DETERMINANTS OF BANK HOLDING COMPANY DEBT RATINGS

This paper reports on the construction of a multiple discriminant analysis model which explains the specific ratings assigned by Standard and Poor's Corporation to bank holding company (BHC) capital notes and debentures. It thus investigats the ratings of debt securities issued by banking organizations, an area largely ignored in bond rating research to date. Improving on the methodology of current research concerning BHC bond ratings, the model is 78.5 percent accurate in initially classifying the top three rating categories—AAA, AA, and A. Lachenbruch validation finds the model to be 64.6 percent accurate. Size, variability of net income, the economic environment of the issuing BHC, and the amount and composition of total capital appear to be the principal variables allowing successful discrimination among the debet issue ratings.     

THE EFFECT OF FDICIA REGULATION ON BANK HOLDING COMPANIES

We examine market reactions to legislative announcements surrounding the passage of the Federal Deposit Insurance Corporation Improvement Act (FDICIA) of 1991. Research shows that bank regulation adversely affects shareholder wealth on the one hand, yet often provides government subsidies on the other. The removal of Federal regulators' discretionary authority and the imposition of mandatory regulations in the FDICIA have an overall negative effect on our sample of bank holding companies. The results are consistent with either the costly regulation hypothesis or the decreased subsidies hypothesis.     

FINANCIAL TRANSACTIONS WITHIN BANK HOLDING COMPANIES

This study explores financial transactions within bank holding companies in both a theoretical and an empirical context. Empirical analysis focuses on two major types of interaffiliate financial transactions—extensions of credit and transfers of assets—between holding company banks and their nonbank affiliates (defined to include the parent company and nonbank subsidiaries of the parent) over the period 1976–1980. The data generally point to a net downstream flow of funds from the nonbank sector to the bank sector of a holding company, with the downstream fund flows particularly strong in the case of extensions of credit. In part, this result may reflect the statutory restrictions on bank lending to affiliates, particularly the collateral requirements.     

DETERMINANTS OF AUDIT FEES FOR QUOTED UK COMPANIES

This study reports further evidence as to the determinants of the audit fees paid by quoted companies in the UK. It outlines a framework based on the findings from semi-structured interviews with partners in four large audit firms and the results of previous research, and tests this framework by means of multivariate analysis using 1987 data for a large sample of quoted UK companies. A model explaining 87 per cent of the variation in audit fees is constructed. The principal explanatory variables are found to be auditee size, return on shareholders equity, the number of subsidiaries, the lag between the year end and the date of the audit report, the size of the auditor, a measure of auditee diversification, the ownership structure of the auditee, and whether the auditor was based in London, with the last three being new variables introduced in this study.     

ANNOUNCEMENT EFFECTS OF WITHDRAWN SECURITY OFFERINGS: EVIDENCE ON THE WEALTH REDISTRIBUTION HYPOTHESIS

This paper employs the comparison period returns approach to examine issuance and withdrawal announcement effects for stock portfolios of firms announcing equity or debt issues that are subsequently withdrawn. In contrast to previous literature, which generally attributes financing announcement effects to capital structure changes, the conclusion of this paper is that security price changes at the time an issue is announced or withdrawn prevent wealth redistributions between insiders and outsiders. Empirical findings are inconsistent with the interpretation of announcement effects as capital structure effects.     

张家港农村商业银行

张家港农村商业银行是全国首家由农村信用社改制组建的地方性股份制商业银行,成立于2001年11月27日。下辖1家营业部、32家支行、51家分理处,机构网点总数84家,员工800多名。组建七年来,张家港农村商业银行遵循“伴随你成长”的服务理念．积极发挥全国农村金融改革“试验田”的典型示范作用,扎实推进改革发展．经营实力显著增强,运行质量不断提高,盈利能力大幅提升,多项核心经营指标跻身国内一流商业银行行列。截至2008年末,全行本外币各项存款余额205．62亿元,本外币贷款余额133．23亿元,实现税后利润5．03亿元;     

坚守岗位铸大爱

绵竹汉旺镇是工行重庆分行江北支行员工熊亚军的家乡。这个位于强震带的乡镇离汶川直线距离只有三四十公里,强烈的地震导致当地山体滑坡、80%的房屋坍塌、人员伤亡惨重。养育自己的故乡土地崩陷,亲戚朋友音信全无,熊亚军,这位重庆工行普通员工,这位电子银行业务骨干,一个硬汉子,砸是沉着冷静,坚守岗位,用实际行动,做好本职工作,作出了对抗震救灾最大的支持。     

中国工商银行宁夏分行

工行宁夏分行下辖13家一级支行,31家网点支行,2家直属经营机构,现有从业人员2729人。近三年来,宁夏分行认真贯彻执行总行的发展战略和决策部署,遵循科学发展观的要求和现代商业银行经营理念,加快调整经营结构,积极改进金融服务,稳步推进网点支行扁平化改革,全行各项业务发展呈现出健康、稳定、可持续的良好态势。