Showing 1 - 10 of 296
This paper evaluates factors that encourage or impede cross-border mergers and acquisitions in banking. The effects of … activities of banks. Banking sector regulatory variables included make this study among the first to empirically and …
Persistent link: https://www.econbiz.de/10010723233
Banks are important for mobilizing savings and then channeling those funds to productive investment projects. While providing these and other services that contribute to economic growth and development, banks take on various types of risks with the expectation that the return they receive will...
Persistent link: https://www.econbiz.de/10005050742
This paper models the effect of bank competition and deposit insurance premiums on the spread between lending and deposit rates. In developing economies, low spreads do not always indicate bank efficiency; they may be the result of high risk taking. This paper shows that imposing upper and lower...
Persistent link: https://www.econbiz.de/10008773564
We examine the performance of technical trading rules in Chinese domestic A-share and foreign B-share markets. After controlling for non-synchronous trading and transaction costs, we find evidence to support the predictability and profitability of some of the most popular technical trading rules...
Persistent link: https://www.econbiz.de/10004970143
Standard asset pricing models ignore idiosyncratic risk. In this study, we examine if idiosyncratic or unique risk affects returns for New Zealand stocks using the factor portfolio mimicking approach of Fama and French (1993, 1996). We find evidence of a negative relationship between firm size...
Persistent link: https://www.econbiz.de/10004970144
In this paper, we develop a consumption-based asset pricing model motivated by prospect theory, where habit formation determines the endogenous reference point. This exploits the similarity between habit formation and prospect theory. Both emphasize that the investor does not care about the...
Persistent link: https://www.econbiz.de/10004970145
This study investigates whether the extent of earnings management has any impact on offer price in initial public offering (IPO). Using a sample of 581 JASDAQ IPO firms, we find that offer price reflects earnings management to some extent. Firms with conservative earnings management tend to have...
Persistent link: https://www.econbiz.de/10004970146
This paper investigates the degree of volatility and asymmetric behavior of real exchange rates in East Asian. Exponential generalized autoregressive heteroskedasticity (EGARCH) is deployed to estimate the volatility of the exchange rate returns before and after the 1997 Asian financial crisis....
Persistent link: https://www.econbiz.de/10004970147
The Box–Cox transformation indicates that the log-linear form for M2 demand cannot be rejected while the Fair (1987) specification and the linear form can be rejected at the 5% level in favor of general functional form. M2 demand is positively influenced by real GDP, the deposit rate, and the...
Persistent link: https://www.econbiz.de/10004970148
We use financial data on poorly performing firms in Hong Kong to examine the motives behind paying out cash dividends when they suffer an earnings decline. We test three hypotheses behind the cash dividend policy: the maturity hypothesis, the free cash flow hypothesis, and the self-interest...
Persistent link: https://www.econbiz.de/10004977575