he spent as a student working with Seiber in England and Dallapiccola. Both Seiber and Dallapiccola were strongly influenced by the serial language of Webern, yet they also brought aspects of personal styl to bear in their music, removing it to some extent from the somewhat bland 'international' style of many serial composers of the 1950. In works of the late 1960s like Intersections, Nexus, and Meeting Place Banks was to show his capacity for integrating jazz idioms into a musical context undoubtedly within the post-war European tradition. This talent for combining elements is already evident in an earlier work such as Pezzo Dramatico, although on a reduced and more selective scale. Whilst the work draws on ideas and habits of his teachers and the prevailing musical fashions of the 1950s it also shows individuality, especially in the determined way the piece revolves around a few distinctive motivic sources. The allusion to drama in the title is especially evident in the rapid alternation of moods. Loud and soft dynamics are closely juxtaposed; strident interruptions frequently cut through a prevailing quiet texture creating a significant degree of uncertainty for the listener. Likewise, the relative security of patterned rhythmic material is often upset by more jagged interjections of short motivic ideas. Strong contrasts are also evident in the writing for piano - extremes of range are used, clear melodic lines with accompanying chordal textures are pitted against linear writing. The piano's dual capacities as a percussive and a lyrical instrument are exploited. Yet in spite of this flow of contrasting material a clear sectionalisation is apparent in the work. The formal scheme suggests an arch shape. The first six bars contain three ideas which assume great importance in the work: a triplet figure (see Figure 58), a melodic semitone (see Figure 59), and a simple longshort rhythmic pattern (see Figure 60). The opening section also states the work's twelve tone row (see Figure 61 ). Banks handles the row freely, showing the influence of his mentor Dallapiccola in his propensity for allowing it to dissolve into its motivic constituents. The most important of the e is the semitone which occurs on three occasion in the row' original form. The second section, which contains dramatic alternations ofloud and soft textures, commences with a derivative of the triplet and the long-short pattern (see Figure 62). This figure is restated at the return of the B section (bar 85); the figure is motto-like and rather reminiscent of Messiaen' s piano music. The long-short patterns which predominate in this section are at times reversed as at bar 54, where the semitone figure is again stated (see Figure 63). Banks achieves moments of cadential repose through quiet arpeggiations of chords in the middle and end of the section, recalling similar figures in the opening six bars of the work. Marked Lento espressivo the middle section is, in contrast to the surrounding music, mostly quiet and slow. The lyrical quality of the writing here is never allowed fully to emerge into song. The semitone motive is given elegant melodic shape in a series of sequential passages drawn from Figure 59 (see Figure 64). Whilst the pitch material is drawn from a cell contained in the row's first four notes, the suggestion is of chromatic tonal harmony - lush and rich but avoiding resolution. The section is built through the addition of further melodic lines which thicken the texture and increase the intensity. References to earlier material are apparent, especially in the falling semitone figure at bars 71, 75, and 79 (see Figure 65) and in the interpolation of occasional loud fragments. The second B section is much shorter than the first, hence disturbing any notion of structural symmetry in the work. The material presented is a declamatory series of fragments from the earlier matching section, culminating in a jagged melodic figure at bar 97 (see Figure 66). The final six bars are a free retrograde of the opening section - each of the motivic features is again presented with sudden changes of dynamic and texture. The tone row's integrity is restored in the closing bars with a complete statement in reverse order. Rhetorical and declamatory are terms as appropriate to this brief piece by Banks as they are to much Italian music of the same period. The work of Dallapiccola, as well as younger compatriots such as Nono, Berlo and Maderna, shows similar inspiration to that in the works of Webern within an Italian tradition of almost song-like expressive lyricism and clearly delineated textures. To this, Banks brings his customary rhythmic tautness, resulting in a piece marked by clear and dramatic ideas, subjected to constant subtle transformation. The rhetorical content of the work comes from its frequent use of statement and interruption devices. The brevity of the piece is itself a rhetorical feature. Such a short piece, with a variety of strongly differentiated musical ideas and moods, creates a problem of unity for the composer. In the case of P ezzo Dramatico the solution to this problem is a high level of motivic integration." -- Andrew Schult
Universal Banks and Relationships with Firms
No full textSome of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy voting and are particularly significant for corporate governance. Allegedly, these relationships promote investment and improve the performance of firms. Furthermore, German universal banks are believed to play a special role as large and informed monitoring investors (shareholders). However, for the very same reasons, German universal banks are frequently accused of abusing their influence on firms by exploiting rents and sustaining the entrenchment of firms against efficient transfers of firm control. In this paper, we review recent empirical evidence regarding the special role of banks for the corporate governance of German firms. We differentiate between large exchange-listed firms and small and medium sized companies throughout. With respect to the role of banks as monitoring investors, the evidence does not unanimously support a special role of banks for large firms. Only one study finds that banks’ control of management goes beyond what non-bank shareholders achieve. Proxy-voting rights apparently do not provide a significant means for banks to exert management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can indeed be beneficial. Hausbanks are more willing to sustain financing when borrower quality deteriorates, and they invest more often than arm’s-length banks in workouts if borrowers face financial distress.relationship lending, Hausbank, universal banking, corporate finance, corporate governance
Kenen (Peter B.) - Reserve-asset preferences of central banks and stability of the gold-exchange standard.
No full textPenglaou Charles. Kenen (Peter B.) - Reserve-asset preferences of central banks and stability of the gold-exchange standard.. In: Revue économique, volume 15, n°5, 1964. pp. 830-831
Does diversification improve the performance of German banks? Evidence from individual bank loan portfolios
No full textShould banks be diversified or focused? Does diversification indeed lead to enhanced performance and, therefore, greater safety for banks, as traditional portfolio and banking theory would suggest? This paper investigates the link between banks? profitability (ROA) and their portfolio diversification across different industries, broader economic sectors and geographical regions measured by the Herfindahl Index. To explore this issue, we use a unique data set of the individual bank loan portfolios of 983 German banks for the period from 1996 to 2002. The overall evidence we provide shows that there are no large performance benefits associated with diversification since each type of diversification tends to reduce the banks? returns. Moreover, we find that the impact of diversification depends strongly on the risk level. However, it is only for moderate risk levels and in the case of industrial diversification that diversification significantly improves the banks? returns. --focus,diversification,monitoring,bank returns,bank risk
Universal banks and relationships with firms : [Version Mai 2003]
No full textSome of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy voting and are particularly significant for corporate governance. Allegedly, these relationships promote investment and improve the performance of firms. Furthermore, German universal banks are believed to play a special role as large and informed monitoring investors (shareholders). However, for the very same reasons, German universal banks are frequently accused of abusing their influence on firms by exploiting rents and sustaining the entrenchment of firms against efficient transfers of firm control. In this paper, we review recent empirical evidence regarding the special role of banks for the corporate governance of German firms. We differentiate between large exchangelisted firms and small and medium sized companies throughout. With respect to the role of banks as monitoring investors, the evidence does not unanimously support a special role of banks for large firms. Only one study finds that banks´ control of management goes beyond what nonbank shareholders achieve. Proxyvoting rights apparently do not provide a significant means for banks to exert management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can indeed be beneficial. Hausbanks are more willing to sustain financing when borrower quality deteriorates, and they invest more often than arm´s length banks in workouts if borrowers face financial distress
Do banks diversify loan portfolios? A tentative answer based on individual bank loan portfolios
No full textTheory of financial intermediation gives contradicting answers to the question whether banks should diversify or focus their loan portfolios. Our aim is to find out which of the two strategies is predominant in the German banking market. To this end we measure diversification for all German banks in the period from 1993 to 2002. As measures we use a broad set of heuristic approaches which capture the deviation of a bank's portfolio from a specified benchmark. Conceivable benchmarks are naive diversification across all industries or, alternatively, the economy's industry structure. With this framework our analysis comprises the widespread measures of concentration, like the Hirschman-Herfindahl index, but also the less known and in this context innovative group of distance measures. We find that different statistical measures of diversification may indicate contradicting results on the individual bank level. Since distance measures are more appealing from a theoretical point of view, the common practice to rely on measures of concentration only in the debate about diversification and focus, may be misleading. We further find that, despite these differences on the individual bank level, both approaches reveal that the majority of banks significantly increased loan portfolio diversification over the last decade. This tendency is especially driven by the large number of credit cooperatives and savings banks. However, some banks (especially regional banks and subsidiaries of foreign banks) reveal a strategy that seems to be more focused on certain industries. --bank lending,loan portfolio,portfolio theory,diversification,concentration measures,distance measures,focus
Deregulation, the Internet, and the competitive viability of large banks and community banks
No full textDeregulation, technological change, and increased competitive rivalry are transforming U.S. commercial banking from an industry dominated by thousands of small, locally focused banks into an industry where a handful of large banks could potentially span the nation and control the majority of its bank deposits. This paper examines the comparative strengths and weaknesses of large and small banks in this new environment, and outlines the strategic opportunities and threats that new technology - especially the Internet - pose for U.S. banks. We begin by documenting recent trends in bank size, industry structure, competitive conditions, and bank product mix. We argue that these trends are consistent with a simple competitive strategy framework in which commercial banks choose between two profitable business strategies: (a) a community bank business model in which banks have a local focus, a high cost structure, and sell low volumes of personalized service at high margins, and (b) a global bank business model in which banks have a national or international focus, a low cost structure, and sell high volumes of standardized financial products at low margins. Finally, we discuss how Internet banking is likely to affect this strategic equilibrium. In particular, we analyze how a shift away from brick and mortar branches and toward the Internet delivery channel will reduce the switching costs that currently dissuade retail deposit customers from changing banks. Based on the foregoing analysis, we conclude that the number of small banks will continue to decline in the future - not because the community bank business model is flawed, but because most of the small banks that use this model are poorly run. In the long-run, our analysis suggests that well-run community banks should be able to adapt their business practices to technological change and profitably co-exist with large, globally focussed banks.Banks and banking ; Financial institutions
How do banks adjust their capital ratios? Evidence from Germany
No full textWe analyze the dynamics of banks' regulatory capital ratios. Using monthly data of regulatory capital ratios for a subset of large German banks, we estimate the target level and the adjustment speed of the capital ratio for each bank separately. We find evidence that, first, there exists a target level for a substantial percentage of banks; second, that private banks and banks with liquid assets are more likely to adjust their capital ratio tightly; and third, that banks compensate for low target capital ratios with low asset volatilities and high adjustment speeds. Fourth, banks with a target capital ratio seem to use an internal lower limit for their current ratios that is just above the regulatory minimum of 8%. --Regulatory bank capital,target capital ratio,partial adjustment,Ornstein-Uhlenbeck process
X-efficiency Analysis of Commercial Banks in Pakistan: A Preliminary Investigation
No full textThe emergence of a fast-paced dynamic environment in the business world in general, and in the financial services sector in particular, has highlighted the significance of competition and efficiency. The need for deregulation has become a touchstone of success in fostering both competition and efficiency especially in the economies, which are exposed to structural reforms. In addition to that, intense competition both among domestic and foreign banks, rapid speed of innovations and introduction of new financial instruments, changing consumer’s demands and desire for product augmentation have changed the way a bank conducts business and services its customers. Larger the degree of competition, it is perceived that the firms would become more efficient. However, when the structure of an industry is product of the government regulations, the degree of competition is impaired markedly implying that the efficiency suffers negatively. Banking industry acts as life-blood of modern trade and commerce acting as a bridge to provide a major source of financial intermediation. Thus, appraisal of its efficiency is vital in context of an efficient and competitive financial system. Study of x-efficiency is believed to be important in particular as Berger, et al. (1993) found that x-inefficiencies account for around 20 percent or more of banking costs. Similarly, recent drive among banks towards downsizing, rightsizing and rationalisation of banking costs also implicates for the assessment of x-efficiency analysis of banks. It becomes vital in Pakistani context as there appears to be no study in literature on efficiency or x-efficiency analysis of banks in Pakistan. “A great deal more work is needed on x-efficiency research in banking. Managerial efficiency, the concept of x-efficiency, appears to be a much more important strategic and policy consideration” [Molyneux, et al. (1960), p. 273]. Given
Public inquiries, public policy and the public interest
No full textProfessor Gary Banks AO, Fellow of the Academy of the Social Sciences in Australia, Dean of the Australian and New Zealand School of Government (ANZSOG), and prior to that, head of the Productivity Commission for nearly 15 years, speaks about the role of public inquiries in developing public policy. Based on theory and evidence, including insights gained at first hand, Professor Gary Banks addressed two key questions: Why might public inquiries contribute to better policy outcomes? And what determines their ‘success’? Professor Banks\u27 talk was the inaugural Peter Karmel Lecture in Public Policy for the Academy of the Social Sciences in Australia.Both the video of the lecture and the report are on the Academy\u27s website. 
- …
