An Experimental Analysis Of The Demand For Payday Loans,
2010
Chapman University
An Experimental Analysis Of The Demand For Payday Loans, Bart J. Wilson, David W. Findlay, James W. Meehan Jr., Charissa P. Wellford, Karl Schurter
Economics Faculty Articles and Research
The payday loan industry is one of the fastest growing segments of the consumer financial services market in the United States. We design an environment similar to the one that payday loan customers face and then conduct a laboratory experiment to examine what effect, if any, the existence of payday loans has on individuals' abilities to manage and to survive financial setbacks. Our primary objective is to examine whether access to payday loans improves or worsens the likelihood of financial survival in our experiment. We also test the degree to which people's use of payday loans affects their ability to …
Long-Term Earnings Growth Forecasts, Limited Attention, And Return Predictability,
2010
University of Notre Dame
Long-Term Earnings Growth Forecasts, Limited Attention, And Return Predictability, Zhi Da, Mitchell Craig Warachka
Research Collection Lee Kong Chian School Of Business
Long-term earnings expectations are critically important to stock price valuations. We identify relative optimism and relative pessimism in long-term analyst forecasts by comparing these forecasts with implied short-term earnings growth forecasts across rms within the same industry. Stocks with relatively optimistic and relatively pessimistic long-term analyst forecasts have negative and positive risk-adjusted returns, respectively. This return predictability depends critically on short-term forecasts since relative optimism and relative pessimism originate from the slow diffusion of information from short-term to long-term analyst forecasts. Our results indicate that market participants have limited attention regarding the long-term earnings implications of information.
What's On The Menu? Included Versus Excluded Funds For Singapore's Central Provident Fund Investors,
2010
Singapore Management University
What's On The Menu? Included Versus Excluded Funds For Singapore's Central Provident Fund Investors, Seng Kee, Benedict Koh, Olivia S. Mitchell
Research Collection Lee Kong Chian School Of Business
As one of the oldest and largest national mandatory defined contribution pension systems, Singapore's Central Provident Fund (CPF) permits employees to invest their retirement accumulations in a variety of investment instruments rather than leaving them in a government-managed investment fund. Many plan participants avail themselves of this opportunity, selecting from a menu of more than 200 `included' funds that satisfy specific admission criteria set by the CPF Board. Nevertheless, many other funds are excluded from the list of eligible retirement system investments. This article shows that the `included/non-included' screening criteria have been effective, in that included fund managers earned higher …
Is Regime Switching In Stock Returns Important In Asset Allocations?,
2010
Singapore Management University
Is Regime Switching In Stock Returns Important In Asset Allocations?, Jun Tu
Research Collection Lee Kong Chian School Of Business
The stock market displays regime switching between upturns and downturns. This paper provides a Bayesian framework for making portfolio decisions that takes this regime switching into account, together with asset pricing model uncertainty and parameter uncertainty. The findings reveal that the economic value of accounting for regimes is substantially independent of whether or not model and parameter uncertainties are incorporated: the certainty-equivalent losses associated with ignoring regime switching are generally above 2% per year, and can be as high as 10%. These results suggest that the more realistic regime switching model is fundamentally different from the commonly used single-state model, …
Comparative Analysis Of Islamic And Conventional Banking Performance,
2010
NU-FAST Business School, Karachi
Comparative Analysis Of Islamic And Conventional Banking Performance, Mirza Ali Huzaifa Sultan, Muhammad Zahid Siddique
Business Review
This paper analyzes the performance of Islamic banks compared to that of conventional banks in Pakistan. This comparison is based on the financial performance, product services and customer perception. We have selected two Islamic banks, namely Meezan Bank limited & Albaraka Bank, and two conventional Banks, Soneri and My Bank. This selection was made because of the similar size of these banks in terms of their deposits. The paper shows that Islamic Banking is falling behind the conventional one both in terms of its business as well as customer perspective. The research is divided into three parts. First part covers …
Financial Market Development And Capital Structure Pattern In Pakistan: An Aggregate Level Analysis,
2010
Institute of Business Administration, Karachi, Pakistan
Financial Market Development And Capital Structure Pattern In Pakistan: An Aggregate Level Analysis, Mohammed Nishat
Business Review
This study empirically identifies the factors that explain the capital structure choice pattern of listed companies during 1964–2000. Three measures of debt (total debt ratio, long term book debt ration, and long term market debt ratio) are explained by a set of independent fundamental variables such as growth of firm, size of firm, tangible asset, profitability, earning variability, market to book ratio, and reforms. The analysis is also done to identify any capital structure pattern prevail across various industries in Pakistan. Most of the results are consistent with theory and similar to other empirical studies. The growth and profitability of …
Pakistan’S Experience With The International Monetary Fund (Imf) 2000 – 2004,
2010
Institute of Business Administration, Karachi, Pakistan
Pakistan’S Experience With The International Monetary Fund (Imf) 2000 – 2004, Ishrat Husain
Business Review
Pakistan’s relationship with the International Monetary Fund during the 2000 – 2004 period was quite unique and distinctive. Unlike the earlier eight agreements that were concluded with the IMF during 1988-99 and were never implemented beyond the first tranche release it was only in this period that two successive agreements – a nine month Stand-by Arrangement (SBA) in the year 2000 followed by a three year Poverty Reduction and Growth Facility (PRGF) were successfully completed. All the sixteen reviews by IMF staff were completed and eleven successive tranches were drawn on time without any extension or interruption 1 . The …
Book Review Of: Meezan Bank’S Guide To Islamic Banking By Muhammad Imran Ashraf Usmani,
2010
College of Business Management, Karachi, Pakistan
Book Review Of: Meezan Bank’S Guide To Islamic Banking By Muhammad Imran Ashraf Usmani, Javed A. Ansari
Business Review
Islamic banking has been seriously effected by the financial crisis of 2007- 2010. The impending collapse of financial institutions in the Gulf, specially in Dubai and the growing threat of sovereign debt repudiation and default by oil exporting countries has had a particularly severe impact on global Islamic finance growth. Forecasts for Islamic finance transactions have been revised downwards several times during 2009 and riskiness and illiquidity of leading Islamic finance institution are perceived as having increased due to the growing instability of the Gulf economies.
Preventing State Budget Crises: Managing The Fiscal Volatility Problem,
2010
Indiana University Maurer School of Law
Preventing State Budget Crises: Managing The Fiscal Volatility Problem, David Gamage
Articles by Maurer Faculty
Forty-nine of the U.S. states have balanced budget requirements, and every state acts as though bound by such constraints. These constraints create fiscal volatility - the states must either cut spending or raise taxes during economic downturns, while doing the opposite during upturns. This paper discusses how states should cope with fiscal volatility on both the levels of ordinary politics and of institutional-design policy. On the level of ordinary politics, the paper applies principles of risk allocation theory to conclude that states should primarily adjust the rates of broad-based taxes as their economies cycle, rather than fluctuating public spending. States …
Operational Risk In Trading Platforms,
2010
Singapore Management University
Operational Risk In Trading Platforms, M. Thulasidas
Research Collection School Of Computing and Information Systems
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. A trading platform is a system, and therefore comes under the umbrella definition of operational risk.
