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Working PaPer SerieS
no 1272 / DeCeMBer 2010
THe iMPaCT
of PuBliC
guaranTeeS on
Bank riSk Taking
eviDenCe froM
a naTural
exPeriMenT
by Reint Gropp,
Christian Gruendl
and Andre Guettler
WORKING PAPER SERIES
NO 1272 / DECEMBER 2010
In 2010 all ECB
publications
feature a motif
taken from the
€500 banknote.
THE IMPACT
OF PUBLIC GUARANTEES
ON BANK RISK TAKING
EVIDENCE FROM
A NATURAL EXPERIMENT
1
by Reint Gropp
2
, Christian Gruendl
3
and Andre Guettler
4
1 We thank Hans Degryse, Martin Goetz, Hendrik Hakenes, Vasso Ioannidou, Emilia Bonaccorsi di Patti, Thilo Pausch, José-Luis Peydró-Alcalde,
Steven Ongena, Marcel Tyrell, Jim Wilcox, and seminar participants at the Bank of England, the European Business School, the University
of Hannover, Mannheim University, the Rotterdam School of Economics, Norges Bank, Tilburg University, and participants at the Basel
Committee/CEPR/JFI Workshop on Systemic Risk and Financial Regulation, the CEPR conference on Bank Crisis Prevention and Resolution,
the European Finance Association Conference, the Reserve Bank of Chicago Conference on Bank Structure and Competition,
the German Finance Association (best paper award) and the Tilburg University Conference on Financial Stability for
helpful discussions and comments. We further thank the German Savings Banks Association for providing data.
2 Corresponding author: EBS Business School, Department of Finance, Accounting, and Real Estate, Gustav-Stresemann-Ring 3,
65189 Wiesbaden,Germany; phone: +49 611 7102 1234, fax: +49 611 7102 101234; e-mail: reint.gropp@ebs.edu
3 EBS Business School, Department of Finance, Accounting, and Real Estate; e-mail: christian.gruendl@ebs.edu
4 University of Texas at Austin, McCombs School of Business, Department of Finance,
email: andre.guettler@mccombs.utexas.edu; and EBS Business School,
Department of Finance, Accounting, and Real Estate,
e-mail: andre.guettler@ebs.edu
This paper can be downloaded without charge from http://www.ecb.europa.eu
or from the Social Science Research Network electronic
library at http://ssrn.com/abstract_id=1536032.
NOTE: This Working Paper should not be reported as representing
the views of the European Central Bank (ECB).
The views expressed are those of the authors
and do not necessarily reflect those of the ECB.
© European Central Bank, 2010
Address
Kaiserstrasse 29
60311 Frankfurt am Main, Germany
Postal address
Postfach 16 03 19
60066 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.europa.eu
Fax
+49 69 1344 6000
All rights reserved.
Any reproduction, publication and
reprint in the form of a different
publication, whether printed or produced
electronically, in whole or in part, is
permitted only with the explicit written
authorisation of the ECB or the authors.
Information on all of the papers published
in the ECB Working Paper Series can be
found on the ECB’s website, http://www.
ecb.europa.eu/pub/scientific/wps/date/
html/index.en.html
ISSN 1725-2806 (online)
3
ECB
Working Paper Series No 1272
December 2010
Abstract
4
Non-technical summary
5
1 Introduction
7
2 Institutional background
10
3 Data
12
3.1 Main data sources
12
3.2 Descriptive statistics
17
4 Empirical strategy
18
5 Results
20
5.1 Baseline results
20
5.2 Higher ex ante value of guarantees
24
6 Control group of banks unaffected
by Hanoi, dated 4th May 2016 No.: 1209/TTr-HĐQT SUBMISSION Re: The approval of the resignation from the Supervisor of BaoViet Holdings -To: The 2016 Annual General Meeting of Shareholders of BaoViet Holdings In accordance with: - The Enterprise Law No 68/2014/QH13 dated November 26th 2014; - The Charter of BaoViet Holdings; - The Resolution No 03/2012/NQ-ĐHĐCĐ-TĐBV dated November 29th 2012 of the Extraordinary General Meeting of Shareholders in 2012 regarding the approval of the number of members in the Supervisory Board of BaoViet Holdings in the term 2012 – 2017 to be five (05) members; On June 01st 2015, BaoViet Holdings received a resignation letter from Mr Nobuyuki Yagi to resign from being a member of the Supervisory Board from July 02nd 2015; On April 25th 2016, BaoViet Holdings received a resignation letter from Mr Dang Thai Quy to resign from being a member of the Supervisory Board from April 25th 2016, In consideration of the actual situation and the recommendation from the Supervisory Board of BaoViet Holdings, the Board of Directors of BaoViet Holding would like to respectfully submit to the 2016 Annual General Meeting of Shareholders for the approval of the resignation from the two (02) members of the Supervisory Board as above; the remaining number of supervisors at BaoViet Holdings is three (03) members BaoViet Holdings shall consider to submit to the General Meeting of Shareholders for the approval of the HR consolidation plan for the Supervisory Board later Respectfully submit./ Achieves: - As above; - BOD, SB; - For filing: Admin, Secretary Dept ON BEHALF OF THE BOARD OF DIRECTORS CHAIRMAN (Signed and sealed) Dao Dinh Thi WORKING PAPER SERIES
NO 1395 / NOVEMBER 2011
by Manju Puri,
Jörg Rocholl
and Sascha Steffen
ON THE IMPORTANCE OF
PRIOR RELATIONSHIPS
IN BANK LOANS TO
RETAIL CUSTOMERS
ECB LAMFALUSSY FELLOWSHIP
PROGRAMME
ECB LAMFALUSSY FELLOWSHIP
PROGRAMME
1 We thank the Deutscher Sparkassen- und Giroverband (DSGV) for providing us with the data. Sascha Steffen`s contribution to the paper has
been prepared under the Lamfalussy Fellowship Program sponsored by the European Central Bank. We thank Rebel Cole, Hans Degryse,
Valeriya Dinger, Radhakrishnan Gopalan, Reint Gropp, David Musto, Lars Norden, Martin Weber, Vijay Yeramilli, participants at the EFA 2010
Frankfurt meeting, the FDIC-JFSR Bank Research Conference, the FMA 2010 meeting, the CAREFIN 2010 Conference at Bocconi,
the German Finance Association Meeting (DGF), and seminar participants at Drexel University, Erasmus University Rotterdam,
Georgia Tech University, University of Cologne, University of Mannheim, and University of Michigan for comments and suggestions.
2 Duke University, Durham, NC 27708, USA, and NBER; e-mail: mpuri@duke.edu.
3 European School of Management and Technology, Schloßplatz 1, 10178 Berlin, Germany; e-mail: rocholl@esmt.org.
This paper can be downloaded without charge from http://www.ecb.europa.eu or from the Social Science
Research Network electronic library at http://ssrn.com/abstract_id=1572673.
NOTE: This Working Paper should not be reported as representing
the views of the European Central Bank (ECB).
The views expressed are those of the authors
and do not necessarily reflect those of the ECB.
WORKING PAPER SERIES
NO 1395 / NOVEMBER 2011
ON THE IMPORTANCE OF PRIOR
RELATIONSHIPS IN BANK LOANS
TO RETAIL CUSTOMERS
1
by Manju Puri
2
, Jörg Rocholl
3
,
and Sascha Steffen
4
In 2011 all ECB
publications
feature a motif
taken from
the €100 banknote.
4 University of Mannheim, L5 ,2 , 68131 Mannheim, Germany; e-mail: steffen@bank.bwl.uni-mannheim.de.
Lamfalussy Fellowships
This paper has been produced under the ECB Lamfalussy Fellowship programme.
This programme was launched in 2003 in the context of the ECB-CFS Research
Network on “Capital Markets and Financial Integration in Europe”. It aims at
stimulating high-quality research on the structure, integration and performance of the
European financial system.
The Fellowship programme is named after Baron Alexandre Lamfalussy, the first
President of the European Monetary Institute. Mr Lamfalussy is one of the leading
central bankers of his time and one of the main supporters of a single capital market
within the European Union.
Each year the programme sponsors five young scholars conducting a research project
in the priority areas of the Network. The Lamfalussy Fellows and their projects are
chosen by a selection committee composed of Eurosystem experts and academic
scholars. Further information about the Network can be found at http://www.eu-
financial-system.org and about the Fellowship programme under the menu point
“fellowships”.
© European Central Bank, 2011
Address
Kaiserstrasse 29
60311 Frankfurt am Main, Germany
Postal address
Postfach 16 03 19
60066 Frankfurt am Main, Germany
Telephone
+49 69 1344 0
Internet
http://www.ecb.europa.eu
Fax
+49 69 1344 6000
All rights reserved.
Any reproduction, publication and
reprint in the form of a different
publication, whether printed or GOVERNMENT SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No 175/2016/ND-CP Hanoi, December 30, 2016 DECREE ON AMENDMENTS TO CERTAIN ARTICLES OF THE DECREE No 86/2013/ND-CP DATED 29 JULY 2013 BY THE GOVERNMENT ON THE BUSINESS OF PRIZE-REWARDING ELECTRONIC GAMES FOR FOREIGNERS Pursuant to the Law of Government Organization dated June 19, 2015; Pursuant to the Enterprise Law dated November 26, 2014; Pursuant to the Law of Investment dated November 26, 2014; At the request of the Minister of Finance; The government promulgates the Decree on amendments to certain articles of the Government's Decree No 86/2013/ND-CP dated July 29, 2017 on the business of prize-rewarding electronic games for foreigners Article Amendments to certain articles of the Government's Decree No 86/2013/ND-CP dated July 29, 2017 on the business of prize-rewarding electronic games for foreigners Section and Section of Article as follows: “1 Operation of a prize-rewarding electronic game business without a certificate of business eligibility, except the companies defined in Article 51 of this Decree Operation of a prize-rewarding electronic game business in violation of the content of the business license issued by the competent state management agency pursuant to the laws.” Section of Article is amended as follows: "1 A company operating the prize-rewarding electronic game business (hereinafter referred to as the company) can operate prize-rewarding electronic games at solely one business location licensed by the competent state management agency pursuant to the laws." Section of Article 13 is amended as follows: “2 Gaming devices a) Prize-rewarding electronic gaming machines used at the business location shall be entirely new, adhere to the technical specification announced by their manufacturers and certified by independent certifying organization(s) operating in member state(s) of the G7; b) The programmed minimum flat rate of payout of a slot machine is 90% (inclusive of the accumulated prize) The payout rate, when changed by the company, shall not be lower than the minimum payout rate regulated; hence, the company shall have the machines re-certified prior to their resumption and specify the payout rate in the gaming rules.” Section and Section of Article 14 are amended as follows: “1 The companies possessing the certificate of business eligibility and those defined in Article 51 of this Decree are permitted to purchase tokens and prize-rewarding electronic gaming machines The purchase and importation of tokens and prize-rewarding electronic gaming machines pursuant to the legislation on import and export, relevant laws, this Decree and the guidelines of the Ministry of Culture, Sports and Tourism … The company has the right to maintain and repair the prize-rewarding THE GOVERNMENT - SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness No 149/2016/ND-CP Ha Noi, November 11, 2016 DECREE AMENDING AND SUPPLEMENTING A NUMBER OF ARTICLES OF DECREE No 177/2013/ND-CP DATED NOVEMBER 14, 2013 BY THE GOVERNMENT PROVIDING GUIDANCE ON THE IMPLEMENTATION OF A NUMBER OF ARTICLES OF THE LAW ON PRICING Pursuant to the Law of Government organization dated June 19, 2015; Pursuant to the Law on Pricing dated June 20, 2012; Pursuant to the Law on fees and charges dated November 25, 2015; At the request of the Minister of Finance; The Government hereby promulgates the Decree amending and supplementing a number of articles of Decree No 177/2013/ND-CP dated November 14, 2013 by the Government providing guidance on the implementation of a number of articles of the Law on Pricing Article The Decree No 177/2013/ND-CP dated November 14, 2013 by the Government providing guidance on the implementation of a number of articles of the Law on Pricing is amended and supplemented as follows Article is amended as follows: “Article Scope of regulation This Decree stipulates in detail and guides the implementation of a number of articles of the Law on Pricing and Article 24 of the Law on fees and charges regarding price stabilization; valuation by the State; price negotiation; inspection of price formation elements; price declaration; price listing and state management authority in the field of price and national price database.” Clause Article is amended as follows: “2 Ministries and regulatory bodies shall preside over and cooperate with competent authorities in receiving the price registration form specified in point a clause Article of this Decree to specify the list of articles in accordance with specific periods: a) The Ministry of Agriculture and Rural development shall preside over and cooperate with the Ministry of Finance in detailing the List of articles specified in points dd, e, g, i and k clause of this Article; b) The Ministry of Industry and Trade shall preside over and cooperate with the Ministry of Finance in detailing the list of articles specified in point d clause of this Article; c) The Ministry of Health shall detail the articles specified in point l clause of this Article and shall preside over and cooperate with the Ministry of Industry and Trade detailing the list of articles specified in point h clause of this Article.” Clause Article is amended as follows: “2 Setting up the price stabilization fund for goods specified in point a clause Article of this Decree Such fund shall be used only for the stabilization of prices of such goods and services Where it is necessary to adjust or supplement goods for which the price stabilization fund is set Accountable to everyone, or to no one? Perspectives on the accountability of Australian Private Ancillary Funds Alexandra Kate Williamson M B (Philanthropy and Social Investment) Supervisors: Associate Professor Belinda Luke (Principal) Dr Craig Furneaux (Associate) Professor Diana Leat (External) Submitted in fulfilment of the requirements for the degree of Master of Business (Research) QUT Business School School of Accountancy Queensland University of Technology December 2015 Keywords Accountability, philanthropy, philanthropic foundations, Private Ancillary Funds, PAFs, Australia, ACNC i Abstract This research explores perspectives on the accountability of Private Ancillary Funds (PAFs), a type of Australian endowed philanthropic foundation Established by trust deed, PAFs provide benefits, usually in the form of grants, to certain types of charitable beneficiary organisations PAFs are a relatively new giving structure that has created strong and sustained growth in the philanthropic sector over the past 13 years, in regard to the number of foundations, and the dollar value of their combined capital and distributions Their addition to the Australian charitable sector is “arguably the single most important boost for Australian philanthropy in many decades” (McLeod, 2013, p 2) PAFs benefit from several freedoms and concessions, enjoying financial security, tax concessions and exemptions, and a light regulatory touch in regard to accountability These characteristics raise the issue of accountability, both including and beyond the limited legal and regulatory requirements Given PAFs are privately established and governed organisations, but have a public benefit purpose, there are differing and sometimes conflicting perspectives in terms of the nature and scope of their accountability Using Ebrahim’s (2010) conceptual framework of non-profit accountability, this study explores PAF accountability in terms of to whom, for what, how and why, examining the tensions between PAFs’ private form and public purpose Through indepth interviews with the managers and trustees of 10 PAFs, forms and relationships of PAF accountability are uncovered Findings reveal PAFs recognise that they are accountable primarily to their beneficiaries; the two regulatory bodies, the ACNC and the ATO; the general public; the philanthropic sector as a whole; and the children of the founder PAFs perceive that they are accountable for their grant-making decisions; investments and financial management; and managing risk; as well as the internal management of the fund; assessing performance; and conserving resources PAFs identify that they are accountable by way of reporting and performance measurement of grantees; selective disclosure and transparency; undertaking site visits and engaging with beneficiaries; due diligence undertaken on applicants; and openness to inquiry and discussion PAFs understand that being accountable enables them to demonstrate results, lead and inspire others, represent a family, and enjoy the success of a partnership Accountability also brings shared learnings, strategic focus, reduced risk and greater visibility While PAFs exercise discretionary choice in almost all forms of accountability, they engage in accountability for primarily internal reasons which relate to their
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