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Organizational citizenship behavior ( OCB) has been associated with positive organizational outcomes and with higher managerial ratings of employee performance. However, concerns have been raised about the possible personal costs of performing such activities. This paper examines the relationship between OCB and emotional exhaustion and work-family conflict and explores the moderating role of job performance in shaping those relationships. In a time-lagged field study of customer-contact center employees the research found that one particular dimension of OCB-conscientiousness-was associated with higher emotional exhaustion and with work-family conflict. The study also revealed that conscientious employees who performed their in-role job responsibilities at a high level experienced greater emotional exhaustion and work-family conflict than conscientious employees who performed their in-role job responsibilities at a low level. Our findings suggest that organizational pressures to increase the level at which both discretionary and formal role obligations are performed can carry negative consequences for employees. © 2016 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

We investigate the impact of increasing bank concentration on bank loan contracts in a lightly regulated environment that allows us to abstract from possible confounding effects of regulation and focus on the "pure" effects of competition on bank lending. We study over 30,000 British bank loans over the period 1885 to 1925. Borrowers in counties with high bank concentration received smaller loans and posted more collateral than borrowers in other counties. In high concentration counties, the quality of loan applicants improved, suggesting that banks restricted credit, not that the quality of loan applicants had worsened. [ABSTRACT FROM AUTHOR]

We develop a multivariate credit risk model that accounts for joint defaults of banks and allows us to disentangle how much of banks’ credit risk is systemic. We find that the United States and United Kingdom differ not only in the evolution of systemic risk but, in particular, in their banks’ systemic exposures. In both countries, however, systemic credit risk varies substantially, represents about half of total bank credit risk on average, and induces high risk premia. The results suggest that sovereign and bank systemic risk are particularly interlinked in the United Kingdom. [ABSTRACT FROM PUBLISHER]

The City of London has long attracted much academic and popular attention. However, little research has been done on the relationship between the City and the European Economic Community in the 1970s and 1980s, despite the accession of the United Kingdom in 1973. Based on archival material from central and commercial banks in the UK and France, this article explores the relationship between the City and the EEC, from the accession of the UK to the EEC in 1973 to the Maastricht Treaty in 1992, which was meant to be the year of the completion of the single financial market. The article explores two areas: the influence of the City on EEC financial regulation, and how this influence was exerted. It pays particular attention to two committees chaired by the Bank of England, the City Liaison Committee and the City EEC Liaison Committee, and to British banks. The article argues that if the EEC played a part in the formalisation of British banking regulation, the City also played a key role in shaping EEC plans for financial regulation. [ABSTRACT FROM AUTHOR]

Using an extensive and unique data set that has been created to record the composition of the boards of directors of the top 250 British firms between 1904 and 2010, this article builds upon a previous study by the authors on the corporate network to 1976 by extending the study to 2010. The analysis revolves around three key observations: the nature and depth of the corporate network; the distinct stages in corporate connectivity between 1976 and 2010; and the 1980s watershed in the relationship between financial and other sectors, following which financial institutions withdrew from the corporate network. The article concludes with an analysis of how the data set has changed our perceptions of British corporate networks, wider changes in British business, and a discussion of implications for future research. [ABSTRACT FROM AUTHOR]

Central bank lender of last resort (LOLR) regimes are the last line of defense before governments are forced to resort to taxpayer-funded bailouts of the financial system. Yet despite this important role, along with a rich theoretical literature examining the function and design of LOLR regimes, there has been remarkably little comparative research examining the design of these regimes across jurisdictions. This paper seeks to close this gap by tracing the historical development of the LOLR regimes in two jurisdictions at the heart of the global financial system: the United States and United Kingdom. This historical record reveals an important and intriguing puzzle. Despite deeply-rooted similarities in their legal, political, and economic systems, the LOLR regimes in the United States and United Kingdom have evolved at remarkably different speeds and, increasingly, in different directions. Even more remarkably, cutting against the global trend toward greater regulatory harmonization, this divergence has actually accelerated in the decade following the global financial crisis. Having traced the historical development of the LOLR regimes in the United States and United Kingdom, this paper seeks to explain this puzzling divergence. Three potential explanations stand out. First, while debates about the function and design of LOLR regimes almost universally revolve around the writings of 19th century journalist Walter Bagehot, the subsequent 150 years have witnessed the emergence of two distinct schools of thought on financial crisis management. While U.S. policymakers have been heavily influenced by the highly theoretical "monetarist" school, their counterparts in the United Kingdom have been influenced by the more pragmatic "financial stability" school. Second, differences in the political culture of the United States and United Kingdom, along with the domestic political economy of financial regulation, have put very different pressures on policymakers responsible for the design and use of LOLR regimes. Third, and perhaps most importantly, the United States and United Kingdom have vastly different historical experiences with financial crisis management. Most importantly, while the frequent crises of the 19th century left the Bank of England deeply skeptical of strict legal constraints on LOLR regimes, U.S. policymakers have embraced precisely these type of constraints in response to the financial crisis. This last explanation has potentially enormous implications for U.S. policy: suggesting that its new LOLR regime will buckle--and potentially break--under the strains of the next crisis. [ABSTRACT FROM AUTHOR]

Analyses of investment banks acting as advisers for merger and acquisition transactions in the United Kingdom during 1992-2001 are used to examine the relationship between structural holes in a firm's network and its performance. We argue that the firms need two types of information--about new business opportunities and partners' cooperativeness--to pursue, respectively, two types of performance goals: status accumulation and market performance. Open networks facilitate access to information about new business opportunities, but at the same time, open ego networks limit access to information about partners' cooperativeness. We find that there is a positive and reciprocal relationship between status accumulation and market performance. We also find that structural holes increase firms' status accumulation but also dampen their market performance. [ABSTRACT FROM AUTHOR]

The article discusses the controversial decision of the Hongkong and Shanghai Banking Corporation (HSBC) for Hong Kong British National (Overseas) (BN(O)) holders. It mentions the controversy of HSBC to suspend the transfer of Mandatory Provident Fund (MPF) funds for Hong Kong British National (BN(O)) holders, where it is said that the move has complicated relationship between China and United Kingdom and that the move was in response to British banks withholding access to Hongkongers pensions.

This article explores the effects of the bonus cap rule on UK banks to assess its impact on incentives faced by senior managers to make risky decisions. It is demonstrated that the ratio of variable to fixed remuneration is only one of the factors that determine the intensity of financial incentives to make risky decisions. More crucially, the steps taken by major UK banks to evade the effects of the cap by introducing fixed pay allowances, which are paid in shares but are legally structured as fixed remuneration, have created additional risk-taking incentives. Indeed, it is shown that paying part of executive remuneration in shares as such, is a significant driver of risk-taking. It follows that there is no reason to believe that the bonus cap has achieved any improvement in incentives and, therefore, that EU law's emphasis on the ratio of variable to fixed remuneration is misplaced. [ABSTRACT FROM AUTHOR]

This article explores the effects of the bonus cap rule on UK banks to assess its impact on incentives faced by senior managers to make risky decisions. It is demonstrated that the ratio of variable to fixed remuneration is only one of the factors that determine the intensity of financial incentives to make risky decisions. More crucially, the steps taken by major UK banks to evade the effects of the cap by introducing fixed pay allowances, which are paid in shares but are legally structured as fixed remuneration, have created additional risk-taking incentives. Indeed, it is shown that paying part of executive remuneration in shares as such, is a significant driver of risk-taking. It follows that there is no reason to believe that the bonus cap has achieved any improvement in incentives and, therefore, that EU law's emphasis on the ratio of variable to fixed remuneration is misplaced. [ABSTRACT FROM AUTHOR]

Since the major British banks first purchased computers in the 1960s, they have been concerned with the security challenges that these machines presented. One of the most potent risks was TEMPEST, the discovery that computers emitted radiation which could reveal the content of information processed by them, even if it had been encrypted. Archival material recently uncovered within the Bank of England’s archives from the mid-late 1970s is presented here to provide a first look at how the Bank evaluated the credibility of the threat posed by TEMPEST and how it sought to manage this new risk. [ABSTRACT FROM AUTHOR]

This article shows that neither stock markets nor commercial banks had a significant impact on the UK's economic growth from 1850 to 1913. These results are based on a new dataset on paid-in capital of securities listed on the UK's stock exchanges, which is analysed using a vector autoregression with time-varying parameters. Econometric results also indicate that the growth of the banking sector and the capital markets was, to a significant extent, driven by factors other than domestic economic growth. [ABSTRACT FROM AUTHOR]

The article reports on a study of the British retail banking industry and the computation of interest equivalences for the nonprice characteristics of bank products. Implicit interest or interest equivalences--determined from regressed market interest rates--are applied to higher-interest deposit and checking accounts, repayment mortgages, and personal loans. The equation involves ordinary least squares, considers LIBOR, and uses the coefficients as a basis for calculating equivalences for nonprice features--such as minimum investment or deposit and maximum withdrawal, number of branches, frequency of interest payment, and availability of automated teller machines. Data is given for minimum, maximum, and average interest equivalences for bank deposit and loan products.

This article presents an examination of bank deposits in the monetary theory of Keynes. The author argues that based on Keynes' work "A Treatise on Money," his definition of money included bank time deposits. The author examines research on various types of bank deposits and the rationale for holding money. The author discusses the role that British reserve customs played in Keynes' thoughts on money and the impact that reserves in general have on savings-deposits. The author discusses some of the difficulties associated with applying Keynes' ideas to the U.S. banking system, noting that his monetary theory was based on the design of the British system.

This article examines the factors affecting the expansion of U.S. banks into Great Britain. A trend of increasing activity among American banks outside the United States is noted. Both economic and regulatory factors may affect the international expansion of banking regulatory changes in the U.S. and Great Britain are suspected for having affected the growth of U.S. banks within the country. The expansion of domestic bank activity and U.S. trade overseas are suspected to be responsible for growth. The Eurodollar rate and the exchange-rate are the only significant factors of the time period mentioned.

The article reports on determining demand for bank examiner power in the First National Bank Region of Great Britain. Bank examination involves a lot of labor for bank regulatory agencies so there is a lot of planning and budgeting involved. Examinations run through Great Britain's Office of the Regional Administrator. A model of study is developed based on the assumption that the manpower needed for a bank examination is relative to the size, structure, and financial condition of the bank being examined.

The article presents comments from an article which contrasted two monetary inquiries in Great Britain, the Macmillan Committee report of 1931 and the Radcliffe Committee report of 1959. These reports argued that there were significant differences in these time periods. The author disagrees with this assertion from a substantive view point. Both either accept or rationalize the type of monetary system which had developed in Great Britain. Provided is information on banks and banking and the British monetary system in the mid-nineteenth century.

The article discusses how welfare cost effects the banking structure in Great Britain. It is the aim of the article to demonstrate that Great Britain's banking structure is not socially optimal. The article also attempts to quantify the resulting social loss created by the banking structure. An analysis of the welfare cost is presents, as well as an attempt to measure it. The article cites a 1966 report from Great Britain's Prices and Income Board, which recommended that certain restrictive practices in banking be abolished and a competitive banking system be established.

This article seeks to provide a better understanding of why business power varies over time and between firms. It assumes that business influence derives from firms’ ability to send credible information signals about policy costs, causing policy-makers to amend proposals. This ‘structural-informational’ power is mediated by two factors. First, the structure of the policy process enables policy-makers to assess the credibility of industry claims through institutional screening mechanisms, which vary over time. Second, the influence of individual firms is dependent on anticipated policy costs and past reputational damage, leading them to pursue different signalling strategies to maximize credibility. These claims are illustrated using the case study of United Kingdom banking reform between 2010 and 2013. Structural-informational power helps to explain why bank ‘ring-fencing’ reforms were agreed in the face of powerful industry opposition, but also why specific banks were subsequently able to extract important policy concessions. [ABSTRACT FROM AUTHOR]

This paper examines the effects of board composition and monitoring on the credit risk in the UK banking sector. The study finds CEO duality, pay and board independence to have a positive and significant effect on credit risk of the UK banks. However, board size and women on board have a negative and significant influence on credit risk. Further analysis using sub-samples divided into pre-financial crisis, during the financial crisis and post crisis reinforce the robustness of our findings. Overall, the paper sheds light on the effectiveness of the within-firm monitoring arrangement, particularly, the effects of CEO power and board independence on credit risk decisions thereby contributing to the agency theory. [ABSTRACT FROM AUTHOR]

Data envelopment analysis (DEA) has witnessed increasing popularity in banking studies since 1985. In this paper, we propose a new DEA-based analysis framework with a regression-based feedback mechanism, where regression analysis provides DEA with feedback that informs about the relevance of the inputs and the outputs chosen by the analyst. Unlike previous studies, the DEA models used within the proposed framework could use both inputs and outputs, only inputs, or only outputs. So far, the UK banking sector remains relatively under researched despite its crucial importance to the UK economy. We use the proposed framework to address several research questions related to both the efficiency of the UK commercial banking sector and DEA analyses with and without regression-based feedback. Empirical results suggest that, on average, the commercial banks operating in the UK—whether domestic or foreign—are yet to achieve acceptable levels of overall technical efficiency, pure technical efficiency, and scale efficiency. On the other hand, DEA analyses with and without a linear regression-based feedback mechanism seem to provide consistent findings; however, in general DEA analyses without feedback tend to over- or under-estimate efficiency scores depending on the orientation of the analyses. Furthermore, in general, a linear regression-based feedback mechanism proves effective at improving discrimination in DEA analyses unless the initial choice of inputs and outputs is well informed. [ABSTRACT FROM AUTHOR]

After the Bank Charter Act in 1833, English banks could branch nationally without legal or geographical restriction. It has been previously thought that despite this freedom, early English jointstock banks predominantly began as single units. Drawing upon a new data set, this article maps the growth of branch banking, the size of bank networks and their geographical location and spread. It demonstrates that banks pursued branching strategies energetically against the intentions of regulators and were successful in forming large and complex networks. However, ultimately, before 1880 the majority settled for local, district and multi-regional structures, as opposed to national structures. [ABSTRACT FROM AUTHOR]

During the 1870s, Whistler painted several night-time pictures of the industrialising banks of the Thames at Chelsea and Battersea. This part of the river was being transformed during the period by the building of Joseph Bazzelgate’s embankment (1871-1874), tangle of railway lines at Battersea and population boom on the South side. Painting and etching close to his Cheyne Walk home, Whistler largely ignores the modernisation of the river, depicting the rickety wooden structure of Old Battersea Bridge and manual labour like that carried out by the Thames watermen. By situating the Nocturnes within the campaign to free the Metropolitan bridges from the toll and the dangerous passage lightermen had to navigate under Battersea Bridge, this article suggests that Whistler’s aestheticism remained tied to the social history of the river. After a survey of post-war art-historical accounts of the Nocturnes as (a) avant-garde negation of Victorian pictorial convention and (b) flight into the hermetic sphere of art for art’s sake, it is suggested that the withdrawal from social comment in Whistler’s painting amounts to a disengagement from the intellectual presuppositions of socially progressive ‘work’. [ABSTRACT FROM AUTHOR]

Abstract: This article contributes to our understanding of the formation of policy networks. Research suggests that organisations collaborate with those that are perceived to be influential in order to access scarce political resources. Other studies show that organisations prefer to interact with those that share core policy beliefs on the basis of trust. This article seeks to develop new analytical tools for testing these alternative hypotheses. First, it measures whether perceptions of reputational leadership affect the likelihood of an organisation being the target or instigator of collaboration with others. Second, it tests whether the degree of preference similarity between two organisations makes them more or less likely to collaborate. The article adopts a mixed‐methods approach, combining exponential random graph models (ERGM) with qualitative interviews, to analyse and explain organisational collaboration around United Kingdom banking reform. It is found that reputational leadership and preference similarity exert a strong, positive and complementary effect on network formation. In particular, leadership is significant whether this is measured as an organisational attribute or as an individually held perception. Evidence is also found of closed or clique‐like network structures, and heterophily effects based on organisational type. These results offer significant new insights into the formation of policy networks in the banking sector and the drivers of collaboration between financial organisations. [ABSTRACT FROM AUTHOR]

This paper reports findings from investor engagement into corporate culture at UK listed banks. In 2014 and 2015 interviews with bank practitioners revealed the following seven elements as fundamental to improving bank culture; simplification of the business, corporate purpose, organisational culture, staff in the business, customer experience, board balance, and focus and engagement by the Chair of the board. The study designed baselines to capture where banks are in absolute and relative terms in relation to the seven elements. Culture performance over the 24 months of the study was examined. Banks that made most improvement during the investigation activated culture predominantly within the business by empowering the department most apt to handle it. Centring the culture programme within the business was associated with a focus on the middle and the grassroots level of the organisation. Banks that made least improvement activated culture principally ‘from the top’. Centring the culture programme at the top was associated with a focus on control, conformance, and structure. The finding of relatively greater performance when culture programmes were activated within the business contrasts sharply with recommendations from regulators and conventional wisdom that the establishment of corporate culture is necessarily a top-down exercise. [ABSTRACT FROM AUTHOR]

This study examines the financial impact of operational risk and its loss announcements on the value of publicly traded banks in United States, UK and Canada. There are three main findings: (1) on average, the market reacts more negatively to a loss’s initial announcement than its settlement news; (2) operational loss events cause strong reputational damage to the announcing banks and (3) the market is particularly sensitive to the announcement of losses caused by internal fraud, of a large magnitude, resulted in the order of restitution, and that are the rulings of a regulatory investigation. [ABSTRACT FROM PUBLISHER]

This paper looks at EU banks' use of public cloud computing services. It is based primarily on anonymised interviews with banks, cloud providers, advisers, and financial services regulators. The findings are presented in three parts. Part 1 explores the extent to which banks operating in the EU, including global banks, use public cloud computing services. It describes how banks are using cloud computing and the key drivers for doing so (such as time to market), as well as real and perceived barriers (such as misconceptions about cloud and financial services regulation), including cultural and technical/commercial aspects. It summarises how banks have approached the cloud and how cloud providers have approached the banking sector. Part 2 of this paper will cover the main legal and regulatory issues that may affect banks' use of cloud services, including how the regulation of outsourcing applies to banks' use of cloud services. Part 3 will look at the key contractual issues that arise between banks and cloud service providers, including data protection requirements, termination, service changes, and liability. All three parts of the paper can be accessed via Computer Law and Security Review's page on ScienceDirect at: http://www.sciencedirect.com/science/journal/02673649?sdc=2 . The full list of sources is available via the same link and will be printed alongside the third part of the paper. [ABSTRACT FROM AUTHOR]