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Practical Perspective Of Market Efficiency And Comparison Of Empirical Efficiency Tests, Haoxiang Peng

Lingnan Theses (MPhil & PhD)

The Covid-19 pandemic outbreak caused huge impact on global financial markets. This paper uses Hurst exponent as methodology to revisit the traditional concept of market efficiency including stock markets and cybercurrency markets which becomes increasingly popular these years like Bitcoin and Ethereum. The empirical tests are based on two following hypotheses: 1. The inefficiency level of cybercurrency markets will be higher than stock markets. 2. The inefficiency level of cybercurrency markets and stock markets will both go up after the pandemic outbreak.

The three sufficient conditions raised by Eugene F. Fama for market efficiency are: (i) there are no transactions …

The Optimality Of Upgrade Pricing, Dirk Bergemann, Alessandro Bonatti, Andreas Haupt, Alex Smolin

Cowles Foundation Discussion Papers

We consider a multiproduct monopoly pricing model. We provide sufficient conditions under which the optimal mechanism can be implemented via upgrade pricing—a menu of product bundles that are nested in the strong set order. Our approach exploits duality methods to identify conditions on the distribution of consumer types under which (a) each product is purchased by the same set of buyers as under separate monopoly pricing (though the transfers can be different), and (b) these sets are nested. We exhibit two distinct sets of sufficient conditions. The first set of conditions is given by a weak version of monotonicity of …

The Optimality Of Upgrade Pricing, Dirk Bergemann, Alessandro Bonatti, Andreas Haupt, Alex Smolin

Cowles Foundation Discussion Papers

We consider a multiproduct monopoly pricing model. We provide sufficient conditions under which the optimal mechanism can be implemented via upgrade pricing—a menu of product bundles that are nested in the strong set order. Our approach exploits duality methods to identify conditions on the distribution of consumer types under which (a) each product is purchased by the same set of buyers as under separate monopoly pricing (though the transfers can be different), and (b) these sets are nested. We exhibit two distinct sets of sufficient conditions. The first set of conditions weakens the monotonicity requirement of types and virtual values …

Economic Development, The Nutrition Trap And Metabolic Disease, Nancy Luke, Kaivan Munshi, Anu Mary Oommen, Swapnil Singh

Discussion Papers

This research provides a single explanation for: (i) the persistence of malnutrition and (ii) the increased prevalence of metabolic disease (diabetes, hypertension, cardiovascular disease) among normal weight individuals with economic development. Our model is based on a set point for BMI or bodyweight that is adapted to conditions of scarcity in the pre-modern economy, but which subsequently fails to adjust to rapid economic change. During the process of development, some individuals thus remain at their low-BMI set point, despite the increase in their consumption, while others who have escaped the nutrition trap (but are not necessarily overweight) are at increased …

Emotional Finance: The Impact Of Emotions On Investment Decisions, Leef H. Dierks, Sonja Tiggelbeck

Journal of New Finance

Emotions have a decisive influence on individual investment decisions and thus on market developments. Collective behavior, which often prevails in markets, can trigger the development of speculative bubbles as, more often than not, investors rely on trust in an attempt to reduce the uncertainty and complexity prevailing in markets. Based on the developments surrounding German financial services provider Wirecard in 2020, this contribution explains why retail and institutional investors decided to trust the company's narrative in an attempt to reduce uncertainty, despite increasingly obvious large-scale accounting inconsistencies.

Trends And Causes Of Socio-Economic Inequality In Teenage Pregnancy And Childbearing In Tanzania, Magashi Joseph, Asela Miho

Journal of Humanities and Social Sciences

The paper analyses the trends and causes of socioeconomic inequalities in teenage pregnancy and childbearing in Tanzania using the 2004/05, 2009/10 and 2015/16 Tanzania Demographic and Health Survey (TDHS) data. The analysis of trends and causes of socioeconomic-inequality uses a representative sample of 7,450 teenagers who were pregnant or had a child during the survey. Teenagers were obtained from a multi-stage sampling technique. Erreygers Index (EI) and its decomposition are used in the analyses. The EI indicates a significant increase in the magnitude of inequalities in teenage pregnancy and childbearing over time. Further, there exists a pro-poor inequality in teenage …

Cirp Re-Engineering And Re-Structuring Under Insolvency And Bankruptcy Reforms, Joy Kattadiyil Binoy, Bakhtiyor Anvarovich Islamov

Scientific reports of Bukhara State University

Introduction. This article discusses the theory of corporate restructuring and its importance in the country. Business restructuring is the redesigning of existing business strategies and aspects for various reasons. Usually a corporate’s varied challenges and financial adjustments to its assets and liabilities necessitates this process. It analyses how the different avenues of business restructuring exercises such as mergers, acquisitions, amalgamations, compromises, and arrangement are processed with in respect to the process provided under the Insolvency and Bankruptcy Code 2016. Introduction followed by brief Literature Review. Research methods are exploratory in nature, since the study has to explore the impact of …

Determinants Of The Changing Funding Burden Of Higher Education, Matthew Van Den Berg

Mountain Plains Journal of Business and Technology

This paper analyses the political economy of public higher education funding in the United States and offers a unique conceptual and empirical approach to describe the determinants of funding sources. By evaluating the tuition proportion of revenue, this analysis estimates the determinants of the relative distribution of the funding burden between public and private sources. The empirical results show inelastic substitution between government appropriations and tuition revenue, significant demand effects on tuition revenue, and that institutional differences contribute to varying dependence on tuition as a source of revenue. The estimated determinants identify several areas where state and university policies may …

The Impact Of Temperature On Labor Quality: Umpire Accuracy In Major League Baseball, Eric Fesselmeyer

Research Collection College of Integrative Studies

Using data from Major League Baseball, I compute an objective measure of the home plate umpire's work quality-the accuracy of his ball and strike calls during a game-and measure how it varies with temperature. I find that an increase in game-time temperature from between 70 and 80 degrees F to above 95 degrees F decreases an umpire's accuracy by a little less than a percentage point, which is a 5.5% increase in the pitch-calling error rate when evaluated at the mean error rate of 13.3%. Restricting the sample to borderline pitches increases the magnitude of the hot-weather effect on accuracy …

The Unique Role Of The State Press In The Chinese Economy, Singapore Management University

Perspectives@SMU

CUHK research investigates the role played by China’s state-owned media in supplying information vital to the functioning of China’s capital markets

Average Life Expectancy Across Nations, Madison Eberhart

Proceedings of the Jepson Undergraduate Conference on International Economics

This paper analyzes life expectancy and the factors that influence it across several different countries worldwide. Data is collected from the World Bank DataBank. The cross-sectional data set contains variables for nation population, percentage of citizens with access to electricity, net income per capita, labor force participation rate, crude birth rate, population density, the percent of a nation’s population that is female, and the dependent variable being average life expectancy. This regression gives insight as to how strongly average life expectancy is affected by the different independent variables selected. It is important to understand how different elements and factors correlate …

An Assessment Of Swine Industry In The Philippines, Christian Paul L. Fang, Cenon D. Elca

Journal of Economics, Management and Agricultural Development

This paper assessed the performance of swine industry in the Philippines by synthesizing secondary data from 1990 to 2020. Inefficiencies in major swine value chain segments were identified. The factors affecting swine production and pork consumption were determined using multiple regression analysis. The bottlenecks found along the chain are yellow corn supply deficit, fragmented structures of yellow corn and backyard farms, high disease susceptibility of backyard farms, and compromised meat quality produced from private slaughterhouses. The own price, inventory, and slaughtered animals have significant direct effects on swine production. The retail price of pork and income have significant direct influences …

Chance Elections, Social Distancing Restrictions, And Kentucky's Early Covid-19 Experience, Charles J. Courtemanche, Joseph Garuccio, Anh Le, Joshua C. Pinkston, Aaron Yelowitz

Economics Faculty Publications

Early in the pandemic, slowing the spread of novel coronavirus disease 2019 (COVID-19) relied on non-pharmaceutical interventions. All U.S. states adopted social-distancing restrictions in March and April of 2020, though policies varied both in timing and scope. Compared to states with Democratic governors, those with Republican governors often adopted measures for shorter durations and with greater resistance from their residents. In Kentucky, an extremely close gubernatorial election immediately prior to the discovery of SARS-CoV-2 replaced a Republican incumbent with a Democrat, despite Republicans easily winning all other statewide races. This chance election result offers a unique opportunity to examine the …

Generalized Local-To-Unity Models, Liyu Dou, Ulrich K. Müller

Research Collection School Of Economics

We introduce a generalization of the popular local‐to‐unity model of time series persistence by allowing for p autoregressive (AR) roots and p − 1 moving average (MA) roots close to unity. This generalized local‐to‐unity model, GLTU(p), induces convergence of the suitably scaled time series to a continuous time Gaussian ARMA(p,p − 1) process on the unit interval. Our main theoretical result establishes the richness of this model class, in the sense that it can well approximate a large class of processes with stationary Gaussian limits that are not entirely distinct from the unit root benchmark. We show that Campbell and …

The Effect Of The Global Financial Crisis On The Cost Structure And Double Bottom Line Goal Of Microfinance Institutions, Amy Ehinomen Eremionkhale, Todd A. Watkins

Business Analytics Faculty Publications

The objective of Microfinance institutions (MFIs) is often two-fold; the so-called double bottom line of seeking financial return sustainability, while also maximizing the social impact of their services on the lives of the poor individuals they serve. The pursuit of the social impact bottom line puts microfinance institutions in a peculiar position with regards to the response of their cost structure to the global financial crisis. This paper begins by investigating the impact of the global financial crisis on the cost structure, and cost inefficiencies of MFIs given their double bottom line pursuits. Overall, it appears that achieving growth in …

The Effect Of Task Choice And Task Assignment On The Gender Earnings Gap: An Experimental Study, Kai Ou, Xiaofei Pan

Economics Faculty Journal Articles

Previous studies explain the gender earnings gap by gender differences in choosing competitive and higher-paying jobs. However, little is known about whether and how women’s earnings are affected when they choose more challenging jobs. In this study, we use a novel identification strategy to investigate 1) how the gender earnings gap arises from individuals’ self-selecting into different tasks and 2) whether mobilizing women to work on the tasks typically preferred by men increases women’s earnings and decreases the earnings gap. Our results show that men who prefer the hard and higher-paid task are more likely to obtain higher earnings regardless …

A Network Of Thrones: Kinship And Conflict In Europe, 1495–1918, Seth G. Benzell, Kevin Cooke

Economics Faculty Articles and Research

We construct a database linking European royal kinship networks, monarchies, and wars to study the effect of family ties on conflict. To establish causality, we exploit decreases in connection caused by apolitical deaths of rulers' mutual relatives. These deaths are associated with substantial increases in the frequency and duration of war. We provide evidence that these deaths affect conflict only through changing the kinship network. Over our period of interest, the percentage of European monarchs with kinship ties increased threefold. Together, these findings help explain the well-documented decrease in European war frequency.

An Experimental Study Of Within- And Cross-Cultural Cooperation: Chinese And American Play In The Prisoner’S Dilemma Game, Michael Kuroda, Jieran Li, Jason Shachat, Lijia Wei, Bochen Zhu

ESI Working Papers

We study whether cross- and within-culture groups have different cooperation rates in the Prisoner’s Dilemma Game. In an experiment, university students in China and America engage in a single iteration of the game, complete belief elicitation tasks regarding their opponents’ play and take a survey including attitudinal measurements regarding their in- and out-group attitudes. Cooperation rates are higher across the two countries are higher in both cross-culture and in within-culture interactions, although not significantly. We also find that Chinese participants cooperate less than American ones. Further, female Chinese participants are more cooperative than Chinese male ones. In the cross-culture treatment, …

Strategy For Improving The Quality Of Services, Facilities And Cleanliness Towards Kaltim Mess’S Guest Satisfaction, Hery Kurniawan Utama, Beti Nurbaiti, Soehardi Soehardi

Journal of Strategic and Global Studies

Penelitian ini membahas pengaruh variabel kualitas pelayanan, fasilitas dan kebersihan terhadap kepuasan tamu. Tujuan dari penelitian ini adalah untuk mengetahui pengaruh kualitas pelayanan terhadap kepuasan tamu, untuk mengetahui pengaruh fasilitas terhadap kepuasan tamu dan untuk mengetahui pengaruh kebersihan terhadap kepuasan tamu selama pandemi Covid 19 di Messaging Agency Kalimantan Timur di Jakarta. . Metode yang digunakan adalah metode Structural Equation Modeling (SEM) dengan software LISREL 8.7 yang menguji validitas, reliabilitas, uji model pengukuran, uji kesesuaian model struktural (solusi standar) dan uji model struktural (T-Value). Dalam penelitian tesis ini, Analisis SEM dengan Lisrel dilakukan mulai dari tahap prates dan penelitian inti …

Digital Innovation: A Catalyst And Enabler Of Achieving Business Sustainability, Clarence Goh, Gary Pan, Poh Sun Seow, Shankararaman, Venky

Research Collection School Of Accountancy

Today, many companies are actively incorporating sustainability principles into their business strategies. This movement is likely to have resulted from an ongoing shift in the demands and behaviours of customers, employees, partners, governments, investors and other stakeholders that expect companies to act with integrity and in a way that benefits wider society. The emphasis on achieving sustainability goals has led to increasing adoption of “triple bottom line”, which suggests that companies ought to pay attention to more than just the bottom-line, but also measure their environmental and societal impacts that may help to achieve long-term business growth. Typically, companies with …

Embracing Digital Transformation In Accounting And Finance, Poh Sun Seow, Clarence Goh, Gary Pan, Melvin Yong, Joanna Chek

Research Collection School Of Accountancy

Digital transformation involves the integration of digital technologies and business processes. Recent developments in digital technologies have provided organisations with the tools to embark on digital transformation encompassing a wide range of business processes and activities. Organisations that can leverage on technology to digitally transform themselves stand to put themselves at a significant competitive advantage relative to their competitors.

Viii—Gambling On Others And Relying On Others, Nicolas Cornell

Articles

Gambling on another person and relying on another person are similar but intuitively distinct phenomena. This paper argues that gambling is distinguished by the stance that it necessarily involves towards the bet-upon conduct. It then contends that, where one has gambled upon the conduct of another, one has no standing to complain against that person for losses that result. This small point may have significant implications for how we think about speculative economic losses.

Money Growing On Trees: A Classroom Game About Payments For Ecosystem Services And Tropical Deforestation, Sahan Dissanayake, Sarah A. Jacobson

Economics Faculty Publications and Presentations

Payments for ecosystem services (PES) programs use an incentive-based approach to pursue environmental goals. While they are common policy tools, key concepts determining their efficacy are nuanced and hard to grasp. This article presents a new interactive game that explores the functioning and implications of PES programs. Participants play the role of rural households in a developing country, deciding individually or as groups whether to enter into contracts to refrain from reducing local forests in exchange for payment from a forest-based PES initiative. The game explores topics that include PES programs, climate change, tropical deforestation, cost-effectiveness, additionality, illegal harvest and …

Accurate Simulation Of Both Sensitivity And Variability For Amazonian Photosynthesis: Is It Too Much To Ask?, Sarah M. Gallup, Ian T. Baker, John Luke Gallup, Natalia Restrepo-Coupe, Katherine D. Haynes, Nicholas M. Geyer, A. Scott Denning

Economics Faculty Publications and Presentations

Estimates of Amazon rainforest gross primary productivity (GPP) differ by a factor of 2 across a suite of three statistical and 18 process models. This wide spread contributes uncertainty to predictions of future climate. We compare the mean and variance of GPP from these models to that of GPP at six eddy covariance (EC) towers. Only one model's mean GPP across all sites falls within a 99% confidence interval for EC GPP, and only one model matches EC variance. The strength of model response to climate drivers is related to model ability to match the seasonal pattern of the EC …

An Economic And Political Lens Into The Lives Of Undocumented Migrant Female-Headed Households, Fátima V. Preciado Mendoza

University Honors Theses

Mexican undocumented women are essential in migrating in many households; they are often at the center of sustaining immigrant networks (Caroline B. Brettell 2015). The purpose of this study is to document, analyze, and report on the sociopolitical climate concerning the federal immigration detention and deportation pursued by the Trump regime and its effect on the mental health and financial well-being of undocumented migrant mothers working in Oregon. Throughout the interviewed data analysis process, the study examines the critical role women play in building community and navigating through multiple state social services and programs as a means of self-empowerment. This …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Delta-Normal Value At Risk Using Exponential Duration With Convexity For Measuring Government Bond Risk, Di Asih I Maruddani, Abdurakhman Abdurakhman

DLSU Business & Economics Review

A bond is simply a debt that promises to repay the money with interest in the future. An issuer must pay the coupon regularly and repay the face value at the maturity date. Therefore, a bond is called fixed-income security. However, as with any investment, there is always some risk involved. Two significant bond risk investments are interest rate risk and credit risk. In this paper, we want to measure interest risk, which affects bond price movements. Exponential duration with convexity (EDC) will be applied to predict an accurate estimation of bond price caused by the interest rate change. Delta-normal …

The Effect Of Risk Management Committee On Audit Fees: Malaysian Evidence, Masturah Malik, Rohami Shafie

DLSU Business & Economics Review

The global financial crises that have occurred in the past have caused a growing number of firms to establish a risk management committee (RMC) at their board level. By adopting 208 nonfinancial listed firms in Bursa Malaysia for the year end 2014, our study explores whether the establishment of an RMC and its attributes (having independent members, experts and female members) affect the audit fees charged towards the firms. Apart from the demand perspective of an audit, the study reports that independent members of the RMC are associated with higher audit fees. The result is derived from the basis that …

Investigating The Effect Of Price Of Rubber Fluctuations On Stock Prices And Exchange Rates In Malaysia, Seuk Wai Phoong, Seuk Yen Phoong

DLSU Business & Economics Review

This paper examines the relationship between the stock price and nominal exchange rate in Malaysia to ascertain the significance of using rubber price as a correction mechanism. The Johansen cointegration test was employed to investigate the effects of linear combination and the relationships among the components in a multiple time series. A two-regime, intercept- adjusted Markov switching vector error correction model was also used to examine the parameters concerned. Rubber price is used as a correction mechanism. Because rubber is one of Malaysia’s main exports, using rubber price as a correction mechanism may affect the country’s economy. The results of …

What Is New In Value Investing? A Systematic Literature Review, Florencia Roca

Journal of New Finance

This study provides an overview of the academic research in the field of Value Investing (VI), identifying the knowledge structure, influential authors, connections between relevant papers, and salient trends. Following a defined protocol, the Google Scholar database is examined to extract, rank, and connect influential books and academic articles in VI. Through a systematic literature review methodology, this study retrieves a database of 400 academic works published between 1965 and 2020. Using rigorous bibliometric and visualization tools, it identifies four major research clusters: (1) competing explanations of the value premium, (2) anomalies research, (3) momentum and fundamentals, and (4) wrong …