Search results

The Financial Stability Board (FSB) determined that entities classified as shadow banking are of a credit nature because they are capable of affecting the financial system through the entry and exit of capital. This study aims at measuring the impact of shadow banking in the systemic risk in Chile. A sample of 91 institutions (Run) belonging to the mutual funds was used, with a series showing a continuous behaviour between 2004 and 2018.

The measurement is carried out using the conditional value at risk (CoVaR) methodology, which analyses the behaviour of an institution in a regular state against the same institution in a state of stress.

The results obtained reflect that liquidity mismatches do not have a relevant effect on the systemic risk, while the 2008 crisis does contribute to its decline.

There are less number of literature studies that apply statistical models regarding shadow banking, at least at a quantitative level, so this research is a beginning for other studies, supporting future authors in their new research as a basis.

El Consejo de Estabilidad Financiera determinó que las entidades clasificadas como Shadow Banking son de carácter crediticio debido a que son capaces de afectar al sistema financiero mediante la entrada y salida de capitales. Este estudio tiene como objetivo medir el impacto del Shadow Banking en el Riesgo Sistémico de Chile. Para esto se utilizó una muestra de 91 instituciones (Run) pertenecientes a los Fondos Mutuos, con series que muestran un comportamiento continuo entre 2004 y 2018.

La medición se lleva a cabo mediante la metodología CoVaR, la cual analiza la conducta de una institución en estado normal versus la misma institución en estado de estrés.

Los resultados obtenidos reflejan que los desajustes de liquidez no tienen un efecto relevante en el Riesgo Sistémico, mientras que la crisis del 2008 si contribuye a la disminución de este.

Existe muy poca literatura que aplica modelos estadísticos respecto al Shadow Banking, al menos a nivel cuantitativo, por lo que esta investigación es un inicio para otros estudios, apoyando como base a futuros autores en sus nuevas investigaciones.

The study examines the effect of increased Economic Policy uncertainty on analyst optimism in the Indian market. The study also explores whether the SEBI Research Analyst Regulation, 2014, has effectively contained the optimistic nature of analysts.

The study is based on firms in the Indian market. The sample period is 2003–2020. It runs a linear panel regression to measure the impact of Economic Policy uncertainty on the optimism level of analysts' forecasts and recommendations, controlling for firm fixed effects. Further, the impact of the SEBI Research Analyst Regulation, 2014, has been assessed with the help of the difference-in-difference approach.

The Economic Policy uncertainty is significantly and positively related to the analyst optimism, reflected in the forecast bias and recommendation in the Indian context. The experience of analysts and the age of the firm positively drive optimism. However, introducing the Research Analyst Regulation by SEBI led to a decline in analyst optimism. The regulation decoupled the analysts' compensation from brokerage service transactions. Thus, the results suggest that the regulation has effectively curbed the incentive to produce optimistic output.

This is the first study in the Indian market to assess the impact of uncertainty on analyst output. It also investigates the effectiveness of the first analyst-specific regulation in India, i.e. The Research Analyst Regulation, 2014.

This paper aims at analyzing the asymmetries created by the Great Recession in the US real estate sector.

This paper uses a Markov-switching dynamic regression model in which parameters change when the housing market moves from one regime to the other.

The results show that the effect of real estate loans, interest rate, quantitative easing and working age population are asymmetric across bull and bear regimes. It is also found that the estimated parameters are larger in bull regime than bear regime, indicating a tendency to create house price bubbles in bull market.

Since three of those asymmetric variables (real estate loans, interest rate and quantitative easing) are related to monetary policy, the Fed can mitigate their impact on an interest-sensitive sector such as housing by engaging in a countercyclical monetary policy.

The estimated intercept and the variance parameter both vary from one regime to the other, thus justifying the use of a regime-dependent model.

This study aims to investigate the moderating role of investor demand on the relationship between the investors' divergence of beliefs and the first-day initial public offering (IPO) return.

The study sample covers the period from 2010 to 2019 and consists of 117 IPOs that are priced using the fixed price and listed on the Malaysian stock exchange (Bursa Malaysia). This study employed both the ordinary least square (OLS) and the quantile regression (QR) methods.

Investor demand, proxied by the over-subscription ratio (OSR), plays a moderating role in increasing the effect of investors' divergence of beliefs on initial return, and the moderation effects vary across the quantile of initial return. Pure moderation effects are observed at the bottom and top quantiles, suggesting that investor demand is necessary for divergence of beliefs to influence IPO initial return. However, at the middle quantile of initial return, investor demand is a quasi-moderator. That is, the OSR not only moderates the relationship between the divergence of beliefs and initial return but also has a positive effect on the initial return.

Investors' excessive demand for an IPO issue exacerbates the IPO under-pricing issue induced by a divergence of beliefs amongst investors, thus rendering greater equity market inefficiency.

To the authors' knowledge, this study is amongst the first to empirically investigate the moderating role of investor demand on the investors' divergence of beliefs and IPO initial return relationship.

This paper focuses on Ṣukūk issuance determinants in Gulf Cooperation Council (GCC) countries. Given the dual characteristic of debt and equity of Ṣukūk as well as their unique benefits of social responsibility, the author questions whether the theories of capital structure, the trade-off and the pecking order are able to well explain the Ṣukūk issuance.

First, the author verifies these theories using capital structure determinants and regresses the Ṣukūk change on these determinants. Second, the author tests the trade-off theory with the target debt model and third, verifies the pecking order theory using the fund flow deficit model.

The empirical results show that capital structure determinants fail to explain both theories. The author confirms that the Ṣukūk change is significatively linked to the deviation from a Ṣukūk target. So, issuing firms balance the marginal costs of Ṣukūk and their benefits of religiosity and social responsibility toward a target debt. The author finds no evidence of the pecking order theory.

This study contributes to corporate finance theory and corporate social responsibility. It verifies if capital structure theories proved in conventional financing can well explain Islamic bonds issuance given their social responsibility benefits.

Managers and investors would pay attention to the social factors explaining Ṣukūk issuance in their finance and investment decisions. They would be enhanced to use this financing tool knowing its social unique benefits. This also should encourage governments to enhance this socially responsible financing. Rating agencies would be motivated to evaluate Ṣukūk and firms would improve the quality and relevance of disclosure to get the best rating.

The author highlights the social factors explaining Ṣukūk issuance and enhances corporate social responsibility (CSR).

The author extends the few literature testing capital structure theories for Islamic bonds and highlights the specific social responsible features of Ṣukūk that would bridge their issuance to capital structure theories. So the author enhances the concept of Islamic CSR. Tying capital structure theories to CSR would also help developing Islamic finance theory as a unique social responsible framework.

Academic institutions are under increasing pressure to show that their research output has impact. As this concept is easier to quantify in science-based disciplines, this chapter reviews how one interprets what “impact” is in finance. It suggests how best to incorporate it into academic research through the use of a simple to understand impact ratio. It provides an overview of the leading academic publications and their role in this process. It asks how impact within finance is understood, appreciated and subject to critique. It concludes that academics should demonstrate how they can facilitate the development of capital markets through evidence-based policy and enhancing capital market efficiency.

The accuracy of the bending disturbances in (axisymmetrically loaded) spherical shells is computed by means of the widely used simplified method known as Geckeler's approximation (often employed as a benchmark for numerical models). The study is based on a comparison between Geckeler's approach and a related, but ‘superior’ approximation which, for practical purposes, may be considered to be exact. Conclusions are drawn from the results of a parametric investigation that encompasses various loading types, boundary conditions and shell geometries (i.e. springing angles and slenderness ratios).

The lengthy review of the Food Standards Committee of this, agreed by all public analysts and enforcement officers, as the most complicated and difficult of food groups subject to detailed legislative control, is at last complete and the Committee's findings set out in their Report. When in 1975 they were requested to investigate the workings of the legislation, the problems of control were already apparent and getting worse. The triology of Regulations of 1967 seemed comprehensive at the time, perhaps as we ventured to suggest a little too comprehensive for a rational system of control for arguments on meat contents of different products, descriptions and interpretation generally quickly appeared. The system, for all its detail, provided too many loopholes through which manufacturers drove the proverbial “carriage and pair”. As meat products have increased in range and the constantly rising price of meat, the “major ingredient”, the number of samples taken for analysis has risen and now usually constitutes about one‐quarter of the total for the year, with sausages, prepared meats (pies, pasties), and most recently, minced meat predominating. Just as serial sampling and analysis of sausages before the 1967 Regulations were pleaded in courts to establish usage in the matter of meat content, so with minced meat the same methods are being used to establish a maximum fat content usage. What concerns food law enforcement agencies is that despite the years that the standards imposed by the 1967 Regulations have been in force, the number of infringements show no sign of reduction. This should not really surprise us; there are even longer periods of failures to comply; eg., in the use of preservatives which have been controlled since 1925! What a number of public analysts have christened the “beefburger saga” took its rise post‐1967 and shows every indication of continuing into the distant future. Manufacturers appear to be trying numerous ploys to reduce the content below the Regulation 80% mainly by giving their products new names. Each year, public analysts report a flux of new names and ingenious defences; eg, “caterburgers” and similar concocted nomenclature, and the defence that because the name does not incorporate a meat, it is outside the statutory standard.

An important characteristic of most induction motors is speed- or slip-torque curve. A simplified Kloss formula is widely used for describing speed-torque characteristic because it is fairly simple. Only two parameters related to break-down torque and break-down slip are regarded as input parameters. Because this simplified formula ignores an unknown parameter that is a ratio between Thevenin’s and rotor resistances, an accurate torque curve characteristic may not be fully obtained over an entire speed range. Moreover, the conventional Kloss formula does not offer a speed-torque curve calculation when motor’s supply voltages and frequencies are deviated from rated values. Hence, the purpose of this paper is to present an extension of Kloss formula, which allows a more precise estimation of speed-torque and speed-current curves of single-cage three-phase induction motors over a wide range of speeds at different motor’s operating voltages, frequencies and rotor-circuit resistances.

The analytical approach is mainly used for determining all key parameters in the Kloss formula using a known set of data such as rated torque, starting torque, break-down torque and rated speed, in which they can be obtained from motor’s manufacturer.

The speed-torque and speed-current curves taken from laboratory measurements are compared with those from the calculations. Good agreements between them are fully observed.

This analytical approach is useful in providing an accurate speed-torque and speed-current curves required for most steady-state analysis.