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Articles 1 - 30 of 43
Full-Text Articles in Business
Rationale For Financial System Regulation And Supervision: A Global Perspective, Victor Ekpu
Rationale For Financial System Regulation And Supervision: A Global Perspective, Victor Ekpu
Bullion
The paper examines the enormous role of financial institutions, especially banks to the efficient functioning of the economy. The shortcomings of regulation and supervision, notwithstanding, one can argue that because of the special role that financial institutions play in the economy and the economic and social costs to society of their eventual failure, it is obvious that leaving the forces of demand and supply to bear will have adverse implications on the economy and the living standards of the nation's citizens. lt is on this note that i expound on the various reasons for financial system regulation in section 2. …
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu, and Yu (2011) and provide a technology for identifying bubble behavior with consistent dating of their origination and collapse. The tests serve as an early warning diagnostic of bubble activity and a new procedure is introduced for testing bubble migration across markets. Three relevant financial series are investigated, including a financial asset price (a house price index), a commodity price (the crude oil price), and one bond price (the spread …
Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib
Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib
Arindam Bandopadhyaya
The financial services industry is a key sector of the U.S. economy. It is a noteworthy contributor to the overall gross domestic product and is an important component of the gross state product for many states. With the downturn in the economy at the beginning of this decade and the accompanying declines in stock market values, the industry has been hit hard. Asset management firms have experienced sharp decreases in their assets under management; banks and insurance companies have had to refocus their operations and have become increasingly vulnerable to acquisition. As evidence grows stronger that it is unlikely that …
Capital Account Liberalization, Financial Development And Industry Growth: A Synthetic View, Rachita Gullapalli, Barry Eichengreen, Ugo Panizza
Capital Account Liberalization, Financial Development And Industry Growth: A Synthetic View, Rachita Gullapalli, Barry Eichengreen, Ugo Panizza
Rachita Gullapalli
This paper synthesizes studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find evidence that financial openness has positive effects on the growth of financially dependent industries, although these growth-enhancing effects evaporate during financial crises. Further analysis indicates that the positive effects of capital account liberalization are limited to countries with relatively well-developed financial systems, good accounting standards, strong creditor rights and rule of law. It suggests that countries must reach a certain threshold in terms of institutional and economic development before they can …
Mexico Consensus Economic Forecast, Volume 14, Number 4, Thomas M. Fullerton Jr., Adam G. Walke
Mexico Consensus Economic Forecast, Volume 14, Number 4, Thomas M. Fullerton Jr., Adam G. Walke
Departmental Papers (E & F)
No abstract provided.
The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji
The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji
Bullion
The paper examines non-interest Banking model that operates devoid of interest in lending, financing, deposit-taking and all forms of financial intermediation. Hence, the bank becomes an important financial institution for enhancing growth and development in an economy. The article is divided into five section, the first being the introduction, section two contains the conceptual framework, three highlights non-interest banking in Nigeria and four concludes the paper.
The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng
The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng
World Maritime University Dissertations
No abstract provided.
An Investigation Of Shipping Derivatives Based On Risk Evaluation, Sheng Yang
An Investigation Of Shipping Derivatives Based On Risk Evaluation, Sheng Yang
World Maritime University Dissertations
No abstract provided.
Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd, Zhujun Zhou
Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd, Zhujun Zhou
World Maritime University Dissertations
No abstract provided.
Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen
Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen
World Maritime University Dissertations
No abstract provided.
Process Optimization In Freight Forwarding Industry, Xiaohua Shi
Process Optimization In Freight Forwarding Industry, Xiaohua Shi
World Maritime University Dissertations
No abstract provided.
Research On Capacity Development Plan Of Wenzhou Shipping Company, Xinlei Chen
Research On Capacity Development Plan Of Wenzhou Shipping Company, Xinlei Chen
World Maritime University Dissertations
No abstract provided.
Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen
Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen
World Maritime University Dissertations
No abstract provided.
Marketing Model Of Freight Forwarding Basing On Information Technology, Yang Li
Marketing Model Of Freight Forwarding Basing On Information Technology, Yang Li
World Maritime University Dissertations
No abstract provided.
Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu
Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu
Graduate Theses and Dissertations
In the first essay, utilizing a more recent and expanded 20-year sample 1991-2010 of dual-rated bonds issued, I confirm Morgan's (2002) finding that banks are relatively more opaque than nonbanks. The likelihood of a rating split is higher, and the magnitude of the rating gap is larger, for banks than nonnbanks. Moreover, rating agency disagreements are more significant for banks with relatively higher loan and trading securities holdings and maintain lower capital, and for banks engaged in mortgage securitization. Importantly, I find that rating agency disagreements reflect market proxies of information uncertainty. Further, opacity makes external financing more costly. Equity …
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
The Marginalist Revolution In Corporate Finance: 1880-1965, Herbert J. Hovenkamp
All Faculty Scholarship
During the late nineteenth and early twentieth centuries fundamental changes in economic thought revolutionized the theory of corporate finance, leading to changes in its legal regulation. The changes were massive, and this branch of financial analysis and law became virtually unrecognizable to those who had practiced it earlier. The source of this revision was the marginalist, or neoclassical, revolution in economic thought. The classical theory had seen corporate finance as an historical, relatively self-executing inquiry based on the classical theory of value and administered by common law courts. By contrast, neoclassical value theory was forward looking and as a result …
Mexico Consensus Economic Forecast, Volume 14, Number 3, Thomas M. Fullerton Jr., Adam G. Walke
Mexico Consensus Economic Forecast, Volume 14, Number 3, Thomas M. Fullerton Jr., Adam G. Walke
Departmental Papers (E & F)
No abstract provided.
From Boom To Doom To Boom: Offshore Financial Centres And Development In Small States, Richard Woodward
From Boom To Doom To Boom: Offshore Financial Centres And Development In Small States, Richard Woodward
Articles
During the 1990s tax havens and offshore financial centres (OFCs) were subject to a string of initiatives designed to raise their tax and regulatory regimes to accepted international standards. Many commentators forecast that this would lead to the demise of OFCs, a worry for the many small states whose economic well being depended heavily on the provision of offshore financial services. Despite this regulatory onslaught many small state OFCs have prospered in the new millennium. This paper seeks to explain this apparent paradox by arguing that (1) international initiatives were riddled with loopholes and exceptions that have been gleefully seized …
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
A Preface To Neoclassical Legal Thought, Herbert J. Hovenkamp
All Faculty Scholarship
Most legal historians speak of the period following classical legal thought as “progressive legal thought.” That term creates an unwarranted bias in characterization, however, creating the impression that conservatives clung to an obsolete “classical” ideology, when in fact they were in many ways just as revisionist as the progressives legal thinkers whom they critiqued. The Progressives and New Deal thinkers whom we identify with progressive legal thought were nearly all neoclassical, or marginalist, in their economics, but it is hardly true that all marginalists were progressives. For example, the lawyers and policy makers in the corporate finance battles of the …
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez
Research Collection Lee Kong Chian School Of Business
The buzz around sovereign wealth funds has been turned down a notch, but they remain a hot topic. The accusations of sovereign wealth funds having hidden agendas remain, but with the very public losses suffered by some during the recent financial turmoil, such talk has even less credibility. And given that most of those losses were from investments in US, UK, and European financial institutions, hope that sovereign wealth funds would be the saviors of Wall Street has also faded. At its base, four trends continue to keep sovereign wealth funds in focus. First, there is the phenomenal rise of …
Investment Styles, Fees, & Returns Among Individually Managed & Team Managed Mutual Funds, Kendal Cehanowicz
Investment Styles, Fees, & Returns Among Individually Managed & Team Managed Mutual Funds, Kendal Cehanowicz
Honors Projects in Finance
Identifying a successful mutual fund investment involves a crucial analysis of alternatives, all of which influence the true benefit of the investment. Major considerations must include performance, management and fees; which ultimately determine investment returns. Studies have shown that team managed mutual funds exhibit similar risk adjusted performance to individually managed mutual funds, however studies lack this comparison of performance based on fund fees and investment objective. This gap in research implies that there is an opportunity to examine how fund management, investment objective, and fund fees affect overall returns to the investor. Using the 2010 Center for Research in …
Mexico Consensus Economic Forecast, Volume 14, Number 2, Thomas M. Fullerton Jr., Carlos Morales, Francisco Pallares
Mexico Consensus Economic Forecast, Volume 14, Number 2, Thomas M. Fullerton Jr., Carlos Morales, Francisco Pallares
Departmental Papers (E & F)
No abstract provided.
Monopsony And Salary Suppression: The Case Of Major League Soccer In The United States, John Twomey, James Monks
Monopsony And Salary Suppression: The Case Of Major League Soccer In The United States, John Twomey, James Monks
Economics Faculty Publications
Top tier professional soccer in the United States is operated by Major League Soccer (MLS). The MLS was established and operates under a single entity structure, such that all players negotiate and sign contracts with the league rather than with individual teams. This monopsonistic structure was designed to eliminate competition for players across teams within the league and thus allow the league to suppress player salaries. This paper investigates how effective the MLS has been in achieving this goal and finds that the MLS devotes only about 25 percent of its revenues to player salaries, compared to 50 to 60 …
Impact Of The Economic Downturn On Local Governments In South Carolina, William Tomes
Impact Of The Economic Downturn On Local Governments In South Carolina, William Tomes
Georgia Journal of Public Policy
Across the country local government revenues have decreased while operating costs such as fuel, materials, equipment, and health insurance costs have significantly increased. In addition to reduced revenues, interest earnings for city and county government investments are low. These factors combined have created a difficult financial arena in which local governments must operate. While economists are reporting signs of economic recovery, many city and county budgets are just now feeling the full brunt of the economic downturn that began in 2008. On a daily basis, news media nationwide report local governments addressing budget deficits by cutting services, eliminating positions, or …
The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig
The Unintended Effects Of The Sarbanes-Oxley Act, Vidhi Chhaochharia, Clemens A. Otto, Vikrant Vig
Research Collection Lee Kong Chian School Of Business
The Sarbanes-Oxley Act (SOX) was passed in the wake of several scandals that rocked corporate America in 2001 and 2002. The objective behind SOX was to improve corporate governance by improving accounting disclosures. Compliance with Section 404 is considered by many to be the most costly requirement of SOX and has been argued to be a disproportionate burden for small firms. Consequently, firms with a public float below $75 million were granted several exemptions from compliance. We document an unintended effect of these exemptions: a weakening of corporate governance through a weakening of the market for corporate control.
A Comparison Of Attitudes Toward Venture Capital Among Sme Principals And Their Advisors In New Zealand And Australia, Dean Prebble, Stephen Kelly
A Comparison Of Attitudes Toward Venture Capital Among Sme Principals And Their Advisors In New Zealand And Australia, Dean Prebble, Stephen Kelly
Adjunct Professor Stephen J Kelly
No abstract provided.
Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu
Explosive Behavior In The 1990s Nasdaq: When Did Exuberance Escalate Asset Values?, Peter C. B. Phillips, Yangru Wu, Jun Yu
Research Collection School Of Economics
A recursive test procedure is suggested that provides a mechanism for testing explosive behavior, date stamping the origination and collapse of economic exuberance, and providing valid confidence intervals for explosive growth rates. The method involves the recursive implementation of a right-side unit root test and a sup test, both of which are easy to use in practical applications, and some new limit theory for mildly explosive processes. The test procedure is shown to have discriminatory power in detecting periodically collapsing bubbles, thereby overcoming a weakness in earlier applications of unit root tests for economic bubbles. An empirical application to the …
The Economic Value Of A Sustainable Supply Chain, Robert Mefford
The Economic Value Of A Sustainable Supply Chain, Robert Mefford
Finance
The economic rationale to operate a global supply chain in a sustainable manner is developed. Arguments are made based on marketing, finance, and production theories that by engaging in socially responsible behavior the firm will increase sales, decrease costs, reduce financial risk, and increase profits which ultimately will increase returns to the firm’s shareholders. A model is developed of the mechanism by which modern production methods such as lean production and quality management result in sustainable corporate behavior which, in the long run, translates into higher stock valuations. The production effects cause marketing and financial risk effects that are complementary, …
Cv, Lorán Chollete
International Diversification: An Extreme Value Approach, Lorán Chollete, Victor De La Peña, Ching-Chih Lu
International Diversification: An Extreme Value Approach, Lorán Chollete, Victor De La Peña, Ching-Chih Lu
Lorán Chollete
No abstract provided.