Kittiphod Charoontham and Kessara Kanchanapoom
This paper aims to study a strategic decision of banks in Thailand to signal their types to the market and derive the optimal credit derivatives contract to guarantee their loans…
Abstract
Purpose
This paper aims to study a strategic decision of banks in Thailand to signal their types to the market and derive the optimal credit derivatives contract to guarantee their loans and credibly signal their quality under different economic determinants, namely, the maximum credit risk investment constraint, opportunity cost and opaqueness of the credit derivative market.
Design/methodology/approach
Contract theory is deployed to derive the expected payoff of different bank types under different economic and financial constraints. Hence, different bank types offer derivatives contracts to signal their loan quality and resell their loans in the secondary loan markets of Thailand.
Findings
The optimal derivatives contract is constructed on a basis of asymmetric information when banks have more private information concerning quality of their loans. A digital credit default swap is an optimal derivatives contract to send credible signal when banks are restricted to the maximum investment constraint. Moreover, profit of banks is reduced, as the optimal derivatives contract is more costly when banks are subjected to positive opportunity cost and opacity of the credit derivatives market. These results depict impact of changes of the maximum credit risk investment constraint on Thai credit derivatives market.
Originality/value
The optimal credit derivatives design that signifies bank types and facilitates loan purchase agreement has not been studied in Thai secondary loan markets before. In addition, this study provides insights of banks' strategic decisions to signal their types and transfer risk to risk buyers in Thai markets.
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In this paper, which was presented at the joint annual conferences of the Philosophy of Education Society of Australasia and the Group for Research in Educational Administration…
Abstract
In this paper, which was presented at the joint annual conferences of the Philosophy of Education Society of Australasia and the Group for Research in Educational Administration and Theory held at the University of New England, Armidale, in September 1986, the author examines, from the perspective of the new philosophy of science, some of the arguments of two important critics of traditional views of science of administration; notably the arguments of Richard Bates and Thomas Greenfield. The author concludes that the new emerging views of science can sustain a science of administration that escapes their major criticisms.
This monograph considers a further set of state and statutory functions which are connected with collective bargaining and to examine whether or not there effectively existed, or…
Abstract
This monograph considers a further set of state and statutory functions which are connected with collective bargaining and to examine whether or not there effectively existed, or exists, directly and indirectly, encouragement for the promotion of collective bargaining.
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Part 1: Rival Theories Compared Economics is, in the Robbinsian definition, the science of choice. Economic models of choice are metaphors, encapsulating in abstract figures…
Abstract
Part 1: Rival Theories Compared Economics is, in the Robbinsian definition, the science of choice. Economic models of choice are metaphors, encapsulating in abstract figures (lexical or mathematical), the elements of a unique relationship between ends and means. In the view of Austrian economists, this relationship is essentially fictional: It is constructed by the chooser in the moment of choice and embodies his momentary valuation of a particular course of action, seemingly feasible, seemingly the one thing necessary for the enjoyment of some imagined rewards, and seeming to require the surrender of resources deemed in that moment to be at the chooser's disposal. Choice is a subjective affair. It is also, in a sense which may be unique and proper to each actor, an affair fraught with novelty, originality, and the inescapable drive to realise the best of what is apparently possible. Choosers maximise differently and in their own way.
The development of the INSPEC vocabulary system which comprises a unified indexing and classification scheme is described together with the reasons for its adoption. The…
Abstract
The development of the INSPEC vocabulary system which comprises a unified indexing and classification scheme is described together with the reasons for its adoption. The vocabulary system uses a hierarchical classification and a vocabulary development file with thesaurus structure which is linked to the classification. This file has been designed and is used as a controlled‐language thesaurus and as a free‐language aid in the formulation of search profiles.
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Among recent criticisms levelled against traditional administrative theory those raised by adherents to the Critical Theory perspective have gained considerable influence. This…
Abstract
Among recent criticisms levelled against traditional administrative theory those raised by adherents to the Critical Theory perspective have gained considerable influence. This paper examines their claim that Habermasian Critical Theory in particular is in a better position to solve the theoretical and practical problems of educational administration. The focal points of discussion are Habermas's fundamental categories of “interests” and the “ideal speech situation” since their theoretical coherence is a minimum requirement for the theory's validity and practical applicability. It is concluded that Critical Theory, while being the most ambitious attempt to date to provide a new, post‐positivist framework for social and administrative studies, has insufficient epistemological resources to justify its claims. As a result, the theory is driven to rational a prioris which deprive it of empirical content and relevance. Since Critical Theory claims to have reunited theory with practice, lack of empirical content would seem to disqualify the claim and render questionable the theory's value for educational administration.
This discussion forwards a political economy framework for the analysis of the role and impact of political intervention on the process and outcome of environmental conflicts. The…
Abstract
This discussion forwards a political economy framework for the analysis of the role and impact of political intervention on the process and outcome of environmental conflicts. The proposed analytic approach, advocated by the class‐centric state perspective, focuses on the economic roots of political action in conflict situations. The paper provides a critique of the existing analytic approaches to conflict analysis. The paper also offers a brief account of Hawaii's land use policy and history of land‐related environmental conflicts to illustrate the potential of the political economy approach.
For nearly two decades, in the field of educational administration, Bates’s critical theory has been one of the most vigorous challenges to the value neutral approach of…
Abstract
For nearly two decades, in the field of educational administration, Bates’s critical theory has been one of the most vigorous challenges to the value neutral approach of traditional theories. He has been a key voice claiming that such theories are ideological and mainly concerned with protecting vested interests and class divisions in society. Despite their theoretical endurance and practical implications, the main ideas advocated by Bates’s critical theory have not been examined seriously in the field. This paper analyses the main ideas of Bates’s critical social theory in three ways. First, the major intellectual influences that shaped Bates’s theory are examined. Second, those areas where Bates and Greenfield shared similar views yet took different approaches are considered. Finally, the main arguments that critics raised against Bates are examined and evaluated.