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The cost of capital and optimal financing policy in a dynamic setting
Karpavičius, Sigitas - In: Journal of Banking & Finance 48 (2014) C, pp. 42-56
setting. In an environment without taxes and bankruptcy costs, the results are generally consistent with the Modigliani … assumptions about either taxes or bankruptcy costs leads to conclusions that are generally different from those in Modigliani and … with the subjective discount factor of the firm’s manager if there are taxes and bankruptcy costs. The empirical analysis …
Persistent link: https://www.econbiz.de/10011077968
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Shareholder value creation in Japanese banking
Radić, Nemanja - In: Journal of Banking & Finance 52 (2015) C, pp. 199-207
This paper advances the study of Fiordelisi and Molyneux (2010) by examining the shareholder value efficiency and its determinants for a large sample of Japanese banks between 1999 and 2011. A new, specifically tailored measure of the Economic Value Added approach, based on the shadow price of...
Persistent link: https://www.econbiz.de/10011209838
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The q-theory explanation for the external financing effect: New evidence
Huang, Yuan; Lam, F.Y. Eric C.; Wei, K.C. John - In: Journal of Banking & Finance 49 (2014) C, pp. 69-81
investment and total profitability gross of R&D expenditures as a measure of true economic profitability, we provide new evidence …
Persistent link: https://www.econbiz.de/10011118122
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Determinants of bank interest margins: Impact of maturity transformation
Entrop, Oliver; Memmel, Christoph; Ruprecht, Benedikt; … - In: Journal of Banking & Finance 54 (2015) C, pp. 1-19
This paper explores the extent to which interest risk exposure is priced into bank margins. Our contribution to the literature is twofold: First, we extend the Ho and Saunders (1981) model to capture interest rate risk and expected returns from maturity transformation. Banks price interest risk...
Persistent link: https://www.econbiz.de/10011264656
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What drives the disappearing dividends phenomenon?
Kuo, Jing-Ming; Philip, Dennis; Zhang, Qingjing - In: Journal of Banking & Finance 37 (2013) 9, pp. 3499-3514
We study the determinants of dividend payout policy and examine the role of liquidity, risk and catering in explaining the changes in propensity to pay. Our results indicate that risk plays a major role in firms’ dividend policy. The evidence substantiates from a large sample of firms...
Persistent link: https://www.econbiz.de/10010682603
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Anxious periods and bank lending
Delis, Manthos D.; Kouretas, Georgios P.; Tsoumas, Chris - In: Journal of Banking & Finance 38 (2014) C, pp. 1-13
We examine the lending behavior of banks during anxious periods. The main characteristic of anxious periods is that the perceptions and expectations about economic conditions worsen for economic agents even though the economy is not in a recession. We identify distinct periods of anxiety for...
Persistent link: https://www.econbiz.de/10010719830
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Returns to scale at large banks in the US: A random coefficient stochastic frontier approach
Feng, Guohua; Zhang, Xiaohui - In: Journal of Banking & Finance 39 (2014) C, pp. 135-145
This paper investigates the returns to scale of large banks in the US over the period 1997–2010. This investigation is performed by estimating a random coefficient stochastic distance frontier model in the spirit of Tsionas (2002) and Greene (2005, 2008). The primary advantage of this model is...
Persistent link: https://www.econbiz.de/10010730415
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Dealing with cross-firm heterogeneity in bank efficiency estimates: Some evidence from Latin America
Goddard, John; Molyneux, Philip; Williams, Jonathan - In: Journal of Banking & Finance 40 (2014) C, pp. 130-142
This paper contributes to the bank efficiency literature through an application of recently developed random parameters models for stochastic frontier analysis. We estimate standard fixed and random effects models, and alternative specifications of random parameters models that accommodate...
Persistent link: https://www.econbiz.de/10010738265
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The determinants and effects of CEO–employee pay ratios
Faleye, Olubunmi; Reis, Ebru; Venkateswaran, Anand - In: Journal of Banking & Finance 37 (2013) 8, pp. 3258-3272
We study the determinants and effects of the relative compensation of top executives and lower-level employees. First, we show that CEO–employee pay ratios depend on the balance of power between the CEO (relative to the board) and ordinary employees (relative to management). Second, our...
Persistent link: https://www.econbiz.de/10010679269
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Ownership and technical efficiency of microfinance institutions: Empirical evidence from Latin America
Servin, Roselia; Lensink, Robert; van den Berg, Marrit - In: Journal of Banking & Finance 36 (2012) 7, pp. 2136-2144
By using stochastic frontier analysis, this article examines the technical efficiency of different types of microfinance institutions in Latin America. In particular, it tests whether differences in technical efficiency, both intra- and interfirm, can be explained by differences in ownership....
Persistent link: https://www.econbiz.de/10010574875