Banking Market Liberalization and Bank Performance: the Role of Entry Modes

This paper analyzes the evolution in bank performance following the removal of legal restrictions on the entry of foreign banks in three transition economies: the Czech Republic, Hungary, and Poland. Two modes of foreign bank entry are considered: entry by Greenfield investments, and by foreign mergers and acquisitions of domestic banks. For this purpose, we construct a panel data of banks from the three countries over the period 1994-2004. We determine the dates on which liberalization occurred in each country. Bank performance is reflected by accounting measures of profitability, net interest margin, and operating costs. The results show a very limited effect of the entry of Greenfield banks on domestic banking market in the early transition period. In contrast, the foreign entry by mergers and acquisitions of domestic banks exerts significant impacts on bank performance. Indeed, we observe significant declines in banks' profits and net interest margins, and a significant increase in operating costs. Our results have important policy implications for those emerging and transition economies still hesitant to liberalize their banking markets.http://deepblue.lib.umich.edu/bitstream/2027.42/64408/1/wp948.pd

Banking Market Liberalization and Bank Performance: the Role of Entry Modes

This paper analyzes the evolution in bank performance following the removal of legal restrictions on the entry of foreign banks in three transition economies: the Czech Republic, Hungary, and Poland. Two modes of foreign bank entry are considered: entry by Greenfield investments, and by foreign mergers and acquisitions of domestic banks. For this purpose, we construct a panel data of banks from the three countries over the period 1994-2004. We determine the dates on which liberalization occurred in each country. Bank performance is reflected by accounting measures of profitability, net interest margin, and operating costs. The results show a very limited effect of the entry of Greenfield banks on domestic banking market in the early transition period. In contrast, the foreign entry by mergers and acquisitions of domestic banks exerts significant impacts on bank performance. Indeed, we observe significant declines in banks' profits and net interest margins, and a significant increase in operating costs. Our results have important policy implications for those emerging and transition economies still hesitant to liberalize their banking markets.Banking, Transition Economies, Foreign Bank Entry, Greenfield Investment, Mergers and Acquisitions, Bank Performance.

The Today Tendency of Sentiment Classification

Sentiment classification has already been studied for many years because it has had many crucial contributions to many different fields in everyday life, such as in political activities, commodity production, and commercial activities. There have been many kinds of the sentiment analysis such as machine learning approaches, lexicon-based approaches, etc., for many years. The today tendency of the sentiment classification is as follows: (1) Processing many big data sets with shortening execution times (2) Having a high accuracy (3) Integrating flexibly and easily into many small machines or many different approaches. We will present each category in more details

Does the Entry Mode of Foreign Banks Matter for Bank Efficiency? Evidence from the Czech Republic,Hungary, and Poland

This paper investigates the impact of specific modes of entry of foreign banks, i.e. greenfield investment versus merger and acquisition, on bank performance in three transition economies ñ the Czech Republic, Hungary, and Poland. We use stochastic frontier analysis to model and measure the cost efficiency of banks. We adopt a maximum likelihood approach to estimation in which the variance of the one-sided error term is modeled jointly with the cost frontier, thus enabling us to retrieve efficiency scores, as well as estimating the various determinants of X-inefficiency. We first find that foreign banks are generally more cost efficient than their domestic counterparts, a result that confirms those of the existing empirical literature. We then turn our focus to comparative performance of greenfield banks versus merger and acquisition banks (M & As), and of M & As versus domestic banks. The results show that on average, M & As are surpassed in terms of efficiency by greenfields banks, but no cost efficiency difference is apparent between M & As and domestic banks. However, we find a strong age effect with respect to M & As which suggests that the evolution of M & Así efficiency follows an inverse U-shape, that means M & As tend to get more inefficient following the acquisition, but approximately 4 years and a haft later, their efficiency starts to improve.http://deepblue.lib.umich.edu/bitstream/2027.42/64431/1/wp925.pd

Does the Entry Mode of Foreign Banks Matter for Bank Efficiency? Evidence from the Czech Republic,Hungary, and Poland

This paper investigates the impact of specific modes of entry of foreign banks, i.e. greenfield investment versus merger and acquisition, on bank performance in three transition economies – the Czech Republic, Hungary, and Poland. We use stochastic frontier analysis to model and measure the cost efficiency of banks. We adopt a maximum likelihood approach to estimation in which the variance of the one-sided error term is modeled jointly with the cost frontier, thus enabling us to retrieve efficiency scores, as well as estimating the various determinants of X-inefficiency. We first find that foreign banks are generally more cost efficient than their domestic counterparts, a result that confirms those of the existing empirical literature. We then turn our focus to comparative performance of greenfield banks versus merger and acquisition banks (M&As), and of M&As versus domestic banks. The results show that on average, M&As are surpassed in terms of efficiency by greenfields banks, but no cost efficiency difference is apparent between M&As and domestic banks. However, we find a strong age effect with respect to M&As which suggests that the evolution of M&As’ efficiency follows an inverse U-shape, that means M&As tend to get more inefficient following the acquisition, but approximately 4 years and a haft later, their efficiency starts to improve.Banking, Transition Economies, Foreign Bank Entry, Greenfield, Mergers and Acquisitions, Stochastic Frontier Analysis, Cost Efficiency.

An Overview of Cham Islam in An Giang Vietnam

Located in the upstream of the Vietnamese Mekong Delta, An Giang is characterized by an agricultural province, which has both plains and hills, and has a border about 100km with Cambodia. An Giang is also the province with the largest number of Cham Islam living in the South. According to official document, the province has 15,327 Cham Islam, accounting for 0.67% of An Giang population. Although the population is less than the other ethnics of the province, the Cham community in An Giang always shows the spirit of solidarity and mutual affection. Cham Islam plays an important role and contribute to unique culture in An Giang. This paper aims to clarify the progress of establishment, development and residential distribution of Cham ethnic group in An Giang, Vietnam. Authors utilized qualitative data gathered from exchange learning and in-depth interviews to examine how Cham Islam has emerged and developed in the study areas. It also focuses on their features of economy, culture, society, education and training, health, architecture, religion, and belief in comparison with Cham people in the central of Vietnam. Consequently, the researcher figures out the similarity and distinction of Cham people in the two regions; thereby, affirms positive values which need to be inherited and promoted in order to help Cham community integrate and develop in contemporary context

Poly (ethylene glycol)-interpenetrated genipin-crosslinked chitosan hydrogels for controlled drug delivery

PhD ThesisSmart hydrogels are of increasing interest for controlled drug delivery as they can be used as drug carriers to deliver cargo biomolecules in response to specific physiological signals at tailored rhythm. In this project, pH-responsive hydrogels containing chitosan, genipin, and poly (ethylene glycol) (PEG) are investigated. Owing to good biocompatibility and pH-sensitivity, chitosan was used as the main polymeric backbone, while genipin was employed as a low-toxic crosslinker to bridge chitosan molecules. To enhance the level of control in hydrogel microarchitecture and achieve reproducible properties, PEG was added to form semi-interpenetrating networks. The aim of this project was to develop and evaluate injectable and degradable chitosan-genipin-PEG hydrogels and the feasibility of using them to control drug delivery. The chitosan-genipin hydrogels, with and without PEG, were synthesised under mild conditions (37oC, 24 h) and in a range of shapes (disc, bead, and film). The hydrogels had dark blue colour and intrinsic fluorescence (580 nm excitation and 630 nm emission), due to oxygen radical-induced polymerisation of genipin, as well as the reaction with amino groups of chitosan. The bead-shaped hydrogels were discrete and spherical with diameters ranging from 1 to 30 μm. The disc-shaped hydrogels (13 mm in diameter and 8 mm in height) had microporous structures with pore diameters ranging from 11 to 57 μm and average cross-sectional porous areas of 40% to 64%. Compared to disc-shaped chitosan-genipin hydrogels, presence of PEG up to 1.9 mM generated the same effect as increasing the genipin content, yielding structures with a smaller pore diameter, a lower swelling degree in pH 2 buffer and a higher elastic modulus. Considering cost effectiveness and scale-up production, reducing genipin content by the addition of PEG is favourable. Importantly, hydrogels containing higher concentration of PEG (2.9 mM and above) showed a sudden increase in the swelling degree accompanied with a decrease in the elastic modulus. The release profiles of two drug molecules (perindopril erbumine and 1-methyl D-tryptophan) with different solubility from disc-shaped hydrogels revealed their swelling-controlled kinetic, which fitted well to the Korsmeyer-Peppas model, indicating a non-Fickian transport mechanism. Cytotoxicity assays of hydrogel films towards 3T3 fibroblasts showed that the cells retained normal adhesive properties and high viability on gels with 3.1 mM and 4.4 mM genipin but not on gels with 1.7 mM genipin, suggesting a strong correlation between hydrogels’ stiffness and cell attachment/growth. Adding PEG enhanced the viability of 3T3 cells cultured on hydrogel films. To facilitate comparison, the inflammatory responses of DC 2.4 dendritic cells, RAW 264.7 ii macrophage cells, and bone marrow-derived macrophages to uncrosslinked chitosan and crosslinked chitosan-genipin hydrogel films/beads were investigated. Despite induced mRNA expression of some cytokines in all treated cell types (especially up to 2435-fold increase in interferon-β gene expression found in hydrogel film-exposed DC 2.4), no increased levels of five inflammatory cytokines were detected, suggesting the hypo-inflammatory properties of chitosan-genipin hydrogels. The biodegradation of hydrogel films upon exposure to lysozyme and the biodegradation of macrogels after subcutaneous injection in mice were monitored efficiently using the intrinsic fluorescence of hydrogels. Results suggest that the in vivo degradation rate depends critically on where the hydrogel is deposited in tissues. The subcutaneous injection of hydrogel beads induced interferon-β gene transcription significantly and no local skin lesion was observed, suggesting a good biocompatibility in vivo. Collectively, the findings presented in this study provide valuable guidance to further develop these biocompatible, biodegradable, and injectable chitosan-genipin hydrogels as autonomous drug delivery systems

Macroeconomic factors and stock prices – A case of real estate stocks on Ho Chi Minh stock exchange

This study investigates the relationship of selected economic factors such as inflation rate, 10-year Government bond yields, GDP growth rate, exchange rate, and stock trading volumes and real estate stock price of 38 real estate companies listed on HOSE in period 7 years, from January 2009 to September 2015.The study found that 3 economic factors (inflation rate, GDP growth rate, and exchange rate) impact significantly on real estate stock prices; but the relationship between 10-year Government bond yield and trading volume, and real estate stock prices was not found. The research’s results imply that these factors should be taken into account as predictors of the movement of real estate stock price in Vietnamese stock market

Étude de l'effet de l'homogénéisation sur la stabilité des protéines seules et des complexes protéines / pectines en milieu acide en présence de fibres solubles

Les breuvages enrichis en protéines et fibres alimentaires sont des produits en croissance mais leur développement constitue un défi technologique dû à l’instabilité des protéines en milieu acide après un traitement thermique. L’objectif de cette étude était d’étudier l’effet de l’homogénéisation (1500 psi, 4°C) sur la stabilité des protéines seules et des complexes protéines/pectines en présence de β-glucan dans un jus modèle au cours de l’entreposage (4°C). La stabilité a été évaluée par observation visuelle (séparation des phases, précipitation) et la distribution des protéines dans les phases a été effectuée en fonction du temps d’entreposage (jours 1, 7, 14, 21 et 28). La taille, la charge des particules et la viscosité des solutions ont été mesurées aux jours 1 et 28. L’homogénéisation effectuée après la pasteurisation a augmenté la stabilité des protéines seules grâce à une diminution significative de la taille des agrégats des protéines. Toutefois, l’homogénéisation effectuée avant la pasteurisation n’a pas eu d’effet sur la stabilité. L’ajout de faibles concentrations de pectine n’a pas amélioré la stabilité des protéines en milieu acide après la pasteurisation. Les complexes obtenus avaient une charge faible et une taille élevée que l’homogénéisation n’a pas pu réduire. L’ajout de β-glucan a favorisé l’augmentation de la proportion de précipité pour les breuvages enrichis en protéines seules, et n’a pas modifié la stabilité des protéines en présence de pectines. Cependant, les protéines insolubles se trouvant dans les phases précipitées sont faciles à resuspendre après l’agitation des breuvages. Ce travail a démontré que l’homogénéisation est un traitement simple qui permet la stabilisation des breuvages enrichis, mais qui nécessite une adaptation au procédé habituel.There is an increasing demand for beverages enriched with proteins and dietary fibers but this development is still a technological challenge due to protein instability in acidic condition after heat treatment. The objective of this work was to study the effect of homogenization before/after pasteurization on the stability of proteins and proteins/pectin complexes in presence of β-glucan in juice model during the storage at 4°C. The stability was evaluated by visual observation (phase separation, precipitation) and distribution of proteins was determined at storage time of 1, 7, 14, 21 and 28 days. The size, the charge of the particles and the viscosity of the solutions were measured in days 1 and 28. A homogenization step performed after pasteurization increased the proteins’ stability by significant decrease in particle size. However, the homogenization performed before pasteurization had no effect. The addition of low concentrations of pectin did not stabilize the proteins after pasteurization. The complexes obtained had a low charge and a large size that homogenization could not reduce. The addition of β-glucan promoted the proportion of precipitate for the beverage with proteins alone and did not affect proteins’ stability in the presence of pectin. However, the insoluble proteins in the precipitate phases are resuspended easily by some tube inversions. This work demonstrated that homogenization is a simple treatment that could help stabilize fortified beverages but it requires adaptation to usual procedure

Progression risk assessments of individual non-invasive gastric neoplasms by genomic copy-number profile and mucin phenotype.

Background:Early detection and treatment of non-invasive neoplasms can effectively reduce the incidence of advanced gastric carcinoma (GC), but only when the lineage is continuous between non-invasive and advanced tumours. Although a fraction of non-invasive neoplasms progress to invasive GC, it is difficult to identify individual progression-prone non-invasive neoplasms. To classify non-invasive gland-forming gastric neoplasms into clusters of different levels of progression risk, we applied mucin phenotyping and genomic DNA microarray analyses to intramucosal gland-forming gastric neoplasms.Methods:Formalin-fixed, paraffin-embedded tissues from 19 non-invasive and 24 invasive gland-forming neoplasms were obtained via endoscopic submucosal dissection or surgical excision. According to the Vienna classification, intramucosal neoplasms were classified as low-grade or high-grade non-invasive neoplasms (LGNs [category 3] and HGNs [category 4], respectively) or invasive carcinomas (intramucosal GCs and mucosal parts of submucosal or deeper GCs [category 5]). Neoplastic lesions were characterized by mucin phenotypes determined using monoclonal antibodies against MUC2, MUC5AC, MUC6, and CD10. Genomic DNA samples from mucosal neoplasms were subjected to array-based comparative genomic hybridization and subsequent unsupervised, hierarchical clustering with selected large-sized genes.Results:There was no significant difference in mucin phenotype between HGNs/LGNs and invasive carcinomas. The clustering classified samples into stable, unstable, and intermediate. The histological tumour grade or mucin phenotype of non-invasive neoplasms did not correlate with the clustering results. Each cluster may represent an independent lineage of different outcome because the size distribution of non-invasive tumours among the 3 clusters almost overlapped. In contrast, the unstable cluster alone included invasive carcinomas.Conclusions:These findings suggest that the outcome of individual tumours is not stochastically determined but can be predicted from the genomic copy-number profile even at the non-invasive stage. Non-invasive neoplasms of the unstable clusters, which accounted for 21% of non-invasive neoplasms, may progress to invasive carcinomas, whereas those of stable cluster may not.滋賀医科大学平成27年