Finance and Financial Management Commons^™

Measuring Fiscal And Monetary Policies Spillovers In Asean, Thi Mai Lien Dau, Yuthana Sethapramote

DLSU Business & Economics Review

This paper aims to comprehensively examine fiscal and monetary policies spillovers to real GDP and inflation in ASEAN-5 countries. We examine the effects of shocks from each of the ASEAN members and advanced economies by employing the global vector autoregression (GVAR) model because it allows us to investigate this issue in a multinational system. The empirical results show several important findings. Generally, both internal and external fiscal and monetary spillovers have a significant effect on all ASEAN-5 countries, although internal monetary spillover seems to be stronger than internal fiscal spillovers. At country level, out of the five ASEAN countries, Indonesia’s …

On Implementation Delays, Marginal Costs And Price Dynamics: A Theoretical Note With Implications For The Philippines, Lawrence B. Dacuycuy, Mariel Monica Sauler, Dickson Lim

DLSU Business & Economics Review

It has been known that longer implementation delays in public investments result in sluggish accumulation of public capital. In models in which public capital determines firm productivity, the longer the duration of implementation delays, the

higher the marginal costs which, in a New Keynesian economy means higher price markups. Consequently, higher mark- ups may increase the inflation rate, leading to an appropriate monetary policy response. Using a dynamic stochastic general

equilibrium (DSGE) model, this theoretical note focuses on the relationships among government investments, firm pricing policy, and monetary policy. It addresses some aspects of public investment, and through simulations, characterizes …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

How America Permitted The Great Recession, Robert A. Moss Iii

Honors Program Theses and Projects

Many people have thrown out many ideas as to how the Great Recession happened. Some blame the banks, some blame the system, and others blame the lawmakers. The truth is much more complicated, and many different events lined up to make it happen. The essential fact is that there would likely have been a recession in the 2000s as a result of the commodities price recession of the 90s. What made the recession bad enough to be called the Great Recession was the gradual de-regulation that occurred after Glass-Steagal. Primarily, this paper will deal with the laws surrounding the banking …

Ford Motor Company's Financial Analysis, Azbayar Enkhbayar

Dissertations, Theses, and Projects

The goals and objectives of this financial report are to value the common stock of Ford Motor Company and provide a recommendation to buy, sell, or hold. Quantitative and qualitative data about Ford Motor Company, its competitors, and the markets it operates in were analyzed for this report. A discounted cash flow model was used to forecast future free cash flows. The model estimated Ford’s common stock to be fairly valued at USD 9.81 per share. This is slightly higher than the current price of $9.41 and a hold recommendation is made.

An Overview Of A Failed Thesis, Avery Lewis

Undergraduate Honors Theses

An overview of a project based thesis that did not have the support or funding to be carried out to completion. The project was based around starting up a summer recruitment program for the East Tennessee State University Music Department. The program would consist of various summer events for high school students used to recruit for the department as well as encourage music and fine arts degrees.

Potential Consequences Of U.S. Securities And Exchange Commission’S Replacement Of The Quarterly Reporting Requirement For Semi-Annual Reporting, Mengchen Zhou

Accounting Undergraduate Honors Theses

This study extends the discussion of potential consequences of U.S. Securities and Exchange Commission’s replacement of the quarterly reporting requirement for semi-annual reporting. This research summarizes the perspectives about quarterly and semi-annual reporting from reporters, critics, business executives and academic researchers, analyzes the influential parties from changing reporting regulation, and provides detailed explanation about potential impacts. Five parties are related to the replacement of the quarterly reporting requirement, including corporations, investors, analysts, auditors and Trump Administration. This research concludes that the auditor will be the least influential party and corporations will be the most impacted party.

How It Awareness Impacts It Control Weaknesses And Firm Performance, Peiqin Zhang, Ju Long, James Ma

Journal of International Technology and Information Management

With the prevalence of information technology (IT), the value of IT awareness increasingly grows, and IT control becomes a key part of firms’ strategies and objectives. Although leadership plays an important role in IT control governance, limited research has studied whether IT awareness is associated with IT control weaknesses (ITCWs) and firm performance simultaneously. Drawing on the agency and resource dependence theory, this paper proposes an integrative model to examine the impact of IT awareness on ITCWs and firm performance. We empirically validate the model using a data set of 310 firms collected from multiple sources including Audit Analytics, Compustat, …

Online Learning Tool On External Financing Needs, Yuanto Kusnadi

Research Collection School Of Accountancy

In collaboration with colleagues at the Centre ofTeaching Excellence (CTE), I have developed an innovative online learningobject on External Financing Needs. This tool is designed to introduce a noveland refreshing way in teaching accounting and finance concepts to students andto create a more interactive learning experience in the classroom. The online learning tool is used in the two courses:Accounting for Entrepreneurs and Financial Management, to explain the relevantconcepts related to financial forecasting and financial planning. One unique feature about the learning object is that itprovides instantaneousfeedback to students as they can learn whether the numbers theyprovide are correct/wrong (as indicated …

Comments On Discussion Paper "Financial Instruments With Characteristics Of Equity" (Fice), Pearl Hock-Neo Tan

Research Collection School Of Accountancy

Comments are given on the Discussion Paper issued by the International Accounting Standards Board in June 2018 on Financial Instruments with Characteristics of Equity. The comments are given in response to the Board's public invitation for feedback on the Discussion Paper. The comments convey the author's concerns about the Discussion Paper's proposals in the light of the conceptual framework of financial reporting and a fundamental understanding of what equity and liability is. The comments propose approaches that the Board may consider in its subsequent development of its proposals.

Reflective Practice Series: Selected Instructional Models Using Synchronous Video Conferencing Software, Martin W. Sivula

MBA Faculty Conference Papers & Journal Articles

With the vast array of resources available to instructors, one would think that instruction and teaching would yield success for all learners. Now, well into the 21^st century has much changed in the classroom? Certainly, movable desks and chairs, advanced audio and visual equipment, and a plethora of all types of technologies which might be able to enhance training and education. Over the last several decades research on individualized instruction, cognitive science, educational psychology, and multimedia instruction (to name a few) have permeated the literature on instruction. With all the research and the vast array of studies on improving …

Leveling The Playing Field Between Large And Small Institutions: Evidence From The Sec’S Xbrl Mandate, Nilabhra Bhattacharya, Young Jun Cho, Jae B. Kim

Research Collection School Of Accountancy

We investigate how XBRL adoption affects smaller institutions’ access to financial statement information relative to their larger counterparts. We examine three aspects of trading responsiveness: abnormal trading volume, response speed to 10-K information, and decision to trade immediately following the 10-K filing. With regard to all three aspects of trading responsiveness, we find that small institutions’ responsiveness to 10-K news increases significantly more relative to the change experienced by large institutions from the pre- to post-XBRL periods. We further document that small institutions’ stock picking skills in the 10-K filing period increase more compared to those of large institutions following …

Intangible Capital: Culture Of Innovation And Its Impact On The Cash Flow Multiple, James Russell Gregory

USF Tampa Graduate Theses and Dissertations

The definition for a culture of innovation (COI) is the perception of a company that prioritizes the advancement of new ideas that create value across all operations. On the face of it that seems a precious attribute for any company to nurture and exploit, but measuring and valuing a culture of innovation has proven elusive for corporations. There is a tendency to break down innovation into R&D, patents granted, and new product development and while these are all significant components of innovation a cultural definition is more encompassing of the entirety of a company and the financial results should be …

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 …

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Stability And Resilience Of Equity Markets Amidst The 2008 Global Financial Crisis: Islamic Versus Conventional Markets, M. Shabri Abd. Majid

DLSU Business & Economics Review

The objective of this study is to empirically explore the impacts of the 2008 global financial crisis on both Islamic and conventional equity markets of Malaysia, Indonesia, Japan, the UK, and the US. Daily closing indices, spanning from July 2007 to July 2011, were utilized and analyzed using cointegration technique and impulse response functions. The study found that the conventional equity markets performed marginally poorer than their Islamic counterparts during the 2008 global financial crisis. This finding implied that the Islamic equity markets were more stable and resilient than the conventional equity markets amidst the crisis period.

Acculturative Products Uniqueness Antecedence For Successful Marketing Performance, Gita Sugiyarti, Augusty Tae Ferdinand, Tatiek Nurchayati

DLSU Business & Economics Review

The purpose of this study is to mediate the influence of market sensing capabilities on the marketing performance by proposing acculturative products uniqueness that mediate the gap between market sensing capabilities and improvement of marketing performance. The sample data from 160 small and medium enterprises of batik, ceramics, and interior design in Indonesia were used to test the model consisting of four hypotheses. The statistical tests in our model used four variables: market sensing capabilities, product innovation, acculturative products uniqueness, and marketing performance. The results of the data show that acculturative products uniqueness has an important role in improving marketing …

The Effect Of Global Financial Crisis On Asean Growth: Evidence From Stock Market Analysis, Siti Muliana Samsi, Zarinah Yusof, Kee-Cheok Cheong

DLSU Business & Economics Review

This study empirically examines the effects of the global financial crisis on economic growth through a model that considers various sectoral indices, with particular reference to the stock market, bank, and real estate. Using analysis of cointegration, parsimonious error correction model (PECM), impulse response function (IRF) and variance decomposition analysis (VDC), the study found that the effect of the global financial crisis on growth differs among ASEAN-5 countries. The PECM analysis reveals that the crisis has the real effect on the stock market and bank equations. Three out of five ASEAN countries show that the global financial crisis has a …

On The Existence Of Calendar Anomalies And Persistence In The Daily Returns Of The Psei, Kristine Joy E. Carpio

DLSU Business & Economics Review

The future of the stock market may never be predicted consistently, nor its past behavior understood entirely, but any knowledge gained from observing it could help decide on a sound investment strategy. In this study, I looked at the daily returns of the Philippine Stock Exchange index (PSEi) from March 1, 1990, to January 31, 2017, and see how the data relates to the mathematically verifiable aspects of the noise theory and efficient market theory (EMT). In relation to the noise theory, I looked at the occurrences of anomalies. For the EMT, I made use of discrete-time Markov chains to …

Dynamics Of Social Capital Among Fair Trade And Non-Fair Trade Coffee Farmers, Reynaldo A. Bautista Jr.

DLSU Business & Economics Review

Fair trade (FT), a movement that aims to set fair prices for products, alleviate poverty, and assist producers marginalized by the traditional economic model, lends itself to investigation through social capital (SC) lens as SC sits within the network theory area of management literature. The primary contribution of this paper is the analysis of whether FT impacts the dynamics of the different SC dimensions. This study used both quantitative and qualitative techniques. I surveyed 97 farmers from Atok (fair trade supplier) and 96 farmers from Tublay (non-fair trade supplier). Also, I conducted focus group discussions of 8 to 10 members …

Diffusion Of Hong Kong Office Property Prices Across Quality Classes: Ripple Down Or Ripple Up?, Ming-Long Lee, Ming-Te Lee, Shew-Huei Kuo

DLSU Business & Economics Review

This study explores whether and how office property prices diffuse across quality classes in Hong Kong. The empirical results reveal that the trends in office property prices are stochastic and demonstrate significant price lead-lag relationships among office property classes. The lead-lag patterns are apparent in both the long run and the short run. In addition, shocks from Class C prices have the strongest and longest-lasting impact on office prices in Hong Kong. In addition to providing new evidence on the ripple effect of commercial property prices across quality classes, this is the first study to explore the ripple effect of …

Impact Of Ownership Structure On Capital Structure- Empirical Evidence From Listed Firms In Vietnam, Tran Thi Xuan Anh, Le Quoc Tuan, Bui Ngoc Phuong

DLSU Business & Economics Review

This research examines whether and to what degree does ownership structure affect the capital structure, using a universal sample of Vietnamese listed firms from 2009 to 2015. We consider the ownership structure in two dimensions: ownership concentration and ownership types. Our paper is among the few to deploy Herfindahl index of all major shareholders, institutional shareholders, and even foreign shareholders as proxies for ownership concentration. The results depict a positive and significant impact of ownership concentration on the overall capital structure of the companies. Further tests indicate that the effect of ownership structure is stronger for short-term debt and bank …

Effect Of Institution On Production Cost Efficiency Of Organic Rice Farming In Indonesia, Ignatius Suprih Sudrajat, Endang Siti Rahayu, Kusnandar Supriyadi

DLSU Business & Economics Review

This study is about the effect of an institution on the production cost efficiency of organic rice farming. This research used the stochastic frontier approach with cross-section data and estimated with maximum likelihood estimation (MLE). This study aims to determine the effect of institution variables on production cost inefficiency. A survey was conducted on 216 organic rice farmers during two planting seasons using purposive sampling method in Dlingo Village, Mojosongo, Boyolali, Central Java, Indonesia. The result of the research shows that the average value of production cost efficiency is 0.4268. The role of farmer groups and agricultural counselors is the …

Physician Quality And Payment Schemes: A Theoretical And Empirical Analysis, Renz Adrian T. Calub

DLSU Business & Economics Review

Physicians are expected to provide the best healthcare to their patients; however, it cannot be discounted that their practice is driven primarily by incentives. In this paper, a physician utility maximization model that links physician quality of service to compensation schemes was constructed. Results showed that relative to fixed payment, fee-for-service and mixed payment yield higher quality. Multinomial treatment effects regression of vignette scores on payment schemes also support this hypothesis, indicating that physicians are still below the best level of quality and that incentives to improve are still present.

Investigating Consumer Optimum Stimulation Level And Exploratory Online Buying Behavior, Claro G. Gañac

DLSU Business & Economics Review

Technology and the Internet have changed every facet of human life on the planet. It has spawned online marketplaces where consumers anywhere around the world can shop 24/7 throughout the year. This empirical study aimed to explain the meteoric rise of Internet shopping not just because of the leaps-and-bounds advances in technology but also by intrinsic predisposition of consumers to engage in exploratory buying and consumption. The Internet has brought about a shopping environment with high inherent avenues for exploratory behavior. It is the proposition of this study that online shopping has encouraged exploratory information acquisition, heightened evaluation involvement, and …

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

An Analysis Of The Effects Of Political Events On Oil Price Volatility And Consequential Spillover Effects On Selected Gcc Stock Markets: An Emphasis On The Case Of Kuwait, Yousef Abdulrazzaq

Doctoral

The purpose of this research is to identify how episodes of sustained market uncertainty due to political events can affect oil price behavior and potentially generate spillover effects to the stock markets of Kuwait, the Kingdom of Saudi Arabia (KSA) and the UAE. Three major events associated with significant levels of market uncertainty are examined: the Iraqi invasion of Kuwait in 2003, the Global Financial Crisis (GFC or the US Financial Crisis) in 2008, and the Arab Spring Revolution in 2011 – with the aim of identifying interlinkages between oil prices and the performance of the Kuwaiti, Saudi and the …

Masked Instability: Within-Sector Financial Risk In The Presence Of Wealth Inequality, Youngna Choi

Department of Applied Mathematics and Statistics Faculty Scholarship and Creative Works

We investigate masked financial instability caused by wealth inequality. When an economic sector is decomposed into two subsectors that possess a severe wealth inequality, the sector in entirety can look financially stable while the two subsectors possess extreme financially instabilities of opposite nature, one from excessive equity, the other from lack thereof. The unstable subsector can result in further financial distress and even trigger a financial crisis. The market instability indicator, an early warning system derived from dynamical systems applied to agent-based models, is used to analyze the subsectoral financial instabilities. Detailed mathematical analysis is provided to explain what financial …

An Overview Of The Cheque Payments System In Nigeria, Onyeka Samuel Okonkwo

Bullion

This paper is designed to examine critically the modern trends in the cheque payments system in Nigeria. In the light of this, the paper is divided into nine parts. The second part of the paper examines the concepts of payment , clearing and settlement. The evolution of cheque clearing in Nigeria is examined in part three. The part four presents the cheque standard in Nigeria. The part five gives the synopsis of cheque payment in Nigeria while the cheque truncation system(CTS) and its benefits and challenges are examined in part six and part seven respectively. The paper concludes with recommendations …

Avis Budget Group: A Financial Analysis, Tralonie Perkins

Dissertations, Theses, and Projects

This paper presents a financial analysis behind Avis Budget Group, Inc. (CAR), a leading global provider of vehicle rental and car sharing services, operating three of the most recognized brands in the industry: Avis, Budget and Zipcar. Utilizing both qualitative and quantitative analysis, this report encompasses comprehensive data regarding the industry in which CAR competes, the company’s recent financial results, and forecasts of its future growth with five-year pro forma financial statements used to build a valuation model.