Jouant un rôle crucial pour l’efficience des marchés, la banque d’investissement contemporaine se caractérise par l’exercice d’une grande diversité d’activités aussi complexes qu’hétérogènes sous un même toit. Agissant tantôt auprès d’une clientèle de particuliers, d’entreprises, d’institutions financières, de fonds d’investissement ou de gouvernements, et tantôt pour son propre compte, elle compose avec une multitude d’intérêts divergents, ce qui soulève un certain questionnement quant à la portée de l’obligation de loyauté dont elle peut être tributaire envers ses clients. Les implications répétées des banques d’affaires dans la vague de récents scandales financiers ont inévitablement affecté la confiance que les épargnants témoignent envers l’intégrité de cette institution et des marchés financiers en général. Elles ont de plus contribué significativement à relancer le débat concernant la pertinence de contrôler, et même d’éliminer les conflits d’intérêts, un phénomène largement répandu au sein de la banque d’investissement. À titre de mécanismes préventifs, les solutions de marchés et l’autodiscipline des intermédiaires financiers sont imparfaits. La réglementation des conflits d’intérêts se justifie alors afin de pallier les défaillances du marché et de l’autorégulation. Pour autant qu’il maintienne sa réglementation dans un rapport efficience-équité acceptable, l’État est appelé à concevoir des normes de contrôle aux objectifs variés, allant de la réforme structurelle du secteur financier à l’élaboration de principes généraux devant servir de balises à la conduite des intermédiaires financiers. Ainsi, dans une industrie caractérisée par une forte conglomération, la réponse des législateurs semble s’articuler autour du traitement adéquat des conflits d’intérêts, traitement qui s’opère par divers mécanismes, dont la muraille Chine, la divulgation et le refus d’agir. / Playing a key role in market efficiency, the modern investment bank offers a wide variety of services that are as complex as they are different, all under one roof. Acting sometimes in the interest of individuals, businesses, financial institutions, investment funds or governments and sometimes in its own interest, an investment bank must contend with a multitude of diverging interests, which raises certain questions as to the extent of any duty for loyalty it may owe to its clients. Repeated involvement by investment banks in the wave of recent financial scandals has inevitably affected investors’ confidence with respect to the integrity of these institutions and financial markets in general. This factor has significantly contributed to renewing the debate concerning the relevance of controlling, or even eliminating, conflicts of interest, which are a wide-spread phenomenon in the investment banking industry. In terms of preventive measures, market-related solutions and self-discipline by financial intermediaries are inherently flawed. Therefore, in order to offset such deficiencies, it becomes justifiable to regulate conflict of interest situations. Numerous possibilities exist and, as long as regulation is maintained at an acceptable effectiveness/fairness ratio, the State is called upon to establish monitoring standards for various objectives, ranging from a structural reform of the financial sector to developing general principles to serve as guidelines for the conduct of financial intermediaries. Thus, in an industry characterized by a strong tendency for conglomeration, the response from regulators seems to hinge on adequate handling of conflicts of interest, which includes various mechanisms such as the Chinese wall, disclosure and a refusal to act.

Financial liberalisation, through increasing investment as well as the average productivity of capital, should stimulate economic growth, or so the theory goes. Bank lending unfortunately suffers adverse selection and moral hazard effects, to which the establishment and expansion of stock markets has been offered as a remedy. However, research from developing country stock markets have shown that in many cases these markets did not complement the effects of credit market liberalisation but in rather important aspects subverted them. Countries that implemented credit market liberalisation and raised real interest rates only increased the price of debt capital rather than all capital. This caused a share price boom in many of them. When the price of equity capital fell it seriously undermined and indeed allowed large private corporations to skip altogether the main channel of high interest rates through which the theoretical McKinnon-Shaw effects were to operate. This study asks the research question of what effect the expansion of the South African stock exchange has had for its economic development. It makes use of a general empirical model to explain the relationship between financial development and real output. The model comprises indicators for growth, banking system development, stock market volatility; and, stock market development through a conglomerate index that accounts for market size, liquidity and integration with world capital markets. Quarterly data from 1989 to 2001 is analysed based on the null hypothesis that, as far as financial architecture is concerned, the development of the JSE Securities Exchange has stimulated the country's economic growth. This study found a negative and statistically significant relation between stock market development and economic growth. It suggests that while the JSE Securities Exchange is a relatively large stock market it is the presence of thin trading that prevents the proposed benefits of market development from accruing to the economy. Thus the hypothesis is rejected. However, since the only stable cointegrating vector is between growth and banking sector development, it recommends that by expanding their universal banking functions, the present banking structure, though oligopolistic, may be better suited to act as a catalyst for growth. / Business Management / D. Comm.

Die globale Finanzkrise unterstrich die Bedeutung von makrofinanziellen Verknüpfungen für Vermögenspreisdynamiken und Konjunkturschwankungen. Bei angebotsseitigen Finanzfriktionen werden hierbei Finanzintermediäre, insbesondere ihre Bilanz und ihre Risikotragfähigkeit, als zentral erachtet. Diese Dissertation wendet verschiedene Klassen von SVAR Modellen und neueste Identifizierungsmethoden an um empirische Belege für die Rolle von Finanzintermediären für Finanzmärkte und die Realwirtschaft zu liefern. Das erste Kapitel untersucht das regimeabhängige Handelsverhalten von Finanzintermediären auf dem Öl-Futures-Markt und zeigt, dass Finanzintermediäre während Krisenzeiten preisunelastischer werden und mehr ihren eigenen Interessen folgend handeln. Die Ergebnisse deuten auf eine nichtlineare Futures-Preissetzung von Intermediären hin, was die Volatilität im Markt während Krisenzeiten signifikant erhöht. Das zweite Kapitel legt dar, dass die meisten Händlergruppen in Rohstoff-Futures-Märkten eine antizyklische Investitionsstrategie verfolgen. Das einfache SVAR Modell eignet sich für die Analyse der Handelsstrategien verschiedener Händlergruppen sowie deren Auswirkungen für die Preisvolatilität in jedweden Vermögensmärkten. Kapitel 3 identifiziert in einem einzelnen Modell sektorspezifische Kreditangebotsschocks gegenüber Firmen und Haushalten und präsentiert empirische Belege über deren Effekte für die US-Wirtschaft. Die Ergebnisse zeigen, dass beide Kreditangebotsschocks wesentlich zum Konjunkturverlauf während des Beobachtungszeitraums beigetragen haben, wobei Kreditangebotsschocks gegenüber Haushalten klassischen Nachfrageschocks ähneln. Das letzte Kapitel analysiert die globalen Auswirkungen des Schuldenabbaus europäischer Banken und findet, dass europäische Bankbilanzschocks Bruttokapitalzuflüsse und das Kreditwachstum in fortgeschrittenen Ökonomien mit entwickelten Finanzmärkten beeinflussen, aber nur geringfügige Effekte auf das Wirtschaftswachstum haben. / The global financial crisis has demonstrated the importance of macrofinancial linkages for asset price dynamics and business cycles. Regarding supply-side financial frictions, financial intermediaries, in particular their balance sheet and risk-bearing capacity, are considered to be pivotal. This thesis applies different classes of SVAR models and state-of-the-art identification techniques to provide empirical findings on the role of financial intermediaries in financial markets and the real economy. The first chapter studies the state-dependent trading behavior of financial intermediaries in the oil futures market and shows that intermediaries become less price-elastic and trade more according to their own demand. The findings suggest that the futures pricing of intermediaries is nonlinear which significantly raises the volatility in the market during crisis times. The second chapter demonstrates that most trader groups in commodity futures markets employ contrarian strategies. The simple SVAR model can be applied for analyzing the trading strategies of different trader groups as well as their effects for price volatility in any asset market. Chapter 3 identifies sector-specific business and household loan supply shocks in one single model and provides empirical evidence on their effects for the U.S. macroeconomy. The results show that both loan supply shocks have contributed significantly to business cycle dynamics over the sample period, with household loan supply shocks resembling classical demand shocks. The last chapter analyzes the global effects of European bank deleveraging and finds that European bank balance sheet shocks significantly affect gross capital inflows and credit growth in in advanced economies with developed financial markets, but have only minor effects on output growth.

科学研究費補助金 研究種目:基盤研究(B)(1) 課題番号:11430007 研究代表者:曹 斗燮 研究期間:1999-2000年度

The purpose of this study was to explore and describe the challenges that a Namibian bank faced in recruiting and retaining skilled employees. The study adopted a qualitative research approach and the data were collected through face-to-face interviews with 20 participants from the Namibian bank. The researcher used the Five-Phased Data Analysis Cycle as described by Yin (2011) to analyse the data. Ensuring trustworthiness, the researcher used Guba's Model of Trustworthiness as cited by Krefting (1990). The major findings of the study were the shortcomings in the Namibian bank remuneration structure, lack of training and no employee recognition. The recommendations of the study are that the Namibian bank needs to implement training and development for its employees, review its remuneration structure and demonstrate appreciation of staff by showing recognition, better salaries and incentives. / Business Management / M.Com. (Business Management)

Financial liberalisation, through increasing investment as well as the average productivity of capital, should stimulate economic growth, or so the theory goes. Bank lending unfortunately suffers adverse selection and moral hazard effects, to which the establishment and expansion of stock markets has been offered as a remedy. However, research from developing country stock markets have shown that in many cases these markets did not complement the effects of credit market liberalisation but in rather important aspects subverted them. Countries that implemented credit market liberalisation and raised real interest rates only increased the price of debt capital rather than all capital. This caused a share price boom in many of them. When the price of equity capital fell it seriously undermined and indeed allowed large private corporations to skip altogether the main channel of high interest rates through which the theoretical McKinnon-Shaw effects were to operate. This study asks the research question of what effect the expansion of the South African stock exchange has had for its economic development. It makes use of a general empirical model to explain the relationship between financial development and real output. The model comprises indicators for growth, banking system development, stock market volatility; and, stock market development through a conglomerate index that accounts for market size, liquidity and integration with world capital markets. Quarterly data from 1989 to 2001 is analysed based on the null hypothesis that, as far as financial architecture is concerned, the development of the JSE Securities Exchange has stimulated the country's economic growth. This study found a negative and statistically significant relation between stock market development and economic growth. It suggests that while the JSE Securities Exchange is a relatively large stock market it is the presence of thin trading that prevents the proposed benefits of market development from accruing to the economy. Thus the hypothesis is rejected. However, since the only stable cointegrating vector is between growth and banking sector development, it recommends that by expanding their universal banking functions, the present banking structure, though oligopolistic, may be better suited to act as a catalyst for growth. / Business Management / D. Comm.