Finance Commons^™

Finanse Cyfrowe: Tesserakt, Jakub Górka

Monografie/Monographs

Monografia przybliża sposób, w jaki technologie cyfrowe (m.in. sztuczna inteligencja, big data, blockchain, chmura obliczeniowa) oddziałują na usługi finansowe oraz wspierają rozwój innowacyjnych modeli biznesowych podmiotów świadczących usługi finansowe, oddziałują na struktury rynkowe czy transformują rynki finansowe oraz jakie generują konsekwencje społeczno-ekonomiczne.

Digital Finance: Tesseract

The monograph presents how digital technologies (i.e. artificial intelligence, big data, blockchain, cloud computing) affect financial services and support the development of innovative business models of financial service providers, influence market structures, transform financial markets, and generate socio-economic consequences.

Female Politicians And Corruption In Rural India, Somdeep Chatterjee, Shiv Hastawala, Elisa Taveras

School of Economics and Finance Faculty Publications

This paper leverages random assignment of female quotas for leadership positions on Indian village councils to assess its causal effect on corruption. Since the mid-1990s, India has mandated that at least one third of village council chief positions be randomly reserved for women. Using data from the Rural Economic and Demographic Survey (REDS) 2006, we find that an additional term reserved for a female head as opposed to just a single one reduces both the occurrence and bribe amounts paid to the local government by households. This reduction is also observed in bribes paid to other local officials suggesting downstream …

Presumption Of Creditworthiness, Nakita Q. Cuttino

Michigan Law Review

Creditworthiness, or the likelihood that one will repay one’s debts, is typically signaled through a three-digit number known as a credit score. Yet, over thirty-two million adult-aged consumers lack adequate consumer credit reports and therefore do not have a traditional credit score. As a result of being unscored, these consumers are generally presumed uncreditworthy and foreclosed from mainstream credit markets. Unscored consumers are often relegated to extractive, fringe credit markets that neither require nor build credit scores. More insidiously, however, a growing number of non-credit contexts, including rental housing, utility services, and employment markets, look to creditworthiness to determine eligibility …

Privately Owned Companies Dominate Renewable Energy Generation Ownership Around The World, Dyaran Bansraj, Theodor Florian Cojoianu, Xi Hu, Khaladdin Rzayev, Francisco Urzua

Research Collection College of Integrative Studies

Global sustainable finance policies are premised on publicly listed companies driving decarbonization through transparency, investor pressure, and capital market access. Analysing c. 20,000 corporate owners of renewable and fossil-fuel assets worldwide, we show the opposite: private firms own approximately 75% of global renewable generation capacity. This private dominance holds across all major technologies and regions, with listed ownership of renewable assets being the majority only in the oil & gas and technology sectors. The Paris Agreement did not alter this balance. Instead, ownership of the energy transition reflects countries' financial structures, with similar patterns observed across manufacturing, construction, and financial …

Financial Safety Nets, Bank Risk And Depositor Behaviour In Central And Eastern Europe, Dorota Skała

Journal of Banking and Financial Economics

We studied expansions in financial safety nets and their relation to bank risk and depositor behaviour in Central and Eastern Europe, using time-varying regulatory data. In general, we find that stronger deposit insurance and state aid granted to banks are linked with both bank risk and depositor behaviour. However, these relations critically depend on whether safety net instruments are used separately or simultaneously. When deposit insurance is strengthened or state aid is granted, we confirm the standard moral hazard behaviour of banks visible in higher bank risk. In parallel, we observe more elevated deposit growth, implying lower market discipline. Conversely, …

Connectedness Of Uncertainty, Volatility, And Stock Market Performance, Szczepan Urjasz

Journal of Banking and Financial Economics

This study examines the dynamic connectedness and spillover effects among various financial and economic indicators, including uncertainty indices, market volatility, and stock market indices, from 3 June 2008, to 30 December 2024. This interconnectedness implies that shocks originating in one market or asset class can rapidly transmit to others, underscoring the potential for systemic risk and financial contagion. The US emerges as a significant net transmitter of influence within the global financial system, with the VIX playing a crucial role in influencing global financial conditions. Major European equity markets also transmit influence, while the Geopolitical Risk Index (GRI) and the …

Exploring Private And Governmental Interest In Bitcoin, Mina Khadem

Undergraduate Theses, Capstones, and Recitals

Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds …

Doughnut Economics And Strong Sustainability: Rethinking The Role Of Financial Investment, Isabelle Pierotti

Electronic Theses and Dissertations

This thesis investigates how private investment could align doughnut economic framework. Doughnut economics is a strong sustainability economic framework where the economy operates within planetary boundaries while ensuring social equity. Theories of sustainable development, weak sustainability, and strong sustainability are discussed to provide theoretical context for doughnut economics and mainstream economics. The analysis concludes that conventional, profit maximizing private investment does not support a doughnut economics system by supporting the depletion of natural resources and exacerbating social issues. Sustainable mainstream investment also fails to support a doughnut framework. Lastly, while impact investment is theoretically committed to social and financial returns, …

Exploring The Bank Lending Channel: How Bank Characteristics Shape Monetary Policy Effectiveness, Filip Świtała

Journal of Banking and Financial Economics

This paper examines how individual bank characteristics influence the transmission of monetary policy through the bank lending channel. Using panel data and a Fixed Effects model validated by the Hausman test, the author analyses how bank size, capitalization, profitability and asset quality affect responses to monetary tightening. The study highlights the importance of inter-bank differences in shaping monetary policy effectiveness and offers insights for regulatory frameworks and macroprudential policies aimed at strengthening financial stability.

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao

Sim Kee Boon Institute for Financial Economics

We show how Limited Partners' (LPs) environmental and social (E&S) concerns transmit to private equity (PE) rms through capital supply. E&S incidents in portfolio companies reduce PE fundraising, as E&S-concerned relationship LPs refrain from recommitting and are not easily substituted. Using a legal reform that expands E&S-concerned public pension capital to PE, we causally show that PE rms internalise LPs' E&S concerns, reducing dirty sector portfolio allocation and increasing ESG hiring. Additionally, PE rms with E&S- concerned relationship LPs engage with portfolio companies to manage E&S risks. Limited capital substitutability enables LPs to delegate E&S preferences, shaping PE allocation and …

Estimating The Value Of 5c’S Of Credit Analysis In Newbuilding Ship Loans, Gwanglyong Park, Xinyi Ruan

World Maritime University Dissertations

No abstract provided.

Shining A Light On Firms’ Political Connections: The Role Of Dark Money, Matthew Denes, Madeline Scanlon

Faculty Publications

We study the emergence of a new channel for firms’ political activity using dark money through undisclosed and unlimited contributions. After the U.S. federal court decisions in 2010, S&P 500 firms substantially increased their use of dark money. We find that dark money contributions complement political engagement through campaign contributions and lobbying. Firms disclose dark money contributions when they face heightened nondisclosure costs. Firms contributing to dark money groups benefit by receiving more procurement contracts and increased government subsidies. Our findings highlight that political connections by firms are evolving and expanding through new and largely unexplored channels. (JEL D72, …

Unlocking Private Equity Investing, Yin Wang, Steve Balaban

Asian Management Insights

Myths and market shifts to take note of.

Price Dislocations: Insights From Trade Repository Data, Albert Menkveld, Lucas Saru, Shihao Yu

Research Collection Lee Kong Chian School Of Business

This paper identifies price dislocation events in EuroSTOXX 50 futures, i.e., periods marked by high absolute returns. Combining public limit order book data with confidential trade repository data collected under the European Market Infrastructure Regulation (EMIR), we analyze market conditions around such dislocations. We find that price dislocations are accompanied by an increase in trading volume, and in the number of trades. EMIR data enables us to identify who participates in these trades, which allows us to tell if the volume increase is driven by fewer investors trading more, i.e., a more concentrated market, or by more investors participating. The …

Case Series Overview: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This case series explores the innovative applications and value analysis driven by AIGC (AI-generated content) technology from the perspective of early-stage investments in the Chinese market. We analyse the influence of core factors such as technology progression, market demand, policy environment, industry cycles and data on AIGC-driven value creation; case studies are provided to illustrate how AIGC has varying applications across different industries depending on market conditions. This series contains four cases: first, we first explore the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI, using China’s energy industry as a …

Credit Union Member Benefits: Does Local Religiosity Matter?, Travis Davidson, Thanh Ngo, Hongxia Wang

Finance and Economics

We examine the impact of religiosity on credit union member benefits and document a positive association between local religiosity and member benefits. Members of credit unions in more religious counties enjoy lower interest rates on loans, higher interest rates on deposits, and consequently lower interest spreads. The effect varies by credit union types, and results suggest a stronger association between religiosity and member benefits for credit unions with a narrower field of membership. Further analysis indicates local religiosity is associated with improved operating performance, lower non-interest expenses, and higher quality earning assets, but increased liquidity risk. The results are robust …

China’S Turn To Domestic-Led Growth: Replacing Consumption Taxes With Land Taxes?, Yilin Hou, Michael Kumhof, Lei Shao

Center for Policy Research

As part of its turn towards domestic-led growth China plans to stimulate consumption, including through a reduction in consumption taxes. We compare two model-based scenarios in which the revenue losses from lower consumption taxes are replaced by higher income taxes or higher land taxes. The model is carefully calibrated to recent Chinese data, including detailed fiscal data. We find that higher income taxes lead to significant losses in output and incomes, while higher land taxes lead to significant gains. These gains are increasing in the share of land in net wealth, a statistic for which better data would be invaluable.

Does Idiosyncratic Volatility Follow A Random-Walk? Evidence From U.S. Stocks, Zihan Cao, Ossama Elhadary

Publications and Research

In asset pricing literature, idiosyncratic volatility (IVOL) measures the firm-specific risk that is not explained by broader market movements. In this study, I investigate whether the idiosyncratic volatility (IVOL) of individual stocks follows a random-walk. Using monthly residuals from the Fama-French three-factor model (Fama & French, 1993), I estimate IVOL for more than 11,000 U.S. stocks, and apply the Augmented Dickey-Fuller test (Said & Dickey, 1984) to determine whether IVOL behaves like a random-walk. While most stocks display random-walk behavior, the proportion varies across industries, with some sectors showing deviations from random-walk behavior. Stocks with different levels of average return …

4 Of 4: Impact Of Policy And Technological Factors On Ai Innovation And Investment: The 2b Model Service Industry, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This case explores AI investment opportunities in 2B model services, particularly in sectors that intrinsically benefit from the reduction in human error. We will analyse applications in the legal industry as an example of overarching 2B model service trends.

3 Of 4: Analysis Of Innovation Applications And Value Driven By Aigc Technology: An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This case series explores the innovative applications and value analysis driven by AIGC (AI-generated content) technology from the perspective of early-stage investments in the Chinese market. We analyse the influence of core factors such as technology progression, market demand, policy environment, industry cycles and data on AIGC-driven value creation; case studies are provided to illustrate how AIGC has varying applications across different industries depending on market conditions. This series contains four cases: first, we first explore the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI, using China’s energy industry as a …

2 Of 4: Impact Of Human Resource Factors On Ai Investment: Ai In The Human Resource Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This case will explore the implications that AIGC trends have on the development of the Chinese Human Resource (HR) market. While previous generation internet products were based on common needs and provided standardized products, the development of large AI models has opened doors to personalized custom products and services. Take AI applications in online education as an example: AI education models are developing to tailor to individual needs, since almost everything is not only digitalised but also based on dynamic database analysis for each user, including traffic distribution, sales conversion and service evaluation.

1 Of 4: Aigc Technology And Applications: Policy And Industry Development, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This case explores the investment opportunities of AIGC by combining the core technological value and industrial application status of generative AI. We then analyse the impacts of these large-scale sectoral changes in a study of AI in China’s energy industry. We are currently in the early stage of the generative AI industry, thus it is analysed more from the perspective of early value investment, including trend investment opportunities brought by macro cycles, inflection point investment opportunities brought by industry transformation and application, and value creation brought by disruptive innovation. The early investment in the Chinese market is also at a …

Technical Appendix: Analysis Of Innovation Applications And Value Driven By Aigc Technology—An Early Investment Perspective In The Chinese Market, Siyuan Ma, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

Following the introduction of generative AI/AIGC concepts and applications, it is necessary to clarify two related technical concepts: machine vision (CV) and convolutional neural networks (CNN). Computer Vision (CV) is a discipline that studies how to convert inputs such as images, sounds, and videos into a language that computers can understand. Taking 2D images as an example, all images can be broken down into very small pixels, each of which can be converted into a number (based on grayscale) or a combination of numbers. The number represented by each pixel is the feature of that pixel, and combining these numbers …

Eco 4000 – Statistical Analysis For Economics And Finance [Syllabus], Dmytro Dushko

Open Educational Resources

The course introduces econometric techniques that are useful for conducting empirical analyses in economics and finance. Its purpose is to enable students to master these concepts and successfully complete an independent empirical project. The course will be structured into three roughly equal parts: the first part will cover probability and sets, providing a foundation for statistical reasoning; the second part will focus on statistics, delving into quantitative methods for analyzing economic data; and the third part will introduce econometrics, emphasizing linear models that establish relationships between two or more variables of interest. We will explore linear models from both theoretical …

Investigating The Market Dynamics Of Aeroponically Cultivated Products With Delay, Pulak Kundu, Uzzwal Kumar Mallick

Mathematical Modelling and Numerical Simulation with Applications

Aeroponically grown potatoes offer higher yields and year-round production but often face delayed market entry due to high setup costs, technical barriers, and logistical challenges. A delay-based mathematical model has been newly proposed in this study to analyze the dynamics of demand, supply, and pricing for aeroponically grown products. The model’s existence, stability, and sensitivity have been investigated analytically, and numerical simulations have been carried out using the Runge-Kutta 4th order method with the dde23 solver. Findings reveal that market stability is maintained when delays are below seven years, but delays beyond this threshold lead to persistent fluctuations in price, …

Improving Schools To Promote Upward Mobility: The Promise And Limits Of School Finance Reforms, Sarah Reber

Brookings Scholar Lecture Series

As part of the Brookings Scholar Lecture Series, Brookings Mountain West presents a lecture titled, "Improving Schools to Promote Upward Mobility: The Promise and Limits of School Finance Reforms" by Brookings senior fellow in economic studies, Sarah Reber.

Systematic differences in access to high-quality schools by race, income, and other characteristics perpetuate inequality across generations. Local property tax financing of schools is often identified as a key cause of unequal educational opportunity. While the consensus of rigorous research supports the common intuition that, on average, “money matters” in improving educational outcomes, questions about how much, and under what conditions, school …

The Impact Of Stocks Traded In The Iraq Stock Exchange On Bank Credit Rates For The Period 2008–2023, Waleed Ashour Khalid

Muthanna Journal of Administrative and Economics Sciences

Trading volumes are one of the most important indicators of liquidity in financial markets. Although the Iraqi banking system has experienced liquidity turmoil since 2003, this has led to a significant decline in the stock market. This study aims to investigate the impact of trading volumes on bank credit in the Iraq Stock Exchange. Based on a sample of 60 companies listed on the Iraq Stock Exchange and 18 banks, the study spanned a 15-year period, from 2008 to 2023. Using the least squares method, we demonstrated the relationship between the liquidity of stocks traded in Iraqi financial markets and …

The Role Of Modern Costing Techniques (Green Target Costing, Total Quality Management) In Reducing Production Costs And Achieving Sustainable Development Goals: “An Exploratory Study In The Iraqi Stock Market”, Mawj Abbas Jasim Alhchaimi, Ali Mahdi Hameed, Fatimah Flayyih Oudah, Adnan Kadhum Matrood

Muthanna Journal of Administrative and Economics Sciences

Costing techniques, such as Green Target Costing and Total Quality Management, play a crucial role in achieving sustainable development goals. These techniques assist organizations in achieving integration between economy, environment, and society, leading to sustainable development. Green Target Costing helps identify and reduce environmental costs, encouraging companies to use resources efficiently, and contributing to sustainable development goals. Additionally, Total Quality Management improves quality, reduces costs, and promotes a quality culture within the organization, ultimately contributing to sustainable development through enhanced institutional performance. The use of these costing techniques, Green Target Costing and Total Quality Management, enables organizations to achieve sustainable …

The Role Of The Liquidity Gap In Credit Expansion - An Analytical Study Of A Sample Of Commercial Banks Listed On The Iraq Stock Exchange, Laila Abdul Karim Mohammed

Muthanna Journal of Administrative and Economics Sciences

This research aims to analyze the specificity of succession between nine and the expansion of credit on the establishment consisting of five private Iraqi commercial banks for the period (2014-2023). The research may be conducted at the level of descriptive analysis with standard employment trends and relative analyses and analysis of these ratios by relying on the following financial data of the banks under study and analyzing them, The research results showed that all the banks studied have a positive liquidity gap, but this excess liquidity was not reflected in credit expansion, as Iraqi banks behave conservatively in investing their …