why are interviews so scary

... References ix 14 P A R T WHY ARE THERE SO MANY BANKING CRISES? 19 Chapter Why Are there So Many Banking Crises? Jean-Charles Rochet 21 1.1 1.2 1.3 1.4 1.5 1.6 Introduction The Sources of Banking Fragility ... — #1 i i Why Are there So Many Banking Crises? i i i i i i “rochet” — 2007/9/19 — 16:10 — page ii — #2 i i i i i i i i “rochet” — 2007/9/19 — 16:10 — page iii — #3 i i Why Are there So Many Banking ... soon as stakeholders of any sort (private investors, depositors, managers, shareholders or employees of a bank in trouble) can check that supervisors have done their job, i.e., have reacted soon...

Ngày tải lên: 10/08/2014, 07:21

... the first Gulf War may also have helped the crisis resolution I thank Jon Danielson for this remark i i i i i i “rochet” — 2007/9/19 — 16:10 — page 31 — #43 i WHY ARE THERE SO MANY BANKING CRISES? ... its failure Whereas bank runs are often inefficient, bank closures are also necessary in order to eliminate inefficient institutions Such closures correspond to what are known as fundamental runs, ... last resort 1.3 The Lender of Last Resort The lender of last resort, which consists of emergency liquidity assistance provided by the central bank to the bank in trouble, was invented, so to speak,...

Ngày tải lên: 10/08/2014, 07:21

... LENDER OF LAST RESORT: A 21ST-CENTURY APPROACH i 77 Inefficient suspension and efficient closure rules (section 3.4): insolvent banks are not detected but are given incentives to declare bankruptcy ... is that public and private involvement are both necessary in implementing the incentive-efficient solution Furthermore, implementation of this solution may also require complementing Bagehot’s LLR ... Chevalier, J., and G Ellison 1997 Risk taking by mutual funds as a response to incentives Journal of Political Economy 105:1167–200 Chevalier, J., and G Ellison 1999 Are some mutual funds managers...

Ngày tải lên: 10/08/2014, 07:21

... insolvent banks We concentrate on the case λ < R0 Hence at t = 1, insolvent banks (which are not detected because supervisors are inefficient) have no incentive to declare bankruptcy and thus are ... OF LAST RESORT: A 21ST-CENTURY APPROACH 99 when the following conditions are satisfied: supervision is inefficient, so that insolvent banks are not detected; it is very costly to screen sound firms; ... are fundamental externalities between the CB, interbank markets, and the banking supervisor When supervision is not perfect, so that the insolvent bank cannot be detected, interbank spreads are...

Ngày tải lên: 10/08/2014, 07:21

... different assumptions as to how small liquidity shocks are met by bank (are its liquid assets sold or are claims on the bank diluted through issues of shares or increased leverage?), and as to the roles ... Interbank transactions also reduce the transparency of a bank’s Trade credit has some specificities relative to, say, interbank lending In particular, the value of collateral (the wares in trade credit) ... bank when it itself is solvent but near insolvency In such cases, however, it is not “ex post optimal” for the central bank to adhere to the stated resolution method The solvency of For simplicity,...

Ngày tải lên: 10/08/2014, 07:21

... destroy money Note also that interpreting the good as cash implies that currency crises, which are often associated with systemic risk, are left out of our analysis This is so because “cash” is ... first analyze the equilibria of the game when all deposits are invested at t = investment returns are certain, and all banks are solvent, so that the only issue is the coordination among depositors ... and discriminate the depositors of the insolvent bank The efficient allocation of resources requires that banks be liquidated if and only if they are insolvent: Xi = if Ri = 0, if Ri = R (7.7)...

Ngày tải lên: 10/08/2014, 07:21

... when all banks are solvent There are no other equilibria when α = D0 Indeed, if x i = 0, then equation (7.5) implies that Xi = or Di = Ri But Xi cannot be zero (unless all x j are also zero) and ... lending to (guaranteeing the credit lines of) insolvent institutions and with some probability it will be denying credit to solvent institutions Also, depositors may run on all the banks which ... closure of insolvent banks (proposition 7.5) In this case two courses of action are available: orderly closure or bailout of insolvent banks Given the interbank links, the closure of an insolvent...

Ngày tải lên: 10/08/2014, 07:21

... the bank declares bankruptcy) 23 and the shirking threshold AS (below which the bank shirks) are chosen by bankers so as to maximize the value of equity The reason why shirking is sometimes preferred ... of bank shareholders, gives these shareholders incentives to take excessive risks, especially when banks are insufficiently capitalized We focus here on a different agency problem, also created ... assets hits some threshold AR chosen by the regulator, the bank is liquidated and the shareholders are expropriated 25 This regulatory threshold AR is designed in such a way that bankers are never...

Ngày tải lên: 10/08/2014, 07:21

... attitude of supervisory authorities 10.6 Supervisory Action The “second pillar” of Basel is supervisory review 23 The Basel Committee states several principles for a sound supervisory review, including: ... characterize the value of subdebt are the same as before and thus Sk is unchanged Therefore, the differential equations that characterize Ek (k = G, B) are also unchanged and so are the functions Ek themselves ... authorities are also in charge of the deposit insurance fund If this is the case, Pagès and Santos show that supervisory authorities should inflict higher penalties on the banks which not comply with solvency...

Ngày tải lên: 10/08/2014, 07:21

... References ix 14 P A R T WHY ARE THERE SO MANY BANKING CRISES? 19 Chapter Why Are there So Many Banking Crises? Jean-Charles Rochet 21 1.1 1.2 1.3 1.4 1.5 1.6 Introduction The Sources of Banking Fragility ... — #1 i i Why Are there So Many Banking Crises? i i i i i i “rochet” — 2007/9/19 — 16:10 — page ii — #2 i i i i i i i i “rochet” — 2007/9/19 — 16:10 — page iii — #3 i i Why Are there So Many Banking ... PART Why Are there So Many Banking Crises? i i i i i i “rochet” — 2007/9/19 — 16:10 — page 20 — #32 i i i i i i i i “rochet” — 2007/9/19 — 16:10 — page 21 — #33 i i Chapter One Why Are there So...

Ngày tải lên: 01/11/2014, 19:44

... 100 Figure 1: Aggregate Reserves of Depository Institutions Source: Federal Reserve Statistical Release H.3 Why are banks holding so many excess reserves? What the data in Figure tell us about ... the problem, one heckuva symptom” (p.2) Commentators have asked why banks are choosing to Reserves (sometimes called bank reserves) are funds held by depository institutions that can be used to ... additional reserves are called excess hold so many reserves instead of lending them out, and some claim that inducing banks to lend their excess reserves is crucial for resolving the credit crisis...

Ngày tải lên: 16/02/2014, 12:20

... foreign share in deposits are significant in some model specifications, they are not consistently significant across both the median least squares and robust regressions We also obtain some evidence ... mining and domestic ownership are associated with higher spreads Higher 16 overhead costs are also associated with higher margins, while more agricultural lending is associated with lower margins ... well as domestically owned banks are associated with higher spreads Higher overhead costs are also associated with higher ex-post margins, while banks with higher share of agricultural lending report...

Ngày tải lên: 22/03/2014, 23:20

... 2:01 PM Page iii GREAT PEOPLE DECISIONS Why They Matter So Much, Why They Are So Hard, and How You Can Master Them CLAUDIO FERNANDEZ ARAOZ John Wiley & Sons, Inc ffirs.qxd 5/11/07 2:01 PM Page ... 2:01 PM Page iii GREAT PEOPLE DECISIONS Why They Matter So Much, Why They Are So Hard, and How You Can Master Them CLAUDIO FERNANDEZ ARAOZ John Wiley & Sons, Inc ffirs.qxd 5/11/07 2:01 PM Page ... people’s careers, including my own But I’ve also tried to find some more systematic answers that might help someone take action (Telling someone to “be lucky” is not enough, obviously.) So, when...

Ngày tải lên: 28/06/2014, 21:20

... 2:01 PM Page iii GREAT PEOPLE DECISIONS Why They Matter So Much, Why They Are So Hard, and How You Can Master Them CLAUDIO FERNANDEZ ARAOZ John Wiley & Sons, Inc ffirs.qxd 5/11/07 2:01 PM Page ... 2:01 PM Page iii GREAT PEOPLE DECISIONS Why They Matter So Much, Why They Are So Hard, and How You Can Master Them CLAUDIO FERNANDEZ ARAOZ John Wiley & Sons, Inc ffirs.qxd 5/11/07 2:01 PM Page ... people’s careers, including my own But I’ve also tried to find some more systematic answers that might help someone take action (Telling someone to “be lucky” is not enough, obviously.) So, when...

Ngày tải lên: 10/08/2014, 07:21

... chances of career success I hope you are now convinced that stellar managerial careers are built not only on luck, genetics, a constant development effort, and good career decisions, but also (even ... we are pretty good In fact, we are not, and we are not even aware of our deficiencies The best studies about self-perceptions show a very low correlation with reality In the realm of complex social ... in determining your career success, and also your personal happiness I I I Great people decisions are essential not only for personal success, but also for sustained organizational success—and...

Ngày tải lên: 10/08/2014, 07:21

... subjects in later chapters But acts of God are the rare exception In business, as in most of life, acts of people are what we have to worry about So, what are the ccc_people_085-116_ch04.qxd 4/3/07 ... strategic resources, solid operators, question marks, and successors There were several strategic resources (i.e., people who excelled along both dimensions), a significant number of solid operators ... primary reason why we humans don’t work at areas in which we know we need to improve is that the rewards are in the future, while the disruption, discomfort, and discipline needed to get there are immediate.24...

Ngày tải lên: 10/08/2014, 07:21

... level—a threshold level—in some competencies • You also need some competencies in each of the four main clusters of competencies (self-awareness, self-management, social awareness, and relationship ... self-management (emotional selfcontrol, transparency, adaptability, achievement orientation, initiative, and optimism); (3) social awareness (empathy, organizational awareness, and service orientation); ... brought with them their network of effective relationships and social capital The final reason why it is very important to define what you are looking for with a team perspective in mind is that, in...

Ngày tải lên: 10/08/2014, 07:21

... with some outstanding successes and some formidable failures So you should be particularly careful, when things are going well, to look at the future, and make sure that the person you are promoting ... their job, and jobs found through personal contacts also tended to be the most highly paid Work found through personal contacts also was most frequently associated with a newly created position, ... not know me personally, you may know someone who knows me And if you’re reading this book and interested in these topics, the chances are very good that you know someone who knows someone who knows...

Ngày tải lên: 10/08/2014, 07:21

... career Now, though, he not only had a poor relationship with his team, but also was behaving in a way that was absolutely countercultural and apparently even unethical I don’t remember being so ... Amazingly, in your first encounter with someone, the relevant areas in your brain are making your initial judgment (pro or con) in just one-twentieth of a second So one thing, at least, is clear: We ... 1:13 PM Page 221 How to Appraise People 221 some initial screening Research suggests that team interviews are slightly more valid than individual interviews, in part because interviewers can...

Ngày tải lên: 10/08/2014, 07:21

... happiness that have grown out of the right job change (That’s one reason why I enjoy my work so much.) At the same time, I’ve also seen some very unhappy scenarios unfold, which ended up in frustration ... [practices],” as Harvard Professor Howard Stevenson recently said to me, “is to think not only about what the person can contribute to the job, but also about what could destroy the person in that job.”1 ... certain point, money had absolutely no weight in his career choices and job decisions For other people, obviously, money and other types of compensation are far more important So you have to understand...

Ngày tải lên: 10/08/2014, 07:21