We study the relation between state ownership and cash holdings in China’s share-issue privatized firms from 2000 to 2012. We find that the level of cash holdings increases as state ownership ...declines. For the average firm in our sample, a 10 percentage-point decline in state ownership leads to an increase of about RMB 55 million in cash holdings. This negative relation can be attributable to the soft-budget constraint (SBC) inherent in state ownership. The Chinese financial system is dominated by the state-owned banks, an environment very conducive for the SBC effect. We further examine and quantify the effect of state ownership on the value of cash and find that the marginal value of cash increases as state ownership declines. The next RMB added to cash reserves of the average firm is valued at RMB 0.96 by the market. The marginal value of cash in firms with zero state ownership is RMB 0.36 higher than in firms with majority state ownership. The SBC effect exacerbates agency problems inherent in state-controlled enterprises, contributing to their lower value of cash.
Crises are no strangers on campuses-whether the deaths of students, severe weather events, athletic wrongdoing, crime, or student or employee malfeasance. How leaders respond can save lives, ...strengthen the institution, and comfort the community-or compromise reputations and result in scandal.Risk management and readiness are not often at the top of the list of what presidents and their boards must do, but in a time of ongoing change, instantaneous communication, and media scrutiny, they risk their jobs and their institutional reputation if they do not heed the messages conveyed in this book. Gretchen Bataille and Diana Cordova, with extensive and varied experiences that include a university presidency, directing senior leadership programs, and counseling presidents and senior administrators faced with critical campus events - together with 22 presidents, seasoned leaders in higher education, and media experts - provide forthright, firsthand advice on preparing for and managing a crisis, as well on handling the emotional, and often long-term, toll that can result from dramatic events on campus. Through the examples of those who have successfully managed crises, this book provides expert insights and guidance on preparedness, assigning roles and responsibilities, and planning for contingencies ahead of time so that, in the moment, when there is pressure for immediate response that will be scrutinized by the media, by the public, and by the local constituencies, leaders can act with confidence.The contributors emphasize the crucial importance of ethical behavior, the need for clear protocols for how all employees should handle problematic issues, and the need for mechanisms that allow employees and students to report problems without fear of retribution. Creating an atmosphere of transparency, accountability, and ethical behavior isn't something a leader does when a scandal strikes to protect a reputation; it's what leaders must do to reinforce their good name every
Student fees have saddled graduates with enormous debt, satisfaction rates are low, a high proportion of graduates are in non-graduate jobs, and public debt from unpaid loans is rocketing. This ...timely and challenging analysis gives robust new policy proposals to encourage excellence and ultimately benefit society.
Providing a comprehensive review of pressing issues roiling American college campuses today, this book is a valuable resource for students and scholars alike. People often refer to America's colleges ...and universities as "Ivory Towers," a term that implies that campuses are innocent places of study largely insulated from wider societal concerns. In actuality, our nation's universities are hotbeds of controversy. Some of these sources of heated debate relate directly to access to the college experience, such as the rising cost of tuition and admission policies related to student diversity. Others reflect wider societal schisms, such as divisions over sexual assault (both causes and responses) and "political correctness." Controversies on Campus: Debating the Issues Confronting American Universities in the 21st Century examines the myriad controversies regarding today's college campuses and student bodies, such as tuition costs, campus rape, academic freedom/free speech, gun policies, binge drinking, "hook-up" culture, corporatization of academic research, poverty-level wages of adjunct faculty, and student-athletes in the era of big-money amateur sports. The book objectively examines these issues and others, taking care to not only present up-to-date quantifiable data to help readers understand the controversy but also to provide a fair and impartial summary of perspectives on the issue in question. It is a one-stop resource for learning about a wide range of issues and controversies confronting American colleges and universities and the people—students, professors, and administrators—who comprise those communities.
Co-published in association with Big Picture Learning.Measuring Noncognitive Variables: Improving Admissions, Success, and Retention for Underrepresented Students is written for admissions ...professionals, counselors, faculty and advisers who admit, teach, or work with students during the admissions process and post-enrollment period. It brings together theory, research and practice related to noncognitive variables in a practical way by using assessment methods provided at no cost. Noncognitive variables have been shown to correlate with the academic success of students of all races, cultures, and backgrounds. Noncognitive variables include personal and social dimensions, adjustment, motivation, and student perceptions, rather than the traditional verbal and quantitative areas (often called cognitive) typically measured by standardized tests.Key Features include:
*
Models that raise concepts related to innovation, diversity and racism in proactive ways
*
Examples of admission and post-enrollment applications that show how schools and programs can use noncognitive variables in a variety of ways
*
Additional examples from foundations, professional associations, and K-12 programs
*
An overview of the limitations of traditional assessment methods such as admission tests, grades, and courses takenEducation professionals involved in the admissions process will find this guide effectively informs their practice. This guide is also appropriate as a textbook in a range of courses offered in Higher Education and Student Affairs Masters and PhD programs.
Abstract
This article examines how two dynamics, one global and one domestic, have interacted to shape the politics of banking in Europe. In the aftermath of the 2008 crisis, European governments ...were subject to renewed structural incentive to promote TBTF banks: in financialized economies, the growth of these banks is perceived as an essential element of a national economy's global competitiveness. Yet, this incentive was subject to enhanced political contention at home. Factions—often led by actors from within the state itself—have opposed governments’ impetus to promote TBTF banks. The specific identity, preferences and resources of these factions are determined by distinctive political institutions and vary across countries. Through the comparative analysis of banking structural reform and banking competition policies in the UK, France and Germany, I argue that varieties of regulatory outcomes are explained by the differentiated institutional capacity of “anti-TBTF” factions to carry weight in policymaking processes across jurisdictions.
This systematic literature review integrates the Varieties of Institutional Systems (VIS) framework and Patchwork Institutions lens to unpack how institutional heterogeneity in the Middle East and ...North Africa (MENA) impacts the practice of Corporate Social Responsibility (CSR). Our review of 154 articles published between 1995–2017 extracts the variegated nature of institutions in MENA countries and sheds light on how country-specific institutional forces affect CSR. Doing so, we take the first step to move away from a monolithic understanding of the institutional effects on CSR in MENA, acknowledging the role that collective actors play in shaping the institutional realities affecting CSR.
Wholesale Funding Dry-Ups PÉRIGNON, CHRISTOPHE; THESMAR, DAVID; VUILLEMEY, GUILLAUME
The Journal of finance (New York),
04/2018, Letnik:
73, Številka:
2
Journal Article
Recenzirano
Odprti dostop
We empirically explore the fragility of wholesale funding of banks, using transaction-level data on short-term, unsecured certificates of deposit in the European market. We do not observe a ...market-wide freeze during the 2008 to 2014 period. Yet, many banks suddenly experience funding dry-ups. Dry-ups predict, but do not cause, future deterioration in bank performance. Furthermore, during periods of market stress, banks with high future performance tend to increase reliance on wholesale funding. We therefore fail to find evidence consistent with adverse selection models of funding market freezes. Our evidence is in line with theories highlighting heterogeneity between informed and uninformed lenders.
Central bank swap arrangements in the COVID-19 crisis Aizenman, Joshua; Ito, Hiro; Pasricha, Gurnain Kaur
Journal of international money and finance,
April 2022, 2022-Apr, 2022-04-00, 20220401, Letnik:
122
Journal Article
Recenzirano
Odprti dostop
•Access to Fed liquidity is driven by close financial and trade ties with the US.•Major great trading economies tend to have better access to Fed dollar liquidity.•Swap-related announcements lead to ...currency appreciation against the US dollar.•Dollar auctions by major central banks have expansionary effects on other economies.•US Financial or trade links do not affect the impact of major central bank auctions.
Facing acute strains in the offshore dollar funding markets during the COVID-19 crisis, the Federal Reserve (Fed) provided US dollar liquidity to the global economy by reactivating or enhancing swap arrangements with other central banks and establishing a new repo facility for financial institutions and monetary authorities (FIMA). This paper assesses motivations for the Fed liquidity lines, and the effects and spillovers of US dollar auctions by central banks using these lines. We find that the access to the Fed liquidity arrangements was driven by the recipient economies’ close financial and trade ties with the US. Access to dollar liquidity also reflected global trade exposure. We find that announcements of expansion of Fed liquidity facilities or of auctions using these facilities led to appreciation of partner currencies against the US dollar and reduced these currencies’ deviations from covered interest parity (CIP). Dollar auctions by major central banks (BoE, ECB, BoJ and SNB) had spillovers: they led to temporary appreciation of other currencies against the US dollar, reduced CIP deviations, and persistently reduced sovereign bond yields of other economies. However, dollar auctions done by non-major central banks with access to Fed facilities did not have a meaningful impact on key domestic financial variables. The impact of major central bank auctions does not differ by the economies’ financial or trade links with the US or their balance sheet currency exposure, i.e. the major central bank auctions benefitted even the more vulnerable economies.
PDF
