We investigate whether excess control rights of ultimate owners in pyramids affect banks׳ capital ratio adjustments. When control and cash flow rights are identical, to boost capital ratios banks issue equity without cutting lending. However, when control rights exceed cash flow rights, instead...

We analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) on corporate bond ratings issued by credit rating agencies (CRAs). We find no evidence that Dodd-Frank disciplines CRAs to provide more accurate and informative credit ratings. Instead, following...

An enduring puzzle is why credit rating agencies (CRAs) use a few categories to describe credit qualities lying in a continuum, even when ratings coarseness reduces welfare. We model a cheap-talk game in which a CRA assigns positive weights to the divergent goals of issuing firms and investors....

Fund managers are double agents; they serve both fund investors and owners of management firms. This conflict of interest may result in trading to support securities prices. Tests of this hypothesis in the Spanish mutual fund industry indicate that bank-affiliated mutual funds systematically...

The Banque de France organised a symposium on microfinance in July 2011. Based on the experience of Southern countries, the participants stressed the usefulness of microfinance as an instrument for financial inclusion, economic development and poverty reduction. They proposed several avenues for...

This comparative study analyzed the impact of loan portfolio composition on the efficiency of different types of banks in India-public sector, old private, and new private banks-in the period between 2013 and 2022. Efficiency was evaluated using data envelopment analysis (DEA). The study...

Sub-Saharan Africa (SSA) accounts for a third of the countries on the Financial Action Task Force (FATF) grey list. In the Money Laundering and Terrorist Financing (ML/TF) Ranking and Risk Assessment Tool, the region performed poorly in terms of resilience to ML/TF, with more than 60% of...

Die Ankündigung der Libra Association, mit Libra eine private globale Währung zu emittieren, hat eine heftige Debatte über die damit verbundenen Chancen und Risiken ausgelöst. Befürworter erwarten, dass Libra das Geldsystem von seinen „staatlichen Fesseln“ befreien und den...

El objeto de la investigación fue establecer el grado de concentración de las operadoras habilitadasque se desempeñan en los segmentos de mercado de telefonía fi ja local y telefonía móvil celular enVenezuela para el período 2004-2007, permitiendo tener una visión de las empresas que...

La inclusión financiera se ha convertido en un tema cada vez más relevante dentro de la agenda pública del país, y con esto el diseño de iniciativas privadas y públicas para fomentarla. El presente documento está fundamentado en la tesis de que para hacer estas políticas más eficientes...