The papers in this issue point out several main trends currently in banking and markets: the impacts of the 2008 crisis, regulation, and globalization. Fairbanks, Griffiths, and Winters analyze participation in the Commercial Paper Fund Facility (CPFF) created by the US Federal Reserve during the crisis and find subsidiaries of large US banks exited before all other groups, thus the CPFF provided support primarily to foreign financial institutions and US non-bank entities. Khan, Rizvi, and Sadiq find Pakistani banks shift their portfolios towards risk-free investments, especially during the financial crisis, and disintermediation occurs for all types of banks except Islamic or Sharia compliant banks. Camilleri, Grima, and Grima model the relationship between share price volatility and corporate dividend payments for Mediterranean banks finding dividend yield is more significant than dividend payout when explaining volatility, but not during the crisis from 2008-09.
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