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Int. J. Financial Stud., Volume 2, Issue 1 (March 2014) – 8 articles , Pages 1-178

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256 KiB  
Article
The Long-Term Game: An Analysis of the Life Expectancy of National Football League Players
by Ruud Koning, Victor Matheson, Anil Nathan and James Pantano
Int. J. Financial Stud. 2014, 2(1), 168-178; https://doi.org/10.3390/ijfs2010168 - 18 Mar 2014
Cited by 5 | Viewed by 8467
Abstract
The National Football League (NFL) has recently received significant negative media attention surrounding the safety of its players, revolving largely around the long term health risks of playing the sport. Recent premature deaths and instances of suicide associated with chronic traumatic encephalopathy and [...] Read more.
The National Football League (NFL) has recently received significant negative media attention surrounding the safety of its players, revolving largely around the long term health risks of playing the sport. Recent premature deaths and instances of suicide associated with chronic traumatic encephalopathy and other football related injuries have brought the sport under increased scrutiny. By comparing mortality rates of the general population to mortality rates of players using publically available data from the 1970 and 1994 NFL seasons, we test whether participation in football is significantly harmful to the longevity of the players. We conclude that, in total, players in the NFL have lower mortality rates than the general population. However, there is evidence that line players have higher mortality rates than other players and that those who played more games have higher mortality rates than those who played fewer games. Full article
(This article belongs to the Special Issue Sports Finance)
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275 KiB  
Article
Sovereign Credit Risk and Stock Markets–Does the Markets’ Dependency Increase with Financial Distress?
by Paulo Pereira Da Silva
Int. J. Financial Stud. 2014, 2(1), 145-167; https://doi.org/10.3390/ijfs2010145 - 17 Mar 2014
Cited by 6 | Viewed by 5972
Abstract
This paper addresses the relationship between stock markets and credit default swaps (CDS) markets. In particular, I aim to gauge if the co-movement between stock prices and sovereign CDS spreads increases with the deterioration of the credit quality of sovereign debt. The analysis [...] Read more.
This paper addresses the relationship between stock markets and credit default swaps (CDS) markets. In particular, I aim to gauge if the co-movement between stock prices and sovereign CDS spreads increases with the deterioration of the credit quality of sovereign debt. The analysis of correlations, Granger causality, cointegration, and the results of an error-correction model represented in a state space form show a close link between these markets, but do not evidence that the co-movement increases in periods of financial distress. I also analyze the transmission of volatility between the two markets. The results do not support the hypothesis that volatility propagation surges during financial distress periods. On the contrary, for some cases, the data suggests that the lead-lag relationships between the two markets volatility are stronger during stable periods. Full article
(This article belongs to the Special Issue Recent Developments in Finance and Banking after the 2008 Crisis)
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19 KiB  
Editorial
Acknowledgement to Reviewers of the International Journal of Financial Studies in 2013
by IJFS Editorial Office
Int. J. Financial Stud. 2014, 2(1), 144; https://doi.org/10.3390/ijfs2010144 - 03 Mar 2014
Cited by 32 | Viewed by 3243
Abstract
The editors of the International Journal of Financial Studies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2013. [...] Full article
239 KiB  
Article
Bank Credit Risk Management and Rating Migration Analysis on the Business Cycle
by Dimitris Gavalas and Theodore Syriopoulos
Int. J. Financial Stud. 2014, 2(1), 122-143; https://doi.org/10.3390/ijfs2010122 - 03 Mar 2014
Cited by 19 | Viewed by 12887
Abstract
Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business [...] Read more.
Credit risk measurement remains a critical field of top priority in banking finance, directly implicated in the recent global financial crisis. This paper examines the dynamic linkages between credit risk migration due to rating shifts and prevailing macroeconomic conditions, reflected in alternative business cycle states. An innovative empirical methodology applies to bank internal rating data, under different economic scenarios and investigates the implications of credit risk quality shifts for risk rating transition matrices. The empirical findings are useful and critical for banks to align to Basel guidelines in relation to core capital requirements and risk-weighted assets in the underlying loan portfolio. Full article
(This article belongs to the Special Issue Credit Risk under Moral Hazard)
179 KiB  
Article
Family-Concentrated Ownership in Chinese PLCs: Does Ownership Concentration Always Enhance Corporate Value?
by Jin-Hui Luo and Heng Liu
Int. J. Financial Stud. 2014, 2(1), 103-121; https://doi.org/10.3390/ijfs2010103 - 28 Feb 2014
Cited by 5 | Viewed by 6454
Abstract
In this paper we investigate the relationship between family ownership structure and corporate value across a sample of 1314 firm-year observations of China’s family publicly listed companies (PLCs), from 2004 to 2008. We find a significant inverse-U-shaped relationship between the controlling family’s ultimate [...] Read more.
In this paper we investigate the relationship between family ownership structure and corporate value across a sample of 1314 firm-year observations of China’s family publicly listed companies (PLCs), from 2004 to 2008. We find a significant inverse-U-shaped relationship between the controlling family’s ultimate cash-flow rights and corporate value; as measured by Tobin’s Q. That is, as family-ownership concentration increases, corporate value first increases and then decreases. This finding refreshes our understanding of the relationship between family-ownership concentration and corporate value in emerging economies such as found in China. We corroborate prior findings that when controlling families hold excess control over cash-flow rights, corporate value is significantly lowered, while multiple large shareholders structure is significantly associated with higher corporate value. In addition; board independence is found to significantly improve corporate value in the context of family-concentrated ownership. We also test for potential endogeneity between family ownership and corporate value and find our results to be robust. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
126 KiB  
Article
Financial Stability Board: Mandate and Implementation of Its Systemic Risks Standards
by Rolf H. Weber and Dominic N. Staiger
Int. J. Financial Stud. 2014, 2(1), 82-102; https://doi.org/10.3390/ijfs2010082 - 28 Feb 2014
Cited by 5 | Viewed by 7387
Abstract
The aim of this essay is to provide an overview of the Financial Stability Board’s (FSB) mandate and tools to safeguard financial stability and reduce systemic risks based on the methodological perspective of a legal analysis. It examines some of the recommendations that [...] Read more.
The aim of this essay is to provide an overview of the Financial Stability Board’s (FSB) mandate and tools to safeguard financial stability and reduce systemic risks based on the methodological perspective of a legal analysis. It examines some of the recommendations that the FSB has published, with the aim of enhancing financial stability. In the second part of the paper, the complex problems that arise from implementing soft law recommendations, and the discretion granted to regulatory authorities, are discussed. Full article
(This article belongs to the Special Issue The Future of Banking Regulation and Financial Stability)
861 KiB  
Article
Credibility and Crisis Stress Testing
by Li Lian Ong and Ceyla Pazarbasioglu
Int. J. Financial Stud. 2014, 2(1), 15-81; https://doi.org/10.3390/ijfs2010015 - 17 Feb 2014
Cited by 17 | Viewed by 9936
Abstract
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have [...] Read more.
Credibility is the bedrock of any crisis stress test. The use of stress tests to manage systemic risk was introduced by the U.S. authorities in 2009 in the form of the Supervisory Capital Assessment Program. Since then, supervisory authorities in other jurisdictions have also conducted similar exercises. In some of those cases, the design and implementation of certain elements of the framework have been criticized for their lack of credibility. This paper proposes a set of guidelines for constructing an effective crisis stress test. It combines financial markets impact studies of previous exercises with relevant case study information gleaned from those experiences to identify the key elements and to formulate their appropriate design. Pertinent concepts, issues and nuances particular to crisis stress testing are also discussed. The findings may be useful for country authorities seeking to include stress tests in their crisis management arsenal, as well as for the design of crisis programs. Full article
(This article belongs to the Special Issue The Future of Banking Regulation and Financial Stability)
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258 KiB  
Article
Dilemmas and Challenges in the Marketing of Hybrid Organizations: A Theoretical Exploration of Dutch Sheltered Work Companies
by Lieske Van der Torre, Menno Fenger, Mark Van Twist and Daphne Bressers
Int. J. Financial Stud. 2014, 2(1), 1-14; https://doi.org/10.3390/ijfs2010001 - 13 Feb 2014
Cited by 1 | Viewed by 6110
Abstract
This article explores the dilemmas and challenges that hybrid organizations face when developing marketing strategies. Hybrid organizations are organizations that combine tasks and characteristics of governmental organizations, private (for profit) organizations, and non-profit organizations. In this article, we show that these organizations are [...] Read more.
This article explores the dilemmas and challenges that hybrid organizations face when developing marketing strategies. Hybrid organizations are organizations that combine tasks and characteristics of governmental organizations, private (for profit) organizations, and non-profit organizations. In this article, we show that these organizations are confronted with different target groups, organizational identities and key images. In some instances, the key messages that need to be transmitted through marketing strategies may even be incompatible. Dutch sheltered work companies are illustrative examples of hybrid organizations. They compete with temp work agencies in providing employees to employers, they provide care for people with severe disabilities and they implement the Dutch Sheltered Work Act in their role of governmental agencies. This article theoretically identifies the challenges and dilemmas that may be involved in the marketing of these diverse activities and explores strategies that may be used to overcome these challenges and dilemmas. Full article
(This article belongs to the Special Issue Marketing of Nonprofit Organizations)
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