Página 1 dos resultados de 1064 itens digitais encontrados em 0.005 segundos

The relationship between banking market competition and risk-taking: Do size and capitalization matter?

Tabak, Benjamin M.; Fazio, Dimas M.; Cajueiro, Daniel O.
Fonte: ELSEVIER SCIENCE BV; AMSTERDAM Publicador: ELSEVIER SCIENCE BV; AMSTERDAM
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
27%
This paper addresses the effects of bank competition on the risk-taking behaviors of banks in 10 Latin American countries between 2003 and 2008. We conduct our empirical approach in two steps. First, we estimate the Boone indicator, which is a measure of competition. We then regress this measure and other explanatory variables on the banking "stability inefficiency" derived simultaneously from the estimation of a stability stochastic frontier. Unlike previous findings, this paper concludes that competition affects risk-taking behavior in a non-linear way as both high and low competition levels enhance financial stability, while we find the opposite effect for average competition. In addition, bank size and capitalization are essential factors in explaining this relationship. On the one hand, the larger a bank is, the more it benefits from competition. On the other hand, a greater capital ratio is advantageous for banks that operate in collusive markets, while capitalization only enhances the stability of larger banks under high and average competition. These results are of extreme importance when considering bank regulations, especially in light of the recent turmoil in the global financial markets. (C) 2012 Elsevier B.V. All rights reserved.

Subcapitalização no direito tributário brasileiro; Thin capitalization rules in Brazilian tax law

Vicentini, Marcelo Fonseca
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 14/03/2014 PT
Relevância na Pesquisa
37.44%
Trata-se de dissertação para obtenção do grau de Mestre perante a Faculdade de Direito da Universidade de São Paulo, versando sobre as regras de Subcapitalização no Direito Tributário Brasileiro. O tema central da dissertação pode ser resumido da seguinte maneira: o que são regras de subcapitalização e qual a real necessidade de estabelecimento destas no direito tributário brasileiro, tendo em vista o ordenamento jurídico precedente à publicação das referidas normas. Iniciaremos o trabalho com a contextualização histórica do tema e, na sequência, analisaremos a legislação relativa à subcapitalização no direito comparado, estudando os princípios norteadores, bem como as regras específicas existentes nas diversas localidades estudadas. Estudaremos ainda o sistema jurídico tributário precedente às regras de subcapitalização, bem como analisaremos caso julgado pelo Conselho de Contribuintes, conhecido como caso Colgate/Kolynos, considerado o principal julgado a respeito da matéria no Brasil e que, certamente, foi relevante para o estabelecimento das regras de subcapitalização no Brasil. Por fim, após descrição minuciosa da legislação estabelecida no Brasil, será realizada avaliação crítica...

The variation of capitalization rates across submarkets within the same metropolitan area

Yu, Yisheng, 1973-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 51 leaves; 187448 bytes; 187259 bytes; application/pdf; application/pdf
EN_US
Relevância na Pesquisa
27.16%
This paper investigates the variation of capitalization rates across submarkets within the same metropolitan area by using a database with 73 transactions of office properties located in nine submarkets of Atlanta during the period from the third quarter of 2000 to the second quarter of 2003. The results show that capitalization rates are quite predictable at the submarket level. Movements of capitalization rates are shaped by local market information, national capital market information and characteristics of individual property. The study also examines the behavior of real estate investors in forming their expectations of future income streams. A cross-sectional model with time dummy variables is used in this paper.; by Yisheng Yu.; Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2004.; This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.; Includes bibliographical references (leaves 47-48).

Stock Market Development under Globalization : Whither the Gains from Reforms?

de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
27%
Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.

Privatization by Capitalization : The Case of Bolivia - A Popular Participation Recipe for Cash-Starved SOEs

Ewing, Andrew; Goldmark, Susan
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
37.39%
While campaigning for the 1993 presidential election, Gonzalo Sanchez de Lozada proposed the unique Bolivian model of capitalization -- "Plan de Todos" (Plan for everyone)--for six large state enterprises in key sectors. The enterprises would be offered for sale by international tender. The successful bidder would pay the agreed price not to the government, but into the company itself. The cash would be used for investment in the sector. Initially the investor and the government would hold equal, 50 percent stakes in the new company. The government would immediately give its share in equal parts to all adult Bolivians by endowing "pension accounts" set up for each adult citizen. A 50 percent stake in a company is usually enough to ensure management control. However, to avoid any uncertainty and the risk of a negative impact on the selling price, the capitalization law proposes that a management contract be given to the strategic investor for a fixed period of time. After that time, the investors would be able to buy shares in open markets to increase the shareholding beyond 50 percent. Sanchez de Lozada won the election in July 1993. With the help of World Bank advisors...

A Framework for Regulating Microfinance Institutions : The Experience in Ghana and the Philippines

Gallardo, Joselito
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
27%
An earlier Policy Research Working Paper (Hennie van Greuning, Joselito Gallardo, and Bikki Randhawa, "A Framework for Regulating Microfinance Institutions," WPS 2061, February 1999) presented a regulatory framework that identifies thresholds in financial intermediation activities that trigger a requirement for a microfinance institution to satisfy external or mandatory guidelines-a tiered approach to regulation and prudential supervision. The model focuses on risk-taking activities of microfinance institutions that must be managed and prudentially regulated. The author reports on the results of the field testing and assessment of the tiered approach, focusing on the experience of Ghana and the Philippines. The two countries both have a wide range of informal, semi-formal, and formal institutions providing financial services to the poor, but differ in how they regulate financial intermediation activities by microfinance providers. In his assessment and a comparative analysis, the author focuses on key issues in the regulatory and supervisory environment for microfinance-and in the legal system and judicial processes-being addressed by government authorities and microfinance stakeholders in both countries. He gives particular attention to the thresholds at which intermediation activities become subject to prudential regulation and regulatory standards for capitalization and capital adequacy...

Contractual Savings, Stock, and Asset Markets

Impavido, Gregorio; Musalem, Alberto R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
27.34%
The authors study the relationship between the development of insurance, and contractual savings, (the assets and portfolio composition of pension funds, and life and non-life insurance companies) and the development of stock markets (market capitalization and value traded). Their contribution lies in providing cross-country, and time-series on a hypothesis that is very popular - but had not been substantiated - among supporters of funded pension systems, and insurance in which reserves are largely invested in tradable securities (equities and bonds). The authors present a three-assets model (money, quasi money, and shares) to study the effects of the development of contractual savings (pension funds and life insurance companies) and non-life insurance companies on assets market equilibrium, and on stock market development. They use an unbalanced panel of 21 OECD, and 5 developing countries, and an error components two-stage least squares (EC2SLS) estimator, including a test for endogeneity of these institutional investors. The results support the hypothesis that contractual savings...

Contractual Savings or Stock Market Development—Which Leads?

Catalan, Mario; Impavido, Gregorio; Musalem, Alberto R.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
27%
The authors study the relationship between the development of contractual savings (assets of pension funds, and life insurance companies) and non-life insurance, and, the development of stock markets (market capitalization and value traded). Their contribution lies in providing time-series evidence on a hypothesis that is very popular - but had not been substantiated - among supporters of fully funded pension systems in which funds invest large shares of their portfolios in tradable securities (equities, bonds). The literature is not clear on its assumption regarding causality between contractual savings, and capital market development. A one-way or two-way relationship is assumed, usually inter-changeably; the authors address the questions of which leads empirically. They present the evidence, including descriptive statistics, and the results of Granger causality tests, for OECD countries, and such countries as Chile, Malaysia, Singapore, South Africa, and Thailand. They do not present a theoretical framework, but do explain how the growth of the contractual savings sector, is thought to promote financial development. The authors find evidence in the data that causality between institutions, and markets either does not exist, or, if it exists...

International corporate tax avoidance practices: evidence from Australian firms

Taylor, G.; Richardson, G.
Fonte: Pergamon Publicador: Pergamon
Tipo: Artigo de Revista Científica
Publicado em //2012 EN
Relevância na Pesquisa
27.16%
This paper examines the international corporate tax avoidance practices of publicly listed Australian firms. Based on a hand-collected sample of 203 publicly listed Australian firms over the 2006–2009 period (812 firm-years), our regression results indicate that there are several practices Australian firms use to aggressively reduce their tax liabilities. Specifically, we find that thin capitalization, transfer pricing, income shifting, multinationality, and tax haven utilization are significantly associated with tax avoidance. In fact, based on the magnitude and significance levels of the regression coefficients in our study, thin capitalization and transfer pricing represent the primary drivers of tax avoidance, whereas income shifting and tax haven utilization are less important. Finally, our additional regression results show that tax havens are likely to be used together with thin capitalization and transfer pricing to maximize international tax avoidance opportunities via the increased complexity of transactions carried out through tax havens.; Grantley Taylor, Grant Richardson

Computerized adaptive testing: the capitalization on chance problem

Olea Díaz, Julio; Barrada, Juan Ramón; Abad, Francisco José; Ponsoda Gil, Vicente
Fonte: Cambridge University Press Publicador: Cambridge University Press
Tipo: Artigo de Revista Científica
ENG
Relevância na Pesquisa
27%
This paper describes several simulation studies that examine the effects of capitalization on chance in the selection of items and the ability estimation in CAT, employing the 3-parameter logistic model. In order to generate different estimation errors for the item parameters, the calibration sample size was manipulated (! = 500, 1000 and 2000 subjects) as was the ratio of item bank size to test length (banks of 197 and 788 items, test lengths of 20 and 40 items), both in a CAT and in a random test. Results show that capitalization on chance is particularly serious in CAT, as revealed by the large positive bias found in the small sample calibration conditions. For broad ranges of θ, the overestimation of the precision (asymptotic Se) reaches levels of 40%, something that does not occur with the RMSE (θ). The problem is greater as the item bank size to test length ratio increases. Potential solutions were tested in a second study, where two exposure control methods were incorporated into the item selection algorithm. Some alternative solutions are discussed.

An analysis of capitalization of property in the U.S. Coast Guard.

Conlan, Thomas Ford.
Fonte: Monterey, California. Naval Postgraduate School Publicador: Monterey, California. Naval Postgraduate School
Tipo: Tese de Doutorado
EN_US
Relevância na Pesquisa
27.16%
Approved for public release; distribution unlimited; This thesis studies the system used by the Coast Guard to capitalize property. Capitalization impacts upon both the physical accountability for property and the accuracy of financial records. The system for property capitalization and control is analyzed first by reviewing the accounting principles applicable to all Federal agencies. Implementation of the property accounting system is then evaluated through field research at the USCG Group Office, Monterey, California After consideration of issues relevant to capitalization problems in current practice, improvements to the system are recommended. This thesis concludes that, with proper implementation, the system will provide the required control. Recommendations are concerned with correcting the system's implementation problems.; http://archive.org/details/analysisofcapita00conl; Lieutenant, United States Coast Guard

Capitalization of the Single Payment Scheme into Land Value: Generalized Propensity Score Evidence from the EU

MICHALEK Jerzy; CIAIAN PAVEL; KANCS D'ARTIS
Fonte: UNIV WISCONSIN Publicador: UNIV WISCONSIN
Tipo: Articles in Journals Formato: Printed
ENG
Relevância na Pesquisa
27.16%
This is the first paper which empirically estimates the capitalization of the Single Payment Scheme (SPS) into land values. Although, the Single Payment Scheme (SPS) is the largest expenditure category in the EU budget, the distributional impacts between land users and land owners have not been assessed empirically yet. We employ a unique farm-level panel data set, and apply the generalized propensity score matching approach to estimate the capitalization of the SPS in EU. Our results suggest that around 6-10 percent of the total SPS are capitalized into land rents. On average in the EU, the non-farming landowners' gains from the SPS are only 4 percent. However, there is a large variation in the capitalization rate for different SPS levels, and between different Member States (3 to 94 percent).; JRC.J.4-Agriculture and Life Sciences in the Economy

Financial Sector Assessment : Bangladesh

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
27.26%
The Bangladesh financial system, particularly banking and microfinance, has grown and developed since 2003 against the backdrop of 6 percent average Gross Domestic Product (GDP) growth. Banks' total assets and private credit ratios to GDP have each increased by about one-third since the 2003 Financial Sector Assessment Program (FSAP). Bank deposits, as a percentage of GDP, are comparable to other South Asian countries. Private domestic banks now hold a majority of bank assets; the shares of state-owned commercial banks (SCBs) and specialized banks (SBs) have declined correspondingly. Bank branches, access to banking, and microfinance services have expanded substantially. Nonbanking financial institutions have also grown but remain small; banks s till account for over 90 percent of financial institutions' assets. Equity market listings and capitalization have grown substantially; market capitalization was equivalent to about 14 percent of GDP in December 2008. A government bond market is developing. Further sound financial development in the various parts of the financial sector...

El Salvador - Financial sector assessment

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
ENGLISH
Relevância na Pesquisa
27%
Despite the global and domestic shocks of 2008-2009, the banking sector remains sound. Salvadoran banks were not directly exposed to the global financial crisis. However, the parent banks of several major Salvadoran banks were and directed subsidiaries to conserve risk capital. The higher risk aversion and recession in the United States, combined with uncertainty about the 2009 elections, led to a sharp economic downturn, and a decline in both credit demand and supply. Banks' nonperforming loans increased and profitability declined. Even so, capitalization remained high. Stress tests indicate that most banks would be able to withstand large deposit withdraws and severe deterioration in credit quality arising from large macroeconomic or sectoral shocks. However, credit concentration risks appear significant. Regulated non-bank financial institutions do not pose significant risks, but pension funds' poor profitability is a concern for the long-term. Regulated cooperative banks and insurance companies report healthy financial indicators. Brokerage houses have reduced drastically their fund management activities...

How Does Corporate Governance Affect Bank Capitalization Strategies?

Anginer, Deniz; Demirguc-Kunt, Asli; Huizinga, Harry; Ma, Kebin
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
37.39%
This paper examines how corporate governance and executive compensation affected bank capitalization strategies for an international sample of banks in 2003-2011. "Good" corporate governance, which favors shareholder interests, is found to give rise to lower bank capitalization. Boards of intermediate size, separation of the chief executive officer and chairman roles, and an absence of anti-takeover provisions, in particular, lead to low bank capitalization. However, executive options and stock wealth invested in the bank are associated with better capitalization except just before the crisis in 2006. In that year, stock options wealth was associated with lower capitalization, which suggests that potential gains from taking on more bank risk outweighed the prospect of additional loss. Banks' tendencies to continue payouts to shareholders after experiencing negative income shocks are shown to reflect executive risk-taking incentives.

Serviços ecossistemicos e trajetoria de capitalização agricola : o caso de Machadinho d'Oeste-RO; Ecosystem services and agricultural capitalization : the case of Machadinho d'Oeste-Rondonia-Brazil

João Alfredo de Carvalho Mangabeira
Fonte: Biblioteca Digital da Unicamp Publicador: Biblioteca Digital da Unicamp
Tipo: Tese de Doutorado Formato: application/pdf
Publicado em 25/02/2010 PT
Relevância na Pesquisa
27.16%
O objetivo deste trabalho é o de traçar a tipologia dos produtores rurais do município de Machadinho d'Oeste - RO, oriundos de um projeto de assentamento do Incra, quanto ao seu nível de acumulação de capital, durante o período de 1986 a 2008, no sentido de definir os fatores que levaram aos diferentes níveis de capitalização desses produtores, bem como avaliar o papel dos serviços ambientais nesta trajetória. A metodologia baseia-se no geoprocessamento, na Análise de Correspondência Múltipla (ACM) e na distribuição espacial dos agricultores familiares em função de seu nível de capitalização e da distância das propriedades em relação às reservas em bloco criadas em Machadinho d'Oeste. O uso de imagens de satélite de alta resolução espacial permitiu aferir os dados de uso das terras no campo. A ACM foi utilizada para estabelecer todas as possíveis correlações entre os produtores amostrados e as variáveis selecionadas, seguida da análise de conglomerados, pelo método de Ward, para classificá-los em tipos distintos. Os resultados mostram a existência de 5 tipos de produtores: produtores capitalizados (Tipo 1), razoavelmente capitalizados (Tipo 2), medianamente capitalizados (Tipo3), pouco capitalizados (Tipo 4)...

Possibilidade jurídica da capitalização descontínua de juros com periodicidade mensal em regime composto para os contratos firmados pelas insti-tuições do Sistema Financeiro Nacional - SFN

Queiroz, Leonardo Henrique Costa De
Fonte: Universidade Católica de Brasília Publicador: Universidade Católica de Brasília
Tipo: Artigo de Revista Científica Formato: Texto
PT_BR
Relevância na Pesquisa
27.16%
Este trabalho de conclusão de curso tem como principal objetivo demonstrar a possibilidade jurídica de capitalização de juros nos contratos firmados pelas instituições pertencentes ao Sistema Financeiro Nacional. A metodologia utilizada foi a de pesquisa doutrinária e juris-prudencial, com a finalidade de que o leitor possa se apropriar do assunto com a maior quan-tidade de informações. O primeiro capítulo trata dos conceitos da matemática financeira que permitem o entendimento do instituto para, somente depois, adentrar na questão jurídica pro-priamente dita. No segundo capítulo é feito um debate sobre a não aplicação da Lei de Usura nos contratos firmados pelo SFN, pois, é regulado por lei específica. Ainda, defende-se a não abusividade dos contratos que preveem a capitalização de juros descontínua em periodicidade mensal. Também é abordada a vigência da MP 2.170-36 que, conforme seu artigo 5° permite essa modalidade de capitalização. No último capítulo é apresentado o posicionamento dos tribunais sobre o tema e, por isso, afirmando a possibilidade da capitalização, seja pela ausên-cia de norma proibitiva ou pela permissão dada pela MP 2.170. Contudo, desde que prevista expressamente no contrato firmado...

The economics implications of house price capitalization a survey of an emerging literature

Hilber, Christian A. L.
Fonte: Spatial Economics Research Centre (SERC), London School of Economics and Political Science Publicador: Spatial Economics Research Centre (SERC), London School of Economics and Political Science
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em /10/2011 EN; EN
Relevância na Pesquisa
27.39%
House price capitalization – the adjustment of house prices to changes in local public service and tax levels – has long been thought to be a means of testing for efficiency in the local public sector. In this article I argue that the extent of house price capitalization itself may have important economic implications. In doing so I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader implications of such capitalization. The main insights are: (i) House price capitalization is more pronounced in locations with strict regulatory and/or geographical/physical supply constraints; (ii) capitalization can – under certain conditions – induce the provision of durable local public goods and club goods; and (iii) capitalization effects – which are habitually ignored by policy makers – have important adverse consequences for a wide range of policies such as intergovernmental aid or the mortgage interest deduction

The economic implications of house price capitalization: a synthesis

Hilber, Christian A. L.
Fonte: Spatial Economics Research Centre Publicador: Spatial Economics Research Centre
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em //2015 EN; EN
Relevância na Pesquisa
27.26%
In this article I argue that the extent to which fiscal variables are capitalized into house prices has important economic implications. I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader implications of such capitalization. The main insights are: (i) House price capitalization is more pronounced in locations with strict regulatory and geographical supply constraints; (ii) capitalization can – under certain conditions – induce the provision of durable local public goods and club goods; and (iii) capitalization effects – which are habitually ignored by policy makers – have important adverse consequences for a wide range of policies such as intergovernmental aid or the mortgage interest deduction.

The economic implications of house price capitalization: a synthesis

Hilber, Christian A. L.
Fonte: Wiley-Blackwell Publicador: Wiley-Blackwell
Tipo: Article; PeerReviewed Formato: application/pdf
Publicado em 18/05/2015 EN; EN
Relevância na Pesquisa
27.26%
In this article I argue that the extent to which fiscal variables are capitalized into house prices has important economic implications. I synthesize an emerging literature that explores the conditions under which public and private investments and intergovernmental transfers are capitalized into local house prices and the broader implications of such capitalization. The main insights are: (i) House price capitalization is more pronounced in locations with strict regulatory and geographical supply constraints; (ii) capitalization can – under certain conditions – induce the provision of durable local public goods and club goods; and (iii) capitalization effects – which are habitually ignored by policy makers – have important adverse consequences for a wide range of policies such as intergovernmental aid or the mortgage interest deduction.