Finance Commons^™

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

World Maritime University Dissertations

No abstract provided.

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

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 …

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

School of 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 …

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

School of 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 …

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 …

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.

Minimum Investment Requirements, Financial Market Globalization, And Symmetry Breaking, Haiping Zhang

Research Collection School Of Economics

We incorporate wealth heterogeneity and the minimum investment requirements in the model of Matsuyama (2004, Econometrica) and provide a complete characterization of symmetry breaking. In particular, we identify the extensive margin of investment as a key channel through which the interest rate may respond positively to capital accumulation, or equivalently, the interest rate can be higher in the rich than in the poor countries. Then, financial market globalization may lead to “uphill” capital flows from the poor to the rich countries, which widens the initial cross-country income gap and leads to income divergence among inherently identical countries, a phenomenon that …

Book Review: Why Does College Cost So Much?, Edward J. Smith, Brian A. Sponsler

Journal of Student Financial Aid

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State Revenue Forecasting Accuracy, Dan Williams, Joseph Ononchie

Publications and Research

This paper examines forecasting accuracy of state revenue forecasting for 50 states using data published on the National Association of State Budget Officer’s (NASBO) website (www.nasbo.org). The data shows four categories of revenue: sales tax, corporate income tax, personal income tax, and all other (as a residual from total taxes). It shows some evidence that forecast bias reflects a hedge against uncertainty; however, there is also evidence that there is a counterbalancing preference to find the money needed to provide the services demanded.

The Role Of Individual Investors' Gambling Preference In January Effect, Nan Shao

Doctoral Dissertations

Rozeff and Kinney (1976) were the first to End that stocks in NYSE provide abnormally large returns in January. Following researchers such as Keim (1983), Branch and Chang (1990), and Bhardwaj and Brooks (1992), examine this "January effect" and find that small firms and low price stocks are more prone to this effect. The January effect is so robust that it is not a unique phenomenon in U.S., but also occurs in other countries (e.g., Gultekin and Gultekin, 1983; Kato and Schallheim, 1985; Tong, 1992); In addition, it not only occurs in the stock market, but also in the bond …

Mexico Consensus Economic Forecast, Volume 17, Number 3, Thomas M. Fullerton Jr, Adam G. Walke

Departmental Papers (E & F)

No abstract provided.

Estimating Dynamic Demand For Airlines, Diego Escobari

School of Economics and Finance Faculty Publications

This paper uses an original panel dataset with posted prices and sales to estimate a dynamic demand. We find that consumers become more price sensitive as time to departure nears which is consistent with having lower valuations. This result provides empirical support to a key theoretical implication in Deneckere and Peck (2012)—high-valuation consumers purchase earlier. We also find that the number of active consumers increases closer to departure.

Highlights

• We use an original dataset with posted prices and sales to estimate a dynamic demand.

• The estimates are consistent with agents forming expectations.

• We find that high-valuation consumers …

International Transmission Of Interest Rates And The Open Economy Trilemma In Asia, Hwee Kwan Chow

Research Collection School Of Economics

There has recently been much discussion on the relevance of the open economy trilemma in the context of deepening financial integration of countries across the world (see for instance, Rey (2013) and Devereux and Yetman (2014)). The open economy trilemma is an important issue for the countries in Asia not least because their financial systems are small and exchange rate stability is crucial to their economic growth. This paper investigates whether the economies in Asia are still bound by the "impossible trinity" by examining the interest rate transmission from the US to the region before and after the onset of …

Bayesian Analysis Of Bubbles In Asset Prices, Andras Fulop, Jun Yu

Research Collection School Of Economics

We develop a new asset price model where the dynamic structure of the asset price, after the fundamental value is removed, is subject to two different regimes. One regime reflects the normal period where the asset price divided by the dividend is assumed to follow a mean-reverting process around a stochastic long run mean. This latter is allowed to account for possible smooth structural change. The second regime reflects the bubble period with explosive behavior. Stochastic switches between two regimes and non-constant probabilities of exit from the bubble regime are both allowed. A Bayesian learning approach is employed to jointly …

Trade And Financial Integration, Extensive Margin, And Income Divergence, Haiping Zhang

Research Collection School Of Economics

We revisit the classical question on economic integration and income convergence in a two-sector OLG model with financial frictions and sectoral heterogeneity in minimum investment requirements (MIR, hereafter). The extensive margin of investment is a critical channel through which aggregate income may become a determinant of comparative advantage. Free trade allows the rich (poor) country to specialize partially or completely in the high-MIR (low-MIR) sector which has a high (low) return endogenously. The specialization effect interacts with the neoclassical effect, which may lead to income divergence among inherently identical countries. Similarly, financial integration may also lead to income divergence through …