Rasoul Rezvanian - Academia.edu (original) (raw)

Papers by Rasoul Rezvanian

Research paper thumbnail of Economies of Scale and Scope in Small Depository Institutions: Evidence from U.S. Cooperative Banks

Social Science Research Network, Jun 25, 1998

Research paper thumbnail of Factors Associated with Student Performance in Introductory Finance: An Empirical Study at a Public University

... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...

Research paper thumbnail of A comparative multiproduct cost study of foreign-owned and domestic-owned US banks

Applied Financial Economics, 2002

Significant presence of foreign-owned banks (FOBs) in the US banking markets has raised concerns ... more Significant presence of foreign-owned banks (FOBs) in the US banking markets has raised concerns about concentration of economic and financial power in foreign hands and increased risk exposure of the banking system. The proponents counter that international cost synergies, ...

Research paper thumbnail of Economics of scale and scope in small depository institutions: Evidence from U.S. cooperative banks

The Quarterly Review of Economics and Finance, 1996

Research paper thumbnail of An examination of cost structure and production performance of commercial banks in Singapore

Journal of Banking & Finance, 2002

The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

Research paper thumbnail of Cost Efficiency, Technological Progress and Productivity Growth of Banks in GCC Countries

International journal of business, 2008

The structure of banking systems in GCC countries; namely, Bahrain, Kuwait, Oman, Qatar, Saudi Ar... more The structure of banking systems in GCC countries; namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, has substantially changed over the past decade, mainly as a result of regional economic integration and banking deregulation. The new banking environment has given banks an incentive to focus on cost and productive efficiency. This study uses a non-parametric frontier approach to compare and contrast the efficiency performance, efficiency and technological change, and productivity growth of banks in GCC countries. The results indicate that banks in Oman, on average, have been the most efficient among GCC countries followed narrowly by banks from Bahrain and to a lesser extent by banks from Kuwait. In contrast, the findings point to a low efficient banking environment in UAE and Qatar, with Saudi Arabia being the least efficient. Additionally, the efficiency measures of banks in Oman and Kuwait has been descending from 1999 to 2004, while at the same time th...

Research paper thumbnail of The Effect of Globalization on Efficiency Change, Technological Progress and the Productivity Growth of U.S. Small and Large Banks

Banking & Insurance eJournal, 2007

A non-parametric approach is used to examine the effects of globalization and deregulation on the... more A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and productivity growth of small and large banks in the U.S. between 1990 and 2003. Using a representative sample of commercial banks, the study finds empirical evidence that both small and large banks made significant technological progress and productivity growth between 1990 and 2003. In addition, the statistical evidence shows that large banks are generally more efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 compared to 1990, caused exclusively by allocative inefficiency.

Research paper thumbnail of 1 Cost Efficiency, Technological Progress and Productivity Growth of Public, Private, and Foreign Banks in People’s Republic of China: Evidence from Pre and Post WTO Accession

We would like to thank the Lebanese American University for funding and Susmitha Obulareddy for h... more We would like to thank the Lebanese American University for funding and Susmitha Obulareddy for her valuable research assistance

Research paper thumbnail of Are Gulf Cooperation Council Stock Markets Special

Research paper thumbnail of Economics of Scale and Scope In Small Depository Institutions: Evidence From US Cooperative Banks

The Quarterly Review of …, 1996

This paper derives the scale and scope economy measures for the US cooperative banks for the year... more This paper derives the scale and scope economy measures for the US cooperative banks for the years 1989, 1990 and 1991 using the translog cost function. The results suggest that cooperative banks can save costs through increasing their size and diversifying their outputs.

Research paper thumbnail of An empirical test of association between production and financial performance: The case of the commercial banking industry

Applied Financial …, 1994

Banks choose the asset and liability mix of their portfolio in order to achieve maximum efficienc... more Banks choose the asset and liability mix of their portfolio in order to achieve maximum efficiency and optimal financial position. The purpose of this paper is to investigate the relationship between a bank's financial performance, measured by accounting-based ratios, and production ...

Research paper thumbnail of Organizational forms in banking: An empirical investigation of cost efficiency

Journal of Banking Finance, Apr 1, 1993

This paper compares the relative performance of bank holding company and branch banking organizat... more This paper compares the relative performance of bank holding company and branch banking organizational forms. Performance is measured by constructing nonparametric frontiers from which measures of overall, allocative, technical, pure technical and scale efficiency can be derived. The results indicate that branch banking is a more efficient organizational form than the bank holding company.

Research paper thumbnail of The Effect of Deregulation on the Efficiency of US Banking Firms

Journal of Economics and …, 1994

If you experience problems downloading a file, check if you have the proper application to view i... more If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...

Research paper thumbnail of Value add

Journal of International Education in Business

Purpose This paper aims to provide students with a career edge, business students require more th... more Purpose This paper aims to provide students with a career edge, business students require more than concepts and calculations to be successful in their future career. They require professional skill sets, mentors, relationship guides and as much real industry experience as they can gather before graduation. This study sheds some light on how a small business school (SBS) in a nonprofit private academic institution (NPAI) located in an isolated rural area of the USA has been able to tap its strong alumni relationships to provide mentoring and experiential learning opportunities to students using its student-managed investment funds (SMIFs) as the vehicle. Although this study uses a small, geographically isolated institution, the authors believe that the approach taken by this particular school can be replicated by any academic institution that strives to enhance student learning experience by promoting mentorship and experiential learning. Design/methodology/approach This study start...

Research paper thumbnail of The Effect of the 2008 Global Financial Crisis on the Efficiency of Large U.S. Commercial Banks

Review of Economic and Business Studies

The 2008 financial crisis, originated by securitization of sub-prime mortgage loans, had a huge i... more The 2008 financial crisis, originated by securitization of sub-prime mortgage loans, had a huge impact on U.S. financial institutions and markets. We hypothesize that due to this crisis, the commercial banking industry has changed their portfolio structures and risk-taking behavior. To shed light on the response of U.S. banks to the 2008 financial crisis, we use the non-parametric approach to measure and compare the overall efficiency of large U.S. banks pre- and post-2008 financial crisis. We then decompose the overall measure of efficiency into allocative, overall technical, pure technical, and scale efficiency measures to better understand the sources of banking inefficiencies. The results indicate that large U.S. banks indeed changed their portfolios structure, and the efficiency of large commercial banks in the United States declined substantially during the financial crisis. Although it has been recovering since then, it still has not reached to the pre-crisis efficiency level.

Research paper thumbnail of An examination of investors’ reaction to the announcement of CoCo bonds issuance: A global outlook

Finance Research Letters, 2016

Major international financial institutions (FIs) are using contingent convertible (CoCo) bonds in... more Major international financial institutions (FIs) are using contingent convertible (CoCo) bonds in the wake of the 2008 financial crisis to meet stricter national and international capital requirements. Beginning with UniCredit's €500m 9.375% CoCo in July 2010, more than 40 publically held financial institutions headquartered in 16 countries have issued 68 CoCos. This paper examines investors' reactions to the announcements of CoCo bonds issuances by FIs. Using event-study methodology and measuring cumulative abnormal returns (CARs) following the announcements, we find FIs generally experience negative abnormal returns during the post-announcement period; however, the investors' reactions vary in a country-by-country analysis. These different reactions allow the potential for investors to launch global diversification and trading strategies.

Research paper thumbnail of Equity Market Reaction to Sharp Price Changes: Evidence from India

Journal of Accounting and Finance, Jun 1, 2012

One approach to examining the weak form of market efficiency is to test for investors' overreacti... more One approach to examining the weak form of market efficiency is to test for investors' overreaction to large price changes. In this line of research, we examine investors' reactions to sharp price changes in the Bombay and National Stock Exchanges of India. We apply three thresholds of large daily price changes. Using daily data from January 2, 1995 through October 26, 2009, we examine investors' behavior within thirty days after the arrival of unexpected favorable and unfavorable news. Results: (a) the arrival of unexpected news causes sharp price changes and introduces a price shock, which increases market volatility. (b) The subsequent price adjustments have an upward corrective pattern. These results are consistent with the Uncertainty Information Hypothesis introduced by Brown, Harlow, and Tinic (1988, 1993).

Research paper thumbnail of Market Structure And Banking Production Economies: Evidence From The 1980s Deregulation

Journal of Applied Business Research (JABR), 2011

This study examines the changes in the cost structure of banking firms using data from pre and po... more This study examines the changes in the cost structure of banking firms using data from pre and post deregulation periods. A translog cost function is utilized for the analyses of economies of scale and scope. The results indicate that the average cost curves, although U-shaped flattened over time, resulting in an increase in optimal bank size. Economies of scope that existed prior to deregulation appears to be exhausted in a more nonconstrained environment.

Research paper thumbnail of Investors' reaction to unexpected price innovations: the case of GCC countries

International Journal of Behavioural Accounting and Finance, 2015

Research paper thumbnail of The Effect of Globalization on Efficiency Change, Technological Progress and the Productivity Growth of U.S. Small and Large Banks

A non-parametric approach is used to examine the effects of globalization and deregulation on the... more A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and productivity growth of small and large banks in the U.S. between 1990 and 2003. Using a representative sample of commercial banks, the study finds empirical evidence that both small and large banks made significant technological progress and productivity growth between 1990 and 2003. In addition, the statistical evidence shows that large banks are generally more efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 compared to 1990, caused exclusively by allocative inefficiency.

Research paper thumbnail of Economies of Scale and Scope in Small Depository Institutions: Evidence from U.S. Cooperative Banks

Social Science Research Network, Jun 25, 1998

Research paper thumbnail of Factors Associated with Student Performance in Introductory Finance: An Empirical Study at a Public University

... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE... more ... Academy of Educational Leadership Journal, 4(1), 91-99. Turner, J., Holmes, SA andWiggins, CE 1997. “Factors Associated With Grades in Intermediate Accounting”. Journal of Accounting Education, 15(2), pp. 269-288. Tyson, T. 1989. ...

Research paper thumbnail of A comparative multiproduct cost study of foreign-owned and domestic-owned US banks

Applied Financial Economics, 2002

Significant presence of foreign-owned banks (FOBs) in the US banking markets has raised concerns ... more Significant presence of foreign-owned banks (FOBs) in the US banking markets has raised concerns about concentration of economic and financial power in foreign hands and increased risk exposure of the banking system. The proponents counter that international cost synergies, ...

Research paper thumbnail of Economics of scale and scope in small depository institutions: Evidence from U.S. cooperative banks

The Quarterly Review of Economics and Finance, 1996

Research paper thumbnail of An examination of cost structure and production performance of commercial banks in Singapore

Journal of Banking & Finance, 2002

The Policy Research Working Paper Series disseminates the findings of work in progress to encoura... more The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

Research paper thumbnail of Cost Efficiency, Technological Progress and Productivity Growth of Banks in GCC Countries

International journal of business, 2008

The structure of banking systems in GCC countries; namely, Bahrain, Kuwait, Oman, Qatar, Saudi Ar... more The structure of banking systems in GCC countries; namely, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates, has substantially changed over the past decade, mainly as a result of regional economic integration and banking deregulation. The new banking environment has given banks an incentive to focus on cost and productive efficiency. This study uses a non-parametric frontier approach to compare and contrast the efficiency performance, efficiency and technological change, and productivity growth of banks in GCC countries. The results indicate that banks in Oman, on average, have been the most efficient among GCC countries followed narrowly by banks from Bahrain and to a lesser extent by banks from Kuwait. In contrast, the findings point to a low efficient banking environment in UAE and Qatar, with Saudi Arabia being the least efficient. Additionally, the efficiency measures of banks in Oman and Kuwait has been descending from 1999 to 2004, while at the same time th...

Research paper thumbnail of The Effect of Globalization on Efficiency Change, Technological Progress and the Productivity Growth of U.S. Small and Large Banks

Banking & Insurance eJournal, 2007

A non-parametric approach is used to examine the effects of globalization and deregulation on the... more A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and productivity growth of small and large banks in the U.S. between 1990 and 2003. Using a representative sample of commercial banks, the study finds empirical evidence that both small and large banks made significant technological progress and productivity growth between 1990 and 2003. In addition, the statistical evidence shows that large banks are generally more efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 compared to 1990, caused exclusively by allocative inefficiency.

Research paper thumbnail of 1 Cost Efficiency, Technological Progress and Productivity Growth of Public, Private, and Foreign Banks in People’s Republic of China: Evidence from Pre and Post WTO Accession

We would like to thank the Lebanese American University for funding and Susmitha Obulareddy for h... more We would like to thank the Lebanese American University for funding and Susmitha Obulareddy for her valuable research assistance

Research paper thumbnail of Are Gulf Cooperation Council Stock Markets Special

Research paper thumbnail of Economics of Scale and Scope In Small Depository Institutions: Evidence From US Cooperative Banks

The Quarterly Review of …, 1996

This paper derives the scale and scope economy measures for the US cooperative banks for the year... more This paper derives the scale and scope economy measures for the US cooperative banks for the years 1989, 1990 and 1991 using the translog cost function. The results suggest that cooperative banks can save costs through increasing their size and diversifying their outputs.

Research paper thumbnail of An empirical test of association between production and financial performance: The case of the commercial banking industry

Applied Financial …, 1994

Banks choose the asset and liability mix of their portfolio in order to achieve maximum efficienc... more Banks choose the asset and liability mix of their portfolio in order to achieve maximum efficiency and optimal financial position. The purpose of this paper is to investigate the relationship between a bank's financial performance, measured by accounting-based ratios, and production ...

Research paper thumbnail of Organizational forms in banking: An empirical investigation of cost efficiency

Journal of Banking Finance, Apr 1, 1993

This paper compares the relative performance of bank holding company and branch banking organizat... more This paper compares the relative performance of bank holding company and branch banking organizational forms. Performance is measured by constructing nonparametric frontiers from which measures of overall, allocative, technical, pure technical and scale efficiency can be derived. The results indicate that branch banking is a more efficient organizational form than the bank holding company.

Research paper thumbnail of The Effect of Deregulation on the Efficiency of US Banking Firms

Journal of Economics and …, 1994

If you experience problems downloading a file, check if you have the proper application to view i... more If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. ...

Research paper thumbnail of Value add

Journal of International Education in Business

Purpose This paper aims to provide students with a career edge, business students require more th... more Purpose This paper aims to provide students with a career edge, business students require more than concepts and calculations to be successful in their future career. They require professional skill sets, mentors, relationship guides and as much real industry experience as they can gather before graduation. This study sheds some light on how a small business school (SBS) in a nonprofit private academic institution (NPAI) located in an isolated rural area of the USA has been able to tap its strong alumni relationships to provide mentoring and experiential learning opportunities to students using its student-managed investment funds (SMIFs) as the vehicle. Although this study uses a small, geographically isolated institution, the authors believe that the approach taken by this particular school can be replicated by any academic institution that strives to enhance student learning experience by promoting mentorship and experiential learning. Design/methodology/approach This study start...

Research paper thumbnail of The Effect of the 2008 Global Financial Crisis on the Efficiency of Large U.S. Commercial Banks

Review of Economic and Business Studies

The 2008 financial crisis, originated by securitization of sub-prime mortgage loans, had a huge i... more The 2008 financial crisis, originated by securitization of sub-prime mortgage loans, had a huge impact on U.S. financial institutions and markets. We hypothesize that due to this crisis, the commercial banking industry has changed their portfolio structures and risk-taking behavior. To shed light on the response of U.S. banks to the 2008 financial crisis, we use the non-parametric approach to measure and compare the overall efficiency of large U.S. banks pre- and post-2008 financial crisis. We then decompose the overall measure of efficiency into allocative, overall technical, pure technical, and scale efficiency measures to better understand the sources of banking inefficiencies. The results indicate that large U.S. banks indeed changed their portfolios structure, and the efficiency of large commercial banks in the United States declined substantially during the financial crisis. Although it has been recovering since then, it still has not reached to the pre-crisis efficiency level.

Research paper thumbnail of An examination of investors’ reaction to the announcement of CoCo bonds issuance: A global outlook

Finance Research Letters, 2016

Major international financial institutions (FIs) are using contingent convertible (CoCo) bonds in... more Major international financial institutions (FIs) are using contingent convertible (CoCo) bonds in the wake of the 2008 financial crisis to meet stricter national and international capital requirements. Beginning with UniCredit's €500m 9.375% CoCo in July 2010, more than 40 publically held financial institutions headquartered in 16 countries have issued 68 CoCos. This paper examines investors' reactions to the announcements of CoCo bonds issuances by FIs. Using event-study methodology and measuring cumulative abnormal returns (CARs) following the announcements, we find FIs generally experience negative abnormal returns during the post-announcement period; however, the investors' reactions vary in a country-by-country analysis. These different reactions allow the potential for investors to launch global diversification and trading strategies.

Research paper thumbnail of Equity Market Reaction to Sharp Price Changes: Evidence from India

Journal of Accounting and Finance, Jun 1, 2012

One approach to examining the weak form of market efficiency is to test for investors' overreacti... more One approach to examining the weak form of market efficiency is to test for investors' overreaction to large price changes. In this line of research, we examine investors' reactions to sharp price changes in the Bombay and National Stock Exchanges of India. We apply three thresholds of large daily price changes. Using daily data from January 2, 1995 through October 26, 2009, we examine investors' behavior within thirty days after the arrival of unexpected favorable and unfavorable news. Results: (a) the arrival of unexpected news causes sharp price changes and introduces a price shock, which increases market volatility. (b) The subsequent price adjustments have an upward corrective pattern. These results are consistent with the Uncertainty Information Hypothesis introduced by Brown, Harlow, and Tinic (1988, 1993).

Research paper thumbnail of Market Structure And Banking Production Economies: Evidence From The 1980s Deregulation

Journal of Applied Business Research (JABR), 2011

This study examines the changes in the cost structure of banking firms using data from pre and po... more This study examines the changes in the cost structure of banking firms using data from pre and post deregulation periods. A translog cost function is utilized for the analyses of economies of scale and scope. The results indicate that the average cost curves, although U-shaped flattened over time, resulting in an increase in optimal bank size. Economies of scope that existed prior to deregulation appears to be exhausted in a more nonconstrained environment.

Research paper thumbnail of Investors' reaction to unexpected price innovations: the case of GCC countries

International Journal of Behavioural Accounting and Finance, 2015

Research paper thumbnail of The Effect of Globalization on Efficiency Change, Technological Progress and the Productivity Growth of U.S. Small and Large Banks

A non-parametric approach is used to examine the effects of globalization and deregulation on the... more A non-parametric approach is used to examine the effects of globalization and deregulation on the efficiency and productivity growth of small and large banks in the U.S. between 1990 and 2003. Using a representative sample of commercial banks, the study finds empirical evidence that both small and large banks made significant technological progress and productivity growth between 1990 and 2003. In addition, the statistical evidence shows that large banks are generally more efficient than small banks for most efficiency indices in both years. However, despite globalization, deregulation, and the gains in technology and productivity, there was a decrease in overall efficiency for both large and small banks in 2003 compared to 1990, caused exclusively by allocative inefficiency.