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Full-Text Articles in Finance and Financial Management

Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong Feb 2021

Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong

Research Collection Lee Kong Chian School Of Business

Trust is an essential component of any financial system, and distrust can undermine savings and economic growth. Our study draws on the Singapore Life Panel to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health, and long-term care insurance holdings; and (3) stock market engagement. We show that the widely-used ‘trust in people’ question is uncorrelated with household behaviours related to retirement preparedness. Instead, trust in private and public financial representatives is positively associated with pension savings, investments, and insurance holdings. Financial literacy also plays an important and consistent role in retirement decision-making.

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The Impact Of The Capital Market, The Insurance Sector And The Mortgage Finance Sector On Economic Growth In Egypt, 2005-2019, Hana Anis Jan 2021

The Impact Of The Capital Market, The Insurance Sector And The Mortgage Finance Sector On Economic Growth In Egypt, 2005-2019, Hana Anis

Theses and Dissertations

This thesis aims to explore the relationship between financial markets and economic growth in Egypt for the 15 years period, starting from 2005 to 2019. The study concentrates on the non-banking financial sector which includes the stock market, the debt market, the mortgage and the insurance sectors. The Vector Autoregressive (VAR) model is utilized to describe the relationship between GDP growth rate, as a proxy for economic growth, and a number of variables from the financial sector. Results of the analysis show that there is a significant relationship and statistical causality between the growth rate and the debt market, represented …

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A Review On Literatures Of Islamic Financial Institutions And Market Between 2010 – 2020, Muhammad Ridhwan Ab. Aziz Jan 2021

A Review On Literatures Of Islamic Financial Institutions And Market Between 2010 – 2020, Muhammad Ridhwan Ab. Aziz

Library Philosophy and Practice (e-journal)

The objective of this article is to analyze and examine the related literatures on Islamic financial institutions and market between 2010 until 2020. The methodology of this article is through descriptive research based on document analysis on previous studies and literatures on Islamic financial institutions and market from free-of-charge and free-of-registration online journals. The journals and articles are obtained from several sources which are google scholar, science direct and researchgate.com. Data from 74 articles related in this field were collected and statistically analyzed using the Statistical Product & Services Solution (SPSS) software. This study looked at several variables which include …

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Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins Jan 2021

Lessons Learned: Ron Borzekowski, Mercedes Cardona, Rosalind Z. Wiggins

Journal of Financial Crises

Ron Borzekowski was a senior economist at the Federal Reserve Board when he was detailed to join the Financial Crisis Inquiry Commission (FCIC) as a senior researcher and later became deputy to research director Greg Feldberg. The 10-member bipartisan commission, charged with investigating and determining the causes of the crisis, held more than 19 hearings, and interviewed more than 700 people from September 2009 to Jan. 2011. It issued a 662-page report explaining why the crisis came about and the roles of financial institutions, government, and the public. This Lessons Learned is based on an interview with Mr.Borzekowski.

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Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins Jan 2021

Lessons Learned: Greg Feldberg, Sandra Ward, Rosalind Z. Wiggins

Journal of Financial Crises

Greg Feldberg was a senior supervisory financial analyst at the Board of Governors of the Federal Reserve experienced in regulating large banks when he was recruited to the Financial Crisis Inquiry Commission (FCIC) where he worked from 2010-11, becoming its Director of Research. The FCIC was a bipartisan commission charged with investigating the causes of the global financial crisis of 2007-09. Feldberg shared thoughts about some of the challenges faced by the commission and why its report is important. This "Lessons Learned" is based on an interview with Mr. Feldberg.

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Lessons Learned: Gary Cohen, Sandra Ward Jan 2021

Lessons Learned: Gary Cohen, Sandra Ward

Journal of Financial Crises

Gary Cohen joined the Financial Crisis Inquiry Commission (FCIC) in December 2009 to serve as its general counsel at the request of commission chairman Phil Angelides. The FCIC was a 10-member bipartisan group convened by Congress to investigate the causes of the global financial crisis of 2007-09. Cohen had a wide-ranging and ad hoc position that included advising commissioners and staffers on administrative matters and protocols. In addition, he assisted in document requests and compelling witnesses to testify and, on occasion, in conducting interviews and public hearings. He played an instrumental role in editing the commission’s final report. This “Lessons …

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Lessons Learned: Wendy Edelberg, Sandra Ward Jan 2021

Lessons Learned: Wendy Edelberg, Sandra Ward

Journal of Financial Crises

Wendy Edelberg served initially as Director of Research at the Financial Crisis Inquiry Commission (FCIC) before eventually being named Executive Director. Established in the wake of the global financial crisis of 2007-09, the FCIC was a bipartisan panel of six Democrats and four Republicans charged with determining the causes of the worst financial crisis since the Great Depression. Edelberg built the organization from the ground up, hiring staff, instituting operating procedures, establishing guidelines, managing communications, and reporting to the commissioners. This "Lesson Learned" is based on an interview with Ms. Edelberg.

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Lessons Learned: Phil Angelides, Sandra Ward Jan 2021

Lessons Learned: Phil Angelides, Sandra Ward

Journal of Financial Crises

Phil Angelides chaired the Financial Crisis Inquiry Commission (FCIC) established by Congress in the aftermath of the global financial crisis of 2007-09 with the purpose of understanding what precipitated the crisis so that any future crises might be averted. The 10-member bipartisan commission, known as the “Angelides Commission” after its chair, convened in September 2010. Meeting in a span of 15 months and holding 19 public hearings and interviewing more than 700 people, the commission submitted its findings in January 2011. The commission concluded that the crisis was avoidable, the “result of human actions, inactions, and misjudgments.” The report included …

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Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg Jan 2021

Monetization Of Fiscal Deficits And Covid-19: A Primer, Aidan Lawson, Greg Feldberg

Journal of Financial Crises

Monetization—also known as “money-financed fiscal programs” or “money-printing”—occurs when a government finances itself by issuing currency or other non-interest-bearing liabilities, such as bank reserves. It poses real risks—potentially excessive inflation and encroachment on central-bank independence—and some paint it as a relic of a bygone era. The onset of the COVID-19 crisis, however, forced governments to spend heavily to combat the considerable economic and public health impacts. As government deficits climbed, monetization re-entered the conversation as a way to avoid the massive debt burdens that some nations may face. This paper describes how monetization works, provides key historical examples, and examines …

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The Hotelling Valuation Principle: Does User Cost And Reserve Differentials Improve Validity?, Brian K. Hicks Jan 2021

The Hotelling Valuation Principle: Does User Cost And Reserve Differentials Improve Validity?, Brian K. Hicks

Electronic Theses and Dissertations

The Hotelling Valuation Principal (HVP) implies that the value per unit of an in-ground exhaustible natural resource is equal to the current price less the cost of production. The assumptions required for this principle include a certain and homogenous reserve stock, unconstrained extraction, and constant costs. Extensive research has empirically investigated the HVP. This paper expands the HVP framework and relaxes the theory’s assumptions to account for reserve differentials. The results show that the original net price model is more closely aligned with developed reserve value, than total reserve value. In addition, this paper develops two- and three-factor net price …

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Airbnb Release Of Latent Economic Value And Return To Equilibrium, Daniel Joseph Trujillo Jan 2021

Airbnb Release Of Latent Economic Value And Return To Equilibrium, Daniel Joseph Trujillo

Electronic Theses and Dissertations

We empirically consider Airbnb’s effect on a new variable in Short Term Rental (STR) research, second homes, employing a model pre-Airbnb diffusion (2009), and post-Airbnb diffusion (2019). In doing so we test our hypothesis that second home use will be converted to short-term rentals with the advent of Airbnb. We do so through a natural experiment examining housing stock. We create a schema to segregate tourist and non-tourist counties based on economic variables and deploy these in our research framework observing a shock to housing supply. Notably, we observe a structural change in the use of second homes resulting in …

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‘The Robinhood Effect’ - Digital Technology In Global Financial Markets And Its Effects On Investor Decision Making, Ben Steib Jan 2021

‘The Robinhood Effect’ - Digital Technology In Global Financial Markets And Its Effects On Investor Decision Making, Ben Steib

Honors Theses

We are currently experiencing a revolution that is larger, arguably, than the industrial revolution, it’s the Internet, also known as the World Wide Web. The Internet has transformed how we live — how we talk, how we work, how we go about our daily business, and how we manage our finances on a global and individual level. In the late 1990s, an investor would search the World Wide Web and, within seconds, find 3,372 websites with the term "investment,” today, the same search for “investment” yields 1,860,000,000 results. Today, as proven with GameStop and other popular ‘meme stocks,’ social media, …

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Diversifying Investment Portfolios With Collectible Sneakers: Expected Returns And Benefits Of Diversification, Samuel Soo Jan 2021

Diversifying Investment Portfolios With Collectible Sneakers: Expected Returns And Benefits Of Diversification, Samuel Soo

CMC Senior Theses

This thesis seeks to identify if collectible sneakers can provide diversification benefits to an investor’s portfolio. Using data from a global collectible sneaker marketplace, StockX, I constructed an index to compare it with other traditional assets, including the S&P 500 index and 5-year US Treasury Bills. By calculating key metrics including expected returns, volatility, and correlation, I analyzed the risk-return characteristics of the collectible sneaker asset class compared to other traditional asset classes. From the data analysis I performed, I found that collectible sneakers did not outperform returns significantly compared to traditional asset classes, but had low correlations, which provides …

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Zoom In, Class Out: An Event Study On Publicly Traded Ed Tech Firm Valuations During Covid-19, Matiss Ozols Jan 2021

Zoom In, Class Out: An Event Study On Publicly Traded Ed Tech Firm Valuations During Covid-19, Matiss Ozols

CMC Senior Theses

This paper examines how publicly traded Ed Tech firms reacted to negative announcements regarding COVID-19. Using an event study method, I document how an international portfolio of Ed Tech firms react across multiple event windows. The results show that Ed Tech firms reacted positively to the announcement of the first US death and negatively to the World Health Organization’s declaration that COVID-19 was a pandemic. Additionally, differences in geographical location did not impact cumulative abnormal returns across event windows. Finally, firm-specific characteristics such as volatility and financial leverage had little or no significance on stock returns.

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Volatility Spillover Between Stock Market And Currency Market Of Pakistan In The Presence Of Structural Breaks, Muhammad Jamil, Hifsa Mobeen Jan 2021

Volatility Spillover Between Stock Market And Currency Market Of Pakistan In The Presence Of Structural Breaks, Muhammad Jamil, Hifsa Mobeen

Business Review

This study examines the volatility transmission between the currency market and the stock market of Pakistan in the presence of structural breaks. For this purpose, daily data from the stock market and currency market is analyzed. An empirical investigation is conducted using the bivariate EGARCH model and the test for multiple structural breaks developed by Bai and Perron (2003). This study analyses these markets with the inclusion of sudden changes. Results of the EGARCH model suggest that volatility spillover is positive and bidirectional between these markets of Pakistan.

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Aggregate Stock Liquidity Of Bursa Malaysia, Liew Ping Xin Dec 2020

Aggregate Stock Liquidity Of Bursa Malaysia, Liew Ping Xin

Student Works (2020-2029)

Liquidity plays a crucial role in the functioning of secondary stock markets. However, little is known about the liquidity condition and how trading activities of different investor groups affect liquidity in the Malaysian stock exchange. This thesis focuses on three aspects of Malaysian stock market liquidity, namely, aggregate liquidity in the context of foreign equity flows, higher-order statistical moments of liquidity in the context of proprietary day trading, and, the liquidity connectedness of stock, bond, money and foreign exchange markets. First, this thesis examines the impact of gross foreign equity inflows on aggregate liquidity in a Vector Autoregression framework using …

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Social Determinants Of Health: The Impact On Health Outcomes And Hospital Profitability, Danielle Mcpherson Dec 2020

Social Determinants Of Health: The Impact On Health Outcomes And Hospital Profitability, Danielle Mcpherson

Doctor of Business Administration Dissertations

Hospitals are experiencing decreasing profitability due to increasing healthcare cost. In this paper, I demonstrate that there is financial value to hospitals by addressing social determinants of health (SDOH) as this strategy improves health outcomes and yields cost savings. I estimate the impact of SDOH on the health outcomes using an IV probit regression analysis and estimated the impact of health outcomes on cost using a basic linear regression. I estimate that improving SDOH by one standard deviation will result in hospital cost savings as follows: addressing Violent Crime will decrease hospital cost between 0.16% and 0.21%, addressing Supplemental Nutrition …

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Financial Management And Financial Well-Being Of Newly Married Couples: Practices And Knowledge, Leylawati Joremi Dec 2020

Financial Management And Financial Well-Being Of Newly Married Couples: Practices And Knowledge, Leylawati Joremi

Student Works (2020-2029)

Prudent financial management is a critical factor to achieve better financial well-being. The failure of many individuals in managing their finances, resulting in bankruptcy, distress and divorce. Recognizing the importance of financial management practices as a roadmap towards future financial well-being, a study on young and newly married couples is imperative. This study intends to attain a profound understanding of financial management practices among urban Malays young couples. This study also deliberates the understanding of these couples on financial well-being. It takes the phenomenological approach and analyses qualitative data collected through a series of in-depth interviews. The interviews explore the …

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Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu Dec 2020

Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu

Bullion

Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and …

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Trading Regularity And Fund Performance: Evidence In Uncertain Markets, Lin Tong, Zhe Zhang Dec 2020

Trading Regularity And Fund Performance: Evidence In Uncertain Markets, Lin Tong, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

High trading regularity funds outperform low trading regularity funds more during periods of low market returns and greater market and economic uncertainty. Their trading also has strong return predictability on stock returns during periods of greater uncertainty. They trade more around news events, and their news related trading predicts stock return stronger during periods of greater uncertainty. They also profit from liquidity provision in highly uncertain market environment. Overall our evidence suggests that high trading regularity funds trade more frequently during periods of high uncertainty when information production and processing skill is more valuable and when the demand for liquidity …

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The Extent Of The Customers Satisfaction On The Elements Of The Marketing Mix Applied In The Algerian Public Commercial Banks : An Empirical Study, Aboubaker Khoualed Nov 2020

The Extent Of The Customers Satisfaction On The Elements Of The Marketing Mix Applied In The Algerian Public Commercial Banks : An Empirical Study, Aboubaker Khoualed

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

This study aims; in general, to know the extent of the customer’s satisfaction on the various elements of the marketing mix: Product, Pricing, Promotion, Place, Physical evidence, People, and Processes applied in the Algerian public commercial banks. To achieve the above-mentioned method, the researcher used a descriptive and an analytical field survey which is designed according to Likert Quintet scale. This survey was distributed randomly to a sample consisting of (150) customers of the Algerian commercial public banks which are six, namely: The National Fund for Savings and Reserve (CNEP), the National Bank of Algeria (BNA), the Popular Credit of …

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The Relationship Between Government Expenditure And Gdp In Nonoil Iraqi Economy, Hasan Radhi Nov 2020

The Relationship Between Government Expenditure And Gdp In Nonoil Iraqi Economy, Hasan Radhi

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

In this paper, the relationship between government ependiture and Gross Domestic Product (GDP) in non-oil Iraqi economy has been examined. This study analyzed the evolution of the government expenditure (consumption and investment) in the Iraqi economy for the period of (1990-2014).It is assumed that non-oil GDP is the indicator that reflects the performance of macroeconomic activity and any decline in GDP is attributed to the increase in the consumer behavior in the government expenditure policy , the proportion of the consumer expenditure,which is financed by oil revenues, and the transformation of state institutions into social security institutions at the expense …

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Data Driven Value-At-Risk Forecasting Using A Svr-Garch-Kde Hybrid, Marius Lux, Wolfgang Karl Hardle, Stefan Lessmann Nov 2020

Data Driven Value-At-Risk Forecasting Using A Svr-Garch-Kde Hybrid, Marius Lux, Wolfgang Karl Hardle, Stefan Lessmann

Sim Kee Boon Institute for Financial Economics

Appropriate risk management is crucial to ensure the competitiveness of financial institutions and the stability of the economy. One widely used financial risk measure is value-at-risk (VaR). VaR estimates based on linear and parametric models can lead to biased results or even underestimation of risk due to time varying volatility, skewness and leptokurtosis of financial return series. The paper proposes a nonlinear and nonparametric framework to forecast VaR that is motivated by overcoming the disadvantages of parametric models with a purely data driven approach. Mean and volatility are modeled via support vector regression (SVR) where the volatility model is motivated …

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Can Retail Investors Learn From Insiders?, Ekkehart Boehmer, Bo Sang, Zhe Zhang Nov 2020

Can Retail Investors Learn From Insiders?, Ekkehart Boehmer, Bo Sang, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines the trading patterns of retail investors following insider trading and the corresponding price impact. Retail investors follow the opportunistic purchases by insiders, but not their routine purchases. Neither investor attention nor common information such as earnings announcements or analysts forecast re- visions explains the results. They keep following insider purchases in subsequent four quarters. Moreover, for stocks with opportunistic insider purchases, those that retail investors bought yield higher cumulative abnormal returns than those that retail investors sold. The effect is mostly driven by the information compo- nent of the retail trades, rather than liquidity provision or temporary …

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The Dorian Gray Phenomenon In Financial Markets, Ajay Makhija Nov 2020

The Dorian Gray Phenomenon In Financial Markets, Ajay Makhija

Asian Management Insights

Looking at the current state of the global economy and the extent of financial market hedonism through the lens of Oscar Wilde’s “The Picture of Dorian Gray”.

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Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez Nov 2020

Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez

Research Collection Lee Kong Chian School Of Business

Macroeconomic Stabilization in the Digital Age provides insights into factors affecting the macroeconomic management of the economy in the digital age. Policy makers need to be aware of the increasing prominence of the digital economy and digital finance and seek to better understand how continued digitalization will affect policies aimed at managing the economy. For emerging market economies (EMEs), macroeconomic policy challenges have been exacerbated by the digital finance revolution in the aftermath of the global financial crisis and the coronavirus disease (COVID-19) pandemic, when many EMEs experienced large and volatile capital flows. Policy makers must also navigate through fluctuating …

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The Debt Guarantee Program Of The Temporary Liquidity Guarantee Program (U.S. Gfc), Justin Katz Oct 2020

The Debt Guarantee Program Of The Temporary Liquidity Guarantee Program (U.S. Gfc), Justin Katz

Journal of Financial Crises

Following the collapse of Lehman Brothers in September of 2008, banks faced extreme difficulty in issuing new debt and finding affordable sources of funds due to heightened fears over counterparty solvency and liquidity risk. By the end of September, the TED spread had spiked to 464 basis points, and issuance of commercial paper fell 88%. On October 14th, to boost confidence and lower short-term financing costs, the Federal Deposit Insurance Corporation announced the Debt Guarantee Program (DGP) as part of the Temporary Liquidity Guarantee Program (TLGP). Under the DGP, the FDIC guaranteed in full a limited amount of senior unsecured …

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Frm Financial Risk Meter, Andrija Mihoci, Michael Althof, Cathy Yi-Hsuan Chen, Wolfgang Karl Hardle Oct 2020

Frm Financial Risk Meter, Andrija Mihoci, Michael Althof, Cathy Yi-Hsuan Chen, Wolfgang Karl Hardle

Sim Kee Boon Institute for Financial Economics

A systemic risk measure is proposed accounting for links and mutual dependencies between financial institutions utilizing tail event information. Financial Risk Meter (FRM) is based on least absolute shrinkage and selection operator quantile regression designed to capture tail event co-movements. The FRM focus lies on understanding active set data characteristics and the presentation of interdependencies in a network topology. Two FRM indices are presented, namely, FRM@Americas and FRM@Europe. The FRM indices detect systemic risk at selected areas and identify risk factors. In practice, FRM is applied to the return time series of selected financial institutions …

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Teres: Tail Event Risk Expectile Shortfall, Andrija Mihoci, Wolfgang Karl Hardle, Cathy Yi-Hsuan Chen Oct 2020

Teres: Tail Event Risk Expectile Shortfall, Andrija Mihoci, Wolfgang Karl Hardle, Cathy Yi-Hsuan Chen

Sim Kee Boon Institute for Financial Economics

We propose a generalized risk measure for expectile-based expected shortfall estimation. The generalization is designed with a mixture of Gaussian and Laplace densities. Our plug-in estimator is derived from an analytic relationship between expectiles and expected shortfall. We investigate the sensitivity and robustness of the expected shortfall to the underlying mixture parameter specification and the risk level. Empirical results from the US, German and UK stock markets and for selected NASDAQ blue chip companies indicate that expected shortfall can be successfully estimated using the proposed method on a monthly, weekly, daily and intra-day basis using a 1-year or 1-day time …

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Human Flourishing And The Subjective Dimension Of Work, Geoffrey Friesen Oct 2020

Human Flourishing And The Subjective Dimension Of Work, Geoffrey Friesen

Department of Finance: Faculty Publications

This essay considers the Christian understanding of the subjective dimension of human work and the implications for economics, finance, and the modern firm. The biblical account of people profoundly captures the fullness of human nature and the role of work and economy in developing the full person. People’s reality is both individual and collective, encompassing their subjective interior and objective exterior dimensions of reality. This issue is important because economic models affect economic decisions, and these decisions help shape social reality. Current economic and financial models are problematic because they are self-limiting: They close off certain outcomes by assuming they …

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