Abstract WPS 6/2015
This paper attempts to find out whether better quality of investor protection matters for the effect of capital
ratio on loan growth of large EU banks in 1996-2011. We focus on several measures of the quality of
investor protection with a proven track record in the banking literature, i.e.: anti-self-dealing index, ex-antecontrol
and ex-post-control of anti-self-dealing indices, and creditor protection rights index. Our results show
that better investor protection increases the procyclical impact of capital on lending in the sample of banks
reporting unconsolidated data. This is consistent with the view that better shareholders rights protection
induces bank borrowers to take more loans and to engage in more risk-taking, in particular during economic
booms, which results in greater sensitivity of bank lending to capital ratios in economic downturns. The
opposite effect is found in the sample of banks reporting consolidated data. This effect is consistent with the
view that better minority shareholders protection may reduce risk-taking incentives of large banks and result
in better risk management of credit portfolio (and other investments of such banks).
Keywords: capital ratio, lending, shareholders protection, creditor power, procyclicality
JEL Classification: E32, G21, G28, G32
Abstract WPS 5/2015
In order to succeed in the competitive market, sales organizations strive to maintain a high level of their salespeople loyalty. It is a fundamental challenge for most companies, strictly linked with the problem of salesforce turnover.
For long this topic has received a lot of attention from academic researchers and management practitioners alike due to the significant, lasting and adverse effects caused by sales staff turnover.
In spite of ongoing research into this area, not all aspects of salespeople turnover are well explored and explained. Most of the research activity to date was focused on identifying the behavior and attitude of individuals leaving the sales organizations.
Consequently, the turnover was analyzed as a response mechanism to stress or dissatisfaction with the organisation. On the other hand, one area that seems to be most under-researched is the assessment of salespeople turnover carried out by sales managers and the impact of their actions on the turnover. This problem deserves more attention as it is crucial to understand what actions can be taken within the sales organizations to limit the adverse effects of sales force turnover.
The author aimed to fill the apparent void in existing research by examining the following research questions:
How do managers of Polish sales organizations’ assess the salespeople turnover?
To what extent does their assessment depend on their professional experience and selected features of their organizations?
The results of questionnaire survey (using a sample of more than three hundred Polish sales managers) contribute to wider research into the organizational drivers of salespeople turnover.
JEL Classification: J53, M51
Keywords: Fluktuacja sprzedawców, uwarunkowania organizacyjne, doświadczenie zawodowe menedżerów, stabilność organizacji
Abstract WPS 4/2015
The purpose of this paper is to present the extended literature review on consumer experiences in online and offline shopping environment leading to identification of key dimensions of consumer experiences and providing an overview of current state of research in the identified areas. The paper begins with a brief introduction to the experience economy as a concept and to how consumer experiences are defined and understood. In the second part of the paper, theoretical and empirical research on models and measurement tools of consumer experiences in the shopping context is presented and discussed. The last section of the paper presents selected studies on consumer shopping experiences in online and offline retail context in each of previously defined dimensions.
Keywords: consumer, experience, ecperience economy, dimensions, models, store, shopping, online, offline, real, virtual
JEL classification: M00, M30, M31, M21, O30
Abstract WPS 3/2015
This paper extends the literature on the capital crunch effect by examining the role of public policy for the link between lending and capital in a sample of large banks operating in the European Union. Applying Blundell and Bond (1998) two-step robust GMM estimator we show that restrictions on bank activities and more stringent capital standards weaken the capital crunch effect, consistent with reduced risk taking and boosted bank charter values. Official supervision also reduces the impact of capital ratio on lending in downturns. Private oversight seems to be related to thin capital buffers in expansions, and therefore the capital crunch effect is enhanced in countries with increased market discipline. We thus provide evidence that neither regulations nor supervision at the microprudential level is neutral from a financial stability perspective. Weak regulations and supervision seem to increase the pro-cyclical effect of capital on bank lending.
JEL Classification: E32, G21, G28, G32
Keywords: capital ratio, lending, capital crunch, regulations, supervision, procyclicality
Abstract WPS 2/2015
The goal of this study is to identify empirically how non-traditional activities affect directly the risk profiles and profitability of the banking sector. Through a dataset that covers 2678 European banks spanning the period 1996–2011 and the methodology of panel regression, the empirical findings document that investment banks have a negative effect on systemic risk in the banking sector. To show the heterogeneity of systemic risk determinants, the study sample was divided according to the economic development of a country into two groups: advanced and developing countries. We examine the implications of banks’ activity and risk-taking that manifest themselves as spreading and growing instability in the banking system. Then we explore the implications of the interaction between banking risk and structural, macroeconomic and financial market determinants. The findings have implications for both bank risk management and regulators. This paper advances the agenda of making macroprudential policy operational.
Keywords: systemic risk, investment banking, emerging markets, credit risk, liquidity, bank solvency, instability
JEL classification: F36, F65, G21, G32, G33
View full paper
Abstract WPS 1/2015
We measure a systemic risk faced by European banking sectors using the CoVaR measure. We propose the conditional value-at-risk (CoVaR) for measuring a spillover risk which demonstrates the bilateral relation between the tail risks of two financial institutions. The aim of the study is to estimate the contribution systemic risk of the bank i in the analyzed banking sector of a country in conditions of its insolvency. The study included commercial banks from 8 emerging markets from Europe, which gave a total of 40 banks, traded on the public market, which provided a market valuation of the bank's capital. The conclusions are that the CoVaR seems to be a better measure for systemic risk in the banking sector than the VaR, which is more individual. And banks in developing countries in Europe do not provide significant risk for the banking sector as a whole. But it must be taken into account that some individuals that may find objectionable. Our results hence tend to a practical use of the CoVaR for supervisory purposes.
Keywords: Systemic Risk, Value at Risk, Risk Spillovers, Banking Sector
JEL classification: G01, G10, G20, G28, G38
© Copyright: Wydział Zarządzania Uniwersytetu Warszawskiego
ul. Szturmowa 1/3, 02-678 Warszawa
tel: +48 22 55 34 002, fax: +48 22 55 34 001; mail: wz@wz.uw.edu.pl
NIP: 525-001-12-66
Administratorem strony jest Sekcja Informacji i Promocji WZ UW
