City University of London (Cass)

Displaying 1-40 of 66 results

  • White Papers // Jun 2010

    Destructive Corporate Leadership And Board Loyalty Bias: A Case Study Of Michael Eisner's Long Tenure At Disney Corporation

    In this paper the authors argue that the widely-held public corporation, characterised by "Strong managers and weak owners" (Roe, 1994) is exposed to what Padilla, et al (2007) identify as "Destructive leadership" risks which, due to board loyalty biases, current corporate governance codes appear to do little to mitigate. As...

    Provided By City University of London (Cass)

  • White Papers // Jun 2010

    How We Explain The Chinese Stock Market Bubble?

    In the last three years, the largest developing stock markets BRIC (Brazil, Russian, India and China) to some extent subjected to an asset pricing bubble, the benchmark indexes among these four stock markets rose more than threefold.1 However, China suffered the biggest one. The benchmark Shanghai Composite index started to...

    Provided By City University of London (Cass)

  • White Papers // Jun 2010

    Momentum, Book-To-Market Equity, And The 2003 Dividend Tax Cut

    The authors investigate market reactions and portfolio performance around the announcement of the January 2003 proposal to eliminate shareholder-level taxes on dividends. They examine portfolios formed on dividend yield, momentum, and book-to-market equity during a 26-day trading window that includes a 9-day sub-window. Although stock reactions during the period depend...

    Provided By City University of London (Cass)

  • White Papers // May 2010

    Can Business Expectations Predict M&A Activity?

    This research study integrates management and finance theories to develop hypotheses on the role of business expectations as a predictor of Merger and Acquisition (M&A) activity. Three constituencies of business expectations are identified and analysed: analyst expectations, management expectations and media expectations. The focus of this paper is merger and...

    Provided By City University of London (Cass)

  • White Papers // May 2010

    Time Varying Prospective Utility And Optimal Asset Allocation For Australasian Stocks And Bonds

    This paper presents evidence that the concept of the frequency of portfolio evaluation required to produce indifference between Stocks and Bonds is highly dependent upon the actual test sample period. For each of two Pacific Rim markets, author pose two questions - given prospect theory preferences, taking account of a...

    Provided By City University of London (Cass)

  • White Papers // May 2010

    Asset Pricing With Spirit Of Capitalism In A Rare Disaster Framework

    The equity premium puzzle is celebrating its silver jubilee this year! And it is not because of lack of efforts on the part of economists. Diverse approaches - nonstandard preferences, transaction costs, investor heterogeneity, lower tail risk, learning etc. - have been employed to resolve the puzzle from different perspectives....

    Provided By City University of London (Cass)

  • White Papers // May 2010

    Value Averaging And The Automated Bias Of Performance Measures

    Value averaging is a formula investment strategy which can be shown to achieve a lower average cost and higher Internal Rate of Return (IRR) than alternative strategies. However, in contrast to previous studies, this paper shows that this does not lead to higher expected profits. Instead an "Averaging down" effect...

    Provided By City University of London (Cass)

  • White Papers // Apr 2010

    Time-Varying Price Discovery In The European Treasury Markets

    This paper study's the price discovery process in the Euro area government bond markets. Authors of this paper analyze the most active German, French, Italian and Spanish sovereign securities which are traded on the MTS electronic inter-dealer markets for various maturity buckets. Consistently with previous results, they find that the...

    Provided By City University of London (Cass)

  • White Papers // Apr 2010

    Order Flow And Exchange Rate Dynamics: An Application To Emerging Markets

    The paper examines short-run exchange rate dynamics in an emerging market based on the recent microstructure framework of foreign exchange markets where the main explanatory variable is the order flow of end-user customers. The study makes two main contributions to the literature. First, it modifies the model to take account...

    Provided By City University of London (Cass)

  • White Papers // Apr 2010

    A Transaction Data Study Of The Forward Bias Puzzle

    Using a market microstructure analytical framework Authors decompose the FX forward discount bias into elements due to time-varying risk premia (related to EBS order flow) and forecast errors derived using the Reuters survey of FX market participants. They find that both elements are significant contributors to the forward bias with...

    Provided By City University of London (Cass)

  • White Papers // Mar 2010

    Innovation And Performance Of European Banks Adopting Internet

    Ebanking has been a bit of a fad. Virtual banks were believed to challenge traditional banks. The burst of the internet bubble brought down this first generation of internet banks. Traditional branch banks have gone online since. Existing banks started to buy up some failed internet banks; some have set...

    Provided By City University of London (Cass)

  • White Papers // Mar 2010

    Capital Structure And Debt Maturity In Europe: The Role Of FDI In European Integration

    The authors investigate capital structures and debt maturities of firms in Europe, a bank based financial system. The authors compare firms in EU-15 with firms in accession countries. In EU-15, there is a move towards equity financing. In accession countries, there is a move towards debt financing and debt maturities...

    Provided By City University of London (Cass)

  • White Papers // Feb 2010

    Do Implicit Barriers Matter For Globalization?

    Understanding and measuring the evolution of market integration and its variation across countries is of critical importance. Market liberalization may not result in global pricing or increased market integration if implicit barriers are relevant. The authors use the conditional version of the Errunza and Losq (1985) model to test this...

    Provided By City University of London (Cass)

  • White Papers // Feb 2010

    Central Bank Co-Operation And International Liquidity In The Financial Crisis Of 2008-9

    The advent of the financial crisis in August 2007, and its subsequent intensification, has largely eroded the hitherto apparently sharp distinction between monetary and financial stability, and it has led to a revival of central bank co-operation. The purpose of this paper is to describe and explain how things have...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Does Securitization Reduce Credit Risk Taking? Empirical Evidence From US Bank Holding Companies

    This paper investigates the impact of securitization on the credit-risk taking behavior of banks. Using US bank holding company data from 2001 to 2007 it is found that banks with a greater balance of outstanding securitized assets choose asset portfolios of lower credit risk. Examining securitizations by the type of...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Statistical Evidence For Short-Run Dynamics Between Spot And Futures Equity Markets And Economic Value Of Basis Trade Strategies

    The aim of this paper is to examine the existence of short run lead-lag effects between the spot and the futures market in the German stock exchange and particularly the DAX index, over the period 1/2000 - 12/2003, using in-tradaily data. As long as such relationships are established authors investigate...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Bank Productivity Changes In Two Asian Giants

    China and India have experienced rapid economic growth over the last two decades, and finance is central to growth. Banking is the dominant form of finance in both countries, so an interesting question is what are productivity advances, and the forces driving them, among Chinese and Indian banks? This study...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Spread Components In The Hungarian Forint-Euro Market

    The authors apply the spread decomposition model by Huang and Stoll (1997) to a new data set on the Hungarian Forint-Euro market. The results show differences between the small and less liquid HUF/EUR market and previous results on more developed markets. The results suggest that the share of cost components...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Unsurprising M&A Deal Volume: First Quarter 2008

    M&A deal volumes are down significantly in the first quarter 2008. This doesn't come as a surprise to anyone, The author is sure, so it should be put in perspective. Of course, the final volumes for the quarter will not be available for another week, but with the Easter holidays...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Who's Doing The Right Thing In Business?

    Women; older employees; those with a professional qualification or with a religious faith; those working in the caring professions or the charity/not-for-profit sector; all scored highly in the ethicability Moral DNA Test, which created waves around the world when it went viral on the internet in July and August 2008....

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Speaking Different Languages With Clients

    It is not unusual to find senior and experienced professionals uncomfortable having a broader conversation with their clients. Some professionals convince themselves that for "Risk management purposes" they should not enter into discussions on subjects on which they are not expert. Others believe that their role is to bring in...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Future Of Strategy?

    Over the last four decades economics has dominated strategy. Most of the models, concepts and ideas that have found their way into text books, business school and executive classrooms and translated into managerial practice are grounded on neo-classical economic theory. From this perspective, people are called 'Agents' or 'Players' or...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Don't Fly Too Close To The Sun...

    One of the many financial indicators to have gone crazy since the start of the crisis in mid 2007 has been correlation. Of course it was always the case that global equity markets were in fact much more highly correlated than investors realised - a standing joke was the story...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Get On Track To Develop Your Change Ability

    Research from the Change Management Consortium (CMC) show that it will be "Change capable" organisations that will be better positioned to take advantage of the upturn in growth once this recession has bottomed out. If you're in an organisation which needs to rapidly develop a change capability, here are some...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Transforming Leadership Development Landscape

    The recent stream of financial failures has not only revealed institutional examples of problematic financing but, in many cases, a vacuum of leadership and effective management as well. It is no coincidence that many of the banks which have survived the credit crisis thus far have invested heavily in management...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Looking For A Scapegoat In A Credit Crunch: On Blame Games, Irresponsibility, And Bad Story Telling

    It has started. The search is on for a scapegoat for our current difficulties. Candidates should be envied (bankers), not too attractive (politicians), incomprehensible (derivatives), unable to respond collectively (business schools) or simply the usual suspects (HR). It will help if the target group is such that no one thinks...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Aggressiveness In Investor Order Submission Strategy In The Absence Of Trading: Evidence From The Market Preopening Period

    The authors study the impact of the limit order book information on the aggressiveness observed in the submission, revision and cancellation of limit orders queued in the market preopening period on the Malta Stock Exchange. The empirical results indicate that the aggressiveness of order submissions and forward price revisions react...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Can Risk Aversion Really Explain The Negative Investment-Uncertainty Relationship?

    This paper shows the role of risk aversion and intertemporal substitutability in the investment-uncertainty relationship. Using recursive preferences, the paper demonstrates that not only the degree of risk aversion is important in determining the sign of the investment uncertainty relationship but that the intertemporal substitution elasticity also plays a crucial...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Who Is Really interested In Risk Management?

    The global credit crisis has once again focused attention on risk management practices in the banking industry. The discipline of risk management had been developing quite rapidly in both the banking and corporate sectors prior to the credit crisis and professional standards had been broadly agreed. However, risk management practice...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Should Bankers Learn From The Voluntary Sector?

    It is often said that the voluntary sector needs to become more businesslike, but perhaps businesses have equally as much to learn from the voluntary sector? Leaders of voluntary organisations are quite often faced with far more complex stakeholder issues than those that can be found in other businesses. They...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Network Is The Risk

    The start of 2009 saw dramatic headlines in the Financial Times about the UK Economy. UK debt fears fuel plunge in sterling (20th January 2009), What started with the credit crunch has become a global economic slump, the like of which we haven't seen for about two decades," CFO -...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Executive Pay Debate

    Executive compensation is currently attracting considerable public attention, much of it reflecting a loss of trust in top management of large organisations. This is not unprecedented as over past decades there have been well publicised instances of companies announcing executive remuneration schemes with potentially huge payouts often insufficiently related to...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Health O0n The Edge - The Future Of The NHS In England

    Back in 1997 - just before the general election that swept Labour to power - The author remembers writing in the journal Public Management about the need for strong political leadership to prevent the NHS descending into chaos. My argument was that the combination of increasing pressure on public expenditure,...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Financial Institutions: Change Now Or Become Sisyphus

    The author would disagree with the view that the current credit crisis was an entirely unexpected incident in the otherwise thriving economies. Rather, the author would argue that the foundations for the crisis were laid long before the crisis began to take hold. Effective economic systems are characterised by prudent...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Living In Interesting Times

    It is said by some that the purportedly Chinese proverb may you live in interesting times is actually a curse. But to say that we are now living in interesting times, at least from a business perspective, is most probably a gross understatement. The past year has seen events that...

    Provided By City University of London (Cass)

  • White Papers // Dec 2009

    Credit Models And The Crisis, Or: How I Learned To Stop Worrying And Love The CDOs

    The authors follow a long path for Credit Derivatives and Collateralized Debt Obligations (CDOs) in particular, from the introduction of the Gaussian copula model and the related implied correlations to the introduction of arbitrage-free dynamic loss models capable of calibrating all the tranches for all the maturities at the same...

    Provided By City University of London (Cass)

  • White Papers // Dec 2009

    Tactical Equity Investing Across Bull And Bear Markets

    This paper investigates the influence that the market state (bull versus bear) upon the effects of equity characteristics such as size, value and momentum. The authors find that the definition of positive and negative markets has a substantial effect on the results with shorter-term definitions proving more useful. Size effects...

    Provided By City University of London (Cass)

  • White Papers // Dec 2009

    Monetary Disorder And Financial Regimes: The Demand For Money In Argentina, 1900-2006

    Argentina is a unique experience of protracted economic instability and monetary disorder. In the framework of a long-term view, the authors of this paper investigate the demand for narrow money in Argentina from 1900 to 2006, shedding some light on the existence of money demand equilibrium in extremely turbulent economies....

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Margin Changes And Futures Trading Activity: A New Approach

    The paper examines the impact of margins, adjusted for underlying price risk proxied by market volatility, on trading volume and at the same time incorporates the relationship between trading volume, and price volatility documented in equities and futures markets. The study estimates bivariate GARCH-M models to take account of the...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Hedge Funds And Unconscious Fantasy

    The authors help to explain the rapid growth in aggregate hedge fund assets under management until June 2008 followed by their collapse in terms of the conflicting emotions such investment vehicles evoke. Specifically, they describe how some high-profile hedge funds were transformed in the minds of investors, into objects of...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    High And Low Frequency Correlations In Global Equity Markets

    This study models high and low frequency variation in global equity correlations using a comprehensive sample of 43 countries that includes developed and emerging markets, during the period 1995-2008. These two types of variations are modeled following the semi-parametric Factor-Spline-GARCH approach of Rangel and Engle (2008). This framework is extended...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Practical Issues With State Space Models with Mixed Stationary And Non-Stationary Dynamics

    State-space models, and the state-space representation of data, are an important tool for econometric modeling and computation. However, when applied to observed (rather than detrended) data, many such models have a mixture of stationary and non-stationary roots. While Koopman (1997) and Durbin and Koopman (2002) provide "Exact" calculations for models...

    Provided By City University of London (Cass)

  • White Papers // Aug 2009

    Why Are We In A Recession?: The Financial Crisis Is The Symptom Not The Disease!

    Globalization has brought a sharp increase in the developed world's labor supply. Labor in developing countries - countries with vast pools of underemployed people - can now more easily augment labor in the developed world, without having to relocate, in ways not thought possible only a few decades ago. The...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Finite Sample Results Of Range-Based Integrated Volatility Estimation

    This paper considers the finite-sample properties of Realized Range estimators of integrated volatility and compares them to those of the Realized Volatility estimators when a sample of high-frequency data is observed. Simulated data are obtained from different generating mechanisms for the instantaneous volatility process, e.g. Ornstein-Uhlenbeck, long memory and jump...

    Provided By City University of London (Cass)

  • White Papers // Mar 2010

    Innovation And Performance Of European Banks Adopting Internet

    Ebanking has been a bit of a fad. Virtual banks were believed to challenge traditional banks. The burst of the internet bubble brought down this first generation of internet banks. Traditional branch banks have gone online since. Existing banks started to buy up some failed internet banks; some have set...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Does Securitization Reduce Credit Risk Taking? Empirical Evidence From US Bank Holding Companies

    This paper investigates the impact of securitization on the credit-risk taking behavior of banks. Using US bank holding company data from 2001 to 2007 it is found that banks with a greater balance of outstanding securitized assets choose asset portfolios of lower credit risk. Examining securitizations by the type of...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Bank Productivity Changes In Two Asian Giants

    China and India have experienced rapid economic growth over the last two decades, and finance is central to growth. Banking is the dominant form of finance in both countries, so an interesting question is what are productivity advances, and the forces driving them, among Chinese and Indian banks? This study...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Emerging Themes In Banking: Recent Literature And Directions For Future Research

    This paper presents a review of the recent literature in banking around the core themes of performance, risk and governance of financial institutions. This paper backdrop of the recent financial crisis and the major changes it caused to banking sectors in many countries. There are several themes emerging from this...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    The Profitability Of Banks in Japan: The Road To Recovery?

    This paper investigates the profitability of City, Trust, Regional, Second Association Regional, Shinkin and Credit Cooperative banks following the major financial crisis that affected Japan in the mid 1990s. This paper finds evidence that well capitalised, efficient banks, with lower credit risks tend to outperform less capitalised, less efficient counterparts...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Regulatory Reform And Productivity Change In Indian Banking

    This paper examines the impact of regulatory reform on TFP growth and its sources and on the relationship between ownership and cost efficiency for Indian banks in 1992-2004. The methodology consists of the joint use of parametric and non-parametric techniques to estimate efficiency frontiers. Both approaches show that the Indian...

    Provided By City University of London (Cass)

  • White Papers // Sep 2009

    Securitization And Bank Performance

    Theory suggests that securitization provides financial institutions with an opportunity to lower the cost of funding; improve credit risk management and increase profitability. In practice, however, it might lead to adverse consequences through a number of indirect channels. Therefore, the net impact of securitization on bank performance is ambiguous. This...

    Provided By City University of London (Cass)

  • White Papers // Sep 2009

    What Drives The Efficiency Of Selected MENA Banks? A Meta-Frontier Analysis

    This study examines the effect of financial-sector reform on bank performance in selected Middle Eastern and North African (MENA) countries in the period 1993-2006. This paper evaluates bank efficiency in Egypt, Jordan, Morocco, and Tunisia by means of Data Envelopment Analysis (DEA) and it employs a meta-frontier approach to calculate...

    Provided By City University of London (Cass)

  • White Papers // Sep 2009

    Competition And Risk Taking Incentives In The Lending Market: An Application To Indian Banking

    This paper develops a structural model of competition in the lending market to examine the impact of financial reforms both on competition and on banks' risk taking incentives. Drawing on the literature on the uniqueness of bank loans vis-?-vis arms length debt, this paper estimates an empirical model with reference...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Out Of Sample Predictability In International Equity Markets: A Model Selection Approach

    For thirteen major international stock markets, there is much evidence of out-of-sample predictability for growth stocks especially when evaluated with economic criteria, and to a noticeably lesser extent for general stock markets and value stocks. The results shed light on the recent debate about stock return predictability, using different assets...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Home Bias In Foreign Direct Investment

    The authors investigate home bias in corporate decision making in an international context. There is a strong preference in corporations to invest in surrounding countries and places of social and cultural familiarity. The authors investigate whether this tendency to invest in the familiar is also present in foreign direct investments....

    Provided By City University of London (Cass)

  • White Papers // Mar 2010

    Capital Structure And Debt Maturity In Europe: The Role Of FDI In European Integration

    The authors investigate capital structures and debt maturities of firms in Europe, a bank based financial system. The authors compare firms in EU-15 with firms in accession countries. In EU-15, there is a move towards equity financing. In accession countries, there is a move towards debt financing and debt maturities...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Related Securities, Allocation Of Attention And Price Discovery: Evidence from NYSE-Listed Non-U.S. Stocks

    In this paper the authors explore how the composition of a market maker's portfolio and allocation of attention across securities in the portfolio affect pricing. The authors analyze whether more attention devoted to similar securities enables a market maker to extract information relevant to a stock from order flow to...

    Provided By City University of London (Cass)

  • White Papers // Feb 2010

    Do Implicit Barriers Matter For Globalization?

    Understanding and measuring the evolution of market integration and its variation across countries is of critical importance. Market liberalization may not result in global pricing or increased market integration if implicit barriers are relevant. The authors use the conditional version of the Errunza and Losq (1985) model to test this...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Do Investors Herd In Emerging Stock Markets?: Evidence From The Taiwanese Market

    This paper has two contributions to the literature on investor herds. First, it extends investor herding studies to an emerging yet relatively sophisticated Taiwanese stock market by using firm level data. Second, it employs different testing methodologies designed to test the existence of investor herds and compares the robustness of...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    Related FOMC Communication And Emerging Equity Markets

    Using a GARCH model, the authors study the effects of Federal Funds target rate changes and FOMC communication on emerging equity market returns and volatility over the period 1998 - 2006. First, both types of news have a significant impact on market returns. Second, target rate changes are more important...

    Provided By City University of London (Cass)

  • White Papers // Oct 2009

    The Costs Of Moving Money Across Borders And The Volume Of Capital Flight

    The authors estimate capital flight from seven CIS countries for the period 1995-2005. In some countries capital flight is, in absolute amounts or relative to the economy, large and growing. Other countries in the sample have relatively minor capital flight. The authors develop a model of capital flight that explicitly...

    Provided By City University of London (Cass)

  • White Papers // Jul 2009

    Legal Regime, Size, And Liquidity Factors In Asset Pricing

    This study contrasts the ability of three liquidity constructs, the price-impact measure of Amihud (2002), the volume based turnover ratio, and the recently developed trading speed measure of Liu (2006) in explaining total trading costs for four large African emerging markets, Egypt, Morocco, Kenya and South Africa, as well as...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Scale Of Conflicts Between Firms, Communities, New Social Movements And The Role Of Government

    This paper is aimed to review the different levels of scale of conflicts between firms, communities, New Social Movements and the role of government. The analysis begins searching for the implications of conflict between the state, governments and communities, also the conflictive relationships between firms and the states and finally...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Can Risk Aversion Really Explain The Negative Investment-Uncertainty Relationship?

    This paper shows the role of risk aversion and intertemporal substitutability in the investment-uncertainty relationship. Using recursive preferences, the paper demonstrates that not only the degree of risk aversion is important in determining the sign of the investment uncertainty relationship but that the intertemporal substitution elasticity also plays a crucial...

    Provided By City University of London (Cass)

  • White Papers // Jun 2010

    How We Explain The Chinese Stock Market Bubble?

    In the last three years, the largest developing stock markets BRIC (Brazil, Russian, India and China) to some extent subjected to an asset pricing bubble, the benchmark indexes among these four stock markets rose more than threefold.1 However, China suffered the biggest one. The benchmark Shanghai Composite index started to...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Unsurprising M&A Deal Volume: First Quarter 2008

    M&A deal volumes are down significantly in the first quarter 2008. This doesn't come as a surprise to anyone, The author is sure, so it should be put in perspective. Of course, the final volumes for the quarter will not be available for another week, but with the Easter holidays...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Who's Doing The Right Thing In Business?

    Women; older employees; those with a professional qualification or with a religious faith; those working in the caring professions or the charity/not-for-profit sector; all scored highly in the ethicability Moral DNA Test, which created waves around the world when it went viral on the internet in July and August 2008....

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Speaking Different Languages With Clients

    It is not unusual to find senior and experienced professionals uncomfortable having a broader conversation with their clients. Some professionals convince themselves that for "Risk management purposes" they should not enter into discussions on subjects on which they are not expert. Others believe that their role is to bring in...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Future Of Strategy?

    Over the last four decades economics has dominated strategy. Most of the models, concepts and ideas that have found their way into text books, business school and executive classrooms and translated into managerial practice are grounded on neo-classical economic theory. From this perspective, people are called 'Agents' or 'Players' or...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Don't Fly Too Close To The Sun...

    One of the many financial indicators to have gone crazy since the start of the crisis in mid 2007 has been correlation. Of course it was always the case that global equity markets were in fact much more highly correlated than investors realised - a standing joke was the story...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Get On Track To Develop Your Change Ability

    Research from the Change Management Consortium (CMC) show that it will be "Change capable" organisations that will be better positioned to take advantage of the upturn in growth once this recession has bottomed out. If you're in an organisation which needs to rapidly develop a change capability, here are some...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    The Transforming Leadership Development Landscape

    The recent stream of financial failures has not only revealed institutional examples of problematic financing but, in many cases, a vacuum of leadership and effective management as well. It is no coincidence that many of the banks which have survived the credit crisis thus far have invested heavily in management...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Looking For A Scapegoat In A Credit Crunch: On Blame Games, Irresponsibility, And Bad Story Telling

    It has started. The search is on for a scapegoat for our current difficulties. Candidates should be envied (bankers), not too attractive (politicians), incomprehensible (derivatives), unable to respond collectively (business schools) or simply the usual suspects (HR). It will help if the target group is such that no one thinks...

    Provided By City University of London (Cass)

  • White Papers // Apr 2010

    Time-Varying Price Discovery In The European Treasury Markets

    This paper study's the price discovery process in the Euro area government bond markets. Authors of this paper analyze the most active German, French, Italian and Spanish sovereign securities which are traded on the MTS electronic inter-dealer markets for various maturity buckets. Consistently with previous results, they find that the...

    Provided By City University of London (Cass)

  • White Papers // Apr 2010

    A Transaction Data Study Of The Forward Bias Puzzle

    Using a market microstructure analytical framework Authors decompose the FX forward discount bias into elements due to time-varying risk premia (related to EBS order flow) and forecast errors derived using the Reuters survey of FX market participants. They find that both elements are significant contributors to the forward bias with...

    Provided By City University of London (Cass)

  • White Papers // Jun 2010

    Destructive Corporate Leadership And Board Loyalty Bias: A Case Study Of Michael Eisner's Long Tenure At Disney Corporation

    In this paper the authors argue that the widely-held public corporation, characterised by "Strong managers and weak owners" (Roe, 1994) is exposed to what Padilla, et al (2007) identify as "Destructive leadership" risks which, due to board loyalty biases, current corporate governance codes appear to do little to mitigate. As...

    Provided By City University of London (Cass)

  • White Papers // Sep 2009

    Investors Overconfidence: A Survey On The Tunisian Stock Market

    The aim of this paper is to check if investors in emergent markets, especially in the Tunisian stock market, suffer from the overconfidence bias. To achieve this purpose the authors adopted a survey approach on individual investors from the Tunisian stock exchange. Their major findings were: Tunisian investors seem to...

    Provided By City University of London (Cass)

  • White Papers // Nov 2009

    Margin Changes And Futures Trading Activity: A New Approach

    The paper examines the impact of margins, adjusted for underlying price risk proxied by market volatility, on trading volume and at the same time incorporates the relationship between trading volume, and price volatility documented in equities and futures markets. The study estimates bivariate GARCH-M models to take account of the...

    Provided By City University of London (Cass)

  • White Papers // Feb 2010

    Central Bank Co-Operation And International Liquidity In The Financial Crisis Of 2008-9

    The advent of the financial crisis in August 2007, and its subsequent intensification, has largely eroded the hitherto apparently sharp distinction between monetary and financial stability, and it has led to a revival of central bank co-operation. The purpose of this paper is to describe and explain how things have...

    Provided By City University of London (Cass)

  • White Papers // Jan 2010

    Statistical Evidence For Short-Run Dynamics Between Spot And Futures Equity Markets And Economic Value Of Basis Trade Strategies

    The aim of this paper is to examine the existence of short run lead-lag effects between the spot and the futures market in the German stock exchange and particularly the DAX index, over the period 1/2000 - 12/2003, using in-tradaily data. As long as such relationships are established authors investigate...

    Provided By City University of London (Cass)