Finance Commons^™

Wall Street And The Housing Bubble, Ing-Haw Cheng, Sahil Raina, Wei Xiong

Dartmouth Scholarship

We analyze whether mid-level managers in securitized finance were aware of a large-scale housing bubble and a looming crisis in 2004-2006 using their personal home transaction data. We find that the average person in our sample neither timed the market nor were cautious in their home transactions, and did not exhibit awareness of problems in overall housing markets. Certain groups of securitization agents were particularly aggressive in increasing their exposure to housing during this period, suggesting the need to expand the incentives-based view of the crisis to incorporate a role for beliefs.

Borrower Targeting Under Microfinance: Competition With Motivated Microfinance Institutions And Strategic Complementarity, Brishti Guha, Prabal Roy Chowdhury

Research Collection School Of Economics

We examine how increased competition among motivated microfinance institutions (MFIs) impacts the poorest borrowers’ access to microfinance. We find that competition depends on inequality, technology, and the possibility of double-dipping (borrowing from several sources). Without competition, even a motivated MFI may lend to the not-so-poor in preference to poor borrowers. If double-dipping is feasible, competition may encourage lending to the poor. The presence of double-dipping is critical for MFI competition to have a positive effect. When double-dipping is feasible, MFI coordination may worsen borrower targeting whenever inequality is intermediate. We discuss policy implications dealing with double-dipping, MFI coordination, and competition.

Intraday Periodicity Adjustments Of Transaction Duration And Their Effects On High-Frequency Volatility Estimation, Yiu Kuen Tse, Yingjie Dong

Research Collection School Of Economics

We study two methods of adjusting for intraday periodicity of high-frequency financial data: the well-known Duration Adjustment (DA) method and the recently proposed Time Transformation (TT) method (Wu (2012)). We examine the effects of these adjustments on the estimation of intraday volatility using the Autoregressive Conditional Duration-Integrated Conditional Variance (ACD-ICV) method of Tse and Yang (2012). We find that daily volatility estimates are not sensitive to intraday periodicity adjustment. However, intraday volatility is found to have a weaker U-shaped volatility smile and a biased trough if intraday periodicity adjustment is not applied. In addition, adjustment taking account of trades with …

Exchange Rates And Export Structure, Wen-Tai Hsu, Yi Lu, Yingke Zhou

Research Collection School Of Economics

This paper studies whether changes in the exchange rate affect a country’s export structure, using an arguably exogenous sudden appreciation of renminbi on July 21, 2005 as the main source of identification. Employing combined regression discontinuity and difference-in-differences approach, we show that China’s export structure became more similar to that of the developed countries after the currency appreciation. We also find that the majority of the appreciation effect comes from the inter-firm resource reallocation rather than the inter-region or intra-firm resource reallocation.

Exploring Determinants And Effects Of Foreign Direct Investment: The Case Of Sub-Saharan Africa, Joan O. W. Kiiru

Graduate Masters Theses

Foreign Direct Investment (FDI) is among the most dynamic international resource flows to developing countries. FDI's is usually a mix of investments in both tangible and intangible assets and firms that deploy such assets are often important players in the global economy. Many argue that FDI can be expected to facilitate the transfer of new technology, help improve workers' skills and welfare in recipient countries. Others argue that FDI is focused primarily on resource extraction and may have little broad contribution to recipient economy. But what are the determinants of FDI? What is the role of resource prices, macroeconomic and …

Research In Credit Risk Of Shipping Enterprises Based On The Kmv Model, Yannan Wu

World Maritime University Dissertations

No abstract provided.

Study On The Development Path Of Freight Derivatives In Shanghai Shipping Finance, Yijie Ye

World Maritime University Dissertations

No abstract provided.

Study On Volatility Of China Containerized Freight Index Based On Garch Family Model, Chen Yuan

World Maritime University Dissertations

No abstract provided.

Research On China Newbuilding Price Index And Its Derivatives, Yangyang Zhang

World Maritime University Dissertations

No abstract provided.

Research On Price Fluctuation And Investment Efficiency Of Newbuilding Dry Bulk Carrier, Xinshu Zhou

World Maritime University Dissertations

No abstract provided.

The Sino-Hellenic Relations In The Shipping Industry With Focus On The Shipbuilding Cooperation, Irini Theano Zisimopoulos

World Maritime University Dissertations

No abstract provided.

The Role Of The International Monetary Funds (Imf) In The East Asian Debt Crisis Of 1997, Yaro Sadek Tahirou

Journal of Undergraduate Research at Minnesota State University, Mankato

During the East Asian Financial crisis in particular, the IMF has been criticized of promoting international cooperation because of the supervised enforcement of its rules. The purpose of this research is to find out how the IMF responded to the East Asian debt crisis and whether or not its responses were the best possible responses to this crisis. Through my research, I talked about the causes of the East Asian financial crisis, the role of the IMF in the international monetary system, and if the IMF responses to Thailand, South Korea and Indonesia were the best responses or not. After …

The Tax Treatment Of Mixed Personal And Rental Use Of Real Estate, Natsua Asai

Journal of Undergraduate Research at Minnesota State University, Mankato

In 2010, individual taxes provided almost half (43.35 %) of the U.S. Federal Revenue. Every U.S. citizen has an obligation to pay tax in order to support their government; however, they also have the right to keep tax as low as possible by effective tax planning (Smith, Harmelink, & Hasselback, 2012). Tax planning is a proper arrangement of transactions or affairs in order to reduce tax liability. Tax planning can become complex if the transaction involves multiple areas of tax law. I am going to discuss an aspect of real estate that involves multiple concepts and rules governing tax compliance: …

Debtor's Empowerment: Muhammad Yunus And The Rhetoric Of Microfinance, Kaleb W. Brooks

Electronic Theses and Dissertations

This thesis analyzes the rhetoric of Muhammad Yunus as an articulation of a new governing logic, one that reconstitutes the concept of poverty and binds the poor to the apparatus of global capitalism through a new logic of micro-enterprise. Working within a Foucauldian critical framework informed by the rhetorical scholarship of Ronald W. Greene and Joshua Hanan, the argument proceeds by first paying careful attention to Yunus' work as constitutive of a new grid of intelligibility through which to view the poor and then demonstrating the application of this reformed discourse on "creditworthiness" in articulating a novel regime of commensuration. …

Utilization Of Savings And Credit By Household Characteristics In Uganda And The Implications For Linkage Banking Programs, Kathryn Oswald

All Theses

The objectives of this thesis are to 1) estimate the overall distributions of household characteristics, 2) estimate the overall distributions of access to savings and credit products, and 3) determine the relationship between household characteristics and access to savings and credit products from various formal, semi-formal, and informal institution types. The goal of this thesis is to provide a direction for future linkage banking programs by finding which household characteristics should be targeted by this type of program. Panel data published by World Bank from the Uganda National Household Survey (UNHS) collected in 2005/06 and the Uganda National Panel Survey …

Cash On The Table? A Behavioral Analysis Of Refund Claimants And Annuitants In The Illinois Teachers' Retirement System, Martin F. Lueken

Graduate Theses and Dissertations

This dissertation documents pension benefit choices made by public school teachers enrolled in the Illinois Teachers' Retirement System (TRS), where they choose between taking a lump-sum withdrawal of their refundable contributions and deferring a pension benefit. The analysis explores the extent to which vested teachers enrolled in TRS separate from service with positive pension wealth, estimates how much money is "left on the table" at a conventional discount rate, and investigates what types of teachers display higher or lower discount rates as indicated by cashout patterns. To control for the relative attractiveness between choices, the analysis relies on three central …

An Alternative View To The Cause Of Market Failures: A Dynamic Approach, Salvador Contreras

Economics and Finance Faculty Publications

This paper presents an alternative view to the cause and size of market failures. The work here suggest that the size of the market failure is not man made per se but rather given a full set of initial conditions it is endogenous to the dynamical forces at play. It is shown that the level and variance of market failures is tied to the location of the steady state (i.e. level of development). The paper finds that only changes to the location of the steady state produces changes to the potential level of the market failure. This paper …

Trading Income And Bank Charter Value During The Financial Crisis: Does Derivatives Dealer Designation Matter?, Peter V. Egly, Jun Sun

Economics and Finance Faculty Publications

Derivative markets have exploded over the last decade, remained active in the midst of the 2007-2009 financial crises and continue to be dominated by a small group of bank holding companies (BHC). BHC motives for derivative usage are usually tied to hedging purposes (balance sheet risk management), trading purposes (profit motives) or some combination thereof. This paper examines the relationship between derivative trading income and bank charter value for 27 BHC between 2001Q1-2011Q3. We find that the impact of derivative trading income on bank charter value, using Tobin’s Q, is very small and seems to be tied to BHCs derivatives …

Bayesian Testing Volatility Persistence In Stochastic Volatility Models With Jumps, Xiaobin Liu, Yong Li

Research Collection School Of Economics

Whether or not there is a unit root persistence in volatility of financial assets has been a long-standing topic of interest to financial econometricians and empirical economists. The purpose of this article is to provide a Bayesian approach for testing the volatility persistence in the context of stochastic volatility with Merton jump and correlated Merton jump. The Shanghai Composite Index daily return data is used for empirical illustration. The result of Bayesian hypothesis testing strongly indicates that the volatility process doesn’t have unit root volatility persistence in this stock market.

Financial Crisis And The Supply Of Corporate Credit, Jorge Santiago Emmanuel Barraza

Graduate Theses and Dissertations

This dissertation consists of three essays that study the relationship between distress and credit and the role this relationship has in determining corporate investment and economic activity. The first essay studies the supply of credit during the recent financial crisis. It shows that distress in the banking sector led to bank credit rationing, which a portion of nonfinancial borrowers palliated by migrating to the public market for credit. The overall reduction in credit, however, was followed by a severe drop in corporate investment, which in time led to a fall in the levels of aggregate production.

The second essay examines …