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  • Other Sources  (316)
  • 2000-2004  (285)
  • 1985-1989  (31)
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  • 1
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: Recently there have been a number of recommendations to increase the role of subordinated debt (SND) in satisfying bank capital requirements as a preferred means to discipline the risk-taking behavior of systemically important banks. One such proposal recommended using SND yield spreads as the triggers for mandatory supervisory action under prompt corrective action guidelines introduced in U.S. banking legislation in the early 1990s. Currently such action is prompted by bank capital ratios. Evidence from previous research suggests that yield information may be a better predictor of bank problems. This paper empirically analyzes potential costs and benefits of using SND signals to trigger prompt corrective action.
    Keywords: ddc:330 ; Risk ; Debt ; Banks and banking ; Bank supervision ; Bank examination
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking. Some of these proposals recommend using sub-debt yield spreads as triggers for supervisory discipline under prompt corrective action (PCA). Currently such action is prompted by capital adequacy measures. This paper provides the first empirical analysis of the relative accuracy of various capital ratios and sub-debt spreads in predicting bank condition, measured as subsequent CAMEL or BOPEC ratings. The results suggest that some of the capital ratios, including the summary measure used to trigger PCA, have almost no predictive power. Sub-debt yield spreads performed slightly better than the best capital measure, the Tier-1 leverage ratio, albeit the difference is not significant. The performance of sub-debt yields satisfies an important prerequisite for using sub-debt as a PCA trigger. However, the prediction errors are relatively high and further work to refine the measures would be desirable.
    Keywords: ddc:330 ; Risk ; Debt ; Bank supervision ; Bank capital
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: In recent years there has been a growing realization that there are significant problems with the current bank risk-based capital guidelines. As financial firms have become more sophisticated and complex they have effectively arbitraged the existing capital requirements. They have become so good at avoiding the intent of capital regulation that the regulations have essentially ceased to be a safety and soundness issue for supervisors and have become more a compliance issue. There is also a growing realization that bank regulation must more effectively incorporate market discipline to encourage prudent risk management. One means recommended to accomplish this is to increase the role of subordinated debt in the bank capital requirement. Arguments have been made that this could lead to improvements in both market and supervisory discipline. Although a number of such proposals have been made, there appears to be significant misunderstanding of how bank capital requirements would be modified and what might be accomplished by the modification. On the one extreme, some discussions of sub-debt seem to imply that merely requiring banks to issue debt would solve all safety and soundness related concerns. At the other extreme are a series of questions that raise doubts as to whether any change in the role of sub-debt could contribute toward safety and soundness goals. ; The goal of this article is to provide a comprehensive review and evaluation of the purpose and potential of subordinated debt proposals and to present a regulatory reform proposal that incorporates what we believe are the most desirable characteristics of subordinated debt. The article is intended as a reference piece from which readers new to the topic may find a thorough review of the issues, and others can draw on specific aspects of the debate. Coverage includes (1) a discussion of the characteristics of sub-debt that make it attractive for imposing market and supervisory discipline on banks; (2) explanation of how current regulatory arrangements do not allow these features to be fully utilized; (3) discussion of the role of debt markets, equity markets, and supervision in disciplining firm behavior, and how the use of sub-debt avoids many of the problems associated with alternative regulatory proposals; (4) a review of the evidence on the extent of market pricing and disciplining of risk imposed by holders of bank liabilities; (5) a review of some of the existing sub-debt proposals emphasizing their differences and the reasoning for those differences; (6) a new regulatory reform proposal which increases the role of sub-debt; and (7) a discussion of some of the standard questions raised about sub-debt proposals and, when appropriate, explanation of how our proposal addresses these concerns.
    Keywords: ddc:330 ; Debt ; Bank capital ; Bank liabilities ; Bank supervision
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2016-10-07
    Description: This paper provides a new test for whether different-currency assets are imperfect substitutes. The test exploits that under floating rates, changing public currency demand has no direct effect on monetary fundamentals, current or future. Price effects from imperfect substitutability are clearly present: the immediate price impact of public trades is 0.44 percent per 1 billion dollar (of which, about 80 percent persists indefinitely). This estimate is applicable to intervention trades in the special case when they are indistinguishable from private trades (i.e., when interventions are sterilized, anonymous, and provide no monetary-policy signal).
    Keywords: ddc:330
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-11-07
    Description: Several recent studies have recommended greater reliance on subordinated debt as a tool to discipline bank risk taking. Some of these proposals recommend using subordinated debt yield spreads as additional triggers for supervisory discipline under prompt corrective action (PCA), action that is currently prompted by capital adequacy measures. This paper provides a theoretical model describing how use of a second market-measure of bank risk, in addition to the supervisors’ own internalized information, could improve bank discipline. The authors then empirically evaluate the implications of the model. The evidence suggests that subordinated debt spreads dominate the current capital measures used to trigger PCA and consideration should be given to using spreads to complement supervisory discipline. The evidence also suggests that spreads over corporate bonds may be preferred to using spreads over U.S. Treasuries.
    Keywords: ddc:330 ; Bank supervision ; Debt
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Bonn: Institute for the Study of Labor (IZA)
    Publication Date: 2018-11-15
    Description: We estimate the effect of immigrant flows on native employment in Western Europe, and then ask whether the employment consequences of immigration vary with institutions that affect labor market flexibility. Reduced flexibility may protect natives from immigrant competition in the near term, but our theoretical framework suggests that reduced flexibility is likely to increase the negative impact of immigration on equilibrium employment. In models without interactions, OLS estimates for a panel of European countries in the 1980s and 1990s show small, mostly negative immigration effects. To reduce bias from the possible endogeneity of immigration flows, we use the fact that many immigrants arriving after 1991 were refugees from the Balkan wars. An IV strategy based on variation in the number of immigrants from former Yugoslavia generates larger though mostly insignificant negative estimates. We then estimate models allowing interactions between the employment response to immigration and institutional characteristics including business entry costs. These results, limited to the sample of native men, generally suggest that reduced flexibility increases the negative impact of immigration. Many of the estimated interaction terms are significant, and imply a significant negative effect on employment in countries with restrictive institutions.
    Keywords: J23 ; J61 ; O52 ; ddc:330 ; Immigrant absorption ; European unemployment ; labor market flexibility ; entry costs ; Einwanderung ; Beschäftigungseffekt ; Arbeitsmarkt ; Arbeitsmarktflexibilisierung ; EU-Staaten
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: This study examines persistence of performance in South African general equity and fixed income unit trusts over the period January 1989 to December 1999. The formation and holding periods studied ranged from one quarter to two-years. Significant persistence was found for most combinations of formation and holding periods for risk-adjusted equity unit trusts. It is suggested that choosing equity unit trust winners from the previous two-years and holding them for the next two-years may be the best long-term strategy to adopt. The fixed income unit trusts showed far less significant persistence than the equity unit trusts with loser-loser persistence predominating.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 8
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    Cape Town: African Online Scientific Information Systems (AOSIS)
    Publication Date: 2020-05-23
    Description: In order to determine the process organisations go through in selecting an Enterprise Resource Planning (ERP) system, a field study was undertaken on eleven cases. Based on the findings a best practice selection process is proposed.A benchmark selection criteria checklist was drawn up as part of this investigation and each of the criteria listed should be considered prior to final selection.Other Issues discussed in this article include the original motivation and justification for ERP purchase, change management, customisation of source code and the roles of the selection committee, consultants and vendors.
    Keywords: ddc:650
    Language: English
    Type: doc-type:article
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  • 9
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    Münster: Westfälische Wilhelms-Universität Münster, Institut für Wirtschaftsinformatik
    Publication Date: 2020-01-21
    Description: Der Prozess des wissenschaftlichen Publizierens stellt besondere Anforderungen an die eingesetzte Standardsoftware. Verschiedene Autoren arbeiten gemeinsam an Dokumenten, was aufgrund mangelnder Koordination und informationstechnischer Unterstützung in der Regel zur uneinheitlichen Verwendung von Begrifflichkeiten und Schreibweisen führt. Passagen einzelner Autoren müssen in getrennten Dokumenten verfasst und bei der Zusammenführung abgeglichen werden. Dokument- und Formatvorlagen helfen bei der Einhaltung der Konsistenz im Layout, jedoch ist auch hier in der Regel eine Anpassung notwendig. Literatur-, Stichwort- und Abbildungsverwaltung lassen sich derzeit nur mit einem Konglomerat an Software (z. B. Textverarbeitungsprogramm in Kombination mit Literaturverwaltungssoftware und Literaturrecherchediensten) - zumeist nur unzureichend und auf Einzelbenutzerebene - lösen. Eine Abstimmung zwischen den Autoren während des ganzen Publikationsprozesses wird lediglich durch E-Mail und Korrekturfunktionalitäten im Publikationsprozess unterstützt. Einblicke in den Arbeitsfortschritt anderer Autoren sind kaum möglich. Die aufgeführten Probleme verstärken sich bei zunehmender Autorenzahl und steigender räumlicher und zeitlicher Distanz zwischen den Autoren, die zukünftig durch zunehmende Forschung auf europäischer und internationaler Ebene noch steigen wird. Ziel dieser Studie ist die Evaluation der Unterstützung für das verteilte, wissenschaftliche Publizieren durch Microsoft Word 2003 in Verbindung mit den Microsoft SharePoint Services 2003. Verteiltes, wissenschaftliches Publizieren wird hier als die verteilte Erstellung von wissenschaftlichen Publikationen verstanden. Im Rahmen der Studie wird daher Microsoft Word alleine mit der Word-SharePoint-Services-Kombination (Word und SharePoint Services) und den Konkurrenzprodukten OpenOffice.org und (La)TeX verglichen. Im Rahmen des Vergleichs werden insbesondere Verbesserungen hervorgehoben und quantifiziert, die sich aus der Verwendung der Microsoft SharePoint Services für die Anforderungen des wissenschaftlichen Publizierens ergeben. Weiterhin bestehende Defizite für dieses Aufgabenumfeld werden expliziert und bewertet. Die Ergebnisse werden im Anschluss an die Evaluation als Grundlage zur fachkonzeptuellen Spezifikation einer Publikationsarchitektur zur integrierten Unterstützung des wissenschaftlichen Publikationsprozesses auf Basis von Microsoft-Produkten dienen. Zur validierten Erhebung der Anforderungen wird zunächst der Prozess des wissenschaftlichen Publizierens erfasst und dokumentiert. Anforderungen, die sich sowohl aus dem Publikationsprozess als auch an die Publikation ergeben, werden zusammengetragen und mithilfe einer Mind Map visualisiert und strukturiert. Im Anschluss wird ein Erfahrungsbericht zur Nutzung der Word-SharePoint-Services-Kombination im Rahmen einer Konferenzveröffentlichung gegeben.
    Keywords: ddc:650
    Language: German
    Type: doc-type:workingPaper
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  • 10
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    Helsinki: Bank of Finland
    Publication Date: 2020-01-18
    Description: This paper analyses the determinants of banks loan loss allowances for samples of US banks and three non-US samples: a group of 21 countries, Canada and Japan.The model includes fundamental (or non-discretionary) determinants of the allowance such as non-performing loans, and discretionary determinants such as income before the loan loss provision.The results suggest that the loan loss allowance is sensitive to pre-provision income in almost all samples.However, the results also suggest that some variables thought to reflect fundamental factors in US analysis, such as net chargeoffs, are not significant factors for non-US banks.
    Keywords: G21 ; G28 ; E58 ; F23 ; G33 ; ddc:330 ; loan loss allowance ; accounting standards ; international banking ; nonperforming loan ; discretionary accruals
    Language: English
    Type: doc-type:workingPaper
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