Finance and Financial Management Commons^™

Finance And Social Responsibility In The Informal Economy: Institutional Voids, Globalization And Microfinance Institutions, Hao Liang, Chris Marquis, Sunny Li Sun

Research Collection Lee Kong Chian School Of Business

We examine how different types of country-level globalization and the industry structure of microfinance institutions (MFIs) affect organization-level microcredit interest rates which crucially affect the poor's entrepreneurial opportunities. We develop an opportunity structure perspective that argues that MFI interest rates can be reduced by egalitarian-based social globalization but increased by neoliberal-based economic globalization. Moreover, stronger presence of nonprofit organizations in the microfinance industry lowers interest rates. Furthermore, these three forces can moderate the relationship between MFIs' outreach to the poor and average interest rate. Analyses of 2,559 MFI observations across 74 countries from 2002 - 2012 largely support our hypotheses.

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.

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

A Domino Effect From Fairness To Online Customer Loyalty, Tuyet Mai Nguyen, Phong Tuan Nham

DLSU Business & Economics Review

Distributive fairness, procedural fairness, and interactional fairness are often researched together in many previous studies. However, in order to explore the power of fairness, the second-order fairness needs to be created to find the way to customer loyalty. An online survey was developed and distributed in Vietnam. Seven hundred fifty-eight questionnaires were completed and analyzed using a two-step methodology (including confirmatory factor analysis and structural equation modeling). The results of the study showed that there is the domino effect to customer loyalty, which departs from fairness, with trust and customer satisfaction as two mediators.

The Philippine Cybercrime Prevention Act Of 2012: To Protect Or Destroy?, James Keith C. Heffron

DLSU Business & Economics Review

Relatively new breeds of technology-related felonies called “cybercrimes” have proven to be a bane to different sectors of society, especially to business. The glaring damaging effects that it has caused to different business industries cannot anymore be ignored. However, is the Philippines adequately protected? Are its present laws sufficient to tackle the prongs of this blight? On the contrary, are these laws too myopically focused on eliminating cybercrime that certain freedoms have been overlooked, or worse, compromised? The aim of this paper is to essentially give an overview of the current protection and its effects on our basic rights. A …

Decomposition Analysis Of Income Inequality In Eastern Visayas, Philippines, Moises Neil V. Seriño

DLSU Business & Economics Review

This study aimed to explore and decompose income inequality in Eastern Visayas, Philippines into the following factors: location (urban-rural), age, educational attainment, and sources of income using expenditure and income approach for 2000 and 2006. Inequality in the region remains high but tends to diminish mildly. Using decomposition analysis, results revealed that inequality is mostly explained by the within-group inequality component. When decomposing inequality by income source, results showed that total inequality is largely influenced by wage income while income from agricultural sector contributed the least share to total inequality. In addition, an increase in wage income will further aggravate …

Precarious Work Undermines Decent Work: The Unionized Hotel Workers’ Experience, Divina M. Edralin

DLSU Business & Economics Review

This paper determined the drivers and impact of precarious work on the hotel workers and their unions. Based on the proposition that precarious work undermines decent work, a descriptive study with the use of the survey method among 93 respondents from 12 unionized hotels was undertaken. Results showed that the main reason that drives the hotel management to resort to precarious work practices is to lower expenses or costs for salaries and benefits and increase profit. Precarious work has also significantly weakened the union as an organization since their membership continues to decline and their source of fund is reduced. …

Linking Property Rights And Capital Accumulation In The Philippines, Mark Anthony M. Velasco

DLSU Business & Economics Review

This study investigates the link between property rights and capital accumulation in the context of poverty alleviation in the Philippines. Property rights are represented by the provision of land titles to those informal settlers while capital accumulation is concretely manifested through access to credit. The study focuses on explaining how provisions of land titles to the poor affect their access to credit and therefore improvement in life conditions. A former community of informal settlers in the City of Taguig, Philippines was chosen in the study to shed evidence using a case study design. Remarkably, the results signify notable relationship between …

Converlogical Management Theory: Towards The Development Of The Communicative Competence Of An Organization, Marife C. Posadas

DLSU Business & Economics Review

Management practice has been evolving from a very rigid and behavioristic practice into something more flexible and humanistic. Critical Management Studies (CMS) is, partly, inspiring such move. In the same vein, I attempted to combine and “mutually animate” Management by Objective (MBO) popularized by great management guru Peter Drucker and the Theory of Communicative Action (TCA) by Jurgen Habermas. The result of which is a novel management theory called “Converlogical” (Conversational/Dialogical) Management Theory. I used concept analysis and deductive approach on various materials to build the theory. The whole MBO process was animated by embedding the validity claims of Habermas’ …

The Mediate Effect Of Employee Engagement On The Relationship Between Perceived Employer Branding And Discretionary Effort, Burawat Piyachat, Kuntonbutr Chanongkorn, Mechinda Panisa

DLSU Business & Economics Review

The purpose of this study is to test the relationships among employer branding, employee engagement, and discretionary effort via the effect of employee expectation. A survey was conducted with 1,349 current employees working in Thai petroleum industry. The results indicated that there were strong positive relationships between employer branding and employee engagement, employee engagement and discretionary effort, employer branding and discretionary effort, employer branding and employee expectation, and employee expectation and employee engagement. The results further indicated that there was a partial effect of employer branding on employee engagement through employee expectation, while there was also a partial effect of …

Job Satisfaction: The Eventual Smidgeon For Occupational Consummation And Contentment In Profession, Dr. Manodip Ray Chaudhuri, Partha Naskar

DLSU Business & Economics Review

Organizations thrive on people. At the heart of all excellence at work it is the degree and extent of human commitment that matters most. To have a committed workforce it is quite imperative to ensure satisfaction, consummation, and fulfillment in the minds of employees. A satisfied worker is a happy worker and of course can prove to be most productive, prolific, and industrious in his work and in execution of his responsibilities. In this paper, delineation is done as to what are the underlying elements of the subject matter of job satisfaction. With a brief introduction of the concept of …

Modeling Volatility Of Islamic Stock Indexes: Empirical Evidence And Comparative Analysis, Mohammed Salah Chiadmi, Fouzia Ghait

DLSU Business & Economics Review

This paper aims to investigate the volatility behavior of Islamic stock indexes compared to their conventional counterparts. Four major Islamic stock indexes have been the subject of our paper namely the Standard and Poor’s Shariah index (S&P Shariah), the Dow Jones Islamic Market (DJIM) index, the FTSE Islamic index, the MSCI Islamic World as well as their conventional counterparts, respectively, the S&P 500, the Dow Jones Industrial Average (DJIA), the FTSE All world, and the MSCI World Indexes. GARCH models (Generalized Autoregressive Conditional Heteroscedastic) are used to estimate the conditional variance, particularly the Exponential GARCH model due to its ability …

Towards A Common Good Model Of The Firm, Benito L. Teehankee, Luisito C. Abueg, Mariel Monica R. Sauler

DLSU Business & Economics Review

Business schools that have joined the Principles for Responsible Management Education (PRME) are committed to develop teaching tools and to research on frameworks that can help orient business students towards becoming more socially responsible. The tendency of self-interested models of economics, such as the standard textbook profit maximizing model of the firm, in promoting selfinterested behavior among students has been revealed by research. It becomes important, therefore, to develop models of the firm which are more socially oriented. The paper presents a baseline model of the firm which incorporates the provision of living wages and benefits for the employees of …

Women Empowerment Through Social Initiatives: An Indian Story, Divya Singhal

DLSU Business & Economics Review

It is now proven that the relationship between business and society is integral in the success of any enterprise. With the growing role of business in society, organizations are becoming more “socially responsible” and engaging in various social initiatives. Organizations involve themselves in various kinds of initiatives generally targeted towards a selected underprivileged section of the society or a specific area like education, health, and environment. Women play an important role in building sustainable development. Promoting women empowerment and widening their contribution in decision-making roles are key strategies for sustainable development. The present paper is an attempt to highlight women …

Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a self-exciting asset pricing model that takes into account cojumps between prices and volatility and self-exciting jump clustering. We employ a dence of self-exciting jump clustering since the 1987 market crash, and its importance Bayesian learning approach to implement real time sequential analysis. We find evidence of self-exciting jump clustering since the 1987 market crash, and its importance becomes more obvious at the onset of the 2008 global financial crisis. It is found that learning affects the tail behaviors of the return distributions and has important implications for risk management, volatility forecasting and option pricing.

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …

Market Frictions And The Efficiency Of Capital Allocation, William J. Hippler Iii

LSU New Orleans Theses and Dissertations

The following dissertation contains two unique empirical studies that contribute to the overall literature in the field of Financial Economics in the areas of mutual fund investing and financial intermediation and regulation. The first Chapter, entitled “The Impact of Macroeconomic Stress on the U.S. Financial Sector”, examines the relative impact of macroeconomic stress on financial and non-financial U.S. firms. Empirical results show that macroeconomic shocks appear to have a larger impact on financial firms. Additionally, the sensitivity of financial firms to macroeconomic events can be traced to the influence of non-depository institutions, or “shadow banks”, like finance and investment companies, …

Improving And Monitoring The Microlending Program In Belize, Mark Mccallum

Finance Undergraduate Honors Theses

This paper assesses the Microlending and Cayes to Business Programs within the Community Development in Belize Study Abroad Program at the University of Arkansas. The Microlending Program makes low-interest loans to small businesses primarily in Dangriga, Belize. Recently, the lending activity has expanded and concerns about repayment have increased. This paper proposes various improvements to maintain consistent loan repayment and healthy expansion of the Microlending Program. The most important ideas are to enhance social pressure on the borrowers and improve monitoring in-country after the loans have been disbursed. Cayes to Business, an educational program required for microloan applicants, is also …

Crony Chronicles Website Redesign, Lindsey Marie Mcbride

Undergraduate Honors Capstone Projects

The policy team at the Charles Koch Institute is broken into different areas of research. During my summer internship, I was assigned to research crony capitalism with four other members of the policy team. Along with their research on crony capitalism, these team members maintained a website called cronychronicles.org. For a definition of crony capitalism, or cronyism, see Appendix C. The goal of the website was to be "the leading online resource for everything related to cronyism" (About Us). I was very interested in the research I was conducting on crony capitalism, and enjoyed contributing information to the Crony Chronicles …

Lattice Methods For The Valuation Of Options With Regime Switching, Atul Sancheti

UNLV Theses, Dissertations, Professional Papers, and Capstones

In this thesis, we have developed two numerical methods for evaluating option prices under the regime switching model of stock price processes: the Finite Difference lattice method and the Monte Carlo lattice method.

The Finite Difference lattice method is based on the explicit finite difference scheme for parabolic problems. The Monte Carlo lattice method is based on the simulation of the Markov chain. The advantage of these methods is their flexibility to compute the option prices for any given stock price at any given time. Numerical examples are presented to examine these methods. It has been shown that the proposed …

Wealth Management In Singapore, Francis Koh

Research Collection Lee Kong Chian School Of Business

As early as 2015, Singapore may oust Switzerland as the world’s top finance hub. But the path forward requires adjustments in the strategic direction of individual firms. Wealth management in Singapore is vibrant, growing, challenging.

Is Geographic Diversification Associated With Increased Risk? Evidence From The Spanish Banking Crisis, Briana Anderson

Business and Economics Honors Papers

This paper examines the association between geographic diversification and Spanish savings bank (caja) failure. The paper focuses on the geographic expansion of cajas between 2002 and 2012 and failure of several cajas between 2008 and 2011 during the Spanish banking crisis. Employing financial statement and branch location data collected from the CECA, logit models were used to test the association between failure and geographic and cultural diversification. This paper finds that, depending on the model estimated, geographic and cultural diversification of cajas either reduced or had no effect on the odds ratio of failure, suggesting that the benefits …

Window To The Unbanked: The Potential Of Mobile Money As A Means Of Saving In Uganda, Allison Ryder

Independent Study Project (ISP) Collection

The meaning of poverty is more than just merely the shortage of money. It is the lack of access to the instruments and means through which the poor could improve their lives. Many people lack appropriate means to manage their finances, which limits their economic potential and renders them vulnerable to exogenous shocks. Increasing financial inclusion to those without access contributes to poverty reduction by providing people with means to manage their finances. This study was conducted through a month long internship at the Bank of Uganda following with a short trip to Gulu, northern Uganda. The objective of this …

Issue Brief: Asset Management For Stormwater, New England Environmental Finance Center, Sustainable Communities Learning Network

Sustainable Communities Capacity Building

Asset management is a strategic approach to maintaining and sustaining infrastructure in order to meet the needs of the community at the lowest overall life cycle cost. This approach helps communities know how and where to prioritize limited funds in order to achieve the greatest benefit. Often applied to drinking water and wastewater infrastructure, this method is well suited to managing any assets, including stormwater systems.

This issue brief is intended to introduce local governments to the asset management process and to show how it can be applied in managing stormwater assets. It was adapted from an appendix written by …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Economics and Finance Faculty Publications

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

Cost Reduction Strategies & Corporate Governance: The Need For A Paradigm Shift In Public Sector Financial Management In Nigeria, Sunny Ekakitie-Emonena

Bullion

This study is on exposition of the imperatives of cost reduction strategies and corporate governance practices as it relates to financial malfeasance. The mechanics for a paradigm shift discussed include: cost reduction techniques, adoption of cost efficiency techniques and maintenance and reportage of accurate financial records, etc.; along with adoption of sound corporate governance policies of accountability, adherence to regulatory framework, and respect for stakeholders' interest. The study concludes by suggesting further initiatives to 'clean-up and reposition' the sector for growth & economic development. These include: effective justice system, stepping up the policy of cashless economy, entrenching protection programs for …

Essays On Financial Market Volatility: Applications Of Time-Varying Dynamics, Emily Johnston

Dissertations, Theses, and Capstone Projects

This dissertation examines time-variation in asset volatility surrounding periods of financial market distress. In the first chapter we give a brief introduction of the overall theme of the project, and we outline the models used. The next chapters individually focus on the application of time-varying volatility to important themes in the literature. These include: the behavior of investor risk preferences across periods of stability and distress; inconsistencies in options pricing with regard to the behavior of the underlying asset; and the characterization of time-varying volatility dynamics in equity returns.

The second chapter of this dissertation examines the impact of changing …

Cash Holdings Of S&P Firms Over The Past Decade, Mary Fischer, Treba Marsh, Todd A. Brown

Faculty Publications

Over the past decade, financial research suggests US firms hold a significant amount of cash. This growing amount of cash has attracted attention from economists, the business press and government. A firm’s cash balance could well indicate the firm elects to hold cash rather than invest in suboptimal investments. There are trade-offs between holding too much cash and holding too little. This exploratory study attempts to find financial relationships that explain the cash held by S&P 100 firms over the decade from fiscal year 2002 to 2011.

Economic Profitability Of The Bakken, North Dakota Unconventional Oil Plays Based On A Typical Well Performance With Current Market Conditions, Mehmet Apaydin

Dissertations, Master's Theses and Master's Reports - Open

Increases in oil prices after the economic recession have been surprising for domestic oil production in the United States since the beginning of 2009. Not only did the conventional oil extraction increase, but unconventional oil production and exploration also improved greatly with the favorable economic conditions. This favorable economy encourages companies to invest in new reservoirs and technological developments. Recently, enhanced drilling techniques including hydraulic fracturing and horizontal drilling have been supporting the domestic economy by way of unconventional shale and tight oil from various U.S. locations. One of the main contributors to this oil boom is the unconventional oil …

Elections And Asset Pricing: The Politically Sensitive Equity Of Us Military Contractors, Matthew Mark Ross

Wayne State University Dissertations

I quantify the relationship between political uncertainty and equity volatility in the months around US elections from 1989-2012. The Economic Policy Uncertainty Index and Stockholm International Peace Research Institute (SIPRI) data are employed to measure political uncertainty faced by military contractors, capitalizing on the unique monopsony-oligopoly business environment of these firms. I employ a GARCH (1,1) model with cross-sectionally correlated moments to produce daily firm-election volatility measures. Volatility increases 11% for local, 27% for midterm, and 43% for presidential elections. These measures demonstrate that all election categories: local, federal, presidential, and midterm exhibit differential effects on equity volatility. My results …