The tax exemptions granted to financial institutions like Subchapter S banks and credit unions cost billions of dollars to the government. The dissertation investigates the effect of tax exemption on competitiveness, performance and portfolio risk of credit unions and Subchapter S banks. The methodologies include difference in differences estimation, univariate and multivariate analysis. The first essay entitled “The tax exemption to Subchapter S banks: who gets the benefit?” investigates the effect of tax exemption to Subchapter S banks on stakeholders and on job creation. Specifically, we investigate the effect of adoption of Subchapter S status on the four stakeholders of the banks: the customers of the bank, the employees of the bank, the owners of the bank and the government. The results indicate that the tax exemptions to Subchapter S banks do not create new jobs, and that the owners of the bank are the sole beneficiary of the tax exemptions since there is a significant increase in bank’s return on equity after it adopts the Subchapter S status. The second essay entitled “A comparison of credit unions and Subchapter S banks: who shares higher tax benefits with customers?” examines whether credit unions are doing a better job of sharing the tax benefit with its customers. The results indicate that the credit union members do not receive the benefit in terms of lower loan rates, higher deposit rates or lower service charges. The findings also indicate that tax exemptions have been directed to support inefficient operations. The third essay entitled “Asset quality comparison between credit unions and Subchapter S banks” compares the asset quality of for-profit Subchapter S banks with not-for-profit credit unions. The results indicate that credit unions have better asset quality, but Subchapter S banks are superior in utilizing assets and generating higher net interest margin.

This thesis deals with the financial analysis of the Evropsko-ruská banka, a. s. The first part of the thesis presents the existing theoretical knowledge of banks' financial analysis. The second part focuses on the application of the theoretical knowledge on the selected bank. The application is based on the implementation of horizontal and vertical analysis of the basic financial statements and calculating financial ratios. For better interpretation of performed financial analysis the activity of Evropsko-ruská banka, a. s. is compared with the one of banking sector.

2008 is a special year for the global financial market. The global financial tsunami ignited from the U.S sub-prime mortgage crisis has caused Wall Street financial giants to collapse. The credit crunch in turn caused a contraction in the real economy and the world paid a heavy price for this financial tsunami. Charles Dickens quote¡G "It was the best of times, it was the worst of times ". Compared to European and the United States large-scale banks, China's banks are less opened and have relatively small exposure to derivative financial products. Consequently, these barriers have led them to limit their losses and write-downs from the sub-prime mortgage crisis. This thesis studies the major China-based banks¡¦ profitability by comparing these banks¡¦ financial and operational structures, and correlations to several economic factors. At the same time, Fama-French three-factor model was used to verify the efficiency of the China¡¦s stock market. The conclusions of this study are presented as follows¡G(a) Although these Chinese banks do have economies of scale, but the relationship between scale and profitability is not proportional. (b) Chinese banks are less affected by the financial crisis as a result of the high level of protection and control of the Chinese government, coupled with the fact that most of the Chinese banks¡¦ core operations are net interest income (c) lending activity¡B net interest margin¡B and asset quality are the key drivers for Chinese banks, and these three factors are mostly negatively correlated to the economic condition. (d) Based on the regression result of the Fama-French three factors model and the result of the T test, the relation of the excess return of the Chinese banks¡¦ Shanghai-listed A-shares to both the market value and the ratio of book to market value is significant while that of the Chinese banks¡¦ Hong Kong-listed H-shares is insignificant.

Made available in DSpace on 2016-03-15T19:30:47Z (GMT). No. of bitstreams: 1 Conceicao.pdf: 2597080 bytes, checksum: be532b12e71f38a0f463eb4a9aff7c09 (MD5) Previous issue date: 2011-03-16 / Fundo Mackenzie de Pesquisa / This thesis aimed to discuss Mergers and Acquisitons in Brazilian´s bank industry based on the Structure-Conduct-Performance (SCP) paradigm and the Resource Based View, to focuse market power end efficiency. The main purpose was to integrate Economy and Strategy as Rumelt, Schendel and Teece (1991) suggested, and this study was developed evolving, in one side, a discussion about abnormal returns e its relationship with concentration, collusion and competition and, in the other side, considering resources and its influences to the industry, groups and firms outcomes. This work was motivated due to the brazilian´s bank system continuous consolidation and due to the observation of scholars trials to explain the nature of this phenomenom. Due the contraditory results presented in empirical researches, its possible to presume that there´s no consensus about the real reasons besides the M&A adoption, which suggested that a complementary view could be a better approach to this understanding. This lack of consensus can be related to Peltzmann (1997) arguments, where the author suggests a spourious relationship between market power and efficiency: efficiencies can contribute to power creation, consequently, it´s almost impossible evaluate the phenomenom without considering this. By this way it was determined the research problem, as follows: Brazilian´s banks are adopting horizontal mergers and acquisitions to obtain market power and/or efficiency? This exploratory study was developed among quantitative methods and embraced the 2005 to 2009 period. By using descriptives approaches, regression models and ANOVA it was done at the industry, strategic groups and firms levels and the main results gave evidences that: market structure is a competitive oligopoly; there is a trend to concentration increase; banks have competitive e collusive behaviors; there are signs, at industry level, that banks intend to obtain market power and efficiency; the prior rivalry occurs between groups; groups intend to obtain market power; acquirers increased market power by adopting M&A; not all acquirers gained efficiency among adoption of M&A and it´s not yet possible identify sinergies gains to the acquirers. / Esta tese objetivou discutir o contexto das operações de fusões e aquisições - F&A, na indústria bancária brasileira à luz do paradigma estrutura-conduta-desempenho - ECD e da Visão Baseada em Recursos, enfocando a busca de poder de mercado e eficiência. Com base em uma visão integrativa entre a Economia e a Estratégia apresentada por Rumelt, Schendel e Teece (1991), o trabalho foi desenvolvido discutindo a premissa de retornos acima do normal e sua relação com a concentração, colusão e competição de firmas, de um lado e, de outro, tratando do papel dos recursos. O principal estímulo para esta discussão foi gerado pela crescente consolidação do sistema bancário brasileiro e pela observação da tentativa dos estudiosos em explicarem a natureza deste fenômeno. Pelo caráter contraditório de resultados apontados em pesquisas empíricas, verifica-se que mesmo entre estes trabalhos não há um consenso sobre os verdadeiros fatores motivadores para a adoção das F&A o que sugeriu que uma abordagem complementar pudesse ser uma alternativa para compreensão do fenômeno. Esta falta de consenso talvez se deva ao que Peltzmann (1977) sugere ser uma relação espúria: eficiências poderiam contribuir para a criação de poder, logo, não se pode fazer uma avaliação sem que isto seja considerado. Desta forma, foi determinado o seguinte problema de pesquisa: Bancos comerciais e múltiplos no Brasil estão se engajando em operações de fusões e aquisições horizontais para obtenção de poder de mercado e/ou eficiência? Este estudo exploratório foi desenvolvido com o uso de métodos quantitativos e compreendeu o período de 2005 a 2009. Utilizando-se de técnicas descritivas, modelos de regressão e ANOVA, as análises foram efetuadas no níveis da indústria, grupos estratégicos e firmas e os principais resultados apontam que: a estrutura de mercado é de oligopólio competitivo; há uma tendência de aumento de concentração; os bancos adotam comportamentos competitivos e colusivos; há indícios, no nível da indústria, de que os bancos buscam poder de mercado e eficiência; a maior rivalidade ocorre entre grupos do que nos grupos; há a tendência de redução da rivalidade; os grupos objetivam poder de mercado; firmas adquirentes aumentaram o poder de mercado com as aquisições; nem todas as adquirentes obtiveram ganho de eficiência com as aquisições; ainda não é possível determinar se já aconteceram ganhos de sinergia para as adquirentes.