Is there market discipline for New Zealand non-bank financial institutions?

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dc.contributor.authorHuss, Kurt
dc.contributor.authorFeng, Gary
dc.date.accessioned2009-01-30T01:06:31Z
dc.date.available2009-01-30T01:06:31Z
dc.date.issued2007
dc.description.abstractThis paper studies effects of market discipline on the pricing of term deposit type investment products issued by New Zealand Non-Bank Financial Institutions (NBFIs) and how risk disclosure by NBFIs affects this relationship. While we find that more risky NBFIs indeed have to offer higher interest premiums, it is remarkable that investors do not appear to reward NBFIs for disclosure by accepting lower interest rates for better transparency. We attribute this unexpected result to possible limitations of a purely prospectus based disclosure quality index developed for this study or the inherent opaqueness of financial firms which cannot be overcome by even the best of disclosure [as argued by Morgan D.P., 2002. Rating banks: risk and uncertainty in an opaque industry. The American Economic Review 92 (4), 874–888].en
dc.identifier.citationHess, K. & Feng, G. (2007). Is there market discipline for New Zealand non-bank financial institutions? Journal of International Financial Markets, Institutions & Money, 17(4), 326-340.en
dc.identifier.doi10.1016/j.intfin.2005.11.003en
dc.identifier.urihttps://hdl.handle.net/10289/1937
dc.language.isoen
dc.publisherElsevieren_NZ
dc.relation.isPartOfJournal of International Financial Markets, Institutions & Moneyen_NZ
dc.relation.urihttp://www.sciencedirect.com/science/journal/10424431en
dc.subjectbankingen
dc.subjectmarket disciplineen
dc.subjectdisclosureen
dc.titleIs there market discipline for New Zealand non-bank financial institutions?en
dc.typeJournal Articleen
pubs.begin-page326en_NZ
pubs.elements-id32463
pubs.end-page340en_NZ
pubs.issue4en_NZ
pubs.volume17en_NZ
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