This paper explores the interrelationship between the net interest margin (NIM) and noninterest income and their determinants for banks in 9 Asian countries over the period 1998-2010. A simultaneous equations system is used to deal with endogenous regressors and its structural parameters are identified under a heteroskedastic covariance restriction, proposed by Lewbel (2012). The renovated Lerner Index proposed by Huang et al. (2013) is factored as a more robust proxy for market power over HHI. Our results demonstrate significantly positive relationship between the NIM and noninterest income, suggesting overall benefits for banks from income diversification. In addition, the loss-leader behavior is not supported in the sample countries.

Submitted by (ana.araujo@ufrpe.br) on 2016-07-07T12:44:03Z No. of bitstreams: 1 Josimar Mendes de Vasconcelos.pdf: 4725831 bytes, checksum: 716f4b6bc6100003772271db252915b7 (MD5) / Made available in DSpace on 2016-07-07T12:44:03Z (GMT). No. of bitstreams: 1 Josimar Mendes de Vasconcelos.pdf: 4725831 bytes, checksum: 716f4b6bc6100003772271db252915b7 (MD5) Previous issue date: 2011-08-08 / Conselho Nacional de Pesquisa e Desenvolvimento Científico e Tecnológico - CNPq / The last years has increased the quantity of researchers and search scientific in the plantation, production and value of the soybeans in the Brazil, in grain. In front of this, the present dissertation looks for to analyze the data and estimate models that explain, of satisfactory form, the variability observed of the quantity produced and value of the production of soya in grain in the Brazil, in the field of the study. For the development of these analyses is used the classical and Bayesian inference, in the context of simultaneous equations by the tools of indirect square minimum in two practices. In the classical inference uses the estimator of square minima in two practices. In the Bayesian inference worked the method of Mountain Carlo via Chain of Markov with the algorithms of Gibbs and Metropolis-Hastings by means of the technician of simultaneous equations. In the study, consider the variable area harvested, quantity produced, value of the production and gross inner product, in which it adjusted the model with the variable answer quantity produced and afterwards the another variable answer value of the production for finally do the corrections and obtain the final result, in the classical and Bayesian method. Through of the detours normalized, statistics of the proof-t, criteria of information Akaike and Schwarz normalized stands out the good application of the method of Mountain Carlo via Chain of Markov by the algorithm of Gibbs, also is an efficient method in the modelado and of easy implementation in the statistical softwares R & WinBUGS, as they already exist smart libraries to compile the method. Therefore, it suggests work the method of Mountain Carlo via chain of Markov through the method of Gibbs to estimate the production of soya in grain. / Nos últimos anos tem aumentado a quantidade de pesquisadores e pesquisas científicas na plantação, produção e valor de soja no Brasil, em grão. Diante disso, a presente dissertação busca analisar os dados e ajustar modelos que expliquem, de forma satisfatória, a variabilidade observada da quantidade produzida e valor da produção de soja em grão no Brasil, no campo do estudo. Para o desenvolvimento dessas análises é utilizada a inferência clássica e bayesiana, no contexto de equações simultâneas através da ferramenta de mínimos quadrados em dois estágios. Na inferência clássica utiliza-se o estimador de mínimos quadrados em dois estágios. Na inferência bayesiana trabalhou-se o método de Monte Carlo via Cadeia de Markov com os algoritmos de Gibbs e Metropolis-Hastings por meio da técnica de equações simultâneas. No estudo, consideram-se as variáveis área colhida, quantidade produzida, valor da produção e produto interno bruto, no qual ajustou-se o modelo com a variável resposta quantidade produzida e depois a variável resposta valor da produção para finalmente fazer as correções e obter o resultado final, no método clássico e bayesiano. Através, dos desvios padrão, estatística do teste-t, critérios de informação Akaike e Schwarz normalizados destaca-se a boa aplicação do método de Monte Carlo via Cadeia de Markov pelo algoritmo de Gibbs, também é um método eficiente na modelagem e de fácil implementação nos softwares estatísticos R & WinBUGS, pois já existem bibliotecas prontas para compilar o método. Portanto, sugere-se trabalhar o método de Monte Carlo via cadeia de Markov através do método de Gibbs para estimar a produção de soja em grão, no Brasil.

The aim of this thesis is to investigate the association of ownership structure and bank risk-taking as well as the effects of capital regulation. This study employs simultaneous equations, panel data and instrumental variables (IV) models on a sample of 192 banks from Eastern Central Europe and Asia Regions from 2005-2014. An assessment was made on how banks adjust their capital level as well as portfolio risks when there is a minimum capital regulatory ratio. The results indicate that firstly, banks react to the capital regulatory pressure by increasing capital and changes in capital and bank risk changes are positively related. Secondly, it is found that Foreign-owned banks have higher default risks than Domestic-owned banks; however, Government-owned banks are more stable in terms of asset risks measure during the year when there is election. When taking the market forces into account, in listed banks, insider owners and institutional owners have positive impacts on asset risks while positive asset risks on listed Government-owned banks only during the election. Finally, the findings also show that when capital regulation is taken as a moderating variable, it has influenced the impacts of ownership structure and bank risk, however, the increasing effects can only be proven for insider owners...

Cette thèse analyse l’impact des facteurs institutionnels et de la gouvernance sur l’investissement privé dans les pays en développement. La problématique de la « bonne gouvernance » et de l’amélioration de la qualité institutionnelle notamment dans les pays en développement sont au coeur des préoccupations de la communauté internationale. Pour autant, il n’existe pas un cadre institutionnel et un système de gouvernance unique et optimal qui s’imposeraient de manière exogène à tous les pays, car les facteurs culturels, historiques et anthropologiques modèlent la qualité des institutions et le mode de gouvernance. En effet, si les pays peuvent avoir un objectif commun, celui d’un cadre institutionnel permettant notamment de garantir la viabilité et la crédibilité du climat d’investissement, ils démarrent tous de points différents, marqués par des caractéristiques propres.Ces facteurs nous emmènent à privilégier une approche relativiste et non normative de la qualité des institutions et de la gouvernance. Cependant,tous les cadres institutionnels ne se valent pas. Certaines configurations institutionnelles accroissent l’incertitude et l’irréversibilité de l’investissement. Nos analyses placent le déficit de gouvernance et la faiblesse des institutions au cœur de la problématique de l’incertitude et de l’irréversibilité de l’investissement dans les pays en développement. Nous adoptons dans cette thèse une démarche plurielle consistant en une analyse macroéconométrique qui permet d’apprécier le comportement de l’investissement au niveau agrégé, et une analyse microéconométrique qui a l’intérêt de prendre en compte l’hétérogénéité des comportements d’investissement des entreprises. Un accent particulier est porté à l’Afrique subsaharienne qui est la région ayant le plus faible taux d’investissement. / This thesis analyzes the impact of governance and institutions on private investment in developing countries. "Good governance" and institutional quality especially in developing countries are of great concern to the international community. However, there is no unique and optimal institutional framework and governance system which can be set up in all countries independently to their cultural, historical and anthropological characteristics. Indeed, if all countries can share a common objective which consists of an institutional framework, able to ensure the sustainability and credibility of the investment climate, they will all start from different points with specific characteristics. These factors lead us to favor a non normative approach of the quality of institutions and governance. However, some institutional framework increases uncertainty and irreversibility ofinvestment. In this thesis, we consider weak institutions and poor governance as the main sources of uncertainty and irreversibility of investment indeveloping countries. We use a macroeconometric approach which analyses the investment behavior at the aggregate level, and a microeconometric approach which takes into account the heterogeneity of the investment behavior of firms. An emphasis is put on sub-Saharan African countries that have the lowest private investment rate.

本文探討研發支出資本化與攤銷之理論，並以國內股票上市公司為實證對象。本研究使用聯立方程式及Almon lag procedure來檢測企業研發投資效益遞延之情形，然後以Feltham and Ohlson（1995）之評價模式，探討研發支出資本化與攤銷後之權益帳面價值與盈餘之特性，並探討研發投資是否為股票報酬之長期風險因素。本研究並以研發強度（研發費用對銷貨凈額比）區分高、低研發強度二組樣本，比較其與研發有關問題。 本文發現如下： (1)研究發展支出效益遞延實現之現象，似乎存續自第三年開始至未來數期（第四、五年）；平均而言，一元之研發投資可於未來4-5年產生2元以上之獲利，高研發強度廠商則有3元以上之獲利；而低研發強度之公司，研發支出獲益則不顯著的於研發初期二年實現。 (2)在股票評價模式中，高研發強度廠商之研發支出採取資本化，對模式解釋能力較高；而低研發比例（強度）廠商之研發支出則採取費用化，「似乎」對模式解釋能力較高。 (3)目前「一般公認會計原則」對於評價模式的解釋，對低研發強度的廠商之解釋能力較高；反之，對高研發強度廠商較不適用。 (4)研發資本存量對市場比率為股票報酬之長期風險因素。 / This study analyzes the theory of capitalization and amortization of R&D expenditures. This study uses the simultaneous equations and Almon lag procedure to examine whether earnings reflect benefits from past R&D expenditures of public firms in Taiwan. Based on asset valuation model generated by Fetham and Ohlson(1995) and Bernard (1995), this study examines the properties of coefficients of parameters of valuation model and explainary power. In addition, this study estimates the R&D capitalization, and tests whether the R&D capitalization is the long risk factor of stock return or not. Moreover, this study groups sample firms into high or low intensity groups by R&D intensity (R&D expenses-to-sales ratio), and compares the above issues of capitalization of R&D expenditures. The major findings of this study follows: (1)Earnings almost reflect realized benefits from R&D, but there are two years time lag. On average, every one N.T. dollar invested in R&D will produce 2 N.T. dollars profits during four or five - years period. In the high R&D intensity group, every one N.T. dollar invested in R&D will produce 3 N.T. dollars profits in future. On the contrary, in the low R&D intensity group, the benefits of R&D outlays are insignificantly reflected in the first two years. (2)The explainary power (Radj2) of valuation model of R&D capitalized in the high R&D intensity group is higher than that of in the low R&D intensity groups. (3)The relevance of stock valuation generated by present GAAPs for the high R&D intensity group is lower than that of the lower R&D intensity group. (4)The R&D capital-to-market values ratio is the long risk factor of stock returns.