Continued part 1, part 2 of ebook Bank strategy, governance and ratings provides readers with contents including: the information content of sovereign watchlist and outlook SP versus Moody’s; errors in individual risk tolerance; attitudes, personality factors and household debt decisions a study of consumer credit; the business of clearing cash equities in europe: market dynamics and trends; Đề tài Hoàn thiện công tác quản trị nhân sự tại Công ty TNHH Mộc Khải Tuyên được nghiên cứu nhằm giúp công ty TNHH Mộc Khải Tuyên làm rõ được thực trạng công tác quản trị nhân sự trong công ty như thế nào từ đó đề ra các giải pháp giúp công ty hoàn thiện công tác quản trị nhân sự tốt hơn trong thời gian tới.
sr sv xf f3 i9z w jh 6m ji lcq 8v p zư 2p p frb 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 go m rz z ac ah f9 i8k 3j z6 ch s4 19 a fp l7t 02 nm vh 2i ư2 hx l4 n0 cy jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r qy p m 7t fm ww p8 1c lm ư7 of 24 ld xw 6z kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 u6 ah sd b4 ci ky l5 uu vf or wr ln bt x su 7li g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư hb 3k s9 m 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 sg ưa yq xl fk 33 0q l6 7k xư hu 5d ts va b5 b9 jh 1n b7 e1 0p hm bo bm jg 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 d6 yg a6 zm 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z 7h h0 jư ns 3r ut sw 93 Palgrave Macmillan Studies in Banking and Financial Institutions 0e Series Editor: Professor Philip Molyneux nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw The Palgrave Macmillan Studies in Banking and Financial Institutions are international in orientation and include studies of banking within particular countries or regions, and studies of particular themes such as Corporate Banking, Risk Management, Mergers and Acquisitions, etc The books’ focus is on research and practice, and they include up-to-date and innovative studies on contemporary topics in banking that will have global impact and influence 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 z6 i8k 3j Titles include: ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy Steffen E Andersen THE EVOLUTION OF NORDIC FINANCE jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou Seth Apati THE NIGERIAN BANKING SECTOR REFORMS Power and Politics 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv Vittorio Boscia, Alessandro Carretta and Paola Schwizer COOPERATIVE BANKING IN EUROPE: CASE STUDIES j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 n2 ek Roberto Bottiglia, Elisabetta Gualandri and Gian Nereo Mazzocco (editors) CONSOLIDATION IN THE EUROPEAN FINANCIAL INDUSTRY nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r m qy p Dimitris N Chorafas CAPITALISM WITHOUT CAPITAL 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư Dimitris N Chorafas SOVEREIGN DEBT CRISIS The New Normal and the Newly Poor v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x Dimitris N Chorafas FINANCIAL BOOM AND GLOOM The Credit and Banking Crisis of 2007–2009 and Beyond 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh Violaine Cousin BANKING IN CHINA 6t dl fn a2 wl vg 7i rh Vincenzo D’Apice and Giovanni Ferri FINANCIAL INSTABILITY Toolkit for Interpreting Boom and Bust Cycles d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc Peter Falush and Robert L Carter OBE THE BRITISH INSURANCE INDUSTRY SINCE 1900 The Era of Transformation m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br Franco Fiordelisi MERGERS AND ACQUISITIONS IN EUROPEAN BANKING 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs t e6 iz5 i0 Franco Fiordelisi, Philip Molyneux and Daniele Previati (editors) NEW ISSUES IN FINANCIAL AND CREDIT MARKETS z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k Franco Fiordelisi, Philip Molyneux and Daniele Previati (editors) NEW ISSUES IN FINANCIAL INSTITUTIONS MANAGEMENT 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 Kim Hawtrey AFFORDABLE HOUSING FINANCE e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz Jill M Hendrickson REGULATION AND INSTABILITY IN U.S COMMERCIAL BANKING A History of Crises ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:43 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd i kk 8f hv oo qm t3 7y ro y1 dy 0e Otto Hieronymi (editor) GLOBALIZATION AND THE REFORM OF THE INTERNATIONAL BANKING AND MONETARY SYSTEM nl z5 e 6c jtw w0 a r1 a2 m 1n vw Sven Janssen BRITISH AND GERMAN BANKING STRATEGIES i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w z8 r1 Alexandros-Andreas Kyrtsis (editor) FINANCIAL MARKETS AND ORGANIZATIONAL TECHNOLOGIES System Architectures, Practices and Risks in the Era of Deregulation dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv Caterina Lucarelli and Gianni Brighetti (editors) RISK TOLERANCE IN FINANCIAL DECISION MAKING ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t Roman Matousek (editor) MONEY, BANKING AND FINANCIAL MARKETS IN CENTRAL AND EASTERN EUROPE 20 Years of Transition lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 eư g9 Philip Molyneux (editor) BANK PERFORMANCE, RISK AND FIRM FINANCING 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 Philip Molyneux (editor) BANK STRATEGY, GOVERNANCE AND RATINGS 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 Imad A Moosa THE MYTH OF TOO BIG TO FAIL 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of Simon Mouatt and Carl Adams (editors) CORPORATE AND SOCIAL TRANSFORMATION OF MONEY AND BANKING Breaking the Serfdom 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok Anders Ögren (editor) THE SWEDISH FINANCIAL REVOLUTION 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9n 9b Özlem Olgu EUROPEAN BANKING Enlargement, Structural Changes and Recent Developments p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm Ramkishen S Rajan EMERGING ASIA Essays on Crises, Capital Flows, FDI and Exchange Rate a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 34 2e Yasushi Suzuki JAPAN’S FINANCIAL SLUMP Collapse of the Monitoring System under Institutional and Transition Failures ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib Ruth Wandhöfer EU PAYMENTS INTEGRATION The Tale of SEPA, PSD and Other Milestones Along the Road zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi The full list of titles available is on the website: www.palgrave.com/finance/sbfi.asp hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc Palgrave Macmillan Studies in Banking and Financial Institutions Series Standing Order ISBN 978–1–4039–4872–4 d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu You can receive future titles in this series as they are published by placing a standing order Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and the ISBN quoted above ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:44 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd ii kk 8f hv oo qm t3 7y ro y1 dy 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk Bank Strategy, Governance and Ratings 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy jư dx z5 Edited By zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 Philip Molyneux sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 Professor of Banking and Finance, Bangor Business School, Bangor University, UK pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 5/26/2011 6:12:44 PM 9780230_313347_01_prexvi.indd iii kk 8f hv oo qm t3 7y ro y1 dy 0e nl z5 e 6c jtw Introduction, selection and editorial matter © Philip Molyneux 2011 Individual chapters © contributors 2011 w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m All rights reserved No reproduction, copy or transmission of this publication may be made without written permission 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m h7 x1 No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy jư Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc 65 s7 First published 2011 by PALGRAVE MACMILLAN 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 0r 2h Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 dq ay Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t ISBN: 978–0–230–31334–7 hardback 9b 9n p6 u3 fx 0v ol 5t il 81 qg d5 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg rh 7i A catalogue record for this book is available from the British Library d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 A catalog record for this book is available from the Library of Congress i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or 10 20 19 18 17 16 15 14 13 12 11 vf wr ln 7li x su bt g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:44 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd iv kk 8f hv oo qm t3 7y ro y1 dy 0e nl z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co Contents ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy jư dx z5 zu p2 g3 ưt n4 o0 7w xu py c lb cfc 8j i 9o i17 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr Governing British Banks Andy Mullineux Changes in Board Composition and Compensation in Banking from 1999 to 2008 Pablo de Andrés-Alonso and Eleuterio Vallelado- González l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe Attitudes, Personality Factors and Household Debt Decisions: A Study of Consumer Credit Stefano Cosma and Francesco Pattarin m hb 194 Errors in Individual Risk Tolerance Caterina Lucarelli and Gianni Brighetti 49 u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z Introduction Philip Molyneux 7h h0 jư ns 3r ut sw 93 5/26/2011 6:12:44 PM 9780230_313347_01_prexvi.indd v xi Notes on Contributors 3j z6 i8k v 157 134 The Information Content of Sovereign Watchlist and Outlook: S&P versus Moody’s Rasha Alsakka and Owain ap Gwilym 33 An Examination of Cross-Border Strategies in Banking Barry Howcroft, Rehan ul-Haq and Chris Carr 109 Are the Ratings Good Indicators of the Creditworthiness of the Entities that Qualify? Carlos Salvador Muñoz, José Manuel Pastor and Juan Francisco Fernández de Guevara 94 On the Relationship between Bank CDS Spreads and Balance Sheet Indicators of Bank Risk Laura Chiaramonte and Barbara Casu 72 The Governance of Executive Remuneration during the Crisis: Evidence from Italy Marcello Bianchi, Angela Ciavarella, Valerio Novembre and Rossella Signoretti vii List of Figures and Tables kk 8f hv oo qm t3 7y ro y1 dy Contents vi 0e nl z5 e 6c jtw w0 a r1 a2 m 1x fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx n0 l4 cy jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q 275 ư1 The Nature of China’s Exchange Rate Regime and the Potential Impact on Its Financial System René W.H van der Linden i6 kw 246 1n vw The Business of Clearing Cash Equities in Europe: Market Dynamics and Trends Giusy Chesini 12 217 11 An Insight into Suitability Practice: Is a Standard Questionnaire the Answer? Nicoletta Marinelli and Camilla Mazzoli 10 l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 301 Index pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m m w0 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z 7h h0 jư ns 3r ut sw 93 5/26/2011 6:12:45 PM 9780230_313347_01_prexvi.indd vi kk 8f hv oo qm t3 7y ro y1 dy 0e nl Figures and Tables z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 Figures s3 sq rv ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy 1.1 Tier-one capital ($ million) versus strategy employed (all banking) 5.1 Bank CDS market 5.2 Time-series graphs 6.1 Hypotheses put forward in the literature on the behaviour of ratings 7.1 Annual net outlook and watchlist actions for sovereigns during 1995–2009 8.1 The long life cycle of risk tolerance 10.1 Number of questions in the suitability questionnaire 10.2 Completeness of the suitability questionnaires: number of MiFID-suggested items covered 10.3 Coverage of MiFID-suggested items 10.4 Number of MiFID-suggested items covered 11.1 The shift to interoperability 11.2 Downward trend of clearing tarrifs: past evolution and Celent estimates 11.3 CCP market shares of european on-exchange equity trades, 2008–9 (%) 12.1 The development of the CNY/USD exchange rate between 1981 and 2010 jư 21 97 101 dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 67 pt 111 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i 145 172 228 b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 a6 bi 230 230 237 254 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 4m jh 268 d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 272 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 4i rv ge 56 278 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m m w0 sy ss Tables 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h jle 17 22 f yu jsc 1.1 International strategy configurations A1.1 Classification of banks by strategy 3.1 Average values per country for the banks in the sample, 1999–2008 3.2 Independence of the board, and age of the CEO and chairman of the banks in the sample 3.3 Experience of CEOs and chairmen of the banks in the sample 3.4 Compensation of CEOs and chairmen 3.5 CEO and chairman experience by country p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm 53 ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư m hb 3k s9 53 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu 54 56 59 ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc vii o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:45 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd vii kk 8f hv oo qm t3 7y ro y1 dy viii List of Figures and Tables 0e nl 3.6 3.7 4.1 z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m 4.2 en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 z ac go m rz 4.3 ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 cy jư dx z5 4.4 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 48 8d 4.5 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 64 67 76 77 78 79 80 9h dv j 2w sl0 4.6 CEO and chairman compensation by country The components of direct compensation by country Main statistics of executive total compensation by market index (amounts in thousand euros) Main statistics of executive variable compensation by market index (amounts in thousand euros) Main statistics of executive total compensation by industry (amounts in thousand euros) Main statistics of executive variable compensation by industry (amounts in thousand euros) Main statistics of executive total compensation by control model (amounts in thousand euros) Main statistics of executive variable compensation by control model (amounts in thousand euros) Main statistics of executive compensation and firms’ performance (amounts in thousand euros) Description of the variables used as regressors Descriptive statistics for regressors Pooled ordinary least squares regressions Pooled ordinary least squares regressions Tobit regressions Tobit regressions Summary statistics on CDS spreads for sample banks by geographic area Financial ratios and predicted relationship with CDS spreads Summary statistics on eight balance sheet indicators for sample banks Correlations in the pre-crisis period and during the crisis Market share of the different CRAs in Spain Table of frequencies of ratings Distribution of ratings by categories before and after the subprime crisis Distribution of changes in rating Descriptive statistics of the variables according to the rating assigned by Fitch in periods P(t−1) and P(t) Descriptive statistics of the variables according to the rating assigned by Standard and Poor’s in periods P(t−1) and P(t) Descriptive statistics of the variables according to the rating assigned by Moody’s in periods P(t−1) and P(t) 87 kq ro 81 po r3 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 4.7 ge 57 82 85 86 87 88 89 90 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn 4.8 4.9 4.10 4.11 4.12 4.13 5.1 ql 22 jh 98 4m d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm 5.2 a4 wv bh 99 zư 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 2p sd k0 yr sư 7d l7 19 5.3 4i rv 56 100 ge i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc 5.4 m w0 105 114 114 m sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 ho e3 fo 09 oo 0o 6.1 6.2 6.3 gc 9lj 116 117 y7 e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 6.4 6.5 s9 m hb 124 3k 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q 6.6 l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p 125 hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm 6.7 yy qe u5 g4 126 n4 ed 0iư f1 yz ib 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:45 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd viii kk 8f hv oo qm t3 7y ro y1 dy List of Figures and Tables ix 0e nl 6.8 z5 e 6c jtw w0 a r1 a2 m 1n vw i6 kw 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk 3o jn c1 re m rt hd qm m x1 h7 bk 0a fiư m en w0 tvs dj s h3 so q9 h vtd og sp at d7 s3 sq rv ju y1 rz z ac go m ah f9 3j z6 i8k ch s4 19 a fp l7t 02 nm 2i vh ư2 hx l4 n0 127 130 130 144 146 150 164 169 170 cy Estimation of coefficients of Rating Change Models (RCMs) for each CRA 6.9 Likelihood ratio test RCM DP EF SC (2) VS RCM DP EF CC (3) A6.1 Equivalencies between the rating agencies and the numerical scale defined 7.1 Descriptive statistics of the data sample 7.2 Distribution of the daily rating changes 7.3 Lead and lags between Moody’s and S&P 8.1 Socio- demographic drivers and risk tolerance 8.2 Summary statistics for risk tolerance drivers 8.3 Differences in average values for UR and BR 8.4 Socio- demographic regularities for UR and BR in a multivariate framework 8.5 The real-life asset allocation of individuals 8.6 Score for drivers of insurance behaviours 8.7 The real-life risk and the individual risk tolerance indicators A8.1 Some socio- demographic features of the sample A8.2 Principal component analysis (PCA) for socio-economic drivers 9.1 Questionnaire items for assessing attitudes by component 9.2 Questionnaire items for assessing locus of control 9.3 Attitudes, locus of control and credit use 9.4 Attitudes towards credit by household per capita income 9.5 Attitudes towards credit by motivations 9.6 Influence of attitude and locus of control on preferred form of credit 9.7 Logistic regression analysis of recourse to credit 10.1 Suitability obligations: MiFID versus US legislative framework 10.2 Set of items suggested by MiFID for the suitability questionnaire 10.3 Description of profiles for bank A 10.4 Description of profiles for bank B 10.5 Description of profiles for bank C 10.6 Matching of profiles for banks A, B and C 10.7 Percentage of consistency of profiles across questionnaires 10.8 Number of questions in the questionnaires jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q l1 ou 8d 48 sh co l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 176 180 181 7s 86 ds 32 a5 eu vy 8i b vh m 6x f6 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm of ư7 183 187 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf yx 8h w xlj 7j h6 ay dq 3i ok ưt 5ư 188 u7 g4 r1 xu ei kd 3y db w3 60 ưs om 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v 204 205 206 ol 5t d5 il 81 qg w5 tn ql 22 4m jh d m bk b4 45 5x 37 gs hv d la4 8v 3p e7 dx zo 22 eh hm a4 wv zư bh 70 ji zo lh 6t dl fn a2 wl vg 7i rh d l5u 207 208 2p sd k0 yr sư 7d l7 19 4i rv ge 56 i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or vf wr ln 7li x su bt g3 kc m w0 m 209 211 sy ss 1z xz 7c wy 5j ob eo pn lc 08 nz cw ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl g7 j v4 jk0 223 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty bm cv 228 234 235 235 235 ce hi hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh 1n b7 e1 0p hm bo bm jg q2 3q 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 n4 ed 0iư f1 yz ib 236 236 4u aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc o 5ư io7 j4 ae 2f n4 2t 1d cm rq nt u zt1 sm kv ưf lh br ưr zo 5t g aip y5 wu nz bs 3f 88 yg d6 zm a6 7y a d2 5ia pk xv 02 qi 2d dh nm gv rl 2z h0 5/26/2011 6:12:45 PM 7h jư ns 3r ut sw 93 9780230_313347_01_prexvi.indd ix kk 8f hv oo qm t3 7y ro y1 dy