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Essays On Financial Intermediation, Yong Kyu Gam
Essays On Financial Intermediation, Yong Kyu Gam
Doctor of Business Administration Dissertations
Chapter 1 investigates a regulatory spillover effect of the Basel III liquidity standard on the real economy through a series of difference-in-difference estimations. Since the Basel Committee’s official endorsement for the new liquidity regulation in December 2010, a bank exposed to high liquidity risk reduced its loan proportion significantly, making a negative real effect on its surrounding economy via a bank-lending-channel. The new regulation also induced a bank with a weak liquid balance sheet to raise its deposit rate aggressively, generating a liquidity problem in a nearby local bank through a deposit-competition-channel and ultimately curbing an expansion of the local …
Essays In Financial Economics, Jinji Hao
Essays In Financial Economics, Jinji Hao
Arts & Sciences Electronic Theses and Dissertations
In the first chapter of my dissertation, I provide a novel framework – the cumulant generating function (cgf) of the market risk on the positive half real line – for studying the market risk which can be replicated by cross sections of index option prices in a model-free manner. Within this unifying framework, independent of the underlying price process, the VIX index measures the height of the cgf at one while the SVIX index proposed by Martin (2016) measures the convexity of the cgf over the interval [0, 2]. A tail index of the market risk, TIX, is proposed based …
Essays In Entrepreneurship, Innovation And Labor, Andres Gonzalo Hincapie Norena
Essays In Entrepreneurship, Innovation And Labor, Andres Gonzalo Hincapie Norena
Arts & Sciences Electronic Theses and Dissertations
I explore the role of experimentation on the career choices of individuals deciding whether to be paid employees or entrepreneurs, and on the decisions of consumers deciding what medical treatment to buy. In the labor market, experimentation entails the accumulation of information that allows individuals to improve their occupational choices. In the product market, experimentation entails discovering the quality of new products and it may have an effect on the evolution of technology: less experimentation by individuals may slow down the process of innovation. I start in Chapter 2 with the observation that most individuals do not start a business …