Petroleum Industry Linkages And Nigeria's Economic Development,
2010
Central Bank Nigeria
Petroleum Industry Linkages And Nigeria's Economic Development, Chinyere U. Nwolisa, Chinyelu N. Ugoji
Bullion
Nigeria, Africa's most populous country and potentially its largest economy, has witnessed decades of dictatorship and misrule. Accompanying this misrule are severe economic problems of an unprecedented magnitude. This paper intends to add further clues to the solution for this national developmental puzzle. The remaining part of the paper is arranged thus: Part 2 presents an overview of the Nigerian Petroleum industry while the part 3 looks at the literature of economic development the country appears to be executing. Parl4 discusses the various linkages the Petroleum industry offers visa-vis Nigeria's exploration of their potentials. The penultimate part will offer some …
Need Singapore Fear Floating? A Dsge-Var Approach,
2010
Singapore Management University
Need Singapore Fear Floating? A Dsge-Var Approach, Hwee Kwan Chow, Paul D. Mcnelis
Research Collection School Of Economics
This paper uses a DSGE-VAR model to examine the managed exchange-rate system at work in Singapore and asks if the country has any reason to fear floating the exchange rate with a Taylor rule inflation-targeting mechanism that uses the short term interest rate instead of the exchange rate as the benchmark monetary policy instrument. Our simulation results show that the use of a more flexible exchange rate system will reduce volatility in inflation and investment but consumption volatility will increase. Overall, there are neither signi cant welfare gains or losses in the regime shift. Given the highly open and trade …
On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return,
2010
Singapore Management University
On The Robustness Of The Positive Relation Between Expected Idiosyncratic Volatility And Expected Return, Fangjian Fu
Research Collection Lee Kong Chian School Of Business
My 2009 JFE paper ["Idiosyncratic Risk and the Cross-Section of Expected Stock Returns', Journal of Financial Economics, Vol. 91, pp. 24-37] documents a positive and statistically significant cross-sectional relation between expected idiosyncratic volatility (E(IVOL)) and expected stock return. A recent working paper titled "On the Relation between EGARCH Idiosyncratic Volatility and Expected Stock Returns" by Guo, Ferguson, and Kassa of University of Cincinnati suggests that the positive relation is driven by an in-sample approach to estimate E(IVOL). They fail to find a significant relation between return and their E(IVOL) estimated out of sample. I find that two estimation settings in …
Sequential Investment, Hold-Up And Strategic Delay,
2010
Southwestern University of Finance and Economics
Sequential Investment, Hold-Up And Strategic Delay, Juyuan Zhang, Yi Zhang
Research Collection School Of Economics
We investigate hold-up with simultaneous and sequential investment. We show that if the encouragement effect of sequential complementary investments dominates the delay effect, sequential investment alleviates the underinvestment caused by the hold-up problem. Further, if it is allowed to choose when to invest, strategic delay occurs when the encouragement effect of sequential complementary investments dominates the delay effect.
The Effect Of Financial Literacy On Saving : A Study On Malaysian Population.,
2010
Universiti Malaya
The Effect Of Financial Literacy On Saving : A Study On Malaysian Population., Saleh Tabiani
Student Works (2010-2019)
Personal saving is valuable for the whole nation. Saving of today, affects the consumption of future, because the saved money is invested in financial assets and goes through investments in industries, factories, prosperities, and other kinds of investment that is necessary for country’s growth. Saving also can help the country recover from financial crisis more easily. In this study the factors that are likely to increase personal saving are measured. These factors include the financial literacy of individuals, saving motivation, and socio-demographic characteristics such as, age, gender, ethnicity, number of children, nationality, income, and education level. The main focus of …
Black-White Differences In Wealth Accumulation Among Americans Nearing Retirement,
2010
Utah State University
Black-White Differences In Wealth Accumulation Among Americans Nearing Retirement, Eun Hyei Shin
All Graduate Theses and Dissertations, Spring 1920 to Summer 2023
Using data from the 2006 Health and Retirement Study (HRS), this study examines what types of assets and levels of savings are held by Black near-retirees, while comparing how types of assets and levels of savings of Black near-retirees differ from those of White near-retirees. Through the use of multivariate analyses, this study further investigates the effects of being Black on the levels of savings, the likelihood of holding IRAs, and the likelihood of being financially prepared for retirement. The study sample includes 4,077 individuals between the ages of 51 and 64, and the subsamples consist of 680 Black and …
The Use Of Securities Data In Determining Discount Rates For Real Property,
2010
Brigham Young University
The Use Of Securities Data In Determining Discount Rates For Real Property, Hal B. Heaton
Faculty Publications
When the income approach is used to value real property, appraisers forecast anticipated cash flows from the property and discount those cash flows to arrive at a present value. To do this, appraisers must determine an appropriate rate for discounting the future cash flows. Market value is usually defined as the price between a willing buyer and a willing seller. Appraisers therefore should study the market for the type of properties involved to determine the discount rates used by buyers and sellers of those properties in actual transactions.
Culvert Material Cost Comparison,
2010
University of Southern Maine
Culvert Material Cost Comparison, New England Environmental Finance Center
Water
The following tables provide a detailed look at the role that culvert material and culvert diameter play in the overall cost of a culvert replacement project.
Growth And Regional Integration: The Case Of The Southern African Development Community,
2010
University of Botswana
Growth And Regional Integration: The Case Of The Southern African Development Community, Chris Mupimpila, Patricia Funjika
Zambia Social Science Journal
The neoclassical growth model is augmented with structural variables to analyse the determinants of economic growth in the Southern African Development Community. The results show that physical capital, exports, infrastructure, and human capital have a positive and significant effect on economic growth. However, inflation and external debt service have a negative but significant impact on economic growth in the region. In addition, the results suggest that the underdevelopment of the financial sector is a source of heterogeneity among member countries. Therefore, to promote growth and deeper integration in the region, it is necessary to address the underlying causes of inflation, …
The Initial And Aftermarket Performance Of Ipos In An Emerging Market : The Case Of Malaysian Stock Exchange.,
2010
Universiti Malaya
The Initial And Aftermarket Performance Of Ipos In An Emerging Market : The Case Of Malaysian Stock Exchange., Ricky Wong Baan Wahh
Student Works (2010-2019)
The study of initial public offering (IPO) underpricing and its post-listing underperformance has been one of those issues that are never laid to rest. The ongoing quest for the reasons behind IPO underpricing and its subsequent poor post-listing returns is what motivates this paper to study these anomalous market behaviours in an emerging market setting such as Malaysia. The primary purpose of this paper is to analyze the existence and magnitude of the underpricing phenomenon and post listing performance of IPOs listed in Bursa Malaysia from 1998 to 2008. Moreover, this study aims to provide an insight primarily into the …
Independent Financial Adviser : Key Factors For Engagement In Malaysia.,
2010
Universiti Malaya
Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin
Student Works (2010-2019)
This study aims to investigate the key factors for engagement of the Independent Financial Adviser (IFA) in Malaysia. The objective of this study is to identify the key factor for the Malaysian public to engage the service of an IFA and their preference for the delivery of service by the IFA. This is in accordance to the initiative of the Malaysian Financial Sector Master Plan (FSMP) introduced in 2001. The finding of this research is important to the Malaysian consumer and the IFA since they would be able to mutually benefit from the understanding of how each fits into the …
Battese-Coelli Estimator With Endogenous Regressors,
2010
The University of Texas Rio Grande Valley
Battese-Coelli Estimator With Endogenous Regressors, Levent Kutlu
School of Economics and Finance Faculty Publications
We provide a framework for dealing with the endogeneity problem in the Battese-Coelli estimator for productive efficiency measurement.
Capital And Labor Mobility And Their Impacts On Mexico’S Regional Labor Markets,
2010
The University of Texas Rio Grande Valley
Capital And Labor Mobility And Their Impacts On Mexico’S Regional Labor Markets, Rene Cabral, Andre V. Mollick, João Ricardo Faria
School of Economics and Finance Faculty Publications
This paper studies the effects of capital and labor mobility on real wages across Mexican states for the period 1997–2006. Employing dynamic panel data methods, we find: (1) strong positive effects on real wages from foreign direct investment (FDI) and from migration; (2) domestic and foreign migration provide similar wage effects; and (3) alternative partitions indicate that real wages are more sensitive to FDI-related fluctuations across states with relatively lower wages and migration levels. Overall, these results provide support that real wages respond positively to fluctuations in capital flows and labour movements as predicted from the theory.
Ua37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke Town Hall Meeting,
2010
Western Kentucky University
Ua37/29 Gary Ransdell - Federal Reserve Board - Ben Bernanke Town Hall Meeting, St. Louis Federal Reserve Board
Faculty/Staff Personal Papers
Email sent to members of the St. Louis Federal Reserve Board of Ben Bernanke's town hall meeting with educators.
The Impact Of Gender On Voluntary And Involuntary Executive Departure,
2010
Washington State University
The Impact Of Gender On Voluntary And Involuntary Executive Departure, John R. Becker-Blease, Susan Elkinawy, Mark Stater
Finance Faculty Works
We examine the frequency and conditions of executive departure from S&P 1500 firms. Based upon published news reports, we find that female executives are more likely than male executives to depart their positions voluntarily and involuntarily in the presence of controls for firm performance, firm governance, and human capital. We also find that women are less likely than men to depart voluntarily as firm size increases or board size decreases but more likely to be dismissed as the board becomes more male dominated.
International Capital Flows And Aggregate Output,
2010
University of Bonn
International Capital Flows And Aggregate Output, Jurgen Von Hagen, Haiping Zhang
Research Collection School Of Economics
We develop a tractable multi-country overlapping-generations model and show that cross-country differences in financial development explain three recent empirical patterns of international capital flows. Domestic financial frictions in our model distort interest rates and aggregate output in the less financially developed countries. International capital flows help ameliorate the two distortions. International flows of financial capital and foreign direct investment affect aggregate output in each country directly through affecting the size of aggregate investment. In addition, they affect aggregate output indirectly through affecting the composition of aggregate investment and the size of aggregate savings. Under certain conditions, the indirect effects may …
Estimating The Garch Diffusion: Simulated Maximum Likelihood In Continuous Time,
2010
University of Bergen
Estimating The Garch Diffusion: Simulated Maximum Likelihood In Continuous Time, Tore Selland Kleppe, Jun Yu, Hans J. Skaug
Research Collection School Of Economics
A new algorithm is developed to provide a simulated maximum likelihood estimation of the GARCH diffusion model of Nelson (1990) based on return data only. The method combines two accurate approximation procedures, namely, the polynomial expansion of Ait-Sahalia (2008) to approximate the transition probability density of return and volatility, and the Efficient Importance Sampler (EIS) of Richard and Zhang (2007) to integrate out the volatility. The first and second order terms in the polynomial expansion are used to generate a base-line importance density for an EIS algorithm. The higher order terms are included when evaluating the importance weights. Monte Carlo …
Measurement And High Finance,
2010
Singapore Management University
Measurement And High Finance, Peter C. B. Phillips, Jun Yu, Eric Ghysels
Research Collection School Of Economics
Turbulence in the world of banking and finance over the last two years has riveted media attention on the financial industry, exposing practices, products and risks in the industry to widespread public scrutiny. Questions continue to be asked about the management and regulation of an industry whose performance is now seen to affect the world’s financial health and its prospects as much as it does national savings and individual retirement funds.
Using Financial Econometrics To Measure Risk,
2010
Singapore Management University
Using Financial Econometrics To Measure Risk, Peter C. B. Phillips, Jun Yu, Eric Ghysels
Research Collection School Of Economics
No abstract provided.
An Asian Response To International Financial Reforms,
2010
Singapore Management University
An Asian Response To International Financial Reforms, Hoe Ee Khor, Kim Song Tan
Research Collection School Of Economics
Asia has emerged as a much more important player in the global economy after the recent financial crisis. Together with other emerging market economies, Asia is expected to be a key driver for global economic growth in the near to medium term. Along with this, there is a rising chorus for an “Asian approach” to financial reforms in the region and internationally. There are also calls for Asia to play a bigger role in designing the new architecture for the global financial system.
