This study investigates the turnaround experience of 42 firms and tracks their success through financial ratio analyses. Financial ratios based on company data varied with stages of the turnaround process. Factor analysis reveals distinct patterns underlying the financial ratios in each phase of the turnaround process. Temporal changes in the factors are used in a discriminant analysis for each phase to explain turnaround versus non-turnaround. Financial data from each phase explain nine to 13 percent of the variance in the firms' ability to achieve turnaround, with company attention to operating efficiency emerging as the key factor.
... to stabilize operations and restore profitability almost always involve strict cost cutting, complem...The descriptions and operational definitions of these turnaround phases are as follows: Phase 1...
... the firm's performance in terms of profitability, asset utilization, liquidity, leverage, or market...Since the economic definition of liquidity is the ability to turn an asset into ...
...To this end, I regress six leverage ratios (short term, long term, and total book values of d... related to size, collateral, and profitability similar to that documented in a number of prior US... EXPECTED MARGINAL EFFECT Explanatory Definition Indication Arab Variable Countries MB Market-to-bo...
The OCC, Board, FDIC, and SEC (individually, an ``Agency,'' and collectively, ``the Agencies'') are requesting comment on a proposed rule that would implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.
...1851(h)(1). The statutory definition includes any insured depository institution (other... company, calculates risk-based capital ratios under the Market Risk Capital Rules.\103\ For thes... patterns of revenue generation and profitability consistent with, and related to, the services an u...
Compensating balances (CBs) may affect the cost of bank financing, as well as the amount of cash firms hold. Cash balances in excess of optimal balances increase financing costs. From the lender's perspective, CBs are monitoring tools-early warning systems should a firm's financial condition deteriorate. We offer the first study that actually measures CB requirements of firms, and estimate how restrictive they are on a firm's cash holdings. We find smaller, less profitable firms have more restrictive CB requirements. However, using matched pair analysis, are unable to predict which firms would be subject to CBs using a variety of financial relationships.
... percentage of cash, we tested the CB/cash ratios for positive significance. The Kolmogorov-Smirnov ... ratios for each year for each cash definition are highly significant. In addition, as firm SIC c... measures of firm size, profit, and profitability. Table 4 summarizes our nonparametric tests relati...
What was termed government-guided merger was a unique banking sector reform implemented in 2002 by the central bank of Malaysia guiding a larger number of depository institutions to form 10 large banks. This paper identifies the factors entering this massive merger exercise. Similar to the finding in bank merger literature, we find larger banks became acquirers. Also, low risk banks had higher probability of becoming an acquiring bank while high-risk banks became targets for takeover. Surprisingly managerial performance-financial ratios and changes in productivity reported as significant factors in prior market-based merger studies-was not significant in this study. Banks closely connected to government had greater chance of becoming acquiring banks while the reverse is true of target b...
... its inefficient targets to similar profitability. Studies of European banks also confirm those resu...The definition of "political-connected banks" is based on the eth...
...banking and insurance sectors. . Definition of Assurbanking and Bancassurance . A financial co...-affiliated) by conducting profitability, leverage, and liquidity test. . A.M. Best Ratings... lower loss ratio and led to lower combined ratios. Similar to assurbanking-affiliated life insurers,...
The Commodity Futures Trading Commission (``CFTC'' or ``Commission'') is requesting comment on a proposed rule that would implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board of Governors of the Federal Reserve System (the ``Board'') to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund (``CFTC Rule''). On November 7, 2011, the Office of the Comptroller of the Currency, Treasury (``OCC''); the Board; the Federal Deposit Insurance Corporation (``FDIC''); and the Securities and Exchange Commission (``SEC'') published a joint pr...
...1851(h)(1). The statutory definition includes any insured depository institution (other... company, calculates risk-based capital ratios under the Market Risk Capital Rules.\109\ For thes... patterns of revenue generation and profitability consistent with, and related to, the services an u...
Corporate law theory and practice considers shareholder relations with companies and the implications of ownership separated from control. Yet through the Troubled Asset Relief Program (TARP) bailout and the government's resultant shareholding, ownership and control at many companies have merged, leaving corporate theory and practice for the financial and automotive sectors in chaos. The government's $700 billion bailout is a unique historical event; not merely because of its size, but also because of a resulting ripple through corporate scholarship and practice. This article builds on the author's five testimonies before Congress during the financial crisis and implementation of the TARP bailout and his consultation for the Special Inspector General for TARP. After considering corporat...
... for the Securities Act's nebulous definition of shareholder control as "the possession, direct ...'s interests and the long-term profitability of the bank may come into conflict have already be... explicit element in the capital adequacy ratios used by the Treasury, the FDIC, and the Federal Re...
...De novos and banks with profitability issues should carefully weigh the decision before ...Banks that have high loan-to-deposit ratios may not have the capital, liquidity or desire to o... under the Internal Revenue Code's definition of "life insurance." The minimized insurance cost ...
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