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Consumers’ Financial Literacy In Poland - The Research And The Resulting Conclusions, Andrzej Bień, Łukasz Gębski

Journal of Banking and Financial Economics

Background & Purpose of the article: The research paper raises important issues in the field of consumer financial literacy in Poland. The authors note that efforts made in financial education are not fully effective and the number of wrong decisions made by consumers is high. The study led to two interesting observations: high self-assessment of knowledge is not confirmed in practice. The mistakes made do not result solely from the lack of knowledge of consumers. They are very often a result of their personality and a way of perceiving reality.

Methods: The authors compared Polish and foreign research results in …

Can Financialisation Counteract Banking Exclusion? A Study On The Example Of The European Union Member States, Tomasz Florczak, Marika Ziemba

Journal of Banking and Financial Economics

The purpose of the article is to assess the relationship between financialization and banking exclusion. The research hypothesis that financialization contributes to the reduction of financial exclusion was also verified. The research was based on an analysis of the variables describing financialization and banking exclusion of 27 European Union countries in the 2014–2021 period. The zero-unitarization method and Pearson’s correlation coefficient were used. The results of the study indicate that a high degree of financialization is found in Croatia, Greece, Cyprus and Portugal. In contrast, the level of banking exclusion is the highest in Finland, Sweden, the Netherlands and Latvia. …

The Relationship Between Investment Strategy, Investment Return, And Investment Performance, Issa Lamine Fofana

Walden Dissertations and Doctoral Studies

Investment managers are concerned with investment strategy decisions, as they are one of the key predictors of successful investment management. Grounded in prospect theory, the purpose of this quantitative correlational research study was to examine the relationship between investment strategy, investment returns, and investment performance. The population consisted of 120 cases collected from Morningstar’s mutual fund database. The results of the multiple linear regression were significant, F(5, 119) = 36.598, p <.001, R2=.616. In the final model, two predictors were significant: total 5-year returns (ß = 0.034, p < .001) and large-cap investment strategy (ß = -0.357, p = .026) were significant predictors of investment performance. A key recommendation is for investment managers to determine the risk level they are willing to accept when building a portfolio. The implications for positive social change include boosting investment returns and performance, hence improving the investment industry's stability, which may result in the expansion of local economies.

Cyclical Interest In Entrepreneurship And The Virginia Economy, Daniel Farhat

Journal of Business & Entrepreneurship

This study uses keyword search data from Google to construct an index representing broad interest in entrepreneurship in Virginia. Dynamic correlations are evaluated to identify how short-term movements in the index relate to employment and earnings, leading economic indicators, home prices and business applications. Results support opportunity-driven mindsets in the labor market but not in the real estate market. The index is shown to have some economic prediction power, and is capable of producing new insights compared to data from actual business activity. This study highlights the role entrepreneurial interest may play in policy and lays the groundwork for further …

Back To The Future? How The Global Powers And The Local Militias Hindered Un Multi-Dimensional Mediation In The Libyan And Syrian Civil Wars After 2011, Ahmed S. Mahdi, Melissia Shapib, Noura Gamie

Future Journal of Social Science

UN mediation efforts in the Libyan and Syrian civil wars, which followed the Arab Revolutions of 2011, were hampered by the great power intervention, and by the belligerents' insistence on solving the problem through military victory instead of negotiation. There is a shortage in the literature which examines an alternative, or how UN mediation can be improved. One of the few models to assess, and improve, UN mediation in civil wars is the so-called Kane Model (2022). Using the model presented by Kane to assess the procedures of a powerful UN mediation process in internationalized civil wars, this paper argues …

Approaches And Tools Of Peace And Conflict Management Between Two Perspectives, Yasmine Z. Radwan

Future Journal of Social Science

This study aims at pointing out the tools of peace and the approaches to conflict management and resolution presented in the Islamic and Western perspectives. It also searches for clarifying the convergent and divergent zones that could help in finding, analyzing and criticizing the basic concepts on which arguments and debates are constructed. This study concluded that the differences between the Islamic and the Western perspective are a human requirement for acquainting and integrating based on a crucial notion, which is identity. Identity is treated in details in many discourses and occupies a large place in the Western literature on …

The Effects Of Gender-Based Occupational Segregation On Women's Earnings In The United States And Canada, Jadyn G. Milius

Proceedings of the Jepson Undergraduate Conference on International Economics

The gender wage gap continues to prove a contentious topic with some going as far as to question its existence. However, scholarly works continue to prove it is real and impactful. More fruitful debates have arisen about the source of this disparity in wages. This paper seeks to analyze one possible explanation for the pay gap: gender-based occupational segregation. I used OLS regressions based on women working full-time between the ages of sixteen and sixty-five to measure this. I find a negative effect of segregated occupations on women’s earnings across countries and years. On a similar note, the percentage of …

An Analysis Of Employment Status Determinants Among Immigrants, Edina Tahirovic

Proceedings of the Jepson Undergraduate Conference on International Economics

When examining the United States economy, it is crucial to consider the immigrant population within the labor force. This paper analyzes the determinants of employment status among immigrants. A logistic regression analysis was conducted using data collected across the United States to identify possible explanations for the observed variations. In this model, I selected variables based on past research and theories that indicated their significance. To explain immigrant employment status, I tested variables including sex, age, race, citizenship, years in the United States, English proficiency, and educational attainment. The results show that some variables are statistically significant; however, there are …

Hiv Estimation Using Population-Based Surveys With Non-Response: A Partial Identification Approach, Oyelola A. Adegboye, Tomoki Fujii, Denis H. Y. Leung, Siyu Li

Research Collection School Of Economics

HIV estimation using data from the demographic and health surveys (DHS) is limited by the presence of non-response and test refusals. Conventional adjustments such as imputation require the data to be missing at random. Methods that use instrumental variables allow the possibility that prevalence is different between the respondents and non-respondents, but their performance depends critically on the validity of the instrument. Using Manski's partial identification approach, we form instrumental variable bounds for HIV prevalence from a pool of candidate instruments. Our method does not require all candidate instruments to be valid. We use a simulation study to evaluate and …

Determinants Of Women’S Fertility Rates In The U.S., Kelle Bormann

Proceedings of the Jepson Undergraduate Conference on International Economics

Fertility rates have long been a subject of extensive research. In our constantly evolving world, economists have examined these rates across different times and regions to understand how cultural and economic factors influence women’s fertility. This paper analyzes historically significant factors to determine if their impact has changed over time, aiming to inform policies addressing the declining fertility trend. Data from the IPUMS USA 2021 census was used, estimated through a logit odds ratio regression with robust standard errors, and analyzed at the ten, five, and one percent significance levels. The findings indicate that the age of the youngest child …

Inefficiencies Of Carbon Trading Markets, Nicola Borri, Yukun Liu, Aleh Tsyvinski, Xi Wu

Cowles Foundation Discussion Papers

The European Union Emission Trading System is a prominent market-based mechanism to reduce emissions. While the theory is well-understood, we are the first to study the whole cap-and-trade mechanism as a financial market. Analyzing the universe of transactions in 2005-2020 (more than one million records of granular transaction data), we show that this market features significant inefficiencies undermining its goals. First, about 40% of firms never trade in a given year. Second, many firms only trade during surrendering months, when compliance is immediate and prices are predictably high. Third, a number of operators engage in speculative trading, exploiting private information.

The Relationship Between Monetary Policy And The Stock Market Cycle: An Empirical Study In Vietnam, Nhung Thuy Tran

The Indonesian Capital Market Review

The study examines the relationship between monetary policy and the stock market cycle in Vietnam. Using data from 2007 to 2022 and employing a VAR model, we estimate the impact of monetary policy factors on stock market cycle variables. The findings confirm a two-way causal relationship between monetary policy and the stock market cycle. However, the influence of cyclical fluctuations on the monetary policy transmission mechanism is weak, exhibits a lag, and predominantly occurs in the medium and long term. These results indicate that Vietnam's monetary policy requires time to absorb financial shocks and adjust to economic conditions. The study …

The Role Of Social Capital In A Fishing Community’S Adaptation To Climate Change, Endah Saptutyningsih, Romi Bhakti Hartarto, Wanggi Jaung

DLSU Business & Economics Review

Climate change threatens the livelihoods of many communities around the world, including fishing communities. Low catches of fish caused by climate change may have devastating impacts on fishing communities, particularly on those poor communities with a lack of preparation for climate change adaptation. This study investigates how social capital influences fishermen’s support for climate change adaptation. We conducted a contingent valuation survey in a fishing community vulnerable to climate change in Lamongan, Indonesia. Our study results reveal that fishermen’s trust in a person and their community involvement played significant roles in their support for climate change adaptation. These study findings …

Two Essays On Corporate Finance. The Impact Of Ceo Cultural Heritage And Corporate Decision Making, Md Showaib Rahman Sarker

Theses and Dissertations

This dissertation consists of two essays that investigate the effect of CEOs’ cultural heritage on corporate decision-making. In the first essay, I examine the impact of CEOs’ cultural heritage on corporate social responsibility (CSR). I present empirical evidence that CEOs originating from countries with high power distance, more uncertainty avoidance and long-term orientation have high CSR scores, while those from individualistic and indulgent cultures have low CSR scores. This effect lasts up to three generations before it disappears due to acculturation. These results are robust to using propensity score matching, entropy balancing, and Oster’s test to address endogeneity and selection …

Exchange Rates And Fundamentals In Developed And Emerging Markets, Rocky K. Laurel

DLSU Business & Economics Review

This paper investigates the relationship between exchange rates on the one hand and money supply and real output on the other, then compares the relationship in developed and emerging markets. It tests the validity of the flexible price monetary model using in-sample analysis to determine if there are long-term relationships among the variables and out-of-sample analysis to compare the predictive performance of the model against a random walk. It finds evidence for a relationship as predicted by the model, contrary to long-standing findings of no relationship. It also finds some evidence that foreign exchange rates of emerging markets are more …

Contributors

DLSU Business & Economics Review

No abstract provided.

Reading The Candlesticks: An Ok Estimator For Volatility, Jia Li, Dishen Wang, Qiushi Zhang

Research Collection School Of Economics

We propose an Optimal candlesticK (OK) estimator for the spot volatility using high-frequency candlestick observations. Under a standard infill asymptotic setting, we show that the OK estimator is asymptotically unbiased and has minimal asymptotic variance within a class of linear estimators. Its estimation error can be coupled by a Brownian functional, which permits valid inference. Our theoretical and numerical results suggest that the proposed candlestick-based estimator is much more accurate than the conventional spot volatility estimator based on high-frequency returns. An empirical illustration documents the intraday volatility dynamics of various assets during the Fed chairman's recent congressional testimony.

Rank-Guaranteed Auctions, Wei He, Jiangtao Li, Weijie Zhong

Research Collection School Of Economics

We propose a combinatorial ascending auction that is “approximately” optimal, requiring minimal rationality to achieve this level of optimality, and is robust to strategic and distributional uncertainties. Specifically, the auction is rankguaranteed, meaning that for any menu M and any valuation profile, the ex-post revenue is guaranteed to be at least as high as the highest revenue achievable from feasible allocations, taking the (|M| + 1)th-highest valuation for each bundle as the price. Our analysis highlights a crucial aspect of combinatorial auction design, namely, the design of menus. We provide simple and sufficient menus in various settings.

A General Limit Theory For Nonlinear Functionals Of Nonstationary Time Series, Peter C. B. Phillips, Qiying Wang

Cowles Foundation Discussion Papers

New limit theory is provided for a wide class of sample variance and covariance functionals involving both nonstationary and stationary time series. Sample functionals of this type commonly appear in regression applications and the asymptotics are particularly relevant to estimation and inference in nonlinear nonstationary regressions that involve unit root, local unit root or fractional processes. The limit theory is unusually general in that it covers both parametric and nonparametric regressions. Self normalized versions of these statistics are considered that are useful in inference. Numerical evidence reveals interesting strong bimodality in the finite sample distributions of conventional self normalized statistics …

Effects Of Peer Groups On The Gender-Wage Gap And Life After The Mba: Evidence From The Random Assignment Of Mba Peers, Mallika Thomas

Upjohn Institute Working Papers

Using the historical random assignment of MBA students to peer groups at a top business school in the United States, I study the effect of the gender composition of a student’s peers on the gender pay gap at graduation and long-term labor market outcomes. I find that a 10 percentage point increase in the share of male peers leads to a 2.1 percent increase in the relative earnings of female students at graduation, closing the gender gap in earnings at graduation by two-thirds. The effects on women’s long-term earnings grow even larger with time. Using novel data on job offers, …

Legalized Sports Betting And Mental Health, Brad R. Humphreys, Jane Ruseski

Economics Faculty Working Papers Series

Since the Supreme Court declared the Professional and Amateur Sports Protection Act of 1992 unconstitutional in 2018, 38 states and the District of Columbia legalized face to face and/or on-line betting on sports. A potential unintended consequence of legalized sports betting is an increased risk for mental health disorders and problem gambling. Using a staggered difference-in differences framework, we exploit variation in timing of adoption of legal sports betting across states to evaluate the impact of these laws on mental health outcomes. We combine data on when states passed laws to legalize gambling with data from the Behavioral Risk Factor …

Conveniently Pessimistic: Manipulating Beliefs To Excuse Selfishness In Charitable Giving, Zeeshan Samad

Economics and Finance Faculty Publications

This paper demonstrates how people can manipulate their beliefs in order to obtain the self-image of an altruistic person. I present an online experiment in which subjects need to decide whether to behave altruistically or selfishly in an ambiguous environment. Due to the nature of ambiguity in this environment, those who are pessimistic have a legitimate reason to behave selfishly. Thus, subjects who are selfish but like to think of themselves as altruistic have an incentive to overstate their pessimism. In the experiment, I ask subjects how optimistic or pessimistic they feel about an ambiguous probability and then, through a …

Intrahousehold Welfare: Theory And Application To Japanese Data, Pierre-André Chiappori, Costas Meghir, Yoko Okuyama

Cowles Foundation Discussion Papers

In this paper we develop a novel approach to measuring individual welfare within house-holds, recognizing that individuals may have both different preferences (particularly regarding public consumption) and differential access to resources. We construct a money metric mea-sure 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 …

Who Helps Tsimane Children And Adults?, Eric Schniter, Daniel K. Cummings, Paul L. Hooper, Jonathan Stieglitz, Benjamin C. Trumble, Hillard S. Kaplan, Michael D. Gurven

ESI Working Papers

We examine various forms of helping behavior among Tsimane Amerindians of Bolivia, focusing on the provision of shelter, childcare, food, sickcare, cultural influence, and traditional story knowledge. Kin selection theory traditionally explains nepotistic nurturing of youth by closely related kin. However, less attention has been given to understanding the help provided by individuals without close genetic relatedness. To explain who provides various forms of help, we evaluate support for several predictions derived from kin selection theory. Our results show that helpers who are most often closely related and from an older generation tend to provide more costly forms of help …

Market Virtues And Respect For Human Dignity, Luís C. Calderón Gómez, Robert Talisse, John A. Weymark

Book Chapters

Luigino Bruni and Robert Sugden have provided a normative defense of markets from a virtue ethics perspective. They interpret market exchange as being a practice in the sense of Alasdair MacIntyre. For Bruni and Sugden, the telos of a market is mutual benefit and a market virtue is a character trait or disposition that contributes to the realization of this benefit. They regard market virtues as embodying a moral attitude towards market interactions that is characterized by reciprocity. For MacIntyre, this is a partial account of a virtue. To qualify as a virtue, it is also necessary that it contributes …

The New China Model: Combating Economic And Political Order, Jack R. Swords

Dartmouth College Master’s Theses

Contemporary world politics centers around the actions of the two largest powers on Earth, the United States and China. They are both each other’s greatest adversary yet at the same time are each other’s largest trading partners. This thesis explores the nature of China’s economic climate that has seen it grow to one of the world’s foremost powers. However, the East Asian Nation faces economic challenges centered around the three D’s: Debt, Deflation, and Demographics. This thesis analyses what the nature of these challenges are and how China is responding to them within the ever-advancing world of economic and political …

Investing In The Next Generation: The Long-Run Impacts Of A Liquidity Shock, Patrick Agte, Arielle Bernhardt, Erica Field, Rohini Pande, Natalia Rigol

Discussion Papers

Poor entrepreneurs must frequently choose between business investment and children’s education. To examine this trade-off, we exploit experimental variation in short-run microenterprise growth among a sample of Indian households and track children’s education and business outcomes over eleven years. Treated households, who experience higher initial microenterprise growth, invest more in education and are one-third more likely to send children to college. However, only literate households experience child schooling gains and their enterprises stagnate in the long-run. In contrast, illiterate treatment households experience long-run business gains but declines in children’s education. Our findings suggest that microenterprise growth has the potential to …

A Modelled Estimate Of Food Access Within Countries Shows That Inequality Within Countries Has Increased Despite Rising Equality Between Countries, Juan Diego Martinez, Navin Ramankutty, Zia Mehrabi, Tom W. Hertel

Department of Agricultural Economics Faculty Publications

Global food calorie supply per person is more than 2900 kcal per day on average, but we have failed to ensure equitable access to these calories. Yet how uneven food access is within countries has remained poorly understood, as has the progress made over the past five decades on closing the access gap. Using publicly available data, we developed a theoretically-grounded statistical model to estimate the cross-national relationship between average per capita expenditure and per capita food availability and used this to estimate within-country access to food for income deciles in 135 countries. We find that, from 1961 to 2013, …

Limit Theory Of Local Polynomial Estimation In Functional Coefficient Regression, Ying Wang, Peter C. B. Phillips

Cowles Foundation Discussion Papers

Limit theory for functional coefficient cointegrating regression was recently found to be considerably more complex than earlier understood. The issues were explained and correct limit theory derived for the kernel weighted local constant estimator in Phillips and Wang (2023b). The present paper provides complete limit theory for the general kernel weighted local p-th order polynomial estimator of the functional coefficient and the coefficient deriva-tives. Both stationary and nonstationary regressors are allowed. Implications for bandwidth selection are discussed. An adaptive procedure to select the fit order p is proposed and found to work well. A robust t-ratio is constructed following the …

Measurements In Kautilya’S Arthasastra, In The Domains Of Public Finance And Governance, Saraswathi Murali M

Theses and Dissertations

Ancient Sanskrit literature has rich discussion of measurements by different authorities. Examples from the Vedic Age and the period of Itihāsas can be found in Ṛgveda (c. 1500 BCE), Rāmāyaṇa, and Mahābhārata. A subsequent, and more elaborate, exercise of codification of measurements, relevant to finance and administration, is observed in Arthaśāstra, written by Kauṭilya, also known as Cāṇakya and Viṣṇugupta (c. 350-275 BCE).

The author, a scholar from Takṣaśilā, was the advisor during Cāndragupta Maurya’s reign (c. 321-297 BCE). After millennia of hibernation, Kauṭilya’s Arthaśāstra resurfaced, in the beginning of the twentieth century. Ever since, Arthaśāstra has been a subject …