A presente tese constitui-se numa proposta de contribuição teórica para a disciplina de marketing. Defende que, existe uma Assimetria de Conhecimento entre os polos da relação de troca/transação de pacotes de bens e serviços intensivos em conhecimento, na perspectiva da “Nova Lógica Dominante” de marketing, conforme Stephen Vargo e Robert Lusch. Deriva, por analogia, esta proposição hipotética da Teoria de Assimetria de Informações, da ciência econômica. Afirma a distinção ontológica entre informação e conhecimento, como justificativa para sua proposição. Apresenta conceitos instrumentais de Conhecimento e de Assimetria de Conhecimento, para apoiar os atos epistemológicos de ruptura e construção do objeto, de acordo com Gaston Bachelard e Pierre Bourdieu. Revisa as escolas de pensamento em marketing e os principais paradigmas da pesquisa na disciplina, discutindo a utilidade da proposta teórica para a pesquisa em cada um dos principais paradigmas. Sustenta a relevância da nova teoria para estudos acadêmicos, suas implicações gerenciais e sua importância para os agentes formuladores de políticas. / This thesis constitutes a proposal for a theoretical contribution to the discipline of marketing. It argues that a Knowledge Asymmetry exists between the poles of the exchange/transaction ratio of knowledge-intensive goods and services packages, from the perspective of the "New Dominant Logic" of marketing, according to Stephen Vargo and Robert Lusch. It derives, by analogy, this hypothetical proposition of the Theory of Information Asymmetry, from economic science. It affirms the ontological distinction between information and knowledge, as justification for its proposition. It introduces key concepts of Knowledge Asymmetry, to support the epistemological acts of rupture and construction of the object, according to Gaston Bachelard and Pierre Bourdieu. It reviews the schools of thought in marketing and the main research paradigms in the discipline, discussing the usefulness of the theoretical proposal for research in each of the main paradigms. It maintains the relevance of the new theory for academic studies, its management implications and its importance for policymakers. / La presente tesis se constituye en una propuesta de contribución teórica para la disciplina de marketing. Defiende que, existe una Asimetría de Conocimiento entre los polos de la relación de intercambio/transacción de paquetes de bienes y servicios intensivos en conocimiento, en la perspectiva de la “Nueva Lógica Dominante” de marketing, conforme Stephen Vargo y Robert Lusch. Deriva, por analogía, esta proposición hipotética de la Teoría de Asimetría de Informaciones, de la ciencia económica. Afirma la distinción ontológica entre información y conocimiento, como justificativa para su proposición. Presenta conceptos instrumentales de Conocimiento y de Asimetría de Conocimiento, para apoyar los actos epistemológicos de ruptura y construcción del objeto, de acuerdo con Gaston Bachelard y Pierre Bourdieu. Revisa las escuelas de pensamiento en marketing y los principales paradigmas de la investigación en la disciplina, discutiendo la utilidad de la propuesta teórica para la investigación en cada uno de los principales paradigmas. Sustenta la relevancia de la nueva teoría para estudios académicos, sus implicaciones gerenciales y su importancia para los agentes formuladores de políticas.

Made available in DSpace on 2016-03-15T19:31:05Z (GMT). No. of bitstreams: 1 Eduardo Alexandre Mendes.pdf: 1448919 bytes, checksum: 4f0c6c969d447331f42471938bb8bfc0 (MD5) Previous issue date: 2014-11-21 / This study contributes to confirmatory evidence of asymmetric information to explain the equity issuesdecisionsat hot periods, as predict a time-varying adverse selection version ofthe equity market timing theory. Through testing with data from US companies for the period 1988-2012, it was found that the companies held their IPOs in hotperiods (hot market) showed a higher degree of information asymmetry compared to companies that issues in hot periods (cold market). For companies that have made seasoned primary issues in hot periods, the information asymmetry was lower compared to those companies that issued in hot periods. The information asymmetry was measured by quantitative variables of market microstructure and subsequently grouped into two factors, and only one of the factors was significant in the tests. It was also noted the influence of information asymmetry in the amount of equity issues and in financial leverage throughstatic and dynamic panel data regressions in all sub-periods (1988-1999 and 2000-2012) analyzed. The information asymmetry exerts inversely proportional influence on the volume of annual equity issues for considering companies. In the case of leverage, inversely proportional influence was noted. / O presente trabalho contribui com indícios confirmatórios da assimetria informacional para explicação da decisão de emitir ações das empresas em momentos considerados oportunos, como prediz a versão da variação temporal da seleção adversa da teoria do equity maket timing. Por meio de testes com dados de empresas norte-americanas referentes ao período de 1988 a 2012, foi possível constatar que as empresas que realizaram suas ofertas públicas iniciais em momentos aquecidos (hot market) apresentaram maior grau de assimetria informacional em comparação a empresas que o fizeram em momentos desaquecidos (cold market). Para empresas que fizeram emissões públicas subsequentes em momentos aquecidos, a assimetria informacional se mostrou mais baixa em comparação àquelas empresas que emitiram em períodos desaquecidos. A assimetria informacional foi medida por meio de variáveis quantitativas de microestrutura de mercado e posteriormente agrupada em dois fatores, sendo que apenas um dos fatores se mostrou significante nos testes realizados. Também foi constatado a influência da assimetria informacional nas emissões anuais de capital próprio e no endividamento contábil através de regressões com dados em painel estático e dinâmico das empresas em todos os subperíodos (1988 a 1999 e 2000 a 2012) analisados. A assimetria informacional exerce influência inversamente proporcional no volume de emissões anuais das empresas estudadas. Com relação a questão do endividamento financeiro, constatou-se influência inversamente proporcional.

Submitted by Guilherme Lombardi Junior (guilherme.lombardi@gmail.com) on 2012-08-30T22:14:08Z No. of bitstreams: 1 DissertacaoGLJ_versao_final.pdf: 2975121 bytes, checksum: 9893be5f9a807449e59253cb95b382c2 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-08-31T18:58:59Z (GMT) No. of bitstreams: 1 DissertacaoGLJ_versao_final.pdf: 2975121 bytes, checksum: 9893be5f9a807449e59253cb95b382c2 (MD5) / Made available in DSpace on 2012-08-31T19:01:07Z (GMT). No. of bitstreams: 1 DissertacaoGLJ_versao_final.pdf: 2975121 bytes, checksum: 9893be5f9a807449e59253cb95b382c2 (MD5) Previous issue date: 2012-08-23 / The stock exchange called BM&FBOVESPA created special stock listing segments in December of year 2000, which impose stricter rules than the legal framework, regarding the disclosure of financial information and the improvement of corporate ownership structure. The purpose of BM&FBOVESPA was to reduce the information asymmetry and, therefore, reduce the company’s cost of capital (equity). We sought to verify for the Brazilian stock market if there are statistically relevant differences in the cost of capital (equity), differentiating companies based on the levels of corporate governance while controlling the migration effect. We could confirm in this paper that the migration to the special stock listing segments yields better and statistically significant returns to the shareholders. However, we got some negative and statistically significant results for the stocks returns for companies listed in the special stock listing segments, when compared to the Basic Market. This result contradicts the initial intuition that good corporate governance reduces the cost of capital (equity) for the firm. / A BM&FBOVESPA criou os segmentos especiais de listagem de ações em dezembro de 2000, que estabelecem regras mais rígidas do que o arcabouço legal, atuando tanto no aumento da transparência na divulgação das informações ao mercado, quanto na melhoria da estrutura societária. O objetivo da bolsa foi diminuir a assimetria de informação e, por consequência, reduzir o custo de captação para as empresas. Propusemos verificar, no mercado brasileiro, se há diferenças estatisticamente significativas no custo de financiamento das empresas através de capital próprio (ações), diferenciando as empresas com base nos níveis de governança corporativa e controlando o efeito das migrações entre os segmentos de listagem. A partir da análise dos dados obtivemos resultados positivos e significativos quando analisamos as migrações de listagem, mas resultados negativos e significativos para os retornos das ações listadas nos segmentos diferenciados da bolsa, quando comparados com os retornos das ações listadas no Mercado Básico. Este último resultado contraria a intuição inicial de que boas práticas de governança diminuem o custo de capital (próprio) da firma.

Submitted by Renato Taira (renato.taira@gmail.com) on 2012-09-14T17:21:30Z No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-14T17:28:53Z (GMT) No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) / Made available in DSpace on 2012-09-14T17:41:08Z (GMT). No. of bitstreams: 1 Dissertacao Renato Taira 20120822_formato dissert__1_pt.pdf: 910476 bytes, checksum: efa4fd191f34098b0ed5e0433b997c71 (MD5) Previous issue date: 2012-08-15 / É notável o crescente volume de investimento estrangeiro em ações da América Latina. Nos últimos 10 anos, esta quantidade cresceu em mais de 16 vezes . O objetivo deste artigo é avaliar o impacto do investimento estrangeiro no ambiente de informação nesta região. Utilizando regressão em painel, mostra-se que o investimento estrangeiro tem um impacto positivo no ambiente informacional, isto é, o investidor estrangeiro está melhor provido de informação que o investidor local. Esse efeito é ainda mais acentuado quando a análise é feita apenas para emissões no Brasil. A amostra contém 1365 ações de 2000 a 2011. Froot e Ramodarai (2008) chegam à mesma conclusão utilizando uma metodologia com vetores auto-regressivos. / The increasing foreign investment in equities is quite notable in Latin American. Over the last 10 years, this number has increased by over 16 times (source: Worldbank). This article describes the impact of foreign investment on the information environment. Using panel regression, it is shown that foreign investment has a positive impact on the information environment. The interpretation for this fact is that the foreign investor is better informed than the local investor. This effect is even more noticeable when the analysis is made separately for the Brazil. The sample contains 1365 equities and ADRs between 2000 and 2011. Foot and Ramodarai (2008) came to the same conclusion using a technique of vector auto regressive.

專門職業人員資格之取得，依憲法規定必須經過依法考銓之程序，此等對人民營業自由所設之規範，目的固在維護人民生命、身體及財產安全，為增進公共利益所必要，但也因此造成專門職業服務市場之參進障礙，形成供給面之限制。再者，由於專門職業服務具有資訊不對稱之特性，造成市場失靈現象，使得該市場中存有管制之必要性。然管制有其功效、亦有弊病，最明顯者是阻礙創新與進步。因此於管制的運用及競爭法之介入二者間，有必要尋求一適用之界線。 於外國實務上，如美國，歐盟和日本等，競爭法是否適用於專門職業已無疑義。除了在特殊情況下（如美國的州政府行為豁免原則）可能豁免競爭法之適用外，並不能僅因行為涉及專門職業即認為不適用競爭法。雖專門職業服務業與一般商業服務在性質上有所不同，惟此僅意味著在專門職業服務市場中之競爭狀況可能有所不同，故應以合理原則，於個案中具體考量產業特性、市場結構、行為效果等因素，始能作出是否違法之判斷結論。 99年開始我國公平交易法適用於專門職業服務業之問題開始發生爭議，短短5年內即可見行政法院之見解有明顯變化，而公平交易委員會歷經數案爭訟過程後，亦開始省思及加強如何論述其認定違法之依據，以尋求行政救濟機關之支持。本文即針對專門職業服務業於公平交易法上之適用關係與規範問題，進行深入之探討，並期能藉由法律與經濟等不同角度之觀察與分析，對未來公平交易法就此議題之具體適用方法，提出建議供參。 / Professionals are required to be registered through examination under the Constitution. Although such requirement is considered necessary to enhance public interests and to ensure the safety of the people and their properties, it also results in the barrier of entry into relevant market. Simultaneously, professional regulation is often addressed to a perceived “market failure” in the market for professional services due to its characteristics of information symmetry. Regulation of professional services can protect vulnerable consumers, but it can also prevent innovation and other competition. The conflict between regulation and free competition therefore exists and the boundary should have to be found. In US, EU and Japan, whether the competition law should apply to the professionals is no longer a question. Although professional services by their nature may differ significantly from other business services, that only means the nature of the competition in such services may vary and should be judged by the Rule of Reason under the competition law. Only in very specific situations (such as the “state action doctrine” in US) would there be an exemption. Similar discussion occurred in Taiwan since 2010, and just during 5 years could we see the obvious change of opinions expressed by Administrative Courts. Taiwan Fair Trade Commission faced numerous challenges through the petitioning procedure in cases related to professionals, and tried hard to strengthen the economical analysis in late cases. This study discusses the related issues of professional service under the Fair Trade Act through legal and economic analysis, and try to make recommendations on handling relevant cases.

本次採取個案研究方式，針對一家經營堅果原料出口貿易的中間商，藉著全球強勁的買方需求開始進入堅果原料市場。此公司座落在原料的產地，容易取得第一手的價格與產業情報，讓他們擁有資訊不對稱的優勢，來進行原料的銷售。 針對該中間商從銷售基本單位、銷售八大步驟、採購小組中心、4C架構、垂直整合等五個方式進行探討。此中間商成功進入台灣堅果原料供應鏈，主要在於能與上游供應鏈簽訂短期商品合約，保有原料價格的競爭力，並且能在其他競爭對手無原料時，適時提供客戶商品。在開發台灣市場發展的前期，由堅果原料供應鏈的下游開始，一路往上游尋找台灣的潛在客戶。此中間商取得下游廠商的信任後，運用彼此的關係取得上游買家的信任，加快銷售程序，以及減少採購單位的疑慮。個案中，該中間商曾試著透過策略聯盟的方式，與台灣小型網購業者進行堅果銷售，最後卻以失敗收場。 實際訪談個案公司與蒐集資料後，透過理論架構分析發現，一家企業公司要進入市場的前期，若花費精神調查供應鏈的結構來發掘潛在買家對象，且瞭解實際的需求與市場的競爭狀況後，再借助企業本身優勢，可成功取得代表性的客戶，容易成為此供應鏈的一員。但，隨著外部環境改變，企業的優勢是否會跟著改變，也是其個案企業未來尚須解決的議題。 / This research takes a tree nut exporting company, the Z Company, as case study to evaluate how the company took advantage of both strong international tree nut raw material demand and first-hand industrial and price information to enter the tree nut exporting industry. By facilitating its location advantage, which the company is located in the tree nut farm, the Z Company is able to hold first-hand information to create information asymmetry as advantage to sell the tree nut raw material. In the beginning stage in developing Taiwanese market, Z Company started and earned trusts from customers located in downstream tree nuts supply chain, and then took further steps to move upstream by exploiting the established trusts as references to gain trusts from the customers located in the upper stream of the supply chain. By doing so, Z Company was able to speed up the purchasing process and minimize the doubts for purchasing managers. In addition to this, Z Company also formed strategic alliance with a small Taiwanese online store to penetrate the market but did not receive much result. This research uses the concepts of basic sales unit, 8 steps to establish sales and customer relationship management, 4C framework of strategic marketing, and vertical integration to evaluate the developing path of Z Company. The research found that the reason why Z Company can successfully enter the tree nuts supply chain in Taiwan is that Z Company is able to sign shirt-term merchandise supply contract with the suppliers to ensure the competitiveness in price and secure the product supply, while on the other hand offers timely supply of material to the customers when other competitors fail to fulfill the product demand. This research discovered that in the beginning stage of market entry, it is ideal to utilize the company’s resources to discover who the potential buyers are and what the real market demand and the degree of competitiveness is. Then, the company should take its interior strength to acquire customers with industry influence as representative case so that it can easily become one of the members in the supply chain. However, as the external environment changes, the company’s advantages in the industry are very likely to change as well, therefore how to respond to such change will be the future development issue for the company.

La grippe saisonnière et ses complications associées peuvent avoir des conséquences de morbimortalité importantes notamment pour les personnes à risque. Les taux de couverture vaccinale (TCV) restent toutefois faibles, dans la plupart des pays européens, et ce malgré l'existence de recommandations vaccinales. À ce jour, peu de travaux permettant d'expliquer ce phénomène ont été réalisés. L'asymétrie d'information entre les groupes cibles, les vaccinateurs et les autorités de santé peut éventuellement expliquer le faible TCV. Outre l'évaluation du fardeau économique de la grippe saisonnière en France, cette thèse explore le processus d'élaboration des recommandations vaccinales et les variables (financières ou non) impactant la propension des médecins généralistes (MGs) à vacciner. Une enquête prospective conduite sur la base des cas de grippe confirmés en laboratoire a estimé l'impact économique de la grippe pour l'assurance maladie à 193 millions d'Euros pour l'année 2010/2011 en France. Les entretiens avec des acteurs clés, impliqués dans l'élaboration des recommandations vaccinales en France et aux Pays-Bas, ont mis en lumière le processus de décision et l'influence notamment des évaluations économiques. L'utilisation systématique d'un classement du niveau de preuve des informations n'a cependant pas été observée, alors qu'elles étaient considérées plutôt comme de faible qualité. Des informations similaires ont été utilisées dans les deux pays ; on observe néanmoins des différences entre les groupes cibles ; le jugement des experts étant crucial pour le processus de décision. Une étude pilote, conduite auprès des MGs en France, a identifié les incitations financières et non-monétaires à vacciner les groupes cibles. Cette étude a permis de mettre en exergue le poids des incitations non-monétaires dans la promotion de la vaccination contre la grippe saisonnière en France : niveau de preuves scientifiques sur l'efficacité du vaccin, transparence des recommandations vaccinales, nouvelles modalités organisationnelles. / Seasonal influenza complications may cause hospitalization and even death. Despite the existence of vaccination recommendations to risk-groups, the vaccination coverage rates (VCR) in most European countries are low. Currently, few studies have been undertaken to explain this phenomenon. Information asymmetry between target groups, vaccinators and health authorities may possibly explain the low VCR. This thesis aimed at investigating (1) the economic burden of seasonal influenza in France, (2) the decision-making process for developing seasonal vaccination recommendations and (3) the incentives that would motivate general practitioners (GPs) to promote vaccination. A prospective survey conducted with laboratory-confirmed cases of influenza has shown the important economic impact of influenza under the perspective of the French Health Insurance. The main cost drivers are hospitalizations and daily allowances. Interviews with key actors, in France and in the Netherlands, involved in the development of vaccination recommendations explored their perceptions about the decision-making process and the influence of economic evaluations and other information on decisions. No systematic grading of the evidence was observed, whereas it was considered of low quality. Similar information was used in both countries, but as experts’ judgement was crucial for the process, differences about the target groups for vaccination were observed. Financial incentives to Dutch vaccinators were associated with their higher VCR. A pilot-study web-surveyed GPs, major vaccinators in France, about the influence of existing financial and non-monetary incentives. GPs were more likely to promote vaccination under non-monetary incentives. Probably because they were generally in favour of vaccinations, including the influenza vaccine; but they seek evidence proving the effectiveness of the vaccine and transparency of vaccination recommendations.

The objective of the thesis is to characterize the importance of information and consequently also of knowledge as the bases for active dealing in the stock market. The fundamental terms of information credibility, disinformation and information asymmetry, which have a cardinal effect on behaviour of particular participants of the market, are mentioned in the thesis. The theory of effective markets and the factors due to which it is not able to explain the development and the real state of the contemporary stock markets, are analysed in more detail in the thesis. A considerable part of the thesis is devoted to the analysis and the definition of information need as a basic requirement for making successful investment decisions of an individual, whereas ways to its fulfilment are implied -- including a description and a division of available information sources. The description and the analysis of several dealing strategies which are directly based on usage of various kinds of information are not missing in the thesis. A part of the work is a presentation and an analysis of the results of a research made among real investors.

Syfte: Syftet med studien är att ur ett agentteoretiskt perspektiv skapa förståelse för hur separationen av ägande och kontroll ter sig i ett svenskt kundägt bolag samt vilka konsekvenser detta medför och vilka lösningar bolaget arbetar med. Metod: Studien präglas av en abduktiv forskningsansats. Studien är en fallstudie där vi syftar i att undersöka en specifik organisation. Data är insamlad med hjälp av semistrukturerade intervjuer som bearbetats genom tematisk analys. Resultat & slutsats: Vi ser tendenser till en stor separation av ägande och kontroll likaväl som en mindre. Den större separationen beror främst på spritt ägande och resulterar i en hög grad informationsasymmetri. Separationen tenderar dock även att minskas till följd av användning av fullmäktige, lokal placering samt återinvesteringar i länet. Förslag till fortsatt forskning: Förslag till vidare forskning är att skapa förståelse för vilken effekt kundägda bolag upplever till följd av att de två parterna kund och ägare innehas av samma person. Uppsatsens bidrag: Studiens teoretiska bidrag är att öka kunskapen om kundägda bolag och dess hantering av separation av ägande och kontroll. Det praktiska bidraget för studien är att bidra med kunskap till intervjuernas respondenter samt övriga intressenter till organisationen vi undersökt. Vår ambition är även att öka intresset för engagerade ägare. Nyckelord: kundägda bolag, agentteori, separation av ägande och kontroll, informationsasymmetri, intressekonflikt / Aim: The aim for this study is from an agent theoretical perspective generate comprehension of how the separation of ownership and control seems in a Swedish mutual organization as well as what consequences this leads to and what solutions the organization is working with. Method: The study is characterized by an abductive approach. The study takes the form of a case study aimed for research of a specific mutual organization. The collected data is a result of semi-structured interviews that has been analyzed with a thematic analysis. Result & conclusions: We anticipate both a large separation of ownership and control as well as a small one. The larger one is due to a scattered ownership that results in a greater extent of information asymmetry. The separation also tends to get smaller due to the establishment of the council, that the organization operates locally and due to the reinvests in the local community. Suggestions for future research: Suggestions for future research is to generate comprehension of which impact mutual organizations experiences from the fact that two parties, customer and owner, are held within the same individual.   Contribution of the thesis: The theoretical contribution is to increase knowledge about mutual organization and their management of separation of ownership and control. The practical contribution is to distribute knowledge to the respondents as well as other stakeholders of the examined organization. Our ambition is also to increase interest for committed owners. Key words: mutual organization, Agent theory, separation of ownership and control, information asymmetry, conflict of interest

Cette thèse a pour objet d’analyser la performance des établissements bancaires jordaniens durant la crise mondiale amorcée en 2007-2008. Sous ce thème, nous abordons les questions de la réglementation du système bancaire, de l’asymétrie d'information et du risque de crédit. Une attention particulière est portée à l’analyse de la réglementation issue des différents accords de Bâle, qui a servi de modèle à la régulation du système bancaire jordanien. En effet, non seulement la philosophie de la réglementation bancaire a évolué depuis le premier accord en 1988, mais de plus il existe des interactions entre les dispositifs réglementaires et les problèmes liés à l’information et à la gestion du risque de crédit. A la suite de l'analyse de ces trois facteurs, nous nous tournons vers leur prise en compte dans l'évaluation de la performance bancaire. Nous concentrons notre étude sur la Jordanie, pays dans lequel la structure du marché bancaire a profondément été bouleversée ces dernières années par l’ouverture du marché aux investisseurs internationaux, par l’évolution des normes prudentielles et par les conséquences économiques de la crise financière internationale. Une estimation quantitative du risque de crédit et de la performance est menée, en ayant recours à des méthodes statistiques et économétriques. Les résultats montrent que la dégradation de la performance des banques jordaniennes à partir de 2008 n’est pas due principalement à la réglementation stricte imposée par la banque centrale, mais plutôt à l’autorégulation, caractérisée par un excès de prudence des banques dans leur offre de crédits, particulièrement après avoir connu une période de forte concurrence. / The aim of this thesis is to analyze the performance of Jordanian banks during the recent global crisis that started in 2007-2008. Under this theme, we approach the banking system regulatory issues, the information asymmetry and the credit risk. Special attention is paid to the analysis of the regulations stemming from various Basel agreements, which served as a model for the regulation of the Jordanian banking system. Indeed, not only the philosophy for banking regulation has evolved since the first agreement in 1988, but more interactions have emerged between regulatory systems with information and credit risk management related problems. Following the analysis of these three factors, we will study their role in the evaluation of the banking sector performance. We focus our study on Jordan, a country in which the structure of the banking market has been deeply disturbed in recent years by opening the market to international investors, by changing the prudential standards and the economic consequences of the global financial crisis. Our approach is to conduct a quantitative assessment of credit risk and performance, through the use of statistical and econometric methods. The results show that the degradation in the performance of Jordanian banks starting from 2008 is not mainly the result of the strict regulations implemented by the Central Bank of Jordan, but rather an auto-regulation characterized by the banks excessively cautious attitude to their credit supply, especially after a period of intense competition.