Which Factors Play a Role in Coco Issuance? Evidence from European Banks.

Scientific Conference (2022, July 06)

Which Factors Play a Role in Coco Issuance? Evidence from European Banks.

Scientific Conference (2022, June 20)

Member, Managing Board, European Banking Center Network

Diverse speeches and writings (2022)

Dividend Policy Decisions and Ownership Concentration: Evidence from Thai Public Companies

Report (2022)

In this paper we examine the relationship between ownership concentration and dividend policy for Thai publicly listed companies. High family ownership firms have higher dividend payouts than low family ... [more ▼]

In this paper we examine the relationship between ownership concentration and dividend policy for Thai publicly listed companies. High family ownership firms have higher dividend payouts than low family ownership firms, which we interpret to mean high family ownership firms follow a more rational dividend policy. This finding is consistent with the prediction that agency conflicts between the managers and shareholders are lower at firms with a controlling shareholder. The evidence is robust through different econometric specifications, robust when the level used to determine the extent of family ownership (family control) is lowered to 10 percent of the outstanding shares, and robust to the inclusion of the ownership wedge as a proxy for the severity of agency conflicts. [less ▲]

Executing trades in style: Retail investors vs. institutions.

in Asia-Pacific Journal of Accounting and Economics (2022), 29(2), 344-362

Finance Crowd Analysis Project (FINCAP)

Report (2021)

More than 100 research teams (RTs) from around the world tested the same set of hypotheses on the same data. They worked independently and wrote an academic paper based on their findings. These reports ... [more ▼]

More than 100 research teams (RTs) from around the world tested the same set of hypotheses on the same data. They worked independently and wrote an academic paper based on their findings. These reports were be evaluated by more than 30 distinguished academics whom we refer to as peer evaluators (PEs). Their feedback was be passed on to the RTs so that they can revise their papers. The project coordinators will study the #fincap results to learn about the scientific process. They have committed ex-ante to a meta-science analysis which was frozen before any instructions and data were given to the RTs and PEs. This frozen “pre-analysis plan” was uploaded to the Open Science Framework on Monday, 2021-01-11. The project will lead to a peer-reviewed academic publication at high level. [less ▲]

Spillovers to small business credit risk

in Small Business Economics (2021), 57

Do large credit risk shocks spill over to small businesses and affect their real economic activity? Using information on small business credit risk, we find that small businesses show increased default ... [more ▼]

Do large credit risk shocks spill over to small businesses and affect their real economic activity? Using information on small business credit risk, we find that small businesses show increased default and bankruptcy rates following a shock to a customer industry. On an industry level, the shock to a customer industry is followed by a decrease in industry markups, disproportionate closure of firms, and cutbacks in inventories. Our analysis quantifies the elevated credit risk among small businesses and suggests a non-negligible 0.83% increase in expected losses on a diversified loan portfolio following a credit risk shock. This study provides banks and supervisors with greater clarity on timing and on the extent of elevated small business credit risk. It also allows them to assess the exposure of a bank portfolio to fluctuations in small business default rate. Such improved default prediction reduces credit rationing to the small business economy. [less ▲]

Member, Managing Board, European Banking Center Network

Diverse speeches and writings (2021)

Guest Editor, Journal of Risk and Financial Management

in Wolff, Christiaan (Ed.) The Financial System in a Post COVID-19 World (2021)

Associate Editor, Journal of Risk and Financial Management

Diverse speeches and writings (2020)