Finance Commons^™

Essays On Networks And Gender Dynamics In Corporate Finance, Xiaonan Wei

Graduate Theses and Dissertations

In my dissertation, I explore the effect of networks and gender dynamics on corporate finance. In my first essay, I examine the effects of personal network on insider trading decisions. Using COVID-19 as a shock to test personal network effect, I find individuals were influenced by information about COVID-19 provided by the members of their personal networks. S&P 1500 insiders whose personal networks contained higher fractions of socially connected individuals from countries affected by early stages of COVID-19 were more likely to sell shares of their firms in the period preceding the U.S. stock market decline, and they are less …

Determinan Implementasi Central Bank Digital Currency Di Indonesia, Kharisma Dwi Widodo, Bambang Juanda, Dedi Budiman Hakim

Jurnal Ekonomi dan Pembangunan Indonesia

Private digital currency is no longer limited to shadow banking issues but has also entered shadow central banking, putting Bank Indonesia to adopt the CBDC. This study aims to determine the effect of macroeconomic, accessibility, and demographic aspects on CBDC implementation, as well as the impact of publicity on changes in the behavior of economic actors in using CBDC in Indonesia. The results of the study show that GRDP, gini ratio, ICT, and bank accounts have an effect on CBDC. Publicity affects changes in the behavior of economic actors in increasing the conversion of fiat money to CBDC.

Reviving Trade Justice: How Arbitration Is Saving Wto Dispute Resolution (For Now), Christine Mcdaniel

Yeutter Institute International Trade Policy Review

Yeutter Institute Non-Resident Fellow Christine McDaniel provides her thoughts about how arbitration is saving World Trade Organization dispute resolution for the time being. She suggests that the dispute mechanism and the appeal process are not fully functioning, although a temporary solution has emerged, namely, arbitration and a speedy appeals process. She covers recent cases and options facing WTO members who have a complaint.

Relationship Of Enterprise Risk Management To The Success Of Micro-, Small-, And Medium-Sized Enterprises, Gary Francis

Walden Dissertations and Doctoral Studies

Micro-, small-, and medium-sized enterprises (MSMEs) account for over 95% of businesses and 80% of the workforce in Jamaica. Jamaican government and business leaders are concerned that MSMEs’ meager success rate will continue to hinder economic growth. Grounded in the four pillars of enterprise risk management and rent theory, the purpose of this quantitative correlational study was to examine the relationship between ERM and the business success of MSMEs. The participants were 85 owners or managers of registered MSMEs who operate in the Kingston metropolitan area of Jamaica, have been in operation for at least three years, and completed a …

Strategies That Successful Fund Managers Use In Surviving Challenges In Ghana’S Financial Sector, Afua Akyaa Osei

Walden Dissertations and Doctoral Studies

Globally, economic downturns affect the performance and survival of financial institutions. Fund managers are concerned with economic downturns, as some funds will succumb to the financial challenges. Grounded in the balanced scorecard framework, the purpose of this qualitative multiple-case study was to explore the strategies that managers of some fund management companies in Ghana use to remain in business during financial downturns. The participants were nine managers from three fund management companies that used successful strategies to withstand challenges in the financial sector. Data were collected using semi-structured interviews and a review of company websites and publicly available brochures. Through …

India: Yes Bank Restructuring, 2020, Salil Gupta

Journal of Financial Crises

Yes Bank was suffering from liquidity outflows in the second half of 2019 owing to a combination of deposit withdrawals, invocation of pledged shares, losses from extraordinary credit provisions, and overexposure to stressed sectors like power and infrastructure. In December 2019, Yes Bank reported a Common Equity Tier 1 capital ratio at 0.6%, far below the Reserve Bank of India (RBI) mandated levels, and a quarterly loss of 185 billion Indian rupees (INR; USD 2.5 billion). In early March 2020, the RBI and the Ministry of Finance announced a restructuring plan for India’s fourth-largest private bank, Yes Bank, to prevent …

Impact Of Crises On Indian Financial Markets, Pami Dua, Divya Tuteja

Bulletin of Monetary Economics and Banking

We investigate the effect of crises on Indian financial markets including the short-term and medium-term money, government securities segments, equity and currency markets. Specifically, we study the effects of the COVID-19 pandemic, the Eurozone Sovereign Debt Crisis and the Global Financial Crisis on market returns, volatility and cross-correlations. We employ a (a) vector autoregressive model to analyse the effects of those shocks on returns and (b) multivariate ADCC-GARCH specification to examine the impact on conditional volatility and dynamic conditional correlation in the markets. We find significant effect of the Global Financial Crisis and the pandemic on the dynamics of the …

Indian Mutual Fund Industry: Is 2014 A Turning Point?, Shobhit Goel, Pawan Kumar

Bulletin of Monetary Economics and Banking

Indian Mutual Fund Industry has experienced a nearly 40-fold increase in assets under management since the start of the 21^st century, which has implications for the financial sector and the wider economy. Using structural break models, we identify 2003-08 as a nascent growth phase followed by a tepid growth phase in the post-global financial crisis period. Since 2014, the industry has experienced accelerated growth, outpacing global peers, driven by consistent individual investor inflows in equity and hybrid categories. Supportive regulatory policies introduced in 2012-13, we argue, have boosted the industry’s growth.

India And The Rest Of The World: Analyses Of International Monetary Policy Spillovers, Afees A. Salisu

Bulletin of Monetary Economics and Banking

The US is India's largest trading partner, followed by the European Union. Our study, using the GVAR model, shows that a US monetary policy (MP) shock results in a depreciation of the Indian currency vis-a-vis the dollar. This is due to Indian investors preferring to invest in the US, which provides higher returns during a US MP shock. The Eurozone MP shock does not have a significant impact due to the increasing dollarization of the Indian economy. However, the US MP shock propagation diminishes when there is economic policy uncertainty. Our findings have implications for monetary policy conduct in India.

The Relationship Between Corporate Environmental Performance And Firm Value, Edward Basile

Walden Dissertations and Doctoral Studies

The increasing scrutinization of polluting industries raises concern for corporate leaders responsible for sustaining profitability while reducing environmental impacts. Nested in the enlightened value maximization theory, the purpose of this quantitative correlational study was to examine the relationship between greenhouse gas emissions, waste and hazardous materials management, water and wastewater management, and firm value. The participants were 140 publicly listed industrial companies that disclosed corporate environmental impacts to environmental rating agencies. The results of the multiple linear regression were significant, F(3, 136) = 4.51, p < .01, R2 = .09. In the final model, two independent variables were significant, greenhouse gas emissions (t = –2.21, p = .03, �� = –.187) and waste and hazardous materials management (t = 2.62, p = .01, �� = .227). A fundamental recommendation emerging from this study is for industry leaders to establish a robust environmental impact disclosure strategy that accounts for sustainable production and long-horizon value maximization. The implications for positive social change include the potential to minimize an industry’s environmental footprint while jointly enhancing ecological stability, human flourishing, and environmentally responsible products and services.

Consumers’ Financial Literacy In Poland - The Research And The Resulting Conclusions, Andrzej Bień, Łukasz Gębski

Journal of Banking and Financial Economics

Background & Purpose of the article: The research paper raises important issues in the field of consumer financial literacy in Poland. The authors note that efforts made in financial education are not fully effective and the number of wrong decisions made by consumers is high. The study led to two interesting observations: high self-assessment of knowledge is not confirmed in practice. The mistakes made do not result solely from the lack of knowledge of consumers. They are very often a result of their personality and a way of perceiving reality.

Methods: The authors compared Polish and foreign research results in …

Can Financialisation Counteract Banking Exclusion? A Study On The Example Of The European Union Member States, Tomasz Florczak, Marika Ziemba

Journal of Banking and Financial Economics

The purpose of the article is to assess the relationship between financialization and banking exclusion. The research hypothesis that financialization contributes to the reduction of financial exclusion was also verified. The research was based on an analysis of the variables describing financialization and banking exclusion of 27 European Union countries in the 2014–2021 period. The zero-unitarization method and Pearson’s correlation coefficient were used. The results of the study indicate that a high degree of financialization is found in Croatia, Greece, Cyprus and Portugal. In contrast, the level of banking exclusion is the highest in Finland, Sweden, the Netherlands and Latvia. …

The Relationship Between Investment Strategy, Investment Return, And Investment Performance, Issa Lamine Fofana

Walden Dissertations and Doctoral Studies

Investment managers are concerned with investment strategy decisions, as they are one of the key predictors of successful investment management. Grounded in prospect theory, the purpose of this quantitative correlational research study was to examine the relationship between investment strategy, investment returns, and investment performance. The population consisted of 120 cases collected from Morningstar’s mutual fund database. The results of the multiple linear regression were significant, F(5, 119) = 36.598, p <.001, R2=.616. In the final model, two predictors were significant: total 5-year returns (ß = 0.034, p < .001) and large-cap investment strategy (ß = -0.357, p = .026) were significant predictors of investment performance. A key recommendation is for investment managers to determine the risk level they are willing to accept when building a portfolio. The implications for positive social change include boosting investment returns and performance, hence improving the investment industry's stability, which may result in the expansion of local economies.

Role Of China’S Belt And The Road Initiative In Global Development Finance, Srinivasa Madhur

The Journal of International Relations, Peace Studies, and Development

China’s Belt and the Road Initiative (BRI), introduced in 2013 by China’s President Xi, has been a major milestone in global development finance. Resonating with the historical ‘Silk Road”, BRI attempts to connect many countries and continents around the world. Matching its humongous size of nearly $1 trillion, it covers about 165 countries around the world. Even as the BRI benefitted some of the recipient countries, it has built a mountain of debt among many developing countries. This paper suggests an efficient, equitable, and representative method of resolving the BRI debt-distress through the formation of a BRI Club, which should …

Cross-Exchange Crypto Risk: A High-Frequency Dynamic Network Perspective, Yifu Wang, Wanbo Lu, Min-Bin Liu, Rui Ren, Wolfgang Karl Hardle

Sim Kee Boon Institute for Financial Economics

Cross-exchange crypto trading presents inherent risks, particularly for centralized exchanges. Investors observe exacerbating crypto volatility and counterparty risk and would like to quantify these elements of crypto trades. The multiple exchanges require a multivariate view on the structures of risk spillover across exchanges. Here, a Multivariate Heterogeneous AutoRegression (MHAR) model is designed and analyzed, accommodating the stylized facts of crypto markets, including 24/7 trading and the long-memory effect on return variations. The proposed MHAR approach clearly reveals the intensity of interconnectedness among exchanges during extreme events, e.g., the Bitcoin market. Additionally, one observes extremely volatile eigenvector centralities of Futures Exchange …

The Relationship Between Monetary Policy And The Stock Market Cycle: An Empirical Study In Vietnam, Nhung Thuy Tran

The Indonesian Capital Market Review

The study examines the relationship between monetary policy and the stock market cycle in Vietnam. Using data from 2007 to 2022 and employing a VAR model, we estimate the impact of monetary policy factors on stock market cycle variables. The findings confirm a two-way causal relationship between monetary policy and the stock market cycle. However, the influence of cyclical fluctuations on the monetary policy transmission mechanism is weak, exhibits a lag, and predominantly occurs in the medium and long term. These results indicate that Vietnam's monetary policy requires time to absorb financial shocks and adjust to economic conditions. The study …

Price Exuberance And Contagion Across Housing Markets: Evidence From Us Metropolitan Areas, Md Shahedur R. Chowdhury, Damian S. Damianov, Diego Escobari

School of Economics and Finance Faculty Publications

Contagion occurs when cross-market correlation increases because of a shock to one market. Identifying shocks as episodes of house price exuberance, we provide evidence for contagion effects among the largest metropolitan markets in the US. We find that changes in income, interest rates, and unemployment also create contagion effects. These empirical findings are consistent with a model in which shocks to house prices and economic variables relaxes households down payment constraints and increases household mobility and housing demand. These effects are established in an equilibrium framework in which house prices and household choices are determined endogenously, and we account for …

Actions Taken At Firm-Level To Mitigate The Adverse Impacts Of Climate Risk, Deepak G. More

Theses and Dissertations

This dissertation comprises of two essays on actions taken at firm-level to mitigate the adverse impacts of climate risk. Our first essay documents a positive relation between firm-level climate change exposure (CCE) and long-term tax avoidance. Our results suggest that firms use tax avoidance to mitigate the adverse impacts of CCE. The positive effect of CCE on tax avoidance is stronger post the release of Stern Review and weaker after the enactment of the Tax Cuts and Jobs Act, 2017. Our study is the first to show that firms with high CCE use tax avoidance to increase cash holdings as …

Two Essays On Corporate Finance. The Impact Of Ceo Cultural Heritage And Corporate Decision Making, Md Showaib Rahman Sarker

Theses and Dissertations

This dissertation consists of two essays that investigate the effect of CEOs’ cultural heritage on corporate decision-making. In the first essay, I examine the impact of CEOs’ cultural heritage on corporate social responsibility (CSR). I present empirical evidence that CEOs originating from countries with high power distance, more uncertainty avoidance and long-term orientation have high CSR scores, while those from individualistic and indulgent cultures have low CSR scores. This effect lasts up to three generations before it disappears due to acculturation. These results are robust to using propensity score matching, entropy balancing, and Oster’s test to address endogeneity and selection …

Centralized Finance And Decentralized Finance, Leili Pour Rostami

Theses and Dissertations

This dissertation explores different facets of financial markets, focusing on the interplay between decentralized finance, traditional banking systems, and private market relationship lending. By examining these diverse areas, we aim to provide a comprehensive understanding of how emerging financial instruments and market behaviors interact with traditional financial systems. Decentralized Finance (DeFi) offers an escape from the challenges of centralized finance (CeFi). The first essay explores whether and how returns on DeFi instruments, particularly cryptocurrencies, manage to evade the traditional “rules” in response to exogenous central bank monetary policy shocks. The findings reveal that crypto abnormal returns decline significantly with shocks, …

Bubbly Booms And Welfare, Feng Dong, Yang Jiao, Haoning Sun

Research Collection School Of Economics

We show the competing effects of a housing bubble on the real economy by developing a multi-sector dynamic model with housing production. On the one hand, firms can sell or collateralize their housing, so a housing bubble helps firms obtain credit to finance their investment and expand production. On the other hand, a boom in the housing sector crowds out labor in the non-housing sector. We show that housing booms can reduce social welfare both in the steady state and in the transitional dynamics only when the production externalities in the non-housing sector are sufficiently large. We quantitatively evaluate our …

Can Corporate Sustainability Performance (Csp) Overcome Indonesia's Corporate Debt Problems?, Johnson Ferry Febrian, Nora Sri Hendriyeni

Jurnal Akuntansi dan Keuangan Indonesia

Based on IMF publications (2022), Indonesian companies have a risky debt level that may cause bankruptcy, so companies are required to make leverage adjustments to return the debt to its optimal level. In recent years, corporate sustainability performance (CSP) practices have been proven to improve performance and overcome financial problems such as debt by integrating sustainability aspects into business processes. Based on stakeholder theory and trade-off theory, this study aims to examine the effect of CSP on leverage adjustment and the role of competitive advantage, equity mispricing, profitability, and firm size in moderating this relationship. This study used a sample …

قياس اثر التعليم الاولي في مستوى التوظيف في العراق لمدة(1999-2016), زياد خلف حضيري

Muthanna Journal of Administrative and Economics Sciences

لقد تناول البحث اهميه التعليم في مستوى التوظيف حيث تكون العلاقة موجبة بين التعليم والتوظيف على المدى البعيد مما تكون العلاقة سالبه في المدى القصير وان الهدف الرئيسي للبحث التقليل من مخاطر البطالة الاقتصادية وزيادة فرص التوظيف لحملة الشهادات وتشير بعض النتائج من خلال البيانات الجدولية ان زيادة فرص التوظيف مرتفعة مع زيادة متوسط سنوات التعليم حيث تكون النسبة في متوسط سنوات التعليم سنة 2005 (2.081059)مما تكون فيها نسبة التوظيف 38.55 اذ انها ترتفع مع تقدم السنوات مما يكون لعام 2016 نسبة التعليم 2.249923 ويكون المقابل لتلك السنة 39.26 نسبة التوظيف . كما يتضح من خلال الاشكال البيانية التي تؤكد …

دور قيمة الزبون في تعزيز الاستراتيجيات المعتمدة على مصفوفة Ansoff: دراسة استطلاعية في مستشفى ابن سينا التعليمي, ميادة مهدي صالح, عادل عبد الله الطائي

Muthanna Journal of Administrative and Economics Sciences

يعد موضوع قيمة الزبون من الموضوعات المعاصرة ، ففي الوقت الحاضر ظهرت مجموع من التقانات الجديدة والحيوية التي من شأنها أن تساهم في تسويق المنتجات والخدمات الصحية على نحو عام ،اذ تطورت بشكل كبيرا” جدا” في العقدين الاخيرين لاسيما في ظل الأزمات ومنها أزمة جائحة كوفيد -19 ، ويهدف البحث الحالي الى بيان دور قيمة الزبون بأبعاده في تعزيز الاستراتيجيات المعتمدة على مصفوفة Ansoff ،على افتراض أن قيمة الزبون يسهم في تعزيزها ،وايضا” تأثير الاستراتيجيات المعتمدة على مصفوفة Ansoff تم اختيار مستشفى ابن سينا في مدينة الموصل ،واخذ عينة من الكادر الطبي والبالغ عددهم (50) ،ووصل البحث الى جملة من …

أثر الدين العام على عرض النقد في العراق للمدة(2004-2022), علاء حسين علي, حيدر طالب موسى

Muthanna Journal of Administrative and Economics Sciences

يخضع الدين العام لاختلافات بين المدارس الكبرى في الفكر الاقتصادي، والفكر الكلاسيكي والكينزي، وكل مدرسة تنظر إلى الدين العام من منظور مختلف من حيث تأثير الدين العام على التوازن الاقتصادي والاجتماعي, ويختلف الدين الداخلي عن الدين الخارجي للاقتصاد ككل من حيث أن الفائض الاقتصادي ينتقل بين الأجيال, داخل الدولة أو بين دولة ودولة أخرى، يعد الدين العام المحلي أحد المتغيرات الاقتصادية المؤثرة على تحركات عرض النقد من خلال تأثير الدين العام المحلي على أسعار الفائدة وعلى احتياطيات السيولة التي تشكل أساس السياسة النقدية، وهي وما يركز عليه البحث لذلك ركز على دراسة تأثير الدين العام الداخلي على المعروض النقدي بالنسبة …

استخدام متوسط تكلفة الوحدة لقرارات الإنتاج والتسعير: دراسة ميدانية محطة بسماية لإنتاج الطاقة الكهربائية, عبد الحسن لهمود ياسر

Muthanna Journal of Administrative and Economics Sciences

هدف البحث الى عرض مدى خطورة اعتماد متوسط تكلفة الوحدة كدليل لترشيد قرارات الإنتاج والتسعير على الرغم من أن هذا المتوسط يعد دليلا مضللا، إذ لا بد من اعتماد نهج شمولي لتقييم التكاليف بدلا من التركيز فقط على متوسط تكلفة الوحدة، على الرغم من أنه يوفر مقياسًا سريعًا للمقارنة، وضرورة اعتماد منهج التكلفة الإجمالية لاتخاذ قرارات أكثر استنارة، وقد تم اختيار محطة بسماية لإنتاج الطاقة الكهربائية للفترة من 2020 لغاية 2022 للدراسة الميدانية، وتوصل البحث الى مجموعة من الاستنتاجات كان أهمها؛ أن من أكثر العوامل تأثيراً على متوسط تكلفة الوحدة المنتجة في محطة بسماية هي تكلفة الغاز الطبيعي وتكلفة التشغيل …

أثر منحنيات التعلم في تقليص فترة علاج كوفيد-19 وتخفيض التكاليف المباشرة لعلاجه دراسة ميدانية: مستشفى ابن الخطيب, مخلد فؤاد شجاع

Muthanna Journal of Administrative and Economics Sciences

هدف البحث الى بيان أثر منحنيات التعلم في تقليص فترة علاج كوفيد-19 وتخفيض تكاليف المباشرة من علاجه، ومنحنيات التعلم؛ واحدة من وظائف التكلفة غير الخطية، كونه عبارة عن دالة تقيس كيفية تخفيض ساعات العمل المطلوبة لإنجاز الوحدة المنتجة من خلال تراكم خبرة العاملين وتحسين أدائهم، إذ تعتمد منحنيات التعلم على فكرة مؤداها أن أداء أي عمل بشكل متكرر يؤدي الى اكتساب خبرة وهو الأمر الذي يؤدي الى تخفيض الوقت اللازم لإنجاز الوحدة المنتجة كلما استمر العمل، وقد توصل البحث الى مجموعة من الاستنتاجات كان أهمها؛ يمكن استخدام منحنيات التعلم لتقليل تكاليف علاج كوفيد-19 وتحسين الكفاءة الإنتاجية للعامين في المستشفيات من …

دور المحاسب القانوني في الفصل بالدعاوى والمنازعات المالية المعروضة امام المحاكم العراقية: دراسة استطلاعية في محكمة استئناف الصويرة, سهير كاظم فاضل

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث إلى التحقق من مدى امكانية المحاسب القانوني في الفصل بالدعاوى والمنازعات المالية في البيئة العراقية والاجراءات المحاسبية المعتمدة، وكذلك التحقق من مدى اعتماد المحاكم في العراق على خبرة المحاسب القانوني عند النظر في قضايا المخالفات والمنازعات المالية.لشرح مشكلة البحث وتحقيق أهدافها، تم اعتماد المنهج الوصفي التحليلي حيث تم توزيع (75) استبانة على أفراد العينة (المحاسبين القانونيين، المحاسبين والمدققين، المحققين القضائيين، اصحاب الدعاوى) وتم اختبار فرضيات البحث، وتوصل البحث إلى أهم الاستنتاجات: هناك ضعف واضح لدى بعض موظفي القضاء في العراق فيما يتعلق بأهمية المساءلة القضائية مما يؤثر على فصل المخالفات المالية. لذلك، فإن التوصية الأكثر أهمية هي إنشاء …

المزيج التسويقي المصرفي ودوره في ادارة علاقات الزبائن: دراسة تحليلية في مصرف التنمية الدولي, محمد عيدان باني, رامي عباس حميد

Muthanna Journal of Administrative and Economics Sciences

هدفت الدراسة الى معرفة طبيعة العلاقة الارتباطية والتأثيرية بين المزيج التسويقي المصرفي وادارة علاقات الزبائن، تمثلت متغيرات البحث في المزيج التسويقي المصرفي بأبعاده السبعة الخدمة والسعر والترويج والتوزيع والافراد والعملية والادلة المادية كمتغير مستقل وادارة علاقات الزبائن بأبعاده الثلاث رضا الزبون ولاء الزبون قيمة الزبون كمتغير تابع، تبرز مشكلة البحث في الاجابة على التساؤل هل هناك دور للمزيج التسويقي المصرفي في ادارة علاقات الزبائن؟ وما مدى اهتمام المصرف عينة البحث في ادارة علاقات الزبائن. وقع الاختيار على مصرف التنمية الدولي كموقع لتطبيق البحث، وقد اعتمدت استمارة الاستبيان كإدة لجمع البيانات واستخدم المنهج التحليلي الوصفي في تحليل اجابات افراد العينة، تمثلت …

تأثير الوعي الاستراتيجي في النجاح التنظيمي- بحث استطلاعي على عينة من العاملين في مستشفى الفلوجة التعليمي للنسائية والاطفال, علي احمد محمد

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى تحديد دور الوعي الاستراتيجي كمتغير مستغل في النجاح التنظيمي كمتغير مستجيب في مستشفى الفلوجة التعليمي للنسائية والاطفال, اعتمد الباحث المنهج الوصفي التحليلي, ومحاولة الخروج بمجموعة توصيات تعزز من دور الوعي الاستراتيجي في النجاح التنظيمي في المنظمة المبحوثة, حيث تضمن مجتمع البحث القيادات الادارية ممثلة (المدير ,معاون المدير, رئيس قسم, مدير شعبة, مدير وحدة) بلغت عينة البحث (60) مستجيب, تم اعتماد الاستبانة كمصدر اساس في جمع البيانات , وتم اعتماد البرنامج (SPSS) الاحصائي فضلا عن استخدام برنامج Excel)) في عملية تحليل البيانات. توصل البحث الى العديد من الاستنتاجات كان اهمها امتلاك ادارة مستشفى الفلوجة التعليمي وعي استراتيجي يؤثر …