Business Commons^™

Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters …

Jpmorgan Chase London Whale D: Risk-Management Practices, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

JPMorgan Chase (JPM) prided itself on having the best risk-management practices in the financial industry, having survived the 2007-09 financial crisis in better shape than many competitors. Chief Executive Officer Jamie Dimon often spoke of the bank’s “fortress balance sheet.” A keen focus on risk management is vital to JPM’s longevity, as is the case with all highly leveraged financial institutions. However, the JPM Task Force that investigated the $6 billion 2012 London Whale trading loss concluded that risk-management practices at the bank’s Chief Investment Office (CIO), the unit in which the loss occurred, were given less scrutiny by senior …

Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using the …

Jpmorgan Chase London Whale A: Risky Business, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick

Journal of Financial Crises

In December 2011, the Chief Executive Officer and Chief Financial Officer of JPMorgan Chase (JPM) instructed the bank’s Chief Investment Office to reduce the size of its Synthetic Credit Portfolio (SCP) during 2012, so that JPM could decrease its RiskWeighted Assets as the bank prepared to adopt the impending Basel III bank capital regulations. However, the SCP traders were also told to minimize the trading costs incurred to reduce Risk-Weighted Assets, while still maintaining the opportunity to profit from unexpected corporate bankruptcies. In an attempt to balance these competing objectives, head SCP derivatives trader Bruno Iksil suggested in January 2012 …

Watch Me Give: Narcissism As A Moderator To Donating To A Nonprofit, Austin Prewett, Charles Elliott, Paul A. Story

The Kennesaw Journal of Undergraduate Research

With increased online connectivity in the current generation, more non-for-profit organizations are focusing their efforts on producing online marketing appeals. It has, therefore, become necessary to identify the effect some appeals have on different people. The present study seeks to determine whether an organization offering increased recognition will result in a greater willingness to give by people with narcissistic personalities. Additionally, it will determine if “willingness” to give or “amount” given are different between genders or employment status, as prior research suggests. Results indicated that whether the organization offered increased recognition or not, narcissism did not affect willingness to give …

A Study Of The Green Paradox In Dynamic Oligopolies : Theories And Merger Control Policy, Aida Ospanova

Lingnan Theses (MPhil & PhD)

Aiming to reduce the environmental damage and to ensure the energy security, more and more attention has been paid to the development of the renewable sources of energy, such as wind, solar, biofuels, etc. Indeed, as expected by the World Bank, World Energy Outlook 2017, the demand for fossil fuel, especially for the coal, would gradually decrease by 2040.

However, the non-renewable producers anticipating the decline in the demand for the non-renewable energy and the threat of the stringent environmental policies in the foreseeing future would respond by accelerating current extraction. This phenomenon in the existing literature is called the …

Vision For The Cities, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Pakistan is likely to face several difficult challenges in the next few decades such as Above average Population growth, rapid urbanization, youth dominated demographics, absorption and application of technological changes, Climate change and a move away from global integration and linkages. On the top of it we are faced with weak governance structure which has made us laggard in the region. In order to prepare for meeting these challenges we have to design a strategy that primarily addresses the governance issues. In my book “Governing the ungovernable” I have concluded that the main driver of change for governance reforms would …

Orientalism, Resistance Or Global Harmony? Entangled Strands In The Film Isle Of Dogs, Soonkwan Hong

Markets, Globalization & Development Review

No abstract provided.

Education, Enterprise Capitalism, And Equity Challenges: The Continuing Relevance Of The Correspondence Principle In Japan, Masaaki Takemura

Markets, Globalization & Development Review

This paper revisits the correspondence principle of Bowles and Gintis (1976) – which refers to the mutual mimicking of the capitalist hierarchy in the workplace and the school. The Bowles-Gintis model still appears to be working in the context of schooling in Japan. In the international comparative educational assessment called PISA (Program for International Student Assessment), created by OECD (Organization for Economic Cooperation and Development, the association of advanced democratic nations), Japanese students achieve better results than most countries. Japanese students excel in PISA performance, especially in mathematics. Such excellence, however, has negative correlations with students’ creativity, positive attitudes, and …

Virtual Idol Hatsune Miku: Case Study Of New Production/Consumption Phenomena Generated By Network Effects In Japan’S Online Environment, Hajime Kobayashi, Takashi Taguchi

Markets, Globalization & Development Review

Using Hatsune Miku, a vocaloid or a Desktop Music (DTM) software using voice synthesizer technology, as a case study, this paper explores how consumer generated media (CGM) and user generated content (UGC) diffused in Japan – rapidly at first and then at an erratic and not-so-rapid pace. The creative environment ushered in by the vocaloid platform, it appears, represents a form of "managed creativity", and not a rosy future characterized by a participatory turn to a widespread democratization of creative activity.

A Critical Marketing Practitioner In Japan: Philosophy And Marketing Activities Of Seiji Tsutsumi, Kazuo Usui

Markets, Globalization & Development Review

This paper explores some features of marketing activities and marketing thought of a Japanese critical marketing practitioner, Dr. Seiji Tsutsumi. The approach of the paper is biographical. Somewhat paradoxically, the paper finds – in the practices and thoughts of Dr. Seiji Tsutsumi – a refreshingly critical mindset, despite his huge commercial success in retail business in Japan. Similar biographical research should be done in other national contexts, to develop links between practices and critical theories.

Critical Thinking From Japan: Additional Perspectives, Masaaki Takemura, Nikhilesh Dholakia

Markets, Globalization & Development Review

No abstract provided.

Study On The Port Classification Of 21st Century Maritime Silk Road West Line, Jiawen Wang

World Maritime University Dissertations

No abstract provided.

Freight Fluctuation Risk Assessment And Management Of Container Shipping Companies, Bochan Shen

World Maritime University Dissertations

No abstract provided.

Correlation Analysis Between Container Shipping Market And Sino-Us Trade Under The China-Us Trade Conflict, Changqing Lu

World Maritime University Dissertations

No abstract provided.

Research On Double-Stack Container Transport Organization In International Multimodal Transport, Xi Zhu

World Maritime University Dissertations

No abstract provided.

The Impact Of Sino-Us Trade Conflict On International Dry Bulk Shipping Market, Yuefeng Lyu

World Maritime University Dissertations

No abstract provided.

The Effect Of Latest Shipping Alliance On Shipping Industry, Lingjie Li

World Maritime University Dissertations

No abstract provided.

Risk And Strategies Of China's Oversea Port Infrastructure Investment Under "One Belt One Road" Initiative, Jingshun Ke

World Maritime University Dissertations

No abstract provided.

The Danger Of Being Neighbors : Community Information And Corporate Tax Avoidance, Xiaowei Wang

Lingnan Theses (MPhil & PhD)

This paper examines the relationship between tax officers’ access to community information and the effectiveness of tax authorities in constraining tax avoidance in China. Numerous studies document that people can obtain valuable information in the community in which their daily activities take place (community information). Focusing on a valuable setting in China in which corporate taxes are collected by tax offices that are located very close to firms (with an average distance of 6.5 km), this study examines whether tax officers’ access to community information at a firm’s location can reduce the firm’s tax avoidance. I broadly define tax avoidance …

Technology Licensing And Innovation – A Correction On Two-Part Tariff Analysis, Yuanzhu Lu, Swapnendu Banerjee, Sougata Poddar

Economics Faculty Articles and Research

The main purpose of this note is two-fold: (i) Correcting an error in the two-part tariff licensing contract, and (ii) Altering one of the main results following the two-part tariff analysis in Mukherjee and Mukherjee (2013). This also strengthens the primary conclusion of Mukherjee and Mukherjee (2013).

A Dynamical Systems Approach To Cryptocurrency Stability, Carey Caginalp

ESI Publications

Recently, the notion of cryptocurrencies has come to the fore of public interest. These assets that exist only in electronic form, with no underlying value, offer the owners some protection from tracking or seizure by government or creditors. We model these assets from the perspective of asset flow equations developed by Caginalp and Balenovich, and investigate their stability under various parameters, as classical finance methodology is inapplicable. By utilizing the concept of liquidity price and analyzing stability of the resulting system of ordinary differential equations, we obtain conditions under which the system is linearly stable. We find that trend-based motivations …

Can Mergers And Acquisitions Internalize Positive Externalities In Funding Innovation?, Leo Li, Mark Liu

Institute for the Study of Free Enterprise Working Papers

Fundamental innovation usually involves huge upfront costs, but the benefits are spread across various sectors of the economy. Given the large costs and limited appropriability of the benefits associated with the innovation, individual firms underinvest in these innovations relative to the socially optimal level. We find that mergers and acquisitions (M&As) can internalize the positive externalities by merging firms from both the user industries and the producer industries of an innovation. Using the US patent citation dataset, we define the user and producer relationship between each pair of industries and between each pair of industry and technological class. We then …

Skbi Big 5 Survey 2019 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

On balance, our overall interpretation of the multiyear Big5 survey results implies the following economy-at-risk scale (least to most): India, China, US, Japan and Euro Area (i.e., India’s economy appears to be the least at-risk, while the Euro Area might be the most at-risk). Broadly, survey participants expect the risks to GDP growth to be tilted to the downside in 2019 and 2020 followed by a more balanced growth environment in 2021. But participants seem to lean toward a more balanced risk assessment on headline inflation from 2019 through 2021, with the exception of the Euro Area, where a modest …

Designing Single-Family Residences: A Study Of The Positive Impact Of Interior Design In Creating New Home Value, Shawn M. Falcone

Interior Design Program: Student Creative Activity

This study seeks to demonstrate that interior designers should be included as primary stakeholders in the home construction market. The market demand for new single-family homes in America is a relative constant. The primary stake and role that land developers, architects, draftsman, home builders, bankers, appraisers, real estate agents, and buyers have in the home construction market is clear. What is less clear is the role in value an interior designer has in the home construction market. This thesis examines the impact designers have on home value when their expertise is utilized in space planning (i.e.: layout, function, room utilization, …

Computation Of The Real Effective Exchange Rate (Reer) Using The Bank For International Settlement (Bis) Methodology, M. Nakorji, E. A. Udeaja, F. U. Ismail, S. T. Zimboh, T. O. Obiezue, O. C. Asuzu

Economic and Financial Review

The importance of REER and its computation prompted this study to re-estimate the REER for Nigeria, using the Bank for International Settlement (BIS) methodology. The methodology incorporates recent developments in global trade by employing timevarying trade weighting patterns, highlights the effect of third market competitors, and provides a more comprehensive approach to capturing the effects of bilateral exchange rates through the inclusion of double export weights. The method employed the weighing scheme adopted by Turner and Van’t dack (1993) which has its theoretical underpinnings in Armington (1969). The data utilised was monthly series from October 2011 to December 2016 with …

Essays In Microeconomics, Teng Ma

Graduate Theses and Dissertations

This dissertation consists of three essays of different topics in microeconomics.

Chapter 1 investigates the effect of environmental uncertainty over the issue of resource allocation in a common pool resources setting. This chapter provides a model of how agents allocate resource among abatement technology, production, and saving with an endogenously determined uncertain damage. The results of a laboratory experiment show a negative effect of uncertain damage on abatement technology adoption and a non-linear relationship between the investment in abatement technology and the self reported risk aversion. Contrary to the “common belief” that greater risk averse agents invest more in abatement …

Economics Newsletter - August 2019, Raj Soin College Of Business, Wright State University

Economics Newsletters

As six page newsletter from the Department of Economics at Wright State University documenting the current affairs of the department.

Fields And Consumer Groups: The Layered And Overlapping Roles Of Culture, Brandon James Mcalexander

Graduate Theses and Dissertations

The first essay investigates Bourdieu’s conceptualization of fields and its use in the marketing literature. It suggests that fields do not exist in isolation, but rather work together in a number of different possible configurations. Fields are reconceptualized as dominated, overlapped, unrelated, contrasted, and co-constituted, rather than completely distinct and opens a new theoretical space for interpretive researchers in marketing. The second essay is a descriptive ethnography of a local fab lab. The essay describes in rich detail the ways in which new skills are developed in a shared work environment, and contextualizes the findings using practice theory as a …

How Does Identifying As Gluten-Free Impact Information Choice Regarding The Gluten-Free Diet?, Pratiksha Baishya

Department of Agricultural Economics: Dissertations, Theses, and Student Research

The market for gluten-free products is a multi-billion-dollar industry in the United States and has seen tremendous growth in the recent years. The retail sales of gluten-free foods in the United States almost tripled between 2011 and 2015, although rates of diagnosed gluten-related health problems have not risen. In addition to people who suffer from Celiac Disease, Wheat Allergy and Non-Celiac Gluten Sensitivity, there is a category or people known as PWAG (people who avoid gluten) who seem to have significantly contributed to this boom in the market for gluten-free foods. With more people choosing to adopt the gluten-free diet, …