Information asymmetry in US banks and the 2009 bank stress test

2014 ◽  
Vol 123 (2) ◽  
pp. 203-205 ◽  
Author(s):  
Margot Quijano
Keyword(s):  
Information Asymmetry ◽  
Stress Test

Loan fair values and the financial crisis

2020 ◽  
Vol 21 (5) ◽  
pp. 559-576
Author(s):  
Niranjan Chipalkatti ◽  
Massimo DiPierro ◽  
Carl Luft ◽  
John Plamondon
Keyword(s):  
Financial Crisis ◽  
Information Asymmetry ◽  
Information Dissemination ◽  
Stress Test ◽  
Fair Value ◽  
Bank Loan ◽  
Loan Portfolio ◽  
Content Type ◽  
Bid Ask Spread ◽  
The Impact

Purpose In 2009, effective the second-quarter, the financial accounting standards board mandated that all banks need to disclose the fair value of loans in their 10-Q filings in addition to their 10-K filings. This paper aims to investigate whether these disclosures reduced the level of information asymmetry about the riskiness of bank loan portfolios during the financial crisis. Design/methodology/approach The paper examines the impact of these disclosures on the bid-ask spread of a panel of 246 publicly traded bank holding companies. The spread serves as a proxy for information asymmetry and the ratio of the fair value of a bank’s loan portfolio to its book value is a proxy for the credit and liquidity risk associated with the same. The reaction to the first-quarter filing serves as a control to assess the reaction at the time of the second-quarter filing. Findings There is a significant negative association between bid-ask spread and the ratio indicating that the fair value information was useful in reducing information asymmetry during the financial crisis. A pattern was observed in the information dissemination related to the fair value of loans that is consistent with the literature that documents a delayed investor reaction to complex financial information. Originality/value Investors may use the fair value information to better assess the risk profile of a BHC’s loan portfolio. Also, loan fair values provide managers with data to better implement stress test models and determine optimal capital buffers.

Messung der Stimmfrequenz im Paargespräch – Chancen für Diagnostik und Intervention in der Paartherapie

2020 ◽  
Vol 68 (4) ◽  
pp. 217-227 ◽  
Author(s):  
Lisanne J. Bulling ◽  
Isabella C. Bertschi ◽  
Céline C. Stadelmann ◽  
Tina Niederer ◽  
Guy Bodenmann
Keyword(s):  
Social Stress ◽  
Stress Test ◽  
Trier Social Stress Test

Zusammenfassung. Die vorliegende Arbeit stellt die bisherigen empirischen Befunde zur Sprachgrundfrequenz (f0) in Paargesprächen vor und untersucht, wie sich die f0 nach einer experimentellen Stressinduktion im anschließenden spontanen Gespräch zwischen den Partner_innen verändert, wie die f0 mit der verbalen Stressäußerung zusammenhängt und wie sie zwischen den beiden Partner_innen kovariiert. Von 128 heterosexuellen Paaren nahm jeweils eine Person pro Paar am Trier Social Stress Test (TSST) teil. Die dem TSST vorangehende und anschließende naturalistische Interaktion zwischen den Partner_innen wurde gefilmt und nach Gesprächsthema und Art der Stressäußerung kodiert. Wie vorherige Studien zur f0 im Paargespräch zeigte auch die vorliegende Studie, dass die f0 wichtige Informationen über die Partnerschaft enthält. Während eine Erhöhung der f0 in Gesprächen über einen paarinternen Stressor (d.h. bei Konfliktgesprächen) mit negativen Kommunikationsmustern einherging, zeigte die vorliegende Studie, dass die f0 bei Gesprächen über einen paarexternen Stressor (d.h. beim TSST) mit emotionsorientierten Stressäußerungen einherging, also einer für den Stressbewältigungsprozess förderlichen Art der Kommunikation. Die Oszillatorenmodelle zeigen darüber hinaus, dass eine Kopplung der f0 zwischen den Partner_innen besteht, was darauf hindeutet, dass die nicht gestressten Partner_innen auf die paraverbalen Stressäußerungen der gestressten Partner_innen mit ihren eigenen paraverbalen Stressäußerungen reagieren.

Stressinduzierte Herabsetzung der Aufmerksamkeit bei jungen Erwachsenen mit ADHS-ähnlicher Symptomatik

2010 ◽  
Vol 39 (4) ◽  
pp. 213-216 ◽  
Author(s):  
Reinhold G. Laessle ◽  
Edith Hansen-Spinger
Keyword(s):  
Stress Test ◽  
Median Split

Zusammenfassung. Theoretischer Hintergrund: Modelle zur Aufrechterhaltung des ADHS-Syndroms postulieren, dass die allgemeine Aufmerksamkeitsleistung und damit auch die Selbstaufmerksamkeit durch Stress vermindert werden kann. Fragestellung: In der Studie wurde geprüft, ob sich dieser Effekt bereits bei Personen aus der gesunden Bevölkerung zeigt, die einen hohen Ausprägungsgrad an ADHS-ähnlicher Symptomatik aufweisen. Methode: 84 Männer mit einem mittleren Alter von 23 Jahren wurden getestet. Die Stressinduktion erfolgte durch mentale Arithmetik aus dem Trier Sozial Stress-Test. Die Aufmerksamkeitsleistung wurde mit dem Frankfurter Aufmerksamkeitsinventar gemessen. Die Gruppierung der Probanden erfolgte durch Median-Split aufgrund der Selbstbeurteilungsskala aus den Homburger ADHS-Skalen für Erwachsene in solche mit hoher bzw. niedriger ADHS-Tendenz. Ergebnisse: Bezüglich der Aufmerksamkeitsleistung zeigte sich der erwartete Interaktionseffekt (Gruppierung × Bedingung) mit schlechterer Leistung nach Stress nur für Personen mit hoher ADHS-Tendenz (p < .002). Schlussfolgerung: Die Ergebnisse deuten auf den Nutzen der Einbeziehung spezifischer stressbezogener Bausteine in Behandlungsprogramme für ADHS-Patienten hin.

Paradoxical Hypotension during Dobutamine Infusion for Myocardial Perfusion Scintigraphy

1998 ◽  
Vol 37 (08) ◽  
pp. 268-271
Author(s):  
B. Caner ◽  
E. Atalar ◽  
A. Karanfil ◽  
L. Tokgözoğlu ◽  
E. L. Ergün
Keyword(s):  
Blood Pressure ◽  
Myocardial Perfusion ◽  
Systolic Blood Pressure ◽  
Myocardial Perfusion Scintigraphy ◽  
Stress Test ◽  
Dobutamine Infusion ◽  
Perfusion Scintigraphy ◽  
Tilt Table ◽  
Study Results ◽  
Group A

Summary Aim: Dobutamine as a predominant beta-1 agonist increases heart rate and myocardial contractility and at sufficient high doses, it also increases systolic blood pressure. This study was undertaken to describe instances of paradoxical hypotension during dobutamine infusion for TI-201 myocardial perfusion SPECT study and the relationship between scintigraphic findings and hypotension occurred during dobutamine infusion. Methods: In 201 consecutive patients unable to perform adequate exercise, dobutamine TI-201 myocardial SPECT was performed. Dobutamine was infused starting from 10 μg/kg/min increasing to 40 μg/kg/min. Paradoxical hypotension was defined as a decrease in systolic blood pressure ≥ 20 mmHg compared with baseline study. Results: Paradoxical hypotension was observed in 40 patients (Group A) out of 201 (19.9%) while no significant change in systolic blood pressure was detected in the remaining 161 patients (Group B). Mean maximum fall in systolic blood pressure was 39 ± 18 mmHg (range: 20-90). In 33 of 40 patients (83%) with paradoxical hypotension, scintigraphy was normal compared to 131 (81%) of the remaining 161 patients. In patients of Group A, angiography, echocardiography and tilt table tests were performed in 13, 11 and 6 patients respectively. Nine of 13 angiographic evaluations (69%), 10 of 11 echocardiographic evaluations (91%), all of the tilt table tests were normal. Additionally, all of the patients of Group A were clinically followed up at least 6 months after the myocardial perfusion scintigraphy. None of the patients had a cardiac event except one patient during the follow-up period. Conclusion: Paradoxical hypotension during dobutamine infusion for myocardial scintigraphy is not an uncommon finding and up to 19.9% patients may develop such hypotension. To maximize test safety, precautions should be taken during dobutamine myocardial stress test, since remarkable decrease in systolic blood pressure may occur. Unlike hypotension occurring with exercise test, hypotension response to dobutamine is not always a marker for coronary artery disease.

IPO of SMEs and Information Asymmetry

2020 ◽  
Vol 11 (2) ◽  
pp. 173-188
Author(s):  
Joo-Hwan Kim ◽  
Jin-Woo Park
Keyword(s):  
Information Asymmetry

The Systemic Effects of Prudential Regulation Toughening:The Results of a Stress-test for Russian Banks

2012 ◽  
pp. 4-31 ◽  
Author(s):  
M. Mamonov ◽  
A. Pestova ◽  
O. Solntsev
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Stress Test ◽  
Credit Market ◽  
Capital Adequacy ◽  
Government Support ◽  
Government Ownership ◽  
Prudential Regulation ◽  
The Government ◽  
The Stability

The stability of Russian banking sector is threatened by three negative tendencies - overheating of the credit market, significant decrease of banks capital adequacy ratios, and growing problems associated with banks lending to affiliated non-financial corporations. The co-existence of these processes reflects the crisis of the model of private investments in Russian banking sector, which was observed during the last 20 years. This paper analyzes the measures of the Bank of Russia undertaken to maintain the stability of the banking sector using the methodology of credit risk stress-testing. Based on this methodology we conclude that the Bank of Russias actions can prevent the overheating of the credit market, but they can also lead to undesirable effects: further expansion of the government ownership in Russian banking sector and substitution of domestic credit supply by cross-border corporate borrowings. The later weakens the competitive positions of Russian banks. We propose a set of measures to harmonize the prudential regulation of banks. Our suggestions rely on design and further implementation of the programs aimed at developing new markets for financial services provided by Russian banks to their corporate and retail customers. The estimated effects of proposed policy measures are both the increase in profitability and capitalization of Russian banks and the decrease of banks demand for government support.

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