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Articles 1 - 25 of 25
Full-Text Articles in Finance and Financial Management
Not All Risk Is Born Equal: The Behavioral Agency Model & Firm Efficacy, Geoffrey P. Martin Dr, Nathan T. Washburn Dr, Marianna Makri Dr
Not All Risk Is Born Equal: The Behavioral Agency Model & Firm Efficacy, Geoffrey P. Martin Dr, Nathan T. Washburn Dr, Marianna Makri Dr
Geoffrey P Martin
We examine the relationship between agent (CEO) risk bearing and the quality of executive risk taking outcomes, by examining the contingency effect of CEO perceived firm efficacy. In doing so, we extend the behavioral agency model (BAM) beyond predictions of risk magnitude to examining how CEO risk taking outcomes differ qualitatively in response to risk bearing. We argue that CEO risk bearing (due to stock options or cash compensation) will positively influence performance outcomes in the presence of higher perceived firm efficacy. However, this positive influence reverses when efficacy is lower. We demonstrate the utility of firm efficacy in exploring …
Earnings Response Coefficients Of Oecd Banks: Tests Extended To Include Bank Risk Factors, Mohamed Ariff, Cheng Fan Fah, Soh Wei Ni
Earnings Response Coefficients Of Oecd Banks: Tests Extended To Include Bank Risk Factors, Mohamed Ariff, Cheng Fan Fah, Soh Wei Ni
Mohamed Ariff
We investigate two issues: Do share prices of banks in European markets respond to unexpected accounting earnings disclosures? Are share prices as well as unexpected earnings changes correlated with bank-relevant risk factors? Results reveal that bank share prices respond to unexpected earnings changes at the time of accounting reports in the same manner as the shares of the more widely-researched non-bank firms. Apart from finding significant earnings response coefficients in eight countries, we find that credit risk, price risk, exchange rate risk, and solvency risk are significantly correlated with share price changes. Third, three bank risk factors are significantly correlated …
The Chilean Pension System At 25 Years: The Evolution Of A Revolution, Gregory J. Buchholz, Alberto Coustasse, Patricio Silva, Peter Hilsenrath
The Chilean Pension System At 25 Years: The Evolution Of A Revolution, Gregory J. Buchholz, Alberto Coustasse, Patricio Silva, Peter Hilsenrath
Alberto Coustasse, DrPH, MD, MBA, MPH
The 1981 reform of the Chilean pension system was revolutionary at its time. It was the first instance of a mature public Pay-As-You-Go social security system being converted into a mandatory defined contribution system managed by the private sector. This paper contends that a unique confluence of events were responsible for this change. The rise of a dictatorship in Chile, a struggling public retirement system, and a cadre of Chicago oriented economists determined to make Chile a model free market neoliberal economy. This was later followed by the Washington Consensus and the promotion of Chilean reform by the World Bank. …
Financial Liberalization, Market Structure And Credit Penetration, Felipe Balmaceda Assoc Prof., Ronald Fischer Full Professor, Felipe Ramirez
Financial Liberalization, Market Structure And Credit Penetration, Felipe Balmaceda Assoc Prof., Ronald Fischer Full Professor, Felipe Ramirez
Felipe Balmaceda
This paper shows that the effects of financial liberalization on the credit market of a small and capital constrained economy depend on the market structure of domestic banks prior to liberalization. Specifically, under perfect competition in the domestic credit market prior to liberalization, liberalization leads to lower domestic interest rates, in turn leading to increased credit penetration. However, when the initial market structure is one of imperfect competition, liberalization can lead to the exclusion of less wealthy entrepreneurs from the credit market. This provides a rationale for the mixed empirical evidence concerning the effects of liberalization on access to credit …
Selective Intervention And Economic Re-Engineering: Lessons Form Singapore's Parks In Indonesia And India, Caroline Yeoh, Siang Yeung Wong
Selective Intervention And Economic Re-Engineering: Lessons Form Singapore's Parks In Indonesia And India, Caroline Yeoh, Siang Yeung Wong
Caroline Yeoh
No abstract provided.
Restoring Transparency To Automated Authority, Frank Pasquale
Restoring Transparency To Automated Authority, Frank Pasquale
Frank A. Pasquale
Leading finance, health care, and internet firms shroud key operations in secrecy. Our markets, research, and life online are increasingly mediated by institutions that suffer serious transparency deficits. When a private entity grows important enough, it should be subject to transparency requirements that reflect its centrality. The increasing intertwining of governmental, business, and academic entities should provide some leverage for public-spirited appropriators and policymakers to insist on more general openness. However well an "invisible hand" coordinates economic activity generally, markets depend on reliable information about the practices of core firms that finance, rank, and rate entities in the rest of …
Innovation, Proximity, And Knowledge Gatekeepers –Is Proximity A Necessity For Learning And Innovation?, Deogratias Harorimana Dr
Innovation, Proximity, And Knowledge Gatekeepers –Is Proximity A Necessity For Learning And Innovation?, Deogratias Harorimana Dr
Dr Deogratias Harorimana
Organisational desire for innovation and growth can be best achieved when they are in proximity. Geographical or technological proximity represent network structure in which a focal organisation is embedded, which has structural, cognitive and relational dimensions. Proximity influences innovation indirectly by its influence on agents’ ability to exchange and combine knowledge in four related ways: by giving access to exchange partners that provide opportunities for learning, increasing the anticipation of value, increasing the motivation to exchange, and by giving access to resources necessary for committing exchanges.
The Chicken Or The Egg? The Trade-Off Between Bank Fee Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
The Chicken Or The Egg? The Trade-Off Between Bank Fee Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
Gulasekaran Rajaguru
This study considers the time series relationship between bank fee income and bank net interest margins in Australia, applying panel vector autoregressions to a unique, hand-collected dataset. Increases in bank fee income are being used to supplement decreases in net interest margins. The increase in magnitude of fee income associated with reductions in margin income is smaller than the decrease in net interest margins, resulting in a net wealth transfer favouring users of bank services; although not all users of bank services gained and/or gained equally. The overall increase in fee income is marginally greater that the reduction in margin …
The Chicken Or The Egg? The Trade-Off Between Bank Fee Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
The Chicken Or The Egg? The Trade-Off Between Bank Fee Income And Net Interest Margins, Barry Williams, Gulasekaran Rajaguru
Barry Williams
This study considers the time series relationship between bank fee income and bank net interest margins in Australia, applying panel vector autoregressions to a unique, hand-collected dataset. Increases in bank fee income are being used to supplement decreases in net interest margins. The increase in magnitude of fee income associated with reductions in margin income is smaller than the decrease in net interest margins, resulting in a net wealth transfer favouring users of bank services; although not all users of bank services gained and/or gained equally. The overall increase in fee income is marginally greater that the reduction in margin …
Assessing The Financial Failure Using Z-Score And Current Ratio: A Case Of Sugar Sector Listed Companies Of Kse, Muhammad Shahzad Ijaz, Ahmed Imran Hunjra, Rauf I. Azam
Assessing The Financial Failure Using Z-Score And Current Ratio: A Case Of Sugar Sector Listed Companies Of Kse, Muhammad Shahzad Ijaz, Ahmed Imran Hunjra, Rauf I. Azam
Ahmed Imran Hunjra (PhD)
Since 1968, after the development of multivariate model, financial health of the corporate sector to predict their financial failure is heavily studied. Altman Z-Score is the most efficient model to judge the financial failure of the companies. This study uses Altman’s Z-Score and current ratio to assess the financial status of sugar sector companies listed at Karachi stock exchange. Sugar sector is the second largest slice among all sectors listed at Karachi stock exchange. Total population sampling technique was used in this study and all thirty five sugar sector listed companies at KSE were included in this study to get …
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Bernard Lee, Shih-Fen Cheng, Annie Koh
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Bernard Lee, Shih-Fen Cheng, Annie Koh
Shih-Fen Cheng
We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …
Would Position Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Would Position Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Shih-Fen CHENG
On May 6, 2010, the US equity markets experienced a brief but highly unusual drop in prices across a number of stocks and indices. The Dow Jones Industrial Average (DJIA) fell by approximately 9% in a matter of minutes, and several stocks were traded down sharply before recovering a short time later. Earlier research by Lee, Cheng and Koh (2010) identified the conditions under which a “flash crash” can be triggered by systematic traders running highly similar trading strategies, especially when they are “crowding out” other liquidity providers in the market. The authors contend that the events of May 6, …
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Shih-Fen Cheng
We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …
Would Price Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Would Price Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh
Shih-Fen CHENG
On May 6, 2010, the U.S. equity markets experienced a brief but highly unusual drop in prices across a number of stocks and indices. The Dow Jones Industrial Average (see Figure 1) fell by approximately 9% in a matter of minutes, and several stocks were traded down sharply before recovering a short time later. The authors contend that the events of May 6, 2010 exhibit patterns consistent with the type of "flash crash" observed in their earlier study (2010). This paper describes the results of nine different simulations created by using a large-scale computer model to reconstruct the critical elements …
An Analysis Of Extreme Price Shocks And Illiquidity Among Trend Followers, Bernard Lee, Shih-Fen Cheng, Annie Koh
An Analysis Of Extreme Price Shocks And Illiquidity Among Trend Followers, Bernard Lee, Shih-Fen Cheng, Annie Koh
Shih-Fen CHENG
We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …
An Agent-Based Commodity Trading Simulation, Shih-Fen Cheng, Yee Pin Lim
An Agent-Based Commodity Trading Simulation, Shih-Fen Cheng, Yee Pin Lim
Shih-Fen CHENG
In this paper, an event-centric commodity trading simulation powered by the multiagent framework is presented. The purpose of this simulation platform is for training novice traders. The simulation is progressed by announcing news events that affect various aspects of the commodity supply chain. Upon receiving these events, market agents that play the roles of producers, consumers, and speculators would adjust their views on the market and act accordingly. Their actions would be based on their roles and also their private information, and collectively they shape the market dynamics. This simulation has been effectively deployed for several training sessions. We will …
Cybersecurity In The Perspective Of Internet Traffic Growth, Henk Lm Kox
Cybersecurity In The Perspective Of Internet Traffic Growth, Henk Lm Kox
Henk LM Kox
Private and public concern about digital security, cybercrime and data privacy is growing the last few years. If Internet-related markets are flexible enough to cope with security concerns, given time, one would expect that - per unit of Internet traffic - the number and costs of cybersecurity incidents fall over time. This paper is a first attempt to assess empirically whether overall Internet traffic growth has grown faster than the number of cybersecurity incidents. The conclusion is that, overall, the Internet has over time has become a safer place when measured by the number of security incidents per unit of …
A Comparison Of Curriculum In Banking And Finance Departments, Hasmet Sarigul
A Comparison Of Curriculum In Banking And Finance Departments, Hasmet Sarigul
Hasmet Sarigul
This descriptive study was conducted to assess banking and finance education curriculum by identifying and comparing the bachelors degree courses being taught at the banking and finance schools. We used a quantitative approach to content analysis. The data of the study have been gathered from the web pages, handbooks and the catalogs of the schools. The study contains all of the bachelors degree banking and finance departments of the universities in Turkey. In the first survey, we identified seven core competency areas for the courses in these schools. In the second survey, six more categories were identified accompanying the competency …
Facilitating Successful Failures, Michelle M. Harner, Jamie Marincic Griffin
Facilitating Successful Failures, Michelle M. Harner, Jamie Marincic Griffin
Michelle M. Harner
Approximately 80,000 businesses fail each year in the United States. This article presents an original empirical study of over 400 business restructuring professionals focused on a critical, arguably contributing factor to these failures—the conduct of boards of directors and management. Anecdotal evidence suggests that management of distressed companies often bury their heads in the sand until it is too late to remedy the companies’ problems, a phenomenon commonly called “ostrich syndrome.” The data confirm this behavior, show a prevalent use of loss framing, and suggest trends consistent with prospect theory. The article draws on these data and behavioral economics to …
The Impact Of Reversing Regulatory Arbitrage On Loan Originations: Evidence From Bank Holding Companies, Lan Shi, David H. Downs
The Impact Of Reversing Regulatory Arbitrage On Loan Originations: Evidence From Bank Holding Companies, Lan Shi, David H. Downs
Lan Shi
No abstract provided.
Impact Of Affect Heuristic, Fear And Anger On Decision Making Of Individual Investor: A Conceptual Study, Ehsan Ul Hassan, Fahad Shahzeb, Maryum Shaheen, Qamar Abbas, Zahid Hameed, Ahmed Imran Hunjra
Impact Of Affect Heuristic, Fear And Anger On Decision Making Of Individual Investor: A Conceptual Study, Ehsan Ul Hassan, Fahad Shahzeb, Maryum Shaheen, Qamar Abbas, Zahid Hameed, Ahmed Imran Hunjra
Ahmed Imran Hunjra (PhD)
Financial theories support the efficient market hypothesis, which assumes that prices are fair in the market and investors behave rationally while taking any investment decision. Individual Investors of the stock market are therefore thought to take rational decisions while making judgments and investment decisions. However, a lot of studies on behavioral finance have criticized the phenomenon of market efficiency and investor’s rationality. The empirical evidences of these studies conclude the involvement of behavioral biases and psychological impacts on investor’s judgments and decision making. Keeping this in mind the present study has focused on studying the impact of affect heuristic, fear …
The Arbitration Of Employment Disputes In The Securities Industry: A Study Of Finra Awards, 1986-2008, David B. Lipsky, Ronald L. Seeber, J. Ryan Lamare
The Arbitration Of Employment Disputes In The Securities Industry: A Study Of Finra Awards, 1986-2008, David B. Lipsky, Ronald L. Seeber, J. Ryan Lamare
David B Lipsky
[Excerpt] This article reports on the results of our recent study of 3,200 arbitration awards issued in employment cases administered under the auspices of FINRA, its predecessor the National Association of Securities Dealers (NASD), and the New York Stock Exchange (NYSE). It responds to Colvin’s call for more empirical research while providing some data on the debate over the fairness of mandatory employment arbitration agreements in the securities industry. After disclosing the limitations of our study and presenting our findings with regard to the FINRA cases, we consider how these findings bear on the debate about mandatory arbitration, specifically whether …
Transaction Costs Analysis Of Low-Carbon Technologies, Luis Mundaca T., Mathilde Mansoz, Lena Neij, Govinda R. Timilsina
Transaction Costs Analysis Of Low-Carbon Technologies, Luis Mundaca T., Mathilde Mansoz, Lena Neij, Govinda R. Timilsina
Luis Mundaca
Transaction costs (TCs) must be taken into account when assessing the performance of policy instruments that create markets for the diffusion and commercialization of low-carbon technologies (LCTs). However, there are no comprehensive studies on the development and application of transaction cost analysis to LCTs. In this meta-analysis, a wide-ranging evaluation of TCs associated with energy efficiency, renewable energy, and carbon market technologies is provided. There is a plethora of different definitions of, and measurement techniques to estimate, TCs. There is wide variation in the quantitative estimates, which can be attributed to factors such as the definition used, data collection, quantification …
Money Laundering And Abuse Of The Financial System, Hasmet Sarigul
Money Laundering And Abuse Of The Financial System, Hasmet Sarigul
Hasmet Sarigul
Every year, huge amounts of funds are obtained by illegal activities. These illegally obtained funds need a process, which is called laundering, in order to appear legitimately obtained and become usable. Although it is not possible to measure the exact volume of money laundering, the International Monetary Fund has stated that the aggregate amount of it in the world could be somewhere between two and five percent of the world’s gross domestic product. The main vehicle for criminals to launder their illicit money is the financial system. Money laundering threatens the credibility of international financial institutions. It undermines the financial …
Success In Gateway Courses: What Matters And What Can We Do?, Thomas D. Berry, Lori Cook, Nancy Hill, Kevin Stevens
Success In Gateway Courses: What Matters And What Can We Do?, Thomas D. Berry, Lori Cook, Nancy Hill, Kevin Stevens
Thomas D Berry
No abstract provided.