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Articles 301 - 330 of 342
Full-Text Articles in Finance and Financial Management
European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick
European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.
Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick
Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick
Journal of Financial Crises
At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …
Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick
Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick
Journal of Financial Crises
Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …
El Socio No Tradicional: Un Análisis De Las Inversiones Chinas En La Argentina Y La Articulación Bilateral Argentino-China / The Nontraditional Partner: An Analysis Of Chinese Investment In Argentina And The Argentine-Chinese Bilateral Articulation, Lucy Hale
Independent Study Project (ISP) Collection
Esta investigación se enfoca en la relación comercial bilateral que tienen Argentina y China. Se analizan las inversiones extranjeras directas (IED) chinas en Argentina en el período 2003 hasta 2019 y trata de entender las dos siguientes preguntas: ¿Qué revelan las inversiones chinas en la Argentina sobre la relación de estos dos países en términos de oportunidades políticas y económicas para cada uno de ellos? Y ¿de qué tipo de articulación bilateral son indicativas estas inversiones? Esta investigación cuenta con una base de datos agregados de varias fuentes académicas, gubernamentales y periodísticas. Además, cuatro entrevistas fueron llevadas a cabo con …
Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters …
Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is …
Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
As a diversified financial service provider and the largest United States bank holding company, JPMorgan Chase (JPM) is supervised by multiple regulatory agencies. JPM’s commercial bank subsidiaries hold a national charter and therefore are regulated by the Office of the Comptroller of the Currency (OCC). Since the bank’s Chief Investment Office (CIO) invested the surplus deposits of JPM’s commercial bank units, the OCC was also CIO’s primary regulator. During the critical period from late January through March 2012, when CIO traders undertook the failed derivatives strategy that ultimately cost the bank $6 billion, JPM did not provide the OCC with …
Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick
Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick
Journal of Financial Crises
Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using the …
How Equitable Is The Education Finance System In New York State?, John Yinger
How Equitable Is The Education Finance System In New York State?, John Yinger
Center for Policy Research
This policy brief provides an overview and evaluation of the education finance system in New York State. The brief addresses four broad topics: student performance disparities in New York State, the nature of the New York State education finance system, the contributions of the New York foundation aid formula to educational equity, and the benefits to all taxpayers in New York State from education finance reform.
The Lehman Brothers Bankruptcy B: Risk Limits And Stress Tests, Rosalind Z. Wiggins, Andrew Metrick
The Lehman Brothers Bankruptcy B: Risk Limits And Stress Tests, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Investment banks are in the business of taking calculated risks. Risk management infrastructure facilitates the safe pursuit of profits and the balancing of associated risks. By 2006, Lehman Brothers was thought to have a very respectable risk management system, and even its regulator, the Securities and Exchange Commission, viewed its risk framework as being fully compliant with regulatory requirements. In its public disclosures, Lehman characterized its risk controls as “meaningful constraints on its risk taking” and evidence of its continued financial stability. Beginning in late 2006, however, Lehman began dismantling its carefully crafted risk management framework as it pursued a …
A Systematic Public Capital Management And Budgeting Process, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf, Kenneth A. Kritz
A Systematic Public Capital Management And Budgeting Process, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf, Kenneth A. Kritz
School of Public Service Faculty Publications
This chapter introduces the readers to a public capital management and budgeting process and its role in generating public infrastructure networks. The main purpose of the chapter is to describe the normative public capital management and budgeting practices that are recommended by the public finance literature. These normative practices are segregated into four main components: (1) long-term capital planning, (2) capital budgeting and financial management, (3) capital project execution and project management, and (4) infrastructure maintenance. Given that the literature recommends specific practices to maximize efficiency in public capital spending, the four main components, combined, are referred to as the …
Summary, Initial Observations, And Getting To A Tentative Theory Of Public Investment Behavior, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf
Summary, Initial Observations, And Getting To A Tentative Theory Of Public Investment Behavior, Arwiphawee Srithongrung, Juita-Elena (Wie) Yusuf
School of Public Service Faculty Publications
This chapter evaluates the 12 countries' capital management practices according to the systematic public capital management and budgeting process described in Chapter 1. The chapter characterizes and classifies the management practices of the twelve countries based on the authors' evaluation using the case study descriptions. The authors offer some initial observations based on comparisons across the case study countries and analysis of relationships between capital management and budgeting practices and political, economic, and public sector variables. The chapter proposes a tentative theory of public investment behavior and offers five propositions regarding the factors driving different practices across the case study …
Likely Trajectory Of Fed Policy Far From Settled, Thomas Lam, David Fernandez
Likely Trajectory Of Fed Policy Far From Settled, Thomas Lam, David Fernandez
Research Collection Lee Kong Chian School Of Business
Markets seem to be assuming an almost pre-set path of Fed policy normalization in 2019, including hiking rates and shrinking the balance sheet. In contrast, we see many uncertainties ahead.
Assessing The Effects Of Post-Crisis Regulatory Reforms On Liquidity In The Singapore Government Securities And Mas Bills Market, John M. Sequeira
Assessing The Effects Of Post-Crisis Regulatory Reforms On Liquidity In The Singapore Government Securities And Mas Bills Market, John M. Sequeira
Research Collection Lee Kong Chian School Of Business
The FSB initiated in 2017 an evaluation of the effects of post-crisis regulatory reforms, by developing a framework to assess whether the reforms are achieving their intended outcomes and identify any material unintended consequences. In tandem, MAS established an evaluation framework, which covers four broad impact areas, comprising FIs, financial markets, financial end-users and the broader financial landscape. Internationally, there have been particular concerns over whether post-crisis reforms may have impaired liquidity conditions in specific financial markets. We provide an assessment of the effects of the reforms on liquidity in a key market in Singapore, the SGS and MAS bills …
An Event Study Analysis Of Too-Big-To-Fail After The Dodd-Frank Act: Who Is Too Big To Fail?, Kyle D. Allen, Ken B. Cyree, Matthew D. Whitledge, Drew B. Winters
An Event Study Analysis Of Too-Big-To-Fail After The Dodd-Frank Act: Who Is Too Big To Fail?, Kyle D. Allen, Ken B. Cyree, Matthew D. Whitledge, Drew B. Winters
Marketing Faculty Publications and Presentations
One feature of the Dodd-Frank Act is the elimination of too-big-to-fail (TBTF) banks. TBTF is a government guarantee of large banks that has been shown to increase the value of these banks, so removing the guarantee should result in a price decline of TBTF bank stock. Using event study methods, we find very limited reaction to the process of eliminating TBTF. Specifically, there is limited reaction among the largest banks and banks receiving special attention, such as Systemically Important Financial Institutions (SIFI) banks. Instead, smaller banks not receiving special attention show some evidence of negative returns with the elimination of …
Short Selling And Economic Policy Uncertainty, Xiaping Cao, Yuchen Wang, Sili Zhou
Short Selling And Economic Policy Uncertainty, Xiaping Cao, Yuchen Wang, Sili Zhou
Research Collection Lee Kong Chian School Of Business
We study the trading behavior of short sellers in the presence of economic policy uncertainty (EPU). Daily short selling activity at either the aggregate level or the individual stock level is increasing in the EPU index (Baker, Bloom and Davis, 2016). EPU has great explanatory power for short trading. Cross-sectional tests show that the increase in short interest under high political uncertainty is from shorting stocks characterized by higher mispricing, greater policy sensitivity, higher illiquidity, greater volatility or analyst dispersion. Short sellers earn abnormal profits by trading on public information related to EPU.
The Use Of Catastrophe Bonds As A Means Of Economic Development In Emerging Economies, Lauren Mattucci
The Use Of Catastrophe Bonds As A Means Of Economic Development In Emerging Economies, Lauren Mattucci
Honors Theses and Capstones
Catastrophe bonds offer a way for entities located in natural disaster prone regions to safely and efficiently transfer the risk of insuring property to the financial markets and subsequently, create a financially attractive environment for insurers and investors. The opportunity for investors to utilize modeled loss analytical platforms such as those created by AIR, Risk Management Solutions, and EQECAT, could be used to bridge the growing gap in emerging economies between economic losses created by natural disasters and insured losses. Bridging this insurance gap in emerging economies could have positive global implications for the insurance industry, global trade, foreign direct …
Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo
Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo
Theses and Dissertations--Public Policy and Administration
As an alternative way to issue bonds, conduit financing has been widely used by local governments and nonprofit organizations. Conduit financing allows one entity to issue debt on behalf of single or multiple borrowers. In the state of California in the U.S., a local agency is allowed to issue municipal bonds in compliance with law, but can also borrow through a joint powers agency (JPA). In this case, the JPA serves as a conduit. Conduit financing is preferred by local agencies in certain circumstances because it is more convenient or fixed issuance costs can be split between several conduit borrowers …
The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes
Master's Theses
This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country’s level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a higher value …
How To Strike The Wealth Balance, Shaomin Li, Seung Ho Park
How To Strike The Wealth Balance, Shaomin Li, Seung Ho Park
Management Faculty Publications
The underlying attitude towards wealth within a country can have a big impact on a company's decision to invest there. Shaomin Li and Seung Ho Park look at ways in which 'wealth tolerance' can be measured.
Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David K. C. Lee, Alan Cheong, Kok Fai Phoon, Karol Wee
Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David K. C. Lee, Alan Cheong, Kok Fai Phoon, Karol Wee
Research Collection Lee Kong Chian School Of Business
The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched “Our Singapore Conversation” of which discussion on housing policies constitutes one major component. This “conversation” comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper …
New York Stock Exchange, Bert Chapman
New York Stock Exchange, Bert Chapman
Libraries Faculty and Staff Scholarship and Research
Provides a historical overview of the origins and early development of the New York Stock Exchange.
Health Promotions 2.0: The Future Of Wellness Programs In America, Rajiv Kumar
Health Promotions 2.0: The Future Of Wellness Programs In America, Rajiv Kumar
Center for Policy Research
In no small part because of technology, the way we live and work is being transformed. I believe that those of us who are interested in health policy can play an important role in guiding that transformation. I submit to you that unhealthy living is a social issue; that conditions such as obesity and diabetes are social diseases and that their prevalence is a social problem. If we have a social problem, then we need a social solution. I believe part of that solution can be found in the worksite health promotion and wellness programs that have taken root across …
Would Women Leaders Have Prevented The Global Financial Crisis? Teaching Critical Thinking By Questioning A Question, Julie A. Nelson
Would Women Leaders Have Prevented The Global Financial Crisis? Teaching Critical Thinking By Questioning A Question, Julie A. Nelson
Economics Faculty Publication Series
Would having more women in leadership have prevented the financial crisis? This question, raised in the popular media, can make effective fodder for teaching critical thinking within courses such as gender and economics, money and financial institutions, pluralist economics, or behavioural economics. While the question, as posed, demands an answer of 'Yes - sex differences in traits are important' or 'No - gender is irrelevant', students can be encouraged to question the question itself. The first part of this essay briefly reviews literature on the sameness-versus-difference debate, noting that the belief in exaggerated behavioural differences between men and women is …
Three Essays On Local Government Debt, Robert Greer
Three Essays On Local Government Debt, Robert Greer
Theses and Dissertations--Public Policy and Administration
The local government tax-exempt debt market is a growing, and complex, sector of public finance. As local governments turn to debt financing the factors that contribute to interest costs of that debt have become important considerations for local government officials and politicians. Governance at the local level involves a network of overlapping governments some of which share a tax base. This system of overlapping governments that share a tax base are subject to externalities that arise from taxation, expenditures, and debt. These externalities are usually analyzed in terms of tax or expenditure reactions, but there are implications for local government …
Changing And/Or Funding Opeb Promises: A Typology Of Local Government Responses To Gasb 45 And The Realization Of Opeb Liabilities, Juita-Elena Yusuf, Thomas Musumeci
Changing And/Or Funding Opeb Promises: A Typology Of Local Government Responses To Gasb 45 And The Realization Of Opeb Liabilities, Juita-Elena Yusuf, Thomas Musumeci
School of Public Service Faculty Publications
GASB Statement No. 45 addresses how governmental units account for employees' other post-employment benefits (OPEB), requiring government employers to replace OPEB reporting on a pay-as-you-go basis with an accounting of the cost of current and future benefits. This requirement and the resulting OPEB liability may prompt government employers to reconsider key questions regarding their OPEB provision. The size of the OPEB liability depends on both the benefit promises made to employees and the assets to fund these promises. We propose a typology that defines four approaches for governments to respond to GASB 45 and their OPEB liabilities. These approaches represent …
Credit Risk Dynamics In Response To Changes In The Federal Funds Target: The Implication For Firm Short-Term Debt, Kwamie Dunbar, Abu S. Amin
Credit Risk Dynamics In Response To Changes In The Federal Funds Target: The Implication For Firm Short-Term Debt, Kwamie Dunbar, Abu S. Amin
WCBT Faculty Publications
The recent credit crisis has raised a number of interesting questions regarding the role of the Federal Reserve Bank and the effectiveness of its expected and unexpected interventions in financial markets, especiallyduring the crisis, given its mandate. This paper reviews and evaluates the impact of expected and unexpected changes in the federal funds rate target on credit risk premia. The paper's main innovation is the use of an ACH-VAR (autoregressive conditional hazard VAR) model to generate the Fed's expected and unexpected monetary policy shocks which are then used to determine the effects of a Federal Reserve policy change on counterparty …
Analysis Of Bank Failure And Size Of Assets, Guancun Zhong
Analysis Of Bank Failure And Size Of Assets, Guancun Zhong
UNLV Theses, Dissertations, Professional Papers, and Capstones
The financial health of the banking industry is an important prerequisite for economic stability and growth. Bank failures in the United States have run in cycles largely associated with the collapse of economic bubbles. The number of bank failures has increased dramatically over the last thirty years (Halling and Hayden, 2007). In this thesis, we try to address the following two questions: 1) What is the relationship, if any, between a bank's asset size and its likelihood of failures? 2) How can we use statistical tools to predict the numbers of bank failures in the future? Various modeling techniques are …
How Effective Is The International Fuel Tax Agreement As A Multistate Tax Administration Model? A View From The States, Juita-Elena Yusuf, Lenahan O'Connell
How Effective Is The International Fuel Tax Agreement As A Multistate Tax Administration Model? A View From The States, Juita-Elena Yusuf, Lenahan O'Connell
School of Public Service Faculty Publications
The International Fuel Tax Agreement (IFTA) was established to reduce the complexities of reporting, allocating, and collecting diesel fuel taxes from interstate commercial carriers operating in multiple jurisdictions. This paper examines IFTA's effectiveness as a multistate tax administration model from the perspective of the states. We identify three criteria of effectiveness and use a survey of IFTA officials in the member states and provinces as well as additional data provided by IFTA, Inc to assess IFTA's effectiveness. We conclude that (1) IFTA promotes inter-jurisdictional cooperation and revenue transfers; (2) carriers do not locate disproportionately in low tax jurisdictions; and (3) …
Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz
Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz
Department of Economics: Faculty Publications
The focus of this paper is on the house price stress test (termed ALMO) that was designed to assess the fiscal strength of Fannie Mae and Freddie Mac and, if necessary, to trigger remedial action in order to avert a crisis. We assess whether the ALMO stress test was an adequate representation of an extremely weak housing market, given the best available information leading up to the Great Recession. A Monte Carlo simulation model is developed to estimate the severity of low probability events (i.e., severe house price declines). We illustrate the complexity and subjective nature of the process used …