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The Effect Of Different Monetary Regimes On Cointegration Of The Term Structure: Evidence For Germany, The Netherlands, Switzerland, And The United Kingdom, Kevin J. Burns
Student Work
This thesis examines monthly eurodeposit rates for the short-end of term structure as a cointegrated system of the term structure of interest rates, for Germany, the Netherlands, Switzerland, and the United Kindom during the period 1975-1990. The countries monetary regimes are examined in order to find sample periods that reflect changes in policies, in order to determine if the policies affect the cointegration results. The cointegration testing procedure of Johansen and Juselius is employed. The results found support for the expectation theory of the term structure when the countries focus on exchange rate or interest rates, and rejects the expectation …
The Distribution Of Toxic Sources In Louisiana: An Analysis Of Community Socioeconomic Characteristics And Industry Behavior., Salpie Sarkis Djoundourian
The Distribution Of Toxic Sources In Louisiana: An Analysis Of Community Socioeconomic Characteristics And Industry Behavior., Salpie Sarkis Djoundourian
LSU Historical Dissertations and Theses
The distribution patterns of toxic sources in Louisiana reveal that some communities may be disproportionately exposed to potential environmental risks. This dissertation examines whether the location and environmental control behavior of toxic polluters are systematically related to the socioeconomic and racial characteristics of communities. The study identifies who lives in the immediate proximity of toxic sources and determines whether the characteristics of these communities are different from those of Louisiana's general population. The results reveal that income levels in communities that host toxic sources are consistently and significantly lower than the state averages. A distance gradient analysis indicates that as …
An Examination Of The Role Of Collateral In The Loan Contracting Process., Gregory Kenneth Faulk
An Examination Of The Role Of Collateral In The Loan Contracting Process., Gregory Kenneth Faulk
LSU Historical Dissertations and Theses
This study examines the competing roles advocated for collateral in a loan contract: solving problems of adverse selection, underinvestment, incentive contracting, bankruptcy and dilution of the monitoring services provided by banks. These theories cannot be separated based upon the effect of collateral on the borrowing firm's share price. Market based evaluations for security produce: (1) a positive response for small firms in an event study, but not confirmed with multiple regression; (2) a negative association for NASDAQ listed firms with regression, but not with event study methods; and (3) no response for NYSE/Amex firms with either method although they comprise …
An Examination Of An Emerging Stock Exchange: The Case Of Turkish Stock Market., Ayse Yuce
An Examination Of An Emerging Stock Exchange: The Case Of Turkish Stock Market., Ayse Yuce
LSU Historical Dissertations and Theses
This dissertation investigates an emerging stock market: Istanbul Stock Exchange. First the organizational properties and the history of the exchange are presented. The dissertation then provides an extensive statistical study of the time series properties of the Turkish stock prices. It shows that the Turkish stocks are nonnormal and highly leptokurtic. Absolute value of the stocks show significant dependence. The dissertation examines the effects of Decree No. 32 of August 11, 1989 on the stock distributions. After this date the stock market removed the restrictions on foreign investors. It is shown that the mean of stock price changes has stayed …
Essays In International Trade And The Environment: Applications Of Heckscher-Ohlin And Non-Traditional Trade Theories, Antoinette Mary James
Essays In International Trade And The Environment: Applications Of Heckscher-Ohlin And Non-Traditional Trade Theories, Antoinette Mary James
Doctoral Dissertations
The essays in this dissertation examine the implications of a country's use of the environment for its trade patterns. The first essay provides the foundation for the empirical analysis conducted in the second essay. The first essay examines empirical research in Heckscher-Ohlin trade theory with the intent of establishing the limits of the theory and some reasons for its lack of empirical support. The essay concludes that Heckscher-Ohlin is a specialized theory of trade flows between countries with similar endowments and which are at similar stages of development. The explanation for the poor empirical performance lies in applications of the …
Corporate Restructuring And The Information Hypothesis: An Empirical Analysis., Steven Randal Ferraro
Corporate Restructuring And The Information Hypothesis: An Empirical Analysis., Steven Randal Ferraro
LSU Historical Dissertations and Theses
The purpose of this dissertation is to explore the motivation behind various restructuring choices within a securities issuance context. Previous theoretical models and empirical evidence suggest that three methods of restructuring--equity carve-outs, sell-offs, and spin-offs, on average, signal favorable information about parent firms. This has been interpreted as reflecting either enhanced potential for efficiency gains, positive asymmetric information about the value of industry assets, or changes in agency costs. This dissertation presents an alternative framework by relating restructuring announcements to the effects of security issuance. Empirical tests are formulated to determine if these announcements contain valuable private information about the …
Two Essays On Liquidity Suppliers' Gross Profits., Jie-Haun Lee
Two Essays On Liquidity Suppliers' Gross Profits., Jie-Haun Lee
LSU Historical Dissertations and Theses
The purpose of this dissertation is to examine the strategic behavior of the specialist proposed by Glosten (1989) and its implications for price volatility and market liquidity. The extant literature suggests that the bid-ask spread is responsible, at least in part, for the greater volatility and more negative autocorrelation at the open than at the close. We find that these phenomena are not related to the bid-ask spread, but related to pricing errors quoted by the specialist or by limit order traders around the open. We use George, Kaul, and Nimalendran's (1991) model, which is less biased than Roll's (1984) …
Forecasting The Economic Effects Of Produced Waters Discharge Regulations On Oil And Gas Activity In Coastal Louisiana., Allen Paul Dupont
Forecasting The Economic Effects Of Produced Waters Discharge Regulations On Oil And Gas Activity In Coastal Louisiana., Allen Paul Dupont
LSU Historical Dissertations and Theses
Proposed regulations would restrict surface disposal of untreated produced waters by oil and gas producers in coastal south Louisiana. The regulations would impose costs on oil and gas activity. This dissertation develops an integrated model of exploration and production activities which utilizes both economic and geological concepts, in which the cost of compliance with the proposed regulations is treated as a reduction in the real net price of oil. The goal is to predict the effects of the proposed regulations on exploration and production activity in the study region. The main findings are: (i) the proposed regulations would reinforce the …
Report Of Developed Services In The El Pinalito Village Of The Chiquimula Municipality, Department Of Chiquimula, Fredy Samuel Coronado López
Report Of Developed Services In The El Pinalito Village Of The Chiquimula Municipality, Department Of Chiquimula, Fredy Samuel Coronado López
Theses and Dissertations
This paper reports on efforts to improve socioeconomic conditions and natural resource use in the El Pina lito community, department of Chiquimula, Guatemala. Students participating in supervised practical training at Centro Universitario de Oriente/Universidad de San Carlos de Guatemala (CUNORI) developed projects to address these issues. A general diagnostic instrument was created for this community to assist in the development of specific work projects. Students prepared community first-aid kits, agricultural activities with school children, and instructional sessions with farmers on how to prepare a family garden and efficiently manage domestic animals. Other activities included ornamental tree preparation for female participants …
Unemployment Cycles: Aggregate Disturbances And Sectoral Shifts, Jing Lu
Unemployment Cycles: Aggregate Disturbances And Sectoral Shifts, Jing Lu
Digitized Theses
This thesis consists of three essays, all of which examine the relative importance of aggregate disturbances and sectoral shifts in the explanation of unemployment cycles.;Chapter 1 of the thesis uses a search-theoretical framework to analyze a multi-sector economy in which labor productivity is subject to aggregate and sectoral shocks. After a critical review of the existing literature in this area and questioning the previous methods of shock decomposition into aggregate disturbance and sectoral shift components, this paper develops a new method for partitioning the effects of these two shocks on unemployment. It is argued that the mean and the dispersion …
Essays On Recursive Nonparametric Kernel Estimation Of Regression, Miang Hong Ngerng
Essays On Recursive Nonparametric Kernel Estimation Of Regression, Miang Hong Ngerng
Digitized Theses
In the practice of economics it is common that the data are observed not as a sample of fixed size, but rather as an ongoing sequence of a time series. It could be computationally advantageous if the estimate of the unknown function could be updated for each newly arriving data point. On some occasions, there is also a need to update the existing estimate with the newly realized observations. Kalman filter and Bayesian estimation are the commonly encountered techniques to handle these problems in the paradigm of linear parametric estimation. However, few procedures are available for nonlinear models, especially in …
Heteroscedasticity In Returns: Arch Effects Versus The Mixture Of Distributions Hypothesis, Richard Ronald Nason
Heteroscedasticity In Returns: Arch Effects Versus The Mixture Of Distributions Hypothesis, Richard Ronald Nason
Digitized Theses
The main purpose of this thesis is to examine and compare the Mixture of Distributions Hypothesis versus Autoregressive Conditional Heteroscedasticity (ARCH) models as an explanation for the distribution of stock returns and the relationship of returns to measures of trading activity. The conjecture has been made by Lamoureux and Lastrapes, (1990a), that ARCH modelling of stock returns does not contribute any information if a variable representing the rate of flow of information is accounted for in the variance of the stock return. This thesis directly challenges this conjecture.;Three measures of trading activity, namely, the number of intraday changes in the …
The Small Firm Anomaly And The Bid-Ask Spread: Empirical Tests, Charles Edward Mossman
The Small Firm Anomaly And The Bid-Ask Spread: Empirical Tests, Charles Edward Mossman
Digitized Theses
The small firm or size anomaly is an observation that small firms, ranked by total equity value, earn abnormally large returns even after adjusting for systematic risk. The persistence of abnormal small firm returns appears inconsistent with efficient markets or traditional asset pricing models. Some explanations for the small firm anomaly relate to bid-ask spreads.;This thesis examines four areas in which the relative, or percentage, bid-ask spread influences small firm returns: bid-ask bias, transaction costs, year-end effects, and as a proxy for market liquidity.{dollar}\sp1{dollar} Tests use Canadian Toronto Stock Exchange data during 1977 to 1991. An advantage of this data …
Search Models Of Money, Scott Campbell Hendry
Search Models Of Money, Scott Campbell Hendry
Digitized Theses
This thesis contains three essays studying the emergence of money as a medium of exchange. The search framework used resumes it is difficult for agents to come together in order to trade. The result is a double coincidence of wants problem that can be alleviated through the use of money as a medium of exchange. Much of the recent work studying search models of money is based on papers by Kiyotaki and Wright. This thesis extends their work to make this area of monetary economics more applicable.;Chapter 1 of the thesis introduces a credit instrument into the search model to …
Essays On Money, Banking, And Contracts, Siu Cheong Fung
Essays On Money, Banking, And Contracts, Siu Cheong Fung
Digitized Theses
In the first chapter, a computable equilibrium business cycle model is constructed to study the effects of inflation and taxation on the allocation of capital and time between the market sector and the home sector. In the model, individuals derive utility from the consumption of market goods and services, which are produced by combining business capital and market time, and from the consumption of home goods and services, which are produced by using household capital and nonmarket time. Money is incorporated into the model using a cash-in-advance constraint which applies to the purchase of market consumption goods. The model economy …
Essays In International Finance And Macroeconomics, Wai-Ming Ho
Essays In International Finance And Macroeconomics, Wai-Ming Ho
Digitized Theses
This thesis consists of three essays in international finance and macroeconomics to study the link between money and economic activity.;The first essay, entitled "Liquidity, Exchange Rates, and Business Cycles," presents a two-country, two-good, two-currency model to study the role of liquidity effects in exchange rate determination and the international transmission of economic fluctuations. The monetary authority's injections of cash are funneled into the economy through financial markets. The asymmetry of economic agents' access to the newly injected cash induces liquidity effects. The model provides an exchange rate equation which is different from the simple purchasing-power-parity law of exchange rate determination. …
Fertility And Economic Growth, Jie Zhang
Fertility And Economic Growth, Jie Zhang
Digitized Theses
The thesis comprises three chapters which model fertility and economic growth simultaneously in overlapping generations frameworks.;Chapter 1 focuses on the relation between fertility and wage rates and examines the effects on fertility and growth of subsidies for education and for the cost of rearing children by assuming that agents care about the consumption and number of children. Without education, this model reconciles two conflicting results about the relationship between fertility and wage rates: while Malthus and others predict a positive relation, Barro and Becker find a negative relation. With education, the positive relation between fertility and wage rates can no …