Loan growth and bank risk: new evidence

This study provides new evidence on the relationship between abnormal loan growth and banks’ risk-taking behavior using data from a rich panel of Colombian financial institutions. We show that abnormal credit growth during a prolonged period leads to an increase in banks’ riskiness, accompanied by a reduction in solvency and an increase in the ratio of nonperforming loans to total loans. We also show that abnormal credit growth played a fundamental role in the bank-failure process during the late 1990s financial crisis in Colombia. Our results have important implications for financial regulation and macro-prudential policy.     

亚行帮助建立健全湄公河环境治理体系

亚行将改变货币规则以帮助优惠性借款者 亚行正改变其货币管理方式,以帮助那些优惠性"亚洲开发基金"(ADF)的借款者.亚行将废止当前"亚洲开发基金"多达15种货币的基金管理方法,引入一种基于"特别提款权"(SDR)的新方法.     

Announcement effects of convertible bond loans and warrant-bond loans: An empirical analysis for the Dutch market

This study investigates the announcement effects of offerings of convertible bond loans and warrant-bond loans using data for the Dutch market. The event study analysis shows that announcement effects of convertible bonds are associated with positive but insignificant abnormal returns and that announcements of warrant-bonds are associated with significant positive abnormal returns. These findings are similar to the results for Japanese hybrid debt, as reported by Kang et al. (1995) (Kang, J.K., Kim, Y.C., Park, K.J., Stulz, R.M., 1995. Journal of Financial and Quantitative Analysis, pp. 257–270) and Kang and Stulz (1996) (Kang, J.K., Stulz, R.M., 1996. Review of Financial Studies, pp. 109–139), but they contrast with studies for the United States that generally find significant negative abnormal returns for convertible bond loans and insignificant negative abnormal returns for warrant-bond loans. Our results cannot be attributed to differences in the corporate governance structures of the Netherlands and the United States. We find that the positive abnormal returns for the warrant-bond loans are caused by the packaging of the announcements with other (good) firm-specific news.     

Gold loans in the Australian gold mining industry: Do gold loans allow gold producers to increase leverage?

This paper tests the hypothesis that gold producers exhibit greater leverage where gold loans are used. As the choice of gold producers and the study period essentially avoids debt tax shield effects, the paper focuses on information asymmetry and agency costs explanations for leverage. Theory suggests hedging can reduce the cost of debt but it has little impact if management is not committed to adopting the promised hedging policy. The implicit hedge in gold loans commits management to hedging and so greater leverage is expected for producers adopting gold loans. Results from the analysis are consistent with this hypothesis.     

The Federal Home Loan Bank system: Cause or cure for disintermediation?

The Federal Home Loan Bank (FHLB) system issues bonds in order to obtain funds for savings and loan associations during periods of disintermediation. A question has arisen as to whether the FHLB actually causes additional disintermediation by its bond issues. Although this concern has been examined before statistically, with a connection found between FHLB borrowing and disintermediation, no explicit attention has been devoted to the possibility that such a statistical relationship may reflect a causality relationship in which disintermediation is the cause and FHLB borrowing the effect rather than the reverse. This study utilizes a simultaneous equation model and estimator to examine such two-way causality and finds it exists but that substantial disintermediation is caused by FHLB borrowing even after correcting for simultaneous equation bias.     

一种以房养老的贷款方式 :住房反抵押贷款

反抵押贷款最早起源于美国，在最近几年得到了飞速发展。它是居民以自有产权的住房作为抵押，定期向金融机构取得的主要用于养老费用的贷款。反抵押贷款将不动产转化为流动资产，对于改善老年人的生活质量起到了很大的作用。     

如何获得EDC贷款支持

得知加拿大有一个EDC,而且在中国很活跃,记者带着浓厚的兴趣,采访了EDC中国部经理南爱丽女士.她说一口流利的中文,细一打听才知道,南爱丽1990年到香港,在香港中文大学学了1年的中文,1991～1995年在驻北京一家加拿大公司工作,一边工作,一边学中文,现在她在北京担任EDC中国部经理.     

印度小额贷款危机对中国的启示

本文回顾了印度小额贷款危机的发展及其产生的影响,分析了印度爆发小额贷款危机的原因.在此基础上,比较了中印两国小额贷款模式的差别,并指出了印度小额贷款危机对中国的启示.     

Accounting for Convertible Loan Stock: A Decomposition Approach

This paper examines the accounting treatment of convertible loan stock (CLS), a popular vehicle for raising finance during the past decade. At present, CLS is treated as part of a company's borrowing with the interest charge thereon deducted in arriving at the pre-tax profit in the profit and loss account. The Technical Committee of the Institute of Chartered Accountants in England and Wales (1987) has proposed that the annual interest charge in the profit and loss account relating to CLS be adjusted so that the charge reflects ‘a fair interest cost’ and that the adjustment be treated in the balance sheet as a ‘payment received for an option’. To date that guidance appears to have been ignored by UK companies. Our approach is different from that of the Technical Committee. We recommend that the accounting treatment of CLS should reflect its economic substance and argue that it be decomposed into two components: a straight bond component and a component which offers the holder an option to convert into equity. The straight bond component should be shown as part of a company's borrowing and the conversion option component as part of the shareholders' funds. The different approaches to accounting for CLS are illustrated by means of a case study.     

Connecting two markets: An equilibrium framework for shorts,longs, and stock loans

We analyze a reduced-form framework for understanding the equity loan market's impact on share prices. We show that hard-to-borrow stocks will have distinct return patterns, responding more to shocks in the supply of shares available, and to changes in the heterogeneity of investor beliefs, than other stocks. We conduct two empirical tests in which we find strong support for these equilibrium predictions. In our first test, we take advantage of a tax-driven exogenous shock to share loan supply and find that when supply is reduced around dividend record dates, prices of hard-to-borrow stocks increase 1.1% while prices of easy-to-borrow stocks are unaffected. In our second test, we find that hard-to-borrow stocks have 4.8% lower three-month returns than other stocks, with negative returns concentrated in stocks with high heterogeneity in investor beliefs. Thus, we extend the Diether, Malloy, and Scherbina (2002) result that stocks with a greater dispersion of investor beliefs have lower returns.     

对完善“三农”贷款担保机制的调查思考

"三农"贷款担保创新青况 吉林省有1279万农村人口,粮食播种面积为6586.8万亩,近年来吉林省粮食产量一直保持在550亿斤以上,并发展多种经营的河流、湖泊,草原、山地和林地资源.可见"三农"对金融服务需求广泛多元,潜力很大.     

Statement no.134 a proposal for privatization of the Federal Home Loan Bank system

Statement no.134 a proposal for privatization of the Federal Home Loan Bank systemMay 6, 1996     

走向政府信用——江苏省小贷模式研究

运用文献法和实地调查法对小额贷款公司的发展现状、瓶颈及对策进行分析探讨,研究发现:江苏省政府从市场信用的角度出发,通过发挥政府职能提升了小额贷款公司在金融市场中的信用级别,包括制定了完善的监督管理制度,为小额贷款公司的征信创造各种条件,以政府信用为小额贷款交易做“背书”等.这些举措实现了江苏小额贷款公司突破发展瓶颈、走向政府信用的目标.在我国以国有金融机构为主、社会征信体系不完善的背景下,走向政府信用是小额贷款公司发展的一个非常成功的模式.     

商业银行信贷风险评估:信息经济学视角

分析了商业银行信贷风险评估中所依据的软信息和硬信息的作用范畴和关系,结论是两类信息间是互补的关系,从而商业银行在进行信贷决策中应当把信贷专家意见和现代计量模型的结果综合进行考虑.     

中长期贷款：增长态势与因果逻辑

改革开放以来的一个显著事实是我国金融机构中长期贷款的发展较快，金融机构对中长期贷款表现出明显偏好，这一现象引起了监管部门的关注。从中长期贷款的产生历史看，中长期贷款具有典型的财政替代性质，财政能力下降和高涨投资冲动是中长期贷款快速增长的重要原因。1998年后商业银行为降低不良贷款率的压力开始主动追求中长期贷款规模的扩张，直接推动了近几年中长期贷款扩张。无论商业银行被动还是主动发放中长期贷款，中长期贷款增长一直是粗放型扩张，这种扩张将带来诸多问题，诸如潜在信用风险的积累、流动性与利率风险、经济的波动等。