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Piyush Gupta: "We Do Real Things for Real People" 

Date: 06/2018 Author(s): IESE Insight Interviewee(s): Gupta, Piyush; Interviewer(s): Heukamp, Franz Document type: Interview It's "a sorry state of affairs" when people prefer going to the dentist to going to a bank, says Piyush Gupta. Since becoming CEO of DBS, a leading financial services group in Southeast Asia, Gupta has transformed operations to make banking a joyful experience for customers. In this interview with IESE Dean Franz Heukamp, he shares his leadership lessons ... More information  

Interbank Networks and Backdoor Bailouts: Benefiting from other Banks' Government Guarantees 

Date: 02/05/2018 Author(s): Eisert, Tim; Eufinger, Christian Document type: Article in Journal (refereed) This paper explains why banks derive a benefit from being highly interconnected. We show that when banks are protected by government guarantees, they can significantly increase their expected returns by channeling funds through the interbank market before these funds are invested in real assets. If banks that are protected by implicit or explicit government ... More information  

Replacing the Failure Rate: A Downside Risk Perspective 

Date: 05/2018 Author(s): Estrada, Javier Document type: Article in Journal (refereed) The evaluation of retirement strategies is typically based on the failure rate, although some alternatives have been proposed recently, such as risk-adjusted success (RAS), which aims to capture not just the failure but also the success of the strategies evaluated. The main shortcoming of RAS is that it measures risk with the standard deviation, which ... More information  

Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans 

Date: 23/04/2018 Author(s): Acharya, Viral V.; Eisert, Tim; Eufinger, Christian; Hirsch, Christian Document type: Article in Journal (refereed) We explore the causes of the credit crunch during the European sovereign debt crisis and its impact on the corporate policies of European firms. Our results show that value impairment in banks' exposures to sovereign debt and the risk-shifting behavior of weakly capitalized banks reduced the probability of firms being granted new syndicated loans by ... More information  

Blockchain, el impulso definitivo para la banca digital 

Date: 01/04/2018 Author(s): Soley, Jorge Document type: Opinion La tecnología de blockchain, utilizada también como soporte del bitcoin y otros desarrollos (Ripple, entre otros) podrían tener un efecto disruptivo en numerosos sectores, y sin duda, uno de ellos es el bancario, cuyo papel como «sello de seguridad» podría dejar de tener sentido en una actividad tan significativa como la intermediación en los medios ... More information  

National Culture And Financial Systems: The Conditioning Role Of Political Context 

Date: 04/2018 Author(s): Lavezzolo, Sebastián E.; Rodríguez-Lluesma, Carlos; Elvira, Marta Document type: Article in Journal (refereed) Building on research that addresses why some financial systems are based on banks and others on markets, this study stresses that culturally-based social preferences regarding uncertainty avoidance help explain cross-national differences in financial system configuration. We propose a theory in which political institutions condition this relationship. ... More information   Read related article

Modern Portfolio Theory: Essential Concepts and Messages 

Date: 22/03/2018 Author(s): Estrada, Javier Document type: Technical Note This note briefly summarizes the basic intuition and most important implications of Modern Portfolio Theory. It focuses on the equilibrium at the heart of the theory and discusses how this equilibrium is obtained, why it is important, and its essential implications. It also discusses the impact this equilibrium has had on financial practice. The discussion ... More information  

Brexit Scenarios for Investors 

Date: 20/03/2018 Author(s): Liechtenstein, Heinrich Document type: Opinion The attractiveness of the United Kingdom for institutional investors will likely take a hit in the years after the U.K. leaves the European Union. The 2018 Venture Capital and Private Equity Country Attractiveness Index, which Alexander Groh, Karsten Lieser, Markus Biesinger and Heinrich Liechtenstein produce every year, finds the consequences of Brexit ... More information  

Equal Opportunities: He Said, She Said 

Date: 19/03/2018 Author(s): IESE Insight Document type: Non-refereed article Plus: why managers don't necessarily invest in CSR; leveraging people's natural urge to complete sets; a Chinese model for supplier financing; the world in 2018; the advantages of multiculturalism; why we overspend on marketing. More information  

Principios éticos para las finanzas 

Date: 07/03/2018 Author(s): Argandoña, Antonio Editor(s): Cátedra CaixaBank de Responsabilidad Social Corporativa Document type: Opinion Con un buen amigo y experto financiero, Luis Torras Consolación, estamos trabajando en un papel sobre principios éticos en el mundo de las finanzas. Los principios éticos son reglas o normas de conducta que ayudan a la toma de decisiones éticamente correctas, porque recogen algo que se considera bueno. Hay muchas colecciones de principios éticos, que ... More information  
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