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Market Timing and Selectivity: Evidence from Australian Equity Superannuation Funds

Drew, Michael E.; Veeraraghavan, Madhu; Wilson, Vanessa - School of Economics and Finance, Business School - 2002

In this performance evaluation study, two questions are addressed. First, do active fund managers possess macro and micro forecasting skills that deliver superior risk-adjusted returns? Second, what is the nature of market timing/stock selectivity trade off in the generation of alpha? The...

Persistent link: https://www.econbiz.de/10005635687

The New Basel Capital Framework and its implementation in the European Union

Dierick, Frank; Pires, Fatima; Scheicher, Martin; … - European Central Bank - 2005

Following the adoption by the Basel Committee of new capital rules for banks, a process is now taking place in the EU to transpose the rules into Community law and, ultimately, into national legislation. This paper gives an overview of the main issues that relate to the EU implementation, mainly...

Persistent link: https://www.econbiz.de/10005222263

The Choice Between Bank Debt and Equity

Jebjerg, Lars; Kyhl, Søren - Økonomisk Institut, Københavns Universitet - 1999

control as a manager. To finance the project he can sell shares to outside equityholders or approach a bank for a loan. The … of project. Bank financing may lead to an inefficient project choice but creates only little effort distrotion for a …

Persistent link: https://www.econbiz.de/10005225483

Regulation of Banking Groups

Harr, Thomas; Rønde, Thomas - Økonomisk Institut, Københavns Universitet - 2006

structure into account. A bank can set up either as one legal unit facing limited liability jointly (branch structure) or as a … bank holding company with subsidiaries (subsidiary structure). Banks are exposed to risk from their unobservable asset …

Persistent link: https://www.econbiz.de/10005225540

Estimating Settlement Risk and the Potential for Contagion in Canada's Automated Clearing Settlement System

Northcott, Carol Ann - Bank of Canada - 2002

Persistent link: https://www.econbiz.de/10005226957

Convertible Preferred Stock in Venture Capital Financing

Ippolito, Flippo - Finance Research Centre, Oxford University - 2006

We develop a model in which cash-constrained entrepreneurs seeks a venture capitalist (VC) to finance a new firm. Costly monitoring is employed by VCs to reduce entrepreneurial moral hazard. When monitoring reveals poor performance, VCs want to punish the entrepreneur with liquidation. However,...

Persistent link: https://www.econbiz.de/10005227065

Why are Securitization Issues Tranched?

Firla-Cuchra, Maciej; Jenkinson, Tim - Finance Research Centre, Oxford University - 2005

Securitisations usually involve creating multiple tranches of a single issue with different characteristics, placed on the market as separate securities. Various theoretical explanations have been advanced to explain such tranching. This paper provides the first systematic testing of such...

Persistent link: https://www.econbiz.de/10005227073

Financial Structure, Inequalities, and Growth.

Tressel, T. - Département et Laboratoire d'Économie Théorique … - 1999

The model analyses the joint process of growth and financial institutions development. There are two markets for credit: the informal credit market, and banks. The informal credit market has an advantage in temr of monitoring capacity but becomes extremely costly for large scale projects. Banks...

Persistent link: https://www.econbiz.de/10005227085

Bank Borrowing and Financing of Medium-sized Firms in Indonesia

Hamada, Miki - Institute of Developing Economies, Japan External Trade … - 2008

examines the financial intermediation functions of banks in Indonesia and analyzes the importance of bank lending to firms. The … focus is on medium-sized firms, and "relationship lending", one of the bank lending techniques, is used to examine financial … intermediation in Indonesia. The results of logit regressions show that the relationship between a bank and a firm affects the …

Persistent link: https://www.econbiz.de/10005227590

Government Ownership of Banks, Institutions, and Financial Development

Andrianova, Svetlana; Demetriades, Panicos; Shortland, Anja - Department of Economics, Leicester University - 2002

Using a suitably modified locational model of banking, we examine the influence of institutions, such as deposit contract enforcement, in explaining the share of government owned banks in the banking system. We present cross-country evidence suggesting that institutional factors are relatively...

Persistent link: https://www.econbiz.de/10005230633