Finance and Financial Management Commons^™

Russia: Otkritie Emergency Liquidity Program, 2017, Benjamin Hoffner

Journal of Financial Crises

In July and August 2017, Otkritie Bank, Russia’s largest privately owned bank, experienced deposit runs related to concerns over Otkritie’s recent acquisitions, including a large, troubled bank and insurance company. The runs prompted Otkritie to heavily rely on the Central Bank of Russia’s (CBR’s) standing fixed-rate repurchase agreement (repo) facility to meet the outflow. By July, Otkritie had RUB 338.1 billion in outstanding repo loans from the CBR. As depositors continued to withdraw funds in August, the CBR provided Otkritie with an unsecured emergency loan of RUB 330 billion while Otkritie continued to borrow from the repo facility. On August …

Moldova: Consortium Of Banks Emergency Liquidity Program, 2014, Vincient Arnold

Journal of Financial Crises

In the fall of 2014, a bank fraud involving illegal loans and transfers resulted in USD 1 billion being stolen from the government of Moldova, which amounted to more than an eighth of Moldova’s GDP. In September 2014, it became clear to the National Bank of Moldova (NBM) that the banks involved in the fraud—Banca de Economii, Banca Sociala, and Unibank—were deeply insolvent and had been hiding that fact from regulators. In late November, the NBM issued 9.4 billion Moldovan lei (MDL; USD 640 million) in emergency credit to the banks at an interest rate of 10 basis points against …

Latvia: Parex Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Heading into the Global Financial Crisis, JSC Parex banka was Latvia’s second-largest bank in terms of assets, comprising 13.8% of total assets in the Latvian banking sector. In autumn 2008, Parex faced a capital shortfall owing to massive credit and market losses in addition to liquidity problems and deposit runs of 240 million Latvian lats (LVL; USD 428.6 million). Parex had two senior syndicated loans maturing in February and June 2009, totaling EUR 775 million (USD 992 million). Latvian authorities said they doubted that Parex would be able to pay back, extend, or replace these loans. Authorities intervened at the …

Italy: Banco Ambrosiano Emergency Liquidity Program, 1982, Kopal Ardimento

Journal of Financial Crises

On June 14, 1982, prompted by the disappearance of Banco Ambrosiano (BA) CEO Roberto Calvi, the Bank of Italy opened an investigation into BA, which revealed to the market BA’s 1.9 trillion–2.2 trillion Italian lire (ITL; USD 1.4 billion–USD 1.6 billion) in questionable foreign loans. The Treasury Ministry deemed intervention necessary because BA’s collapse would compromise the credibility of the Italian banking system abroad. Attempts to appeal to the Vatican Bank to honor guarantees it had made against these foreign loans failed. The Bank of Italy worried that runs on deposits would further impair BA while authorities explored alternatives to …

Ireland: Anglo Irish Bank Emergency Liquidity Assistance, 2009, Salil Gupta, Mahdi Khairallah, Nik Adlina Nik Moktar

Journal of Financial Crises

At the height of the Global Financial Crisis in September 2008, Anglo Irish Bank (Anglo), one of Ireland’s six core banks, specializing in commercial and residential real estate with EUR 101.3 billion in assets, faced severe losses. Irish authorities announced a blanket deposit and liability guarantee for the six banks including Anglo. At the same time, Anglo was offered standby liquidity facilities of EUR 3 billion from the Central Bank of Ireland (CBI) and EUR 10 billion from the two largest Irish commercial banks, which were not drawn on at the time. Anglo was nationalized in January 2009, as deposit …

Indonesia: Bank Century Emergency Liquidity Program, 2008, Vincient Arnold

Journal of Financial Crises

By the autumn of 2008, the effects of the Global Financial Crisis of 2007–2009 had struck Indonesia, as liquidity in interbank markets dried up, capital flows reversed, and economic growth slowed. On October 30, 2008, Bank Indonesia—the central bank of Indonesia—passed Regulation No. 10/26/PBI/2008, establishing a Short-Term Funding Facility for Commercial Banks (SFF). On October 31, 2008, the capital adequacy ratio of Bank Century, a relatively small Indonesian bank, was –3.35%. On November 14, 2008, after Bank Century failed to conduct payment clearing the day before, Bank Indonesia approved Bank Century for access to the SFF and began disbursements of …

Iceland: Kaupthing Emergency Liquidity Program, 2008, Sophia Alden, Léo Brougher

Journal of Financial Crises

Following the privatization of Iceland’s state-owned banks between 1998 and 2003, the three largest banks in Iceland—Glitnir, Landsbanki, and Kaupthing—grew rapidly, with consolidated assets increasing from 100% of Iceland’s GDP in 2004 to nearly 900% by the end of 2007. Initially, this growth was funded by debt issuances in the European medium-term note market; however, as cracks in the international financial system appeared in 2006, the banks turned to offering high-interest savings accounts through their foreign subsidiaries. Beginning in October 2006, Kaupthing launched “Kaupthing Edge,” an online savings and deposit platform operating in markets outside Iceland. When the United States …

Germany: Ikb Deutsche Industriebank Emergency Liquidity Program, 2008, Ayodeji George, Sophia Alden

Journal of Financial Crises

In the summer of 2007, IKB Deutsche Industriebank (IKB) faced heavy losses owing to the liquidity support it had provided on commercial paper issued by Rhineland Funding Capital Corporation, its off-balance-sheet vehicle, which held distressed collateralized debt obligations backed by US subprime mortgages. In July 2007, authorities became aware that IKB itself had lost access to liquidity from Deutsche Bank and other funding partners. Publicly owned development bank Kreditanstalt für Wiederaufbau (KfW) held a 38% stake in IKB, exposing it to potentially heavy losses in the event of an IKB failure. KfW, German financial authorities, and German banks pursued a …

Denmark: Roskilde Bank Emergency Liquidity Program, 2008, Bailey Decker

Journal of Financial Crises

Roskilde Bank A/S (Roskilde) was the eighth-largest bank in Denmark at the time of the Global Financial Crisis, with approximately 43 billion Danish kroner (DKK; USD 9.1 billion) in consolidated assets as of March 2008. Roskilde had considerable exposure to real estate and construction firms, prompting ratings downgrades and larger write-downs than expected in July 2008. On July 10, 2008, Roskilde asked for liquidity assistance from the Danish central bank, Danmarks Nationalbank (DNB). Later that day, DNB and the banking sector’s self-insurance group, the Private Contingency Association (PCA), announced emergency liquidity assistance to Roskilde in the form of an unlimited …

Cyprus: Laiki Bank Ad Hoc Emergency Liquidity Assistance, 2011, Stella Schaefer-Brown

Journal of Financial Crises

Following the European Union’s decision to restructure Greek debt in October 2011, Laiki Bank’s depositors began to withdraw their funds from the bank in growing numbers after it reported that its portfolio of Greek government bonds had lost EUR 2.3 billion in value. Beginning October 2011 and lasting until the bank’s resolution in 2013, Laiki Bank requested and received emergency liquidity assistance (ELA) from the Central Bank of Cyprus (CBC) so that the bank could continue to fund itself as depositors withdrew their funds. In June 2012, Cypriot authorities recapitalized Laiki Bank, and the government became an 84% shareholder. From …

Canada: Canadian Commercial Bank Emergency Liquidity Program, 1985, Adam Keanie, Léo Brougher

Journal of Financial Crises

In March 1985, the Canadian Commercial Bank (CCB)—Canada’s 10th largest bank, with CAD 2.9 billion in assets—reported to the Office of the Inspector General of Banks (OIGB) and the Bank of Canada (BoC) that CCB would not survive owing to large losses on its United States energy loans portfolio. In response, the BoC assembled an emergency CAD 255 million rescue package, secured through contributions from a consortium composed of the federal government, the provincial government of Alberta, the Canadian Deposit Insurance Corporation, and Canada’s six largest banks. Despite the BoC’s reassurances, including a public announcement promising virtually unlimited liquidity support, …

Ad Hoc Emergency Liquidity Programs In The 21st Century, Steven Kelly, Vincient Arnold, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper surveys 22 case studies of 21st century instances when financial crisis-fighters implemented ad hoc emergency liquidity (AHEL) interventions, interventions designed to provide liquidity to a troubled institution that the authorities believe is systemically important. While emergency liquidity support is often introduced with the real or communicated intention of preventing illiquidity from leading to insolvency, the liquidity crisis should instead be viewed as the manifestation of the market’s assessing the firm as nonviable as a going concern. For that reason, authorities should provide AHEL assistance only to institutions that they have deemed viable or that they have committed to …

Brazil: Banco Btg Pactual Emergency Liquidity Program, 2015, Vincient Arnold

Journal of Financial Crises

On November 25, 2015, André Esteves, then CEO of Banco BTG Pactual, a large Brazilian investment bank, was arrested by Brazilian authorities in connection with suspected involvement in a corruption scandal. Although the arrest did not involve BTG in any capacity and Esteves was later acquitted, the company’s stock quickly collapsed and depositors and other creditors rushed to reduce their exposures to the company. Depositors withdrew certificates of bank deposits, which BTG relied on to fund its daily operations. By November 27, BTG shares had fallen 26%. On December 2, the top seven shareholders of BTG took control of the …

Essays On Empirical Asset Pricing, Qi Fan

Dissertations and Theses Collection (Open Access)

My dissertation consists of three studies on how investor behavior affects the outcomes in financial markets. The first study focuses on the investors’ limited capacity on processing the complicated information transmitted through interconnected firms. The other two studies explore the investor heterogeneity on preferred time of trading, due to their personal traits or irrational judgements on the market conditions.

In Chapter 2, I focus on the return predictability across economically linked firms, due to investor limited attention. I document significant outperformance of stocks whose industry peers currently experience salient (attention-grabbing) gains, especially for those with strong social ties. The long-short …

Research On The Impact Investment Evaluation System For Photovoltaic Power Generation Projects, Shumeng Tong

Dissertations and Theses Collection (Open Access)

This study aims to put forward a more comprehensive and scientific impact of photovoltaic power generation project investment evaluation system, in order to make up for the inadequacy of existing research, for photovoltaic power generation project investment decision-making to provide a more powerful support. The conclusions and contributions of this study are as follows.

（1）Build impact of photovoltaic power generation project investment evaluation system, can comprehensively reflect more interests related subject of value, makes up for the traditional investment evaluation tend to focus on economic benefit analysis of the defects.

（2）The impact investment evaluation system of this study highlights the …

Research On The Influence Of The Quantity And Quality Of Young Talents On Regional Economic Development, Jinzhao Liu

Dissertations and Theses Collection (Open Access)

This study focuses on the critical impact of both the quantity and quality of young talent on regional, particularly urban, economic development in terms of pace and quality. The paper examines how educated and innovative youth serve as catalysts for economic progress, driving innovation and entrepreneurship in urban areas. Through an examination of economic growth theories and innovation-driven development models, the research employs a Cobb-Douglas production function for empirical analysis, revealing the significant positive influence of high-quality young populations on regional GDP growth.

Concurrently, case studies of Zhongguancun and Suzhou's textile industry demonstrate the transformative power of young talent in …

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Research On The Mechanism Of China's Stock Market And The Efficiency Of Factor-Based Stock Selection Strategies, Huaixiang Xing

Dissertations and Theses Collection (Open Access)

Based on the data of 4280 firms listed on China's A-share market from 2010 to 2023, this paper constructs 20 market factors and 4 financial factors to systematically study multi factor stock selection strategies in China's stock market. Furthermore, this article analyzes the impact of China's capital market mechanisms on stock selection strategies, which include margin trading and securities lending mechanism, Mainland-Hong Kong Stock Connect mechanism, analyst coverage mechanism, and information disclosure mechanism. The main conclusions are as follows:

Firstly, this paper reveals that 12 market factors, including size, price, and liquidity are all effective pricing factors, and the strategy …

The Role Of Personality And Late-Life Categorical Spending Regret, Blain Pearson, Thomas Korankye, Sarah Asebedo

Finance and Economics

This study examines the association between the big five “OCEAN” personality traits and late-life categorical spending regret. The categorical spending regrets examined are housing, food, clothing, appliances/furnishings, cars, leisure, child-related expenses, and providing financial help. Openness was associated negatively with spending regret on food. Conscientiousness was associated positively with spending regret on appliances/furnishings and cars. Extraversion was associated negatively with spending regret on food, cars, and providing financial help. Agreeableness was associated positively with spending regret on food, clothing, leisure, and providing financial help. The results for Neuroticism indicated no statistically significant association between the OCEAN personality traits and the …

Something In The Air: Does Air Pollution Affect Fund Managers’ Carbon Divestment?, Thanh Huynh, Frank Weikai Li, Ying Xia

Research Collection Lee Kong Chian School Of Business

We examine whether fund managers overestimate carbon risk when they are exposed to local air pollution. We find that air pollution causes managers to underweight stocks of high-emission firms. The effects are stronger for less salient scopes of carbon emissions, among managers located in pro-environmental states, and among those likely to be surprised by air pollution—consistent with the idea that managers revise their beliefs about climate-transition risk following their exposure to air pollution. Carbon-intensive stocks sold by managers who are exposed to air pollution subsequently outperform stocks that they buy, suggesting that such underweighting is costly to fund investors.

From Socially Responsible Enterprises To Crypto-Anarchy: We Cover Quite A Range, Nikhilesh Dholakia, Deniz Atik, Delphine Godefroit-Winkel

Markets, Globalization & Development Review

No abstract provided.

Has The Iasb Successfully Achieved Its Stated Goals? A Literature Synthesis And Theoretical Model, Stephen B. Salter, Hong Kim Duong, Gaurav Gupta

Accounting Faculty Publications

The purpose of this paper is to examine whether the International Accounting Standards Board (IASB) has been successful in achieving its stated objective of enhancing the comparability of financial reports produced across the globe. According to IFRS.org, "IFRS Accounting Standards bring transparency by enhancing the international comparability and quality of financial information, enabling investors and other market participants to make informed economic decisions." To meet our research objective, we summarize the research on international financial reporting standards (IFRS) found in seven relevant ABDC A and A* journals for 2016-2021. Based on the examination of published research, we create a model …

Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes

CMC Senior Theses

This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …

Deconstructing The Greenium: Exploring Mispricing In The Green Bond Market, Koto Yamada

Honors Theses

This paper investigates the sources and conditions under which the greenium – a yield discount observed for green bonds relative to comparable conventional bonds – appears in global fixed income markets. Using a dataset of over 26,000 bonds issued between 2012 and 2024 across 37 countries and 5,400 firms, I find that the existence of the greenium is highly context-dependent, shaped by factors such as issuer reputation, institutional trust, and green capital allocation across sectors. Repeat green issuers receive yield discounts of up to 57 basis points, particularly in the EU and Nordic countries, where strong climate policies and disclosure …

National And Regional Bank Deposits And Their Relationship To The Stock Market, Joseph Zhong

CMC Senior Theses

Institutional investors started using bank deposits as a Leading Economic Indicator to predict stock market returns. I find that bank deposits lead stock market returns by 2 weeks at the national level. Examining the mechanism through which bank deposits affect stock market returns, existing literature postulates the Bank Deposit Lending Channel: increased bank deposits increase financial liquidity, powering and leading stock market returns. I do not find evidence for the Bank Deposit Lending Channel. In my regional analysis, I find that bank deposit behavior differs drastically between US regions. In general, regional bank deposits still lead stock market returns. In …

Bed Allocation Model For Infection Control During A Pandemic, Rosemary R. Seva, Dennis E. Cruz, Lourdes Marie Tejero

DLSU Business & Economics Review

This study proposes a model of allocating beds in a hospital considering infection control during a pandemic. The problem was formulated using the quadratic assignment problem (QAP) in a multi-period planning horizon. The main objective is to

minimize the spread of infection by maximizing the total distance (TD) between areas assigned to the pandemic and non- pandemic patients. Model validation using GAMS showed that the assignment of patient groups to areas is determined by

the arrival rates of patients and the area’s capacity. The model was able to identify periods when the sharing of space was more advantageous. The model’s …

The Follower Fallacy: Revisiting Engagement Hypothesis By Evidencing Nonlinear Dynamics In Influencer Marketing, Pranjal Jain, Pooja Jain, Anju Jain

DLSU Business & Economics Review

The traditional premise posits a positive correlation between influencer following (indegree) and engagement metrics, covering likes, shares, comments, and so forth. This study aims to either affirm or dent this engagement hypothesis. Through a methodical analysis of engagement data, this research recognizes potential deviations from the anticipated linear trajectory. Contrary to antecedental social influence, campaign customization, indegree composition, and post components define diverse nonlinear trajectories, empirically challenging the existing research assumptions underlying hypothesis. By evidencing the multifaceted dynamics of influencer engagement, this study offers critical insights for marketers navigating the complexities of contemporary digital marketing landscapes, facilitating the optimization of …

An Economic And Production Analysis Of Seaweed Farms In California And The Pacific Northwest, Brian Donovan

Cal Poly Humboldt theses and projects

Since the early 2010s, the seaweed aquaculture industry has steadily expanded in the United States, with states like Alaska, Maine, Hawaii, and Connecticut leading the way in the development of this emerging sector. However, information gaps remain concerning certain aspects of the domestic seaweed aquaculture industry. The purpose of this study was to examine the status of the seaweed aquaculture industry along the West Coast of the United States; specifically in the states of California, Oregon, and Washington. Seaweed farmers in these states were invited to voluntarily complete surveys asking important production, economic, and commercial questions regarding their operations. Data …

Women On Boards Annual Monitoring Report 2024, Center For Entrepreneurship And Innovation

Faculty Books

The AUC Egypt women on boards monitoring report is issued annually to track and monitor the presence and representation of women on boards towards meeting the goal of having 30% women on boards by 2030. The importance of improving representation of women on boards stems from the fact that it is one of the good governance pillars, in addition to the positive impact on firm performance and profitability. The National Strategy for the Empowerment of Egyptian Women 2030 has accordingly promoted for increasing the leadership roles of women and holding key positions in public institutions and companies, setting the target …

Esg Federalism: How State Regulations Shape Esg Performance, Kameron Eck

All Master's Theses

This thesis examines how state-level environmental, social, and governance (ESG) regulations influence corporate ESG performance in the United States. Using a panel dataset that combines state ESG legislation, firm-level ESG scores from S&P Global, and financial data from Compustat (2019–2024), I employ fixed-effects regression models to analyze the relationship between state ESG regulations and corporate ESG performance. The analysis incorporates firm and year fixed effects to account for unobservable heterogeneity across companies and time, while controlling for firm-specific characteristics. Additionally, the study investigates whether board gender diversity moderates this relationship. The findings contribute to the understanding of ESG policy effectiveness …