Finance Commons^™

Asimmetria Del Rischio Sistematico Dei Titolo Immobiliari Americani: Nuove Evidenze Econometriche, Paola De Santis, Carlo Drago

Carlo Drago

In questo lavoro riscontriamo un aumento del rischio sistematico dei titoli del mercato immobiliare americano nell’anno 2007 seguito da un ritorno ai valori iniziali nell’anno 2009 e si evidenzia la possibile presenza di break strutturali. Per valutare il suddetto rischio sistematico è stato scelto il modello a tre fattori di Fama e French ed è stata studiata la relazione tra l’extra rendimento dell’indice REIT, utilizzato come proxy dell’andamento dei titoli immobiliari americani, e l’extra rendimento dell’indice S&P500 rappresentativo del rendimento del portafoglio di mercato. I risultati confermano la presenza di un “Asymmetric REIT Beta Puzzle” coerentemente con alcuni precedenti studi …

Breaking The Back: The Continuous Battle Over The Bank Of England 1694-1715, Brendan Callanan

Honors Theses

England during the seventeenth century experienced unprecedented political and economic transformation. The rise and fall of the British monarchy, the subsequent political ascendance of Parliament and centralization of the state, sustained economic and commercial growth, and incessant wars abroad during the latter years of the century, contributed to a volatile political climate during the final years of the 1600s that contrasted greatly with the landscape earlier in the century. Specifically, said developments especially affected England’s landed aristocracy. Their cherished ideology of order suffered significant setbacks as both the expanded reach of the state and the new economic ideology that stressed …

Foreign Shocks On Chilean Financial Markets: Spillovers And Comovements Between Bond And Equity Markets, Marco Morales

Marco Morales

No abstract provided.

Finance, Productivity And Growth: Does It Work For Chile?, Marco Morales, Fernando Diaz, Fernando Lefort

Marco Morales

No abstract provided.

Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups, Brian J. Farnkoff

Journal of Contemporary Health Law & Policy (1985-2015)

No abstract provided.

Two Essays On Ceo Inside Debt Compensation, Nilakshi Borah

Doctoral Dissertations

In the first chapter, I examine the effect CEO inside debt holdings on firm cash holdings, as measured by the ratio of cash and marketable securities to net assets using a sample of EXECUCOMP firms over the period of 2006 to 2008. Following prior literature on CEO inside debt holdings (Cassell et al., 2012), I use the following two measures as proxies for CEO inside debt compensation: (1) the CEO to firm debt/equity ratio, which is calculated as the CEO's debt/equity ratio scaled by the firm's debt to equity ratio and 2) an indicator variable equal to one when the …

Effect Of Deposit Money Banks' Credit On The Performance Of Micro, Small And Medium Enterprises In Nigeria, G. O. Evbuomwan, V. O. Okoruwa, A. E. Ikpi

Economic and Financial Review

This paper set out to empirically evaluate the effect of deposit money banks' credit on the performance of MSMEs in Nigeria, with the aid of a vector autoregression and error correction mechanism (ECM) technique. Results of the empirical investigation confirmed credit had a positive effect on GDP of MSMEs in Nigeria as the coefficient of CAM (credit to MSMEs) was positive (1.0569) and significant at 1.0 per cent level. It was, therefore, recommended that every effort should be made to improve access to credit by MSMEs, so that they could play their potential roles of employment generation and wealth creation …

Finanzkapital In The Twenty-First Century, Nikhilesh Dholakia

Nikhilesh Dholakia

Purpose – Drawing inspiration from the 1910 book Finanzkapital by Rudolf Hilferding, this paper seeks to explore the nature of financial capital in the early twenty-first century from a political-economic and culture theory perspective. It aims to offer suggestions for transcending the crises-prone contemporary economic systems.

Design/methodology/approach – The paper reconceptualises the notions of Finanzkapital in the contemporary context, drawing selective evidence from current and twentieth century economic and business history.

Findings – The nature of contemporaneous Finanzkapital is elaborated by presenting seven “theses” that probe the nature of Finanzkapital prior to, during, and after the Great Recession of 2007-9. …

Determinants Of Ownership Concentration And Tender Offer Law In The Chilean Stock Market, Marco Morales, Maria Jose Melendez, Vanessa Ramirez

Marco Morales

No abstract provided.

Time Series, Unit Roots, And Cointegration: An Introduction, Lonnie K. Stevans

Lonnie K. Stevans

The econometric literature on unit roots took off after the publication of the paper by Nelson and Plosser (1982) that argued that most macroeconomic series have unit roots and that this is important for the analysis of macroeconomic policy. Yule (1926) suggested that regressions based on trending time series data can be spurious. This problem of spurious correlation was further pursued by Granger and Newbold (1974) and this also led to the development of the concept of cointegration (lack of cointegration implies spurious regression). The pathbreaking paper by Granger (1981), first presented at a conference at the University of Florida …

Financing The Real Sector For Sustainable Economic Growth In Nigeria: Performance, Challenges And Prospects, O. B. Obembe

Economic and Financial Review

This paper examines some of the challenges constraining the financial sector in stimulating sustainable growth in Nigeria. It observes that for a successful real sector financing in Nigeria, a culture of accountability and transparency in the conduct of our national affairs must be taken seriously. The quality of governance must also be improved, to ensure that the legal framework for economic activities is well strengthened, such that the protection of creditors‘ rights may not be jeopardised.

Policy Choices And Challenges In Expanding Access To Finance For Growth In Rural Nigeria, Anthony E. Akinlo

Economic and Financial Review

Access to finance, in general, is fundamental to growth and development. A well-functioning financial market assists in channeling funds to their most productive uses, and allocates risks to those who can best bear it. An efficient financial sector that responds to the needs of the private sector increases investment, enhances economic growth, creates job opportunities and improves income distribution.

Finance For Growth And Policy Options For Emerging And Developing Economies: Nigeria, Wumi Olayiwola, Henry Okoduwa, Evans Osabuohien

Economic and Financial Review

This paper attempts to address the issues of the major impediments to mobilising investment funds, and the appropriate policies for achieving and guaranteeing finance for growth, by assessing the performance of financial policies of selected EMEs in mobilising financial resources for economic growth, and identifying policy options necessary for achieving finance for growth. The rest of the paper is organised as follows. Section 2 discusses the basic characteristics of emerging economies (EMEs), and Section 3 positions Nigeria among the EMEs within the context of finance for growth. Section 4 deals with challenges and constraints of Nigeria in achieving finance for …

Transmisión De Shocks Y Acoplamiento Con Mercados Accionarios Externos: Efectos Asimétricos Y Quiebre Estructural, Marco Morales, Maria Jose Melendez, Guillermo Yáñez

Marco Morales

No abstract provided.

Finanzkapital In The Twenty-First Century, Nikhilesh Dholakia

College of Business Faculty Publications

Purpose – Drawing inspiration from the 1910 book Finanzkapital by Rudolf Hilferding, this paper seeks to explore the nature of financial capital in the early twenty-first century from a political-economic and culture theory perspective. It aims to offer suggestions for transcending the crises-prone contemporary economic systems.

Design/methodology/approach – The paper reconceptualises the notions of Finanzkapital in the contemporary context, drawing selective evidence from current and twentieth century economic and business history.

Findings – The nature of contemporaneous Finanzkapital is elaborated by presenting seven “theses” that probe the nature of Finanzkapital prior to, during, and after the Great Recession of 2007-9. …

The Real Yield Curve And Macroeconomic Factors In The Chilean Economy, Marco Morales

Marco Morales

No abstract provided.

A Two-Sided Auction For Legacy Loans, Peter Cramton

Peter Cramton

On Monday, 23 March 2009, Treasury Secretary Geithner presented the Public-Private Investment Program as a key instrument to resolve the financial crisis (www.financialstability.gov). The Treasury’s description still leaves many issues unanswered. We flesh out the auction design for legacy loans. A two-sided auction is required. Both banks and private investors must compete in a transparent and competitive process.

The Rise Of Private Equity Media Ownership In The United States: A Public Interest Perspective, Matthew Crain

Publications and Research

This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of …

Financial Stability, Trade Openness And The Structure Of Banks’ Shareholders, Claudiu T. Albulescu

Claudiu T Albulescu

The adverse effect of financial crises upon the world’s economies represented the background for the development of a wide economic literature on financial stability. The assessment of this phenomenon stands for a complex exercise, as many techniques can be used for this purpose. Such a technique is the construction of an aggregate financial stability index which allows for a comparison between financial systems stability. Based on an aggregate index and on a panel of data, we show that, for several Eastern European Countries, the financial stability is largely influenced by the trade openness and by the quality of banks’ shareholders. …

Auctions For Injecting Bank Capital (Addendum To 'A Troubled Asset Reverse Auction'), Peter Cramton, Lawrence M. Ausubel

Peter Cramton

Public discussion has turned, in the past few days, toward using some of the $700 billion in rescue funds for the injection of government money into banks in return for ownership stakes. The purpose of this short note, an addendum to “A Troubled Asset Reverse Auction,” is to describe an auction mechanism suitable for injections of capital into banks. The auctions would price the equity purchases through a competitive process.

A Troubled Asset Reverse Auction, Peter Cramton, Lawrence M. Ausubel

Peter Cramton

The US Treasury has proposed purchasing $700 billion of troubled assets to restore liquidity and solve the current financial crisis, using market mechanisms such as reverse auctions where appropriate. This paper presents a high-level design for a troubled asset reverse auction and discusses the auction design issues. We assume that the key objectives of the auction are to: 1) provide a quick and effective means to purchase troubled assets and increase liquidity; 2) protect the taxpayer by yielding a price for assets related to their value; and 3) offer a transparent rules-based process that minimizes discretion and favoritism. We propose …

Club Ratios: A Four-Year Trend Analysis, Agnes L. Defranco, Raymond S. Schmidgall

Hospitality Review

This article is based on research of the United States club industry conducted over the four-year period of 2003-2006. Twenty ratios were reported, covering the five general classes of financial ratios. The ratio results suggested that 2003 was a banner year for the club industry.

An Empirical Analysis Of The Annuity Rate In Chile, Marco Morales, Roberto Rocha, Craig Thorburn

Marco Morales

No abstract provided.

An Overview Of Combinatorial Auctions, Peter Cramton, Yoav Shoham, Richard Steinberg

Peter Cramton

No abstract provided.

Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu

Doctoral Dissertations

Stochastic models were developed that provide important measures related to retail mortgages and credit cards for the management of a bank. Based on Markov theory, two models were developed that predict mortgage portfolio size and expected duration of stay in each of the states, which are defined according to the criteria of Basel Accord II and the Federal Reserve Bank. Also, to facilitate comparisons among different types of credit products and different time periods, a model was developed to generate a health index for a retail mortgage. This model could be easily extended, using multivariate regression or multivariate time series …

Revisiting The Ethics Of Financial Executives In The Lodging Industry, James W. Damitio, Raymond S. Schmidgall

Hospitality Review

This study revisited ethics in the hospitality industry and involved a randomly selected sample of lodging financial executives taken from the current membership roster of the Hospitality Financial and Technology Professionals (HFTP). After responding to a number of demographic questions, financial executives were asked to respond to 16 business scenarios that involved the issue of ethics. In addition, financial executives were asked if they would or would not do what the controller did in each scenario. Finally, responses of financial executives in the current study were compared to the responses of financial executives in a previous study. Findings indicate that …

An Analysis Of Money's Worth Ratios In Chile, Marco Morales, Roberto Rocha, Craig Thorburn

Marco Morales

No abstract provided.

The Determinants Of Executive Compensation In The Commercial Banking Industry, David A. Romer

Doctoral Dissertations

The primary purpose of this study is to examine the viability of two basic theories of compensation to explain executive compensation in the banking industry. The two executive compensation motivation theories are sales/sales growth maximization and profit/shareholder wealth maximization. Overall, strong support is found for both theories. This research also seeks to significantly expand, compared to previous research, the number of banks investigated. This study succeeds, with over a four-fold increase in the number of banks analyzed, including over 330 banks not previously used in the literature. This investigation is further motivated by the paucity of banking studies on compensation …

Modeling And Simulation Of Value -At -Risk In The Financial Market Area, Xiangyin Zheng

Doctoral Dissertations

Value-at-Risk (VaR) is a statistical approach to measure market risk. It is widely used by banks, securities firms, commodity and energy merchants, and other trading organizations. The main focus of this research is measuring and analyzing market risk by modeling and simulation of Value-at-Risk for portfolios in the financial market area. The objectives are (1) predicting possible future loss for a financial portfolio from VaR measurement, and (2) identifying how the distributions of the risk factors affect the distribution of the portfolio. Results from (1) and (2) provide valuable information for portfolio optimization and risk management.

The model systems chosen …

Combinatorial Auctions, Peter Cramton, Yoav Shoham, Richard Steinberg

Peter Cramton

A comprehensive book on combinatorial auctions―auctions in which bidders can bid on packages of items. The book consists of original material intended for researchers, students, and practitioners of auction design. It includes a foreword by Vernon Smith, an introduction to combinatorial auctions, and twenty-three cross-referenced chapters in five parts. Part I covers mechanisms, such as the Vickrey auction and the ascending proxy auction. Part II is on bidding and efficiency issues. Part III examines computational issues and algorithmic considerations, especially the winner determination problem―how to identify the (tentative) winning set of bids that maximizes revenue. Part IV discusses implementation and …