Digital Commons Network^™

Optimal Empirical Strategy For Deriving The Spot Curve: The Case Of Poland, Piotr Bartkiewicz

Journal of Banking and Financial Economics

We use a proprietary dataset of daily quotations of individual bonds from the period 2005–2018 to assess the appropriateness of three common yield curve intrapolation methods: Nelson-Siegel (NS), Diebold-Li (DL) and cubic splines. Spot (zero-coupon) yield curves derived from the methods are used to price all securities in the sample in both in-sample and out-of-sample settings. The results highlight trade-offs inherent in any empirical strategy: between flexibility and in-sample fit, between overall fit and fit in particular segments of the curve. We look at both in-sample and out-of-sample. Cubic splines offer the best in-sample fit, but out-of-sample results indicate that …

European Union Sanctions Impact On The Sector Stock Prices – The Ukrainian War Effect?, Patrycja Chodnicka, Piotr Jaworski, Marcin Kot

Journal of Banking and Financial Economics

The aim of this paper is to analyze the current impact of the implementation of the European Union sanctions related to the Ukrainian War on the abnormal rates of return on the stock prices of companies listed on the stock exchanges. It was hypothesized that the implementation of the European Union sanctions related to the Ukrainian War is causing the varied abnormal rates of return on the stock prices of companies listed on the stock exchanges, taking into consideration the type of sector and the geographical proximity to the military conflict. The analysis used panel data event studies prepared using …

Indirect Measure Of Financial Constraints: Evidence From Unquoted Innovative Smes, Katarzyna Prędkiewicz

Journal of Banking and Financial Economics

This paper examines whether companies’ innovativeness affects the availability of capital and, therefore, whether this group is financially constrained. It uses an objective, indirect way of measuring financial constraints based on the assumption that financially restricted firms only invest when internal cash flow allows them to do so. Therefore, the research was based on the investment-cash flow equation, more precisely the adjusted ECM model adapted to the SME sector. The companies’ innovativeness was measured based on a proprietary synthetic indicator covering a broad range of information on innovation activity. The research was conducted on a sample of 403 firms, including …

Intergenerational Comparison Of Inequality And Standard Of Living, Jillian Cookinham

Honors Theses and Capstones

This paper encompasses how inequality and standard of living have changed intergenerationally. Existing research and a regression analysis examine how income, corporate profits, housing, education, retirement, and health insurance are interconnected in American inequality and standard of living. Data analyzed in the regression includes the period of 1990 to 2021. However, the literature review extends back to 1970. Findings from existing research and regression analysis are used to provide policy recommendations on how the federal government may improve inequality by addressing the housing shortage, revising the tax system, and encouraging automatic enrollment in retirement plans.

Giving Workers The 'Green Light': Defining Green Jobs And Exploring Their Distribution In The Us, Cole Fuller

Honors Theses and Capstones

As the United States continues to adopt sustainable practices and policies to combat climate change, it is important to consider how these green changes affect the workforce. The term ‘Green Jobs’ has become the colloquial term to refer to sustainable occupations, and despite its popularity in the literature, it often has different meanings in different settings. Our first goal was to explore these definitions and establish one to contextualize our research. We used data from the Occupational Information Network, and used their green job definition, which classifies jobs as green if, and how, they are impacted by the greening economy. …

The Economic Impacts Of Digital Nomads In Medellin, Colombia, Bernadette Patricia Farmer

Honors Theses and Capstones

As a result of increasing internet accessibility and the rise in popularity and possibility of remote work following the COVID-19 pandemic, workers from advanced economies have applied the work-from-home routine while visiting different countries. These destination cities have lower living costs and remote workers can experience increased purchasing power and new cultures. To fully take advantage of their professional autonomy, these workers, known as digital nomads, stay in each international location for one to three months before traveling elsewhere – conveying their propensity for nomadism. Digital nomads (hereafter referred to as DNs) have economic impacts on their host cities in …

From It To Ai: Analysis Of Skill–Biased Technological Change In Europe, Stav Alkalay

Honors Theses and Capstones

The beginning of the Artificial Intelligence (AI) revolution marks a significant shift in technological advancements, like the Information Technology (IT) revolution of the 20th century. This paper investigates the similarities between the two revolutions, examining evidence of skilled-biased vs. routine-biased technological change (SBTC vs. RBTC) in Europe. This paper examines the impact of information technology on labor markets, productivity, and income distribution by looking at past trends & data. It draws insights from a variety of economists to forecast trends in the age of artificial intelligence.

Ireland, Intellectual Property And The Political Economy Of Information Monopolies, Kenneth W. Murphy

Articles

Ireland’s policies towards US-owned global digital intermediaries (Big Tech) have emerged as an international political issue and received global media attention. So far, political and media focus has been on the impact of Ireland’s tax policies on the revenue-raising ability of other European states and perceptions of light touch regulation of those corporations based in the Republic. The current paper will focus on how Ireland’s switch to a focus on capital allowances for the sizeable American tech corporations has enabled the latter to sustain their dominance in the digital transition through incentivizing and subsidizing their switch to assetization as a …

Exploring Links Between Foreign Direct Investment And Host Country Economic Development, Thi Ngoc Dao

Doctoral

The thesis explores links between Foreign Direct Investment (FDI) and the economic development of host country, analysing both direct and indirect effects. Concerning direct effects, FDI has been recognised as an important driver of exports and job creation for the host country. In terms of indirect effects, however, a consensus has not been reached on the spillover effects and competition effects that FDI generates in indigenous firms. Evaluating these effects has been critical for small open economies due to their heavy reliance on external markets and factors. There is a need for comprehensive research investigating the impacts of FDI on …

Financial Literacy In The Era Of Artificial Intelligence. Towards Financial Inclusion. Opening Remarks, Łukasz Kurowski, Anna Szelągowska

Journal of Banking and Financial Economics

Financial Literacy in the Era of Artificial Intelligence. Towards Financial Inclusion. Opening Remarks

Euro-Denominated Credit Liquidity: Tracing Cyclical Phases In Global Finance, Mateusz Mariusz Mierzejewski

Journal of Banking and Financial Economics

In the past few years, set against the backdrop of pandemic mitigation efforts and the resultant inflationary spike, the macrofinancial landscape has undergone significant transformation. The tightening of monetary policy by global central banks in response to these phenomena has notably affected global financial liquidity, particularly within the realm of foreign currency lending. This article delves into the shifts in credit liquidity, centering on the Global Liquidity Index for euro-denominated loans across European Union nations over the last two decades. Through the application of the Fourier Transform, we analyse the cyclical patterns within the index and delineate the primary phases …

Expansionary Federal Monetary Policy And U.S. Banks’ Risk Profiles During The Covid-19 Pandemic-Induced Economic Recession, Maoyong Zheng, Cesar Escalante

Journal of Banking and Financial Economics

This study focuses on the pandemic phase when the U.S. economy dealt with significant economic recessionary pressures due to widespread, prolonged social mobility restraints. The Federal Open Market Committee (FOMC) promptly pursued expansionary policies, such as lowering the federal funds rate to almost zero until February 2022. This study employs a Dynamic Panel Data Generalised Moment Method Model (DPD-GMM) to analyse the impact of the COVID-19 pandemic’s economic shocks and FOMC’s expansionary policy on U.S. banks’ loan portfolio and asset complement risk profiles. Our analysis extends from two pre-pandemic years through the pandemic recession and recovery periods (until early 2022) …

The Planned Reforms Of The American And European Deposit Insurance Systems: Similarities And Differences, Konrad Szeląg

Journal of Banking and Financial Economics

Last year, at around the same time, two reforms of deposit insurance systems were announced – one in the United States and the other in the European Union. The American proposal of the reform was triggered by the banking crisis of March 2023 (bank runs and failures) and it was put forward by the Federal Deposit Insurance Corporation in May 2023. In Europe, the European Commission published in April 2023 its legislative proposal to reform the current EU framework for crisis management in the banking sector (including both deposit insurance and bank resolution). The EU proposal for the reform was …

Journal Of Banking And Financial Economics 2024, 2(22)

Journal of Banking and Financial Economics

Journal of Banking and Financial Economics 2024, 2(22)

Essays On Foreign Trade Zones, Xincheng Huang

Dissertations and Theses Collection (Open Access)

In 1934, in the midst of the Great Depression, the US Congress enacted the Foreign Trade Zones (FTZs) Act, and all states have at least one zone. FTZ play a significant role of sourcing foreign products, constituting about 12% of all imports entering the US and over 28% of total taxable goods during the US-China Trade War. As of 2021, there were 258 approved FTZs and roughly 85% of the outputs are domestically consumed. The US government set three main objectives of FTZs, including facilitating international trade, fostering domestic economic activities, and attracting foreign investments. This thesis firstly quantitatively measures …

Enhancing People's Subjective Wellbeing: Assessing The Impact Of Universal Health Coverage Through Wellbeing Adjusted Life Years, Ryan Joseph R. Dizon

Economics Department Faculty Publications

The establishment of public health programs, such as universal health coverage (UHC), aims to ensure health and wellbeing for all throughout the life course. These health programs have far-reaching impacts that extend beyond physical health. This study examines the impact of UHC on people's subjective wellbeing through a cross-country analysis using a multidimensional measure of health: the wellbeing adjusted life years (WALYs). WALYs are derived from life satisfaction data from the European Values Study and World Values Survey (1990–2014). The study employs an instrumental variable approach and Lewbel's method—a heteroscedasticity-based identification strategy, and additionally incorporates personality into the model. Findings …

Are All Renewable Energy Sources The Same? A Comparative Analysis Of Public Perceptions And Preferences For Renewable Energy Types In Southeast Asian Cities, Daniel Del Barrio Alvarez, Nan Wang, Masahiro Sugiyama, Masako Numata, Truong Dang Thuy, Azlina Abd Aziz, Rosalina Palanca-Tan, Aung Ze Ya, Ariel Anshory Yusuf, Awang Noor Abd Ghani, Gem Castillo, Martin Daniel Siyaranamual, Sengprasong Phrakonkham, Vilas Nitivattananon, Wunna Swe

Economics Department Faculty Publications

The realization of a sustainable energy transition in Southeast Asia will require the overcoming of the current high reliance on fossil fuels in the energy mix and the steady and rapid growth in energy demand in the region. To achieve an economically, socially, and environmentally sustainable energy transition in the region, it is vital to utilize all available renewable energy sources to the greatest extent possible. It is therefore essential to gain an understanding of how citizens in each country perceive the available renewables. However, the majority of existing literature in this region has been constrained by a narrow focus …

Socioeconomic Triggers Of Intimate Partner Violence Against Women, Claudio Armengol, Erin Ysobelle Muhi, Rosalina P. Tan

Economics Department Faculty Publications

Intimate partner violence (IPV) is a global scourge with far-reaching consequences for women's health and well-being. This study explores the complex underpinnings of IPV against women in the Philippines, examining the influence of socioeconomic factors on their vulnerability. This study used data from the 2022 Philippine National Demographic and Health Survey (NDHS), which classifies IPV into three types: physical, emotional, and sexual abuse. Ordered logistic regression is undertaken for each of the three IPV types. Key findings reveal that a combination of individual-level factors (such as higher age and educational attainment) and household-level factors (such as higher household wealth and …

Exploring The Drivers Of Internal Labour Migration For The Regions Of Great Britain, Heather Dickey, Maire Carroline Magante

Economics Department Faculty Publications

The role of internal migration in reducing regional inequalities is a common feature of classical economic theory and urban economics models. If regional migration is important in reducing spatial disparities, then understanding its causes, and barriers, is crucial. This paper explores the drivers of regional migration behaviour in Great Britain. Findings point to rigidities in housing that deter mobility across regions; and regional differences in the drivers and effects of regional migration. Our paper supports greater focus on spatial disaggregation, since migration studies conducted at the national level ignore important spatial differences in migration behaviour.

A Conditional Linear Combination Test With Many Weak Instruments, Dennis Lim, Wenjie Wang, Yichong Zhang

Research Collection School Of Economics

We consider a linear combination of jackknife Anderson-Rubin (AR) and orthogonalized Lagrangian multiplier (LM) tests for inference in IV regressions with many weak instruments and heteroskedasticity. We choose the weight in the linear combination based on a decision-theoretic rule that is adaptive to the identification strength. Under both weak and strong identifications, the proposed linear combination test controls asymptotic size and is admissible. Under strong identification, we further show that our linear combination test is the uniformly most powerful test against local alternatives among all tests that are constructed based on the jackknife AR and LM tests only and invariant …

The Role Of Discrete Emotions In Job Satisfaction: A Meta-Analysis, Courtney E. Williams, Jane Shumski Thomas, Andrew A. Bennett, George C. Banks, Allison Toth, Alexandra M. Dunn, Andrew Mcbride, Janaki Gooti

Management Faculty Publications

[Summary] The relationship between emotions and job satisfaction is widely acknowledged via affective events theory (AET). Despite its widespread use, AET was not designed to address why specific emotions might differentially relate to job satisfaction. We utilize appraisal theory of emotion to refine AET and provide this nuanced theorizing. We meta‐analytically test our ideas with 235 samples across 99 883 individuals and 22 600 intra‐individual episodes. We test two approaches—specific emotion experiences (16 discrete emotions) versus general emotion experiences (positive or negative emotions)—and present empirical evidence of their similarities and differences with job satisfaction. Our findings suggest that specific emotions …

Enhanced Prediction Of Stock Markets Using A Novel Deep Learning Model Plstm-Tal In Urbanized Smart Cities, Saima Latif, Nadeem Javaid, Faheem Aslam, Abdulaziz Aldegheishem, Nabil Alrajeh, Safdar Hussain Bouk

School of Cybersecurity Faculty Publications

Accurate predictions of stock markets are important for investors and other stakeholders of the equity markets to formulate profitable investment strategies. The improved accuracy of a prediction model even with a slight margin can translate into considerable monetary returns. However, the stock markets' prediction is regarded as an intricate research problem for the noise, complexity and volatility of the stocks' data. In recent years, the deep learning models have been successful in providing robust forecasts for sequential data. We propose a novel deep learning-based hybrid classification model by combining peephole LSTM with temporal attention layer (TAL) to accurately predict the …

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

Honors Program Theses

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 Post-War Economic Growth In The Balkans, Edina Tahirovic

Honors Program Theses

When examining the economies of several former Yugoslav countries, presently known as the Balkans, it is essential to consider the economic development that occurred in the aftermath of the region’s civil wars. This paper analyzes the factors influencing post-war economic development in the former Yugoslav countries using statistical regression analysis of panel data collected from 2002 to 2019. In this model, I selected variables based on previous research and theories that underscored their importance. To explain post-war economic development, I tested variables such as foreign direct investments, unemployment, migration, trade, corruption, the Gini index, personal remittances, and population. The results …

Three Essays In Urban And Regional Economics, Bryan Khoo Wyng Wai

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation "Three Essays in Urban and Regional Economics" contains three chapters which explore urban and regional economics. The first chapters focuses on examining the effect of stadiums on congestion; the second chapter on the effect of military base closures on the housing market; and the third chapter is a meta-analysis on historical instrumental variables.

The first chapter examines the effect of National Football League games on traffic congestion in Cincinnati, Ohio; Seattle, Washington; and Santa Clara, California during the 2018 and 2019 seasons. By linking sporting events to traffic congestion, this paper provides the mechanism for stadiums generating additional …

The Affordable Housing Crisis In New York City, Mexican Studies Institute Cuny, Hashim Abdul

Publications and Research

This paper examines the current housing crisis in The Bronx that worsened during and after the COVID pandemic. It examines social and economic factors that contribute to low home ownership and housing instability. Through a comparison with European models, the author concludes that solutions to alleviate the crisis may include rental price caps, increased Airbnb regulations and government “subsidization instead of profitability”.

Legacy Of Labour: The Impact Of Parental Occupations On Children’S Careers Choices And Income Inequality, Swapnil Landge

Publications and Research

This paper investigates how intergenerational occupational mobility and self-selection into occupations are influenced by the occupations of parents. The results demonstrate that children who pursue their parents’ occupations, particularly those in the lowest earnings percentiles, are more negatively self-selected compared to those whose parents are in the highest earning deciles. In particular, 65% of the children who pursue their parents’ occupation in Decile 1, 49% in Decile 2, 32% in Decile 3 and 26% in Decile 4 would have achieved higher productivity and earned higher earnings in high-income occupations (specifically in Decile 10 occupations). In contrast, children from high-income backgrounds …

Using Biological Parameters And Traditional Ecological Knowledge To Study The Status Of Spirinchus Starksi (Night Smelt) In Northern California, Z. Zenobia

Cal Poly Humboldt theses and projects

Night smelt spawns from central California to southeast Alaska, on the shore of sandy beach surf zones at night. This species is a vital part of regional food webs and, in California, is fished commercially primarily in Humboldt and Del Norte counties. It has cultural importance for dietary and subsistence needs to the Tribes across the coast, as well as inland. The objectives of this thesis are as follow: study the status of the population of night smelt in Humboldt and Del Norte counties by (A) comparing the abundance, length, weight, age, sex ratio, and timing of reproduction of the …

Do Americans Support More Housing?, Michael Lewyn

Scholarly Works

An analysis of opinion poll data on housing issues. The article finds that Americans generally believe that their community needs more housing of all types, but are more closely divided about whether such housing should be in their own neighborhoods. The article further finds that members of minority groups, lower-income Americans, and younger Americans are more pro-housing than older, affluent whites.

An Investigation Of Bidder Behaviour In Wic Infant Formula Rebate Auctions, Ashma Pandey

Electronic Theses and Dissertations

This research investigated the competitive bidding dynamics for infant formula rebate contracts within the Special Supplemental Nutrition Assistance Program for Women, Infants, and Children (WIC). I begin by focusing on the differences between winning and losing bids. The study employs multiple regression to predict rebate bids submitted by major manufacturers when they win a contract. I next conduct a paired t-test for each manufacturer – revealing statistically significant differences between predicted bids (based on the parameters from the winning model) and actual bids when a manufacturer did not win. This suggests that each manufacturer bids significantly lower rebates (higher net …