Stine Marie Skov Og Casper Ju

Total Page:16

File Type:pdf, Size:1020Kb

Stine Marie Skov Og Casper Ju COMPOSITION, STRUCTURE & RISK-TAKING - a study on Danish bank boards 2003-2008 COPENHAGEN BUSINESS SCHOOL 2010 STINE MARIE SKOV CAND.MERC(FIR) 270881-xxxx CASPER JUUL KAUFMANN CAND.MERC(FSM) 110683-xxxx SUPERVISOR: PROF., DR.MERC. FINN ØSTRUP CHARACTERSCHARACTERS:::: 272.481 PAGES: 226 Individual contribution to the thesis at hand: Casper Juul Kaufmann wrote all even pages Stine Marie Skov wrote all odd pages 2 EXECUTIVE SUMMARY The thesis at hand is motivated by the criticism directed at Danish banks’ boards in the wake of the financial crisis and poses the research question: “Have the structure and composition of Danish bank board affected risk-taking in the period from 2003-2008?” To answer this, the thesis constructs ten hypotheses in a deductive, comparative research design: six hypotheses regard the composition of Danish bank boards, four regard the structure. The thesis defines five groups of stakeholders, who are all affected by the bank’s actions: the shareholders, the board of directors, the management of the bank, the depositors and society at large. The hypotheses emerge from a thorough review of the corporate governance literature field with a special dedication to agency theory, as well as from extensive literature reviews on the theory and empirical research. The answer to the research question is found through the subsequent data analysis, built on 4.829 manually collected, unique data points. The thesis finds that the structure and composition of Danish bank boards in the period 2003-2008 has indeed affected risk-taking in Danish banks, because: • Independent directors are found to allow more risk-taking than dependent directors. • Experienced board members are found to allow less risk-taking than inexperienced (less than five years of board experience) • Directors with more than three simultaneous directorships are found to allow more risk- taking than directors with three or less directorships • Directors are found to allow increasingly more risk as their years on the board increases • Directors with a master’s degree in finance, economics, business economics or accounting are found to allow more risk-taking than those without such an educational background • The existence of incentive programs (bonuses and stock (option) plans) is found to be positively related to risk-taking • It is found that if the CEO has been in place longer than the board on average, risk-taking has been increased relative to a situation in which the board has served longer than the CEO. “Gender” and “board size” are tested as well, but do not yield any results. The origins of the findings are then discussed at length, leading to a final part that draws up three models; an actuarial model that suggests pricing the banks’ risk insurance correctly, a soft-law model that recommends specific bank governance recommendations and finally, a society model in which a government representative is (re-) introduced to banks’ boards. 3 1 INTRODUCTORY PART 12 1.1 BACKGROUND , JUSTIFICATION AND MOTIVATION 12 1.2 RESEARCH OBJECT AND AREA 13 1.3 REAL ECONOMIC IMPACTS 13 1.3.1 THE HOUSING MARKET BUBBLE AND BUST 14 1.3.2 CREDIT AND LIQUIDITY FREEZE 15 1.3.3 STOCK MARKET TURBULENCE 16 1.3.4 OTHER IMPACTS 17 1.4 ACTORS AND ACTIONS 17 1.4.1 THE GENERAL POPULATION 17 1.4.2 THE REGULATORS 17 1.4.3 THE BANKS 18 1.5 THE RESEARCH QUESTION 18 1.6 AIM AND CONTRIBUTION 19 1.7 DELIMITATIONS 19 1.8 LIMITATIONS 20 1.9 STRUCTURE OF THE THESIS 21 2 METHODOLOGY 22 2.1 METHODOLOGICAL REFLECTIONS 22 2.1.1 EPISTEMOLOGY 22 2.1.2 ONTOLOGY 23 2.2 RESEARCH DESIGN 23 2. 3 DATA 24 2.3.1 PRIMARY DATA 24 2.3.2 SECONDARY AND OTHER DATA 24 2.3.3 DATA QUALITY 24 2.4 THEORY 25 2.5 PARTIAL CONCLUSION 25 3 THE RESEARCH FIELD 26 3.1 THE BANKING INDUSTRY IN DENMARK 26 3.2 THE BANKS IN SOCIETY 26 3.3 THE STAKEHOLDERS 27 4 3.3.1 THE OWNERS 27 3.3.2 THE DEBTHOLDERS 28 3.3.3 THE MANAGEMENT 28 3.3.4 THE BOARD OF DIRECTORS 28 3.3.5 THE SOCIETY 29 3.4 RISK 29 3.4.1 CREDIT RISK 29 3.4.2 MISMATCHING 30 3.4.3 FUNDING LIQUIDITY RISK 30 3.5 REGULATION AND RISK -MONITORING 30 3.6 PARTIAL CONCLUSION 31 4 THEORY 32 4.1 CORPORATE GOVERNANCE 32 4.2 TRANSACTION COST ECONOMICS 33 4.3 AGENCY THEORY 33 4.3.1 FUNDAMENTAL AGENCY THEORY 34 4.3.2 THE EXTENDED AGENCY PROBLEM 34 4.3.3 CONTRACTS 35 4.3.4 EX-ANTE INFORMATION ASYMMETRY – HIDDEN CHARACTERISTICS 36 4.3.5 EX-POST INFORMATION ASYMMETRY – MORAL HAZARD 37 4.4 TYPES OF AGENCY PROBLEMS 37 4.4.1 TYPE 1: OWNER VS . MANAGER 37 4.4.2 TYPE 2: MINORITY VS . MAJORITY INVESTORS 38 4.4.3 TYPE 3: SHAREHOLDERS VS . STAKEHOLDERS 38 4.5 DEPOSIT INSURANCE 38 4.6 RISK AND RISK PREFERENCES 41 4.6.1 THE SHAREHOLDERS 42 4.6.2 THE BOARD OF DIRECTORS 42 4.6.3 THE MANAGEMENT 42 4.6.4 THE DEBTHOLDERS 43 4.6.5 THE SOCIETY 43 4.7 ALTERNATIVE CEO RISK PREFERENCES 44 4.7.1 OTHER MODELS OF CEO RISK PREFERENCES 44 4.8 THE BOARD OF DIRECTORS 45 4.8.1 THE ROLE OF THE BOARD 46 5 4.8.2 THE OPTIMAL BOARD 47 4.9 PARTIAL CONCLUSION 48 5 HYPOTHESES 49 5.1 DETERMINING THE TESTABLE PARAMETERS 49 5.2 INDIVIDUAL LEVEL 49 5.2.1 INDEPENDENCE 50 5.2.2 BOARD EXPERIENCE 52 5.2.3 GENDER 53 5.2.4 MULTIPLE DIRECTORSHIPS 56 5.2.5 BOARD TENURE 59 5.2.6 FINANCIAL EDUCATION 61 5.3 HYPOTHESES - THE BOARD LEVEL 63 5.3.1 BOARD SIZE 63 5.3.2 INCENTIVE PROGRAMS 64 5.3.3 THE CEO’ S TENURE VERSUS THE BOARD ’S TENURE 67 5.4 PARTIAL CONCLUSION 68 6 SAMPLE CONSTRUCTION 69 6.1 THE TIMEFRAME 69 6.2 THE POPULATION AND SAMPLE 69 6.2.1 EXCLUDED BANKS 71 6.3 THE BOARD MEMBERS 72 6.4 WEIGHING THE INFLUENCE 72 6.5 INDIVIDUAL LEVEL VARIABLES 72 6.5.1 INDEPENDENCE 72 6.5.2 BOARD EXPERIENCE 73 6.5.3 GENDER 73 6.5.4 MULTIPLE DIRECTORSHIPS 73 6.5.5 TENURE 74 6.5.6 FINANCIAL EDUCATION 74 6.6 BOARD LEVEL VARIABLES 74 6.6.1 BOARD SIZE 75 6.6.2 INCENTIVES 75 6.6.3 THE CEO’ S TENURE VS . THE BOARD ’S TENURE 75 6 6.7 PARTIAL CONCLUSION 75 7 RISK MEASURES 76 7.1 ASSEMBLING RISK IN ONE MEASURE 76 7.2 STOCK VOLATILITY 76 7.3 ABSOLUTE GROWTH IN LOANS 77 7.4 ANNUAL RELATIVE INCREASE IN LOANS 77 7.5 GROWTH IN THE LOAN /DEPOSIT RATIO 78 7.6 THE ABSOLUTE LEVEL OF LOANS TO DEPOSITS 79 7.7 CHOICE OF RISK MEASURE 81 7.8 PARTIAL CONCLUSION 82 8 DESCRIPTIVE STATISTICS 83 8.1 THE SAMPLE 83 8.2 THE RISK MEASURE 83 8.3 INDIVIDUAL VARIABLES 84 8.3.1 INDEPENDENCE 84 8.3.2 BOARD EXPERIENCE 84 8.3.3 GENDER 85 8.3.4 MULTIPLE DIRECTORSHIPS 85 8.3.5 TENURE 87 8.3.6 FINANCIAL EDUCATION 87 8.4 BOARD LEVEL VARIABLES 88 8.4.1 BOARD SIZE 88 8.4.2 INCENTIVE PROGRAMS ; BONUS AND STOCKS 89 8.4.3 CEO VS . BOARD 89 8.5 PARTIAL CONCLUSION 90 9 DATA ANALYSIS 91 9.1 REGRESSION ANALYSIS 91 9.2 MODELS FOR ANALYSIS 91 9.3 STATISTICAL RESULTS 93 9.3 REFERENCE CATEGORIES 93 9.4.1 INDIVIDUAL LEVEL , INCLUDING EMPLOYEE -ELECTED REPRESENTATIVES 94 7 9.4.2 INDIVIDUAL LEVEL , EXCLUDING EMPLOYEE -ELECTED REPRESENTATIVES 94 9.4.3 BOARD LEVEL , INCLUDING EMPLOYEE -ELECTED REPRESENTATIVES 94 9.4.4 BOARD LEVEL , EXCLUDING EMPLOYEE -ELECTED REPRESENTATIVES 94 9.5 RESULTS 95 9.5.1 INDIVIDUAL INDEPENDENT VARIABLES 95 9.5.2. INDEPENDENCE 95 9.5.3 BOARD EXPERIENCE 95 9.5.4 GENDER 96 9.5.5 MULTIPLE DIRECTORSHIPS HELD BY THE BOARD MEMBER 96 9.5.6 TENURE (TIME SPENT ON THE BOARD ) 96 9.5.7 FINANCIAL EDUCATION 97 9.6 BOARD LEVEL INDEPENDENT VARIABLES 97 9.6.1 BOARD SIZE 97 9.6.2 STOCK PAYMENT / STOCK OPTIONS 97 9.6.3 BONUS SCHEMES 98 9.6.4 CEO VS . THE BOARD 98 9.7 CORRELATIONS 98 9.7.1 MODEL 1A AND 1B. 99 9.7.2 MODEL 2A AND 2B 99 9.8 FULL MODELS 100 9.9 MOST RISK -TAKING DIRECTOR AND BOARD 100 9.10 PARTIAL CONCLUSION 101 10 DISCUSSION AND IMPLICATIONS 102 10.1 INDEPENDENCE 102 10.1.1 DISCUSSION OF THE FINDINGS 102 10.1.2 THE SAMPLE 103 10.1.3 IMPLICATIONS 104 10.2 BOARD EXPERIENCE 105 10.2.1 DISCUSSION 105 10.2.2 THE SAMPLE 106 10.2.3 IMPLICATIONS 106 10.3 GENDER 107 10.3.1 DISCUSSION 107 10.3.2 SAMPLE 107 10.3.3 IMPLICATIONS 107 8 10.4 MULTIPLE DIRECTORSHIPS 108 10.4.1 DISCUSSION 108 10.4.2 THE SAMPLE 108 10.4.3 IMPLICATIONS 109 10.5 TENURE 109 10.5.1 DISCUSSION 109 10.5.2 THE SAMPLE 110 10.5.3 IMPLICATIONS 110 10.6 FINANCIAL EDUCATION 110 10.6.1 DISCUSSION 110 10.6.2 SAMPLE 111 10.6.3 IMPLICATIONS 111 10.7 BOARD SIZE 112 10.7.1 DISCUSSION 112 10.7.2 THE SAMPLE 112 10.7.3 IMPLICATIONS 113 10.8 INCENTIVE PROGRAMS 113 10.8.1 DISCUSSION 113 10.8.2 THE SAMPLE 114 10.8.3 IMPLICATIONS 114 10.9 THE CEO VERSUS THE BOARD 114 10.9.1 DISCUSSION 114 10.9.2 THE SAMPLE 115 10.9.3 IMPLICATIONS 115 10.10 PARTIAL CONCLUSION 115 11 RECOMMENDATIONS 118 11.1 THE BANK AND ITS ENVIRONMENT 118 11.1.1 THE ACTUARIAL MODEL 120 11.1.2 THE SOFT LAW MODEL – WITH HARD LAW EXTENSIONS 121 11.1.3 THE SOCIETY MODEL 121 11.1.4 FINAL RECOMMENDATION 122 11.5 PARTIAL CONCLUSION 122 12.
Recommended publications
  • Danish Coca Cola League 1995 Checklist
    www.soccercardindex.com Danish Coca Cola League 1995 checklist □1 AGF Aarhus (Team) □ 61 OB Odense Boldklub (Team) □121 Silkeborg (Team) □181 Næstved (Team) □2 Peter Rudbæk (Coach) □ 62 Viggo Jensen (Coach) □122 Preben Elkjær (Coach) □182 Peter Bonde (Coach) □3 Thomas Thorninger □ 63 Jess Thorup □123 Peder Knudsen □183 Claus Fallentin □4 Lars Lambæk □ 64 Ulrik Pedersen □124 Peter Sørensen □184 Rene Tengsted □5 Nocko Jockovic □ 65 Per Pedersen □125 Jacob Laursen □185 Christian Bank □6 Håvard Flo □ 66 Kenneth Jensen □126 Michael Hansen □186 Nicolai Wael □7 Lennart Bak □ 67 Jesper Hjorth □127 Brian Pedersen □187 Michael Nonbo □ 8 Palle Sørensen □ 68 Bo Henriksen □128 Jesper Thygesen □188 Tom Jensen □ 9 Martin Jørgensen □ 69 Bertrand Tchami □129 Allan Reese □189 Mark Strudal □ 10 Jan Bartram □ 70 Brian Steen Nielsen □130 Flemming Møldrup □190 Søren J. Kristensen □ 11 Stig Tøfting □ 71 Steen Nedergaard □131 Heine Fernandez □191 Lars Jacobsen □ 12 Henrik Mortensen □ 72 Jens Melvang □132 Keld Bordinggaard □192 Mads Spur-Mortensen □ 13 Gunner Lind □ 73 Morten Bisgaard □133 Kenni Sommer □193 Bjarne Jensen □ 14 Claus Struck □ 74 Michael Schjønberg □134 Christian Duus □194 Max Petersen □ 15 Dennis Siim □ 75 Torben Sangild □135 Bora Zivkovic □195 Kenny Thorup □ 16 Niels Chr. Jørgensen □ 76 Ulrik Laursen □136 Henrik Pedersen □196 Alex Nielsen □ 17 Torben Piechnik □ 77 Michael Hemmingsen □137 Peter Kjær □197 Tommy Nielsen □ 18 Martin Nielsen □ 78 Johnny Hansen □138 Morten Bruun □198 Steen Jensen □ 19 Lars Windfeld □ 79 Carsten Dethlefsen □139 Henrik
    [Show full text]
  • Ministeriet for Fødevarer, Landbrug Og Fiskeri Fødevareerhverv
    Ministeriet for Fødevarer, Landbrug og Fiskeri FødevareErhverv Høringsliste Navn Firma Niels Lindberg Madsen Landbrugsraadet Ulla Heiden Fødevareministeriet A.Dyhr natur adam ferv Adva Rimon Juul Agna Steenholdt Jensen Visit Aalborg Agrolab Agrolab Aksel Nielsen Plantedirektoratet Alice Nielsen Lemvigegnens Landboforening Allan Aistrup Bjørnegården Landhotel Allan Bechsgaard HedeDanmark a/s Allan Bøttern Allan Klestrup Hansen I/S Borrevang Allan Malmberg Techmedia Allan Munk ErhvervsrÃ¥d Lolland Falster allan nielsen sdr bork efterskole Allan Olesen LandboNord Allan Rask Studerende Allan Skovgaard Infarm A/S Allan Venzel VetCur Biotec Allégården Landbrug og fjerkræslagteri Alrum Roklub Roklub Altinget.dk Altinget.dk AM Flarup n/a Anders Hedetoft CRT Anders Hermansen Region Midtjylland Anders Horsten Mariagerfjord Kommune Anders Jensen Landbrug Anders Jensen Vildtforvalterne anders kristensen Region Midtjylland anders lindgård Ny søgård Anders Nørskov Stidsen Ringkøbing-Skjern Kommune Anders Piper Danfrugt Skælskør A/S Anders Rask Skive Kommune Anders Schou Økologisk Rådgivning Anders Stryhn Viborg Kommune Anders Sørensen Dansk Brand- og sikringsteknisk Institut Anders Sørensen landbrug Anders Tange Tange AquaTech ApS Anders Wegger kringelhovgÃ¥rd FødevareErhverv Nyropsgade 30 Tel +45 33 95 80 00 [email protected] DK-1780 København V Fax +45 33 95 80 80 www.ferv.fvm.dk Anders Aakjær Hansen Skovgaard anders-peter sørensen landbrug Andreas Andreas Höll Agrovi Andreas Lund Povlsen Teknik & Miljø, Bornholms Regionskommune Andreas Ott Andy Jensen
    [Show full text]
  • 2002Årsberetning
    Dansk Boldspil-Union 2002Årsberetning – store fodboldoplevelser Dansk Boldspil-Union Indhold Dansk Boldspil-Union Dansk Boldspil-Union 2002....................................................................................... 4 Damelandsholdet ........................................................................................................ 48 Nationale relationer...................................................................................................... 6 U/21-damelandsholdet.............................................................................................. 49 Internationale relationer ............................................................................................ 8 U/19-damelandsholdet ............................................................................................. 50 Bestyrelsen...................................................................................................................... 10 U/17-damelandsholdet............................................................................................... 51 Administrationen........................................................................................................... 11 Medlemstal...................................................................................................................... 12 DBU Old Boys Organisationsplan........................................................................................................ 14 Old Boys udvalget.......................................................................................................
    [Show full text]
  • 10522 ISS Beretning GB /Omslag
    77 Addresses as of February 1999 Austria France Luxembourg Slovakia ISS Servisystem GmbH ISS France S.A. / ISS CGS Group ISS Luxembourg S.A. ISS Servisystem spol. s.r.o. Brünner Strasse 85 50 avenue Gabriel Péri Avenue de la Faïencerie 121 Trnavská Cesta 3 A-1210 Vienna F-94 117 Arcueil L-1511 Luxembourg SK-831 04 Bratislava Tel.: +43 1 291110 Tel.: +33 1 41 24 13 13 Tel.: +32 2 255 8300 Tel.: +42 17 5556 2670 Fax: +43 1 2911178 Fax: +33 1 41 24 13 03 Fax: +32 2 255 8311 Fax: +42 17 5556 4747 Country Manager: Michael Maximilian Country Manager: Emmanuel Airy Country Manager: Daniel van Cauteren Country Manager: Honor Ilavsky Belgium Germany Malaysia Slovenia Contents 1 1998 in Brief 40 Shareholder Information ISS Servisystem S.A.-N.V. ISS-NWG ISS Servisystem Sdn. Bhd. ISS Servisystem d.o.o. 2 Board of Directors and Board of Management 43 Financial Analysts Luchthavenlaan 25B, Building C Keniastrasse 24 No. 1 Jalan 2/118B Kopitarjeva 5 B-1800 Vilvoorde D-47269 Duisburg Desa Tun Razak, Cheras SI-62000 Maribor 3 Group Financial Highlights and Key Figures 44 Signatures to the Accounts Tel.: +32 2 255 8300 Tel.: +49 203 99 82 0 56000 Kuala Lumpur Tel.: +386 62 220860 4 Report to Shareholders, Employees 45 Auditors’ Report Fax: +32 2 255 8311 Fax: +49 203 99 82 222 Tel.: +60 3 973 1282 Fax: +386 62 2208638 and Customers 46 Accounting Policies Country Manager: Daniel van Cauteren Country Managers: Rainer Thomas and Fax: +60 3 973 1281 Country Manager: Bojan Rajtmajer Rainer Gossmann Country Manager: Terry Kong ® 16 EVA 50 Consolidated Profit and Loss Accounts Brazil Spain 17 Business Conduct 51 Consolidated Statements of Cash Flows Greece Netherlands 18 The Service Enterprise Concept 52 Consolidated Balance Sheets ISS Sulamericana Comercial S/C Ltda.
    [Show full text]
  • Mm Udsigt Til Masseeksport Af Topspillere Fra Dansk Prof-Fodbold
    Mm Ugebrevet MANDAG Morgen ERHVERV Udsigt til masseeksport af topspillere fra dansk prof-fodbold Lønningerne i europæisk topfodbold er eksploderet - Herhjemme står de næsten i stampe - Danske klubber har ikke råd og satser ikke på dyre spillerindkøb - Modsat investerer udenlandske klubber voldsomt for at få sportslig succes - Lønefter- slæb gør danske spillere stadigt mere attraktive for opkøb - I England giver høje lønninger sportslig succes, i Danmark er den sammenhæng mindre tydelig Det bliver stadigt mere økonomisk attraktivt for danske topspillere at blive professionel fodboldspiller i udlandet. Og det kan meget vel betyde, at vi står foran en masseeksport af danske topspillere til udlandet. Herhjemme står fodbold-lønningerne nemlig i stampe og øges kun langsomt. Derimod stiger fodbold-proffernes lønninger i England nu hurtigere end nogensinde før. Således er lønningerne steget 102 pct. de seneste 4 år efter en 20 procents fremgang alene sidste år. I den nye sæson vil lønningerne få endnu et hop på yderligere 25 pct., vurderer revisionsfirmaet Deloitte & Touche i en omfattende analyse af engelsk fodbold. Herhjemme er de samlede lønninger i Superligaen kun steget 6 pct. siden 1995, viser en analyse af de danske topklubbers 1996-regnskaber. Den afdæmpede stigningstakt i de danske topklubber er bemærkelsesværdig. Den går på tværs af den internationale tendens og skyldes først og fremmest, at klubberne populært sagt sætter tæring efter næring. Klubberne er således også økonomisk set meget forsigtige og satser ikke forretningsmæssigt: De gambler kun i begrænset omfang på at få sportslig succes ved at købe dyre spillere og påtage sig byrdefulde lønomkostninger, som ikke kan forsvares i længden uden betydeligt højere indtægter og sportslig succes.
    [Show full text]
  • Samlet Oversigt for PI Herre # Aktiv Debutår Spiller 1
    Samlet oversigt for PI Herre # Aktiv Debutår Spiller 1. holds kampe Sekunda kampe I alt 1 1959 Jørn Møller 231 292 523 2 1975 Kurt Gullits Rasmussen 151 315 466 3 1964 Leif H. Nielsen 154 311 465 4 1975 Bent Hytholm Jensen 2 451 453 5 1974 Gert Knudsen 138 306 444 6 1983 Bjørn Bæk Nielsen 0 440 440 7 1974 Flemming Bjarne Andersen 89 348 437 8 1974 Esben Mogens Vile 62 369 431 9 1986 Bjarne Jensen 0 409 409 10 1974 Arne Petersen, TMU 0 401 401 11 1990 Kim Heine Fisker Christiansen 0 392 392 12 1986 Gunnar Nørager 0 385 385 13 1995 Lasse Vinther 222 156 378 14 1989 Kim Bo Munthesen 246 119 365 15 1967 Jens Ole Poulsen 8 353 361 16 1974 Vagn Palle Rasmussen 0 349 349 17 1989 Kristian Kjær Jensen 0 323 323 18 1970 Leif Marseen 0 308 308 19 1966 Per Mejrup Rasmussen 13 293 306 20 1986 Johnny Degnbol 274 17 291 21 1976 Jan Max Nielsen 63 219 282 22 2000 Martin Haakansson, B 63 219 282 23 1985 Steen Hansen Saabye 46 225 271 24 A 2001 Jesper Ahleson 147 120 267 25 1990 Michael Nordahl Christiansen 79 175 254 26 1991 Thomas Thrysøe 71 183 254 27 1990 Michael Axel Preisler 0 253 253 28 A 2000 Jacob Pedersen 143 110 253 29 1984 Rene Bjarne Jensen 54 195 249 30 1963 Axel Ravn 183 62 245 31 1978 Peter Butler Nielsen 109 131 240 32 1990 Jan "Mølby" Nielsen, st.
    [Show full text]
  • World Cup 1998 Panini France 98 A-Z Complete Guide
    World Cup 1998 Panini France 98 A-Z Complete Guide - www.CardzReview.com Made by collectors, for collectors. This guide would never be this complete and informative if I hadn´t had help from fellow collectors from all around the world, who invested their time to share the passion. I would personally like to thank each and every person who contributed in any way. Special thanks to: Pete F. from the United Kingdom Benoît from France Ben L. from China Mariano A. from Venezuela Adriano M. from Portugal Antonio A. from Brazil Dani from Italy These guys were a massive help and if it was not for their good will and passion, I would never be able to make this guide. The goal of this guide is not to intimidate or overwhelm anyone. You do not have to have them all in order to have fun. The purpose of it is to present the FIFA 1998 collection and show how diverse only one set can be. I hope that you will enjoy it and that it will help you to take your collection to the next level. If you spot any mistakes or you have any additional info that can improve this guide, please contact me at [email protected] Happy collecting. Pavle Djordjevic Editor of www.CardzReview.com World Cup 1998 Panini France 98 A-Z Complete Guide - www.CardzReview.com Page 2 World Cup 1998 Panini France 98 A-Z Complete Guide - www.CardzReview.com To honor the World Cup 1998 held in France, Figurine Panini published their 8th album, Panini France 98.
    [Show full text]
  • 268 FCK-OB.Indd
    Fredag den 13. april 2007 | Kampprogram nr. 268 | til søndagens SAS Liga-kamp | læs mere på www.fck.dk Med masser af aktiviteter på Familietribunen F.C. København – OB SØNDAG DEN 15. APRIL KL. 18.00 I PARKEN KampenKampen om de sisidstedste 30 popointint I skrivende stund er resultatet af torsdagens sene pokalkamp ikke kendt,kendt, menmen uansetuanset resultatetresultatet i HeHerning,rning, ssåå eerr detdet enen kendsgerning, at F.C. Københavns danske mestre på søndag for tredje gang på blot syv dage skal ud i en nøglekamp. Gæsterne i PARKEN er stabile OB, der trods et pludseligt træner- De fysisk stærkestærke fynboer bbyderyder på en anden type opgaveopgave end uransageligeuransagelige årsagerårsager konstantkonstant sskalkal sskæmmekæmme skifte i vinterpausen har bidt sig fast i den sjove del af SAS Ligaen. de letbenedeletbenede midtjyder,midtjyder, og dedett er bestemtbestemt ikkikkee usandsynligt, festenfesten fforor ddee mmangeange vveded aatt kkasteaste rromerlysomerlys ppåå Odenseanerne kan med en eventuel sejr over løverne genåbne den at der bliverbliver taletale om etet rentrent nedslidningsslag, hvhvoror fysisk banen,banen, nårnår vivi spillerspiller påpå udebane.udebane. mesterskabskamp, som stort set alle såkaldte eksperter har dømt overskudoverskud og mentmentalal vilje vil bliveblive afgørafgørendeende parparametreametre fforor afgjort efter vores magtdemonstration mod FC Midtjylland i mandags. sejr.sejr. I sådan en situation givergiver klichéenklichéen om publikumpublikum som DetDet er ikkeikke kunkun på banen, at vi bør sstræbetræbe efterefter at den 12. mand på banen rent faktisk mening, og jeg er værevære de bedste.bedste. Heldigvis er både trænerstaben og spillerne så fokuserede, at de ikke overbevist om, at de stribede på søndag vil mærke en hopper på limpinden om, at det danske mesterskab er afgjort med lydmur af flere end 20.000 brølende løver.
    [Show full text]
  • For Få Danske Offensive Talenter
    14 TIRSDAG 10. MAJ 2011 POLITIKEN Mest læste i går på www.politiken.dk/sport 1. Cykelrytter død efter styrt i Giro’en 2. Vild Superliga sætter rekord i begge ender sport Sportsredaktør Søren-Mikael Hansen – Jourhavende Brit Therkildsen – Telefon 33 47 21 00 – E-mail [email protected] 3. Real Madrid skriver lang kontrakt med tysk mester Ny sportschef i AGK EM-hold med garvede profiler Ni danske hold Kessler vil have billetprisen ned spiller europæisk AP Foto: HÅNDBOLD. Magnus Anders- til sit comeback i Parken son bliver ny sportschef i AG HÅNDBOLD. Der var ingen sto- standeren på hjemmebane 12. HÅNDBOLD. Dansk hånd- København, fortæller klub- re overraskelser i hatten, da juni, og følgende spillere er bold bevarer antallet af del- BOKSNING. Prisen skal ikke grund, er det vigtigt for ham bens ejer, Jesper Nielsen. landstræner Ulrik Wilbek i går udtaget: tagere i næste års europæi- være nogen undskyldning for at tage ordentlig afsked med Den 44-årige svensker var udtog truppen, der skal spille Målmænd: Niklas Landin, ske turneringer. at undlade billetkøb, når Dan- sit publikum. træner i FCK Håndbold 2005- EM-kvalifikationskampe mod Søren Rasmussen. Dansk herrehåndbold marks bedste bokser, Mikkel Nyheden om kampen mod 2010 og er i øjeblikket lands- hhv. Hviderusland og Schweiz Fløjspillere: Hans Lindberg, rangerer som nummer Kessler, går i ringen mod Meh- den 29-årige franskmand slap træner for det østrigske lands- i juni. Lasse Svan Hansen, Lars Chri- seks i Europa, hvilket udlø- di Bouadla i Parken 4. juni. ud søndag, men Kessler har hold. Den stilling kan han Det danske herrehåndbold- stiansen, Anders Eggert.
    [Show full text]
  • Europa ‘96 Panini, 1996 Álbum Dedicado a La Copa De Europa De Selecciones Nacionales De Inglaterra
    Europa ‘96 Panini, 1996 Álbum dedicado a la Copa de Europa de Selecciones Nacionales de Inglaterra. Estructurado a la forma clásica de Panini, con secciones y según los grupos de competición, el álbum mide 24 x 27 cms. Los cromos miden 4’9 x 6’5 cms., están identificados por delante con el nombre del jugador y el equipo al que pertenecen, a la vez que van numerados por detrás. 24 x 27 cms. Sobre de cromos 5 x 7 cms. Álbum de Oro del Campeonato de Ciudades y Estadios 37 Seaman Europa 19 London 38 Gary Neville 1 Alineación SSSR 20 London – Wembley Stadium 39 Adams 2 Jascin 21 Birmingham 40 Pallister 3 Alineación España 22 Birmingham – Villa Park 41 Pearce 4 Amancio 23 Leeds 42 Lee 5 Alineación Italia 24 Leeds – Elland Road 43 Redknapp 6 Riva 25 Newcastle 44 Anderton 7 Müller 26 Newcastle – St. James’ Park 45 Gascoigne 8 Alineación Deutschland-BRD 27 Manchester 46 Stone 9 Alineación Ceskoslovensko 28 Manchester – Old Trafford 47 Platt 10 Ivo Viktor 29 Liverpool 48 McManaman 11 Rummenigge 30 Liverpool – Anfield 49 Barmby 12 Alineación Deutschland-BRD 31 Sheffield 50 Beardsley 13 Platini 32 Sheffield – Hillsborough 51 Shearer 14 Alineación France 33 Nottingham 52 Sheringham 15 Alineación Nederland 34 Nottingham – City Ground 53 Ferdinand 16 Van Basten England 54 Flowers 17 Povlsen 35 Escudo Helvetia 18 Alineación Danmark 36 Equipo 55 Escudo 1 56 Equipo 126 Caminero 195 Escudo 57 Pascolo 127 Luis Enrique 196 Equipo 58 Hottiger 128 Guerrero 197 Köpke 59 Geiger 129 Amavisca 198 Sammer 60 Henchoz 130 Alfonso 199 Helmer 61 Quentin 131 Pizzi 200
    [Show full text]
  • O UWAGA KONKURS Po Raz Ósmy PREMIER W KALISZU Kultura
    cg UWAGA <5 N JarocińskaiNr 19 (397), 8 maja 1998 KONKURS CD ISSN 1230-851X TYGODNIK ZIEMI JAROCIŃSKIEJ nr indeksu 343 82X 4 0 0 zł na 4 0 0 numer Cena 1,50 zł____________ O Szczegóły w następnym numerze Rytm i Melodia PREMIER W KALISZU Po raz ósmy Premier Jerzy Buzek, wicepremier Janusz Tomaszewski i przewodniczący N S Z Z “Solidarność” Marian Krzaklewski wzięli udział 1 maja w V I Ogólnopolskiej Pielgrzymce Ludzi Pracy do bazyliki Osiemdziesięciu wykonawców z ośmiu krajów weźmie św. Józefa w Kaliszu. W uroczystościach uczestniczyło ponad 3 tys. osób. Wśród nich byli udział w V III Międzynarodowym Przeglądzie Piosenki przedstawiciele górniczej i hutniczej “Solidarności”, stoczniowcy, marynarze, a także Dziecięcej “ Rytm i Melodia” . Od 8 do 10 maja rywalizować kilkunastoosobowa delegacja z Jarocina. będą o Grand Prix burmistrza Jarocina. Dokończenie na str. 5 Młodzi artyści z Rosji, Armenii, Węgier, Francji, Czech, Bułgarii, Słowacji i Polski wystąpią na kolejnym festiwalu “Rytm i Melodia”. Przeglądy konkursowe odbędą się w JOK-u. W piątek o 17.00 artyści zaprezentują się w programie “Dyliżans międzynarodowy”, a w sobotę o tej samej godzinie odjedzie “Dyliżans Polski”. W niedzielę o 19.00 w amfiteatrze wszyscy spotkają się w “Rozśpiewanym dyliżansie”. Wykonawcom towarzyszyć będzie tradycyjnie grupa “Harry Band”. Bilety na koncerty w JOK-u kosztują 4 zł. W razie niepogody koncert z amfiteatru będzie przeniesiony do JOK-u. Z kościoła do pożaru P on ad d w a h e k ta ry m io d n ik a sosnow ego s p a liło się 2 m a ja w Leśnictwie Cielcza.
    [Show full text]
  • Den Danske Forening Heimdal’S Medlemsblad April 2003
    Den Danske Forening Heimdal’s Medlemsblad April 2003 Newsletter for The Danish Association Heimdal - Established 1872 Inside this Issue From the Editor Glæd dig til ………….............3 En Aften med Dans..................4 Dear Members, Committee Minutes..................5 March is the first month of Autumn and Resignation Letter....................6 already we have received more Letter from the Editor ….........9 welcoming rain and green is the colour President's Letter.....................8 around us but at Heimdal it was as usual Nyheder fra Danmark...........13 the red and white that dominated the Your Say................................16 Smørrebrødsaften on Saturday the 8th of Golf........................................17 March. Dansk Undervisning..............20 It has been a very busy month for us in Sport i Danmark ....................23 more ways than one but we managed to get this newsletter ready for printing Krydret Æbleflæsk.................25 rd Danish Church ......................27 early Sunday evening the 23 of March. Lune Jyder ............................28 We have received heaps of material for this issue and we were struggling a bit to New Music Club....................29 get it all to fit in. But once again here it is Nyttige adresser ....................30 and for us only 4 issues to go, see the Membership Application.......32 advertisement for new editor(s) on page Børnesiden ............................33 35. Committee members ............ 34 Yrsa Contributions All letters to the editor and other material Contact the Editor: to be published, must be received by the th Yrsa Christoffersen 10 of the month. We will endeavour to 18 Boardman Street publish all material submitted but reserve Kallangur Qld 4503 the right to determine the suitability of Email: [email protected] material to be published.
    [Show full text]