Ownership, Multiple Blockholders and Performance: A study of the Indonesian Banking Industry

The objective of this study is to provide empirical evidence on how ownership structure and owner’s identity affect performance, in the banking industry by using a panel of Indonesia banks over the period 2000–2009. Firstly, we analysed the impact of the presence of multiple blockholders on bank ownership structure and performance. Building on multiple agency and principal-principal theories, we investigated whether the presence and shares dispersion across blockholders with different identities (i.e. central and regional government; families; foreign banks and financial institutions) affected bank performance, in terms of profitability and efficiency. We found that the number of blockholders has a negative effect on banks’ performance, while blockholders’ concentration has a positive effect. Moreover, we observed that the dispersion of ownership across different types of blockholders has a negative effect on banks’ performance. We interpret such results as evidence that, when heterogeneous blockholders are present, the disadvantage from conflicts of interests between blockholders seems to outweigh the advantage of the increase in additional monitoring by additional blockholder. Secondly, we conducted a joint analysis of the static, selection, and dynamic effects of different types of ownership on banks’ performance. We found that regional banks and foreign banks have a higher profitability and efficiency as compared to domestic private banks. In the short-run, foreign acquisitions and domestic M&As reduce the level of overhead costs, while in the long-run they increase the Net Interest Margin (NIM). Further, we analysed NIM determinants, to asses the impact of ownership on bank business orientation. Our findings lend support to our prediction that the NIM determinants differs accordingly to the type of bank ownership. We also observed that banks that experienced changes in ownership, such as foreign-acquired banks, manifest different interest margin determinants with respect to domestic or foreign banks that did not experience ownership rearrangements.

La ricerca del valore nell'impresa cooperativa di lavorazione e trasformazione: cooperative e imprese capitalistiche a confronto

La ricerca si propone un duplice obbiettivo: 1. provare, attraverso l’applicazione di un metodo teorico tradizionale di analisi economico-finanziaria, il livello ottimale di equilibrio finanziario fra accesso al credito esterno e capitale proprio; 2. mostrare l’utilità di alcuni strumenti finanziari partecipativi per la ricapitalizzazione dell’impresa cooperativa. Oggetto di studio è l’impresa cooperativa che si occupa di una o più fasi del processo di lavorazione, trasformazione e prima commercializzazione del prodotto agricolo conferito dai soci, confrontata con le imprese di capitali che svolgono la medesima attività. La società cooperativa e quella capitalistica saranno, pertanto analizzate in termini di liquidità generata, redditività prodotta e grado di indebitamento, attraverso il calcolo e l’analisi di una serie di indici, tratti dai rispettivi bilanci d’esercizio. È opportuno sottolineare che nella seguente trattazione sarà riservato uno spazio al tema della ricerca del valore nell’impresa cooperativa inteso come espressione della ricchezza creata dai processi aziendali in un determinato periodo di tempo tentando di definire, se esiste, una struttura finanziaria ottimale , ossia uno specifico rapporto tra indebitamento finanziario e mezzi propri, che massimizzi il valore dell’impresa. L’attenzione verso la struttura finanziaria, pertanto, non sarà solo rivolta al costo esplicito del debito o dell’equity, ma si estenderà anche alle implicazioni delle scelte di finanziamento sulle modalità di governo dell’impresa. Infatti molti studi di economia aziendale, e in particolar modo di gestione d’impresa e finanza aziendale, hanno trattato il tema dell’attività di governo dell’impresa, quale elemento in grado di contribuire alla creazione di valore non solo attraverso la selezione dei progetti d’investimento ma anche attraverso la composizione della struttura finanziaria.

Essays on Bank Risk

This PhD Thesis is composed of three chapters, each discussing a specific type of risk that banks face. The first chapter talks about Systemic Risk and how banks get exposed to it through the Interbank Funding Market. Exposures in the said market have Systemic Risk implications because the market creates linkages, where the failure of one party can affect the others in the market. By showing that CDS Spreads, as bank risk indicators, are positively related to their Net Interbank Funding Market Exposures, this chapter establishes the above Systemic Risk Implications of Interbank Funding. Meanwhile, the second chapter discusses how banks may handle Illiquidity Risk, defined as the possibility of having sudden funding needs. Illiquidity Risk is embodied in this chapter through Loan Commitments as they oblige banks to lend to its clients, up to a certain amount of funds at any time. This chapter points out that using Securitization as funding facility, could allow the banks to manage this Illiquidity Risk. To make this case, this chapter demonstrates empirically that banks having an increase in Loan Commitments, may experience an increase in risk profile but such can be offset by an accompanying increase in Securitization Activity. Lastly, the third chapter focuses on how banks manage Credit Risk also through Securitization. Securitization has a Credit Risk management property by allowing the offloading of risk. This chapter investigates how banks use such property by looking at the effect of securitization on the banks’ loan portfolios and overall risk and returns. The findings are that securitization is positively related to loan portfolio size and the portfolio share of risky loans, which translates to higher risk and returns. Thus, this chapter points out that Credit Risk management through Securitization may be have been done towards higher risk taking for high returns.

Polycyclic aromatic hydrocarbons (PAHs) in river bank soils

Polycyclic aromatic hydrocarbons (PAHs) are ubiquitous and found in the atmosphere, aquatic environment, sediments and soils. For environmental risk assessments and the allocation of the polluter it is important to know the PAH sources. PAH contamination sites are usually the result of anthropogenic processes. Three major sources are known: i) petroleum, including crude oil and its refined products and coals (petrogenic PAHs), ii) burning of organic matter (pyrogenic PAHs) and iii) transformation products of natural organic precursors present in the environment (diagenetic processes). In one case elevated PAH concentrations were found in river bank soils when building a retention area along the Mosel River. The source of the PAHs in this area was unclear and required the investigation of possible sources. To evaluate the PAH distribution along the Mosel River, a section of ~ 160 km along the river and a short section along the Saar River were investigated within this study. Concentrations of the Σ16 EPA PAHs were as high as 81 mg kg-1 dry weight (dw). Additionally, coal particles were identified in some soils, which originated from mining activities in the Saarland region. PAH distribution patterns of the 16 EPA PAHs suggest a mainly pyrogenic origin and in some cases a mixture of pyrogenic and petrogenic origin. For a comprehensive investigation five sampling sites were selected. Two sites were located before the confluence of the Mosel and Saar River, one site at the confluence and two sites after the confluence. The examination included typical forensic methods such as PAH distribution patterns of 45 PAHs (including alkylated PAHs), calculation of PAH ratios, determination of PAH alkyl homologues, n-alkanes, principal component analysis (PCA) and coal petrography. The results revealed a mainly pyrogenic source at sampling sites before the confluence of the two rivers. At and after the confluence, a mixture of pyrogenic and petrogenic inputs were present. With the help of coal petrography, coal derived particles could be identified in these soils. Therefore, coal was suggested to be the petrogenic source. It could be shown that sites with diffuse sources of contaminants, like the bank soils of the Mosel River, are difficult to characterize. As previously mentioned for detailed source identifications, the use of various forensic methods is essential. Determination of PAH alkyl homologue series, biomarkers and isotopes are often recommended. Source identification was evaluated using three different methods (i.e. PAH distribution patterns of an extended PAH spectrum, PAH ratios and analyses of n-alkanes). It was assessed if these methods were sufficient for the initial steps in identifying sources of PAHs in selected samples, and if they could be used for decision-making purposes. Point- and non-point sources were identified by applying the three methods and it could be shown that these relatively simple methods are sufficient in determining the primary source. In a last step of this study two soils (one before the confluence of the Mosel and Saar rivers and one after the confluence), and one sediment of the Mosel River were evaluated by investigating the mutagenic potential of the soils and the sediment with a fluctuation version of the Ames-test. The study showed that coal bearing soils at the Mosel River do not exhibit a greater mutagenic potential than other soils or sediments without coal particles.

Identifizierung und Charakterisierung von Zielantigenen alloreaktiver zytotoxischer T-Zellen mittels cDNA-Bank-Expressionsklonierung in akuten myeloischen Leukämien

Allogene hämatopoetische Stammzelltransplantationen (HSZTs) werden insbesondere zur Behandlung von Patienten mit Hochrisiko-Leukämien durchgeführt. Dabei bewirken T-Zellreaktionen gegen Minorhistokompatibilitätsantigene (mHAgs) sowohl den therapeutisch erwünschten graft-versus-leukemia (GvL)-Effekt als auch die schädigende graft-versus-host (GvH)-Erkrankung. Für die Identifizierung neuer mHAgs mittels des T-Zell-basierten cDNA-Expressionsscreenings waren leukämiereaktive T-Zellpopulationen durch Stimulation naïver CD8+-T-Lymphozyten gesunder HLA-Klasse I-identischer Buffy Coat-Spender mit Leukämiezellen von Patienten mit akuter myeloischer Leukämie (AML) generiert worden (Albrecht et al., Cancer Immunol. Immunother. 60:235, 2011). Im Rahmen der vorliegenden Arbeit wurde mit diesen im AML-Modell des Patienten MZ529 das mHAg CYBA-72Y identifiziert. Es resultiert aus einem bekannten Einzelnukleotidpolymorphismus (rs4673: CYBA-242T/C) des Gens CYBA (kodierend für Cytochrom b-245 α-Polypeptid; syn.: p22phox), der zu einem Austausch von Tyrosin (Y) zu Histidin (H) an Aminosäureposition 72 führt. Das mHAg wurde von T-Lymphozyten sowohl in Assoziation mit HLA-B*15:01 als auch mit HLA-B*15:07 erkannt. Eine allogene T-Zellantwort gegen CYBA-72Y wurde in einem weiteren AML-Modell (MZ987) beobachtet, die ebenso wie in dem AML-Modell MZ529 polyklonal war. Insgesamt konnte bei drei von fünf getesteten HLA-B*15:01-positiven Buffy Coat-Spendern, die homozygot für CYBA-72H (H/H) waren, eine CYBA-72Y-spezifische T-Zellantwort generiert werden. Das von den T-Lymphozyten übereinstimmend in niedrigster Konzentration erkannte Peptid umfasste die Aminosäuren 69 - 77, wobei das homologe Peptid aus CYBA-72H auch in hohen Konzentrationen keine Reaktivität auslöste. Eine reziproke Immunogenität des mHAg ist bislang nicht belegt. T-Lymphozyten gegen CYBA-72Y erkannten Leukämiezellen bei acht von zwölf HLA-B*15:01-positiven Patienten (FAB-Subtypen: M1, M2, M4, M5). Da das Gen CYBA für eine Komponente des mikrobiziden Oxidasesystems von phagozytierenden Zellen kodiert, ist es überwiegend in Zellen des hämatopoetischen Systems exprimiert. Von Leukozytensubtypen, aufgereinigt aus HLA-B*15:01-positiven Buffy Coat-Spendern mit CYBA-242T-Allel, wurden Monozyten und daraus abgeleitete dendritische Zellen durch CYBA-72Y-reaktive T-Lymphozyten sehr stark, untransformierte B-Zellen in weit geringerem Maße und Granulozyten sowie T-Lymphozyten nicht erkannt. Das für CYBA-72Y kodierende Allel CYBA-242T wurde bei 56% aller getesteten gesunden Spender und Malignompatienten (n=481) nachgewiesen. Unter Berücksichtigung der Häufigkeit des präsentierenden HLA-Allels ist davon auszugehen, dass etwa 4,5% der Kaukasier das mHAg CYBA-72Y zusammen mit HLA-B*15:01 tragen. Nach bisherigen Beobachtungen führt ein immunogener CYBA-72Y-Mismatch bei allogenen HSZTs nicht notwendigerweise zu einer schweren GvH-Erkrankung. Das hier beschriebene mHAg CYBA-72Y erscheint potenziell geeignet, im Rahmen einer allogenen HSZT die präferenzielle Elimination der Empfänger-Hämatopoese unter Einschluss von myeloischen Leukämiezellen zu bewirken. Jedoch sind weiterführende Untersuchungen erforderlich, um die therapeutische Relevanz des Antigens zu belegen.

Validity of an automatic measure protocol in distal femur for allograft selection from a three-dimensional virtual bone bank system

Osteoarticular allograft is one possible treatment in wide surgical resections with large defects. Performing best osteoarticular allograft selection is of great relevance for optimal exploitation of the bone databank, good surgery outcome and patient’s recovery. Current approaches are, however, very time consuming hindering these points in practice. We present a validation study of a software able to perform automatic bone measurements used to automatically assess the distal femur sizes across a databank. 170 distal femur surfaces were reconstructed from CT data and measured manually using a size measure protocol taking into account the transepicondyler distance (A), anterior-posterior distance in medial condyle (B) and anterior-posterior distance in lateral condyle (C). Intra- and inter-observer studies were conducted and regarded as ground truth measurements. Manual and automatic measures were compared. For the automatic measurements, the correlation coefficients between observer one and automatic method, were of 0.99 for A measure and 0.96 for B and C measures. The average time needed to perform the measurements was of 16 h for both manual measurements, and of 3 min for the automatic method. Results demonstrate the high reliability and, most importantly, high repeatability of the proposed approach, and considerable speed-up on the planning.

From Money Storage to Money Store: Openness and Transparency in Bank Architecture

In the middle of the twentieth century, banks changed from ‘closed’ designs signifying wealth, security, and safety to ‘open’ designs signifying hospitality, honesty, and transparency as the perception of money changed from a passive physical substance to be slowly accumulated to an active notational substance to be kept in motion. If money is saved, customers must trust that the bank is secure and their money will be there when they want it; if money is invested, customers must trust that it is being done openly and honestly and they are being well-advised. Architecture visually communicates that the institution can be trusted in the requisite way.