政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/61661

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 109952/140887 (78%)
造访人次 : 46293260 在线人数 : 1848

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 商學院 > 風險管理與保險學系 > 期刊論文 > Item 140.119/61661

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/61661

题名:	What Motivates Banks to use Derivatives: Evidence from Taiwan
作者:	許永明 Shiu, Yung-Ming;Moles, Peter;Shin, Yi-Cheng
贡献者:	風管系
关键词:	Derivatives;Hedging;Risk management;Banks
日期:	2010.06
上传时间:	2013-11-12 17:53:36 (UTC+8)
摘要:	Banks are active users of derivatives. Using banks listed on the Taiwan Stock Exchange for which there is detailed derivatives information for the period 1998 to 2005, we examine the determinants of derivatives usage and its impact on bank risk. Using specific bank characteristic variables that proxy for the motivations and effects of banks participating in the derivatives market and end-quarter transaction volumes, we investigate the rationale for derivatives usage that are discussed in the literature. Using Probit and panel data methods and testing for endogeneity, we investigate whether risk management, informational and economies of scale arguments as well as agency and managerial explanations are good predictors of observed activity. Our results support the evidence of prior studies that risk management, and informational and scale factors explain the use of derivatives. On the other hand, our findings do not show that the use of derivatives affects observable risks. We also observe a substitution effectwhich suggests a rational approach to the participation decision. However, we find no support for agency and managerial motives, which we partly attribute to the specific regulatory, legal, and cultural environment that exists in Taiwan.
關聯:	Journal of Derivatives, 17(4), 67-78
数据类型:	article
显示于类别:	[風險管理與保險學系] 期刊論文

文件中的档案:

档案	描述	大小	格式	浏览次数
6778.pdf		257Kb	Adobe PDF2	1577	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

数据加载中.....