Business Commons^™

The Internal Capital Markets Of Global Dealer Banks, Arun Gupta

Journal of Financial Crises

This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2007–09 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present a unique set of facts on the evolution of inter-affiliate loans between US primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 62 percent of total securities lending reported on US primary …

Lessons Learned: John Bovenzi, Sandra Ward

Journal of Financial Crises

As a deputy to the chairman of the Federal Deposit Insurance Corporation (FDIC) and in his role as chief operating officer of the agency, John Bovenzi provided policy advice and oversaw the agency’s operations, including business lines, bank supervision, bank closings, deposit insurance, and administrative affairs. Bovenzi’s most notable role during the Global Financial Crisis was manning the helm of mortgage lender IndyMac after the FDIC took it over in July 2008 to position it for a sale. This abstract is based on an interview with Bovenzi conducted on December 2, 2020

Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka

Journal of Financial Crises

Since the Global Financial Crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that, in some circumstances, managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macrofinancial conditions. Effectiveness, however, does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.

From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System, Antonio Sánchez Serrano

Journal of Financial Crises

The COVID-19 pandemic created an unprecedented economic shock across the world. As a result of the coronavirus outbreak and the related health measures, nonfinancial corporations providing nonessential goods or services that cannot be consumed remotely have experienced a large decrease in their turnover. Using balance sheets and flows statements, we are able to quantify the impact of the pandemic on nonfinancial corporations and households, according to several scenarios for the pandemic over 2021. The impact is largely heterogeneous across sectors and amounts to up to 20% of the turnover for euro area nonfinancial corporations. Stress in these corporations and households …

Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge

Journal of Financial Crises

Scholars frequently assert that financial legislation in the United States is primarily crisis driven. This “crisis-legislation hypothesis” is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is poorly conceived and inadequate to the problems it aims to address. Other scholars embrace the hypothesis, but from the perspective that crises are the needed impetus to prompt constructive reforms. Despite the prevalence of this hypothesis, however, its threshold assumption—that Congress passes major financial legislation only when financial crises arise—has never been analyzed empirically. This article provides that analysis. We first devise a new system …

Dynamic Return Relationships In The Market For Cryptocurrency: A Var Approach, Julian Gouffray

James Madison Undergraduate Research Journal (JMURJ)

This paper examines how the Bitcoin-altcoin return relationship has evolved in periods between 2015 and 2020. To understand this relation, we observe data on the cryptocurrency Bitcoin and prominent altcoins Ethereum, Litecoin, Ripple, Stellar, and Monero, which collectively represent over 90% of the market throughout the observed period. We employ a vector autoregressive model (VAR) to produce forecast error variance decompositions, orthogonal impulse response functions, and Granger-causality tests. We find evidence that Bitcoin return variation has increasingly explained altcoin returns and that market inefficiency increased between 2017 and 2020, as shown by increased Granger causality between Bitcoin and altcoins. These …

Consumers’ Subjective Well-Being In Brazil: Suggested Extensions For Researching A Market With Continental Dimensions, Igor De Jesus Lobato Pompeu Gammarano

Markets, Globalization & Development Review

This commentary starts by recognizing, in the lead article of this issue, the importance of studying empirically the relationships between marketplace activities and consumers' perceived subjective well-being in Brazil. The commentary then presents a number of ways in which future research studies of this type can be strengthened, in terms of geographical coverage, methods employed and analytical-interpretive tools used. The commentary also offers literature links to a variety of consumption modes, from minimalist to hedonic; pointing out that subjective well-being is influenced by these styles/modes of consumption.

Subjective Well-Being, Happiness, And Fairness Of Marketing Systems In Brazil: Some Further Thoughts, Stefânia Ordovás De Almeida, Ely José De Mattos

Markets, Globalization & Development Review

Subjective well-being is often popularly referred to as happiness. In this dialogue commentary, we point to these additional aspects of subjective well-being or happiness: (1) Some findings from another study of this type, in another region of Brazil; (2) Several macro-level observations, drawn from Brazil as well as globally, on the complex relationships between marketing practices, public policies, consumption styles and subjective well-being.

Consumers' Perceptions Of The Role Of The Marketing System In Subjective Well-Being, Valcir Farias, Ramon Silva Leite

Markets, Globalization & Development Review

The term happiness is used colloquially to refer to subjective well-being. In the years when the performance of marketing systems in Brazil was reduced, there was a fall in happiness index, which demonstrates the importance of marketing systems in the subjective well-being of individuals and society. Most studies on the role played by the marketing system in subjective well-being are based on mature markets. Little has been studied on the subject in Latin American markets. This article describes the role of marketing systems in the subjective well-being of Brazilian consumers. In qualitative research through interviews with consumers from cities of …

The Conundrums Of Happiness And Subjective Well-Being: Views From Brazil, Nikhilesh Dholakia, Deniz Atik

Markets, Globalization & Development Review

No abstract provided.

Oneoppf: A Personal Finance Professional Development Resource, Barbara M. O'Neill, Martie Gillen, Selena Garrison, Molly C. Herndon

Journal of Extension

This article describes personal finance programming available through the OneOp Personal Finance team (OneOpPF) for the professional development of Extension educators and military Personal Financial Managers for outreach to their clientele. Included is a brief description of six OneOpPF deliverables (webinars, blog posts, Question of the Day tweets, podcasts, social media, and newsletters) and a discussion of impact indicators such as online outreach statistics and continuing education units awarded to program participants. The article concludes with four best practices for working with military stakeholders and a description of how OneOpPF program materials can be accessed by Extension professionals.

Evaluating Utah's Rural Online Initiative: Empowering Organizational Leaders Through Remote Work, Paul A. Hill, Amanda D. Ali, Lendel K. Narine, Andrea T. Schmutz, Tyson M. Riskas, Debra M. Spielmaker

Journal of Extension

Compared to urban counties, Utah's rural counties experienced high levels of unemployment. Informed by a statewide needs assessment, Utah State University Extension developed a remote work leadership course to equip business leaders with knowledge and skills to create remote jobs as a solution to rural unemployment. This descriptive evaluation study collected data from course participants (N = 62). Findings showed short-term outcomes were achieved; participants experienced increases in knowledge and skills and had more positive intentions toward creating remote jobs and hiring employees from rural counties. Extension professionals can design and evaluate their programs using the framework in this study.

Research Of S&T And Financing Integration Development From Innovation Chain Perspective, Yingming Li, Qian Li, Ying Wang

Bulletin of Chinese Academy of Sciences (Chinese Version)

S&T and financing integration contributes to improve innovation efficiency and expand profit margin of financial capital. With the shortening transformation period from basic research into practical productive force, this integration extends to the front of the innovation chain. Dominant position in foundation innovation is becoming the focus of major country competition. From the perspective of innovation chain, this study puts forwards a logical framework of S&T and financing integration. For different innovation stages, the study analyzes the technology innovation goals, industrial development characteristics, and the rules of capital operation. Based on the co-evolution processes of S&T and financing, suggestions of …

Constructing Supportive Institutional System To Attract Social Investments To Fund Scientific Research, Ying Wang, Jialing Lyu, Yingming Li, Wei Xue

Bulletin of Chinese Academy of Sciences (Chinese Version)

Innovation always originates from scientific research (basic research and applied research). Investing in scientific research can create new products and new industries, and bring continuous and huge profit. It appeals to a wide range of social investment from market to fund scientific research in recent years. Such economical return, however, is often thwarted by the high risk and uncertainty of scientific research. The main obstacle to the social investments funding scientific research is analyzed in this paper and then some examples are presented as well. It illustrates that it is crucial for public policy to shorten the gap between the …

Deepen Combination Of Science, Technology And Finance To Empower Enterprises To Carry Out High-Quality Innovation, Wei Xue, Beibei Hu, Shijie Wei

Bulletin of Chinese Academy of Sciences (Chinese Version)

China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of highquality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the …

Research On Strategic Transformation Of Consumer Goods Standardization For The New Development Stage, Shengnan Ma, Xuhua Wang, Ximin Sun, Yanbing Du, Ling Yan, Yi Sun

Bulletin of Chinese Academy of Sciences (Chinese Version)

Small products and large integration of consumer goods is a tangible carrier reflecting a country's innovation capacity, manufacturing capacity and international competitiveness, and a physical embodiment of meeting people's needs for a better life. The marketization of China's consumer goods industry developed early and has played a leading role in stimulating the domestic cycle and promoting the international cycle for a long time. The standardization of consumer goods and industrial practice have been coordinating with each other and making mutual adaptations from the beginning, and have gone through the stages from scratch, to fast development and to sound development. This …

Building An Innovative Nation In China Calls For Strengthening Of Basic Research In China’S Enterprises: Findings From Innovation Mapping Of Enterprises In Major Global Economies, Min Li, Xian-En Zhang, Yun Liu

Bulletin of Chinese Academy of Sciences (Chinese Version)

It is known that the innovation capacity of enterprises is an important indication for an innovation economy and basic research is the source of science and technology innovation. Basic research is of course mainly carried out by universities and public research institutions, so what role should China's enterprises play in basic research has been a long-running debate. Here in this article, we first discussed the connotation of basic research and clarified the importance of applied basic research to enterprises. We then compared the innovation performance of enterprises in world's major economies in terms of their R&D investment, scientific output including …

How To Attract, Recruit And Retain Talents?—Experience And Inspiration From National Research Institutes Worldwide, Tianyu Li, Ke Wen, Haigang Huang, Dingyi You

Bulletin of Chinese Academy of Sciences (Chinese Version)

Using the competitive advantages of major scientific plans and strategic innovation platforms to attract, recruit and motivate a large number of high-level scientific and technological talents is the basic experience of the world talent center and innovation highland construction. The research takes the national scientific research institutions of the United States, Germany, France, and Japan as examples, and focuses on analyzing their role in the accumulation, circulation, and motivation of global talents. The research suggests that China's national scientific research institutions should increase the ability to attract and gather international talents, optimize the talent structure that balances stability and mobility, …

Tourist Behaviors When Dining – Part Two, Joel Reynolds, Mary Jo Dolasinski, Chris Roberts

ICHRIE Research Reports

This series of three reports was developed to discuss tourist behaviors in three key areas of the hospitality industry: lodging, dining, and activities and events. A primary purpose was to provide insights from the user’s perspective, as the majority of content comes from the provider’s point of view. One paper focused on tourist’s behaviors in lodging and another focused on tourist’s behaviors in activities and events. This paper focused on tourist’s dining behaviors. The goal was to provide valuable insights to assist practitioners in better understanding tourist’s behaviors and to develop strategies to provide the best experience possible.

Tourist Behaviors In Lodging – Part One, Mary Jo Dolasinski, Joel Reynolds, Chris Roberts

ICHRIE Research Reports

This series of three reports was developed to discuss tourist behaviors in three key areas of the hospitality industry: lodging, dining, and activities and events. A primary purpose was to provide insights from the user’s perspective, as the majority of content comes from the provider’s point of view. One paper focused on tourist’s behaviors while dining and another focused on tourist’s behaviors in activities and events. This paper focused on tourist’s lodging behaviors. The goal was to provide valuable insights to assist practitioners in better understanding tourist’s behaviors and to develop strategies to provide the best experience possible.

Tourist Behaviors During Tourism Activities – Part Three, Chris Roberts, Mary Jo Dolasinski, Joel Reynolds

ICHRIE Research Reports

This series of three reports was developed to discuss tourist behaviors in three key areas of the hospitality industry: lodging, dining, and activities and events. A primary purpose was to provide insights from the user’s perspective, as the majority of content comes from the provider’s point of view. One paper focused on tourist’s behaviors in lodging and another focused on tourist’s behaviors while dining. This paper focused on tourist’s behaviors in activities and events. The goal was to provide valuable insights to assist practitioners in better understanding tourist’s behaviors and to develop strategies to provide the best experience possible.

Business Education And The Development Of Feedback Skills: The Impact Of Student Peer Review Assignments., Kristy Cunningham, Vikkie Mccarthy, Al Tilooby

International Journal for Business Education

Business education not only strives to bridge the gap between related theories and applications but also seeks to develop student’s employability skills. Employability skills are generic skill sets of employees and potential employees that employers across industries value. Leadership, communications, and relationship building are examples of skills that employers have reported as valuable employability skills. Feedback receiving and giving are communications skills important for employment and professional development. The purpose of this paper is to explore the pedagogical device of peer reviews in business classes to develop students’ feedback receiving and feedback giving skills. Using the theoretical learning theory, connectivisim, …

Effect Of Socio-Economic Factors On Loan Repayment Performance Of Youth Revolving Fund In Oromia Regional State, Ethiopia, Abebe Negesse Bantu, N.S. Malik

Arab Economic and Business Journal

Youth Revolving Fund (YRF) loan was established to help unemployed youths alleviate their economic and social difficulties. However, its loan repayment performance is not as expected. Thus, the objective of this study was to examine effect of socio-economic factors on loan repayment performance of YRF in Oromia Regional State. 328 data collected from 328 respondents and the result showed peer pressure, loan diversion, time of maturity of investment and predominant economic shocks were affected loan repayment at 5% level of significance. Finally, government is recommended to create awareness about YRF loan, reconsider training and guidance, and alternative fund utilization strategy.

The Role Of Human Capital Investments In Business Excellence Of Croatian Companies, Ivana Tadić, Željana Aljinović Barać

Economic and Business Review

The paper analyses human capital investments and their relation to company performance in Croatia. Human capital represents an inevitable element in recognising and measuring an organisation’s values and supporting its business excellence. The results obtained show that training and extra bonuses or salaries are positively correlated with company excellence, as well as show a significant difference in the mean of salaries per employee between high and moderate intensive intellectual capital companies. The differences in company excellence, when human capital expenditures are capitalized in a company’s balance sheet rather than recognized as expenses in the company’s profit and loss account, is …

The Characteristics And Role Of Intangible Capital In Central-Eastern Europe, The Balkans And In The Mediterranean, Igor Lončarski, Mojca Marc

Economic and Business Review

No abstract provided.

Full Issue - Trauma Informed Approaches

Journal of Nonprofit Innovation

Learn more about the latest research of trauma informed care.

Trauma Defined: “Trauma is the experience of, or perception of, something disturbing or dangerous.” -Julie Karlinsey, LMT, CMHC

Trauma Statistics: “Estimates: six in 10 men and five in 10 women experience at least one trauma… in their lives. Trauma and distress can arise from a wide array of causes, including domestic violence, sexual assault, racism, bias, harassment, economic uncertainty, political division, and more. New challenges arise every day, and conflict and strife anywhere in our globally connected world affect us …

Muslim Consumers’ Perceptions Of Marketing Korea A Muslim-Friendly And Halal Tourism Destination: Future Implications, Iffat Tahira

Makara Human Behavior Studies in Asia

Halal tourism is becoming an emerging niche market to attract Muslim tourists to non-Muslim majority countries. This study aims to assess current conditions associated with the availability of halal-friendly tourism elements and services and future implications for halal tourism in Korea through the lenses of diaspora from Muslim-dominated countries, including Indonesia, Uzbekistan, and Pakistan. A qualitative approach with the descriptive exploratory design was employed and data were collected through in-depth interviews (N = 27) and direct observation. Results in the marketing context indicated that Koreans have basic knowledge of the concept of halal, halal food, halal services, and halal tourism. …

Climate Change Adaptation And Mitigation In A Small Archipelago: The Role Of Ecotourism In Malta, Karl Agius

International Journal of Islands Research

The aim of this paper is to present the potential of ecotourism to develop into a niche contributing to climate change adaptation strategies whilst making the existing tourism industry more resilient. The paper provides an overview of mitigation measures adopted in Malta by the aviation, tourism and hospitality industry as well as policy makers in the archipelago to respond to major challenges that climate change poses for tourism. These changes are vital to lure ecotourists and to support ecotourism development. Six main themes emerged from the research in the context of the role ecotourism can play as an adaptation to …

A Relational Approach To Networks In A Tourism Destination: Business And Family Networks In San Vito Lo Capo, Sicily, Giovanni Ruggieri, Salvatore Iannolino

International Journal of Islands Research

This article constructs a relational framework using the principles of the Network Approach to examining the business exchange structure of a tourist destination. Network Analysis is the methodology to analyse the metrics of collaboration and cooperation among destination companies. The model was applied in a remote tourist destination named San Vito Lo Capo on the island of Sicily, where tourism has significantly expanded in the last twenty years. The focus is on how groupings of small companies within family relations can govern and be responsible for tourism destination cooperation. As the main result, the existence was identified, of a relational …

The Nexus Between Tourism Demand And Regional Characteristics: The Case Of Japanese Islands, Kantaro Takahashi

International Journal of Islands Research

This paper explores the relationships between tourism demand and regional characteristics of the Japanese islands. A regression model was carried out for 113 islands designated by the Remote Island Development Act, which is one of the laws designed to promote rural areas in Japan. Results show that the transportation situation was related to the demand of arrival tourists, whereas the results were insignificant for the model with the response variable as lodging tourists. Meanwhile, location factors were significant for lodging tourists—that is, open sea areas have more lodging tourism demand than islands in inland sea areas. Furthermore, this study found …