Finance and Financial Management Commons^™

Financial Literacy: The Impact Of Financial Training In High School On The Credit Behavior Of College Students, Lisa Tenaglia

Honors Projects in Finance

Managing credit is increasingly important not only for adults, but for college students. In recent years with sky rocketing tuition and easily available credit, college students find themselves with increasing debt burdens that result in serious and lasting financial problems. In response, financial literacy programs are emerging in hopes that better educated people will make healthy financial decisions, as well as responsibly manage credit. Research suggests that financial education should begin in high school so that young adults can effectively manage credit during the college years. This study assesses both college students’ financial knowledge and their credit management practices. Specifically, …

A New Regulatory Framework Of Financial Institutions In The Aftermath Of The Global Financial Crisis, Ingrid Zantis

WCBT Undergraduate Publications

Three years since the outbreak of the global financial and economic crisis and two years since the global markets’ turmoil following the Lehman Brothers’ bankruptcy and the US government’s bail-out of AIG, reforming the regulatory structure for financial institutions and platforms has achieved some visible progress. Though the new architecture is far from being finished, the main challenge is to implement what has been agreed upon in commitments and framework legislation, without losing track of the target to soundly improve global financial stability and effectively resolve future global crises on its way.

Against this background, this paper examines the emerging …

Possible Solutions To The Rhode Island State Government’S Unfunded Pension Liability, Derek Blunt

Honors Projects in Finance

This paper examines the possible causes of the nationwide unfunded public pension liability problem in the U.S., and what solutions are being proposed to combat the issue. After examining the general problems associated with multiple states’ pension systems, a specific analysis of the Rhode Island public pension system will be conducted. Through this investigation, the factors that led to the crisis in Rhode Island will be unveiled, and possible solutions to the state-specific problem will be developed. In order to arrive at a set of final recommendations for the government, a model will be used to evaluate the effects of …

Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel

International Journal for Business Education

In the light of the current economic crisis, which had its roots in high risk dealings in the international financial markets, the question how economically minded students are and what propensity towards risk they have, are essential to improving their financial literacy. In a broad survey including economic and non-economic schools 649 students aged 14 and 18 were questioned. In this paper results are presented and implications for classroom teaching and curricular development are derived.

How To Implement Best Strategic Practices In Small And Medium-Sized Procurement Organizations During Difficult Economic Times, Peter O'Reilly

Publications

Presentation objectives:

• What are Small-sized and Medium-sized Sourcing Departments?
• What is a Strategic Best Practice and Why is it Important to a Sourcing Department?

Three Essays On Cross-Listing, Liu Wang

Theses and Dissertations in Business Administration

This dissertation examines the role of cross-listing in shaping corporate earnings quality, stock price informativeness, and firm valuation, as well as its impact on a listing firm's home country information asymmetry and stock misvaluation.

The first essay addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle. In contrast with the widespread belief that domestic investors are better informed than foreign investors, this study indicates that foreign investors actually possess more value-relevant, firm-specific information in an emerging market such as China, where information transparency and investor protection are relatively weak. …

Noise And Efficient Variance In The Indonesia Stock Exchange, Thomas Henker, Zaafri Husodo

Thomas Henker

We separate noise from information related variance for stocks traded on the Indonesian Stock Exchange with a realized variance estimator. We find that the average optimal sampling frequency to estimate the realized variance is 9 min and that market quality has improved after 2004. The positive relation between the standard deviation of the noise variance and the square root of the efficient realized variance implies that as uncertainty about asset values increases the risk of transacting with traders with superior information increases as well. Furthermore, variance ratio comparisons reveal that private information is a significant trading component on the IDX.

Making Over-The-Counter Derivatives Safer: The Role Of Central Counterparties, John Kiff, Randall Dodd, Alessandro Gullo, Elias Kazarian, Isaac Lustgarten, Christine Sampic, Manmohan Singh

John Kiff

In an effort to improve market infrastructure following the crisis, central counterparties (CCPs) are being put forth as the way to make over-the-counter (OTC) derivatives markets safer and sounder, and to help mitigate systemic risk. This chapter provides a primer on this topic and discusses key policy issues. It shows that soundly run and properly regulated CCPs reduce counterparty risk— the risk in a bilateral transaction that one party defaults on its obligations to the other—among OTC derivatives market participants. Importantly, systemic risk—the risk of knock-on failures from one counterparty to another—is also reduced due in part to the ability …

Ua37/29 Gary Ransdell - Federal Reserve Board - Federal Reserve's Role In Bank Supervision, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Email sent to members of the St. Louis Federal Reserve Board of testimony given by Ben Bernanke to the U.S. House of Representatives Committee on Financial Services.

Board Interlocking #1, Wesley Mendes-Da-Silva

Wesley Mendes-Da-Silva

About Boarding Interlocking in th Brazilian Capital Market

Does Trade Weaken Product Quality Standards, Katia Berti, Rodney E. Falvey

Rodney Falvey

In this paper we investigate the effects of trade on the national minimum quality standards applied by two trading partners. We employ a simple partial equilibrium model in which national regulators set a minimum quality standard for a product whose quality is unobservable to consumers prior to purchase. Both producers and consumers can benefit from a minimum standard, but the former prefer a lower standard to the latter. Because producers are organised and consumers are not, the standards set by national regulators will tend to unduly favour producer interests. As always, trade changes the balance of consumer and producer interests …

Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva

Rodney Falvey

This paper highlights the way in which workers of different age and ability are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with a education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skilled labour abundant country increases the relative skilled wage and induces skill upgrading by the existing workforce. The younger and more able unskilled workers are most likely to upgrade. …

تقييم الأداء المالي والتشغيلي لشركة ضمان القروض الأردنية, Philadelphia University

Philadelphia University, Jordan

No abstract provided.

When Managers Bypass Shareholder Approval Of Board Appointments: Evidence From The Private Security Market, Matteo Arena, Stephen P. Ferris

Matteo P. Arena

This paper investigates the influence of managerial entrenchment on private placements by examining the firm's decision to appoint representatives of the private investors to the board without shareholder approval. By analyzing a sample of U.S. firms that appoint directors in combination with private offerings between 1995 and 2000, we find that firms with greater managerial entrenchment are more likely to bypass shareholder approval. Firms that bypass shareholders are less likely to appoint independent directors or to elect one of these directors as chairman. We also show that the market reacts more positively to the private offering announcement when the firm …

Hedge Fund Contagion, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

Why do correlations all go to one when economic conditions turn bad? We review the latest research on funding liquidity (the ease with which hedge funds obtain capital) and discuss its implications on the asset liquidity and valuations of securities held by funds, on subsequent fund performance, and on contagion across hedge fund investment styles.

Cal Poly Organic Farm Business Plan, Eric Ryan Mccarthy

Agribusiness

This study was undertaken to determine which strategies would allow the Cal Poly Organic Farm to operate as a profitable business without compromising educational and agricultural objectives. Three strategies were analyzed to determine the most profitable approach. The first strategy, expanding CSA sales, emphasizes marketing efforts to increase products and services awareness. This should increase CSA, CPOF, merchandise, and farmers’ markets sales. The second strategy implements new CSA produce boxes that cater to specific groups. Existing produce boxes will remain available to CSA members. Expanding produce boxes can be done with the produce on hand or expanding crop selection. The …

Accentuated Intraday Stock Price Volatility: What Is The Cause?, Deniz Ozenbas, Michael S. Pagano, Robert A. Schwartz

Department of Accounting and Finance Faculty Scholarship and Creative Works

In equity markets, the opening and closing of trading are particularly stressful periods. Ozenbas, Pagano, and Schwartz investigate the quality of price determination at these times (compared to midday periods) for large-, mid-, and smallcapitalization stocks on the NYSE, NASDAQ, and London Stock Exchange. Using three different metrics, they consistently find lower quality at both the open and the close.The deterioration of market quality at openings is greatest for large-cap stocks, but no systematic association with cap size is observed at the close. Large-cap stocks evidently lead smaller-cap stocks in finding new equilibrium values, and accentuated volatility at the open …

Stimulating Investments In Haitian Smes, Laura Hartman

Laura Hartman

A Peer-to-Project site to link lenders, donors and investors with SMEs and social projects in Haiti.

Goals: Long-term sustainable operation, Increased access to development capital for entrepreneurs, Spurring large-scale economic development in Haiti.

Out Of The Black Hole: Regulatory Reform Of The Over-The-Counter Derivatives Market, Michael Greenberger

Faculty Scholarship

Unregulated OTC derivatives have been at the heart of recent systemic or near systemic collapses. After each financial crisis, governments worldwide proclaim that the OTC market has to be regulated for transparency, capital adequacy, regulation of intermediaries, self regulation, and strong enforcement of fraud and manipulation. But, aided by the passage of time, Wall Street always deflates those aspirations with aggressive lobbying. The present financial reform regulatory effort may be the only chance to get this issue right before the country devolves into a further financial quagmire with more bankruptcies and more job losses. This paper is a chapter of …

Real Options Analysis And The Assumptions Of Corporate Finance: A Non-Technical Review, Tom Arnold, Richard L. Shockley Jr.

Finance Faculty Publications

This paper provides a non-technical presentation of the theoretical foundations of corporate financial decision making and the net present value (NPV) rule. Our objective is to show that the concepts of value and value creation arise from a single, unified framework that is firmly rooted in neoclassical microeconomic theory. This, in turn, allow us to demonstrate that the corporate valuation approach generically known as real options analysis is perfectly justifiable - without further qualification - in any situation when investors want managers to maximize NPV.