Ownership structure and risk at Colombian banks

The separation between ownership and the control of capital in banks generates differences in the preferences for risk among shareholders and the manager. These differences could imply a corporate governance problem in banks with a dispersed ownership, since owners fail to exert control in the allocation of capital. In this paper we examine the relationship between the ownership structure and risk for Colombian banks. Our results suggest that a high ownership concentration leads to higher levels of risk.

Does Opaqueness Make Equity Capital Expensive for Banks?

Bank managers often claim that equity is expensive, which contradicts the Modigliani-Miller irrelevance theorem. An opaque bank must signal its solvency by paying high and stable dividends in order to keep depositors tranquil. This signalling may require costly liquidations if the return on assets has been poor, but not paying the dividend might trigger a run. A strongly capitalized bank should keep substantial amounts of risk-free yet non-productive currency because the number of shares is high, which is costly. The dividend is informative of the state of the bank; rational depositors react to it.

Joseph Banks.

Se hace un análisis tanto de la vida personal como de la trayectoria profesional e investigadora de este explorador y naturalista británico. El texto tiene distintos tipos de letra y de dificultad para motivar a los estudiantes a leer en un nivel más elevado. Tiene, además, cronología de su vida y de su época, glosario, bibliografía y direcciones web.

Women on March in Goa : the gender transition in Higher Education after the Statehood

This paper attempts to address the interesting phenomenon of dominance of women in higher educational sector of Goa-a remarkable postcolonial event which occurred after Goa attained statehood in 1987. The Indian state of Goa has been experiencing a rapid socio-economic and cultural transformation. At present it enjoys many of the highest human development indicators in India, matching some of the developed countries. Its’ projected population at present is 1.45 million (Indian decennial census 2001 reported 1.348 million). When the Portuguese rule ended, the literacy was just 31 % whereas it stood at 82 % in 2001. Goa is a highly urbanized state in India. In 1960 there were just five towns and 15 % urban population. In 2001 the figures were, 44 towns and 50 % urban population. On economic front Goa has made tremendous progress mainly on account of the growth of mining, tourism and the service sector. Tourist arrivals in Goa have exceeded the state’s population from 2001. The Gross state domestic product (GSDP) at current prices in 2003-04 was Indian Rupees (Rs.) 96570 million, up from Rs. 3930 million when Goa became a full-fledged state. The banks are flush with funds indicating a booming economy. Goa has lowest birth and death rates and a life expectancy of 68 years for the males and 72 for females. The sex ratio however has shown a declining trend since 1960, from 1066 to 960 in 2001 (Table 1).The sex ratio for 0-6 years age group was 933. On this background we intend to examine the changing pattern of female education in Goa.

Castes, Social Mobility and Politics in Goa

While the colonial policies and the missionary activities dented the caste system by playing upon the caste rivalries to divide and rule, the post-independence Indian democracy transformed the traditional castes into valuable vote-banks that have permitted non-brahmin castes to achieve political leadership in several States, particularly following the politics of reservation recommended by the Mandal Commission in 1980s.

Eurozone as home country of banks. CEPS Commentary, 2 July 2012

The euro area summit has managed to surprise the markets once again. By moving banking supervision of the eurozone to the European Central Bank, a huge step towards a more federal banking model has been taken, explains CEPS CEO Karel Lannoo in this new Commentary. But will this move be enough to re-establish confidence, bolster the euro interbank market and further financial integration?

Central Banks in Times of Crisis: The FED vs. the ECB. CEPS Policy Brief No. 276, 11 July 2012,

Different economic and financial structures require different crisis responses. Different crises also require different tools and resources. The first ‘stage’ of the financial crisis (2007-09) was similar on both sides of the Atlantic, and the response was also quite similar. The second stage of the crisis is unique to the euro area. Increasing financial disintegration within the region has forced the ECB to become the central counterparty for the entire cross-border banking market and to intervene in the sovereign bond market of some stressed countries. The actions undertaken by the European Central Bank (ECB), however, have not always represented the best response, in terms of effectiveness, consistency and transparency. This is especially true for the Securities Markets Programme (SMP): by de facto imposing its absolute seniority during the Greek PSI (private sector involvement), the ECB has probably killed its future effectiveness.