Economics Commons^™

Investment And The Long Swings Of Unemployment, Hian Teck Hoon, Margarita Katsimi, Gylfi Zoega

Research Collection School Of Economics

We estimate the medium-term relationship between investment and unemployment over the period 1960–2017 in 20 OECD countries, a period that includes the years of the Great Recession. While neoclassical growth theory typically assumes full employment—with no effect of investment on unemployment—and New-Keynesian models assume that such a relationship only exists in the short term at business cycle frequencies, we find that over our sample period covering more than 5 decades, a statistically significant negative relationship does exist: in decades when investment fell, unemployment increased. Panel estimation, using a measure of stock market volatility as an instrument for investment, confirms the …

Bootstrapping Two-Stage Quasi-Maximum Likelihood Estimators Of Time Series Models, Sílvia Gonçalves, Ulrich Hounyo, Andrew John Patton, Kevin Sheppard

Research Collection School Of Economics

This article provides results on the validity of bootstrap inference methods for two-stage quasi-maximum likelihood estimation involving time series data, such as those used for multivariate volatility models or copula-based models. Existing approaches require the researcher to compute and combine many first- and second-order derivatives, which can be difficult to do and is susceptible to error. Bootstrap methods are simpler to apply, allowing the substitution of capital (CPU cycles) for labor (keeping track of derivatives). We show the consistency of the bootstrap distribution and consistency of bootstrap variance estimators, thereby justifying the use of bootstrap percentile intervals and bootstrap standard …

Seeking Better Sharpe Ratio Via Bayesian Optimization, Peng Liu

Research Collection Lee Kong Chian School Of Business

Developing an excellent quantitative trading strategy to obtain a high Sharpe ratio requires optimizing several parameters at the same time. Example parameters include the window length of a moving average sequence, the choice of trading instruments, and the thresholds used to generate trading signals. Simultaneously optimizing all these parameters to seek a high Sharpe ratio is a daunting and time-consuming task, partly because of the unknown mechanism determining the Sharpe ratio. This article proposes using Bayesian optimization to systematically search for the optimal parameter configuration that leads to a high Sharpe ratio. The author shows that the proposed intelligent search …

العلاقة بين نظام سعر الصرف وتأثير السياسة النقدية في الاقتصاد, بسمان كامل جواد

Muthanna Journal of Administrative and Economics Sciences

تُعد السياسة النقدية من اهم ادوات الدولة للتأثير على الاقتصاد بشكل عام من خلال التأثير على المتغيرات الاقتصادية والتي على رأسها معدل الفائدة والتضخم والسيولة غير ان السياسة النقدية لأي بلد هي محكومة باطار عام وهو نوع نظام سعر الصرف المتبع في تلك الدولة اذ ان هناك عدة أنظمة لسعر الصرف تتبعها الدول كما يصنفها صندوق النقد الدولي , لذلك جاءت هذه الدراسة الموسومة بـ (العلاقة بين نظام سعر الصرف وتأثير السياسة النقدية في الاقتصاد) لتسليط الضوء على هذه الأنظمة المختلفة وأسباب اختلافها وفاعليتها من دولة الى أخرى في التأثير على المتغيرات الاقتصادية اذ تهدف الدراسة الى معرفة هل ان …

دور التدريب في إدارة الجودة المستدامة: دراسة تحليلية في مطبعة شهداء الشرطة في وزارة الداخلية العراقية, أسامة احمد حجيل, اسيل علي مزهر

Muthanna Journal of Administrative and Economics Sciences

الهدف الأساسي في هذه الدراسة هو تسليط الضوء على تأثير برامج التدريب في ادارة الجودة المستدامة , اذ تم تمثيل عينة الدراسة في العاملين في مطبعة شهداء الشرطة الاستثمارية التابعة الى وزارة الداخلية العراقية وكان عدد العاملين (بين ضابط ،وموظف ،وشرطي ، عمال بصفة عقد )هو (170) عامل لذلك تم صياغة مشكلة الدراسة وأهدافها وفقاً لمتغيرات الدراسة ، وكذلك تم صياغة فرضياتها وفق متغيرات الدراسة ، ولغرض تحليل بيانات الدراسة تم اعتماد الاستبانة لتحليل إجابات العاملين اذ تكونت من ( 41) سؤال موزعة على ابعاد متغيرات الدراسة و كانت نسبة الاستبانات الصالحة للتحليل (92%) اذ كان عدد الاستبانات الصالحة (156) …

اثر عدم تماثل المعلومات على جودة حوكمة الشركات, باسم عبدالله كاظم, جاسم عيدان المعموري

Muthanna Journal of Administrative and Economics Sciences

المستخلص: هدف البحث التوصل الى ان التطبيق الملائم لآليات الحوكمة سيؤدي الى تخفيض مشكلة عدم تماثل المعلومات المحاسبية بين الوحدة الاقتصادية واصحاب المصلحة التي ستنعكس ايجابا على البيئة المحلية العراقية المتمثلة بقطاع المصارف التجارية. لذلك يمكن عرض مشكلة البحث من خلال التساؤل التالي: هل للتطبيق الجيد لآليات حوكمة الشركات اثر على تخفيض مشكلة عدم تماثل المعلومات المحاسبية في المصارف التجارية المدرجة في سوق العراق للأوراق المالية ؟ وذلك من خلال اختيار عينة من المصارف التجارية المدرجة في سوق العراق للأوراق المالية بلغت 13 مصرفا (المصرف التجاري العراقي، مصرف الخليج التجاري، مصرف بغداد، مصرف بابل،مصرف الاستثمار العراقي، مصرف سومر التجاري، مصرف …

اسهام الذكاء التنافسي في تحقيق الميزة التنافسية المستدامة: دراسة استطلاعية, عبدالعزيز بشار حسيب زكريا, عبدالله هاني صالح

Muthanna Journal of Administrative and Economics Sciences

يسعى البحث الحالي الى اختبار الدور الذي يمكن ان يسهم به الذكاء التنافسي في تحقيق الميزة التنافسية المستدامة من خلال دراسة استطلاعية في مجموعة شركات كرونجي للمشروبات الغازية والمياه الصحية والعصائر والالبان ومشروبات الطاقة المحدودة، اذ تمثلت المشكلة البحثية بعدم ادراك عينة البحث لأهمية استخدام الذكاء التنافسي لأجل بناء ميزة تنافسية مستدامة، وللحصول على البيانات اللازمة لاستكمال متطلبات البحث تم بناء استبانة بوصفها اداة البحث الرئيسة وزعت على عينة البحث التي تمثلت ب (56) من الافراد العاملين ممن هم بدرجة (مدير عام، مدير قسم/ وحدة، مشرفي الخطوط الانتاجية، فنيين)، وتم اعتماد البرمجيات الاحصائية (SPSS V26) و (AMOS V24) لتحليل تلك …

علاقة التغيير التنظيمي في تحسين جودة الخدمات الصحية دراسة ميدانية في مستشفى الملك خالد بتبوك, أحمد محمد حامد الجهني

Muthanna Journal of Administrative and Economics Sciences

يعد التغيير التنظيمي عملية ضرورية للتحسين والتطوير المستمر، ولذا يهدف البحث إلى تحديد الأبعاد الرئيسية في التغيير التنظيمي وتحديد علاقتها في تحسين جودة الخدمات الصحية؛ خصوصاً في ظل برنامج التحول الصحي في المملكة العربية السعودية للخصخصة. هذا ويعد التغيير -وخاصة التنظيمي منه- تحدٍ للإدارة العليا والعاملين مع ضرورة ضمان مستوى عالِ من جودة الخدمات الصحية في القطاع الحكومي، وبالتالي وجود تغيير في خصخصة القطاع سوف يتأثر دون أدنى شك إيجابياً أو سلبياً، وهذا ما ركَّز عليه البحث. وقد استُخدم في البحث أداة الاستبانة للتحليل الوصفي لعينة عشوائية عددها (٣٠١) بين إداري وصحي من مجتمع المنظمة، والذي يبلغ (١٣١٣) فردا؛ للوصول …

Could Information About Honey Fraud Increase Consumers’ Valuation Of Domestic Honey In The Face Of Rising Honey Imports In The U.S. And Eu?, Christopher Gustafson, Antoine Champetier

Yeutter Institute International Trade Policy Review

The consumption of honey, which has been sought out by humans for use as food and medicine for thousands of years, has been increasing in recent decades with rising incomes and attention paid to food choices and health. In two decades, honey consumption in the U.S. has risen from 1.2 pound per capita per year to 1.9 in 2021. In the European Union, per capita consumption rose from 1.5 to 2.1 pounds per capita over the same period. While this might appear to be a boon for U.S. and EU beekeepers, honey is a heavily traded product, and imports from …

Executive Protection And Identity Theft Recognition, Prevention And Mitigation, Alan Saquella

Publications

In today’s digital age, where the threat of identity theft looms large, executive protection professionals play a crucial role in safeguarding the lives and assets of their clients. Beyond their primary responsibility of physical protection, EP professionals should look for opportunities to educate their clients on the risks of identity theft and fraud. These threats have become increasingly pervasive and sophisticated in today’s society, making it essential for individuals to be well-informed and prepared.

The Effect Of Trading Volume On Stock Price, Jackson Dino

Gettysburg College Headquarters

Knowledge of the relationship between trading volume and trading equities enhances investors and public policy maker’s knowledge of market structure. In this paper, we examine the effects of trading volume on stock prices using a panel of stock prices from the S&P 500 Index. We develop an ordinary least squares regression model, implementing control variables, fixed effects and an instrumental variable to minimize statistical bias. We find evidence that an increase of trading volume by its mean is associated with a $2.42 increase in average stock price. We also find stronger evidence that an increase of trading volume by its …

Can Sanctions End Wars?, E. Wesley F. Peterson

Yeutter Institute International Trade Policy Review

Russia’s invasion of Ukraine has led to extensive economic, financial, trade, and other types of sanctions directed at individual Russians and the Russian economy. Most European and North American countries as well as Australia, New Zealand, Japan, and Korea have enacted sanctions and many of them are also supporting Ukraine with military and economic assistance. Many other countries including China, India, and Brazil do not support the sanctions although 141 countries belonging to the United Nations (out of a total membership of 193) voted to condemn the war. Although the use of economic sanctions to influence the behavior of foreign …

A Look At Provincial Budgets, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Budget discussions and debates in Pakistan have historically focused on the federal government and FBR, though the provincial budgets should occupy a salient place in the aftermath of the 18th Amendment and the 7th National Finance Commission Award. This has not been the case despite the fact that the objectives of raising the tax-to-GDP ratio and efficient and effective delivery of public goods and services to the citizens can be achieved mainly through provincial budgets.

Comment : Economic Consequences Of Budgetary Options, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Let me first concede that I have great deal of sympathy with those who have been given the responsibility for preparing the FY24 Budget. We are faced with the most difficult external and domestic circumstances. Global economic conditions and geopolitical compulsions are unfavourable.

Economic Impacts Of Investment Facilitation, Edward J. Balistreri, Zoryana Olekseyuk

Yeutter Institute International Trade Policy Review

After the successful adoption of the Trade Facilitation Agreement (TFA) in 2014, investment facilitation is gaining importance as the next policy priority for a plurilateral agreement under the World Trade Organization (WTO). In fact, more than 110 WTO Members aim to conclude the negotiations on the Investment Facilitation for Development (IFD) Agreement by mid-2023 after only three years of formal negotiations. Investment facilitation refers to actions taken by governments designed to attract foreign investment and maximize the effectiveness and efficiency of its administration through all stages of the investment cycle. The IFD agreement focuses on allowing investment to flow efficiently …

Overreaction At The Time Of Regulatory Policy Adjustment: Evidence From The A-Share Market In China, Jian Huang

Fordham Dissertations and Theses

The stock market is a significant place for capital allocation where paternalistic securities regulation is a necessary choice to hedge against risks in a growth-oriented capital market and enhance efficiency of capital market. However, paternalistic regulation can also lead to behavioral failure and amplify market failure, thus resulting in a decline in market efficiency. This dissertation attempts to empirically reveal that it is one of the objectives of securities regulation to increase the stock direct financing ratio (DFR), but policy adjustments can cause increased market volatility, and a stock market with increased volatility may exhibit overreactions, a phenomenon …

Revisit The Moving Average Technical Trading Rule For The Nasdaq Composite Index, Louie Ren, Peter Ren, Jeffrey Yi-Lin Forrest

Pennsylvania Economic Review

We check the regression model assumptions via residual analysis using one dummy variable for Buy and Sell Days. Since the returns of the NASDAQ composite index is not stationary, it is inappropriate to use the Student T-test on Buy and Sell Days to analyze the efficiency of the market via moving average technical trading rules. As such, the Buy-Sell Days from the moving average trading rules have no predictability on daily NASDAQ index returns. This refutes the results of at least two studies on the NASDAQ Composite Index.

An Empirical Research On The Financial Distress Risk In The Garden And Construction Industry, Jianlin Guan

Dissertations and Theses Collection (Open Access)

In recent years, the garden and construction industry has faced significant financial distressdue to the downward pressure on the macro economy. This financial distress not onlyposesrisks to the financial stability and management of enterprises but also has far-reachingimpactson society.

This paper utilizes various analytical methods such as case analysis, empirical analysis, andevent analysis to derive the following conclusions:(1)The participation of garden constructionindustry enterprises in public-private partnership (PPP) projects leads to increased financial distress.(2)The higher the debt ratio of the local government where listed gardenandconstruction enterprises are located, the greater the financial distress theyexperience.(3)Enterprises in the garden and construction industry, whose …

The Relationship Between Economic Policy Uncertainty And Stock Market Volatility, Jadesola Alatishe, M Halim Dalgin, Necati Tekatli

Pennsylvania Economic Review

This paper studies the relationship between the economic policy uncertainty and the stock market volatility. On a daily basis, stock prices react to news about what governments around the world plan to do or have done. As economic policy uncertainty is expected to be priced in the stock market, the relationship between economic policy uncertainty and financial markets can reveal investors' assessments of how policy risks impact economic activity into the future, conveniently summarized in present value terms. In this paper, we hope to unravel how an uncertain economic policy climate affects the stock market dynamics. Our results indicate that …

The Macrodynamics Of Indian Rupee Swap Yields, Tanweer Akram, Khawaja Mamun

WCBT Working Papers

This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest rate has a decisive influence on long-term INR swap yields after controlling for other factors, such as core inflation, the growth of industrial production, the logarithm of the equity price index, and the logarithm of the INR exchange rate. The estimated models show that the short-term interest rate has an important influence on the swap yields. This implies that the Reserve Bank of India (RBI) can sway borrowing and lending …

Annual Growth Of 6.5-8% Until 2028: How?, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

THE KEY outcomes of President Bongbong Marcos’ Philippine Development Plan 2023–2028—to increase income per capita, reduce poverty, and create employment—rest on a necessary condition: to attain a 6.5-8% annual growth rate through 2023 to 2028. If achieved, the Philippines would resemble its East Asian neighbors, which attained similarly high growth rates decades ago. This is much needed given the still low wages and per capita income of the country. Yet, this “target” poses several questions.

Fiscal Decentralization And Economic Performance In Selected Developing Federal Econom, Samuel Onyeka Okonkwo, Walter Okwudili Ugwuoke Phd

Bullion

Extant literatures on fiscal decentralization in most developing countries show more concerns on revenue allocation principle/sharing. Contrary to extant studies, this paper undertakes analysis of fiscal decentralization and economic performance in five emerging federal economies. The curiosity is to ascertain if poor economic performance in most emerging economies could be attributed to ill - structured fiscal decentralization. This objective was addressed using Panel Vector Autoregressive technique and impulse response function. The results showed that all the measures of fiscal decentralization such as revenue measure denoted as (FDC1), spending measure denoted as (FDC2) and revenue — spending measure or Simultaneity measure …

Sociodemographic Effects On Financial Inclusion: Implications From Online Transaction In Developing-8 Countries, Dyah Titis Kusuma Wardani, Navi'ah Khusniati, Susilo Nur Aji Cokro Darsono

Economics and Finance in Indonesia

The world has reached the industry 4.0, where technological developments have been widely applied to electronic payment, with no exception on Muslim countries. This study aims to investigate association between sociodemographic and financial inclusion in country D-8 in the probability of using online financial transactions. Using The Global Findex 2017 from D-8 Organization for Economic Cooperation included in OIC countries and the logistic regression, this study explores the effect of sociodemographic namely gender, education, income status and working status on online financial transactions users. Using control variables such as Gross Domestic Product (GDP), Inflation and Exchange reta, results show that, …

Essays On Tax Impacts On Corporate Finance, Corporate Governance And Regional Disparity, Mei Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics on tax impacts on corporate finance, regional disparity and corporate governance.

Chapter 1 - How Do Net Operating Loss Carryforwards Affect Tax Impact on Corporate Capital Structure? This paper examines the impact of net operating loss (NOL) carryforwards on the tax implications of corporate capital structure. Leveraging the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax reform in four decades, this paper investigates the effect of NOL carryforwards on firms' sensitivity to tax reforms. As NOL carryforwards have become increasingly significant since 2000, but not widely researched due …

Supermajority Politics: Equilibrium Range, Policy Diversity, Utilitarian Welfare, And Political Compromise, Aseem Mahajan, Roland Pongou, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

Highlights

• We study static and dynamic supermajoritarian economies with totally ordered policy spaces.

• We count equilibria in the core and the largest consistent set under single-peaked preferences.

• We assess the depth of policy diversity across similar supermajoritarian political economies.

• We analyze how supermajority rules affect utilitarian welfare and political compromise.

• We find that majority rule maximizes both utilitarian welfare and political compromise under uncertainty.

Abstract

The standard Bowen model of political competition with single-peaked preferences (Bowen, 1943) predicts party convergence to the median voter’s ideal policy, with the number of equilibrium policies not exceeding two. This result assumes majority rule …

Essays On Stakeholder Economy, Hanyu Zhang

Dissertations and Theses Collection (Open Access)

The dissertation consists of two chapters on stakeholder economy. It looks at how firms interact with the stakeholders, including not only investors, employees, customers, governments, but also the broader community and society at large, and examines how such interactions affect corporate behavior in China and the global setting. The first chapter studies how societal culture shapes firm behavior and growth by analyzing the trade-off of relying on trust in acquiring stakeholder resources, and testing with data on the number of historic Confucian schools surrounding a current firm’s location in China. Companies more exposed to Confucianism have greater social contributions and …

Food Price And Inflation Adjustments In Nigeria: Evidence From Threshold Cointegration, Usman A. Bello, Aliyu R. Sanusi

CBN Journal of Applied Statistics (JAS)

This paper investigates two stages of transmission through which inflation stabilization policy affects headline inflation by estimating a threshold cointegration model. The paper finds that asymmetric monetary shocks passing-through food prices exerts inflationary pressure on consumer prices, and is characterized by deep asymmetric movement, large degree of stickiness in adjusting downward, while exhibiting upward momentum in correcting food price fall. In addition, asymmetries were found in consumer price adjustment as food price shock transmits substantial inflationary pressure to consumer prices, while disinflationary effect originating from a fall in food price is inconsequential. The coefficients of adjustment were found to be …

Dynamic Effect Of Exchange Rate Gap Shocks On Stock Market Deepening: Evidence From Nigeria, Kareem Abidemi Arikewuyo

CBN Journal of Applied Statistics (JAS)

The study examines the exchange rate gap shock–stock market deepening nexus in Nigeria using the structural VAR-X (SVAR-X) technique for the period 1986Q1 to 2018Q4. Findings reveal that exchange rate gap shock has a negative but statistically not significant effect on stock market deepening in Nigeria. It was also found that exchange rate passed–through interest rate from second to thirteen quarter, and further through financial openness whose effect, like exchange rate gap, was negative. This implies that exchange rate gap is significantly and negatively related to interest rate and financial openness in Nigeria. It is therefore recommended that the monetary …

Modelling The Impact Of Government Expenditure On Economic Growth In Nigeria: The Moderating Effects Of Oil And Non-Oil Revenue, Victor U. Ijirshar, Gaius M. Asombo, Florence D. Bundepuun, Ashifa Tersugh, Ayila Ngutsav

CBN Journal of Applied Statistics (JAS)

This study examines the relationship between government expenditure and economic growth and assesses the moderating effects of oil revenue and non-oil revenue in Nigeria from 1981 to 2021. The study uncovered short-term asymmetry in the government expenditure-economic growth nexus while the long-term relationship was symmetric. The study found that government expenditure is a significant determinant of economic growth in Nigeria and that oil and non-oil revenue influences the nexus between government expenditure and economic growth in Nigeria positively. The study recommends efficient management of oil revenue, directing investments during high revenue periods and ensuring fiscal sustainability. Government should also establish …

Improving The Efficiency Of Exponential Ratio-Type Estimator For Population Median: A Calibration Weight Adjustment Approach, Mathew J. Iseh, Kufre J. Bassey

CBN Journal of Applied Statistics (JAS)

This paper modifies the Bahl and Tuteja exponential ratio-type estimator for population median under simple random and stratified sampling schemes using calibration weight adjustment technique with supplementary information to vary the stratum weights. The bias and mean square error of the modified estimator were obtained up to the second-order approximation, which satisfies the necessary conditions for efficiency. The findings show that the new estimator surpasses existing estimators in efficiency gain. This suggests the appropriateness of calibration weight modification in boosting the efficiency of a population parameter estimator under stratified random sampling especially where the population parameter of the auxiliary variable …