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Journal of Financial Services Research

Journal of Financial Services Research OnlineFirst articles


Credit Value Adjustment with Market-implied Recovery

We present a model for CVA calculation in which the recovery rate is inferred from the term structure of CDS spreads. The negative relation between recovery rates and default probabilities induces a substantial underestimation of the CVA when …


Predicting Loss Distributions for Small-Size Defaulted-Debt Portfolios Using a Convolution Technique that Allows Probability Masses to Occur at Boundary Points

To predict the loss distribution of a small-size defaulted-debt portfolio, this research applies the central limit theorem (CLT) to predicted loss given default (LGD) distributions and exposures of defaulted-debts in the portfolio. However, when …


Mortgage Lending Discrimination Across the U.S.: New Methodology and New Evidence

Is there discrimination in mortgage-loan origination and pricing? If so, does the level of discrimination differ before and after the eruption of the subprime crisis? Using data from 6.5 million loan applications from 2004 through 2013, we propose …


Will Strangers Help you Enter? The Effect of Foreign Bank Presence on New Firm Entry

We examine the effect of foreign bank presence on new firm entry in 83 economies over the 2005–2013 period. The empirical findings show that foreign bank presence exerts a positive and significant effect on firm entry. This effect subsides in …


Western European Stakeholder Banks’ Loan Loss Accounting

This study examines loan loss provisions (LLPs) in Western European banks over the 2004–2015 period. In particular, this study examines the discretionary cyclical component of LLPs and the timeliness of loan loss provisioning. Moreover, this study …

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Über diese Zeitschrift

The Journal of Financial Services Research publishes high quality empirical and theoretical research on the demand, supply, regulation, and pricing of financial services. Financial services are broadly defined to include banking, risk management, capital markets, mutual funds, insurance, venture capital, consumer and corporate finance, and the technologies used to produce, distribute, and regulate these services. Macro-financial policy issues, including comparative financial systems, the globalization of financial services, and the impact of these phenomena on economic growth and financial stability, are also within the JFSR’s scope of interest. The Journal seeks to promote research that enriches the profession’s understanding of financial services industries, to elevate industry and product efficiencies, as well as to inform the debate and promote the formulation of sound public policies.

Officially cited as: J Financ Serv Res

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Blockchain-Effekte im Banking und im Wealth Management

Es steht fest, dass Blockchain-Technologie die Welt verändern wird. Weit weniger klar ist, wie genau dies passiert. Ein englischsprachiges Whitepaper des Fintech-Unternehmens Avaloq untersucht, welche Einsatzszenarien es im Banking und in der Vermögensverwaltung geben könnte – „Blockchain: Plausibility within Banking and Wealth Management“. Einige dieser plausiblen Einsatzszenarien haben sogar das Potenzial für eine massive Disruption. Ein bereits existierendes Beispiel liefert der Initial Coin Offering-Markt: ICO statt IPO.
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