Digital Commons Network^™

Capital Structure Strategies For Catalyzing The Growth Of Mining Companies In Developing Countries, Pepe Kalombo Kapompa

Walden Dissertations and Doctoral Studies

A lack of effective strategies to develop capital structures affects operational profit and growth. Consequently, leaders of mining companies in the Democratic Republic of Congo are concerned about the significant financial losses resulting from these deficiencies. Grounded in trade-off theory of capital structure, the purpose of this qualitative multiple case study was to explore strategies that leaders of mining companies in the Democratic Republic of Congo used to develop capital structures that enhance operational profit and growth. The participants included three business leaders from three mining companies who successfully implemented such strategies. Data were collected from semistructured interviews and company …

Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background the present study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called ‘Magnificent Seven’ (Mag-7) individual stocks during the AI boom, spanning the period January 2017 to January 2025. We apply the real time PSY bubble detection methodology of Phillips …

Bidding With Budgets: Algorithmic And Data-Driven Bids In Digital Advertising, Dirk Bergemann, Alessandro Bonatti, Nicholas Wu

Cowles Foundation Discussion Papers

In digital advertising, the allocation of sponsored search, sponsored product, or display advertisements is mediated by auctions. The generation of bids in these auctions for attention is increasingly supported by auto-bidding algorithms and platform-provided data. We analyze the equilibrium properties of a sequence of increasingly sophisticated auto-bidding algorithms. First, we consider the equilibrium bidding behavior of an individual advertiser who controls the auto-bidding algorithm through the choice of their budget. Second, we examine the interaction when all bidders use budget-controlled bidding algorithms. Finally, we derive the bidding algorithm that maximizes the platform’s revenue while ensuring all advertisers continue to participate.

International Monetary Adjustment With And Without A Global Fiscal Authority, Nathaniel Cline, David Fields, Matias Vernengo

Working Papers

No abstract provided.

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Subway, Collaborative Matching, And Innovation, Yumi Koh, Li Jing, Jianhuan Xu

Research Collection School Of Economics

Using rapid expansion of the Beijing subway from 2000 to 2018, we analyze its impact on collaborative matches in innovations. We find that an hour reduction in travel time between a pair of locations in Beijing brought 14.85% to 37.69% increase in collaborated patents. Far-apart location pairs were more affected, and the local average causal response is approximately 34.92% to 82.29%. The effect is mainly driven by increased matches among highly productive innovators. The entry of new innovators, relocation of existing innovators, and collaborations among low-productive innovators also contribute to the increase in collaborative matches, especially in the long run.

Research On The Mechanism Of China's Stock Market And The Efficiency Of Factor-Based Stock Selection Strategies, Huaixiang Xing

Dissertations and Theses Collection (Open Access)

Based on the data of 4280 firms listed on China's A-share market from 2010 to 2023, this paper constructs 20 market factors and 4 financial factors to systematically study multi factor stock selection strategies in China's stock market. Furthermore, this article analyzes the impact of China's capital market mechanisms on stock selection strategies, which include margin trading and securities lending mechanism, Mainland-Hong Kong Stock Connect mechanism, analyst coverage mechanism, and information disclosure mechanism. The main conclusions are as follows:

Firstly, this paper reveals that 12 market factors, including size, price, and liquidity are all effective pricing factors, and the strategy …

Religion And Economic Development: Past, Present, And Future, Sascha O. Becker, Amma Panin, Steven J. Pfaff, Jared Rubin

ESI Working Papers

This chapter examines the role of religion in economic development, both historically and today. Religion's influence varies globally, with high religiosity in countries like Pakistan and low rates in China. Despite declines in some Western countries, religion remains influential worldwide, with projected growth in Muslim populations due to higher fertility rates. Religion continues to shape societal norms and institutions, such as education and politics, even after its direct influence fades. The chapter explores how religious institutions and norms have impacted economic outcomes, focusing on both persistence and decline. It also examines cultural transmission, institutional entrenchment, networks, and religious competition as …

Decade-Long Analysis Of Sustainable Development Goals Compliance And Financial Performance Tiers In All Banking Companies Listed On Bursa Malaysia, Kien Seng Lok, Khai Wah Khaw, Xinying Chew, Wei Chien Ng

International Journal of Management, Finance and Accounting

This study examines the relationship between Sustainable Development Goals (SDGs) compliance and financial performance in Malaysian banks from 2013 to 2022. Using advanced machine learning techniques, including Support Vector Machines, Decision Trees, K-nearest Neighbours, Extra Trees, Gradient Boosting, and Random Forests, banks were classified into financial performance tiers. Gradient Boosting was the most effective, achieving 80% accuracy in categorising medium and low-performance tiers. Significant correlations were found between SDGs 10 and 15, as well as financial metrics like market capitalisation and asset turnover. These findings highlight the benefits of integrating specific SDGs into banking strategies and the need for supportive …

Effects Of Political Connections On Earnings Management Practices In Nigeria: Does The Board Of Directors’ Efficacy Matter?, Auwalu Musa

International Journal of Management, Finance and Accounting

The purpose of this study is to investigate the effects of political connections and earnings management and to explore the role of the board of directors’ efficacy on the relationship between political connections and earnings management practices. A panel data set of 365 observations from 73 firms (2018 to 2022) listed on the Nigerian Exchange Group (NGX) was used, and the Driscoll and Kraay standard error fixed effect was employed in testing the hypotheses. The findings indicated that politically connected boards are positively associated with accrual earnings management and negatively associated with real earnings management practices. The study also finds …

The Determinant Of Islamic Bank Profitability And Stability In Malaysia, Asmah Mohd Jaapar, Nur Ain Abdul Hamid, Nurhatiah Ahmad Chukari

International Journal of Management, Finance and Accounting

This study examines the determinants of profitability and stability of 14 Islamic banks in Malaysia using secondary data from 2018 until 2022. Hausman and Breush-Pagan's tests indicate that the fixed effect panel model is the best model to predict the relationships. The final fixed effect model for the profitability of Islamic banks shows that capital adequacy ratio (CAR), Z-score, and gross domestic product (GDP) have significant relationships with return on assets (ROA). CAR has a negative effect, while Z-score and GDP positively affect ROA. On the other hand, the final fixed effect model for the stability of Islamic banks shows …

Creating Discussion Posts With The Assistance Of Generative Ai, Dorina Tila

Publications and Research

This assignment is an online discussion but can also be an in-class presentation. Students will be provided or are required to derive the unemployment graph of a self-selected country. Then, after comparing it with the GDP graph, they will be able to describe how it converges or diverges from the prediction of economic theory. During this analysis, they will use various prompts in ChatGPT and submit the 2-3 detailed, focused prompts and the response. Then they will interpret the ChatGPT response and use academic articles to support the arguments. Students will first derive the graph and interpret it using their …

Twitter Based Uncertainty And Stock Returns Connectedness In Case Of Selected Apec Countries, Badri Narayan Rath, Chinmaya Behera

Bulletin of Monetary Economics and Banking

The aim of the paper is to unravel evidence of non-linear causality and connectedness between Twitter-based uncertainty and stock market returns for selected APEC countries. By using a non-linear Granger causality test, the study finds that Twitterbased uncertainty causes stock returns of Japan and Singapore. Further, the results also confirm the presence of volatility spillover between Twitter uncertainty and stock returns. Thus, volatility spillover from Twitter-based uncertainty and financial market returns provides insights to investors on adjusting their investments between the countries.

Multidimensional Monotonicity And Economic Applications, Frank Yang, Kai Hao Yang

Cowles Foundation Discussion Papers

We characterize the extreme points of multidimensional monotone functions from [0,1]^n to [0,1], as well as the extreme points of the set of one-dimensional marginals of these functions. These characterizations lead to new results in various mechanism design and information design problems, including public good provision with interdependent values; interim efficient bilateral trade mechanisms; asymmetric reduced form auctions; and optimal private private information structure. As another application, we also present a mechanism anti-equivalence theorem for two-agent, two-alternative social choice problems: A mechanism is payoff-equivalent to a deterministic DIC mechanism if and only if they are ex-post equivalent.

How Influential Are Digital Technologies On Good Governance And Quality Institutions In Asean?, Ismail Aremu Muhammed, Ahmed Masood Khalid, Gamini Premaratne

Bulletin of Monetary Economics and Banking

How do Digital Technologies (DT) affect the quality of governance and institutions in ASEAN? We address this question through employing a panel data technique on 10 ASEAN countries over the period between 1996 and 2022. The findings reveal that DT are influential in the quality of governance and institutions in these countries. Specifically, fixed broadband subscriptions, individuals using the internet, and mobile cellular subscriptions are vital in promoting good governance and quality institutions in ASEAN. Moreover, government effectiveness and rule of law responded and improved more significantly with the development of DT. It was concluded that effective government policy and …

Does Climate Change Impacts Output? An Empirical Evidence From Asia Pacific Countries., Chinmaya Behera Dr., Ranjan Kumar Mohanty Dr., Biswashree Tanaya Priyadarsini Ms., Debasis Patnaik

Bulletin of Monetary Economics and Banking

The study examines the nexus between output, Gross Domestic Product (GDP), renewable energy, trade openness, carbon emission, and foreign direct investment in Asia Pacific countries Using the autoregressive distributed lag model and yearly data from 1990 to 2021, we find (a) a long-run relationship among the variables under consideration, (b) that GDP positively impacts output in most countries, (c) that CO2 and renewable energy display varied effects, and (d) in the short run, GDP and trade openness generally exert a positive influence, but GDP demonstrates a mix of positive and negative impacts. Policymakers need to provide stable policies for environmental …

Climate Change Demands Free Markets, Glen Lyons

Journal of New Finance

William Nordhaus won a Nobel Prize for work on the economics of climate change. He advocated for the government policy of carbon pricing arguing that climate is a public good, free riders undermine action, there are unpriced negative externalities, and individuals can’t slow climate change. Nordhaus assumes that climate science is certain enough to design effective policy. This paper challenges that thinking and shows that individuals can and ARE slowing climate change. I will also review the risks of government policy, highlight the uncertainty in present day climate science, and conclude by showing that free markets are the best “policy”.

The Impact Of Financial Inclusion On Inflation In The Mena Region: Oil Vs Non-Oil Countries, Jailan Elsaid

Theses and Dissertations

The study examines the impact of financial inclusion on inflation as a tool for monetary policy effectiveness in the MENA region, separating the analysis into oil and non-oil countries from 2004 to 2022. The Principal Component Analysis (PCA) technique is used to create a multidimensional index of financial inclusion through usage and access dimensions. Additionally, PVAR GMM estimation and Granger causality tests are implemented to analyze the dynamics and causality between financial inclusion and inflation, while controlling for other variables such as broad money, real effective exchange rate, and real GDP growth, which may influence the relationship according to the …

Short-Run Economic Effects Of Michigan's State-Funded Preschool Programs, Timothy J. Bartik

Upjohn Institute Policy Papers

This policy paper estimates the short-run economic effects of the Great Start Readiness Program (GSRP), Michigan’s state-funded preschool program for 4-year-olds. The paper considers 15year effects on state residents’ per capita incomes due to impacts on employment rates and real wages, as well as cost-savings from free preschool and fiscal benefits due to tax base expansion. These 15-year effects ignore the program’s outcomes for child participants and focus on how the Michigan economy is affected by GSRP’s direct impacts on parents and preschool teachers. The estimates use a regional econometric model of a state’s economy, developed originally to evaluate economic …

Does Bank Expansion Reduce Domestic Violence? Causal Evidence From India, Rikhia Bhukta, Chandan Kumar Jha, Rikhia Bhukta, Ashish K. Sedai K. Sedai

Economics Faculty Works

Multiple studies have shown that dowry payments are among the main causes of domestic violence in developing countries. This paper studies the effects of banking expansion on dowry payments and domestic violence in India. Using a fuzzy regression discontinuity design, we present robust evidence that financial inclusion brought about by banking expansion reduces dowry-related deaths and cruelty by husbands. We propose two primary mechanisms underlying this relationship. First, banking expansion enhances the ability of the bride's family to make higher cash payments and more wedding gifts to the groom's family at the time of marriage, often known as dowry. Second, …

The Effect Of Education Policy On Crime: An Intergenerational Perspective, Ulrika Ahrsjö, Costas Meghir, Mårten Palme, Marieke Schnabel

Cowles Foundation Discussion Papers

We study the intergenerational effect of education policy on crime. We use Swedish administrative data that links outcomes across generations with crime records, and we show that the comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected by the reform and for their sons. The reduction in conviction rates occurred in many types of crime. The key mediators of this reduction in child generation are an increase in education and household income and a decrease in crime among their fathers.

Essays In Industrial Organization, Nilesh Kumar Jain

Doctoral Theses

This thesis contains three chapters on industrial organization, covering two distinct topics. Chapters 1 and 2 examine the impact of firm owner's corruption on the organization, while Chapter 3 analyzes the market dynamics of a two-sided newspaper market.\medskip The first chapter investigates the agency conflict that arises when the principal (the owner) of a firm is involved in corruption. A corruptible principal has an incentive to conceal his or her illegal activities, while the agent (CEO or manager), due to their information advantage, is in a position to monitor this corruption, thus creating an agency conflict. We show that such …

Consumption Responses To Income Shocks Through Lottery Winning, Seonghoon Kim, Kanghyock Koh

Research Collection School Of Economics

We study the effects of lottery winning on consumption spending using newly available household survey data in Singapore. We find strong consumption responses to a transitory income shock via lottery wins. Lottery winners spend about half of their prizes within 12 months of winning. We show that consumption responses are stronger among households with more binding liquidity constraints and less risk aversion, which is consistent with the standard life-cycle model. The strong consumption response suggests that fiscal stimulus policies or other public transfer programs could be an effective means of boosting consumption spending of the economy in the short run.

Banking And The Wider Economy: Essays On Capital And Cross-Border Risks, Morgan Hunt

Dissertations, Theses, and Capstone Projects

Chapter 1: This paper examines the impact of growth in the banking industry’s capital and assets on real output growth at both aggregate and industry levels using a short-run factor-augmented vector autoregression (FAVAR) model across 19 NAICS two-digit industries from 2007Q1 to 2019Q4. Results reveal that changes in capital growth significantly affect output growth in the Manufacturing and Finance industries, while changes in risk-weighted assets impact the Construction, Manufacturing, Real Estate, and Transportation industries. Conversely, output growth in the Manufacturing and Retail Trade industries influences capital growth, while Wholesale Trade output growth affects risk-weighted assets. These relationships are robust …

Industrial Policy In The Competition Between An Existing Hegemon And A Rising Superpower: The Case Of The Us And China, Kevin Honglin Zhang

Faculty Publications – Economics

Central to the current US-China geopolitical rivalry is the strategic use of industrial policy (IP) by both countries, which is an unexpected reverse of view on IP. This paper examines the role of IP in the economic competition between the US, the incumbent global hegemon, and China, the rising superpower. Both countries increasingly view IP as essential to winning the rivalry. While the methods differ –more market-driven in the US and more state-led in China - their IP reflects shared goals: securing technological leadership and strengthening national security through self-reliance. China’s IP works well in achieving scale, coordination, and technological …

Intra-Household Welfare Inequality And Household Public Goods, Pierre-André Chiappori, Costas Meghir, Yoko Okuyama

Cowles Foundation Discussion Papers

In this paper we develop a novel approach to measuring individual welfare within households, recognizing that individuals may have both different preferences (particularly regarding public consumption) and differential access to resources. We construct a money metric measure of welfare that accounts for public goods (by using personalized prices) and the allocation of time. We then use our conceptual framework to analyse intrahousehold inequality in Japan, allowing for the presence of two public goods: expenditures on children and other public goods including housing. We show empirically that women have much stronger preferences for both public goods and this has critical implications …

A Benjaminian Rumination Of Grasses And Tomatoes In Contemporary Anatolian Film, Ceren Izci

Dissertations, Theses, and Capstone Projects

This thesis interprets the intersection of history, ecology, and politics through two contemporary Anatolian films: Nuri Bilge Ceylan’s About Dry Grasses and Murat Fıratoğlu’s One of These Days When Hemme Dies. We focus on the films’ portrayal of social relations and relationships to other living beings through interpreting the temporal layers and historical tensions present in the plots of the films. We introduce the paper by pondering over the question of whether these films are political. Drawing on Walter Benjamin’s concepts of “first nature” and “second nature”, the first chapter introduces the philosophical framework for understanding the connection between …

Quantifying Educational Impacts Under The Nypd's Stop-And-Frisk Era, Matthew T. Stanton

Dissertations, Theses, and Capstone Projects

This project examines the educational and economic impacts of the New York Police Department's "Stop, Question, and Frisk" (SQF) program, implemented predominantly under "Operation Impact" from 2003 to 2022. Using data from the NYPD and the American Community Survey, the study explores correlations between high rates of stop-and-frisk encounters and reduced educational attainment among targeted demographics, primarily Black and Hispanic young men. It contextualizes the socioeconomic consequences of SQF policies, including their effect on lifetime earnings and community trust. The project highlights the limitations of data correlation, advocates for further longitudinal and qualitative studies, and suggests frameworks for mitigating inequities …

Beauty Comes With A Price: But How Much Is It Worth It, Fabliha Afia

Dissertations, Theses, and Capstone Projects

The global skincare market, valued at 104.24 billion dollars in the year 2022, is very heterogeneous, ranging from prestige brands to more drugstore types. Even when the same key ingredients are present, the latter often sells for much higher due to branding and packaging and the aura of prestige created. This capstone project entitled "Beauty comes with a price: but how much is it worth?" investigates if such higher costs are justified due to superior quality or are driven by non-functional factors. It systematically compared the high-end versus drugstore skincare products in categories like sunscreens, serums, and exfoliants with respect …

Structural Transformation And Employment Trends In Jordan, Omar M. Alshrydeh, Taleb M. Warrad

An-Najah University Journal for Research - B (Humanities)

Historical experience suggests that improving employment and working conditions is not achievable without structural transformations in the economy. Through these transformations, surplus labor in informal sectors and activities can be moved to higher-productivity economic activities. In this research paper, the trends in the relationship between structural transformation and employment in Jordan during the period 1990-2022 were analyzed. The research highlights several key findings from the analysis. First, it identifies long-term equilibrium relationships between structural transformation and employment fluctuations. Secondly, the main research variable total production (LY) is statistically significant in all models, but it varied in terms of magnitude and …