1,720,965 research outputs found
Do financial crises cleanse the banking industry? Evidence from U.S. commercial‐bank exits
No full textNumerous studies highlight the large costs of financial crises in terms of financial instability and the decline of economic growth. While these costs are indisputable, more controversial is the possibility that some benefits might arise from these crises, such as the exit of less-productive firms. The proponents of these benefits see crises as a selection process that accelerates the removal of the least-productive firms, with an overall positive effect at the industry level. This argument is formalized in the cleansing view of real and financial shocks dating back to Joseph Schumpeter and his concept of creative destruction
A Modification to the WPC Model
Get PDFWe modify the Barclay and Warner (1993) Weighted Price Contribution model – which measures market participants’ contribution to price discovery process – to incorporate price movements that extend beyond the final price. We validate our model with an empirical illustration
Do financial crises cleanse the banking industry? Evidence from US commercial bank exits
Get PDFWe examine the cleansing effect of financial crises via their contribution to the exit of inefficient US commercial banks from 1984 to 2013. We find a larger increase in the exit likelihood of less efficient banks as compared to more efficient banks in the years of the Savings and Loans Crisis but not during the Global Financial Crisis. We highlight how the magnitude of the shock of the Global Financial Crisis and the subsequent, broad government interventions might explain these different results. Furthermore, we highlight that both crisis periods have a disproportionate effect on young banks regardless of their efficiency levels and that they do not generate any positive spillover effects on surviving banks in the three years post-crises in spite of some reallocation benefits in favor of new entry banks. Our findings highlight that forms of prudential regulation designed to strengthen bank resilience in good times might contribute to mitigating the effects of crisis on the longer-term productivity of the banking industry
The Determinants of Bank Failures in Normal and Crisis Times and the Resolution of Failed Banks
Get PDFThis thesis is structured around three empirical analyses, which are based on bank failures that occurred in the US between 1984 and 2013.
The first analysis tests whether financial crises contribute to removing the most inefficient banks from the market and to liberating resources for more efficient use (cleansing effect), or whether they destroy banks regardless of their efficiency (scarring effect). The results show that the nature of bank failures during financial crises are not fully aligned with either a cleansing or a scarring effect. While efficiency helps banks survive over the full sample period, financial crises do not amplify the removal of inefficient institutions. Additional tests show that financial crises contribute to producing a scarring effect via the increase in the failure rate of young banks regardless of their efficiency but also generate a cleansing effect by liberating resources that are more efficiently used by new entry banks.
The second set of empirical analyses investigates the long-term post-acquisition performance of failed bank acquirers. The results show that after an acquisition failed bank acquirers’ performance deteriorated significantly, with an exception being the deals completed during the global financial crisis, during which no performance changes were evident. This result is likely caused by the loss-sharing agreements included in most of the latter transactions. Further analysis shows that although no benefit in terms of performance materializes for the acquiring banks, they are less likely to disappear from the market through either an acquisition or outright failure.
The final analysis examines the relation between failed bank resolution costs and the competitive pressures in the market. The results show that when restrictions on competition are relaxed, large (small) targets become more (less) desirable, and the associated costs to resolve them reduce (increase). This finding, however, is merely evident during normal times
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
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