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Articles 3181 - 3210 of 4183

Full-Text Articles in Finance

Petroleum Industry Linkages And Nigeria's Economic Development, Chinyere U. Nwolisa, Chinyelu N. Ugoji Dec 2010

Petroleum Industry Linkages And Nigeria's Economic Development, Chinyere U. Nwolisa, Chinyelu N. Ugoji

Bullion

Nigeria, Africa's most populous country and potentially its largest economy, has witnessed decades of dictatorship and misrule. Accompanying this misrule are severe economic problems of an unprecedented magnitude. This paper intends to add further clues to the solution for this national developmental puzzle. The remaining part of the paper is arranged thus: Part 2 presents an overview of the Nigerian Petroleum industry while the part 3 looks at the literature of economic development the country appears to be executing. Parl4 discusses the various linkages the Petroleum industry offers visa-vis Nigeria's exploration of their potentials. The penultimate part will offer some …

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Black-White Differences In Wealth Accumulation Among Americans Nearing Retirement, Eun Hyei Shin Dec 2010

Black-White Differences In Wealth Accumulation Among Americans Nearing Retirement, Eun Hyei Shin

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Using data from the 2006 Health and Retirement Study (HRS), this study examines what types of assets and levels of savings are held by Black near-retirees, while comparing how types of assets and levels of savings of Black near-retirees differ from those of White near-retirees. Through the use of multivariate analyses, this study further investigates the effects of being Black on the levels of savings, the likelihood of holding IRAs, and the likelihood of being financially prepared for retirement. The study sample includes 4,077 individuals between the ages of 51 and 64, and the subsamples consist of 680 Black and …

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The Use Of Securities Data In Determining Discount Rates For Real Property, Hal B. Heaton Dec 2010

The Use Of Securities Data In Determining Discount Rates For Real Property, Hal B. Heaton

Faculty Publications

When the income approach is used to value real property, appraisers forecast anticipated cash flows from the property and discount those cash flows to arrive at a present value. To do this, appraisers must determine an appropriate rate for discounting the future cash flows. Market value is usually defined as the price between a willing buyer and a willing seller. Appraisers therefore should study the market for the type of properties involved to determine the discount rates used by buyers and sellers of those properties in actual transactions.

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Need Singapore Fear Floating? A Dsge-Var Approach, Hwee Kwan Chow, Paul D. Mcnelis Dec 2010

Need Singapore Fear Floating? A Dsge-Var Approach, Hwee Kwan Chow, Paul D. Mcnelis

Research Collection School Of Economics

This paper uses a DSGE-VAR model to examine the managed exchange-rate system at work in Singapore and asks if the country has any reason to fear floating the exchange rate with a Taylor rule inflation-targeting mechanism that uses the short term interest rate instead of the exchange rate as the benchmark monetary policy instrument. Our simulation results show that the use of a more flexible exchange rate system will reduce volatility in inflation and investment but consumption volatility will increase. Overall, there are neither signi…cant welfare gains or losses in the regime shift. Given the highly open and trade …

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On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return, Fangjian Fu Dec 2010

On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return, Fangjian Fu

Research Collection Lee Kong Chian School Of Business

My 2009 JFE paper ["Idiosyncratic Risk and the Cross-Section of Expected Stock Returns', Journal of Financial Economics, Vol. 91, pp. 24-37] documents a positive and statistically significant cross-sectional relation between expected idiosyncratic volatility (E(IVOL)) and expected stock return. A recent working paper titled "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns" by Guo, Ferguson, and Kassa of University of Cincinnati suggests that the positive relation is driven by an in-sample approach to estimate E(IVOL). They fail to find a significant relation between return and their E(IVOL) estimated out of sample. I find that two estimation settings in …

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Sequential Investment, Hold-Up And Strategic Delay, Juyuan Zhang, Yi Zhang Dec 2010

Sequential Investment, Hold-Up And Strategic Delay, Juyuan Zhang, Yi Zhang

Research Collection School Of Economics

We investigate hold-up with simultaneous and sequential investment. We show that if the encouragement effect of sequential complementary investments dominates the delay effect, sequential investment alleviates the underinvestment caused by the hold-up problem. Further, if it is allowed to choose when to invest, strategic delay occurs when the encouragement effect of sequential complementary investments dominates the delay effect.

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The Effect Of Financial Literacy On Saving : A Study On Malaysian Population., Saleh Tabiani Dec 2010

The Effect Of Financial Literacy On Saving : A Study On Malaysian Population., Saleh Tabiani

Student Works (2010-2019)

Personal saving is valuable for the whole nation. Saving of today, affects the consumption of future, because the saved money is invested in financial assets and goes through investments in industries, factories, prosperities, and other kinds of investment that is necessary for country’s growth. Saving also can help the country recover from financial crisis more easily. In this study the factors that are likely to increase personal saving are measured. These factors include the financial literacy of individuals, saving motivation, and socio-demographic characteristics such as, age, gender, ethnicity, number of children, nationality, income, and education level. The main focus of …

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Culvert Material Cost Comparison, New England Environmental Finance Center Nov 2010

Culvert Material Cost Comparison, New England Environmental Finance Center

Water

The following tables provide a detailed look at the role that culvert material and culvert diameter play in the overall cost of a culvert replacement project.

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Growth And Regional Integration: The Case Of The Southern African Development Community, Chris Mupimpila, Patricia Funjika Nov 2010

Growth And Regional Integration: The Case Of The Southern African Development Community, Chris Mupimpila, Patricia Funjika

Zambia Social Science Journal

The neoclassical growth model is augmented with structural variables to analyse the determinants of economic growth in the Southern African Development Community. The results show that physical capital, exports, infrastructure, and human capital have a positive and significant effect on economic growth. However, inflation and external debt service have a negative but significant impact on economic growth in the region. In addition, the results suggest that the underdevelopment of the financial sector is a source of heterogeneity among member countries. Therefore, to promote growth and deeper integration in the region, it is necessary to address the underlying causes of inflation, …

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The Initial And Aftermarket Performance Of Ipos In An Emerging Market : The Case Of Malaysian Stock Exchange., Ricky Wong Baan Wahh Nov 2010

The Initial And Aftermarket Performance Of Ipos In An Emerging Market : The Case Of Malaysian Stock Exchange., Ricky Wong Baan Wahh

Student Works (2010-2019)

The study of initial public offering (IPO) underpricing and its post-listing underperformance has been one of those issues that are never laid to rest. The ongoing quest for the reasons behind IPO underpricing and its subsequent poor post-listing returns is what motivates this paper to study these anomalous market behaviours in an emerging market setting such as Malaysia. The primary purpose of this paper is to analyze the existence and magnitude of the underpricing phenomenon and post listing performance of IPOs listed in Bursa Malaysia from 1998 to 2008. Moreover, this study aims to provide an insight primarily into the …

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Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin Nov 2010

Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin

Student Works (2010-2019)

This study aims to investigate the key factors for engagement of the Independent Financial Adviser (IFA) in Malaysia. The objective of this study is to identify the key factor for the Malaysian public to engage the service of an IFA and their preference for the delivery of service by the IFA. This is in accordance to the initiative of the Malaysian Financial Sector Master Plan (FSMP) introduced in 2001. The finding of this research is important to the Malaysian consumer and the IFA since they would be able to mutually benefit from the understanding of how each fits into the …

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Battese-Coelli Estimator With Endogenous Regressors, Levent Kutlu Nov 2010

Battese-Coelli Estimator With Endogenous Regressors, Levent Kutlu

School of Economics and Finance Faculty Publications

We provide a framework for dealing with the endogeneity problem in the Battese-Coelli estimator for productive efficiency measurement.

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Capital And Labor Mobility And Their Impacts On Mexico’S Regional Labor Markets, Rene Cabral, Andre V. Mollick, João Ricardo Faria Oct 2010

Capital And Labor Mobility And Their Impacts On Mexico’S Regional Labor Markets, Rene Cabral, Andre V. Mollick, João Ricardo Faria

School of Economics and Finance Faculty Publications

This paper studies the effects of capital and labor mobility on real wages across Mexican states for the period 1997–2006. Employing dynamic panel data methods, we find: (1) strong positive effects on real wages from foreign direct investment (FDI) and from migration; (2) domestic and foreign migration provide similar wage effects; and (3) alternative partitions indicate that real wages are more sensitive to FDI-related fluctuations across states with relatively lower wages and migration levels. Overall, these results provide support that real wages respond positively to fluctuations in capital flows and labour movements as predicted from the theory.

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Ua37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke Town Hall Meeting, St. Louis Federal Reserve Board Oct 2010

Ua37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke Town Hall Meeting, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke's town hall meeting with educators.

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The Impact Of Gender On Voluntary And Involuntary Executive Departure, John R. Becker-Blease, Susan Elkinawy, Mark Stater Oct 2010

The Impact Of Gender On Voluntary And Involuntary Executive Departure, John R. Becker-Blease, Susan Elkinawy, Mark Stater

Finance Faculty Works

We examine the frequency and conditions of executive departure from S&P 1500 firms. Based upon published news reports, we find that female executives are more likely than male executives to depart their positions voluntarily and involuntarily in the presence of controls for firm performance, firm governance, and human capital. We also find that women are less likely than men to depart voluntarily as firm size increases or board size decreases but more likely to be dismissed as the board becomes more male dominated.

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International Capital Flows And Aggregate Output, Jurgen Von Hagen, Haiping Zhang Oct 2010

International Capital Flows And Aggregate Output, Jurgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a tractable multi-country overlapping-generations model and show that cross-country differences in financial development explain three recent empirical patterns of international capital flows. Domestic financial frictions in our model distort interest rates and aggregate output in the less financially developed countries. International capital flows help ameliorate the two distortions. International flows of financial capital and foreign direct investment affect aggregate output in each country directly through affecting the size of aggregate investment. In addition, they affect aggregate output indirectly through affecting the composition of aggregate investment and the size of aggregate savings. Under certain conditions, the indirect effects may …

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Estimating The Garch Diffusion: Simulated Maximum Likelihood In Continuous Time, Tore Selland Kleppe, Jun Yu, Hans J. Skaug Oct 2010

Estimating The Garch Diffusion: Simulated Maximum Likelihood In Continuous Time, Tore Selland Kleppe, Jun Yu, Hans J. Skaug

Research Collection School Of Economics

A new algorithm is developed to provide a simulated maximum likelihood estimation of the GARCH diffusion model of Nelson (1990) based on return data only. The method combines two accurate approximation procedures, namely, the polynomial expansion of Ait-Sahalia (2008) to approximate the transition probability density of return and volatility, and the Efficient Importance Sampler (EIS) of Richard and Zhang (2007) to integrate out the volatility. The first and second order terms in the polynomial expansion are used to generate a base-line importance density for an EIS algorithm. The higher order terms are included when evaluating the importance weights. Monte Carlo …

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Measurement And High Finance, Peter C. B. Phillips, Jun Yu, Eric Ghysels Oct 2010

Measurement And High Finance, Peter C. B. Phillips, Jun Yu, Eric Ghysels

Research Collection School Of Economics

Turbulence in the world of banking and finance over the last two years has riveted media attention on the financial industry, exposing practices, products and risks in the industry to widespread public scrutiny. Questions continue to be asked about the management and regulation of an industry whose performance is now seen to affect the world’s financial health and its prospects as much as it does national savings and individual retirement funds.

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Using Financial Econometrics To Measure Risk, Peter C. B. Phillips, Jun Yu, Eric Ghysels Oct 2010

Using Financial Econometrics To Measure Risk, Peter C. B. Phillips, Jun Yu, Eric Ghysels

Research Collection School Of Economics

No abstract provided.

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An Asian Response To International Financial Reforms, Hoe Ee Khor, Kim Song Tan Oct 2010

An Asian Response To International Financial Reforms, Hoe Ee Khor, Kim Song Tan

Research Collection School Of Economics

Asia has emerged as a much more important player in the global economy after the recent financial crisis. Together with other emerging market economies, Asia is expected to be a key driver for global economic growth in the near to medium term. Along with this, there is a rising chorus for an “Asian approach” to financial reforms in the region and internationally. There are also calls for Asia to play a bigger role in designing the new architecture for the global financial system.

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Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu Sep 2010

Banking Reforms For Effective Monetary Policy Transmissions., O. A. Uchendu

Bullion

This paper evaluates the effects of the recent banking sector in Nigeria on monetary policy transmission. The remainder of this paper is structured as follows: section two dwells on the transmission mechanism of monetary policy; section three examines the features of the banking sector that affect the conduct of monetary policy; section four presents banking sector reforms in Nigeria while section five examines the impact of the reforms on monetary policy. Section six presents the challenges while section seven concludes the paper.

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Overview Of The Four Pillars Of The Banking Reforms., Samuel A. Oni Sep 2010

Overview Of The Four Pillars Of The Banking Reforms., Samuel A. Oni

Bullion

The reports of the risk assessment exercise formed the basis of the intervention by the CBN in some banks and the introduction of the four pillar reform programme, to guarantee the safety and soundness of the banking system. The four pillars of the banking system reforms, which is the main subject, are as follows: Enhancing the quality of banks; Establishing financial stability; Enabling healthy financial sector evolution; and Ensuring that the financial sector contributes to the real economy.

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Rebuilding Confidence In Nigerian Banks: The Challenge Of Good Corporate Governance And Professionalism., Uju M. Ogubunka Sep 2010

Rebuilding Confidence In Nigerian Banks: The Challenge Of Good Corporate Governance And Professionalism., Uju M. Ogubunka

Bullion

The Nigerian Banking industry which is still evolving, has great potentials for positively impacting on the developing economy with over a hundred and forty million (140 million) people. Without a doubt, the industry has made noticeable progress and positive impact since its birth in the early 1890s, it would have achieved more had it not been bedevilled by occasional crisis. incidences of bank crisis in Nigeria, like in other jurisdictions, had led to bank shake-ups, failures and subsequent liquidations. Those outcomes gave rise to serious erosion of stakeholders' confidence in banking institutions and the system with far-reaching negative consequences for …

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The Role Of The Central Bank Of Nigeria In Ensuring Sound, Safe And Reliable Banking Sector., Chris O. Chukwu Sep 2010

The Role Of The Central Bank Of Nigeria In Ensuring Sound, Safe And Reliable Banking Sector., Chris O. Chukwu

Bullion

This paper examines effects of CBN economic and monetary policies on MDB to ensure sound and safe banking regime. The challenges of effective supervision of the banking sector, therefore involve a comprehensive supervisory approach and good faith of all stakeholders. The paper would covers five sections: 1. Review of the Nigerian banking system serves as an introduction; 2. The activities of the CBN in ensuring sound, safe and reliable banking sector; 3. The challenges facing effective banking supervision; 4. Review of the mitigating factors to the challenges facing effective supervision; and 5. Conclusion in which the paper advised CBN to …

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The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi Sep 2010

The Nigerian Financial Crisis: Lessons, Prospects And Way Forward, Charles N. O. Mordi

Bullion

This paper x-rays the recent banking sector crisis in Nigeria, its resolution, lessons learned and way forward. The paper is divided into six main sections. Following the introduction, section 2 highlights country experiences of banking crisis and resolution options, while section 3 gives an overview of financial crisis in Nigeria; section 4 discusses the recent financial crises in Nigeria (2000-2009), while section 5 presents the 2009 banking crises and its causes. The most recent reform measures are discussed in section 6. ln sections 7 and 8, the lessons of experience and the way forward are presented, while the concluding remarks …

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Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe Sep 2010

Reforming The Nigerian Banking Sector: Some Emerging Issues., Biodun Adedipe

Bullion

When the ongoing reforms of banking in Nigeria commenced, there were several arguments against the seeming harshness of the measures. As the revelations increased, the argument became the manner the revelations were made. All these pointed to the capacity of humans to resist change. lt was generally accepted that things went terribly wrong and some drastic steps needed to be taken. This paper examines existing and emerging financial reforms in the Nigeria banking sector. The outcome of the greed-induced crisis was not peculiar to Nigeria, as banks failed all around the world as their capital was eroded. There are obvious …

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Leveraged Etfs: The Trojan Horse Has Passed The Margin-Rule Gates, William M. Humphries Aug 2010

Leveraged Etfs: The Trojan Horse Has Passed The Margin-Rule Gates, William M. Humphries

Seattle University Law Review

What do the Great Depression, the Great Recession, and the demise of Lehman Brothers and Bear Sterns all have in common? One word: leverage. The misuse of leverage, in all its forms, contributed greatly to all of these events. Yet even today, common investors can purchase a leveraged exchange-traded fund (leveraged ETF), a complex product that uses leverage to increase returns, without triggering applicable laws designed to regulate the use of leverage. This Comment articulates the basics surrounding the functions and operations of leveraged ETFs and margin rules in order to assess the compatibility of the two. The Comment argues …

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The Boom Not The Slump: The Right Time For Austerity, Arjun Jayadev, Mike Konczal Aug 2010

The Boom Not The Slump: The Right Time For Austerity, Arjun Jayadev, Mike Konczal

Economics Faculty Publication Series

Should the United States cut its deficit in the short term? This has been the subject of intense debate among politicians, policy analysts and thinkers over the past year. What are the consequences of cutting the deficit with interest rates low, unemployment high and growth uncertain?

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The Research On The Feasibility Of N Company's Chinese Ports Investment Project, Junhua Shen Jul 2010

The Research On The Feasibility Of N Company's Chinese Ports Investment Project, Junhua Shen

World Maritime University Dissertations

No abstract provided.

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Ship Investment Decision Analysis On Middle-East Route Of Sinochem, Jun Fan Jul 2010

Ship Investment Decision Analysis On Middle-East Route Of Sinochem, Jun Fan

World Maritime University Dissertations

No abstract provided.

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