Economics Commons^™

An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach, Ryan Lou Dio, Elijah Jacob Mendoza, Lunette Clarisse Nunez, Ma. Ellory Villanueva, Myrna S. Austria, Tereso S. Tullao Jr

Angelo King Institute for Economic and Business Studies (AKI)

Microfinance institutions (MFIs) were created to provide loans and financial services for the poor as commercial banks have requirements that are not accessible to them. The Philippines government soon started using MFIs as a poverty alleviation tool to answer the market failure created by the commercial banking industry since it cannot accommodate the needs of low-income earners due to the high costs attached to it. However, recent studies have shown that MFIs are “mission drifting,” which means that they are deviating from their original social purpose and becoming more financially driven. As a result, this paper estimates the financial and …

Analysis On The Credit Accessibility And Growth Of Manufacturing Firms In The Cases Of Indonesia, Philippines, And Vietnam, Sophia Angela Jimenez, Kamille Daquinag, Maria Regina Victoria Sagrit, Brian Irvin Chan, Albert Lamberte, Maria Zunally Rapada, Krista Danielle Yu

Angelo King Institute for Economic and Business Studies (AKI)

Micro, small, and medium enterprises (MSMEs) contribute to income and employment generation, poverty reduction, and industry growth in the ASEAN region (Mendoza, 2015). Their significant contributions to economies have led countries to emphasize the importance of firm growth, which is influenced by credit accessibility. Majority of existing enterprises in Indonesia, the Philippines, and Vietnam are composed of MSMEs with limited financial resources to foster growth (Paratama, 2019). This hinders the potential of manufacturing MSMEs to have sufficient funding. However, existing literature suggests that credit access significantly provides a positive impact on firm growth only until a certain threshold point (Nizam …

Modelling Sentiment And Trader Aggressiveness In Cryptocurrency Markets: An Empirical Analysis Of The Bitcoin Limit Order Book., Angelique Nicole Huei Yin Thang

Dissertations and Theses Collection (Open Access)

Cryptocurrency assets are inherently susceptible to social sentiment. Due to emotional contagion, extreme emotions influence and drive traders’ order execution behaviour. This study aims to empirically model the relationship between sentiment and trader aggressiveness for two types of traders: Whales and Retails. Additionally, I uncover the mediating roles of momentum, mean reversion, and market timing underpinning the dynamics of the off-chain Bitcoin market. Time series data collected from the Coinbase level 3 Bitcoin limit order book is first reconstructed to access its core structure. Next, sentiment data from Reddit is extracted and processed using an internal Natural Language Processing pipeline. …

The Relationship Between Reits Industry Characteristics And Project Performance: The Moderating Role Of Macroeconomic Fluctuations, Ying Cai

Dissertations and Theses Collection (Open Access)

As a distinct investment vehicle, Publicly Listed Real Estate Investment Trusts (REITs) projects enable real estate projects to be listed on the stock market. This study begins with the industry attributes of the underlying assets of Publicly Listed REITs projects. Using econometric methods, it analyzes the variances in market performance between growth and defensive REITs, based on annual data from 1,674 REITs products in the United States from 2005 to 2022 and 27 listed REITs in China from Q3 2021 to Q1 2023. The study also leverages the data from China to explore the moderating effects of macroeconomic factors such …

Monetary Transmission And Government Investment In China, Qian Han, Zhaogang Song, Yufei Yuan, Yuanhang Zhao

Research Collection Lee Kong Chian School Of Business

The quantity measure of money supply—the M2 growth, in particular—has been used as the intermediate target of monetary policy in China since 2000. We document three findings on the transmission of money supply shocks to firm investment and financing over the period from 1998 to 2016. First, positive money supply shocks have significant negative effects on firm investment and do not have consistent impacts on firm financing, contradicting the standard monetary transmission mechanism. Second, using short-term global capital flows as an exogenous money supply factor, we recover the standard positive effect of money supply shocks on firm investment and financing, …

Are Bond Returns Predictable With Real-Time Macro Data?, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We investigate the predictability of bond returns using real-time macro variables and consider the possibility of a nonlinear predictive relationship and the presence of weak factors. To address these issues, we propose a scaled sufficient forecasting (sSUFF) method and analyze its asymptotic properties. Using both the existing and the new method, we find empirically that real-time macro variables have significant forecasting power both in-sample and out-of-sample. Moreover, they generate sizable economic values, and their predictability is not spanned by the yield curve. We also observe that the forecasted bond returns are countercyclical, and the magnitude of predictability is stronger during …

How Commonality Persists? (Through Investors' Sentiment And Attention), Chyng Wen Tee, Raja Velu, Zhaoque Zhou

Research Collection Lee Kong Chian School Of Business

Studies on commonality generally attribute the variation in asset returns to the variation in order flows. In this research study, we show that order flows do not predict asset returns, rather their relationship have been static over time. Thus we model both returns and the order flows as endogenous variables, and use investors' sentiment and attention as exogenous factors via a reduced-rank regression. We provide empirical evidence to demonstrate that cross-sectional commonality in attention (sentiment) is linearly (nonlinearly) associated with both returns and order flows at the intraday level, while the sentiment and attention measures themselvesexhibit a nonlinear mutual relationship, …

In Search Of Cryptocurrency Failure, Donglian Ma, Jun Tu, Zhaobo Zhu

Research Collection Lee Kong Chian School Of Business

This paper explores the determinants of cryptocurrency failure and the pricing of crypto failure risk. We document different significant market- and characteristic-based predictors for coin and token failures. The introduction of Bitcoin futures and the outbreak of COVID19 affect the importance of many predictors. Investors require extra return for bearing high failure risk of crypto assets. The return difference across high and low failure risk crypto assets is not explained by the market, size and momentum factors in the cryptocurrency market. Finally, investors benefit from diversifying into high failure risk crypto assets that is little correlated with the stock market.

Social Media Impacts On Arkansas Consumer Perceptions Of Gmos, Elizabeth R. Berner

Graduate Theses and Dissertations

This study builds upon previous consumer perceptions of GMOs studies. A need existed to determine what, if any, effects social media messages about GMOs had on consumer perceptions in Arkansas. The study utilized a qualitative approach with three focus groups. Data were analyzed using descriptive code. Participants were found to have a general understanding of GMOs, though discussion about what a GMO product was took an uncertain tone. Most participants did not consider GMOs as a factor when purchasing products. Rather participants considered characteristics such as price, quality, and convenience. Participants did not believe the infographics had changed their opinions …

Evaluating Garment Fit Perception For Pregnant Women During 1st, 2nd, Or 3rd Trimesters, Nelima Zipporah Barasa

Graduate Theses and Dissertations

During pregnancy, women experience diverse physical body changes as the pregnancy progresses through different periods. It has been noted that anthropometric changes occur during pregnancy in a non-linear manner and can be measured using 3D body scanners at various stages of pregnancy. The changes are diverse, and impact pregnant women's garment fit differently as the pregnancy progresses through each trimester. Pregnant women have experience in dressing their pre-pregnant bodies in stylish garments and would similarly want to dress fashionably when pregnant. This has led to the need for garments that can accommodate body changes comfortably and fashionably without losing the …

Reflections On Empowering China’S Digital Economy To Enhance International Competitiveness Through Tax System Reform, Yang Xue, Lina Hu

Bulletin of Chinese Academy of Sciences (Chinese Version)

At present, promoting the continuous improvement of the international competitiveness of the digital economy has become a new track for countries to compete. The study stands that the tax reform in the digital economy era is based on the accelerated evolution from the industrial economy to the digital economy, the wider application scenarios of digital technology, and the continuous improvement of the breadth and depth of digital infrastructure coverage. This study analyzes the problems arising from the development of the digital economy at this stage, such as the decline in the regulatory role of traditional tax functions, the loss of …

Financial Integration And Exchange Market Pressure, Kate Phylaktis, Muhammad Aftab

CBER Conference

This study examines the role of financial integration on exchange market pressure (EMP) across a representative group of forty-two advanced and emerging markets over the period 2000-2019, which covers the global financial crisis, which has heightened monetary and economic policy uncertainty. We use a novel measure of financial integration, namely the uncovered equity return differential versus the US, which is based on the Uncovered Equity Parity and is available at a monthly frequency.

Kerala’S International Tourism Demand: An Inquiry Into The Validity Of The Standard And Regular Determinants, Muhammed Salim Anappattath

CBER Conference

The present study aims to identify the role of standard factors and other regular potential determinants in influencing the tourist arrivals in Indian state of Kerala. We used month-wise data of the foreign tourist arrivals in Kerala from January 2002 to December 2019 and applied auto-regressive distributed lagged (ARDL) approach, with the seasonality-adjusted data, for the same.

Local Competition, Multimarket Contact, And Product Quality: Evidence From Internet Service Provision, Kyle Wilson

Pomona Faculty Publications and Research

I investigate the effect of competition on quality in the internet service provision industry: I examine both local competition within markets and multimarket contact among firms across markets. This industry offers an ideal setting, as quality is both objective and measurable. I use data from speedtest.net from 2008 to 2014 to estimate a reduced-form model of the effects of local competition and multimarket contact on realized consumer download speeds. I find that increased multimarket contact leads to decreased download speeds, which is consistent with the mutual forbearance hypothesis. I also find that duopolies lead to faster download speeds than do …

The Relationship Between Labor Market Institutions And Innovation In 177 European Regions Over The Period 2000-2015, Gaetano Perone

CBER Conference

The main goal of this paper was to investigate the relationship between a set of labor market institutions (LMIs) and innovation (proxied by patent density) in 174 NUT-1 and NUT-2 European regions, over the period 2000-2015. Fixed effects with Driscoll and Kraay's (1998) standard errors (FE-DK), ordinary least squares (OLS), the generalized method of moments estimation of the fixed effects (FE-GMM), and a multilevel model (MLM) were employed.

Infrastructure System Obstacles And Technology Adoption By Firms In Transition Countries, John Anderson, Muazzam Toshmatova

Department of Economics: Faculty Publications

This study uses business survey data to analyze firm perceptions of infrastructure systems in transition countries as obstacles to conducting business. Factors that contribute to reported perceptions are modeled, including country macroeconomic conditions, firm characteristics, and measures of overall reforms and infrastructure system reforms. Identified obstacles arise from binding constraints that limit economic growth, reflect implicit shadow costs, and signal areas in need of policy reform or infrastructure investment. The analysis covers electric power, telecommunications, transportation, and water and wastewater infrastructure systems. Also examined is whether transition indicators of reforms, intended to reflect improvements, are associated with perceptions of obstacles. …

Investment Fraud In The Mountain West, Riley Ruff, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Criminal Justice

This fact sheet focuses on investment fraud data in the Mountain West states of Arizona, Colorado, Nevada, New Mexico and Utah. The original report includes data from “The 2023 State of Investment Fraud” study conducted by Carlson Law.

Headwinds And Tailwinds: The Present And Future Of Work For Women, Molly Kinder

Brookings Scholar Lecture Series

As part of the Brookings Scholar Lecture Series, Brookings Mountain West presents a lecture titled "Headwinds and Tailwinds: The Present and Future of Work for Women” by Brookings fellow in the Brookings Metro, Molly Kinder. Women comprise nearly half of the US labor force, and today outnumber men on college campuses. Yet the gender pay gap persists and women are overrepresented in the lowest paying occupations. In what ways are jobs and economic opportunities changing for women in the labor force? Over the next decade, how will demographic changes like the aging of the baby boom generation and technological changes …

The Economic Impact Of The Gerald R. Ford International Airport - Grand Rapids, Michigan, Christian Glupker, Paul Isely, Gerry Simons

Other Faculty Publications

Highlights from Gerald R. Ford International Airport's economic impact study include:

• Support for an estimated 30,883 jobs in Kent County and 40,324 jobs in the 13-county West Michigan Economic Development Region.
• The airport generates $5.2 billion in economic activity for Kent County and $7.7 billion in economic activity for the 13-county West Michigan Economic Development Region.
• The economic activity creates a fiscal impact of $10.4 million for Kent County and $10.3 million for the 13-county West Michigan Economic Development Region.
• The airport has a catalytic impact on household income of $1.3 billion.

The Economic Impact Of The Rapid City Regional Airport - Rapid City, South Dakota, Christian Glupker, Paul Isely

Other Faculty Publications

Highlights from Rapid City Regional Airport's economic impact study include:

• Support for an estimated 2,877 jobs in Pennington County.
• The airport generates $456 million in economic activity for Pennington County.
• The economic activity creates a fiscal impact of $2.2 million for Pennington County.

Perceptions Of Childcare In Nonmetropolitan Nebraska, Rebecca J. Vogt, Heather Akin, Cheryl A. Burkhart-Kriesel, Bradley D. Lubben, L. J. Mcelravy, Timothy Meyer, Steven A. Schulz

Nebraska Rural Poll

Lack of childcare is an issue in many rural Nebraska communities. According to a report from Voices for Children, most counties in the state (91%) do not have enough available licensed childcare slots to meet the current demand there. Furthermore, 11 counties in the state have no licensed childcare facilities. Many communities are exploring options of how to address these shortages to maintain their current residents or to be able to attract new residents. Given these challenges, what types of childcare are rural Nebraskans currently using? How far do they drive to get to their childcare? And how do rural …

A Brief Comparison Of Two Early Neighborhoods: Consumerism And Social Class In 20th Century Lincoln, Nebraska, Mariska Molnar

Department of Anthropology: Theses and Student Research

In the Fall of 2018, Matthew Hansen monitored the destruction of a parking lot two blocks north of the Capitol Building in Lincoln, Nebraska for the subsequent building of a geothermal system. During this period, and excavation was conducted with the aid of the University of Nebraska-Lincoln Campus Archaeology Project, and 12 features were identified. Five features produced artifacts, with Feature 11, a cistern, being the most fruitful. The collection was named the Capitol Wellfield, and a portion of the artifacts, which includes diagnostic glass and ceramic pieces, are housed on campus for studying.

Most research and publication have been …

House Bubbles, Global Imbalances And Monetary Policy In The Us, Anastasios Evgenidis, A. (Tassos) G. Malliaris

School of Business: Faculty Publications and Other Works

This paper examines the factors driving housing price exuberance in the United States, specifically the influence of expansionary monetary policies and the global saving glut. We employ medium scale Bayesian VAR and time-varying VAR models to estimate the effects of monetary policy and global saving glut shocks on US housing bubbles. We find that, prior to the Global Financial Crisis, the impact of the saving glut shock is more enduring, powerful, and rapid in generating housing bubbles compared to monetary policy shocks. However, the recent housing boom that commenced in 2019 demonstrates a different pattern. Our results suggest that both …

Financial Crisis And Female Entrepreneurship: Evidence From South Korea, Jungho Lee, Sunha Myong

Research Collection School Of Economics

We document a drastic increase in female-owned manufacturing firms in South Korea after the 1997 financial crisis. During the crisis, a major banking sector reform was conducted, and many underperforming bank branches were forced to close down. Using a geographical variation of bank branch closures during the reform, we show that the banking sector reform resulted in a rise in female entrepreneurship. We present evidence that male-owned firms were preferred by the closeddown bank branches, despite female-owned firms exhibiting lower risks and higher returns. The banking sector reform, although not explicitly aimed at addressing gender disparities, substantially benefited female entrepreneurs …

The Covid-19 Pandemic And Work From Home, 2019-2021, Maryam Raja, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents data from the American Community Survey (ACS) Report, “Home Based Workers and the COVID-19 Pandemic,” which examines how the COVID-19 pandemic affected commuting patterns and workplace systems. The data examine how the pandemic shifted norms in work culture and conditions in Mountain West states and metropolitan statistical areas (MSAs).

A Comparison Of Clustered And Isolated Casino Performance In Missouri, Douglas M. Walker, Todd M. Nesbit

UNLV Gaming Research & Review Journal

This paper utilizes data on Missouri’s casino industry to examine how clustered casinos, such as those in Kansas City and St. Louis, perform compared to dispersed or isolated casinos, such as those in Boonville, Caruthersville, La Grange, and St. Joseph. Missouri limits the number of casino licenses allowed; however, it does not explicitly mandate casino locations. Missouri provides a unique natural experiment for comparing location model performance. Although there is no published research on which type of casino location model is more effective for generating industry revenues and associated taxes, state legislatures have nevertheless been following an isolated casino location …

Priced Out Of Housing In The Mountain West, 2022, Maryam Raja, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet presents data from the National Association of Home Builder (NAHB) 2022 report on "priced out estimates" and the consequences of increased prices and interest rates on homes. Data are included from NAHB on home affordability for median home prices in five Mountain West states and 25 metropolitan statistical areas (MSAs).

Estimating And Applying Autoregression Models Via Their Eigensystem Representation, Leo Krippner

Sim Kee Boon Institute for Financial Economics

This article introduces the eigensystem autoregression (EAR) framework, which allows an AR model to be specified, estimated, and applied directly in terms of its eigenvalues and eigenvectors. An EAR estimation can therefore impose various constraints on AR dynamics that would not be possible within standard linear estimation. Examples are restricting eigenvalue magnitudes to control the rate of mean reversion, additionally imposing that eigenvalues be real and positive to avoid pronounced oscillatory behavior, and eliminating the possibility of explosive episodes in a time-varying AR. The EAR framework also produces closed-form AR forecasts and associated variances, and forecasts and data may be …

Ucimco Endowment Semi-Annual Presentation, Fall 2023, Will Alain, Billy Cardino, Tyler Causa, Patrick Collins, Bill Cook, Cole Grubbs, Kieran Hollander, Dylan Hollick, Jared Minnichbach, Alexandra Nenish, Jordan Pick, Kipp Ransome, Kirk Ransome, Kyle Rosenfeld, Tyler Sargent, Michael Scheller, Max Shilstone, Mckade Trauger, Nick Troha

Business and Economics Presentations

The Ursinus College Investment Management Company (UCIMCO) consists of groups of student analysts who manage endowment-style and stock selection funds on behalf of the college endowment. This presentation, by the endowment team, examines performance and investment philosophy while discussing selections in the portfolio including: fixed income, U.S. and international equities, real estate and commodities.

Ursinus College Women's Investment Fund, Fall 2023, Sarah Dilello, Emily Carkhuff, Katie Ciuffreda, Laura Bradley, Samantha Mallen, Carly Troilo, Camila Knipe, Isabella Scarpetti, Mayleigh Rickey, Carlie Shiller

Business and Economics Presentations

The Ursinus College Investment Management Company (UCIMCO) consists of groups of student analysts who manage endowment-style and stock selection funds on behalf of the college endowment. In 2020, a group of women students began to manage their own fund. This presentation reviews activities of the Fall 2023 semester and analyzes the stock performance of various companies including: Salesforce, InterDigital Inc., SPX Technologies, NextEra Energy and RenaissanceRe Holdings.