Finance Commons^™

Viable Agent Banking And Mobile Payment System In Nigeria, Fatokun Dipo

Bullion

Agent banking and Mobile payments, especially in developing economies are rapidly evolving and having tremendous impact on the economies and lives of its citizenry. In addition to reducing costs, these new service offering channel help to encourage customers to use financial services more often, as locations are close by and in places where the customers are familiar with. In light of the afore-mentioned, the Central Bank of Nigeria noted the rapid growth of mobile telephony and the need to leverage existing business network infrastructure as a practical and well thought-out strategy for driving financial inclusion of the unbanked in Nigeria.

Inward Fdi In The United States And Its Policy Context, Lucyna G. Kornecki Ph.D.

Accounting, Economics, Finance, and Information Sciences - Daytona Beach

Inward foreign direct investment (IFDI) represents an integral part of the United States (U.S.)economy, with its stock growing from US$ 83 billion in 1980 to US$ 3.5 trillion in 2011. The United States, which had earlier been primarily a home for multinational enterprises (MNEs) rather than a host for affiliates of foreign MNEs, has become a preferred host country for FDI since the 1980s. Foreign MNEs have contributed robust flows of FDI into diverse industries of the U.S. economy, and total FDI inflows reached US$ 227 billion in 2011, equivalent to 15% of global inflows, the single largest share of …

Host Country Financial Development And Mnc Activity, L. Kamran Bilir, Davin Chor, Manova Kalina

Research Collection School Of Economics

Multinational corporations (MNCs) manage complex operations, often blending features of three modes of FDI that are well understood in isolation but not in tandem, namely: horizontal, vertical and export-platform FDI. We develop a three-country model with heterogeneous firms, in order to analyze how financing constraints in the FDI host country affect the relative strength of these three motives for FDI. In our model, financial development in the host country fosters entry by domestic firms, making the local market more competitive for MNC products. This leads MNCs to orient their affiliate sales away from the local market toward other markets instead. …

Retired National Football League Players' Perceptions Of Financial Decisions Made: A Phenomenological Study, John Karaffa

Faculty Dissertations

The purpose of this qualitative phenomenological research study was to examine the lived experiences and perceptions of 25 former National Football League (“NFL”) players regarding the financial decisions they made when active as players for information that could lead to an appropriate model for making good financial decisions. Determined in the qualitative phenomenological study were the influential factors identified by the participants in the study that focused on financial decisions made by former NFL players. The study revealed five themes: (1) wealth enablers, (2) wealth killers, (3) challenges, (4) attitudes, and (5) wealth weak spots. The results of the study …

A Cross-Country Analysis Of Unbanked Within The Oecd, Nathanael D. Peach, Andrew D. Van Der Werff, Jeanne M. Hogarth

Faculty Publications - College of Business

Financial inclusion has been extensively researched on a nation-by-nation basis. The recently released Global Findex data set from the World Bank allows for this literature to be extended because it creates universal measures of relevant data. Because data are universal, it allows multiple nations to be analyzed simultaneously. Using a set of thirty-one countries from the OECD, we find that social factors are an important part of highly banked populations. Higher levels of trust in government and formal financial institutions increase the level of financial inclusion. Increases in income inequality are predicted to decrease the banked population within a nation. …

Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier

Economics and Finance Faculty Publications

Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related majors.

The Development Of The Risky Financial Behavior Scale: A Measure Of Financial Risk Tolerance, Yilong Zheng

Electronic Theses and Dissertations

There is an increasing need for a more comprehensive instrument to measure risk tolerance in human financial decision making studies. The traditional economic method and the more recent psychometric method of examining risk tolerance were both reviewed in the study. The purpose of this thesis was the initial development and validation of the Risky Financial Behavior Scale (RFBS), with items taken from four different domains noted in previous studies. Phase I and II consisted of item pool generation, construct determination from content experts' review and cognitive interviews. Data from these stages were collected and used for item revision prior to …

Nova Southeastern University 2013 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

The Vicious Cycle: Fundraising And Perceived Viability In U.S. Presidential Primaries, Cameron A. Shelton, James J. Feigenbaum

CMC Faculty Publications and Research

Scholars of presidential primaries have long posited a dynamic positive feedback loop between fundraising and electoral success. Yet existing work on both directions of this feedback remains inconclusive and is often explicitly cross-sectional, ignoring the dynamic aspect of the hypothesis. Pairing high-frequency FEC data on contributions and expenditures with Iowa Electronic Markets data on perceived probability of victory, we examine the bidirectional feedback between contributions and viability. We find robust, significant positive feedback in both directions. This might suggest multiple equilibria: a candidate initially anointed as the front-runner able to sustain such status solely by the fundraising advantage conferred despite …

Walking Back From Cyprus, Lee C. Buchheit, Mitu Gulati

Faculty Scholarship

Last Friday, the European leaders trespassed on consecrated ground by putting insured depositors in Cypriot banks in harm’s way. They had other options, none of them pleasant but some less ominous than the one they settled on.

Tackling Overindebtedness Through Financial Education In Ecuador, Sarah Flecke

Economics Honors Papers

This thesis examines the growth and development of the financial sector in Ecuador, focusing in particular on the products and services offered to low-income individuals, including, but not limited to microfinance. I examine the current problem of over-indebtedness, and evaluate both the supply/institutional side as well as the demand/client side. I conclude that while the market for microfinance institutions and low-income products and services is highly saturated and very developed, governmental interventions, structural problems and lack of accompanying financial capabilities have limited the effectiveness of the industry, and perpetuated indebtedness. I propose mandatory financial education programs provided by all financial …

Direct Climate Markets: The Prospects For Trading Teleconnection Risk, Grant Cavanaugh

Theses and Dissertations--Agricultural Economics

This dissertation provides the analysis necessary to launch the first direct climate markets. Combining statistical modeling with qualitative interviews, I build off of an innovative insurance project to show why and how to start traded markets on indexes of El Niño/La Niña. I provide statistical models of El Niño/La Niña's worldwide economic impacts; a stochastic catalog used to price virtually any risk management contract on El Niño/La Niña, even as new forecasts change traders' expectations; a comprehensive statistical description of the lifecycle of new derivatives showing how the prospects for new derivatives changed fundamentally in the last decade (this work …

Rob Johnson Meeeting, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2012). Turbulent Dynamics and Hidden Patterns: Economic Analysis in a Global Context (Unpublished manuscript) (23-44_Meet... p. 10). Cambridge University Press (forthcoming) (23-44_Meet... p. 11).
• Institute for New Economic Thinking. (2012, July 3). Grant change form (Grant ID #INO1100056) (Manuscript) (23-44_Meet... p. 2). New School University Archives.
• Institute for New Economic Thinking. (2012, November 17). Grant agreement letter to Dr. Anwar Shaikh (RE: INO12-00040) (Manuscript signed by Anwar Shaikh, PhD) (23-44_Meet... pp. 4-5). New School University Archives.
• Shaikh, A. (2013, March 5). Meeting with Rob: Eminent economists due in fall (Handwritten note by Anwar Shaikh, PhD) …

Three Essays On: Cancelling Liquidity, Information Generation And Learning By Holding Privately Placed Securities, And Information Generation, Learning And The Trading Dynamics Of Institutional Traders During The 2007-2008 Financial Crisis, Ethan Watson

Electronic Theses and Dissertations

This dissertation consists of three essays on cancelling liquidity, information generation and learning by holding private placements, and information generation, learning and the trading dynamics of institutional traders during the 2007-2008 financial crisis. The first essay examines cancellation activity of limit orders. We document a two-fold increase in limit order cancellation activity over the last decade, and study the determinants of cancellations and the change in cancellation activity through time. We also examine the impact of order cancellation on market quality. We use an instrumental variable approach and estimate a simultaneous equations model to overcome simultaneity in the trading process. …

Legislation With Endogenous Preferences, Aviad Heifetz, Ella Segev, Eric L. Talley

Faculty Scholarship

It has long been recognized that individuals' preferences adapt to the social, economic and legal environment in which they take part, in addition to reacting to incentives and constraints given these preferences. Therefore, the design of such incentives via legislation or regulation should better take into account also its own effect on preferences, in order to avoid endogenous preference adaptation curtailing the designer's aims. Furthermore, the endogeneity of preferences poses a dilemma to the social planner whether to maximize welfare having in mind the original preferences of individuals, or rather the preferences that emerge endogenously with the intervention mechanism. This …

Financial Inclusion And Natural Disasters, Benjamin L. Collier

Theses and Dissertations--Agricultural Economics

This dissertation explores the implications of natural disaster risk for access to financial services, especially credit. Its results show that disasters can dramatically undermine the ability of financial intermediaries (FIs) to lend after an event, increasing the cost of the disaster and delaying recovery. Moreover, the risk of natural disasters discourages investment in vulnerable regions and economic sectors and so slows economic development. Financial risk transfer mechanisms such as insurance can help maintain lending following an event. While many international development projects have targeted disaster insurance markets to households, managing disaster-related credit risk may be done more effectively through insurance …

An Examination Of The Interest Rate Sensitivity Of Business Development Company (Bdc) Stock Returns, Timothy Park

CMC Senior Theses

This paper examines the interest rate sensitivity of Business Development Companies (BDCs). The results of this study are intended to lend insight to investors about the viability and timing of investments in BDCs during the business cycle. Similar to previous research that has examined interest rate sensitivity of financial companies, this paper employs a two-factor market model to see whether BDCs are responsive to changes in short, medium, and long-term interest rates. My particular interest in BDCs is motivated by their unique asset-liability structure and requirements, as well as their high dividend payouts. Monthly data is drawn from the period …

The Price Discounts Of Chinese Cross-Listed Companies And Their Variation Across Sectors, Tom Guo

CMC Senior Theses

This study builds on the paper by Arquette, Brown, and Burdekin (2008) and asks whether the factors which they find to be significant in influencing the differential between the share prices of Chinese securities traded on their home market in Shanghai versus share prices observed offshore in Hong Kong and New York have varying degrees of influence when compared across industries. This paper focuses on Chinese companies listed on both the Shanghai and Hong Kong Stock Exchanges and finds that the proxy variables of expected exchange rate change, relative market sentiment, and relative company sentiment are significant in determining the …

Mexico Consensus Economic Forecast, Volume 16, Number 1, Thomas M. Fullerton Jr., Adam G. Walke

Departmental Papers (E & F)

No abstract provided.

Contract Hope And Sovereign Redemption, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Sovereign immunity has served as a partial substitute for bankruptcy protection, but it has encouraged a minority of creditors to pursue unorthodox legal remedies with spillover effects far beyond the debtor-creditor relationship. The attempt to enforce Argentina’s pari passu clause in New York is an example of such a remedy, which relies primarily on collateral damage to other creditors and market infrastructure to obtain settlement from a debtor that would not pay. The District Court decision, now on appeal before the Second Circuit, may not make holding out more attractive in future restructurings – but it would make participation less …

أعادة تقييم الممتلكات والمصانع والمعدات بالقيمة العادلة في ظل المعيار المحاسبي الدولي 16 بالتطبيق على الشركة العامة للصناعات الصوفية, صفوان قصي عبد الحليم, اسماء عبد الكاظم عبد علي

Muthanna Journal of Administrative and Economics Sciences

برز من ينادي باستخدام القيمة العادلة من خلال كل من مجلس معايير المحاسبة الدولية ومجلس معايير المحاسبة المالية (IASB) International Accounting Standard Board Financial Accounting Standard Board (FASB) بإصدار وتعديل العديد من معايير المحاسبة والتي تركز في مضمونها على القيمة العادلة ، فقد بدأت الهيئات المحاسبية الدولية والمحلية بالبحث عن بديل لتغطية الثغرات الناتجة عن تطبيق التكلفة التاريخية، خاصة في الموجودات غير المتداولة، حيث تم التحول إلى مفهوم القيمة العادلة الذي أصبح أساساً ومقياساً هاماً للاعتراف بالقياس وللإفصاح عند المعالجة المحاسبية للعمليات المالية. وظهر ذلك التحول بصورة واضحة في معظم معايير المحاسبة الدولية والتي أطلق عليها بعد ذلك معايير الابلاغ …

ملخصات الكتب المحاسبة المتوسطة رؤية معاصرة, سعود جايد مشكور, علي نعيم جاسم, ناظم حسن عبد السيد

Muthanna Journal of Administrative and Economics Sciences

تعرف المحاسبة بأنها لغة الأعمال التي تقوم باستخدام مجموعة من المفاهيم والفروض والمبادئ والطرق في إدخال ومعالجة العديد من الأحداث الاقتصادية التي تحصل في منظمات الأعمال وجعلها على شكل معلومات يمكن إيصالها إلى العديد من الجهات المستفيدة في عمليات اتخاذ القرارات. كذلك تعرف المحاسبة بأنها لغة الأعمال التي تتخصص في القياس والتوصيل وتقديم التقارير وتوفير المعلومات المالية إلى مختلف الأطراف المعنية مثل الإدارات والحكومات والمستثمرين والدائنين لاتخاذ قرارات اقتصادية رشيدة.

Asymmetric Price Adjustments In Airlines, Diego Escobari

School of Economics and Finance Faculty Publications

This paper uses a unique daily time series data set to investigate the asymmetric response of airline prices to capacity costs driven by demand fluctuations. We use a Markov regime-switching model with time-varying transition probabilities to capture the time variation in the response. The results show strong evidence of asymmetric price adjustments: positive cost shifts have a large positive effect, whereas negative cost shifts have no effect. The asymmetry is also explained by summer travel but not by the size of cost shifts. The findings show the importance of consumer heterogeneity and capacity constraints as a source of asymmetric responses. …

Three Essays On Odd-Lot Transactions, Hardy Johnson

Electronic Theses and Dissertations

This dissertation consists of three essays on odd-lot transactions. The first essay investigates the role odd lot trades play in equity markets, as well as how this role has changed over three distinct time periods- 2010, 2007, and 2005. In each of these time periods, we document the determinants of the proportions of odd lot transactions, the price contribution of odd lot trades, and the characteristics of odd lot trading on an intraday and intraweek basis. We find that odd lot transactions make up 8% of volume and 20-22% of trades. We find that odd lot proportions as well as …

Three Essays On Local Government Debt, Robert Greer

Theses and Dissertations--Public Policy and Administration

The local government tax-exempt debt market is a growing, and complex, sector of public finance. As local governments turn to debt financing the factors that contribute to interest costs of that debt have become important considerations for local government officials and politicians. Governance at the local level involves a network of overlapping governments some of which share a tax base. This system of overlapping governments that share a tax base are subject to externalities that arise from taxation, expenditures, and debt. These externalities are usually analyzed in terms of tax or expenditure reactions, but there are implications for local government …

Three Essays On Mutual Fund Ratings, Wee Seng Ng

Dissertations and Theses Collection (Open Access)

The incessant growth of the mutual fund industry has made the task of selecting mutual funds an increasingly challenging one. Unsophisticated investors turn to low-cost and readily available ratings to guide their investment decisions. Unsurprisingly, mutual fund ratings are hugely popular and influential. Anecdotal evidence and academic findings both suggest that investors gravitate towards top-rated funds. Rating is a double-edged sword. Although the use of rating simplifies the otherwise onerous job of evaluating mutual fund performance, it can lead to adverse consequences. Investors who invest only in top-rated funds are inadvertently assuming that good ratings indicate good future performance. However, …

رأس المال النفسي وأثره في الاستغراق الوظيفي, كمال كاظم طاهر الحسني

Muthanna Journal of Administrative and Economics Sciences

سعى البحث إلى استكشاف ملامح رأس المال النفسي بأبعاده (الكفاءة الذاتية (Self efficacy)، التفاؤل (Optimism) ، الأمل (Hope)، والمرونة أو الاسترجاع (Resiliency) )، وتأثيره على الاستغراق الوظيفي بعناصره (الحماس (Vigor) , الإخلاص أو التفاني (Dedication), الانغماس (Absorption)). وبموجب ما تقدم يتبنى البحث الحاضر منهجا تكاملياً، ووصفاً وتحليلاً , لمتغيرات البحث , تكونت عينة البحث من (52) تدريسياً في كلية الإدارة والاقتصاد وكلية التربية الرياضية / جامعة المثنى ), و استعملت الاستبانة كأداة أساسية لجمع البيانات, استعمل البحث العديد من الوسائل الإحصائية كالانحرافات المعيارية ,المتوسطات الحسابية , معامل الاختلاف , الارتباطات وتحليل التباين ANOVA بمساعدة البرنامج الجاهز ((SPSS.var.20, توصل البحث إلى …

المحور الُمحَاسَبيّ (تقييم كفاءة إدارة مخاطر الائتمان في البنوك الإسلاميه الأردنيه), عز الدين نايف عنانزه, محمد داؤد عثمان

Muthanna Journal of Administrative and Economics Sciences

الملخص يعد النشاط الائتماني احد اهم الوظائف الرئيسيه التي تقدمها المصارف وهي من اكثر الانشطه ربحاً و خطورة، ، فلذلك جاءت هذه الدراسه لتسلط الضوء على هذه الوظيفه لدى القطاع المصرفي الاسلامي، وكان ذلك من خلال تسليط الضوء على مراحل ادارة مخاطر الائتمان في المصارف الاسلاميه بالأضافة إلى اختبار مدى كفاءة ادارة مخاطر الائتمان وربطها مع جودة المحافظ الائتمانيه في المصارف الاسلاميه خلال الازمه الماليه العالميه الاخيره.وقد بينت الدراسه نتائج تعكس الكفاءة والنجاح الملحوظ لعينة الدراسة في عمليه ادارة مخاطر الائتمان، مما انعكس ذلك ايجابياً على مؤشر الاداء للعينه، واستطاعت بنوك العينه بناء محافظ ائتمانيه ذات جوده عاليه، مما مكنها …

The Wonder-Clause, Anna Gelpern, Mitu Gulati

Georgetown Law Faculty Publications and Other Works

The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private creditors to renegotiate unsustainable debt contracts, and obviate the need for EU bailouts. But European sovereign debt contacts were already amenable to restructuring; adding CACs could make it harder. Why, then, promote CACs at all, and cast them in such a central role in the market reform initiative? Using interviews with participants in the initiative and …

Banks And Governments: An Arial View, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Financial systems and public treasuries are communicating vessels: strength or weakness in one flows to the other, and back. This chapter considers the implications of this insight using case studies from Europe, Asia, and Latin America. The connection is not unique to Europe, although it does not always result in feedback effects, or the ‘doom loop’ that has made headlines since 2010. Events now known as banking or government debt crises often have had elements of both, and could have gone either way. Policy and political choices determined their path. In all cases, governments were as indispensable for resolving banking …