Finance and Financial Management Commons^™

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …

India: Yes Bank Moratorium, 2020, Salil Gupta

Journal of Financial Crises

By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …

United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …

Greece: National Bank Holiday, 2015, Stella Schaefer-Brown

Journal of Financial Crises

In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …

Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown

Journal of Financial Crises

The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …

Ecuador: National Bank Holiday, 1999, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …

Argentina: National Bank Holidays, 2001, Owen Heaphy

Journal of Financial Crises

Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …

Survey Of Bank Holidays And Fund Suspensions, Rosalind Z. Wiggins, Owen Heaphy, Anmol Makhija, Stella Schaefer-Brown, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze seven case studies involving bank holidays and two involving mutual fund suspensions produced by the Yale Program on Financial Stability. Our main purpose is to assist policymakers who are considering utilizing a bank holiday in designing the most effective program as efficiently as possible. We find that a bank holiday may be most useful when designing and implementing a comprehensive remedy to an underlying problem distressing banks, particularly when an exogenous shock rather than balance sheet weaknesses is the cause of general distress to the system. A holiday is also useful to “ring-fence” one or …

Argentina: Mutual Fund Suspensions, 2019, Owen Heaphy, Anmol Makhija

Journal of Financial Crises

With Argentina facing a liquidity crisis and collapse in demand for government debt, on Wednesday, August 28, 2019, the country's minister of economy, Hernán Lacunza, announced after markets closed that the government was extending the maturity of USD 7 billion of its short-term public debt securities, among other measures. Lacunza stated that domestic retail investors would not be subject to the terms of the maturity extension and would be paid principal and interest on the affected securities per the original maturity schedule. This announcement caused confusion about the treatment of individual investors who held the affected securities indirectly through mutual …

When Spotlights Fade: Local Newspaper Closures And Financial Advisor Misconduct, Zhi Li, Qiyuan Peng, Rui-Zhong (R.Z.) Zhang

Business Faculty Articles and Research

Using individual records of about 950,000 financial advisors, we find that the probability and intensity of financial advisor misconduct significantly increase after local newspaper closures. The impact is more pronounced in counties with a higher proportion of seniors, minorities, and individuals with lower education levels. Male advisors are more likely to commit misconduct following newspaper closures than female advisors. The sensitivity of advisors’ job turnover to misconduct decreases after closures, suggesting a lower cost of committing misconduct. Our evidence indicates that local newspapers play a distinct role in mitigating financial advisor misconduct, as media exposure raises the costs of misbehavior.

Accounting For Heritage Assets In Government Finance Statistics Manual (Gfsm), Alaa Ababneh, Ahmad Ababne

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

The preservation and management of heritage assets is critical for preserving a country's cultural identity and promoting tourism. However, guidance on how to account for heritage assets in government financial statements is lacking. In response to this need, the United Nations Statistical Commission has developed the Government Finance Statistics Manual (GFSM) to provide guidelines on the accounting treatment of heritage assets. This paper set the GFSM’s guidelines for accounting for heritage assets and provided a critical analysis of their applicability and effectiveness, as well as highlighting the challenges and limitations of heritage asset accounting. The methodology involved a literature review …

The Joint Effect Of Esg Practices And Financial Development On The Financial Performance Of Asian Companies, Ali Yehia Fouda

Theses and Dissertations

This study examines the relationship between Environmental, Social, and Governance (ESG) practices, financial development, and financial performance in the Asian markets. This research uses econometric models to analyze two key aspects of financial performance: Return on Assets (ROA), and Tobin’s Q. The results show that there is a negative relationship between ESG practices and financial success, highlighting the financial burden imposed by sustainability initiatives. Machine learning model (XGBoost) has been used to check the robustness of the regression model. Some Commonalities and other differences have been recognized. Yet, the regression model results have been relied upon. Financial development serves as …

Research On Credit Card Transaction Risk Prediction Model Based On Multi-Source Data Fusion And Its Application, Ziang Qi

Harrisburg University Other Works

In this paper, the credit card risk control and early warning model is constructed to predict and control the credit card risk by fusing multi-source data through data mining technology. After analyzing the theoretical application of XGBoost algorithm on credit card transaction risk, its model parameters are optimized by particle swarm algorithm to construct PSO-XGBoost credit card transaction risk prediction model. The credit card transaction risk prediction performance of the PSO-XGBoost model is verified and applied to the abnormal transaction risk assessment of Bank A. The AUC value, accuracy, F1 value, precision rate, and recall rate of the PSO-XGBoost model …

Startup Accelerator Returns: J Curve Or L Curve? A Comparative Performance Analysis Between A Venture Accelerator And Early-Stage Venture Capital, Aleš Pustovrh

Economic and Business Review

This document analyses the profitability of investments in venture accelerators compared to early-stage venture capital funds. Using a case study of a single fund manager operating both investment types, it tracks the Total Value to Paid-In (TVPI) ratio over 6 years. The early-stage venture capital investments showed a positive trend, exceeding a TVPI of 1, indicating profitability driven by company survival rates, external funding attraction, and growth. Conversely, the accelerator investments underperformed, with a TVPI consistently below 1, suggesting a loss for investors. This raises questions about the long-term viability of the accelerator model, potentially resulting in an L curve …

Fixed Income Mathematics, Kenneth S. Bigel

Open Touro Created

2025

Bond Math is at the center of the functioning of the bond markets, yet this critical sub-finance discipline is usually not accessible to the typical investor. This is an approachable study of the mathematical theories underlying Fixed Income instruments. It is not a study of bonds per se or the bond markets. The text commences with a basic review of the time value of money, i.e., the theory of compound interest. It then proceeds to discuss how bond prices and yields are determined. Next, it covers the relationships between bond prices and general movements of interest rates in the …

Resilience Of Women Entrepreneurs In Mindanao And The Impact Of Access To Finance And Digital Technologies, World Bank, Ateneo Center For Social Entrepreneurship, Social Enterprise Development Partnerships Inc.

Ateneo Center for Social Entrepreneurship (ACSEnt)

Executive Summary

This report examines the resilience of women nano- entrepreneurs in Mindanao and explores the impact of access to finance and digital technologies on their business sustainability. Utilizing data from the Social Enterprise Development Partnerships Inc. (SEDPI) and focus group discussions (FGDs), the study identifies key challenges and coping mechanisms employed by women-led nano- enterprises. The findings provide actionable insights for policymakers and microfinance institutions (MFIs) to design targeted interventions that strengthen the sustainability of these enterprises, particularly in the face of economic and environmental shocks. Women-led nano-enterprises in Mindanao typically operate informally, with assets ranging from PhP3,000 to …

Fixed Income Fund Report, June 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Equity Fund Monthly Report, June 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Beautiful Means For Nefarious Ends, Eric Wahoff

Notre Dame Journal of International & Comparative Law

This note will attempt to address the laws of art dealers and banks in a way that draws parallels with the past struggles of banks and today’s struggle in the art world to keep bad actors out. It will begin with surveying how art is currently used as a tool of criminals and the current regulatory regimes in the EU, New York, and California – the states with the most art brokers.Then the note will analyze relevant laws from the US banking industry. Finally, the note will discuss ways that banking laws that have been used to address money -laundering …

Building Open Finance, Douglas W. Arner, Ross P. Buckley, Christine M. Wang, Dirk A. Zetzsche

Notre Dame Journal of International & Comparative Law

As one of the most digitalized sectors of the economy, finance is increasingly dependent on data. Over the past decade, the implementation of Open Banking and Open Finance in an increasing number of major jurisdictions around the world, including the European Union (EU), the United Kingdom (UK), Australia, Brazil, and the United Arab Emirates (UAE), seeks to break down data silos, empower consumers, and increase competition among financial service providers, aiming to maximize the value of financial data for innovation, growth, and competitiveness. In addition to mandatory requirements, other governance approaches to Open Finance, including collaborative arrangements and voluntary initiatives, …

The Gender Effects Of Covid: Evidence From Equity Analysts, Frank Weikai Li, Baolian Wang

Research Collection Lee Kong Chian School Of Business

We use COVID-19 and sell-side analysts as an experiment to study the effects of gender on labor productivity. We find that the forecast accuracy of female analysts declined more than that of male analysts, especially when schools were closed and among analysts who were more likely to have young children, were inexperienced, were busier, or lived in southern states of the US. Relative to male analysts, females also reduced their forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency. Relative to pre pandemic, female analysts’ careers were more negatively affected than male analysts’. …

Unlocking Private Equity Investing: A Primer, Yin Wang, Steve Balaban

Asian Management Insights

Private equity might provide higher returns, but investors should be aware of the associated risks.

Bogging Down Investors: An Unintended Consequence Of Litigation Risk, Siwen Fu, Ke Wang, Liandong Zhang, Liu Zheng

Research Collection School Of Accountancy

Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court's jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial reports generally declines over the sample period, treated firms in the Ninth Circuit experience a comparatively smaller decline in readability than control firms in other states after the ruling. Put differently, treated …

Institutional Dual-Holders And Corporate Disclosures: A Natural Experiment, Lin Cheng, Qiang Cheng, Liwei Weng, Mark Yuzhi Yan

Research Collection School Of Accountancy

This study examines the impact of the presence of institutional dual-holders, whose portfolios hold both loans and equity securities of the same firms, on those firms' voluntary disclosures. Using mergers between institutional shareholders and lenders to the same firms as exogenous shocks to identify firms with institutional dual-holders that have high relative equity ownership, we document that such firms are less likely to provide management forecasts and disclose fewer voluntary 8-K items. In cross-sectional analyses, we find that the reduction in voluntary disclosures is more pronounced when institutional dual-holders have higher board representation and when firms have lower litigation risk. …

Exploring How The High Or Low Of Firm Transparency And Speed Of Adjustment In Its Capital Structure Relates To The Implied Cost Of Capital Of A Firm, Yung Chee Leong

Dissertations and Theses Collection (Open Access)

This dissertation tackles a core challenge in corporate finance — how firms can optimise both their capital structure decisions and the way those decisions are communicated to investors. It shows that while financial responsiveness (SOA) and transparency each help lower a firm’s implied cost of capital (ICC), the most meaningful reduction occurs when both are present and working together. For CFOs, the research offers a practical way to connect capital structure planning with communication strategy to improve market understanding and reduce financing costs. For investors and analysts, it introduces the idea of a transparency–SOA alignment measure to better assess firm …

Essays On Empirical Asset Pricing, Ruxue Gong

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on behavioral finance, arbitrage activities, cryptocurrencies and ETFs. The first chapter examines the existence and trading behavior of triangular arbitrageurs in cryptocurrency markets. Using a novel account-level orderbook dataset from an Indian cryptocurrency exchange, we document persistent price deviations between USD- and INRquoted token pairs, and use the triangular arbitrage opportunities to identify arbitrageurs and noise traders. Our results show that arbitrageurs significantly outperform noise traders on their holding-based returns, after adjusting for market returns and trading fees. However, arbitrageurs are not immune to behavioral biases when making trading decisions. Using a composite behavioral …

Adaptive Volatility Forecasting Models, Jeffrey K. Tan

Master's Theses

In finance, risk is often quantified by volatility, and computing accurate volatility forecasts — while vital to financial decision making — remains one of the most challenging tasks in financial modeling. This thesis, motivated in part by the Black-Scholes-Merton Model and its limitations, adopts a statistical approach to volatility forecasting. The two main models of interest are the Exponential Weighted Moving Average (EWMA) model and the GARCH(1,1) model. Specifically, this work expands upon a potential adaptive lambda algorithm for EWMA models first proposed by Bernard Bollen (2014), and this work also utilizes the Momentum of Predictability (MoP) to generate adaptive …

On Sgx’S Voyage To Corporate Sustainability: Exploring Emerging Topics In Multi-Industry Corpora, Xinwen Ni, Min Bin Lin, Simon J.D. Schillebeeckx, Wolfgang Karl Hardle

Research Collection Lee Kong Chian School Of Business

Topic modeling and LDA (Latent Dirichlet Allocation) have proven valuable in various fields as an innovative approach to studying areas of interest and identifying topics in a dynamic content. The underlying assumption is that techniques like LDA can swiftly capture emerging topics in textual documents compared to other categorization tools. These unsupervised approaches have been used to identify new industries and technological domains. However, our study on the nascent topic of “sustainability” within the corpora of SGX-listed companies highlights clear limitations in employing techniques like LDA on sparse data. The dynamic LDA approach, also called DTM (Dynamic Topic Modelling),based on …

How Do Institutional Investors Facilitate Reporting Comparability? Evidence From Common Institutional Ownership In The United States, Xuanbo Li, Yun Lou, Rencheng Wang, Kaitang Zhou

Research Collection School Of Accountancy

We examine how common institutional investors (CIIs) facilitate the financial reporting comparability (FRC) of US firms. Common ownership increases FRC of firms that are directly owned by CIIs (via a direct effect) and has positive spillover effects on other firms in the same industry. We find spillover effects in two types of firms: (1) those that are commonly owned by different institutional investors but are connected through common firms, and (2) those that do not have any common ownership. These results suggest that the effect of common ownership goes beyond commonly owned firms and extends to non-commonly owned firms. Furthermore, …

Capacity Investment In The Presence Of Correlated Demand And Production Resource Uncertainties And Its Implications For Financial Hedging, Onur Boyabatli, Guiyun Feng

Research Collection Lee Kong Chian School Of Business

In manufacturing firms, besides demand uncertainty, capacity investment decisions may also be subject to uncertainty in the availability of a production resource (e.g., budget or commodity component) which may become constraining for manufacturing. When the production resource uncertainty is tied to a financial index (e.g., asset or commodity price), the firm can enter into financial hedging contracts at the time of capacity investment to engineer this uncertainty. Our paper characterizes the optimal capacity investment and hedging decisions and examines how production resource uncertainty impacts the firm’s decisions, profitability, and the value of hedging. We identify three key drivers of these …