• 제목/요약/키워드: Market Discipline

검색결과 44건 처리시간 0.019초

Market Discipline and Bank Risk Taking: Evidence from the East Asian Banking Sector

  • Hamid, Fazelina Sahul;Yunus, Norhanishah Mohd
    • East Asian Economic Review
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    • 제21권1호
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    • pp.29-58
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    • 2017
  • The third pillar of the Basel II highlights the role of market discipline in easing the existing pressure on traditional monitoring measures like capital requirement and government supervision. This study test the effectiveness of market discipline in inducing prudential risk management practices among the East Asian banks over the 1995 to 2005 period. Market discipline is measured using information disclosure and interbank deposit holdings. We find that only the latter is an effective market discipline tool. However, the former becomes effective when market concentration is higher. We find that government owned, foreign owned and recapilatised banks are subject to market disciplining when disclosure in taken account but the opposite is true when interbank deposits is taken into account. Finally, we find that banks that disclose more risk related information hold more capital against their non-performing loan. The implications of the findings are discussed.

The Impact of Market Discipline on Charter Value of Commercial Banks: Empirical Evidence from Pakistan Stock Exchange

  • AKHTAR, Muhammad Naveed;SALEEM, Sana
    • The Journal of Asian Finance, Economics and Business
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    • 제8권4호
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    • pp.249-261
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    • 2021
  • To tranquilize the devastating impact of unnecessary risk-taking behavior of banks towards the economy for maximizing their profits that usually arises due to widely known 'moral-hazard' problem originating from market competition and intensified by bank's limited liability, the banking system is strongly monitored across all countries of the world. The goal of controlling would become more feasible if there exist some self-discipline and motivations which could safeguard the banks' charter value through the mechanism of market discipline. Therefore, our study is aimed to scrutinize the relation between market discipline and charter value of local commercial banks that are registered on the Pakistan Stock Exchange by analyzing a balanced panel data from the year 2007 to 2019. Deposit growth, interbank deposits, and subordinate debt are taken as proxies to measure market discipline whereas Tobin's Q theory is applied for calculating the charter value. Generalized Least Square Regression with Fixed Effect Model is used for evaluation. The outcomes reveal that in the existence of control variables, all proxies of market discipline have a significant positive impact on bank charter value. Our research has important policy implications for monitoring and supervising financial intermediaries for their stability and soundness by offsetting the complications of moral-hazard in the financial systems.

간호학의 미래 : 국제적 조망 (Future for Nursing Discipline: Global Perspective)

  • 김미자
    • 대한간호학회지
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    • 제30권5호
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    • pp.1099-1110
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    • 2000
  • This paper aims to examine what nursing discipline has accomplishd to date and projects what could be its preferred future from global perspective. Major contextual factors that influence nursing are examined in light of their significance on the progress of nursing discipline. These include evolution of society, and trends in higher education and health care market. The perspective of world health is gained from WHO, an organization recognized for its mission for the health of people worldwide. As the future builds on the present that, in turn, builds on the past, major milestones of nursing discipline, particularly that of education system from the inception of nursing to present is highlighted. The importance of research to advance science and improve peoples health are presented along with a call for nursing research to be responsive to societal needs. The preferred future for nursing discipline is presented integrating the trends of society, higher education, and health care environment. Doctoral education that is the hallmark of nursing scholarship is further elaborated in terms of its mission, needs, and quality attainment. Data from the International Network of Doctoral Education in Nursing are presented along with information about current attempts in developing quality criteria and indicators for doctoral education in nursing worldwide. Majority of information in this paper comes from the United States, unless specified otherwise.

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An Analysis of the New Trade Regime for State-Owned Enterprises under the Trans-Pacific Partnership Agreement

  • Yun, Mikyung
    • East Asian Economic Review
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    • 제20권1호
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    • pp.3-35
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    • 2016
  • This paper analyses the new discipline on state-owned enterprises contained in the recently concluded Trans Pacific Partnership Agreement, and evaluates various factors that influenced the shaping of its specific rules. The new discipline consolidates and strengthens related provisions in current trade regimes, reflects various aspects of trade disputes between China and the US, and adopts, as its general underlying rationale, the principle of competitive neutrality. The new discipline contains elements that may challenge the multilateral trade regime, and may serve as a role model in regulating state-owned enterprises, including subsidies in services trade in other on-going trade negotiations. The new regime makes us think hard about fundamental issues regarding enforcement of competition policy against state-owned enterprises, treatment of non-market economies, and how to deal with effects of subsidies in international trade, bringing competition issues back on the trade agenda.

상호저축은행과 예금자에 의한 시장규율 (Market Discipline by Depositors : the Case of Mutual Savings Banks in Korea)

  • 박정희
    • 재무관리연구
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    • 제26권1호
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    • pp.95-125
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    • 2009
  • 본 연구는 2003년 상반기부터 2007년 하반기까지의 반기자료를 이용하여 상호저축은행에 시장 규율이 존재하는지에 대해 실증 분석하였다. 상호저축은행 통일경영공시의무 항목인 BIS자기자본 비율과 자산건전성비율에 초점을 두고 분석한 결과 상기 지표는 예금증가율과 매우 유의한 관계를 가지는 것으로 나타나 표본기간 중 저축은행산업에 시장규율이 존재한다는 결론에 도달하였다. 아울러 이러한 시장규율에 대해 저축은행은 능동적으로 반응하는 것으로 분석되었다. BIS자기자본비율은 모든 모형에서 고정이하여신비율보다 큰 계수를 보여 예금자는 고정이하여 신비율보다는 BIS자기자본비율에 더 민감한 것으로 나타났다. 수도권과 비수도권 간에 시장규율의 정도에는 별 차이가 없었으며, 시간이 흐를수록 시장규율의 정도는 강해지는 것으로 조사되었다. 아울러 영업정지가 발생할 경우 BIS자기자본비율에 대한 민감도는 변하지 않는 반면 고정이하여신비율에 대한 예금자의 민감도는 매우 강해지는 것으로 분석되었다. 향후 시장규율의 지속적인 작동 및 향상을 위해서는 감독당국이 저축은행의 성실공시를 유도하는 각종 상벌제도를 고안함과 동시에, BIS자기자본비율 외에 예금자의 인식도가 높아지고 있는 것으로 분석된 고정이하여신비율에 대해서도 예금자의 주의 환기가 필요하다고 할 것이다.

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Market Opportunities and Constraints Confronting Resource-Poor Pig Farmers in South Africa's Eastern Cape Province

  • Madzimure, James;Bovula, Ntombizodwa;Ngorora, Grace P.K.;Tada, Obert;Kagande, Shelton M.;Bakare, Archibold G.;Chimonyo, Michael
    • 산경연구논집
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    • 제5권2호
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    • pp.29-35
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    • 2014
  • Purpose - The study aimed to evaluate the market opportunities and constraints confronting resource-poor pig farmers in South Africa. Research design, data, and methodology - Information was collected from 292 households in three municipalities through interviews with key informants. The data collected included socio-economic characteristics, major market channels, prices for different pig classes, average weight of the pigs on sale, number of pigs sold annually, and preferred meat quality attributes. Results - In Ngqushwa, 96% of respondents sold pigs as compared to Elundini (81%) and Ntabankulu (65%). Less resource-poor households and those with market-oriented production had large herdsizes (P < 0.05) when compared to more resource-poor farmers. The probability of selling pigs was high for the backyard production system and educated farmers. For all farmers, opportunities included high pork demand, good prices, employment creation, and a niche market for organically produced indigenous pork. Constraints include disease, feed shortages for large herds, distances to formal markets, lack of training, and drugs. Conclusions - Constraints outnumbered opportunities for the resource-poor pig farmers.

WTO 반덤핑협정 상 비시장경제 규율에 대한 고찰: 미국의 단일률 적용 관행을 중심으로 (Applicability of the Single Rate Presumption for Non-Market Economies within the Framework of the WTO Anti-Dumping Agreement)

  • 김경화
    • 무역학회지
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    • 제46권4호
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    • pp.113-130
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    • 2021
  • This study aims to analyze the WTO-inconsistent aspects of the single rate presumption of the United States in establishing and imposing anti-dumping duties for non-market economy exporters. By examining the drafting history in the GATT/WTO negotiations and the practice of the single rate presumption for non-market economies by the United States from a comparative perspective, it critically addresses the inherent lack of pertinent disciplines under the framework of the WTO Anti-Dumping Agreement in establishing dumping margins for exporters of non-market economies. The WTO Dispute Settlement Body leaves open the possibility of allowing the investigating authority to consider multiple exporters and the exporting country as a single entity. However, the study argues that it is difficult in practice for the investigating authority to make a single-entity decision in a WTO-consistent manner. The study also finds an incompatibility in the notion between establishing dumping margins for 'individual' exporters and 'non-market economies.' A proper discipline for non-market economies under the multilateral anti-dumping norm needs to be reconsidered in the era of persistent trade conflicts between the United States and China.

Revisiting Managerial Ownership and Firm Value in the Absence of Market Forces: Evidence from Singapore and Thailand

  • POLWITOON, Sirapat;TAWATNUNTACHAI, Oranee
    • The Journal of Asian Finance, Economics and Business
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    • 제7권8호
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    • pp.1-13
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    • 2020
  • This study examines the effect of managerial ownership on firm value in capital markets where outside governance mechanisms to discipline managers are weak or non-existent. We hypothesize that strong market forces in the U.S. confound the effect of managerial ownership on firm value, i.e., the convergence of interest argument. We test the hypothesis using data from 112 firms from Singapore Stock Exchange and 205 firms from the Stock Exchange of Thailand prior to the Asian financial crisis in 1997 when the market forces were weak, yet the investor protection was sufficient to prevent outright appropriation from management. For ease of comparison, we use methodologies from studies done on the U.S. sample firms during the same study period as ours. We find that, both in Singapore and Thailand, firm value is a function of managerial ownership, and the relation is of the famous inverted U-shaped. Moreover, the relation is robust under different model specifications. The results from Thai sample, with weaker market forces than in Singapore, lend support to many agency cost hypotheses advanced in the U.S. Our results provide useful implication for investors in emerging and frontier markets where outside governance mechanisms are yet to be fully developed.

An Empirical Research on Current Status and Developmental Countermeasures of Language Services Industry in China

  • Tong, Ying;Zhang, Mengze;Wu, Chanti;Bae, Ki-Hyung
    • International Journal of Contents
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    • 제15권2호
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    • pp.44-52
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    • 2019
  • This paper uses Delphi Method and statistics provided by the State Administration of Market Regulation of China, attempts to develop the scale index of language service industry in China. Coupled with practical investigation and theoretical framework of SCP paradigm, a deep analysis on market behavior, market structure, and market performance of the industry have been explored. First, the study indicates that the scale index of Chinese language services industry has experienced an upward trend from 10.481million RMB in 2008 to 351.403 million RMB in 2017. Second, majority of language services enterprises are situated in Chinese coastal provinces and there are variations in demand for language services. Third, the standardization of language services are minimal while most of the talents involve a single discipline background. Fourth, most enterprises utilize language tools while there is lack of technological innovation for utilization of language resources and enhancement of service quality. The author mainly suggests four strategies which include: cultivating multilingual services, strengthening the development of industrial informatization and technical innovation, and optimizing the industrial talents structure while also adjusting for industrial distribution and regional coordination, which propose the meaningful implications for the development of language service industry in China.

노사관계(勞使關係) 개혁(改革)과 노동시장(勞動市場) 변화(變化)

  • 이주호;김대일
    • KDI Journal of Economic Policy
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    • 제19권3호
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    • pp.3-74
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    • 1997
  • 우리나라의 과거 노사관계 개혁을 평가하고 향후 노사관계의 진로를 모색하기 위해서는 우리나라 노동시장기능(勞動市場機能)에 대한 정확한 인식이 필요하다. 노사관계에 있어서 제도개혁(制度改革)과 시장기능(市場機能)은 밀접히 연관되어 잇다. 본고에서는 우리나라에서 1987년과 1997년의 두 차례에 걸쳐 이루어진 노사관계 개혁을 '노동시장(勞動市場)의 성과(成果)(labor market performance)'를 분석함으로써 평가하고자 하였다. 본 연구에서는, (1)우리나라 노동시장에서는 상품시장의 경쟁이 제한되어 있는 대기업부문을 제외하고는 시장의 가격기능(價格機能)이 기본적으로는 작동하고 있으며, (2)우리 노동시장의 경직화(硬直化)가 수급상황(需給狀況)의 변화에 따라 진행되고 있는바 시장기능(市場機能)을 보다 강화하기 위한 제도개혁(制度改革)이 요구되고 있고, (3)노사관계에 대한 시장규율(市場規律)(market discipline)을 강화하기 위해 상품시장에서의 경쟁 촉진, 공공부문의 개혁, 노동정책 틀의 변화 등이 요구된다는 결론(結論)에 도달하였다.

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