Bank Credit Conditions and their Influence on Productivity Growth: Company-level Evidence
|
|
- Oswald Neal
- 8 years ago
- Views:
Transcription
1 Bank Credt Condtons and ther Influence on Productvty Growth: Company-level Evdence Rebecca Rley*, Chara Rosazza Bondbene* and Garry Young** *Natonal Insttute of Economc and Socal Research & Centre For Macroeconomcs **Bank of England & Centre For Macroeconomcs Productvty and Frm Growth Workshop NIESR 11 November 2014 Dsclamers: Any vews expressed cannot be taken to represent those of the Bank of England or to state Bank of England polcy. Acknowledgements: The fnancal support of the Economc and Socal Research Councl grant reference ES/K00378X/1 s gratefully acknowledged.
2 Dsclamer Any vews expressed cannot be taken to represent those of the Bank of England or to state Bank of England polcy.
3 Motvaton The productvty puzzle t remans unclear how and to what extent the lack of credt has affected productvty Dffcult to dsentangle what s a change n credt supply and what s a change n credt demand A credt supply shock may reduce labour productvty: Bank forbearance (prevalence of zombe companes) Resource reallocaton across companes hampered Reducton n nvestment due to dffculty n accessng fnance
4 A Quas-Experment Explot exogenous varaton nduced by the fnancal crss n credt avalablty to companes to nvestgate mpacts of credt supply shocks Compare outcomes for companes who were subjected to tougher credt constrants to outcomes for companes that were less lkely to be constraned Quas-expermental approach Dvde frm observatons nto treatment and control groups based on man bank lender Dffculty swtchng to a new lender durng the crss Provde drect estmates of the mpact of credt constrants on UK frms Here we consder mpacts on frm survval and productvty
5 bass ponts The Dfferent Experences of UK Banks Bank fundng costs (CDS prema) Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan From the Large Revew: Havng lent aggressvely n the run-up to the crss, RBS s lendng volumes to SMEs have fallen faster than peers and ts market share has contracted from an unsustanably hgh share n 2008, to a level more consstent wth ts customer base.
6 bass pont dfferental The Dfferent Experences of the Bg Four UK Banks Credt Default Swap Prema Dfferentals Recaptalsaton of LBG & RBS Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 RBS vs HSBC LBG vs HSBC RBS vs Barclays LBG vs Barclays
7 Dstressed Banks LBG RBS Other BANK OF SCOTLAND NATIONAL WESTMINSTER BANK AIB GROUP LLOYDS TSB ROYAL BANK OF SCOTLAND GOVERNOR AND COMPANY OF BANK OF IRELAND LLOYDS BANK ROYAL BANK OF SCOTLAND COMMERCIAL SERVICES ANGLO IRISH BANK CORPORATION TSB BANK WESTMINSTER BANK ALLIED IRISH BANKS BANK OF WALES RBS INVOICE FINANCE CAPITAL HOME LOANS HALIFAX LOMBARD NORTH CENTRAL FIRST TRUST BANK HBOS WILLIAMS & GLYN'S BANK TRUSTEE SAVINGS BANK ROYAL BANK OF SCOTLAND SECURITY TRUSTEE NORRN ROCK TSB COMMERCIAL FINANCE NATIONAL PROVINCIAL BANK ALLIANCE & LEICESTER TSB ENGLAND & WALES ULSTER BANK BRADFORD & BINGLEY BUILDING SOCIETY TSB ASSET FINANCE MORTGAGE EXPRESS
8 Not Dstressed Banks HSBC Other HSBC BANK CLYDESDALE BANK COUTTS & COMPANY MIDLAND BANK YORKSHIRE BANK CLOSE BRORS HSBC INVOICE FINANCE CO-OPERATIVE BANK CLOSE INVOICE FINANCE HSBC INVOICE FINANCE SECURITY HOLDER SANTANDER SKIPTON BUILDING SOCIETY ABBEY NATIONAL NORWICH UNION MORTGAGE FINANCE Barclays NATIONWIDE BUILDING SOCIETY BIBBY FINANCIAL SERVICES MORTGAGE WORKS VENTURE FINANCE BARCLAYS BANK PARAGON MORTGAGES GRIFFIN CREDIT SERVICES WOOLWICH MORTGAGE TRUST ROYAL TRUST CORPORATION OF CANADA TRUSTEE COUTTS & CO SVENSKA HANDELSBANKEN AB PUBL
9 Data: Fnancal Analyss Made Easy (FAME) Company Accounts nformaton held by Companes House provded by Bureau Van Djk annual hstorcal dscs subsdares removed from the dataset Chargeholder recorded tells us whch banks a company s borrowng from Data ssues selectve reportng of key accounts nformaton reportng of employment and output s partcularly sparse declne over tme n tendency to report detaled accountng nformaton self-reportng of SIC codes
10 Dfference-n-dfferences set-up Treatment (T) and Control (C) group T = Companes wth an outstandng charge wth a DISTRESSED BANK at the tme the bank was rescued C = Companes wth an outstandng charge wth a NOT DISTRESSED BANK at the same tme Track dfference n the development of outcomes between the T and C groups snce bank rescue/fnancal crss FY 2007/8 or FY 2008/9 (PRE-perod) - FY 2011/12 or FY 2012/13 (POST-perod) And compare ths to dfferences n the development of outcomes between these two groups before the crss
11 Dfference-n-dfferences set-up (contnued) Y t cons DB DB NDB NDB post DB post DB NDB post NDB controls t u t where ( DB NDB ) dentfes the effect of beng stuck wth a dstressed bank. Further nteractons ncluded to dstngush the treatment effect by addtonal characterstcs H H H post H DB H DB NDB H NDB DB post H DB NDB post H NDB where ( ) ( DB NDB DB NDB ) dentfes the effect of beng type H and stuck wth a dstressed bank.
12 Rato of Dstressed to Not Dstressed Banks Short term loans and overdrafts held by companes wth outstandng charges n DISTRESSED and NOT DISTRESSED banks Source: FAME BvD and authors calculatons. Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender and who report ther loans.
13 2008=1 Medan short term loans and overdrafts held by companes wth outstandng charges n DISTRESSED and NOT DISTRESSED banks Not Dstressed Dstressed Source: FAME BvD and authors calculatons. Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender and who report ther debt.
14 2008=1 Medan labour productvty for companes wth outstandng charges n DISTRESSED and NOT DISTRESSED banks Not Dstressed Dstressed Source: FAME BvD and authors calculatons. Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender and who report ther debt.
15 PNFC Swtchng Between Lenders Probablty of changng lender after: 1 year 2 years 3 years 4 years All* Bg Four Source: FAME BvD and authors calculatons. Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender. Bg Four = RBS, Lloyds, HSBC, Barclays. Swtchng to another lender evaluated over the perod *Swtchng between 15 categores of lender
16 Sample Characterstcs (loan sample ) NDB DB NDB DB Ext rate (4 years) Start-up Ext rate (3 years) Young Total asset dstrbuton Foregn owned nd quntle Exporter rd quntle Count court judgment 0-24 mths th quntle Normal credt score th quntle Short term gearng >50th pctle Group accounts Short term gearng >75th pctle Full accounts Companes Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender and who report short term loans and overdrafts. Control group equals companes wth an outstandng charge wth a not dstressed bank. Treatment group equals companes wth an outstandng charge wth a dstressed bank. Fnancal years
17 Sample Characterstcs (productvty sample ) NDB DB NDB DB Ext rate (4 years) Start-up Ext rate (3 years) Young Total asset dstrbuton Foregn owned nd quntle Exporter rd quntle Count court judgment 0-24 mths th quntle Normal credt score th quntle Short term gearng >50th pctle Group accounts Short term gearng >75th pctle Full accounts Labour productvty >50th pctle Labour productvty >75th pctle Companes Notes: Companes n the non-fnancal non-farm busness sectors excludng the Mnng and Real Estate ndustres. Companes who do not have an outstandng charge wth any other lender and who report short term loans and overdrafts and for whom we can measure labour productvty and fxed assets. Control group equals companes wth an outstandng charge wth a not dstressed bank. Treatment group equals companes wth an outstandng charge wth a dstressed bank. Fnancal years
18 Ext Rate effect of beng wth a natonalsed bank Ext perod Full sample Loan sample Productvty sample 4-year *** (0.0019) *** (0.0037) (0.0070) 3-year *** (0.0016) *** (0.0030) (0.0053) Leverage poston Productvty poston 4-year BELOW 50th ** (0.0045) ** (0.0079) BELOW 50th (0.0117) 4-year ABOVE 50th * (0.0061) (0.0135) ABOVE 50th *** (0.0083) 3-year BELOW 50th *** (0.0035) ** (0.0058) BELOW 50th (0.0086) 3-year ABOVE 50th (0.0051) (0.0104) ABOVE 50th * (0.0061) 4-year BELOW 75th *** (0.0039) * (0.0071) BELOW 75th (0.0085) 4-year ABOVE 75th (0.0103) (0.0275) ABOVE 75th (0.0112) 3-year BELOW 75th *** (0.0031) (0.0053) BELOW 75th (0.0064) 3-year ABOVE 75th (0.0085) (0.0210) ABOVE 75th (0.0083) Notes: OLS regresson; robust standard errors n brackets clustered by frm. 3-6 %ponts added to the ext rate
19 Ext Rate effects (pre-crss falsfcaton test) Ext perod Full sample Loan sample Productvty sample 4-year (0.0019) (0.0034) (0.0067) 3-year * (0.0019) (0.0032) (0.0060) Leverage poston Productvty poston 4-year BELOW 50th (0.0044) (0.0078) BELOW 50th (0.0109) 4-year ABOVE 50th (0.0058) (0.0131) ABOVE 50th (0.0085) 3-year BELOW 50th (0.0039) (0.0067) BELOW 50th (0.0099) 3-year ABOVE 50th (0.0054) (0.0119) ABOVE 50th (0.0073) 4-year BELOW 75th (0.0037) (0.0069) BELOW 75th (0.0080) 4-year ABOVE 75th * (0.0098) (0.0261) ABOVE 75th (0.0124) 3-year BELOW 75th (0.0034) (0.0061) BELOW 75th (0.0072) 3-year ABOVE 75th (0.0093) (0.0238) ABOVE 75th (0.0105) Notes: OLS regresson; robust standard errors n brackets clustered by frm.
20 Ext Rates by Bg-4 Lender (Blateral Comparsons) Bank Ext perod Treatment Comparson Full sample Loan sample Productvty sample 4-year RBS HSBC *** (0.0026) *** (0.0053) (0.0113) 4-year LBG HSBC ** (0.0031) *** (0.0062) (0.0124) 4-year Barclays HSBC (0.0030) (0.0060) (0.0118) 4-year RBS Barclays *** (0.0028) (0.0054) (0.0094) 4-year LBG Barclays *** (0.0033) ** (0.0063) (0.0107) 4-year RBS Lloyds (0.0029) (0.0056) (0.0101) 3-year RBS HSBC *** (0.0023) *** (0.0044) (0.0085) 3-year LBG HSBC *** (0.0028) *** (0.0051) (0.0095) 3-year Barclays HSBC (0.0027) ** (0.0050) (0.0091) 3-year RBS Barclays *** (0.0024) (0.0044) (0.0072) 3-year LBG Barclays *** (0.0028) ** (0.0052) (0.0083) 3-year RBS Lloyds (0.0025) (0.0046) (0.0077) Notes: OLS regresson; robust standard errors n brackets clustered by frm.
21 Summary Companes that borrowed from banks that became dstressed (and natonalsed) were more lkely to ext the market n the years followng natonalsaton compared to a counterfactual where they had borrowed from a bank that dd not become dstressed Some evdence that natonalsed banks dffered from other banks n contrbutng to the ext of Lower leverage companes Hgher productvty companes Productvty n survvng companes Lookng at companes that stay n busness we do not detect a general effect on short term loans, captal ntensty, or productvty of beng assocated wth a dstressed bank (comparng several years before and after the crss) Data weaknesses may be contrbutng to ths
22 Conclusons Dd a credt supply shock contrbute to a reducton n productvty? Maybe yes, by contrbutng to the ext of potentally productve companes Less dfferental across banks n contrbuton to ext of hgh leverage companes Evdence of forbearance? Or s t just that hgh leverage companes are more lkely to ext n a recesson (regardless of the lender)? Are credt constrants a key drver of recent productvty weakness? Key explanatons of recent productvty weakness need to be able to explan the weakness of productvty wthn companes No obvous correlaton at the sector level between the productvty devaton from trend or reallocaton effects on productvty and bank dependence To what extent are these results applcable more wdely? Not clear that we can extrapolate from ths experment to credt shocks more generally Banks could de-leverage n alternate ways. Credt tghtenng by good banks mght also have contrbuted to productvty weakness. Data ssues.
The Impact of the Financial Crisis on UK Company Performance
The Impact of the Financial Crisis on UK Company Performance Rebecca Riley*, Chiara Rosazza Bondibene* and Garry Young** *National Institute of Economic and Social Research & CFM **Bank of England & CFM
More informationCommon Links in Title
Common Links in Title Common Links in Title (updated Sep. 2013) ABBEY NATIONAL BUILDING SOCIETY 12 Jul. 1989 - Assets transferred to ABBEY NATIONAL PLC. ABBEY NATIONAL PLC 12 Jul. 1989 - Assets of ABBEY
More informationChapter 15: Debt and Taxes
Chapter 15: Debt and Taxes-1 Chapter 15: Debt and Taxes I. Basc Ideas 1. Corporate Taxes => nterest expense s tax deductble => as debt ncreases, corporate taxes fall => ncentve to fund the frm wth debt
More informationAn Alternative Way to Measure Private Equity Performance
An Alternatve Way to Measure Prvate Equty Performance Peter Todd Parlux Investment Technology LLC Summary Internal Rate of Return (IRR) s probably the most common way to measure the performance of prvate
More informationCan Auto Liability Insurance Purchases Signal Risk Attitude?
Internatonal Journal of Busness and Economcs, 2011, Vol. 10, No. 2, 159-164 Can Auto Lablty Insurance Purchases Sgnal Rsk Atttude? Chu-Shu L Department of Internatonal Busness, Asa Unversty, Tawan Sheng-Chang
More informationVasicek s Model of Distribution of Losses in a Large, Homogeneous Portfolio
Vascek s Model of Dstrbuton of Losses n a Large, Homogeneous Portfolo Stephen M Schaefer London Busness School Credt Rsk Electve Summer 2012 Vascek s Model Important method for calculatng dstrbuton of
More informationWORKING PAPER SERIES TAKING STOCK: MONETARY POLICY TRANSMISSION TO EQUITY MARKETS NO. 354 / MAY 2004. by Michael Ehrmann and Marcel Fratzscher
WORKING PAPER SERIES NO. 354 / MAY 2004 TAKING STOCK: MONETARY POLICY TRANSMISSION TO EQUITY MARKETS by Mchael Ehrmann and Marcel Fratzscher WORKING PAPER SERIES NO. 354 / MAY 2004 TAKING STOCK: MONETARY
More informationThe impact of hard discount control mechanism on the discount volatility of UK closed-end funds
Investment Management and Fnancal Innovatons, Volume 10, Issue 3, 2013 Ahmed F. Salhn (Egypt) The mpact of hard dscount control mechansm on the dscount volatlty of UK closed-end funds Abstract The mpact
More informationStress test for measuring insurance risks in non-life insurance
PROMEMORIA Datum June 01 Fnansnspektonen Författare Bengt von Bahr, Younes Elonq and Erk Elvers Stress test for measurng nsurance rsks n non-lfe nsurance Summary Ths memo descrbes stress testng of nsurance
More informationDEFINING %COMPLETE IN MICROSOFT PROJECT
CelersSystems DEFINING %COMPLETE IN MICROSOFT PROJECT PREPARED BY James E Aksel, PMP, PMI-SP, MVP For Addtonal Informaton about Earned Value Management Systems and reportng, please contact: CelersSystems,
More informationTuition Fee Loan application notes
Tuton Fee Loan applcaton notes for new part-tme EU students 2012/13 About these notes These notes should be read along wth your Tuton Fee Loan applcaton form. The notes are splt nto three parts: Part 1
More informationReporting Forms ARF 113.0A, ARF 113.0B, ARF 113.0C and ARF 113.0D FIRB Corporate (including SME Corporate), Sovereign and Bank Instruction Guide
Reportng Forms ARF 113.0A, ARF 113.0B, ARF 113.0C and ARF 113.0D FIRB Corporate (ncludng SME Corporate), Soveregn and Bank Instructon Gude Ths nstructon gude s desgned to assst n the completon of the FIRB
More informationThe Current Employment Statistics (CES) survey,
Busness Brths and Deaths Impact of busness brths and deaths n the payroll survey The CES probablty-based sample redesgn accounts for most busness brth employment through the mputaton of busness deaths,
More informationPortfolio Loss Distribution
Portfolo Loss Dstrbuton Rsky assets n loan ortfolo hghly llqud assets hold-to-maturty n the bank s balance sheet Outstandngs The orton of the bank asset that has already been extended to borrowers. Commtment
More informationHow To Trade Water Quality
Movng Beyond Open Markets for Water Qualty Tradng: The Gans from Structured Blateral Trades Tanl Zhao Yukako Sado Rchard N. Bosvert Gregory L. Poe Cornell Unversty EAERE Preconference on Water Economcs
More informationDO LOSS FIRMS MANAGE EARNINGS AROUND SEASONED EQUITY OFFERINGS?
DO LOSS FIRMS MANAGE EARNINGS AROUND SEASONED EQUITY OFFERINGS? Fernando Comran, Unversty of San Francsco, School of Management, 2130 Fulton Street, CA 94117, Unted States, fcomran@usfca.edu Tatana Fedyk,
More informationSimple Interest Loans (Section 5.1) :
Chapter 5 Fnance The frst part of ths revew wll explan the dfferent nterest and nvestment equatons you learned n secton 5.1 through 5.4 of your textbook and go through several examples. The second part
More informationHOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA*
HOUSEHOLDS DEBT BURDEN: AN ANALYSIS BASED ON MICROECONOMIC DATA* Luísa Farnha** 1. INTRODUCTION The rapd growth n Portuguese households ndebtedness n the past few years ncreased the concerns that debt
More informationSmall pots lump sum payment instruction
For customers Small pots lump sum payment nstructon Please read these notes before completng ths nstructon About ths nstructon Use ths nstructon f you re an ndvdual wth Aegon Retrement Choces Self Invested
More informationEnterprise Finance Guarantee. Application Process and List of Lenders NOVEMBER 2014
Enterprise Finance Guarantee Application Process and List of Lenders NOVEMBER 2014 How does a Business apply for an EFG-backed facility? First and foremost a business applies to a lender for a loan or
More informationEmpirical Evidence of Trade Credit Uses of Brazilian Publicly Listed Companies
Avalable onlne at http:// BAR, Curtba, v. 7, n. 3, art. 2, pp. 242-259, July/Sept. 2010 Emprcal Evdence of Trade Credt Uses of Brazlan Publcly Lsted Companes Rchard Sato * E-mal address: rsato@fgvsp.br
More informationThe Use of Analytics for Claim Fraud Detection Roosevelt C. Mosley, Jr., FCAS, MAAA Nick Kucera Pinnacle Actuarial Resources Inc.
Paper 1837-2014 The Use of Analytcs for Clam Fraud Detecton Roosevelt C. Mosley, Jr., FCAS, MAAA Nck Kucera Pnnacle Actuaral Resources Inc., Bloomngton, IL ABSTRACT As t has been wdely reported n the nsurance
More informationNumber of Levels Cumulative Annual operating Income per year construction costs costs ($) ($) ($) 1 600,000 35,000 100,000 2 2,200,000 60,000 350,000
Problem Set 5 Solutons 1 MIT s consderng buldng a new car park near Kendall Square. o unversty funds are avalable (overhead rates are under pressure and the new faclty would have to pay for tself from
More informationCausal, Explanatory Forecasting. Analysis. Regression Analysis. Simple Linear Regression. Which is Independent? Forecasting
Causal, Explanatory Forecastng Assumes cause-and-effect relatonshp between system nputs and ts output Forecastng wth Regresson Analyss Rchard S. Barr Inputs System Cause + Effect Relatonshp The job of
More informationForecasting the Direction and Strength of Stock Market Movement
Forecastng the Drecton and Strength of Stock Market Movement Jngwe Chen Mng Chen Nan Ye cjngwe@stanford.edu mchen5@stanford.edu nanye@stanford.edu Abstract - Stock market s one of the most complcated systems
More informationHow To Evaluate A Dia Fund Suffcency
DI Fund Suffcency Evaluaton Methodologcal Recommendatons and DIA Russa Practce Andre G. Melnkov Deputy General Drector DIA Russa THE DEPOSIT INSURANCE CONFERENCE IN THE MENA REGION AMMAN-JORDAN, 18 20
More informationCapital Structure and Financing of Small and Medium Sized Enterprises: Empirical Evidence from a Sri Lankan Survey
Journal of Small Busness and Entrepreneurshp Development June 2015, Vol. 3, No. 1, pp. 54-65 ISSN: 2333-6374 (Prnt), 2333-6382 (Onlne) Copyrght The Author(s). All Rghts Reserved. Publshed by Amercan Research
More informationManagement Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs
Management Qualty and Equty Issue Characterstcs: A Comparson of SEOs and IPOs Thomas J. Chemmanur * Imants Paegls ** and Karen Smonyan *** Current verson: November 2009 (Accepted, Fnancal Management, February
More informationEditing and Imputing Administrative Tax Return Data. Charlotte Gaughan Office for National Statistics UK
Edtng and Imputng Admnstratve Tax Return Data Charlotte Gaughan Offce for Natonal Statstcs UK Overvew Introducton Lmtatons Data Lnkng Data Cleanng Imputaton Methods Concluson and Future Work Introducton
More information1.1 The University may award Higher Doctorate degrees as specified from time-to-time in UPR AS11 1.
HIGHER DOCTORATE DEGREES SUMMARY OF PRINCIPAL CHANGES General changes None Secton 3.2 Refer to text (Amendments to verson 03.0, UPR AS02 are shown n talcs.) 1 INTRODUCTION 1.1 The Unversty may award Hgher
More informationFACTORS & DISCOUNTERS ASSOCIATION QUARTERLY STATISTICS TO JUNE 2003
FACTORS & DISCOUNTERS ASSOCIATION QUARTERLY STATISTICS TO JUNE 2003 CONTENTS Page List of contributors 1 Executive summary aggregate figures 2 Aggregate figures for members in the Republic of Ireland 3
More informationSection 5.3 Annuities, Future Value, and Sinking Funds
Secton 5.3 Annutes, Future Value, and Snkng Funds Ordnary Annutes A sequence of equal payments made at equal perods of tme s called an annuty. The tme between payments s the payment perod, and the tme
More informationA Multistage Model of Loans and the Role of Relationships
A Multstage Model of Loans and the Role of Relatonshps Sugato Chakravarty, Purdue Unversty, and Tansel Ylmazer, Purdue Unversty Abstract The goal of ths paper s to further our understandng of how relatonshps
More informationHollinger Canadian Publishing Holdings Co. ( HCPH ) proceeding under the Companies Creditors Arrangement Act ( CCAA )
February 17, 2011 Andrew J. Hatnay ahatnay@kmlaw.ca Dear Sr/Madam: Re: Re: Hollnger Canadan Publshng Holdngs Co. ( HCPH ) proceedng under the Companes Credtors Arrangement Act ( CCAA ) Update on CCAA Proceedngs
More informationTraffic-light a stress test for life insurance provisions
MEMORANDUM Date 006-09-7 Authors Bengt von Bahr, Göran Ronge Traffc-lght a stress test for lfe nsurance provsons Fnansnspetonen P.O. Box 6750 SE-113 85 Stocholm [Sveavägen 167] Tel +46 8 787 80 00 Fax
More informationLocal Housing Allowance. How will I be paid?
Local Housing Allowance How will I be paid? How will I be paid my Local Housing Allowance? Local Housing Allowance will usually be paid directly to you, not your landlord. You will get paid either straight
More informationCHOLESTEROL REFERENCE METHOD LABORATORY NETWORK. Sample Stability Protocol
CHOLESTEROL REFERENCE METHOD LABORATORY NETWORK Sample Stablty Protocol Background The Cholesterol Reference Method Laboratory Network (CRMLN) developed certfcaton protocols for total cholesterol, HDL
More informationSulaiman Mouselli Damascus University, Damascus, Syria. and. Khaled Hussainey* Stirling University, Stirling, UK
CORPORATE GOVERNANCE, ANALYST FOLLOWING AND FIRM VALUE Sulaman Mousell Damascus Unversty, Damascus, Syra and Khaled Hussaney* Strlng Unversty, Strlng, UK Ths paper s accepted for publcaton at: Corporate
More informationWhy Do Cities Matter? Local Growth and Aggregate Growth
Why Do Ctes Matter? Local Growth and Aggregate Growth Chang-Ta Hseh Unversty of Chcago Enrco Morett Unversty of Calforna, Berkeley Aprl 2015 Abstract. We study how growth of ctes determnes the growth of
More informationTo manage leave, meeting institutional requirements and treating individual staff members fairly and consistently.
Corporate Polces & Procedures Human Resources - Document CPP216 Leave Management Frst Produced: Current Verson: Past Revsons: Revew Cycle: Apples From: 09/09/09 26/10/12 09/09/09 3 years Immedately Authorsaton:
More informationStaff Paper. Farm Savings Accounts: Examining Income Variability, Eligibility, and Benefits. Brent Gloy, Eddy LaDue, and Charles Cuykendall
SP 2005-02 August 2005 Staff Paper Department of Appled Economcs and Management Cornell Unversty, Ithaca, New York 14853-7801 USA Farm Savngs Accounts: Examnng Income Varablty, Elgblty, and Benefts Brent
More informationManagement Quality, Financial and Investment Policies, and. Asymmetric Information
Management Qualty, Fnancal and Investment Polces, and Asymmetrc Informaton Thomas J. Chemmanur * Imants Paegls ** and Karen Smonyan *** Current verson: December 2007 * Professor of Fnance, Carroll School
More informationA Simplified Framework for Return Accountability
Reprnted wth permsson from Fnancal Analysts Journal, May/June 1991. Copyrght 1991. Assocaton for Investment Management and Research, Charlottesvlle, VA. All rghts reserved. by Gary P. Brnson, Bran D. Snger
More informationHow To Calculate The Accountng Perod Of Nequalty
Inequalty and The Accountng Perod Quentn Wodon and Shlomo Ytzha World Ban and Hebrew Unversty September Abstract Income nequalty typcally declnes wth the length of tme taen nto account for measurement.
More informationThe Investor Recognition Hypothesis:
The Investor Recognton Hypothess: the New Zealand Penny Stocks Danel JP Cha, Department of Accountng and Fnance, onash Unversty, Clayton 3168, elbourne, Australa, and Danel FS Cho, Department of Fnance,
More informationReturns to Experience in Mozambique: A Nonparametric Regression Approach
Returns to Experence n Mozambque: A Nonparametrc Regresson Approach Joel Muzma Conference Paper nº 27 Conferênca Inaugural do IESE Desafos para a nvestgação socal e económca em Moçambque 19 de Setembro
More informationAnalysis of Premium Liabilities for Australian Lines of Business
Summary of Analyss of Premum Labltes for Australan Lnes of Busness Emly Tao Honours Research Paper, The Unversty of Melbourne Emly Tao Acknowledgements I am grateful to the Australan Prudental Regulaton
More informationAre Women Better Loan Officers?
Are Women Better Loan Offcers? Ths verson: February 2009 Thorsten Beck * CentER, Dept. of Economcs, Tlburg Unversty and CEPR Patrck Behr Goethe Unversty Frankfurt André Güttler European Busness School
More informationCorporate Real Estate Sales and Agency Costs of Managerial Discretion
Corporate Real Estate Sales and Agency Costs of Manageral Dscreton Mng-Long Lee * Department of Fnance Natonal Yunln Unversty of Scence & Technology Yunln, Tawan Mng-Te Lee Department of Accountng Tamkang
More informationThe DAX and the Dollar: The Economic Exchange Rate Exposure of German Corporations
The DAX and the Dollar: The Economc Exchange Rate Exposure of German Corporatons Martn Glaum *, Marko Brunner **, Holger Hmmel *** Ths paper examnes the economc exposure of German corporatons to changes
More informationSTAMP DUTY ON SHARES AND ITS EFFECT ON SHARE PRICES
STAMP UTY ON SHARES AN ITS EFFECT ON SHARE PRICES Steve Bond Mke Hawkns Alexander Klemm THE INSTITUTE FOR FISCAL STUIES WP04/11 STAMP UTY ON SHARES AN ITS EFFECT ON SHARE PRICES Steve Bond (IFS and Unversty
More informationMERGERS AND ACQUISITIONS IN THE SPANISH BANKING INDUSTRY: SOME EMPIRICAL EVIDENCE
MERGERS AN ACQUISITIONS IN THE SPANISH BANKING INUSTRY: SOME EMPIRICA EVIENCE Ignaco Fuentes and Teresa Sastre Banco de España Banco de España Servco de Estudos ocumento de Trabajo n.º 9924 MERGERS AN
More informationHow To Understand The Results Of The German Meris Cloud And Water Vapour Product
Ttel: Project: Doc. No.: MERIS level 3 cloud and water vapour products MAPP MAPP-ATBD-ClWVL3 Issue: 1 Revson: 0 Date: 9.12.1998 Functon Name Organsaton Sgnature Date Author: Bennartz FUB Preusker FUB Schüller
More informationTinbergen Institute Amsterdam Keizersgracht 482 1017 EG Amsterdam The Netherlands Tel.: +31.(0)20.5513500 Fax: +31.(0)20.5513555
7, 7LQEHUJHQ,QVWLWXWH'LVFXVVLRQ3DSHU 7KH9DOXHRI+XPDQDQG6RFLDO &DSLWDO,QYHVWPHQWVIRUWKH %XVLQHVV3HUIRUPDQFHRI6WDUW XSV 1LHOV%RVPD 0LUMDPYDQ3UDDJ 5R\7KXULN *HUULWGH:LW Ã (,0%XVLQHVVDQG3ROLF\5HVHDUFK=RHWHUPHHU
More informationCapital efficiency and market value in knowledge and capitalintensive firms: an empirical study
Ganpaolo Iazzolno (Italy), Guseppe Mglano (Italy), Rosa Forgone (Italy), Marangela Grmonte (Italy) Captal effcency and market value n knowledge and captalntensve frms: an emprcal study Abstract The ncreasng
More informationTHE DISTRIBUTION OF LOAN PORTFOLIO VALUE * Oldrich Alfons Vasicek
HE DISRIBUION OF LOAN PORFOLIO VALUE * Oldrch Alfons Vascek he amount of captal necessary to support a portfolo of debt securtes depends on the probablty dstrbuton of the portfolo loss. Consder a portfolo
More informationFinancial Mathemetics
Fnancal Mathemetcs 15 Mathematcs Grade 12 Teacher Gude Fnancal Maths Seres Overvew In ths seres we am to show how Mathematcs can be used to support personal fnancal decsons. In ths seres we jon Tebogo,
More information7.5. Present Value of an Annuity. Investigate
7.5 Present Value of an Annuty Owen and Anna are approachng retrement and are puttng ther fnances n order. They have worked hard and nvested ther earnngs so that they now have a large amount of money on
More informationDepreciation of Business R&D Capital
Deprecaton of Busness R&D Captal U.S. Bureau of Economc Analyss Abstract R&D deprecaton rates are crtcal to calculatng the rates of return to R&D nvestments and captal servce costs, whch are mportant for
More informationChapter 15 Debt and Taxes
hapter 15 Debt and Taxes 15-1. Pelamed Pharmaceutcals has EBIT of $325 mllon n 2006. In addton, Pelamed has nterest expenses of $125 mllon and a corporate tax rate of 40%. a. What s Pelamed s 2006 net
More informationCahiers de la Chaire Santé
Cahers de la Chare Santé The nfluence of supplementary health nsurance on swtchng behavour: evdence from Swss data Auteurs : Brgtte Dormont, Perre-Yves Geoffard, Karne Lamraud N 4 - Janver 2010 1 The nfluence
More informationRob Guthrie, Business Initiatives Specialist Office of Renewable Energy & Environmental Exports
Fnancng Solar Energy Exports Rob Guthre, Busness Intatves Specalst Offce of Renewable Energy & Envronmental Exports Export-Import Bank of the U.S. Independent, self-fundng fundng agency of the U.S. government
More informationMortgage Default and Prepayment Risks among Moderate and Low Income Households. Roberto G. Quercia. University of North Carolina at Chapel Hill
Mortgage Default and Prepayment Rsks among Moderate and Low Income Households Roberto G. Querca Unversty of North Carolna at Chapel Hll querca@emal.unc.edu Anthony Pennngton-Cross Marquette Unversty anthony.pennngton-cross@marquette.edu
More informationFixed income risk attribution
5 Fxed ncome rsk attrbuton Chthra Krshnamurth RskMetrcs Group chthra.krshnamurth@rskmetrcs.com We compare the rsk of the actve portfolo wth that of the benchmark and segment the dfference between the two
More informationTax Avoidance Strategies in (Probably) Loss-making
Tax Avodance Strateges n (Probably) Loss-makng Afflates Arnt O. Hopland Petro Lsowsky Mohammed Mardan Drk Schndler August 26, 2014 Abstract When afflates run operatng losses, there s an ncentve to shft
More informationSearching and Switching: Empirical estimates of consumer behaviour in regulated markets
Searchng and Swtchng: Emprcal estmates of consumer behavour n regulated markets Catherne Waddams Prce Centre for Competton Polcy, Unversty of East Angla Catherne Webster Centre for Competton Polcy, Unversty
More informationAnalysis of the relationship between working capital policy and operating risk: an empirical study on Jordanian industrial companies
Investment Management and Fnancal Innovatons, Volume 7, Issue, 00 Fars Nasf Al-Shubr (Jordan) Analyss of the relatonshp between workng capal polcy and operatng rsk: an emprcal study on Jordanan ndustral
More informationStart me up: The Effectiveness of a Self-Employment Programme for Needy Unemployed People in Germany*
Start me up: The Effectveness of a Self-Employment Programme for Needy Unemployed People n Germany* Joachm Wolff Anton Nvorozhkn Date: 22/10/2008 Abstract In recent years actvaton of means-tested unemployment
More information! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #...
! # %& ( ) +,../ 0 1 2 3 4 0 4 # 5##&.6 7% 8 # 0 4 2 #... 9 Sheffeld Economc Research Paper Seres SERP Number: 2011010 ISSN 1749-8368 Sarah Brown, Aurora Ortz-Núñez and Karl Taylor Educatonal loans and
More informationHigh Correlation between Net Promoter Score and the Development of Consumers' Willingness to Pay (Empirical Evidence from European Mobile Markets)
Hgh Correlaton between et Promoter Score and the Development of Consumers' Wllngness to Pay (Emprcal Evdence from European Moble Marets Ths paper shows that the correlaton between the et Promoter Score
More informationData Mining from the Information Systems: Performance Indicators at Masaryk University in Brno
Data Mnng from the Informaton Systems: Performance Indcators at Masaryk Unversty n Brno Mkuláš Bek EUA Workshop Strasbourg, 1-2 December 2006 1 Locaton of Brno Brno EUA Workshop Strasbourg, 1-2 December
More informationHigh LTV Loans and Credit Risk
Hgh LTV Loans and Credt Rsk Brent Ambrose Professor of Fnance and Kentucky Real Estate Professor Unversty of Kentucky Lexngton, KY 40506-0034 (859) 257-7726 ambrose@uky.edu and Anthony B. Sanders John
More informationDiscount Rate for Workout Recoveries: An Empirical Study*
Dscount Rate for Workout Recoveres: An Emprcal Study* Brooks Brady Amercan Express Peter Chang Standard & Poor s Peter Mu** McMaster Unversty Boge Ozdemr Standard & Poor s Davd Schwartz Federal Reserve
More informationEvaluating the Effects of FUNDEF on Wages and Test Scores in Brazil *
Evaluatng the Effects of FUNDEF on Wages and Test Scores n Brazl * Naérco Menezes-Flho Elane Pazello Unversty of São Paulo Abstract In ths paper we nvestgate the effects of the 1998 reform n the fundng
More informationcomplaints data - showing individual financial businesses new cases received by the Financial Ombudsman Service from 1 January to 30 June 2011
complaints data - showing individual financial businesses new cases received by the Financial Ombudsman Service from 1 January to 30 June 2011 number of new cases - by complaint category business name
More informationThursday, December 10, 2009 Noon - 1:50 pm Faraday 143
1. ath 210 Fnte athematcs Chapter 5.2 and 4.3 Annutes ortgages Amortzaton Professor Rchard Blecksmth Dept. of athematcal Scences Northern Illnos Unversty ath 210 Webste: http://math.nu.edu/courses/math210
More informationInformation Technology and the U.S. Productivity Revival: What Do the Industry Data Say?
Informaton Technology and the U.S. Productvty Revval: What Do the Industry Data Say? Kevn J. Stroh Federal Reserve Bank of New York January 24, 2001 Abstract Ths paper examnes the lnk between nformaton
More informationHARVARD John M. Olin Center for Law, Economics, and Business
HARVARD John M. Oln Center for Law, Economcs, and Busness ISSN 1045-6333 ASYMMETRIC INFORMATION AND LEARNING IN THE AUTOMOBILE INSURANCE MARKET Alma Cohen Dscusson Paper No. 371 6/2002 Harvard Law School
More informationHuman Capital and Regional Economic Growth in Slovenia
Human Captal and Regonal Economc Growth n Slovena Matjaž Novak and Štefan Bojnec Unversty of Prmorska Slovena Ths artcle presents the emprcal results concernng the economc growth n Slovena at the aggregate
More informationConstruction Rules for Morningstar Canada Target Dividend Index SM
Constructon Rules for Mornngstar Canada Target Dvdend Index SM Mornngstar Methodology Paper October 2014 Verson 1.2 2014 Mornngstar, Inc. All rghts reserved. The nformaton n ths document s the property
More informationNew evidence of the impact of dividend taxation and on the identity of the marginal investor
New evdence of the mpact of dvdend taxaton and on the dentty of the margnal nvestor LEONIE BELL AND TIM JENKINSON * * Economcs Department, Oxford Unversty and Saïd Busness School, Oxford Unversty and CEPR
More informationSIMPLE LINEAR CORRELATION
SIMPLE LINEAR CORRELATION Smple lnear correlaton s a measure of the degree to whch two varables vary together, or a measure of the ntensty of the assocaton between two varables. Correlaton often s abused.
More informationHouses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
Houses as ATMs? Mortgage Refnancng and Macroeconomc Uncertanty Prelmnary and ncomplete Hu Chen MIT Sloan and NBER Mchael Mchaux USC Marshall July 6, 2011 Nkola Roussanov Wharton and NBER Abstract Mortgage
More informationTHE EFFECT OF PREPAYMENT PENALTIES ON THE PRICING OF SUBPRIME MORTGAGES
THE EFFECT OF PREPAYMENT PENALTIES ON THE PRICING OF SUBPRIME MORTGAGES Gregory Ellehausen, Fnancal Servces Research Program George Washngton Unversty Mchael E. Staten, Fnancal Servces Research Program
More informationTransition Matrix Models of Consumer Credit Ratings
Transton Matrx Models of Consumer Credt Ratngs Abstract Although the corporate credt rsk lterature has many studes modellng the change n the credt rsk of corporate bonds over tme, there s far less analyss
More informationCourse outline. Financial Time Series Analysis. Overview. Data analysis. Predictive signal. Trading strategy
Fnancal Tme Seres Analyss Patrck McSharry patrck@mcsharry.net www.mcsharry.net Trnty Term 2014 Mathematcal Insttute Unversty of Oxford Course outlne 1. Data analyss, probablty, correlatons, vsualsaton
More informationRelationship Banking and SMEs A Theoretical Analysis
Dscusson Paper Seres A No.470 Relatonshp Bankng and SMEs A Theoretcal Analyss Tmo Baas (DIW Berln [German Insttute for Economc Research]) and Mechthld Schrooten (Assocate Professor, The Insttute of Economc
More informationMortgage lenders and financial references Guidance as at 9/11/2015
Mortgage lenders and financial references Guidance as at 9/11/2015 Lenders which will accept financial references from CIOT and ATT members New HMRC agreement with the Council of Mortgage Lenders re SA302s
More informationInternational students opening a UK bank account
International students opening a UK bank account I am a student from outside the UK and I am about to start studying at a UK university/college/school. How do I choose which bank is best for me? You should
More informationTHE DETERMINANTS OF THE TUNISIAN BANKING INDUSTRY PROFITABILITY: PANEL EVIDENCE
THE DETERMINANTS OF THE TUNISIAN BANKING INDUSTRY PROFITABILITY: PANEL EVIDENCE Samy Ben Naceur ERF Research Fellow Department of Fnance Unversté Lbre de Tuns Avenue Khéreddne Pacha, 002 Tuns Emal : sbennaceur@eudoramal.com
More informationINTEREST RATE PASS THROUGH A STUDY OF THE EXTENT AND SPEED OF INTEREST RATE PASS-THROUGH ON A BASKET OF RETAIL BANKING PRODUCTS
INTEREST RATE PASS THROUGH A STUDY OF THE EXTENT AND SPEED OF INTEREST RATE PASS-THROUGH ON A BASKET OF RETAIL BANKING PRODUCTS July 2 1 Table Of Contents Executive Summary 2 Introduction 3 Study Findings
More informationHow To Get A Tax Refund On A Retirement Account
CED0105200808 Amerprse Fnancal Servces, Inc. 70400 Amerprse Fnancal Center Mnneapols, MN 55474 Incomng Account Transfer/Exchange/ Drect Rollover (Qualfed Plans Only) for Amerprse certfcates, Columba mutual
More informationPrediction of Disability Frequencies in Life Insurance
Predcton of Dsablty Frequences n Lfe Insurance Bernhard Köng Fran Weber Maro V. Wüthrch October 28, 2011 Abstract For the predcton of dsablty frequences, not only the observed, but also the ncurred but
More informationEmpirical Methods. MIT 14.771/ Harvard 2390b
Emprcal Methods MIT 14.771/ Harvard 2390b The goal of ths handout s to present the most common emprcal methods used n appled economcs. Excellent references for the program evaluaton and natural experment
More informationDo stock prices underreact to SEO announcements? Evidence from SEO Valuation
Do stock prces underreact to SEO announcements? Evdence from SEO Valuaton Amyatosh K. Purnanandam Bhaskaran Swamnathan * Frst Draft: December 2005 Comments Welcome * Purnanandam s an Assstant Professor
More information1. Math 210 Finite Mathematics
1. ath 210 Fnte athematcs Chapter 5.2 and 5.3 Annutes ortgages Amortzaton Professor Rchard Blecksmth Dept. of athematcal Scences Northern Illnos Unversty ath 210 Webste: http://math.nu.edu/courses/math210
More informationbenefit is 2, paid if the policyholder dies within the year, and probability of death within the year is ).
REVIEW OF RISK MANAGEMENT CONCEPTS LOSS DISTRIBUTIONS AND INSURANCE Loss and nsurance: When someone s subject to the rsk of ncurrng a fnancal loss, the loss s generally modeled usng a random varable or
More informationHow To Find The Dsablty Frequency Of A Clam
1 Predcton of Dsablty Frequences n Lfe Insurance Bernhard Köng 1, Fran Weber 1, Maro V. Wüthrch 2 Abstract: For the predcton of dsablty frequences, not only the observed, but also the ncurred but not yet
More informationIntra-year Cash Flow Patterns: A Simple Solution for an Unnecessary Appraisal Error
Intra-year Cash Flow Patterns: A Smple Soluton for an Unnecessary Apprasal Error By C. Donald Wggns (Professor of Accountng and Fnance, the Unversty of North Florda), B. Perry Woodsde (Assocate Professor
More informationSmall and medium-sized enterprises, bank relationship strength, and the use of venture capital
Small and medum-szed enterprses, bank relatonshp strength, and the use of venture captal Allen N. Berger a,b,c and Klaus Schaeck d,* a Moore School of Busness, Unversty of South Carolna, Columba, SC 29208,
More information