Do Search Costs Explain Persistent Investment In Active Mutual Funds?,
2025
Singapore Management University
Do Search Costs Explain Persistent Investment In Active Mutual Funds?, Aljoscha Janssen, Jurre Thiel
Research Collection School Of Economics
Active funds, though losing market share since the 1990s, make up nearly half of all mutual funds but charge more without better performance. We analyze fund data and a search model, highlighting the impact of search costs and active fund preferences. From 1993 to 2018, reduced search costs expanded the market and heightened competition, while a preference shift from active to passive funds increased the latter's market share. However, investors who choose active funds, facing higher search costs, and continue to show a strong preference for them, allow these funds to keep charging higher fees.
Decomposing Crowding Out Effect In The Philippines: Leveraging Fiscal Policy To Drive Inclusive Growth,
2025
Philippine Institute for Development Studies
Decomposing Crowding Out Effect In The Philippines: Leveraging Fiscal Policy To Drive Inclusive Growth, John Paolo R. Rivera, Mary Grace R. Agner, Viory Yvonne T. Janeo, John Angelo F. Cristobal
DLSU Business & Economics Review
Fiscal stimulus programs have substantively kept the Philippine economy afloat during crises and in facilitating recovery. In pursuing steeper growth, there is a tendency to harness fiscal policy at the expense of crowding out private investment and consumption, which defeats the ultimate purpose of such policy. Using time series analysis, we assess the degree of crowding out effect in the Philippines and its implications for the effectiveness of fiscal policy as a macroeconomic stabilization and growth driver tool. Although scholarly literature has used aggregate government spending in probing the existence of a crowding out effect on aggregate investment and consumption …
Multifaceted Skepticism: A Comprehensive Approach In Auditing Practice,
2025
Brawijaya University, Malang, Indonesia
Multifaceted Skepticism: A Comprehensive Approach In Auditing Practice, Ida Ayu Budhananda Munidewi, Unti Ludigdo, Ali Djamhuri, Wuryan Andayani
DLSU Business & Economics Review
This research uses a modified grounded theory approach to understand the behavior of auditors in Indonesia who have an Eastern cultural background in applying professional skepticism. The research results reveal that auditor behavior in practice applies multifaceted skepticism. Multifaceted skepticism refers to the idea that professional skepticism in auditing is not a one-dimensional approach. That recognizes the complexity of the audit environment and the need for auditors to consider various factors when applying their skepticism. Multifaceted skepticism brings us to a less simplistic view of professional skepticism, which until now has only been seen as an on-or-off switch. Instead, this …
Social Message In Advertising And Social Change: An Empirical Investigation Of Relationships,
2025
Islamia College of Science and Commerce, India
Social Message In Advertising And Social Change: An Empirical Investigation Of Relationships, Iqra Manzoor, Zia- Ul-Haq
DLSU Business & Economics Review
This study was carried out to investigate consumer behavior toward advertisements that convey social messages. Not many studies have focused on the social message in ads and the subjective well-being of customers regarding such ads. To study this gap, the paper examined the relationship between (a) the attitude towards the ad with a social message and the purchase intention of the consumer and (b) the purchase intention of the consumer and their subjective well-being. Structural equation modeling (SEM) was used to study the interrelationships within the proposed model. The data was collected through an experiment and qualitative survey among university …
Leveraging Capital Structures Of Philippine Publicly Listed Companies,
2025
Ritsumeikan Asia Pacific University, Japan
Leveraging Capital Structures Of Philippine Publicly Listed Companies, Michael Angelo A. Cortez
DLSU Business & Economics Review
In this study, I revisit the determinants of corporate capital structures of publicly listed businesses in the Philippines, emphasizing major characteristics previously identified in academic literature, including tangibility, profitability, company size, non-debt tax shields, and growth. I investigate how companies’ financial actions correspond with or deviate from traditional capital structure theories within the context of the Philippine economy’s reliance on short-term, high-cost lending and its evolving capital market. Using a descriptive-exploratory approach to analyze 210 observations from 21 businesses listed on the Philippine Stock Exchange from 2014 to 2023, I performed a quantitative analysis of construct relationship using cross-sectional generalized …
Examining The Volunteering Behavior Of Filipino Youth Using The Extended Theory Of Planned Behavior,
2025
De La Salle University, Manila
Examining The Volunteering Behavior Of Filipino Youth Using The Extended Theory Of Planned Behavior, Reynaldo B. Bautista, Christine Joy A. Ballada, Joy Rabo
DLSU Business & Economics Review
Young people are vital human resources who can significantly contribute to social change through volunteerism. This study sought to examine Filipino youth’s volunteering behavior using an extended theory of planned behavior with behavioral modeling by family and peers as additional antecedents of volunteering intention. Participants in this study were undergraduate students of De La Salle University – Manila. A total of 438 students (60% female, 39% male, and 1% preferring not to say) aged 17 to 23 years old (M = 19.60 years, SD = 1.12) participated in the study. The scales were found to have good internal consistency reliability. …
Determinants Of Bangladeshi Banking Inefficiency: Do Non-Performing Loans And Basel Iii Affect Banking Inefficiency?,
2025
Curtin University Malaysia, Miri, Sarawak, Malaysia
Determinants Of Bangladeshi Banking Inefficiency: Do Non-Performing Loans And Basel Iii Affect Banking Inefficiency?, Mohammad Abdul Matin Chowdhury, S. M. Shamsul Alam, Wan Rohaida Wan Husain, Rafikul Islam, Anwar Hossain
DLSU Business & Economics Review
The efficiency of commercial banking is a crucial determinant of the longevity of the financial system. High credit risk is a significant feebleness that leads to high non-performing loans (NPLs), which reduce banking efficiency in any economy. In this context, this study aims to identify the determinants of banking inefficiency in Bangladesh. The Data Envelopment Analysis (DEA) technique was employed to measure banking efficiency, whereas TOBIT regression was performed to identify the determinants of inefficiency of 38 commercial banks from 2016–2022. Findings demonstrated size, ownership structure and orientation, capital structure regulations (BASEL III), GDP growth, and inflation as significant determinants …
Budget Deficit Spending Causes Inflation,
2025
De La Salle University, Manila
Budget Deficit Spending Causes Inflation, Roberto B. Raymundo, Paulynne J. Castillo
DLSU Business & Economics Review
Using the Cochrane-Orcutt iterative procedure, the paper provides strong statistical evidence that inflation is a monetary phenomenon caused by budget deficit spending when the central bank buys government debt. Regression results validate that increasing budget deficits lead to the issuance of more debt securities the central bank uses to back the creation of new money. The central bank purchases government securities from commercial banks to implement expansionary monetary policy. The increase in money supply is not possible without the issuance of government debt securities, which, in turn, is only undertaken by the Bureau of Treasury when it finances budget deficits. …
Information Production By Institutions And Information Extraction By Underwriters In Hybrid Ipo Auctions,
2025
Boston College
Information Production By Institutions And Information Extraction By Underwriters In Hybrid Ipo Auctions, Thomas J. Chemmanur, Pengfei Ma, Qianqian Yu
Research Collection Lee Kong Chian School Of Business
We analyze the informational properties of hybrid IPO auctions using a large and unique database of institutional bids from Chinese IPO auctions. We find strong evidence of information production by institutions about the intrinsic values of IPO firms and of underwriters extracting and using this information in IPO pricing. The IPO offer price is more sensitive to bids from institutions able to produce more precise information. In particular, the offer price is more sensitive to bids from domestic institutions, compared to bids from foreign institutions who likely have less knowledge or experience about the Chinese firms and financial market due …
Editor's Note,
2025
De La Salle University
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach,
2025
Singapore Management University
Multi-Period Portfolio Allocation: A One-Shot Stochastic Optimization Approach, Peng Liu, Chyng Wen Tee, Xiaofei Xu
Research Collection Lee Kong Chian School Of Business
Multi-period portfolio optimization is a central problem in finance, yet it is computationally intractable for traditional dynamic programming methods due to the curse of dimensionality. This paper develops a tractable and theoretically grounded 'one-shot' stochastic optimization framework that recasts the sequential decision problem into a single, high-dimensional optimization task. Our approach models the predictive distribution of factor returns using Gaussian Processes (GPs), allowing it to capture complex, non-linear market dynamics. We make three primary contributions. First, for the special case of a linear GP kernel, we derive an analytical solution for the optimal portfolio path, providing a clear economic interpretation …
Pengaruh Emotional Intelligence, Locus Of Control, Risk Aversion, Dan Financial Literacy Terhadap Risky Investment Intention Di Indonesia,
2025
Departemen Manajemen, Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Pengaruh Emotional Intelligence, Locus Of Control, Risk Aversion, Dan Financial Literacy Terhadap Risky Investment Intention Di Indonesia, Sekar Savira Ramadhani, Maria Ulpah, Wardatul Adawiyah
Jurnal Manajemen dan Usahawan Indonesia
This study investigates how individual factors—namely emotional intelligence, external locus of control, risk aversion, and financial literacy—affect the intention to invest in risky financial instruments in Indonesia. The research explores both the direct and indirect effects of these factors on risky investment intentions. Data were collected from 507 respondents through an online questionnaire. The findings indicate that emotional intelligence, external locus of control, and financial literacy positively influence the intention to invest in risky assets, while risk aversion has a negative effect. Additionally, the analysis of indirect effects shows that financial literacy moderates the relationship between emotional intelligence and risk …
Enhancing Participation In Indonesia's Islamic Capital Market: Exploring Technology Acceptance, Socio-Psychological Factors, And Islamic Financial Literacy,
2025
Universitas Gadjah Mada, Indonesia
Enhancing Participation In Indonesia's Islamic Capital Market: Exploring Technology Acceptance, Socio-Psychological Factors, And Islamic Financial Literacy, Muhammad Hanif Ibrahim, Akmalia Lutfiaturrosyida Agung Putri, Imas Hasanah, Apia Dewi Agustin, Afnani Rosyida
Jurnal Akuntansi dan Keuangan Indonesia
Background: This research aims to examine the factors influencing Indonesian Muslims' intention to invest in the Islamic capital market by synthesizing three theoretical frameworks: the Technology Acceptance Model (TAM), the Theory of Planned Behavior (TPB), and Islamic Financial Literacy (IFL). Methods: The study utilizes a sample of 250 participants with previous experience in Islamic investment, employing Partial Least Squares Structural Equation Modeling (PLS-SEM) for hypothesis testing and model evaluation. Findings: The findings indicate that perceived convenience substantially influenced perceived usefulness and ease of use. Moreover, perceived usefulness, Islamic financial literacy, and past behavior significantly and positively affect investment attitudes, which …
Dampak Covid-19 Terhadap Kecepatan Penyesuaian Struktur Modal: Studi Perbandingan Antara Perusahaan Sharia-Compliant Dan Non-Compliant Di Indonesia,
2025
Fakultas Ekonomi dan Bisnis, Universitas Indonesia
Dampak Covid-19 Terhadap Kecepatan Penyesuaian Struktur Modal: Studi Perbandingan Antara Perusahaan Sharia-Compliant Dan Non-Compliant Di Indonesia, Abdul Karim, Karina Wulandari
Jurnal Manajemen dan Usahawan Indonesia
This study aims to examine the impact of the COVID-19 pandemic on capital structure adjustment among firms in Indonesia, with a focus on differences between Sharia-compliant and non-compliant companies. The research utilizes panel data from non-financial firms listed on the Indonesia Stock Exchange (IDX) during the 2017–2022 period. Capital structure adjustment is analyzed using panel regression methods, controlling for variables such as profitability, growth, firm size, tangibility, liquidity, and income volatility. The findings indicate that the pandemic increased leverage and accelerated capital structure adjustment overall. However, Sharia-compliant firms exhibited a slower adjustment speed compared to non-compliant firms, due to constraints …
The Impact Of Cost Leadership On Financial Distress Mediated Environmental, Social, And Governance,
2025
Maranatha Christian University, Indonesia
The Impact Of Cost Leadership On Financial Distress Mediated Environmental, Social, And Governance, Steven Asher, Meythi Meythi, Riki Martusa, Rapina Rapina
Jurnal Akuntansi dan Keuangan Indonesia
Background: This study investigates the mediating role of environmental, social, and governance (ESG) performance in the relationship between cost leadership and financial distress among companies in Indonesia. Methods: Using path analysis, the research analyzed a sample of 43 firms listed on the Indonesia Stock Exchange from 2018 to 2022. Findings: The findings indicate that cost leadership positively affected ESG; however, no direct relationship was observed between cost leadership or ESG and financial distress. The mediation analysis reveals that ESG acted as a mediator, linking cost leadership to a reduced risk of financial distress. Conclusion: These results highlight the importance of …
Lessons Learned: Vincenzo La Via,
2025
Yale University
Lessons Learned: Vincenzo La Via, Mercedes Cardona
Journal of Financial Crises
Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …
Lessons Learned: Luis Jácome,
2025
Yale University
Lessons Learned: Luis Jácome, Mercedes Cardona
Journal of Financial Crises
Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …
Lessons Learned: Benoît Cœuré,
2025
Yale University
Lessons Learned: Benoît Cœuré, Mercedes Cardona
Journal of Financial Crises
Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …
Lessons Learned: Miguel Carcaño,
2025
Yale University
Lessons Learned: Miguel Carcaño, Mercedes Cardona
Journal of Financial Crises
During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.
Lessons Learned: Ignazio Angeloni,
2025
Yale University
Lessons Learned: Ignazio Angeloni, Mercedes Cardona
Journal of Financial Crises
Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …
