International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 Ukrainian Academy of Banking of the National Bank of Ukraine INTERNATIONAL COMPETITION IN BANKING: THEORY AND PRACTICE Sumy, Ukraine, May 24-25, 2012 CONFERENCE PROGRAM Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 State Higher Educational Institution Ukrainian Academy of Banking of the National Bank of Ukraine The world financial crisis has led to a whole number of changes and reforms that affect the understanding of the competitiveness of the modern banking systems and banks, the role of regulation of the banking system, strategic decision-making, etc. The consequences of the crisis have raised the issue of finding a balance between the theoretical evidence of the competition in the banking and financial sectors around the world and practical approaches for ensuring an acceptable level of competitiveness. What should be the basic elements in the banks’ corporate strategies to alleviate the crisis effects and gain competitive advantages? What are the ways of achieving an effective integration and coordination in the global financial market? How should the international regulation and crisis management be carried out by banks in order to improve their financial stability? What is the role of central banks and international institutions in promoting the competition? What level of harmonization in the standards of bank governance and regulation should be implemented to ensure market discipline in the world? Do the existing programs of state financial support for financial institutions provide effective solutions for risk management and sustainability improvement? How should banks and other financial institutions be regulated to improve their accountability, value creation and transparency? All these and other related issues will be addressed during the conference. Conference venue: Ukrainian Academy of Banking of the National Bank of Ukraine, Pokrovska Str. 9/1, Sumy, 40000, Ukraine CONFERENCE VENUE 9:00 – 9:30 REGISTRATION OF PARTICIPANTS 9:30 – 9:45 WELCOME AND OPENING REMARKS Anatoliy Yepifanov, Professor, Rector, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine) Serhiy Kozmenko, Professor, Vice-rector, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine) Alexander Kostyuk, Professor, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Hanken School of Economics (Finland) 9:45 – 11:15 PLENARY SESSION: Keynote speakers Horst Löchel, Professor, Frankfurt School of Finance & Management, Shanghai International Banking and Finance Institute, Germany Ricardo Gimeno, Ph.D., Bank of Spain, Spain 11:15 – 11:30 Coffee break Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 11:30 – 13:00 PLENARY SESSION: Key papers EMPOWERING SHAREHOLDERS IN DIRECTORS` ELECTIONS: A REVOLUTION IN THE MAKING Marco Ventoruzzo, Director, Ph.D. in Business Law, Vice-Director, Paolo Baffi Center on Financial Regulation, Bocconi University Law Department, Italy MIRACULOUS FINANCIAL ENGINEERING OR TOXIC FINANCE? THE GENESIS OF U.S. SUBPRIME MORTGAGE LOANS CRISIS & ITS CONSEQUENCES ON THE GLOBAL FINANCIAL MARKETS & REAL ECONOMY Ivo Pezzuto, Management Consulting Partner, Swiss Management Center University of Zug, Switzerland, Università Cattolica del Sacro Cuore di Milano, Italy THE EURO CRISIS: WHO IS THE WORSE GUY – GERMANY OR GREECE? Stephan O. Hornig, Professor, Vice-rector, University 0f Applied Sciences, Austria 13:00 – 14:00 Lunch 14:00 – 15:45 PARALLEL SESSIONS Parallel session 1: Corporate Governance in banks and financial institutions Session chair: Alex Kostyuk, Professor, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Hanken School of Economics (Finland) Session secretary: Yulia Lapina, Ukrainian Academy of Banking of the National Bank of Ukraine THE IMPACT OF CORPORATE GOVERNANCE ON THE MARKET VALUE OF FINANCIAL INSTITUTIONS: EMPIRICAL EVIDENCES FROM ITALY Rossana Bubbico, Marco Giorgino, Barbara Monda, Politecnico di Milano, Italy MEGA-MERGERS IN JAPAN: ECONOMIC REASONS & PERFORMANCES Kimie Harada, Graduate School of International Accounting, Chuo University, Japan Takatoshi Ito, Graduate School of Economics, The University of Tokyo, Japan DETERMINANTS OF AUDIT COMMITTEE STRUCTURE & AUDIT FEES Maria-Eleni Agoraki, Greece OUTLINING OF THE INVESTMENT BANKING IN THE POST-CRISIS EPOCH Alex Kostyuk, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Yulia Lapina, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Parallel session 2: Banking regulation and supervision in the context of the world financial crisis Session chair: Iryna Dyakonova, Professor, Head of the Chair of Management, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine) Session secretary: Tetyana Shcherbyna, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine BANK REGULATION & STABILITY: AN EXAMINATION OF THE BASEL MARKET RISK FRAMEWORK Gordon J. Alexander, University of Minnesota, Minneapolis, USA PRUDENTIAL TASKS OF THE PAYMENTS CHALLENGES Levente Kovacs, Secretary General, Hungarian Banking Association, Hungary Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 STRUCTURAL FUNDING AND BANK FAILURES Pierluigi Bologna, Bank of Italy, Italy PHASING-IN BASEL 3 CAPITAL & LIQUIDITY REQUIREMENTS IN POST-REVOLUTION EGYPT Monal Abdel-Baki, School of Business, American University in Cairo, Egypt Parallel session 3: Financial market trends in crisis Session chair: Serhiy Leonov, Professor, Head of the Chair of Finance, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine) Session secretary: Olga Afanasieva, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine YIELD SPREADS & THE VALUE OF BOND PORTFOLIOS: AN EMPIRICAL ANALYSIS DURING THE CRISIS Mario Strassberger, Zittau/Goerlitz University of Applied Sciences, Germany ASYMMETRIES OF GLOBAL CAPITAL FLOWS: IS REBALANCING POSSIBLE? Aleksey Kuznetsov, Institute of World Economy and International Relations of the NAS of Ukraine, Ukraine COMPARATIVE PREDICTABILITY OF FAILURE OF FINANCIAL INSTITUTIONS USING MULTIPLE MODELS Mo Vaziri, California State University San Bernardino, USA Rafiqul Bhuyan, California State University San Bernardino, USA Ponkala Anand Vaseekhar Manuel, California State University San Bernardino, USA ROLE OF OUTSIDE INDICATORS IN COOPERATIVE FINANCIAL INSTITUTIONS: THE CASE OF JAPAN Kozo Harimaya, Ritsumeikan University, Japan Parallel session 4: Monetary policy and central banking: outlining an anti-crisis architecture Session chair: Ricardo Gimeno, Ph.D., Bank of Spain (Spain) Session secretary: Inna Makarenko, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine WHY SHOULD MICROCREDIT REGULATION BE DIFFERENT? Santiago Caicedo Soler, Banco de la Rep´ublica de Colombia Dairo Estrada, Banco de la Rep´ublica de Colombia Juan Carlos Mendoza, Banco de la Rep´ublica de Colombia FOREIGN ENTRY AND BANKING EFFICIENCY IN ASIA Bayu Kariastanto, Graduate Institute for Policy Studies (GRIPS), Japan Wako Watanabe, Faculty of Business and Commerce, Keio University, Japan Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 EX ANTE EFFICIENCY OF STRUCTURED BARGAINING PROCEDURES UNDER COORDINATION FAILURE AMONG CREDITORS Kenta Toyofuku, Nihon University, Japan A JOINT CALIBRATION OF BANK CAPITAL & LIQUIDITY RATIOS Jochen Schanz, Bank of England, UK Parallel session 5: Competitiveness and modernization of the banking system in the context of the global and national economy (Ukrainian language) Session chairs: Oleg Yaremenko, Professor, Head of the Department of Monetary Policy Strategy, Deputy Head of the Expert-analytical Center of the Monetary Policy Council of the National Bank of Ukraine Tetiana Vasylieva, Professor, Head of the Chair of Banking, Ukrainian Academy of Banking of the National Bank of Ukraine ПОВЕДІНКОВІ ФІНАНСИ ТА ВИБІР ІНВЕСТИЦІЙНИХ ПЕРЕВАГ Корнєєв Володимир Вікторович – д-р екон. наук, проф., заступник завідувача відділу досліджень розвитку та регулювання фінансових ринків ДУ “Інститут економіки та прогнозування НАН України” (м. Київ) СВІТОВИЙ ДОСВІД ВИКОРИСТАННЯ СЕЗОННО СКОРИГОВАНИХ ПОКАЗНИКІВ ГРОШОВО-КРЕДИТНОЇ СТАТИСТИКИ Камашева Надія Вікторівна – канд. екон. наук, начальник відділу Департаменту статистики та звітності Національного банку України ОСОБЛИВОСТІ ОЦІНКИ БАНКІВСЬКОГО СЕКТОРУ В КОНТЕКСТІ НАЦІОНАЛЬНОЇ ОЦІНКИ РИЗИКІВ ЛЕГАЛІЗАЦІЇ Медвідь Тетяна Анатоліївна – канд. екон. наук, головний спеціаліст Департаменту фінансового моніторингу Національного банку України ОСОБЛИВОСТІ ОЦІНКИ ВІЛЬНИХ РЕЗЕРВІВ БАНКІВСЬКОЇ ЛІКВІДНОСТІ В СУЧАСНИХ УМОВАХ ЇЇ РЕГУЛЮВАННЯ Вожжов Сергій Павлович – канд. екон. наук, доц. кафедри “Фінанси і кредит” Севастопольського національного технічного університету МЕТОД АНАЛІЗУ ІЄРАРХІЙ ЯК ЕФЕКТИВНИЙ ІНСТРУМЕНТ ВИРІШЕННЯ БАГАТОКРИТЕРІАЛЬНИХ ЗАВДАНЬ БАНКІВСЬКОЇ СФЕРИ Ващенко Олександр Миколайович – канд. екон. наук, фінансовий експерт Департаменту економічної безпеки і управління ризиками НАК “Нафтогаз України”, м. Київ ІНТЕГРОВАНА ЗВІТНІСТЬ БАНКІВ: ПРОБЛЕМИ І ПЕРЕВАГИ ПЕРЕХОДУ Грищенко Оксана Олександрівна – канд. екон. наук, заступник директора Севастопольського інституту банківської справи Української академії банківської справи НБУ ШЛЯХИ УДОСКОНАЛЕННЯ СИСТЕМИ УПРАВЛІННЯ ОПЕРАЦІЙНИМ РИЗИКОМ У КОМЕРЦІЙНИХ БАНКАХ РЕСПУБЛІКИ БІЛОРУСЬ Леонович Тетяна Іванівна – канд. екон. наук, доц. кафедри банківської справи Установи освіти “Білоруський державний економічний університет” Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 15:45 – 16:00 Afternoon tea break 16:00 – 18:00 PARALLEL SESSIONS Parallel session 1: Corporate Governance in banks and financial institutions DIRECTOR REMUNERATION AND CORPORATE SOCIAL RESPONSIBITY : POST-CRISIS HORIZONS Serhiy Kozmenko, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Yaroslav Mozghoviy, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Dmitriy Govorun, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Dmitriy Riabichenko, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine BOARD OF DIRECTORS AND PERFORMANCE IN ITALIAN BANKING GROUPS Giulia Romano, Paola Ferretti, Alessandra Rigolini, University of Pisa, Italy CORPORATE GOVERNANCE PERFORMANCE MEASURES: IS IT RIGHT TIME FOR GETTING ESSENTIALS RECONSIDERED? Serhiy Leonov, Maryna Brychko, Ukrainian Academy of Banking of the National Bank of Ukraine Parallel session 2: Banking regulation and supervision in the context of world financial crisis BANK REGULATION FRAMEWORK IN EMERGING MARKETS: OUTLINING THE CRISIS ASPECTS Iryna Dyakonova, Tetyana Shcherbina, Ukrainian Academy of Banking of the National Bank of Ukraine CORPORATE INSURANCE POLICIES AND CREDIT ACCESS: THE POINT OF VIEW OF BANKS AND INSURANCE COMPANIES IN ITALY Gianfranco A. Vento, Regent's College, London, UK Fabrizio Santoboni, Sapienza University of Rome, Italy SOVEREIGN WEALTH FUND INVESTMENTS IN THE BANKING INDUSTRY Luisa Anderloni, Università degli Studi di Milano, Italy Ornella Moro, Università degli Studi di Milano, Italy Parallel session 3: Financial market trends in crisis INCIDENT MANAGEMENT: THE CASE OF BANKS IN EAST & WEST AFRICA Ronald H Mynhardt, Unisa, South Africa GOVERNMENT OWNERSHIP AND THE COST OF DEBT: EVIDENCE FROM GOVERNMENT William Megginsson, Veljko Fotak, Kateryna Holland, The University of Oklahoma, USA Ginka Borisova, Iowa State University, USA HOW MULTIPLIED CREDIT RATING AGENCIES EFFORTS FOR IRB APPROACH? Karminsky Alexander, National Research University Higher School of Economics, Russia DOES PRIVATIZATION HAVE AN IMPACT ON THE PERFORMANCE OF EUROPEAN COMPANIES? Hassan Obeid, European School Business, Department of Finance, Paris, France Patrick Piget, University of Paris I, PRISM-Sorbonne, France Parallel session 4: Monetary policy and central banking: outlining an anti-crisis architecture BANK EFFICIENCY IN TURKEY DURING THE RECENT GLOBAL CRISIS Shahram Taj, Hassan Shirvani, Bahman Mirshab, Ahmet Zia, Cameron School of Business, University of St. Thomas, USA EUROPEAN BANKING EFFICIENCY: A PANEL COST FRONTIER APPROACH Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 Cândida Ferreira, ISEG UTL and UECE, Portugal CDS: LIQUIDITY SHORTAGE OR STRUCTURAL INSOLVENCY? Franceso Giuliani, University of Bologna, Italy Parallel session 5: Competitiveness and modernization of the banking system in the context of the global and national economy (Ukrainian language) БАНКИ УКРАЇНИ: ВІДНОВЛЕННЯ ДИНАМІКИ, ПРОБЛЕМИ Баранов Дмитро Вікторович – головний економіст Національного банку України, Домрачев Володимир Миколайович – канд. фіз.-мат. наук, доц., старший науковий співробітник Академії фінансового управління Міністерства фінансів України, Любіч Олександр Олексійович – д-р екон. наук, старший науковий співробітник Академії фінансового управління Міністерства фінансів України УДОСКОНАЛЕННЯ РЕЙТИНГОВОГО ОЦІНЮВАННЯ БАНКІВ УКРАЇНИ Фалюта Андрій Володимирович – канд. екон. наук, доц. кафедри банківсько-го і страхового бізнесу Львівського національного університету імені Івана Франка ЕНДОГЕННА ПРИРОДА ЦИКЛІЧНОСТІ КРЕДИТНОГО РИНКУ Луняков Олег Володимирович – канд. екон. наук, доц. кафедри обліку та аудиту Севастопольського інституту банківської справи Української академії банківської справи НБУ ОЗНАКИ НОВОЇ ТЕНДЕНЦІЇ В РОЗВИТКУ СТРУКТУРИ БАНКІВСЬКОЇ СИСТЕМИ УКРАЇНИ Сухотеплий Володимир Тимофійович – старший викладач кафедри фінансів і державного управління Дніпропетровської державної фінансової академії ОЦІНКА ЕФЕКТИВНОСТІ ДІЯЛЬНОСТІ БАНКІВ НЕЧІТКИМ МЕТОДОМ АНАЛІЗУ СЕРЕДОВИЩА ФУНКЦІОНУВАННЯ Хайлук Світлана Олексіївна – канд. екон. наук, доц., завідувач кафедри економічної кібернетики Севастопольського інституту банківської справи Української академії банківської справи НБУ ВИЗНАЧЕННЯ ГРАНИЧНО ДОПУСТИМОГО РІВНЯ ІНОЗЕМНОГО КАПІТАЛУ НА ВІТЧИЗНЯНОМУ ІНВЕСТИЦІЙНОМУ РИНКУ Кобушко Ігор Миколайович – канд. екон. наук, доц. кафедри фінансів і кредиту Сумського державного університету ПРОГНОЗНА ОЦІНКА ФАКТОРІВ ФОРМУВАННЯ ЧИСТОГО ПРИБУТКУ БАНКУ Дмитрик Юлія Володимирівна – здобувач кафедри економіки і фінансів Харківського національного університету внутрішніх справ 18:45 – 22:00 Conference dinner Conference comments We appreciate your comments on the conference. Comments should be addressed to: Alexander Kostyuk, [email protected], [email protected] Conference organizing committee Anatoliy Yepifanov, Professor, Rector, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Editor-in-Chief of "Banks and Bank Systems" Serhiy Kozmenko, Professor, Vice-rector, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Editor-in-Chief of "Investment Management and Financial Innovations" Alexander Kostyuk, Professor, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Hanken School of Economics (Finland), Editor-in-Chief of "Corporate Ownership and Control", "Governance and Regulation" Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine International conference “International competition in banking: theory and practice” Sumy, May 24-25, 2012 Conference parallel session committees Parallel session 1 Chair - Alexander Kostyuk, Professor, Ukrainian Academy of Banking of the National Bank of Ukraine (Ukraine), Hanken School of Economics (Finland), Editor-in-Chief of "Corporate Ownership and Control" and "Governance and Regulation" Marco Ventoruzzo, Professor, Director, Ph.D., Vice-Director, Paolo Baffi Center on Financial Regulation, Bocconi University, Italy Horst Löchel, Professor, Frankfurt School of Finance & Management, Director of the German Centre of Banking and Finance, China Europe International Business School, Chairman of the Shanghai International Banking and Finance Institute, Germany Secretary - Yulia Lapina, Ukrainian Academy of Banking of the National Bank of Ukraine Parallel session 2 Chair - Iryna Dyakonova, Professor, Head of the Chair of Management, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Levente Kovács, Dr., Secretary General, Hungarian Banking Association, Hungary Gordon J. Alexander, Professor, the University of Minnesota, USA Secretary – Tetyana Shcherbina, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine Parallel session 3 Chair - Serhiy Leonov, Professor, Head of the Chair of Finance, Ukrainian Academy of Banking of the National Bank of Ukraine, Ukraine Ronald H. Mynhardt, University of South Africa, South Africa Mo Vaziri, California State University San Bernardino, USA Secretary – Olga Afanasieva, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine Parallel session 4 Chair - Ricardo Gimeno, Ph.D., Bank of Spain, Spain Stephan O. Hornig, University of Applied Sciences, Austria Kenta Toyofuku, Nihon University, Japan Secretary – Inna Makarenko, Ph.D., Ukrainian Academy of Banking of the National Bank of Ukraine Parallel session 5 Chairs: Oleg Yaremenko, Professor, Head of the Department of Monetary Policy Strategy, Deputy Head of the Expert-analytical Center of the Monetary Policy Council of the National Bank of Ukraine Tetiana Vasylieva, Professor, Head of the Chair of Banking, Ukrainian Academy of Banking of the National Bank of Ukraine Conference organizers and sponsors The Ukrainian Academy of Banking of the National Bank of Ukraine, founded in 1996, is a leading Ukrainian university in the field of economics, banking, finance and economic law. It trains more than 2500 students. The Academy’s scientific and research activities are of high international standards. It closely cooperates with banks, financial institutions and business schools around the world. The Academy has about 60 Ph.D. students. www.uabs.edu.ua The publishing company “Business Perspectives” publishes eight journals and book series on management, banking and finance. The journals’ editorial boards include the word’s leading economists and academics. www.businessperspectives.org The publishing house “Virtus Interpress” offers the expertise and global perspectives in corporate governance. “Virtus Interpress” publishes four journals in corporate governance and regulation, book series, acts as co-organizer of international conferences and seminars. www.virtusinterpress.org Established in 2010, the International Center for Banking and Corporate Governance is a research institute at the Ukrainian Academy of Banking of the National Bank of Ukraine. The Center has a wide portfolio of research in the area of banking and corporate governance. The Center has more than 80 participants from more than 25 countries. www.uabs.edu.ua The publishing house “Universitetska Knyga” was established more than ten years ago. It publishes books on economics as well as poetry, culture, politics, and supplies many Ukrainian universities and schools with the necessary publications. www.book.sumy.ua Ukrainian Academy of Banking of the National Bank of Ukraine Pokrovska Str. 9/1, Sumy, 40000, Ukraine