... Introduction Over the last years, there has been a debate on whether commercial and investment banks should be separated or not. Especially after the crisis in 2007 when taxpayers had to pay billion in the US to bail out the banks, the need for a “ring fence” around retail banking operations became urgent. Universal banks use the retail deposit for their investment operations which engage great risks. When their investments fail, the states have to rescue them. These mega banks emerged after the Great Depression when such a mergence became possible mainly because of the deregulation of western financial services. However, if global capital markets agree in a ring fence or total separation, it is a procedure that will take place over a period of years. In this project a brief review of the debate that takes place around this matter will be presented, mainly by stating some of the ideas that are commonly discussed. The Glass-Steagall Act and how we got here Recently President Obama proposed the separation of investment and retail banks, as it is believed that they were the main reason of the last financial crisis that started in 2007. Avgouleas (2010) points out that the mega banks were created after 1990’s due to the deregulation of the financial industry and they engaged great risk in their investment activities as the deposits (that were used for these purposes) were guaranteed by the government. Benston, G.J. (1994) points out that these mega banks became so large,...
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...less on individuals than mechanisms emphasize agency problems between brokers and banks, the originate-and-distribute model, excessive leverage and short-term funding, the perverse incentives created by executive compensation practices, conflicts of interest within the rating agencies, and permissive monetary policies. These long lists of causes lead to correspondingly long lists of reforms: regulate mortgage brokers, rating agencies, and executive compensation; force banks to keep a participation in any securities they originate; require banks to hold more capital; and revisit whether monetary policy should respond to credit booms and asset bubbles. This of course is only a very incomplete summary of a vast and rapidly-growing literature. The limitations of this standard operating procedure will be apparent. However successful it is at pinpointing the immediate causes of the crisis, it fails to identify the deeper conditions that allowed those...
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...≈√ Guidelines on Credit Risk Management C r e d i t A p p r ova l P r o c e s s and Credit Risk Management These guidelines were prepared by the Oesterreichische Nationalbank (OeNB) in cooperation with the Financial Market Authority (FMA) Published by: Oesterreichische Nationalbank (OeNB) Otto Wagner Platz 3, 1090 Vienna, Austria Austrian Financial Market Authority (FMA) Praterstrasse 23, 1020 Vienna, Austria Produced by: Oesterreichische Nationalbank Editor in chief: Gunther Thonabauer, Secretariat of the Governing Board and Public Relations (OeNB) ‹ Barbara Nosslinger, Staff Department for Executive Board Affairs and Public Relations (FMA) ‹ Editorial processing: Gabriela de Raaij, Heidi Koller, Markus Lietz, Wolfgang Spacil, Doris Wanka (all OeNB) Ursula Hauser-Rethaller, Karin Zartl (all FMA) Design: Peter Buchegger, Secretariat of the Governing Board and Public Relations (OeNB) Typesetting, printing, and production: OeNB Printing Office Published and produced at: Otto Wagner Platz 3, 1090 Vienna, Austria Inquiries: Oesterreichische Nationalbank Secretariat of the Governing Board and Public Relations Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1) 40 420-6666 Fax: (+43-1) 404 20-6696 Orders: Oesterreichische Nationalbank Documentation Management and Communication Systems Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1)...
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...Innovative Business Practices Innovative Business Practices: Prevailing a Turbulent Era Edited by Demetris Vrontis and Alkis Thrassou Innovative Business Practices: Prevailing a Turbulent Era, Edited by Demetris Vrontis and Alkis Thrassou This book first published 2013 Cambridge Scholars Publishing 12 Back Chapman Street, Newcastle upon Tyne, NE6 2XX, UK British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library Copyright © 2013 by Demetris Vrontis and Alkis Thrassou and contributors All rights for this book reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owner. ISBN (10): 1-4438-4604-X, ISBN (13): 978-1-4438-4604-2 TABLE OF CONTENTS Chapter One ................................................................................................. 1 Knowledge Hybridization: An Innovative Business Practices to Overcome the Limits of the Top-Down Transfers within a Multinational Corporation Hela Chebbi, Dorra Yahiaoui, Demetris Vrontis and Alkis Thrassou Chapter Two .............................................................................................. 17 Rethinking Talent Management in Organizations: Towards a Boundary-less Model Carrie Foster, Neil Moore and Peter Stokes Chapter Three .......
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...Austria Postal address: Post Office Box 61, 1011Vienna, Austria Phone (+43-1) 40420-6666 Telefax (+43-1) 40420-6696 Austrian Financial Market Authority (FMA) Executive Board Affairs & Public Relations Division Praterstraße 23, 1020 Vienna, Austria Phone (+43-1) 24959-5100 Orders: Oesterreichische Nationalbank Documentation Management and Communications Services Otto-Wagner-Platz 3, 1090 Vienna, Austria Postal address: Post Office Box 61, 1011Vienna, Austria Phone (+43-1) 40420-2345 Telefax (+43-1) 40420-2398 Internet: http://www.oenb.at http://www.fma.gv.at Paper: Salzer Demeter, 100% woodpulp paper, bleached without chlorine, acid-free, without optical whiteners DVR 0031577 Preface Given the rising complexity of banking, which results from internationalization, expansion and change in business activities, the increasing use of...
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...MSc. in Finance and International Business Authors: Romans Tjurins (Exam ID: 402722) Andrejs Nikitins (Exam ID: 402723) Academic Supervisor: Jan Bartholdy An empirical study of abnormal return on stock and operating performance as a result of acquisition in banking industry Aarhus School of Business, Aarhus University May 2011 Table of Contents 1. Introduction................................................................................................................ 1 1.1. 1.2. 1.3. 1.4. 2. Problem statement................................................................................................ 3 Definitions and clarifications ............................................................................... 3 Delimitations ....................................................................................................... 4 Evaluation of sources ........................................................................................... 4 Literature review ........................................................................................................ 5 2.1. 2.2. 2.3. Mergers and acquisitions activity in recent years .................................................. 5 Overview of efficient market hypothesis .............................................................. 7 Abnormal operating performance ......................................................................... 9 3. Event study approach ....................................
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...AL MAMUN Student ID: 06104007. BBS Department, BRAC University. Date Of Submission 13th May, 2010. BRAC University Students Assertion I hereby announced that the extensive study entitled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Prepared in partial accomplishment of the requirements for the award of the degree in Bachelor of Businesss Administration (BBA) From BRAC University BBS Department. Is my original work and not put forward For the award of the any other degree/fellowship Or other similar designation or accolade. …………………………………… MD. ULLAH AL MAMUN Student ID: 06104007. Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Is approved and is suitable in eminence and figure Academic supervisor ………………………………………. (Signature) Probal Dutta. Senior Lecturer.BBS Department, BRAC University. Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR...
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...Innovation and Risk-Taking in the Last Decades of the 20th Century Risk-Taking Incentives of Financial Institutions 249 253 253 258 264 3 The New Banking Model of Manufacturing Tail Risk 4 Alternative Explanations of the Financial Crisis 5 Conclusion A Appendix: Tail Risk in the Rest of the World References 273 292 311 314 320 Foundations and Trends R in Finance Vol. 4, No. 4 (2009) 247–325 c 2010 V. V. Acharya, T. Cooley, M. Richardson and I. Walter DOI: 10.1561/0500000025 Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009 Viral V. Acharya1 , Thomas Cooley2 , Matthew Richardson3 and Ingo Walter4 1 2 3 4 Stern USA, Stern USA Stern USA Stern USA School of Business, New York University, New York, NY 10012, vacharya@stern.nyu.edu School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, School of Business, New York University, New York, NY 10012, Abstract We argue that the fundamental cause of the financial crisis of 2007–2009 was that large, complex financial institutions (“LCFIs”) took excessive leverage in the form of manufacturing tail risks that were systemic in nature and inadequately capitalized. We employ a set of headline facts about the build-up of such risk exposures to explain how and why LCFIs adopted this new banking model during 2003–2Q 2007, relative to earlier models. We compare the crisis with other episodes in the United...
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...by MD. ULLAH AL MAMUN Student ID: 06104007. BBS Department, BRAC University. Date Of Submission 13th May, 2010. BRAC University Students Assertion I hereby announced that the extensive study entitled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Prepared in partial accomplishment of the requirements for the award of the degree in Bachelor of Businesss Administration (BBA) From BBS Department. BRAC University Is my original work and not put forward For the award of the any other degree/fellowship Or other similar designation or accolade. …………………………………… MD. ULLAH AL MAMUN Student ID: 06104007. Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Is approved and is suitable in eminence and figure Academic supervisor ………………………………………. Probal Dutta. Senior Lecturer.BBS Department, BRAC University. (Signature) Certificate of Approval The internship report of MD. ULLAH AL MAMUN Student id: 06104007. BBS Department, BRAC University Titled “Performance Appraisal System of AB Bank Limited, ABBL” (Conducted on behalf of AB Bank Limited, Head Office, HR Division) Is approved and is...
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...≈√ Guidelines on Credit Risk Management Rating Models a n d Va l i d a t i o n These guidelines were prepared by the Oesterreichische Nationalbank (OeNB) in cooperation with the Financial Market Authority (FMA) Published by: Oesterreichische Nationalbank (OeNB) Otto Wagner Platz 3, 1090 Vienna, Austria Austrian Financial Market Authority (FMA) Praterstrasse 23, 1020 Vienna, Austria Produced by: Oesterreichische Nationalbank Editor in chief: Gunther Thonabauer, Secretariat of the Governing Board and Public Relations (OeNB) ‹ Barbara Nosslinger, Staff Department for Executive Board Affairs and Public Relations (FMA) ‹ Editorial processing: Doris Datschetzky, Yi-Der Kuo, Alexander Tscherteu, (all OeNB) Thomas Hudetz, Ursula Hauser-Rethaller (all FMA) Design: Peter Buchegger, Secretariat of the Governing Board and Public Relations (OeNB) Typesetting, printing, and production: OeNB Printing Office Published and produced at: Otto Wagner Platz 3, 1090 Vienna, Austria Inquiries: Oesterreichische Nationalbank Secretariat of the Governing Board and Public Relations Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1) 40 420-6666 Fax: (+43-1) 404 20-6696 Orders: Oesterreichische Nationalbank Documentation Management and Communication Systems Otto Wagner Platz 3, 1090 Vienna, Austria Postal address: PO Box 61, 1011 Vienna, Austria Phone: (+43-1) 404 20-2345 Fax: (+43-1) 404 20-2398 Internet: ...
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...In a competitive era like we have today, it is essential to catch up with the latest trends in the society. With increasing emphasis on various competitive exams and your soft skills for grabbing all upcoming opportunity, English as a language is becoming all the more important. Everywhere we go, we face difficulties in getting a job, which is our aim, to survive in the society and lead a successful life. Speaking and writing correct and required English is one of them. Here we bring a book that will give a basic structure to all the aspirants to attempt descriptive English properly. We give a complete framework covering each and every topic of descriptive English paper. The book comprises techniques to attempt précis and essays, contains types of letters, sample letters & even model tests for your practice. This will provide the aspirants with basic knowledge of general rules of attempting English language descriptive paper, guiding them in learning English to an extent to which they attempt confident use of English. The book is aimed to provide you the content, sufficient enough, to attempt the descriptive English paper efficiently and may lead you to success in your examination. For this purpose all the current topics are being covered here. This book also intends to provide the competitors a conceptual base through the explanations of the questions asked. Any modification or error shall be entertained and we will try to incorporate it in our next issue. DESCRIPTIVE...
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...inesquecíveis, coisas inexplicáveis e pessoas incomparáveis" como vocês! Obrigado por tudo, Filipe Abstract The Retail Banking Industry has been severely affected by fraud over the past few years. Indeed, despite all the research and systems available, fraudsters have been able to outsmart and deceive the banks and their customers. With this in mind, we intend to introduce a novel and multi-purpose technology known as Stream Computing, as the basis for a Fraud Detection solution. Indeed, we believe that this architecture will stimulate research, and more importantly organizations, to invest in Analytics and Statistical Fraud-Scoring to be used in conjunction with the already in-place preventive techniques. Therefore, in this research we explore different strategies to build a Streambased Fraud Detection solution, using advanced Data Mining Algorithms and Statistical Analysis, and show how they lead to increased accuracy in the detection of fraud by at least 78% in our reference dataset. We also discuss how a combination of these strategies can be embedded in a Stream-based application to detect fraud in real-time. From this perspective, our experiments lead to an average processing time of 111,702ms per transaction, while strategies to further improve the performance are discussed. Keywords: Fraud Detection, Stream Computing, Real-Time Analysis, Fraud, Data Mining, Retail Banking Industry, Data Preprocessing, Data Classification, Behavior-based Models, Supervised Analysis, Semi-supervised...
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...inesquecíveis, coisas inexplicáveis e pessoas incomparáveis" como vocês! Obrigado por tudo, Filipe Abstract The Retail Banking Industry has been severely affected by fraud over the past few years. Indeed, despite all the research and systems available, fraudsters have been able to outsmart and deceive the banks and their customers. With this in mind, we intend to introduce a novel and multi-purpose technology known as Stream Computing, as the basis for a Fraud Detection solution. Indeed, we believe that this architecture will stimulate research, and more importantly organizations, to invest in Analytics and Statistical Fraud-Scoring to be used in conjunction with the already in-place preventive techniques. Therefore, in this research we explore different strategies to build a Streambased Fraud Detection solution, using advanced Data Mining Algorithms and Statistical Analysis, and show how they lead to increased accuracy in the detection of fraud by at least 78% in our reference dataset. We also discuss how a combination of these strategies can be embedded in a Stream-based application to detect fraud in real-time. From this perspective, our experiments lead to an average processing time of 111,702ms per transaction, while strategies to further improve the performance are discussed. Keywords: Fraud Detection, Stream Computing, Real-Time Analysis, Fraud, Data Mining, Retail Banking Industry, Data Preprocessing, Data Classification, Behavior-based Models, Supervised Analysis, Semi-supervised...
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...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...
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...Instructor’s Manual Jane Murtaugh College of DuPage BUSINESS IN ACTION 3rd Edition COURTLAND L. BOVEE JOHN V. THILL & BARBARA E. SCHATZMAN Introduction This Instructor’s Manual brings together a set of completely integrated support materials designed to save instructors the trouble of finding and assembling the resources available for each chapter of the text. 1. Course Planning Guide Included in the guide are suggestions for course design, classroom activities, and supplemental teaching aids. 2. Learning Objectives and Summary of Learning Objectives For each chapter, learning objectives and the summary of the learning objectives are listed. 3. Brief Chapter Outlines For each chapter, a brief chapter outline is provided. 4. Lecture Notes and Chapter Outlines For each chapter, a comprehensive outline is provided, as well as a variety of stimulating lecture enrichment materials. 5. Real-World Cases At least two real-world cases related to chapter material are included for each chapter. 6. Answers to End-of-Chapter Questions Answers to the end-of-chapter questions are provided, as well as suggested teaching tips when appropriate. 7. Answers to See It on the Web Exercises Following the end-of-chapter questions, answers to the See It on the Web Exercises can be found, along with tips for the instructor. Answers to Boxed Features In each chapter, students are presented with at least two supplemental “boxes,” both containing questions about the material discussed. Answers...
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