کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
963621 | 930376 | 2007 | 15 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Is there market discipline for New Zealand non-bank financial institutions?
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper studies effects of market discipline on the pricing of term deposit type investment products issued by New Zealand Non-Bank Financial Institutions (NBFIs) and how risk disclosure by NBFIs affects this relationship. While we find that more risky NBFIs indeed have to offer higher interest premiums, it is remarkable that investors do not appear to reward NBFIs for disclosure by accepting lower interest rates for better transparency. We attribute this unexpected result to possible limitations of a purely prospectus based disclosure quality index developed for this study or the inherent opaqueness of financial firms which cannot be overcome by even the best of disclosure [as argued by Morgan D.P., 2002. Rating banks: risk and uncertainty in an opaque industry. The American Economic Review 92 (4), 874-888].
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 17, Issue 4, October 2007, Pages 326-340
Journal: Journal of International Financial Markets, Institutions and Money - Volume 17, Issue 4, October 2007, Pages 326-340
نویسندگان
Kurt Hess, Gary Feng,