Social and Behavioral Sciences Commons^™

What Is New In Value Investing? A Systematic Literature Review, Florencia Roca

Journal of New Finance

This study provides an overview of the academic research in the field of Value Investing (VI), identifying the knowledge structure, influential authors, connections between relevant papers, and salient trends. Following a defined protocol, the Google Scholar database is examined to extract, rank, and connect influential books and academic articles in VI. Through a systematic literature review methodology, this study retrieves a database of 400 academic works published between 1965 and 2020. Using rigorous bibliometric and visualization tools, it identifies four major research clusters: (1) competing explanations of the value premium, (2) anomalies research, (3) momentum and fundamentals, and (4) wrong …

Fenomena Natural Resource Curse Dalam Pembangunan Wilayah Di Indonesia, Hania Rahma, Akhmad Fauzi, Bambang Juanda, Bambang Widjojanto

Jurnal Ekonomi dan Pembangunan Indonesia

Although the phenomenon of natural resource curse is suspected to have occurred at the regional level in Indonesia, no measurement of such a phenomenon has been carried out yet. This research is aimed to provide an index of measuring the degree of natural resource curse at provincial level in Indonesia. Two indices, the natural resource dependence index and regional sustainable development index, were used to formulate index of regional resource curse (RRCI) using geometric mean of conditional weighted product method. The results found that provinces with richer in mining tend to have higher resource curse index compared with those with …

Apakah Pemberdayaan Perempuan Dalam Ekonomi Dan Politik Telah Meningkatkan Ipm Perempuan Indonesia?, Abdurrahman Abdurrahman, Ema Tusianti

Jurnal Ekonomi dan Pembangunan Indonesia

Gender Development Index (GDI) shows that gender development inequality in Indonesia is still high because of lower female Human Development Index (HDI) than that of male. This research is pointed to analyse the impact of women empowerment on economy and politics to female HDI. By using multiple linear regression model and harnessing data of 514 regencies/municipalities, this research reveals that share of women on parliament, women on professional work, and women as entrepreneurs simultaneously affects women HDI in Indonesia.

Digital Innovation: A Catalyst And Enabler Of Achieving Business Sustainability, Clarence Goh, Gary Pan, Poh Sun Seow, Shankararaman, Venky

Research Collection School Of Accountancy

Today, many companies are actively incorporating sustainability principles into their business strategies. This movement is likely to have resulted from an ongoing shift in the demands and behaviours of customers, employees, partners, governments, investors and other stakeholders that expect companies to act with integrity and in a way that benefits wider society. The emphasis on achieving sustainability goals has led to increasing adoption of “triple bottom line”, which suggests that companies ought to pay attention to more than just the bottom-line, but also measure their environmental and societal impacts that may help to achieve long-term business growth. Typically, companies with …

A Unified Market Model For Swaptions And Constant Maturity Swaps, Chyng Wen Tee, Jeroen Kerkhof

Research Collection Lee Kong Chian School Of Business

Internal-rate-of-return (IRR) settled swaptions are the main interest rate volatility instruments in the European interest rate markets. Industry practice is to use an approximation formula to price IRR swaptions based on Black model, which is not arbitrage-free. We formulate a unified market model to incorporate both swaptions and constant maturity swaps (CMS) pricing under a single, self-consistent framework. We demonstrate that the model is able to calibrate to market quotes well, and is also able to efficiently price both IRR-settled and swap-settled swaptions, along with CMS products. We use the model to illustrate the difference in implied volatilities for IRR-settled …

The Racial/Ethnic Gap In Financial Literacy In The Population And By Income, Marco Angrisani, Sergio Barrera, Luisa R. Blanco, Salvador Contreras

School of Economics and Finance Faculty Publications

We investigate the determinants of the racial/ethnic gap in financial literacy in the general population and within income classes, with a focus on childhood family circumstances and neighborhood socioeconomic characteristics. Our model explains 48% and 57% of the observed gap for Blacks and Hispanics, respectively. For both groups, differences in individual characteristics and neighborhood socioeconomic status contribute the most to the explained gap. The White–Minority gap narrows when moving from low- to high-income classes, but the ability of the model to explain it decreases monotonically. Identifying which additional barriers put minorities at a disadvantage is key to improve financial literacy.

Choice Overload, Information Acquisition, And Gift Incentives In An Altruistic Context: Economic Experiments Exploring Decision Making In Charitable Giving, Jessica Adach White

Graduate Theses and Dissertations

This dissertation contains three essays on economic experiments concerning altruistic motives. The first chapter, “Choice Overload and Charitable Giving: Can There Be Too Much of a Good Thing?” concentrates on the effects of list sizes of charitable options on an individual’s decision making. The second chapter, “Is No News Good News? Motivated Reasoning in Charitable Giving,” focuses on the impact of information acquisition on an individual’s altruistic contributions. Finally, the third chapter, “Thank You, but No Thank You: Gift Incentives in Charitable Giving,” investigates gift incentives and their influence on donating behavior.

In the first chapter, “Choice Overload and Charitable …

Preparing Accountants Of The Future: A Programme In Accounting Data And Analytics, Poh Sun Seow, Clarence Goh, Gary Pan

Research Collection School Of Accountancy

The accounting profession is rapidly evolving due to technological innovations. Technologies such as the Internet of things, smart sensors, cloud computing, robotics, and artificial intelligence are combining to disrupt the way that businesses operate. It is predicted that, over the next decade, information technology (IT) will significantly transform the accounting profession.

Embracing Digital Transformation In Accounting And Finance, Poh Sun Seow, Clarence Goh, Gary Pan, Melvin Yong, Joanna Chek

Research Collection School Of Accountancy

Digital transformation involves the integration of digital technologies and business processes. Recent developments in digital technologies have provided organisations with the tools to embark on digital transformation encompassing a wide range of business processes and activities. Organisations that can leverage on technology to digitally transform themselves stand to put themselves at a significant competitive advantage relative to their competitors.

Adam Smith, Settler Colonialism, And Limits Of Liberal Anti-Imperialism, Onur Ulas Ince

Research Collection School of Social Sciences

Recent scholarship has claimed Adam Smith's frontal attack on the mercantile system as a precocious expression of liberal anti-imperialism. This paper argues that settler colonialism in North America represented an important exception and limit to Smith’s anti-imperial commitments. Smith spared agrarian settler colonies from his invective against other imperial practices like chattel slavery and trade monopolies because of the colonies’ evidentiary significance for his “system of natural liberty.” Smith’s embrace of settler colonies involved him in an ideological conundrum insofar as the prosperity of these settlements rested on imperial expansion and seizure of land from the indigenous peoples. Smith navigated …

The Impact Of Temperature On Labor Quality: Umpire Accuracy In Major League Baseball, Eric Fesselmeyer

Research Collection College of Integrative Studies

Using data from Major League Baseball, I compute an objective measure of the home plate umpire's work quality-the accuracy of his ball and strike calls during a game-and measure how it varies with temperature. I find that an increase in game-time temperature from between 70 and 80 degrees F to above 95 degrees F decreases an umpire's accuracy by a little less than a percentage point, which is a 5.5% increase in the pitch-calling error rate when evaluated at the mean error rate of 13.3%. Restricting the sample to borderline pitches increases the magnitude of the hot-weather effect on accuracy …

The Effect Of The Global Financial Crisis On The Cost Structure And Double Bottom Line Goal Of Microfinance Institutions, Amy Ehinomen Eremionkhale, Todd A. Watkins

Business Analytics Faculty Publications

The objective of Microfinance institutions (MFIs) is often two-fold; the so-called double bottom line of seeking financial return sustainability, while also maximizing the social impact of their services on the lives of the poor individuals they serve. The pursuit of the social impact bottom line puts microfinance institutions in a peculiar position with regards to the response of their cost structure to the global financial crisis. This paper begins by investigating the impact of the global financial crisis on the cost structure, and cost inefficiencies of MFIs given their double bottom line pursuits. Overall, it appears that achieving growth in …

Connectedness Of Asia Pacific Forex Markets: China's Growing Influence, Hwee Kwan Chow

Research Collection School Of Economics

This paper investigates the degree of connectedness of Asia Pacific forex markets post global financial crisis and relates it to developments in the renminbi markets. The connectedness measure developed by Diebold and Yilmaz (2014) reveal the strength of linkages across the US dollar currency pairs of twelve currencies, namely offshore renminbi, onshore renminbi, euro, yen, Australian dollar, Indian rupee, Korean won, Malaysian ringgit, New Zealand dollar, Singapore dollar, Thai baht and Taiwan dollar. With the gradual liberalization of China’s exchange rate system, shocks from the renminbi markets contribute more to fluctuations in almost all individual Asia Pacific currency markets vis-a-vis …

Are Simple Mechanisms Optimal When Agents Are Unsophisticated?, Jiangtao Li, Piotr Dworczak

Research Collection School Of Economics

We study the design of mechanisms involving agents that have limited strategic sophistication. The literature has identified several notions of simple mechanisms in which agents can determine their optimal strategy even if they lack cognitive skills such as predicting other agents' strategies (strategy-proof mechanisms), contingent reasoning (obviously strategy-proof mechanisms), or foresight (strongly obviously strategy-proof mechanisms). We examine whether it is optimal for the mechanism designer who faces strategically unsophisticated agents to offer a mechanism from the corresponding class of simple mechanisms. We show that when the designer uses a mechanism that is not simple, while she loses the ability to …

Government Support For Smes In Response To Covid-19: Theoretical Model Using Wang Transform, Shaun Shuxun Wang, Jing Rong Goh, Didier Sornette, He Wang, Esther Yang

Research Collection School Of Economics

Purpose: Many governments are taking measures in support of small and medium-sized enterprises (SMEs) to mitigate the economic impact of the COVID-19 outbreak. This paper presents a theoretical model for evaluating various government measures, including insurance for bank loans, interest rate subsidy, bridge loans and relief of tax burdens. Design/methodology/approach: This paper distinguishes a firm's intrinsic value and book value, where a firm can lose its intrinsic value when it encounters cash-flow crunch. Wang transform is applied to (1) calculating the appropriate level of interest rate subsidy payable to incentivize banks to issue more loans to SMEs and to extend …

Two Essays On The Information Embedded In Flow Of Exchange-Traded Funds (Etfs), Hamed Yousefi

Theses and Dissertations in Business Administration

An exchange-traded fund (ETF) is a pooled investment vehicle with shares similar to common equities, and it can be bought or sold on the stock exchanges. As more money flow into an ETF, its assets increase as do the number of shares outstanding. The demand for ETFs, especially after the 2008 crisis, has grown remarkably in the United States. Features such as intraday tradability, tax efficiency, low fees, and transparency have contributed to the ETFs’ appeal to investors. According to Bloomberg terminal data, as of January 2021, there were 2584 U.S.-registered ETFs, with over $5.5 trillion assets under management. Recent …

The Politics Of Medicine: Power, Actors, And Ideas In The Making Of Health, Claire Wulf Winiarek

Graduate Program in International Studies Theses & Dissertations

The practice of medicine has become the prescribing of medicine. Reflecting a construct of health defined by Rationalism, individualism, and biomedical science, medicines (pharmaceuticals) are politically constructed to be the first – and sometimes only prescribed – line of defense against illness and disease. Pharmaceuticals also represent a highly desirable, ‘recession-proof’ component of many Nation-states’ (states’) export strategies, helping advanced economies, in particular, to maintain favorable trade balances and economic growth amidst the headwinds of deindustrialization.

Higher use and the overreliance on pharmaceuticals promote an outsized role for certain actors and ideas in the making of global health, referring to …

Two Essays On Corruption, Fdi, And Digitalization, Mahdi Forghani Bajestani

Theses and Dissertations in Business Administration

Corruption is detrimental to both society and economy and is yet prevalent in many countries. Thus, research in this field is imperative to help alleviate the problem. Drawing on institutional theory and eclectic paradigm, this dissertation seeks to first, delineate the mechanisms through which corruption influences economic decision-making, and second, identify its root causes and tools for controlling it.

This dissertation’s central research question is addressed in two essays. Essay 1 builds on insights from research on corruption in international business to advance our understanding of how perception of bribery in foreign markets shapes investment behaviors. The literature is dominated …

Money Growing On Trees: A Classroom Game About Payments For Ecosystem Services And Tropical Deforestation, Sahan Dissanayake, Sarah A. Jacobson

Economics Faculty Publications and Presentations

Payments for ecosystem services (PES) programs use an incentive-based approach to pursue environmental goals. While they are common policy tools, key concepts determining their efficacy are nuanced and hard to grasp. This article presents a new interactive game that explores the functioning and implications of PES programs. Participants play the role of rural households in a developing country, deciding individually or as groups whether to enter into contracts to refrain from reducing local forests in exchange for payment from a forest-based PES initiative. The game explores topics that include PES programs, climate change, tropical deforestation, cost-effectiveness, additionality, illegal harvest and …

Accurate Simulation Of Both Sensitivity And Variability For Amazonian Photosynthesis: Is It Too Much To Ask?, Sarah M. Gallup, Ian T. Baker, John Luke Gallup, Natalia Restrepo-Coupe, Katherine D. Haynes, Nicholas M. Geyer, A. Scott Denning

Economics Faculty Publications and Presentations

Estimates of Amazon rainforest gross primary productivity (GPP) differ by a factor of 2 across a suite of three statistical and 18 process models. This wide spread contributes uncertainty to predictions of future climate. We compare the mean and variance of GPP from these models to that of GPP at six eddy covariance (EC) towers. Only one model's mean GPP across all sites falls within a 99% confidence interval for EC GPP, and only one model matches EC variance. The strength of model response to climate drivers is related to model ability to match the seasonal pattern of the EC …

An Economic And Political Lens Into The Lives Of Undocumented Migrant Female-Headed Households, Fátima V. Preciado Mendoza

University Honors Theses

Mexican undocumented women are essential in migrating in many households; they are often at the center of sustaining immigrant networks (Caroline B. Brettell 2015). The purpose of this study is to document, analyze, and report on the sociopolitical climate concerning the federal immigration detention and deportation pursued by the Trump regime and its effect on the mental health and financial well-being of undocumented migrant mothers working in Oregon. Throughout the interviewed data analysis process, the study examines the critical role women play in building community and navigating through multiple state social services and programs as a means of self-empowerment. This …

Lessons Learned: Neel Kashkari, Yasemin Esmen

Journal of Financial Crises

Neel Kashkari was the Interim Assistant Secretary of the Treasury for Financial Stability between October 2008 and May 2009. He oversaw the architecture and administration of the Troubled Asset Relief Program (TARP) during this time. This “Lessons Learned” is based on a phone interview with Mr. Kashkari.

Lessons Learned: Phillip Swagel, Yasemin Esmen

Journal of Financial Crises

Phillip Swagel was Assistant Secretary for Economic Policy at the U.S. Treasury between 2006 and 2009. During this time, he advised Treasury Secretary Hank Paulson as his chief economist, served as a member of the TARP Investment Committee, and played an important part in the conservatorship of Fannie Mae and Freddie Mac. This “Lessons Learned” is based on a phone interview with Mr. Swagel.

Lessons Learned: James Wigand, Sandra Ward

Journal of Financial Crises

A finance specialist and longtime Federal Deposit Insurance Corporation (FDIC) executive, James Wigand served as Deputy Director, Franchise and Asset Marketing, at the FDIC from 1997 to 2010, a period encompassing the global financial crisis of 2007-09. Wigand oversaw the resolution of all insured-depository institutions during the crisis, arranging acquisitions of troubled banks or liquidating them. He also acted as liaison between the chairman and board of directors of the FDIC. In 2010, in the aftermath of the crisis, Wigand was named director of the newly created Office of Complex Financial Institutions at the FDIC, an office formed under the …

Lessons Learned: Arthur Murton, Sandra Ward

Journal of Financial Crises

Arthur Murton joined the Federal Deposit Insurance Corp. in 1986 as a financial economist and rose through the ranks to become Director of the Division of Insurance and Research, a post he held from 1995 to 2013 and which he steered through the financial crisis of 2007-09. Murton participated in the important interagency discussions held on Columbus Day weekend in 2008 that led to the establishment of breakthrough programs that proved critical in stabilizing financial markets. This “Lessons Learned” summary is based on an interview with Mr. Murton about his crisis experience.

Lessons Learned: Michael Krimminger, Charles Euchner, Maryann Haggerty

Journal of Financial Crises

Michael Krimminger was Special Advisor for Policy and General Counsel at the Federal Deposit Insurance Corporation during the global financial crisis. In that role, he provided legal and policy advice on the writing and implementation of the Dodd-Frank Act, including its systemically important financial institution provisions, living wills, capital markets and capital, and structured finance requirements. He is now a partner at Cleary Gottlieb Steen & Hamilton LLP. This “Lessons Learned” is based on an interview with Mr. Krimminger.

Lessons Learned: Diane Ellis, Sandra Ward

Journal of Financial Crises

Diane Ellis served as Deputy Director, Insurance and Research, at the Federal Deposit Insurance Corp. during the financial crisis of 2007-09. The FDIC played a critical role in stabilizing financial conditions and establishing confidence in the financial markets by guaranteeing newly issued debt on a temporary basis for banks and thrifts as well as financial holding companies and eligible bank affiliates. The agency also fully guaranteed certain non-interest-bearing transaction deposit accounts. Ellis played an important role in implementing the Temporary Liquidity Guarantee Program that proved so critical in stemming the crisis. This “Lessons Learned” is based on a phone interview …

Comment Letters May Have Helped Shape Federal Reserve’S Municipal Liquidity Facility (Mlf) And Main Street Lending Program (Mslp), Steven Kelly

Journal of Financial Crises

YPFS Archive Notes highlight noteworthy content or additions to the YPFS Resource Library.

In support of the YPFS efforts to archive primary and secondary materials that shed light on financial crises, this YPFS Archive Note highlights the addition of public comment letters solicited by the Federal Reserve to evaluate two of its proposed emergency lending facilities, the Municipal Liquidity Facility (MLF) and the Main Street Lending Program (MSLP) designed to help the US economy endure the financial stresses caused by the coronavirus pandemic. The released correspondence reflects a wide array of congressional and stakeholder concerns. Ultimately, the Fed incorporated …

Hungary: Magyar Reorganizációs És Követeléskezelő Zrt (Mark Zrt.), Mallory Dreyer

Journal of Financial Crises

Hungary saw a surge in commercial real estate (CRE) lending prior to the Global Financial Crisis. By 2014, the banking sector was saddled with a high ratio of nonperforming CRE loans and repossessed property, though Hungarian banks remained solvent with high capital adequacy ratios. The central bank of Hungary, the MNB, announced the creation of an asset management company, Magyar Reorganizációs és Követeléskezelő Zrt. (MARK), to purchase nonperforming CRE assets from Hungarian banks on a voluntary basis, to clear their balance sheets and allow for increased lending. MARK was fully-owned by the MNB, which provided MARK’s share capital and a …

Spain: Sociedad De Gestión De Activos Procedentes De La Reestructuración Bancaria (Sareb), David Tam, Sean Fulmer

Journal of Financial Crises

In the wake of the Global Financial Crisis, the Spanish real estate market struggled to recover, which posed significant issues for savings banks that had an outsized exposure to the real estate sector. The Spanish government created Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (SAREB) in 2012 to buy impaired real estate assets from troubled banks and sell them over a 15-year period using funds from an up to €100 billion ($123 billion) loan from the European Financial Stability Facility. Its mandate was “to help clean up the Spanish financial sector and, in particular, the banks that …