Stability And Resilience Of Equity Markets Amidst The 2008 Global Financial Crisis: Islamic Versus Conventional Markets,
2018
Faculty of Economics and Business, Syiah Kuala University, Banda Aceh, Indonesia
Stability And Resilience Of Equity Markets Amidst The 2008 Global Financial Crisis: Islamic Versus Conventional Markets, M. Shabri Abd. Majid
DLSU Business & Economics Review
The objective of this study is to empirically explore the impacts of the 2008 global financial crisis on both Islamic and conventional equity markets of Malaysia, Indonesia, Japan, the UK, and the US. Daily closing indices, spanning from July 2007 to July 2011, were utilized and analyzed using cointegration technique and impulse response functions. The study found that the conventional equity markets performed marginally poorer than their Islamic counterparts during the 2008 global financial crisis. This finding implied that the Islamic equity markets were more stable and resilient than the conventional equity markets amidst the crisis period.
Dynamics Of Social Capital Among Fair Trade And Non-Fair Trade Coffee Farmers,
2018
De La Salle University, Manila
Dynamics Of Social Capital Among Fair Trade And Non-Fair Trade Coffee Farmers, Reynaldo A. Bautista Jr.
DLSU Business & Economics Review
Fair trade (FT), a movement that aims to set fair prices for products, alleviate poverty, and assist producers marginalized by the traditional economic model, lends itself to investigation through social capital (SC) lens as SC sits within the network theory area of management literature. The primary contribution of this paper is the analysis of whether FT impacts the dynamics of the different SC dimensions. This study used both quantitative and qualitative techniques. I surveyed 97 farmers from Atok (fair trade supplier) and 96 farmers from Tublay (non-fair trade supplier). Also, I conducted focus group discussions of 8 to 10 members …
An Event Study Analysis Of Too-Big-To-Fail After The Dodd-Frank Act: Who Is Too Big To Fail?,
2018
Boise State University
An Event Study Analysis Of Too-Big-To-Fail After The Dodd-Frank Act: Who Is Too Big To Fail?, Kyle D. Allen, Ken B. Cyree, Matthew D. Whitledge, Drew B. Winters
Marketing Faculty Publications and Presentations
One feature of the Dodd-Frank Act is the elimination of too-big-to-fail (TBTF) banks. TBTF is a government guarantee of large banks that has been shown to increase the value of these banks, so removing the guarantee should result in a price decline of TBTF bank stock. Using event study methods, we find very limited reaction to the process of eliminating TBTF. Specifically, there is limited reaction among the largest banks and banks receiving special attention, such as Systemically Important Financial Institutions (SIFI) banks. Instead, smaller banks not receiving special attention show some evidence of negative returns with the elimination of …
The Effect Of Global Financial Crisis On Asean Growth: Evidence From Stock Market Analysis,
2018
University of Malaya, Kuala Lumpur, Malaysia & University Technology MARA, Shah Alam, Malaysia.
The Effect Of Global Financial Crisis On Asean Growth: Evidence From Stock Market Analysis, Siti Muliana Samsi, Zarinah Yusof, Kee-Cheok Cheong
DLSU Business & Economics Review
This study empirically examines the effects of the global financial crisis on economic growth through a model that considers various sectoral indices, with particular reference to the stock market, bank, and real estate. Using analysis of cointegration, parsimonious error correction model (PECM), impulse response function (IRF) and variance decomposition analysis (VDC), the study found that the effect of the global financial crisis on growth differs among ASEAN-5 countries. The PECM analysis reveals that the crisis has the real effect on the stock market and bank equations. Three out of five ASEAN countries show that the global financial crisis has a …
Development Of A Composite Lean Index To Measure Lean Implementation In Philippine Manufacturing Companies,
2018
De La Salle University, Manila, Philippines
Development Of A Composite Lean Index To Measure Lean Implementation In Philippine Manufacturing Companies, Willy F. Zalatar, Anna Bella D. Siriban-Manalang
DLSU Business & Economics Review
Lean manufacturing has been gaining worldwide popularity as a means of reducing waste, improving quality, and increasing the competitiveness of manufacturing firms. This paper aims to develop a composite lean index (CLI) which can be used to measure the degree of lean adoption in Philippine manufacturing companies. The lean index employs actual quantitative data, rather than subjective assessment, which is more prevalent in the literature. Fifteen performance indicators divided into process and equipment, manufacturing planning and control, human resources, and supplier and customer relationships are proposed and then validated using empirical data. Results showed that a CLI, which yields a …
Effect Of Institution On Production Cost Efficiency Of Organic Rice Farming In Indonesia,
2018
University of Sarjanawiyata, Indonesia & Sebelas Maret University of Surakarta, Indonesia
Effect Of Institution On Production Cost Efficiency Of Organic Rice Farming In Indonesia, Ignatius Suprih Sudrajat, Endang Siti Rahayu, Kusnandar Supriyadi
DLSU Business & Economics Review
This study is about the effect of an institution on the production cost efficiency of organic rice farming. This research used the stochastic frontier approach with cross-section data and estimated with maximum likelihood estimation (MLE). This study aims to determine the effect of institution variables on production cost inefficiency. A survey was conducted on 216 organic rice farmers during two planting seasons using purposive sampling method in Dlingo Village, Mojosongo, Boyolali, Central Java, Indonesia. The result of the research shows that the average value of production cost efficiency is 0.4268. The role of farmer groups and agricultural counselors is the …
An Analysis Of The Effects Of Political Events On Oil Price Volatility And Consequential Spillover Effects On Selected Gcc Stock Markets: An Emphasis On The Case Of Kuwait,
2018
Technological University Dublin
An Analysis Of The Effects Of Political Events On Oil Price Volatility And Consequential Spillover Effects On Selected Gcc Stock Markets: An Emphasis On The Case Of Kuwait, Yousef Abdulrazzaq
Doctoral
The purpose of this research is to identify how episodes of sustained market uncertainty due to political events can affect oil price behavior and potentially generate spillover effects to the stock markets of Kuwait, the Kingdom of Saudi Arabia (KSA) and the UAE. Three major events associated with significant levels of market uncertainty are examined: the Iraqi invasion of Kuwait in 2003, the Global Financial Crisis (GFC or the US Financial Crisis) in 2008, and the Arab Spring Revolution in 2011 – with the aim of identifying interlinkages between oil prices and the performance of the Kuwaiti, Saudi and the …
Award Winners: 2018 Atrs Global Airport Performance Benchmarking,
2018
University of British Columbia
Award Winners: 2018 Atrs Global Airport Performance Benchmarking, Tae Oum, Chunyan Yu
Publications
The ATRS Global Airport Benchmarking Project measures and compares the performance of several important aspects of airport operations: Productivity and efficiency, unit costs and cost competitiveness, financial results and airport charges. The report also examines the relationships between various performance measures and airport characteristics as well as management strategies in order to provide a better understanding of observed differences in airport performance. The 2018 report includes 204 airports and 24 airport groups of various sizes and ownership forms in Asia Pacific, Europe and North America. This presentation highlights the top efficiency award winners.
Soa Maturity Influence On Digital Banking Transformation,
2018
Singapore Management University
Soa Maturity Influence On Digital Banking Transformation, Alan Megargel, Venky Shankararaman, Terence P. C. Fan
Research Collection School Of Computing and Information Systems
Digital Banking is an evolution of online banking, where the banks attempt to further enhance customer experience by integrating digital technologies such as mobile technology, social media and analytics. Traditional banks have the highest barriers to entry into the digital banking market due to the presence of legacy core banking systems. These legacy systems while still high performing and reliable, are inflexible to change and are not easily integrated to the modern application systems needed for delivering digital banking services across multiple online banking channels. One solution that is widely adopted in the industry to overcome this obstacle is the …
The Real Effects Of Exchange Traded Funds,
2018
Singapore Management University
The Real Effects Of Exchange Traded Funds, Frank Weikai Li, Xuewen Liu, Chengzhu Sun
Research Collection Lee Kong Chian School Of Business
This paper investigates the effects of exchange-traded funds (ETFs) on the real efficiency of the underlying securities. We document strong evidence that being held by ETFs increases the sensitivity of a firm's investment to its own stock price. This is consistent with the model prediction on the managerial learning channel. Higher ownership by ETFs increases the firm's stock price informativeness about systematic shocks but may decrease the informativeness about firm-specific shocks; however, the firm manager cares most and wants to learn from the stock price mainly about systematic shocks in making investment decisions as he already has precise private information …
Do Hedge Funds Exploit Rare Disaster Concerns?,
2018
Singapore Management University
Do Hedge Funds Exploit Rare Disaster Concerns?, George P. Gao, Pengjie Gao, Zhaogang Song
Research Collection Lee Kong Chian School Of Business
We find hedge funds that have higher return covariation with a disaster concern index, which we develop through out-of-the-money puts on various economic sector indices, earn significantly higher returns in the cross-section. We provide evidence that these funds’ managers are more skilled at exploiting the market’s ex ante rare disaster concerns (SEDs), which may not be associated with disaster risk. In particular, high-SED funds, on average, outperform low-SED funds by 0.96% per month, but have less exposure to disaster risk. They continue to deliver superior future performance when SEDs are estimated using the disaster concern index purged of disaster risk …
Impact Of Ownership Structure On Capital Structure- Empirical Evidence From Listed Firms In Vietnam,
2018
Faculty of Finance, Banking Academy, Hanoi, Vietnam
Impact Of Ownership Structure On Capital Structure- Empirical Evidence From Listed Firms In Vietnam, Tran Thi Xuan Anh, Le Quoc Tuan, Bui Ngoc Phuong
DLSU Business & Economics Review
This research examines whether and to what degree does ownership structure affect the capital structure, using a universal sample of Vietnamese listed firms from 2009 to 2015. We consider the ownership structure in two dimensions: ownership concentration and ownership types. Our paper is among the few to deploy Herfindahl index of all major shareholders, institutional shareholders, and even foreign shareholders as proxies for ownership concentration. The results depict a positive and significant impact of ownership concentration on the overall capital structure of the companies. Further tests indicate that the effect of ownership structure is stronger for short-term debt and bank …
The Contributors,
2018
De La Salle University, Manila, Philippines
The Contributors, Marites Tiongco
DLSU Business & Economics Review
No abstract provided.
Investigating Consumer Optimum Stimulation Level And Exploratory Online Buying Behavior,
2018
De La Salle University, Manila, Philippines
Investigating Consumer Optimum Stimulation Level And Exploratory Online Buying Behavior, Claro G. Gañac
DLSU Business & Economics Review
Technology and the Internet have changed every facet of human life on the planet. It has spawned online marketplaces where consumers anywhere around the world can shop 24/7 throughout the year. This empirical study aimed to explain the meteoric rise of Internet shopping not just because of the leaps-and-bounds advances in technology but also by intrinsic predisposition of consumers to engage in exploratory buying and consumption. The Internet has brought about a shopping environment with high inherent avenues for exploratory behavior. It is the proposition of this study that online shopping has encouraged exploratory information acquisition, heightened evaluation involvement, and …
Acculturative Products Uniqueness Antecedence For Successful Marketing Performance,
2018
Faculty of Economics and Business, University 17 August 1945 in Semarang, Indonesia
Acculturative Products Uniqueness Antecedence For Successful Marketing Performance, Gita Sugiyarti, Augusty Tae Ferdinand, Tatiek Nurchayati
DLSU Business & Economics Review
The purpose of this study is to mediate the influence of market sensing capabilities on the marketing performance by proposing acculturative products uniqueness that mediate the gap between market sensing capabilities and improvement of marketing performance. The sample data from 160 small and medium enterprises of batik, ceramics, and interior design in Indonesia were used to test the model consisting of four hypotheses. The statistical tests in our model used four variables: market sensing capabilities, product innovation, acculturative products uniqueness, and marketing performance. The results of the data show that acculturative products uniqueness has an important role in improving marketing …
Diffusion Of Hong Kong Office Property Prices Across Quality Classes: Ripple Down Or Ripple Up?,
2018
National Dong Hwa University, Taiwan
Diffusion Of Hong Kong Office Property Prices Across Quality Classes: Ripple Down Or Ripple Up?, Ming-Long Lee, Ming-Te Lee, Shew-Huei Kuo
DLSU Business & Economics Review
This study explores whether and how office property prices diffuse across quality classes in Hong Kong. The empirical results reveal that the trends in office property prices are stochastic and demonstrate significant price lead-lag relationships among office property classes. The lead-lag patterns are apparent in both the long run and the short run. In addition, shocks from Class C prices have the strongest and longest-lasting impact on office prices in Hong Kong. In addition to providing new evidence on the ripple effect of commercial property prices across quality classes, this is the first study to explore the ripple effect of …
Editor's Note,
2018
De La Salle University, Manila, Philippines
On The Existence Of Calendar Anomalies And Persistence In The Daily Returns Of The Psei,
2018
De La Salle University, Manila
On The Existence Of Calendar Anomalies And Persistence In The Daily Returns Of The Psei, Kristine Joy E. Carpio
DLSU Business & Economics Review
The future of the stock market may never be predicted consistently, nor its past behavior understood entirely, but any knowledge gained from observing it could help decide on a sound investment strategy. In this study, I looked at the daily returns of the Philippine Stock Exchange index (PSEi) from March 1, 1990, to January 31, 2017, and see how the data relates to the mathematically verifiable aspects of the noise theory and efficient market theory (EMT). In relation to the noise theory, I looked at the occurrences of anomalies. For the EMT, I made use of discrete-time Markov chains to …
Physician Quality And Payment Schemes: A Theoretical And Empirical Analysis,
2018
De La Salle University, Manila, Philippines
Physician Quality And Payment Schemes: A Theoretical And Empirical Analysis, Renz Adrian T. Calub
DLSU Business & Economics Review
Physicians are expected to provide the best healthcare to their patients; however, it cannot be discounted that their practice is driven primarily by incentives. In this paper, a physician utility maximization model that links physician quality of service to compensation schemes was constructed. Results showed that relative to fixed payment, fee-for-service and mixed payment yield higher quality. Multinomial treatment effects regression of vignette scores on payment schemes also support this hypothesis, indicating that physicians are still below the best level of quality and that incentives to improve are still present.
Masked Instability: Within-Sector Financial Risk In The Presence Of Wealth Inequality,
2018
Montclair State University
Masked Instability: Within-Sector Financial Risk In The Presence Of Wealth Inequality, Youngna Choi
Department of Applied Mathematics and Statistics Faculty Scholarship and Creative Works
We investigate masked financial instability caused by wealth inequality. When an economic sector is decomposed into two subsectors that possess a severe wealth inequality, the sector in entirety can look financially stable while the two subsectors possess extreme financially instabilities of opposite nature, one from excessive equity, the other from lack thereof. The unstable subsector can result in further financial distress and even trigger a financial crisis. The market instability indicator, an early warning system derived from dynamical systems applied to agent-based models, is used to analyze the subsectoral financial instabilities. Detailed mathematical analysis is provided to explain what financial …
