Economics Commons^™

Navigating The Pandemic As It Enters Its Second Year, Havovi Joshi

Asian Management Insights

Many countries, enabled by the rapid vaccine rollout, experienced some moments of relief from the Covid-19 pandemic as they embarked on their long and winding transition toward normalcy. However, despite the Herculean effort expended, achieving herd immunity remains a distant goal for many due to the emergence of the highly transmissible and lethal Delta variant and the persistence of vaccine hesitancy. As such, the coronavirus continues to upend lives, businesses, and society, and the playbook for survival will still be a work-in-progress

Non-Tariff Measures And Their Impacts On Asean Economic Integration, Myrna S. Austria

Angelo King Institute for Economic and Business Studies (AKI)

Using a gravity model that accounts for the asymmetric effects of non-tariff measures (NTMs), the study examined the impact of the five most prevalent NTMs in the region on intra-ASEAN imports. The study found that all five NTMs are significant factors affecting intra-ASEAN imports. However, their effects vary at the sectoral level, by pairs of trading partners, and whether the products are covered by mutual recognition and harmonization agreements (MRA) or not. For example, sanitary and phytosanitary (SPS) measures, in general, negatively affect imports and are trade-reducing. Exceptions are prepared foodstuff and medicinal products, both of which are covered by …

A Data Envelopment Analysis Approach To Portfolio Selection: An Application To The Blue Chip Stocks In The Philippine Stock Exchange (2010-2019), Vishal Bhagia, Colleen Monica K. Chiu, Paulynne J. Castillo, Roberto B. Raymundo, Joel Q. Tanchuco

Angelo King Institute for Economic and Business Studies (AKI)

There has been a growing interest in the application of data envelopment analysis (DEA) as a nonparametric approach in portfolio optimization due to its flexibility in overcoming the limitations of the conventional mean-variance portfolio (MVP) model. Therefore, this study aims to validate the allocative efficiency of the DEA cross-efficiency model using blue chip stocks in the Philippine Stock Exchange from 2010 to 2019. This study finds that the proposed model is able to distinguish a unique set of best-performing stocks across each holding period and outperforms the MVP more consistently. The results of this study suggest that the proposed DEA …

“Lord, Mr. Ford!" The Overall Estimated Economic Impacts Of The New Blueovalsk Battery Park In Glendale, Kentucky, Thomas E. Lambert

Faculty and Staff Scholarship

No abstract provided.

Algorithmic Transparency, Jian Sun

Research Collection Lee Kong Chian School Of Business

I study the optimal algorithmic disclosure in a lending market where lenders use a predictive algorithm to mitigate adverse selection. The predictive algorithm is unobservable to borrowers and uses a manipulable borrower feature as input. A regulator maximizes market efficiency by disclosing information about the statistical properties of variables embedded in the predictive algorithm to borrowers. Under the optimal disclosure policy, the posterior belief consists of two disjoint regions in which the borrower feature is more relevant and less relevant in predicting borrower quality, respectively. The optimal disclosure policy differentiates posterior lending market equilibria by the equilibrium data manipulation levels. …

Co-Worker Altruism And Unemployment, Jorge Vásquez, Marek Weretka

Economics: Faculty Publications

It is well-known that social relationships and altruism among workers foster cooperation in the workplace and, therefore, may have beneficial effects for firms. Yet it is unclear how and to what extent co-worker altruism impacts labor market outcomes. In this paper, we find that, although co-worker altruism may be seamless in good times, it may impact the functioning of labor markets during bad times. Specifically, co-worker altruism may potentially lead to wage rigidity and involuntary unemployment in economic downturns. These results seem to be consistent with recent empirical findings.

Prosocial Option Increases Women’S Entry Into Competition, Alessandra Cassar, Mary L. Rigdon

ESI Publications

We provide evidence that women enter competitions at the same rate as men when the incentive for winning includes the option to share part of the rewards with the losers (i.e., when the incentive system is socially oriented). Using an experiment (with N = 238 subjects from three laboratories), we find that about 16% more men than women choose to compete in the standard tournament; this gender gap is eliminated in the socially oriented incentive treatment. While men’s choice to compete remains unchanged, at around 52% in both conditions, women increase their entry rate from 35% in the standard tournament …

Stock Return Prediction Using Financial News: A Unified Sequence Model Based On Hierarchical Attention And Long-Short Term Memory Networks, Haoling Chen, Peng Liu

Research Collection Lee Kong Chian School Of Business

Stock return prediction has been a hot topic in both research and industry given its potential for large financial gain. The return signal, apart from its inherent volatility and complexity, is often accompanied by a multitude of noises, such as other stocks’ performance, macroeconomic factors and financial news, etc. To better characterize these factors, we propose a new model that consists of two levels of sequence: an NLP-based module to capture the sequential nature of words and sentences in the financial news, and a time-series-based module to exploit the sequential nature of adjacent observations in the stock price. In this …

Health Insurance And Subjective Well-Being: Evidence From Two Healthcare Reforms In The United States, Seonghoon Kim

Research Collection School Of Economics

We study the role of access to health insurance coverage as a determinant of individuals' subjective well-being (SWB) by analyzing large-scale healthcare reforms in the United States. Using data from the Behavioral Risk Factor Surveillance System and Panel Study of Income Dynamics, we find that the 2006 Massachusetts reform and 2014 Affordable Care Act Medicaid expansion improved the overall life satisfaction of Massachusetts residents and low-income adults in Medicaid expansion states, respectively. The results are robust to various sensitivity and falsification tests. Our findings imply that access to health insurance plays an important role in improving SWB. Without considering psychological …

Urbanization Policy And Economic Development: A Quantitative Analysis Of China's Differential Hukou Reforms, Wen-Tai Hsu, Lin Ma

Research Collection School Of Economics

The household registration system (hukou system) in China has hampered rural-urban migration by posing large migration friction. The system has been gradually relaxed in the past few decades, but the reforms have been differential in city size. We find a striking contrast in migration patterns between years 2005 and 2015; rural people tended to move more to large cities in 2005, but more to small- and medium-sized cities in 2015. We calibrate a spatial quantitative model to the world economy in both years with China divided into rural, mega-city, and other-city regions. We find that alternative urbanization policies that are …

Volatility Timing Under Low-Volatility Strategy, Poh Ling Neo, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

The authors show that the slope of the volatility decile portfolio’s return profile contains valuable information that can be used to time volatility under different market conditions in the United States. During good (bad) market conditions, the high- (low-) volatility portfolio produces the highest return. The authors proceed to devise a volatility timing strategy based on statistical tests on the slope of the volatility decile portfolio’s return profile. Volatility timing is achieved by being aggressive during strong growth periods and conservative during market downturns. Superior performance is obtained, with an additional return of 4.1% observed in the volatility timing strategy, …

Fixed-K Inference For Volatility, Tim Bollerslev, Jia Li, Zhipeng Liao

Research Collection School Of Economics

We present a new theory for the conduct of nonparametric inference about the latent spot volatility of a semimartingale asset price process. In contrast to existing theories based on the asymptotic notion of an increasing number of observations in local estimation blocks, our theory treats the estimation block size k as fixed. While the resulting spot volatility estimator is no longer consistent, the new theory permits the construction of asymptotically valid and easy-to-calculate pointwise confidence intervals for the volatility at any given point in time. Extending the theory to a high-dimensional inference setting with a growing number of estimation blocks …

Socially Responsible Corporate Customers, Rui Dai, Hao Liang, Lilian Ng

Research Collection Lee Kong Chian School Of Business

Corporate customers are an important stakeholder in global supply chains. We employ several unique international databases to test whether socially responsible corporate customers can infuse similar socially responsible business behavior in suppliers. Our findings suggest a unilateral effect on corporate social responsibility (CSR) only from customers to suppliers, an evidence further supported by exogenous variation in customers’ close-call CSR proposals and by product scandals. Customers exert influence on suppliers’ CSR through positive assortative matching and their decision-making process. Enhanced collaborative CSR efforts help improve operational efficiency and firm valuation of both customers and suppliers but increase only the customers’ future …

Global Value Chain Development Report 2021: Beyond Production, Yuqing Xing, Elisabetta Gentile, David Dollar, Et Al.

Research Collection School Of Economics

A radical shift is underway in global value chains as they increasingly move beyond traditional manufacturing processes to services and other intangible assets. Digitization is a leading factor in this transformation, which is being accelerated by the coronavirus disease (COVID-19) pandemic. The Global Value Chain Development Report 2021, the third of a biennial series, explores this shift Beyond Production. This report shows how the rise of services value chains offers a new path to development and how protectionism and geopolitical tensions, environmental risks, and pandemics are undermining the stability of global value chains and forcing their reorganization geographically.

Oil Price Fluctuations Impact On The Lebanese Economic Well Being, Hanadi Taher

BAU Journal - Health and Wellbeing

This paper investigates the impact of oil price fluctuation on the Lebanese economic well being during the period from 1988 to 2018 using multivariable ordinary least square method with annual time series. taking the Lebanese GDP per capita as proxy for the economic wellbeing as dependent variable and the crud oil average annual prices as proxy for oil price fluctuations with Labor and gross fixed capital formation as two control variables. The test results show a significant and positive impact for the oil price fluctuations on the Lebanese economic well being and the significant results for control variables. In testing …

Impact Of International Commodity Trade On Australia’S Economy, Leticia Asiimirwe

World Maritime University Dissertations

No abstract provided.

The Impact Assessment Of Short-Term Measure On Ghana’S Maritime Trade., Christopher Nii Aflah Armah

World Maritime University Dissertations

No abstract provided.

Ship Investment Strategy : A Case Study Of Vlcc Tankers, Epimachus Mulisa Burchard

World Maritime University Dissertations

No abstract provided.

Maritime Liens And Their Enforcement From International Perspectives And Lessons For Vietnam, Thi Anh Tho Tran

World Maritime University Dissertations

No abstract provided.

Monetary Transmission In Money Markets: The Not-So-Elusive Missing Piece Of The Puzzle, Zhengyang Chen, Victor Valcarcel

Faculty Publications

We investigate the effects of U.S. monetary policy shocks from alternative policy indicators for a modern sample encompassing 1988–2020. The choice of the Wu and Xia (2016) shadow federal funds rate leads to persistent price puzzles. These puzzles arise despite inclusion of the usual suspect fixes such as commodity prices, federal funds futures and forward rate data. We find they occur at monthly and quarterly frequencies. We consider alternative indicators with the same broad monetary aggregates Keating et al. (2019) employed in their investigation of a historical sample. They provide a consistent resolution of the price puzzle and they do …

Factors Affecting Crude Oil And Vlcc Market, Shwe Sin Htay, Fatoumatta K. Jatta

World Maritime University Dissertations

No abstract provided.

[Introduction To] Religion And The Medieval And Early Modern Global Marketplace, Scott Oldenburg, Kristin M.S. Bezio

Bookshelf

Religion and the Medieval and Early Modern Global Marketplace brings together scholars from a variety of disciplines to examine the intersection, conflict, and confluence of religion and the market before 1700.

Each chapter analyzes the unique interplay of faith and economy in a different locale: Syria, Ethiopia, France, Iceland, India, Peru, and beyond. In ten case studies, specialists of archaeology, art history, social and economic history, religious studies, and critical theory address issues of secularization, tolerance, colonialism, and race with a fresh focus. They chart the tensions between religious and economic thought in specific locales or texts, the complex ways …

Place-Based Consequences Of Person-Based Transfers, Brad J. Hershbein

Employment Research Newsletter

No abstract provided.

Economic Costs And Benefits Of Tuition-Free College In Illinois, Timothy J. Bartik, Michelle Miller-Adams, Brian Pittelko, Bridget Timmeney

Employment Research Newsletter

No abstract provided.

The Economic Impact Of The Harrison Power Station On The Harrison County And West Virginia Economies, Eric Bowen

Bureau of Business & Economic Research

In this report, we estimate the economic impact of the Harrison Power Station on both the Harrison County economy and the West Virginia economy. We begin with an overview of the effects of the COVID pandemic on Harrison County’s economy, followed by the economic impact of the power station.

The Economic Impact Of The Fort Martin Power Station On The Monongalia County And West Virginia Economies, Eric Bowen

Bureau of Business & Economic Research

In this report, we estimate the economic impact of the Fort Martin Power Station on both the West Virginia economy and the Monongalia County economy. We begin with an overview of the effects of the COVID pandemic on Monongalia County’s economy, followed by the economic impact of the power station.

Improving Youth Financial Literacy: A Profile Of Middle School Camp Attendees, Jamie Lynn Byram, John Grable, Kenneth J. White, Michael Thomas, Kimberly Watkins

Journal of Extension

The purpose of this paper is to present a profile of middle-school-age youth who participated in a week-long experiential residential camp focused on helping campers learn about and interact with money, personal finance topics, and mainstream financial service providers. Based on pre- and post-test data, it was determined an experiential real-world camp experience can increase the financial confidence and goal-setting abilities of young people.

Projected Versus Actual On-Campus Student Enrollment During The Covid-19 Pandemic For Fall 2020 At Purdue University: A Quantitative Analysis Of Purdue Office Of Enrollment Management Data, Max Bebekoski

The Journal of Purdue Undergraduate Research

No abstract provided.

Automated Data Processing: Making Community Indicators Possible For Lafayette, Indiana, Jace T. Newell, Eli W. Coltin, Eric D. Flaningam

The Journal of Purdue Undergraduate Research

No abstract provided.

Nebraska Monthly Economic Indicators: October 27, 2021, Eric Thompson

Leading Economic Indicator Reports

The LEI-N fell by 0.91% during September 2021. The decline in the leading indicator, which is designed to predict economic activity six months in the future, suggests that economic growth will slow significantly in Nebraska during the first quarter of 2022. While business expectations remained solid, other components of the leading indicator worsened. Manufacturing hours worked, airline passenger counts, and building permits for single-family homes all declined. There also was an increase in initial claims for unemployment insurance during the month.