Business Commons^™

Modeling And Forecasting Currency In Circulation For Liquidity Management In Nigeria, Alvan Ikoku

CBN Journal of Applied Statistics (JAS)

This paper presents forecasts of currency in circulation prepared for liquidity management at the Central Bank of Nigeria. Forecasts were produced using ARIMA, ARIMA with structural variables, VAR and VEC models. The performance of the forecasts was then evaluated under a rolling forecast scenario, where the estimation sample is augmented by one observation and the forecast sample is brought forward. The evaluation of the forecasts was based on average performance over a number of rolling forecasts. We found that the most accurate models were mixed models with structural as well as ARIMA components, augmented by seasonal and dummy variables. We …

Measuring Respondent Burden In Nigeria: A Case Study Of Central Bank Of Nigeria Enterprise Surveys, Ibrahim Adamu, Ismaila S. Sabi, Sani Bawa

CBN Journal of Applied Statistics (JAS)

This paper uses diffusion indices, percentages and reported time spent to measure the respondent burden in survey of foreign assets and liabilities (SOFAL) and business expectations survey (BES). The results show that respondents found it easy but time consuming to complete the SOFAL questionnaire with an average of 24 hours spent in collecting information and over 2 hours to fill the questionnaire. In contrast, respondents found it much easier and quicker to complete the BES questionnaire, spending an average of 47 minutes to collect relevant information from their records and another 36 minutes to complete the questionnaire. The paper identified …

Foreign Trade-Economic Growth Nexus: Evidence From Nigeria, Nosakhare L. Arodoye, Milton A. Iyoha

CBN Journal of Applied Statistics (JAS)

This study examines the nexus between foreign trade and economic growth in Nigeria using quarterly time-series data for 1981Q1 through 2010Q4. In order to fully account for feedbacks, a vector autoregressive model is utilized. The results show that there is a stable, long- run relationship between foreign trade and economic growth. The variance decomposition results show that the predominant sources of Nigeria economic growth variation are due largely to “own shocks” and foreign trade innovations. The study therefore recommends adoption of trade expansion policies as a means of accelerating economic growth in Nigeria.

Destination Sectors And Originating Economies Of Nigeria’S Private Foreign Assets And Liabilities In 2012, Sani I. Doguwa, Mohammed M, Tumala, Isaiah Olufemi Ajibola

CBN Journal of Applied Statistics (JAS)

The 2013 survey of foreign assets and liabilities of enterprises in Nigeria was conducted to determine destination sectors of foreign private capital flows and economies where such investments originate. The survey covered 649 large establishments in Nigeria with 87.4 per cent response rate. The cross border transactions/investments of the respondents during 2011 and 2012 indicate total foreign claims on the Nigerian economy as at end 2012 rising to N16, 790.78 billion from N13, 647.19 billion recorded in 2011. Of this total, 98.1per cent came in the form of direct investments, while portfolio investments and other capital flows accounted for 1.1 …

The Effects Of Demographics On The Real Estate Market In The United States And China, Henry Li

Honors College Theses

This paper focuses on the demographic and economic factors that affect the changes in prices of the housing market. The study focuses on the United States housing market after its recent collapse due to the US financial crisis of 2008. It also looks at the Chinese housing market based on the determinants that are observed in the United States. It will also examine the after effects of the One Child Policy enacted in 1979 on the housing prices. The study will look at the current situation with the Chinese housing market and its similarities to the United States housing market …

Incentive Compensation For Ministers?, Kevin F. Hallock

Economics Faculty Publications

Paying leaders of for-profit organizations is difficult. And this is even the case when there is some agreement regarding the objectives of the organizations (e.g., returns to shareholders in publicly held companies). But as they step away from the most obvious objective of maximizing shareholder return or profit, things can get more complicated. Three authors shed considerable light on this by using a rich data set of more than 2,000 Methodist ministers over 43 years. To be sure, the data are from one specific religious group in one region of the US, but the data are absolutely extraordinary. In "Is …

Water In The 21st Century, Grayson Michael Shor

Social Sciences

The aim of this research project is to provide a comprehensive and global analysis of water use in order to provide the reader with a comprehensive grasp of current and impending issues. The included five (5) chapters discuss water distribution, conservation, purification, law, international development, economic debates, ethical consideration, as well as educated estimations of the effects water related issues may cause in the next one-hundred years.

Mountain Monitor - 1st Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

The quarter’s Mountain Monitor finds that the rate of economic recovery in the major metropolitan areas of the Mountain West is no longer impervious to national trends.

The previous edition of the Mountain Monitor observed that the regional rate of recovery seemed to be converging toward that of the nation. This edition of the Mountain Monitor suggests that the trend has progressed further.

The rate of economic recovery broadly slowed across the region from the fourth quarter of 2013 to the first quarter of 2014, just as it did nationally. The national headlines in the first three months of the …

Montana Nonresident Traveler Expenditures And Economic Contribution: 2012, Kara Grau

Institute for Tourism and Recreation Research Publications

This report shows the economic contributions, expenditures, and average daily spending of nonresident visitors to Montana during 2012.

Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a self-exciting asset pricing model that takes into account cojumps between prices and volatility and self-exciting jump clustering. We employ a dence of self-exciting jump clustering since the 1987 market crash, and its importance Bayesian learning approach to implement real time sequential analysis. We find evidence of self-exciting jump clustering since the 1987 market crash, and its importance becomes more obvious at the onset of the 2008 global financial crisis. It is found that learning affects the tail behaviors of the return distributions and has important implications for risk management, volatility forecasting and option pricing.

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …

Market Frictions And The Efficiency Of Capital Allocation, William J. Hippler Iii

LSU New Orleans Theses and Dissertations

The following dissertation contains two unique empirical studies that contribute to the overall literature in the field of Financial Economics in the areas of mutual fund investing and financial intermediation and regulation. The first Chapter, entitled “The Impact of Macroeconomic Stress on the U.S. Financial Sector”, examines the relative impact of macroeconomic stress on financial and non-financial U.S. firms. Empirical results show that macroeconomic shocks appear to have a larger impact on financial firms. Additionally, the sensitivity of financial firms to macroeconomic events can be traced to the influence of non-depository institutions, or “shadow banks”, like finance and investment companies, …

Why Does Society Support Science? And How To Meet The Expectations?, Fred D. Ledley

Natural & Applied Sciences Faculty Publications

Public support for science is related less to the wonder of scientific discovery than the expectation that scientific and technological advances will lead to new product, jobs, and economic growth. Recent evidence suggests that these outcomes are not certain. Fred Ledley argues that the public is often promised the benefits of scientific discoveries without adequate consideration of the business challenges inherent in translating science for public benefit.

The Business Of Beds: An Exploration Of Hotel And Hostel Business Strategy, Robert B. Bunda

Honors Scholar Theses

At their cores, hotels and hostels are similar in that they provide a place for travelers to stay. Despite this core similarity, the structures of the two industries are radically different. The hotel industry began in the Middle Ages and has given rise to massive multinational companies, many managing more than four thousand hotels. In stark contrast, the hostel industry began in 1909 and is mostly comprised of independently owned and operated guesthouses, with the largest global chain comprising of less than twenty properties. This study first defines the hotel and hostel industries and examines the different experiences they offer …

The Nature Of Lessons Learned From Argentina’S 2001 Financial Crisis, Emma Van Wagenberg

Renée Crown University Honors Thesis Projects - All

This paper makes the argument that though Argentina’s 2001 financial crisis was influenced by several factors, it is the 1991 Convertibility Plan that most strongly pushed the nation to the point of needing outside financial assistance. Its implementation led to and worked in combination with a multitude of unexpected factors. Together, these created economic conditions that chipped away at the stability of Argentina’s economy.

Given the nature of this project, information was gathered solely through research in texts published by both supporters and critics of organizations like the International Monetary Fund. In my readings, I found that there is generally …

Improving And Monitoring The Microlending Program In Belize, Mark Mccallum

Finance Undergraduate Honors Theses

This paper assesses the Microlending and Cayes to Business Programs within the Community Development in Belize Study Abroad Program at the University of Arkansas. The Microlending Program makes low-interest loans to small businesses primarily in Dangriga, Belize. Recently, the lending activity has expanded and concerns about repayment have increased. This paper proposes various improvements to maintain consistent loan repayment and healthy expansion of the Microlending Program. The most important ideas are to enhance social pressure on the borrowers and improve monitoring in-country after the loans have been disbursed. Cayes to Business, an educational program required for microloan applicants, is also …

The Political History Of Sugarcane-Based Ethanol In Brazil, Joshua Gagner

Political Science Theses and Capstones

With the Middle East putting an embargo on oil in 1973, oil prices ascended to levels that made importation of oil expensive. Brazil also faced another issue with sugar prices going down in 1973, putting much of their sugar supply on reserve. Brazil’s military government then made a decision to adopt the sugarcane-based ethanol program, Pro-Alcool. Pro-Alcool’s goal was to produce an alternative energy source to gasoline and take pressure off of oil importation. While initially intended to be a short-term fix, a second oil strike in 1979 pushed Pro-Alcool to higher levels. Oil industries were initially opposed to ethanol …

Lattice Methods For The Valuation Of Options With Regime Switching, Atul Sancheti

UNLV Theses, Dissertations, Professional Papers, and Capstones

In this thesis, we have developed two numerical methods for evaluating option prices under the regime switching model of stock price processes: the Finite Difference lattice method and the Monte Carlo lattice method.

The Finite Difference lattice method is based on the explicit finite difference scheme for parabolic problems. The Monte Carlo lattice method is based on the simulation of the Markov chain. The advantage of these methods is their flexibility to compute the option prices for any given stock price at any given time. Numerical examples are presented to examine these methods. It has been shown that the proposed …

Tipping, Technology And Lessons In Compensation Design, Kevin F. Hallock

Economics Faculty Publications

New technologies seem to be popping up everywhere to make it easier for customers to exercise their power to pay. From personal phone apps to iPad kiosks in restaurants to video screens in taxis, a tip amount is instantly calculated for you just choose the percent or level you wish to tip. All this technological assistance on tipping is also creating exciting, new data sources. Increasingly, labor economists and other social scientists are using such data sources to better understand how people respond to incentives and the resulting workplace implications. The tipping examples described in this article offer some interesting …

Hot Crime: Economic Analysis And Insight Into The Relationship Between A City's Latitude And Its Rate Of Violence, Erin K. Piepenbrok

Economics Undergraduate Honors Theses

Every day in America, a case of violent crime makes headlines across the television, newspapers, websites, and social media. These tragedies deeply affect those directly involved and the communities in which the crimes take place. Not only are individuals physically and mentally affected by violent crime, but communities and cities suffer an economic loss from rising violent crime rates. Reducing the current rates of violent crime (robbery, assaults, rapes, and murders) can reduce costs for cities and taxpayers, while ultimately improving the quality of life for Americans. Research into what affects violent crime rates lead to discoveries that unemployment, gun …

Spreading The Char: The Importance Of Local Compatibility In The Diffusion Of Biochar Systems To The Smallholder Agriculture Community Context, Laura C. V. Munoz

Pomona Senior Theses

This thesis enters the context of smallholder agriculture communities in the developing world. It explores the potentials of biochar and what biochar systems could bring to the smallholder communities while simultaneously bringing environmental benefits. It then acknowledges the challenges of diffusion –the spreading of an unfamiliar innovation. It seeks to answer the question of what will make diffusion of biochar systems more successful in the smallholder context, fixating on the characteristic of compatibility as well as the role local community members can play in making a new biochar system more visible to the rest of the communities.

Crony Chronicles Website Redesign, Lindsey Marie Mcbride

Undergraduate Honors Capstone Projects

The policy team at the Charles Koch Institute is broken into different areas of research. During my summer internship, I was assigned to research crony capitalism with four other members of the policy team. Along with their research on crony capitalism, these team members maintained a website called cronychronicles.org. For a definition of crony capitalism, or cronyism, see Appendix C. The goal of the website was to be "the leading online resource for everything related to cronyism" (About Us). I was very interested in the research I was conducting on crony capitalism, and enjoyed contributing information to the Crony Chronicles …

Montana Nonresident Traveler Expenditures And Economic Contribution: 2013, Kara Grau

Institute for Tourism and Recreation Research Publications

This report shows the economic contributions, expenditures, and average daily spending of nonresident visitors to Montana during 2013.

Wealth Management In Singapore, Francis Koh

Research Collection Lee Kong Chian School Of Business

As early as 2015, Singapore may oust Switzerland as the world’s top finance hub. But the path forward requires adjustments in the strategic direction of individual firms. Wealth management in Singapore is vibrant, growing, challenging.

Is Geographic Diversification Associated With Increased Risk? Evidence From The Spanish Banking Crisis, Briana Anderson

Business and Economics Honors Papers

This paper examines the association between geographic diversification and Spanish savings bank (caja) failure. The paper focuses on the geographic expansion of cajas between 2002 and 2012 and failure of several cajas between 2008 and 2011 during the Spanish banking crisis. Employing financial statement and branch location data collected from the CECA, logit models were used to test the association between failure and geographic and cultural diversification. This paper finds that, depending on the model estimated, geographic and cultural diversification of cajas either reduced or had no effect on the odds ratio of failure, suggesting that the benefits …

Exploring The Neighborhood Preferences Of A Segment Of Millennials In Omaha, Nebraska, Aaron Kloke

Community and Regional Planning Program: Professional Projects

In 2010, Millennials, or those between 18 and 34, surpassed the Baby Boomers in population size. Today, Millennials, also known as Generation Y, make up over 25 percent of the United States’ population. In Omaha, they make up 26.9 percent of the population. The next largest generation in Omaha, the Baby Boomers, make for 19.2 percent of the population. Clearly, this emerging demographic has the ability to change the way we create and design our built environment if it so chooses.

To review how this generation may choose to change the way we design our future neighborhoods, national trends were …

A Case Study Analysis Of A Regional Food System: The Sustainable Agriculture Consortium For Historically Disadvantaged Farmers Program, Tasha M. Hargrove, Walter A. Hill, John Brown, Miles Robinson, Iris Cole-Crosby, Elizabeth Myles, Billy Lawton, Karla Martin

Professional Agricultural Workers Journal

The Sustainable Agriculture Consortium for Historically Disadvantaged Farmers Program (SACH) was designed to carry out an experiment by five 1890 Land-Grant Universities in partnership with five farmer based cooperatives in five states to assess marketing fruits and vegetables to Walmart from a regional perspective. Using the Consortium as a case study, this study assessed the Consortium within the framework of implementation evaluation; data were collected using semi-structured interviews and document analysis. The study answered questions such as, what did the Consortium do, and what were some of the accomplishments of the Consortium? The farmers were able to: negotiate price points; …

What Have You Done For Me Lately?, Kevin F. Hallock

Economics Faculty Publications

The author considers the question of whether some occupations or pay plans can create incentives to strategically time employees' best performance and what problems that might create. There certainly is plenty of evidence across a set of industries that the timing of performance can have real effects on the compensation of employees. To the extent that this gives employees (athletes, salespeople, executives, and others) incentives to shift the timing of effort in ways that may not be in the best interests of the employer, shareholders, and other constituents is certainly something worth thinking about if you want to better curb …

Analyzing The Dynamics Of The Artisan Fishing Industry And Lapsset Port In Lamu, Kenya, Valerie Rodden

Independent Study Project (ISP) Collection

The LAPSSET project has the potential to severely impact the artisan fishing industry in Lamu. Through the provision of a perception focused survey and a few one on one interviews with artisan fishermen and key stakeholders in the industry, this study creates a more comprehensive understanding of the relationship between the fishing industry and the LAPSSET project. The fishermen of Lamu are most concerned about the lack of communication concerning the port’s activities and the blocking of fishing areas during port construction and operation. In general, there is a great sense of fear surrounding the port and the future of …

The Impact Of European Elections On Their Stock Markets, Andrew Lafortune

Honors Projects in Finance

This paper seeks to provide insight on changes in the European political landscape and how these changes may affect the financial markets in Europe. By analyzing market trends in eight different European countries—Belgium, Austria, France, Germany, Netherlands, Great Britain, Switzerland and Greece—since 1990, this paper attempts to identify any significant relationships between the results of an election and the performances of the major stock indices of these countries. By comparing country index returns starting one hundred days before and ending one hundred days after each election date to a global index, this paper explores the amount of risk in each …