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Articles 1 - 30 of 51
Full-Text Articles in Finance
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria
Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2007, Central Bank Of Nigeria
CBN Annual Report
In 2007, the Central Bank of Nigeria (CBN) faced significant challenges in monetary management due to statutory allocations to government tiers, autonomous foreign exchange inflows, and pre-election spending. These challenges were addressed through Open Market Operations (OMO), issuance of treasury securities, standing facilities, and foreign exchange swaps. The introduction of the monetary policy rate (MPR) in December 2006 moderated inter-bank rates, encouraged trading, and improved the transmission of monetary policy actions. The Bank intensified its non-regular management activities to ensure the Policy Support Instrument (PSI) target was met. The financial system at end-2007 comprised the CBN, the Nigeria Deposit Insurance …
Life And Debt For Etsu Graduate Students., Laura Nelson
Life And Debt For Etsu Graduate Students., Laura Nelson
Electronic Theses and Dissertations
Through in-depth interviews with 21 participants, this thesis investigates how graduate students at East Tennessee State University feel about their finances. Although all adults, by necessity, have everyday money concerns, this study explores the unique experiences that post-baccalaureate students have with debt, how they talk about it, and what meanings they attach to student loans in their daily lives. This study is novel in that little research to date has examined how graduate students' perceptions of adulthood are connected to their financial situations and their stage in life. For example, saving money is important to this population mainly because it …
A Structural Analysis Of Higher Education Government Relations Organizations And Their Relationship To State Funding, Randall Brumfield
A Structural Analysis Of Higher Education Government Relations Organizations And Their Relationship To State Funding, Randall Brumfield
Graduate Theses and Dissertations
Competing interests for state government funding have affected the status of public higher education as a budget priority. State legislators and executive officeholders are increasing appropriations to areas such as public K-12 education, health care, infrastructure, and social services programs at the expense of state colleges and universities. As such the higher education community must effectively utilize its government relations organizations to communicate with elected officials the importance of state funding. The purpose of the study was to identify the functional and personnel trends existing within government relations offices, and, to determine the extent a relationship may exist between organizational …
5 Women's Status And Children's Food Security In Pakistan, Basudeb Guha‐Khasnobis, Gautam Hazarika
5 Women's Status And Children's Food Security In Pakistan, Basudeb Guha‐Khasnobis, Gautam Hazarika
School of Economics and Finance Faculty Publications
This chapter examines the role of women's intra-household status relative to men's in children's food security in Pakistan. Data from the 1991 Pakistan Integrated Household Survey (PIHS) yield a measure of evidence of a positive relation between women's intra-household status and children's food security.
Direction-Of-Change Forecasts Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Roberto S. Mariano, Anthony S. Tay, Yiu Kuen Tse
Direction-Of-Change Forecasts Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Roberto S. Mariano, Anthony S. Tay, Yiu Kuen Tse
Research Collection School Of Economics
Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.
Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson
Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson
UNIversitas: Journal of Research, Scholarship, and Creative Activity
This paper analyzes the actuarial adequacy of PBGC in providing insurance coverage to employees participating in single employer, defined benefit pension plans. The first part of this investigation examines the micro and macro economic factors that impact the financial stability and actuarial viability of PBGC. A second section discusses externalities that may contribute to suboptimal premiums and adverse selection for PBGC. A linear control model is introduced to analyze the most effective way PBGC might use its $100 million credit line with the Department of the Treasury. In addition, a model based on the economic theory of clubs develops relationships …
Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham
Sv Mixture Models With Application To S&P 500 Index Returns, Garland B. Durham
Finance
Understanding both the dynamics of volatility and the shape of the distribution of returns conditional on the volatility state is important for many financial applications. A simple single-factor stochastic volatility model appears to be sufficient to capture most of the dynamics. It is the shape of the conditional distribution that is the problem. This paper examines the idea of modeling this distribution as a discrete mixture of normals. The flexibility of this class of distributions provides a transparent look into the tails of the returns distribution. Model diagnostics suggest that the model, SV-mix, does a good job of capturing the …
Surge In Islamic Finance Service Industry, Ishrat Husain Dr.
Surge In Islamic Finance Service Industry, Ishrat Husain Dr.
Faculty Research - Newspaper and Magazine Articles
The last five years have witnessed a huge expansion in the Islamic Finance Service Industry (IFSI). The current assets are estimated at over $ 500 billion in Islamic banking segment alone. More than 250 Shariah-compliant mutual funds are currently managing about US 11 billion dollars in assets. Corporate and sovereign sukuk bonds amounting to about $ 18 billion have been issued so far. The annual market capitalization of the stocks meeting the Dow Jones Islamic Market Index Criteria in Islamic countries is estimated at US $ 300 billion. The total assets of all the banking and non-banking financial services being …
On The Use Of Size Premiums, Arithmetic Or Geometric Average Returns, And Liquidity Premiums In Determining Discount Rates, Hal B. Heaton
On The Use Of Size Premiums, Arithmetic Or Geometric Average Returns, And Liquidity Premiums In Determining Discount Rates, Hal B. Heaton
Faculty Publications
In recent court cases, a number of technical issues have arisen in determining appropriate discount rates for use in the discounted cash flow approach to valuation. This article examines three issues, reviews the literature about the issues, and summarizes the key considerations.
On The Segmentation Of Markets, Nicolas Laurent Jacquet, Serene Tan
On The Segmentation Of Markets, Nicolas Laurent Jacquet, Serene Tan
Research Collection School Of Economics
This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is nontransferable. There exist infinitely many marketplaces, and each agent chooses which marketplace to be in: agents get to choose not only whom to match with but also whom they meet with. Perfect segmentation is obtained in equilibrium, where agents match with the first person they meet. All equilibria have the same matching pattern. Although perfect assortative matching is not obtained in equilibrium, the degree of assortativeness is greater than in standard models.
The Shift From Defined Benefit Pensions To 401(K) Plans And The Pension Assets Of The Baby Boom Cohort, James Poterba, Steven Venti, David A. Wise
The Shift From Defined Benefit Pensions To 401(K) Plans And The Pension Assets Of The Baby Boom Cohort, James Poterba, Steven Venti, David A. Wise
Dartmouth Scholarship
The rise of 401(k) plans and the decline of defined benefit plans will have an important effect on the wealth of future retirees. Changing demographic structure also will affect the aggregate stock of retirement wealth. We project the stock of assets held in retirement plans and the average retirement saving of retirees through 2040. Our projections show large increases in wealth at retirement, especially if the returns on corporate equities are comparable with historical returns. Retirement wealth will grow, however, even if equity returns fall substantially below their historical level.
The Study On Sinochem Shipping Corporation’S Fleet Expansion, Yunhao Ji
The Study On Sinochem Shipping Corporation’S Fleet Expansion, Yunhao Ji
World Maritime University Dissertations
No abstract provided.
The Study On Function And Application Of Financial Leasing For The Development Of Small-Medium Shipping Enterprises In China, Tian Wen
World Maritime University Dissertations
No abstract provided.
On The Segmentation Of Markets, Nicolas L. Jacquet, Serene Tan
On The Segmentation Of Markets, Nicolas L. Jacquet, Serene Tan
Research Collection School Of Economics
This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is nontransferable. There exist infinitely many marketplaces, and each agent chooses which marketplace to be in: agents get to choose not only whom to match with but also whom they meet with. Perfect segmentation is obtained in equilibrium, where agents match with the first person they meet. All equilibria have the same matching pattern. Although perfect assortative matching is not obtained in equilibrium, the degree of assortativeness is greater than in standard models.
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Stochastic Modeling Of Retail Mortgage Loans Based On Past Due, Prepaid, And Default States, Chang Liu
Doctoral Dissertations
Stochastic models were developed that provide important measures related to retail mortgages and credit cards for the management of a bank. Based on Markov theory, two models were developed that predict mortgage portfolio size and expected duration of stay in each of the states, which are defined according to the criteria of Basel Accord II and the Federal Reserve Bank. Also, to facilitate comparisons among different types of credit products and different time periods, a model was developed to generate a health index for a retail mortgage. This model could be easily extended, using multivariate regression or multivariate time series …
Strategic Alliances By Financial Services Firms, Hua Wang
Strategic Alliances By Financial Services Firms, Hua Wang
Doctoral Dissertations
The importance of strategic alliances in the financial services industry is increasing; however, research focusing on strategic alliances is limited. In this dissertation, I intend to enhance the existing literature by examining the effect of strategic alliances on the value of financial services firms and the level of cooperation between partner firms involved in strategic alliances. The specific objectives of the dissertation are to examine the market reaction to strategic alliance announcements, to examine the preand post-announcement long-run abnormal stock performance and operating performance for the participants of strategic alliances, and to examine joint ventures and mergers and acquisitions after …
Naked And Covered In Monte Carlo: A Reappraisal Of Option Taxation, Eric D. Chason
Naked And Covered In Monte Carlo: A Reappraisal Of Option Taxation, Eric D. Chason
Faculty Publications
The market for equity options and related derivatives is staggering, covering trillions of dollars worth of assets. As a result, the taxation of these instruments is inherently important. Moreover, the importance is made even more acute by the use of options in creating more complex transactions and in avoiding taxes. Consider an equity call option, which entitles, but does not obligate, its holder to buy stock at a set price at a set time in the future. Option theory gives us a way to break the option down into more fundamental units. For example, an equity call option over 10,000 …
Direction-Of-Change Forecasts For Asian Equity Markets Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Robert S. Mariano, Anthony S. Tay, Yiu Kuen Tse
Direction-Of-Change Forecasts For Asian Equity Markets Based On Conditional Variance, Skewness And Kurtosis Dynamics: International Evidence, Peter F. Christoffersen, Francis X. Diebold, Robert S. Mariano, Anthony S. Tay, Yiu Kuen Tse
Research Collection School Of Economics
Recent theoretical work has revealed a direct connection between asset return volatility forecastability and asset return sign forecastability. This suggests that the pervasive volatility forecastability in equity returns could, via induced sign forecastability, be used to produce direction-of change forecasts useful for market timing. We attempt to do so in an international sample of developed equity markets, with some success, as assessed by formal probability forecast scoring rules such as the Brier score. An important ingredient is our conditioning not only on conditional mean and variance information, but also conditional skewness and kurtosis information, when forming direction-of-change forecasts.
The Casual Link Between Stock Returns And Trading Volume: Some Evidence From An Emerging Market, Abdul Rashid
The Casual Link Between Stock Returns And Trading Volume: Some Evidence From An Emerging Market, Abdul Rashid
Business Review
This paper investigates the dynamic association between daily stock index returns and percentage trading volume changes. To proceed with this, linear and nonlinear Granger causality tests are applied to the Karachi Stock Exchange (KSE) data. The analysis covers the span of about 5 years with 1266 daily observations. The same methodology is employed for two non-overlapping sub-periods to examine the robustness of the results. Unidirectional linear Granger causality from stock returns to trading volume is observed for the entire sample period and for both the sub-periods as well. The null hypothesis of linear Granger noncausality from percentage volume changes to …
Financial Liberalization And Monetary Policy Cooperation In East Asia, Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano, Augustine H. H. Tan
Financial Liberalization And Monetary Policy Cooperation In East Asia, Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano, Augustine H. H. Tan
Research Collection School Of Economics
As the countries in East Asia embark on financial liberalization, a key issue that confronts policymakers is the greater complexity of risks that is injected into the financial system. In particular, capital account liberalization may potentially increase the vulnerability of individual countries to external financial shocks. This paper advocates the optimally cascading of financial liberalization that is consistent across three dimensions: extent of domestic financial liberalization; the degree of exchange rate flexibility; and the scope of capital account liberalization. Unless the process of liberalization is properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. Smooth …
Crédito Y Confianza: Los Impactos Socioeconómicos De Fondo Esperanza En Temuco Y Padre Las Casas, Rebecca Berwick
Crédito Y Confianza: Los Impactos Socioeconómicos De Fondo Esperanza En Temuco Y Padre Las Casas, Rebecca Berwick
Independent Study Project (ISP) Collection
Microcredit is not a 21st century phenomenon, but it has gained remarkable momentum recently, with the awarding of the 2006 Nobel Peace Prize to the founder of the Grameen Bank of Bangladesh. Fondo Esperanza saw a need for such facilitated access to small loans around Chile. Though Chile is often viewed as a model for Latin American macroeconomic success, it maintains one of the worst distributions of wealth in the world. Much of Chile’s disadvantaged people attempt to make a living through the operation of micro-businesses. In my research, I explored Fondo Esperanza’s operations in Temuco: its organizational structure and …
Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal
Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal
Undergraduate Theses and Capstone Projects
In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …
Global And Regional Sources Of Risk In Equity Markets: Evidence From Factor Models With Time-Varying Conditional Skewness, Aamir R. Hashmi, Anthony S. Tay
Global And Regional Sources Of Risk In Equity Markets: Evidence From Factor Models With Time-Varying Conditional Skewness, Aamir R. Hashmi, Anthony S. Tay
Research Collection School Of Economics
We examine the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. The models allow for conditional heteroskedasticity and time-varying conditional skewness, and are used to measure mean, variance, and skewness spillovers. We find that incorporating time-varying conditional skewness improves the fit of our spillover models, and can alter measurements of variance spillovers. However, time-varying conditional skewness is mostly a local phenomenon; with exceptions, there is little spillover in skewness from global and regional factors.
Why Not A Dollar?, Evelyn Murphy
Why Not A Dollar?, Evelyn Murphy
New England Journal of Public Policy
Statisticians point out that women do not yet have quite as many years’ experience in the workforce as men have. It’s true that for the generation that began working in the 1960s, fewer women than men have a steady forty or fifty years of on-the-job experience. So maybe there should be a gap of a few pennies (at most!) to reflect that slight disadvantage. But not 23 cents’ worth! Social scientists hedge their conclusions about what causes that broad gap with disclaimers. They acknowledge that biases exist in their measurements. They admit that they cannot say for sure that differences …
Rethinking Retirement Policy In Massachusetts, Ellen A. Bruce
Rethinking Retirement Policy In Massachusetts, Ellen A. Bruce
New England Journal of Public Policy
Women are significantly poorer than men in old age. One major cause of women’s disproportional poverty is retirement income policy that bases pensions and savings incentives on earned income. This paper describes the structure of our retirement policies and argues that some policies should be implemented that are not associated with earned income as a way to both support women’s caregiving roles and insure their economic well-being in old age.
Asian Currency Baskets: A Useful Surveillance Tool?, Charles Adams, Hwee Kwan Chow
Asian Currency Baskets: A Useful Surveillance Tool?, Charles Adams, Hwee Kwan Chow
Research Collection School Of Economics
This paper considers whether an intra-regional currency basket and the associated divergence indicators could play a useful role in official exchange rate surveillance. Recently, proponents of an Asian currency basket have referred to the role the European Currency Unit played in constructing exchange rate divergence indicators as evidence of the usefulness of intra-regional currency baskets for exchange rate monitoring. The paper shows that such indicators have a number of features that can lead to them obscuring underlying changes in exchange rates and that the signals they emit will often be difficult to interpret. In addition, the use of regional currency …
The Effect Of Micro-Credit On Poverty Alleviation: The Case Of Urban And Rural Egypt, Raghda El Ebrashi
The Effect Of Micro-Credit On Poverty Alleviation: The Case Of Urban And Rural Egypt, Raghda El Ebrashi
Archived Theses and Dissertations
No abstract provided.
Global Current Account Imbalances: American Fiscal Policy Versus East Asian Savings, Menzie David Chinn, Hiro Ito
Global Current Account Imbalances: American Fiscal Policy Versus East Asian Savings, Menzie David Chinn, Hiro Ito
Economics Faculty Publications and Presentations
We consider the origins of global current account imbalances. We first discuss how the expansion of the US current account deficit and the decrease in global real interest rates can be reconciled with the widespread view that American expansionary fiscal policy is partly the source of current trends. We then investigate empirically the medium-term determinants of the current account using a model that controls for factors related to institutional development. In addition to the conventional macroeconomic factors, we examine a series of environmental factors, including the degree of financial openness and the extent of legal development. We find that for …
The Effect Of Devaluation On Output In The Egyptian Economy: A Vector Autoregression Analysis, Sahar Mohamed Abdel-Haleim Abdel-Moneim
The Effect Of Devaluation On Output In The Egyptian Economy: A Vector Autoregression Analysis, Sahar Mohamed Abdel-Haleim Abdel-Moneim
Archived Theses and Dissertations
No abstract provided.
Indiana State University Financial Report 2007, Indiana State University
Indiana State University Financial Report 2007, Indiana State University
Financial Reports
No abstract provided.