Empirical Note on Debt Structure and Financial Performance in Ghana PDF Download
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Author: John Gartchie Gatsi
Publisher: Xlibris Corporation
ISBN: 1514448297
Category : Business & Economics
Languages : en
Pages : 136
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Book Description
This book deals extensively with theoretical, empirical, and robust methodology of capital structure in the context of debt structure in the Ghanaian financial sector. The study investigated the relationship between debt structure and financial performance of financial institutions in Ghana over the period 20022011. Using panel data methodology, it was discovered that there is a significant difference in the capital structure practices of insurance companies and banks. Short-term debts and total debt are negatively significant in determining returns on equity (ROE) and returns on asset (ROA) in the financial institutions of Ghana.
Author: John Gartchie Gatsi
Publisher: Xlibris Corporation
ISBN: 1514448297
Category : Business & Economics
Languages : en
Pages : 136
Get Book Here
Book Description
This book deals extensively with theoretical, empirical, and robust methodology of capital structure in the context of debt structure in the Ghanaian financial sector. The study investigated the relationship between debt structure and financial performance of financial institutions in Ghana over the period 20022011. Using panel data methodology, it was discovered that there is a significant difference in the capital structure practices of insurance companies and banks. Short-term debts and total debt are negatively significant in determining returns on equity (ROE) and returns on asset (ROA) in the financial institutions of Ghana.
Author: Samuel Mensah
Publisher: LAP Lambert Academic Publishing
ISBN: 9783843355575
Category :
Languages : en
Pages : 76
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Book Description
The Pecking Order Theory suggests firms initially rely on undistributed earnings, where there is no existence of information asymmetry, then debts and finally equity for any remaining capital requirements. Thus, the firm will prefer retained earnings financing to debt, short-term debt over long-term debt and debt over equity. The theory does not, however, say which of these most determines performance. The theory must therefore be subjected to empirical test to ascertain which of the three, most determine the performance of banks in Ghana. The objective of this work is to determine which of the two (Debt and Equity) better determines performance of banks in Ghana. The work reveals that both debt and equity impact significantly on banks' performance in Ghana. However equity impacts more on performance than debt. This study is useful to students of Business Administration and Economics, players in the banking industry, financial and investment analysts, stock brokers, governments, shareholders, Board of Directors, researchers and other stakeholders.
Author: Francis Boateng Frimpong
Publisher: BRILL
ISBN: 9004500022
Category : Social Science
Languages : en
Pages : 285
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Book Description
Francis Frimpong argues that the exponential growth of finance and credit infrastructures in Ghana did not alleviate poverty in the country. It has, however, resulted in rising financial profits, financialising poverty and stagnating the real sector of the economy
Author: Jae K. Shim
Publisher: Routledge
ISBN: 1135962014
Category : Business & Economics
Languages : en
Pages : 326
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Book Description
The International Handbook of Electronic Commerce covers that hot topic - e-commerce! It is designed to assist managers in implementing electronic commerce in their organizations, improving its efficiency and viability, and safeguarding and maintaining e-commerce systems. The book is designed as a practical how to guide, offering extensive examples to illustrate practical applications. The tools and techniques in this handbook can be adapted outright or modified to suit individual needs. Checklists, email and website addresses, exhibits, illustrations, and step-by-step instructions enhance the handbook's practical use. Among the topics discussed are: what electronic commerce is all about; the Internet and access provider industry; Intranets and Extranets; marketing and advertising; electronic data interchange; electronic banking and payment systems; network security; legal, taxation, and accounting issues of e-commerce. The combination of growth in the commercial utilization of the Internet, the rapid changes in technology, and the complexity of management have expanded the scope of duties of business managers. To remain competitive, businesses and their managers must maintain a presence on the Internet. The International Handbook of Electronic Commerce provides readers with a compendium of the latest in current technologies and applications.
Author: M. Ayhan Kose
Publisher: World Bank Publications
ISBN: 1464815453
Category : Business & Economics
Languages : en
Pages : 403
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Book Description
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Author: Sharjil M. Haque
Publisher: International Monetary Fund
ISBN: 1589064127
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is stronger for firms exposed to significant rollover risk, while firms whose businesses were most vulnerable to social distancing did not reduce leverage. We rationalize our evidence through a structural model of firm value that shows lower expected growth rate and higher volatility of cash flows following COVID-19 reduced optimal levels of corporate leverage. Model-implied optimal leverage indicates firms which did not de-lever became over-leveraged. We find default probability deteriorates most in large, over-leveraged firms and those that were stressed pre-COVID. Additional stress tests predict value of these firms will be less than one standard deviation away from default if cash flows decline by 20 percent.
Author: John Fred Weston
Publisher: Holt, Rinehart and Winston of Canada
ISBN: 9780039200022
Category : Corporations
Languages : en
Pages : 698
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Book Description
Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1475505531
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
Author: T. O. Antwi-Asare
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 136
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Book Description
Author: Asl? Demirgüç-Kunt
Publisher: World Bank Publications
ISBN:
Category : Bancos comerciales
Languages : en
Pages : 52
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Book Description
March 1998 Differences in interest margins reflect differences in bank characteristics, macroeconomic conditions, existing financial structure and taxation, regulation, and other institutional factors. Using bank data for 80 countries for 1988-95, Demirgüç-Kunt and Huizinga show that differences in interest margins and bank profitability reflect various determinants: * Bank characteristics. * Macroeconomic conditions. * Explicit and implicit bank taxes. * Regulation of deposit insurance. * General financial structure. * Several underlying legal and institutional indicators. Controlling for differences in bank activity, leverage, and the macroeconomic environment, they find (among other things) that: * Banks in countries with a more competitive banking sector-where banking assets constitute a larger share of GDP-have smaller margins and are less profitable. The bank concentration ratio also affects bank profitability; larger banks tend to have higher margins. * Well-capitalized banks have higher net interest margins and are more profitable. This is consistent with the fact that banks with higher capital ratios have a lower cost of funding because of lower prospective bankruptcy costs. * Differences in a bank's activity mix affect spread and profitability. Banks with relatively high noninterest-earning assets are less profitable. Also, banks that rely largely on deposits for their funding are less profitable, as deposits require more branching and other expenses. Similarly, variations in overhead and other operating costs are reflected in variations in bank interest margins, as banks pass their operating costs (including the corporate tax burden) on to their depositors and lenders. * In developing countries foreign banks have greater margins and profits than domestic banks. In industrial countries, the opposite is true. * Macroeconomic factors also explain variation in interest margins. Inflation is associated with higher realized interest margins and greater profitability. Inflation brings higher costs-more transactions and generally more extensive branch networks-and also more income from bank float. Bank income increases more with inflation than bank costs do. * There is evidence that the corporate tax burden is fully passed on to bank customers in poor and rich countries alike. * Legal and institutional differences matter. Indicators of better contract enforcement, efficiency in the legal system, and lack of corruption are associated with lower realized interest margins and lower profitability. This paper-a product of the Development Research Group-is part of a larger effort in the group to study bank efficiency.
