$0.00
Tampilkan postingan dengan label Jurnal Ekonomi. Tampilkan semua postingan
Tampilkan postingan dengan label Jurnal Ekonomi. Tampilkan semua postingan
Minggu, 12 Oktober 2014
Why the Positional Leadership Perspective Hinders the Ability of Organizations to Deal with Complex and Dynamic Situations
$0.00
Charles G. Sanders
The 21st century competitive global environment is dynamic, complex, and multi-cultural, and necessitates a more rapid response to changes to survive (Rost, 1991). The most effective approach for dealing with this is to involve employees in the various leadership processes for the organization (Pearce & Conger, 2003; Raelin, 2003). However, the leadership role described is not the common view of leadership based on authority. Rather, the required leadership is based on everyday influence processes by anyone in the organization derived from knowledge and the recognition for the need for a specific change. This paper shows how the perpetuated perspective of leadership as something reserved for persons of authority actually inhibits the very organization behaviors called for by the complex and dynamic situations in which they work
The 21st century competitive global environment is dynamic, complex, and multi-cultural, and necessitates a more rapid response to changes to survive (Rost, 1991). The most effective approach for dealing with this is to involve employees in the various leadership processes for the organization (Pearce & Conger, 2003; Raelin, 2003). However, the leadership role described is not the common view of leadership based on authority. Rather, the required leadership is based on everyday influence processes by anyone in the organization derived from knowledge and the recognition for the need for a specific change. This paper shows how the perpetuated perspective of leadership as something reserved for persons of authority actually inhibits the very organization behaviors called for by the complex and dynamic situations in which they work
The Emerging Significance of Values Based Leadership: A Literature Review
$0.00
Mary Kay Copeland
The emergence of the 21st century was plagued with extensive, evasive and disheartening leadership failures. Moral and ethical deficiencies were prevalent in many charismatic, dynamic and seemingly transformational leaders that had risen to prominence in both the public and private sectors. In response, leadership and management theorists began to place a renewed emphasis on the importance of ethics and morality in exemplary leaders, and a plethora of values based leadership (VBL) theories emerged. VBL behaviors are styles that have a moral, authentic and ethical dimension. This study examines the prevailing literature and research on the various constructs rooted in VBL. It identifies three constructs: (a) authentic (Avolio & Gardner, 2005; Gardner, Avolio, Luthans, May, & Walumbwa, 2005; George, 2003; Luthans & Avolio, 2003), (b) ethical (Brown et al., 2005), and transformational leadership (Bass, 1985; Bass, 1990; Bass & Avolio, 1990; Bass & Steidlmeier, 1999) that are considered the most emphasized behaviors in the VBL literature and examines the literature streams and progression of research for each of these VBL theories. The study identifies literature that supports that when these VBL behaviors are found in leaders, the leaders are evaluated as more effective by subordinates. The purpose is to provide a summary of the seminal VBL literature to date and provide recommendations for future research and study
The emergence of the 21st century was plagued with extensive, evasive and disheartening leadership failures. Moral and ethical deficiencies were prevalent in many charismatic, dynamic and seemingly transformational leaders that had risen to prominence in both the public and private sectors. In response, leadership and management theorists began to place a renewed emphasis on the importance of ethics and morality in exemplary leaders, and a plethora of values based leadership (VBL) theories emerged. VBL behaviors are styles that have a moral, authentic and ethical dimension. This study examines the prevailing literature and research on the various constructs rooted in VBL. It identifies three constructs: (a) authentic (Avolio & Gardner, 2005; Gardner, Avolio, Luthans, May, & Walumbwa, 2005; George, 2003; Luthans & Avolio, 2003), (b) ethical (Brown et al., 2005), and transformational leadership (Bass, 1985; Bass, 1990; Bass & Avolio, 1990; Bass & Steidlmeier, 1999) that are considered the most emphasized behaviors in the VBL literature and examines the literature streams and progression of research for each of these VBL theories. The study identifies literature that supports that when these VBL behaviors are found in leaders, the leaders are evaluated as more effective by subordinates. The purpose is to provide a summary of the seminal VBL literature to date and provide recommendations for future research and study
Servant leadership and Employee Commitment to a Supervisor
$0.00
Shane Sokoll
A relationship between employee commitment to a supervisor and reduced levels of employee turnover has been found in previous research studies (Vandenberghe & Bentein, 2009). Since turnover is often associated with high costs, understanding how to retain valuable human resource talent is of increasing importance. In this study, Fields and Winston’s (2010) servant leadership instrument, Becker, Billings, Eveleth, and Gilbert’s (1996) employee commitment to a supervisor scale, and Stogdill’s (1963) supervisor initiation of structure subscale are used to measure the predictive effect of servant leadership on employee commitment to a supervisor, beyond the effect of a supervisor’s task-oriented behavior. One hundred and forty nine of 207 fulltime employees from a university in the U.S. responded to a web-hosted survey that was distributed via email. A multiple regression analysis was conducted that controlled for employee age, employee tenure with the supervisor, employee gender, employee/supervisor gender similarity/dissimilarity, and supervisor task-oriented behavior. Servant leadership was found to have a significant (p < .001) effect on employee commitment to a supervisor, shown by an increased R-Square value of 0.224 (22.4%). This study adds empirical evidence to the construct validity of servant leadership theory and the positive influence said behavior has on employee commitment
A relationship between employee commitment to a supervisor and reduced levels of employee turnover has been found in previous research studies (Vandenberghe & Bentein, 2009). Since turnover is often associated with high costs, understanding how to retain valuable human resource talent is of increasing importance. In this study, Fields and Winston’s (2010) servant leadership instrument, Becker, Billings, Eveleth, and Gilbert’s (1996) employee commitment to a supervisor scale, and Stogdill’s (1963) supervisor initiation of structure subscale are used to measure the predictive effect of servant leadership on employee commitment to a supervisor, beyond the effect of a supervisor’s task-oriented behavior. One hundred and forty nine of 207 fulltime employees from a university in the U.S. responded to a web-hosted survey that was distributed via email. A multiple regression analysis was conducted that controlled for employee age, employee tenure with the supervisor, employee gender, employee/supervisor gender similarity/dissimilarity, and supervisor task-oriented behavior. Servant leadership was found to have a significant (p < .001) effect on employee commitment to a supervisor, shown by an increased R-Square value of 0.224 (22.4%). This study adds empirical evidence to the construct validity of servant leadership theory and the positive influence said behavior has on employee commitment
Mapping the Landscape of Shared Leadership: A Review and Synthesis
$0.00
John P. Ulhøi & Sabine Müller
As can be seen from the substantial increase in the volume and scope of leadership publications over the last ten to fifteen years, leadership is a construct with important social and relational properties. Shared leadership in particular has attracted considerable attention from organization and management scholars, although there has been surprisingly little focus on the key structuring processes and mechanisms that enable shared leadership. The aim of this paper is to rectify this by identifying the critical factors and mechanisms which enable shared leadership and its antecedents and outcomes, and to develop a synthesized framework of shared leadership. The paper closes with a brief discussion of avenues for future research and implications for managers.
As can be seen from the substantial increase in the volume and scope of leadership publications over the last ten to fifteen years, leadership is a construct with important social and relational properties. Shared leadership in particular has attracted considerable attention from organization and management scholars, although there has been surprisingly little focus on the key structuring processes and mechanisms that enable shared leadership. The aim of this paper is to rectify this by identifying the critical factors and mechanisms which enable shared leadership and its antecedents and outcomes, and to develop a synthesized framework of shared leadership. The paper closes with a brief discussion of avenues for future research and implications for managers.
Supportive Supervisor Communication as a Mediator of the Leader-Member Exchange and Subordinate Performance Relationship
$0.00
Daniel F. Michael
The focus of this research is on the relationships between leader-member exchange (LMX), supportive supervisor communication (SSC), and subordinate job performance. It was predicted that the relationship between subordinate ratings of LMX quality and supervisor ratings of subordinate performance would be mediated by subordinate ratings of SSC. Specifically, it was hypothesized that LMX would directly influence SSC, and SSC would directly influence two facets of contextual performance: interpersonal facilitation and job dedication. It was also hypothesized that job dedication would directly influence task performance, thus mediating the relationship between SSC and task performance. Thus, SSC was expected to mediate the relationship between LMX and contextual and task performance. Structural equation modeling results based on 243 supervisor-subordinate dyads from the banking industry provided substantial support for the proposed model.
The focus of this research is on the relationships between leader-member exchange (LMX), supportive supervisor communication (SSC), and subordinate job performance. It was predicted that the relationship between subordinate ratings of LMX quality and supervisor ratings of subordinate performance would be mediated by subordinate ratings of SSC. Specifically, it was hypothesized that LMX would directly influence SSC, and SSC would directly influence two facets of contextual performance: interpersonal facilitation and job dedication. It was also hypothesized that job dedication would directly influence task performance, thus mediating the relationship between SSC and task performance. Thus, SSC was expected to mediate the relationship between LMX and contextual and task performance. Structural equation modeling results based on 243 supervisor-subordinate dyads from the banking industry provided substantial support for the proposed model.
An Explorative Study on the Connection Between Ethical Leadership, Prototypicality and Organizational Misbehavior in a Dutch Fire Service
$0.00
Annette de Wolde, Jelle Groenendaal, Ira Helsloot, & Arjen Schmidt
In this article, we examine the relationship between ethical leadership and organizational misbehavior in a Dutch fire service and the extent to which prototypicality mediates this relationship. It is found that ethical leadership of battalion chiefs is statistically negatively related to the occurrence of self-reported disobedience of 61 crew commanders. Being a group prototype or not seems to fully explain this effect, as we found a full mediation effect. In addition, we found no statistically significant connection between the three components of ethical leadership, role modeling, rewards and discipline, and communicating about ethics and values, and the self-reported organizational misbehavior. Consequently, the question arises whether leaders who are viewed as “ethical” leaders simply have more influence on the unethical behavior of subordinates due to their leadership or that their norms and values just more closely fit to the professional norms and values of subordinates
In this article, we examine the relationship between ethical leadership and organizational misbehavior in a Dutch fire service and the extent to which prototypicality mediates this relationship. It is found that ethical leadership of battalion chiefs is statistically negatively related to the occurrence of self-reported disobedience of 61 crew commanders. Being a group prototype or not seems to fully explain this effect, as we found a full mediation effect. In addition, we found no statistically significant connection between the three components of ethical leadership, role modeling, rewards and discipline, and communicating about ethics and values, and the self-reported organizational misbehavior. Consequently, the question arises whether leaders who are viewed as “ethical” leaders simply have more influence on the unethical behavior of subordinates due to their leadership or that their norms and values just more closely fit to the professional norms and values of subordinates
If at First You Don’t Succeed: A Framework for Understanding Follower Compliance in Multiple Influence Attempts
$0.00
John E. Barbuto, Jr. & Kevin Warneke
We propose a framework for understanding the influence process in multiple influence attempts. The framework incorporates the constructs of influence tactics, bases of social power, work motivation, compliance and commitment, and modes of conflict management to arrive at a sequential illustration of the influence process through primary and secondary influence attempts. Propositions are developed and directions for future research are explored
Commodity Indices – The End of an Era?
$0.00
Keywords:
correlation, value at risk, volatility, diversification, commodities
correlation, value at risk, volatility, diversification, commodities
Abstract:
Commodities are very important for the welfare of whole nations and so an increased demand, even on the financial markets, can be seen in the 20th century. For this reason commodities were no longer only product factors. They became more and more a speculative character for investors, especially in times of crisis as a possible safe haven (Mildner / Rudloff / Westphal, 2012, p. 57). Because of their development over two decades, during which time the invested volume grew up to an amount of 320 Billion US-Dollar at the beginning of 2011 (Knoepfel, 2011, p. 2) and the return of investing in commodities had beaten traditional investments, it might be very interesting to invest in commodity indices, if they can diversify an investor´s portfolio while improving the return. For the valuation and comparison of traditional and commodity indices, this article uses the classical approach of the volatility and the Value at Risk (VaR) for risk measurement and logarithmic returns for the performances. The analysis is indexed on July 1998 to get comparable results and aims to test if commodities can diversify a portfolio any longer.
Commodities are very important for the welfare of whole nations and so an increased demand, even on the financial markets, can be seen in the 20th century. For this reason commodities were no longer only product factors. They became more and more a speculative character for investors, especially in times of crisis as a possible safe haven (Mildner / Rudloff / Westphal, 2012, p. 57). Because of their development over two decades, during which time the invested volume grew up to an amount of 320 Billion US-Dollar at the beginning of 2011 (Knoepfel, 2011, p. 2) and the return of investing in commodities had beaten traditional investments, it might be very interesting to invest in commodity indices, if they can diversify an investor´s portfolio while improving the return. For the valuation and comparison of traditional and commodity indices, this article uses the classical approach of the volatility and the Value at Risk (VaR) for risk measurement and logarithmic returns for the performances. The analysis is indexed on July 1998 to get comparable results and aims to test if commodities can diversify a portfolio any longer.
References:
Allgoewer, E. (2008). Geld-, Währungs- und Wirtschaftskrisen - Der Goldstandard und die Weltwirtschaftskrise. In Spitzeck, H. W. / Weis, M. / Spitzek, H. (eds.): Der Geldkomplex - Kritische Reflexion unsere Geldsystems und mögliche Zukunftsszenarien. Bern: Haupt Verlag, pp. 48-67.
Boerse.de. (2013a). Dow Jones UBS Commodity Index (DJ-UBSCI). Available from: http://www.boerse.de/grundlagen/rohstoffe/Dow-Jones-UBS-Commodity-Index-DJ-UBSCI-|50, accessed on December 31st, 2013.
Boerse.de. (2013b). CRB (Commodity Research Bureau). Available from: http://www.boerse.de/indizes/CRB-Commodity-Research-Bureau-/XY0000837933 accessed on December 31st, 2013.
Brasche, U. (2013). Europäische Integration: Wirtschaft, Erweiterung und regionale Effekte. München: Oldenburg Wissenschaftsverlag.
Büscher, A., Frère, E., Hellwig, G. (2012). Sustainable Investments - Eine alternative Kapitalanlage für Kreditinstitute?, in: Reuse, S. / Zeranski, S. (eds.): Banken-Times Spezial, No. 08 and 09.2012, pp. 5-10.
Büscher, A., Frère, E., Hellwig, G., Reuse, S. (2013). Sustainable Investments - Outperformance gegenüber traditionellen Kapitalanlagen? Controller Magazin, 38(1), pp. 83-89.
Dow Jones Indices (2012). Dow Jones-UBS Commodity Indexes. Available from: http://www.djindexes.com/commodity/, accessed on December 31st, 2013.
Frankfurter Allgemeine Zeitung. (2013). MIDDAY BRIEFING - Unternehmen und Märkte -2-. Available from: http://www.faz.net/agenturmeldungen/unternehmensnachrichten/midday-briefing-unternehmen-und-maerkte-2-12543875.html, accessed on December 31st, 2013.
Glebe, D. (2008). Die globale Finanzkrise. Norderstedt: Books on Demand.
Gregoriou, G. N. (2009). Encyclopedia of Alternative Investments. Boca Raton: Taylor & Francis Group.
Haase, M., Markert, V. (2009). Auf der Suche nach der Benchmark: die neue Generation von Rohstoffindizes. Zeitschrift für das gesamte Kreditwesen, 62(8), pp. 385-387.
Haaß, W. (2007). Rendite aus der Fülle der Natur. die bank - Zeitschrift für Bankpolitik und Praxis (5), pp. 14-19.
Kern, M. (2008). Kapitalmarktorientierter Kreditrisikotransfer - Eine Analyse am Beispiel deutscher Genossenschaftsbanken. Wiesbaden: Gabler-GWV.
Knoepfel, I. (2011). Responsible investments in commodities - The issue of stake and a potential role of institutional investors. Zürich: onValues Investment Strategies and Research.
Krämer, W. (2002). Rohstoffe als Investmentklasse, Available from: http://www.lazardnet.com/lam/de/pdfs/Hintergrund_Rohstoffe_0602.pdf, accessed on December 31st, 2013.
Mallien, J. (2012). Warum der Baltic Dry Index diesmal lügt, 01.02.2012. Available from: http://www.handelsblatt.com/politik/konjunktur/nachrichten/konjunkturbarometer-stuerzt-ab-warum-der-baltic-dry-index-diesmal-luegt/6135760.html, accessed on December 31st, 2013.
Mikosch, B. (2010). Wenn der Dollar dem Anleger die Pläne verdirbt. Available from: http://www.ftd.de/finanzen/maerkte/:waehrungsrisiko-wenn-der-dollar-dem-anleger-die-plaene-verdirbt/50175810.html, accessed on August 31st, 2013.
Mildner, S.-A., Rudloff, B., Westphal, K. (2012). Aufgaben für eine internationale Rohstoff-Governance. In Braml, J. v., Mair, S., Sandschneider, E. (eds.), Außenpolitik in der Wirtschafts- und Finanzkrise - Jahrbuch Internationale Politik Band 29 (Vol. 29), München: Oldenburg Wissenschaftsverlag, pp. 57-70.
Neumann, M. (2009). Große Unterschiede bei Rohstoffindizes. asset avenue, pp. 34-35.
Philips, T. K. (1999). The Pros and Cons of Indexing Pension Assets. In: Fabozzi, F. J. (ed.): Perspectives on Investment Management of Public Pension Funds (pp. 50-61). Pennsylvania: Frank J. Fabozzi Associates.
Pompian, M. M. (2012). Behavioral Finance and Investor Types - Managing Behaviour to Make Better Investment Decisions. New Jersey: John Wiley & Sons.
Priebe, C. (2012). Von Krisen, Crashs und Spekulanten. Norderstedt: Books on Demand.
Reuse, S. (2006). Berechnung des Value-at-Risk mit der Monte-Carlo-Simulation. Bankpraktiker, 1(7), pp. 366-371.
Reuse, S. (2010). Comparing Variance/Covariance and historical simulation in the context of the financial crisis - Do extreme movements have an influence onto portfolio selection? Financial Assets and Investing, 1(1), pp. 15-30.
Reuse, S. (2011). Korrelationen in Extremsituationen - Eine empirische Analyse des deutschen Finanzmarktes mit dem Fokus auf irrationales Marktverhalten. Wiesbaden: Gabler Verlag.
Reuse, S., Linnertová, D. (2008a). Diversification with the help of commodities - A historical analysis. Guaranteed commodity trading on commodity exchanges under the auspices of Commissioner of Region South Moravia Ing. Stanislav Juránek on 25.06. – 26.06. 2008 at Faculty of Economics and Administration MU (FEA), pp. 50-56. Brno.
Reuse, S., Linnertová, D. (2008b). Using commodities as a strategy of diversification - A historical analysis. In V. Šoltés (Ed.), National and Regional Economics VII., (pp. 531-538). Košice.
Rogers International Commodity Index. (2012). Rogers Raw Materials. Available from: http://www.rogersrawmaterials.com/home.asp, accessed on August 31st, 2013.
Rogers International Commodity Index. (2013). The RICI weighting. Available from: http://www.rogersrawmaterials.com/weight.asp , accessed on August 31st, 2013.
Rolfes, B. (2008). Gesamtbanksteuerung - Risiken ertragsorientiert steuern (2nd ed.). Stuttgart: Schäffer-Poeschel.
Scherff, D. (2013). Schlechte Nachrichten aus den Schwellenländern. Available from: http://www.faz.net/aktuell/finanzen/kommentar-schlechte-nachrichten-aus-den-schwellenlaendern-12545504.html, accessed on August 31st, 2013.
Schneider, K. (2010). Marketing als Steuerungsinstrument in der Wirtschaftskrise: Der konjunkturelle Einfluss auf die absatzpolitischen Maßnahmen. Hamburg: Diplomica Verlag.
Steiner, M., Bruns, C., Stöckl, S. (2012). Wertpapiermanagement - Professionelle Wertpapieranalyse und Portfoliostrukturierung (10 ed.). Stuttgart: Schäffer-Poeschel Verlag.
Thomson Reuters. (2012). Commodity Indices - The world's first commodity index, in its original and updated forms. Available from http://Thomsonreuters.com/products_services/financial/thomson_reuters_indices/indices/commodity_indices/, accessed on August 31st, 2013.
Thomson Reuters. (2013a). Commodity Indices. Available from http://Thomsonreuters.com/commodity-indices/, accessed on August 31st, 2013.
Thomson Reuters. (2013b). CRB Reuters Jefferies. Available from: https://customers.reuters.com/d/Reuters_Jefferies_CRB_Index.pdf, accessed on August 31st, 2013.
Wohleb, D., Jochims, D. (2011). Risiken beim Rohstoffhandel - Wie Contango und Backwardation den Anlageerfolg gefährden. Available from http://www.handelsblatt.com/finanzen/ratgeber/geldanlage/risiken-beim-rohstoffhandel-wie-contango-und-backwardation-den-anlageerfolg-gefaehrden/3928166.html, accessed on August 31st, 2013
Concentration of Banking Sector and Loan Markups in Short Term: An Example from Poland
$0.00
Keywords:
concentration of banking sector, loan markup, Poland
concentration of banking sector, loan markup, Poland
Abstract:
The aim of this paper is to present an analysis of the relationship between concentration of the banking sector and banks' markups on offered loans. The markup is understood as the difference between the rate offered by banks and the reference rate fixed by the Monetary Policy Council. The period between 2009 and 2013 was analyzed. Monthly data from the Polish banking sector were considered. This paper also consists of the literature review, which focuses on the mortgage market. The methodology used for the analysis is based mainly on simple linear regression techniques. It is found that such methods are not sufficient to give conclusive answers. Therefore additional future research is proposed.
The aim of this paper is to present an analysis of the relationship between concentration of the banking sector and banks' markups on offered loans. The markup is understood as the difference between the rate offered by banks and the reference rate fixed by the Monetary Policy Council. The period between 2009 and 2013 was analyzed. Monthly data from the Polish banking sector were considered. This paper also consists of the literature review, which focuses on the mortgage market. The methodology used for the analysis is based mainly on simple linear regression techniques. It is found that such methods are not sufficient to give conclusive answers. Therefore additional future research is proposed.
References:
Adkins, L. C. (2010). Using gretl for Principles of Econometrics, Oklahoma State University.
Allen, J., Clark, R., Houde, J.-F. (2012). Price Competition and Concentration in Search and Negotiation Markets: Evidence from Mortgage Lending. Bank of Canada Working Paper, 2012-4.
Allen, F., Gale, D. (2000). Comparing Financial Systems, MIT Press.
Allen, F., Gersbach, H., Krahnen, J.-P., Santomero, A. M. (2001). Competition Among Banks: Introduction and Conference Overview. European Finance Review, 5, pp. 1-11.
D'Arista, J. (2009). Financial Concentration. Wall Street Watch Working Paper, 3.
Augustyniak, H., Laszek, J., Olszewski, K., Waszczuk, J. (2013). Modelling of cycles in the residential real estate market - interactions between the primary and the secondary market and multiplier effects. National Bank of Poland Working Papers, 143.
Beck, T., Demirgüç-Kunt, A., Levine, R. (2003). Bank Concentration and Crises. NBER Working Paper, 9921.
Berger, A. N., Hannan, T.H. (1989). The price-concentration relationship in banking. The Review of Economics and Statistics, 71, pp. 291-299.
Bergstresser, D. (2008). Market Concentration and Commercial Bank Loan Portfolios. Available at SSRN: http://ssrn.com/abstract=1291356.
Brzoza-Brzezina, M. (2005). Lending Booms in the new EU Member States. Will Euro Adoption Matter?. European Central Bank Working Papers, 543.
Calza, A., Monacelli, T., Stracca, L. (2013). Housing Finance and Monetary Policy. Journal of the European Economic Association, 11, pp. 101-122.
Carletti, E., Hartmann, P. (2002). Competition and Stability: What's Special About Banking?. European Central Bank Working Papers, 146.
Chetty, R., Szeidl, A. (2004). Consumption commitments and asset prices. Paper presented at the 2004 SED Meeting.
Cipollini, A., Fiordelisi, F. (2008). The impact of bank concentration on financial distress: the case of the European banking system, Preprint (Preliminary version).
Cody, R. (2011). SAS Statistics by Example, SAS Institute.
Davis, M., Heathcote, J. (2005). Housing and the business cycle. International Economic Review, 46, pp. 751-784.
Diebold, F. X. (2006). Elements of forecasting, Cengage Learning.
Eichengreen, B., Steiner, K. (2008). Is Poland at Risk of a Boom-and-Bust Cycle in the Run-Up to Euro Adoption?. NBER Working Paper, 14438.
Engle, R., Granger, C. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica, 55, pp. 251-276.
Erel, I. (2011). The Effect of Bank Mergers on Loan Prices: Evidence from the United States. Review of Financial Studies, 24, pp. 1068-1101.
Favara, G., Imbs, J.M. (2010). Credit Supply and the Price of Housing. CEPR Discussion Paper, 8129.
Ferreira, C. (2013). Bank market concentration and bank efficiency in the European Union: a panel Granger causality approach. International Economics and Economic Policy, 10, pp. 365-391.
Fisher, I. (1933). The debt-deflation theory of great depressions. Econometrica, 1, pp. 337-357.
Garmaise, M. J., Moskowitz, T. J. (2004). Bank mergers and crime: The real and social effect of credit market competition. NBER Working Paper, 11006.
González, V. M., González, F. (2008). Influence of bank concentration and institutions on capital structure: New international evidence. Journal of Corporate Finance, 14, pp. 363-375.
Granger, C. (1981). Some properties of time series data and their use in econometric model specification. Journal of Econometrics, 16, pp. 121-130.
Granger, C., Newbold, P. (1974). Spurious regressions in econometrics. Journal of Econometrics, 2, pp. 111-120.
Greenwood, J., Hercowitz, Z. (1991). The allocation of capital and time over the business cycle. Journal of Political Economy, 99, pp. 1188-1214.
Hannan, T. H., Prager, R. A. (1998). Do substantial horizontal mergers generate significant price effects? Evidence from the banking industry. Journal of Industrial Economics, 46, pp. 433-452.
Herring, R. J., Wachter, S. (1998). Real Estate Booms and Banking Busts: An International Perspective. Paper presented at the Wharton Conference on Asian Twin Financial Crises 1998.
Hüfner, F. (2009). Adjusting Housing Policies in Slovakia in Light of Euro Adoption. OECD Economics Department Working Papers, 682.
Hwang, M., Quigley, J. (2006). Economic fundamentals in local housing markets: evidence from U.S. metropolitan regions. Journal of Regional Science, 46, pp. 425-453.
Iacoviello, M. (2002). House Prices and Business Cycles in Europe: a VAR Analysis. Boston College Working Papers in Economics, 540.
KNF (2013). Dane o rynku. Available from http://www.knf.gov.pl/opracowania/sektor_bankowy/index.html.
Kokoszczyński, R. (2001). Structural changes in the Polish banking industry - three dimensions of consolidation processes in an emerging economy. BIS Papers 4 - The banking industry in the emerging market economies: competition, consolidation and systemic stability, pp. 118-122.
Kozak, S. (2008). Wpływ konsolidacji i koncentracji sektora bankowego na poziom cen w bankach. Przykład Stanów Zjednoczonych. Ekonomia, 21, pp. 120-138.
Kraciuk, J. (2006). Procesy konsolidacji w polskim sektorze bankowym. Problemy Rolnictwa Światowego, 15, pp. 282-292.
Lakic, S. (2013). Concentration in banking - A paradigm of manipulative control and power. Montenegrin Journal of Economics, 9, pp. 53-62.
Levine, R. (2004). Denying Foreign Bank Entry: Implications for Bank Interest Margins. In: (eds.) Ahumada, L.A., Fuentes, J.R., Central Banking, Analysis, and Economic Policies, Vol. 7, pp. 271-292.
Lissowska, M., Szulfer, J. (2012). Cykl mieszkaniowy a system bankowy - przypadek Polski. Prace i Materiały Instytutu Rozwoju Gospodarczego SGH, 88, pp. 85-118.
Łaszek, J., Augustyniak, H., Widłak, M. (2009). Euro a ryzyko bąbli na rynku nieruchomości mieszkaniowych. Materiały i Studia NBP, 238.
Micek, M. (2002). Teoretyczne podstawy konsolidacji w sektorze bankowym. Bank i Kredyt, 33, pp. 40-46.
NBP (2013). Statystyka stóp procentowych. http://www.nbp.pl/home.aspx?f=/statystyka/pieniezna_i_bankowa/oprocentowanie.html.
Nielsen, H. B. (2005). Lecture Notes on Econometrics 2, Københavns Universitet.
Parker, J. A. (2013). Lecture Notes on Theory and Practice of Econometrics, Reed College.
Pawłowska, M. (2003). Wpływ zmian w strukturze polskiego sektora bankowego na jego efektywność w latach 1997-2002 (podejście nieparametryczne). Bank i Kredyt, 11/12, pp. 51-65.
Pavlov, A., Wachter S. (2006). Aggressive Lending and Real Estate Markets. The Wharton School - University of Pennsylvania Working Paper, 566.
Piocha, S., Radlińska, K. (2010). Uwagi na temat kryzysu gospodarczego i sektora bankowego w Polsce. Zeszyty Naukowe Polityki Europejskie, Finanse i Marketing, 53, pp. 238-251.
Renaud, B. M. (2009). Mortgage Finance in Emerging Markets: Constraints and Feasible Development Paths. In: (eds.) Ben-Shahar, D., Leung, C.K.Y., Ong, S.E., Mortgage Markets Worldwide. Blackwell Publishing Ltd., pp. 253-288.
Rhoades, S. A. (1996). Competition and bank mergers: directions for analysis from available evidence. Antitrust Bulletin, 41, pp.339-364.
Rice, T., Strahan, P.E. (2010). Does Credit Competition Affect Small-Firm Finance. Journal of Finance, 65, pp. 861-889.
Rogowski, W. (2001). Konkurencja na rynku usług bankowych - miary koncentracji. Bank i Kredyt, 33, pp. 43-51.
Rousseas, S. (1985). A markup theory of bank loan rates. Journal of Post Keynesian Economics, 8, pp. 135-144.
Rytelewska, G., Huszczonek, E. (2004). Zmiany w popycie na kredyt gospodarstw domowych. Materiały i Studia NBP, 172.
Santillán Salgado, R. J. (2011). Banking Concentration in the European Union during the Last Fifteen Years. Panoeconomicus, 58, pp. 245-266.
Seko, M. (2003). Housing prices and economic cycles: evidence from Japanese Prefectures. Paper presented at the Nexus between the macro Economy and Housing - workshop.
Skinner, J. (1994). Housing and saving in the United States. In: (eds.) Noguchi, Y., Poterba, J., Housing Markets in the United States and Japan. University of Chicago Press, pp. 191-214.
Sørensen, C. K., Lichtenberger, J.-D. (2009). Mortgage Interest Rate Dispersion in the Euro Area. European Central Bank Working Papers, 733.
Stępień, K. (2004). Konsolidacja a efektywność banków w Polsce. CeDeWu.
Tsatsaronis, K., Zhu, H. (2004). What drives house price dynamics: cross-country evidence. BIS Quarterly Review, 03/2004, pp. 65-78.
Uhde, A., Heimeshoff, U. (2009). Consolidation in banking and financial stability in Europe: empirical evidence. IWQW discussion paper series, 02/2009.
Wen, Y. (2001). Residential investment and economic growth. Annals of Economics and Finance, 2, pp. 437-444.
An Insight into SBM Efficiency of Slovak Commercial Banks
$0.00
Keywords:
efficiency, Slovak banking industry, SBM model, the profit approach
efficiency, Slovak banking industry, SBM model, the profit approach
Abstract:
The paper investigates into the efficiency of the Slovak banking industry over the years 2000–2011 through the prism of the profit approach to the perception of efficiency of commercial banks. More precisely, the aim of the paper is to benchmark individual commercial banks with respect to their efficiency status under the profit definition of efficiency. Nonetheless, massive structural changes that took place in the Slovak economy also affected significantly the development of the Slovak banking sector and gave rise to shifts in its production function. In order to include these qualitative changes into consideration, the entire period of 12 years was – on economic grounds – divided into three consecutive non-overlapping sub-periods (2000–2003, 2004–2008, 2009–2011) during which the production function may be viewed stable and free of qualitative alterations. A panel of 11 organizational units (i.e. commercial banks) of the Slovak banking sector was identified, and under the assumption of the production function being constant and shiftless in the three sub-periods the data on them were pooled together for each of the three sub-periods. In evaluating their technical efficiency in the individual three sub-periods, a non-parametric method of evaluation is employed based on the slack-based measure (SBM) model of data envelopment analysis. During the period of 12 years examined, Slovenská sporiteľňa maintained a comparatively high SBM technical efficiency and other Slovak banks were subject to positive or negative changes in their comparative efficiency profile. The paper further demonstrates how this information can be used outside the academic sphere with an accent laid upon the stockholders and the management of the commercial banks under investigation.
The paper investigates into the efficiency of the Slovak banking industry over the years 2000–2011 through the prism of the profit approach to the perception of efficiency of commercial banks. More precisely, the aim of the paper is to benchmark individual commercial banks with respect to their efficiency status under the profit definition of efficiency. Nonetheless, massive structural changes that took place in the Slovak economy also affected significantly the development of the Slovak banking sector and gave rise to shifts in its production function. In order to include these qualitative changes into consideration, the entire period of 12 years was – on economic grounds – divided into three consecutive non-overlapping sub-periods (2000–2003, 2004–2008, 2009–2011) during which the production function may be viewed stable and free of qualitative alterations. A panel of 11 organizational units (i.e. commercial banks) of the Slovak banking sector was identified, and under the assumption of the production function being constant and shiftless in the three sub-periods the data on them were pooled together for each of the three sub-periods. In evaluating their technical efficiency in the individual three sub-periods, a non-parametric method of evaluation is employed based on the slack-based measure (SBM) model of data envelopment analysis. During the period of 12 years examined, Slovenská sporiteľňa maintained a comparatively high SBM technical efficiency and other Slovak banks were subject to positive or negative changes in their comparative efficiency profile. The paper further demonstrates how this information can be used outside the academic sphere with an accent laid upon the stockholders and the management of the commercial banks under investigation.
References:
Anayiotos, G., Toroyan, H., Vamvakidis, A. (2010). The efficiency of emerging Europe′s banking sector before and after the recent economic crisis. Financial Theory and Practice, vol. 34, iss. 3, pp. 247-267.
Benston, G. (1965). Branch banking and economies of scale. Journal of Finance, vol. 20, no. 2, pp. 312-331.
Berger, A. N., Hanweck, G. A., Humphrey, D. B. (1987). Competitive viability in banking: Scale, Scope and Product Mix Economies. Journal of Monetary Economics, vol. 20, pp 501-520.
Berger, A. N., Humphrey, D. B. (1997). Efficiency of financial institutions: international survey and directions for future research. European Journal of Operational Research, vol. 98, number 2, pp. 175-212.
Berger, A. N., Mester, L. (2003). Explaining the dramatic changes in performance of US banks: Technological change, deregulation, and dynamic changes in competition. Journal of Financial Intermediation, vol. 12, pp. 57-95.
Boďa, M., Zimková, E. (2013). A Cobb-Douglasian production function of the Slovak banking sector under the intermediation approach. Financial management of firms and financial institutions. Ostrava: Ekonomická fakulta Vysoké školy báňské - Technické univerzity Ostrava, pp. 54-63.
Cooper, W. W., Seiford, L. M., Tone, K. (2007). Data envelopment analysis. New York: Springer, 2007.
Grigorian, D., Manole, V. (2002). Determinants of commercial bank performance in transition: an application of data envelopment analysis. Working Paper No. 146. Washington: International Monetary Fund.
Kenjegalieva, K. A., Simper, R., Weyman-Jones, T. G. (2009). Efficiency in transition banks: inter-country banking industry trends. Applied Financial Economics. vol. 19, pp. 1531-1546.
Koch, T. W., MacDonald, S. S. (2010). Bank management. 7th ed. Mason (OH, USA): South-Western.
Mishkin, F. S. (2007). Economics of money, banking and financial markets. 8th ed. Upper Saddle River (NJ, USA): Prentice-Hall, 2007.
Oh, D.-H., Suh, D. (2013) nonparaeff: nonparametric methods for measuring efficiency and productivity, R package, version 0.5-8 of 2013-02-22, http://cran.r-project.org/web/packages/nonparaeff/index.html.
R Development Core Team (2013). R: a language and environment for statistical computing. Vienna: R Foundation for Statistical Computing, http://www.r-project.org/.
Sealey, C. W., Lindley, J. T. (1977), Inputs, outputs and a theory of production and cost at depository financial institutions. Journal of Finance, vol. 32, no. 8, pp. 1251-1266.
Stavárek, D., Řepková, I. (2012). Efficiency in the Czech banking industry: A non-parametric approach. Acta Universitatis Agriculturae et Silviculturae Mendeleianae Brunensis, vol. LX, number 2, pp. 357–366.
Stavárek, D. (2006). Banking efficiency in the context of European integration. Eastern European Economics, vol. 44, number 4, pp. 5-31.
Tomova, M. (2006). X-efficiency of European banking – inequality and convergence. Free University of Brussels.
Vincová, K. (2006). Neefektívnosť z rozsahu v bankovom sektore. Komparácia slovenského a českého bankového sektora. In Národná a regionálna ekonomika VI, Herľany. Košice: Technická univerzita v Košiciach, pp. 440-445.
Wozniewska, G. (2008). Methods of measuring the efficiency of commercial banks: an example of Polish banks. Ekonomika, number 84, pp. 81-91.
Zemanová, V. (2007). Aplikácia metódy DEA na bankový sektor Slovenskej republiky. In Proceedings from the conference AIESA Mladá veda 2007. Bratislava: Ekonóm
Modeling Financial Surplus of the Housing Projects Developer
$0.00
Keywords:
housing projects development, financial surplus, stochastic modeling, simulations
housing projects development, financial surplus, stochastic modeling, simulations
Abstract:
References:
Alexander, C. (2008). Market Risk Analysis: Value at Risk Models, 4th ed. England: John Wiley & Sons.
Bayraktar, E., Young, V. R. (2010). Optimal investment strategy to minimize occupation time. Annals of Operations Research, vol. 176(1), pp. 389-408.
Cai, N., Chen, N., Wan, X. (2010). Occupation Times of Jump-Diffusion Processes with Double Exponential Jumps and the Pricing of Options. Mathematics of Operations Research, vol. 35(2), pp. 412-437.
Czernik, T. (2013). Occupation time – potential applications. Geometric Brownian Motion case. In: Barczak, A. S., Tworek, P. (eds.), Zastosowanie metod ilościowych w zarządzaniu ryzykiem w działalności inwestycyjnej. Katowice: Polish Economic Society.
Gentle, J. E. (2003). Random number generation and Monte Carlo methods. New York: Springer.
Hanson, F. B. (2007). Applied Stochastic processes and control for jump-diffusions. Modeling, analysis, and computation. Philadelphia: SIAM.
Huh, Y. K., Hwang, B. G., Lee, J. S. (2012). Feasibility analysis model for developer-proposed housing projects in the republic of Korea. Journal of Civil Engineering and Management, vol. 18(3), pp. 345-355.
Iskra, D. (2011). Value at Risk - securities of portfolio optimization. A Geometric Brownian Motion case. Supplemento ai Rendiconti del Circolo matemattico di Palermo, vol. 2(83), pp. 199-208.
Oksendal, B. (2007). Stochastic Differential Equations: An Introduction with Applications. Berlin Heidelberg: Springer.
Ozdamar, L., Dundar, H. (1997). A flexible heuristic for a multi-mode capital constrained project scheduling problem with probabilistic cash inflows. Computers & Operations Research, vol. 24(12), pp. 1187-1200.
Skorupka, D. (2007). Metoda identyfikacji i oceny ryzyka realizacji przedsięwzięć budowlanych. Warszawa: Wyd. Wojskowej Akademii Technicznej.
Tworek, P. (2010a). Methods of risk identification in companies’ investment projects. In: Dluhosova, D. (ed.), Managing and modelling of financial risk. Ostrava, pp. 418-427.
Tworek, P. (2010b). Risk management standards – the review of approaches and concept. In: Dluhosova, D. (ed.), Managing and modelling of financial risk. Ostrava, pp. 409-417.
The Effects of Irreversibility and Uncertainty on Business Investments: A New View of Investment
$0.00
Keywords:
investment, uncertainty, irreversibility
investment, uncertainty, irreversibility
Abstract:
References:
Abel, A. B., Eberly, J. C. (1994). A Unified Model of Investment under Uncertainty. American Economic Review, vol. 5, pp. 1369-1384.
Belanová, K. (2012). Investície, riziko a nezameniteľnosť investícií: príklad automobilového priemyslu v SR. Ekonomický časopis, vol. 2, pp. 187-209.
Belanová, K. (2010). Teória a politika podnikateľských financií. Bratislava: Vydavateľstvo EKONÓM.
Bell, G. K., Campa, J. M. (1997). Irreversible Investment and Volatile Markets: A Study of the Chemical Processing Industry. Review of Economics and Statistics, vol. 1, pp. 79-87.
Bernanke, B. S. (1983). Irreversibility, Uncertainty and Cyclical Investment. Quarterly Journal of Economics, vol. 1, pp. 85-106.
Bertola, G., Caballero, R. J. (1994). Irreversibility and Aggregate Investment. Review of Economic Studies, vol. 2, pp. 223-246.
Bloom, N., Bond, S., Reenen, J. (2007). Uncertainty and Investment Dynamics. Review of Economic Studies, vol. 2, pp. 391-415.
Bond, S. R., Lombardi, D. (2006). To Buy or Not to Buy? Uncertainty, Irreversibility, and Heterogeneous Investment Dynamics in Italian Company Data. IMF Staff Papers, No. 53, Washington, DC.
Caballero, R. J. (1991). On the Sign of the Investment – Uncertainty Relationship. American Economic Review, vol. 4, pp. 279-288.
Carruth, A., Dickerson, A., Henley, A. (2000). What do We Know about Investment under Uncertainty? Journal of Economic Surveys, vol. 2, pp. 119-153.
Cassimon, D. et al. (2002). Investment, Uncertainty and Irreversibility: Evidence from Belgian Accounting Data. Working papers, Belgium.
Dixit, A. K., Pindyck, R. S. (1994). Investment under Uncertainty. New Yersey: Princeton University Press.
Episcopos, A. (1995). Evidence on the Relationship between Uncertainty and Irreversible Investment. Quarterly Journal of Economics and Statistics, vol. 1, pp. 41-52.
Ghosal, V., Loungani, P. (1996). Product Market Competition and the Impact of Price Uncertainty on Investment: Some Evidence from US Manufacturing Industries. Journal of Industrial Economics, vol. 2, pp. 217-228.
Goel, R. K., Ram, R. (2001). Irreversibility of R&D Investment and the Adverse Effect of Uncertainty. Economics Letters, vol. 2, pp. 287-291.
Guiso, L., Parigi, G. (1999). Investment and Demand Uncertainty. Quarterly Journal of Economics, vol. 1, pp. 185-227.
Jorgenson, D. W. (1971). Econometric studies of investment behavior: A survey. Journal of Economic Literature, vol. 4, pp. 111-147.
Le, K. N., Hermes, N., Lanjouw, G. (2004). Investment, Uncertainty and Irreversibility. Economics of Transition, vol. 2, pp. 333-336.
Lensink, R., Bo, H., Sterken, E. (2001). Investment, Capital Market Imperfections, and Uncertainty: Theory and Empirical Results. Cheltenham: Edward Elgar.
McDonald, R., Siegel, D. (1986). The Value of Waiting to Invest, Quaterly Journal of Economics. Vol. 4, pp. 707-728.
Ogawa, K., Suzuki, K. (2000). Uncertainty and Investment: Some Evidence from the Panel Data of Japanese Manufacturing Firms. Japanese Economic Review, vol. 2, pp. 170-192.
Pattillo, C. (1998). Investment, Uncertainty, Irreversibility in Ghana. IMF Staff Papers, No. 45, Washington, DC.
Pindyck, R. S. (1986). Capital Risk and Models of Investment Behaviour. Working Paper, No. 1819, Cambridge.
Price, S. (1996). Agregate Uncertainty, Investment and Assymetric Adjustment in the UK Manufacturing Sector. Applied Economics, vol. 11, pp. 1369- 1379.
Langganan:
Postingan (Atom)
