Finance Commons^™

The Good News In Short Interest: Ekkehart Boehmer, Zsuzsa R. Huszar, Bradford D. Jordan 2009 Revisited, Jarom Von Julander

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

There are a few ways to examine excess market returns in financial literature. One common model used was the Capital Asset Pricing Model or the CAPM. In more recent years some researchers use the Fama French 3 Factor model (FF3F). Using this FF3F model researchers and investors alike have been searching for those excess returns, or the returns above what the market achieves, because everyone would like to “beat the market” as they say. In Boehmer, Huszar, and Jordan’s 2009 paper “The Good News in Short Interest”, the authors believe that they have found a way to get significant excess …

The Zions Direct Bond Auction Platform And Demand From University Investment Programs, Shaun Murdock

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

The purpose of this paper is to evaluate the niche Zions Direct Auctions fixed income market for the information of the market managers at Zions Direct. The analysis first measures historical data to evaluate market metrics, and the second recommends Vector AutoRegression (VAR) econometric methods to determine if the auction yields within the market are affected by large increases in bidding and buying by the Zion's Bank University Investment Programs(UIPs). In the case that it does, restructuring or at least UIPs.

A Closer Look At The Necessity Of Managing Monetary Policy Expectations, Vanessa Annoni-Fuertes

HIM 1990-2015

Monetary policy changes that are unexpected by the investing public can generate great volatility and illiquidity in the equities market, and therefore may severely compromise the Federal Reserve’s ability to control the economy. Given the investing public’s power, their fear of uncertainty, and their impulsive nature to create and act upon uninformed expectations, it is imperative that the Federal Reserve uses any and all communication about monetary policy with the purpose of further advancing the their stability objectives. Initially, the Federal Reserve felt that changes in monetary policy were most effective if decided and implemented in private however over 50 …

Covered Interest Parity Empirical Analysis Of Non-Traditional Monetary Policy’S Effects On Exchange Rates, Tyler W. Salminen

Economics Undergraduate Honors Theses

This research sought to find an economically justifiable relationship between non-traditional monetary policies of the Bank of Japan and the Federal Reserve and the dollar/yen exchange rate. This research utilized the covered interest parity condition in con-junction with a partial least squares structured equation analysis in order to discern any possible relationships between these two phenomenon. Indeed, this research found a solid relationship between the non-traditional monetary policies of these central banks and dollar/yen exchange rate. In order to analyze significance, direction, and nature of this relationship this research followed up the partial least squares analysis with boot-strap structural equation …

The Viability Of Mercosur In The Face Of The Euro Crisis, Philip A. Murry

Economics Undergraduate Honors Theses

This research examines the successes and challenges of the European Union, especially in the face of the crisis of 2008 and 2009. Based on the current structures of the European Union and Mercosur, this paper looks to assess the viability of further integration of Mercosur using the evolution of the European Union as a model of reference. Analysis of key economic measures provides the framework for assessment, with a special focus on the asymmetries between member countries within Mercosur. Differences in debt-to-GDP ratios, regional trade levels, and exchange rate fluctuations are the primary indicators used to provide policy recommendations for …

Price Discrimination Through Refund Contracts In Airlines, Diego Escobari, Paan Jindapon

Economics and Finance Faculty Publications

This paper shows how an airline monopoly uses refundable and non-refundable tickets to screen consumers who are uncertain about their travel. Our theoretical model predicts that the difference between these two fares diminishes as individual demand uncertainty is resolved. Using an original data set from U.S. airline markets, we find strong evidence supporting our model. Price discrimination opportunities through refund contracts decline as the departure date nears and individuals learn about their demand.

Highlights

• We show how an airline screens consumers who are uncertain about their travel.

• The theory explains how an airline sets refundable and non-refundable prices. …

Gender And Business Outcomes Of Black And Hispanic New Entrepreneurs In The United States, Marie T. Mora, Alberto Davila

Economics and Finance Faculty Publications

In light of the growing numbers of women of color in the entrepreneurial sector in the United States, employing public-use microdata from the 2007 Survey of Business Owners, this study finds that new firms owned by black and Hispanic women were more likely to cease operations than those owned by their male counterparts or by non-Hispanic whites, even when controlling for other owner- and firm-level characteristics and labor market conditions. These differences occurred despite the existence of public programs designed to help female and minority entrepreneurs, raising the question of efficiency of the current policy infrastructure in the United States.

Commodity Super Cycles: A Reality Check, Maureen Derooij

Asian Management Insights

Do commodity super cycles exist, or are we simply seeing patterns in randomness? More importantly, are we in the middle of one that is showing signs of going bust?

The Expected Value Of An Advantage Blackjack Player, Kamron Jensen

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

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 …

Lattice Methods For The Valuation Of Options With Regime Switching, Atul Sancheti

UNLV Theses, Dissertations, Professional Papers, and Capstones

In this thesis, we have developed two numerical methods for evaluating option prices under the regime switching model of stock price processes: the Finite Difference lattice method and the Monte Carlo lattice method.

The Finite Difference lattice method is based on the explicit finite difference scheme for parabolic problems. The Monte Carlo lattice method is based on the simulation of the Markov chain. The advantage of these methods is their flexibility to compute the option prices for any given stock price at any given time. Numerical examples are presented to examine these methods. It has been shown that the proposed …

Analysis Of Market Reactions To Tarp Loans Repayment Evidence From Banks, Le You

All Theses

This research presented here mainly focuses on analyzing investors' reactions toward banks' announcement of TARP repayment. Considering huge difference among sample banks, I split the result of abnormal return into subgroups based on banks size and financial performance. And then I conduct comparisons of each group to reveal the possible effects on market reactions casted by size and financial performance. To confirm my results on market reactions to TARP repayment, I perform two regression analyses on both full sample and subsample with cumulative abnormal return (CAR) as dependent variable and controlled variables as independent variables. Data over the period from …

Business Honors Internship Final Report: U.S. House Of Representatives, Adam T. Stewart

Undergraduate Honors Capstone Projects

From May 6^th through August 9^th of 2013, I had the choice opportunity to intern for Congressman Rob Bishop in the United States House of Representatives in Washington, D.C. I consider this experience monumental in my undergraduate career. No other experience has allowed me to utilize all of the knowledge and skills gained in my dual economics and political science degrees.

Analysis Of Building Resiliency In An Ethiopian Pastoral System: Mitigating The Effects Of Population And Climate Change On Food Insecurity, Brigham Forrest

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Worldwide expenditures on international development in the form of assistance or “aid” have continued to increase as developed countries look to both help and influence developing countries. In 2011, more than $140 billion in development aid was distributed globally, more than double the amount expended for international development aid in 2003. Many of the countries that are in need of aid have governments that do not have the resources, the experience, political stability, or well-functioning institutions to effect long-term structural change to bring their people out of poverty.

Ethiopia is a country receiving large amounts of development aid, and one …

Three Essays On The Economics Of Controlling Invasive Species, Yanxu Liu

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Invasive species have caused notable economic damages in agriculture, fisheries, forestry, and other industries over the past several decades. Invasive species control must therefore be designed to prevent the both the introduction and spread of invasive species. This dissertation examines the efficiency and efficacy of tariffs and inspections as a joint control mechanism at a home (i.e., importing) country's border. I find that a traditional tariff can be optimal in the short run when the invasive species level is directly related to a foreign (i.e., exporting) country's shipment size. However, in the long run a traditional tariff results in a …

Wealth Management In Singapore, Francis Koh

Research Collection Lee Kong Chian School Of Business

As early as 2015, Singapore may oust Switzerland as the world’s top finance hub. But the path forward requires adjustments in the strategic direction of individual firms. Wealth management in Singapore is vibrant, growing, challenging.

Promoting Islamic Finance, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The government recently formed a high-powered committee to examine the current state of Islamic finance and suggest measures for future development.

The share of Islamic banks, introduced in Pakistan in parallel to the conventional banking system in 2001, has risen to 10pc of the banking assets in the country.

This achievement is not at all unimpressive considering that the growth rate of Islamic banking here is twice that of conventional banking.

Why is Islamic finance becoming popular worldwide and not only in Muslim countries? Muslims may be shifting towards it for reasons of faith but it is also receiving attention …

Improving Asset Price Prediction When All Models Are False, Garland Durham, John Geweke

Finance

This study considers three alternative sources of information about volatility potentially useful in predicting daily asset returns: daily returns, intraday returns, and option prices. For each source of information the study begins with several alternative models, and then works from the premise that all of these models are false to construct a single improved predictive distribution for daily S&P 500 index returns. The prediction probabilities of the optimal pool exceed those of the conventional models by as much as 5.29%. The optimal pools place substantial weight on models using each of the three sources of information about volatility.

Banking Sector Reform In Ethiopia, Admassu Bezabeh, Asayehgn Desta

Collected Faculty Scholarship

The fragile and inefficient state-dominated banking sector that existed in Ethiopia during the military government (1974-1991) was a major hindrance to economic growth. Since it took power in 1991, the current government has implemented a number of reforms. For instance, in 1994, the government legalized domestic private investment in the banking industry. In addition, it restructured the two development banks as commercial banks, and introduced a new Banking and Monetary Proclamation that gave more autonomy and further clarified the National Bank of Ethiopia’s activities as the regulator and supervisor of the banking sector. Although these measures have led to marginal …

Issue Brief: Asset Management For Stormwater, New England Environmental Finance Center, Sustainable Communities Learning Network

Sustainable Communities Capacity Building

Asset management is a strategic approach to maintaining and sustaining infrastructure in order to meet the needs of the community at the lowest overall life cycle cost. This approach helps communities know how and where to prioritize limited funds in order to achieve the greatest benefit. Often applied to drinking water and wastewater infrastructure, this method is well suited to managing any assets, including stormwater systems.

This issue brief is intended to introduce local governments to the asset management process and to show how it can be applied in managing stormwater assets. It was adapted from an appendix written by …

Mexico Consensus Economic Forecast, Volume 17, Number 2, Thomas M. Fullerton Jr., Adam G. Walke

Departmental Papers (E & F)

No abstract provided.