How Contagious Was the Panic of 1907? New Evidence from Trust Company Stocks

Using a new dataset of all NYC trust company stocks, we study the impact of the Panic of 1907 and the ensuing cash infusion by JP Morgan and the Treasury. Using synthetic controls, we find that three “troubled” trusts performed far worse than the other trusts, whose valuations rebounded within a year. Moreover, trust companies connected to “money trust” banks maintained higher valuation than independents and rebounded much faster. The desire to prevent panic from spreading from infected trusts to financial institutions in his purview could explain Morgan's rapid intervention to stem the contagion.

CREATING CUSTOMER RETENTION THROUGH FACILITIES, COMPLAINT HANDLING, TRUST, COMPANY IMAGE AND CUSTOMER INCENTIVES AT BMT AMANAH UMMAH KARTASURA, SUKOHARJO

This study has purpose to determine and analyze the effect of Company Image, Customer Incentives, Trust, Complaints Handling, and Facilities on Costumer Retention at BMT Amanah Ummah Kartasura. The research method applied in this study was a quantitative descriptive research design. This study used a population of 1,500 respondents. In determining the sample size, this study used the Slovin formula. Based on the results of calculation, the number of samples in this study was 100 respondents. The sampling technique was carried out using incidental sampling. The data collection was done using a questionnaire. The data analysis technique in this study was statistical analysis consists of multiple linear regression test, F test, t test and the coefficient of determination. The results showed that the Company Image, Customer Incentives, Trust, Complaint Handling, and Facilities simultaneously had a significant effect on Customer Retention at BMT Amanah Ummah Kartasura. Partially, it was found that Company Image and Customer Incentives do not have a positive and significant effect on Customer Retention at BMT Amanah Ummah in Kartasura. Meanwhile, Trust, Complain Handling, and Facilities have a positive and significant effect on Customer Retention at BMT Amanah Ummah in Kartasura. The coefficient of determination or the contribution of the variables of Company Image, Customer Incentives, Trust, Complain Handling, and Facilities on Customer Retention at BMT Amanah Ummah Kartasura was 43.1%. This study suggested that BMT Amanah Ummah should continue to improve and pay attention to the factors that affect the Customer Retention, such as Company Image, Customer Incentives, Trust, Complain Handling, and Facilities. Keywords: Customer Retention, Trust, Complaint Handling, Facility, Company Image, BMT Amanah Ummah

What are the duties of an outgoing trustee?

The recent case of Geneva Trust Company SA v D and Ors [2020] JRC 104 has served to shed interesting new light on the duties of outgoing trustees regarding disclosure of documents and information (in other words, trust records) by a retiring trustee to a new trustee. The general principles of Jersey law in this area are relatively well-defined, as per the Trusts (Jersey) Law 1984 (the Trusts Law) and a not inconsiderable body of case law derived from the Royal Court in Jersey as well as of the courts of England and Wales. However, it is useful to both professional trustees and legal practitioners alike when the Court provides further elucidation. The Geneva Trust Company case centred around the transfer of trust records for the D Discretionary Trust (the DDT) from the former trustee, Geneva Trust Company SA (formerly known as Rawlinson & Hunter Trustees SA) (the Former Trustee) to the current joint trustees, Fort Trustees Limited and Balchan Management Limited (collectively, the Current Trustees).

Trustee decision-making: the substratum fallacy and the exercise of discretionary powers

The Court of Appeal for Bermuda (Clarke P, Smellie JA and Subair Williams JA) recently handed down judgment in Grand View Private Trust Company Limited v Wong 20 April 2020, overturning the decision by Kawaley AJ at first instance and rejecting his use of the so-called substratum principle to limit the scope of widely drawn powers. The trust and wealth management industry should breath a collective sigh of relief. The industry is able to sell modern discretionary trusts to wealthy clients precisely because of their flexibility and the extent of the powers they contain, particularly discretionary powers of amendment, powers to add and remove beneficiaries and powers to distribute and resettle assets. The decision at first instance threatened to undermine that flexibility and to hamper the way in which trustees operate trusts of this kind. It is suggested that the Court of Appeal was right to reject the argument based on the supposed substratum rule. The argument gives inappropriate and independent life to what (if it is useful at all in this context) should only be a conclusionary metaphor; the argument involves what philosophers might describe as “unjustified reification”, or what the rest of us may think of as the tail wagging the dog. Use of the substratum metaphor risks distraction from the true task, that is, the proper construction of the words used in the relevant instrument in the light of the admissible factual matrix. The purpose of this article is to examine the Court of Appeal’s decision in Grand View, and tentatively to offer some thoughts on the analytical framework within which the validity of the exercise of powers is assessed.