Accounting Conservatism In Spanish Banks And The Drop In The Supply Of Loans During The Financial Crisis
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Accounting Conservatism In Spanish Banks And The Drop In The Supply Of Loans During The Financial Crisis
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Author : Inmaculada Díaz Sánchez
language : es
Publisher: Ed. Universidad de Cantabria
Release Date : 2015-02-03
Accounting Conservatism In Spanish Banks And The Drop In The Supply Of Loans During The Financial Crisis written by Inmaculada Díaz Sánchez and has been published by Ed. Universidad de Cantabria this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-03 with Banks and banking categories.
El reconocimiento tardío de las pérdidas por deterioro en el valor de los activos es considerado por muchos como uno de los factores determinantes de la crisis financiera desencadenada tras el hundimiento del banco norteamericano Lehman Brothers. Se acusa al sistema de información contable de no proporcionar al mercado información que permitiera evaluar a tiempo las pérdidas de valor de determinados activos bancarios, estimando por exceso los ratios de capital de las principales instituciones financieras internacionales. Cuando finalmente los bancos comenzaron a reconocer contablemente las pérdidas latentes en los balances, la crisis se hallaba en un estadio muy avanzado, con tasas de morosidad al alza y caídas generalizadas en el margen de negocio. La disminución subsiguiente del capital generó una mayor disminución del crédito disponible para empresas y familias y, por ende, un mayor deterioro de la coyuntura macroeconómica. Utilizando una amplia muestra de entidades financieras ubicadas en 54 países para el periodo 1997-2009, este trabajo identifica los determinantes fundamentales del grado de conservadurismo en el reconocimiento de las pérdidas por parte de la banca internacional. En concreto, se utiliza un indicador de conservadurismo propuesto previamente en la literatura (Beatty y Liao, Journal of Accounting and Economics, 2011), y se evalúa el efecto sobre el mismo de variables ligadas a a) el sistema de supervisión bancaria, b) la normativa sobre capital mínimo, c) la estructura de gobierno de las entidades, y d) el grado de competencia del mercado nacional. Nuestros resultados sugieren que el conservadurismo contable es mayor en países con regímenes de supervisión más estrictos y normativa bancaria más exigente, tanto en lo relativo al ratio de capital como en lo referente a las limitaciones en el ejercicio de determinadas actividades financieras. Los bancos cotizados tienden a ser más conservadores que los no cotizados. Finalmente, el grado de competencia en el sector aparece positivamente correlacionado con el nivel de conservadurismo.
Three Essays In Financial Markets The Bright Side Of Financial Derivatives Options Trading And Firm Innovation
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Author : Iván Blanco
language : en
Publisher: Ed. Universidad de Cantabria
Release Date : 2019-02-15
Three Essays In Financial Markets The Bright Side Of Financial Derivatives Options Trading And Firm Innovation written by Iván Blanco and has been published by Ed. Universidad de Cantabria this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-15 with Business & Economics categories.
Do financial derivatives enhance or impede innovation? We aim to answer this question by examining the relationship between equity options markets and standard measures of firm innovation. Our baseline results show that firms with more options trading activity generate more patents and patent citations per dollar of R&D invested. We then investigate how more active options markets affect firms' innovation strategy. Our results suggest that firms with greater trading activity pursue a more creative, diverse and risky innovation strategy. We discuss potential underlying mechanisms and show that options appear to mitigate managerial career concerns that would induce managers to take actions that boost short-term performance measures. Finally, using several econometric specifications that try to account for the potential endogeneity of options trading, we argue that the positive effect of options trading on firm innovation is causal.
Spain
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-06-08
Spain written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-08 with Business & Economics categories.
This report summarizes the findings of the Financial Sector Assessment Program (FSAP) Update for Spain. Although there is a core of strong banks that are well managed and appear resilient to further shocks, vulnerabilities remain. Substantial progress has been made in reforming the former savings banks, and the most vulnerable institutions have either been resolved or are being restructured. Recent measures address the most problematic part of banks’ portfolios. Moving ahead, a further restructuring and recapitalization of some of the remaining weaker banks may be needed as a result of deteriorating economic conditions.
Probabilidad De Incumplimiento E Indicadores De Riesgo En La Banca Europea Un Enfoque Regulatorio
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Author : Purificación Parrado-Martínez
language : es
Publisher: Ed. Universidad de Cantabria
Release Date : 2019-02-15
Probabilidad De Incumplimiento E Indicadores De Riesgo En La Banca Europea Un Enfoque Regulatorio written by Purificación Parrado-Martínez and has been published by Ed. Universidad de Cantabria this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-15 with Business & Economics categories.
Este proyecto de investigación propone la estimación de una nueva medida de riesgo bancario que considera el actual marco regulatorio de Basilea, la Probabilidad de Incumplimiento (Probability of Default- PD) estimada a partir del modelo SYMBOL (SYstemic Model of Bank Originated Losses). Tomando como referencia bancos cotizados europeos, analizamos las relaciones existentes entre los indicadores de riesgo bancario establecidos por la Autoridad Bancaria Europea (EBA), y la nueva medida de probabilidad de incumplimiento. Los análisis apoyan el uso conjunto de la PD basada en el modelo SYMBOL con los indicadores de riesgo propuestos por la EBA, para un análisis más completo de las pérdidas bancarias inesperadas. Además, nuestros resultados pueden ser útiles para diseñar nuevas regulaciones centradas en los factores claves del negocio bancario que afectan a la probabilidad de impago, como adecuación de capital, calidad de los activos y rentabilidad.
Regulatory Cycles Revisiting The Political Economy Of Financial Crises
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Author : Jihad Dagher
language : en
Publisher: International Monetary Fund
Release Date : 2018-01-15
Regulatory Cycles Revisiting The Political Economy Of Financial Crises written by Jihad Dagher and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-01-15 with Business & Economics categories.
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
Credit Supply And Productivity Growth
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Author : Francesco Manaresi
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-17
Credit Supply And Productivity Growth written by Francesco Manaresi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-17 with Business & Economics categories.
We study the impact of bank credit on firm productivity. We exploit a matched firm-bank database covering all the credit relationships of Italian corporations, together with a natural experiment, to measure idiosyncratic supply-side shocks to credit availability and to estimate a production model augmented with financial frictions. We find that a contraction in credit supply causes a reduction of firm TFP growth and also harms IT-adoption, innovation, exporting, and adoption of superior management practices, while a credit expansion has limited impact. Quantitatively, the credit contraction between 2007 and 2009 accounts for about a quarter of observed the decline in TFP.
The Financial Crisis Inquiry Report
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Author : Financial Crisis Inquiry Commission
language : en
Publisher: Cosimo, Inc.
Release Date : 2011-05-01
The Financial Crisis Inquiry Report written by Financial Crisis Inquiry Commission and has been published by Cosimo, Inc. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-01 with Political Science categories.
The Financial Crisis Inquiry Report, published by the U.S. Government and the Financial Crisis Inquiry Commission in early 2011, is the official government report on the United States financial collapse and the review of major financial institutions that bankrupted and failed, or would have without help from the government. The commission and the report were implemented after Congress passed an act in 2009 to review and prevent fraudulent activity. The report details, among other things, the periods before, during, and after the crisis, what led up to it, and analyses of subprime mortgage lending, credit expansion and banking policies, the collapse of companies like Fannie Mae and Freddie Mac, and the federal bailouts of Lehman and AIG. It also discusses the aftermath of the fallout and our current state. This report should be of interest to anyone concerned about the financial situation in the U.S. and around the world.THE FINANCIAL CRISIS INQUIRY COMMISSION is an independent, bi-partisan, government-appointed panel of 10 people that was created to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." It was established as part of the Fraud Enforcement and Recovery Act of 2009. The commission consisted of private citizens with expertise in economics and finance, banking, housing, market regulation, and consumer protection. They examined and reported on "the collapse of major financial institutions that failed or would have failed if not for exceptional assistance from the government."News Dissector DANNY SCHECHTER is a journalist, blogger and filmmaker. He has been reporting on economic crises since the 1980's when he was with ABC News. His film In Debt We Trust warned of the economic meltdown in 2006. He has since written three books on the subject including Plunder: Investigating Our Economic Calamity (Cosimo Books, 2008), and The Crime Of Our Time: Why Wall Street Is Not Too Big to Jail (Disinfo Books, 2011), a companion to his latest film Plunder The Crime Of Our Time. He can be reached online at www.newsdissector.com.
Accounting And Regulation
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Author : Roberto Di Pietra
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-05
Accounting And Regulation written by Roberto Di Pietra and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-05 with Business & Economics categories.
Since 1998, the world’s leading experts on accounting and regulation have convened in a series of workshops to explore and analyze emerging issues in the field. They have covered a wide array of topics, including corporate governance, auditing, financial disclosure, international standards boards, and the dynamics of markets and institutions. Most recently, they have focused on the role that accounting practices and policies may have played in the global financial crisis of 2008. In this volume, the editors showcase contributions from the workshops that represent the full spectrum of issues and perspectives relating to accounting and regulation. Each paper incorporates the most current examples and references to reflect the latest insights, with an emphasis on exploring future implications for theory and research, practice, and policymaking.
Dollar Funding And The Lending Behavior Of Global Banks
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Author : Victoria Ivashina
language : en
Publisher:
Release Date : 2015
Dollar Funding And The Lending Behavior Of Global Banks written by Victoria Ivashina and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
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 also 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 their exposure to European banks in the year that followed. During this period dollar lending by Eurozone banks fell relative to their euro lending, and firms who were more reliant on Eurozone banks before the Eurozone crisis had a more difficult time borrowing.
Banks Government Bonds And Default
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Author : Nicola Gennaioli
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-08
Banks Government Bonds And Default written by Nicola Gennaioli and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.