Multilateral Transparency For Security Markets Through Dlt,
2020
Professor, Faculty of Law, Chinese University of Hong Kong, Executive Director, Centre for Financial Regulation and Economic Development
Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz
Fordham Journal of Corporate & Financial Law
For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …
The Layers Of Digital Financial Innovation: Charting A Regulatory Response,
2020
Fordham Law School
The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell
Fordham Journal of Corporate & Financial Law
The increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is …
Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts,
2020
Harvard University
Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts, John Beshears, James J. Choi, Mark Iwry, David John, David Laibson, Brigitte C. Madrian
Faculty Publications
Many Americans live paycheck to paycheck, carry revolving credit balances, and have little liquidity to absorb financial shocks. One consequence of this financial vulnerability is that many individuals use a portion of their retirement savings during their working years. For every $1 that flows into 401(k)s and similar accounts, between 30¢ and 40¢ leaks out before retirement (Argento, Bryant, and Sabelhaus 2015). We explore the practical considerations and challenges associated with helping households accumulate liquid savings that can be deployed when urgent pre-retirement needs arise. Automatically enrolling workers into an employer-sponsored “rainy- day” or “emergency” savings account—terms that we use …
Three Essays On Entry Barriers And Incentives In Labor Markets,
2020
University of Kentucky
Three Essays On Entry Barriers And Incentives In Labor Markets, Samuel Ingram
Theses and Dissertations--Economics
Occupational choice at the margin depends on both the incentives for entry and barriers to entry. The primary entry barrier determined by regulation is an occupational license. These are government laws determining the minimum qualifications to enter an occupation including education, testing, fees, and background checks. These regulations are currently enforced on 25% of the US labor market. The laws are crafted to protect consumers from unsafe goods and services but also have important consequences in labor market outcomes. The consequences may include fewer workers entering the profession, changes to which workers enter the profession, and altering competition, all of …
Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress,
2020
University of Kentucky
Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress, Emily Marie Johnson
Theses and Dissertations--Family Sciences
According to the American Cancer Society (2019), it is estimated that 1,762,450 new cancer diagnoses occurred in 2019 in the United States. Currently, cancer remains one of the leading causes of death worldwide (American Cancer Society, 2019). As cancer affects the family, roles within the family will shift (e.g., transitioning to a caregiving relationship), causing each family member to adapt. With the costs of cancer steadily increasing, this potentially leaves a devastating impact on the family. When considering family function in terms of Family Systems, John Rolland created the Family Systems Illness Model to explain how families adapt to an …
Collaborative Regulatory Development In The Mobile Money Sector: A Case Study In Sri Lanka,
2020
Universiti Malaya
Collaborative Regulatory Development In The Mobile Money Sector: A Case Study In Sri Lanka, Suwandaarachchi Chaminda Methsiri
Student Works (2020-2029)
Providing financial services for the unbanked has been challenging, mainly due to relatively high operational costs and the difficulty of reaching remote areas. Mobile money has brought bank-like facilities to the unbanked communities, through its low-cost operations and widespread agent network, thus making them financially included. Regulatory response and support are essential for this advancement, where they necessitate significant changes to the current regulatory practices. This task is difficult for regulators due to their limited technical knowledge and resources in the field of financial technologies. Regulators collaborate with industry to overcome these challenges. However, studies on such collaborations are scarce. …
What Drives Prices In Financial Markets?,
2020
University of New Hampshire, Durham
What Drives Prices In Financial Markets?, Sinead Brid Mcdonagh
Honors Theses and Capstones
No abstract provided.
Determinants Of Tax Morale Using Structural Equation Model (Sem),
2020
Central Mindanao University, Philippines
Determinants Of Tax Morale Using Structural Equation Model (Sem), Raymond S. Pacaldo, Rodiel C. Ferrer
DLSU Business & Economics Review
This paper analyzes the impact of tax enforcement, trust in government, and demographic characteristics on the tax morale of firms in the Philippines. From the database of Business Environment and Enterprise Performance Survey (BEEPS), 864 firms were taken and analyzed using partial least squares on the structural equation of modeling (PLS-SEM). In the analysis, only trust in government, organizational form, and firm location provided a significant impact to tax morale. Thus, firms pay taxes religiously when the government acts trustworthily. On the other hand, sole proprietorship and Metro Manila firms exhibited lower tax morale as compared to corporations and outside …
Effect Of Moderating Variables: Financial Leverage And Dividend Payout Of Publicly-Listed Property Sector Of The Philippines,
2020
De La Salle University, Manila, Philippines
Effect Of Moderating Variables: Financial Leverage And Dividend Payout Of Publicly-Listed Property Sector Of The Philippines, Cynthia P. Cudia, Harrison Kendrick L. Chun, Tristan Dranel M. Papa, Raveena S. Tahilramani, Althea R. Tan
DLSU Business & Economics Review
Various studies on the relationship between financial leverage and dividend payout have been conducted; however, different factors affecting this relationship remain unexplored. This study aimed to identify the effect of different firm-specific moderating variables on the relationship between financial leverage and dividend payout of Philippine publicly-listed companies under the property sector for the years 2012–2016. These firm-specific variables were classified into two categories—company profile and financial condition. By employing multiple regression with the interaction model, the results of this study found that business risk has a significant effect on the relationship between financial leverage and dividend payout. Similarly, firm size …
Modelling Cross-Market Linkages Between Global Markets And China’S A-, B- And H-Shares,
2020
Edith Cowan University
Modelling Cross-Market Linkages Between Global Markets And China’S A-, B- And H-Shares, Thi Tuan Anh Do
Theses: Doctorates and Masters
One of the biggest challenges in quantifying joint risk and forming effective policies in financial management and investment strategies is to fully understand the characteristics of market associations in low and high volatility periods. Market interdependence, therefore, is a hot topic that has received interest from academics and industry experts, especially since the Asian Financial Crisis in 1997. China, being the world’s second-largest economy, has been the centre of many studies investigating stock market dependencies. While China has three major share types, namely A-, B- and H-shares, with different market players, market characteristics and operating efficiency, the number of studies …
Management Accounting Systems For Small Business's Competitive Advantage,
2020
Walden University
Management Accounting Systems For Small Business's Competitive Advantage, Renato (Denver) Alcazar
Walden Dissertations and Doctoral Studies
AbstractSmall businesses providing ancillary services to the motion picture industry fail at alarming rates due to leadership's lack of strategies for service diversification and business expansion. Grounded in the contingency theory of management accounting, the purpose of this qualitative multiple case study was to explore management accounting systems (MAS) strategies leaders of ancillary service providers use for business diversification. The data collection included face-to-face semistructured interviews with 10 small business owners who successfully used MAS strategies for business diversification in California. The data analysis entailed using keyword frequency comparisons and coding techniques that facilitated the verification and triangulation of key …
Compensation Strategies That Support Commercial Banks’ Effective Risk Management Practices,
2020
Walden University
Compensation Strategies That Support Commercial Banks’ Effective Risk Management Practices, Elias Kagumya
Walden Dissertations and Doctoral Studies
Compensation structures with relatively high levels of contingent pay encouraged managers to engage in excessive risk-taking behavior at financial institutions, which contributed to the global financial crisis of 2008. The purpose of this study, guided by the theory of the firm, was to explore compensation strategies that some executives in Uganda used to support effective risk-management practices. This multiple case study was an in-depth inquiry into compensation strategies that encouraged prudent risk-taking behavior. The target population comprised 5 risk-management executives from 5 separate commercial banks who had successfully implemented compensation strategies that supported risk management practices. Data were collected through …
Financial Constraints, Corporate Governanceand Corporate Cash Holdings: Evidence From Thai Market,
2020
Faculty of Commerce and Accountancy
Financial Constraints, Corporate Governanceand Corporate Cash Holdings: Evidence From Thai Market, Pantawat Tangchitpianvit
Chulalongkorn University Theses and Dissertations (Chula ETD)
The objectives of this paper are to examine the relationship between corporate governance and financial constraints which play a substitution role in mitigating agency conflicts associated to corporate cash holdings of Thai listed company covering the period from 2008 to 2019. I use five firm specific characteristics of financial constraints i.e. annual payout ratio, firm size, leverage ratio, lifecycle ratio as well as collateral asset ratio and corporate governance score as proxies to determine the level of cash holdings. The result provides that financial constrained-firms hold larger amount of cash than financial less constrained-firms in order to have adequate financial …
Insider Trading In Family Firms: Evidence From Thailand,
2020
Faculty of Commerce and Accountancy
Insider Trading In Family Firms: Evidence From Thailand, Paweenon Pramukkiattiyos
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the profitability of corporate insider trading in Thailand's stock market and whether the abnormal return depends on the company's characteristics and insider characteristics. The result shows that there is a significant abnormal return on corporate insider trading transactions. The difference in ownership structure is also important, with the results supporting that insider trading by family firms is more profitable than non-family firms. Moreover, the finding indicates that the trading of CEOs has more valuable information about the company's prospects than other insiders.
The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand,
2020
Faculty of Commerce and Accountancy
The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand, Wongwarit Boonyasitphawee
Chulalongkorn University Theses and Dissertations (Chula ETD)
Commonly, daily prices limits are widely used for stabilizing stock markets and decrease volatility during overreaction period. However, regulators may not notice that instead of stopping panic sell or overbought, the daily price limits generate a magnet effect, which cause the price to accelerate to the price limits and increase the overall volatility. This research investigates the magnet effect of price limits using high frequency from the Stock Exchange of Thailand. Using AR(2)-GARCH(2,2) as a base model for each stock’s 5-mins returns to capture the effect. The empirical results present evidence of the strong ceiling magnet effect at all conditions, …
Strategies For Retaining Life Insurance Sales Agents,
2020
Walden University
Strategies For Retaining Life Insurance Sales Agents, Jose Pablo Pescador
Walden Dissertations and Doctoral Studies
The total number of life insurance sales agents has decreased from 535,000 in 1990 to 323,700 in 2014, averaging a total of 8,829 life insurance sales agents leaving the life insurance industry annually. Effective retention strategies of life insurance sales agents may provide a sustainable workforce in the life insurance industry. Guided by Ambler and Barrow’s employer branding theory, the purpose of this qualitative multiple case study was to explore strategies branch managers used to retain life insurance sales agents. The 6 participants in the study implemented effective retention strategies to retain life insurance sales agents within 2 life insurance …
Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences,
2020
Saint Mary's College of California
Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences, Jivendra K. Kale, Tee Lim
School of Economics and Business Administration Faculty Works
No abstract provided.
How Access To Finances Affects Gender Inequality Across Cultures,
2020
The University of Akron
How Access To Finances Affects Gender Inequality Across Cultures, Allison Muntin
Williams Honors College, Honors Research Projects
While many studies of financial inclusion have been undertaken, very few discuss the inclusion of women. Financial inclusion plays a large role in unlocking resources for the disadvantaged, resulting in higher economic growth and development. The economic opportunity allows individuals and businesses to have a greater contribution to society as a whole, enhancing all aspects of the economy. This paper furthers the conversation of women’s access to financial institution accounts across cultures and what underlying factors play a key role. The results indicate that the female demographic has fewer financial institution accounts in comparison to men when: (i) a country’s …
Essays On Financial Institutions And Advisors,
2020
University of Kentucky
Essays On Financial Institutions And Advisors, Joseph D. Farizo
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I examine how index funds vote their proxies on firms in its index that their family does not hold in its actively managed funds. For a given proxy proposal at a given point in time, I find that an index fund is more likely to oppose management on shares its family does not hold in its active funds than on shares its family does hold in its active funds. I further demonstrate that index fund governance has positive effects on the probability a proposal passes and on shareholder value. In my second chapter coauthored with Will …
Essays On Corporate Finance And Institutional Investors,
2020
University of Kentucky
Essays On Corporate Finance And Institutional Investors, Ang Li
Theses and Dissertations--Finance and Quantitative Methods
The dissertation consists of three chapters spanning two areas of finance: corporate finance and institutional investors. In the first chapter, “Board Gender Diversity, Firm Culture, and Female Inventors”, I study how employee's Research and Development (R&D) activity is affected by firm culture. Using board gender diversity as a proxy for female-friendly culture, I find that a greater representation of women in the boardroom is associated with increased productivity and innovation output by female inventors relative to male inventors. Female inventors file more highly cited patents and less uncited patents. The effect is driven by female directors with R&D or high-tech …
