Financial Literacy And Inclusion Of Philippine Jeepney And Tricycle Drivers,
Ateneo de Manila University
Financial Literacy And Inclusion Of Philippine Jeepney And Tricycle Drivers, Jyro Triviño
Leadership and Strategy Faculty Publications
The study investigated how the different elements of financial literacy influence the financial inclusion of jeepney and tricycle drivers in Caloocan, Metro Manila. Pearson correlation analysis revealed a positive correlation between financial inclusion and attitude, behavior, knowledge, and skills. Additionally, analysis of variance highlighted that education and age play significant roles in enhancing financial literacy. The linear regression findings also supported the idea that income acts as a positive moderator, augmenting the impact of financial literacy on financial inclusion. The study attempted to disaggregate its financial literacy components to understand their impact on financial inclusion, but its interrelationships also require …
Jpmorgan Chase London Whale A: Risky Business,
Yale University
Jpmorgan Chase London Whale A: Risky Business, Andrew Metrick, Arwin Zeissler, Daisuke Ikeda
Journal of Financial Crises
In December 2011, the Chief Executive Officer and Chief Financial Officer of JPMorgan Chase (JPM) instructed the bank’s Chief Investment Office to reduce the size of its Synthetic Credit Portfolio (SCP) during 2012, so that JPM could decrease its RiskWeighted Assets as the bank prepared to adopt the impending Basel III bank capital regulations. However, the SCP traders were also told to minimize the trading costs incurred to reduce Risk-Weighted Assets, while still maintaining the opportunity to profit from unexpected corporate bankruptcies. In an attempt to balance these competing objectives, head SCP derivatives trader Bruno Iksil suggested in January 2012 …
Utah State University
The Expected Value Of An Advantage Blackjack Player
All Graduate Plan B and other Reports
The following paper takes an in-depth look at the gambling game Blackjack, also known as Twenty-One, and asks the question: If the game is beatable, how much can one expect to win playing Blackjack? This paper starts by explaining how the game is played and continues by telling of how Thorpe (1962) discovered that the game can be beaten. It then goes into detail of how the game has changed over the past 50 years and what it takes to beat the game today. To find the expected value of a winning strategy, I create a computer program to run …
The Lehman Brothers Bankruptcy A: Overview,
Yale University
The Lehman Brothers Bankruptcy A: Overview, Andrew Metrick, Thomas Piontek, Rosalind Wiggins
Journal of Financial Crises
On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just as these …
United States: First Republic Bank Emergency Liquidity Program, 2023,
Yale University
United States: First Republic Bank Emergency Liquidity Program, 2023, Steven Kelly, Salil Gupta, Jack French
Journal of Financial Crises
First Republic Bank, a California-based institution with $212.6 billion in assets, lost $25 billion in deposits on Friday, March 10, 2023, following the closing of Silicon Valley Bank that morning. On Sunday, March 12, First Republic announced that it had access to $70 billion in unused liquidity owing to its borrowing capacity at the Federal Reserve, the Federal Home Loan Bank System, and JPMorgan Chase (JPMC). But First Republic’s depositors withdrew a further $40 billion of deposits on Monday, March 13. First Republic’s borrowings from the Federal Reserve rose as high as $109 billion between Friday, March 10, and Wednesday, …
Overnight Returns, Daytime Reversals, And Future Stock Returns,
Singapore Management University
Overnight Returns, Daytime Reversals, And Future Stock Returns, Ekkehart Boehmer
Research Collection Lee Kong Chian School Of Business
A higher frequency of positive overnight returns followed by negative trading day reversals during a month suggests a more intense daily tug of war between opposing investor clienteles, who are likely composed of noise traders overnight and arbitrageurs during the day. We show that a more intense daily tug of war predicts higher future returns in the cross section. Additional tests support the conclusion that, in a more intense tug of war, daytime arbitrageurs are more likely to discount the possibility that positive news arrives overnight and thus overcorrect the persistent upward overnight price pressure.
Estimation Of Monthly Volatility: An Empirical Comparison Of Realized Volatility, Garch And Acd-Icv Methods,
Singapore Management University
Estimation Of Monthly Volatility: An Empirical Comparison Of Realized Volatility, Garch And Acd-Icv Methods, Shouwei Liu, Yiu Kuen Tse
Research Collection School Of Economics
We apply the ACD-ICV method proposed by Tse and Yang (2011) for the estimation of intraday volatility to estimate monthly volatility, and empirically compare this method against the realized volatility (RV) and generalized autoregressive conditional heteroskedasticity (GARCH) methods. Our Monte Carlo results show that the ACD-ICV method performs well against the other two methods. Evidence on the Chicago Board Options Exchange volatility index (VIX) shows that it predicts the ACD-ICV volatility estimates better than it predicts the RV estimates. While the RV method is popular for the estimation of monthly volatility, its performance is inferior to the GARCH method.
Intraday Information From S&P 500 Index Futures Options,
Singapore Management University
Intraday Information From S&P 500 Index Futures Options, Kian Guan Lim, Kian Leong Nelson Yap, Kian Guan Lim
Research Collection Lee Kong Chian School Of Business
In this paper we employ intraday transaction prices of liquid E-mini S&P 500 index futuresoptions to form 10-minutes ahead risk-neutral skewness forecasts and show profitable optionstrading strategy net of transaction costs. We do not find profitable trading based on 10-minutesahead risk-neutral volatility and only very marginal cases of profitable trading using kurtosisforecasts. The skewness profitability anomaly may be an indication of informational marketinefficiency in intraday S&P 500 futures options markets, which is contrary to findings usinglonger-span daily and weekly moments. Our results lend credence to the persistence of intradaytrading activities in the markets.
Time-Series Momentum: Is It There?,
Singapore Management University
Time-Series Momentum: Is It There?, Dashan Huang, Liyao Wang, Jiangyuan Li
Research Collection Lee Kong Chian School Of Business
Time-series momentum (TSM) refers to the predictability of the past 12-month return on the next one-month return, and is the focus of several recent influential studies. This paper shows, however, that asset-by-asset time-series regressions reveal little evidence of TSM, both in- and out-of-sample. While the t-statistic in a pooled regression appears large, it is not statistically reliable as it is less than the critical values of parametric and non-parametric bootstraps. From an investment perspective, the TSM strategy is profitable, but its performance is virtually the same as that of a similar strategy that is based on historical sample mean and …
Sustainable Cash Flow Management Strategies For Small To Medium-Sized Service Businesses,
Walden University
Sustainable Cash Flow Management Strategies For Small To Medium-Sized Service Businesses, Melody Gray
Walden Dissertations and Doctoral Studies
Nearly 50% of small to medium-sized enterprises (SMEs) fail within five years, resulting in financial losses for business owners and reduced employment opportunities. Entrepreneurs care about this issue because poor cash flow management is a major contributor to business failure, threatening economic growth and job stability. Grounded in working capital management, the purpose of this qualitative, multiple case study is to explore successful cash flow management strategies for service industry SME owners to sustain free cash flow beyond 5 years. The study included four SME owner participants in the Dallas/Fort Worth metroplex who successfully started and sustained the business beyond …
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