The Puzzle Of Pdvsa Bond Prices,
2017
Duke Law School
The Puzzle Of Pdvsa Bond Prices, Paolo Colla, Anna Gelpern, Mitu Gulati
Faculty Scholarship
Market reports in the summer of 2016 suggest that Venezuela is on the brink of default on upwards of $65 billion in debt. That debt comprises of bonds issued directly by the sovereign and those issued by the state-owned oil company PDVSA. Based on the bond contracts and other legal factors, it is not clear which of these two categories of bonds would fare better in the event of a restructuring. However, market observers are convinced — and we agree — that legal and contractual differences would likely impact the payouts on the bonds if Venezuela defaults. Using a comparison …
Variation In Boilerplate: Rational Design Or Random Mutation?,
2017
Duke Law School
Variation In Boilerplate: Rational Design Or Random Mutation?, Stephen J. Choi, Mitu Gulati, Robert E. Scott
Faculty Scholarship
Standard contract doctrine presumes that sophisticated parties choose their terminology carefully because they want courts or counterparts to understand what they intended. The implication of this “Rational Design” model of rational behavior is that courts should pay careful attention to the precise phrasing of contracts. Using a study of the sovereign bond market, we examine the Rational Design model as applied to standard-form contracting. In NML v. Argentina, federal courts in New York attached importance to the precise phrasing of the boilerplate contracts at issue. The industry promptly condemned the decision for a supposedly erroneous interpretation of a variant of …
Determinants Of Inward Foreign Direct Investment From China, South Korea And Japan And Its Contribution To Economic Growth In Cambodia,
2017
Faculty of Economics
Determinants Of Inward Foreign Direct Investment From China, South Korea And Japan And Its Contribution To Economic Growth In Cambodia, Puthi Phan Kan
Chulalongkorn University Theses and Dissertations (Chula ETD)
Foreign direct investment (FDI) has increased globally since the late 1980s. It increased rapidly in Cambodia in the past two decades. This paper aims to examine the determinants of inward FDI from China, South Korea and Japan and its contribution to economic growth in Cambodia during 1994-2014, using both time series analysis by country and the panel data analysis. The results on the determinants of FDI show that real GDP, bilateral trade between the countries, exchange rate, inflation rate, and relative labor productivity are statistically significant and have positive impact on inward FDI flows into Cambodia, and inward FDI from …
Accelerating Financial Inclusion Through Non-Cash Assistance: Exploring Factor Affecting Beneficiaries Perception,
2016
Universitas Indonesia.
Accelerating Financial Inclusion Through Non-Cash Assistance: Exploring Factor Affecting Beneficiaries Perception, Sartika Djamaluddin
Economics and Finance in Indonesia
Distribution of social assistance through a non-cash system is a new government breakthrough to increase transfer effectiveness and promote financial inclusion. After the pilot project in 2014, the recent study found that there is a number of beneficiaries who feel the non-cash system is difficult. Therefore they use non-cash facilities to get the transfer only and do not want to use for other financial services. This fact could become an obstacle to financial inclusion. This study aims to investigate what factors influence beneficiaries perception to use non-cash system. We conducted a survey of 139 non-cash beneficiaries in Kabupaten Cirebon, West …
Export Stimuli, Export Stages And Internationalization Pathways: The Case Of Indonesian Smes,
2016
Faculty of Agribusiness and Commerce, Lincoln University, New Zealand & Institute for Economic and Social Research, Faculty of Economics and Business, University of Indonesia (LPEM- FEBUI)
Export Stimuli, Export Stages And Internationalization Pathways: The Case Of Indonesian Smes, Mohamad D. Revindo
Economics and Finance in Indonesia
Small and Medium-sized Enterprises (SMEs) in developing countries are still constrained to seize the opportunity of trade liberalization as compared to their large counterparts. It has been argued that effective efforts to foster SME export require clear understanding of the factors that stimulate them to export. This study investigates the export stimuli of 385 Indonesian SMEs at different export stages (pre-exporting and exporting) and different internationalization pathways (domestically established exporter and born-global SMEs). Three types of export stimuli are consistently identified as the most important in all sub-samples: the presence of foreign buyers, the confidence in the products and the …
How Congested Jakarta Is? Perception Of Jakarta’S Citizen On Traffic Congestion,
2016
Visiting Fellow, The Australian National University
How Congested Jakarta Is? Perception Of Jakarta’S Citizen On Traffic Congestion, Muhammad Halley Yudhistira
Economics and Finance in Indonesia
This paper aims to reveal the behavior and perception of Jakarta's citizens on traffic congestion in Jakarta. Although this approach is somewhat well-developed in behavioral science, its utilization in urban economics study, is still limited. Detecting the traffic congestion and its cause mainly relies on physical (engineering) methods, i.e V/C ratio. Here, we define the traffic congestion through two variables; ordinal traffic congestion perception and proportion of expected travel time to perceived travel time. Using a non-probabilistic sampling survey held in one of densest business district in Jakarta called Sudirman-Thamrin Golden Triangle Area; the estimation results show that travel behavior …
Child Labour In Indonesia: Supply-Side Determinants,
2016
Faculty of Economics and Business, University Malaysia of Sarawak.
Child Labour In Indonesia: Supply-Side Determinants, Dayang Haszelinna Binti Abang Ali, G. Reza Arabsheibani
Economics and Finance in Indonesia
This study analyses the determinants of working among 10-17 years children and to investigate the presence of Luxury Axiom. Child tends to work as they gets older, has biological ties to the household head and lives in a rural area. The higher levels of household heads education lead to the childrens been less likely to work. With regard to the Luxury Axiom, household income is negatively impact the work decision. Birth order is positively related to working and the probability of working decreases by the presence of employed adult. Finally, the impact of the childs activities varies by provinces.
Local Government Forestry Expenditure And Forest Land Cover: A Preliminary Lesson From Decentralized Indonesia,
2016
Brawijaya University
Local Government Forestry Expenditure And Forest Land Cover: A Preliminary Lesson From Decentralized Indonesia, Firda Hidayati
Economics and Finance in Indonesia
Even though government of Indonesia invests billions of rupiah to tackle deforestation, its effectiveness has been questionable. This study analyses changes in rates of forest cover in Indonesia and their association with forestry expenditures (FE) spent by the provincial governments. Based on 2007 to 2010 data, linear multiple regression results indicate that FE is not enough to tackle the negative change in forest land cover that could represent deforestation. Moreover, it was found that FE have negative association with forest land cover and therefore, can be associated to deforestation. This negative association remains when other factors that affect forest land …
Financial Crisis, Inclusion And Economic Development In The Us And Oic Countries,
2016
University of New Orleans
Financial Crisis, Inclusion And Economic Development In The Us And Oic Countries, Shadiya T. Hossain
LSU New Orleans Theses and Dissertations
The following dissertation contains two distinct empirical essays which contribute to the overall field of Financial Economics. Chapter 1, entitled “Financial Inclusion and Economic Development in OIC Member Countries,” examines whether the presence of Islamic finance promotes development and alleviates poverty. To do so, we estimate the influence of financial inclusion variables on development and poverty variables for OIC countries. Using data from the World Bank, we use dynamic panel analysis using methodology similar to Beck et al (2000) to study the effects of financial inclusion on economic development and use simple cross-sectional analysis similar to Beck et al (2004) …
The Impact Of Exports To China On Latin American Growth,
2016
The University of Texas Rio Grande Valley
The Impact Of Exports To China On Latin American Growth, Andre C. Vianna
Economics and Finance Faculty Publications
This article analyzes the relationship between GDP growth in seven major Latin American countries and China’s demand for their exports. GLS panel estimation using annual data for the period 1994-2013 shows that the relationship was both statistically and economically significant. Control variables found to be significant in positively affecting GDP growth include the investment-to-output ratio, the exchange rate, and the terms of trade, and, in negatively affecting it, population growth and the unemployment rate. Consistent with recent literature, foreign direct investment was found not to be significant. A sharp drop in exports to China for many of the countries in …
All In The Family: Economies Of Scale In Retail And Institutional Investment Management,
2016
Singapore Management University
All In The Family: Economies Of Scale In Retail And Institutional Investment Management, Darwin Choi, Xi Li, Tong Yao, Zhe Zhang
Research Collection Lee Kong Chian School Of Business
This paper examines the (dis)economies of scale related to the joint management of retail mutual funds and institutional funds (i.e., investment portfolios catering to institutional clients). Similar to well-known observations for mutual funds, the performance of institutional funds is negatively related to fund size but positively related to fund family size, suggesting diseconomies of scale at individual fund level and economies of scale at fund family level. More importantly, there is spillover of the family size effect -- the performance of mutual funds (institutional funds) is positively related to the total institutional assets (mutual fund assets) managed by the same …
Short Selling Meets Hedge Fund 13f: An Anatomy Of Informed Demand,
2016
Singapore Management University
Short Selling Meets Hedge Fund 13f: An Anatomy Of Informed Demand, Yawen Jiao, Massimo Massa, Hong Zhang
Research Collection Lee Kong Chian School Of Business
The existing literature treats the short side (i.e., short selling) and the long side of hedge fund trading (i.e., fund holdings) independently. The two sides, however, complement each other: opposite changes in the two are likely to be driven by information, whereas simultaneous increases (decreases) of the two may be motivated by hedging (unwinding) considerations. We use this intuition to identify informed demand and document that it exhibits highly significant predictive power over returns (approximately 10% per year). We also find that informed demand forecasts future firm fundamentals, suggesting that hedge funds play an important role in information discovery. (C) …
The Effect Of Monetary Policy On Bank Wholesale Funding,
2016
Singapore Management University
The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi
Research Collection Lee Kong Chian School Of Business
We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the retail deposit supply due to, for example, a decrease in bank reserves or in money demand, banks try to substitute the deposit outflows with more wholesale funding in order to mitigate the policy impact on their lending. Banks have varying degrees of accessibility to wholesale funding sources because of financial frictions, and those banks that are large or that have a greater reliance on wholesale funding increase their wholesale funding more. As a result, monetary tightening increases both the reliance on and …
A New Method For Helping Chinese People Who Are Facing Retirement To Exert Greater Control Over Their Financial Resources,
2016
Syracuse University
A New Method For Helping Chinese People Who Are Facing Retirement To Exert Greater Control Over Their Financial Resources, Xuanmu Yan
Dissertations - ALL
In China, personal financial advisers are not common. Chinese people who are facing retirement have a difficult time to plan for their retirement. This causes a very serious problem in China: many older Chinese do not have enough money in retirement. Therefore, my goal is to help Chinese people that are facing retirement without a detailed financial plan. In order to do so, I’ve conducted research to understand the long-term goals of those Chinese people. As a qualitative research approach, I've created three probes to explore the problems they are facing and the reasons why existing solutions do not work …
The Effect Of Monetary Policy On Bank Wholesale Funding,
2016
Singapore Management University
The Effect Of Monetary Policy On Bank Wholesale Funding, Hyunsoo Choi, Hyun Soo Choi
Research Collection Lee Kong Chian School Of Business
We study how monetary policy affects the funding composition of the banking sector. When monetary tightening reduces the retail deposit supply due to, for example, a decrease in bank reserves or in money demand, banks try to substitute the deposit outflows with more wholesale funding in order to mitigate the policy impact on their lending. Banks have varying degrees of accessibility to wholesale funding sources because of financial frictions, and those banks that are large or that have a greater reliance on wholesale funding increase their wholesale funding more. As a result, monetary tightening increases both the reliance on and …
Misaligned Interests In Private Equity,
2016
Brigham Young University Law School
Misaligned Interests In Private Equity, Jarrod Shobe
BYU Law Review
This Article examines the unique set of agency costs that arise from the separation of ownership and control in private equity funds. These funds operate without significant regulatory or legislative oversight. Instead, they are governed primarily by contractual arrangements between investors and managers that are poorly understood by legal scholars. This Article looks into the black box of these internal arrangements to provide a broad analysis of whether and how these contracts align or misalign the interests of investors and managers. It turns out that the compensation of managers, which is commonly thought to serve as the most powerful tool …
The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation,
2016
University of Georgia
The Nominalistic Principle: A Legal Approach To Inflation, Deflation, Devaluation And Revaluation, Alain H. Sheer
Georgia Journal of International & Comparative Law
No abstract provided.
Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976),
2016
University of Georgia School of Law
Taxation – Selection Of Exchange Rate For Translation Purposes -- Where Multiple Exchange Rates Exist For A Foreign Currency And The Underlying Transaction Is Financial In Nature, The Proper Rate For Translation Components Of Taxable Income Is The "Free" Market Rate (Durovic V. Commissioner Of Internal Revenue, 7th Cir. 1976), Tim J. Floyd
Georgia Journal of International & Comparative Law
No abstract provided.
Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools,
2016
Senior Advisor and Emeritus Director, USEPA Region 1 Environmental Finance Center at the University of Southern Maine
Climate Adaptation Finance Mechanisms: New Frontiers For Familiar Tools, Jack D. Kartez Ph.D., Samuel B. Merrill Ph.D.
Journal of Ocean and Coastal Economics
Demands for mechanisms to pay for adaptation to climate risks have multiplied rapidly as concern has shifted from greenhouse gas mitigation alone to also coping with the now-inevitable impacts. A number of viable approaches to how to pay for those adjustments to roads, drainage systems, lifeline utilities and other basic infrastructure are emerging, though untested at the scale required across the nation, which already has a trillion-dollar deferred maintenance and replacement problem. There are growing efforts to find new ways to harness private financial resources via new market arrangements to meet needs that clearly outstrip public resources alone, as well …
The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda,
2016
Middlebury Institute of International Studies at Monterey
The Economics Of Adaptation To Climate Change In Coasts And Oceans: Literature Review, Policy Implications And Research Agenda, Charles S. Colgan
Journal of Ocean and Coastal Economics
Sea level rise and other effects of climate change on oceans and coasts around the world are major reasons to halt the emissions of greenhouse gases to the maximum extent. But historical emissions and sea level rise have already begun so steps to adapt to a world where shorelines, coastal populations, and economies could be dramatically altered are now essential. This presents significant economic challenges in four areas. (1) Large expenditures for adaptation steps may be required but the extent of sea level rise and thus the expenditures are unknowable at this point. Traditional methods for comparing benefits and costs …
