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Full-Text Articles in Finance

Financial Literacy And College Students: An Exploration Of College Students’ Attitudes, Behaviors, Influences And Preparedness For Financial Decisions After Graduation, Kerry Quirk Apr 2015

Financial Literacy And College Students: An Exploration Of College Students’ Attitudes, Behaviors, Influences And Preparedness For Financial Decisions After Graduation, Kerry Quirk

Honors Projects in Finance

Financial literacy is the level of understanding an individual has for different financial topics, including but not limited to, investment vehicles, retirement accounts, saving, budgeting, credit and taxes, and the use of such knowledge to change one’s financial behavior to create a more positive financial position for the future. Past research has shown that college students consistently have low levels of financial literacy. They also lack knowledgeable influences on their financial education. Because many college students will soon enter the workforce after graduation and will be responsible for managing their own salary, retirement accounts and investment options, they can be …


Somali Remittances Campaign, Ammar Mohammed Apr 2015

Somali Remittances Campaign, Ammar Mohammed

Capstone Collection

The world changed after 9/11, and so did the US banking regulations. One change was that it has become increasingly difficult for families and communities in Somalia to receive remittances from relatives and friends living in the United States. Those funds are essential to the livelihoods of 40% of the population, especially women and children. It further has a negative impact on the national economy of one of the world’s poorest countries. However, US banks has become increasingly willing to assume the costs of complying with the government’s Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) regulations or to …


Do Opposites Detract? Intrahousehold Preference Heterogeneity And Inefficient Strategic Savings, Simone Schaner Apr 2015

Do Opposites Detract? Intrahousehold Preference Heterogeneity And Inefficient Strategic Savings, Simone Schaner

Dartmouth Scholarship

This paper uses a field experiment to test whether intrahousehold heterogeneity in discount factors leads to inefficient strategic savings behavior. I gave married couples in rural Kenya the opportunity to open both joint and individual bank accounts at randomly assigned interest rates. I also directly elicited discount factors for all individuals in the experiment. Couples who are well matched on discount factors are less likely to use costly individual accounts and respond robustly to relative rates of return between accounts, while their poorly matched peers do not. Consequently, poorly matched couples forgo significantly more interest earnings on their savings. (JEL …


Real Arrow-Securities For All: Just And Efficient Insurance Through Macro-Hedging, Robert C. Hockett Apr 2015

Real Arrow-Securities For All: Just And Efficient Insurance Through Macro-Hedging, Robert C. Hockett

Cornell Law Faculty Publications

As a new hurricane season opened in June of 2006, it emerged that a number of online gaming sites were offering bettors the opportunity to wager on whether New Orleans might suffer another Katrina calamity. Commentators condemned the announced practice with howls of disgust, labeling it both tasteless and heartless. Perhaps they were right. All I could think about as one who grew up in New Orleans, however, was how risk pools might hereby be broadened to include all the world’s bettors. We shouldn’t condemn these people; we should use them—while requiring that they maintain margin accounts at their betting …


Mexico Consensus Economic Forecast, Volume 18, Number 2, Thomas M. Fullerton Jr., Adam G. Walke Apr 2015

Mexico Consensus Economic Forecast, Volume 18, Number 2, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.


China's Yuan: Asia's Future Anchor Currency?, Hwee Kwan Chow Apr 2015

China's Yuan: Asia's Future Anchor Currency?, Hwee Kwan Chow

Research Collection School Of Economics

The yuan is becoming more widely used in pricing and settling intra-regional trade and investment. Asian currencies' movements are likely to shift more in tandem with the yuan, leading to it becoming one of Asia's lead currencies. Singapore is now the world's second-most- important offshore yuan trading hub after Hong Kong.


Improving Micro-Finance Productivity Through Data Analysis, Ryan D. Taylor Apr 2015

Improving Micro-Finance Productivity Through Data Analysis, Ryan D. Taylor

Undergraduate Honors Capstone Projects

After nearly three months of gathering, creating, organizing, and analyzing data from social entrepreneurship programs in Peru and Ghana, correlations have been found within the data which may be used in the pursuit to eliminate poverty around the globe. These correlations were found through completing both linear relationship analyses and multi-variable regression analyses. The most statistically significant factors when looking at correlational relationships with number of missed and late payments were APR, loan duration, loan date (year fraction), gender or principle loan participant, and participation in incentive programs. The most poignant of these variables in terms of statistical significance was …


Analyzing Options Market Toxicity And The Black-Scholes Formula In The Presence Of Jump Diffusion As Simulated With Agent-Based Modeling, William D. Elliott Mar 2015

Analyzing Options Market Toxicity And The Black-Scholes Formula In The Presence Of Jump Diffusion As Simulated With Agent-Based Modeling, William D. Elliott

Undergraduate Economic Review

This paper presents new and significant research on the Black-Scholes Formula using the agent-based modeling software NetLogo. The software was used to simulate an options market subject to jump diffusion. Since the widely-used Black-Scholes Formula has at times proven unreliable, this research sought to understand circumstances that render the formula ineffective. It was hypothesized that markets would become difficult to trade in or “toxic” at low price volatility but high jump volatility. Further, it was predicted that kurtosis would alert the presence of toxic markets by accurately and consistently conveying whether jump diffusion was present.


Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru Mar 2015

Retirement Planning Among Middle-Aged And Older Hispanics, Luisa Blanco, Emma Aguila, Arturo Gongora, Beverly Weidmer, O. Kenrik Duru

School of Public Policy Working Papers

The goal of this study is to deepen the understanding of how middle age and older Hispanics plan for retirement, where we conducted four focus groups in the Los Angeles area with a total of 38 participants. Our study provides interesting findings, specifically for women since 84 percent of the participants were female. We find that that most participants, whether they were already retired or not, are not well prepared for retirement since they have been unable to save for retirement and have not made specific retirement plans, such as determining desired retirement age, estimating retirement budget, and collecting information …


Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh Mar 2015

Interest Rate Elasticity Of Private Sector Credit In Nigeria, A. Bamidele, K. O. Oji, E. S. Smith, L. S. Jimoh

Economic and Financial Review

This study estimated the interest rate elasticity of private sector credit in Nigeria using the Vector Error Correction mechanism. The variables specified included real private sector credit. real GDP. Prime and maximum lending rates, exchange rate, 9)-day Treasury bill rate, inflation rate and all share index of the Nigerian Stock Exchange. The data utilised covered the period: 1998 Q1 to 2013 Q4. Granger causality tests were performed, and the co-integration analysis of the Johansen system-wide procedure was employed. The results indicated thot private sector credit was fairly interest inelastic in terms of both maximum and prime lending rates. The estimated …


Measuring The Depth Of Liquidity And Efficiency Of The Nigerian Capital Market, M. Tule, P. Ogiji, U. B. Ndako, U. Ujunwa, S. L. Jimoh, C. E. Lhediwa, O. O. Afiemo Mar 2015

Measuring The Depth Of Liquidity And Efficiency Of The Nigerian Capital Market, M. Tule, P. Ogiji, U. B. Ndako, U. Ujunwa, S. L. Jimoh, C. E. Lhediwa, O. O. Afiemo

Economic and Financial Review

The study developed a spectrum of indicative measures of capital market liquidity using Nigerian monthly stock market indices for the period January 2000 — June 2014. If identified four broad measures of liquidity common in the literature transaction cost, volume price and market impact measures. Based on these three sub-measures of market efficiency coefficient, variance ratio, turnover ratio and illiquidity index were developed based on data availability and other market factors specific to the Nigerian environment. The study examined the impact of capital market liquidity on asset price returns. using a vector auto regression [VAR] model which showed that the …


Monetary Policy And Asset Prices In Nigeria, M.K. Tule, P. Ogiji, G. Okorie, D. Mbaka Mar 2015

Monetary Policy And Asset Prices In Nigeria, M.K. Tule, P. Ogiji, G. Okorie, D. Mbaka

Economic and Financial Review

This paper attempts to contribute to the debate on the linkages between monetary policy and asset prices in the woke of the recent global financial crisis. The study employs vector error correction (VEC) mode! on Nigerian weekly data from January 2007 to October 2013. A pair-wise granger causality test indicated a unidirectional causality from asset prices to monetary policy. Exchange rate at lag one was negatively related to the All Share Index. suggesting that exchange rate appreciation is likely to lead to excessive appreciation in asset prices. The results further indicated a positive relationship between financial system stability and asset …


Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu Mar 2015

Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a self-exciting asset pricing model that takes into account co-jumps between prices and volatility and self-exciting jump clustering. We employ a Bayesian learning approach to implement real-time sequential analysis. We find evidence of self-exciting jump clustering since the 1987 market crash, and its importance becomes more obvious at the onset of the 2008 global financial crisis. We also find that learning affects the tail behaviors of the return distributions and has important implications for risk management, volatility forecasting, and option pricing.


On The Effectiveness Of Housing Purchase Restriction Policy In China: A Difference In Difference Approach, Jerry X. Cao, Bihong Huang, Rose Neng Lai Mar 2015

On The Effectiveness Of Housing Purchase Restriction Policy In China: A Difference In Difference Approach, Jerry X. Cao, Bihong Huang, Rose Neng Lai

Research Collection Lee Kong Chian School Of Business

The Chinese government imposed the purchase restriction policy to rein in the housing bubble in 2010. Using a two-stage difference-in-difference approach and a comprehensive dataset covering the real estate markets across 70 cities, we find that the policy triggered substantial decline in the property price and transaction volume. Cities having higher reliance on real estate sector for fiscal revenue and economic growth experienced greater decline in housing prices following the policy implementation. However, the policy had no measurable effects on the nationwide construction boom, hinting the ineffectiveness of the policy to correct the housing bubble.


Getting The Most Out Of Your 401(K), Emily G. Brown Jd, Jeanne Medeiros Jd Feb 2015

Getting The Most Out Of Your 401(K), Emily G. Brown Jd, Jeanne Medeiros Jd

Pension Action Center Publications

Planning for your retirement is an active and ongoing endeavor. It requires a certain amount of diligence and knowledge to ensure you have an adequate amount of financial stability at retirement. In order to safeguard your economic security, it is important to know if you are getting the most out of your 401(k) retirement savings account. This factsheet provides basic information about enrolling in a 401(k) retirement savings account and important items to keep in mind once you are enrolled.


2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams Jan 2015

2014 Fed Challenge Script: Current State Of The Economy, Jieran Liu, William W. Northrop, Matthew Nadler, Owen J. Rothe, Ryan M. Williams

Gettysburg Economic Review

Good afternoon everyone and thank you for having us here today. Though the recession began in 2007 and officially ended in 2009, recovery has been painfully slow. GDP growth has been insufficient to close the output gap, there continues to be slack in the labor market and inflation has stabilized below the Federal Reserve percent target. We are not meeting our dual mandate of full employment and stable prices even 6 years after the end of the recession. Despite some signs of strengthening in the economy during the past year, we do not believe that economy is on a self-sustaining …


Financial Anxiety, Physiological Arousal, And Planning Intention, John Grable, Wookjae Heo, Abed Rabbani Jan 2015

Financial Anxiety, Physiological Arousal, And Planning Intention, John Grable, Wookjae Heo, Abed Rabbani

Consumer Sciences Faculty Publications

Results from this exploratory clinical study indicate that financial anxiety—holding an unhealthy attitude about one’s financial situation—and physiological arousal—the physical precursor to behavior—play important roles in shaping consumer intention to engage in future financial planning activity. Findings suggest that those who are most likely to engage the services of a financial adviser exhibit low levels of financial anxiety and moderate to high levels of physiological arousal. The least likely to seek the help of a financial adviser are those who exhibit high financial anxiety and low physiological arousal. Results support findings documented in the literature that high anxiety levels often …


The Gettysburg Economic Review, Volume 8, Spring 2015 Jan 2015

The Gettysburg Economic Review, Volume 8, Spring 2015

Gettysburg Economic Review

No abstract provided.


Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges Jan 2015

Nominal Gdp Targeting: A Policy Recommendation To Meet The Fed’S Dual Mandate, R. Shaw Bridges

Gettysburg Economic Review

This paper was written in early December 2014 in response to the Federal Reserve Challenge Team’s argument for a regime change in the Federal Reserve to nominal GDP targeting as the appropriate policy to return the U.S. economy to long-term sustainable economic growth. After the 2007 recession, the FOMC took extraordinary measures to minimize the collateral damage caused by bank balance sheets weighed down with mortgage-backed securities and other below-investment grade assets. The periodic “stress tests” and use of emergency lending facilities were historically unprecedented, however, the economy six years later was still growing slowly in part due to market …


The Cost Of Float To A Firm: Commercial Banking Treasury Management Analysis Case Study, Patricia R. Robertson Jan 2015

The Cost Of Float To A Firm: Commercial Banking Treasury Management Analysis Case Study, Patricia R. Robertson

Faculty Articles

This case is ideal for an upper-level finance course that has an emphasis on short-term financial management. Despite significant advancements in electronic payment systems, most U.S. firms continue to pay invoices with paper checks mailed to suppliers. So long as the checks are received by the due date, firms are in compliance with supplier credit terms. However, paper checks must be processed and recorded by the supplier, deposited in the supplier’s bank, and cleared against the payer’s bank before the cash is transferred from the payer’s checking account to the supplier’s checking account. This delay in the conversion of a …


Mortgage Crisis: Exploring Incentives Prevalent During The Boom And Bust Of The 2001–2007 Mortgage Market, Justin P. Nowicki Jan 2015

Mortgage Crisis: Exploring Incentives Prevalent During The Boom And Bust Of The 2001–2007 Mortgage Market, Justin P. Nowicki

Electronic Theses and Dissertations

The purpose of this thesis is to explain the mortgage market's behavior from 2001 through the first quarter of 2007 by discussing the economic incentives key market participants faced. By exploring incentives faced by key participants, a multifaceted yet logical explanation for the aggressive economic expansion and contraction appears. Throughout this paper I argue that the simultaneous acting upon of such incentives was fundamental to the market behavior and that the actions of each participant are, for the most part, understandable given the incentives that each faced. The paper will describe the monetary and cultural incentives underlying this behavior and …


The Evolution Of The Federal Reserve's Mandate In Response To The Global Financial Crisis: The Case For Financial Stability, Laurel Celastine Mazur Jan 2015

The Evolution Of The Federal Reserve's Mandate In Response To The Global Financial Crisis: The Case For Financial Stability, Laurel Celastine Mazur

Electronic Theses and Dissertations

This thesis looks at the evolution of the Federal Reserve’s mandate and regulatory responsibilities as a result of the Global Financial Crisis. The onset of the crisis exposed the financial system to risks that had yet to be identified by the traditional microprudential regulatory framework, necessitating a rapid and unconventional response in order to prevent widespread financial collapse. Now, in 2015, as most of the scourges of the crisis are in the recent past, practitioners are beginning to not only pick up the pieces but attempting to reform the system to increase resilience in the future. One of the proposals …


A Comment On Christofferson, Jacobs, And Ornthanalia (2012), "Dynamic Jump Intensities And Risk Premiums: Evidence From S&P 500 Returns And Options", Garland Durham, John Geweke, Pulak Ghosh Jan 2015

A Comment On Christofferson, Jacobs, And Ornthanalia (2012), "Dynamic Jump Intensities And Risk Premiums: Evidence From S&P 500 Returns And Options", Garland Durham, John Geweke, Pulak Ghosh

Finance

No abstract provided.


Nova Southeastern University 2015 Annual Report, Nova Southeastern University Jan 2015

Nova Southeastern University 2015 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.


تأثير المزيج الترويجي للخدمات المصرفية في تحقيق رضا الزبون دراسة تحليلية لأراء عينة من الزبائن في بعض المصارف الاهلية في مدينة الديوانية, حيدر حمزه صالح Jan 2015

تأثير المزيج الترويجي للخدمات المصرفية في تحقيق رضا الزبون دراسة تحليلية لأراء عينة من الزبائن في بعض المصارف الاهلية في مدينة الديوانية, حيدر حمزه صالح

Muthanna Journal of Administrative and Economics Sciences

لقد تناول البحث الحالي احد العناصر الاساسية والحيوية في العمل التسويقي للمنظمات المصرفية من خلال استعراض احد الانشطة المهمة والمؤثرة في تحقيق اهدافها التسويقية والمتمثل بالمزيج الترويجي الذي يشتمل على خمسة متغيرات هي ( الاعلان، البيع الشخصي، تنشيط المبيعات، العلاقات العامة والنشر) وهدف البحث الى دراسة واقع المزيج الترويجي في المصارف الاهلية . واعتمد البحث جمع البيانات من عينة شملت (5) مصارف اهلية في مدينة الديوانية ، ولتحقيق هدف البحث قام الباحث بتوزيع استبانة عدت لهذا الغرض على مجتمع البحث المكون من الزبائن التابعة لهذه المصارف وشملت (78 ) زبون. وفي ضوء دلك جرى جمع و تحليل البيانات و اختيار …


Three Essays On Bond Trading, Brittany Cole Jan 2015

Three Essays On Bond Trading, Brittany Cole

Electronic Theses and Dissertations

In Part 1, we study the impact of bond exchange listing in the US publicly traded corporate bond market. Overall, we find that listed corporate bonds have lower bid-ask spreads than unlisted corporate bonds. We specifically show that listed bond spreads are $0.14 lower than unlisted bond spreads. We find that execution venue matters for listed bonds, and that listed bond trades that execute on the NYSE have higher trading costs than listed bond trades that execute off-NYSE. We show that listed bonds are more volatile than unlisted bonds. Lastly, we study bond trading around earnings announcements. We find no …


Three Essays On Financial Econometrics, Jiang Liang Jan 2015

Three Essays On Financial Econometrics, Jiang Liang

Dissertations and Theses Collection (Open Access)

This dissertation develops several econometric techniques to address three issues in financial economics, namely, constructing a real estate price index, estimating structural break points, and estimating integrated variance in the presence of market microstructure noise and the corresponding microstructure noise function. Chapter 2 develops a new methodology for constructing a real estate price index that utilizes all transaction price information, encompassing both single-sales and repeat-sales. The method is less susceptible to specification error than standard hedonic methods and is not subject to the sample selection bias involved in indexes that rely only on repeat sales. The methodology employs a model …


إشكالية العلاقة بين التنمية الاقتصادية وعدم الاستقرار السياسي في البلاد النامية (العراق أنموذجا), رشيد باني الظالمي, غسان طارق ظاهر Jan 2015

إشكالية العلاقة بين التنمية الاقتصادية وعدم الاستقرار السياسي في البلاد النامية (العراق أنموذجا), رشيد باني الظالمي, غسان طارق ظاهر

Muthanna Journal of Administrative and Economics Sciences

تناول موضوع البحث إثبات العلاقة القوية بين مشاريع التنمية والوضع السياسي في أي بلد. إن البلدان التي تعيش استقرارا سياسياً يمكنها أن تطبق برامج تنموية ناجحة، أما البلدان التي تعيش فوضى سياسية فإن مشاريعها التنموية سوف يصيبها الفشل وهذا ما تم إثباته في العراق من خلال البحث.منذ تأسيس الدولة العراقية والانقلابات العسكرية والحرب الأهلية لم تعرف الركود، وكانت فترة الحرب العراقية الإيرانية وحرب الكويت حتى هذا اليوم من أسوء الفترات التي عاشها المجتمع العراقي. إن عدم الاستقرار السياسي في العراق يعني غياب القانون وفوضى الأمن وتبديد الثروة، وهجرة أصحاب رؤوس الأموال، وكذلك يعني كما جاء في البحث غياب الخطط والبرامج …


التمكين النفسي: ثروة لتعزيز السلوك الريادي دراسة تحليلية لآراء عينة من تدريسي جامعة المثنى, كمال كاظم طاهر الحسني Jan 2015

التمكين النفسي: ثروة لتعزيز السلوك الريادي دراسة تحليلية لآراء عينة من تدريسي جامعة المثنى, كمال كاظم طاهر الحسني

Muthanna Journal of Administrative and Economics Sciences

تهدف الدراسة الى تمييز الدور الذي يمارسه التمكين النفسي في السلوك الريادي . تضمن التمكين النفسي اربعة ابعاد هي : المقدرة، المعنى، الكفاءة الذاتية والاثر. تمثلت عينة الدراسة بـ (80) تدريسي في ثلاث كليات في جامعة المثنى . اظهرت نتائج الدراسة وجود مستوى جيد من التمكين النفسي المدرك من قبل عينة الدارسة في كل الكليات المبحوثة وكانت القيمة العليا للتأثير ، المقدرة ، المعنى والاستقلالية . السلوك الريادي ايضا بلغ مستوى عالي للمتوسط الحسابي . اما اهم الاستنتاجات التي توصلت لها الدراسة هو وجود تأثير مهم للتمكين النفسي على السلوك الريادي .


Market Microstructure And Abnormal Returns: An Analysis Of Nyse And Sgx Securities, Alex Ng Jan 2015

Market Microstructure And Abnormal Returns: An Analysis Of Nyse And Sgx Securities, Alex Ng

Honors Theses

This paper investigates the differences in the abnormal returns of securities in the context of the earnings announcement in both the United States (NYSE) and Singapore (SGX) markets[1]. Despite the similarities between both exchanges, there exist two key market microstructure differences: the free float factor (i.e. the portion of listed share capital that is freely traded on the market) and lot size (i.e. the minimum number of shares that an investor can trade in a single transaction). While the difference in the lot size can be attributed to the intrinsic institutional differences between both exchanges, the involvement of …