Social and Behavioral Sciences Commons^™

Payments As A Tool For Policy, Aaron Klein

Brookings Scholar Lecture Series

What are the implications of using payment systems to enforce foreign policy (against Russia, Iran, Cuba, etc...) and domestic policy (on-line poker, cannabis, etc..)? What are the long-term ramifications for the United States, with its dominant status as a global financial system and home to the world reserve currency, using payment systems to achieve its political objectives? In this lecture, Brookings Institution scholar and former deputy assistant secretary for economic policy at the Department of Treasury, Aaron Klein discusses the pros, cons, and intended and unintended consequences of our current system. He proposes a path forward to maximize economic growth …

The Philippine Economy During The Japanese Occupation, Jasper Lem

Asian Studies: Student Scholarship & Creative Works

The economy of the Philippines was derailed by the Japanese occupation during World War II. As an American colony before World War II, the Philippines had close amicable ties with the United States highlighted by promises of independence on July 4th, 1946. The Philippines also maintained a beneficial economic relationship with the States at this time through extensive foreign trade. However, because of the Japanese invasion, the Philippine economy was robbed of this profitable foreign trade and the promise of independence, severely crippling the island nation and her morale. The first policies implemented by Japan were designed to control the …

Principles Of Financial Management Chapter 1 - 4, Dorina Tila

Open Educational Resources

This work includes a teaching material that could be the embryonic stage of a textbook for a Principles of Financial Management course.

Principles of Financial Management is a course that introduces you to key financial concepts and the application of financial analysis in making sound business decisions. Topics covered are time value of money, risk and rates of return, asset valuation, capital budgeting, and capital structure, and more. At the end of the course, you will gain an understanding of financial assets, financial markets, financial intermediaries, and the banking system. You will also be able to understand financial statements (i.e., …

Are Markets Interested In Adapting To Climate? Insights From Singapore, Stella Whittaker, Tran Bao Phuong Nguyen

Sim Kee Boon Institute for Financial Economics

We have collected the views of leading practitioners and academics in Singapore involved in funding and financing urban climate change adaptation1 (thereon referred to as urban adaptation). Throughout this paper we discuss several vital perspectives on adaptation financing, namely responsibility for adaptation investment, the extent of government adaptation investment, private sector adaptation investment appetite and prospects for experimentation in adaptation financing. We also attempt to shed light on the existence or not of an adaptation financing gap2 in Singapore.

Ownership Of Esg Characteristics, Mark E. Bateman, Lisa R. Goldberg

School of Public Service Faculty Publications

A portfolio can be viewed as the collection of the businesses, policies and practices of constituent companies. We measure investors' Ownership of this collection. Ownership metrics aggregate an assortment of company specific Environmental, Social and Governance (ESG) characteristics to the portfolio level, and they can inform investment and engagement decisions. Relative to a benchmark, investor Ownership is active and satisfies a zero-sum property, which underscores the distinction between Ownership and impact. Ownership of ESG characteristics may be interpreted as ascribing ethical responsibility, but that conclusion and any decisions that result from it belong to the investor.

Essays On Monetary Policy And International Macroeconomics, Elisa Vilorio Medina

FIU Electronic Theses and Dissertations

An understanding how external shocks affect macroeconomic variables is important

for policy implications and sound recommendations. My dissertation analyzes the

impact of exogenous shocks on inflation, exchange rate, and monetary policy in

advanced economies and emerging market economies.

The second chapter explores the extent to which the exogenous shock of the

shale oil revolution explains the missing-puzzle inflation—sluggish price inflation

in the U.S and below the Federal Reserve’s two percent inflation target following

the expansion after the Great Recession. Using a novel identification framework,

I disentangle the shocks by imposing a combination of dynamic sign restrictions,

block exogeneity, and short-run …

The Impact Of Student Debt On Career Choices Among Doctor Of Public Health Graduates In The United States: A Descriptive Analysis, Chulwoo Park, Eric Coles

Faculty Research, Scholarly, and Creative Activity

(1) Background: As gaps in the public health workforce grow in the wake of the COVID-19 pandemic, graduates of the schools of public health, especially Doctors of Public Health (DrPH), are poised to offer relief. While there are some known recruitment issues, student debt and debt impact on career choices are understudied. (2) Methods: In the present study, we perform a descriptive analysis of the potential impact of student debt on career choices among DrPH students and alumni in the United States using a cross-sectional national online survey. A total of 203 participants (66: alumni and 137: current students) completed …

Testing The Relationship Between Confidence And Effort: A Behavioral Finance Perspective On The Problem Of Financial Literacy, Louie Bernard A. Jacob, Miguel Angelo S. Rabago, Hans Erickson A. Tan, Lawrence B. Dacuycuy, Gerardo L. Largoza, Maria Fe Carmen L. Dabbay

Angelo King Institute for Economic and Business Studies (AKI)

This experimental study tested the relationship between confidence and effort with the ultimate objective of discovering how these factors may influence financial literacy. This was done through a modified version of a slider test and ball allocation task. The population consisted of 85 random participants who were primarily approached through social media. A simple OLS regression, along with robustness checks, namely the Tobit model and instrumental variable (IV) regression model using Tobit estimators, were utilized to confirm the causal relationship between confidence and effort.

Canadian Banks And Imperialism In The English-Speaking Caribbean, Tamanisha J. John

FIU Electronic Theses and Dissertations

Canadian banks have been important components of an imperialist system since at least the 19^th century. However, their long and rich history of operating as purely exploitative entities in the English-speaking Caribbean region is often overlooked— leading to many incomplete and conflicting narratives about Canada’s role within the global system. I argue that Canada is an imperial actor that exerts agency in supporting a Canadian banking oligopoly both within Canada and in the English-speaking Caribbean. Insufficient attention is given to these Canadian banks, especially considering the power they have wielded in the Caribbean over the centuries. By analyzing the …

Enslaved Financing Of Southern Industry: The Nesbitt Manufacturing Company Of South Carolina, 1836–1850, Sharon Ann Murphy

Economics Faculty Publications

Incorporated on the eve of the Panic of 1837, the Nesbitt Manufacturing Company of South Carolina owned and hired enslaved individuals to labor in their ironworks, but they also leveraged the market value of this enslaved property by exchanging them for shares of company stock and offering them as collateral in loan contracts. These slaveholders actively experimented with increasingly sophisticated financial tools and institutions in order to facilitate investment, market exchange, and profit maximization within the system of enslavement. Although historians have examined the role of enslaved labor in industrial concerns, they have largely ignored their role in the financing …

Market Efficiency: Its Economic And Theological Implications, Fan Fei

Faculty Tenure Papers

In finance, market efficiency, or equivalently, the Efficient Market Hypothesis, assumes that the market can transmit information completely, instantly, and freely so that asset prices reflect the fair value of the investment. An efficient market would imply that the prices were always right and that no group of investors should be able to consistently beat the market. In this article, I review the evolution of modern finance and the evidence for and against the Efficient Market Hypothesis. Decades of empirical research and historical events, such as dot-com bubble and the 2007-2008 Global Financial Crisis, resulted in a paradigm shift and …

Stock Market Correlations To Economic Indicators, Anthony K. Quandt

Honors Theses

For this project, I researched how representative the S&P 500 (a common index of choice to represent the market) is of the economic well-being of the US. I found that stock market data can be used an as indicator of the economic well-being of the U.S.. The results do not indicate that the stock market leads to recovery, but it does suggest that it is correlated with recovery. In my analysis, I compared the S&P 500 performance to four different economic indicators: Real Gross Domestic Product (GDP), The Consumer Price Index (CPI), Average Weekly Private Wages, and Unemployment Rate. A …

Investor Behavior In The Midst Of A Global Pandemic, Abigail N. Bates

Honors Projects

Investors partaking in portfolio and asset management through the stock market and other avenues do so with certain reasoning and methods in hand. Each investor may have different interests and risk tolerances that guide their choices for investment. Behavioral finance allows for an in-depth look at an investor’s actions and the influencing psychology behind it. Before this approach was popularized, early studies of finance assumed that investors were always rational in their decision making and put resources only into opportunities that would increase their utility or happiness. The behavioral finance approach takes a more comprehensive look at these behaviors and …

Towards An Economic Geography Of Fintech, Karen P. Y. Lai, Michael Samers

Geography Faculty Publications

In this paper, we identify the ways in which the existing literature has examined financial technology (FinTech). Using the frame of the ‘FinTech Cube’, we examine how FinTech unfolds through the intersections of key actors, technologies and institutions. We demonstrate the relevance of FinTech for two areas of geographical enquiry: i) the reshaping of global production and financial networks, and ii) financial inclusion and poverty reduction in poorer countries. In doing so, we accord particular attention to the significance of FinTech for theoretical and empirical research in economic geography.

Consumption, Investment, Integration And Digitalisation Lead Growth In Asia, Piyush Gupta, Havovi Heerjee Joshi

Asian Management Insights

An interview with Piyush Gupta, Chief Executive Officer and Director of DBS Group, about the Asia growth story and the future of banking.

Artificial Intelligence & Personal Finance: Legal And Ethical Implications, Aaron Klein

Brookings Scholar Lecture Series

As part of the Brookings Scholar Lecture Series, Brookings Mountain West presents a lecture titled "Artificial Intelligence and Personal Finance: Legal and Ethical Implications" by Brookings fellow in economic studies, Aaron Klein. The rise of big data, machine learning, and artificial intelligence herald great promise in making our financial system safer, fairer, and more inclusive. However, the legacy of the use of credit as a tool to enforce and promote discrimination means these same tools can recreate and reinforce biases in ways that challenge basic ethics and the law. This lecture explores how data is used to make financial decisions, …

Mildly Explosive Dynamics In U.S. Fixed Income Markets, Silvio Contessi, Pierangelo De Pace, Massimo Guidolin

Pomona Economics

We use a recently developed right-tail variation of the Augmented Dickey-Fuller unit root test to identify and date-stamp periods of mildly explosive behavior in the weekly time series of eight U.S. fixed income yield spreads between September 2002 and April 2018. We find statistically significant evidence of mildly explosive dynamics in six of these spreads, two of which are short/medium-term mortgage- related spreads. We show that the time intervals characterized by instability that we estimate from these yield spreads capture known episodes of financial and economic distress in the U.S. economy. Mild explosiveness migrates from short-term funding markets to medium- …

Irrational Exuberance: Panic Rooms And Flutters In Financial Markets, Vijay Fafat

Asian Management Insights

As the memory of the 2008 financial crash fades, there are cautionary thoughts on why we tend to overshoot in our optimism, and why even genius comes to grief in the face of capricious, mercurial capital markets.

Effects Of Terrorism On The U.S. Stock Market: Evidence From High Frequency Data, Kyla Scanlon

Mahurin Honors College Capstone Experience/Thesis Projects

This paper investigates the effects that terrorist attacks and mass shootings had on the U.S. stock market, using high frequency intraday data to identify stock price and variability reactions in the hours after the attack. The impact that terrorist attacks had on price level variability was examined using the generalized autoregressive conditional heteroskedasticity (GARCH) model. The market reaction to domestic versus foreign attacks was examined to measure a potential for contagion across financial markets. The potential for flight-to-safety/quality and capital reallocation in response to terrorist attacks were measured using ordinary least squares (OLS) model, measuring the respective betas of small …

Finance In The Fifth Dimension: Lessons In Logic For The Social Sciences, Dawson J. Sanders

WWU Honors College Senior Projects

The purpose of this paper is to highlight lessons from various areas of academia that I feel would benefit all social science. I will discuss physics, biology, sociology, and more, doing my best to explicitly state their relationships to economics throughout the paper. I hope that the lessons learned here will together serve as a means for prescribing and evaluating solutions to social problems and assist in the development of models through a new level of methodological dimensionality where applicable. The fifth dimension will serve to metaphorically illustrate this new way of thinking, through which we will construct a theoretical …

Making Consumer Finance Work, Natasha Sarin

All Faculty Scholarship

The financial crisis exposed major faultlines in banking and financial markets more broadly. Policymakers responded with far-reaching regulation that created a new agency—the CFPB—and changed the structure and function of these markets.

Consumer advocates cheered reforms as welfare-enhancing, while the financial sector declared that consumers would be harmed by interventions. With a decade of data now available, this Article presents the first empirical examination of the successes and failures of the consumer finance reform agenda. Specifically, I marshal data from every zip code and bank in the United States to test the efficacy of three of the most significant post-crisis …

Sustainable And Equitable Financing For Pedestrian Infrastructure Maintenance, Gregory Rowangould

Publications

In many communities, pedestrian infrastructure is discontinuous, inaccessible to those with physical disabilities, and poorly maintained. Correcting these problems would be a first step in providing infrastructure to achieve the active travel and related transportation goals of many communities. One nearly universal challenge to maintaining sidewalks in a state of good repair and addressing environmental justice concerns is an adequate, sustainable, and equitable source of funding. Municipal governments across the country maintain and repair their streets and roadways; however, most require residents to maintain and repair public sidewalks adjacent to their property. These policies are difficult to enforce and may …

Thinking Finance - The Comic Book, Dimitrios V. Siskos

Publications

Thinking financially results in the best possible outcome and establishes a secure foundation for the future as an independent man. In contrast, thinking emotionally leads to short-sighted financial decisions and usually, deep regrets. However, thinking financially is not pleasant for the people around us. This comic book presents a guy, whose dream is to become an accountant. When he finally succeeds in this, he realizes that thinking financially may be effective for his boss but it is irritating for everyone else, even for his family.

Range-Based Volatility, Expected Stock Returns, And The Low Volatility Anomaly, Benjamin M. Blau, Ryan J. Whitby

Economics and Finance Faculty Publications

One of the foundations of financial economics is the idea that rational investors will discount stocks with more risk (volatility), which will result in a positive relation between risk and future returns. However, the empirical evidence is mixed when determining how volatility is related to future returns. In this paper, we examine this relation using a range-based measure of volatility, which is shown to be theoretically, numerically, and empirically superior to other measures of volatility. In a variety of tests, we find that range-based volatility is negatively associated with expected stock returns. These results are robust to time-series multifactor models …

Determining Fair Market Value For Duke’S Sporting Goods Store, Michael Goldman, Daniel A. Rascher

Sport Management

Shelley Valdez is a recent finance team hire at Duke’s Sporting Goods Store. She has 1 week to identify, gather, and analyze relevant information to calculate the financial value of the business, using the income and market approaches. She has also been asked to consider Duke’s liquidation value, and comment on the strategic options these calculations point to, before a board meeting of the owners next week.

Textual Analysis And Machine Leaning: Crack Unstructured Data In Finance And Accounting, Li Guo, Feng Shi, Jun Tu

Research Collection Lee Kong Chian School Of Business

In finance and accounting, relative to quantitative methods traditionally used, textual analysis becomes popular recently despite of its substantially less precise manner. In an overview of the literature, we describe various methods used in textual analysis, especially machine learning. By comparing their classification performance, we find that neural network outperforms many other machine learning techniques in classifying news category. Moreover, we highlight that there are many challenges left for future development of textual analysis, such as identifying multiple objects within one single document.

Enhancing Poor And Middle Class Earning Capacity With Stock Acquisition Mortgage Loans, Robert Ashford, Demetri Kantarelis

Economics, Finance and International Business Department Faculty Works

In this article, to enhance the earning capacity of poor and middle class people (who in recent years have suffered a substantial decline in their share of national income), we propose a new loan which facilitates acquisition of financial capital with the future earnings of financial capital acquired and we discuss some possible strengths and weaknesses of such an approach. According to our analysis, there is an undeveloped market for the broader distribution of future capital income in which the price (cost) paid for acquisition of securities to realize such future capital income plays a crucial role. More specifically, we …

Industry Career Guide: Banking And Finance, Tereso S. Tullao Jr, Roberto Raymundo

Angelo King Institute for Economic and Business Studies (AKI)

The banking and finance sector performs a critical function in the Philippine economy as it is primarily responsible for the mobilization of domestic savings and the conversion of these funds into directly productive investments. Financing the needs of firms which desire to raise productive capacity by purchasing additional capital equipment, acquiring or leasing idle property, building and expanding factories, and increasing inventory are responsible for sustaining economic growth in the long term, alongside the creation of new jobs. It is very important for the banking and finance sector to continue finding ways to encourage households to save their unspent income …

Framing Elite Consensus, Ideology And Theory And A Classcrits Response, Athena D. Mutua

Journal Articles

This short paper, really a thought piece, builds upon the examination begun in the Foreword of the ClassCrits VI Symposium which sought to outline a ClassCrits critique of neoclassical economic principles. It argues that neoliberal practices, theory and ideology, built on the scaffold of neoclassical economic ideas, frame an elite consensus that makes elites feel good but which are ethically, intellectually, and structurally problematic for the social well-being of most Americans. It does so, in part, by chronicling a number of recent practices of large corporations, including for example, the practice of inversion. Again, this paper takes as its specific …

The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr.

All Faculty Scholarship

This Essay is Part Two of a two-part essay series that outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty-six Contracting States (fifty-eight of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

This Part of the Essay explores whether an investor-state dispute settlement (ISDS) feature …