The issue of successful implementation of strategic organizational change is not sufficiently addressed in the literature of organizational change even though there is unanimity in reporting a high rate of failure. Moreover, attempts to provide supportive guidelines that enhance implementation success are meager and their validity in nonwestern contexts is disputed. Thus, the present study tried to address the question of how a strategic organizational change can be successfully implemented by developing an implementation model within the context of Ethiopian commercial banks. In Ethiopia, commercial banking is exclusively reserved for nationals. This makes the setting a typical national context from where two commercial banks were included in the present study through maintaining maximum variation in ownership structure. Embedded in each bank, cases of teams which were established to redesign a specific type of business process were identified to theoretically sample participants for the indepth interviews. Applying an inductive multiple case study strategy, a combination of within-case and cross-case analyses were employed with the support of the ATLAS.ti software. As a result, theoretical propositions were made and an implementation model for strategic organizational change was developed by taking the context of commercial banks in Ethiopia into consideration. The findings indicate that national and organizational contexts demand contextualized approaches to implement strategic organizational change. Although several concepts which are documented in the extant literature were confirmed, original propositions are also made by the present study. A triple helix of initiating, designing, and implementing were emerged as inseparable components of the proposed implementation model for strategic organizational change in a context where cognitive and technical readiness is ensured. / Business Management / DBL

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本研究致力於探討美國聯準會(FED)實施量化寬鬆政策(QE)與否，商業銀行資產負債表對於股價的影響。本文藉由總經指標(工業生產指數、製造業採購經理人指數)、利差變數(公司債利差、10年期公司債利差)，以及資產負債表變數(存款、貸款等)，對商業銀行股價進行解釋。並透過量化寬鬆政策(QE)的虛擬變數，了解該政策對股價的影響，以及實施該政策是否能夠改善資產負債表變數的顯著程度和影響方向。方法上，本文採用迴歸分析的方式進行實證分析。首先，研究以總經指標以及利差變數對股價進行解釋，且期間限定為量化寬鬆政策期間，藉此確認這兩類變數對股價的影響。後續則以加入資產負債表變數、量化寬鬆(QE)虛擬變數等，並將期間延伸至15年，以進一步釐清實施量化寬鬆(QE)政策的影響。本文實證結果顯示，美國量化寬鬆政策對於商業銀行股的股價有負面影響，且活期存款對股價的影響亦為負向。 / The thesis focuses on the FED policy – Quantitative Easing (QE) and how the policy affect the S&P 500 commercial bank sub-index return. Based on past researches, the article includes macroeconomic variables (IP, PMI), term structure variables, bank balance sheet variables (deposits and loans), and a QE dummy variable. With these variables, the outcomes are generated by regression. It can be observed that with the implementation of QE policy, stock returns are negative on average. Moreover, large banks would benefit from provide more commercial loans; on the other hand, small banks would obtain a positive return by lending more consumer loans. Demand deposits are another significant variable which would have negative impact on stock returns.

This thesis develops a range of prediction models for the purpose of predicting the acquisition of commercial banks in the European Union using publicly available data. Over the last thirty years, there have been approximately 30 studies that have attempted to identify potential acquisition targets, all of them focusing on non-bank sectors. We consider that prediction models developed specifically for the banking industry are essential due to the unusual structure of banks' financial statements, differences in the environment in which banks operate and other specific characteristics of banks that in general distinguish them from non-financial firms. We focus specifically on the EU banking sector, where M&As activity has been considerable in recent years, yet academic research relating to the EU has been rather limited compared to the case of the US. The methodology for developing prediction models involved identifying past cases of acquired banks and combining these with non-acquired banks in order to evaluate the prediction accuracy of various quantitative classification techniques. In this study, we construct a base sample of commercial banks covering 15 EU countries, and financial variables measuring capital strength, profit and cost efficiency, liquidity, growth, size and market power, with data in both raw and country-adjusted (i.e. raw variables divided by the average of the banking sector for the corresponding country) form. In order to allow for a proper comparative evaluation of classification methods, we select common subsets of the base sample and variables with high discriminatory power, dividing the sample period (1998-2002) into training sub-sample for model development (1998-2000), and holdout sub-sample for model evaluation (2001-2002). Although the results tend to support the findings of studies on non-financial firms, highlighting the difficulties in predicting acquisition targets, the prediction models we develop show classification accuracies generally higher than chance assignment based on prior probabilities. We also consider the use of equal and unequal matched holdout samples for evaluation, and find that overall classification accuracy tends to increase in the unequal matched samples, implying that equal matched samples do not necessarily overstate the prediction ability of models. The main goal of this study has been to compare and evaluate a variety of classification methods including statistical, econometric, machine learning and operational research techniques, as well as integrated techniques combining the predictions of individual classification methods. We found that some methods achieved very high accuracies in classifying non-acquired banks, but at the cost of relatively poor accuracy performance in classifying acquired banks. This suggests a trade-off in achieving high classification accuracy, although some methods (e.g. Discriminant) performed reasonably well in terms of achieving balanced overall classification accuracies of above chance predictions. Integrated prediction models offer the advantage of counterbalancing relatively poor performance of some classification methods with good performance of others, but in doing so could not out-perform all individual classification methods considered. In general, we found that the outcome of which method performed best depended largely on the group classification accuracy considered, as well as to some extent on the choice of the discriminatory variables. Concerning the use of raw or country-adjusted data, we found no clear effect on the prediction ability of the classification methods.

Maintenir un accroissement soutenu de la valeur pour les actionnaires estaujourd'hui reconnu comme un des principaux objectifs stratégiques pour les institutions financières. Générer une croissance stable de la valeur pour les actionnaires nécessite une concentration intense sur une prestation de services de meilleure qualité aux clients, le recrutement, le maintien d'un effectif motivé, et l'entretien d'excellentes relations avec les différents partenaires de la firme bancaire.Cette thèse présente une évaluation analytique de la création de la valeur actionnariale dans le secteur bancaire. La première partie : Fournit un cadre pour l'analyse théorique de la valeur actionnariale en discutant comment la valeur actionnariale peut être définie, si elle peut être considérée comme un objectif valable et stratégique pour la banque, comment la valeur actionnariale peut être mesuré et comment elle peut être créé. La deuxième partie de la thèse présente des Investigations empiriques afin de mesurer la valeur actionnariale et certains de ses déterminants. La partie finale Analyses l'importance de Ces facteurs dans lacréation de valeur pour les actionnaires.L'échantillon utilisé comprend les dix banques tunisiennes cotées sur la bourse des valeurs mobilières de Tunisie entre 1995 et 2009. Nous utilisons un modèle de panel pour examiner les déterminants de la création de valeur pour les actionnaires (Mesuré par l'EVA et ses composante, c.-à-d. profits économiques et coût de capital) comme une fonction linéaire de variables spécifique aux banques et a l?industrie bancaire et des variables macro-économique. Nous trouvons que Divers facteurs semble être d'importants déterminants significatifs des profits économiques et de la valeur actionnariale créée par les banques. En cohérence avec la littérature antérieure, nous avons des efficiences coût et revenu qui sont liées positivement à la performance des banques: à savoir, les profits économiques ont eu un lien positif avec l'amélioration de l'efficience revenu, tandis que l'EVA est positivement liée a l'amélioration de l'efficience coût. Deuxièmement, nous trouvons une relation positive entre les pertes de crédit et la valeur actionnariale, ce qui explique que des pertes élevées inattendues impliquent un plus grand volume d'affaires et peut-être de moins bonne qualité du portefeuille de prêts. Troisièmement, nous avonsobservé un lien positif entre l'endettement bancaire et les profits économiques, mais non pas avec l'EVA. Cela est dû à la relation positive entre effet de levier financier et le coût du capital. Dans l'ensemble, plus le levier financier est important plus les profits économiques seront aussi importantes, mais cela est compensé par des coûts du capital plus élevés. / Creating sustainable shareholder value is at this time accepted as one of the mostimportant strategic objectives for financial institutions. Generating stable shareholder value growth requires an intense focus on delivering benefits to customers in the most efficient way, hiring and retaining motivated personnel, maintaining excellent relationship with other firm stakeholders.This thesis provides an analytical assessment of shareholder value creation in banking. The first part of the text provides a framework for analysing shareholder value theory by discussing how shareholder value can be defined, if it can be considered a valid strategic objective for banks, how shareholder value can be measured and how it can be created.The second part of the text presents empirical investigations in order to measureshareholder value and some of it drivers. The final part analyses the importance of these drivers in creating shareholder value. In order to have a broad view of the sector, the sample analysed comprises commercial Tunisian banks listed on Tunisian stock exchange between 1995 and 2009. We use a panel model to examine the determinants of bank's shareholder value reaction (measured by EVA and its components) as a linear function of various bank-specific, industry-specific and macroeconomic. We find that various factors are found to be statistically significantdeterminants of economic profits and shareholder value created by banks. Consistently with the previous literature, we find that cost and revenue efficiency are positively related to bank performance: namely, economic profits are found to have a positive link with revenue efficiency improvements, while EVA is positively related to cost efficiency improvements. Secondly, we find a positive relationship between credit losses and shareholder value providing evidence that higher unexpected losses imply larger business volume and perhaps lower loan portfolio quality. Thirdly, we observe a positive link between bank's leverage and economic profits, but not with EVA. This is due to the positive relationship between financial leverage and the cost of capital, overall, greater financial leverage increase economic profits but this is compensate by higher costs of capital.

Since the late eighties, BPR has established itself as one of the attractive radical change management option for coping and adapting to the new competitive market environment and become popular both in the public and private organisations throughout the world . Cognizant of this fact, all Ethiopian public (government owned) institutions including the public financial institutions have embarked on large-scale change projects since 2004 in which Business process re-engineering(BPR) is a central element . This research examined whether implementation of Business Process Reengineering (BPR) projects have improved operational performance of the selected case public commercial banks in Ethiopia by collecting and analyzing both quantitative and qualitative comprehensive data set, using mixed research approach through questionnaires, interviews, observations and review of secondary sources of information. The operational performance measures utilized in this study are cost reduction, speed of service delivery, service quality, customer satisfaction as well as innovation. A total of 837 (84% response rate) questionnaires were returned from respondents of the selected branches and head offices. In addition, in-depth interviews were conducted with eight senior managers of the respective banks, who were also members of their respective banks reform team and were involved in the design and implementation of BPR. The third method that was used to collect qualitative data was personal observation of the selected bank branches in order to measure the speed of service delivery and convenience of the waiting places. The researcher measured the service delivery time of selected busy bank branches for five consecutive days, for half an hour spent in each branch. This study found that the introduction of BPR in the case banks was met with mixed reactions from employees and some managers. The main achievements of BPR were: service delivery time reduced dramatically as a result of the new process redesign and introduction of information and communication technology services(introduction of e-banking); introducing a single customer contact point through employee empowerment to make all the necessary decisions at that point of contact which resulted in improving the satisfaction of employees and customers. The challenge was that resistance from employees and some managers (labelled the initiative as “Blood pressure raiser” due to their assumptions it will result in employee lay off or the change brings increased workloads for some remaining employees without compatible rewards following the new process redesign. The study also revealed that telecom infrastructure and power interruption considered as main problem areas in providing banking services efficiently and effectively through branch net workings. The researcher recommends that for a better BPR design and implementation as well as sustainability of improvement gains in the banking sector, a forum should be established to discuss and share good practices and technology in the banking sector ; establish strong change management offices to continuously assist and monitor results; and continuously involve and communicate key stakeholders in the design and implementation of change initiatives. / Business Management / D.B.L.

Titel: Relationen mellan traditionella storbanker och fintechföretag - Konkurrens eller samarbete? Ämne: Självständigt uppsatsarbete inom företagsekonomi, 30 hp Författare: Angelica Svensson & Fredrika Årzén Forskningsfråga: Hur ser relationen ut mellan traditionella storbanker och fintechföretag inom kreditgivning till företag? Syfte: Studiens syfte är att beskriva relationen mellan traditionella storbanker och fintechföretag på kreditgivningsmarknaden för företag i Sverige idag. Vidare ska studien analysera och skapa en förståelse för den här relationen, samt utveckla teoretiska begrepp avseende konkurrens och samarbete. Metod: En kvalitativ metod med en abduktiv forskningsansats har varit utgångspunkten för studiens genomförande. Litteraturgenomgången och den teoretiska referensramen bygger på inhämtad information från litteratur samt tidigare forskning. Intervjuer har genomförts med 9 respondenter från både traditionella storbanker och fintechföretag. Slutsats: Resultatet som studien kommer fram till visar på att traditionella storbanker och fintechföretag har olika utlåningstekniker de utgår ifrån, med bakgrund i att det finns olika motiv och drivkrafter som driver dem. Motiven och drivkrafterna påverkar möjligheten till konkurrens och samarbete, då deras respektive utgångslägen ser olika ut inför en samverkan. En paradoxal strategisk process kan ses uppstå utifrån deras olika motiv och drivkrafter att beakta i ett sammanhang där de är verksamma på samma marknad. / Title: The relationship between traditional large banks and fintech companies – Competition or collaboration? Topic: Independent Project in Business Administration 30 credits  Author: Angelica Svensson & Fredrika Årzén  Research question: What is the relationship like between traditional commercial banks and fintech companies in corporate lending? Purpose: The purpose of the study is to describe the relationship between traditional commercial banks and fintech companies in the corporate lending market for business in Sweden today. Furthermore, the study aims to analyze and develop an understanding of this relationship, as well as develop theoretical concepts regarding competition and collaboration. Method: A qualitative method with an abductive research approach has been the basis for conducting the study. The literature review and the theoretical framework are based on gathered information from literature and previous research. Interviews have been conducted with 9 respondents from both traditional commercial banks and fintech companies. Conclusion: The findings of the study indicate that traditional commercial banks and fintech companies employ different lending techniques driven by their distinct motivations and incentives. The diverse driving factors influence the possibilities of competition and collaboration, as their historical backgrounds vary when considering cooperation. A paradoxical strategic process can be observed due to their differing perspectives and the different factors they need to consider when operating in the same market.

Darbo aktualumas. Šių dienų nestabili Lietuvos ekonominė padėtis, konkurencijos didėjimas, užsienio bankų skverbimasis į Lietuvos bankinę rinką verčia bankus atkreipti dėmesį ne tik į savo vystomos veiklos kokybę, bet ir spręsti uždavinius: kaip pritraukti pinigus, kad bankai galėtų užtikrinti likvidumą ir teikti paskolas klientams. Pastaroji 2007 m. krizė finansų rinkose taip pat reikalauja didesnio bankų dėmesio efektyviam banko likvidumo rizikos įvertinimui bei valdymui. ES, finansų specialistų bei mokslininkų dėmesys yra nukreiptas į naujus bankų lėšų pritraukimo būdus, siekiant užtikrinti likvidumui ir plėtoti tolimesnę veiklą. Darbo objektas – Sekiuritizacijos metodas Lietuvoje. Darbo tikslas – Nustatyti sekiuritizacijos metodo pritaikymo galimybes Lietuvos komerciniuose bankuose. Šiam tikslui pasiekti iškelti darbo uždaviniai: 1. Apibrėžus sekiuritizaciją, jos kūrimo procesą, nustatyti šio metodo naudą ir pranašumus, lyginant su klasikiniais bankų finansavimo šatiniais. 2. Atlikti sekiuritizacijos aplinkos analizę ES komercinių bankų ir finansų sistemos rodiklių pagrindu. 3. Atlikti LR teisės aktų ir VP rinkos tyrimus, išanalizuoti Lietuvos komercinių bankų finansinę padėtį, remiantis bankų likvidumo rodikliais ir pagrįsti sudaryto Sekiuritizacijos metodo pritaikymą Lietuvoje. Darbo struktūra. Darbą sudaro 3 pagrindinės dalys. Pirmojoje dalyje apžvelgiamas sekiuritizacijos metodas, principinė schema, parodanti kokiu būdu nelikvidus bankų turtas paverčiamas pinigais... [toliau žr. visą tekstą] / Work topicality. In these days, an unstable economic situation in Lithuania, increasing of competition, foreign banks' penetration in the Lithuanian banking market, forcing banks to pay attention not only to the activities developed in its quality, but also the challenges: how to raise money so the banks can provide liquidity and lending to customers. The crisis of 2007 in the financial market is also requiring for greater attention of banks for effective emphasis on banks' liquidity risk assessment and management. EU, financial professionals and researchers are focused in to new ways of raising banks assets to ensure liquidity and to develop further activities. Work object – Method of securitization in Lithuania. Work aim – Identify the opportunities to adapt the method of securitization in Lithuanian commercial banks. Work tasks to achieve this aim: 1. Define the securitization, its development process, determine the benefits and advantages of the method compared with the classical bank financing satin. 2. Make securitization environmental analysis of the EU's commercial banking and financial system based on indicators. 3. To make a research of RL legislation and securities market research, to analyze Lithuanian commercial banks 'financial position, based on banks' liquidity and justify the adaptation of the securitization method in Lithuania. Work structure. The work consists of three main parts. The first section gives an overview securitization method and of diagrams... [to full text]

Les banques sont des institutions à part, car elles sont au coeur du fonctionnement des économies et de la dynamique de croissance des pays. Leurs services représentent de ce fait un bien public, et il est donc primordial de les maintenir éloignées autant que possible du risque de faillite. Toutefois, des crises bancaires surviennent régulièrement et affectent les sociétés, souvent de manière durable et profonde, à l’image de la crise financière des subprimes qui a éclaté en 2007, et dont nous ne connaissons pas encore toutes les conséquences désastreuses. Pour prévenir le risque de faillite et de crises bancaires, les autorités de régulation nationales ont développé des filets de sécurité qui, en partie, suivent les standards internationaux de réglementation et de supervision bancaire développés par le Comité de Bâle sur le contrôle bancaire, sous l’égide de la Banque des Règlements Internationaux. Cependant, les crises récurrentes se produisent et nous montrent les limites de la régulation bancaire et, surtout, nous indiquent que celle-ci doit être en permanence revue et adaptée, de façon dynamique, à l’évolution des systèmes bancaires et de l’innovation financière. L’un des principaux objectifs est de s’assurer que les banques soient suffisamment et solidement capitalisées pour faire face à des pertes exceptionnelles inattendues. Par ailleurs, il est primordial, afin d’assurer une stabilité financière durable, que les superviseurs bancaires soient à même de contrôler efficacement les banques et d’entreprendre les actions nécessaires pour que ces dernières demeurent à des niveaux de risques engagés raisonnables et qui ne menacent ni leur solvabilité, ni celle de l’ensemble du système bancaire. Enfin, les banques sont censées être régulées par le marché (discipline de marché), sur la base des informations qu’elles sont tenues de divulguer publiquement, sur leur santé financière. Dans ces politiques de régulation bancaire et de prévention du risque de crise, il ne faut pas oublier le rôle de l’assureur dépôt, à qui certains économistes et instances internationales veulent prêter de plus en plus de pouvoir sur les banques. Nous montrons dans notre travail de thèse, à travers des analyses empiriques menées sur des données contemporaines, les insuffisances des politiques de régulation et de supervision bancaire, les erreurs commises dans l’approche de la régulation bancaire, et nous présentons les aspects qu’il serait souhaitable de prendre en compte, pour approcher une politique de réglementation et de supervision bancaire plus efficace, et dynamique, dans l’objectif de maintien de la stabilité bancaire. Nous avançons notamment qu’il est nécessaire de mieux prendre en compte la nature de l’activité des différents types d’institutions financières qui composent les systèmes bancaires, et dont la nature et le degré d’exposition aux risques ne sont pas les mêmes. Il est également important de considérer les caractéristiques de l’environnement institutionnel dans lequel évoluent les banques, de manière à développer une structure de supervision adaptée et efficace. En définitive, nous étudions dans cette thèse un large ensemble de déterminants économiques et institutionnels, susceptibles d’impacter la stabilité bancaire, de manière à identifier celles des politiques de régulation qu’il s’agirait de mettre en oeuvre, afin d’assurer dans l’avenir un meilleur maintien de la stabilité financière des banques. / Banks are special institutions because they are central to the functioning of economies and to economic growth. Their services represent a public good. Therefore, it is essential to keep them as far as possible from risk of bankruptcy. However, banking crises occur regularly and affect societies, often dramatically and over a long period, like the current subprime financial crisis which burst into 2007, and which consequences are still not very well perceived. To prevent the risk of bankruptcy and banking crisis, the national authorities of regulation have developed safety nets. These follow partially the international standards of regulation and banking supervision developed by the Basel Committee on Banking Supervision under the aegis of the Bank for International Settlements. However, recurrent crises occur and show us the limits of the banking regulation and, especially, indicate that the latter should be continually revised and adapted to the evolution of banking systems and financial innovations. One of the main goals is to make sure that banks are enough capitalized to face unexpected large losses. In order to achieve long-lasting financial stability, it is essential that banking supervisors can monitor efficiently banks. By doing so, the risk taken by banks would be sustainable and would not threaten either their own solvency or the whole banking system solvency. Finally, banks are supposed to be regulated by the market (market discipline) on the basis of information about their financial health which should be disclosed publicly. Along the policies of banking regulation and crisis risk prevention, one should not forget the role of the deposit insurers. Indeed, some economists and international authorities want to attribute more power over banks to deposit insurers. In our research, the empirical analysis, based on contemporary data, show the weakness of the actual regulation and banking supervision policies and the mistakes in banking regulation. Different features of the banking system that should be taken into account for an efficient implementation of regulation and banking supervision policies are also discussed in this work. Hence, we suggest that the type of financial institutions' activities should be better taken into account as it changes with the degree of risk exposure. We also find that it is important to consider the characteristics of the institutional environment in which banks evolve in order to develop a suitable and efficient supervision agency. To summarize, we study in this thesis a large range of economic and institutional determinants of the banking system, which are likely to affect the banking stability. By doing so, we are able to identify the regulation policies which would be the most likely to preserve the financial stability of banks.

nÃo hà / Este artigo busca contribuir com um estudo para identificar os melhores gestores entre Bancos Comerciais e Assets Independentes de fundos de investimento em aÃÃes do tipo ANBIMA Ibovespa Ativo (FIA). Para analisar e diferenciar os melhores gestores, foi utilizada a metodologia Capital Asset Price Model (CAPM), proposto por Willian Sharpe (1964) e o Alfa de Jensen para capturar o quanto o gestor gerou de retorno acima do esperado pelo nÃvel de risco da carteira do fundo. A base de dados composta em painel contendo apenas FIA com cotas mensais de dezembro de 2003 a janeiro de 2014. Com essa base de dados e os Alfas estimou-se as regressÃes individuais dos 46 fundos. ApÃs a estimaÃÃo do Alfa de cada FIA, esses AlfaÂs foram organizados em um cross section, adicionado a uma variÃvel dummy para fundos geridos pelos Bancos Comerciais e Assets Independentes. A partir desta anÃlise, podese analisar e comparar quais instituiÃÃes agregam mais resultados aos investidores. Para fundos geridos por Bancos Comerciais, o Alfa à estatisticamente negativo, enquanto que os geridos por Assets Independentes o alfa à estatisticamente positivo. / This article seeks contribute to a study to identify the best managers of Commercials Banks and Independent Assets of stock mutual Funds ANBIMA Ibovespa Ativotype (FIA). To analyze and differentiate the best managers, the methodology Capital Asset Price Model (CAPM) was used, proposed by William Sharpe (1964) and the Alpha Jensen to capture how the managers generated a return higher than expected by the portfolio's risk level background. Database comprised a panel containing just FIA with monthly quotas of December 2003 to January 2014, with this database and estimated alphas in the individual regressions of 46 funds. After alpha estimating each FIA, these alfa's were arranged in a cross section using a dummy variable for funds managed by Commercial Banks and Independent Assets. From this analysis we can analyze and compare which institutions add more results to investors. For funds managed by Commercial Banks alpha is negative, while the Independent Assets managed by the alpha is statistically positive.