Continued part 1, part 2 of ebook Bank performance, risk and firm financing provides readers with contents including: a revenue based frontier measure of banking competition; regulation and bank performance in Europe; the Italian popular banks and their behaviour after the recent financial crisis; access to equity for new, innovative companies in Italy; value creation of internationalization strategies of Italian medium sized listed... 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.
9z 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 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 dv 9h 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 ek n2 nf q0 hy 21 ge 57 ưy n5 0j 2n q ưa im m bn Roberto Bottiglia, Elisabetta Gualandri and Gian Nereo Mazzocco (editors) CONSOLIDATION IN THE EUROPEAN FINANCIAL INDUSTRY xb o8 2h 0r 9t 8r p m qy 7t fm p8 ww 1c lm ư7 of 24 ld 6z xw Dimitris N Chorafas CAPITALISM WITHOUT CAPITAL kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf 8h yx Dimitris N Chorafas SOVEREIGN DEBT CRISIS The New Normal and the Newly Poor 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 Dimitris N Chorafas FINANCIAL BOOM AND GLOOM The Credit and Banking Crisis of 2007–2009 and Beyond 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 Violaine Cousin BANKING IN CHINA k0 yr sư 7d l7 19 4i rv Vincenzo D’Apice and Giovanni Ferri FINANCIAL INSTABILITY Toolkit for Interpreting Boom and Bust Cycles 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 Peter Falush and Robert L Carter OBE THE BRITISH INSURANCE INDUSTRY SINCE 1900 The Era of Transformation 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 e3 ho Franco Fiordelisi MERGERS AND ACQUISITIONS IN EUROPEAN BANKING fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi vư hn Franco Fiordelisi, Philip Molyneux and Daniele Previati (editors) NEW ISSUES IN FINANCIAL AND CREDIT MARKETS ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h Franco Fiordelisi, Philip Molyneux and Daniele Previati (editors) NEW ISSUES IN FINANCIAL INSTITUTIONS MANAGEMENT 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 3q q2 8s i dh v l0b lie Kim Hawtrey AFFORDABLE HOUSING FINANCE u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc Jill M Hendrickson REGULATION AND INSTABILITY IN U.S COMMERCIAL BANKING A History of Crises 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:01 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd i kk 8f hv oo qm t3 7y ro dy y1 o 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 i6 kw Sven Janssen BRITISH AND GERMAN BANKING STRATEGIES 1x ư1 fv 9b co ij 3u 9u 9p ep d e5 m 80 bp 3u qs xs 2w r1 z8 dk Alexandros-Andreas Kyrtsis (editor) FINANCIAL MARKETS AND ORGANIZATIONAL TECHNOLOGIES System Architectures, Practices and Risks in the Era of Deregulation 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 g9 eư 7i i vz jzc Philip Molyneux (editor) BANK PERFORMANCE, RISK AND FIRM FINANCING 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 n5 ưy 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 of ư7 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 ok 3i 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 9b 9n p6 u3 Özlem Olgu EUROPEAN BANKING Enlargement, Structural Changes and Recent Developments 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 hm eh 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 hn vư ir rz h4 ư1 ob q4 The full list of titles is available on the website: www.palgrave.com/finance/sbfi.asp fb d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm Palgrave Macmillan Studies in Banking and Financial Institutions Series Standing Order ISBN 978–1–4039–4872–4 v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d b5 va 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 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 qe yy Customer Servics Department, Macmillan Distribution Ltd., Houndmills, Basingstoke, Hampshire RG21 6Xs, England u5 g4 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:01 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd ii kk 8f hv oo qm t3 7y ro dy y1 o 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 Performance, Risk and Firm Financing 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 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc 9e 0t lr 1q Edited by 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 Philip Molyneux pt 67 61 xn ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 Professor of Banking and Finance, Bangor Business School, Bangor University, UK 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 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 7h jư ns 3r ut sw 93 5/26/2011 7:35:01 PM 9780230_313354_01_prexviii.indd iii kk 8f hv oo qm t3 7y ro dy y1 o 0e nl e 6c jtw z5 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 ay dq 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: 978–0–230–31335–4 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 7i rh 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 Library of Congress Cataloging-in-Publication Data i1 bx 2e 34 ah u6 sd b4 ci ky l5 uu or Bank performance, risk and firm financing / edited By Philip Molyneux p cm Includes bibliographical references and index ISBN 978–0–230–31335–4 (alk paper) Banks and banking Banks and banking – Risk management Bank management Financial institutions – Management I Molyneux, Philip 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 2011012069 ir rz h4 ư1 ob q4 fb HG1601.B147 2011 332.1068⬘1—dc22 d0 hd pv 8k lg 2d 1k 4w 0ư 3k s9 m hb 2t qc d6 0h 1y s0 ss fm 10 20 19 18 17 16 15 14 13 12 11 v2 q2 h1 16 ưa sg xl yq fk 33 0q l6 7k xư hu ts 5d va b5 b9 jh Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne 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 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:01 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd iv kk 8f hv oo qm t3 7y ro dy y1 o 0e nl z5 e 6c jtw Contents 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 vii Notes on Contributors xii rz z ac go m List of Tables and Figures 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 cfc py c lb Introduction Philip Molyneux 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 v8 Bank Size, Market Power and Financial Stability Joaquín Maudos and Juan Fernández de Guevara Bank Risk and Analysts’ Forecasts Mario Anolli and Elena Beccalli Foreign Banks in Central Eastern Europe: Impact of Foreign Governance on Bank Performance Ewa Miklaszewska and Katarzyna Mikolajczyk 49 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 f6 6x 32 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 55 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 g4 Financial Crisis and Bank Profitability Ted Lindblom, Magnus Olsson and Magnus Willesson 83 Asset-Backed Securitization and Financial Stability: The Downgrading Delay Effect Mario La Torre and Fabiomassimo Mango u7 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 106 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 sd A Revenue-Based Frontier Measure of Banking Competition Santiago Carbó-Valverde, David Humphrey and Francisco Rodríguez Fernández Regulation and Bank Performance in Europe Georgios E Chortareas, Claudia Girardone and Alexia Ventouri The Italian Popular Banks and Their Behaviour after the Recent Financial Crisis Pierluigi Morelli and Elena Seghezza 135 2p 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 154 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 174 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 0ư Access to Equity for New, Innovative Companies in Italy Luciana Canovi, Elisabetta Gualandri and Valeria Venturelli 194 4w 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 ts 5d va b5 b9 jh 1n b7 e1 0p hm bo 215 bm jg 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm Can R&D Expenditures Affect Firm Market Value? An Empirical Analysis of a Panel of European Listed Firms Andi Duqi and Giuseppe Torluccio xư hu 10 yy qe u5 g4 0iư n4 ed f1 yz 4u ib aư 4u bt bi ild t6 pc 9a y pp gq 4m e ojr frc v 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:01 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd v kk 8f hv oo qm t3 7y ro dy y1 o Contents vi 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 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 zu p2 g3 ưt 8j i 9o i17 289 bk Index x1 273 h7 12 Managers’ Capital Structure Decisions – the Pecking Order Puzzle Ted Lindblom, Gert Sandahl and Stefan Sjögren rt hd qm m 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 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 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 7h jư ns 3r ut sw 93 5/26/2011 7:35:01 PM 9780230_313354_01_prexviii.indd vi 242 Value Creation of Internationalization Strategies of Italian Medium-Sized Listed Firms Ottorino Morresi and Alberto Pezzi 11 kk 8f hv oo qm t3 7y ro dy y1 o 0e nl z5 e 6c jtw Tables and Figures 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 Tables 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 Descriptive statistics of the sample used Market power and financial stability Market power determinants Dependent variable: Lerner index 1.4 Determinants of financial stability Dependent variable: Z-score 1.5 Elasticities of the variation of market power and Z-score 2.1 Number of banks in the sample (by country and year) 2.2 Number of analysts’ earnings forecasts (by year) 2.3 Descriptive statistics of mean and last announced forecast errors (by year) 2.4 Descriptive statistics of analysts’ forecast error, bank risk and control variables 2.5 Correlation analysis 2.6 Regression of forecast error on bank risk (Z-score) and control variables (entire period) 2.7 Regression of forecast error on bank risk (ROA-STDEV) and control variables (Pre- crisis and during the crisis) 3.1 Top 10 world banks by total assets and tier- one capital 2006 and 2009 $billion 3.2 CEE macroeconomic and banking key figures (2008) 3.3 CEE-17 largest players, 2008 3.4 Growth rate of GDP, percentage change on previous year 3.5 CEE-5 bank characteristics (percentage) 3.6 Top three largest banks by assets in CEE-5 (major shareholder) 3.7 Profitability ratios for analysed banks by host countries and by ownership structure (major shareholder), in per cent 3.A1 Sample characteristics 3.A2 Regression results (ROA) 3.A3 Regression results (Z-score) 3.A4 DEA results: average efficiency scores 18 19 cy 1.1 1.2 1.3 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 48 8d 20 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 21 24 39 40 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 41 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr l5 ưf 42 44 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 49 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 bh zư 50 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 58 61 62 63 63 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 gc 9lj y7 64 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 m hb 3k s9 69 75 76 77 79 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 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib 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 d6 yg zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:01 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd vii kk 8f hv oo qm t3 7y ro dy y1 o viii List of Tables and Figures 0e nl z5 e 6c jtw 4.1 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 cy jư dx z5 zu p2 g3 ưt 8j i 9o i17 n4 o0 7w xu py c lb cfc The overall profitability of the Swedish banks during 2007–9 4.2 The banks’ average cost of debt during 2007–9 4.3 The relative development of net fees and commission income 4.4 Average interest income of the banks during 2007–9 4.5 The banks’ profit margins before loss provisions 4.6 The relative development of net interest income (NII) 4.7 The development of net interest margin 4.8 Return on invested funds and on financial leverage before tax 4.9 The banks’ leverage spread and leverage multiplier 4.10 Average own funds ratio of savings and commercial banks 5.1 Micro and macro determinants in rating of ABS 5.2 The sample selected for the test 5.3 Distribution of rating for the sample 5.4 Rating conversion matrix 5.5 Correlations hypothesized by the model 5.6 Significance of relevant correlations among independent variables 5.7 Downgrading occurring 5.8 Downgrading occurring in each country 5.9 Regression results 5.10 Results of regression in a ‘downgrading shift scenario’ 6.1 Standard competition efficiency measures: Spain, 1992–2005 6.2 Competition efficiency in Spain: 1992–2005 7.1 Data frequency distribution by country and year 7.2 Details on regulatory and supervisory variables included in the empirical analysis 7.3 Descriptive statistics of banks’ inputs and outputs used to compute DEA efficiency 7.4 Descriptive statistics for the variables employed in the empirical analysis 7.5 Correlation matrices for Basel II pillars on regulation and institutional characteristics 8.1 ROE and ROA of Italian banks (2006–9) 8.2 Changes in profitability (difference between 2006–7 and 2008–9 values) 8.3 Gross income on capital (percentage value) 88 91 93 94 97 98 99 9e 0t lr 1q l1 ou 8d 48 sh co 100 102 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 103 115 124 125 127 127 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 128 129 129 130 130 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 l5u d 137 143 162 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 164 ib zx uh ch ff f0 ak 7h f yu jsc jle p0 6o w2 gd br 1f 6y up ưl jk0 g7 j v4 165 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi 166 hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư s9 m hb 3k 169 187 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 187 188 3q q2 8s i dh v l0b lie u3 52 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:02 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd viii kk 8f hv oo qm t3 7y ro dy y1 o List of Tables and Figures ix 0e nl z5 e 6c jtw 8.4 8.5 8.6 9.1 9.2 9.3 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 188 189 190 197 198 199 cy Other incomes on capital (percentage values) Net interest income on total assets (percentage values) Operating expenses on total assets (percentage values) Structure of the universe and sample Firms’ growth cycle stages R&D expenditure as a percentage of total operating costs and firm’s development stage (number of firms) 9.4 Obstacles encountered at the start of operations (percentage frequency) 9.5 Barriers to growth at the time of incorporation (average values on scale 1–7) 9.6 Sources of finance used at the time of incorporation (number of replies) 9.7 Reasons for lack of involvement of equity investors (number of replies) 9.8 Desire to receive equity investment (number of firms) 9.9 Reasons for equity investors’ lack of interest: firms’ opinions (number of replies) 9.10 Availability of venture capital for innovative SMEs in Emilia Romagna (number of firms) 9.11 Frequency of contacts with venture capital investors (number of firms) 9.12 Sources of finance for fixed asset and working capital investments (average values on scale 1–7) 9.13 Firms’ willingness to accept new partners (average values on scale 1–7) 9.14 Barriers to growth in coming years 9.15 Barriers to future growth (average values on scale 1–7) 10.1 Univariate statistics, years 2001–7 / full sample 10.2 Univariate descriptive statistics by country, years 2001–7 10.3 Correlation matrix, years 2001–7 10.4 Analysis in pooled cross-section Dependent variable: (Mv−Bv)/Bv 10.5a Panel fixed effects regression Dependent variable: (Mv−Bv)/Bv 10.5b Panel fixed effects regression by country Dependent variable: (Mv−Bv)/Bv 10.6 Analysis in pooled cross-section Dependent variable: (Mv−Bv)/Bv 10.7 Analysis in pooled cross-section for full sample Dependent variable: (Mv−Bv)/Bv jư z5 dx 200 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 201 l1 k dh 4j2 ex 47 yv ư5 yf z8 g9 eư 7i i vz jzc s7 65 49 v8 pt 67 xn 61 202 ex t1 8v 1p 9h dv j 2w sl0 87 kq ro po r3 7s 86 ds 32 a5 eu vy 8i m b vh 203 204 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 205 24 ld 6z xw kh 6m ke t7 bi a6 3l pc ge wư u6 u0 ylư v1 fl 0n wr ưf l5 206 yx 8h w xlj 7j h6 ay dq 3i ok 5ư ưt u7 g4 r1 xu ei kd 3y db w3 60 om ưs 207 94 2x 1f 62 ưn 7t 9b 9n p6 u3 fx 0v ol 5t d5 il 81 qg w5 tn ql 22 jh 4m 208 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 208 209 210 224 226 227 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 jk0 g7 j v4 228 ho e3 fo 09 oo 0o y7 gc 9lj e6 vs i0 t e6 iz5 z 5q m kh ty cv bm ce hi 230 hn vư ir rz h4 ư1 ob q4 fb d0 hd pv 8k lg 2d 1k 4w 0ư s9 m hb 3k 231 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 234 va b5 b9 jh 1n b7 e1 0p hm bo bm jg 3q q2 8s i dh v l0b lie 52 u3 235 2f b5 st 9o td g2 8c gm yy qe u5 g4 0iư n4 ed f1 yz 4u ib 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 zm a6 5ia 7y a d2 pk xv 02 qi 2d dh gv nm rl 2z h0 5/26/2011 7:35:02 PM 7h jư ns 3r ut sw 93 9780230_313354_01_prexviii.indd ix kk 8f hv oo qm t3 7y ro dy y1 o