In this paper, we analyze the differences of effects of a deposit insurance schemes on financial cooperative and joint stock banks risk taking. We develop a methodology which includes the specifics of the utility function for the financial cooperative and we compare the results to a similar...

This paper presents a study of the economic organization of systems of financial cooperatives (FC). The first part is a theoretical framework rooted in principles of transaction cost economics that seeks to explain empirical regularities observable in systems of FC worldwide. The second part is...

The purpose of the paper is to evaluate and measure the effect of financial liberalization (FL) on bank risk exposure. We pursue these questions by assessing the changes in market-based asset values and risk exposure measures for commercial banks (CB) before and during a FL program. We do this...

One approach that is gaining in popularity among portfolio managers uses ethical ratings, published by specialized research organizations, to screen securities for portfolio selection. Portfolio managers can thus gain a better understanding of the phenomenon and adopt a better and more...

The purpose of this paper is to perform a cross-country survey of the level of integration of systems of financial cooperatives (FC) and its effect on measures of performance. We develop a classification scheme based on a theoretical framework that builds on published work using transaction cost...

This paper presents a study of the economic organization of systems of financial cooperatives (FC). The first part presents a theoretical framework rooted in principles of transaction cost economics (TCE) that seeks to explain empirical regularities observable in systems of FC worldwide. The...

We investigate the determinants, costs and benefits of corporate affiliation to pyramidal holdings. We find that there is a mismatch between cash flow rights and voting rights in firms affiliated to pyramidal holdings, and that corporate policies reflect cash distribution preferences of the...

In this paper we study the relationship that exists between ownership and governance structure of depository institutions (DI) on one side, and the dominant cause of failure on the other. Extant theory implies that in stock owned DI where management is either well controled (through markets or...

The paper presents results of a research on the the impact of the governance, regulatory and supervisory environment on the performance of financial cooperatives (FC). I seek to respond to two different questions. The first is whether there are clearly identifiable models of financial...

We investigate whether rating agencies calibrate the rating of bonds issued by cooperative banks and stock banks to the true risk of insolvency of the issues. Agency theoretic arguments suggest that cooperative banks are subject to incentives to hold asset portfolios of lower risk than a stock...