Thesis--University of Wisconsin--Madison. / Typescript. Vita. Description based on print version record. Includes bibliographical references (leaves 196-200).

Thesis (Ph. D.)--University of Wisconsin, 1961. / eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 173-174).

The objective of this thesis is to examine the potential ramifications of allowing Canadian chartered A banks to invest in domestic common equities in excess of current regulations. The need for these investments has been born through attempts by companies to seek new common equity so that they may avoid financial catastrophe. However, as time goes on, it is a practice which can be expected to widen in popularity as chartered banks adjust to their new role as venture-capitalists. We begin our analysis by examining the impact of common equity investments on the financial performance of the chartered banks. Our approach is to conduct simulation studies of chartered bank performance using the Toronto Stock Exchange 300 index as a proxy for common equity behaviour. By adjusting bank financial statements to reflect assumed equity investment levels, we are able to demonstrate the probable impact on a bank's profitability, liquidity, and solvency. The above is followed by an examination of the potential impact of bank common equity holdings on the existing financial markets. In particular, we seek to examine the probable effect on the cost and availability of funds within the debt and equity markets. Finally, we strive to evaluate the public policy issues which are associated with bank common equity investments. These range from fears of potential power abuses derived from the corporate voting-power of common equity, to the impact on corporate bankruptcy costs. Our evaluation is based on a combination of traditional economic theory, along with drawing heavily from the West German experience where bank ownership of common equity has deep historical roots. In general, our findings indicate that chartered bank ownership of common equities should be encouraged subject to several limitations. These limitations are designed to ensure banking system financial stability, as well as to minimize any potential power abuses. In addition, any movement towards bank ownership of common equities should be accompanied by deregulation of traditional banking services so as to ensure minimal disruption to existing markets and services. / Business, Sauder School of / Graduate

Thesis (Ph.D.)--Rensselaer Polytechnic Institute, 2005. / Includes bibliographical references.

As long as one security is classified into AFS category, I document that banks strategically time the recognitions of gains and losses on AFS securities to smooth earnings, to meet earnings targets, to reduce regulatory costs, or to facilitate seasonal equity offering. These evidences collaborate with my previous results that banks prefer classifying credit risky securities into AFS rather than into trading category. / Finally, I investigate market reactions to fair value changes on AFS securities and to trading revenues from trading assets. I show that trading revenues are more persistent, with greater value relevance, and drive more significant stock returns. This evidence indicates that artificially classifying securities which are held for trading purpose into AFS category may have negative impacts on firm values. / Given the investment decisions made by the managers, the second issue studied in this thesis is the financial reporting decisions made by banks. To elaborate, banks have discretions to classify the debt securities into available-for-sale (AFS) category vs. trading category depending on the purpose of the holding, while the classification decisions have very different impacts on firms' income statement. Therefore, I study how accounting treatments of AFS and trading category and their different impacts on firms' income statements affect reporting decisions. I find banks inclined to classify credit-riskier securities into AFS rather than into trading category, when banks have weak interest revenues, have high level of income-increasing discretional accruals, have concentrated assets, or have high level of risky assets. But I do not find classification decision is related to bank's capital adequacy ratio. / Keywords: Bank holding companies; debt security investments; managerial compensation; trading assets; available-for-sale; SFAS 115; gains trading. / This study examines U.S. banks' investment behaviors as well as their financial reporting decisions on debt security investments. Particularly, I focus on two separate but related issues. The first issue examined is whether and how managerial incentives, influenced by the compensation contracts, affect managers' investment decisions on debt securities in the U.S. banking industry. Using a sample composed of top 1,000 bank holding companies from 2001 to 2009, I find that managers, when their wealth is more sensitive to stock return volatility, tend to structure the firms' debt investments with a higher proportion of credit risky securities. Provided that price of credit risky debt securities slumped during the recent financial crisis, that empirical evidence is consistent with the view that managerial compensation may induce excess risk-taking in the U.S. banking industry. The finding is relevant to both researchers and practitioners when they consider restructuring bankers' compensation. / Zhou, Chunquan. / Advisers: Woody Y. W. Wu; Danqing Young. / Source: Dissertation Abstracts International, Volume: 73-08(E), Section: A. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2011. / Includes bibliographical references (leaves 80-83). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest Information and Learning Company, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract also in Chinese.

Thesis (Ph. D.)--George Washington University, 2005. / Includes bibliographical references.

This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.