Economics Commons^™

Sabbaticals, Kevin F. Hallock

Economics Faculty Publications

With the year end upon you and many workplaces closing, reducing hours or accommodating employee vacations because of the holidays, this column focuses on rewards in the form of time away from work that is not so common -- sabbaticals. Sabbaticals are a generous benefit to those workers who have them. And they can clearly be an important part of a total rewards package. According to inc.com, while 5% of firms in the US offer sabbaticals, 25% of the companies listed in "Best Companies to Work For" offer them. Corporate sabbaticals, however, aren't typically as generous in length as those …

Gross Domestic Product (Gdp) Rebasing And The Impact On Nigeria's Investment Environment, Bismark J. Rewane

Bullion

The paper looks at the impact of the rebasing on an important economic variable - investment. This is because investment is necessary for capital accumulation and economic growth. Specifically, this study examines the impact of GDP rebasing on Nigeria's investment environment. ln addition to this introduction section, section 2 considers GDP rebasing and the Nigerian case, section 3 is on the Nigerian Financial System Strategy (FSS) 2020, section 4 is on investment types, drivers and the Nigerian environment, section 5 offers some lessons for Nigeria and section 6 is the summary and conclusion.

Gdp Rebasing And Implications For Fss 2020., Oluwatoyin Jokosenumi

Bullion

A resilient economy founded upon a reliable financial system, is attainable upon the creation and management of a sound and progressive economic statistics and indicators such as the Gross Domestic Products (GDP) and other scholars’ parameters. This paper examines the GDP rebasing and its impact on Nigeria’s investment. The paper explains the concept of GDP; the need to maintain a strategic GDP; how it is computed and / or rebased. This is then followed by examining its implications, on all economic programs.

International City/County Management Association 1999 Revenue Estimation Survey Revisited, Benjamin Bond

UNLV Theses, Dissertations, Professional Papers, and Capstones

In 1899 the National Municipal League declared that it was the duty of the Mayor to submit to the Council the annual budget of current expenses of the city, for almost as long, the budgeting process has been researched (Hou, 2006). Researching budgets is important and needed but comparatively little attention has been paid to revenue forecasts or to those responsible for the generation of revenue forecasts. Professional public administrators responsible for generating revenue forecasts have largely been overlooked in research. Judging by the lack of scholarly material available in academic journals, it appears the political process in which budget …

A Study On Employee Turnover In Shanghai’S Fine Dining Restaurants, Yang Liu

UNLV Theses, Dissertations, Professional Papers, and Capstones

No abstract provided.

A Study Of Technical Efficiency Of Deposit Money Banks In Nigeria (2007 - 2012), Auwalu I. Fagge

Bullion

This paper examines the technical efficiency of deposit money banks (DMBS') in Nigeria. Measures of technical efficiency are derived in the Nigerian deposit money banks (DMBS') by implementing non-parametric, data envelopment analysis technique on a cross section of 24 banks taken from 2007 to 2013. The efficiency concepts, measurement and methodology were discussed. The existence of technical efficiency is established. The result suggests that the sources of overall technical inefficiency, the observed issues are due to poor input utilization (managerial inefficiency) and failure to operate almost productive scale size. Therefore, in this research the paper suggests or considers some important …

A Talk By Dr Ishrat Hussain, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

No abstract provided.

Empirical Studies On Interest Rate Derivatives, Xudong Sun

UNLV Theses, Dissertations, Professional Papers, and Capstones

Interest rate models are the building blocks of financial market and the interest rate derivatives market is the largest derivatives market in the world. In this dissertation, we shall focus on numerical pricing of interest rate derivatives, estimating model parameters by Kalman filter, and studying various models empirically. We shall propose a front-fixing finite element method to price the American put option under the quadratic term structure framework and compare it with a trinomial tree method and common finite element method. Numerical test results show the superiority of our front-fixing finite element method in the aspects of computing the option …

Mountain Monitor - 3rd Quarter 2014, Kenan Fikri, Mark Muro

Mountain Monitor Quarterly

As a group, the 10 major metro areas of the Mountain West outperformed the national economy during the third quarter of 2014 on all four indicators of economic vitality measured by the Mountain Monitor: employment growth, output growth, unemployment, and house prices. In the three months ending in September, the country’s large metropolitan areas were anticipating the rapid uptick in national economic growth that took hold at the end of 2014. Mountain region metro areas led the way.

All but two major metro areas in the region added jobs, and six did so at a faster rate than the …

Forecasting Nigerian Stock Market Returns Using Arima And Artificial Neural Network Models, Godknows M. Isenah, Olusanya E. Olubusoye

CBN Journal of Applied Statistics (JAS)

The study reports empirical evidence that artificial neural network based models are applicable to forecasting of stock market returns. The Nigerian stock market logarithmic returns time series was tested for the presence of memory using the Hurst coefficient before the models were trained. The test showed that the logarithmic returns process is not a random walk and that the Nigerian stock market is not efficient. Two artificial neural network based models were developed in the study. These networks are TECH (4-3-1) and TECH (3-3-1)whose out-of-sample forecast performance was compared with a baseline ARIMA (3,0,1) model. The results obtained in the …

Nexus Of Exchange Rate Deregulation And Agricultural Share Of Gross Domestic Product In Nigeria, Oyakhilomen Oyinbo, Falola Abraham, Grace Z. Rekwot

CBN Journal of Applied Statistics (JAS)

The kernel of this study was to examine the causal relationship between exchange rate deregulation and the agricultural share of gross domestic product in Nigeria from an econometric perspective using time series data spanning a period of 26 years (1986 – 2011). Data on exchange rate and gross domestic product were analysed using augmented dickey fuller unit root test, unrestricted vector autoregression, pairwise granger causality and vector error correction model. The results showed the existence of unidirectional causality from exchange rate to agricultural share of gross domestic production and also, exchange rate deregulation had negative influence on agricultural share of …

Testing Volatility In Nigeria Stock Market Using Garch Models, Ngozi V. Atoi

CBN Journal of Applied Statistics (JAS)

The contributions of error distributions have been ignored while modeling stock market volatility in Nigeria and studies have shown that the application of appropriate error distribution in volatility model enhances efficiency of the model. Using Nigeria All Share Index from January 2, 2008 to February 11, 2013, this study estimates first order symmetric and asymmetric volatility models each in Normal, Student’s-t and generalized error distributions with the view to selecting the best forecasting volatility model with the most appropriate error distribution. The results suggest the presence of leverage effect meaning that volatility responds more to bad news than it does …

The Balance Sheet Channel Of Monetary Policy Transmission: Evidence From Nigeria, Olorunsola E. Olowofeso, Abiodun S. Bada, Kufre J. Bassey, Kumafan S. Dzaan

CBN Journal of Applied Statistics (JAS)

This paper assesses the existence of a balance sheet channel of monetary policy transmission in Nigeria by examining whether variation in the official interest rate, with respect to the 2007- 2008 global financial crisis, feeds through to the deposit money banks (DMBs) balance sheets, and ultimately reflects in output and prices. Using quarterly macroeconomic data and stock from 2002 to 2012, the study employs an ordinary least squares (OLS) and autoregressive (VAR) framework to investigate the linkages between policy, DMB balance sheet, output and price. The results reveal the existence of a balance sheet channel in Nigeria with a significant …

Relationship Between Money Supply And Government Revenues In Nigeria, Yakubu Musa, Umar Usman, Aminu B. Zoramawa

CBN Journal of Applied Statistics (JAS)

The insights on the long run relationship amongst money supply and government revenues are of significant importance for monetary-fiscal policy formulation in a developing country like Nigeria. Taking into account the vital importance of these two variables, we empirically analyzed the long-run relationships and dynamic interactions between the money supply (broad money M2) and government revenues in Nigeria using an Autoregressive Distributed Lag (ARDL) bounds testing approach. The study spans the period 1970 to 2010. From the results, it is evident that there is the existence of a long run relationship between money supply and revenues when money supply is …

Cointegration Analysis Of Public Expenditure On Tertiary Education And Economic Growth In Nigeria, Japheth T. Torruam, Moses A. Chiawa, Cyprian C. Abur

CBN Journal of Applied Statistics (JAS)

The paper investigates the Impact of public expenditure on tertiary education and economic growth in Nigeria using time series data for the period 1990- 2011.The econometric methodology employed was cointegration and error correction technique. The study concludes that public expenditure on tertiary education has positive impact on economic growth in Nigeria. The study recommended that government and private sectors should partner by mobilizing resources to furnish tertiary institutions and equip them with adequate facilities in order to enhance tertiary education development for sustainable economic growth.

Determinants Of Economic Growth In Nigeria, Kazeem B. Ajide

CBN Journal of Applied Statistics (JAS)

This paper investigates the role of Frazer Economic Freedom Index on FDI-growth relationship over the period spanning 1980 through 2010 using annual time series data. A Multivariate Regression approach was employed to estimate augmented growth models. Quite intriguingly, the impact of disaggregated economic freedom over aggregated composite index was found profoundly revealing. Emanated results show that the same set of variables like labour, life expectancy, degree of openness and economic freedom are factors affecting the level of economic growth in both but at different levels of significance. However, the estimates of disaggregated components of economic freedom data show that the …

Negotiating Deals From A Position Of Powerlessness, Michael Schaerer, Roderick I. Swaab

Research Collection Lee Kong Chian School Of Business

When you are negotiating a deal it pays to have viable alternatives to fall back on – or at least that’s what most people think. New research suggests that being powerless can be liberating and help you achieve better deals.

A Closer Look At The Impact Of Quantitative Easing On The Capital Markets: Garch Analysis Of The Exchange Traded Funds Market, Nicholas R. Duafala

Undergraduate Economic Review

This paper analyzes the effects of quantitative easing (QE) on the capital markets by modeling exchange traded funds (ETFs) returns using a generalized autoregressive conditional heteroskedasticity (GARCH) methodology. The results show that the 10-Year Treasury yields are significant in the returns of some sectors of the economy more so than others, and the Federal Funds Futures trading volume is significant in all ETFs return volatility. The implications of these results not only provide information about the reaction of the ETF market and QE, but also provide insight for developing investment strategies.

Emerging Markets And The End Of Qe, Singapore Management University

Perspectives@SMU

Quantitative easing made it easier for emerging economies to delay necessary reforms, but policymakers are better able to manage crises than ever before

Bitcoins, Block Chains, And Mining Pools, Singapore Management University

Perspectives@SMU

Bitcoins can help facilitate online commerce, but investors – and speculators – should understand how the cryptocurrency works

Successful Communities: What Is Desired And What Is Present In Nonmetropolitan Nebraska, 2014 Nebraska Rural Poll Results, Rebecca J. Vogt, Cheryl A. Burkhart-Kriesel, Randolph L. Cantrell, Bradley Lubben

Nebraska Rural Poll

Rural Nebraskans are looking for many things in a community. The characteristics of a community that most believe are absolutely essential include social dimensions (sense of personal safety), economic dimensions (jobs/economic opportunities), some basic services (a quality school system, available medical services, affordable housing, quality housing and well maintained infrastructure) and environmental dimensions (a clean and attractive natural environment).

Unfortunately, when asked if these characteristics are present in their current community, some of these areas are lacking. One of the more extreme cases involves jobs/economic opportunities. Seventy-seven percent of the respondents say these are absolutely essential in order for them …

Mind The Liquidity Gap: Building A Better Capital Market For You, Kaushik Rudra

Asian Management Insights

Asian banks in most jurisdictions are currently more than adequately capitalised with respect to Basel III. However, as they are called upon to support the region’s economic growth over the next decade, they are likely to run up against capital constraints.

Retention Pay, Kevin F. Hallock

Economics Faculty Publications

In many seasonal jobs, such as store clerks during the holiday shopping season, retention is about employers wanting as little employee turnover as possible during the small window they have each year to earn a big part of their profits. One way seasonal businesses might persuade workers to stay is with some sort of cash bonus paid for staying until the season's end or by paying a substantially higher wage at the very end. While the summer beach of Cape Cod may feel worlds away from the corporate office, the need to consider retention strategies for key employees is universal. …

Mutual Funds And Information Diffusion: The Role Of Country-Level Governance, Chunmei Lin, Massimo Massa, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We hypothesize that poor country-level governance, which makes public information less reliable, induces fund managers to increase their use of semipublic information. Utilizing data from international mutual funds and stocks over the 2000-2009 period, we find that semipublic information-related stock rebalancing can be five times higher in countries with the worst quality of governance than in countries with the best. The use of semipublic information increases price informativeness but also increases information asymmetry and reduces stock liquidity. It also intensified the price impact and liquidity crunch during the recent global financial crisis.

Ceo Optimism And Incentive Compensation, Clemens A. Otto

Research Collection Lee Kong Chian School Of Business

I study the effect of chief executive officer (CEO) optimism on CEO compensation. Usingdata on compensation in US firms, I provide evidence that CEOs whose option exercisebehavior and earnings forecasts are indicative of optimistic beliefs receive smaller stockoption grants, fewer bonus payments, and less total compensation than their peers. Thesefindings add to our understanding of the interplay between managerial biases andremuneration and show how sophisticated principals can take advantage of optimisticagents by appropriately adjusting their compensation contracts.

Raising The Bar 2: Challenges To Productivity Initiatives In The Finance And Accounting Function, Clarence Goh

Research Collection School Of Accountancy

Faced with a tightening labour supply, raising productivity has become an increasingly important issue for manybusinesses in Singapore. To understand how this impacts on the F&A functions of businesses, the Instituteof Singapore Chartered Accountants (ISCA) collaborated with Robert Half to survey over 550 senior financeexecutives in Singapore and also the region to understand the focus of F&A functions of businesses andcorporations regarding raising productivity and effectiveness. Our findings are presented in a series of three reportswith the following themes – (1) Trends in implementing productivity initiatives, (2) Challenges faced in implementingproductivity initiatives, and (3) Essential skills and training needed to …

Power America's — And Nevada's — Advanced Industries: State By State, Region By Region, Mark Muro

Brookings Scholar Lecture Series

With the U.S. economy still flat, economic experts and leaders continue to search for the next source of U.S. and regional growth. One key component of the next era of prosperity can be projected: It is what the Brookings Metropolitan Policy Program calls the advanced industry (AI) sector. The nation’s most strategic R&D — and STEM worker intensive industries, AIs like aerospace and IT are prime movers of regional and national prosperity, because they are key sources of technology innovation and generate domestic and international exports. Accordingly, the AI swatch of 50 discrete industries has emerged as an important new …

Women Directors On Public Company Boards: Does A Critical Mass Affect Leverage?, Cindy K. Harris

Business and Economics Faculty Publications

This study examines the relationship between corporate leverage (the ratio of total debt to total assets) and gender diversity on US public company boards, with particular focus on boards that have at least 25% women directors. Using this critical mass of women eliminates from consideration boards with lesser female representation, whose female directors may be marginalized in their contributions to board functioning and decision-making. I hypothesize that when boards have this minimum threshold of gender diversity, the influence of risk-averse female directors will impact board decisions related to financing, resulting in lower debt ratios when compared to boards with no …

Do Hitters Boost Their Performance During Their Contract Years?, Heather M. O'Neill

Business and Economics Faculty Publications

Each season, baseball fans and journalists alike identify which players are in the final years of their contracts because a lot rides on how the players produce in their “contract year.” Will a player boost his effort and performance in an effort to improve his value and bargaining power? Or will he crumble under the pressure? Or are players’ performances uncorrelated with where they stand in their contract cycles?

Mexico Consensus Economic Forecast, Volume 17, Number 4, Thomas M. Fullerton Jr., Adam G. Walke

Departmental Papers (E & F)

No abstract provided.