163 research outputs found
Integrating industrial and financial analysis into a rating methodology for corporate risk detection: the case of the Vicenza manufacturing firms.
Banks weakness derived from rating models that produce cyclical effects
on credit availability and are not able to anticipate anti-cyclical firms’ trends. The
aim of the paper is to develop a framework for an original rating methodology
derived from integration of industrial and financial analysis able to identify best
performers in crisis scenarios (anti-cyclically). Industrial analysis is based on firm
heterogeneity approaches to measure three dimensions of analysis: innovation, internationalization
and growth. Financial analysis focuses on operational return and
risks measures and develops an integrated classification of firms using standardized
XBRL financial data. Further integration of the two methodologies is used to create
the effective set of information needed for rating system
Interdependencies between Leverage and Capital Ratios in the Banking Sector of the Czech Republic
In this paper we discuss the implications of the Basel III requirements on the leverage ratio for the banking sector in the Czech Republic. We identify the potential binding constraints from regulatory limits and analyze the interactions among leverage and capital ratios over the country’s economic cycle (during the period 2007-2014).
The historical data confirm stronger capital ratios of the banks and an overall solid leverage level with only 5% of the total historical observations being lower than the regulatory recommendations. By analyzing the components of ratios, we conclude that the banks are focusing more on the optimization of risk weighted assets. Strong co-movement patterns between leverage and assets point to the active management of leverage as a means of expanding and contracting the size of balance sheets and maximizing the utility of the capital.
The analysis of correlation patterns among the variables indicates that the total assets (and exposure) in contrast to Tier 1 capital are the main contributors to the cyclical movements in the leverage. The leverage and the total assets also demonstrate a weak correlation with GDP, but a strong co-movement with loans to the private sector
The German Banking System and the Global Financial Crisis: Causes, Developments and Policy Responses
Unwilling Subjects of Financialization
This paper seeks to advance debates about the financialization of housing by focusing on
the emergence of rental housing as a frontier for financialization, a dynamic that is
increasingly relevant since the global financial crisis. Situated in New York City, the research
focuses on an aggressive wave of investment in affordable, rent-stabilized properties by
private equity firms, their efforts to release value from these properties, and the implications
of the 2008 financial crisis for their investment strategies and thus for tenants’ experience of
home. Through detailed empirical analysis tracing the connections between how rental
housing has been constituted as a new site for private equity investment globally, the local
conditions facilitating this process in New York, and how it reshaped everyday life for
tenants, the article theorizes tenants as unwilling subjects of financialization. Yet
unwillingness does not necessarily translate to being overtaken; it also connotes reluctance,
and indeed struggle. This novel conceptualization highlights the ways in which
financialization meets with dissent, and its necessarily contingent and incomplete nature.
The paper therefore moves forward the wider intellectual project of understanding
financialization not as a monolithic and inevitable process, but as one characterized by
resistance from without and contradiction from within
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