After more than 30 years of fast economic development since the Reform and open up to the world in 1978. Chinas socialist market economy is ranked at the worlds second largest economy by nominal GDP. and the worlds largest economy by purchasing power parity according to the IMF today. In spite of the outstanding economic data. China is facing numbers of problems like overcapacity and high financial risk. The goal of this thesis is to dig into the hidden realities behind the fast economic growth of China mainly through analyzing the economic situation after the 2008-09 Chinese economic stimulus plan. which is known asthe 4 trillion RMB (USD 586 billion) stimulus package announced by the State Council of the Peoples Republic of China on 9 November 2008. It is regarded as an attempt to minimize the impact of the global financial crisis on the worlds second largest economy. However. critics of Chinas stimulus package have blamed it for causing a surge in Chinese debt and overcapacity since 2009. particularly among local governments and state-owned enterprises.

Purpose: The purpose of this study is to analyze the profitability performance of Islamic banks (IBs) of the Gulf Cooperation Council (GCC) region during 2008 global financial crisis. Design/methodology/approach: Bank-specific data are taken from the Bank Scope database and macroeconomic data are collected from International Financial Statistics. Using a panel data series of 30 banks for the period of 2005 to 2011, the study shows the evidence of structural break for the crisis year as well as the factors that impact the profitability of IBs. Findings: The performance of GCC IBs was significantly influenced during the crisis period by capital adequacy, credit risk, financial risk, operational efficiency, liquidity, bank size, gross domestic product, growth rate of money supply, bank sector development and inflation rate. The study also finds that there is a structural change before and after the global financial crisis. Originality/value: This is an original study that shows that the Sharīʿah-compliant banks have performed better during the crisis and are not affected based on their internal performance records; rather, they have been affected indirectly from the macro shock owing to the overall economic crisis.

Post-crisis banking regulation development in the EU Abstract (EN) After the Global Financial Crisis and the subsequent European sovereign debt crisis, there was a clear need for changes in the EU regulatory framework. Insufficient regulation was identified as one of the main reasons why the crisis led to such far-reaching negative consequences in the financial system. This work aims to analyse the developments in the financial regulation in the EU banking system following the aforementioned crisis. It starts by outlining the banking regulation in place before the Global Financial Crisis, follows with the description of the crisis itself and the reasons behind it, and, finally, examines in detail the changes in the regulatory framework that were implemented in the EU in order to prevent the same scenario from happening in the future. This thesis presents the most significant regulatory changes that have occurred, such as the European System of Financial Supervision, implementation of Basel III in the EU through the Capital Requirements Directive and the Capital Requirements Regulation, creation of the Banking Union and the Deposit Guarantee Schemes Directive. It further analyses the reasons for the implementation of the aforementioned changes to the regulation, and, ultimately, tries to assess whether the...

Background: Fifteen years after the Global Financial Crisis, and four years after the enactment of the Basel III Accord, our thesis aims to answer how banks adapted to the new capital requirements. The core objective of the Basel Committee of Banking Supervision was to improve regulation and supervision and address the previous legislation deficiencies. Capital adequacy requirements are crucial parts of the code in preventing national economies from recessions and making the banking sector more resilient. Purpose: Investigate how banks adapted to the increased capital requirements and what strategies did they use to fulfil the new rules? What are the implications of these changes on the business volumes of the banks?                 Method: Decomposing changes in the capital adequacy ratio and dummy variable regression analysis to control for systematic differences in the development of sample banks' business volumes across categories. Conclusion: The results show that the 1.7 percentage increase in risk-weighted capital ratio originated mainly from higher capital accumulation rather than lower risk weights or smaller asset volumes. Starting capital ratio and the change in capital ratio tend to slow the increase of business volumes. However, the net income to total assets ratio likely accelerated the exposure. Significant divergencies in the coefficients of the explanatory variables indicate a systematic difference in the sample banks' strategies in adapting to the stricter regulatory requirements.

The global financial crisis that started in the USA affected several countries around the world. This study focuses on only three countries; the USA, Sweden, and Italy, which are examples of economies with three different labor market models. The purpose of this study is to investigate if and in that case how Okun's law was affected by the global financial crisis in the three countries’ labor market models and if there are any differences in the correlations before and after the global financial crisis. Okun’s difference version was used in this study. Quarterly time series data was used in this study during the time period 1985-2019. The Chow test was used to test the hypothesis. The results show that the global financial crisis affected Okun’s law after the crisis in all three countries. The USA, Sweden, and Italy were affected differently

Magister Commercii - MCom / The efficient market hypothesis (EMH) is a controversial theory in Finance. Advocates of the EMH argue that it provides a basis for understanding financial markets while critics suggest that the hypothesis is unreasonable in its assumptions of the real function of these markets. Although the EMH may not be perfect, it provides a sufficient baseline against which financial markets may be analysed. Over the past couple of years, academics have broadly examined the EMH in both developing and developed financial markets. However, limited research has been done on African markets. Therefore, this study examines the weak-form EMH of the Johannesburg Stock Exchange (JSE) after 2008 to ascertain the impact the 2008 global financial crisis had on its efficiency. This study analysed the JSE using weekly and monthly returns of the three major indices (RESI 10, FINI 15, INDI 25) as well as the individual companies under these indices from 30th January 2009 to 30th January 2019. Analysis was carried using various statistical tests i.e., runs test, variance ratio test, unit root tests, and a GARCH model which revealed mixed results. Results of the unit root tests (ADF and PP) confirm that the JSE is weak-form efficient when both the weekly and monthly data of the indices and individual companies are analysed. The results of the runs test reveal that all the weekly and monthly data apart from the weekly data of the companies under RESI 10 index exhibit weak-form efficiency. The variance ratio test confirms weak-form inefficiency when weekly data is used while the monthly data confirms weak form efficiency of the JSE and shows that the market moves from periods of efficiency to periods of relative predictability. The results of the GARCH model on the other hand confirm the weak-form efficiency of the JSE when both the weekly and monthly data of the indices are analysed.

No / The paper contains a critical review of the bank crisis management and resolution legal regimes in India and the European Union (EU). The purpose of the review is to use the EU framework as a case study to infer lessons that India could use as it moves to up date its own legal framework in this area. EU was selected because it adopted extensive reforms in its bank crisis management and resolution legal regimes following the global financial crisis (GFC) and the sovereign debt crisis in the eurozone during 2008-12. The two crises resulted insignificant bank failures in EU and caused massive public interventions and costly bank bailouts. The post-crisis EU framework aims to create a special resolution regime for banks in order to improve the process of managing bank failures, while ensuring the avoidance of publicly funded bank bailouts, especially for systemically important banks (SIBs). The EU framework also incorporates the proposals of international standards setters especially of Financial Stability Board (FSB) for the resolution of banks. The EU experience from the implementation of the reforms could be useful to India, which has recently embarked on efforts to update its own legal framework for bank resolution. India is moving in this direction at a slower pace than EU due to the fact that India did not suffer significant bank failures during the GFC. The paper reviews critically the Indian and EU approaches to bank resolution and makes recommendations for improving these frameworks.

Since theories of corporate finance are recognised to be conditional, this study explores the impact of the global financial crisis (GFC) of 2007-2009 and institutional settings in determining corporate financial decisions. The recession on the supply of credit and demand for credit affects the corporate financial channels. The credit recession causes more agency costs, bankruptcy costs and information asymmetry, which adversely influence both borrowing and investments. Firms reduce debt financing, retain more cash and cut corporate payouts due to a sharp rise in uncertainty. Moreover, the role of institutional settings on corporate decisions differs following the GFC. Three empirical chapters contribute to the literature: First, Chapter 3 investigates the role of GFC on determinants and the adjustment speed of leverage and debt maturity and reveals that the effect of bankruptcy costs, agency costs and information asymmetry only increases on debt maturity, as opposed to leverage in the post-GFC. The adjustment speed of leverage and debt maturity drops after the GFC due to the low supply and demand for credit. Chapter 4 examines how cash holdings have been affected by the GFC across countries which have different agency problems and analyses how the rise of agency costs and information asymmetry can explain cash decisions before and after the GFC. Financially constrained firms have quicker cash holdings’ adjustment compared to unconstrained firms. However, while firms in low-governance countries have slower adjustment speed of cash than those in high-governance countries in pre-crisis, it has been found that it is vice versa in the post-crisis period. Finally, Chapter 5 analyses the effect of agency problems and the GFC on dividend payouts. Contrary to firms in high-governance countries, those in common-law countries are less likely to pay out dividends, as confirmed by the substitute and outcome models, sequentially after the GFC. Also, dividends are used as a signalling device by the GFC. Overall, the GFC and institutional settings impact corporate financial policies of firms to specify where and when their shareholders invest. / Ministry of National Education of the Republic of Turkey İlim Yayma Vakfı İstanbul İktisatçılar Derneği (İKDER)

No / This article presents a new perspective for analysing organizational death through the concept of reanimation. Mobilizing recent discussions of the monstrous in organization theory, we draw on the figure of the reanimated monster to analyse an apparent case of organizational dying in the UK financial services sector. Through this, we explore how organizations may neither live nor die, but instead constitute a continual process of reanimation in which organizational spaces and the materials, bodies and narratives surrounding them are recycled, reintegrated and reused to maintain the appearance of the immortal organization. However, reanimation is not merely the clean and efficient synthesis of old and new. There is an unsettling consequence to living and working within the reanimated organization and it is here that the article considers the value of the monstrous for challenging and rethinking established categories of continuity, change, death, life and loss in contemporary working life.

The aim of this study was to assess the feasibility of constructing optimal portfolios using the Johannesburg Securities Exchange tradable sector indices. Three indices were employed, namely Financials, Industrials and Resources and were benchmarked against the JSE All Share Index for the period January 2007 to December 2017. The period was split into three, namely before the 2007-2009 global financial crises, during the global financial crises and after the global financial crises. The Markowitz’s mean-variance optimisation framework was employed for the construction of global mean variance portfolios. The results of this study showed that it was feasible to construct mean-variance efficient portfolios using tradable sector indices from the Johannesburg Securities Exchange. It was also established that, on the other hand, global mean variance portfolios constructed in this study, outperformed the benchmark index in a bullish market in terms of the risk-return combinations. On the other hand, in bear markets, the global mean variance portfolios were observed to perform better than the benchmark index in terms of risk. Further, the results of the study showed that portfolios constructed from the three tradable indices yielded diversification benefits despite their positive correlation with each other. The results of the study corroborate the findings by other scholars that the mean-variance optimisation framework is effective in the construction of optimal portfolios using the Johannesburg Securities Exchange. The study also demonstrated that Markowitz’s mean-variance framework could be applied by investors faced with a plethora of investment choices to construct efficient portfolios utilising the Johannesburg Securities Exchange tradable sector indices to achieve returns commensurate with their risk preferences. / Business Management / M. Com. (Business Management)