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2016

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Full-Text Articles in Finance

Accelerating Financial Inclusion Through Non-Cash Assistance: Exploring Factor Affecting Beneficiaries Perception, Sartika Djamaluddin Dec 2016

Accelerating Financial Inclusion Through Non-Cash Assistance: Exploring Factor Affecting Beneficiaries Perception, Sartika Djamaluddin

Economics and Finance in Indonesia

Distribution of social assistance through a non-cash system is a new government breakthrough to increase transfer effectiveness and promote financial inclusion. After the pilot project in 2014, the recent study found that there is a number of beneficiaries who feel the non-cash system is difficult. Therefore they use non-cash facilities to get the transfer only and do not want to use for other financial services. This fact could become an obstacle to financial inclusion. This study aims to investigate what factors influence beneficiaries perception to use non-cash system. We conducted a survey of 139 non-cash beneficiaries in Kabupaten Cirebon, West …

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Export Stimuli, Export Stages And Internationalization Pathways: The Case Of Indonesian Smes, Mohamad D. Revindo Dec 2016

Export Stimuli, Export Stages And Internationalization Pathways: The Case Of Indonesian Smes, Mohamad D. Revindo

Economics and Finance in Indonesia

Small and Medium-sized Enterprises (SMEs) in developing countries are still constrained to seize the opportunity of trade liberalization as compared to their large counterparts. It has been argued that effective efforts to foster SME export require clear understanding of the factors that stimulate them to export. This study investigates the export stimuli of 385 Indonesian SMEs at different export stages (pre-exporting and exporting) and different internationalization pathways (domestically established exporter and born-global SMEs). Three types of export stimuli are consistently identified as the most important in all sub-samples: the presence of foreign buyers, the confidence in the products and the …

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How Congested Jakarta Is? Perception Of Jakarta’S Citizen On Traffic Congestion, Muhammad Halley Yudhistira Dec 2016

How Congested Jakarta Is? Perception Of Jakarta’S Citizen On Traffic Congestion, Muhammad Halley Yudhistira

Economics and Finance in Indonesia

This paper aims to reveal the behavior and perception of Jakarta's citizens on traffic congestion in Jakarta. Although this approach is somewhat well-developed in behavioral science, its utilization in urban economics study, is still limited. Detecting the traffic congestion and its cause mainly relies on physical (engineering) methods, i.e V/C ratio. Here, we define the traffic congestion through two variables; ordinal traffic congestion perception and proportion of expected travel time to perceived travel time. Using a non-probabilistic sampling survey held in one of densest business district in Jakarta called Sudirman-Thamrin Golden Triangle Area; the estimation results show that travel behavior …

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Child Labour In Indonesia: Supply-Side Determinants, Dayang Haszelinna Binti Abang Ali, G. Reza Arabsheibani Dec 2016

Child Labour In Indonesia: Supply-Side Determinants, Dayang Haszelinna Binti Abang Ali, G. Reza Arabsheibani

Economics and Finance in Indonesia

This study analyses the determinants of working among 10-17 years children and to investigate the presence of Luxury Axiom. Child tends to work as they gets older, has biological ties to the household head and lives in a rural area. The higher levels of household heads education lead to the childrens been less likely to work. With regard to the Luxury Axiom, household income is negatively impact the work decision. Birth order is positively related to working and the probability of working decreases by the presence of employed adult. Finally, the impact of the childs activities varies by provinces.

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Local Government Forestry Expenditure And Forest Land Cover: A Preliminary Lesson From Decentralized Indonesia, Firda Hidayati Dec 2016

Local Government Forestry Expenditure And Forest Land Cover: A Preliminary Lesson From Decentralized Indonesia, Firda Hidayati

Economics and Finance in Indonesia

Even though government of Indonesia invests billions of rupiah to tackle deforestation, its effectiveness has been questionable. This study analyses changes in rates of forest cover in Indonesia and their association with forestry expenditures (FE) spent by the provincial governments. Based on 2007 to 2010 data, linear multiple regression results indicate that FE is not enough to tackle the negative change in forest land cover that could represent deforestation. Moreover, it was found that FE have negative association with forest land cover and therefore, can be associated to deforestation. This negative association remains when other factors that affect forest land …

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Financial Crisis, Inclusion And Economic Development In The Us And Oic Countries, Shadiya T. Hossain Dec 2016

Financial Crisis, Inclusion And Economic Development In The Us And Oic Countries, Shadiya T. Hossain

LSU New Orleans Theses and Dissertations

The following dissertation contains two distinct empirical essays which contribute to the overall field of Financial Economics. Chapter 1, entitled “Financial Inclusion and Economic Development in OIC Member Countries,” examines whether the presence of Islamic finance promotes development and alleviates poverty. To do so, we estimate the influence of financial inclusion variables on development and poverty variables for OIC countries. Using data from the World Bank, we use dynamic panel analysis using methodology similar to Beck et al (2000) to study the effects of financial inclusion on economic development and use simple cross-sectional analysis similar to Beck et al (2004) …

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A New Method For Helping Chinese People Who Are Facing Retirement To Exert Greater Control Over Their Financial Resources, Xuanmu Yan Dec 2016

A New Method For Helping Chinese People Who Are Facing Retirement To Exert Greater Control Over Their Financial Resources, Xuanmu Yan

Dissertations - ALL

In China, personal financial advisers are not common. Chinese people who are facing retirement have a difficult time to plan for their retirement. This causes a very serious problem in China: many older Chinese do not have enough money in retirement. Therefore, my goal is to help Chinese people that are facing retirement without a detailed financial plan. In order to do so, I’ve conducted research to understand the long-term goals of those Chinese people. As a qualitative research approach, I've created three probes to explore the problems they are facing and the reasons why existing solutions do not work …

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Short Selling Meets Hedge Fund 13f: An Anatomy Of Informed Demand, Yawen Jiao, Massimo Massa, Hong Zhang Dec 2016

Short Selling Meets Hedge Fund 13f: An Anatomy Of Informed Demand, Yawen Jiao, Massimo Massa, Hong Zhang

Research Collection Lee Kong Chian School Of Business

The existing literature treats the short side (i.e., short selling) and the long side of hedge fund trading (i.e., fund holdings) independently. The two sides, however, complement each other: opposite changes in the two are likely to be driven by information, whereas simultaneous increases (decreases) of the two may be motivated by hedging (unwinding) considerations. We use this intuition to identify informed demand and document that it exhibits highly significant predictive power over returns (approximately 10% per year). We also find that informed demand forecasts future firm fundamentals, suggesting that hedge funds play an important role in information discovery. (C) …

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All In The Family: Economies Of Scale In Retail And Institutional Investment Management, Darwin Choi, Xi Li, Tong Yao, Zhe Zhang Dec 2016

All In The Family: Economies Of Scale In Retail And Institutional Investment Management, Darwin Choi, Xi Li, Tong Yao, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

This paper examines the (dis)economies of scale related to the joint management of retail mutual funds and institutional funds (i.e., investment portfolios catering to institutional clients). Similar to well-known observations for mutual funds, the performance of institutional funds is negatively related to fund size but positively related to fund family size, suggesting diseconomies of scale at individual fund level and economies of scale at fund family level. More importantly, there is spillover of the family size effect -- the performance of mutual funds (institutional funds) is positively related to the total institutional assets (mutual fund assets) managed by the same …

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The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi Dec 2016

The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi

Research Collection Lee Kong Chian School Of Business

We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the retail deposit supply due to, for example, a decrease in bank reserves or in money demand, banks try to substitute the deposit outflows with more wholesale funding in order to mitigate the policy impact on their lending. Banks have varying degrees of accessibility to wholesale funding sources because of financial frictions, and those banks that are large or that have a greater reliance on wholesale funding increase their wholesale funding more. As a result, monetary tightening increases both the reliance on and …

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The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi Dec 2016

The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi

Research Collection Lee Kong Chian School Of Business

We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the retail deposit supply due to, for example, a decrease in bank reserves or in money demand, banks try to substitute the deposit outflows with more wholesale funding in order to mitigate the policy impact on their lending. Banks have varying degrees of accessibility to wholesale funding sources because of financial frictions, and those banks that are large or that have a greater reliance on wholesale funding increase their wholesale funding more. As a result, monetary tightening increases both the reliance on and …

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The Impact Of Exports To China On Latin American Growth, Andre C. Vianna Dec 2016

The Impact Of Exports To China On Latin American Growth, Andre C. Vianna

School of Economics and Finance Faculty Publications

This article analyzes the relationship between GDP growth in seven major Latin American countries and China’s demand for their exports. GLS panel estimation using annual data for the period 1994-2013 shows that the relationship was both statistically and economically significant. Control variables found to be significant in positively affecting GDP growth include the investment-to-output ratio, the exchange rate, and the terms of trade, and, in negatively affecting it, population growth and the unemployment rate. Consistent with recent literature, foreign direct investment was found not to be significant. A sharp drop in exports to China for many of the countries in …

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Misaligned Interests In Private Equity, Jarrod Shobe Nov 2016

Misaligned Interests In Private Equity, Jarrod Shobe

BYU Law Review

This Article examines the unique set of agency costs that arise from the separation of ownership and control in private equity funds. These funds operate without significant regulatory or legislative oversight. Instead, they are governed primarily by contractual arrangements between investors and managers that are poorly understood by legal scholars. This Article looks into the black box of these internal arrangements to provide a broad analysis of whether and how these contracts align or misalign the interests of investors and managers. It turns out that the compensation of managers, which is commonly thought to serve as the most powerful tool …

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The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer Nov 2016

The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer

Georgia Journal of International & Comparative Law

No abstract provided.

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Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976), Tim J. Floyd Nov 2016

Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976), Tim J. Floyd

Georgia Journal of International & Comparative Law

No abstract provided.

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Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools, Jack D. Kartez Ph.D., Samuel B. Merrill Ph.D. Nov 2016

Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools, Jack D. Kartez Ph.D., Samuel B. Merrill Ph.D.

Journal of Ocean and Coastal Economics

Demands for mechanisms to pay for adaptation to climate risks have multiplied rapidly as concern has shifted from greenhouse gas mitigation alone to also coping with the now-inevitable impacts. A number of viable approaches to how to pay for those adjustments to roads, drainage systems, lifeline utilities and other basic infrastructure are emerging, though untested at the scale required across the nation, which already has a trillion-dollar deferred maintenance and replacement problem. There are growing efforts to find new ways to harness private financial resources via new market arrangements to meet needs that clearly outstrip public resources alone, as well …

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The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda, Charles S. Colgan Nov 2016

The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda, Charles S. Colgan

Journal of Ocean and Coastal Economics

Sea level rise and other effects of climate change on oceans and coasts around the world are major reasons to halt the emissions of greenhouse gases to the maximum extent. But historical emissions and sea level rise have already begun so steps to adapt to a world where shorelines, coastal populations, and economies could be dramatically altered are now essential. This presents significant economic challenges in four areas. (1) Large expenditures for adaptation steps may be required but the extent of sea level rise and thus the expenditures are unknowable at this point. Traditional methods for comparing benefits and costs …

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Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose Nov 2016

Smarter Banking: Blockchain Technology In The Indian Banking System, Suparna Dhar, Indranil Bose

Asian Management Insights

Indian banks are currently experiencing poor performance when it comes to debt risk. Burdened with high non-performing loans (NPL), they are putting at risk the funds of investors as well as India’s industrial and economic growth. In addition, the loan management process itself is riddled with inefficiencies. To overcome them, we propose to use blockchain technology.

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Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina Nov 2016

Pegxit Pressure: Evidence From The Classical Gold Standard, Kris James Mitchener, Gonçalo Pina

Economics

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show that the model’s main prediction holds even for the canonical example of hard pegs. We identify a negative causal relationship between export-price shocks and currency-risk premia in emerging market economies, indicating that negative export-price shocks increased the probability that countries abandoned their pegs.

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Days To Cover And Stock Returns, Harrison G. Hong, Frank Weikai Li, Sophie X. Ni, Jose A. Scheinkman, Philip Yan Nov 2016

Days To Cover And Stock Returns, Harrison G. Hong, Frank Weikai Li, Sophie X. Ni, Jose A. Scheinkman, Philip Yan

Research Collection Lee Kong Chian School Of Business

A crowded trade emerges when speculators' positions are large relative to the asset's liquidity, making exit difficult. We study this problem of recent regulatory concern by focusing on short-selling. We show that days to cover (DTC), the ratio of short interest to trading volume, measures the costliness of exiting crowded trades. Crowding is an important concern as short-sellers avoid illiquid stocks, which we establish using an instrumental-variables strategy involving staggered stock market decimalization reforms. Arbitrageurs require a premium to enter into such trades as a strategy shorting high DTC stocks and buying low DTC stocks generates a 1.2% monthly return. …

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The Effects Of Borrowing Rates On Intra-Firm Disequilibria Between Equity Prices And Cds Premiums – Evidence From Dynamic Panel Analysis., Robert J. Brown Oct 2016

The Effects Of Borrowing Rates On Intra-Firm Disequilibria Between Equity Prices And Cds Premiums – Evidence From Dynamic Panel Analysis., Robert J. Brown

Undergraduate Economic Review

Cointegration techniques are used to estimate the long run equilibrium relationship between a firm’s CDS premium and its equity price, for a panel of large-cap US firms. From these results, the estimated disequilibrium in daily CDS premiums, with respect to equity prices, is constructed. Dynamic panel methods are employed to show the importance of lagged changes in libor rates as determinants of the estimated disequilibrium. Evidence is found that the extent to which the markets deviate from equilibrium will increase as one-month libor rates rise, but, counter-intuitively, will decrease (return towards equilibrium) as longer term libor rates rise.

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Drivers Behind The Monitoring Effectiveness Of Global Institutional Investors: Evidence From Earnings Management, Incheol Kim, Steve Miller, Hong Wan, Bin Wang Oct 2016

Drivers Behind The Monitoring Effectiveness Of Global Institutional Investors: Evidence From Earnings Management, Incheol Kim, Steve Miller, Hong Wan, Bin Wang

School of Economics and Finance Faculty Publications

This paper studies the drivers behind the monitoring effectiveness of institutional investors in curbing earnings management in an international setting. We identify three distinct drivers and propose two competing hypotheses: the hometown advantage hypothesis predicts that because of proximity to monitoring information, domestic institutions have a comparative advantage over foreign institutions in deterring earnings management, whereas the global investor hypothesis predicts that foreign institutions have a comparative advantage because of their proclivity toward activism and ability to deploy superior monitoring technologies. Consistent with the hometown advantage hypothesis, in aggregate, domestic, but not foreign, institutional ownership is associated with less earnings …

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Mexico Consensus Economic Forecast, Volume 19, Number 4, Thomas M. Fullerton Jr., Adam G. Walke Oct 2016

Mexico Consensus Economic Forecast, Volume 19, Number 4, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

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Tackling Technology Disruption In The Financial Sector: Are The Current Singapore Government Incentives And Labour Force Preparations Adequate?, Swee Liang Tan Oct 2016

Tackling Technology Disruption In The Financial Sector: Are The Current Singapore Government Incentives And Labour Force Preparations Adequate?, Swee Liang Tan

Research Collection School Of Economics

No abstract provided.

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The Banking System, Manufacturing Sector And Sustainable Economic Development., Risikat S. Oladoyin Dauda Sep 2016

The Banking System, Manufacturing Sector And Sustainable Economic Development., Risikat S. Oladoyin Dauda

Bullion

The paper is structured into five sections. Section one presents the introduction, while section two presents conceptual and theoretical issues. Section three captures issues in Nigeria's manufacturing sector, Section four presents a brief overview on the performance and financial intermediation roles of Nigeria's banking industry vis-a-vis the manufacturing sector, Section five and six contains the challenges and prospect of promoting banking system intermediary services in the manufacturing sector for sustainable development and concludes the paper respectively.

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Overview Of Non-Oil Sector In Nigeria., Uwatt B. Uwatt Sep 2016

Overview Of Non-Oil Sector In Nigeria., Uwatt B. Uwatt

Bullion

This paper is to enhance the understanding of the non-oil sector in Nigeria, The underlying need is the emphasis on why the sector should be embraced as the new economic bride, not only by the government, but by oil and sundry, to fast-track economic recovery and enhance sustainable growth.

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Losing Values: Illiquidity, Personhood, And The Return Of Authoritarianism In Skopje, Macedonia, Fabio Mattioli Sep 2016

Losing Values: Illiquidity, Personhood, And The Return Of Authoritarianism In Skopje, Macedonia, Fabio Mattioli

Dissertations, Theses, and Capstone Projects

On May 17, 2015, over 50,000 people took to the streets of Skopje, the capital of the Republic of Macedonia, protesting against Prime Minister Gruevski and his party, the conservative neoliberal Internal Revolutionary Organization of Macedonia (VMRO). After nine years of authoritarian government, it was the first significant demonstration in which the population demanded accountability for Gruevski's despotic system of rule. This dissertation is the story of how Gruevski's system of power was built and why it lasted for so long. I argue that a series of failing financial processes, which included the use of illiquidity, created the material and …

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Technology Innovations And The Financial Services Industry., Olubukola Akinniyi Akinwunmi Sep 2016

Technology Innovations And The Financial Services Industry., Olubukola Akinniyi Akinwunmi

Bullion

This article explores the future of the financial services industry in the context of new technologies. Technological innovations were reviewed and likely implications for the industry were highlighted. The article suggests that a symbiotic relationship among new and incumbent financial services providers will benefit the industry. Since technology is re-defining the financial services industry and the global financial system as undergone transformation in the last couple of decades.

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Financing Agriculture For Sustainable Economic Development, Grace Ofure Evbuomwan Sep 2016

Financing Agriculture For Sustainable Economic Development, Grace Ofure Evbuomwan

Bullion

Nigeria's agriculture is diverse. presenting various opportunities. lt includes four sub-sectors, namely; crop, livestock, fishery and forestry. The crop sub-sector accounts for about 90.0 per cent of agricultural production in Nigeria, followed by the livestock sub-sector which contributes about 7.0 per cent. Fishing activities contribute about 2.0 per cent and forestry activities account for about 1.0 per cent. However, Nigeria remains a food-deficit country blessed as it is with abundant agro-ecological resources and diversity. As reported by the Food and Agricultural Organization of the United Nations (FAO), the number of people undernourished has been on the increase, from 8.7 per …

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Are Us-Dollar-Hedged-Etf Investors Aggressive On Exchange Rates? A Panel Var Approach, Corey A. Shank, Andre C. Vianna Sep 2016

Are Us-Dollar-Hedged-Etf Investors Aggressive On Exchange Rates? A Panel Var Approach, Corey A. Shank, Andre C. Vianna

School of Economics and Finance Faculty Publications

Exchange traded funds (ETFs) are a multi-trillion dollar market that epitomizes financialization due to its recent growth. This study examines the behavior of U.S. listed currency hedged ETF investors towards changes in the underlying benchmark and foreign exchange rate from July 2011 to November 2015 using a panel VAR approach. We find that investors are able to anticipate changes in future exchange rates and invest in currency hedged ETFs prior to changes. Granger-causality tests confirm that these investors proactively trade before large real exchange rate movements. These results suggest that the use of financial instruments such as ETFs to hedge …

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