By Santiago Carbó Valverde, Pedro Jesús Cuadros Solas, Francisco Rodríguez Fernández
This booklet offers perception into present learn issues in finance and banking within the aftermath of the monetary problem. professional authors authoritatively examine how banks finance their actions and get to the bottom of investment concerns. Chapters in particular speak about monetary tools resembling company bonds, IPOs, sukuks and microfinance funding autos (MIVs) in gentle of the significance of institutional investment gaps. The decision-making strategy in the banking in regards to long-range monetary judgements and dividend rules is additionally discussed.
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Additional info for Bank Funding, Financial Instruments and Decision-Making in the Banking Industry
Capital adequacy ratio regulations and accounting choices in commercial banks. Journal of Accounting and Economics, 13, 123–154. , & Saurina, J. (2008). Earnings and capital management in alternative loan loss provision regulatory regimes. The European Accounting Review, 17(3), 423–445. Prencipe, A. (2006). Earnings Quality, principi e metodi di analisi della qualità degli earnings in una prospettiva internazionale. Milano: Pearson Education. , & Parrado- Martínez, P. (2013). Determinants of European Bank CDS spreads in times of crisis.
Those are the main topics we try to address by using an advanced model, the Dynamic Conditional Correlation (DCC) GARCH. Among several multivariate models, we decided to use the DCC GARCH model of Engle (2002), following Engle and Sheppard (2008) methodology, due to its better performance in terms of portfolio allocation among the families applicable to large panel models. Our results suggest that, during the periods of high market volatility, sukuk exhibit high correlations with US and EU stock indexes, without experiencing the well-known flight to quality phenomenon.
Besides, in accordance with Bikker and Metzemakers (2005), Fonseca and González (2008), Leaeven and Majnoni (2003), we found a significant negative correlation between provisions and changes in GDP per capita. Such a relationship can be justified by the fact that, in the case of economic growth, usually credit losses and provisions tend to be lower and the rating of the counterparts tend to be better than the one during a period of downturn. In the second regression, we aim to test the statistical significance of the discretionary component of provisioning on cost of funding.