Finance and Financial Management Commons^™

Influence Of External And Internal Factors On Financial Advisors' Guidance Of Clients In The Area Of Charitable Giving, Angela J. Gorsuch Widner

Dissertations and Theses @ UNI

Charitable giving plays a vital role in the ability of nonprofit organizations to carry out their missions to contribute to the well-being of society. Research suggests that most wealthy Americans have an interest in being philanthropic and giving to nonprofit organizations. Financial advisors often play a substantial role in helping their clients understand the complex policies related to charitable giving. As the experts, financial advisors play an important consultative role in making sense of the benefits that can come as a result of charitable giving.

The purpose of this study was to explore how financial advisors work with clients in …

Quantifying The Announcement Effects In The U.S. Lumber Market, Zarina Mamadalievna Ismailova

Graduate Theses, Dissertations, and Problem Reports (ETD)

The impact of public reports on price fluctuations has been widely investigated in many commodity markets, but little attention has been paid to the lumber market. In this thesis, we examine the impact of two housing market reports, namely the New Residential Construction (Housing Starts) and the New Residential Sales reports, on the U.S. lumber futures market. Our results suggest that the housing starts report does indeed affect lumber market volatility, while the New Residential sales report exerts a minor impact on lumber price volatility. Price volatility is measured by changes future contract prices for lumber. We further find that …

Occupational Fraud: Executive Compensation And Enforcements Against Auditors And Perpetrators., Erlina Papakroni

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation is comprised of three studies that examine the association of executive compensation with financial statement fraud and enforcements pursued against the independent auditor and the principal perpetrators when occupational fraud is detected.

The first study examines competing, though non-mutually exclusive, hypotheses for the path that equity compensation follows on its way to financial misreporting. We find that firms that experience financial statement fraud pay their executives higher levels and a higher proportion of equity compensation across the entire executive’s tenure. This starts in the first year of an executive’s tenure and continues up until the fraud period. These …

Empirical Asset Pricing With Equity Tail Risk, Jingrui Li

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation comprises three separate chapters on both risk-neutral and physical probability spaced equity tail risk for both the market index and in the cross-section of individual stocks.

The first chapter is titled “Does VIX Truly Measure Return Volatility?” This chapter studies the bias of the VIX index as a volatility measure. Particularly, VIX undervalues (overvalues) volatility when market return is expected to be negatively (positively) skewed. Alternatively, we develop a model-free generalized volatility index (GVIX). This chapter further derives the risk-neutral tail risk estimated from the VIX index.

The second chapter is titled “Decomposing the VIX: Implications for the …

Microcredits, Use By Gender, Amounts, Second Credit And Return Status: A Comparative Study In Parana And Chajari City, Entre Rios, Argentina 2016-1918, Daniel Emanuel Stempelatto

Master's Theses

Problem

This research seeks to determine if the microcredits delivered in the city of Chajari present a significant difference compared to the city of Paraná during the period 2016 to 2018, in the use by gender, in the amount of the microcredits and re-credits delivered, their amount and the level of debt cancellation.

Method

Secondary data loaded in the Provincial System and database of the Microcredit Program of Entre Ríos, Argentina were used to analyzed 454 microcredit records of which 383 correspond to the city of Paraná and 71 to the city of Chajari during the 2016-2018 period. For data …

Financial Hope: Find Freedom In Your Finances Through God's Word, Michael Blue

Ron Blue Financial Literacy Resources

No abstract provided.

An Empirical Examination Of Economic Determinants Of Financial Ceo Compensation: A Comparative Study On Pre And Post Financial Crisis Periods, Mahfuja Malik, Eunsup Daniel Shim

WCBT Faculty Publications

Inadequate risk monitoring and the executive incentive system of US financial institutions are considered to be significant factors in exacerbating the 2008 financial crisis, and regulators attempted to reform the executive compensation system in the post-crisis period. In this study, we conduct a comparative analysis of the economic determinants of the compensation for chief executive officers (CEOs) between the pre- and post-financial crisis periods, using data from US financial service institutions, since this is the sector that has been most affected by the financial crisis. We find that the mean values of total compensation and its incentive components, including cash …

Young Adults With Disabilities Financial Skills And Goals: A Mixed Methods Strengths And Needs Assessment, Allison D'Aguilar

Theses and Dissertations

Young adults with disabilities face barriers that affect their financial capability and financial inclusion in the marketplace. Barriers include a lack of autonomy, skills, and opportunities. This mixed method strengths and needs assessment aimed to explain and explore the financial skills and goals of young adults with disabilities. A standardized scale captured young adults with disabilities financial skills, photovoice participatory action research documented their valued financial skills and goals, and semi-structured interviews notated parents financial aspirations and goals for their daughters and sons. The mixed methods analysis suggested young adults with disabilities underlying financial skills fell 25 percent below the …

The Impact Of Inflation On Stock Returnsin Stock Exchange Of Thailand, Chayaporn Tocharoen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to determine the impacts of expected and unexpected inflation on stock returns in Stock Exchange of Thailand. Moreover, this is the first paper that studies the impact consensus forecast inflation rate on stock return in Thailand. To investigate these findings, we decided to look into the period between June 2004 - December 2019 in 8 sectors of Stock Exchange of Thailand including Agricultural and Food, Consumer Products, Financials, Industrials, Property and Construction, Resources, Services and Technology to find the relationship between inflation and stock returns. The results indicate expected inflation has strongly impact on stock returns, while …

How Does The Thai Stock Market Respond To Monetary And Fiscal Policy Shocks?, Suthawan Prukumpai, Yuthana Sethapramote

DLSU Business & Economics Review

This study examines the impacts of monetary and fiscal policy on the Thai stock market using the structural vector autoregressive (SVAR) model. In addition to the data on the market aggregate level, we also consider the response of stock prices at the sectoral level. The empirical results show that the Thai stock market significantly responds to both monetary policy and fiscal policy. However, monetary policy has stronger effects on both real output and stock prices than those of fiscal policy. Fiscal policy shocks affect the stock market only for the next two to three quarters. In addition, sector indices wereused …

Legal Setbacks, Disbursement Sudden Stops, And Fiscal Stimulus: An Empirical Characterization Of A Recent Philippine Fiscal Experience, Lawrence B. Dacuycuy, Mariel Monica R. Sauler

DLSU Business & Economics Review

Recognizing the importance of expanding fiscal spending programs and improving disbursement rates, the Aquino administration implemented the Disbursement Acceleration Program (DAP) in 2011. Acting as a fiscal stimulus but packing a fiscal surprise, the program has reportedly succeeded in improving fiscal expenditure performance until the Supreme Court stopped it based on constitutional grounds. While there were official claims that it was effective in spurring growth, no study has been offered to investigate plausible mechanisms leading to expansions in output. This study proposes the use ofa dynamic stochastic general equilibrium (DSGE)model to stochastically simulate and compute simple fiscal multipliers to understand …

Time-Varying Weather Effects On Thai Government Bond Returns, Anya Khanthavit

DLSU Business & Economics Review

This study proposed a state-space model that allows time-varying weather effects on asset returns. It resolves the model misspecification of the unrealistic, fixed effect assumption commonly made by previous weather studies. The model was applied to examine the weather effects on Thai government bond returns from July 2, 2001, to December 30, 2015. Kalman filtering was used in the estimation. The study found that the weather effects were time-varying. They were wandering in the early sample period but disappearing in the later period. The effects were not co-integrated with the market’s inefficiency levels.

Are The Public Subsidies Of Professional Sports Stadiums Worth The Cost Of Building Them?, Spencer Abraham

CMC Senior Theses

The results generated by this research argue that, in the future, communities should take into account crime and other social costs as they analyze the merits of investing in new sports complexes and that a failure to consider these factors could constitute a serious dereliction on the parts of the public officials who are ultimately responsible for new facility investment decision making. Moreover, both this research and previous studies of the economic effects of new sports facilities, strongly indicate that public entities considering funding new facilities do a more in depth independent study of the likely economic consequences of their …

A Survey Of Investing And Retirement Knowledge And Preferences Of Florida Preservice Teachers, Richard Thripp

Electronic Theses and Dissertations

New teachers are facing lower pay and less generous retirement benefits than the prior generation, yet their financial and retirement knowledge, concerns, and preferences have received little attention. To investigate these areas, the author developed a 39-item survey instrument and administered it to 314 preservice teachers in undergraduate teacher education courses at the University of Central Florida, who were primarily female elementary and early childhood education juniors and seniors ages 18–25. Florida public employees are offered an unusual choice between a traditional pension plan and a defined-contribution plan similar to a 401(k) in which they can select their own investments, …

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Are Filipino Smokers More Sensitive To Cigarette Prices Due To The Sin Tax Reform Law?: A Difference-In-Difference Analysis, Myrna S. Austria, Jesson A. Pagaduan

DLSU Business & Economics Review

Employing a two-part estimation model using the Family Income Expenditure Survey before (2009) and after (2015) the tax reform, our study assessed the impact of the Philippine Sin Tax Reform Act (2012) on cigarette consumption and the responsiveness of cigarette consumption to price changes. The results are consistent with existing studies that cigarette consumption is price inelastic. The demand, however, has become less inelastic in the Philippines over the period 2009 to 2015, indicating a more responsive cigarette demand to price increases. Of the total effect of cigarette price increase on demand, the decrease in consumption by smokers (smoking intensity) …

The Role Of Fiscal Policy In A Natural Disaster-Prone Economy, Dickson Lim

DLSU Business & Economics Review

Theoretical work done on the macroeconomic impact of natural disasters has neglected the role of fiscal policy in stabilizing other sectors of the economy. Although inclusion of a public sector with a fiscal authority in macroeconomic models is common in the literature, most of these models assume that government expenditures are unproductive in that they do not accrue to anyone but the government. In reality, for a model that incorporates natural disaster and foreign aid, having a productive fiscal authority that produces public goods and services, as well as infrastructure, is necessary to capture the real effects of foreign aid …

Deep Habits And Taxes: A Simulation Study, Lawrence B. Dacuycuy

DLSU Business & Economics Review

Using a calibrated dynamic model that embeds endogenous fiscal policy tools, this note provides simulation evidence on the effectiveness of tax and fiscal spending policies in determining key macroeconomic outcomes. The model was chosen because newly imposed taxes in the Philippines have affected the prices of consumption varieties and plausibly because of deep habits, the pricing policies of firms have become dynamic. Building upon the seminal model of Ravn, Schmitt-Grohe, and Uribe (2006), this note shows that preference structures do have a key role to play in determining the response of private consumption to endogenous fiscal policy. Results show that …

Can Government Bond Replace Rational Bubbles? The Empirical Investigation On Singapore And Thailand, Athakrit Thepmongkol, Pichet Kaytanyaluk

DLSU Business & Economics Review

This paper aims to test the theoretical policy implication on rational bubbles. Many works, including Caballero and Krishnamurthy (2006), Kocherlakota (2009), and Martin and Ventura (2011), suggested that government bonds can rule out rational bubbles. We constructed our own bubble index using the Fourier transformation technique and, as a result, found the empirical support of the theory in the case of Singapore, but not in the case of Thailand. For the case of Singapore, the credibility in an ability to collect tax and the appropriate yield of government bonds are keys to the effectiveness of such the anti-bubble policy. Moreover, …

How Does Value Relevance Of Accounting Information React To Financial Crisis?, Karl Louis Eugenio, Rhobe Mitch Ailarie Parel, Katrina Marie Reyes, Keith Brian Yu, Cynthia Cudia

DLSU Business & Economics Review

The relevance of financial reports rests on the value relevance of accounting information. Since accounting information is value relevant only when used by investors to reflect stock valuations, it takes trust from the users of financial information over the financial statements. The heightened volatility of markets during periods of financial distress or crisis raises the imperative to determine the value of financial information during these periods. The great recession of 2008 also victimized East Asia, and firm strategies were influenced by resulting economic shocks. In this study, we aim to determine how value relevance of accounting information differ before, during, …

Impact Of Cash Holding On Foreign Institutional Holding In Large Manufacturing Companies In India: An Empirical Study, Souvik Banerjee

DLSU Business & Economics Review

Foreign institutions are playing a major role in a number of emerging market economies these days. In India, their investment acts as one of the cornerstones of market movement. In this research paper, it is explored whether cash holding levels have a bearing on the foreign institutional holding in large manufacturing companies in India. Various factors like size, profitability, growth opportunity, lifecycle, prior dividend payout, leverage,and so forth are controlled. Data is analyzed for a period of 16 years starting from the financial year 2000–01. The analysis is done in the form of panel data. The findings of the empirical …

Anticipating Aging And Prospecting Pension For Retirement Well-Being, Roberto E. Javier Jr., Mitzie Irene Conchada, Melvin Jabar

DLSU Business & Economics Review

Filipino young and middle-aged adults anticipate old age positively as it is a mark of achievement in human life but negatively apprehend living through their old age, given the high incidence of poverty among the elderly in the Philippines. The issues surrounding the insurance system, income security, and social pension in old age were all related to unfavorable views about living through the aging years. In-depth group interviews (IGIs) conducted across cities and municipalities in the countryside generated conceptions about aging and concerns about becoming old in a society with no strong social protection for its graying population. A qualitative …

Assessing The Poverty And Distributional Impact Of Alternative Rice Policies In The Philippines, Caesar B. Cororaton, Krista Danielle S. Yu

DLSU Business & Economics Review

Philippine domestic prices of rice are significantly higher than world prices for similar rice quality. The WTO- approved Philippine rice waiver, which allows the government to continue its quantitative restrictions on rice imports, sustains

the price gap in rice and prolongs the heavy burden on poor consumers who spend a significant amount of their income on rice. The results of rice policy simulations using a CGE model with poverty microsimulation indicate that a tariffication of the quantitative restrictions on rice imports, which maintains the level of protection to the local paddy farmers and the utilization of the generated revenue as …

The Impacts Of Us Macroeconomic Announcements On Thai Bond Markets, Jaturapat Thanaboot

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of US macroeconomic announcements both in terms of announcement day and surprise on Thai bond markets. More specifically, this paper analyses the different impacts of 16 US macroeconomic announcements on Thai bond markets. Using daily total returns on short- and long-term government bonds including investment-grade bond, I find that the overall US macroeconomic announcement days lower subsequent volatility in Thai bond markets while US macroeconomic announcement surprises raise volatility. Furthermore, after separating between types of US macroeconomic announcements, US inflation announcement days seem raise Thai bond market volatility while most of the negative US macroeconomic …

How Does Loan Portfolio Diversification Affect Bank Profitability?, Kornkanok Sittichobtham

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

The Impact Of Single Stock Futures Block Trade Transactions On Underlying’S Volatility And Return : Evidence From Stock Exchange Of Thailand, Chotiwit Jiratananuwong

Chulalongkorn University Theses and Dissertations (Chula ETD)

After the introduction of Single Stock Futures Block trade into the market, the concern of futures trading which is a high leverage product has been being in attention among investors. This paper examines the impact of Block trade trading volume on underlying’s volatility and return by using linear regression model covering 86 stocks from year 2017-2019. For the impact on volatility, this paper use 2 different measurements of volatility to investigate the impact which is Parkinson variance estimator and 30 minutes price historical volatility. The results found a positive relation between Parkinson variance estimator and Block trade trading volume, and …

Equity Term Structure Of Property Funds And Reits In Thailand, Chenchai Chotchuangnava

Chulalongkorn University Theses and Dissertations (Chula ETD)

The equity term structure of property funds and REITs in Thailand is upward-sloping. This result contradicts with various studies suggesting that the term structure of risk premia is decreasing. A tenet of those studies is that, by holding long-term equity, investors are willing to forego a part of the compensation to avoid immediate risks which seems to be reverse for property funds and REITs in Thailand. There is evidence that the correlation between size and return is positive. Unlike U.S. REIT, the momentum factor has no application to explain the difference in excess returns. High turnover property funds and REITs …

The Relation Between Portfolio Turnover And Mutual Fund Performance: Evidence From Thailand, Pailin Yapiangplook

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper examines whether the active management strategy can outperform the market by using turnover ratio as the proxy. Turnover ratio is the percentage of changing fund’s holding in a given year. Therefore, a high turnover ratio can indicate an active management. This paper will focus on an active equity fund in Thailand from 2010 to 2019. The first objective is to examine the effect of the different levels of turnover ratio on fund performance. This objective sorts mutual funds based on their turnover ratio. The findings are the performance of the high-turnover funds are indifferent from the low-turnover funds …

The Effect Of Petroleum And Petrochemical Prices On Abnormal Return And Firm Profitability, Chansiri Pruksaphong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper extends the understanding of an impact of oil prices on stock market and financial performance of oil and gas firms over the past decade. Firstly, this paper investigates the impact of crude oil, petroleum and petrochemical prices on accounting measures of firm performance using a sample of refinery and petrochemical firms in Thailand. Secondly, it examines whether these commodity prices are an essential factors in explaining abnormal returns. The findings show that the price of crude oil and petrochemicals positively and significantly affect firm profitability performance as represented by Gross Integrated Margin (GIM), return on equity (ROE), and …

Bank Of Japan Intervention And Its Impact On Price Efficiency Of Underlying Stocks In Etfs, Kunyarat Ngamboriruk

Chulalongkorn University Theses and Dissertations (Chula ETD)

Price efficiency of stock market is one of classic stories in financial and economics world. This paper aims at quantitatively identify the impact of government intervention in stock market on price efficiency of the stocks rather than testing whether stock market is efficient or not. The government intervention in this paper is the intervention from the Bank of Japan to stimulate Japan’s economy through the purchase of ETFs. First, we test whether price efficiency of the underlying stocks in ETFs are improved or deteriorated as a result of the intervention. The results suggest that in aggregate stocks with high exposure …