Universal banks and corporate control: Evidence from the global syndicated loan market

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance.

Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

A new species of Protoptila Banks (Trichoptera: Glossosomatidae: Protoptilinae) from Brazil

A new species of Protoptila Banks (Trichoptera: Glossosomatidae: Protoptilinae) - P. longispinata sp. nov. - is described and illustrated from specimens collected in Amazon region, Amazonas and Pará states, Brazil.

Basel III liquidity rules : measuring the impact on portuguese small banks activity

Mestrado em Finanças

An empirical study of the effectiveness of Irish banks’ lending regulations

The objective of this thesis will be to examine the effectiveness of lending regulations for Irish banks both prior to and after the collapse of the banking sector. The research developed a profile of the banking sector in Ireland, then evaluate the levels of stability in the Irish banking sector. In the course of this research, the author tried to establish an understanding of who is responsible for lending regulations for banks in Ireland, Investigate in particular: AIB, Ulster Bank & Anglo Irish Bank’s level of compliance with lending regulations between the Celtic Tiger and the present.

Efficiency, corporate governance and performance of European commercial banks

Magdeburg, Univ., Fak. für Wirtschaftswiss., Diss., 2013

Four essays on capital regulation of banks

Magdeburg, Univ., Fak. für Wirtschaftswiss., Diss., 2013

Combate ao ácaro branco Polyphagotarsonemus tatus (Banks, 1904) em algodão, com defensivos, incluídos dois aplicados por "electrodyn"

O presente trabalho foi realizado com o objetivo de continuar os experimentos que visam o combate ao "ácaro branco" Polyphagotarsonemus latus (Banks, 1904) em algodoeiro. Quatro tratamentos foram aplicados em pulverização convencional e 2 outros produtos com "Electrodyn", num total de 7 tratamentos (com a testemunha). Vejamos quais são estes: A) testemunha; B) dicofol; C) bromopropilato; D) abamectina + alquenol multimetílico, sendo o último um feromônio; E) dicofol; F). profenofós e G) abamectina (Quadro 1). Os tratamentos C e E foram feitos com soluções especiais para "Electrodyn". A análise dos resultados demonstrou que os tratamentos E e D foram os melhores. Palavras-chave: Polyphagotarsonemus latus, defensivos químicos, ácaro branco, algodoeiro.

Ácaro branco do algodão Polyphagotarsonemus latus (Banks, 1904) (Acari: Tarsonemidae) e ensaio de combate químico

Com o intuito de avaliar o desempenho de produtos químicos no combate ao "ácaro branco" Polyphagotarsonemus latus (Banks, 1904) em algodoeiro, instalou-se o presente trabalho. Os 7 tratamentos, com 4 repetições, foram os seguintes: A) testemunha; B) triazofós, 300g; C) triazofós, 150g + feromônios (alquenóis multimetílicos), 4,77g; D) propargite, 1,080g; E) abamectina, 6g + feromônios (alquenóis multimetílicos), 6,67g; F) profenofós, 400g; G) enxofre, 3.000g. As quantidades acima são de ingredientes ativos por hectare. Os melhores resultados foram conseguidos pelo triazofós, seguido pelo enxofre e as duas misturas com feromônios.

Taxation of banks: a theoretical framework

The goal of this paper is to develop a model of financial intermediation analyze the impact of various forms of taxation. The model considers in a unified framework various functions of banks: monitoring, transaction services and asset transformation. Particular attention is devoted to conditions for separability between deposits and loans. The analysis focuses on: (i) competition between banks and alternative financial arrangements (investment funds and organized security markets), (ii) regulation, and (iii) bank's monopoly power and risk taking behavior.

An analysis of strategic paths through the decomposition of total factor productivity: the case of Spanish savings banks

The Spanish savings banks attracted quite a considerable amount of interest within the scientific arena, especially subsequent to the disappearance of the regulatory constraints during the second decade of the 1980s. Nonetheless, a lack of research identified with respect to mainstream paths given by strategic groups, and the analysis of the total factor productivity. Therefore, on the basis of the resource-based view of the firm and cluster analysis, we make use of changes in structure and performance ratios in order to identify the strategic groups extant in the sector. We attain a threeways division, which we link with different input-output specifications defining strategic paths. Consequently, on the basis of these three dissimilar approaches we compute and decompose a Hicks-Moorsteen total factor productivity index. Obtained results put forward an interesting interpretation under a multi-strategic approach, together with the setbacks of employing cluster analysis within a complex strategic environment. Moreover, we also propose an ex-post method of analysing the outcomes of the decomposed total factor productivity index that could be merged with non-traditional techniques of forming strategic groups, such as cognitive approaches.

When do central banks prefer to intervene secretly?

Central banks often intervene secretly in the foreign exchange market. This secrecy seems to be at odds with the signalling channel. In this article we will analyse when a central bank intervening in the foreign exchange rate market purely through the signalling channel would prefer to act secretly or publicly. By using a microstructure model, we will show that the consistency of the intervention with fundamentals, the volume of noise trading, the weight given to the effectiveness of intervention and the degree of superior information held by the central bank will influence the decision to intervene secretly or publicly. Keywords: foreign exchange intervention, market microstructure. JEL Classifi…cation: D82, E58, F31, G14.