PurposeThe purpose of this paper is to look at the main empirical findings related to the bank‐insurance model and to outline the market practices across the world. The market dynamics underpinning the bancassurance phenomenon are analyzed alongside discussions of the various bancassurance products and bank‐insurance modes of entry.Design/methodology/approachThe paper presents a brief survey of the bank‐insurance trend and provides an insight into the underlying dynamics and corporate structures of financial conglomerates.FindingsThere is an uneven success of the bancassurance phenomenon across the world. It is not clear whether re‐regulation is the cause or response to globalization, and vice versa, which in turn both shape the bancassurance arena. A number of incentives for the formation of financial conglomerates are identified. Finally, three modes of entry have been documented to reflect market realities.Originality/valueThe paper will be of value to those interested in financial conglomerates, banking and insurance. It is suitable for academics and practitioners alike.
If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractThe present article aims to evaluate the performance of seventeen equity mutual funds operating in the Greek financial market over the period 1/1/1995-31/12/1998 using daily, weekly, and monthly returns. Only four mutual funds achieved return higher than the General Index of the Athens Stock Exchange (GIASE). All seventeen mutual funds undertook total risk lower than the GIASE . Seven mutual funds had coefficient of variation higher than the GIASE regardless of the basis of calculation. All seventeen mutual funds were ranked in the same order on the basis of beta coefficient regardless of the kind of return used in the calculation of the beta coefficients. According to the Treynor's index, nine mutual funds were ranked in the same order and showed values higher than the GI-ASE regardless of the basis of calculation. In the case of the Sharpe's index, the corresponding mutual funds were eight. In relation to the Jensen's index, nine, ten, and another ten mutual funds achieved positive risk-adjusted excess return on the basis of daily, weekly, and monthly returns respectively.
This study examines whether there is a strong relationship between stock liquidity, which proxies for the implicit cost of trading shares, and future stock returns in an asset-pricing context in the UK stock market. The time period, 1994-2016, includes the most recent global nancial crisis that drained liquidity from¯nancial markets worldwide. Four di®erent measures of stock liquidity are employed; the empirical¯ndings indicate that liquidity is a systematic pricing factor and explains a signi¯cant portion of the variation in stock returns, even after the inclusion of the other traditional risk factors. The results are robust to both forms of liquidity, either as a residual e®ect or in its original form as a separate risk factor. Finally, for the¯rst time quantile regression is applied, showing that the liquidity risk factor (LIQ) absorbs a signi¯cant portion of the information content of the size and value factors, while remaining independent of the momentum factor.
This paper aims to investigate the impact that the capital structure of a firm has on its stock price performance. We apply regression analysis at a sample consisting of Greek listed non-financial companies over the period 1998-2009, both at the full sample level and at four leverage deciles. In doing so, we test if leverage is priced as a risk factor by constructing a leverage factor. The main contribution of our work is that we diversify capital structure studies by broadening the limited work that has been accomplished on the base of leverage as an explanatory variable of returns. Our findings show that the leverage risk factor contains significant information content and that it adds a considerable portion in the explanation of stock returns.
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