Academy of Banking Studies Journal

Articles

Vol. 12, No. 1-2, January-July

Calibration of a Model of the Interbank Market
INTRODUCTION Usually, a theoretical model does not reflect all facets of reality, but is invariably an approximation of this reality. Nonetheless a theoretical model that is too abstract, regardless of the extent of its mathematical elegance, may...
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Underpricing of Bank IPO's in Intermediary-Oriented Marketplaces: A Test of Baron's Model on the Italian Market
INTRODUCTION Underpricing at the time of listing is a topic that for some time has attracted the interest of both academics and practitioners. It is a widespread and generalized phenomenon, extensively examined in literature, with a number of theories...
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Capital Regulation and Rising Risk of Banking Industry: A Financial Accounting Perspective
INTRODUCTION Banking is the most regulated among all industrial sectors of the economy. Thirty years ago Buser, Chen and Kane (1981) remarked that, "a bank has traditionally been conceived as more than just another business firm; it operates under...
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The Banking Industry during an Extended Financial Crisis: An Empirical Assessment of Kuwait Banks
INTRODUCTION After the financial crisis of 2008 and its negative impact on the banking industry, many investors and depositors began to worry about their investments and deposits. Currently, the European debt crisis that began in July 2011 is making...
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An Examination of the Relationship between Board Characteristics and Capital Adequacy Risk Taking at Bank Holding Companies
INTRODUCTION While there has been a large amount of research done in the area of corporate governance and the impact of certain board characteristics on firm performance, research related to board characteristics and firm risk taking is very limited....
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The Sudden Onset of Price Competition in the US Credit Card Industry
INTRODUCTION Up until the early 1990s, The American Credit Card industry has attracted a significant amount of academic interest and articles published in economic journals. Academics, led by Ausebel (1991), Calem (1992), and others, focused on...
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The Determinates of a Community Bank's Profitability
INTRODUCTION The past decade has witnessed a disturbing trend regarding commercial bank failures. As can be seen in Table 1, the number of commercial bank failures in the United States has escalated dramatically in recent years (FDIC: Failed Banks,...
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Consumer (Bankcard) Debt and Regulation-Are Things Working?
INTRODUCTION When credit cards were first issued it can be argued that the average consumer was not ready for what was to become a new wave of relatively easy credit in a time (1950s and early 1960s) of increasing consumerism and overall desire...
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Vol. 11, No. 1, January-July

An Empirical Study on Multinational Banks Decision to Go Abroad
INTRODUCTION Literature related to Multionational banking [see for example Miller and Parkhe (1998), Blandon (1998 and 2000), Mutinelli and Piscitello (2001), Focarelli and Pozzolo (2005), Tschoegl (2004), and Cerutti and al. (2007)], mostly defends...
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A Parsimonious and Predictive Model of the Recent Bank Failures
INTRODUCTION The collapse of the housing and equity markets and the ensuing recession has led to the largest number of bank failures since the Savings and Loan crisis of the late 1980s and early 1990s. Since the start of the financial crisis in...
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The Evolution of Commercial Banking in Estonia
INTRODUCTION Estonia regained its independence and emerged from the shackles of the Soviet rule in 1991. Estonia was an independent country from 1918 to 1941 and was under Soviet rule from 1941 to 1991. The smallest of the former Soviet Union Republics,...
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Minimizing Information Asymmetry: Does Firm's Characteristics Matter?
INTRODUCTION Lending exposure constitutes the most material risk concentrations within banks, and granting of credit is a very important decision linking durable goods consumption spending and investment. It enables investors to generate profit-oriented...
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Rating the Analysis in the Current Recession: A Review of Moody's and Standard and Poor's
INTRODUCTION For financial markets to be truly efficient, information must be clear, consistent, and available. Most variations of the efficient market hypothesis assume that information is accurate and transparent. Credit reporting agencies, also...
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Relationships between Logo Stories, Storytelling Complexity, and Customer Loyalty
INTRODUCTION A business organization is a multi-faceted, complex structure made up of numerous departments or functional activities. Common functions or divisions include finance, marketing, personnel, research and development, information, and...
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Improving the Art, Craft and Science of Economic Credit Risk Scorecards Using Random Forests: Why Credit Scorers and Economists Should Use Random Forests
INTRODUCTION The aim of this paper is to outline an approach to improving credit risk scorecards using Random Forests. We start with the benefits of random forests compared to logistic regression, the tool used most often for credit scoring systems....
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A Model for Predicting the Performance of a Bank's Mortgage Loan Portfolio
INTRODUCTION It is essential for sound operations of banks and lending institutions to have models and analytic tools available by which they can measure the performance (or health status) associated with a certain loan portfolio as well as predict...
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Vol. 10, No. 2, July-December

Improving Security of Online Banking Using RFID
INTRODUCTION Banks protect customers' security in three main techniques: passwords, encryption, and firewalls/server security. Passwords and user names are an essential element of online security. Passwords ensure that only those authorized have...
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Multi-Rating Choice Determinants: Evidence from Fitch, Moody's and Standard and Poor's Ratings
INTRODUCTION Criticism of the agencies' behaviour focuses primarily on their effective independence from the companies they rate (Smith & Walter, 2001). In fact, agencies are deemed to have a propensity to up-rate rather than down-rate (Larrymore,...
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The Mortgage Crisis Its Impact and Banking Restructure
BACKGROUND OF THE MORTGAGE CRISIS The subprime mortgage crisis is an ongoing real estate and financial crisis caused by a substantial rise in mortgage delinquencies and foreclosures in the United States, with unfavorable consequences for banks and...
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An Analysis of Energy Conservation among U.S. Age Cohorts
INTRODUCTION Energy conservation has emerged as a prominent issue within American society. Scientific research has found that an increase in electricity usage has caused the U.S. carbon footprint to expand in size. Just recently, the Senate Energy...
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Pre-Crisis Determinants of US Bank Charter Values
INTRODUCTION During the ongoing global financial crisis, the U.S. banking industry experienced a sharp increase in the number of bank failures. Over the seven-year period ending December 31, 2007 there was an average of only 3.57 bank failures per...
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Community Banks: Surviving Unprecedented Financial Reform
THE BEGINNING: THE REAL ESTATE CRISIS To veteran financiers, the recent mortgage debacle follows the classic pattern of a typical financial craze. Investors were enthusiastic for an asset (residential real estate in this case), which drove the prices...
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Bank Performance Prediction during the 'Great Recession' of 2008-'09: A Pattern-Recognition Approach
INTRODUCTION The 2008-'09 banking crisis had been developing for several decades, as banks have not exhibited an ability to diversify their business model as their industry evolved (Waldeck, 2009). Since the 1980's, the banking industry has encountered...
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Workplace Empowerment and Organizational Effectiveness: An Empirical Investigation of Indian Banking Sector
INTRODUCTION The tenacity of the Human Relations movement led the zealous practitioners to incorporate all strategies that would 'bring out the best in their human resources'. The strategies were given diverse names and forms; industrial democracy,...
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Vol. 10, No. 1, January-July

How Do Predatory Lending Laws Impact Bank Performance?
INTRODUCTION The past decade has witnessed a significant expansion of credit for many in the United States. This is particularly true for minority borrowers, those with limited or poor credit histories and those with low-incomes. Banks and other...
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Ricing Policies and Customers' Portfolio Concentration for Rating Agencies: Evidence from Fitch, Moody's and S&P
INTRODUCTION (1) Rating agencies are information providers that deliver services aimed at reducing information asymmetry on the financial market (Partnoy, 1999), by expressing judgement summarizing the available public and private information (Cowan,...
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U.S. Financial Services Integration: An Evidence in Banking and Insurance
INTRODUCTION AND MOTIVATION The enactment of the Financial Services Modernization Act (1) of 1999 (known as the Gramm-Leach-Bliley Act) promised the most fundamental reform in the U.S. financial services regulation in more than half century. The...
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The Ownership Structure of Investment Banks: A Case for Private Partnerships?
INTRODUCTION The subprime mortgage crisis and its fallout have caused losses for households, businesses and government in the U.S. as well as abroad. Among the crisis' more prominent victims are the five largest U.S. investment banks, which, by...
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A Contingency Theory Approach to Market Orientation and Related Marketing Strategy Concepts: Does Fit Relate to Share Performance?
INTRODUCTION Contrary to the conservative image of the financial services industry, financial service providers have begun to show an increasing interest in marketing (Uzelac & Sudarevic, 2006). This is especially true in the case of credit...
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Vol. 9, No. 1-2, Annual

A Discrete Time Markov Chain Model for Predicting the Duration of a Retail Mortgage in the Non-Default States
INTRODUCTION Duration of a retail mortgage, which could provide a snapshot of a portfolio' health status, is defined as the expected number of days before a loan is charged off. Te terms or number of years that are usually specified by the mortgage...
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An Analysis of Productivity Change: Are UAE Banks Operating Efficiently When Compared to GCC Banks?
INTRODUCTION Efficiency analysis of commercial banks is particularly needed in a region dominated by bank-intermediated finance. A well developed banking sector was found to bear a positive relationship to economic growth (Levine and Zervos, 1998)....
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Is the Credit Crunch a Supply Side Phenomenon? A Theoretical Appraisal
INTRODUCTION The recent focus on credit crunch and its link to subprime-mortgage business has put a dark overhang on the U.S. economy. The history of credit crunch is not new to the U.S. market, dating as far back as 1930s followed by episodes in...
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An Analysis of Alternative Methodologies and Interpretations of Mortgage Discrimination Research Using Simulated Data
INTRODUCTION For the past several years, researchers have focused on investigating discrimination in the residential mortgage market. New data and methodologies have been employed and new theoretical lending models have been developed to explain...
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Using Communication Theory to Analyze Corporate Reporting Strategies in the Banking Industry
INTRODUCTION The problems relating to business failures early in this decade exposed manipulations of financial reporting, distortions in economic performance in the accounting for and disclosure of transactions, and lapses in corporate governance....
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The Interstate Banking Debate: A Historical Perspective
INTRODUCTION Today the commercial banking landscape in the United States is rather diverse as it is comprised of extremely large bank holding companies with established branches throughout the county, regional and mid-size banks also with established...
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Vol. 8, No. 1-2, January-July

Micro Credit: A Different Approach to Traditional Banking: Empowering the Poor
INTRODUCTION Micro Credit was unheard of until Dr. Muhammad Yunus, an American educated economics professor, began his Micro Credit Scheme as a poverty busting tool. Dr. Yunus had a deep conviction from the beginning that it was a tool that could...
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Bank Fraud: Perception of Bankers in the State of Qatar
INTRODUCTION Fraud has been the major risk that attacks the structure of firms regardless of the size or the industry. Latest study by PriceWaterhouse Coopers (2007) showed that over 43% of companies surveyed from 40 countries from all over the...
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Concentration in Lending: Commercial vs Financial Credits
INTRODUCTION The availability of credit for an enterprise is affected by the amount of risk weighing on the moneylender. If, for example, the amount of the loan is significant, the performance of the financial intermediary could be significantly...
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An Examination of the "Texas Ratio" as a Bank Failure Model
INTRODUCTION AND BACKGROUND So long as there have been banking institutions, there have been banking failures. Whether by fraud and deceit or more commonly by poor decision-making and risk management strategies, the banking industry has periodically...
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Characteristics of the Recovery Process for Small Financial Intermediaries: The Case of Italian Cooperative Banks
INTRODUCTION (1) The perspective of the Basel 2 implementation has encouraged banks to conduct a number of studies on the impact that new rules will have on credit management, according to the specific characteristics of the lender (Carretta &...
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Double Jeopardy in Kuwait Banks: A Focus on Mutual Funds
INTRODUCTION A company needs to focus at least a proportion of marketing efforts on the development, maintenance, or enhancement of customer loyalty (Dick and Basu, 1994). This emphasis is important because a company with a large number of brand...
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Sources of Bank Risks: Impacts and Explanations
INTRODUCTION The sensitivity of commercial bank stock returns to interest rate risk has generated a substantial amount of attention, both within the academic arena and in the business world. Although this paper studies a multitude of risks to commercial...
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Vol. 7, No. 1-2, Annual

An Analysis of Regional Banks' Repurchasing Behavior
ABSTRACT Common stock repurchasing behavior of 78 publicly traded regional banks covering a three-year period (2003-2005) is examined in this study. Approximately 89% of banks in our sample repurchased stock during this period, and banks distributed...
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Measuring Credit Risk: Does Complexity Matter?
ABSTRACT This paper examines the issue of how to measure a company's ability to meet its external financing commitments. Success in this area is critical for businesses extending credit and is a topic of considerable interest yet with varied...
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An Analysis and Comparison of Bankers' Perceptions of Stock Options in 1999 and 2005
ABSTRACT Research to date on accounting for stock options has focused the analysis on a single group of corporate stakeholders, stockholders. This paper reports the results of a survey administered to another group of stakeholders, creditors....
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Are International Stock Markets Linked? Evidence from Pacific Rim Countries and the United States
ABSTRACT Throughout the history of stock markets, investors, both corporate and individual, have sought to identify an explanation for movements. Many research studies have identified the relationship between the movement of U.S economic variables...
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Best Business Practices in the South African Independent Financial Advisor's Practice: An Exploratory Study
ABSTRACT Determining the value of the independent financial advisor's (IFA) practice is subject to a range of uncertainties. The success of the most profitable international financial advisory practices has been ascribed to the implementation...
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Examining the Effect of Board Characteristics on Agency Costs and Selected Performance Measures in Banks
ABSTRACT To date the empirical research examining the association between measures of corporate governance and accounting performance measures has yielded inconsistent results. We believe that the mixed results are due in part to the inclusion...
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Basel II: Challenges and Risks
ABSTRACT This paper presents a comprehensive overview of the New Basel Capital Accord (Basel II). The study raises a number of issues and research questions concerning the Basel II capital adequacy framework as well as the regulatory capital...
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Vol. 6, No. 1-2, Annual

Internet Banking: Gold Mine or Money Pit?
ABSTRACT This paper explores the impact that implementing internet banking has on a bank's profits, costs and revenues. A production function approach utilizing maximum likelihood estimation procedures is used. We find that internet banking improves...
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Derivative Use by Banks in India
ABSTRACT Derivative use by banks operating in India is hypothesized to improve their intermediary function. The research outcome identifies the influence of derivative use on the growth of advances by banks. Bank participation in advances increases...
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Credit Union Portfolio Management: An Application of Goal Interval Programming
ABSTRACT The uncertainty of cash flows, cost of funds and return on investments in ever changing financial markets require financial institutions to develop mathematical models for managing portfolios effectively and efficiently. In this paper,...
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Inside versus outside Successions in the Banking Industry
ABSTRACT Our investigation of executive succession at major U.S. commercial banks identified differences between natural and forced successions. Investors responded more favorably to succession events when the new executive was hired from outside...
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The Effect of Resale Constraints on Abnormal Returns of Borrowers in Syndicated Loans
ABSTRACT We study the relationship between various loan characteristics and abnormal returns to client firms subsequent to commercial bank loans. Using a sample of 1,472 syndicated loans, we find that constraints on loan resale are predictive of...
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Structural Configurations in a Financial Service Industry
ABSTRACT The paper presents an investigation of the strategic profiles of three structural configurations in a sample of executives at financial services firms. In particular, the authors investigate how the firm's in each structural configuration...
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Minority Owned Community Banks: 1995-2004
ABSTRACT This paper documents the changes in minority ownership of banks over the past decade, 1995-2004. The number (26 to 62) and percentage (.93% to 1.78%) of minority owned banks has increased from 1995 to 2004. The Asian and Hispanic groups...
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Vol. 5, No. 1-2, January-July

The Influence of Growth Strategy on Profits in Credit Unions
INTRODUCTION One of management's main concerns is with the outcomes of strategic decision making. In particular, how does a specific marketing strategy decision, such as the selection of a plan for competitive posturing, affect the performance of...
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International Banking and Large Community Banks: A Preliminary Look
INTRODUCTION Banking has had a rich and illustrious history. Much of its development can be directly related to the banks' ability to provide trade financing, credit, and foreign exchange services, activities specifically designed to overcome many...
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The Community Reinvestment Act and Efficient Markets Debate: A Review of Theory
INTRODUCTION This paper crosses two existing lines of research. On the one hand, there is the literature on the community reinvestment act (CRA) and on the other there is the literature on the efficient markets hypothesis (EMH). The paper, therefore,...
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The Unbanked Hispanic Community: Implications for the Banking Sector
INTRODUCTION According to the 2004 Survey of Consumer Finances, 8.7% of U.S. households are unbanked, i.e. they have no transaction account in the formal banking sector in the U.S. (Bucks, Kennickell and Moore 2006). Numerous studies have used survey...
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An Empirical Investigation of Street Registration for Banking
INTRODUCTION The Securities and Exchange Commission ("SEC") is an independent, quasi-judicial regulatory agency with responsibility for administering federal securities laws. (Moyer, McGuigan, & Kretlow, 1992); ("The Work of the SEC," June 1997)....
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Operating Performance of the U.S. Commercial Banks after IPOs: An Empirical Investigation
INTRODUCTION Financial services are perhaps the most significant economic sector in modern societies. In the more advanced service economies, the financial sector is a major source of employment. Given the important role of financial institutions...
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Comparing Credit Unions with Commercial Banks: Implications for Public Policy
INTRODUCTION Banks have always been considered the major financial institution and for most people, they provide services such as loans and deposits. Similar to banks, credit unions are regulated financial institutions dedicated to meeting the saving,...
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Community Reinvestment Act: Review of Empirical Evidence
INTRODUCTION This paper reviews the empirical evidence on the community reinvestment act (CRA) in light of three major different perspectives: (1) The lending market is efficient, (2) The lending market is inefficient due to illegal "discrimination,"...
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Vol. 4, No. 1-2, January-July

A Dazzling Array of Credit Card Fees: Evidence of an Industry in Transition
INTRODUCTION In a well-documented article that appeared in Business Week, Emily Thornton explores a powerful social phenomenon with which all of us are all too familiar. The article entitled "Fees! Fees! Fees!" reminds us that "America used to be...
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Bank Loans and Corporate Debt Ownership: Some Evidence from an Economy in Transition
INTRODUCTION Theoretical and empirical work in finance indicates that firms weigh the costs and benefits of private debt financing, and arrive at an optimal mix of private ("inside") and public ("arms-length") debt (e.g., Rajan, 1992; Diamond, 1993;...
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A Critical Review on Analysts' Earnings Forecasts
INTRODUCTION Analysts' earnings forecasts are routinely employed as a predictor of future earnings in many stock valuation models and as a proxy for the market's earnings expectations in capital market-based accounting and finance research. The...
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The Evolution of Derivative Use by Community Banks from 1995-2003
INTRODUCTION It goes without saying that the banking industry has changed over the last decade. There have been several seminal events to cause the changes, notably the easing of Depression era regulations and as a result the ever-increasing penetration...
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Why Customers Choose Community Banks: An Empirical Study
INTRODUCTION Community banks occupy a unique position in the United States. What is it that makes community banking unique? Based upon what customers have indicated in various banking situations, personalized and quality customer service will provide...
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The Impact of FAS 133, Accounting for Derivatives and Hedging, on Financial Institution Returns
INTRODUCTION It is well recognized that derivative instruments (if properly used) are effective risk management tools. Some companies, however, have misused these instruments exposing them to potential financial ruin. Until recently, accounting...
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An Aggregate Investigation of the Demand for Home Equity Credit
INTRODUCTION According to the Federal Reserve Board's 2001 Survey of Consumer Finances, 67.7 percent of U.S. households were homeowners and 44.6 percent of households had some type of home-secured debt, including first and second mortgages and home...
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Vol. 3, No. 1-2, January-July

Commercial Banks' Privatization and Creation of Private Banks in Uzbekistan as the Necessary Factor to Restructure the Banking System
INTRODUCTION After acquiring Independence almost all countries of the Former Soviet Union and other post socialistic countries began systematically carry out economic reforms, necessitated by a transition of these countries from a centrally planned...
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The Choice of Private versus Public Debt in an Emerging Economy: Does Information Asymmetry Play a Role?
INTRODUCTION More concentrated ownership and greater flexibility to renegotiation in the private debt market is argued to result in superior ex-ante information among private lenders, and in an increased creditor control over the borrower's investment...
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Services Marketing: Are Perceptions of Service Quality Predictors of Behavioral Intentions? the Banking Industry Perspective
INTRODUCTION The issue of customer retention is an important one for service organizations. Ndubisi (2003) has related superior service with customer perceived mutualism (in customer-firm interaction), which is associated with customer support,...
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Mortgage Backed Securitization: When Does It Work?
INTRODUCTION One of the perplexing problems for all nations is the housing of its people. The development of sophisticated public housing schemes is costly and involves significant public resources. The success of mortgage backed securitization...
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Portfolio Value Estimates Using Mass Appraisals and Portfolio Confidence Intervals
INTRODUCTION The purpose of this paper is to present a methodology for estimating a confidence interval for the aggregate portfolio value of real estate assets underlying a commercial mortgage-backed security, a portfolio of real properties securing...
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The Impact of Bank Asset Composition on Profitability
INTRODUCTION The purpose of this paper is to investigate the impact of bank asset composition on accounting returns. Since the risk-based capital standards were implemented in January of 1993, most research on bank asset composition has focused...
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The Behavior of Credit Card Interest Rates during the Decline in Other Interest-Rate Markets
INTRODUCTION Although some consider 1949 to be the approximate beginning of the modern credit-card era (Brooker, 2004), the genesis of this powerful social phenomenon certainly goes back at least to the early 1900s. In 1914, for example, Western...
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Do Capital-to-Asset Ratios Affect Credit Union Interest Rates?
INTRODUCTION How much capital should credit unions have is still somewhat controversial in the credit union industry. For the National Credit Union Administration (NCUA), a well capitalized credit union will have at least a 7 percent net worth ratio...
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Industry Characteristics and the Information Content of Debt Downgrades
INTRODUCTION This paper begins by quantifying the effect of debt downgrades by credit rating agencies both on the re-rated firm's equity and that of its industry rivals. An earlier paper has considered a similar question, though it did not distinguish...
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The Contribution of Banks' Annual Report Writing Quality to Investor Decision-Making
EVOLUTION OF THE ANNUAL REPORT The annual report ostensibly serves a simple purpose in American business--to evaluate the financial performance of the corporation during the previous year. This stylized business report originated with the Securities...
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Vol. 2, Annual

Equity Ownership and Thrift Failures during the S&L Crisis
INTRODUCTION We explore the role of equity ownership as a mechanism for protecting the interest of shareholders during the crisis within S&L industry. According to Fama (1980) equity owned by corporate insiders helps to alleviate agency problems...
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An Experiment Using ABC-Based Value Indexing for Bank Services
CHANGES IN BANKING THAT CREATE A NEED FOR BETTER COST DATA Significant changes in the banking industry in the last fifteen years have created a situation in which banks are now faced with many of the same cost analysis problems traditionally faced...
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Forecasting Methods and Uses for Demand Deposits of U.S. Commercial Banks
INTRODUCTION During the past decade, the banking industry has witnessed a multitude of dramatic changes, such as the deregulation of the financial sector, competition from other financial institutions, and new information technology such as the...
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Financial Markets and Retail Construction Cycles
INTRODUCTION AND LITERATURE It is not universally accepted that specific activities such as retail construction have a cycle of their own. It can be argued that time series data with apparent cycles may be nothing more than chance happenings (Markridakis,...
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Vol. 1, Annual

Letter from the Editor
Welcome to the Journal of Commercial Banking and Finance. This is the first issue of what we hope will be a journal that will be of equal value to academics and practitioners alike. The Academy of Commercial Banking and Finance is an affiliate of the...
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An Analysis of Alternative Profit Efficiency Scores and Financial Ratios: Does Bank Size Matter?
INTRODUCTION Although there is probably no one correct measure of performance, the area of performance measurement can be divided into two rather large streams of research: bank efficiency measures and accounting-based financial ratios. Thus, determining...
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Application of Gordon's Constant-Growth Dividend Valuation Model to Estimating Retirement Funding Requirements
INTRODUCTION To estimate the accumulation needed at retirement to fund retirement income, typical deterministic planning models utilize discounted cash flow calculations incorporating actuarially projected life expectancies, estimates of future...
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Mutual Funds' Risk Adjusted Performance
INTRODUCTION From the first one created in the 1920's to the thousands that are available today, mutual funds are a popular investment vehicle. When investors look at mutual funds, they need to consider two characteristics, risk and return. In an...
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