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International Journal of Economics and Accounting (3 papers in press)
The use of multidimensional information in credit decisions: a study from the inside of a successful bank by Gunnar Wahlström Abstract: This study explores credit decisions in a bank that, according to Standard and Poor, is one of the largest in the world in terms of assets and that Moody's has described as one of the least likely banks in the world to default. This study reveals that local credit officers, who were geographically close to their customers, had great freedom in credit decisions, regardless of the size of the loan. Larger credit decisions must be confirmed by headquarters. Once confirmed, the local officer handled the credit further. Freedom for local credit officers worked as a device to motivate to work beyond the formal system of risk measurement, to seek complex information in their face-to-face meetings with customers. The described approach to credit decisions was set by strict control through the use of numbers, as top management could step in if middle managers or local credit officers were incompetent. Keywords: bank; credit decisions; management control; risk measurement; freedom in decision. DOI: 10.1504/IJEA.2021.10039509
Studying the performance of the Greek public insurance organisations consolidation as a measure for their competitiveness and viability by Aida Sy, Christos Konstantinidis, Anneta Polychroniadou, Evanthia Rizopoulou Abstract: The viability of public insurance organisations in Greece was an issue that significantly concerned all researchers, the vast majority of whom ended up consolidating the organisations as the most effective solution. For this reason, the purpose of this work is, on the one hand, the measurement of the efficiency of the employees before and after the consolidation of the public insurance organisations in Greece, and on the other hand, the reflection of the degree of their agreement in its individual dimensions. From the results that emerged, it is found that the employees of the new united created organisation called E.F.K.A., agree that before the unification they served citizens efficiently and that they worked with less stress, in contrast to the unification, which does not seem to be a measure to stimulate the competitiveness-viability of the organisations as it has negatively affected their own efficiency compared to the previous period. Keywords: sustainability; insurance organisations; employee efficiency. DOI: 10.1504/IJEA.2021.10040279
TARCH model-based dynamic hedging strategy of ADR portfolios by Haochen Guo, Zdenek Zmeskal Abstract: Traditional hedging is only applied to minimise uncertainty about the financial asset's value at some particular future time when the hedge is closed, and it is only concerned with one scenario - however, dynamic hedging with simulation techniques to value the financial assets and to measure risk. The framework relies on solving the traditional hedging strategy, but it is used to simulate various multi-scenarios for the portfolio value. The purpose of this paper is to apply Monte Carlo to simulate the TARCH (threshold autoregressive conditionally heteroschedastic) process to determine the dynamic hedging strategy of the proposed ADR (American depositary receipt) stock portfolios. The empirical study examines Germany and the UK ADR portfolios to reduce China's ADR portfolio risk in the US equity market. It contributes to solving investing in foreign stocks to hedge risky stocks in the US equity market. The result presents that use Germany and the UK's ADR portfolios could lead to against the risk of invest with China's ADRs in the US equity market. It can improve the investor's portfolio allocation and protects the profit. Keywords: TARCH model; dynamic hedging strategy; value at risk; Monte Carlo simulation; volatility model; American depositary receipt; ADR; the US equity market. DOI: 10.1504/IJEA.2022.10043407