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Risk-sharing is a crucial issue in order to evaluate the performance of a monetary union. By implementing conventional econometric techniques, this paper intends to…
Risk-sharing is a crucial issue in order to evaluate the performance of a monetary union. By implementing conventional econometric techniques, this paper intends to estimate the degree of risk-sharing through the cross-ownership of assets within 11 European countries in the period 1971–2014. We show that risk-sharing has been increasing after the launch of the euro due to increased cross-ownership of assets. Nevertheless, we also show that despite the extreme needs for adjustment mechanisms as a reaction to asymmetric shocks in the EMU during the crises, the estimated market risk-sharing mechanism seems to have remained marginal in this period. We also show that the degree of asymmetry (potential benefits from risk-sharing) has declined with the start of the EMU, but it has sharply increased during the crises period. This implies that EMU countries have needed good functioning risk-sharing mechanisms during the crisis, while in this period their estimated performance does not seem to have improved. We interpret these results as the evidence of a missing element of the EMU that forced governments to intervene by means of fiscal policy to tackle the imbalances deriving from the financial crisis. Therefore, we conclude that the weakness in the risk-sharing has been one of the channels that allowed the global financial crisis to mutate in a sovereign debt crisis in the EMU.
This chapter presents an overview of the Brazilian regional media groups that are characterized by cross-ownership of media outlets in the four main reference platforms…
This chapter presents an overview of the Brazilian regional media groups that are characterized by cross-ownership of media outlets in the four main reference platforms for news coverage: daily print, radio, broadcast television, and Web.
The research uses institutional documents to explore the history and operating mode of the groups that own the 50 best-selling newspapers in the country. The theoretical approach is guided by the notion of “spatialization” applied to business communication by Vincent Mosco, and by the concepts of “region,” “regionality,” and “regionalization” based upon authors aligned with the critical thinking approach in the field of geography.
The study identifies the multiple geographical scales at which these groups operate, as well as their dominant business models and the sources of their owners’ capital. Based on this analysis, it argues that the variables which are applied to the large-circulation media at a national level cannot be automatically transferred to the regional and local levels.
The study of regional media reveals a landscape that has not received adequate attention from communications researchers worldwide. It also points to problems which deserve more investigation and elaboration. This represents a new challenge for media studies, for the political economy of communication, and for the nascent field of geography of communication.
This chapter provides a distinctive and nuanced approach to the Brazilian media system. It can inspire other studies on regional communication which take into account the specificities of their geographic scales.
In the past decade, academic research has been awash with proposals on how Japan should reform, redesign and administer its bank-based financial system (Schinasi & Smith, 1998; Kuratani & Endo, 2000; Hattori, Koyama, & Yonetani, 2001; Rhee, 2001; Baba & Hisada, 2002; Batten & Szilagyi, 2003). Until the late 1980s, this unique regime, involving banks having cross-ownership with industry, was a driving force behind Japan's post-war economic miracle. However, the burst of the asset bubble, and the subsequent prolonged ailing of both the banking sector and the economy as a whole suggests that during the bubble period, the monitoring effectiveness of banks was compromised by a lack of independence from industry and the absence of external discipline. This banking crisis ultimately impaired the corporate sector's fund-raising ability, while trapping excess liquidity in the financial system through a lack of attractive investment choice afforded to risk-averse Japanese investors.
Financial systemic risk is often assessed by the interconnectedness of financial institutes (FI) in terms of cross-ownership, overlapping investment portfolios, interbank…
Financial systemic risk is often assessed by the interconnectedness of financial institutes (FI) in terms of cross-ownership, overlapping investment portfolios, interbank credit exposures, etc. Less is known about the interconnectedness between FIs through the lens of consumer credits. Using detailed consumer credit data in Canada, this chapter constructs a novel banking network to measure FIs’ interconnectedness in the consumer credit markets. Results show that FIs on average are more connected to each other over the sample period, with the interconnectedness measure increases by 19% from 2013 Q4 to 2019 Q4. FIs with more diversified portfolios are more connected in the network. Among various types of FIs, secondary FIs have the notable increase in interconnectedness. Domestic Systemically Important Banks and secondary FIs offering a broad range of loan products are more connected to large FIs, while those specialized in single loan types are more connected to their industry peers. FI connectedness is also significantly related to their participation in the mortgage markets.
This paper examines the relationship between television station ownership characteristics and local news and public affairs programming through an expanded analysis of…
This paper examines the relationship between television station ownership characteristics and local news and public affairs programming through an expanded analysis of data from the Federal Communication's Commission (FCC's) recent study of Big Four broadcast network affiliates. The results indicate that the FCC's conclusion that network‐owned and operated stations provide more local news and public affairs programming than other affiliates, and that stations with newspaper holdings provide more local news and public affairs programming than stations without newspaper holdings holds up only when these two program types are analyzed in combination. When these two program types are analyzed independently, and when additional explanatory factors are taken into consideration, these ownership characteristics are positively related to news programming, but not to public affairs programming.
The research explored, over seven years, the strategies and impact of six UK pressure groups. The main method used was in‐depth interviews. In addition, extensive searches…
The research explored, over seven years, the strategies and impact of six UK pressure groups. The main method used was in‐depth interviews. In addition, extensive searches of several literatures and database, archival, print, government and online works were undertaken, as was unobtrusive monitoring of consultations and other group communications. The data strongly suggested that these groups raised awareness of, and debate about, compelling broadcasting issues that affect viewers and listeners as citizens. At times, they achieved legislative changes. Groups that built strategic relationships with target publics, in tandem with media advocacy and media education, were more likely to achieve their goals, but relationship building was itself a successful outcome and contributed to ad hoc alliances/coalitions that increased organizational effectiveness. Overall, these groups had an impact on the range and quality of broadcasting issues discussed and on citizen engagement in broadcasting issues on national, regional and, increasingly, global levels. This research is one of the first studies from the activist perspective and posits public relations' value to democratic dialogue. It also presents a cross‐cultural perspective that may be transferable to other societies.
The purpose of this paper is to understand how visionary system architects wean the development of a new technology away from the seductions of the path of least…
The purpose of this paper is to understand how visionary system architects wean the development of a new technology away from the seductions of the path of least resistance – a complementary relationship with the entrenched system.
The paper draws on two cases wherein critical players started pursuing visions of a full‐fledged system while the technology was still an appendage to an established one: Theodore Vail and the development of the Bell telephone system; and the US Navy and the development of wireless telegraphy. Vail's interests were of a commercial nature, securing competitive advantage over Western Union and future rivals. The US Navy's interests were of a geopolitical nature, overthrowing Britain's monopoly on trans‐oceanic cable telegraphy.
The pursuit of system benefits requires long‐term thinking. In terms of day‐to‐day actions it requires a persistent effort against the seductions of a complementary relationship or the path of least resistance. Vail was compelled to form a separate organization – AT&T – to maintain focus on system formation in the face of short‐term distractions. The US Navy pushed for rules against cross ownership of cable and wireless and opposed international treaties that clubbed the two technologies into the same category, as it wanted the latter to develop independently of the former.
The failure of anticipation, in the case of network technologies, is largely rooted in our inability to see beyond the path of least resistance. Drawing on strategies employed by Vail and the US Navy to wean the development of a new technology away from the path of least resistance, the paper alerts us to possibilities other than the seemingly obvious ones.
Principal–principal conflicts between family shareholders and other shareholders have been investigated in emerging economies, but fewer studies have examined the effect…
Principal–principal conflicts between family shareholders and other shareholders have been investigated in emerging economies, but fewer studies have examined the effect of concentrated ownership on firm profitability and dividend payout in stakeholder-oriented systems. The purpose of this paper is to examine whether family control leads to principal–principal conflicts resulting in wealth expropriation of minority shareholders by family owners in stakeholder-oriented systems.
This study uses large listed firms of the Tokyo Stock Exchange (TSE) in Japan during 2007–2016. Using 14,991 firm year observations, the authors analyze the effect of family control on dividend payout and firm performance to test the possibility of exploitation by family owners.
The authors find that family board members do not exploit minority shareholders and rather behave as stewards of the firm. The authors also find that foreign shareholders interact with family control to increase firm profitability, suggesting that foreign shareholders enhance the role of family board members as stewards.
Existing research on principal–principal conflicts tends to examine expropriation by family board members in emerging markets. This research reveals that family board members behave like stewards in the presence of stakeholder-oriented corporate governance mechanisms. In addition, foreign shareholders strengthen the stewardship role of family controlled firms.
The purpose of this paper is to examine the extreme case of the Icelandic banking crisis in relation to critical governance issues at governmental, industry and civil…
The purpose of this paper is to examine the extreme case of the Icelandic banking crisis in relation to critical governance issues at governmental, industry and civil society levels.
This is a case study of the Icelandic banking collapse in 2008.
The examination of governance failures within the Icelandic banking system reveals that government institutions need to find a balance between entrepreneurial growth, risk exposure and sustainable societal development. A euphoric attitude of laissez‐faire, where risk issues and issues of balanced development are largely ignored, creates challenges for sustainable banking. The findings suggest that achieving the necessary balance requires stressing governance issues on three levels; at the government level; at the industry level; and at the civil society level.
The paper illustrates why some of the corporate governance challenges facing sustainable banking should be addressed at multiple levels. Government should strive for realistic information and evaluation of societal risks; government should implement adequate regulatory frameworks; the finance industry itself should have effective self‐regulatory procedures and mechanisms; and, from a civil society point of view, the public at large should have realistic expectations and be adequately alerted as to the potential risks of governance failure.
The paper examines interactions between governance failures at different levels and has important implications for governance and policy makers, particularly those faced with re‐structuring national financial industries.