Finance and Financial Management Commons^™

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 …

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 …

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 …

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 …

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 …

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 …

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 …

The Influence Of Service Marketing Mix On Customer Loyalty Towards Travel Agents Post Covid-19 Pandemic, Omar Abdulaziz Sultan Abdullah, Junainah Binti Mohd Mahdee, Nurazlin Binti Mohd Fauzi

International Journal of Management, Finance and Accounting

This study examines the impact of the service marketing mix on customer loyalty towards travel agents in Oman after the COVID-19 pandemic. The study seeks to comprehend the influence of the service marketing mix (7Ps: Product, Price, Place, Promotion, People, Process, and Physical Evidence) on customer loyalty to travel agents in Oman in the post-COVID-19 pandemic era in a swiftly changing market. The study uses a quantitative research methodology, sending a self-administered survey questionnaire to travel agencies in Oman. The data are examined using Partial Least Squares Structural Equation Modelling (PLS-SEM) to evaluate the presented hypotheses. The results are anticipated …

Antecedents Of Organisational Ethical Culture Towards Social Sustainability For Companies In Malaysia, Pei Xuan Tan, Kok Wai Chew

International Journal of Management, Finance and Accounting

The topic of sustainability development has remained crucial where Malaysian government is trying its best to strengthen sustainability commitment to achieve the sustainable development goals (SDGs). The lack of emphasis on sustainability awareness from leaders hinders the effort of sustainability commitment to be ingrained in organisational culture. Therefore, this study aims to investigate the role of ethical leadership and organisational ethic culture play in promoting social sustainability, with the support of the social exchange theory adopted as the theoretical framework. The target population of this research encompasses employees working in Malaysia companies. A total of 202 data respondents were analysed …

The Practices Of Work-Life Balance, Job Satisfaction, And Job Performance Among Female Employees In Banking Industry: A Conceptual Study, Yu Xian Tan, Ai Na Seow, Chi Hau Tan, Siew Yong Lam

International Journal of Management, Finance and Accounting

Malaysia has seen a significant increase in female employees in recent years. However, women often struggle to balance their professional responsibilities with family commitments. This paper examines the work-life balance practices among female employees, focusing on how these practices impact job satisfaction and performance. Drawing on existing literature, the conceptual framework considers factors such as flexible work arrangements and employee wellness programs as work-life balance practices with the mediating role of job satisfaction between work-life balance practices and job performance. The target respondents will be female banking industry employees in Kuala Lumpur and Selangor, Malaysia. Survey-based questionnaires and judgemental sampling …

Ai-Assisted Cultural And Creative Product Design Framework And Case Study, Daocai Han, Siow Kian Tan, Booi Chen Tan

International Journal of Management, Finance and Accounting

This paper presents an AI-assisted design framework for the development of cultural and creative products, using the Ya Chou Yue, a renowned artifact from the Shandong Museum, as a prototype for designing a cultural creative doll. The framework is structured around key steps: clarifying design objectives, creating a design plan, generating AI images, and revising the design plan. The final design outcome illustrates the practical application of AI in cultural product development. This study highlights both the advantages and limitations of AI technology in the design process, offering new approaches and methodologies for the cultural and creative industries. Furthermore, it …

A Conceptual Framework For University Teachers' Job Performance In Henan, China: Integrating A Competency Model And The Mediating Role Of Perceived Organizational Support, Xu Wen, Kyra Ley Sy Law, Leong-Mow Gooi

International Journal of Management, Finance and Accounting

This conceptual paper explores the theoretical framework surrounding the relationship between teacher competency and job performance in universities in Henan Province, China. Drawing on Spencer's competency model, the paper conceptualises teacher competency as comprising five key dimensions: skills, knowledge, self-concept, traits, and motives. It also introduces perceived organisational support as a mediating variable, offering a novel perspective on how it influences the link between competency and job performance. Theoretical discussions are advanced through a multidimensional approach, expanding the scope of competency and organisational support theories within the higher education context. This study proposes to employ a quantitative research design to …

The Challenges Of Autonomous Vehicles In Malaysia: From The Perspective Of Motorcycle Traffic Crashes, Jen Sim Ho, Wai Hoong Alvin Poi

International Journal of Management, Finance and Accounting

The Level 3 autonomous vehicle (AV) is now a reality on the public roads. While the emergence of AV is to eliminate the traffic crashes due to human error by 90%, the unexpected or errant drivings on the roads would, however lead to traffic crashes as the operation of AVs are depending on the artificial intelligence, which involve constantly teaching the computer to learn. In Malaysia, motorcycle fatalities accounted for about 60% of the total traffic fatalities, of which the majority of the fatalities were due to human errors. - The presence of motorcyclists in the traffic stream then becomes …

Exploring The Experiences And Challenges Of Online Learning At A Private University In Malaysia, Harpaljit Kaur, Kyra Ley Sy Law

International Journal of Management, Finance and Accounting

This study explores online learning experiences, focusing on their advantages and disadvantages through a qualitative analysis of responses from 30 students at a private institution in Malaysia. The data was collected to gain insight into students' positive impacts and challenges during online learning. The study identified key positive impacts of online learning, including flexibility and accessibility, which allowed students to attend classes from any location and manage their schedules effectively. Students appreciated the opportunity to review recorded lectures and access various online resources. However, the research also highlighted significant negative impacts, such as feelings of isolation, technical issues like unstable …

The Determinant Of Islamic Bank Profitability And Stability In Malaysia, Asmah Mohd Jaapar, Nur Ain Abdul Hamid, Nurhatiah Ahmad Chukari

International Journal of Management, Finance and Accounting

This study examines the determinants of profitability and stability of 14 Islamic banks in Malaysia using secondary data from 2018 until 2022. Hausman and Breush-Pagan's tests indicate that the fixed effect panel model is the best model to predict the relationships. The final fixed effect model for the profitability of Islamic banks shows that capital adequacy ratio (CAR), Z-score, and gross domestic product (GDP) have significant relationships with return on assets (ROA). CAR has a negative effect, while Z-score and GDP positively affect ROA. On the other hand, the final fixed effect model for the stability of Islamic banks shows …

Factors Affecting Vietnamese Young People’S Impulsive Purchasing Intention On Live-Streaming Commerce, Thien My Ngo, Thi Mai Le

International Journal of Management, Finance and Accounting

This paper examines the factors affecting Vietnamese young people’s impulsive purchasing intention in the live-streaming commerce environment. Adopting the S-O-R research model with influencing factors is the Streamer’s Attractiveness (AT), Streamer’s Trustworthiness (TR), Streamer’s Expertise (EP), Perceived Price (PP), Product Usefulness (PU), and Facility Condition (FC). The mediating variables, or the O elements, are Perceived Enjoyment (PCE) and Perceived Usefulness (PCU). Lastly, the response that buyers deliver is Impulsive Purchasing Intention (IPI). The research focused on young Vietnamese people, particularly Millennials and Generation Z, born from 1980 to 2006 (18 to 44 years old). The quantitative research used a snowball …

Effects Of Political Connections On Earnings Management Practices In Nigeria: Does The Board Of Directors’ Efficacy Matter?, Auwalu Musa

International Journal of Management, Finance and Accounting

The purpose of this study is to investigate the effects of political connections and earnings management and to explore the role of the board of directors’ efficacy on the relationship between political connections and earnings management practices. A panel data set of 365 observations from 73 firms (2018 to 2022) listed on the Nigerian Exchange Group (NGX) was used, and the Driscoll and Kraay standard error fixed effect was employed in testing the hypotheses. The findings indicated that politically connected boards are positively associated with accrual earnings management and negatively associated with real earnings management practices. The study also finds …

Unveiling The Pathways: Exploring Influential Factors Shaping The Intentions To Engage With Chatgpt, Nurul Izzah, Anusuyah Subbarao

International Journal of Management, Finance and Accounting

Artificial intelligence (AI), notably embodied in ChatGPT, has transformed various sectors, including education and content creation. Initially conceptualized in the 1950s, AI’s integration into education has facilitated personalized learning and dynamic evaluations. ChatGPT, an AI language model, exhibits advancements in natural language processing, aiding users in generating custom content. ChatGPT has rapidly gained popularity, reaching over 100 million monthly users. Its educational potential lies in providing tailored learning experiences and streamlining administrative tasks. However, there is a lack of research in the literature on factors influencing the use of ChatGPT among university students in Malaysia for educational purposes. Therefore, the …

Decade-Long Analysis Of Sustainable Development Goals Compliance And Financial Performance Tiers In All Banking Companies Listed On Bursa Malaysia, Kien Seng Lok, Khai Wah Khaw, Xinying Chew, Wei Chien Ng

International Journal of Management, Finance and Accounting

This study examines the relationship between Sustainable Development Goals (SDGs) compliance and financial performance in Malaysian banks from 2013 to 2022. Using advanced machine learning techniques, including Support Vector Machines, Decision Trees, K-nearest Neighbours, Extra Trees, Gradient Boosting, and Random Forests, banks were classified into financial performance tiers. Gradient Boosting was the most effective, achieving 80% accuracy in categorising medium and low-performance tiers. Significant correlations were found between SDGs 10 and 15, as well as financial metrics like market capitalisation and asset turnover. These findings highlight the benefits of integrating specific SDGs into banking strategies and the need for supportive …

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 …

Effect Of Trade Openness On Food Security In Economic Community Of West African States Region, Yahaya Umar Isah, Ikubor, Ofili Jude, Bernard, O. A., Zakari Saheed S., Ayodeji, S.

DLSU Business & Economics Review

This study investigates the impact of trade openness on food security in the ECOWAS trade zone. The study relied on the system GMM approach to analyze the impact of trade openness on overall and disaggregated components of food security in the ECOWAS trade zone during the period 2014 and 2021. Annual time series data were sourced from the Food and Agriculture Organization, World Bank Metadata base, and World Integrated Trade Solution. Major findings from the study reveal that trade openness has a significant positive impact on overall food security indicators. However, trade openness has not significantly impacted food availability and …

The Global Value Chain Effects Of Rcep: Estimating The Impact On The Philippines, Caesar B. Cororaton

DLSU Business & Economics Review

This paper extends the global CGE model results of Cororaton (2022) by disaggregating further the RCEP trade creation effects on the Philippines into global value chain (GVC) impacts. The GVC analysis indicates that the trade agreement in RCEP results in higher Philippine exports of US$ 2.8 billion in 2031, of which the increase in Philippine domestic value added is US$ 2.4 billion, significantly higher than the foreign value added of US$ 403 million. Electronic products contribute 67% of the value added generated within the Philippines. The increase in the import contents of Philippine exports is only US$ 413 million. Furthermore, …

The Impact Of Short-Term Rental Activity On House Prices: Evidence From Coastal Virginia, Navid Safari, Lei Zhang, Timothy M. Komarek

Finance Faculty Publications

Short-term rentals such as Airbnb have grown substantially in recent years. In this study, we investigated the effect of Airbnb rentals on neighboring house prices in Hampton Roads, Virginia. We focus on three different measures of Airbnb activity to obtain more robust results. Our measures include active Airbnb listings, active listings with at least one reservation, and the sum of reservations over three different periods. Consistent with previous literature, our main results show that prior Airbnb rental activity has a positive impact on the surrounding housing sales prices. Furthermore, the localized impact diminishes over geographic space (i.e., distances greater than …

Labor Heterogeneity, Labor Adjustment Costs, And Externally Financed Firm Growth, Enxi An, Kenneth Yung

Finance Faculty Publications

Highlights

• Because skilled workers entail higher hiring and firing expenses, firms tend to retain skilled workers in the face of the high labor adjustment costs (LACs).

• The retention of skilled workers imposes inflexibility on business operations and exposes firms to cash flow shocks.

• Firms with high LACs hoard precautionary cash in the face of higher cash flow risk.

• We find a positive relationship between LACs and externally financed firm growth.

• Equity is the major source of external funds for firm growth in the face of high LACs.

• The retention of skilled workers elevates conflicts …