Business Commons^™

Financial Literacy And Financial Decision-Making At Older Ages, Joelle H. Fong, Seng Kee Benedict Koh, Olivia S. Mitchell, Susann Rohwedder

Research Collection Lee Kong Chian School Of Business

How well older households manage their wealth holdings is an important determinant of their financial security during retirement, yet little is known about their financial decision-making and how this relates to their financial literacy. Our paper fills this gap by measuring financial literacy among older persons in the Singapore Life Panel and examining its association with timely credit card debt repayment, stock market participation, and age-based investment risk diversification. Most older respondents understand interest compounding and inflation, but fewer than half know about risk diversification. Almost all older credit card holders pay off their balances in a timely manner, but …

Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong

Research Collection Lee Kong Chian School Of Business

Trust is an essential component of any financial system, and distrust can undermine savings and economic growth. Our study draws on the Singapore Life Panel to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health, and long-term care insurance holdings; and (3) stock market engagement. We show that the widely-used ‘trust in people’ question is uncorrelated with household behaviours related to retirement preparedness. Instead, trust in private and public financial representatives is positively associated with pension savings, investments, and insurance holdings. Financial literacy also plays an important and consistent role in retirement decision-making.

Emergence Of Private Markets And Exchanges As An Alternative Source Of Financing For Small- And Medium-Sized Enterprises (Sme) In Singapore, Ser Keng Ang

Research Collection Lee Kong Chian School Of Business

Small- and Medium-sized Enterprises (SMEs) are the engine for growth for any economy, whether big or small and developed or emerging. In the US, small firms with less than 500 employee represent 99% of all employers, provide over 80% of net new jobs and account for about one-half of the national workforce. Singapore is no exception. Hence, the well-being of the SME sector in Singapore bears huge importance in the growth and development of its economy.In practice, financing of private companies, particularly small companies, is a challenge. In general, their small size makes private firms more susceptible to exogenous shocks. …

The Antecedents And Consequences Of Electronic Invoice In China From A Tax Perspective, Qi Yu Lan

Student Works (2020-2029)

The purpose of this study is to examine the factors that affect the adoption of electronic invoice and in return the consequences of these factors on tax compliance process efficiency of companies in China. A questionnaire survey was distributed to 276 users who adopted electronic invoice and partial least squares regression was used to analyze the data. This study found that perceived benefits and trust in e-government had a positive influence on the adoption of electronic invoice. Furthermore, we also found that the adoption of electronic invoice have a positive impact on the efficiency of the tax compliance process. Moreover, …

The Impact Of The Capital Market, The Insurance Sector And The Mortgage Finance Sector On Economic Growth In Egypt, 2005-2019, Hana Anis

Theses and Dissertations

This thesis aims to explore the relationship between financial markets and economic growth in Egypt for the 15 years period, starting from 2005 to 2019. The study concentrates on the non-banking financial sector which includes the stock market, the debt market, the mortgage and the insurance sectors. The Vector Autoregressive (VAR) model is utilized to describe the relationship between GDP growth rate, as a proxy for economic growth, and a number of variables from the financial sector. Results of the analysis show that there is a significant relationship and statistical causality between the growth rate and the debt market, represented …

A Review On Literatures Of Islamic Financial Institutions And Market Between 2010 – 2020, Muhammad Ridhwan Ab. Aziz

Library Philosophy and Practice (e-journal)

The objective of this article is to analyze and examine the related literatures on Islamic financial institutions and market between 2010 until 2020. The methodology of this article is through descriptive research based on document analysis on previous studies and literatures on Islamic financial institutions and market from free-of-charge and free-of-registration online journals. The journals and articles are obtained from several sources which are google scholar, science direct and researchgate.com. Data from 74 articles related in this field were collected and statistically analyzed using the Statistical Product & Services Solution (SPSS) software. This study looked at several variables which include …

The Moderating Roles Of Ownership Concentration And Foreign Ownership On Enterprise Risk Management And Firm Performance, Zhang Lan Jun

Student Works (2020-2029)

This study examines the relationship between enterprise risk management, firm performance, and the moderating role of ownership concentration and foreign ownership on the relationship between enterprise risk management and enterprise performance. The study uses 6015 listed firms in the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) from 2016 to 2018. The results indicate that enterprise risk management significantly influences both short-term and long-term firm performance based on multiple regression and panel data analysis. The study also found that ownership concentration positively moderates the relationship between enterprise risk management and both short-term and long-term firm performance. However, foreign …

The Role Of Non-Banking Financial Institutions, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

It is a pleasure to launch the NBFI- Modarabas Report prepared in collaboration with IBA-CEIF. I must congratulate the authors for producing a high quality report. I hope that this exercise would be undertaken regularly to create awareness about NBFIs among public at large. 2. Pakistan’s savings and investment ratios are quite low compared to its neighbours. Bangladesh which like us had savings rate in the teens has now reached close to 30 percent of Gdp. This has reduced Bangladesh’s dependence on foreign savings and foreign aid and enabled the country to attain investment ratios around 30 percent. The country …

Hedge Fund Activists: Value Creators Or Good Stock Pickers?, Martijn Cremers, Erasmo Giambona, Simone M. Sepe, Ye Wang

The Lender Center for Social Justice

Explores whether hedge fund activists generate value through governance improvements or simply by identifying undervalued firms.

Connectivity And Savings Propensity Among Odisha Tribals, P.V. Viswanath

Faculty Working Papers and Articles

Tribal areas are some of the poorest regions of India. An increase in local savings is an important tool in fostering sustainable growth in these areas. This paper uses the results of a survey to examine the factors affecting saving in a rural part of Odisha state populated primarily by tribals. We find that an important determinant of savings propensity is connectivity, which we interpret as a measure of the extent to which individuals feel connected to the broader economy, and an indication of their economic optimism. This interpretation is buttressed by the relationship between savings propensity and variables such …

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This “Lessons …

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included …

Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg

Journal of Financial Crises

Monetization—also known as “money-financed fiscal programs” or “money-printing”—occurs when a government finances itself by issuing currency or other non-interest-bearing liabilities, such as bank reserves. It poses real risks—potentially excessive inflation and encroachment on central-bank independence—and some paint it as a relic of a bygone era. The onset of the COVID-19 crisis, however, forced governments to spend heavily to combat the considerable economic and public health impacts. As government deficits climbed, monetization re-entered the conversation as a way to avoid the massive debt burdens that some nations may face. This paper describes how monetization works, provides key historical examples, and examines …

Ai Stock-Screening Methodology For Portfolio Construction, Omar Ahmed Khater

Theses and Dissertations

Selecting profitable stocks is crucial in constructing an all-equity portfolio. Investors need to rely on screening mechanisms to aid investment decision making. New stock selection methods are highly desired, and existing methods are constantly improved. In this research, we investigate the potential of relying on artificial intelligence to guide the stock selection process. The developed model employed genetic algorithms to optimize the selection of screening rules from among a set of widely accepted fundamental indicators. The model robustness and performance are tested using stock market real data over a 14-year period from 2006 till 2019. Based on portfolio quality factors …

Using Excel To Simulate A Financial Calculator And Excel Tvm Formulas, Maura Alexander, Tom Arnold, Joseph Farizo

Finance Faculty Publications

Excel is used to build a simulation of the TI BAII-Plus financial calculator to illustrate the N, I/Y, PV, PMT, and FV inputs. Unlike other financial calculator simulators, this template also displays the corresponding Excel functions to aid in transitioning the student to using Excel for financial analysis.

Tourism Well-Being And Transitioning Island Destinations For Sustainable Development, Jerome Agrusa, Cathrine Linnes, Joseph Lema, Jihye Ellie Min, Tony Henthorne, Holly Itoga, Harold Lee

Hospitality Faculty Research

The unprecedented growth of tourism over the last century has led to increasing concerns over the sustainable development of many popular tourism destinations throughout the globe. High concentrations of tourists and residents, especially in urbanized areas, have heightened this concern with the arrival of the novel coronavirus (COVID-19) pandemic. Over reliance on tourism has left residents vulnerable to external factors, such as the coronavirus pandemic that has halted tourists from coming to this remote destination. As a result, Hawaii’s overall economy is suffering greatly. A survey was developed and distributed to potential tourists in order to acquire their perceptions regarding …

Price Optimization For Revenue Maximization At Scale, Nikhil Gupta, Massimiliano Moro, Kailey A. Ayala, Bivin Sadler

SMU Data Science Review

This study presents a novel approach to price optimization in order to maximize revenue for the distribution market of non-perishable products. Data analysis techniques such as association mining, statistical modeling, machine learning, and an automated machine learning platform are used to forecast the demand for products considering the impact of pricing. The techniques used allow for accurate modeling of the customer’s buying patterns including cross effects such as cannibalization and the halo effect. This study uses data from 2013 to 2019 for Super Premium Whiskey from a large distributor of alcoholic beverages. The expected demand and the ideal pricing strategy …

Visual Timelines In Excel To Illustrate Tvm Calculations, Maura Alexander, Tom Arnold, Joseph Farizo

Finance Faculty Publications

Time value of money calculations are illustrated through developing a timeline with cash flow graphics in Excel. The cash flow graphics can be used in the live or virtual classroom and as a resource for students outside of the classroom. Further, the graphic is readily adjustable to different scenarios making it useful for multiple time value of money topics.

Technology In Finance, Bryan Herlihy

Research and Innovation Village

As a technology continues to improve rapidly, every company in all sectors must learn how to adapt or otherwise face the consequences of going bankrupt. One industry in particular that is continuously innovating is finance. In finance, technology had developed into artificial intelligence.

The Business Of Sustainability, Singapore Management University

Perspectives@SMU

Price points, fundraising, and scaling are the unavoidable and necessary parts that turn sustainability dreams into reality. It helps to have investors that believe in both the mission and business

Creating Value In Sustainability, Singapore Management University

Perspectives@SMU

You can create value when you deliver what the market demands or if you can identify and remove costs from the system. But it does not take away ‘Oh sh*t!’ moments

Rise Of The Machines? Intraday High-Frequency Trading Patterns Of Cryptocurrencies, Alla A Petukhina, Raphael C. G. Reule, Wolfgang Karl Hardle

Sim Kee Boon Institute for Financial Economics

This research analyses high-frequency data of the cryptocurrency market in regards to intraday trading patterns related to algorithmic trading and its impact on the European cryptocurrency market. We study trading quantitatives such as returns, traded volumes, volatility periodicity, and provide summary statistics of return correlations to CRIX (CRyptocurrency IndeX), as well as respective overall high-frequency based market statistics with respect to temporal aspects. Our results provide mandatory insight into a market, where the grand scale employment of automated trading algorithms and the extremely rapid execution of trades might seem to be a standard based on media reports. Our findings on …

The Hotelling Valuation Principle: Does User Cost And Reserve Differentials Improve Validity?, Brian K. Hicks

Electronic Theses and Dissertations

The Hotelling Valuation Principal (HVP) implies that the value per unit of an in-ground exhaustible natural resource is equal to the current price less the cost of production. The assumptions required for this principle include a certain and homogenous reserve stock, unconstrained extraction, and constant costs. Extensive research has empirically investigated the HVP. This paper expands the HVP framework and relaxes the theory’s assumptions to account for reserve differentials. The results show that the original net price model is more closely aligned with developed reserve value, than total reserve value. In addition, this paper develops two- and three-factor net price …

Airbnb Release Of Latent Economic Value And Return To Equilibrium, Daniel Joseph Trujillo

Electronic Theses and Dissertations

We empirically consider Airbnb’s effect on a new variable in Short Term Rental (STR) research, second homes, employing a model pre-Airbnb diffusion (2009), and post-Airbnb diffusion (2019). In doing so we test our hypothesis that second home use will be converted to short-term rentals with the advent of Airbnb. We do so through a natural experiment examining housing stock. We create a schema to segregate tourist and non-tourist counties based on economic variables and deploy these in our research framework observing a shock to housing supply. Notably, we observe a structural change in the use of second homes resulting in …

Ua80 W Club Renovation Project, W Club

University Organizations

Flyer promoting fund raising for the W Club renovation project.

Ua25 Memoranda, Wku Strategy, Operations & Finance

WKU Administration Documents

Memoranda issued by WKU Strategy, Operations & Finance to faculty & staff via email.

• End of Semester Message
• Campus Update

Why Don’T You Play The Game? Evaluating The Use Of Gamification In An Undergraduate Finance Course, Alfonso Miguel N. Sevidal

Finance and Accounting Faculty Publications

The board game Monopoly is used as a gamification tool in an undergraduate finance course in a private business school in the Philippines. The use of Monopoly as a gamification tool is evaluated using Han’s (2015) adaptation of the spiral curriculum and Landers's (2015) theory of gamified learning. According to Han, the spiral curriculum “is the circular model best suited to gamification as pedagogy because it allows students to learn and practice basic skills in order to master advanced tasks.” Meanwhile, Landers’s theory of gamified learning posits that “gamification affects learning via moderation when an instructional designer intends to encourage …