Steering Steadily In The Post-Pandemic World,
2023
Singapore Management University
Steering Steadily In The Post-Pandemic World, Chartsiri Sophopanich, Chin Tiong Tan
Asian Management Insights
Chartsiri Sophonpanich, President of Bangkok Bank, speaks with Tan Chin Tiong about the future of banking in Thailand and the region as the world slowly emerges from the COVID-19 pandemic.
A Review On Derivative Hedging Using Reinforcement Learning,
2023
Singapore Management University
A Review On Derivative Hedging Using Reinforcement Learning, Peng Liu
Research Collection Lee Kong Chian School Of Business
Hedging is a common trading activity to manage the risk of engaging in transactions that involve derivatives such as options. Perfect and timely hedging, however, is an impossible task in the real market that characterizes discrete-time transactions with costs. Recent years have witnessed reinforcement learning (RL) in formulating optimal hedging strategies. Specifically, different RL algorithms have been applied to learn the optimal offsetting position based on market conditions, offering an automatic risk management solution that proposes optimal hedging strategies while catering to both market dynamics and restrictions. In this article, the author provides a comprehensive review of the use of …
Rethinking The "Phillips Curve" In Nigeria: Assessing The Unemployment-Inflation Nexus In A Non-Linear Framework,
2023
University of Nigeria, Nsukka
Rethinking The "Phillips Curve" In Nigeria: Assessing The Unemployment-Inflation Nexus In A Non-Linear Framework, Oba Efayema Obukohwo, Hilda Enoh Olele
Bullion
The need to boost economic growth through policies that will simultaneously enhance employment and price stability cannot be overemphasized for a developing economy like Nigeria. This study thus seeks to ascertain the nexus between unemployment and inflation in Nigeria utilizing unemployment, and other control variables between 1980 and 2020 within a nonlinear framework, the study invalidated the inverse relationship. The study thus proposed that government should formulate and implement policies that will stimulate growth through an unemployment-inflation decelerating trajectory.
Robowealth: Boosting Financial Inclusion In Thailand,
2023
Singapore Management University
Robowealth: Boosting Financial Inclusion In Thailand, Chiraphol N. Chiyachantana, David K. Ding, Pattarawan Mai Prasarnphanich, Chi Wei Chan
Asian Management Insights
Advanced fintech lowers barriers to investing.
If It Ain't Broke, Don't Fix It: Understanding The Value In Producing Film Adaptations And Movie Franchises,
2023
Portland State University
If It Ain't Broke, Don't Fix It: Understanding The Value In Producing Film Adaptations And Movie Franchises, Courtney Mcdonald
University Honors Theses
The business of making movies is not an easy one; in an industry where very few see financial success, risk aversion often takes the wheel. In order to combat the immense amount of uncertainty, existing research has attempted to establish factors of film success, including actor star power and reviews. However, statistical studies evaluating these factors have produced consistently inconclusive results. To approach this idea from another perspective, this paper investigates two specific areas of film—movie adaptations and film franchises—that contain valuable properties not always as explicitly connected to box office results. While many movies are referenced, two film franchises …
The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect,
2023
University of Denver
The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano
Electronic Theses and Dissertations
Internal auditors assigned to assess internal controls over financial reporting incorporate irrelevant information into their judgment, showing decreased skepticism when irrelevant information contradicts preconceived stereotypes of management, known as the dilution effect and attributed to the representativeness heuristic. Irrelevant information consistent with preconceived stereotypes does not decrease skepticism. In this experiment practicing internal auditors are provided an irrelevant description of the Chief Information Officer portrayed as either gregarious or introverted then subsequently receive relevant internal controls information. When the Chief Information Officer is described as gregarious, counter to common stereotypes, internal auditors assess risk as less likely to occur compared …
Exploring The Factors That Affecting Adoption Of Mobile Banking In Bangladesh,
2023
Pabna University of Science and Technology
Exploring The Factors That Affecting Adoption Of Mobile Banking In Bangladesh, Md. Abdullah A. Mamun, Masud Rana, Md. Ashraful Islam, Md. Abdullah A. Mamun
Journal of Global Business Insights
This paper seeks to unearth the factors affecting the adoption of mobile banking in Bangladesh. Primary data from 630 respondents are collected from January 2021 to June 2021 using a structured questionnaire to accomplish this objective. The questionnaire contains 20 statements regarding the adoption of mobile banking. Gathered data are tabulated, categorized, and arranged to fulfill the purpose. The convenience sampling method is used to choose respondents from the Pabna district in Bangladesh. The collected data are examined using exploratory factor analysis, KMO and Bartlett testing, and reliability testing. Findings confirm that risk, the convenience of use, ease of access, …
Rate Effects In Aircraft Learning Curves,
2023
Air Force Institute of Technology
Rate Effects In Aircraft Learning Curves, Caleb J. Ahern
Theses and Dissertations
Across the Department of Defense (DoD), a wide variety of analytical tools are employed by cost analysts to estimate weapon system costs. One of the techniques widely employed by practitioners is the learning curve (LC). Although learning curves have been widely studied, using rate-adjustments or production rate effects (PRE), their usage have only intermittently been evaluated in place of using the traditional learning curve. Previous studies analyzing production rate found mixed results. This research aims to examine aircraft production data to determine if production rate model is preferrable in United States Air Force programs. Additionally, this PRE research seeks to …
Effects Of Level Of Effort Measurement In The Application Of Earned Value Management,
2023
Air Force Institute of Technology
Effects Of Level Of Effort Measurement In The Application Of Earned Value Management, James M. Demos
Theses and Dissertations
Major Air Force contracts are subject to overview utilizing Earned Value Management (EVM). EVM is flexible in its application through the adherence of guidelines rather than strict rules. Due to this method, there is concern for potential abuse of application through overuse of Level of Effort (LOE) as a measurement technique. There are current recommended practices and rules of thumb that suggest LOE should be limited to 15% of a program’s budget with no quantitative research to support this claim. This study examines how LOE is currently employed in ACAT I Air Force programs and what LOE’s impact is on …
A Decadal Analysis Of Factor Trends In Production Data For Department Of Defense Acquisition Programs,
2023
Air Force Institute of Technology
A Decadal Analysis Of Factor Trends In Production Data For Department Of Defense Acquisition Programs, Scott A. Reilly
Theses and Dissertations
This research involves the analysis of standard parametric cost factors across decades within the Production phase of Department of Defense (DoD) acquisitions. DoD cost estimators utilize factors to develop budgets, build cost estimates, measure program progress, and crosscheck for other estimating methodologies. This research analyzed contract data from 732 cost data summary reports (DD Form 1921) across seven decades and eight common work breakdown structure (WBS) elements. In addition to analyzing differences in these WBS elements, this research also provides analysis across decades for several commodity types, contract types, contractor types, and service branches. The statistical tests conducted in our …
Cost Estimating Relationships For Recurring T100 Flyaway Costs,
2023
Air Force Institute of Technology
Cost Estimating Relationships For Recurring T100 Flyaway Costs, Kyrie M. Rojo
Theses and Dissertations
This research investigates a dataset of over 80 Air Force and Navy aircraft and applies regression techniques to create two cost estimating relationships (CERs) for predicting recurring T100 flyaway costs, depending on where in the acquisition lifecycle the estimate takes place. The first CER explains 89 percent of the variation in the dataset and can be applied prior to Milestone B (MS B). The second CER explains 88 percent of the variation in the dataset and can be applied between MS B and MS C. Significant cost drivers identified include stealth, cohort, empty weight, the natural log of speed, legacy …
Machine Learning Techniques For Stock Price Prediction And Graphic Signal Recognition,
2023
Chapman University
Machine Learning Techniques For Stock Price Prediction And Graphic Signal Recognition, Junde Chen, Yuxin Wen, Y. A. Nanehkaran, M. D. Suzauddola, Weirong Chen, Defu Zhang
Engineering Faculty Articles and Research
Stock market analysis is extremely important for investors because knowing the future trend and grasping the changing characteristics of stock prices will decrease the risk of investing capital for profit. Thereupon, the prediction of stock prices and identifying the graphic signals of candlestick charts, which are two crucial tasks in stock price analysis, attract much attention from investors owing to the returns and risks that coexist in financial markets. To introduce a reliable approach for addressing these challenges, this paper proposes the modeling strategies based on machine learning (ML) techniques. A vector autoregression (VAR)-based rolling prediction model is proposed for …
Obedience To Uli’L-Amr And Tax Compliance: Islamic Scholarly Perceptions,
2023
Edith Cowan University
Obedience To Uli’L-Amr And Tax Compliance: Islamic Scholarly Perceptions, Prianto B. Saptono, Ismail Khozen, Ferry Jie
Research outputs 2022 to 2026
For Muslims, all aspects of human life including politics and leadership are governed by the Holy Qur’an. One of the well-known verses is QS. An-Nisa 4:59 which instructs the Muslims to obey uli’l-amr. The literature, however, shows that the scope of obedience is not absolute. Resultantly, the current research aims to understand the tax compliance in the context of obedience to authority. It provides a contemporary viewpoint from the Islamic boarding school (pesantren) communities in Depok, Indonesia about enrichment. Both quantitative research and field observations have been used to accomplish the research goals. Focusing on the pesantren communities’ support for …
Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model,
2023
Singapore Management University
Price Comovement And Market Segmentation Of Chinese A- And H-Shares: Evidence From A Panel Latent-Factor Model, Yingjie Dong, Wenxin Huang, Yiu Kuen Tse
Research Collection School Of Economics
This paper examines the price comovement of cross-listed Chinese A- and H-shares using a panel model with latent factors and a heterogeneous long-run structure. Our model is more flexible than the cointegration system and is estimated using the data-driven Cup–Lasso method. The long-run H-share price discounts are heterogeneous across different groups of stocks. We have identified both stationary and nonstationary latent factors in the price differentials, which are driven by different economic variables. By analyzing the factor loadings of the nonstationary latent factor, we identify some trading-friction and information-friction variables that have effects on the price convergence between the A- …
Peer Effects In Equity Research,
2023
University of Technology Sydney
Peer Effects In Equity Research, Kenny Phua, Mandy Tham, Chi Shen Wei
Research Collection Lee Kong Chian School Of Business
We study the importance of peer effects among sell-side analysts who work at the same brokerage house, but cover different firms. By mapping the information network within each brokerage, we identify analysts who occupy central positions in their network. Central analysts incorporate more information from their coworkers and produce better research. Using shocks to network structures around brokerage mergers, we identify the influence of peer effects and the importance of industry expertise on analysts’ performance. A portfolio strategy that exploits the forecast revisions of central analysts earns up to 24% per annum.
Exchange-Traded Funds And Real Investment,
2023
University of Warwick
Exchange-Traded Funds And Real Investment, Constantinos Antoniou, Frank Weikai Li, Xuewen Liu, Avanidhar Subrahmanyam, Chengzhu Sun
Research Collection Lee Kong Chian School Of Business
We investigate the link between exchange-traded funds and real investment. Cross-sectionally, higher ETF ownership is associated with an increased sensitivity of real investment to Tobin's q and a heightened ability of stock returns to forecast future earnings. Inclusion of stocks in industry ETFs enhances investment-q sensitivity and implies greater incorporation of earnings information into prices prior to public releases. Greater nonmarket ETF ownership leads to increased (reduced) reliance of real investment on own (peers') stock prices. Overall, the evidence is consistent with ETFs positively affecting real investment efficiency via greater flows of information.
Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences,
2023
Singapore Management University
Loan Spreads And Credit Cycles: The Role Of Lenders' Personal Economic Experiences, Daniel Carvalho, Janet Gao, Pengfei Ma
Research Collection Lee Kong Chian School Of Business
We provide evidence that changes in lender optimism can lead to excessive fluctuations in credit spreads across the credit cycle. Using data on the real estate properties of loan officers originating large corporate loans, we find that credit spreads overreact to sophisticated lenders' recent local economic experiences, captured by local housing price growth. These effects are only present when borrowers own real estate assets and during times of greater uncertainty about real estate values, i.e., boom-and-bust cycles in housing prices. Our analysis suggests that recent personal experiences shape sophisticated lenders' beliefs about real estate values, which affect their pricing decisions.
Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity,
2023
Singapore Management University
Strategic Financial Management Part Iii: Debt Maturity And Priority And Corporate Liquidity, Fangjian Fu, Clifford W. Smith
Research Collection Lee Kong Chian School Of Business
This is the third in our series ofJACFarticles that explores thecorporate motives for and consequences of seasoned equity offer-ings (SEOs) by U.S. public companies over the past 50 years. Likeits two predecessors, this article begins by examining each of thethree standard theories (or “models”) of corporate capital structureand financing policy that continue to receive serious considerationin academic discussions: (1) the Tradeoff Model;(2)thePeckingOrder Model, and (3) theMarket Timing Model.Aswealsobeganby noting in our two previous articles, each of these three modelshas implications that do not fit comfortably with the findings ofour analysis of over 8500 SEOs by U.S. companies between 1970and 2019.
Automatic Identification Of Crash-Inducing Smart Contracts,
2023
Zhejiang University
Automatic Identification Of Crash-Inducing Smart Contracts, Chao Ni, Cong Tian, Kaiwen Yang, David Lo, Jiachi Chen, Xiaohu Yang
Research Collection School Of Computing and Information Systems
Smart contract, a special software code running on and resided in the blockchain, enlarges the general application of blockchain and exchanges assets without dependence of external parties. With blockchain's characteristic of immutability, they cannot be modified once deployed. Thus, the contract and the records are persisted on the blockchain forever, including failed transactions that are caused by runtime errors and result in the waste of computation, storage, and fees. In this paper, we refer to smart contracts which will cause runtime errors as crash-inducing smart contracts. However, automatic identification of crash-inducing smart contracts is limited investigated in the literature. The …
Prudex-Compass: Towards Systematic Evaluation Of Reinforcement Learning In Financial Markets,
2023
Singapore Management University
Prudex-Compass: Towards Systematic Evaluation Of Reinforcement Learning In Financial Markets, Shuo Sun, Molei Qin, Xinrun Wang, Bo An
Research Collection School Of Computing and Information Systems
The financial markets, which involve more than $90 trillion market capitals, attract the attention of innumerable investors around the world. Recently, reinforcement learning in financial markets (FinRL) has emerged as a promising direction to train agents for making profitable investment decisions. However, the evaluation of most FinRL methods only focuses on profit-related measures and ignores many critical axes, which are far from satisfactory for financial practitioners to deploy these methods into real-world financial markets. Therefore, we introduce PRUDEX-Compass, which has 6 axes, i.e., Profitability, Risk-control, Universality, Diversity, rEliability, and eXplainability, with a total of 17 measures for a systematic evaluation. …
