Finance Commons^™

مقارنة بعض معايير تشخيص انموذج Arx بأستعمال ألمحاكاة بحث مستل من رسالة ألماجستير ألمعنونة “مقارنة بعض معايير تشخيص وطرائق تقدير انموذج Arx مع تطبيق عملي على سعر صرف ألدينار ألعراقي”, فراس أحمد محمد, عبدالرحمن جاسم محمد

Muthanna Journal of Administrative and Economics Sciences

يعد أنموذج ARX من ألنماذج ألمهمة في موضوع تحليل ألسلاسل ألزمنية, وهنالك خطوات عديدة ومتسلسلة لغرض بناء هذا ألانموذج ومن هذه ألخطوات تشخيص رتب ألانموذج. وقد تم في هذا ألبحث مقارنة أربع معايير للتشخيص وهي معيار معلومات أكياكي (AIC), ومعيار بعد ألوصف ألأصغر(MDL), ومعيار Hannan&Quinn(HQIC), والوسيط للمعيارين (MDL) و (HQIC) وسيرمز له MMH)). و تمت ألمقارنة في مجال ألزمن Time Domain بأستعمال ألمحاكاة استنادا الى عدد ألمرات ألتي ينجح فيها كل معيار في أختيار ألرتب ألصحيحة للأنموذجو لأربعة نماذج ARX برتب مختلفة ,(1,1,1),(1,2,1) ,(2,1,1)(2,2,1) وعند حجوم عينات مختلفة. وقد تبين أن ألمعايير MDL, HQIC, MMH كفوءة في اختيار رتب ألأنموذج, …

مبادىء المحاسبة المالية (نظرة معاصرة), Saud Jayed, Ali Naim Jassim, Asaad Munshid Muhammad

Muthanna Journal of Administrative and Economics Sciences

انــــه يحتوي على فصلا خاصـــا في موضوع حوسبة العمليات المالية , وهذا ما ينسجم مع حالة التطور الالكتروني في تعليم مهنــــة المحاسبــــــــــة .علاوة على ان هذا الكتاب تم اعداده بطريقة علميــــة تتفق مع المستوى العلمي المطلوب لطلبتنا الاعزاء في التعليم الجامعي وينسجم كذلك مع مفردات اللجنــــــــة القطاعيـــــة المحاسبية التي تعنى بإعداد المفردات للمواد الدراسية ضمن اطــــار عمل هذه اللجان في وزارة التعليم العالي والبحث العلمي .ولذلك فان هذا الكتاب يتضمن ثلاثة عشر فصلا تناول الفصل الاول تاريخ ونشأة المحاسبة واهدافها وطبيعة مستخدمي المعلومات المحاسبية ، وعلاقة المحاسبة بالحقول الاخرى بالاضافة الى مستويات الاطار النظري للمحاسبة ، في حين تناول الفصل …

Different Uses Of Microfinance Among Conventional And Islamic Borrowers: Evidence From Jordan, Ngan Bui

Master's Theses

The paper focuses on investment decisions made by microfinance borrowers in Jordan. While there has been a lot of literature concentrating on the level of investment after credit access was made available, there has been very limited research on the impact of Islamic microfinance. The amount of literature comparing Islamic financing and its conventional counterpart is even more uncommon. This study will look at how conventional and Islamic borrowers differ in their decisions pertaining to business investments, home improvement projects and consumer durable goods. Results show that microfinance loan take-ups do lead to a higher probability of business investments. In …

Parallels Between The U.S. And Asian Property Markets, Singapore Management University

Perspectives@SMU

U.S. home prices are on an upswing. What does this mean for the Asian property market?

An Assessment Of Hydroelectric Feasibility At Colonel Charles D. Maynard Dam In Tucker, Arkansas, Connor Quigley

Economics Undergraduate Honors Theses

The primary purpose of this report is to analyze the economic feasibility of converting the Colonel Charles D. Maynard Lock and Dam to a hydroelectric facility. This report takes a traditional cost-benefit analysis approach and includes a sensitivity and scenario analysis.

Improving Long Range Forecast Errors For Better Capacity Decision Making, Anisulrahman Nizam

HIM 1990-2015

Long-range demand planning and capacity management play an important role for policy makers and airline managers alike. Each makes decisions regarding allocating appropriate levels of funds to align capacity with forecasted demand. Decisions today can have long lasting effects. Reducing forecast errors for long-range range demand forecasting will improve resource allocation decision making. This research paper will focus on improving long-range demand planning and forecasting errors of passenger traffic in the U.S. domestic airline industry. This paper will look to build upon current forecasting models being used for U.S. domestic airline passenger traffic with the aim of improving forecast errors …

Empirical Study On Stock's Capital Returns Distribution And Future Performance, Han Liu

All Theses

Investors subject to reference dependence and mental accounting tend to make decisions based on the unrealized losses and gains relative to a reference point, and behave consistently with the disposition effect. In this paper, I focus my study on stocks' capital returns distribution, which is a distribution of each stock that represents the relative capital gains/losses of all shareholders during a target time period. Empirical evidences show the mean value and the skewness of stock's capital returns distribution play significant roles in forecasting future performance. For stocks with a negative mean value of the distribution, the only significant parameter is …

Modeling Loan Losses A Macroeconomic Approach, Jeremy Hughes

HIM 1990-2015

A sound banking system is essential to a well-functioning economy. With the financial crisis beginning in 2007, a renewed interest in the safety of financial institutions has dominated both the political and financial landscape. Mounting loan losses in real estate lending led to the failing of over 460 banks from 2008 to 2012. This crisis is not unique; in fact, the Savings & Loan Crisis of the 1980's to early 1990's led to the closure of 700 savings institutions. Both instances created a panic in financial markets and heavy losses to deposit insurance funds. These losses are ultimately borne by …

A Global Strategic Financial Analysis Of The Luxury Retail Industry, Lauren Lavan

HIM 1990-2015

A global strategic financial analysis of the luxury retail industry was conducted. The research entailed comprehensive analyses and forecasts of the global economy, the luxury retail industry and four of the most prominent, multi-national luxury goods firms in the world. These companies included: Coach, Michael Kors, Tiffany & Co., and LVMH Moet Hennessy, whom market among the world's finest personal luxury goods from handbags, clothing and accessories to diamonds, jewelry, watches, fragrances, cosmetics and wines. The macroeconomic analysis focused on factors pertinent to the luxury goods industry such as: (1) the lasting effects of the global financial crisis, our gradual …

Business Aviation: Utilization, Benefits, And Value, Tony Roberts

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

In this study, I compare the performance of U.S. companies that use their own aviation transportation for business purposes (users) and those that use commercial transportation (non-users). I conduct qualitative analysis by interviewing CEOs and CFOs of various companies that are both users and non-users. Interviews of CEO’s and CFO’s coupled with numerical evidence are considered to determine advantages or disadvantages of business aviation. Data from the S&P 500 is used to calculate and provide explanation of how using business aviation affects the firms value, profitability, and asset utilization. Using both CAPM and Fama-French Three Factor model, I assess the …

Pricing And Hedging Asian Options, Vineet B. Lakhlani

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This paper will mainly focus on a path-dependent option—Asian options. The value of a path-dependent option is affected by how the price of the underlying asset was reached at the time of maturity. Unlike a vanilla European option, the pay-off of an Asian option is a function of multiple points up to and including the price at expiry. Asian options are some of the most common exotic options traded. As P. Wilmott (2006) and E. G. Haug (2007) both point out, Asian options are popular in the OTC energy markets and in other commodity markets lacking liquidity. [9]

The Stock Market Impact Of Bond Rating Changes, Michael Leonard

Honors Projects in Mathematics

This paper examines the impact of a downgrade of a company’s credit rating on its stock price in the days surrounding the downgrade. If we consider this downgrade new information, then a negative impact on the company’s stock price would be expected. However, if we assume that rating agencies use information that investors have already accounted for, then there would be no impact. There could also be an impact, at least temporarily, due to the fact that a ratings downgrade is bad news, even if the reasons for the downgrade have already been priced in. To perform this analysis I …

Relationship Between Interest Rate And Bank Common Stock Return: Evidence From The Top 10 United States Banks And Financial Sector Index, Hieu Trung Tran

Honors Projects in Finance

This research paper investigates the effect of changes in long-term interest rates on the returns of the top 10 US banks included in the Financial Sector Index. There are three main parts of this paper.

The first part uses the Augmented Dickey-Fuller (ADF) test to test the “Random Walk” of banks’ common stock returns. Based on the test’s results, returns of banks’ common stock do not solely follow the “Random Walk”.

In the second part, the Two-Factor Arbitrage Pricing Theory is employed to test the effect of changes in long-term interest rate on the return of banks’ common stocks. The …

Private Student Loan Asset Backed Securities: A Default Curve Analysis, Nicholas Gentile

Honors Projects in Finance

Business and mainstream media devote significant attention to the student lending industry and its possible threat to the economy. While the private loan component of student lending may not be largest part of this one trillion dollar industry, it is likely to be the space where evidence supporting the media’s concerns are found. This paper examines the variation in cumulative default rates for private student loan asset backed securities issued between 2001 and 2007, revealing the dynamics of these opaque financial instruments. The study analyzes internal pool data and external economic data, uncovering the primary factors that shape the respective …

The Cost Of Culture The Impact Of National Culture On The Pass-Through Of Commodity Shocks, Christine Gerrity

Honors Projects in Finance

This study analyzes the impact of national culture on the pass-through of commodity price shocks to retail goods. In particular, this study explores the commodities of coffee, cotton and steel. Through the use of regression analysis, this study looks to determine the relationship between two key predictive variables: risk tolerance of a country and commodity shocks within a company’s associated commodity market, and their impact on the value of companies within that country. Additional factors are explored at the firm financial level and the firm country level. The purpose of this study is to examine if consumers of one country …

Initial Public Offerings In The Microfinance Industry: Does A Mission Drift Occur?, Sarah Segill

Honors Projects in Finance

This thesis analyzes whether or not there is a mission drift when microfinance organizations become publicly traded entities. One of the most debated criticisms of microfinance institutions (MFIs) today involves becoming for-profit organizations in attempt to raise more capital. Donor funding is limited for non-profit organizations and does not give an MFI much room to grow to serve a maximal number of people. The entry of for-profit microfinance institutions has a great deal of possibility in terms of generating scale, efficiency and innovation. Yet these for-profit institutions can easily lose track of their social mission to serve the poor and …

The Impact Of New Product Announcements On Quick Service Restaurant Companies’ Stock Returns, Tim Drechsler-Martell

Honors Projects in Finance

This study seeks to answer two main questions: 1) Do product announcements impact quick service restaurant stock returns? 2) Do economic conditions impact the degree which product announcements impact quick service restaurant stock returns? 159 total product announcements were collected for 6 quick service companies: McDonald’s Corp., YUM! Brands Inc., The Wendy’s Co., AFC Enterprises Inc., Jack in the Box Inc., and Sonic Corp. 84 of these announcements were from 2005-2007 (Labeled “Pre-Recession”), and 75 were from 2009-2011 (Labeled “Post-Recession”). Using historical stock price data, an analysis of the overall trends of the mean-adjusted excess returns was conducted to determine …

The Remittance Intentions Of Second-Generation Ghanaian-Americans, Kirstie Kwarteng

Capstone Collection

Remittances have become an integral part of economies all over the Global South and Ghana is no exception. Official accounts estimate that remittances to Ghana have been as high as US $1 billion a year, although the true number is likely to be much higher as funds are also remitted through informal channels. This is a significant inflow of foreign currency, sent almost completely by first generation Ghanaian immigrants abroad. To maintain this level of inflows over the long run, however, would require that second-generation Ghanaian immigrants continue to remit at the same level as their parents. This study examines …

A Skeptic’S Case For Sovereign Bankruptcy, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

This essay describes fundamental flaws in the sovereign debt restructuring regime, but questions the prevailing arguments for sovereign bankruptcy. The author concludes that efficient debt outcomes may well come about without bankruptcy, but that a statutory regime is necessary to achieve sovereign autonomy and political legitimacy.

The Euro Area Crisis: Origins, Prospects And Implication For The World Economy And Global Governance, Domenico Lombardi

Brookings Scholar Lecture Series

European nations have adopted a common currency and created regional institutions but they are also undergoing the greatest crisis in the integration since the end of World War II. This presentation will explore Europe’s regional integration, assess this process in light of the current crisis, and consider lessons to be learned for other regions, notably Asia.

Qualitative Meta-Analysis On Three Aspects Of The Federal Budget: The Process, Politics And Policies, Morgan B. (Hittinger) Weiss

Selected Honors Theses

Over the last few years, policymakers and the media have paid special attention to the federal budget, deficits and the national debt as the recent recession plunged the nation into the red. In response, some called for fiscal tightening while others simultaneously advocated for further stimulus spending to accelerate the recovery. Beyond the debate on how to respond to the short-term deficits caused by the recession and a sluggish recovery are discussions of looming budgetary struggles. The medium to long-term budget concerns are driven primarily by the United States’ rapidly aging society and rising health care costs. These two factors …

Grinding Decline In Springfield: Is The Finance Control Board The Answer?, Robert Forrant

New England Journal of Public Policy

Springfield, Massachusetts, the Bay State’s third largest city, suffered staggering manufacturing job loss over the last thirty years of the twentieth century. In 2004, the financial impact of job loss, coupled with dubious fiscal management, plunged the city into near bankruptcy. In response, state government passed legislation appointing a Finance Control Board to manage city business. Wage freezes for City workers were continued and cuts in numerous essential services occurred to deal with the debt. But the question remains, can a Control Board approach grow a large stock of well-paying jobs — large enough to grow the city’s and the …

The Natural: How One High School Football Star, Economics Major, Ex-It Manager, Red Sox Fan, Proponent Of A "No-Jerks" Policy, And Kids' Baseball Coach Has Risen To The Top Of International Banking, Gerry Boyle

Colby Magazine

Bob Diamond ’73 is an ex-linebacker, former IT manager, devoted Red Sox fan, and youth baseball coach. He also has managed to rise to—and excel at—the highest levels of international banking.

Risk-Neutral Modeling With Affine And Nonaffine Models, Garland Bennett Durham

Finance

Option prices provide a great deal of information regarding the market’s expectations of future asset price dynamics. But, the implied dynamics are under the risk-neutral measure rather than the physical measure under which the price of the underlying asset itself evolves. This article demonstrates new techniques for joint analysis of the physical and risk-neutral models using data from both the underlying asset and options. While much of the prior work in this area has focused on affine and affine-jump models because of their analytical tractability, the techniques used in this article are straightforward to apply to a broad class of …

Fuel Subsidy And Other Unproductive Public Expenditures Removal: A Pragmatic Approach To Restructure And Transform The Nigerian Economy, Lawrence O. Akinboyo

Bullion

While the short term measures to reduce recurrent expenditure are necessary conditions for fiscal sustainability, the long term imperative is to increase revenue. Thus, efforts should be made by the fiscal authorities in Nigeria to pursue the policy of balancing of expenditure with revenue improvements. The issues of the underperformance of the capital budget should be reversed before savings from cuts in recurrent expenditure can be diverted to the financing of capital expenditure. From the analysis, we say that removal of fuel subsidy would no doubt have some social and economic hardship on the people in the short run, However, …

Financial Inclusion In Nigeria: Measurements And Lessons, David Olu Ajakaiye, Afolabi Olowookere

Bullion

The operations of financial systems are crucial to people’s savings, credit, payment and risk management needs. More importantly, the inclusiveness of this system tends to benefit the poor and other disadvantaged groups in the society (Demirguckunt and Klapper, 2012). In the definition of the Centre for Financial Inclusion, “Full Financial Inclusion is a state in which all people who can use them have access to a suite of quality financial services, provided at affordable prices, in a convenient manner, and with dignity for the client” (Gardeva and Rynne, 2011). This entails building a financial system that serves as many people …

Communicating Financial Inclusion Policy In Nigeria: The Role Of The Media, Frank Aigbogun

Bullion

The Central Bank of Nigeria (CBN) has shown great foresight in the effort to ensure that greater numbers of Nigerians that are currently financially excluded are brought into the fold, through effective policy initiatives that are hinged on global best practices. For instance, in 2012 the Bank incorporated information and knowledge that will eventually lead to the formulation to amend existing regulatory frameworks, including recommendations on microfinance, mobile financial services (MFS) and agent banking. The CBN’s aim of educating and imparting skills on financial system inclusion to journalists who through their media would inform the general public about this all-important …

Exchange Rate Pass-Through To Domestic Prices In Nigeria: An Empirical Investigation, Abdulrasheed Zubair, George Okorie, Aliyu R. Sanusi

Economic and Financial Review

This paper uses the impulse response from an estimated structural autoregressive model of the inflation process to estimate the dynamic exchange rate pass-through to consumer prices for Nigeria, using quarterly data for the period 1986-20I0. The results suggest that the exchange rate pass-through is incomplete, low and fairly slow. On impact, for instance, the elasticity of inflation to exchange rate changes is about 0.02, and it takes about eight quarters to reach its full-impact of only 0.26. We argue that given the large share of imports in Nigeria's consumption basket, this surprisingly low pass-through indicates that importers practice the so-called …

Consolidated Public Safety Answering Point (Psap) Feasibility Study For Richland County Ohio, Daila Shimek, Eugene Kramer, Patrick Johnson, Charlie Post

All Maxine Goodman Levin School of Urban Affairs Publications

This report provides an assessment of the feasibility of consolidation of two public safety answering points in Richland County, Ohio. The report describes the methodology used to assess the feasibility. The findings are that consolidation of dispatch services among the potential participating entities is feasible. Consolidation of services would reduce capital costs expended across the county for public safety emergency dispatching over the long term. Given the proposed investment equipment and staff, the level and quality of service provided by a consolidated dispatch center should exceed those currently being supplied.

The Role Of Financial Literacy And Consumer Protection In Fostering Financial Inclusion, Dutse Umma

Bullion

The objective of this paper is to establish the link on how financial consumer protection efforts and financial literacy initiatives help bring people on board the formal financial system. Among the key mandate of the Central Bank of Nigeria (CBN) is the promotion of a sound financial system, while a stable financial system cannot be easily captured in a few words, the attributes that could be demonstrated in a system that is described as financially stable will include public confidence and trust in the institutional framework. Financial stability, therefore, serves to instill confidence in users of financial services. It encourages …