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Essays on governance and failure of co-operative banks: the portuguese agricultural credit co-operatives

Paula, Cabo
Fonte: Instituto Politécnico de Bragança Publicador: Instituto Politécnico de Bragança
Tipo: Tese de Doutorado
Português
Relevância na Pesquisa
36.4%
The 2008 global crisis, and the European sovereign debt crisis that follow it, originated, among other consequences, a general mistrust in financial institutions. This situation encourages the debate on the role of co-operative banks within a fairer society and their social responsibility as a key in the economic recovery, namely in the south European countries. The co-operative banking sector remains poorly understood and its specific governance challenges remain largely unexplored. The research included in this thesis aims to improve knowledge of the conduct and performance of the co-operative banks, and its findings should support the decision making process by members and management, mainly in terms of governance model. Thus, the main objective of this research is to analyse, both theoretically and empirically, the governance and financial robustness of co-operative banks, taking as a reference the Portuguese agricultural credit co-operatives (CCAM) and their integrated system (SICAM). Specifically, the thesis is structured in order to answer the following questions: (1) What are the economic bases of co-operative banks?; (2) How does a particular regulatory framework affect co-operative banking activity?; (3) What is the impact of the different governance mechanisms of co-operative banks on control management?; and (4) What are the explanatory factors of Portuguese co-operative bank failures? Besides the Introduction (Chapter 1) and the Conclusions (Chapter 6)...

Impactos na provisão para devedores duvidosos dos bancos europeus listados na Bolsa de Nova Iorque após a adoção das normas internacionais de contabilidade; Impacts on the allowance for loan losses in listed European banks in the New York stock exchange after the adoption of the international accounting standards

Silva, Fernando Chiqueto da
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 15/01/2009 Português
Relevância na Pesquisa
46.35%
As pressões impostas pela internacionalização do mercado de capitais favoreceram a decisão do Parlamento da União Européia de impor, por meio do Regulamento nº. 1606/2002, a adoção das normas internacionais de contabilidade na elaboração das demonstrações contábeis consolidadas a partir de 2005 às empresas domiciliadas na União Européia (UE) e listadas em mercados regulamentados. Seguindo o movimento dos mercados internacionais, o Brasil se inicia em uma nova etapa, representada pela busca da convergência das práticas contábeis. Conseqüentemente, uma das primeiras questões que surge durante o processo de transição para um novo conjunto de padrões contábeis corresponde aos impactos que sua introdução pode causar, em virtude de possíveis divergências conceituais existentes em relação às normas anteriormente adotadas. No caso da provisão para devedores duvidosos, essa incerteza se faz ainda mais presente pelo fato de as normas internacionais de contabilidade incorporarem um método de mensuração muito singular, cujo nível de complexidade difere significativamente de métodos de mensuração adotados por países como o Brasil, por exemplo. Nesse sentido, o objetivo do presente trabalho buscou, para uma amostra representativa de bancos europeus listados na Bolsa de Nova Iorque: (i) verificar se existe diferença significativa entre o saldo de provisão para devedores duvidosos calculado em consonância com as IFRS e o calculado segundo as normas locais anteriormente adotadas...

Estudo empírico sobre os determinantes da estrutura de capital no setor bancário

Fernandes, Ana Isabel de Carvalho Vila
Fonte: Universidade dos Açores Publicador: Universidade dos Açores
Tipo: Dissertação de Mestrado
Publicado em 21/11/2012 Português
Relevância na Pesquisa
36.31%
Dissertação de Mestrado em Gestão/MBA.; Esta dissertação apresenta evidência empírica de que a regulação de capital não é um determinante de primeira ordem da estrutura de capital dos bancos europeus. Usando uma amostra de dados de painel e considerando 181 bancos europeus cotados em bolsa, abrangendo 22 países, no período de 2004 a 2010, demonstramos que os fatores específicos que afetam o endividamento das empresas não financeiras desempenham um papel importante na explicação do endividamento dos bancos. Não validamos a buffer view, teoria que considera que os bancos detêm capital acima do mínimo exigido em termos regulamentares, de modo a evitar os elevados custos que a emissão de capital próprio a curto prazo pode gerar. Estas conclusões também se aplicam às sub amostras de bancos baseadas na dimensão, nas oportunidades de crescimento e no endividamento e para os períodos de tempo antes e durante a recente crise financeira internacional. No que diz respeito à estrutura do passivo, não encontramos um efeito de substituição dos seus componentes, uma vez que os bancos têm aumentado o endividamento, mantendo praticamente inalterada a proporção de depósitos e outro passivo no total do passivo.; ABSTRACT: This paper shows that capital regulation is not a primary determinant of European banks’ capital structure. Using a cross section and time series variation in a sample of 181 large European banks...

Bank market concentration and efficiency in the European Union: a panel Granger causality approach

Ferreira, Cândida
Fonte: ISEG. Departamento de Economia - Publicador: ISEG. Departamento de Economia -
Tipo: Outros
Publicado em //2012 Português
Relevância na Pesquisa
46.28%
The relationships between bank market concentration and bank efficiency are of particular relevance in the European Union (EU), but they remain controversial. Using a panel Granger causality approach, this paper contributes to the literature, testing not only the causality running from bank market concentration to bank efficiency, but also the reverse causality running from efficiency to concentration. The results obtained confirm the relative complexity of these causality relationships, although they generally point to a negative causation running both from concentration to efficiency and from efficiency to concentration. These findings are in line with the Structure Conduct Performance (SCP) paradigm and the suggestions that the increase of the banks’ market power will contribute to inefficiency, since these banks will face less competition to obtain more output results with less input costs. Our results suggest that within this panel of all 27 EU countries over a relatively long time period, from 1996 to the onset of the 2008 financial crisis, the more cost-efficient commercial and savings banks operated in less concentrated markets.

The impact of banks dimension on profitability, sustainability and efficiency: An analysis for the Iberian financial system

Granadeiro, Henrique Miguel Marante
Fonte: NSBE - UNL Publicador: NSBE - UNL
Tipo: Dissertação de Mestrado
Publicado em /06/2010 Português
Relevância na Pesquisa
36.47%
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics; Mergers and acquisitions in the European financial sector peaked in 2007 and then stalled following the liquidity crisis that struck in August of that year. From 2007 to 2009, volumes dropped by almost two-thirds as we saw unprecedented government bailouts and capital injections by governments and sovereign wealth funds. Inevitably, the crisis has made many investors wary. Concerns about asset quality persist and regulators have been forced to support the industry and prevent widespread fire sales. However, the lack of capital and liquidity that brought buyers to a halt is now triggering a surge in seller activity that can bring new M&A opportunities. Up to EUR 800 billion of equity is waiting to change hands (equivalent of up to EUR18 trillion of financial assets) from four sources: 1. Forced restructuring of bailed-out banks… Governments intervened to save “too-big-too- fail” banks, injecting almost EUR 200 billion of public capital in 39 institutions analyzed by McKinsey. Now, whether forced by either European or national regulators, many European banking CEOs are having to face restructuring programs. Such restructuring will of course release businesses into the market – in both core and noncore markets...

A Catalyst for Change: The European Cancer Patient’s Bill of Rights

Lawler, Mark; Le Chevalier, Thierry; Murphy, Martin J.; Banks, Ian; Conte, Pierfranco; De Lorenzo, Francesco; Meunier, Françoise; Pinedo, H.M.; Selby, Peter; Armand, Jean-Pierre; Barbacid, Mariano; Barzach, Michèle; Bergh, Jonas; Bode, Gerlind; Cameron,
Fonte: AlphaMed Press Publicador: AlphaMed Press
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.1%
The European Cancer Concord is a unique patient-centered partnership that will act as a catalyst to achieve improved access to an optimal standard of cancer care and research for European citizens. In order to provide tangible benefits for European cancer patients, the partnership proposes the creation of a “European Cancer Patient’s Bill of Rights,” a patient charter that will underpin equitable access to an optimal standard of care for Europe’s citizens.

Dollar Funding and the Lending Behavior of Global Banks

Ivashina, Victoria; Scharfstein, David Stuart; Stein, Jeremy C.
Fonte: Oxford University Press (OUP) Publicador: Oxford University Press (OUP)
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.47%
A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising more of their euro funding through insured retail deposits, the shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make up for the dollar shortfall, but this may lead to violations of covered interest parity (CIP) when there is limited capital to take the other side of the swap trade. In this case, synthetic dollar borrowing becomes expensive, which causes cuts in dollar lending. We test the model in the context of the Eurozone sovereign crisis, which escalated in the second half of 2011 and resulted in U.S. money-market funds sharply reducing the funding provided to European banks. Coincident with the contraction in dollar funding, there were significant violations of euro-dollar CIP. Moreover, dollar lending by Eurozone banks fell relative to their euro lending in both the U.S. and Europe; this was not the case for U.S. global banks. Finally, European banks that were more reliant on money funds experienced bigger declines in dollar lending.

Financial-Stability Challenges in European Emerging-Market Countries

Schinasi, Garry
Fonte: Banco Mundial Publicador: Banco Mundial
Português
Relevância na Pesquisa
36.41%
This paper examines the financial-stability challenges that will most likely be faced by European emerging-market countries in adapting to the post-crises environment, including the new financial-stability architecture and the other remaining weaknesses revealed by the global and European crises. The paper first reviews the pre-crisis financial-stability architectures in Europe and across the globe and then identifies the key weaknesses revealed by the global crisis. It then describes the micro and macro-prudential components of the new European System of Financial Supervision and some of its design limitations (and only briefly mentions reforms designed to deal with sovereign debt problems). The paper then identifies ten key areas where there are remaining challenges of implementation and additional reforms: six areas pertaining to all countries in Europe as well as the other major financial centers and four areas more germane to emerging-market countries in Europe. In discussing these ten areas, the paper tries to differentiate the relative challenges faced by categories of emerging-market countries...

European and Best Practice Bank Resolution Mechanisms : An Assessment and Recommendations for Policy and Legal Reforms

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.47%
The process of bank resolution, or the procedure for handling insolvency of banks using a range of tools, including alternatives to standard bankruptcy processes, has gained major traction since the experience of the 2008-09 financial crisis. In this context, this report reviews models for bank resolution that provide increased flexibility and describes several of the supervisory, legal and instrumental tools that can be used under modernized bank resolution procedures. As well, it looks at the recent European Commission proposals on this matter which take into account international best practices experiences. It also highlights areas of reform and areas where further regulatory considerations and priorities should be considered. The report reviews the bank resolution regimes of a group of European countries as well as those of two non-EU countries to highlight advantages as well as gaps in the legal and regulatory frameworks. This report surveys the banking and deposit insurance laws of six European countries : Poland...

African Financial Sectors and the European Debt Crisis : Will Trouble Blow across the Sahara?

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
Relevância na Pesquisa
36.42%
The exposure of African financial sectors to global risks, including the likely fall-out of the on-going European debt crisis, continues to be limited. African financial sectors have received much recognition for their steady growth performance and resilience during and after the 2008 global financial crisis. Many of the transmission channels for global risks and financial contagion to financial sectors in Africa are narrow or of limited potential influence. This note analysis the recent performance of African financial sectors, the degree of their exposure to European banking sector risks, the observable impact of a decline in global investor confidence, as well as the link between fiscal and monetary policy and financial sector development. The analysis in this paper focuses primarily on the potential impact of the European debt crisis on the performance of African financial sectors and the credit intermediation channel. The analysis both assesses how a transmission channel affects the stability and solvency of African financial institutions and how it affects the ability of African firms and governments to access funding.

European Bank Deleveraging and Global Credit Conditions : Implications of a Multi-Year Process on Long-Term Finance and Beyond

Feyen, Erik; González del Mazo, Inés
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
Relevância na Pesquisa
46.59%
This paper assesses European bank deleveraging and its impact on global credit conditions. Before the onset of the global financial crisis, European banks had rapidly expanded their foreign lending activities. However, European banks have since been tightening credit conditions in Europe more for longer-term lending, a trend that banks expect to continue. European financial stress has been transmitted to emerging markets that have experienced a sustained deterioration of credit standards and funding conditions. As a result, European lending in emerging markets has been lagging behind lending of other international banks although European banks remain a dominant source of funding. "Good" bank deleveraging is still necessary from a prudential perspective. Although acute "bad" deleveraging pressures due to financial stress, which can trigger a credit crunch, have subsided recently on account of decisive policy measures, tail risks remain. Curtailing lending will probably be a core component of this multi-year deleveraging process. Taken together...

Banks under X-rays: business model choices and trading

CAMPOLONGO Francesca; CARIBONI Jessica; NDACYAYISENGA NATHALIE; PAGANO Andrea
Fonte: Emerald Group Publishing Limited Publicador: Emerald Group Publishing Limited
Tipo: Articles in periodicals and books Formato: Online
Português
Relevância na Pesquisa
36.47%
Purpose – The purpose of this paper is to do an empirical analysis assessing whether banks highly involved into trading activities show specific business model choices. Key factors in the analysis are a proper measure for trading activities and a consistent classification of banks in terms of business choices. Design/methodology/approach – We investigate three measures for trading activities proposed by regulators in the context of bank structural reform in Europe. Through robust statistics we identify the key trading players and classify banks into a limited number of business model clusters, relying on a set of balance sheet and income statement indicators. Findings – Using a sample of 100 European banks in 2007-2012, results show that the measures identify similar, but not identical, sets of banks highly involved into trading. The measure proposed by the European Commission selects fewer banks and is more consistent over time. The business model analysis identifies six rather stable clusters, from small-medium retail-focused banks to very large investment groups. The measures coherently identify as key trading players the largest investment groups and select very few retailed focused banks. Differences among measures arise for very large retail-diversified and medium/large wholesale banks. Originality/value – These results could feed the debate on which measures for trading regulators could consider depending on the target of the reform they would implement. For instance we show that the measure proposed by the European Commission selects less well capitalized retail-diversified banks compared to the others.; JRC.G.1-Financial and Economic Analysis

European Bank Deleveraging : Implications for Emerging Market Countries

Feyen, Erik; Kibuuka, Katie; Ötker-Robe, Inci
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
36.44%
Just before the 2008-9 global financial crises, policy makers were concerned about the rapid growth of bank credit, particularly in Europe; now, worry centers on a potential global credit crunch led by European banking institutions. While recognizing that concrete evidence is limited by significant data gaps and lags, this note discusses the dynamics of European bank deleveraging and possible implications for emerging market economies (EMEs). Overall, the information available as of early 2012 shows a marked deterioration of credit conditions across Europe. Data also suggest that spillover effects are already being felt around the globe and imply significant channels through which deleveraging could have disruptive short and long-term consequences for credit conditions in EMEs, particularly in Central and Eastern Europe (CEE). However, the significant liquidity support provided by the European Central Bank (ECB) since December may be a 'game changer,' at least in the short term, because it has helped revive markets and limited the risk of disorderly deleveraging. The extent...

What Does the Future Hold for the International Banking System?

Dailami, Mansoor; Adams-Kane, Jonathon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
Português
Relevância na Pesquisa
36.41%
The international banking industry faces a challenging future, having to consolidate at a time of heightened global financial volatility, anemic growth in advanced countries, and shifting global growth balances. After a long period of sustained expansion and accommodating regulatory treatment, the structure of international banking is changing as global banks' business strategies shift toward fast-growing emerging-market economies. The center of gravity for international lending is shifting, with the role of European banks shrinking and American, Japanese, and emerging-market banks filling in the space. Against this backdrop, the current debate on adding economic stimulus to support the sputtering global economic recovery should consider the possible contractionary impacts of bank deleveraging, even with global interest rates remaining at historically low levels.

World Bank East Asia and Pacific Economic Update 2012, Volume 1 : Capturing New Sources of Growth

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication
Português
Relevância na Pesquisa
36.32%
Growth in developing East Asia and the Pacific remained strong in 2011, although it slowed from its post-crisis peaks. Strong domestic demand offset weaker external demand from the United States and Western Europe. Looking ahead, the external environment is likely to remain weak. The best prospects for the region to maintain high rates of growth, job creation, and poverty reduction are through rebalancing towards domestic demand and investing in productivity increases and further international integration. The region remains vulnerable to the continued uncertainty in Europe through trade and financial linkages. Although last December's fiscal pact and liquidity support from the European Central Bank helped stabilize financial markets, recent political events and market developments point to continued challenges. Renewed market volatility and a further slowdown in European economies cannot be ruled out. The European Union (EU), along with the US and Japan, accounts for over 40 percent of the region's direct export shipments and an estimated 60 percent if intraregional trade linked to production networks is taken into account. A serious disruption in the EU would also have knock-on effects on East Asia's exports and growth by lowering growth in other regions...

Residential property loans and performance during property price booms: evidence from European banks

Martins, António; Serra, Ana; Martins, Vitorino; Stevenson, Simon
Fonte: PFN 2012 (Portuguese Financial Network) Publicador: PFN 2012 (Portuguese Financial Network)
Tipo: Conferência ou Objeto de Conferência
Publicado em //2012 Português
Relevância na Pesquisa
36.36%
Understanding the performance of banks is of the utmost relevance, because of the impact of this sector on economic growth and financial stability. Of all the different assets that make up a bank portfolio, the residential mortgage loans constitute one of its main. Using the dynamic panel data method, we analyse the influence of residential mortgage loans on bank profitability and risk, using a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that banks with larger weights of residential mortgage loans show lower credit risk in good times. This result explains why banks rush to lend on property during booms due to the positive effects it has on credit risk. The results show further that credit risk and profitability are lower during the upturn in the residential property price cycle. The results also reveal the existence of a non-linear relationship (U-shaped marginal effect), as a function of bank’s risk, between profitability and the residential mortgage loans exposure. For those banks that have high credit risk, a large exposure of residential mortgage loans is associated with higher risk-adjusted profitability, through lower risk. For banks with a moderate/low credit risk...

The use of loan loss provisions for earnings management in large european banks. An analysis in pre and post-crisis period

Santos, André Jorge Seruca Inácio Passarinho dos
Fonte: Instituto Universitário de Lisboa Publicador: Instituto Universitário de Lisboa
Tipo: Dissertação de Mestrado
Publicado em //2014 Português
Relevância na Pesquisa
66.53%
Master in Business Administration / Classificação JEL: G21, M41; Esta dissertação examina o uso das perdas por imparidade de crédito na gestão de resultados dos grandes bancos Europeus, contribuindo com uma análise comparativa os periodos antes e pós a crise financeira de 2008. Estudos anteriores revelam que desde a implementação de IFRS, que os bancos são supervisionados com regras contabilisticas mais rigidas de modo a garantir uma maior transparência das suas figuras contabilísticas. As regras de IFRS (nomeadamente a IAS 39) limitam os incentivos de comportamento discrecionário por parte dos bancos, relativamente ao uso de perdas por imparidade de crédito, o principal accrual bancário para gestão de resultados. Usando uma amostra de 58 grandes bancos Europeus para o período de 2006-2012, evidencio que os bancos que reportam de acordo com IFRS, ainda gerem os seus resultados através do reconhecimento acelerado de perdas por imparidade de crédito. Embora esta observação seja evidente antes da crise, no periodo posterior este comportamento é menos pronunciado devido à pro-ciclicidade inerente no modelo de perda incorrida da IAS 39. Por outro lado, no período pós-crise, os bancos tendem a adiar as suas imparidades de crédito o mais tarde possível...

Vulnerable Banks

Greenwood, Robin Marc; Landier, Augustin; Thesmar, David
Fonte: Elsevier Publicador: Elsevier
Tipo: Artigo de Revista Científica
Português
Relevância na Pesquisa
46.18%
We present a model in which fire sales propagate shocks across bank balance sheets. When a bank experiences a negative shock to its equity, a natural way to return to target leverage is to sell assets. If potential buyers are limited, then asset sales depress prices, in which case one bank's sales impact other banks with common exposures. We show how this contagion effect adds up across the banking sector, and how it can be estimated empirically using balance sheet data. We compute bank exposures to system-wide deleveraging, as well as the spillovers induced by individual banks. Applying the model to European banks, we evaluate a variety of interventions to reduce their vulnerability to fire sales during the sovereign debt crisis.

DETERMINANTES E IMPACTOS DA RECENTE ENTRADA DE BANCOS EUROPEUS NO BRASIL

de Paula, Luiz Fernando
Fonte: Editora UFPR Publicador: Editora UFPR
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 13/05/2005 Português
Relevância na Pesquisa
36.52%
Este artigo objetiva analisar os principais determinantes e impactos da recente onda de bancos europeus no Brasil. A principal hipótese do artigo é que a onda de bancos europeus só pode ser entendida se forem considerados ambos os fatores externos e internos. Os determinantes externos estão relacionados ao processo de consolidação bancária no sistema financeiro europeu no contexto da União Monetária Européia, que tem estimulado alguns bancos a se expandirem para o exterior. Os determinantes internos, por sua vez, estão relacionados principalmente à gradual flexibilização das restrições legais, com respeito à presença dos bancos estrangeiros no setor bancário brasileiro. Finalmente, o artigo também avalia os impactos da entrada recente dos bancos europeus no mercado bancário varejista brasileiro. Neste particular, ele mostra que a entrada estrangeira tem afetado o mercado bancário doméstico, forçando os bancos nacionais a operarem de forma mais eficiente e também a expandir suas atividades, organicamente ou por fusões e aquisições. O paper conclui que não existe evidência de que os bancos estrangeiros são mais eficientes do que os bancos domésticos no Brasil no período recente...

Are European banks too big? evidence on economies of scale

Beccalli, Elena; Anolli, Mario; Borello, Giuliana
Fonte: Elsevier Publicador: Elsevier
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em /09/2015 Português
Relevância na Pesquisa
36.34%
In light of the policy debate on too-big-to-fail we investigate evidence of economies of scale for 103 European listed banks over 2000 to 2011. Using the Stochastic Frontier Approach, the results show that economies of scale are widespread across different size classes of banks and are especially large for the biggest banks. At the country level, banks operating in the smallest financial systems and the countries most affected by the financial crises realize the lowest scale economies (including diseconomies) due to the reduction in production capacity. As for the determinants of scale economies, these mainly emanate from banks oriented towards investment banking, with higher liquidity, lower Tier 1 capital, those that contributed less to systemic risk during the crises, and those with too-big-to-fail status.