Finance Commons^™

The Bluebox Practicum: Integrating Technology, Culture, And Academic Service-Learning, Charles Braymen, Dustin Ormond

Jesuit Higher Education: A Journal

Advancing education in marginalized communities has been more difficult compared to more privileged communities due to the lack of infrastructure, which in part results in an absence of educational materials. The BlueBox Project was created to minimize this divide by bringing a wealth of information to these communities. Using a small digital computer, faculty, staff, and students across many disciplines built the BlueBox, a stand-alone digital library which hosts an array of books, articles, educational games, and videos to inspire learning in a variety of subjects including science, technology, math, music, and literature. The BlueBox is powered by solar energy, …

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its substantial position …

European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …

Surviving The Property Market In A Low-Interest And Low-Yield Environment, Singapore Management University

Perspectives@SMU

REITs should note current conditions that echo those leading up to the 2008 Global Financial Crisis and clean up their balance sheets

Corporate Social Responsibility And Likelihood Of Financial Distress, Ying Zheng, Yong Wang, Crystal Jiang

Finance Department Faculty Journal Articles

Does doing good to society make firms less likely to have financial trouble? This paper looks at the benefit of corporate social responsibility (CSR) and examines whether firms’ CSR engagement affects their chance of falling into financial distress. After analyzing a broad U.S. database spanning 25 years from 1991 to 2015, we find that CSR engagement indeed reduces the likelihood of firms falling into financial distress, and the results are statistically robust and economically significant. Further, we find the impact of CSR on the likelihood of financial distress is more pronounced in economic downturns and for firms with high levels …

Irrational Exuberance: Panic Rooms And Flutters In Financial Markets, Vijay Fafat

Asian Management Insights

As the memory of the 2008 financial crash fades, there are cautionary thoughts on why we tend to overshoot in our optimism, and why even genius comes to grief in the face of capricious, mercurial capital markets.

Future And Value: The Library As Strategic Partner, Antje Mays

Charleston Library Conference

Broader economic trends spawn budget pressures for education and libraries, prompting a plethora of studies on the value and relevance of libraries. Numerous reports on economic decline in libraries and studies with mixed pronouncements on the value of libraries have led to a negative self-image within the library profession. Yet libraries’ leadership in connecting learners to knowledge is at the heart of producing many of the key skills sorely needed in robust societies and economies. Librarianship has many untapped opportunities for positioning itself as a prominent strategic partner. This paper outlines current research on the economic and societal context for …

A Dynamic Stochastic Frontier Model With Threshold Effects: U.S. Bank Size And Efficiency, Pavlos Almanidis, Mustafa U. Karakaplan, Levent Kutlu

School of Economics and Finance Faculty Publications

Common/Single frontier methodologies that are used to analyze bank efficiency and performance can be misleading because of the homogeneous technology assumption. Using the U.S. banking data over 1984-2010, our dynamic methodology identifies a few data-driven thresholds and distinct size groups. Under common frontier assumption, the largest banks appear to be 22% less efficient on average than how they are in our model. Also, in the common frontier model, smaller banks seem to be relatively more efficient compared to their larger counterparts. Hence, common policies or regulations may not be well-balanced about controlling the banks of different sizes on the spectrum.

The Role Of Social Trust In Times Of Crisis, Singapore Management University

Perspectives@SMU

Research shows social trust improves the resilience of firms to banking crises

On The Dynamic Analysis Of Cournot-Bertrand Equilibria, Aggey Semenov, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

Highlights

• Firms invest in R&D. One firm sets a quantity, and another sets a price.

• The quantity-setting firm invests more in R&D than the price-setting firm.

• The quantity-setting firm has higher profits than in Bertrand and Cournot.

• Consumer surplus and social welfare are higher than in the Cournot model.

• The quantity-setting firm may produce more than social optimum.

Abstract

We consider a setting where firms in the first stage invest in cost-reducing R&D. In the market stage, one firm sets a quantity, and another sets a price. We prove that the quantity-setting firm invests more in R&D, has a …

Cooling Measures And Housing Wealth: Evidence From Singapore, Wolfgang K. Hardle, Rainer Schulz, Taojun Xie

Research Collection Lee Kong Chian School Of Business

Excessive house price growth was at the heart of the financial crisis in 2007/08. Since then, many countries have added cooling measures to their regulatory frameworks. It has been found that these measures can indeed control price growth, but no one has examined whether this has adverse consequences for the housing wealth distribution. We examine this for Singapore, which started in 2009 to target price growth over ten rounds in total. We find that welfare from housing wealth in the last round might not be higher than before 2009. This depends on the deflator used to convert nominal into real …

Understanding The Fundamentals Of Freight Markets Volatility, Kian Guan Lim, Nikos K. Nomikos, Nelson Yap

Research Collection Lee Kong Chian School Of Business

We analyse empirically the drivers of freight market volatility. We use several macroeconomic and shipping-related factors that are known to affect the supply and demand for shipping and examine their impact on the term structure of freight options implied volatilities (IV). We find that the level of IVs is affected by the level of the spot rate, the slope of the forward curve, as well as by both demand and supply factors, especially the former. We demonstrate that the relation between the volatility of futures prices and the slope of the forward curve is non-monotonic and convex, that is, it …

Cryptocurrencies: Applications And Investment Opportunities, A. Can Inci, Rachel Lagasse

Finance Department Faculty Journal Articles

Purpose

This study investigates the role of cryptocurrencies in enhancing the performance of portfolios constructed from traditional asset classes. Using a long sample period covering not only the large value increases but also the dramatic declines during the beginning of 2018, the purpose of this paper is to provide a more complete analysis of the dynamic nature of cryptocurrencies as individual investment opportunities, and as components of optimal portfolios.

Design/methodology/approach

The mean-variance optimization technique of Merton (1990) is applied to develop the risk and return characteristics of the efficient portfolios, along with the optimal weights of the asset class components …

تقييم مستوى جودة الخدمات التعليمية في المدارس الاهلية وفق انموذج Servqual دراسة تحليلية لآراء الإداريين والتدريسيين في عينة من مدارس الموصل الاهلية, عادل محمد عبد الله الطائي, فراس فيصل سلو

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

اثر الوعي الضريبي في زيادة العوائد الضريبية دراسة تحليلية في الهيئة العامة للضرائب فرع الديوانية, علي غانم شاكر, كرار حاتم عطية

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

دور بطاقة العلامات المتوازنة والمقارنة المرجعية في تحسين الاداء بحث تطبيقي في محطات انتاج الطاقة الكهربائية في العراق, عصام حميد الشايع, ستار جبار مبيد الاعاجيبي

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

تدقيق اداء الاجهزة الرقابية ودوره في تحسين الخدمات الصحية بحث تطبيقي في احدى الشركات العامة لتسويق الادوية والمستلزمات الطبية, عقيل دخيل كريم الاعاجيبي, عقيل جابر كاظم, وعد هادي عبد الحساني

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

تطبيق تقنية بطاقة العلامات المتوازنة في تقويم الاداء الاستراتيجي دراسة تطبيقية في مصنع اطارات الديوانية للمدة 2016-2017, صلاح مهدي جواد الكواز, علي تحسين كاظم الخفاجي

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

قياس مستوى الافصاح عن التعهيد الخارجي لتكنولوجيا المعلومات وعلاقته بجودة التقارير في المنشآت العراقية دراسة حالة في مصرف الخليج التجاري, فارس عبد الزهره عبد الحسين, ابراهيم جعفر حسين

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

دور المرونة الاستراتيجية في تعزيز الاداء الابداعي, صالح عبد الرضا رشيد

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

أدارة الأرباح في المصارف الخاصة وأثرها على القيمة السوقية بحث تطبيقي على المصارف الخاصة المدرجة في سوق العراق للأوراق المالية, عباس فاضل علي

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

العلاقة بين الابلاغ المالي والانصاف في العرض واثرها في تعزيز جودة المعلومات المحاسبية دراسة تطبيقية في عينة من الشركات الصناعية العراقية المدرجة في سوق العراق للأوراق المالية, غسان علي العبادي

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

قياس القيمة العادلة للموجودات الثابتة على وفق معيار الابلاغ المالي الدولي Ifrs13 دراسة تطبيقية على الشركة العامة للصناعات الصوفية, صفا مهدي راجي, باسم عبد الله كاظم, علي كريم محمد

Muthanna Journal of Administrative and Economics Sciences

No abstract provided.

How Do Interest Rates Affect Market Capitalization Growth Rates In The Us?, Philip Carolin

Undergraduate Economic Review

This paper investigates how interest rates affect the market capitalization growth rate of individual companies in the US. The research will distinguish itself from previous literature as it analyzes company and macroeconomic data after the 2008 recession. This is particularly interesting as interest rates have been historically low in this time period. Previous research suggests that since the Great Recession the effects of interest rate changes have decreased. On the contrary I will argue that the effects of interest rates still appear to be significant and substantial when explaining the market capitalization growth rate.

The Impact Of Financial Regulation Policy Uncertainty On Bank Profits And Risk, Robert N. Killins, David W. Johnk, Peter V. Egly

School of Economics and Finance Faculty Publications

Purpose

The purpose of this paper is to explore the impact of financial regulation policy uncertainty (FRPU) on bank profit and risk.

Design/methodology/approach

This study applies dynamic panel techniques and uses the Baker et al. (2016) FRPU index and macroeconomic variables to assess FRPU’s impact on bank profit and risk using Federal Deposit Insurance Corporation call reports from Q1 2000 to Q4 2016 for over 4,760 commercial banks.

Findings

The effect of FRPU on profitability (Return on Assets [ROA] and Return on Equity [ROE]) and risk (standard deviation of ROA and ROE) produces complex results. FRPU negatively (positively) impacts profits …

Payday Lenders And Credit Cards: A Hidden Driver Of Income Inequality, Aaron Klein

Brookings Scholar Lecture Series

As part of the Brookings Scholar Lecture Series, Brookings Mountain West presents a lecture titled "Payday Lenders and Credit Cards: A Hidden Driver of Income Inequality" by Brookings Fellow in Economic Studies, Aaron Klein. This lecture examines how, for millions of working families, America’s slow payment system costs billions of dollars. The system needs technological innovation, but incumbency, economies of scale, and government may counter technological advancement. This lecture explores if the U.S. remains the dominant global standards setter for payment instruments.

Locating An Optimal Site For A Controversial Facility, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

We consider a situation in which policymakers in a local community have to choose an optimal site for a controversial and essential project in a democratic setting. Policymakers have either single-dipped or multi-dipped preferences over a Euclidean space of possible locations. We provide two existence results for this issue. There exists at most two optimal sites if the size of policymakers is odd, and they have single-dipped preferences over a one-dimensional site space.

The ‘Security Pacific Letter’: Estimating The Causal Effect Of Securitization On Banks’ Systemic Exposure, Paul-Angelo Dell'isola

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

This paper aims to test the hypothesis of the ‘Safe Asset narrative’

which states that banks became manufacturers of pseudo safe assets to meet

a global shortage of safe assets in the pre-crisis period. In this narrative,

securitization is the mechanism which enables banks to become underwriters

of safe assets. This paper takes this hypothesis to the data and attempts to

estimate the causal effect of securitization on banks’ systemic exposure. In

particular, this paper exploits a regulatory change that occurred in 1987 when

the OCC expanded the scope of assets US national banks could securitize. By

using state-chartered banks …