Finance and Financial Management Commons^™

How Could National Natural Science Foundation Of China Better Guide Diversified Investment In Basic Research?, Zhengfeng Li, Chenxiao Wu, Lu Huang, Wei Xue

Bulletin of Chinese Academy of Sciences (Chinese Version)

It is one of the key tasks of science and technology in China to adjust the investment structure of basic research funds and accelerate the construction of multiple investment pattern. The National Natural Science Foundation of China (NSFC) plays an important role in leveraging diversified investment in basic research. At present, the joint funds are the main way for NSFC to guide diversified investment in basic research in China. It is a successful exploration for NSFC to meet national needs, guide diversified investment, promote resource sharing and multilateral cooperation. Nevertheless, on the one hand, the cooperation of the joint funds …

Scientific Data Management From Perspective Of Scientific Funding Agencies, Qiuhong Zhao, Yuanrui Li, Xiuquan Deng, Chu Zhang, Baofeng Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

With the development of technologies such as the acquisition, storage, analysis, and processing of scientific data, scientific research and innovation are gradually moving towards the era of big data, which takes scientific data as the basic scientific and technological resources. Moreover, the data-driven research paradigm has been widely used in the practical work of various disciplines, and the value of scientific data has increased to a prominent position of scientific research and innovation. As a result, the scientific data management responsibilities of research funding agencies are becoming increasingly important. Therefore, based on the analysis of the driving factors of the …

Strategic Positioning Of National Natural Science Foundation Of China Within National Innovation System In New Era, Jianping Cheng, Li Chen, Yonghe Zheng, Jian Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

As the main channel to support basic research, the National Natural Science Foundation of China (refered as science funds hereafter) plays a leading role in the national innovation system. During the 14th Five-Year Plan period, it is urgent to deepen the understanding of the strategic positioning of science funds in the national innovation system to optimize the national innovation system and accelerate the construction of China's strength in science and technology. This paper reviews the development process of China's national innovation system and the evolution of funding orientation of science funds, analyzes the characteristics of the national innovation system in …

Thoughts On Optimizing Peer Review Mechanism Of Science Foundation, Guang Chen, Kaihua Chen, Xu Gong, Yi Yuan, Xin Fang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Peer review is the self-regulating mechanism of the scientific community and the core link of scientific quality control. The core operating mechanism of National Natural Science Foundation of China (NSFC) is peer review, which is an important guarantee for the selection of high-quality projects. In order to promote the scientificity, objectivity, and impartiality of peer review, and steadily advance the reform and development of NSFC in the new era, this study analyzes the challenges of the current peer review mechanism of science foundation based on the review of the development of the peer review mechanism, and its advantages and disadvantages. …

Optimization Of Funding Policies Of Science Foundation Of China For High-Quality Development Of Basic Research, Shouyang Wang, Rui Tao, Jue Wang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Nowadays, with the vigorous rise of a new round of scientific and technological revolution around the world, emerging disciplines continue to spring up, science and technology develop rapidly and show the characteristics of intersection and fusion. Meanwhile, complex models appear in the field of scientific research, and talents play an increasingly prominent role in the process of scientific and technological innovation. In this context, National Natural Science Foundation of China (NSFC) is facing a new development opportunity and challenge. It is increasingly significant for how to optimize funding policies, strengthen basic research, enhance talent support for basic research, and build …

Understanding Real Estate Market Dynamics: The Covid-19 Effect, Faith Winslow

Honors Projects in Finance

The covid-19 pandemic has led to significant shifts in consumer trends, including in the real estate market. Through multivariable regression, this study investigates how covid-19 has impacted the demand as well as pricing for houses in the United States. The findings contribute to the literature in a few major ways. First, they provide a current look at the impact of covid-19 on the housing market by analyzing monthly, state-level data from before and during the pandemic. Secondly, they provide clarity and supplement journals and research currently in the works. This is the first national study that looks at the effect …

Lessons Learned: Richard “Jake” Siewert, Mercedes Cardona

Journal of Financial Crises

Siewert served as counselor to US Treasury Secretary Timothy Geithner from 2009 to 2011 during the Global Financial Crisis of 2007–09 (GFC). He had previously served in the Clinton administration, including as a special assistant to the president for economic affairs, at the National Economic Council, and as deputy White House press secretary. He also handled the press secretary duties from September 30, 2000, to January 20, 2001. This “Lessons Learned” is based on an interview with Mr. Siewert.

Lessons Learned: Lewis "Lee" Sachs, Yasemin Esmen

Journal of Financial Crises

Lewis “Lee” Sachs was counselor to Treasury Secretary Timothy F. Geithner and head of the Obama administration’s Financial Crisis Response Team in the US Department of the Treasury. Mr. Sachs led the development and coordination of the Obama administration’s Financial Stability Plan to stabilize the financial system during the Global Financial Crisis of 2007–09 (GFC). He was tasked with continued coordination with the outgoing Bush administration, as well as putting together a team to develop further restructuring plans and oversee their execution. This “Lessons Learned” is based on an interview with Mr. Sachs.

Lessons Learned: William Nelson, Sandra Ward

Journal of Financial Crises

William Nelson was deputy director, Division of Monetary Affairs, at the Federal Reserve Board during the Global Financial Crisis of 2007–09 (GFC). As the nation’s central bank, chief financial regulator, and lender of last resort, the Federal Reserve Board took the lead in setting monetary policy and stabilizing the financial system during the crisis.

Nelson’s responsibilities at the Fed during the crisis included analysis of monetary policy and discount window policy as well as financial institution supervision, and he regularly briefed the board and the Federal Open Market Committee. He developed special expertise in designing liquidity facilities and was a …

Lessons Learned: Timothy Massad, Yasemin Esmen

Journal of Financial Crises

Timothy Massad was assistant secretary for financial stability at the US Department of the Treasury between 2009 and 2014. He oversaw the $700 billion Troubled Assets Relief Program (TARP), which was passed by Congress in October 2008 to enable the Treasury to buy assets of and invest in banks and companies to stem the financial crisis. Massad was involved in the implementation of TARP as well as its winding down; it ultimately invested $439 billion. This “Lessons Learned” is based on a phone interview with Mr. Massad.

Lessons Learned: Jason Furman, Mercedes Cardona

Journal of Financial Crises

Jason Furman was a top economic adviser to the successful presidential campaign of Barack Obama in 2008. He played a key role in most of President Obama’s major economic policies during and in the aftermath of the Global Financial Crisis of 2007–09. Furman, who had served at both the Council of Economic Advisers and National Economic Council during the Clinton administration, served as Chairman of the Council of Economic Advisers from August 2013 to January 2017, acting as President Obama’s chief economist and a member of the cabinet. He is currently Professor of the Practice of Economic Policy at the …

The Effect Of A Financial Crisis On Household Finances: A Case Study Of Iceland’S Financial Crisis, Axel Hall, Andri S. Scheving, Gylfi Zoega

Journal of Financial Crises

Iceland experienced a financial crisis in 2008–2009 when its banking system collapsed, the currency lost half its value, most businesses became technically insolvent, house prices fell, and household debt increased due to indexation to foreign currencies or the price level. This paper tells the story of the crisis and maps the losses to households using a dataset from tax returns that includes all taxpayers in the country and contains the value of housing, mortgage debt, disposable income, and net worth. For relative losses in net worth, the results show that families with children, especially those with parents aged between 24 …

Guía Para Recortar Gastos, Melanie Jewkes, Amanda Christensen, Alicia Nelson-Bell

All Current Publications

Este folleto te ayudará a planificar estrategias para hacer pequeños (o grandes) ajustes en tus gastos, liberando fondos para alcanzar tus metas. Se abordan temas como cómo aumentar el ahorro y consejos para cubrir gastos de alimentación, médicos, servicios públicos, entretenimiento, ropa, transporte, hogar, vacaciones y otros.

Staying One Step Ahead Of The Growing Electric Vehicle Market, Russell Molter

Honors Projects

Electric vehicles are becoming more popular among drivers as they become more affordable and as people become more aware of the benefits of electric vehicles. Because of this, the demand for electric car chargers is quickly increasing across the country. This includes BGSU’s campus. Right now, there are seven chargers available on campus, but with the trends in how the electric vehicle market is growing, BGSU should create a plan to install many more chargers to meet the increasing demand for charging stations. This strategy will allow BGSU to keep up with the growing electric vehicle market, which will additionally …

Navigating The Impact Of Covid-19 On Small Commercial Businesses And Insurance Companies, And A Call To Action For Future Communicable Disease Outbreaks, Natalie Peña

Honors Program Theses and Research Projects

The short-term and long-term effects of Covid-19 have caused many small commercial businesses to face financial hardships, loss of employees, and even closures for entities that were already experiencing low profit margins. Distraught with their businesses suffering, owners turned to their primary insurance companies to receive compensation through their business interruption policies. However, most insureds were upset when they discovered that their insurance plans did not include communicable diseases and pandemics as a covered peril. This led to many small businesses battling these issues in the courts and fighting for insurance companies to provide financial assistance to them during this …

Effects Of Commodity Prices On Stock Returns In The Firearm Industry, Lance Siler

Honors Program Theses and Research Projects

A modified version of the CAPM (Capital Asset Pricing Model) is used to evaluate the potential relationship between commodity inputs and the stock returns of public firearm companies. The data analysis involved using the model to develop expected returns for each of the companies’ stock and then a regression was run between the returns provided by the model and historical returns. The p-values for each regression are statistically significant. This indicates that there is some sort of connection between metal commodity returns and stock returns.

How Information Technology Investment Influences Firm Financial Vulnerability, Andrew S. Miller

Theses and Dissertations

Information technology (IT) investments have increased over the last half-century without clear justification in academic or practice-based literatures. One area that has not been adequately addressed in the past literature is the role of IT investments in mitigating firm financial vulnerability. This dissertation specifically attempts to understand the marginal effects of IT investments on financial vulnerability as defined by firm risk and R&D depreciation. Two research questions are pursued to help explain the role IT investments play in firm financial vulnerability: 1) What is the relationship between IT investments and R&D depreciation? and 2) What is the relationship between IT …

Gospel Impact And Stewardship Tool (Gist): Visual Mapping To Discover Gospel Imperatives For Strategic Ministry Decisions, Martin Edward Lee

Doctor of Ministry Major Applied Project

Lee, Martin Edward “Gospel Impact and Stewardship Tool: Visual Mapping to Discover Gospel Imperatives for Strategic Ministry Decisions.” Doctor of Ministry. Major Applied Project, Concordia Seminary, 2021. 260 pp.

This research project and the resulting Gospel Impact and Stewardship Tool (“GIST”) addresses congregational stewardship deficits from a systems perspective, with a shared-stewardship imperative for all leaders and members of a congregation, instead of focusing stewardship on the individual. The GIST Ministry Map provides a visual picture of how individual ministries are interconnected. This project illustrates how a learning environment, and the GIST visual ministry mapping process, help improve strategic decision-making …

Kalman Filter Vs Alternative Modeling Techniques And Applied Investment Strategies, Heather E. Dempsey

Doctoral Dissertations (DBA)

This thesis examines the efficacy of alternative modeling techniques to predict stock market returns modeled with time-varying coefficients with the goal of developing and implementing a trading strategy that yields excess returns. First, we determine the modeling technique with the smallest forecast error using historical predictors: the differenced dividend-price ratio, lagged S&P 500 returns, and the change in implied volatility. The candidate modeling techniques include both constant and recursive ordinary least squares (OLS) regression methods and diverges from previous return forecast literature with the comparison of a state-space model (SSM) cast as a VAR(1) process to each OLS technique. The …

Application Of Optimization Techniques In Corporate Cash Management, Venkateswara Reddy Dondeti

Theses and Dissertations in Business Administration

For any individual person or firm, there is a trade-off between carrying too much or too little cash on hand to meet the day-to-day transactions demand for cash. The BAT model, named after three eminent economists, Baumol, Allais, and Tobin, is the foundation for almost all cash management models in use today. The goal of the BAT model is to minimize the total costs involving the brokerage fees and the opportunity cost of interest lost on the cash held on hand. The brokerage fees are incurred in connection with the transactions for liquidating securities and converting them into cash. The …

Media As Other Information For Fundamental Valuation, Jiajia Fu, Jingran Zhao

School of Accountancy Faculty Publications

The media is an important information intermediary. We investigate the informational role of the media by examining whether media content, measured by the sentiment of news articles, contains information about a firm’s fundamental value beyond that conveyed in earnings, book value, and analyst forecasts. We show that incorporating media content into Ohlson’s (1995) residual income model generally improves its ability to predict future residual income, explain current stock prices, and predict future stock prices. Our results are strengthened when media coverage is higher and when media sentiment is more dispersed

A Reexamination Of The Illiquidity Premium In Cryptocurrencies, Wyatt Fitz

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In this study, I examine the illiquidity premium amongst the 372 most actively traded cryptocurrencies from September 2014 to May 2021. I find that the average returns on the most illiquid cryptocurrencies are larger than those on the most liquid cryptocurrencies. My results are robust to different weighting mechanisms for the market index and to various asset pricing model specifications. These results suggest that an investor might be able to go long a portfolio of illiquid cryptocurrencies while simultaneously shorting a portfolio of liquid cryptocurrencies to effectively generate a positive risk-adjusted return.

Financial Literacy And Behavior In Credit Unions: An Exploration Of Member Financial Literacy And Financial Behavior In The Credit Union Model, Peter R. Fisher

Doctor of Business Administration (DBA)

Financial literacy is economically essential and plays a critical role in an individual’s overall financial capability, yet financial literacy is declining. Financial knowledge has been linked to financial behavior, with financially literate individuals displaying positive financial behaviors while those with lower financial knowledge exhibit poor financial behavior. Credit unions are member-owned financial cooperatives whose purpose is to support their membership’s social and economic goals. Credit unions are well-positioned to deliver financial literacy to members (McKillop & Wilson, 2015). This study examined financial literacy and behavior among credit union members and compared the financial literacy of credit union members with results …

The Volatility Implications Of The Chinese Cryptocurrency Ban, Keaton Manwaring

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In this paper, I examine the effect of the May 18^th, 2021 Chinese ban of cryptocurrency transactions on the overall volatility of the cryptocurrency market. To do this, I analyze, in both univariate and multivariate settings, range-based volatility in various event windows surrounding the event. I find clear economic and statistical change in volatility in the five days after the ban. In the ten-day period after the ban, there is a moderate economic change in volatility. In the forty-day period after the ban, there is little economic change in volatility. I conclude that the Chinese ban had a …

Essays On The Economic Consequences Of Regulatory Monitoring, Yicheng Zhu

Open Access Theses & Dissertations

This dissertation studies the economic consequences of regulatory monitoring in two chapters. In the first chapter, using hand-collected data on Financial Industry Regulatory Authority (FINRA) violations, I examine how enforcement actions on financial institutions affect their investment bankersâ?? role as mergers and acquisitions (M&A) advisors. I document that FINRA violations in the current year lead to a loss of M&A market share in the following year. I further find that client performance improves in future M&A deals advised by the sanctioned banks. Specifically, I document that future bidder (client) cumulative abnormal returns (CARs) are positively related to both the number …

Algorithmic Trading And Market Quality: International Evidence, Ekkehart Boehmer, Kingsley Fong, Juan (Julie) Wu

Department of Finance: Faculty Publications

We study the effect of algorithmic trading (AT) on market quality between 2001 and 2011 in 42 equity markets around the world. We use exchange co-location service that increases AT as an exogenous instrument to draw causal inferences of AT on market quality. On average, AT improves liquidity and informational efficiency but increases short-term volatility. Importantly, AT also lowers execution shortfalls for buy-side institutional investors. Our results are surprisingly consistent across markets and thus across a wide range of AT environments. We further document that the beneficial effect of AT is stronger in large stocks than in small stocks.

Economic Significance In Corporate Finance, Todd Mitton

Faculty Publications

Reporting the economic significance of findings in corporate finance has become increasingly common, but a review of the literature reveals shortcomings in typical reporting practices. Researchers can more effectively communicate the practical importance of findings by using standard measures of economic significance that are scaled by the standard deviation of the dependent variable, by providing all statistics necessary to calculate economic significance, and by providing benchmarks by which to evaluate the magnitude of economic significance. To support these objectives, I show why measures scaled by the standard deviation are preferable, and I provide benchmarks based on hundreds of established findings …

Tightening And Loosening Of Macroprudential Policy, Its Effects On Credit Growth And Implications For The Covid-19 Crisis, Aida Ćehajić, Marko Košak

Economic and Business Review

In this study, we analyze the effects of macroprudential measures on bank lending in the European Union. We develop several dedicated macroprudential policy indices reflecting different policy actions taken by the authorities in individual member countries, with the aim to affect credit activity in national banking sectors. In our empirical model, we measure responsiveness of gross loans in banks to selected macroprudential policy indices, taking into account a set of bank level and macroeconomic control variables. We use the Fitch Connect bank level dataset with financial statements for 3,434 European banks with 18,616 observations and macroeconomic data provided by the …

Cross-Cryptocurrency Return Predictability, Li Guo, Bo Sang, Jun Tu, Yu Wang

Research Collection Lee Kong Chian School Of Business

Using the minute-frequency data on Binance, we find strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant predictors of focal cryptocurrencies up to ten minutes, in line with slow information diffusion. The results are robust across various methods, including the adaptive LASSO and principal component analysis. Furthermore, a long-short portfolio formed on the past returns of cryptocurrencies can generate a daily return of 2.16% out-of-sample after accounting for transaction costs, indicating sizable economic value of cross-cryptocurrency return predictability.

Harnessing Digitalization For Sustainable Economic Development: Insights For Asia, John Beirne, David Fernandez

Research Collection Lee Kong Chian School Of Business

Digitalization has helped to transform economies by enhancing competitiveness and productivity across a wide range of sectors. The use of big data and the rise of online platforms have accelerated this process over the past decade. In addition, the adoption of digital solutions in the face of social distancing and lockdown measures introduced due to the coronavirus disease 2019 (COVID-19) pandemic has been integral to the economic recovery process. The shift to a digitalized economy has also reduced barriers to market entry for firms, lowered inequality, and led to a promotion of social and economic inclusion. Advances in digital technology …