Can Corporate Sustainability Performance (Csp) Overcome Indonesia's Corporate Debt Problems?, 2024 Sekolah Tinggi Manajemen PPM, Indonesia
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 …
Policy Frameworks And Citizens’ Use Of Fintech Solutions: The Pros And Cons In Egypt, 2024 American University in Cairo
Policy Frameworks And Citizens’ Use Of Fintech Solutions: The Pros And Cons In Egypt, Salma Al-Mohamady
Theses and Dissertations
This thesis provides a comprehensive analysis of the significant influence of financial technology (FinTech) on the banking industry, consumer finance, and economic growth. It specifically concentrates on the swiftly changing FinTech environment in Egypt. The study investigates the impact of incorporating advanced technologies on worldwide financial practices, which has significantly transformed traditional banking models and facilitated the emergence of inventive financial services. The transition is clearly apparent in Egypt, where the expansion of FinTech has been driven by advances in regulations, adaptation to technology, and a population that is becoming more comfortable with digital solutions.
Using a combination of quantitative …
Historical Perspectives In Volatility Forecasting Methods With Machine Learning, 2024 Pepperdine University
Historical Perspectives In Volatility Forecasting Methods With Machine Learning, Zhiang Qiu, Clemens Kownatzki, Fabien Scalzo, Eun Sang Cha
Seaver College Research And Scholarly Achievement Symposium
Volatility forecasting in the financial market plays a pivotal role across a spectrum of disciplines, such as risk management, option pricing, and market making. However, volatility forecasting is challenging because volatility can only be estimated, and different factors influence volatility, ranging from macroeconomic indicators to investor sentiments. While recent works suggest advances in machine learning and artificial intelligence for volatility forecasting, a comprehensive benchmark of current statistical and learning-based methods for such purposes is lacking. Thus, this paper aims to provide a comprehensive survey of the historical evolution of volatility forecasting with a comparative benchmark of key landmark models. We …
Covid-19 And Its Impact On Multinational Enterprises: A Modified Value At Risk Approach, 2024 Salisbury University
Covid-19 And Its Impact On Multinational Enterprises: A Modified Value At Risk Approach, Kashi Khazeh, Leonard Arvi, Robert C. Winder
Journal of Global Business Insights
Multinational enterprises (MNEs) operating across different currencies are exposed to exchange rate risk. They may utilize a variety of tools to mitigate that risk. While there are different types of exchange rate risk, this study focuses specifically on the ongoing exposure of cash flow transactions denominated in the currencies of seven different developed countries. Since other types of risk (i.e., economic and translation) are evaluated based on yearly results, they are not considered in this study. The modified value-at-risk (MVaR) model is employed to estimate the maximum one-period losses during the eighteen months before the onset of the COVID-19 pandemic …
Cost Of Capital And Climate Risk In The Indonesian Bonds Market, 2024 NEOMA Business School, France
Cost Of Capital And Climate Risk In The Indonesian Bonds Market, Maulana Harris Harris Muhajir
Bulletin of Monetary Economics and Banking
This study analyzes the impact of climate risk, cost of capital, and macroeconomic variables on the Indonesian bond market, focusing on non-ESG aware and ESG-aware bonds. Using a regression analysis, we found that the cost of capital has a significant negative effect on bond yields, highlighting the importance of policymakers focusing on initiatives that can lower the cost of capital for investors. Inflation rate was also found to have a significant positive effect on non-ESG aware bonds, which is a unique feature of the Indonesian bond market. We found that ESG-aware bond yields were negatively significant, indicating that investors are …
Digitalization And Economies Of Oic Countries, 2024 Monash University Malaysia
Digitalization And Economies Of Oic Countries, Mohsin Ali, Urooj Anwar, Mudeer Ahmed Khattak, Muhammad Umar Islam
Bulletin of Monetary Economics and Banking
This paper studies the impact of digitalization on the Organization of Islamic countries (OIC) economies. The study is conducted to see whether digitalization is playing its role in enhancing economic growth. We employ a panel dataset consisting of twenty-one years from 2000 to 2020 for 57 OIC countries. We use the system generalized method of moments (GMM) estimator. The results indicate that digitalization positively impacts the economies of OIC countries. As for policy implication, this study recommends governments of OIC member countries to invest in digital infrastructure in order to foster economic growth.
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, 2024 Thomas Jefferson University
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks
Journal of Global Catholicism
In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …
Relationship Over Time Between Drug Price News And U.S. Pharmaceutical Companies' Financial Performance And Capitalization, 2024 Walden University
Relationship Over Time Between Drug Price News And U.S. Pharmaceutical Companies' Financial Performance And Capitalization, Teresita Mulero-Mulero
Walden Dissertations and Doctoral Studies
No abstract provided.
Essays In Macroeconomics And Finance, 2024 The Graduate Center, City University of New York
Essays In Macroeconomics And Finance, Archil Dvalishvili
Dissertations, Theses, and Capstone Projects
Chapter 1: (A Quantitative Analysis of Interest on Reserves and Reserve Requirements) - I construct a medium scale DSGE model with financial frictions both on the demand (entrepreneurs) and supply (banks) sides of credit to study the costs and benefits of fixed/time-varying minimum reserve requirements and interest paid by the Fed on reserves.The results can be summarized as follows: (1) An optimal time-varying minimum reserve requirement generates substantial welfare gain when compared with a fixed minimum reserve requirement when no interest is paid on reserves. (2) Paying interest on reserves is substantially welfare inferior to a policy with no interest …
Fund Reconciliation Strategies For Improving Financial Accountability And Effectiveness In Nonprofit Organizations, 2024 Walden University
Fund Reconciliation Strategies For Improving Financial Accountability And Effectiveness In Nonprofit Organizations, Amma Tabirih
Walden Dissertations and Doctoral Studies
No abstract provided.
Regional Commercial Bank Lending To Small Businesses In The Wake Of The Great Recession, 2024 University of Texas at El Paso
Regional Commercial Bank Lending To Small Businesses In The Wake Of The Great Recession, Boris D. Higgins
Hunt Institute Working Paper Series
The purpose of this paper is to document and explain the state by state variation in commercial bank lending to small businesses during the Great Recession. To accomplish this purpose will require several steps. These steps include showing the evidence of the variation in lending across states, the theoretical causes and the empirical findings of a capital supply gap based on market imperfections and employing OLS estimation method on carefully selected economic variables. The empirical results indicate that economic conditions, borrower characteristics and lender characteristics influence lending variation where these results can help in policy formulation.
Concentrated Liquidity In Uniswap V3: A New Strategy To Optimize The Capital Bear Market, 2024 ESADE
Concentrated Liquidity In Uniswap V3: A New Strategy To Optimize The Capital Bear Market, Francesco Spinoglio
Journal of New Finance
This article aims to offer a new vision on concentrated liquidity in Uniswap V3 and how we can effectively optimize liquidity thanks to the new tools provided by the DeFi ecosystem. Since the concept of concentrated liquidity first appeared in 2021 with Uniswap V3, new tools have been emerging to improve the security of smart contracts and offer better incentives to liquidity providers. This paper aims to propose a liquidity strategy concentrated in DeFi in order to draw additional liquidity in times of quantitative tightening and high interest rates, while trying to optimize the choice of the range to mitigate …
Developing Countries And External Debt: What Is Wrong?, 2024 De La Salle University, Manila
Developing Countries And External Debt: What Is Wrong?, Jesus Felipe, Jose Antonio Perez Montiel
Angelo King Institute for Economic and Business Studies (AKI)
LAST DECEMBER, the World Bank published its annual report on international debt (https://www.worldbank.org/en/programs/debt-statistics/idr/products). The report indicates that, in 2022, the developing countries spent $443 billion on debt-service repayment (principal plus interest) of their external public and publicly guaranteed debt, 5% more than in 2021. These payments are expected to rise in 2023 and 2024 due to the increase in interest rates. The report indicates that debt levels and high interest rates have set many countries on a path to crisis.
Local Institutional Investors And Corporate Monitoring: Evidence From Cross-Listed Korean Stocks In The Us Market, 2024 Singapore Management University
Local Institutional Investors And Corporate Monitoring: Evidence From Cross-Listed Korean Stocks In The Us Market, Changhwan Choi, Chune Young Chung, Jun Myung Song
Sim Kee Boon Institute for Financial Economics
Using Korean firms that are cross-listed in the US market, this paper investigates whether there are standalone effects of geographic and market proximity of institutional investors on monitoring performance. We find that Korean institutional ownership is negatively associated with earnings management while the US institutional ownership has no impact on earnings management. This suggests that there is the geographic proximity advantage over the market proximity advantage in the emerging markets. Furthermore, we also show that the impact of geographic proximity is stronger for firms with high informational opacity
Geographic Links And Predictable Returns, 2024 Singapore Management University
Geographic Links And Predictable Returns, Zuben Jin, Frank Weikai Li
Research Collection Lee Kong Chian School Of Business
Using establishment-level data of U.S. public firms, we construct a novel measure of geographic linkage between firms. We show that the returns of geography-linked firms have strong predictive power for focal firm returns and fundamentals. This effect is distinct from other cross-firm return predictability and is not easily attributable to risk-based explanations. It is more pronounced for focal firms that receive lower investor attention, are more costly to arbitrage, and during high sentiment periods. The cross-firm information spillovers and return predictability are also stronger for geographic peers with economic linkages and with positive information. Our results are broadly consistent with …
Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, 2024 Claremont Colleges
Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, Alexander Castillo
CMC Senior Theses
This paper examines the evaluation of investment opportunities in emerging markets (EMs) through real options analysis, against the backdrop of their unique risk profiles and the recent trend of EMs exhibiting resilience in economic performance. While EMs are associated with high growth rates and infrastructure gaps, they have shown adaptability, particularly in monetary policy responses to inflation. This paper explores the sensitivity of net present value (NPV) and real options (RO) to changes in the capital asset pricing model, adapting the yield spread to capture default risk and local risk-free rates. Utilizing oil benchmark price data, the paper constructs a …
Is Green The New Gold? Esg’S Influence On The Financial Performance Of The Energy And Mining Industries, 2024 Claremont Colleges
Is Green The New Gold? Esg’S Influence On The Financial Performance Of The Energy And Mining Industries, Alexa De Vegvar
CMC Senior Theses
The demand for Environment, Social, and Governance (ESG) reporting has increased in recent years. As the concern for climate change has moved to the forefront of the investment process, companies have needed to prioritize ESG in their operations. Previous literature addresses how ESG has benefited companies’ financial performance and increased shareholder value. The pandemic has proven to have positively impacted ESG reporting as social priorities shifted. However, studies have also shown that ESG reporting is too ambiguous to concretely display any relationship with financial performance. This thesis will analyze the impact of ESG and environmental data reporting on the Return …
More Than A Feeling: Exploring The Drivers Of Music Catalog Values, 2024 Claremont McKenna College
More Than A Feeling: Exploring The Drivers Of Music Catalog Values, Emily Nutting
CMC Senior Theses
This paper examines which characteristics of songs affect transaction price in the sale of artist’s music catalogs. My analysis tests many variables, including the number of years between the song’s release its catalog’s sale (age); the natural log of the number of Spotify streams the song has (popularity); the genre of the song; themes in the song, such as dating, violence, romance, obscenity, sadness, and feelings; and elements of the song like danceability, energy, loudness, instrumentalness (the prevalence of instrumentals relative to vocals in a song), and acousticness (the measure of sound made using instruments as opposed to electronic means). …
The Estimation Of Production Functions With Monetary Values, 2024 De La Salle University, Manila
The Estimation Of Production Functions With Monetary Values, Jesus Felipe, John Mccombie, Aashish Mehta
Angelo King Institute for Economic and Business Studies (AKI)
For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other relevant parameters. Theoretical discussions of the problem correctly assume that production functions are relationships among physical inputs and output. However, in practice, they are most often estimated using deflated monetary values for output (value added or gross output) and capital. This introduces two additional problems—an errors-invariables problem, and a tendency to recover the factor shares in value added instead of their elasticities. The latter problem derives from the fact that …
Optimal Nonparametric Range-Based Volatility Estimation, 2024 Duke University
Optimal Nonparametric Range-Based Volatility Estimation, Tim Bollerslev, Jia Li, Qiyuan Li
Research Collection School Of Economics
We present a general framework for optimal nonparametric spot volatility estimation based on intraday range data, comprised of the first, highest, lowest, and last price over a given time-interval. We rely on a decision-theoretic approach together with a coupling-type argument to directly tailor the form of the nonparametric estimator to the specific volatility measure of interest and relevant loss function. The resulting new optimal estimators offer substantial efficiency gains compared to existing commonly used range-based procedures.