Massachusetts And The Financial Crisis, 2012 University of Massachusetts Boston
Massachusetts And The Financial Crisis, College Of Management, University Of Massachusetts Boston
Financial Services Forum Publications
Although Massachusetts suffered the consequences of the crisis along with the rest of the US economy, the state weathered the storm relatively well. Now, with the impact of the policies still playing out, there are encouraging signs of recovery which may provide much needed relief for all.
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, 2012 The Brattle Group
A Comparison Of Anti-Manipulation Rules In U.S. And Eu Electricity And Natural Gas Markets: A Proposal For A Common Standard, Shaun D. Ledgerwood, Dan Harris
Shaun D. Ledgerwood
In this paper, we describe the development and current status of anti-manipulation rules as they apply to wholesale electricity and natural gas markets in the United States and the European Union, including the institutions that are responsible for overseeing these rules. We then compare and contrast these jurisdictions to discuss similarities, differences, and potential gaps in coverage within and across their internal markets. We note that while the behavior prohibited by the U.S. and EU statutes is remarkably similar, there is in fact no common standard for defining market manipulation. The absence of a common EU/U.S. framework for examining manipulative …
Why Do U.S. Securities Laws Matter To Non-U.S. Firms? Evidence From Private Class-Action Lawsuits, 2012 Southern Methodist University
Why Do U.S. Securities Laws Matter To Non-U.S. Firms? Evidence From Private Class-Action Lawsuits, Amar Gande, Darius P. Miller
Amar Gande
A continuing controversy is whether U.S. securities laws are enforced against foreign firms, since public enforcement actions by the SEC are infrequent and often result in insignificant penalties. We examine private enforcement actions of U.S. securities laws and find that 269 securities class-action lawsuits were filed against foreign firms from 1996 to 2008. We document the severity of the penalties imposed on foreign firms and show that while firms paid a total of $9 billion to settle lawsuits brought against them, the monetary penalties levied by the market are even larger. During the three-day period surrounding the lawsuit filing date, …
How One Trade Could Change The World: High Frequency Trading And The Flash Crash Of 2010, 2012 Bryant University
How One Trade Could Change The World: High Frequency Trading And The Flash Crash Of 2010, Sarah Perlman
Honors Projects in Finance
Financial markets are controlled directly by a small population of people, but have direct effects on almost every aspect of the global community. Financial markets are now flooded with computerized algorithms that have drastically changed the face of trading. As with any advances in technology, there are always unforeseen events that create new challenges, and adjustments that need to be made. In our increasingly global and technological world, one wrong click of the mouse in New York could affect the stock markets in London, Tokyo, and Brazil. On May 6th, 2010, such a situation occurred and caused the Dow Jones …
Mexico Consensus Economic Forecast, Volume 15, Number 2, 2012 University of Texas at El Paso
Mexico Consensus Economic Forecast, Volume 15, Number 2, Thomas M. Fullerton Jr., Adam G. Walke
Departmental Papers (E & F)
No abstract provided.
The Effect Of Bank Activity Restriction On Life Insurers’ Efficiency: Evidence From European Markets, 2012 Georgia Southern University
The Effect Of Bank Activity Restriction On Life Insurers’ Efficiency: Evidence From European Markets, Rongrong Zhang
Finance and Economics Faculty Publications
This paper examines the relation between bank entry restrictions into insurance operations and life insurers’ operating efficiency for a sample of 21 European countries over 1995-2003. Controlling for insurance market penetration, insurance risk retention, legal environment, and the economic development of the hosting country, we document that insurers operate more efficiently in markets with lower bank entry restrictions. Our results suggest that financial deregulation has positive spill-over effect, supporting the deregulation efforts in the global financial markets.
What Determines Public Pension Investment Risk-Taking Policy, 2012 University of Dayton
What Determines Public Pension Investment Risk-Taking Policy, Nancy Mohan, Ting Zhang
Economics and Finance Faculty Publications
State public pension plans, mostly defined benefit plans, cover pension benefits for 12.8 million active public employees and 5.9 million retirees and other annuitants. However, by the end of 2009, public pension plans had accumulated a total funding deficit of $697 billion (measured by the difference between actuarial pension assets and liabilities). On average, public pension funds cover 75 percent of their liabilities, but individual state results vary greatly.
The 2008 stock market crash strongly affected pension asset value in that equity allocation on average accounted for 56 percent of invested assets. The average 2009 pension asset beta of 0.63 …
Foreclosing Foreclosure: Escaping The Yawning Abyss Of The Deep Mortgage And Housing Crisis, 2012 Northwestern Pritzker School of Law
Foreclosing Foreclosure: Escaping The Yawning Abyss Of The Deep Mortgage And Housing Crisis, Aleatra P. Williams
Northwestern Journal of Law & Social Policy
In 2007, Rick Sharga, vice president of marketing at RealtyTrac, stated that with more stringent lending and underwriting standards, “we will likely see a significant foreclosure decrease” within the next three years. However, a sustained and considerable decrease in foreclosures has yet to occur. In fact, the real estate market downfall and resulting mortgage and housing crisis have proven to be wider, deeper, and more serious than first anticipated. Since 2007, millions of homeowners faced, and continue to face, foreclosure proceedings. To provide protections for homeowners, federal and state actors have attempted regulatory and legislative solutions to stem the foreclosure …
Hard, Soft, And Embedded: Implementing Principles On Promoting Responsible Sovereign Lending And Borrowing, 2012 Georgetown University Law Center
Hard, Soft, And Embedded: Implementing Principles On Promoting Responsible Sovereign Lending And Borrowing, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
This paper, prepared for UNCTAD’s initiative on responsible sovereign lending and borrowing, considers concrete strategies for implementing the Principles. It draws on studies in soft law and new governance, and on the recent experience in promoting best practices in international finance, including project finance, extraction revenue management, foreign aid, sovereign investment, and sovereign borrowing in the capital markets. It recommends maintaining the current non-binding character of the Principles, while embedding implementation in multi-stakeholder arrangements for ongoing disclosure, assessment, interpretation, and adaptation. This strategy has the best chance of changing behavior in sovereign lending and borrowing by creating constituencies for implementation …
El Microcrédito Como Herramienta Para Promover La Autonomía Económica Y El Empoderamiento Social En Mujeres De Bajos Recursos En El Conurbano Norte: El Caso De “Mujeres 2000” / Microcredits As A Tool To Promote Economic Autonomy And Social Empowerment In Women With Few Resources In The Northern Metropolitan Area: The Case Of “Mujeres 2000”, Stephanie Allen
Independent Study Project (ISP) Collection
In recent years, Argentina has been faced with many economic downfalls, specifically the economic crisis of 2001. These economic hardships led to higher rates of poverty and unemployment throughout the country. The populations most affected but such harsh economic downturns were the already vulnerable; one of which being women. Many women in Argentina and throughout Latin America occupy a lower position in society and often bear most of the burden of poverty and unemployment.
As a response to the isolation of some groups from the formal economic system, the idea of microfinance took shape. Presently in Argentina there exist over …
Fair Value Accounting: How Bad Decisions Bring Blame To Beneficial Accounting Procedures, 2012 Liberty University
Fair Value Accounting: How Bad Decisions Bring Blame To Beneficial Accounting Procedures, Thomas John Ciulla
Senior Honors Theses
The Great Recession has sparked a debate amongst accounting professionals and economic analysts. There has been a concerted effort to blame fair value accounting and FAS 157 as the recession’s root cause and an attempt to challenge FASB to return to the historic cost principle. This paper examines the guidelines and procedures for mark to market as established by FASB, observes the events leading up to the recession, conditions that materialized at the start of the recession, evaluates the role fair value played in the financial crisis, and considers how fair value should be used in the future.
Fund My Trip: Is Outmigration Changing The Functioning Of Microfinance In Rural Areas?, 2012 SIT Study Abroad
Fund My Trip: Is Outmigration Changing The Functioning Of Microfinance In Rural Areas?, Vadim A. Berg
Independent Study Project (ISP) Collection
Remittances have been integral to Nepal’s economy since the 19th century, and they have never been as crucial to the nation’s income as today, accounting for about a quarter of GDP. Microfinance first appeared in Nepal in the 1950s under the form of agricultural cooperatives, and today both saving and credit cooperatives and formal microfinance banks play an important role in giving rural populations access to financial institutions. Increasingly, both these two flows have begun to interact, and this research aims to shed light on these microfinance foreign employment loans. Is microcredit making migration a more affordable and viable …
Government Influence And The Failure Of Fannie Mae And Freddie Mac, 2012 Bucknell University
Government Influence And The Failure Of Fannie Mae And Freddie Mac, Aravind Mohan
Honors Theses
In 2008 two government-sponsored enterprises, Fannie Mae and Freddie Mac, were placed into conservatorship due to insolvency. The financial bailout of the two publically traded corporations came at the expense of the American tax payer. This study investigates the relationship between direct and indirect government influence and the increasing risk taking of Fannie Mae and Freddie Mac from the late 1990’s through their conservatorship in 2008. As government-sponsored enterprises Fannie Mae and Freddie Mac have many special advantages that other publically traded companies did not possess. These advantages allowed Fannie Mae and Freddie Mac to increase their profitability. Theoretical literature …
Investing In Hedge Funds: Risks, Returns And Performance, 2012 Singapore Management University
Investing In Hedge Funds: Risks, Returns And Performance, Francis Koh, Winston T. H. Koh, David K. C. Lee, K. F. Phoon
Francis Koh
No abstract provided.
Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), 2012 Benson Idahosa University, Benin
Estimation Of Interest Elasticity Model For Aggregate Commercial Bank Deposits In Nigeria (1986-2008), Matthew .I. Eborieme, Edwin. M. Egboro
Economic and Financial Review
The Nigerian government deregulated the financial market in 1987 in line with the McKinnon-Shaw financial liberalization paradigm. However, the subsequent policy reversal after the introduction of the structural adjustment programme has made the effect of interest rate on aggregate commercial bank deposits (CBD) mobilized unclear. This study is based on the pioneering work of Egboro (2004) who initially examined the appropriateness of these policy summersaults with data ending in 1999. However, in this present study we re-estimated an interest elasticity model of commercial bank deposits in Nigeria by employing more recent data that captured subsequent changes in the nation’s financial …
Markowitz 2.0: Innovations For Asset Allocation, 2012 Singapore Management University
Markowitz 2.0: Innovations For Asset Allocation, Singapore Management University
Perspectives@SMU
The economic wreckage from the 2008 global financial crisis dealt a blow to the theoretical foundations of finance and economic. Many of these theories, such as Markowitz’s Modern Portfolio Theory (MPT), were considered received wisdom and taught in practically all business schools. But now they appeared inadequate to the task of handling the “fat-tails” and “black swans” of extreme market events. These crashes were also occurring far more often than predicted by these theories.
Securities Market Theory: Possession, Repo And Rehypothecation, 2012 Universidad Carlos III de Madrid
Securities Market Theory: Possession, Repo And Rehypothecation, Jean-Marc Bottazzi, Jaime Luque, Mario Pascoa
Jaime P. Luque
Essays On Financial Return And Volatility Modeling, 2012 The University of Western Ontario
Essays On Financial Return And Volatility Modeling, Jing Wu
Electronic Thesis and Dissertation Repository
My dissertation consists of three essays focusing on modeling financial asset return and volatility.
The first essay proposes a threshold GARCH model to describe the regime-switching in volatility dynamics of financial asset returns. In the threshold model the switching of regimes is triggered by an observable variable, while volatility follows a GARCH process within each regime. We establish theoretical conditions, which ensure that the return process in the threshold model is strictly stationary, as well as conditions for the existence of finite variance and fourth moment. A simulation study is further conducted to examine the finite sample properties of the …
The History And Rationale For A Separate Bank Resolution Process, 2012 University of Akron
The History And Rationale For A Separate Bank Resolution Process, Thomas Fitzpatrick, Moira Kearney-Marks, James Thomson
James B Thomson
Everyone recognizes the need to have a credible resolution regime in place for fi nancial companies whose failure could harm the entire financial system, but people disagree about which regime is best. The emergence of the parallel banking system has led policymakers to reconsider the dividing line between fi rms that should be resolved in bankruptcy and firms that should be subject to a special resolution regime. A look at the history of insolvency resolution in this country suggests that a blended approach is worth considering. Activities that have potential systemic impact might be best handled administratively, while all other …
Economic Impact Of Legalizing Retail Alcohol Sales In Benton County, 2012 University of Arkansas, Fayetteville
Economic Impact Of Legalizing Retail Alcohol Sales In Benton County, Katherine A. Deck, Viktoria Riiman
Publications and Presentations
Converting from a dry county to a wet county would have a number of tangible and intangible economic benefits for Benton County. Legal retail alcohol sales are a signal of a contemporary economic development environment. Quantifying the value of that perception is quite difficult, but it is entirely possible to estimate sales effects and tax implications of becoming a wet county for the residents of Benton County. A study was conducted by the Center for Business and Economic Research to assess the magnitude of those economic effects. Data from 2010 were used because of completeness, but the sizes of the …