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Loan portfolio diversification, market structure and bank stability
تنوع پورتفوی وام ، ساختار بازار و ثبات بانک-2019 This paper examines whether the choice of bank loan diversification and market concentration are associ- ated with a bank’s financial stability. This study also investigates how the effect of loan diversification on bank stability varies depending on the level of the concentration or the competitiveness of the banking market. We find that increased loan diversification has a positive impact on the bank’s financial strength. We show that market concentration is negatively associated with bank insolvency risk, consistent with the “concentration-stability”view. The results using interaction terms between loan portfolio diversifica- tion and market concentration indicate that diversifying banks operating in highly concentrated markets are more financially stable compared to those in less concentrated markets. Keywords: Loan diversification | Market concentration | Banking | Financial stability |
مقاله انگلیسی |
2 |
Market structure, performance, and efficiency: Evidence from the MENA banking sector
ساختار بازار ، عملکرد و کارایی: شواهدی از بخش بانکی MENA-2019 This paper tests four related theories on the relationships among market structure, profitability,
and efficiency using a stochastic frontier analysis and dynamic panel data for 201 banks in Middle
East and North Africa (MENA) countries during the 2005–2012 period. The results show that
neither the structure–conduct–performance hypothesis nor the efficient structure hypothesis holds
in MENA countries. This finding has important implications, meaning that the performance of the
financial sector can be obtained under competitive and efficient conditions without high levels of
concentration. The evidence also supports the relative market power hypothesis, suggesting that
banks with higher market share obtain higher profits by setting higher prices. Furthermore, we
find that cost efficiency has a significant effect on bank profitability, but also there are still highly
concentrated markets in which banks are less profitable and more inefficient, adversely affecting
the competitiveness of the banking system. Keywords: Banking | Market structure | Efficiency | MENA countries | Performance |
مقاله انگلیسی |
3 |
Belief-free price formation
شکل گیری قیمت آزاد از اعتقاد-2018 We analyze security price formation in a dynamic setting in which long-lived dealers repeatedly compete for the opportunity to trade with short-lived retail traders. We characterize equilibria in which dealers’ pricing strategies are optimal irrespective of the private information that each dealer may possess. Thus, our model’s predictions are robust to different specifications of the dealers’ information structure. These equilibria reconcile, in a unified and parsimonious framework, price dynamics that are reminiscent of well-known stylized facts: excess price volatility, price to trading flow correlation, stochastic volatility and inventory-related trading.
keywords: Financial market microstructure |Informed dealers |Price volatility |Belief-free equilibria |
مقاله انگلیسی |
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Uncovering Patterns of Product Co-consideration: A Case Study of Online Vehicle Price Quote Request Data
کشف الگوهای تولید محصول در نظر گرفته شده شرکت: مطالعه موردی داده های درخواستی قیمت اینترنتی خودرو-2018 Consumers often consider multiple alternatives from the same product category prior to making a purchase. Uncovering the predominant
patterns of such co-considerations can help businesses learn more about the competitive structure of the market in the mind of the consumer. Extant
research has shown that various types of online and offline consumer activity data (e.g., shopping baskets, search and browsing histories, social
media mentions) can be used to infer product co-considerations. In this paper, we study a case of uncovering co-consideration patterns using a
massive dataset of online price quote requests from U.S. auto shoppers. The main challenge we face is that, for privacy protection, no unique
individual identifier (anonymous or otherwise) is contained in the data. Such a data deficiency prevents us from using existing methods such as
affinity analysis for inferring co-considerations. However, by leveraging spatiotemporal patterns in the data, we manage to probabilistically
uncover the predominant patterns of co-considerations in the U.S. auto market. As a validation and illustration of its usefulness, we embed the
inferred market structure in a sales response model and show a substantial improvement in predictive performance.
Keywords: Big Data; Market structure analysis; Automotive industry; Sales response models; Privacy |
مقاله انگلیسی |
5 |
The effects of bank mergers on corporate information disclosure
اثرات ادغام بانک در افشای اطلاعات شرکت های بزرگ-2017 Applying a difference-in-differences approach to explore variations in the timing of bank
mergers in the U.S. over the last two decades, we document an increase in borrowers’
disclosure when their banks engage in mergers and acquisitions. The effect is stronger
among borrowers more reliant on services from the merging banks and when mergers
cause larger changes in banks’ monitoring and financing of borrowers. These findings sug
gest an information spillover effect from bank mergers to the public financial markets, and
have implications for how changes in banking markets affect the availability of public dis
closure in the stock markets.
Keywords: Disclosure | Banks | Mergers | Bank market structure |
مقاله انگلیسی |
6 |
Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy
آیا ساختار بازار بانکداری محلی برای تامین مالی و عملکرد SME اهمیت دارد؟ شواهد جدید از یک اقتصاد نوظهور-2017 This paper investigates the relationship between local banking structures and SMEs’ access to debt and
performance. Using a unique dataset on bank branch locations in Poland and firm-, county-, and bank
level data, we conclude that a strong position for local cooperative banks facilitates access to bank fi
nancing, lowers financial costs, boosts investments, and favours growth for SMEs. Moreover, counties in
which cooperative banks hold a strong position are characterized by a more rapid pace of new firm
creation. The opposite effects appear in the majority of cases for local banking markets dominated by
foreign-owned banks. Consequently, our findings are important from a policy perspective because they
show that foreign bank entry and industry consolidation may raise valid concerns for SME prospects in
emerging economies.
Keywords: Small-business lending | Cooperative banks | Foreign banks | Post-transition countries |
مقاله انگلیسی |
7 |
محدودیتهای مالی و استفاده از عملکردهای حساس بدهی
سال انتشار: 2017 - تعداد صفحات فایل pdf انگلیسی: 12 - تعداد صفحات فایل doc فارسی: 39 عملکرد حساس بدهی (PSD) یکی از ابزارهای مالی مشهور در ساختار بازارهای بدهی (اوراق قرضه) شرکتهایِ خصوصی است. در محیط اختیارات واقعی این مطالعه با هدفِ تصریحِ چگونگی تاثیرگذاری PSD روی سیاست سرمایه گذاری ، ساختار سرمایه، و هزینه های نمایندگیِ محدودیتهای مالی ،زمانیکه شرکت با حد بالایی از صدور اواراق قرضه مواجهه شده ، صورت گرفته است . ما نشان میدهیم که اهرم های محدودیت مالی بسختی به حساسیت عملکرد وابسته هستند . بویژه ، نتایج ما پیش بینی میکند که PSD میتواند محدودیتهای تامینِ مالی را نسبت به سند قرضه ثابت کاهش دهد و ارزش شرکت وز بروز بیشتر کاهش می یابد که ناشی از تحریف مالی و سرمایه گذاری به دلیل وجود محدودیتهای مالی است . هر چه حساسیت عملکردی بیشتر باشد ، احتمال اینکه شرکت از نظر مالی دچار محدودیت شود کمتر است . این یافته ها توضیحی مبتنی بر سرمایه گذاری برای صدور اوراق قرضه ارایه میکنند .
واژگان کلیدی : عملکرد حساس بدهی | اختیارات واقعی / حقیقی | محدودیتهای مالی |
مقاله ترجمه شده |
8 |
The interaction between risk, return-risk trade-off and complexity: Evidence and policy implications for US bank holding companies
تعامل بین ریسک ، معامله ریسک بازگشتی و پیچیدگی : شواهد و پیامدهای سیاست برای شرکت های برگزاری بانک های ایالات متحده-2017 We examine two aspects of bank risk with an emphasis on the interaction between them.
Moreover, throughout the analysis we differentiate between non-complex and complex
banks, the latter of which could be seen as exhibiting a further level of risk. We seek to
establish how these risk factors interact with bank specific, market structure and economic
variables. Key results indicate that earnings volatility (business risk) increases with market
power but decreases with size and output, while risk-taking (managerial risk) decreases
with market power and increases with size and output. Furthermore, in examining return
per unit of risk, results demonstrate that increased return and risk-taking are associated
with bank specific factors and the economic environment, whereas decreased risk taking
is associated with market structure. This suggests a management of risk, which increases
with factors under bank control or improving external environment but decreases with
the interaction of competitors. Overall, the results suggest that policy should focus on liq
uidity and equity buffers that should operate counter-cyclicality but size and market struc
ture per se are not determining factors for higher risk. In terms of the recent financial crisis,
it is likely that the great moderation that proceeded the crisis led to higher risk-taking due
to higher economic growth but without the necessary buffers being established.
Keywords: Banks | Risk | Earnings | Volatility | Risk-return | Complex | Prospect theory | Market structure | Sharpe ratio |
مقاله انگلیسی |
9 |
An integrated retailer image and brand equity framework: Re-examining, extending, and restructuring retailer brand equity
یک تصویر خرده فروشی یکپارچه و چارچوب تجاری: بازنگری، گسترش و تجدید ساختار بازاریابی برند خرده فروشی-2017 Retailers are amongst the worlds strongest brands, but little is known about retailer brand equity. In spite of
their extensive use, we argue that current operational models are too abstract for understanding the uniqueness
of the retail industry and too simplistic to understand the interrelationships among the dimensions in the retailer
brand equity building process. This study contributes to the existing and largely generic retailer equity frame
works in three ways: first, by incorporating retail specific dimensions from the retailer image literature; second,
by re-examining and developing the structures and relationships between the dimensions of retailer equity by
testing alternative structures commonly used in the more general brand equity literature; and finally by creating
a short and parsimonious scale for assessing retailer brandequity in different contexts. Three alternative models
are compared and tested on six brands in both convenience and shopping goods categories, ranging from dis
count to middle range price levels. The outcome is an operational framework supporting the main building
blocks of the conceptual brand resonance model presented in Keller (2001) with seven dimensions structured in
a four-step sequence as awareness → pricing policy, customer service, product quality, physical store → retailer
trust → retailer loyalty, thereby describing retailer brand equity as a four-step process. The extended, although
parsimonious, 17-item retailer equity scale can be used by academics as well as practitioners to examine the
underlying values of retailer brands and has the potential to incorporate additional dimensions and attributes to
investigate specific retail contexts without creating lengthy questionnaires.
Keywords: Retailer image | Store image | Brand equity | Retailer equity | Retailer trust |
مقاله انگلیسی |
10 |
The effects of fisheries management on the Icelandic demersal fish value chain
اثرات مدیریت شیلات در زنجیره ارزش ماهی demersal ایسلند-2016 Iceland's fishing industry has outperformed fishing industries in neighboring countries in recent years.
This paper identifies key factors in market structure in recent decades that contribute to long run
profitability of the Icelandic fishing (and fish processing) industry using semi-structured interviews with
industry participants, and compares those with similar results from Norway. Further, the development of
profitability in the Icelandic and Norwegian demersal fishing industries is used to assess the long run
effects of different management systems on quality, product focus and profitability. The results indicate
that three key changes in Icelandic regulation during the 1980s were important to the development of
long run profitability within the fishing industry: the abolition of export barriers, the introduction of an
individual transferable quota (ITQ) system and the establishment of fish auctions. A large and growing
literature supports the role of ITQs in ensuring long run profitability. The importance of market structure
for profitability has only recently been identified, affecting the ability of value chains to become market
oriented and supply homogenous product flow from heterogeneous raw material. Comparison with
Norway indicates that while individual transferable quota management does improve profitability in
fishing to a certain extent, management systems must facilitate a strong market connection from
consumers, through the stages of retail and processing, to fishers for the full realization of profit
potential in the fishing industry.& 2015 Elsevier Ltd. All rights reserved
Keywords: Demersal fishing | Profitability | Iceland | Norway ITQ | Market structure |
مقاله انگلیسی |