Finance Commons^™

Financial Inclusion In Indonesia: An Analysis Of Determinants Of Bank Account Ownership And Credit Access At Individual And Regional Levels, Rindi Ardika Melsalasa Sahputri, Sujarwoto Sujarwoto, Septiana Sihombing, Muhamad Galy Njoman

Economics and Finance in Indonesia

Financial inclusion is widely recognized as a key driver of economic prosperity, yet many countries face considerable challenges in achieving it. This study empirically explores financial inclusion in Indonesia, focusing on bank account ownership and credit access, with the primary objective of identifying their determinants through a comparison of individual- and regional-level factors. Individual-level factors cover sociodemographic characteristics, poverty, and income inequality, while regional-level factors include regional economic development and financial infrastructure. Data were sourced from the National Socio-Economic Survey (SUSENAS) and the Village Potential Survey (PODES), consisting of 804,703 samples across 514 districts. A multilevel regression approach, using Generalized …

Revealing The Dual Dynamics: Transient And Persistent Efficiencies Of The Indonesian Provincial Economies, Mohammad Zeqi Yasin, Fichrie Fachrowi Adli

Economics and Finance in Indonesia

We examine the decomposition of technical efficiency components into transient and persistent horizons applied to the 33 provincial economies in Indonesia. Focusing on the post-decentralization era in 2002–2022, we employ Stochastic Frontier Analysis to gauge efficiency dynamics for time-variant and time-invariant evolution. We reveal that the persistent inefficiencies outweigh transient ones, implying the persistent inefficient behavior of Indonesian provinces. We also capture that East Nusa Tenggara and several provinces in Eastern Indonesia show the most lagged-behind in terms of persistent inefficiency severity, suggesting necessity of structural changes through more strategic and specific development models beyond mere heterogeneous input reallocation.

The Forgotten S.O.P., Kamille Stevens

Capstone Projects and Master's Theses

The Institute for Innovation and Entrepreneurship Development (iiED) is dedicated to cultivating entrepreneurship and economic growth within the Monterey Bay. Its goal is to create a pipeline of entrepreneurs from the Monterey Bay region who remain local and are able to increase the number of businesses and high-paying jobs in the area. To reach this goal, iiED provides multiple opportunities to its participants and tailors those opportunities based on their feedback.

Recently, iiED’s management has begun to experience turnover as individuals retire or reduce their work hours. As a result, iiED has begun to depend on the specialized knowledge of …

Universal Return And Factor Timing, Poh Ling Neo, Chyng Wen Tee, Jeroen Kerkhof

Research Collection Lee Kong Chian School Of Business

The authors highlight the shortcomings of commonly used performance graphs in assessing and comparing investment returns. This paper's main conceptual contribution is the introduction of Universal Return (UR) - a visual method to evaluate and rank investment strategies that challenges the traditional focus on raw performance statistics. The authors argue that the ranking of investment performance when viewed from a pool of investors over different entry time is more important than its overall absolute returns, as it better aligns investment analysis with the needs of investors, who are primarily concerned with identifying currently successful strategies or managers rather than dwelling …

Climate Change , House Prices And Inequality In The United States, Zeynullah Gider

University of New Orleans Theses and Dissertations

This dissertation investigates the multifaceted relationship between climate change, housing values, and inequality in the United States using county-level data from 2005 to 2022. In Chapter 1, we examine the heterogeneous impact of climate change on house prices, employing fixed-effect panel data analysis, Difference-in-Differences (DiD) with Propensity Score Matching (PSM), and fixed-effect panel quantile regressions. Findings indicate that climate change significantly impacts housing values, but this effect is not uniform. Low-value homes experience substantial price discounts due to heightened climate risk perception, while high-value homes are largely unaffected. This heterogeneity suggests that climate change poses a greater financial threat to …

Navigating Market Volatility: Risk And Return Insights From Indian Mutual Funds, Davinder K. Malhotra, Rahul Singh, L. Ramani

School of Business Faculty Papers

This study evaluates Indian mutual funds using a variety of criteria, demonstrating a historical tendency of lower monthly returns and volatility when compared to benchmark indexes. This positive risk profile implies that it will appeal to investors who want stability. Despite COVID-19-induced market volatility, mutual funds persistently outperform benchmark indices in terms of average return per unit of risk, highlighting their potential as a dependable investment option for stability seekers. Furthermore, Indian mutual funds routinely beat benchmark indexes in risk-adjusted terms. Despite having a positive alpha, it lacked statistical significance, indicating a possible reliance on market volatility rather than managerial …

The Law Of One Price And Its Impact On Arbitrage Opportunities For Cryptocurrencies, Francis Edmond Taylor

Walden Dissertations and Doctoral Studies

Understanding the unprecedented growth of cryptocurrency has challenged professionals and scholars. This study involved addressing the existence of arbitrage opportunities in the Canadian cryptocurrency market. The purpose of this study was to test the theory of the law of one price (LOP) on cryptocurrency in Canada. The LOP demonstrates the value of a financial asset should be the same across different markets. The research questions for this study examined if different exchanges cause arbitrage opportunities in the Canadian cryptocurrency market and if volatility and liquidity were influencers of the arbitrage opportunities between Canadian cryptocurrency exchanges. A quantitative nonexperimental cross-sectional research …

Between Responsive Gestures And Adaptive Actions: Deciphering The Differential Impact Of Csr Strategies On Stock Market Performance, Sonal Kumar, Rahul Ravi, Nilanjan Basu

Finance Department Faculty Journal Articles

Purpose – This paper offers a fresh perspective on this debate by exploring the direct relationship between a firm’s stock price performance and its CSR activities, placing particular emphasis on the underlying intent or motive behind the CSR initiatives.

Design/methodology/approach – This research examines the relationship between a firm’s stock price and its corporate social responsibility (CSR) activities, distinguishing between responsive and adaptive CSR. While responsive CSR, often a response to negative events, elicits immediate positive stock performance, adaptive CSR initially triggers negative stock performance. However, long-term analysis reveals adaptive CSR leads to positive stock performance, especially for family firms. …

Thoughts On Reform Of Fiscal S&T System Under Public Finance System, Wei Xue, Xuan Wang, Yunqiqige Wu

Bulletin of Chinese Academy of Sciences (Chinese Version)

Finance is the foundation and important pillar of national governance, a perfect financial science and technology system is of great significance for promoting scientific and technological progress, optimizing financial science and technology management, and enhancing the effectiveness of financial science and technology funds. This study discusses the main features of the financial science and technology system under the framework of public finance, summarizes the relevant reform achievements in China in recent years, identifies the main problems, clarifies the practices of innovative countries such as the United States, Germany, Britain, and Japan, and puts forward policy suggestions for further deepening the …

Likert Scale Variables In Personal Finance Research: The Neutral Category Problem, Blain Pearson, Donald Lacombe, Nasima Khatun

Finance and Economics

Personal finance research often utilizes Likert-type items and Likert scales as dependent variables, frequently employing standard probit and ordered probit models. If inappropriately modeled, the "neutral" category of discrete dependent variables can bias estimates of the remaining categories. Through the utilization of hierarchical models, this paper demonstrates a methodology that accounts for the econometric issues of the neutral category. We then analyze the technique through an empirical exercise relevant to personal finance research using data from the National Financial Capability Study. We demonstrate that ignoring the "neutral" category bias can lead to incorrect inferences, hindering the progression of personal finance …

Lead-Lag And Volatility Point Change Estimations For Cryptocurrencies, Jules Clement Mba, Jenipher Mutale, Ehounou Serge Eloge Florentin Angaman

Journal of Banking and Financial Economics

This study investigates the lead-lag relationships and volatility dynamics among four major cryptocurrencies – Bitcoin, Ethereum, Solana, and Polygon – during the turbulent year of 2022. We address three primary research questions: (1) To what extent do lead-lag relationships exist among major cryptocurrencies, and how do they challenge or support the notion of market efficiency in the crypto space? (2) How do volatility change points in different cryptocurrencies relate to each other and to major market events? (3) How can the identification of lead‑lag relationships and volatility change points inform cryptocurrency investment strategies and risk management practices? Using a continuous-time …

A Method To Incorporate Transition Risk Stress Testing Into Probability Of Default (Pd) Models For Retail Portfolios, Aneta Ptak-Chmielewska, Paweł Kopciuszewski, Alvaro Fernandez Toledo

Journal of Banking and Financial Economics

Climate risk is one of the type of risks in a bank’s portfolio which is not fully recognized, and its impact on the future overall risk changes is hidden due to lack of sufficient knowledge at the moment. One of the most common data comes from Network for Greening the Financial System (NGFS) scenarios related to climate change (physical risk) and climate policy and technology trends (transition risk). In the paper we focused on the transition risk scenarios and their impact on the economy and in particular on credit risk. Our main goal was to check the tendency in the …

An Empirical Test Of Auction Efficiency: Evidence From Mbs Auctions Of The Federal Reserve, Pietro Bonadi, Ali Hortacsu, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

PurposeWe estimate the marginal cost curve of each dealer in each auction, based on structural models of the multiunit discriminatory-price auction.Design/methodology/approachAuction theory has ambiguous implications regarding the relative performance of three formats of multiunit auctions: uniform-price, discriminatory-price and Vickrey auctions. We evaluate the performance of these three auction formats using bid-level data of the Federal Reserve’s purchase auctions of agency MBS from June 2014 through November 2014.FindingsOur results suggest that neither uniform-price nor Vickrey auctions outperform discriminatory-price auctions in terms of the total expenditure. However, Vickrey auctions outperform discriminatory-price auctions in terms of efficiency, with the efficiency gain around 0.74% …

A Practical Guide To Driving Financial Inclusion Through Cbdcs, Heng Wang

Research Collection Yong Pung How School Of Law

Welcome back to our blog series exploring the potential that central bank digital currencies (CBDCs) hold to positively impact individuals that are currently unserved or underserved by financial systems globally. Together with Professor Wang, we first delved into the challenges and opportunities of driving financial inclusion, and how CBDCs could serve as an important mechanism in ensuring that no one is excluded from financial services – or our increasingly digital economies and societies. In our second blog we then examined how CBDCs can be intentionally designed to drive financial inclusion. In this third and final piece, Professor Wang offers a …

أثر الكفاءة التشغيلية في القيمة السوقية للمصارف, علي نعيم جاسم, رسل صبحي عبد الخضر

Muthanna Journal of Administrative and Economics Sciences

تستند الدراسة إلى تحديد وفهم مدى تأثير مؤشرات الكفاءة التشغيلية للبنك في القيمة السوقية المصرفية للبنوك المدروسة. تمثلت العينة ببنكان هما بنك الخليج التجاري ، والشرق الأوسط والتجاري في العراق ، تحلل بياناتها المالية من خلال الإجراءات الإحصائية ، فتبدأ الدراسة بفرضيات لاغية وبديلة. ابحث في القيمة السوقية لعينة البنوك ، ولكن قدم الفرضية البديلة لوجود وتأثير الكفاءة التشغيلية للبنك في القيمة السوقية لعينة البنوك. توصلت الدراسة إلى عدد من الاستنتاجات أهمها أن المؤشرات مثل الكفاءة التشغيلية للبنك لم يكن لها أي تأثير في القيمة السوقية. كما أسفرت الدراسة عن سلسلة من التوصيات أهمها ضرورة تدريب العاملين في المصارف المبحوثة …

Relationship Between Enrollment, Retention, Alumni Giving, And Financial Health At Historically Black Colleges And Universities, Kenneth Mercury

Walden Dissertations and Doctoral Studies

Decreasing financial health damages an organization’s reputation and economic viability to survive. Historically Black Colleges and Universities (HBCUs) leaders must strive to improve their financial health to protect their institution’s reputation and risk of closure. Grounded in strategic enrollment management theory, the purpose of this quantitative ex-post facto study was to examine the relationship between student enrollment, student retention, alumni giving, and financial health of HBCUs. The participants were 101 HBCUs collected from the National Center for Education Statistics and the Voluntary Support of Education databases, from 2020 to 2022. The results of the multiple linear regression analysis showed that …

تحليل اثر بعض المتغيرات الاقتصادية والاجتماعية على ظاهرة الفقر في العراق للمدة (2007-2012 ), فاطمة فرج سعد

Muthanna Journal of Administrative and Economics Sciences

الفقر ظاهرة اقتصادية اجتماعية ظهرت في المجتمع العراقي نتيجة الظروف الاستثنائية التي انعكست على الاقتصاد والمجتمع العراقي , الا ان هذه الظاهرة ظهرت بشكل كبير في التسعينيات نتيجة الحروب والدمار الذي تعرض له البلد وما تلاها من فرض العقوبات الاقتصادية التي عزلت العراق عن العالم الخارجي لسنوات طويلة مما ادى ذلك الى زيادة نسبة السكان دون خط الفقر فيه وكذلك التغيرات السياسية في نيسان عام 2003 وما تبعه من عمليات الارهاب و النزاعات الطائفية والتهجير القسري كل ذلك ادى الى انتشار مظاهر الفقر كالأمية وسوء التغذية وارتفاع معدلات البطالة وتضاؤل دخول الافراد ثم انخفضت معدلات الفقر في العراق للمدة (2007-2012) …

دور تدقيق الاداء باستعمال تحليل Swot في تحقيق الاعتماد البرامجي للكليات الحكومية (بحث تطبيقي), عقيل دخيل كريم

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى تقديم اطر نظري عن متغيرات الدراسة ( تدقيق الاداء و الاعتماد البرامجي ) ، وتسليط الضوء على ماهية عناصر تدقيق الاداء وكيفية توظيفها في الحصول على الاعتماد البرامجي لكليات الادارة والاقتصاد عبر الدور الوسيط لتحليل SWOT . اذ تم استخدام المنهج الاستنباطي : لغرض التحول من الجانب العام المتعلق بالتعرف على ماهية الاعتماد البرامجي وماهية تدقيق الاداء وعناصره ، للوصول الى الجانب الخاص بتفعيل عناصر تدقيق الاداء في تحقيق الاعتماد البرامجي للكليات عبر الدور الوسيط لتحليل SWOT ، وكذلك تم الاعتماد على المنهج الاستقرائي لغرض التحول من الخاص المتعلق بملاحظة مشكلة البحث ومن ثم التحول الى الجانب …

الذكاء الاصطناعي وأثره في خلق القيمة الرقمية: دراسة ميدانية في شركة المربع للحلول البرمجية, ياسمين ياسين حسين

Muthanna Journal of Administrative and Economics Sciences

تبحث الدراسة في تأثير الذكاء الاصطناعي على خلق القيمة الرقمية ضمن الإطار التشغيلي لشركة المربع للحلول البرمجية في ظل الاقتصاد العالمي المتغير بسرعة، أصبحت أتمتة العمليات الروبوتية واحدة من أهم المفاهيم وأسرعها نموًا لقد أحدث الذكاء الاصطناعي تحولاً كبيراً في مشهد خلق القيمة الرقمية، وخاصة في شركات حلول البرمجيات مثل شركة المربع. ويتميز هذا التحول بدمج الذكاء الاصطناعي في نماذج الأعمال، مما يعزز الكفاءة التشغيلية ويشجع الابتكار. حيث اعتمدت الباحثة المنهج الوصفي الذي يُستخدم لدراسة الظواهر كما هي موجودة في الواقع، دون تدخل أو تغيير من قِبَل الباحث. ويهدف هذا المنهج إلى وصف الظاهرة بدقة، وتحليلها، وتفسيرها للوصول إلى استنتاجات …

تكامل أسلوب التكلفة على أساس النشاط وإدارة الجودة الشاملة في دعم متطلبات نظام التصنيع الرشيق, الاء حميد صالح

Muthanna Journal of Administrative and Economics Sciences

تواجه الوحدات الاقتصادية تحديات كبيرة في ظل التغيرات الاقتصادية والتكنولوجية المتسارعة، لذلك يسعى البحث إلى تحقيق هدف رئيس يتمثل في تكامل طريقة التكلفة على أساس النشاط وإدارة الجودة الشاملة لدعم متطلبات نظام التصنيع الرشيق وتحديد دور الأنشطة القائمة على التكلفة على أساس النشاط وإدارة الجودة الشاملة في دعم متطلبات نظام التصنيع الرشيق والتعرف على الأساليب الحديثة لإدارة الجودة الشاملة في دعم متطلبات التصنيع الرشيق في الوحدات الاقتصادية، بالإضافة الى تحديد أدوات التكامل بين الأنشطة القائمة على التكلفة وإدارة الجودة الشاملة لدعم متطلبات نظام التصنيع الرشيق، وتم تحليل العلاقة بين هذه الأساليب وتأثيرها على كفاءة الإنتاج وخفض التكاليف وتحسين جودة المنتج، …