Economics Commons^™

Essays On Empirical Asset Pricing, Liyao Wang

Dissertations and Theses Collection (Open Access)

The dissertation consists of four chapters on empirical asset pricing. The first chapter reexamines the existence of time-series momentum. Time-series momentum (TSM) refers to the predictability of the past 12-month return on the next one month return. Using the same data set as Moskowitz, Ooi, and Pedersen (2012) (MOP, henceforth), we show that asset-by-asset time-series regressions reveal little evidence of TSM, both in- and out-of-sample. While the t -statistic in a pooled regression appears large, it is not statistically reliable as it is less than the critical values of parametric and nonparametric bootstraps. From an investment perspective, the performance of …

Do Public Program Benefits Crowd Out Private Transfers In Developing Countries? A Critical Review Of Recent Evidence, Plamen Nikolov, Matthew Bonci

Economics Faculty Scholarship

Precipitated by rapid globalization, rising inequality, population growth, and longevity gains, social protection programs have been on the rise in low- and middle-income countries (LMICs) in the last three decades. However, the introduction of public benefits could displace informal mechanisms for risk-protection, which are especially prevalent in LMICs. If the displacement of private transfers is considerably large, the expansion of social protection programs could even lead to social welfare loss. In this paper, we critically survey the recent empirical literature on crowd-out effects in response to public policies, specifically in the context of LMICs. We review and synthesize patterns from …

Integration Of And Deliveries Among The World Zionist Organization, Israel, And Diaspora Countries: System Articulation With The Social Fabric Matrix, F. Gregory Hayden

Department of Economics: Faculty Publications

The religious economics (not economics of religion) concern here is the relationship between the World Zionist Organization (WZO) and Israel, which is known as a geopolitical power in its region and which is also known as an economic success story. Joseph Schumpeter and Karl Polanyi explained how the political economy of medieval Europe was influenced and guided by Christian morality. This paper extends the analysis of religious economics by using the social fabric matrix of original institutional economics to define and structure the integration of the WZO, Israel, and the Diaspora countries. This allows us to observe how to conduct …

Fighting Money Politics And Shamanic Practices, Guno Tri Tjahjoko

Jurnal Politik

This study aims to describe the efforts of female candidates to break the practice of money politics and the influence of shamans in the 2018 Sriharjo subdistrict election (pilkades). The author used qualitative methods with a case study of the Sriharjo village-head election in Bantul Regency. The author collected primary data through interviews, in-depth group discussions, and observations. Secondary data were collected through a literature review, online articles, photos, and video studies of the pilkades process. The findings of this study show the practice of money politics carried out by “snipers,” whose job is to distribute envelopes containing money from …

Basel Iii B: Basel Iii Overview, Christian M. Mcnamara, Michael Wedow, Andrew Metrick

Journal of Financial Crises

In the wake of the financial crisis of 2007-09, the Basel Committee on Banking Supervision (BCBS) faced the critical task of diagnosing what went wrong and then updating regulatory standards aimed at preventing it from occurring again. In seeking to strengthen the microprudential regulation associated with the earlier Basel Accords while also adding a macroprudential overlay, Basel III consists of proposals in three main areas intended to address 1) capital reform, 2) liquidity standards, and 3) systemic risk and interconnectedness. This case considers the causes of the 2007-09 financial crisis and what they suggest about weaknesses in the Basel regime …

Basel Iii A: Regulatory History, Christian M. Mcnamara, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

From the earliest efforts to mandate the amount of capital banks must maintain, regulators have grappled with how best to accomplish this task. Until the 1980s, regulation had been based largely on discretion and judgment. In the wake of two bank failures, the central bank governors of the G10 countries established the Basel Committee on Banking Supervision (BCBS) and in 1988, the BCBS introduced a capital measurement system, Basel I. The system represented a triumph of the fixed numerical approach, however, critics worried that it was too blunt an instrument. In 1999, the BCBS issued Basel II, a proposal to …

Incorporating Macroprudential Financial Regulation Into Monetary Policy, Aaron Klein

Journal of Financial Crises

This paper proposes two insights into financial regulation and monetary policy. The first enhances understanding the relationship between them, building on the automobile metaphor that describes monetary policy: when to accelerate or brake for curves miles ahead. Enhancing the metaphor, financial markets are the transmission. In a financial crisis, markets cease to function, equivalent to a transmission shifting into neutral. This explains both monetary policy’s diminished effectiveness in stimulating the economy and why the financial crisis shock to real economic output greatly exceeded central bank forecasts.

The second insight is that both excess leverage and fundamental mispricing of asset values …

Citizen-Consumers Wanted: Revitalizing The American Dream In The Face Of Economic Recessions, 1981-2012, Gokcen Coskuner-Balli

Business Faculty Articles and Research

This article brings sociological theory of governmentality to bear on a longitudinal analysis of American presidential speeches to theorize the formation of the citizen-consumer subject. The 40-year historical analysis which expands through four economic recessions and the presidential terms of Ronald Reagan, William J. Clinton, George W. Bush, and Barack Hussein Obama, illustrates the ways in which the national mythology of American Dream myth has been linked to the political ideology of the state to create the citizen-consumer subject in the United States. The quantitative and qualitative analysis of the data demonstrates first, the consistent emphasis on responsibility as a …

Intragovernmental Autonomous Stabilizers, Alex Williams

Theses - Graduate Programs in Economic Theory and Policy

We present a novel framework for understanding the relationship between the federal and state governments of the United States of America. Drawing on the experience of state government finances during and after the Great Recession in 2008, we propose the establishment of novel intragovernmental budgetary stabilization mechanisms. We draw out the flawed arguments of the existing fiscal federalism literature and demonstrate how the work of Michael Pettis and Modern Monetary Theory provide more usable insights when crafting public policy. We propose several potential policy responses and produce a counterfactual model of state finances after the Great Recession using the new …

Impact Of A Bblr Tax System On Standard Of Living In The United States: An Olg Approach, Assande Adom

Faculty Research and Creative Activity

The debate about taxation matters remains relevant in the literature across schools of thoughts and decision-makers. Indeed, these matters carry far-reaching economic effects both domestically and internationally. Taxes can constitute major conduits for distortions and inefficiencies in the economy if not properly set and administered. This study explores the impact of a broad base lower rate (BBLR) tax system on lifetime standard of living in the United States. Toward that end, it considers a partial equilibrium framework in the form of a two-period overlapping generation (2- OLG) model with two groups of people: (i) the young or poor, and (ii) …

Worker Cooperatives And Social Transformation: An Anti-Essentialist Marxist Perspective, Zachariah D. Thanasilangkul

Electronic Theses and Dissertations

Copyright is held by the author. User is responsible for all copyright compliance.

Critical Reflections On America’S Green New Deal: Capital, Labor, And The Dynamics Of Contemporary Social Change, Alex Stoner

Journal Articles

The increasing urgency of the current climate crisis has been accompanied by a growing desire for constructive answers on how to confront the situation effectively and meaningfully. Yet, the pace of global climate change (GCC) continues to accelerate more rapidly than societal, institutional, and individual responses can be formed. The gap between increasingly sophisticated knowledge of objective biophysical threat, on the one hand, and our ability to transform society in accordance with this awareness, on the other hand, highlights the importance of ideology. Ideological barriers have become a major stumbling block for climate change activists and researchers. Focusing on the …

Public Education, The State, And The Crisis, Hakan Yilmaz

Publications and Research

This paper aims to construct a framework for understanding the causes and dynamics of the wave of teacher strikes that took place in 2018-19. To do this, the paper first analyzes the constraints under which the state managers function and describes the relationship between the state and public education. Second, it summarizes a theoretical framework for understanding the Great Recession and describes the influence of neoliberal policy orthodoxy on the reaction to the Great Recession. Third, it provides empirical evidence that displays how following the Great Recession, the constraints of the state actors and implementation of certain policies reduced spending …

From Hobbes To Habermas: The Anti-Cultural Turn In Western Political Thought, Ralph Gert Schoellhammer

Theses and Dissertations--Political Science

The theme of this dissertation is the anti-cultural turn of Western Political Thought that has emerged out of Enlightenment thinking and was first turned into a comprehensive political idea by Thomas Hobbes.

Beginning with an overview of psychological research into the phenomenon of culture I put forward the argument that human beings are by nature social and individualistic, but that they oscillate between their ability to put group-interests before individual interests and vice versa. Culture is the main mechanism that influences which interest we give priority. This mechanism work through emotional attachments that create intuitions about what is morally right …

Three Perspectives On Innovation In European Agriculture: From Public Research To The Circular Economy, Michele Vollaro

Theses and Dissertations--Agricultural Economics

The dissertation examines the idea that current and future challenges faced by the European agricultural sector call for a multidimensional approach combining the classical path of productivity growth with more stringent commitments to environmental protection, and more incisive mitigation and adaptation actions to mitigate climate change, all within a policy context of a transition toward the cyclical management of resources (inputs, outputs and wastes) inspired by the circular economy concept. The three essays of the dissertation aim to show: that agricultural productivity in Europe is supported by complementarities between public and private investments in agricultural research with remarkable results in …

Homeownership Rate And Other House Price Determinants Impacts On New House Prices In Colombia, Hector A. Botello-Peñaloza

Journal for the Advancement of Developing Economies

Homeownership remains a preferred form of tenancy in different parts of the world. The attractions of security, stability, investment potential and a sense of pride outweigh the fear of price instability. For this reason, the Colombian government has encouraged in recent years, various demand policies that have sought to promote the increase in the number of homeowners. However, these ideas could have a severe impact on prices in the real estate market. Therefore, this study seeks to examine the effect of homeownership rate on new house prices in an emerging country with low real estate ownership, credit restrictions and average …

Corruption, Government Effectiveness And Human Development In Sub-Saharan Africa, Sakiru O. Akinbode, Jayeola Olabisi, Remilekun R. Adegbite, Timothy A. Aderemi, Abimbola M. Alawode

Journal for the Advancement of Developing Economies

Aside economic factors causing low human development which have been extensively studied in literature, the implications of high level of corruption and weak governance prevalent in sub- Saharan African (SSA) countries have not been explored. The study assessed the effects of corruption, government effectiveness and their joint effect on human development in SSA. Data collected on thirty-seven (37) countries within the period of 2005 to 2018 were analyzed using system Generalized Method of Moment which was most suitable for the dataset. Results indicated that lagged human development index (P<0.01), government effectiveness (P<0.05), economic growth rate (P<0.1) and government health spending (P<0.1) had significant positive effect on human development while corruption and its interaction with government effectiveness did not. The results of Arrelano-Bond test of first order autocorrelation and second order autocorrelation of error term as well as the Sargan test and Hansen J test for validity of instrumental variables confirmed the validity of the model. The robustness of the estimation was established as the coefficient of the lagged dependent variable fell between the values in the fixed effect and pooled ordinary least square regression. The study recommended retraining and reorientation of government employees towards the mindset of effective service delivery and strong political will to achieve it, diversification of SSA economies alongside other growth stimulating policies such as reduced lending interest rate on loans meant for the real sector, improvement in the ease of doing business, improved funding of the health sector and proper monitoring of activities in the public service by concerned agencies to curb corruption where it is present.

The Desire For Luxury In Emerging Markets: An Interactional Perspective On Consumer Motivations In Tunisia, Pranjal Gupta,, Mouna Zaghdoudi

Journal for the Advancement of Developing Economies

The motivations underlying the desire for luxury products and services have long been the subject of academic inquiry. An understanding of these motivations is useful for the luxury market industry to help managers formulate better marketing strategies. Further, such knowledge would also be useful to public policy makers to help them mitigate societal problems that may occur as a result of such consumption. Of particular interest is the growth of the luxury market in emerging economies. This study spotlights the luxury market in Tunisia. Previous work has demonstrated that age has a significant impact both on willingness to buy luxury …

Municipal Fiscal Distress In Pennsylvania: Assessing The Municipalities Financial Recovery Act 47 Of 1987, Terry Tracy

West Chester University Doctoral Projects

In the Commonwealth of Pennsylvania, the Department of Community and Economic Development administers a Municipal Financial Recovery program to improve outcomes in fiscally and socio-economically distressed cities. The program operates under the auspices of the Pennsylvania Municipal Recovery Act 47 of 1987.

It is designed to provide state and municipal governments the resources necessary to combat fiscal distress and economic decline, where municipalities lack the political or financial wherewithal to do so autonomously. Those resources include access to grant funding, special latitude over tax policy and fee structures not otherwise permitted by Pennsylvania’s Constitution, and developing a five-year fiscal recovery …

Neoliberalism And Financialization In Turkey, Hakan Yilmaz

Publications and Research

This paper summarizes the process of financialization under the neoliberal restructuring of the Turkish economy. First, it discusses the political and economic context that led to the restructuring. Then, it elaborates the first stage of Turkish neoliberalism and financialization under the ANAP government, and the various coalition governments throughout 1990s. Then, it describes the second stage of this process under the Neoliberal Populist regime of the AKP government. Finally, it tries to locate neoliberalism and financialization in the country’s long-term capitalist development. In this context, the paper aims to display the connection between Marx’s tendency of the rate of profit …

The Impact Of Daca On The Labor Force: An Analysis On Non-Native Wage Growth, Chantal Balta

Scripps Senior Theses

Considering the recent efforts of the Trump Administration to rescind the Deferred Act for Childhood Arrivals (DACA), I wanted to explore how this policy has impacted the American labor market since its inception in 2012. Specifically, this paper discusses the impact of DACA on non-native wage growth. By using data from the American Community Survey from the years 2000-2016, we will use a difference-in-difference model to see the impact of the policy on immigrants recorded in the dataset by using the native-born labor force as a control. Initial results indicate that there is no statistically significant impact on non-native wage …

Skills - Kyle Glenn, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Notes on Kyle Glenn wages education.docx by Anwar Shaikh, PhD [Unpublished work]
• Discrimination in the social cost theory by Kyle Glenn [Unpublished work]
• Reconsideration of skills issues by Anwar Shaikh, PhD [Unpublished work]
• Homogeneous and heterogeneous labor by W. Semmler [Unpublished work]
• Heterogeneous inputs: Commodities and types of labor by Anwar Shaikh, PhD [Unpublished work]
• Skills: My dissertation 1973 by Anwar Shaikh, PhD [Unpublished work]

Cambridge Analytica: The Scandal On Data Privacy, Carissa Boerboom

Augustana Center for the Study of Ethics Essay Contest

Consumers need to understand the risks and consequences of sharing their lives with the world. For data analysts, even if you can create and implement a model, should you? This research paper discusses Cambridge Analytica’s methods using predictive analytics and Facebook to influence the 2016 US Presidential Election. Through examining the firm as a whole, key people involved in the scandal, methods of data collection, and Facebook’s role, the ethical boundaries of big data, predictive analytics, and data privacy are analyzed. Three perspectives were discussed in regards to ethical disparity: Cambridge Analytica, Facebook, and the consumers. Overall, this research exposes …

Introduction To The Conference: Commemorating The Life And Legacy Of Charles A. Reich, Rodger D. Citron

Touro Law Review

No abstract provided.

Introduction To Charles A. Reich’S Keeping Up: Walking With Justice Douglas, Rodger D. Citron

Touro Law Review

No abstract provided.

We Live In A Society: Violence And Radicalization In The Internet Manosphere, Emily Price

Capstone Showcase

In a world of incels, pick-up artists, and other Men’s Rights Activists, friction between the so-called Manosphere and contemporary feminist thought has led to documented violence with regards to American mass shootings. Starting with the violent outbursts of disaffected young men, I will work backwards to the point of contact between the man and the Manosphere. This piece seeks not to draw a connection between radical MRAs and violence – the mass shooters draw that connection themselves in their manifestos by outlining their dissatisfaction with society as it is, and particularly with what they perceive as a politically correct and …

Culture Of Countries And Country-Index Crash Risk, Jason Petri

Williams Honors College, Honors Research Projects

Previously crash- risk studies have focused on assessing at the firm level the likelihood of a firm’s equity to crash (a rapid decline in value), apart from the dynamics of its respective country-level market. In this study, however, I examine the determinants of an overall countrylevel equity crash apart from the dynamics of the global market. I will argue that this is a very different focus of analysis that will provide valuable information to both investors and policy makers. Expansion of credit and subsequent equity-market bubbles and crashes are of particular concern to foreign direct investors (FDI), as country-level equity …

A Green Transition In South Africa? Sociotechnical Experimentation In The Atlantis Special Economic Zone, Richard Grant, Pádraig Carmody, James T. Murphy

Geography

South Africa faces interconnected challenges of developing and diversifying its economy and adapting to and mitigating the impacts of climate change. A green policy tilt is ascendant in the country, manifest in a cascading array of policies and special initiatives. Utilising concepts from the multi-level perspective on socio-technical transitions, we assess Africa's first designated Green Special Economic Zone (SEZ), Atlantis SEZ (ASEZ) in the Western Cape, a niche innovation aimed at transforming the Province's industrial base. This initiative is very ambitious in four respects: (1) it links green SEZ development in a deprived metropolitan area to the broader regional economy; …

From Neoliberalism To Socialism: Reimagining Socialism In Africa, Kiiru Gichuru

Dissertations and Theses

Abstract. For many scholars, pundits, policy makers, and citizens alike, Africa’s persistent maldevelopment has continued to defy the usual International Monetary Fund (IMF), World Bank, and foreign aid prescriptions that are, at times, peddled as silver bullets to the African conundrum. Beginning in the late 1970s, loans from the IMF and World Bank required African governments to implement certain conditions that were supposed to address public sector mismanagement, illiberal trade policies, low foreign investment, and state development. These austerity measures were designed to usher in an era of financial growth that would enable Africa to join the ranks of developed …

Trickle Down Nationalism: Interactions Between Liberal Nationalism And Colonialism In The Raj And Nigeria, Aaryaman Sheoran

CMC Senior Theses

The combination of nationalism and colonialism has remained understudied in academia, despite the important interaction between the two phenomena. European ideas bled over into their colonial empires and began to fill the power vacuum created by colonial enterprises. This study analyzes the impact of British colonialism on the development of national identity in British India and Nigeria.

British influences included large scale economic disruption, cultural reform through ‘westernizing’ the population and abolishing local customs, and creating a new set of institutions to replace traditional power centers. Inevitably, these factors created a nationalist surge across both the Raj and Nigeria, as …