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EU banks after the crisis: sinners in the hands of angry markets

100%

Serrano A. S.

Journal of Banking and Financial Economics

2018

issue 1(9)

24-51

European Union banks were severely hit by the global fi nancial crisis in 2008 and their stock prices and returns have generally not recovered since then, differently to what has been observed in other sectors (i.e., non-fi nancial corporations) and jurisdictions (i.e., US). In this paper, we focus on three episodes of fi nancial turmoil in EU fi nancial markets occurring after the global fi nancial crisis (August 2015, December 2015 and January 2016, and June 2016) and, through a series of linear regressions, with and without control variables, attempt to determine the common features of those banks which stock returns declined the most. Results of the regressions tend to suggest that size has been driving the decreases in stock returns in the three episodes. Regarding asset quality, the Texas ratio has been a decisive factor in the evolution of stock returns of EU banks in the second and third periods. Interestingly, profi tability variables seem not to be statistically signifi cant to explain the declines in stock returns, except in the third period, but only under some specifi cations. An evolution on the perception by fi nancial market participants on EU banks, with a larger importance on asset quality in the latter periods, can also be observed. Lastly, on the basis of these results, further policy actions would be needed to clean-up the balance sheet of banks, as a necessary step towards full recovery after the global fi nancial crisis.

Profitability and marketing efficiency of maize in kwande local government area of Benue State (Nigeria)

86%

Zacharias T. N., Ali O.

Journal of Agribusiness and Rural Development

2015

issue 4(38)

803-810

The paper presents profi tability and marketing effi - ciency of maize in Kwande Local Government Area of Benue State, Nigeria. Stratifi ed random sampling was used to select three hundred (300) maize marketers comprising producers (210), wholesalers (32) and retailers (58) in eight (8) major markets in the study area. Primary data were collected using structured questionnaires. Data were analyzed using descriptive statistics, marketing margin and marketing effi ciency. It was found that maize marketing in the study area was dominated by males (64.7%) and young people (55.0%) who are energetic enough to withstand the stress involved in the business. The marketing margin of an average maize marketer in the study area was N2,012.00 per 100kg and the percentage marketing margin was 37.2%. This showed that maize marketing in the study area was profi table and 100% retail price paid by the fi nal consumer resulted in farm-to-retail price spread or marketing margin of 37.2%. The marketing effi ciency (0.28) of mai ze in the study area indicated that the marketers were ineffi cient in maize business. It was recommended that government, non-governmental organizations and the rural populace should strive hard to improve the transportation network and the marketers should belong to marketing associations so that they can collectively access loans from rural banking institutions

W niniejszym artykule zaprezentowano problem rentowności i efektywności rynku kukurydzy w Nigerii, w rejonie Kwande. Zastosowano losowy dobór próby badawczej celem wyselekcjonowania 300 sprzedawców kukurydzy, włączając 210 producentów, 32 hurtowników i 58 detalistów z ośmiu głównych rynków na obszarze objętym badaniem. Wstępne dane zbierano za pomocą formularzy strukturalnych. Zebrane dane poddano analizie uwzględniającej metody statystyki opisowej i wskaźników efektywności działań rynkowych. Stwierdzono, że rynek kukurydzy na badanym terenie jest zdominowany przez mężczyzn (64,7%) i młodych ludzi (55,0%), którzy łatwiej znoszą stres związany z prowadzeniem działalności biznesowej. Marża rynkowa przeciętnego sprzedawcy wyniosła N2012,00 na 100 kg kukurydzy, a marża procentowa 37,2%. To potwierdza, że sprzedaż kukurydzy na omawianym terenie jest opłacalna i 100% ceny detalicznej dla końcowego odbiorcy wynika z rozpiętości cenowej na rynku detalicznym lub z marży marketingowej wynoszącej 37,2%. Efektywność działań marketingowych (0,28) na rynku kukurydzy na omawianym obszarze oznacza, że sprzedawcy nieefektywnie prowadzili swoją działalność. Warto, aby rząd, organizacje pozarządowe i mieszkańcy wsi dążyli do poprawy sieci dróg, a sprzedawcy powinni zrzeszać się w stowarzyszeniach branżowych i wspólnie pozyskiwać pożyczki z instytucji bankowych wspierających wsie.

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EU banks after the crisis: sinners in the hands of angry markets

Profitability and marketing efficiency of maize in kwande local government area of Benue State (Nigeria)