Business Commons^™

Warrants And Their Underlying Stocks: Microstructure Evidence From An Emerging Market, Charlie Charoenwong, David K. Ding, Nuttawat Visaltanachoti

Research Collection Lee Kong Chian School Of Business

The Stock Exchange of Thailand provides an ideal platform for comparing the trading characteristics of warrants and their underlying stocks since both of them trade in the same market under identical trading rules. If their patterns diverge significantly, it may be possible for an astute trader to devise profitable arbitrage strategies during the life of the warrants. We find that both their patterns are downward-sloping for spreads, U-shaped for flow toxicity, volatility, depth concentration, and trading volume; and upward-sloping for depth and market order flow ratio. This implies that trading under identical market structures leads to similar trading characteristics. We …

Optimal Portfolio Choices And The Determination Of Housing Rents Under Housing Market Uncertainty, Gang-Zhi Fan, Ming Pu, Xiaoying Deng, Seow Eng Ong

Research Collection Lee Kong Chian School Of Business

This study proposes a utility indifference-based model to investigate the pricing issue of house rents under housing market uncertainty. Our model not only allows for the crucial features in the housing market, such as market incompleteness and high idiosyncratic risk, but also the interaction of households’ house tenure choices with their financial asset holdings. Our model provides interesting insights into the hedging of house market risk and determination of housing rents. In addition to the parameters describing the expected changes and volatility on stock and house returns, we also show that individual precautionary savings motive, idiosyncratic risk premium, and the …

Innovation, Firm Size Distribution, And Gains From Trade, Yi-Fan Chen, Wen-Tai Hsu, Shin-Kun Peng

Research Collection School Of Economics

We study a trade model with monopolistic competition a la Melitz (2003) that is standard except that firm heterogeneity is endogenously determined by firms innovating to enhance their productivities. We show that the equilibrium productivity and firm-size distributions exhibit power-law tails under rather general conditions on demand and technology. In particular, the emergence of the power laws is essentially independent of the underlying primitive heterogeneity among firms. We investigate the model’s welfare implications, and conduct a quantitative analysis of welfare gains from trade. We find that, conditional on the same trade elasticity and values of the common parameters, our model …

Study On Bulk Market Of Panamax Carrier In The Past 20 Years(1998-2018), Wei Chen

World Maritime University Dissertations

No abstract provided.

The Impact Of Wti And The Ordering Of Crude Tankers On Tanker Spot Freight Rate, Jiajia Xu

World Maritime University Dissertations

No abstract provided.

The Driving Force Analysis Of The Overseas Ports Invested By Shanghai International Port Group, Yuewen Hu

World Maritime University Dissertations

No abstract provided.

Research On Risk Control Of Ship Financial Leasing, Junyi Xu

World Maritime University Dissertations

No abstract provided.

Maritime Policy Design And Analysis On The Base Of Shanghai Free Trade Port, Zijun Tao

World Maritime University Dissertations

No abstract provided.

On The Balance Between Port Integration And Anti-Monopoly : China As A Case, Ying Huang

World Maritime University Dissertations

No abstract provided.

Study On The Fluctuation And Forecasting Of Capsize Bulk Carrier’S Freight, Kelun Wei

World Maritime University Dissertations

No abstract provided.

Nebraska Monthly Economic Indicators: August 22, 2018, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 was flat during July of 2018, rising by just 0.05%. A flat value for the LEI-N, which is designed to predict economic activity six months into the future, suggests that Nebraska economic growth will slow significantly at the end of 2018 and the beginning of 2019. Business expectations were a positive component of the leading indicator. Respondents to the July Survey of Nebraska Business reported plans to increase both sales and employment at their businesses over the next six months. However, a rising U.S. dollar and a drop in building permits for …

How Do Financial Institutions In China Mitigate Risks In Securitization Markets?, Tiantian Lyu

Honors College Theses

Asset securitization as the essential financial tool has increased the liquidity of underlying assets and promoted rapid economic development. In 2008, the outbreak of Subprime Mortgage Crisis that brought by the collapse of securitization triggered the U.S. securitization market to realize the risks involved in structured financial products, and thus facilitated the development of risk controlling tools. Through the analysis of securitization process, drivers, and credit rating agencies, the study concentrates on the formation of risks and modeling evaluation with evidence in both China and the U.S. markets. Statistical analysis was conducted on Chinese securitized products combining with risk management …

Much Ado About The Egyptian Pound: Exchange Rate Misalignment And The Path Towards Equilibrium, Diaa Mohamed Ahmed Noureldin

Faculty Journal Articles

No abstract provided.

Career Coaching: A Study Of Veterans Health Administration (Vha) Leaders', Jerelyn Dugas

Dissertations

Purpose: The purpose of this qualitative multiple case study was to explore and describe the impact of career coaching on the career performance growth and retention as perceived by healthcare’s emerging leaders who participated in selected coaching program institutes for a minimum of 1 year at VHA hospitals in Southern California.

Methodology: The researcher selected a qualitative multiple case study to explore and describe VHA leaders’ perceived impact of coaching on their career performance growth and retention. Further, the researcher conducted semi-structured, interviews with 15 participants to gain a better understanding of the lived experiences of the participants at the …

The Connection Between Race And Performance Of Nba Draft Picks, Jeremiah Mitchell

Theses and Dissertations

This paper examines the relationship between race and performance in terms of one of the highest forms of efficiency in basketball, field goal percentage, based on college statistics, with regard to draft position, career earnings and NBA win shares.

Nebraska Business And Consumer Confidence Indexes: August 3, 2018, Eric Thompson

Leading Economic Indicator Reports

Business confidence fell in Nebraska during July 2018. The Business Confidence Index – Nebraska (BCI-N) fell from 115.4 in June to 106.4 In July. The Consumer Confidence Index – Nebraska (CCI-N) also fell, dropping from 103.9 in June to 101.9 in July. Both business and consumer confidence are above the neutral level of 100, but confidence in Nebraska is best described as solid rather than strong. When asked about the most important issue facing their business, customer demand was mentioned by 36 percent of respondents, while the availability and quality of labor was mentioned by 24 percent and 9 percent …

Gdp And Refugees: An Economic Argument For Accepting Refugees, Michael Jarman

Marriott Student Review

This paper examines both the costs and benefits associated with accepting refugees and purports to show that accepting refugees is economically beneficial; increasing GDP in the long run. There is a substantial cost associated with accepting and sustaining refugees, both in providing necessities and in the impact that refugees have on local job markets. However, longitudinal data pulled from Denmark, Germany, and Turkey has shown that local markets do recover from the initial shock. Over time as refugees integrate into their host communities, they provide dividends in the form of increasing demand, greater mobility and wage increases for locals, and …

The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda Ii

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Uncertainty can have profound implications on both firms and individuals who hope to optimally make decisions in their best interest. In this research, I seek to examine the impact that economic policy uncertainty has on domestic and foreign stock. In particular, I take a market microstructure perspective focused on stock liquidity and volatility measures in response to changes in economic policy uncertainty. Understanding the directional flow of economic policy uncertainty and the magnitude of the consequences at home and abroad can both help prepare agents to make good decisions about the future and exhort policy makers to be more efficient …

Downside Risk And Stock Returns In The G7 Countries: An Empirical Analysis Of Their Long-Run And Short-Run Dynamics, Cathy Yi-Hsuan Chen, Thomas C. Chiang, Wolfgang Karl Härdle

Sim Kee Boon Institute for Financial Economics

Any risk-return tradeoff analysis in aggregate equity markets relies on appropriate measures of risk, in most studies based on (co-)variance relations. Consequently, in integrated global markets, country-specific expected return is priced with a world price of covariance risk. This study relates domestic excess stock returns to the world downside risk. Evidence shows that downside tail risk (as a multiplier of volatility) has long memory cointegration properties; hence, the underlying risk aversion behavior in an integrated market is associated with the conditional quantile ratio, the correlation of stock returns, and the cointegrating coefficient of downside risk. Our empirical results based on …

East Texas Demographics And Gross Regional Product - June 2018, Rod Mabry, Manuel Reyes-Loya, Marilyn Young

Hibbs Newsletter

This issue of Hibbs Outlook focuses on education in East Texas. A more educated population increases available work skills, resulting in higher output, higher family incomes and more social mobility and stability—that is, a greater quality of life for all. You will note in the following pages how well East Texans are competing with other Texans, and all Americans, in the battle to achieve a more educated population

Education In East Texas - August 2018, Rod Mabry, Manuel Reyes-Loya, Marilyn Young

Hibbs Newsletter

This issue of Hibbs Outlook focuses on education in East Texas. A more educated population increases available work skills, resulting in higher output, higher family incomes and more social mobility and stability—that is, a greater quality of life for all. You will note in the following pages how well East Texans are competing with other Texans, and all Americans, in the battle to achieve a more educated population.

Essays In Leveraged Capital Markets, Kenneth D. Ford

Graduate Theses and Dissertations

The debt capital markets for leveraged borrowers are ripe with information asymmetry, lender specialization, and borrower segmentation. In this dissertation, I explore how these factors manifest themselves and the economic consequences thereof. Essay 1 shows that adverse selection and moral hazard concerns are inherent in underwriting syndicates that differ in size and number of lead underwriters. Using a nested double selection probit model of syndicate choice, I examine the matching of issuers and underwriters and find that matches of issuer quality and underwriter reputation are positive assortative. Further, switching regressions show that yield spreads reflect uncertainty about the intrinsic values …

Marking To Market And Inefficient Investment Decisions, Clemens A. Otto, Paolo F. Volpin

Research Collection Lee Kong Chian School Of Business

We examine how mark-to-market accounting affects the investment decisions of managers with reputation concerns. Reporting the current market value of a firm’s assets can help mitigate agency problems because it provides outsiders (e.g., shareholders) with new information against which the management’s decisions can be evaluated. However, the fact that the assets’ market value is informative can also have a negative side effect: managers may shy away from investments that indicate conflicting private information and would damage their reputation. This effect can lead to inefficient investment decisions and make marking to market less desirable when market prices are more informative.

How Do Emerging Multinationals Configure Political Connections Across Institutional Contexts?, Liang Chen, Yi Li, Di Fan

Research Collection Lee Kong Chian School Of Business

Research Summary: Forming informal ties with political agents is viewed as a viable strategy for multinational enterprises seeking to enter emerging countries. Less is known about the conditions under which political connection is most helpful for firms dealing with cross-border institutional distance. We discuss the distinctive mechanisms through which emerging multinationals may benefit from both home and host political connections. Based on the strategy tripod perspective, we postulate that the importance of different types of connections depends on the overall configurations of a firm's resources and industry characteristics, and these may change with institutional distance. Our analysis of a sample …

Nebraska Monthly Economic Indicators: July 25, 2018, Eric Thompson

Leading Economic Indicator Reports

The Leading Economic Indicator – Nebraska (LEI-N) 1 fell by 0.40% during June of 2018. The decline in the LEI-N, which is designed to predict economic activity six months into the future, suggests that the pace of Nebraska economic growth will slow significantly during the 4th quarter of 2018. The indicator fell due to another sharp increase in the value of the U.S. dollar. A rising dollar puts additional pressure on Nebraska businesses which export. A decline in manufacturing hours and an increase in initial claims for unemployment insurance also contributed to the drop in the LEI-N. Business expectations were …

The Path Of Least Resistance: How Strict Chinese Stock Market Regulation Incentivizes Chinese Companies To List In Foreign Stock Exchanges, Chenyu Yin

Business and Economics Summer Fellows

Despite the recent trade dispute, decades of increased trade between the U.S. and China have given Chinese companies more opportunities to list on foreign stock markets, so they can find better financing opportunities in foreign markets. With the rapid development of the Chinese financial industry and the continuous spread of news on various company listings, why is it that many Chinese companies choose to list overseas, especially in the U.S. and Hong Kong, but not in China? In addition, what is the difference between the U.S. and Hong Kong exchanges, and how does that difference affect Chinese companies’ choice of …

Nebraska Business And Consumer Confidence Indexes: July 6, 2018, Eric Thompson

Leading Economic Indicator Reports

Business confidence surged in Nebraska during June 2018. The Business Confidence Index – Nebraska (BCI-N) rose from 102.4 in May to 115.4 In June. The Consumer Confidence Index – Nebraska (CCI-N) also rose, ticking up from 101.3 in May to 103.9 in June. The surge in business confidence is a significant improvement, especially since both business and consumer confidence had declined in Nebraska during April and May. With confidence high, businesses were concerned about costs and competition. When asked about the most important issue facing their business, customer demand was mentioned by 27 percent of respondents, while the availability and …

The Economic Impact Of Olympic Games: Effects Of Host Country Announcements On Stock Market Returns, Bryan Engelhardt, Victor Matheson, Alex Yen, Max Chisholm

Economics Department Working Papers

Roughly seven years before an Olympic Games, the International Olympic Committee (IOC) accepts bids from countries to host an Olympics. Subsequently, the IOC determines and announces to the world who has won (and lost) the right to host. Contrary to prior evidence, we find the announcements do not affect the bidding countries’ stock markets. We complement prior studies by including additional, more recent, years of announcements, by investigating whether there are effects prior to the announcement, and by testing for an effect both parametrically and non-parametrically.

Examining Moral Hazard In The Healthcare Insurance Market, Samuel Ashby

Honors College Theses

This study aims to examine the effect of insurance coverage on medical expenditure in the United States. The data was gathered from the Household Component Medical Expenditure Panel Survey and is a cross-sectional data set with a sample size of approximately 1500 observations. The study also distinguishes between public and private insurance coverage to compare the potential moral hazard in the two separate markets. The results of this study suggest that insurance status, specifically public, has a strong positive effect on healthcare expenditure. This result, combined with a negative relationship between household income and healthcare expenditure, suggests that the source …

Development Of A Composite Lean Index To Measure Lean Implementation In Philippine Manufacturing Companies, Willy F. Zalatar, Anna Bella D. Siriban-Manalang

DLSU Business & Economics Review

Lean manufacturing has been gaining worldwide popularity as a means of reducing waste, improving quality, and increasing the competitiveness of manufacturing firms. This paper aims to develop a composite lean index (CLI) which can be used to measure the degree of lean adoption in Philippine manufacturing companies. The lean index employs actual quantitative data, rather than subjective assessment, which is more prevalent in the literature. Fifteen performance indicators divided into process and equipment, manufacturing planning and control, human resources, and supplier and customer relationships are proposed and then validated using empirical data. Results showed that a CLI, which yields a …