García-Olalla / Clifton Contemporary Issues in Banking

Regulation, Governance and Performance
1. Auflage 2018
ISBN: 978-3-319-90294-4
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 470 Seiten

Reihe: Progress in Mathematics

This book offers insights into the contemporary issues in banking with a special focus on the recent European regulatory reforms, governance and the performance of firms. Written by prestigious professors and expert academics in the field, the book also covers a diverse set of topics that have gained great importance in this sector such as firm financing, culture, risk and other challenges faced by banks. The book is of interest to scholars, students and professionals in banking.


Myriam García Olalla is professor of Finance and Accounting at the University of Cantabria, Spain. She holds a PhD in Economics and Business from the University of Oviedo, Spain and has been professor at the University of Oviedo and visiting researcher at Berkley University, USA and Bangor University, UK. She has carried out several positions at her university and UCEIF Foundation. Her main research interests are banking and corporate finance and she has published scientific books and articles in relevant international economics and finance journals.
Judith Clifton is professor of Applied Economics at the University of Cantabria, Spain. She holds a DPhil in Political Economy from the University of Oxford, UK and has lectured at Oxford, Leeds, Oviedo, Cornell and Cantabria universities. She has published widely in international journals and is Editor of the Journal of Economic Policy Reform and the Cambridge Journal of Regions, Economy and Society. Her research interests include public policy, regulation and public services. 

Autoren/Hrsg.

García-Olalla, Myriam

Clifton, Judith

Inhaltsverzeichnis

1;Acknowledgements;6
2;Contents;7
3;Notes on Contributors;10
4;List of Figures;23
5;List of Tables;26
6;Chapter 1: Introduction;29
7;Part I: Regulation;37
7.1;Chapter 2: The Impact of Recent Regulatory Reform on the Use of Supply Chain Finance: The Case of Reverse Factoring;38
7.1.1;1 Introduction;38
7.1.2;2 The Role of Banks in International Supply Chains;40
7.1.2.1;2.1 Trade Credit, Traditional, and Reverse Factoring;41
7.1.2.2;2.2 Motives Behind Reverse Factoring;43
7.1.2.3;2.3 Quantifying the Benefits and/or Costs of Reverse Factoring;46
7.1.3;3 The Status of Reverse Factoring in Scandinavian Banks;50
7.1.4;4 Expanding Reverse Factoring into  the Pre-­shipment Phase;52
7.1.5;5 Concluding Remarks;54
7.1.6;References;56
7.2;Chapter 3: The Bank Resolution Framework in the European Union: Preliminary Evidence from Specialized and Regional Banks;58
7.2.1;1 Introduction;58
7.2.2;2 Motivation and Literature Review;60
7.2.3;3 The Bank Resolution Framework in the European Union;62
7.2.4;4 Sources of Resolution Costs;65
7.2.5;5 The Resolution of SNS Reaal in the Netherlands;67
7.2.6;6 Resolution Challenges for Small Banks: The Case of Local and Regional Banks in Italy;72
7.2.7;7 Conclusions;76
7.2.8;References;77
7.3;Chapter 4: Market Risk Disclosure in Banks’ Balance Sheets and the Pillar 3 Report: The Case of Italian Banks;80
7.3.1;1 Introduction;80
7.3.2;2 Theoretical Foundations of Risk Disclosure in Banking;82
7.3.2.1;2.1 Asymmetric Information Theory;82
7.3.2.2;2.2 Agency Cost Theory;83
7.3.2.3;2.3 Transaction Cost Economics;84
7.3.2.4;2.4 Information Cost Theory;85
7.3.2.5;2.5 Resource and Knowledge-Based Theory;86
7.3.2.6;2.6 Stakeholder Theory;86
7.3.2.7;2.7 Communication Perspective;87
7.3.2.8;2.8 Efficient Market Theory and Financial Stability;87
7.3.3;3 Market Risk Disclosure in Banking: Definition and Regulatory Framework;89
7.3.4;4 An Empirical Study on Market Risk Disclosure in Banking: Research Design;92
7.3.4.1;4.1 The Scoring Model;93
7.3.4.2;4.2 A Comparison to Other Methodologies;98
7.3.5;5 Research Findings: Discussion and Implications;99
7.3.5.1;5.1 Key Aspects of Market Risk Disclosure;100
7.3.5.2;5.2 Backward Looking Versus Forward Looking;102
7.3.5.3;5.3 Qualitative Versus Quantitative Data;103
7.3.5.4;5.4 Fragmentary Presentation;103
7.3.5.5;5.5 Market Risk Factors, Model Risk, and Economic Capital;104
7.3.5.6;5.6 Policy Implications: Forward-Looking Disclosure;105
7.3.5.7;5.7 Policy Implications: Management Commentary;106
7.3.5.8;5.8 Policy Implications: The Adoption of a Holistic View;108
7.3.5.9;5.9 Policy Implications: Sophisticated Financial Products;109
7.3.5.10;5.10 Policy Implications: A Summary;111
7.3.6;6 Conclusion;113
7.3.7;References;114
7.4;Chapter 5: Central Banks’ Communication Strategies: Just Words?;118
7.4.1;1 Introduction;118
7.4.2;2 Literature;123
7.4.3;3 Methods;126
7.4.4;4 Results;129
7.4.4.1;4.1 Communication Strategies Time Dynamic Analysis;129
7.4.4.2;4.2 The FED and the ECB: Communication Strategies and Macroeconomic Scenario;129
7.4.5;5 Concluding Remarks and Research Perspectives;138
7.4.6;Appendix;140
7.4.7;References;146
7.5;Chapter 6: Complaining in Consumer Credit: Evidence from the Italian Financial System;149
7.5.1;1 Introduction;149
7.5.2;2 Literature Review;151
7.5.2.1;2.1 Complaining in the Managerial and Marketing Stream;151
7.5.2.2;2.2 Complaining in the Financial Sector;154
7.5.2.3;2.3 Complaining and ADR Schemes;158
7.5.3;3 Italian ADR;160
7.5.4;4 Analysis of Disputes Between Financial Intermediaries and Consumers;164
7.5.5;5 Conclusions;169
7.5.6;References;171
8;Part II: Corporate Governance and Performance;175
8.1;Chapter 7: Bank Boards in Europe: Trade-Offs in Size, Composition, and Turnover;176
8.1.1;1 Introduction;176
8.1.2;2 Bank Boards;178
8.1.3;3 Bank Board Size;179
8.1.4;4 Bank Board Composition;183
8.1.5;5 Bank Board Turnover;194
8.1.6;6 Concluding Remarks;198
8.1.7;References;202
8.2;Chapter 8: The Impact of Internal Corporate Governance Mechanisms on Corporate Social Performance in the Banking Industry;206
8.2.1;1 Introduction;206
8.2.2;2 The Relationship Between CG And CSR;208
8.2.3;3 CG Mechanisms Affecting CSR;209
8.2.3.1;3.1 External (Institutional-Level) Factors;209
8.2.3.2;3.2 Internal (Firm- and Group-Level) Factors;210
8.2.4;4 Methodology;212
8.2.5;5 Analysis of Results;214
8.2.5.1;5.1 Descriptive Statistics;214
8.2.5.2;5.2 Regression Results;215
8.2.6;6 Conclusions;217
8.2.7;References;218
8.3;Chapter 9: Bank Ownership and Firm-Level Performance: An Empirical Assessment of State-Owned Development Banks;221
8.3.1;1 Introduction;221
8.3.2;2 Development Financial Institutions;223
8.3.2.1;2.1 Mission and Activity;223
8.3.2.2;2.2 Theoretical Framework;225
8.3.3;3 Earlier Literature on Government Ownership and Performance;227
8.3.4;4 The Dataset;229
8.3.4.1;4.1 Ownership and Type of Bank;229
8.3.4.2;4.2 Characteristics of the Banks;231
8.3.5;5 The Empirical Research Methodology and Results;233
8.3.6;6 Concluding Remarks;236
8.3.7;Appendix;237
8.3.7.1;Pre-crisis Regressions (Period 2000–2007);237
8.3.7.2;Post-crisis Regressions (Period 2008–2015);238
8.3.8;References;239
8.4;Chapter 10: Non-financial Rating and Socially Responsible Investment Reaction to Financial Turmoil;244
8.4.1;1 Introduction;244
8.4.2;2 Theoretical Background and Hypothesis Development;246
8.4.2.1;2.1 SRI and Market Turmoil;246
8.4.2.2;2.2 ESG Rating, Performance, and Market Turmoil;248
8.4.2.3;2.3 Hypothesis Development;249
8.4.3;3 Methodology and Data;250
8.4.3.1;3.1 Methodology;250
8.4.3.2;3.2 Data;251
8.4.4;4 Main Findings;252
8.4.5;5 Conclusions;257
8.4.6;References;258
8.5;Chapter 11: What Determines Interest Margins? The Case of Chinese Banks;261
8.5.1;1 Introduction;261
8.5.2;2 Empirical Approach;263
8.5.3;3 Data and the Description of the Sample;264
8.5.4;4 Empirical Results;269
8.5.5;5 Conclusions;271
8.5.6;References;272
9;Part III: Firm Financing and Valuation;274
9.1;Chapter 12: How Do Banks and Investment Funds Affect Family Risk-Taking? Evidence from the Financial Crisis;275
9.1.1;1 Introduction;275
9.1.2;2 Literature Review and Set of Hypotheses;277
9.1.2.1;2.1 Risk-Taking and Performance for Family Firms in Different Legal Environments;277
9.1.2.2;2.2 The Role Played by Institutional Investors in the Profitability of Family Firms;279
9.1.2.2.1;2.2.1 Institutional Investors in Family Firms When Profitability Levels Are Below the Desired Target;281
9.1.2.2.2;2.2.2 Institutional Investors in Family Firms When Profitability Levels Are Above the Desired Target;282
9.1.3;3 Sample and Method;284
9.1.3.1;3.1 Sample, Variables and Empirical Model;284
9.1.3.2;3.2 Empirical Method;286
9.1.4;4 Results;287
9.1.4.1;4.1 Descriptive Statistics;287
9.1.4.2;4.2 Regression Analysis;290
9.1.5;5 Conclusions;294
9.1.6;References;295
9.2;Chapter 13: Does Bank Regulation Spill Over to Firm Financing? SME Financing, Bank Monitoring, and the Efficiency of the Bank Lending Channel;299
9.2.1;1 Introduction;300
9.2.2;2 Theoretical Framework;301
9.2.3;3 Research Methodology;305
9.2.3.1;3.1 Data;307
9.2.3.2;3.2 Empirical Strategy;309
9.2.3.3;3.3 The Negative NPV Effect;310
9.2.3.4;3.4 The Crowding Out Effect;310
9.2.3.5;3.5 The Regulatory Arbitrage Effect;311
9.2.3.6;3.6 The Monitoring Effect;311
9.2.4;4 Results;312
9.2.4.1;4.1 Regulatory Responses by Banks;312
9.2.4.2;4.2 Regulatory Spillover from Banks to SMEs;313
9.2.4.3;4.3 The NPV Effect;313
9.2.4.4;4.4 Crowding Out;314
9.2.4.5;4.5 Regulatory Arbitrage;316
9.2.4.6;4.6 Monitoring;317
9.2.5;5 Conclusions;317
9.2.6;References;318
9.3;Chapter 14: Earn-outs in Debt Restructuring Plans: Economics and Valuation;323
9.3.1;1 Introduction;323
9.3.2;2 Theory;325
9.3.3;3 Estimating Earnout Value: A Framework;330
9.3.4;4 A Monte Carlo Application to Earnout Valuation;339
9.3.5;5 Conclusions;342
9.3.6;References;344
9.4;Chapter 15: Book and Market Values of European Banks: Country, Size, and Business Mix Effects;348
9.4.1;1 Introduction;348
9.4.2;2 Literature Review;352
9.4.3;3 Bank Value;355
9.4.4;4 Data, Variables, and Descriptive Statistics;357
9.4.4.1;4.1 Data and Variables;357
9.4.4.2;4.2 Descriptive Statistics;359
9.4.5;5 Econometric Models: Results;362
9.4.5.1;5.1 First-Step Analysis: The Effect of Fundamental and Country Macroeconomic Context Variables;362
9.4.5.2;5.2 The Role and Meaning of the Intercept;366
9.4.5.3;5.3 Second-Step Analysis: Country, Size, and Business Mix Effects on the Intercept Value;369
9.4.6;6 Conclusions;371
9.4.7;Appendix;374
9.4.8;References;377
10;Part IV: Contemporary Issues;380
10.1;Chapter 16: Assessing and Measuring Banking Culture;381
10.1.1;1 Introduction;381
10.1.2;2 Context: The Debate on Banking Culture;382
10.1.3;3 Organizational Culture and Banking Culture;387
10.1.4;4 Assessing and Measuring Banking Culture;391
10.1.4.1;4.1 Risk Culture in Banking: FSB Indicators (2014);391
10.1.4.1.1;4.1.1 Tone from the Top;393
10.1.4.1.2;4.1.2 Accountability;394
10.1.4.1.3;4.1.3 Effective Communication and Challenge;395
10.1.4.1.4;4.1.4 Incentives;395
10.1.4.2;4.2 The DNB (De Nederlandsche Bank) Approach to Culture Supervision;396
10.1.4.3;4.3 The Risk Climate;398
10.1.5;5 Conclusion;400
10.1.6;References;401
10.2;Chapter 17: A Multidimensional Approach to Equity Crowdfunding: Bridging the Equity Gap and Boosting Social Capital;406
10.2.1;1 Introduction;406
10.2.2;2 Background and Development of Research Questions;408
10.2.2.1;2.1 Social Capital in the Crowd;410
10.2.2.1.1;2.1.1 The Funder’s Online Social Capital;411
10.2.2.1.2;2.1.2 The Project’s Online Social Capital;412
10.2.3;3 Methods;413
10.2.3.1;3.1 Data Collection and Sample;413
10.2.3.2;3.2 Campaign Characteristics;413
10.2.3.3;3.3 Measurements;414
10.2.4;4 Results;415
10.2.5;5 Discussion and Implications for Research;417
10.2.6;Appendix;418
10.2.7;References;419
10.3;Chapter 18: Structure and Risks of the Chinese Shadow Banking System: The Next Challenge for the Global Economy?;425
10.3.1;1 Introduction;425
10.3.2;2 Determinants of the Development of Chinese Shadow Banking;427
10.3.3;3 The Characteristics of Chinese Shadow Banking;429
10.3.4;4 Inherent Risks and Impact on the Regular Financial System;435
10.3.4.1;4.1 Risks Created by WMPs;435
10.3.4.2;4.2 Risks Created by Trust Companies;437
10.3.4.3;4.3 Other Risks of the Chinese Shadow Banking System;438
10.3.5;5 Conclusion;439
10.3.6;References;440
10.4;Chapter 19: Analysis of the Main Trends in European and US Banks and Their Impact on Performance;443
10.4.1;1 Introduction;443
10.4.2;2 Literature Review;445
10.4.3;3 Data and Method;448
10.4.4;4 Results;455
10.4.5;5 Conclusions;457
10.4.5.1;5.1 Limitations and Directions for Further Researches;457
10.4.6;Appendix;458
10.4.7;References;465
11;Index;467