Robert Neil Killins, David W. Johnk and Peter V. Egly
The purpose of this paper is to explore the impact of financial regulation policy uncertainty (FRPU) on bank profit and risk.
Abstract
Purpose
The purpose of this paper is to explore the impact of financial regulation policy uncertainty (FRPU) on bank profit and risk.
Design/methodology/approach
This study applies dynamic panel techniques and uses the Baker et al. (2016) FRPU index and macroeconomic variables to assess FRPU’s impact on bank profit and risk using Federal Deposit Insurance Corporation call reports from Q1 2000 to Q4 2016 for over 4,760 commercial banks.
Findings
The effect of FRPU on profitability (Return on Assets [ROA] and Return on Equity [ROE]) and risk (standard deviation of ROA and ROE) produces complex results. FRPU negatively (positively) impacts profits for small and large banks (money center banks). There is a positive impact on FRPU for small and medium-sized banks, with no impact reported for the large and money center banks.
Practical implications
Findings lead to several implications for financial services regulators, investors and executives as summarized in the conclusion. It is essential to ensure that clear communication channels are open especially to small and medium-sized banks for proper strategic planning, given their greater sensitivity to regulatory uncertainty.
Originality/value
This paper contributes to the literature as follows. First, it explores the impact of FRPU on bank profits and risk using a novel index introduced by Baker et al. (2016). This news-based continuous measure presents a bank profit modeling approach that differs from traditional event study methodology. Second, a large sample of US commercial banks is used which represents an important departure from banking regulation studies.
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Robert Killins and Peter V. Egly
The purpose of this paper is to investigate the long-run performance of a unique set of US domiciled firms that have bypassed the US capital markets in pursuit of their initial…
Abstract
Purpose
The purpose of this paper is to investigate the long-run performance of a unique set of US domiciled firms that have bypassed the US capital markets in pursuit of their initial public offering (IPO) overseas. Additionally, this paper then tests the popular underwriter prestige impact and the window of opportunity hypothesis on this unique subset of IPOs.
Design/methodology/approach
Using a sample of foreign and purely domestic IPOs made by US firms from 2000 to 2011, this study investigates the long-term performance, one-, two- and three-year by using two measures (buy-and-hold return and cumulative abnormal returns) to test the long-run returns of newly listed companies. Finally, the research incorporates both the traditional matching methodology (issue year and size) along with propensity score matching methodology.
Findings
FIPOs of US companies underperform DIPOs and their matched DIPOs; furthermore, FIPOs underperform the index of the two listing countries they use the most (UK and Canada). Although the choice of a reputable underwriter mitigates underperformance, the choice of listing in a foreign country only may be a result of possible high valuations accorded by foreign investors who buy US-listed companies on the domestic exchange possibly for reducing exchange rate risk and gaining US diversification without incurring additional costs. It is, thus, possible that US companies that undertake Foreign IPOs not only escape potentially higher Security and Exchange Commission regulations and disclosure but also benefit from higher valuations in the foreign markets.
Originality/value
To the best of the authors’ knowledge, this is the first study to investigate the long-term performance of US firms bypassing the US capital markets in pursuit of their initial equity offering elsewhere. Caglio et al. (2016) investigated why firms decide to pursue such equity raising activity but fail to investigate the firms’ actual performance after issuing equity. This research fills such a gap in the literature and is important for both academics and practitioners. Practitioners can use this information in assessing the quality of such investments in the long-run, and firms can use such information when determining the different options of issuing equity. Further, regulators should be aware of the implications that increased regulations have on capital raising activities in their domestic market.
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Lauren Hunter, Sarah Gerritsen and Victoria Egli
This literature scoping review aims to investigate if, how and why eating behaviours change after a crisis event such as a natural disaster, financial crisis or pandemic in…
Abstract
Purpose
This literature scoping review aims to investigate if, how and why eating behaviours change after a crisis event such as a natural disaster, financial crisis or pandemic in high-income countries.
Design/methodology/approach
The COVID-19 pandemic and resulting “lockdowns” and social distancing measures have changed access to food, the types of food consumed and usual eating behaviours. Early research on the effect of the COVID-19 pandemic is compared with existing literature on other high-impact crises in high-income countries around the world, such as Hurricane Katrina and the Global Financial Crisis. A search of four electronic databases in August 2020 of literature from 2000 to 2020 yielded 50 relevant publications that were included in the qualitative thematic analysis.
Findings
The analysis found that crisis events made accessing food more difficult and led to increased food insecurity. Home cooking, sharing food and eating together (within households during the pandemic) all increased during and after a crisis. Resources often reduced and needed to be pooled. Crises had a multi-directional impact on dietary patterns, and the motivators for dietary pattern change differ between populations and crises.
Originality/value
In conclusion, eating behaviours impacted by crises because of the disruption of food systems, increased food insecurity and changes in daily routines. Community networks were a strong protective factor against adverse outcomes from food insecurity.
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“GIVE a dog a bad name and hang him,” is an aphorism which has been accepted for many years. But, like many other household words, it is not always true. Even if it were, the dog…
Abstract
“GIVE a dog a bad name and hang him,” is an aphorism which has been accepted for many years. But, like many other household words, it is not always true. Even if it were, the dog to be operated upon would probably prefer a gala day at his Tyburn Tree to being executed in an obscure back yard.
Vasilios P. Papanastasis, Stratis Kyriakakis, George Kazakis, Maher Abid and Andreas Doulis
Plant cover was measured for three years in the rangelands of Psilorites mountain of Crete, located at a mean altitude of 1,200m and overgrazed by sheep and goats from May to…
Abstract
Plant cover was measured for three years in the rangelands of Psilorites mountain of Crete, located at a mean altitude of 1,200m and overgrazed by sheep and goats from May to October. Rangelands consist of phryganic ecosystems dominated by dwarf shrubs, often subjected to occupational burning, and secondarily by grasslands. Herbaceous cover was significantly lower in the overgrazed than in the protected sites, but woody cover was higher unless the dwarf shrubs were palatable to animals. When overgrazing was combined with occupational burning then both plant groups were reduced with total cover reaching threshold values for potential soil erosion and desertification. On the contrary, no substantial differences were found between years indicating that overgrazing and burning were much more important than environmental changes. The results suggest that plant cover is an effective tool for monitoring the impact of pastoral activities on rangeland vegetation and therefore on desertification of mountain Mediterranean rangelands.
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All items listed may be borrowed from the Aslib Library, except those marked, which may be consulted in the library.
The structural analysis and design of the Douglas Aircraft S‐IV second stage of the C‐1 configuration of the Saturn space exploration vehicle arc discussed; the S‐IV employs four…
Abstract
The structural analysis and design of the Douglas Aircraft S‐IV second stage of the C‐1 configuration of the Saturn space exploration vehicle arc discussed; the S‐IV employs four Pratt & Whitney LR‐119 engines burning liquid hydrogen. Design criteria, structural analysis, manufacturing considerations and ground handling problems are placed in perspective in relation to design of the system. The solutions of two problems which proved important (free‐standing capability of an unpressurized large thin shell, and separation of two cyrogenic fluids at different temperatures by a common bulkhead) are presented.
The purpose of this paper is to synthesise, characterise and find out properties of some new arylazopyridone disperse dyes, bearing different substituents on coupling component of…
Abstract
Purpose
The purpose of this paper is to synthesise, characterise and find out properties of some new arylazopyridone disperse dyes, bearing different substituents on coupling component of the dyes.
Design/methodology/approach
The dyes are synthesised by diazotisation, coupling and cyclization reactions, starting from various aryldiazonium salts and different β‐diketoesters followed by condensation with cyanoacetamide. The structures of these dyes are characterised and confirmed by melting point, elemental analysis, infrared, ultraviolet‐visible spectroscopy (UV/VIS) and nuclear magnetic resonance (1H‐NMR) data. Their absorption properties in different solvents are also investigated.
Findings
The wavelength of maximum absorptions, molar extinction coefficients are strongly dependent on the electron donating ability of the substituents on the coupling moiety. The absorption bands of these dyes move towards longer wavelength as the polarity of the solvents and electron density of substituents on the coupling moiety increase. These dyes are chromophorically strong as evidenced by molar extinction coefficient in solvents.
Originality/value
In this paper, four series of arylazopyridone dyes (21 dyes) are synthesised and characterised. They have not been registered in the literature previously.
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This study aims to investigate the effect of oil prices, economic growth and information communication technology (ICT) on investment into renewable energy transition (RET).
Abstract
Purpose
This study aims to investigate the effect of oil prices, economic growth and information communication technology (ICT) on investment into renewable energy transition (RET).
Design/methodology/approach
Based on six selected African countries (i.e. Algeria, Egypt, Angola, Ethiopia, South Africa and Nigeria), the study uses a nonlinear autoregressive distributed lag model over the period from 1995 to 2020.
Findings
The results show that increasing oil prices, by substitution effect, leads to increasing RET investment, while declining oil prices lead to decreasing RET investment in the short and long run. Furthermore, the results reveal that increasing real gross domestic product leads to increased RET investment, while declining real gross domestic product (GDP) leads to decreasing RET investment both in the short and long run. Simultaneously, the study shows that increasing ICT has a significant and positive impact on RET investment, while declining ICT has a significant negative impact on RET investment in the short and long run.
Originality/value
The findings of this study have advanced the understanding of which factors significantly influence RET investment and the need to concentrate efforts on strategically addressing those factors. The findings indicate that these countries are at the progressive stage in terms of renewable energy; though increasing oil prices contribute to rising RET investment, the countries can be more proactive by improving the full potential of ICT as well as facilitating the growth of their economies.
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We examined the dynamic volatility connectedness and diversification strategies among US real estate investment trusts (REITs) and green finance indices.
Abstract
Purpose
We examined the dynamic volatility connectedness and diversification strategies among US real estate investment trusts (REITs) and green finance indices.
Design/methodology/approach
The DCC-GARCH dynamic connectedness framework and he DCC-GARCH t-copula model were employed in this study.
Findings
Using daily data from 2,206 observations spanning from 2 January 2015 to 31 January 2023 this paper presents the following findings: (1) cross-market spillovers exhibited a high correlation and significant fluctuations, particularly during extreme events; (2) our analysis confirmed that REIT acted as net receivers from other green indices, with the S&P North America Large-MidCap Carbon Efficient Index dominating the in-network volatility spillover; (3) this observation suggests asymmetric spillovers between the two markets and (4) a portfolio analysis was conducted using the DCC-GARCH t-copula framework to estimate hedging ratios and portfolio weights for these indices. When REIT and the Dow Jones US Select ESG REIT Index were simultaneously added to a risk-hedged portfolio, our findings indicated that no risk-hedging effect could be achieved. Moreover, the cost and performance of hedging green assets using REIT were found to be comparable.
Originality/value
We first examined the dynamic volatility connectedness and diversification strategies among US REITs and green finance indices. The outcomes of this study carry practical implications for market participants.