Finance Commons^™

Is The Declining Birthrate Really An Issue For The Economy?, Harsh Ramesh Pednekar, Theodore Lee, Darrion Chin

Introduction to Research Methods RSCH 202

This study aims to explore the complex implications of declining birth rates on the economy, focusing on GDP per capita as a crucial metric, and aims to uncover both potential opportunities and challenges stemming from this demographic transformation using regression analysis. Using a quantitative methodology and secondary data from OECD.stat, World Population Review, and World Bank, the study explores the relationship between declining birth rates and economic impacts. GDP per capita serves as an essential dependent variable, and it accounts for control variables such as labour force participation, literacy, and education levels, child dependence ratio, and physical capital. Past studies …

Financial Inclusion And Poverty Reduction In Nigeria: The Role Of Microfinance Institutions, Okwudili W. Ugwuoke, Oliver E. Ogbonna, Aye-Agele Freeman

CBN Journal of Applied Statistics (JAS)

This study investigates the role of microfinance institutions as a vehicle for driving financial inclusion and alleviating poverty in Nigeria using the EFinA 2018 household survey data. The probit model, propensity score matching, and average treatment effect methods are applied for the analyses. The study finds that financial inclusion driven by access to, and usage of products/services provided by microfinance institutions reduces poverty. The study recommends among others the need for increased access to microfinance products/services and an integrated poverty reduction policies that identifies microfinance institutions as a critical enabler

An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach, Ryan Lou Dio, Elijah Jacob Mendoza, Lunette Clarisse Nunez, Ma. Ellory Villanueva, Myrna S. Austria, Tereso S. Tullao Jr

Angelo King Institute for Economic and Business Studies (AKI)

Microfinance institutions (MFIs) were created to provide loans and financial services for the poor as commercial banks have requirements that are not accessible to them. The Philippines government soon started using MFIs as a poverty alleviation tool to answer the market failure created by the commercial banking industry since it cannot accommodate the needs of low-income earners due to the high costs attached to it. However, recent studies have shown that MFIs are “mission drifting,” which means that they are deviating from their original social purpose and becoming more financially driven. As a result, this paper estimates the financial and …

Modelling Sentiment And Trader Aggressiveness In Cryptocurrency Markets: An Empirical Analysis Of The Bitcoin Limit Order Book., Angelique Nicole Huei Yin Thang

Dissertations and Theses Collection (Open Access)

Cryptocurrency assets are inherently susceptible to social sentiment. Due to emotional contagion, extreme emotions influence and drive traders’ order execution behaviour. This study aims to empirically model the relationship between sentiment and trader aggressiveness for two types of traders: Whales and Retails. Additionally, I uncover the mediating roles of momentum, mean reversion, and market timing underpinning the dynamics of the off-chain Bitcoin market. Time series data collected from the Coinbase level 3 Bitcoin limit order book is first reconstructed to access its core structure. Next, sentiment data from Reddit is extracted and processed using an internal Natural Language Processing pipeline. …

The Relationship Between Reits Industry Characteristics And Project Performance: The Moderating Role Of Macroeconomic Fluctuations, Ying Cai

Dissertations and Theses Collection (Open Access)

As a distinct investment vehicle, Publicly Listed Real Estate Investment Trusts (REITs) projects enable real estate projects to be listed on the stock market. This study begins with the industry attributes of the underlying assets of Publicly Listed REITs projects. Using econometric methods, it analyzes the variances in market performance between growth and defensive REITs, based on annual data from 1,674 REITs products in the United States from 2005 to 2022 and 27 listed REITs in China from Q3 2021 to Q1 2023. The study also leverages the data from China to explore the moderating effects of macroeconomic factors such …

Monetary Transmission And Government Investment In China, Qian Han, Zhaogang Song, Yufei Yuan, Yuanhang Zhao

Research Collection Lee Kong Chian School Of Business

The quantity measure of money supply—the M2 growth, in particular—has been used as the intermediate target of monetary policy in China since 2000. We document three findings on the transmission of money supply shocks to firm investment and financing over the period from 1998 to 2016. First, positive money supply shocks have significant negative effects on firm investment and do not have consistent impacts on firm financing, contradicting the standard monetary transmission mechanism. Second, using short-term global capital flows as an exogenous money supply factor, we recover the standard positive effect of money supply shocks on firm investment and financing, …

How Commonality Persists? (Through Investors' Sentiment And Attention), Chyng Wen Tee, Raja Velu, Zhaoque Zhou

Research Collection Lee Kong Chian School Of Business

Studies on commonality generally attribute the variation in asset returns to the variation in order flows. In this research study, we show that order flows do not predict asset returns, rather their relationship have been static over time. Thus we model both returns and the order flows as endogenous variables, and use investors' sentiment and attention as exogenous factors via a reduced-rank regression. We provide empirical evidence to demonstrate that cross-sectional commonality in attention (sentiment) is linearly (nonlinearly) associated with both returns and order flows at the intraday level, while the sentiment and attention measures themselvesexhibit a nonlinear mutual relationship, …

In Search Of Cryptocurrency Failure, Donglian Ma, Jun Tu, Zhaobo Zhu

Research Collection Lee Kong Chian School Of Business

This paper explores the determinants of cryptocurrency failure and the pricing of crypto failure risk. We document different significant market- and characteristic-based predictors for coin and token failures. The introduction of Bitcoin futures and the outbreak of COVID19 affect the importance of many predictors. Investors require extra return for bearing high failure risk of crypto assets. The return difference across high and low failure risk crypto assets is not explained by the market, size and momentum factors in the cryptocurrency market. Finally, investors benefit from diversifying into high failure risk crypto assets that is little correlated with the stock market.

Financial Integration And Exchange Market Pressure, Kate Phylaktis, Muhammad Aftab

CBER Conference

This study examines the role of financial integration on exchange market pressure (EMP) across a representative group of forty-two advanced and emerging markets over the period 2000-2019, which covers the global financial crisis, which has heightened monetary and economic policy uncertainty. We use a novel measure of financial integration, namely the uncovered equity return differential versus the US, which is based on the Uncovered Equity Parity and is available at a monthly frequency.

Financial Crisis And Female Entrepreneurship: Evidence From South Korea, Jungho Lee, Sunha Myong

Research Collection School Of Economics

We document a drastic increase in female-owned manufacturing firms in South Korea after the 1997 financial crisis. During the crisis, a major banking sector reform was conducted, and many underperforming bank branches were forced to close down. Using a geographical variation of bank branch closures during the reform, we show that the banking sector reform resulted in a rise in female entrepreneurship. We present evidence that male-owned firms were preferred by the closeddown bank branches, despite female-owned firms exhibiting lower risks and higher returns. The banking sector reform, although not explicitly aimed at addressing gender disparities, substantially benefited female entrepreneurs …

Does The Federal Reserve Obtain Competitive And Appropriate Prices In Monetary Policy Implementation?, Yu An, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Many of the Federal Reserve’s (the Fed’s) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers’ market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that dealers’ market power greatly relates to the Fed’s purchases in large amounts, whereas the Fed’s limited breadth of counterparty choice also plays some role.

الجامعات الخضراء كآلية لتطوير البنى التحتية المستدامة: دراسة عينة من تجارب جامعات عربية, فضيلة ب بوطورة, حيدر حميد بلاو, فاطمة الزهرة بوطورة, مقداد جاسم عبد مقداد جاسم عبد مقداد جاسم عبد

Muthanna Journal of Administrative and Economics Sciences

تهدف هذه الدراسة إلى إبراز مدى أهمية تبني مفهوم الجامعة الخضراء كآلية لتطوير البنى التحتية المستدامة من خلال تسليط الضوء إلى عينة من تجارب الجامعات العربية، وبينت الدراسة أن الجامعة تعد أداة أساسية من أجل التوعية وزرع الفكر الإيجابي وترسيخ الاهتمام بالجانب البيئي، وتوصلت الدراسة إلى أن الجامعة الخضراء تعد مؤسسة تعليمية تلبي حاجتها إلى الموارد الطبيعية، مثل الطاقة والمياه والمواد، دون المساس بقدرة الناس في البلدان الأخرى وكذلك الأجيال القادمة على تلبية احتياجاتهم الخاصة، كما تلعب الجامعة دورا محوريا في تحقيق الاستدامة من خلال وضع مبادئ التنمية المستدامة في جميع التخصصات الجامعية، وأيضا عن طريق التكوين الجامعي الذي يسعى …

أبعاد ومتطلبات نجاح العلاقة الإيجابية بين ثلاثية إستخدام التكنولوجيا في التعليم العالي وتمكين الجامعات والجودة لتحقيق التنمية المستدامة, محمد حسن رشم, نوفل سمايلي

Muthanna Journal of Administrative and Economics Sciences

يهدف هذه البحث إلى التعرف على العلاقة الإيجابية بين استخدام التكنولوجيا في التعليم العالي وتمكين الجامعات والحرص على الجودة لتحقيق الاستدامة للتعليم ومن ثم التنمية المستدامة، فالتعليم في تطور مستمر كما أن للتكنولوجيا تأثيرا هائلا على العملية التعليمية ككل حيث أصبحت وسيلة لتحقيق الغاية والهدف بالنهوض بعمليتي التعليم والتعلم، فأصبح لزاما على التعليم الجامعي اليوم بمختلف أنواعه ومستوياته أن يتكيف مع الحقائق الجديدة في إطار أهمية استخدامه للتكنولوجيا المتطورة، والمشاركة في مجمل الجهود المبذولة في مؤسسات المجتمع في التنمية البشرية وإكسابهم الممارسات والمهارات التعليمية، حتى يكون النظام التعليمي قادر على تحقيق التعليم الذاتي المستدام باستخدام مصادر التعلم وتقنية المعلومات الحديثة …

انموذج تدقيق مقترح لتفعيل اجراءات التدقيق وفق المعايير الدولية لتحسين استمرارية النشاط المصرفي: دراسة تطبيقية لعينة من المصارف التجارية, وعد هادي عبد الحساني, نصير ظاهر جابر

Muthanna Journal of Administrative and Economics Sciences

يهدف هذا البحث الى تطبيق انموذج برنامج تدقيق مقترح لتفعيل اجراءات التدقيق وفق المعايير الدولية لتحسين استمرارية النشاط المصرفي، ودوره الفاعل في تقييم المخاطر المصرفية والتنبؤ بنتيجة النشاط المصرفي،وفق ما يتناسب مع بيئة العمل المحلية، ومتطلبات جهات الرقابة المصرفية الدولية، نظرا لاهتمام العديد من الأطراف وارتباط مصالحهم مع المصارف محل الفحص والتدقيق، بالإضافة الى التوجه الدولي والمحلي نحو الاهتمام المتزايد باستمرارية العمل المصرفي، وبما يتماشى مع المعايير الدولية، وقد طبق هذا البحث على عينة مكونة من مصرفين من المصارف التجارية الخاصة المدرجة في سوق العراق للأوراق المالية للمدة ( 2018-2021)، وقد استخدم المنهج الوصفي التحليلي في وصف وتحليل وقياس جميع …

اثر القيادة الابوية في الحد من الانسحاب الوظيفي: دراسة استطلاعية في شركة زين العراق, علي ذنون يونس الجادر, صفاء ادريس عبودي

Muthanna Journal of Administrative and Economics Sciences

تهدف الدراسة إلى تحديد اثر القيادة الأبوية المتمثلة في (القيادة الخيرية، والقيادة الأخلاقية، والقيادة السلطوية). في الحد من الانسحاب الوظيفي (الانسحاب الجسدي، والانسحاب النفسي) في شركة زين العراق للاتصالات، واعتمدت الدراسة في عملية جمع البيانات على الاستبانة بوصفة أداة رئيسية لتحقيق هدفها. اذ تم توزيع (258) استمارة لتحديد مدى توافر ابعاد القيادة الأبوية والانسحاب الوظيفي، وتم استرجاع (211) استمارة صالحة للتحليل الاحصائي. وعن طريق استعمال مجموعة من الأساليب الإحصائية تتمثل في التوزيع الطبيعي، عامل الثبات (ألفا كرو نباخ). الموثوقية، المتوسط الحسابي، الانحراف المعياري، معامل الانحدار المتعدد، فيما بينت نتائج الدراسة وجود علاقة تأثير ايجابية ذات دلالة إحصائية بين القيادة الأبوية …

أستخدام أسلوب تحليل التمايز في التصنيف والتنبؤ: دراسة تطبيقية في سوق العراق للأوراق المالية, سارة جبر حسين

Muthanna Journal of Administrative and Economics Sciences

يعتبر تحليل التمايز (Discriminant Analysis) واحد من أساليب التحليل الاحصائي متعدد المتغيرات (Multivariate Analysis) المشهورة وله استعمالات كبيرة في مختلف الدراسات الإحصائية خاصة تلك الدراسات التي تهتم بالتصنيف والتنبؤ لما له من قدرة كبيرة على التمييز بين البيانات وتصنيف المشاهدات الجديدة حسب المجموعات التي تنتمي اليها بالاعتماد على دالة خاصة تسمى الدالة التمييزية (Discriminant Function). كانت المشكلة الرئيسية التي واجهت الباحث هو كيفية استخدام تحليل التمايز للتصنيف والتنبؤ في مجال التحليل المالي. ان الهدف الأساسي من الدراسة هو استخدام الدالة التمييزية للتصنيف والتنبؤ بالتعثر المالي لعينة من المصارف العراقية وقياس خطأ التصنيف. كذلك عرض المفاهيم الأساسية لعمليات التصنيف والشروط والافتراضات …

التماثل التنظيمي مدخل لتعزيز الاداء الاستراتيجي: دراسة لآراء عينة من المديرين في جامعة الموصل, شيماء محمد صالح حسن حميد الهاشمي, ايمان بشير محمد مصطفى ابو ردن

Muthanna Journal of Administrative and Economics Sciences

استهدف البحث تشخيص مستوى التماثل التنظيمي بوصفه مدخل لتعزيز الاداء الاستراتيجي للقيادات الادارية في مؤسسات التعليم العالي وبيان مدى اهمية دمج المفاهيم والقيم الاخلاقية والعادات التي يتصف بها الافراد بثقافة المنظمة واسلوبها بالعمل بغية تحديد هوية المنظمة التي يعمل فيها ومنحها القدرة على تحقيق افضل اداء استراتيجي في ظل المستجدات البيئة والاقتصادية وبالسرعة التي تضاهي منافسيها, وتمحورت مشكلة البحث في اثارة عدة تساؤلات بحثية أهمها: هل تمتلك ادارة الكليات المبحوثة ابعاد التماثل التنظيمي؟ وماهي طبيعة علاقات الارتباط والاثر بين التماثل التنظيمي بدلالة ابعاده والاداء الاستراتيجي لدى الكليات ميدان البحث , اذ استخدم البحث المنهج الوصفي التحليلي لتغطية الاطر النظرية المفاهيمية …

U.S. Trade And Investment Restrictions: Laudable But Costly Goals, Christine Mcdaniel

Yeutter Institute International Trade Policy Review

U.S. Commerce Secretary Raimondo’s recent visit to China resulted in the announcement of a new “export control enforcement information exchange” between the United States and China. The laudable goal is to prevent China from using U.S. technology for military purposes against the United States or our allies. An information exchange may be a way to explain things to each other, but the fact remains that the export controls are indeed in place. China represents large revenue streams for three of the largest US chip producers—about 20% for Nvidia, 60% for Qualcomm, and 20-30% for Intel. If these U.S. companies cannot …

Bank Lending Channel Effectiveness –Potential Lessons For Monetary Policy, Filip Świtała, Iwona Kowalska, Karolina Malajkat

Journal of Banking and Financial Economics

The article supplements the research on the effectiveness of monetary policy transmission – especially through the bank lending channel. The current study focuses on assessing the transmission of monetary impulses through commercial and cooperative banks as well as through individual loan portfolios, while distinguishing between the fact that they were granted by commercial and cooperative banks. How a change in the central bank’s interest rates may determine a change in the volume of loans in the economy remains the core question of the research.

Millennials’ Willingness To Payfor Socially Responsible Investmentand Its Institutional And Individual Antecedents – Evidence From Italy, Poland, And Ukraine, Anna Doś, Monika Foltyn-Zarychta, Matteo Pedrini, Iryna Shkura

Journal of Banking and Financial Economics

The readiness to sacrifice profit while making socially responsible investments among millennials, as future investors and managers, was examined. Specifically, a multi-level perspective on willingness to pay for socially responsible investment was assumed to understand how nationality, personal values and investment knowledge affect millennials’ readiness to sacrifice profit to achieve sustainability goals. Using survey data of 521 business students from Italy, Poland and Ukraine, it is showed that a considerable share of millennials prefer social and environmental performance of investment over financial return and that their nationality is the most powerful factor in explaining willingness to pay for socially responsible …

The Role Of Cross-Cultural Adaptation In The Work Performance Of Chinese Expatriates In Japan, Xinxin Kong

Fordham Dissertations and Theses

The continuous development of the Chinese economy has made "going global" in overseas operations and cross-border collaborations a key internationalization strategy for many Chinese enterprises. Executives working abroad are required to adapt to new cultures and business practices while also addressing challenges such as the lack of international management talents, high employee turnover rates, and suboptimal expatriate performance. In the realm of international human resources selection and talent retention practices, how can decision-makers in multinational enterprises improve expatriate performance? How can they select employees who can better adapt to different cultures, enhance employee loyalty in cross-border situations, and …

The Cost Of Cheap Talk: How Campaign Promises And Default Contributions Affect Donation-Based Crowd Funding Success, Tianci Leon Qiu

Dissertations and Theses Collection (Open Access)

Non-profit organisations (NPOs) find it increasingly harder to engage donors and raise funds from the public. Post-pandemic: the emphasis on tactics to raise funds online through donation-based crowdfunding (DCF) platforms has surged in importance for both NPO survival and continued beneficiary aid. However, unlike equity-based crowdfunding platforms where campaign organisers are obligated to provide investors with tangible returns based on funding milestones, NPOs on DCF platforms do not have to adhere to any funding milestones or are beholden to any tangible obligations towards donors. Consequently, NPOs are greatly incentivised to deploy cheap talk – non-binding, unverifiable messages and claims to …

Do Hacker Groups Pose A Risk To Organizations? Study On Financial Institutions Targeted By Hacktivists, Mikko Samuli Niemelae

Dissertations and Theses Collection (Open Access)

Publication date: 5 September 2023

In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to …

Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We study whether abstract thinking – an essential cognitive trait established by psychological and neuroscientific studies – facilitates analysts’ information processing. Exploiting analysts’ questions during earnings calls, we construct an Abstract Thinking Index (ATI) that measures their tendency to involve abstract words, logical reasoning, broader topics, and future outlooks. We find that abstract thinking improves analysts’ forecast accuracy and recommendation informativeness. Consistent with abstract thinking featuring identifying central characteristics and comprehending intangible things, ATI has stronger effects for firms with fundamentals co-moving more with peers and less tangible information. Additional analyses suggest that ATI captures analysts’ cognitive traits rather than …

What Drives The Value Of Financial Analysts’ Advice? The Role Of Earnings And Growth Forecasts, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

We offer a parsimonious index at the individual analyst level to measure the extent to which an analyst relies on earnings and long-term growth forecasts in producing her advice. Using this index, we evaluate the contribution of earnings and growth forecasts to the investment value of analysts’ stock recommendations. We find that the fraction of analysts’ advice attributed to forecasts varies considerably across analysts and sectors. The investment value of recommendations is higher for analysts who rely less on their forecasts and more on other sources of information when forming investment advice. Investors recognize the superiority of recommendations from analysts …

Housing Fever In Australia 2020-23: Insights From An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips

Research Collection School Of Economics

Australian housing markets experienced widespread and, in some cases, extraordinary growth in prices between 2020 and 2023. Using recently developed methodology that accounts for fundamental economic drivers, we assess the existence and degree of speculative behaviour, as well as the timing of exuberance and downturns in these markets. Our findings indicate that speculative behaviour was indeed present in six of the eight capital cities at some time over the period studied. The sequence of events in this nation-wide housing bubble began in the Brisbane market and concluded in Melbourne, Canberra, and Hobart following the interest rate rise implemented by the …

Higher Education Exports Before And After Covid, John C. Beghin, Byungyul Park

Yeutter Institute International Trade Policy Review

Historically, the higher education system in countries belonging to the Organization for Economic Cooperation and Developing (OECD), a grouping of advanced economies, and especially in the United States, has been a magnet for foreign students, both graduate and undergraduates. Graduate students tend to be supported by teaching and research assistantships from the hosting university and do not generate direct revenues for the hosting institution. They do contribute to the economy with their productivity in research projects and with their private consumption. In contrast, most undergraduate foreign students pay fees and tuition which are often higher than those paid by local …

Exploring Occupational Therapy’S Role In Foster Care: A Mixed Methods Study On Financial Literacy Education For Foster Youth, Ashley Carmichael, Karen Park

Summer 2023 Virtual OTD Capstone Symposium

Background: Foster youth are children under 21 years old who have been removed from their homes due to neglect or abuse and are susceptible to early adversity and trauma (Alternative Family Services, n.d.; AOTA, 2017). Financial literacy is the knowledge and skills to take control of finances (National Financial Educators Council, n.d.). In the foster care setting, occupational therapists (OTs) provide client-centered care that traditionally focuses on transitional life skills, such as seeking employment (American Occupational Therapy Association [AOTA], 2017).

Problem/Purpose: The lack of resources for foster youth to gain financial literacy skills leads to a disadvantage in …

Determinants Of Net Interest Margin For Banks Operating In Pales-Tine, Islam Abdeljawad, Ajyad Bahlaq

An-Najah University Journal for Research - B (Humanities)

The goal of this research is to identify the factors that influence the net interest margin (NIM) for Palestinian conventional banks. Palestine is a unique country with poor governance, political uncertainty, and regulatory insufficiency, adding higher information asymmetry to the decision-making process. The sample is comprised of unbalanced panel data from 15 commercial banks for the period 2011–2020. The research used a pooled OLS, a fixed-effect model, a random effect model, a robust pooled OLS, a difference GMM, and a system GMM estimators. Evidence collected supports that net interest margin is positively influenced by risk aversion, operating costs, and loan-to-deposit, …

Cash Usage In Poland In 2020: Insights Into The Role Of The Covid-19 Pandemic And Spatial Aspects, Radosław Kotkowski, Arkadiusz Manikowski

Journal of Banking and Financial Economics

The study explores the factors likely to induce Polish customers to pay by cash, instead of payment cards, for goods and services they are purchasing. The basis of our investigation is microdata obtained in 2020, during the “Payment Habits in Poland in 2020” study, which was conducted by Narodowy Bank Polski (National Bank of Poland) in 2020. The analysis is performed using the two-stage Heckman approach. In the first stage, card adoption factors are analyzed using a probit model; then, in the second stage, the OLS model is employed to analyze the propensity to pay by cash, despite having a …