Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Institution
-
- Yale University (335)
- De La Salle University (298)
- Singapore Management University (248)
- Brigham Young University (143)
- Central Bank of Nigeria (97)
-
- Indiana State University (46)
- University of Malaya (42)
- Wydział Zarządzania Uniwersytetu Warszawskiego/Faculty of Management University of Warsaw (41)
- Old Dominion University (38)
- Lingnan University (34)
- Ursinus College (25)
- Claremont Colleges (23)
- University of Arkansas, Fayetteville (22)
- City University of New York (CUNY) (20)
- Walden University (20)
- Syracuse University (19)
- Louisiana Tech University (18)
- University of Nevada, Las Vegas (18)
- Chapman University (17)
- Bryant University (16)
- Institute of Business Administration (16)
- University of Southern Maine (16)
- World Maritime University (16)
- SIT Graduate Institute/SIT Study Abroad (15)
- Western Kentucky University (15)
- Indian Institute of Management Bangalore (10)
- Universitas Indonesia (10)
- University of Kentucky (10)
- Utah State University (10)
- University of Dayton (9)
- Keyword
-
- Global Financial Crisis (72)
- Finance (50)
- Banking (41)
- Monetary policy (32)
- Inflation (25)
-
- Economics (24)
- Global Financial Crisis (GFC) (23)
- United States (23)
- Federal Reserve (21)
- Nigeria (21)
- Financial crisis (20)
- COVID-19 (19)
- China (18)
- Financial literacy (18)
- Corporate governance (17)
- Market liquidity (17)
- Reserve requirements (17)
- India (16)
- NEEFC (15)
- Capital injections (14)
- Chrysler (14)
- European Union (14)
- Investment (14)
- Restructuring (14)
- Account guarantees (13)
- Broad-based emergency liquidity (13)
- Entrepreneurship (13)
- Exchange rate (13)
- Fiscal policy (13)
- GDP (13)
- Publication Year
- Publication
-
- Journal of Financial Crises (335)
- DLSU Business & Economics Review (296)
- Research Collection Lee Kong Chian School Of Business (142)
- Journal of Microfinance / ESR Review (141)
- Bullion (74)
-
- Financial Reports (45)
- Journal of Banking and Financial Economics (41)
- Dissertations and Theses Collection (Open Access) (35)
- Lingnan Journal of Banking, Finance and Economics (34)
- Sim Kee Boon Institute for Financial Economics (32)
- Student Works (2000-2009) (30)
- Research Collection School Of Economics (26)
- CMC Senior Theses (20)
- Walden Dissertations and Doctoral Studies (20)
- Doctoral Dissertations (18)
- Theses and Dissertations in Business Administration (16)
- World Maritime University Dissertations (15)
- Independent Study Project (ISP) Collection (14)
- Center for Policy Research (12)
- Dissertations, Theses, and Capstone Projects (12)
- Graduate Theses and Dissertations (12)
- Business and Economics Faculty Publications (11)
- Economic and Financial Review (11)
- Economics and Finance Faculty Publications (11)
- Honors Projects in Finance (11)
- Faculty Publications (10)
- IIMB Management Review (10)
- Student Works (2010-2019) (10)
- Business Review (9)
- Faculty/Staff Personal Papers (9)
- Publication Type
- File Type
Articles 31 - 60 of 1916
Full-Text Articles in Finance and Financial Management
The Drivers Of The Gender Gap In Financial Inclusion For Entrepreneurial Development: Empirical Analysis From Tanzania, Cornel Joseph, Chakupewa Joseph Mpambije
The Drivers Of The Gender Gap In Financial Inclusion For Entrepreneurial Development: Empirical Analysis From Tanzania, Cornel Joseph, Chakupewa Joseph Mpambije
Business Management Review
The gender gap in financial inclusion is a significant concern for both the academic community and policymakers, as it represents a critical factor influencing the development of entrepreneurship in Tanzania. Using the World Bank’s Findex database of 2021, this paper examines the drivers of the gender gap in financial inclusion for entrepreneurial development in Tanzania. The study adopts the Fairlie decomposition to examine the contribution of these factors to the gender gap in access and usage of financial services. The empirical results from the Fairlie decomposition analysis confirm the existence of a gender gap in access to financial services in …
Agency Mbs As Safe Assets, Zhiguo He, Zhaogang Song
Agency Mbs As Safe Assets, Zhiguo He, Zhaogang Song
Research Collection Lee Kong Chian School Of Business
Measured as yield spreads against Treasury securities and AAA corporate bonds, the convenience premium of newly issued agency MBS averages more than half of the long-term Treasury convenience premium. The agency MBS convenience premium and issuance amount vary negatively with mortgage rate, consistent with a prepayment-driven channel. Placing agencies into conservatorship in 2008 and introducing liquidity regulations in 2013 significantly affected MBS convenience premium, consistent with government guarantee and regulatory treatment channels. Analyses of dispersion of dealers’ prepayment forecasts, seasoned MBS, and investors’ MBS holdings deliver further economic implications for agency MBS as safe assets.
From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago
From Static Λ To Moving Penalties: Dynamic Regularization In Mean-Variance Portfolio Choice, Ariel Santiago
CMC Senior Theses
This thesis evaluates whether dynamically tuned weight penalties can improve high-dimensional mean-variance portfolio choice. Classical Markowitz portfolios perform poorly when the number of assets is large relative to the data, because small estimation errors in means and covariances can generate extreme, fragile allocations. A common remedy is to regularize the weights using L1 (lasso), L2 (ridge), or elastic-net penalties, but these are typically chosen once and held fixed. Using monthly excess returns on the 48 Fama-French industry portfolios from January 2010 to June 2025, this thesis compares penalized mean-variance and minimum-variance strategies under long-only and long-short constraints, with and without …
International Evidence On The Relationship Between Financial Literacy And Corporate Cash Holdings, Kenneth Yung, Reza Kahibavil, Su Li, Arian Amidi
International Evidence On The Relationship Between Financial Literacy And Corporate Cash Holdings, Kenneth Yung, Reza Kahibavil, Su Li, Arian Amidi
Finance Faculty Publications
This study is the first investigation of the relationship between corporate cash holdings and financial literacy (FL). We find that a one‐standard‐deviation increase in FL is associated with an 8%–27% reduction in corporate cash holdings, depending on the measure of FL used. Moreover, higher FL reduces the market value of excess cash, indicating that financially literate environments discourage value‐destroying cash accumulation. The results remain robust across alternative definitions of FL and cash holdings, estimation methods, and country subsamples. We further rule out the influence of endogeneity, refinancing risk, and variation in cash needs. Additional analyses identify agency costs as the …
Essays In Housing And Consumer Finance, Spencer Stone
Essays In Housing And Consumer Finance, Spencer Stone
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I show how consumer left-digit bias affects borrowing costs in the US residential mortgage market. I find that the distribution of mortgage rates bunch at .99-ending rates just below left-digit changing thresholds, and that this bunching is greater in the distribution of rates selected by borrowers than those simply offered by lenders. Comparing observably similar borrowers within the same 1-bp interest rate band, selecting similar mortgage products, in the same census tract and origination month, I show that borrowers receiving .99-ending rates pay significantly more fees than borrowers receiving the nearest whole-number rate just above them, …
Entropic Foundation Of Finance And Physics: Securities Price Dynamics And Quantum Theory, Mohammad Abedi
Entropic Foundation Of Finance And Physics: Securities Price Dynamics And Quantum Theory, Mohammad Abedi
Electronic Theses & Dissertations (2024 - present)
In many scientific and financial contexts, we must reason and make predictions under conditions of incomplete information. This dissertation develops Entropic Dynamics (ED) as a unified framework for deriving dynamical laws directly from principles of inference. Within this approach, probability distributions represent states of knowledge, and their evolution is determined through entropy maximization subject to relevant constraints. This leads to a novel concept of entropic time and a formulation of dynamics as an inferential process. In this talk, I will present how ED provides a common foundation across multiple domains. In physics, quantum dynamics for particles and scalar fields in …
Natural Resource Rents And Energy Poverty Nexus In Next Eleven Economies, Muhammad Salah Uddin, Ayub Ali, Zobayer Ahmed, Md Nasir Uddin Sikdar, Ahsan Habib, Abdullah Elah Al-Mahde
Natural Resource Rents And Energy Poverty Nexus In Next Eleven Economies, Muhammad Salah Uddin, Ayub Ali, Zobayer Ahmed, Md Nasir Uddin Sikdar, Ahsan Habib, Abdullah Elah Al-Mahde
Finance Faculty Publications
Energy poverty (EP) remains a persistent global challenge with important implications for economic development, public health, and social welfare. While natural resources, particularly oil and gas, are often viewed as key sources of energy access, their effectiveness in mitigating EP remains underexplored in emerging economies. This study examines the relationship between natural resource rents (NRR), specifically oil rents (OR) and natural gas rents (NGR), and energy poverty (EP) in the Next Eleven (N-11) countries from 2000 to 2020. The primary objective is to assess how NRR influences EP at various levels of poverty using the Method of Moments Quantile Regression …
Financial Literacy And Inclusion Of Philippine Jeepney And Tricycle Drivers, Bryan N. Bernabe, Jyro B. Triviño
Financial Literacy And Inclusion Of Philippine Jeepney And Tricycle Drivers, Bryan N. Bernabe, Jyro B. Triviño
Leadership and Strategy Faculty Publications
The study investigated how the different elements of financial literacy influence the financial inclusion of jeepney and tricycle drivers in Caloocan, Metro Manila. Pearson correlation analysis revealed a positive correlation between financial inclusion and attitude, behavior, knowledge, and skills. Additionally, analysis of variance highlighted that education and age play significant roles in enhancing financial literacy. The linear regression findings also supported the idea that income acts as a positive moderator, augmenting the impact of financial literacy on financial inclusion. The study attempted to disaggregate its financial literacy components to understand their impact on financial inclusion, but its interrelationships also require …
A New Functional Setting For Term Structure Modeling Using The Health-Jarrow-Morton Framework, Michael Pokojovy, Ebenezer Nkum, Thomas M. Fullerton Jr.
A New Functional Setting For Term Structure Modeling Using The Health-Jarrow-Morton Framework, Michael Pokojovy, Ebenezer Nkum, Thomas M. Fullerton Jr.
Mathematics & Statistics Faculty Publications
The well-known Heath–Jarrow–Morton (HJM) framework provides a universal and efficacious instrument for modeling the stochastic evolution of an entire yield curve by explaining the interest rate dynamics in continuous time under no-arbitrage conditions. Existing implementations involve exponentially weighted function spaces as theoretical settings for the former stochastic evolution. While the choice of weight can have a drastic effect on model calibration and subsequent forecasting, it cannot be estimated from market data and does not allow for any objective interpretation. The proposed approach does not have this shortcoming as it adopts a suitably designed unweighted function space. The HJM equation is …
The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein
The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein
Honors Thesis
This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …
Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan
Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan
Journal of Global Awareness
No abstract provided.
Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski
Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski
Journal of Banking and Financial Economics
The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering …
Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble
Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble
Honors College Theses
This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …
The Elements Necessary For A Successful Startup, Ciaran Mcgurran
The Elements Necessary For A Successful Startup, Ciaran Mcgurran
Faculty Curated Undergraduate Works
This paper seeks to uncover what really goes into a startup company to get it off the ground, keep it afloat and growing, and mitigate competition through a case study focus on a software-aided investment-strategy building company. Through an interview of the founder and CEO of the case company as well as first-hand experience working in the company, this paper will seek to gain an understanding of the necessary elements and planning that must go into a startup company for it to have success. Additional online texts also provide supplementary general information on startups and how the planning process is …
Is Complexity Virtuous?, Ryan Elmore, Jack Strauss
Is Complexity Virtuous?, Ryan Elmore, Jack Strauss
Business Information and Analytics: Faculty Scholarship
(Kelly et al., 2024) show that increasing complexity in linear models, with potentially thousands of predictors, is "virtuous". Their work contradicts the dogma of model selection, including the Principles of Parsimony and Occam's Razor. They find that when the number of predictors far exceeds the number of observations, the bias-variance trade-off breaks down, the variance declines, and the Sharpe ratio increases. In the context of ridge regression, we find that very high complexity coupled with large penalty terms (excessive shrinkage) generate forecasts that converge to a rolling window of past returns. For example, we show the past twelve-month moving average …
Financial Safety Nets, Bank Risk And Depositor Behaviour In Central And Eastern Europe, Dorota Skała
Financial Safety Nets, Bank Risk And Depositor Behaviour In Central And Eastern Europe, Dorota Skała
Journal of Banking and Financial Economics
We studied expansions in financial safety nets and their relation to bank risk and depositor behaviour in Central and Eastern Europe, using time-varying regulatory data. In general, we find that stronger deposit insurance and state aid granted to banks are linked with both bank risk and depositor behaviour. However, these relations critically depend on whether safety net instruments are used separately or simultaneously. When deposit insurance is strengthened or state aid is granted, we confirm the standard moral hazard behaviour of banks visible in higher bank risk. In parallel, we observe more elevated deposit growth, implying lower market discipline. Conversely, …
Connectedness Of Uncertainty, Volatility, And Stock Market Performance, Szczepan Urjasz
Connectedness Of Uncertainty, Volatility, And Stock Market Performance, Szczepan Urjasz
Journal of Banking and Financial Economics
This study examines the dynamic connectedness and spillover effects among various financial and economic indicators, including uncertainty indices, market volatility, and stock market indices, from 3 June 2008, to 30 December 2024. This interconnectedness implies that shocks originating in one market or asset class can rapidly transmit to others, underscoring the potential for systemic risk and financial contagion. The US emerges as a significant net transmitter of influence within the global financial system, with the VIX playing a crucial role in influencing global financial conditions. Major European equity markets also transmit influence, while the Geopolitical Risk Index (GRI) and the …
Exploring The Bank Lending Channel: How Bank Characteristics Shape Monetary Policy Effectiveness, Filip Świtała
Exploring The Bank Lending Channel: How Bank Characteristics Shape Monetary Policy Effectiveness, Filip Świtała
Journal of Banking and Financial Economics
This paper examines how individual bank characteristics influence the transmission of monetary policy through the bank lending channel. Using panel data and a Fixed Effects model validated by the Hausman test, the author analyses how bank size, capitalization, profitability and asset quality affect responses to monetary tightening. The study highlights the importance of inter-bank differences in shaping monetary policy effectiveness and offers insights for regulatory frameworks and macroprudential policies aimed at strengthening financial stability.
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray
Journal of Humanities and Social Sciences
The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …
Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao
Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao
Sim Kee Boon Institute for Financial Economics
We show how Limited Partners' (LPs) environmental and social (E&S) concerns transmit to private equity (PE) rms through capital supply. E&S incidents in portfolio companies reduce PE fundraising, as E&S-concerned relationship LPs refrain from recommitting and are not easily substituted. Using a legal reform that expands E&S-concerned public pension capital to PE, we causally show that PE rms internalise LPs' E&S concerns, reducing dirty sector portfolio allocation and increasing ESG hiring. Additionally, PE rms with E&S- concerned relationship LPs engage with portfolio companies to manage E&S risks. Limited capital substitutability enables LPs to delegate E&S preferences, shaping PE allocation and …
Unlocking Private Equity Investing, Yin Wang, Steve Balaban
Unlocking Private Equity Investing, Yin Wang, Steve Balaban
Asian Management Insights
Myths and market shifts to take note of.
Does Idiosyncratic Volatility Follow A Random-Walk? Evidence From U.S. Stocks, Zihan Cao, Ossama Elhadary
Does Idiosyncratic Volatility Follow A Random-Walk? Evidence From U.S. Stocks, Zihan Cao, Ossama Elhadary
Publications and Research
In asset pricing literature, idiosyncratic volatility (IVOL) measures the firm-specific risk that is not explained by broader market movements. In this study, I investigate whether the idiosyncratic volatility (IVOL) of individual stocks follows a random-walk. Using monthly residuals from the Fama-French three-factor model (Fama & French, 1993), I estimate IVOL for more than 11,000 U.S. stocks, and apply the Augmented Dickey-Fuller test (Said & Dickey, 1984) to determine whether IVOL behaves like a random-walk. While most stocks display random-walk behavior, the proportion varies across industries, with some sectors showing deviations from random-walk behavior. Stocks with different levels of average return …
The Effect Of Disaggregated Country Risk On Foreign Portfolio Investment Flows In South Africa, Paul-Francois Muzindutsi, Tristan Kyle Govender, Nokwanda Nkwanyana, Sanelisiwe Zulu, Nondumiso Myeni, Sinegugu Khuzwayo, Fikile Dube
The Effect Of Disaggregated Country Risk On Foreign Portfolio Investment Flows In South Africa, Paul-Francois Muzindutsi, Tristan Kyle Govender, Nokwanda Nkwanyana, Sanelisiwe Zulu, Nondumiso Myeni, Sinegugu Khuzwayo, Fikile Dube
Economic and Business Review
This study explores the relationship between disaggregated country risk and foreign portfolio investment (FPI) flows in South Africa, focusing on both the long-run and short-run effects of economic, financial, and political country risk measures on net foreign purchases of shares (NFPS) and net foreign purchases of bonds (NFPB) during the period from 1995 to 2019. We employed autoregressive distributed lag (ARDL) and nonlinear autoregressive distributed lag (NARDL) models to assess the relationships between the variables. The results indicate that all disaggregated country risk measures have a long-run effect on NFPS and NFPB, and the impacts of these risks are asymmetric. …
Analisis Dampak Kebijakan Insentif Fiskal Terhadap Tingkat Komponen Dalam Negeri (Tkdn) Industri Manufaktur Di Indonesia, Muhammad Muhammad, Riyanto Riyanto
Analisis Dampak Kebijakan Insentif Fiskal Terhadap Tingkat Komponen Dalam Negeri (Tkdn) Industri Manufaktur Di Indonesia, Muhammad Muhammad, Riyanto Riyanto
Jurnal Kebijakan Ekonomi
Over the last decade, the manufacturing sector's contribution to Indonesia's economy has declined. In 2010, it was 29.10% of GDP, but by 2022, it had dropped to 19.14%. Employment in the sector also fell, from 14.91% of the workforce in 2010 to 13.80% in 2022. To reverse this trend, the government introduced a policy to boost the Domestic Component Level (DCL) in manufacturing. By offering fiscal incentives to industries meeting certain DCL targets, the government aims to drive economic growth and job creation. A study using BPS data from 2008-2019 shows that this policy raised DCL by 23.5%.
Regulatory Impacts On Us Hazardous Waste Exports, Xiaofan Ji, Mengyu Wang, Tianyi Zhang
Regulatory Impacts On Us Hazardous Waste Exports, Xiaofan Ji, Mengyu Wang, Tianyi Zhang
Sim Kee Boon Institute for Financial Economics
This paper examines the impact of key domestic and international regulations on US hazardous waste exports, focusing on shifts in export destinations and waste types from 2002 to 2023. Since 2005, OECD countries and US Trade Agreement Partners have become primary destinations for US hazardous waste, with significant surges after 2018 and a notable decline in 2022. An analysis of the regulatory landscape reveals that, while international frameworks such as the Basel Convention of 2021 have had a relatively limited impact on reducing US hazardous waste exports, domestic policies—particularly those in California—have more directly influenced export behaviors. Additionally, the US …
The Cost Of Capital Calculation In The Project Finance Settings, Paweł Mielcarz, Dmytro Osiichuk, Adrian Struciński
The Cost Of Capital Calculation In The Project Finance Settings, Paweł Mielcarz, Dmytro Osiichuk, Adrian Struciński
Journal of Banking and Financial Economics
The paper aims at elucidating and solving the methodological problems around the estimation of the cost of capital in the project finance settings. By convention, capital budgeting analysts evaluate project finance ventures using the free cash flow for equity (FCFE) method, whereby cash flows, including cash, whose distribution is limited by debt covenants, are discounted with the project’s cost of equity. We argue that this approach is erroneous. From the standpoint of the sponsor company, only distributable cash flows should be taken into consideration when evaluating project finance ventures. In turn, the discount rate should be equal to the weighted …
Low Beta Anomaly In Some European Emerging Markets, Tadeusz Winkler-Drews, Mateusz Mogilski
Low Beta Anomaly In Some European Emerging Markets, Tadeusz Winkler-Drews, Mateusz Mogilski
Journal of Banking and Financial Economics
The aim of the study was to identify the low beta anomaly and analyse the causes of its occurrence in five European emerging markets that were components of the MSCI Emerging Markets Europe index in the period 2010–2019. It was hypothesized that the determinants of the low beta anomaly in the analysed markets are factors from at least two of the three categories of variables. Using the Betting Against Beta model proposed by A. Frazzini and L. H. Pedersen (2014), we found that this phenomenon was not identified in three markets, but occurred in the remaining two markets, for which …
Real Earnings Management Among Industries: Does Market Competition Matter?, Michał Comporek
Real Earnings Management Among Industries: Does Market Competition Matter?, Michał Comporek
Journal of Banking and Financial Economics
This paper investigates real earnings management (REM) practices in public non-financial companies listed on the Warsaw Stock Exchange (WSE) from 2014 to 2023, focusing on sectoral differences and the influence of market competition. REM, defined as deviations from normal business operations aimed at manipulating reported earnings, can distort financial information and harm long-term firm value. This study contributes to the existing literature in two key ways. First, it examines variations in abnormal levels of production costs, sales, and discretionary expenditures – REM proxies based on Roychowdhury’s methodology – across sectors classified according to the WSE’s industry framework. This sectoral classification, …
Loan Restructuring And Deposit Growth: Evidence From The Market Discipline During The Covid-19 Outbreak, Indra Tumbelaka
Loan Restructuring And Deposit Growth: Evidence From The Market Discipline During The Covid-19 Outbreak, Indra Tumbelaka
Bulletin of Monetary Economics and Banking
Amid the COVID-19 pandemic, banks boosted loan restructuring efforts to offer borrowers assistance and preserve credit quality. This study employs dynamic and static panel data from Indonesian commercial banks to include restructured loans as a metric for assessing market discipline prior to and during the pandemic. Depositors shown discipline about banks’ credit risk during the COVID-19 period and exhibited heightened sensitivity to restructured loans. Subsequent analysis indicates that the association between deposit growth and restructured loans was more pronounced in government, small, and publicly listed banks during the outbreak
From Disruption To Integration: Cryptocurrency Prices, Financial Fluctuations, And Macroeconomy, Zhengyang Chen
From Disruption To Integration: Cryptocurrency Prices, Financial Fluctuations, And Macroeconomy, Zhengyang Chen
Faculty Publications
This paper examines cryptocurrency shock transmission to financial markets and the macroeconomy using a Bayesian structural VAR with Pandemic Priors from 2015 to 2024. By affecting overall risk appetite, cryptocurrency price shocks generate positive financial market spillovers, accounting for 18% of equity and 27% of commodity price fluctuations. Real economic effects are significant in driving investment but remain limited, contributing only 4% to unemployment and 6% to industrial production variance. However, cryptocurrency shocks explain 18% of price-level forecast error variance at long horizons. Narrative analysis reveals sentiment and technology as primary shock drivers. These findings demonstrate cryptocurrency's deep financial system …