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Articles 1351 - 1380 of 46912

Full-Text Articles in Social and Behavioral Sciences

Lessons Learned: Pedro Machado, Mercedes Cardona Dec 2025

Lessons Learned: Pedro Machado, Mercedes Cardona

Journal of Financial Crises

Pedro Machado began his career as a legal adviser to the European Central Bank in the years leading up the Global Financial Crisis (GFC), then joined the Bank of Portugal (BOP) in 2006, where he has held several positions. He was chief of staff to Portugal’s minister of state and finance in 2011, during the European Sovereign Debt Crisis, when the government negotiated a bailout with the International Monetary Fund (IMF) and European Union. He returned to the BOP, as deputy director of the prudential supervision department, while the program was being implemented. The EUR 78 billion bailout was largely …

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Central Bank Crisis Interventions: A Review Of The Recent Literature On Potential Costs, Patrick Aldridge, David A. Cimon, Rishi Vala Dec 2025

Central Bank Crisis Interventions: A Review Of The Recent Literature On Potential Costs, Patrick Aldridge, David A. Cimon, Rishi Vala

Journal of Financial Crises

Central banks may engage in large-scale lending and asset purchases to stabilize financial markets and implement monetary policy during crises. The ability of these actions to restore financial market functioning is well documented; however, they come with costs. We provide a literature review of the costs associated with these post-Global Financial Crisis central bank actions, without commenting on the net benefits they provide. We find support for the premise that crisis actions may negatively impact market liquidity, distort asset prices, increase rent-seeking and inefficient uses of the liquidity provided by the central bank, create international spillovers, and create distortions in …

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The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein Dec 2025

The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein

Honors Thesis

This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …

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Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan Dec 2025

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

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Economic Development And Its Transformation In Happiness: A Perspective Of Sustainable Development Goals Of Nepal, Dhruba Bhattarai, Bishnu Bhattarai Dec 2025

Economic Development And Its Transformation In Happiness: A Perspective Of Sustainable Development Goals Of Nepal, Dhruba Bhattarai, Bishnu Bhattarai

Journal of Global Awareness

The present paper attempts to explore the relationship between GDP Per Capita Income based economic measurements of people’s well-being in the form of happiness. The overall development of a country’s economy must be translated into people’s well-being and happiness, which the study focuses on using the relevant data. The secondary data of the Human Development Index, Gross Domestic Product, Per Capita Income, and Happiness Index for the last 20 years have been collected and analyzed. To assess the psychological aspects of the happiness concept, the relevant happiness indicators such as life expectancy, educational attainment, and index of economic freedom have …

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Effects Of External Debt On Inflation In The West African Monetary Zone (Wamz), Collins Anosike Dec 2025

Effects Of External Debt On Inflation In The West African Monetary Zone (Wamz), Collins Anosike

Journal of Global Awareness

This research examined the effect of external public debt on inflation in the West African Monetary Zone (WAMZ) using annual data from 1960 to 2022. The study selected the six member countries of WAMZ, namely: Gambia, Guinea, Nigeria, Sierra Leone, Liberia, and Ghana, to examine their economic well-being, growth performance, external debt, and inflation over a 63-year period. This study is unique because it examines three periods, namely: pre-WAMZ (1960 to 2000); during WAMZ (2001 to 2022); and the entire period (1960 to 2022), extends previous studies by using updated data, and then shows the long-run positive effect of external …

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Notes From The Editor, Jay Nathan Dec 2025

Notes From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

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Letter From The Editor, Jay Nathan Dec 2025

Letter From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

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The Pedagogy Of Financial Leverage: Using A "Hook" To Improve Learning Dec 2025

The Pedagogy Of Financial Leverage: Using A "Hook" To Improve Learning

Journal of Economics and Finance Education

The past few years have seen the emergence of a distinct literature concerned with the pedagogy of finance. One area of particular interest is the effective teaching of the concept of financial leverage. This paper presents an overview of some considerations pertaining to the initial presentation of financial leverage to the undergraduate business student. The paper begins by providing a review of the most common teaching approaches as evidenced by prominent introductory finance textbooks. Next, an alternative streamlined initial presentation is discussed which can serve as an effective “hook” when the concept of financial leverage is presented.

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Student Success In Business Statistics Dec 2025

Student Success In Business Statistics

Journal of Economics and Finance Education

Many universities require Business Statistics for undergraduate business majors. For students with weak quantitative and critical thinking skills, these courses present a significant challenge that must be met before beginning academic work in their major field. Pearson and partial correlation coefficients are calculated to identify three factors from an initial model of seven that are found to be significantly related to student performance in business statistics courses: class attendance, previous performance in algebra and differential calculus, and overall GPA. Awareness of these factors can provide a basis for improving student performance in Business Statistics.

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Reconsidering The Introduction To Interest Rate Theory Dec 2025

Reconsidering The Introduction To Interest Rate Theory

Journal of Economics and Finance Education

The various theories of interest rate determination presented in economics textbooks each spotlight a particular fundamental force behind the equilibrium rate. Unfortunately, each theory’s successful emphasis of one determinant of the interest rate comes at the cost of distorting some other aspect of its determination. This paper argues that the basic market analysis of debt securities (e.g., bonds and commercial paper) left out of most macroeconomic as well as money and banking textbooks provides a straightforward and practical perspective on interest rate determination that can help students navigate the established interest rate theories.

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Professor And Student Performance In Online Versus Traditional Introductory Finance Courses Dec 2025

Professor And Student Performance In Online Versus Traditional Introductory Finance Courses

Journal of Economics and Finance Education

According to a study by Gibson (1998), over 90% of colleges and universities with enrollments of over 10,000 offer distance learning. Although distance learning is ubiquitous, important issues regarding faculty and student performance remain unresolved. The results of this study show that students in the online section of introductory finance significantly under-perform students in the traditional sections of this course. The data shows that a professor earns significantly lower student evaluations in an online introductory finance course compared to the traditional finance course. This research provides important information for students, professors and administrators as they assess online courses.

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Introducing The Effective Marginal Tax Rate In Introductory Macroeconomics Dec 2025

Introducing The Effective Marginal Tax Rate In Introductory Macroeconomics

Journal of Economics and Finance Education

Introductory macroeconomics textbooks rarely cover the topic of marginal tax rates in sufficient depth to make it meaningful to students. We offer a simple method of introducing the concept of effective marginal tax rate that is interactive and will engage students to analyze the importance of including state income tax and FICA taxes. Our exercise will help students to observe the behavior of the effective marginal tax rate as income level increases. We also introduce an international component to the topic by comparing effective marginal tax rates across a group of socially diverse countries.

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Improving Information Literacy In Finance Dec 2025

Improving Information Literacy In Finance

Journal of Economics and Finance Education

This study assesses information literacy in undergraduate finance students through the administration of surveys at the beginning and end of an introductory course. It describes how that particular course was altered in order to infuse information literacy and documents the increase in student information literacy upon completing the course. There are several key findings. First, the results indicate that students tend not to utilize their available resources unless specifically required to do so. Second, students require ongoing reinforcement of information literacy skills else they may deteriorate over time. Finally, students find the acquisition and utilization of discipline-specific information difficult.

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A Geometric Analysis Of Global Profit Maximization For A Two-Product Firm Dec 2025

A Geometric Analysis Of Global Profit Maximization For A Two-Product Firm

Journal of Economics and Finance Education

This paper analyzes several fundamental issues that arise in verifying a global maximum for a seemingly simple economic problem, profit maximization for a two-product firm. A new gradient path geometrical method of verifying a global maximum is presented that is analogous to the use of phase diagrams to solve for the equilibrium of a first-order differential equation system in two variables. An important advantage of the geometrical approach is that it always verifies a global profit maximum when the profit function is concave and it also verifies a global maximum in many cases where the profit function is neither concave …

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The Effect Of Instructional Technologies On The Finance Classroom Dec 2025

The Effect Of Instructional Technologies On The Finance Classroom

Journal of Economics and Finance Education

Using a survey technique, we evaluate the effect of PowerPoint, online lecture notes, financial calculators, and machine readable forms (MRF) on students’ assessment of the quality of instruction, perceived knowledge level, satisfaction, post-course interest in the subject, and average grade in introductory Finance courses. We also examine these opinions on a relative basis by comparing the responses of Finance majors versus non-Finance majors. The results suggest that certain technologies are received better than others and, further, that the perceived quality of instructional techniques is largely contingent on the student’s choice of major.

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Textbook Treatment Of The Constant Growth Valuation Model: An Assessment Of Congruence With Reality Dec 2025

Textbook Treatment Of The Constant Growth Valuation Model: An Assessment Of Congruence With Reality

Journal of Economics and Finance Education

It would be difficult for any informed financial market observer to overlook the fact that market prices often exhibit substantial, and sometimes extreme, deviation from perceived ‘fundamental values.’ During some periods, this deviation appears to be more extreme than in others. Anecdotally, it seems that even staunch believers in investing according to fundamental information have strayed from that strategy in preference for riding the market's momentum. In this paper, we revisit models to approximate fundamental value, and compare these fundamental values to market values. We test for differences using CRSP and Compustat data from 1962 to 2002 for different industry …

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Teaching In Public Choice Courses How Direct Democracy Can Influence Voting Behavior Dec 2025

Teaching In Public Choice Courses How Direct Democracy Can Influence Voting Behavior

Journal of Economics and Finance Education

This study seeks to expand the scope of that portion of Public Choice courses that involves voting behavior. The study broadens the interpretation of the “rational voter model” so as to include the potential effects of “direct democracy” on the voter participation rate. Direct democracy is assumed here to take three forms: statewide initiatives, statewide popular referenda, and statewide legislative referenda. This study presents the hypothesis that greater numbers of such initiatives and/or referenda may increase voter turnout because they may elevate the expected gross (and hence net) benefits of voting by empowering voters, despite any accompanying information costs that …

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Production Of Investment Newsletters In Investment Courses Dec 2025

Production Of Investment Newsletters In Investment Courses

Journal of Economics and Finance Education

The production of an investment newsletter by students in an investments course can provide an integrated and comprehensive learning experience that offers numerous educational benefits. The experience allows students to apply concepts and principles taught in the course to real world companies and situations, and to simultaneously enhance research, writing, computing, and critical thinking skills.

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Designing The Economics Curriculum: A Survey Of The Use Of 'Big Ideas' And Proficiencies Dec 2025

Designing The Economics Curriculum: A Survey Of The Use Of 'Big Ideas' And Proficiencies

Journal of Economics and Finance Education

Michael Salemi and John Siegfried have advocated several significant changes, most significantly the “big ideas” principles course, in undergraduate economic education and in the economics major. This article focuses on several of these recommendations and reports the results of a survey of economic department chairs across the United States to ascertain the extent to which the recommendations are either in place or are being considered for implementation. Results, reported by institution type and other characteristics, also show the extent to which department chairs are familiar with Hansen’s proficiencies and the degree to which changes have been implemented based on the …

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Latino Economic Inequality In New York City: Income And Snap Recipiency, 2013–2023, Oswaldo A. Mena Aguilar Dec 2025

Latino Economic Inequality In New York City: Income And Snap Recipiency, 2013–2023, Oswaldo A. Mena Aguilar

Center for Latin American, Caribbean, and Latino Studies

This Latino Data Project Report analyzes trends in the economic well-being of Latino households in New York City between 2013 and 2023, focusing on household income and participation in the Supplemental Nutrition Assistance Program (SNAP). The findings reveal a paradoxical pattern: although median Latino household income increased over the decade, economic inequality within the Latino community widened substantially. Income gains were unevenly distributed, with higher-income households pulling further ahead while the lowest-income households experienced stagnation or decline. Over the same period, Latino households fell further behind all other racial and ethnic groups in the city. Additionally, Latinos consistently exhibited the …

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Oxytocin Varies Across The Life Course In A Sex-Specific Way In A Human Subsistence Population, Abigail E. Colby, Dominik C. Jud, Valerie Baettig, Jordan S. Martin, Camila Scaff, Michael D. Gurven, Benjamin C. Trumble, Bret A. Beheim, Paul L. Hooper, Daniel K. Cummings, Hillard Kaplan, Jonathan Stieglitz, Arnulfo Cary Ista, Adrian V. Jaeggi Dec 2025

Oxytocin Varies Across The Life Course In A Sex-Specific Way In A Human Subsistence Population, Abigail E. Colby, Dominik C. Jud, Valerie Baettig, Jordan S. Martin, Camila Scaff, Michael D. Gurven, Benjamin C. Trumble, Bret A. Beheim, Paul L. Hooper, Daniel K. Cummings, Hillard Kaplan, Jonathan Stieglitz, Arnulfo Cary Ista, Adrian V. Jaeggi

ESI Publications

Oxytocin, a hormone linked to reproduction and health, may mediate life-history trade-offs across the human life course. Yet, how oxytocin naturally varies with age remains poorly understood. Here, working with the Tsimane, forager-horticulturalists of lowland Bolivia, we collected the largest sample of oxytocin measurements to date (n = 1,242 samples, n = 405 individuals, age = 2 to 84 y, 51% female), and i) examined how oxytocin varies throughout the life course in females and males, and ii) investigated potential drivers of age- and sex-specific variation. Our sample provides rare insight into the relationship between oxytocin and age in a …

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Replacement And Reputation, Navin Kartik, Elliot Lipnowski, Harry Pei Dec 2025

Replacement And Reputation, Navin Kartik, Elliot Lipnowski, Harry Pei

Cowles Foundation Discussion Papers

Does electoral replacement ensure that officeholders eventually act in voters’ interests? We study a reputational model of accountability. Voters observe incumbents’ performance and decide whether to replace them. Politicians may be “good” types who always exert effort or opportunists who may shirk. We find that good long-run outcomes are always attainable, though the mechanism and its robustness depend on economic conditions. In environments conducive to incentive provision, some equilibria feature sustained effort, yet others exhibit some long-run shirking. In the complementary case, opportunists are never fully disciplined, but selection dominates: every equilibrium eventually settles on a good politician, yielding permanent …

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Working Paper No. 104, An Gorta Mór: The ‘Great Hunger’ And Irish Immigrant Labor In 19th Century America, Amanda Bergeson Dec 2025

Working Paper No. 104, An Gorta Mór: The ‘Great Hunger’ And Irish Immigrant Labor In 19th Century America, Amanda Bergeson

Working Papers in Economics

This inquiry seeks to establish that portions of the population of Ireland -- responding to what has been referred to in their Celtic language as An Gorta Mór, or in the English language as the ‘Great Hunger -- took to emigrating en masse and therewith contributed bigly to the expansion of America’s labor supply. Bolsterd by Irish immigrants, this expanding mid-nineteenth century labor force provided for an abundance of workers needed for a broadly based industrialization, that would also lead to large-scale urbanization as well as a host of changes in this nation’s social fabric. Of note is that …

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Working Paper No. 105, John Locke And The American Experiment, Riley Sharps Dec 2025

Working Paper No. 105, John Locke And The American Experiment, Riley Sharps

Working Papers in Economics

This inquiry seeks to establish that ideas advanced by the Englishman John Locke, regarding private property, natural rights, as well as a social contract for relations between authorities and governed, influenced the American experiment at its founding. Locke’s novel understanding regarding private property greatly influenced leaders railing against British dominance. His ideas were picked up by founding figures such as John Adams, Thomas Jefferson, as well as James Madison, and Thomas Paine. Through their leadership, in particular, Locke’s ideas were carried forward and served as the inspiration behind key concepts appearing in this new nation’s founding documents. First appearing in …

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Working Paper No. 106, The Rise And Fall Of Whaling In Early America, Miranda Rehaume Dec 2025

Working Paper No. 106, The Rise And Fall Of Whaling In Early America, Miranda Rehaume

Working Papers in Economics

This inquiry seeks to establish that whaling activities -- and later a whaling industry -- would play important roles in the economic development of the colonies that would, with time, form into the United States of America. Drawing from historical accounts, this inquiry explores how whaling emerged as a cornerstone of the colonial, New England economy as well as the early American transatlantic trade. It shall be argued that the industry’s prosperity was driven by capital investments that included the development of specialized ships and equipment, driven by the colonists’ determination to make the whaling industry prosper. However, repeated disruptions …

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Teaching Methods And Assessment Techniques Used For The Introductory Level Undergraduate Finance Course In British And Irish Universities Dec 2025

Teaching Methods And Assessment Techniques Used For The Introductory Level Undergraduate Finance Course In British And Irish Universities

Journal of Economics and Finance Education

This study reports the results of a survey of teaching methods and assessment techniques for introductory level undergraduate finance courses in British and Irish universities and compares them with the results reported in similar studies conducted in the US and Canada. The survey results show that the most popular teaching methods in the UK and Ireland are the ‘Instructor Overhead Projector Lecture’ and ‘Instructor Computer PowerPoint Lecture’, whereas the ‘Writing-on-the-Board Lecture’ was the most common teaching method in the US and Canada. We find, as in the US and Canada, that textbook reading is the most commonly used (non-assessed) out-of-class …

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Professor Gump’S Dilemma: A Classroom Exercise In Game Theory Dec 2025

Professor Gump’S Dilemma: A Classroom Exercise In Game Theory

Journal of Economics and Finance Education

Consider the dilemma of a professor who has handed back an exam to his students, but has forgotten to record their grades – can he develop a scheme that will provide each student the incentive to report his grade truthfully? This situation is used as an in-class exercise which develops the students’ understanding of a Nash equilibrium and of how to use game theory to solve interesting everyday problems.

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Price Discrimination In College Tuition: An Empirical Case Study Dec 2025

Price Discrimination In College Tuition: An Empirical Case Study

Journal of Economics and Finance Education

This paper looks empirically at the financial aid award practices at a small, Midwestern, private university. By awarding more financial aid, colleges and universities effectively price discriminate; that is, they charge some students more than others. The results indicate that students with better high school records and test scores and with more financial need are given more aid. Nonwhite students also receive considerably higher aid. While these results can not be generalized, this analysis should be easy to replicate at other colleges.

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Impact Of Course Length On Student Learning Dec 2025

Impact Of Course Length On Student Learning

Journal of Economics and Finance Education

Using a database of over 45,000 observations from Fall, Spring, and Summer semesters, we investigate the link between course length and student learning. We find that, after controlling for student demographics and other characteristics, intensive courses do result in higher grades than traditional 16 week semester length courses and that this benefit peaks at about 4 weeks. By looking at future performance we are also able to show that the higher grades reflect a real increase in knowledge and are not the result of a “lowering of the bar” during summer. We discuss some of the policy implications of our …

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