Economics Commons^™

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although refonns have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fuJly as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making poHcy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

The Reforms Of China's State Enterprises, The Bank System And The Relationship Between Them, Zheng Li

All-Inclusive List of Electronic Theses and Dissertations

China's economic reform is now at a critical stage ofrestructuring the financial sector and state-owned enterprises (SOEs). Although reforms have accomplished much over the past two decades, many problems still exist in these two sectors. Chinese banks and enterprises influence and interweave with each other. The banks can't operate fully as commercial banks until the principal borrowers are fully reformed. SOEs cannot become profitable unless the banking system is commercialized and stops making policy loans to the money-losing enterprises. How can China reform its banking system and SOEs to achieve sustained long-term growth? This study focuses on the reform of …

Two Essays On Exchange -Traded Funds, Natalya Vladimir Delcoure

Doctoral Dissertations

The purpose of this study is twofold. The first objective is to conduct an empirical inquiry into the diversification benefits of exchange-traded funds. The second objective is to examine whether exchange-traded funds exhibit superior performance compared to their rival closed-end country fund and traditional index mutual fund. I document that American investors manifest their preference for WEBS as a substitute for closed-end country funds. While I find that WEBS satisfy their objective of following their home indexes better than their rival closed-end country fund, the two-factor model I employ indicates that, despite some diversification benefits, WEBS also maintain certain risk …

Appraising Industrial Special-Purpose Properties, Robert G. Crawford, Barrett A. Slade

Faculty Publications

This article proposes a new technique, based on utilization rates, for estimating economic obsolescence in the appraisal of industrial special-purpose properties. A utilization-based measure, which explicitly considers the operating leverage of the facility, allows for proper calculation of the obsolescence. Theoretically correct valuation principles underlie the proposed utilization methodology. The technique uses inputs that are reasonably available to an appraiser, thus providing a practical application of the proposed methodology.

"...As We Forgive Our Debtors", St Mary's University

President's Peace Commission - Programs

The President’s Peace Commission existed from 1984 to 2013 at St. Mary's University. The Commission fostered an ethical commitment to participate in the establishment of world peace and social justice.

This program is about labor exploitation in an international economy and environmental debt.

Going Places : Atm Services In India, Sanjiv Kumar Bhatia

IIMB Management Review

Post-liberalisation banking sector reforms brought in a new era of competition, forcing banks to look for different ways of competing. ATM (automated teller machine) services helped banks increase their reach and improve customer responsiveness and also provided them with opportunities to open new streams of revenues. However, regulatory bindings, such as the control on the number of ATMs that can be deployed by the public sector banks, and tariff issues like high custom duty on ATM hardware, made this option unviable and constrained the growth of ATMs in the country in last decade.

Forecasting Volatility: Evidence From The German Stock Market, Hagen H. W. Bluhm, Jun Yu

Research Collection School Of Economics

In this paper we compare two basic approaches to forecast volatility in the German stock market. The first approach uses various univariate time series techniques while the second approach makes use of volatility implied in option prices. The time series models include the historical mean model, the exponentially weighted moving average (EWMA) model, four ARCH-type models and a stochastic volatility (SV) model. Based on the utilization of volatility forecasts in option pricing and Value-at-Risk (VaR), various forecast horizons and forecast error measurements are used to assess the ability of volatility forecasts. We show that the mode lrankings are sensitive to …

How Can I Teach My Children Basics About Money?, Liz Gorham

All Archived Publications

No abstract provided.

Development Of Russian Commercial Banks And Financial Crisis Of 1998, Anna Barc

Theses Digitization Project

This report describes the development of commercial banks in Russia and role of government and Central Bank in advance of Russian financial system.

Indiana State University Financial Report 2001, Indiana State University

Financial Reports

No abstract provided.

How Do I Teach Money Management Concepts To My Children?, Liz Gorham

All Archived Publications

No abstract provided.

How Do I Teach My Children About Saving And Borrowing Money?, Liz Gorham

All Archived Publications

No abstract provided.

How Can I Protect Myself From Credit Card Fraud?, Liz Gorham

All Archived Publications

No abstract provided.

Thirwall's Law + Trade, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes.

• Shaikh, A., PhD. (2001, February). Re: My stock market research [Unpublished memorandum with charts on real rates of return, the stock market and new corporate investment, and actual and warranted price–earnings ratios].

• Shaikh, A., PhD. (n.d.). Exchange rate dynamics [Unpublished chart].

The Global Governance Of “Good Governance”: Financial Regularization And The Construction Of Transparency And Accountability, Benjamin T. Tolosa Jr

Political Science Department Faculty Publications

“Good governance” has increasingly become political-economic common sense — often articulated in the call for transparency and accountability. But the question is: transparency and accountability to whom and toward what end? This essay examines the normalization of “good governance,” particularly as it is expressed as a financial discourse of corporate governance that gives primacy to the maximization of “shareholder value” and the promotion of “investor confidence” in the capital markets. I argue that this global discourse privileges institutional investors who are empowered to hold all stakeholders accountable to market expectations and valuations. While the discourse is clearly not socially neutral, …

Do Uk Stock Prices Deviate From Fundementals?, David E. Allen, Y Wenling

Research outputs pre 2011

This article examines the deviation of the UK market index from market fundamentals implied by the simple dividend discount model and identifies other components that also affect price movements. The components are classified as permanent, temporary, excess stock returns and non-fundamental innovations in terms of a multivariate moving average model [Lee 1998]. We find that time varying discounted rates play an active role in explaining price deviations.

On The Disappearance Of Tuesday Effect In Australia, Chien-Ting Lin, Lee Kian Lim

Research outputs pre 2011

Day of the week (DOW) effect has been well known in many markets. The United States, the United Kingdom, Canada, and Switzerland all have been found to exhibit significant average negative Monday returns [Agrawal and Tandon, 1998]. Other developing markets in Indonesia, Malaysia and Thailand are also found to have the same seasonality [Choudhry, 2000]. Australia however displays its DOW effect on Tuesdays rather than on Mondays (Jaffe and Westerfield [1985], Easton and Faff [1994]). Jaffe and Westerfield [1985] suggest that there might be a linkage between the U.S. Monday seasonal and the Asia-Pacific DOW effect as they are one …

Nipa Profits Vs S&P Earnings, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. NIPA profits vs. S&P earnings; r_corp; Q-values (Unpublished work).
• Petrick, K. A. (2001). Comparing NIPA profits with S&P 500 profits. Survey of Current Business, U.S. Bureau of Economic Analysis.
• Shaikh, A. (2001). Handwritten comments on comparing NIPA profits with S&P 500 profits (Unpublished manuscript).
• Larkins, D., & Morris, R. W. (2001). Note on profitability of domestic nonfinancial corporations, 1960–2000. Survey of Current Business, U.S. Bureau of Economic Analysis.
• Shaikh, A. (2001). Handwritten annotations on profitability of domestic nonfinancial corporations (Unpublished manuscript).

What Moves Stock Markets? Evidence That Uk Stock Prices Deviate From Fundamentals, David E. Allen, Wenling Yang

Research outputs pre 2011

This article examines the deviation of the UK market index from market fundamentals implied by the simple dividend discount model and identifies other components that also affect price movements. The components are classified as permanent, temporary, excess stock returns and nonfundamental innovations in terms of a multivariate moving average model (Lee (1998)). We find that time varying discounted rates play an active role in explaining price deviations.

Skewness Is The Name Of The Game, Y. H. Cheung

Research outputs pre 2011

Theoretical models of risk taking attempt to explain why risk-averse individuals participate in unfair gambles. This paper evaluates the two explanations as to why rational individuals would accept gambles with negative expected returns. It is found that it is skewness, not the mean or the variance of the prize distribution that attracts risk-averse gamblers. However, evidence shows that there seems to be an optimal trade-off between operators’ sales revenues and skewness of the pay-off; a point that designer of gambling games needs to heed to.

Gender Differences In Information Resource Usage When Making Retirement Saving Decisions, Marilyn Clark-Murphy, Paul Gerrans

Research outputs pre 2011

Population ageing is raising the profile of retirement incomes policy. In Australia assets of retirement savings funds are growing rapidly and fund members are assuming a greater role in determining funds' investment strategies. The decision processes of fund members have not been extensively researched, however, these decisions are significant not only for members but also for employers and government. This paper provides information on retirement savings in Australia and reports on a survey of members of the Superannuation Scheme for Australian Universities (SSAU). In 1999 members of SSAU were asked to choose between a defined benefit scheme or one of …

Another Look At The Size And Book-To-Market Effects On Stock Returns, Chien-Ting Lin

Research outputs pre 2011

In this study, I test the robustness of size and book-to-market effects on average stock returns reported by Fama and French (FF, 1992, 1993) using a sample that is less subject to survivorship bias and a longer sampling period. Specifically, I exclude NASDAQ stocks in the sample to reduce survivorship bias that has largely been induced by Compustat during an expansion project in 1978. Survivorship bias exists when the sustaining and successful firms are included in the data and those firms that fail or merge with other firms are omitted. Since NASDAQ stocks tend to have relatively smaller stocks than …

Mutual Fund Company Mergers And Their Impact On Investment Flows, David Allen, Jerry Parwada

Research outputs pre 2011

No abstract provided.

An Analysis Of A Monetary Approach To The Balance Of Payments And Exchange Rates : The Case Of Malaysia 1986-1997, Siti Ayu Jalil

Student Works (2000-2009)

The research paper attempts to investigate the empirical analysis of the monetary approach to the balance of payments and exchange rates in the Malaysian environment. Through assessing the balance of payments and exchange rate position In Malaysia, the objective is to determine whether the monetary phenomenon could be the reason for the 1997 financial crisis that resulted Its government to opt for a fixed exchange rate and capital controls policies in September 1997. The time period of the study was 12 years from 1986 to 1997 and in all cases the annually data was used. The central proposition of the …

Holiday Effect : A Decade Of Change In The Performance Of The Kuala Lumpur Stock Exchange, Rina Bee Yan Tong

Student Works (2000-2009)

This empirical research investigates the holiday effect in the Kuala Lumpur Stock Exchange (KLSE) using three daily stock indices: Kuala Lumpur Stock Exchange Composite Index (KLSE Cl), Exchange Main Board All-Share Index (KLSE EMI), and Kuala Lumpur Stock Exchange Second Board Index (KLSE SBI) over the period January 1990 to June 2001. The results show abnormally high pre­holiday returns which predominate only on the single trading day immediately prior to holidays and the pre-holiday fraction of positive return is found significantly higher for all three indices. On the other hand, the post-holiday returns are higher than normal trading days but …

The Asian Economic Crisis: The Way Ahead For Singapore, Augustine H. H. Tan

Research Collection School Of Economics

No abstract provided.

An Empirical Investigation Into Long- And Short-Term Indebtedness, Hing-Man Leung

Research Collection School Of Economics

The external debt position of a country often lies at the heart of her financial crisis. While it is well-known that indebtedness and in particular a surge in short-term debts often precipitate a debt crisis that is often made worse by runs on a country’s foreign exchange, the reasons why a country takes a particular debt position is rarely formally explained. This paper investigates the long-term determinants of international indebtedness, the time-rates of change of indebtedness, and a nation’s short- to long term debt ratio. The data set used is the World Data CD-ROM. Six potential explanatory variables are: size, …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2000, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2000 and appraises the major economic policy outcomes during the period. The bank is responsible for administering the Banks and Other Financial Institutions (BOFI) Act, which aims to ensure high standards of banking practice and financial stability through surveillance activities and the promotion of an efficient payments and clearing system. The bank's major objectives for monetary policy in 2000 were outlined in the Bank's Monetary Policy Circular No. 34. Key policy targets included growth in broad money, narrow money, aggregate bank …

Preliminary Assessment Of Client Interest In And Needs Of The New England Environmental Finance Center, New England Environmental Finance Center, University Of Southern Maine

Planning

The New England Environmental Finance Center (NE/EFC) has been conceived as a knowledge-based clearinghouse, training, and change-agent program aimed at helping EPA's constituencies find financially successful approaches to environmental improvements. The NE/EFC will develop approaches to needs of particular priority in New England and potentially useful throughout the nation; share such approaches through the EFC national network; and help make tools from that network accessible throughout New England. In 1999 we began exploring with potential users how this ninth of the nation's EFCs might best address the region's needs. The assessment continued through the Muskie School's EFC proposal to EPA …

Bugs For A Bayesian Analysis Of Stochastic Volatility Models, Renate Meyer, Jun Yu

Research Collection School Of Economics

This paper reviews the general Bayesian approach to parameter estimation in stochastic volatility models with posterior computations performed by Gibbs sampling. The main purpose is to illustrate the ease with which the Bayesian stochastic volatility model can now be studied routinely via BUGS (Bayesian inference using Gibbs sampling), a recently developed, user-friendly, and freely available software package. It is an ideal software tool for the exploratory phase of model building as any modifications of a model including changes of priors and sampling error distributions are readily realized with only minor changes of the code. However, due to the single move …