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Articles 2731 - 2760 of 4172

Full-Text Articles in Economics

Listing Requirements Lose Ipo-Screening Functions: Evidence From The Emerging Growth Enterprise Market Of China, Hai Long, Zhaoyong Zhang Jan 2014

Listing Requirements Lose Ipo-Screening Functions: Evidence From The Emerging Growth Enterprise Market Of China, Hai Long, Zhaoyong Zhang

Research outputs 2014 to 2021

Using two multivariate regression models based on prior studies, this paper aims to examine whether the listing requirements of the GEMC are able to help the exchange to screen high quality IPO firms. It suggests that the approved IPO companies have better performances than failed ones, but listing requirements of the GEMC are unable to screen high quality issuers to go public, because the majority of listed companies performed poorly rather than better after their IPOs. This result is against previous findings that regard an IPO market as a screening device.

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The Effect On Stockholder Wealth Of Product Recalls And Government Action: The Case Of Toyota's Accelerator Pedal Recall, Jayendra Gokhale, Raymond M. Brooks, Victor J. Tremblay Jan 2014

The Effect On Stockholder Wealth Of Product Recalls And Government Action: The Case Of Toyota's Accelerator Pedal Recall, Jayendra Gokhale, Raymond M. Brooks, Victor J. Tremblay

Accounting, Economics, Finance, and Information Sciences - Daytona Beach

We analyze the effect of Toyota’s faulty accelerator pedal on stockholder wealth. Using the event study methodology, we show that a major recall in January of 2010 caused the company’s cumulative abnormal returns to fall by 19%. Continued concerns that Toyota was unable to identify and adequately fix the problem induced the National Highway Traffic Safety Administration to conduct its own investigation in March, 2010. The results of this government investigation exonerated the company and caused Toyota’s cumulative abnormal returns to rise by almost 9%. The Toyota case provides an opportunity to study a product recall with both company error …

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Securitize Me: Stimulating Renewable Energy Financing By Embracing The Capital Markets, Andrew C. Fink Jan 2014

Securitize Me: Stimulating Renewable Energy Financing By Embracing The Capital Markets, Andrew C. Fink

The University of New Hampshire Law Review

The current system of financing renewable energy projects is broken and inadequate, especially when compared to the framework for participating in oil and gas ventures. The solution lies in borrowing accepted energy business practices and adapting them to solar and wind energy projects. This Article focuses on the current issues facing renewable energy project financing in the United States, analyzes failed attempts to stimulate growth, and presents the securitization of renewable energy assets as a solution. Drawing on current legal structure and debates from the corporate sphere, this Article also discusses specific securitization techniques that can help to democratize and …

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Ceo Networks And Bank Risk Taking, Dave Jackson, Fang Fang Jan 2014

Ceo Networks And Bank Risk Taking, Dave Jackson, Fang Fang

School of Economics and Finance Faculty Publications

We investigate the impact of CEO networks on bank risk during the recent financial crisis and test whether CEO networks have a bearing on CEO insider trading at the onset of the crisis. We construct a unique dataset of CEO networks based on 97 bank CEOs' social ties, which allows us to assign a Social Network (SN) score to each CEO. Our results provide evidence that CEO networks in 2006, the year prior to the financial crisis, are related to bank risk-taking ex post during the financial crisis. We also find that after controlling for bank and other CEO characteristics, …

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The Choice Of Airport, Airline, And Departure Date And Time: Estimating The Demand For Flights, Diego Escobari, Cristhian Mellado Jan 2014

The Choice Of Airport, Airline, And Departure Date And Time: Estimating The Demand For Flights, Diego Escobari, Cristhian Mellado

School of Economics and Finance Faculty Publications

This chapter estimates the demand for flights in an international air travel market using a unique dataset with detailed information not only on flight choices but also on contemporaneous prices and characteristics of all the alternative non-booked flights. The estimation strategy employs a simple discrete choice random utility model that we use to analyze how choices and its response to prices depend on the departing airport, the identity of the carrier, and the departure date and time. The results show that a 10% increase in prices in a 100-seat aircraft throughout a 100-period selling season decreases quantity demanded by 7.7 …

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Quantitative Easing's Effect On Shadow Banking: Have Federal Reserve Purchases Caused A Collateral Shortage In The Repurchase Agreement Market?, Amanda A. Schaible Jan 2014

Quantitative Easing's Effect On Shadow Banking: Have Federal Reserve Purchases Caused A Collateral Shortage In The Repurchase Agreement Market?, Amanda A. Schaible

Scripps Senior Theses

Since the start of the financial crisis in 2008, the Federal Reserve has been engaging in quantitative easing. Quantitative easing is a form of open market operation in which the Federal Reserve buys long-term U.S. government and other securities, versus traditional open market operations that occur through the short-term Treasury bill market. At the same time, the shadow bank system, which is a system of financial intermediaries that perform unregulated credit intermediation outside of traditional banks, has contracted significantly. Some argue that this contraction is due to a collateral crunch induced by quantitative easing in the shadow bank system—a crunch …

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The Rise Of Private Equity In China: A Case Study Of Successful And Failed Foreign Private Equity Investments, June Kim Jan 2014

The Rise Of Private Equity In China: A Case Study Of Successful And Failed Foreign Private Equity Investments, June Kim

CMC Senior Theses

China's transition from a planned economy to a market economy has brought about remarkably rapid economic growth. Year after year, China boasted of double-digit growth rates since the early 1990s. Attracted by China's so-called "economic miracle," foreign investors began entering the Chinese market hoping to benefit from the country's vast array of financial opportunities. Private equity, particularly a leveraged buyout, was an unfamiliar concept in China until late 1990s. Now China has become the most attractive destination among emerging markets for private equity investment. Global private equity firms are currently raising billions of dollars for funds focusing on China because …

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The Liberalization Of Shibor And The Economic Fundamentals Of House Price Growth In China, Michael J. Mavredakis Jan 2014

The Liberalization Of Shibor And The Economic Fundamentals Of House Price Growth In China, Michael J. Mavredakis

CMC Senior Theses

This paper uses data collected from the National Interbank Funding Center of China, the People’s Bank of China, the National Bureau of Statistics, and Bloomberg starting in October 2006 through 2013 to test the economic fundamental’s affecting the housing market in Shanghai, particularly interest rates. This study finds that the 6- month duration Shibor has a negative and significant correlation with house price growth in Shanghai when lagged 4 months. The analysis continues by examining other economic fundamentals affecting house price growth, finding growth in inflation, the money supply and Shanghai real estate investment to have significant, positive relationships with …

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The Deadweight Loss Of Equity-Based Compensation, Jessica Pence Jan 2014

The Deadweight Loss Of Equity-Based Compensation, Jessica Pence

CMC Senior Theses

In order to maximize shareholder value, firms attempt to align the incentives of the executives with those of the shareholders by giving them equity as a portion of their compensation package. The terms associated with this equity compensation forces the executives to hold undiversified portfolios, resulting in a sizeable deadweight loss. This paper uses the formula developed by Meulbroek (2001)1 to calculate the dollar value of this deadweight loss, in order to quantify the costs associated with equity-based compensation. We find that the 56 executives in our data set have a combined deadweight loss of $70 billion, and that on …

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Bitcoin: Is Cryptocurrency Viable?, Austin Hill Jan 2014

Bitcoin: Is Cryptocurrency Viable?, Austin Hill

CMC Senior Theses

Bitcoin, a virtual currency invented in 2009, was created as a peer-to-peer currency that eliminated the need for a third party authority, such as banks or government, to be involved in monetary transactions. Having no intrinsic value but carrying no government guarantees relegates bitcoin and its competitors to the perpetual role of investment opportunity, deriving value not from a practical use, but from a nominal, dollar value. This will continue to be the case until the U.S. Government sanctions virtual currency as a viable store of value. Because the dollar plays such a large role in the world’s economy, other …

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Determinants Of Public Funding For Professional Athletic Venues, John K. Holland Jan 2014

Determinants Of Public Funding For Professional Athletic Venues, John K. Holland

CMC Senior Theses

This paper examines the financing of professional athletic venues and why certain franchises are able to obtain high percentages of overall stadium funding from the public. Existing literature shows the negligible effect of new athletic venues on the local economy and per capita income, and therefore the benefits from such a project are largely intangible. I use an ordinary least squares regression and show that the more successful a team is the less public funding they tend to receive. I also find that broad city statistics do not represent the specific areas that policy makers consider when making decisions about …

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Mergers & Abenomics: The Determinants Of M&A In Japan's New Economy, Ethan S. Hallberg Jan 2014

Mergers & Abenomics: The Determinants Of M&A In Japan's New Economy, Ethan S. Hallberg

CMC Senior Theses

This paper investigates the influence of various macroeconomic variables on Japan’s merger and acquisition (M&A) activity, both in terms of total deal value and total number of deals. Looking at monthly data from June 1997 to December 2013, I use econometric time-series analysis to find that: First, total deal value per month is not well explained by our macroeconomic variables, but about half of the variation in number of deals per month can be explained by our dataset. Second, the most important determinant in the total number of deals per month during our period is the level of national debt, …

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واقع البنية التحتية في العراق وإمكانات تطويرها, عقيل حميد جابر Jan 2014

واقع البنية التحتية في العراق وإمكانات تطويرها, عقيل حميد جابر

Muthanna Journal of Administrative and Economics Sciences

يعد تشييد البنى التحتية ضرورة لا غنى عنها لعملية النمو والتنمية الاقتصادية لاسيما في البلدان النامية, إذ ان وجودها يعد من اهم عناصر جذب الإستثمار وتنمية الاقتصاد الوطني وتطوره, كما Yن عملية التنمية الشاملة يجب انه ترافقها خدمات للبنى التحتية موازية لها تهدف إلى تحسين الظروف المعيشية للأفراد من خلال تزويدهم بالخدمات المادية والاجتماعية . وفي العراق بدأت عملية تشييد البنى التحتية فيه بشكل مبكر وبأبسط صورها ابتداء من العهد الملكي ,ثم تطورت في حقبة الخمسينات لاسيما بعد تشكيل مجلس الاعمار ,وبدأ الإهتمام الحقيقي بها في حقبة السبعينات لاسيما بعد تزايد عوائد النفط واستمر الحال حتى بداية الثمانينات ,ولكن دخول …

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دور الإجماع الاستراتيجي لأعضاء مجالس ادارات الشركات العامة في تعزيز فاعلية القرارات الاستراتيجية, صالح عبد الرضا رشد, حيدر محمد قاسم العبادي Jan 2014

دور الإجماع الاستراتيجي لأعضاء مجالس ادارات الشركات العامة في تعزيز فاعلية القرارات الاستراتيجية, صالح عبد الرضا رشد, حيدر محمد قاسم العبادي

Muthanna Journal of Administrative and Economics Sciences

تتناول هذه الدراسة الدور الذي لعبه الإجماع الاستراتيجي لفريق الإدارة العليا ببعديه: الإجماع حول الأهداف الاستراتيجية، والإجماع حول الأسبقيات التنافسية في تعزيز فاعلية القرارات الاستراتيجية سواء ما يتصل بجودة تلك القرارات أو سرعتها. وقد اعتمدت الدراسة المنهج الوصفي التحليلي لاراء (146) من الرؤساء وأعضاء مجالس الإدارة لعدد من شركات القطاع العام في وزارة الصناعة والمعادن العراقية بلغ عددها (21) شركة. وأظهرت نتائج الدراسة وجود علاقة ارتباط وتأثير ذات دلالة معنوية بين الإجماع الاستراتيجي ببعديه وفاعلية القرارات الاستراتيجية للشركات المبحوثة. وخرجت الدراسة بمجموعة من التوصيات والمقترحات ذات الصلة بموضوعها، ومنها حاجة الشركات الصناعية لتطوير فلسفتها الخاصة وتوسيع اهتماماتها بالإجماع الاستراتيجي لمجالس …

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تحليل اثر بعض المتغيرات الاقتصادية على معدلات التضخم في الاقتصاد العراقي للمدة 2003-2010, رزاق ذياب شعيبث الناشي Jan 2014

تحليل اثر بعض المتغيرات الاقتصادية على معدلات التضخم في الاقتصاد العراقي للمدة 2003-2010, رزاق ذياب شعيبث الناشي

Muthanna Journal of Administrative and Economics Sciences

يعتبر التضخم النقدي من أهم الظواهر المعاصرة التي تعاني منها معظم الاقتصاديات العالمية، ولعل هذه الظاهرة أصبحت هاجس جميع الإقتصاديين الذين يحاولون الوصول إلى أدنى المستويات التي يمكن من خلالها القول إن الاقتصاد تعافى من التضخم، وترافق التضخم مجموعة من المشاكل الإجتماعية والسياسية لأثاره في إعادة توزيع الدخل والثروة وتسببه في عدم عدالة كبيرة في الوجهة الإجتماعية إذ يؤدي إلى زيادة الفجوة بين الطبقات الإجتماعية وكذلك إلى انحسار نشاط بعض الطبقات وخصوصا الطبقة الوسطى والى صعود بعض الطبقات كالمضاربين والسماسرة وبذلك تزداد الهوة بين أصحاب الدخول المرتفعة من جانب وأصحاب الدخول المنخفضة من جانب أخر. ويهدف البحث إلى تحليل اثر …

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Cultural Influences On Women In Leadership: An Extension Of The Hofstede And Globe Dimensions, Andrea Rae Barlow Jan 2014

Cultural Influences On Women In Leadership: An Extension Of The Hofstede And Globe Dimensions, Andrea Rae Barlow

Undergraduate Honors Capstone Projects

Technology has forever changed the face of business. Although in the past business markets have been limited to local geographic areas, the concept of outsourcing has opened a diverse spectrum of international markets. An increase in supplies and consumers can improve business effectiveness and efficiency, but entering international markets can be detrimental if the business is unaware of the subtle differences the new market has in regard to leadership styles and cultural values. Hofstede's cultural dimension analysis has been the primary research study for many industry and academic professionals (Bond 2002; Hofstede 1997). However, many scholars are questioning whether Hofstede …

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Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov Jan 2014

Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov

Faculty Publications

In this study we examine the performance of banks headquartered in Hollywood and banks headquartered in Silicon Valley in the period - first quarter 2008 until second quarter 2012, which includes the period of the Great Recession - December 2007 to June 2009. We find that during the financial crisis both Silicon Valley and Hollywood banks suffered but Silicon Valley banks much less than Hollywood banks. After the recession, banks in both regions improved performance again Silicon Valley banks recovering faster. We also find that the level of deposits, the leverage ratio and total loan chargeoffs consistently play a role …

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The Impacts Of In-State Procurement Preference Policies On The Economy Of South Carolina, Sawsan A. Abutabenjeh Jan 2014

The Impacts Of In-State Procurement Preference Policies On The Economy Of South Carolina, Sawsan A. Abutabenjeh

School of Public Service Theses & Dissertations

This research examined the impact of South Carolina's in-state preference policies on the economy of the state. To achieve this purpose, the research sought to answer the question: what are the impacts of implementing the in-state procurement preference policies on the economy of the state of South Carolina? The question was answered by using seven economic indicators: jobs, personal income, real disposable income, output (sales), Gross State Product (GSP), value added and state's population. The data related to the in-state preference policies were collected from the South Carolina Procurement Services Office. The data was then analyzed using the Regional Economic …

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Economic Empowerment Through Income Generating Activities And Social Mobilization: The Case Of Married Amhara Women Of Wadla Woreda, North Wollo Zone, Ethiopia, Belete Deribie Woldegies Jan 2014

Economic Empowerment Through Income Generating Activities And Social Mobilization: The Case Of Married Amhara Women Of Wadla Woreda, North Wollo Zone, Ethiopia, Belete Deribie Woldegies

Antioch University Dissertations & Theses

Wadla Woreda is located in North Wollo Zone, Amhara Regional State, Ethiopia. The woreda is predominantly agrarian and the population produces mainly subsistence food crops with small amounts of cash crops. Access to basic social and economic services such as health, education, and employment for rural communities is limited due to poor development of rural infrastructure. Wadla is one of the food insecure woredas in the region. As a result some of the people are internally displaced and a portion of the population is included in safety-net programs. The Wadla Woreda is prone to famine due to severe droughts, soil …

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How To Improve The Financial Architecture And Its Resilience, Dirk Helbing, Eve Mitleton-Kelly, Jean-Philippe Bouchaud, Fabio Caccioli, J. Doyne Farmer, Steve Keen, Katharina Pistor, Dennis J. Snower, Olsen Richard, Angelo Ranaldo, Norbert Häring, Edward Fullbrook Jan 2014

How To Improve The Financial Architecture And Its Resilience, Dirk Helbing, Eve Mitleton-Kelly, Jean-Philippe Bouchaud, Fabio Caccioli, J. Doyne Farmer, Steve Keen, Katharina Pistor, Dennis J. Snower, Olsen Richard, Angelo Ranaldo, Norbert Häring, Edward Fullbrook

Faculty Scholarship

This financial resilience survey was circulated on behalf of a working group of the Complexity Council of the World Economic Forum comprised of Prof. Eve Mitleton-Kelly of London School of Economics and Prof. Dirk Helbing at ETH Zurich's Risk Center. It was sent to a few dozens of financial experts with the aim to create an inventory of ideas of how the financial system might be improved and made more resilient. Unconventional ideas were also welcome.

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Financial Development, International Capital Flows, And Aggregate Output, Jurgen Von Hagen, Haiping Zhang Jan 2014

Financial Development, International Capital Flows, And Aggregate Output, Jurgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries, while foreign direct investment flows in the opposite direction; net capital flows go from poor to rich countries; despite its negative net international investment positions, the United States receives a positive net investment income. International capital mobility affects output in each country directly through the size of domestic investment and indirectly through the aggregate saving rate. Under certain conditions, the indirect effect may dominate the …

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Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups, Brian J. Farnkoff Dec 2013

Crowdfunding For Biotechs: How The Sec’S Proposed Rule May Undermine Capital Formation For Startups, Brian J. Farnkoff

Journal of Contemporary Health Law & Policy (1985-2015)

No abstract provided.

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Short-Term Inflation Forecasting Models For Nigeria, Sani I. Doguwa, Sarah O. Alade Dec 2013

Short-Term Inflation Forecasting Models For Nigeria, Sani I. Doguwa, Sarah O. Alade

CBN Journal of Applied Statistics (JAS)

Short-term inflation forecasting is an essential component of the monetary policy projections at the Central Bank of Nigeria. This paper proposes four short-term headline inflation forecasting models using the SARIMA and SARIMAX processes and compares their performance using the pseudo-out-of-sample forecasting procedure over July 2011 to September 2013. According to the results the best forecasting performance is demonstrated by the model based on the all items CPI estimated using the SARIMAX model. This model is, therefore, recommended for use in short-term forecasting of headline inflation in Nigeria. The forecasting performance up to eight months ahead, of the models based on …

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Influence Of Corruption, Foreign Direct Investment And Net Domestic Credit On Economic Growth, Meng Mi Dec 2013

Influence Of Corruption, Foreign Direct Investment And Net Domestic Credit On Economic Growth, Meng Mi

Applied Economics Theses

In Asia, it is not clear whether governments can attract increased FDI by reducing corruption, or whether corruption is irrelevant to levels of GDP growth, especially if the mechanism of net domestic credit can be used to stimulate economic growth even in the absence of high levels of FDI. The purpose of this study is to examine the potentially distinct effects of both FDI and net domestic credit on economic growth, as well as the relationship between corruption and economic growth. This relationship is studied using ex post facto data from a sample of Asian countries from the years 1980-2012. …

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The Financial Determinants Of College Football, Mitchell Adams Dec 2013

The Financial Determinants Of College Football, Mitchell Adams

HIM 1990-2015

There is a certain tradition, pageantry, rivalry, and glory in college football. It is well known that college football can be a big time money maker and sometimes covers the costs of other athletic teams within a school. However, it is also recognized that many college football programs lose money or struggle to break even. Thus, there is tremendous variability that exists in the amount of resources a school may have and the outcomes in athletic success, while there is not always a one to one correspondence between the two. The purpose of this study is to examine and analyze …

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Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule Dec 2013

Domestic Credit Growth And International Capital Flows: Implications For Monetary Policy Management In Nigeria, Moses K. Tule

Economic and Financial Review

This paper investigates the effect of foreign capital flows on domestic credit growth, specifically, and its implication for monetary policy. The paper is structured into 6 sections. Section 2 provides the review of related theoretical and empirical literature. Section 3 provides stylized facts on the structure and changing structure of domestic credit and international capital flows in Nigeria while section 4 deals with capital flows and the dynamics of monetary policy in Nigeria. Section 5 provides the empirical analysis, while section 6 concludes the study.

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Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi Dec 2013

Keynote Address By Sanusi L. Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

The keynote address of the Governor, Central Bank of Nigeria at the CBN Executive seminar with the theme Global Capital Flows, Financial Markets and Macroeconomic Stability at Golden Tulip Hotel, Festac Town, Lagos, December 2-5, 2013.

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Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie Dec 2013

Policy Space For Capital Controls And Macroeconomic Stability: Lessons From Emerging Economies, Christiana E. E. Okojie

Economic and Financial Review

The paper discusses the concept of policy space and the factors influencing policy space in developing economies. It also discusses changing attitudes towards capital controls by researchers and agencies with emphasis on the International Monetary Fund (IMF).

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An Efficient Two Sample Capture-Recapture Model With High Recaptures, Danjuma Jibasen, Yusuf J. Adams Dec 2013

An Efficient Two Sample Capture-Recapture Model With High Recaptures, Danjuma Jibasen, Yusuf J. Adams

CBN Journal of Applied Statistics (JAS)

This paper proposed an efficient two sample capture-recapture model (Ma) with high recaptures and compared it with the existing models like the model of no factor effect (Mo), behavioral response model (Mb) and the Petersen model (Ms), using simulated data. We found that the Petersen model provides a better estimate of the population size when the observations follow a hypergeometric distribution and the population is overestimated when recapture is high. It was also found that the proposed model provides a better estimator of the population size than the existing ones when the recapture is high. This model is particularly useful …

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Causal Relationship Between Stock Market Index And Exchange Rate: Evidence From Nigeria, Abdulrasheed Zubair Dec 2013

Causal Relationship Between Stock Market Index And Exchange Rate: Evidence From Nigeria, Abdulrasheed Zubair

CBN Journal of Applied Statistics (JAS)

This paper uses Johansen’s cointegration to test for the possibility of cointegration and Granger-causality to estimate the causal relationship between stock market index and monetary indicators (exchange rate and M2) before and during the global financial crisis for Nigeria, using monthly data for the period 2001–2011. Results suggest absence of long-run relationship before and during the crisis. The Granger-causality tests show a uni-directional causality running from M2 to ASI before the crisis while during the period of the crisis there is absence of causality between the variables. This suggests that ASI show responsiveness to M2. Thus, absence of the direct …

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