Derivatives Heding, Corporate Goverance, and Market Valuation:Listed Bank around the Globe

• Main Authors: Chao-lin Huang, 黃昭霖
• Other Authors: Sheng-hung Chen
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/91752668094090452560

碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 101 === 　　Using data on top 100 listed global banks from both emerging and matured stock markets over the period 2007 to 2011 during and after Global Financial Crisis (GFC), this paper empirically investigate show derivatives used for heding or trading, corporate governances, and cross-country chracteristicsafect bank’s market valuation. Specialization includes commercial, saving, and cooperative banks. We collect our sample bank from Mergent Online database (www.mergentonline.com) for stock price and financial report. Derivatives used by bank are mainly hand-collected from bank’s annual report and official website to obtain all complete information about type of derivatives, nominal amount, and the purpose for hedging or trading, and corporate governace including board structure, CEO compensation, and insider and outsider ownership. Our empirical findings indicate that using derivatives for trading decreases bank’s market performance and otherwise hedging enhances bank’s market valuation