Digital Commons Network^™

The Role Of Macroprudential Policies Under Carbon Pricing, Maria Teresa Punzi

Sim Kee Boon Institute for Financial Economics

This paper analyses the effectiveness of macroprudential policy on macro-financial fluctuations when the government enforces carbon pricing to reduce carbon emissions and achieve the net-zero target. A carbon tax policy alone can reduce carbon emissions by 2030, but at the cost of a deep and prolonged recession, with consequential financial instability due to a higher probability of default on entrepreneurs in the brown sector. This result suggests that carbon pricing should be coupled with complementary policies, such as macroprudential policy. In particular, differentiated LTV ratios and differentiated capital requirements that penalize the brown sector in favour of the green sector …

Weight Misperceptions And Health Management Via Information Nudges, Lanjie Wang, Xuan Zhang, Seonghoon Kim, Kanghyock Koh

Research Collection School Of Economics

Being overweight or obese is a serious public health problem. Misperception of one's own weight status and inertia are major obstacles to weight control. To overcome these two problems, we conduct a randomized controlled trial in which participants are presented with the correct weight category based on their body mass index to remove any weight misperception, and then given six biweekly reminders about healthy diet and physical activity via SMS/email. We find that our intervention reduces individuals’ weight misperception and encourages healthier dietary choices. However, it has little impact on their physical activity. We further show that people who were …

Trade Imbalance, Heavy Goods, And Pollution, Jungho Lee, Shang-Jin Wei, Jianhuan Xu

Research Collection School Of Economics

We propose a new welfare effect of trade surplus. Guided by insight from several fields in economics, we provide evidence that an increase in a country's trade surplus alters the unit shipping costs for its trade and the composition of its imports in ways that induce more pollution in the country in equilibrium. This new form of welfare loss of trade imbalance has not been accounted for in the existing international economics literature

Subjective Beliefs About Contract Enforceability, J. J. Prescott, Evan Starr

Articles

This article assesses the content, role, and adaptability of subjective beliefs about contract enforceability in the context of postemployment covenants not to compete (noncompetes). We demonstrate that employees tend to believe that even clearly unenforceable noncompetes are enforceable, including their own. We provide evidence for both supply- and demand-side stories that explain employees’ persistently inaccurate beliefs. Moreover, we show that believing that unenforceable noncompetes are enforceable likely causes employees to forgo better job opportunities and to perceive that their employer is more likely to sue them if they choose to compete. Finally, we use an information experiment to inform employees …

Marriage And Economic Status As Predictors Of Depressed Symptoms, Achmad Kautsar, Dini Widiani, Ni Putu Mia Tarani, Grace Wulandari, Adiatma Y. M. Siregar

Economics and Finance in Indonesia

Mental disorders can result in more significant economic losses than chronic physical illnesses. Mental disorders can be influenced by both economic and non-economic factors. This study investigates the influence of marital status and economic status interventions on depression symptoms with Propensity Score Matching (PSM). The data of this analysis was obtained from the Indonesian Family Life Survey (IFLS V). The findings indicated that individuals who were married experienced a 6% reduction in depressive symptoms, while those in the middle to high economic status category experienced a 3% decrease. Enhancing well-being and promoting effective communication play crucial roles in mitigating depressive …

An Exploration Of Degrowth: Reimagining The Economy In The Face Of Climate Change, Nicole Kristene Martinez-Bergman

University Honors Theses

Climate change is an issue of great magnitude facing the world, and communities are already feeling its effects, especially the most vulnerable. As the planet warms, it threatens to upend global ecosystems, from the oceans to the forests to the earth's atmosphere. Furthermore, the strains climate change places on the earth are a threat to global economic systems as erratic weather damages cities and creates an increasingly unstable agricultural system. However, these changes to the climate are due to anthropogenic impacts, meaning humans have caused this issue. This uniquely positions humans to create a structure to slow and eventually reverse …

Economic Impacts Of Industry Shifts: Evaluating The Decline Of The Coal Industry In Indonesia's Transition To Renewable Energy, Sebastian Ming Lopez

University Honors Theses

Worldwide usage of coal in energy production is declining. Agreements on carbon reduction and decreasing reliance on non-renewable energy systems are occurring at differing rates. Developed countries are quick to adapt and switch to renewable energy systems using their greater resources, technological advances, and government support. Developing countries however are at a disadvantage due to a lack of resources and prior investments in older, polluting, technology. This study aims to look at the potential effects of the decline of the coal industry within Indonesia, a fast-growing developing country that relies heavily on its coal sector. Indonesia as a country is …

Fpdr And Portland: A Concerned Accountant's Perspective, Noah Roth

University Honors Theses

Established in 1942, the Fire and Police Disability and Retirement (FPDR) fund was intended to attract young men to serve as firefighters and police officers in the city of Portland. FPDR provides defined benefit retirement payments to some 2000 retirees from Portland Fire and Rescue and the Portland Police Bureau. Portlanders are obligated to pay these benefits through a property tax levy determined by the proprietors of the Fund itself. The overall liability owed to these retirees, and current employees, accounts for more than half of all liabilities owed by the city of Portland, representing a fiscal burden that calls …

A Convergent Parallel Mixed Methods Examination Of The Impact Of Graduate Student Loan Balances On Overall Quality Of Life Among Clinical Psychologists With Psyd Degrees, Lekai James

Dissertations

Graduate student loan debt in psychology, particularly for those with Doctorate in Psychology (PsyD) degrees in clinical psychology, is highly problematic. Previous research has shown that student loan debt negatively impacts quality of life (QOL) by affecting subjective well-being (SWB) and life satisfaction (LS). This study used a convergent parallel mixed method approach, guided by bottom-up spillover theory and Maslow’s hierarchy of needs, to explore the relationship between QOL and total graduate student loan balances, as well as the effects of income and monthly student loan payments on QOL among PsyD graduates. Participants (N = 16) completed a survey with …

The Research Of The Non-Financial Factors In The Investment Decision, Wenbiao Hou

Dissertations and Theses Collection (Open Access)

Driven by globalization and technological innovation, the complexity of investment decisions is continuously increasing. While traditional financial factors still play a crucial role in these decisions, an increasing number of real-life cases indicate that investors are relying more on non-financial factors. This paper systematically analyzes the impact of these non-financial factors in the framework of investment decision-making.

This paper employs a mixed research method, incorporating both qualitative and quantitative analyses to ensure comprehensive coverage of the topic. First, it outlines the theoretical basis and development of non-financial factors in investment decisions through a review of prior literature. Next, it collects …

Value Added Tax Rate Variation, Import Demand And Sectoral Output In Nigeria, Joshua K. Nomkuha, Aondoawase Asooso, Philip T. Abachi

CBN Journal of Applied Statistics (JAS)

This study employs computable general equilibrium (CGE) model to estimate the effect of increase in value added tax (VAT), from 5 per cent to 7.5 per cent, on import demand and sectoral output in Nigeria. The study uses 2020 as the base year for the data analysis. The results show that increase in VAT affects import demand negatively, based on import penetration ratios, with mixed effect across six sectors. The implication of the result is that the VAT policy discourage consumption of foreign products, and constitute excess burden to consumers of such products in Nigeria. The results further reveal that …

Trade Liberalization, Non-Oil Export And Economic Growth In Nigeria, Jerome T. Andohol, Terhemen Tarzoor, Dennis T. Nomor

CBN Journal of Applied Statistics (JAS)

The study examines the impact of trade liberalization and non-oil exports on economic growth in Nigeria from 1986 to 2021. The study utilizes an autoregressive distributed lag model and found the combined effect of trade liberalization and non-oil exports to be positive and statistical significant. While trade liberalization alone may have negative consequences, its synergy with a robust non-oil export can drive sustainable economic growth. The study recommends that strategies to enhance non-oil exports should be encouraged to support the effectiveness of trade liberalization in promoting growth.

Stock Market Volatility In The United Kingdom: Simulating Post-Covid-19 Recovery, Bala A. Dahiru, Mohammed Shuaibu, Najibullah Hassanov

CBN Journal of Applied Statistics (JAS)

This paper investigates the time it would take for the FTSE-100 index to reach its post-COVID-19 peak. The paper utilises an exponential generalised autoregressive conditional heteroscedasticity (EGARCH) model that accounts for leverage effect and asymmetries. The preferred models amongst competing variants was the Autoregressive Moving Average (ARMA)-EGARCH(2,1) specification and was used to predict daily FTSE-100 data from 5th January 2000 to 21st June 2024. The empirical exercise showed that the COVID-19-induced financial crisis negatively affected the United Kingdom’s stock market performance. The results show that the FTSE100 index could reach its post-pandemic peak around 27th August, 2024 (two months after …

Impact Of Covid-19 Pandemic On Performance Of Nigerian Stock Market, Shafiu Ibrahim Abdullahi

CBN Journal of Applied Statistics (JAS)

This study analyzes the effect of COVID-19 pandemic on the performance of Nigerian stock market. The study uses a number of models that include autoregressive distributed lag, vector auto regression, exponential generalized autoregressive conditional heteroskedasticity and multivariate generalized autoregressive conditional heteroskedasticity models. Findings show that reported cases of COVID-19 have causal effect on daily returns of the Nigerian stock market. The results also show that Nigerian stocks are good for portfolio diversification. The results of variance decomposition confirm the declining importance of COVID-19 cases and deaths as the pandemic slows down. Further results show that, for the duration of the …

Impact Of Fiscal Policy On Financial Inclusion And Development In Nigeria, Okwanya Innocent, Taiwo A. Olusegun, Aimua E. Peace

CBN Journal of Applied Statistics (JAS)

This paper examines the effect of fiscal policy on financial inclusion and development in Nigeria. The study employs the Autoregressive Distributed Lag (ARDL) model and impulse response function (IRF) to determine the extent and response of financial inclusion and development to fiscal policy changes in Nigeria. The study derives a financial inclusion index from three core indicators: access, usage and quality of financial services, while financial development is measured as the ratio of money supply to GDP (M2/GDP). The results show that government expenditure has a significant positive effect on financial inclusion and development, while tax revenue exerts a negative …

Policy Design For Biodiversity: How Problem Conception Drift Undermines "Fit-For-Purpose" Peatland Conservation, Benjamin Cashore, Ishani Mukherjee, Altaf Virani, Lahiru S. Wijedasa

Research Collection School of Social Sciences

For over two decades, scientists have documented the alarming decline of global Peatland ecosystems, regarded as the planet’s most crucial carbon sinks. The deterioration of these unique wetlands alongside their policy attention presents a puzzle for policy scientists and for students of anticipatory policy design. Two contrasting explanations have emerged. Some argue that pressures from economic globalization compel governments to relax environmental standards, while others point to deficiencies in policy design and implementation. Our paper applies Cashore’s Four Problem Types framework to assess a more nuanced explanation: that failure of global and local policies to curb ecosystem degradation is owing …

The Effect Of Tax Avoidance, Tax Rate Change, And Sustainability Disclosure On Earnings Management, I Putu Hendy Bimantara Dinata, Asqolani Asqolani

Economics and Finance in Indonesia

This study aims to analyze the effect of tax avoidance, changes in tax rates, and sustainability disclosures on earnings management. The sample in this study is public companies listed on the IDX for the period 2018–2021. The results of this study indicate that tax avoidance has no effect on earnings management. In addition, after the reduction in the corporate income tax rate, companies tend to conduct earnings management to reduce revenue. In the sustainability aspect, environmental sustainability disclosure has no effect on earnings management, while social sustainability disclosure has a positive effect on earnings management. The results of this study …

Ideology And Economic Change, Jared Rubin, Debin Ma

ESI Working Papers

This paper revisits the old theses of the contrasting paths to modernization between Japan and China. It develops a new analytical framework regarding the role of ideology and ideological change—Meiji Japan’s decisive turn towards the West pitted against Qing China’s lethargic response to Western imperialism—as the key driver behind these contrasting paths. Our framework and historical narrative highlight the contrast between Tokugawa Japan’s feudal, decentralized political regime and Qing China’s centralized bureaucratic system as a key determinant driving the differential patterns of ideological realignment. We argue that the 1894-95 Japanese naval victory over China could not be justified under the …

Moral Content Diminishes Preference Falsification, Maxine Bonneau, Tanya O'Garra, Praveen Kujal

ESI Working Papers

We examine how the moral (or neutral) content of an issue influences the tendency to falsify attitudes, given varying social and monetary incentives to engage in such ‘preference falsification’. We conduct an incentivized two stage online experimental study where, in a prior first stage, attitude strength over moral and neutral issues is elicited. Then, in the second stage participants in groups of ten were asked to express their preferences regarding the moral or neutral issues for each possible combination of supporters and opposers in their group, each associated with varying monetary payoffs. More than half of the participants falsify their …

Atelier Interloper, Isabel Jane Marvel

Masters Theses

Architects frequently specify toxic materials, like fiberglass insulation, for construction projects, materials they would never touch with bare hands, let alone wear as garments. So why incorporate such harmful substances into our buildings? Atelier Interloper, a nimble fabrication studio, intervenes in job sites and manufacturer waste streams, reclaiming industrial materials that are no longer usable at building scale but are suitable for clothing. The premier collection of garments draws inspiration from workwear and is crafted from industrial materials such as Tyvek and 100% recycled denim insulation. In outfitting the body with these materials, this thesis work brings visibility to substances …

Echoes Of War In Lithuania, Jokubas Salyga

Political Science Faculty Publications

The chapter explores the impact of the war on the everyday lives of Lithuanians. It begins by addressing the economic challenges instigated by Vladimir Putin’s military adventurism, and the latter’s burden on workers and the poor. This is followed by documenting the unwavering determination of the Lithuanian government and its people to create a hospitable environment for Ukrainian refugees. Subsequently, the chapter delves into the trials and tribulations faced by Ukrainian arrivals in Lithuania, drawing comparisons with the experiences of Belarusian and Russian nationals who have also sought refuge in the country. The latter are currently viewed as a potential …

Robust Contracts In Common Agency, Keler Marku, Sergio Ocampo, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

Business activities often involve a common agent managing a variety of projects on behalf of investors with potentially conflicting interests. The extent of the agent's actions is also often unknown to investors, who have to design contracts that provide incentives to the manager despite this lack of crucial knowledge. We consider a game between several principals and a common agent, where principals know only a subset of the actions available to the agent. Principals demand robustness and evaluate contracts on a worst-case basis. This robust approach allows for a crisp characterization of the equilibrium contracts and payoffs and provides a …

Does Generative Ai Facilitate Investor Trading? Evidence From Chatgpt Outages, Qiang Cheng, Pengkai Lin, Yue Zhao

Research Collection School Of Accountancy

In this paper, we use ChatGPT outages to investigate whether investors rely on generative artificial intelligence (GAI) to perform trading-related tasks and the associated impact on stock price informativeness. We first document a significant decline in stock trading volume during ChatGPT outages and find that the effect is stronger for firms with corporate news released immediately before or during the outages. We further document similar declines in the short-run price impact, return variance, and bid-ask spreads, consistent with a reduction in informed trading during the outage periods. Lastly, we use trading volume changes during outages to construct a firm-level measure …

Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang

Dissertations, Theses, and Capstone Projects

This dissertation consists of five chapters on market efficiencies through retail and international mutual fund investors.

Chapter 1 This chapter briefly introduces this dissertation.

Chapter 2 This chapter Anomalies Never Disappeared: The Case of Stubborn Retail Investors delves into the “stubborn” retail investors and finds that anomalies traded against by retail investors never disappear in the long run, defying the conventional wisdom that anomalies are disappearing in recent years as market efficiency improves. Incorporating retail trading, I develop asset pricing models that surpass existing prominent models in explaining these long-run alphas. I hypothesize that retail investors exacerbate anomalies: the more …

Essays In Applied Microeconomics, Ege Aksu

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters that investigate the effect of public health policies on health outcomes.

The first chapter evaluates the impact of the extensive health care reforms enacted between 2003–2013 under the Health Transformation Program (HTP) in Turkey on maternal and infant health outcomes for the poor. By focusing on a specific insurance program (Green Card) expansion that was a part of HTP, I explore changes in infant survival, fertility, and children’s vaccination status. Before 2004, all public health insurance beneficiaries (the control group) were covered for outpatient services, including prenatal and postnatal doctor visits, gestational diabetes screenings, …

We Cannot Labor Our Way Out Of Oppression: An Exploratory Study Of Wealth Through Black Women’S Lived Experience, Tiffany N. Younger

Dissertations, Theses, and Capstone Projects

An exploratory qualitative phenomenological study was used to explore Black women’s experiences with wealth accumulation. The aims of this study were to better understand how Black women navigate financial obligations as heads of households and the impact of the wealth gap on their lives. The research on the wealth gap, informed by U.S. values and culture, has assumed the accumulation of wealth is the baseline/default goal or aspiration for all individuals. More specifically the subaims of this study sought to examine the extent to which the structural, interpersonal, disciplinary, and hegemony impacts Black women’s wealth status. Furthermore, this study sought …

Turning Movements Into Markets: How Corporations Co-Opt Cultural Values For Profit, Anthony J. Capote

Dissertations, Theses, and Capstone Projects

In this dissertation, I explore how corporations engage in values-based marketing in the 21^st Century. It is hardly a new phenomenon for corporate advertising to co-opt popular cultural values and trends. With the rise of platform capitalism — under which digital platforms generate wealth by cultivating our online data and resell it to advertisers — as well as the political and social context of the Trump Administration, however, major corporations have entered a new phase in the marketing framework that aims to attract consumers based specifically on their cultural and political values. Using a mixed methods approach I explore …

Childlessness, Social Network Profiles In Midlife And Late Adulthood, And Their Implications For Subjective Well-Being, Bussarawan Teerawichitchainan, Dahye Kim, Christine Ho

Research Collection School Of Economics

Objectives: Despite the rising prevalence of individuals reaching advanced age without children, little is known about the diversity of support networks within childless populations. We examine the network profiles of childless adults aged 50+ in Singapore, which observes high childlessness rates despite societal emphasis on familism. Methods: We employ latent class analysis to derive network typology based on a 2022 nationwide survey in Singapore. Additionally, we use logistic regression analyses to investigate the sociodemographic correlates of childless individuals' network types and the associations between these network types and subjective well-being. Results: Childless Singaporeans form a heterogeneous group characterized by different …

Black Food Geographies And The Politics Of Resistance In The Brick City. An Intersectional Analysis Of Black Food Provisioning Practices, Food Access, And Racial Food Inequities In Newark, New Jersey From 1666 – 2020, Angelika Winner

Dissertations, Theses, and Capstone Projects

This work studied Black food geographies in Newark, NJ, which represent alternative food provisioning practices and strategies working within but also parallel to traditional food geographies and exist within and despite of foodscapes of domination. Black food geographies not only include the spatial agency of Black residents but also entail the structural intersectionality and organized abandonment that Black residents currently experience as well as their historical production. Thus, food access of Newark’s Black resident was analyzed with a three-pronged mixed methods research design, a supply-centered analysis from a Positivistic perspective, a political economy-centered historical analysis from a Marxist perspective, and …

Kartu Prakerja Program And Youth Employment: Gender-Specific Outcomes In Indonesia, Rizki Tri Anggara

Economics and Finance in Indonesia

The Kartu Prakerja Program is a form of the active labor market policy in Indonesia, serving as a significant initiative to enhance competencies and job opportunities, including for vulnerable groups such as the young and female labor force. This study aims to analyze the program’s impact on youth employment, with a focus on gender differences. Using Propensity Score Matching (PSM), the results show a significant positive effect on employment probability, particularly for women. The findings suggest that skills training and financial incentives play a crucial role in enhancing employability. The study recommends expanding program access to vulnerable groups and continuously …