A5056267101- Banking stability, regulation, efficiency
- Corporate Finance and Governance
- Credit Risk and Financial Regulations
- Financial Markets and Investment Strategies
- Insurance and Financial Risk Management
- Private Equity and Venture Capital
- Global Financial Crisis and Policies
- Financial Distress and Bankruptcy Prediction
- Market Dynamics and Volatility
- Entrepreneurship Studies and Influences
- Risk Management in Financial Firms
- Economic, financial, and policy analysis
- Firm Innovation and Growth
- State Capitalism and Financial Governance
- Fiscal Policy and Economic Growth
- Taxation and Legal Issues
- Economic Growth and Productivity
- Monetary Policy and Economic Impact
- Stock Market Forecasting Methods
- Corporate Insolvency and Governance
- New Zealand Economic and Social Studies
- Legal principles and applications
- Sustainable Finance and Green Bonds
- Financial Reporting and Valuation Research
National Taipei University
2023
National Taiwan University
2023
Beijing Enterprises (China)
2023
Federal Reserve Bank of San Francisco
2013
Reserve Bank of New Zealand
2005-2008
There are no comprehensive management guidelines for pediatric blunt renal injury; therefore, we hypothesized that wide variation in care exists. We sought to describe contemporary of trauma and explore associations between clinical strategies adverse outcomes. retrospectively evaluated injury patients (younger than 18 years) treated at 11 level I centers from 2020 2022. categorized by the American Association Surgery Trauma grade (low, grades 1-3; high, 4-5) isolated versus polytrauma....
This paper examines the empirical relationship between credit risk and interest rate risk. We use default swap (CDS) spreads as our measure of Also, we control for variation in so-called fair-value spread that combines multiple sources risk, including market price loss given expected frequency. After taking into account spread, various proxies broad state macroeconomy a liquidity factor, find shock serves key determinant CDS movements most subsamples organized by industry type rating status....
Abstract We extract dynamic conditional factor premiums from the Fama-French model and find that most anomalies disappear after one accounts for time variation in these premiums. Vector autoregression evidence shows mutual causation between alphas macroeconomic surprises serves as a core qualifying condition fundamental selection. This economic insight is an incremental step toward drawing distinction rational risk behavioral mispricing models. To extent can reveal marginal investor’s news...
We offer a model that sheds light on the debate over whether corporate ownership concentration converges to Berle-Means image. Our takes into account importance of both legal rules and firm-specific arrangements. analytical result is share either persists or falls depending relative these protective In particular, our predicts: (a) diffuse in nations impose limits blockholders clout expropriate minority shareholder rights, (b) concentrated rely asset specificity as form investor...
The recent wave of corporate scandals in Enron, Tyco, and Worldcom attracted a lion's share attention from regulators, institutions, investors. U.S. Sarbanes-Oxley Act 2002 ('SOX') was passed as key response to protect investors by improving the reliability disclosures SOX disclosure rules focus on three areas: auditor performance, executive pay, other disclosures.
We use the CreditGrades credit risk model to value default swap spreads for companies found at intersection of S&P 100 index and Moody's Bottom Rung report period 2007Q3-2009Q2. implement above in accordance with "CreditGrades technical document" jointly developed by Deutsche Bank, Goldman Sachs, JP Morgan RiskMetrics. This paper focuses on strengths weaknesses chosen analyzing main results using a number statistical qualitative tests.
Under the new Basel bank capital framework, a must group its retail exposures into multiple segments with homogeneous risk characteristics. The US regulatory agencies believe that may use internal models, including loan-level parameter estimates such as probability of default and loss given default, to resultant attributes. In contrast conventional decision tree method, we propose algorithmic technique for consumer loan portfolio segmentation. This identifies optimal number segments, sorts...
This paper discusses the key policy issues around Basel II advanced measurement approach implementation. These pertain to operational risk governance, capital and allocation, future advances in transfer. Although we assess these from a host supervisor's perspective, main themes have practical implications broader home-host context. In terms of governance regime, local board senior management must take an activeinterest management. A number workstreams such as scenario analysis, business...
This study examines the relation between happiness and institutional governance. We ascertain determinants of ownership concentration governance via instrumental variables estimation. method allows us to glean sources returns in life appreciation. It is found that closely related sustainable aspects development. Our work provides a microfoundation for proposal shareholder empowerment (Bebchuk, 2004), which helps enhance "livability" framework. can potentially spread owing greater owner...
This is the first study that uses asset pricing model derived in Berk, Green, and Naik (1999) to test overinvestment hypothesis. We find differences Capital Investment (CI) are not related cross-sectional stock returns. Also, summary statistics indicate high-CI firms more profitable, invest core assets, have better access new growth opportunities. However, variation CI helps reconcile longstanding anomaly of return persistence. Our findings show benefits momentum profits outweigh costs...
This study tests Berk, Green, and Naik's (1999) asset pricing model. An analysis of the association between survival rates stock returns suggests that a one-percentage point decrease in likelihood results 2.55 percentage-point increase annualized mean excess return. Moreover, we find addition lagged produces evidence support for return reversals at short intervals drifts intermediate intervals. After controlling variation characteristics, persistence becomes natural phenomenon. Hence,...
This paper examines the rationality of inflation expectations in New Zealand. A number econometric tests show that main Zealand expectational-inflation series tend to be non-stationary. Any further test for rational amounts some case where actual and expectational cointegrate an error-correction model. Put differently, there should no long-run difference between these two series, innovations one match other. The evidence support a relationship calls implementation unbiasedness proposed by...
We assess the quantitative effects of recent proposal for more robust bank capital adequacy. Our theoretical proof and evidence accord with core thesis that banks become stable by increasing their equity cushion to absorb extreme losses in times severe financial stress. This analysis contributes ongoing policy debate on total Monte Carlo simulation helps develop an analytical solution default probability adjustment through macroeconomic cycle. study poses a conceptual challenge normative...