Finance Commons^™

Are Greenfield Cross-Border Investments Sensitive To Us Trade Policy? An Investigation Of Responses To Liberation Day Tariff Announcements, Philip Caspar Ernst

Economics Undergraduate Senior Theses

This paper studies whether foreign greenfield investment into the United States responded to the Trump administration’s April 2025 Liberation Day tariff announcements. Using project-level fDi Markets data from January 2023 through November 2025, I examine changes in announced project counts, expected jobs created, and capital investment. The analysis compares aggregate investment activity before and after Liberation Day, tests whether responses differed for countries assigned additional tariffs above the 10% baseline level, investigates the effects of tariff intensity on investment announcements, and examines whether effects were concentrated in particular business activity fields. The clearest finding is that project announcements declined after …

From Wall Street To Main Street: The Financial–Operational Performance Link In Hospitals Across Geographies, Chulho Christopher Lee, Lan Luo, Yinfei Chen, Taylor K. Brown, Hyoun Sook Lim, Ying Chen

Economic and Business Review

This study examines the relationship between hospital financial performance and operational efficiency. Using data from the American Hospital Association (AHA), we find that profitability, debt coverage, and working capital efficiency are positively associated with hospital efficiency, while liquidity and capital structure exhibit a negative correlation. Fixed-asset efficiency, however, shows no significant impact on hospital operational efficiency. Furthermore, we find that the operational efficiency of urban hospitals is, in general, more sensitive to financial performance than that of rural hospitals. These findings provide practical insights for healthcare administrators and policymakers aiming to enhance hospital operational efficiency and promote equitable care delivery.

Effectiveness Of Monetary Policy Communication: Evidence From Textual Analysis Of Daily Newspaper Articles, Bisrat Abebe Woldesilassie

Dissertations

Monetary policy communication has become a crucial tool for central banks to shape market expectations and enhance transparency. The goal of this paper is to measure how effectively the Fed communicates monetary policy through FOMC minutes by analyzing the impact of the release of FOMC minutes on financial markets through textual sentiment analysis of daily newspaper articles. I measure the surprise in the daily news sentiment that is caused by FOMC minutes release. The surprise in the sentiment is calculated as the change in the news sentiment that is measured over three weeks prior to the release of the FOMC …

Understanding Formal Financial Access In Indonesia: Evidence From Micro Data, M. Aulia Rachman, Yozi Aulia Rahman, Maulida Dewi Pangestika, Risanda Alirastra Budiantoro

Economics and Finance in Indonesia

This study examines the determinants of access to formal financial institutions using secondary household survey data from Indonesian Family Life Survey, Wave 5 (IFLS-5). Logistic regression analysis reveals that loan amount, savings, education level, age, housing status, and internet usage are positively and significantly associated with greater access. Individuals with higher savings, higher education, and homeownership exhibit a higher probability of utilizing formal financial services. Although the significance of internet usage varies across models, it remains a strong predictor when properly controlled, particularly due to its role in enhancing digital literacy. In contrast, income and health insurance ownership do not …

The Relationship Between Government Bailouts And Risk-Taking Behavior In Banks: A Case Study From The Great Financial Crisis Of 2008-09, Derek J. Cameron

Economics Working Papers

This study seeks to determine whether the expectation of a government bailout in the event of a crisis incentivizes ex ante risk-taking in banks. Although this subject has been the subject of extensive research in both economics and finance, this specific paper differs from existing literature in that it uses a strictly empirical methodology with minimal theoretical modeling and few assumptions about the banking sector, while also considering the entire banking sector and limiting itself exclusively to ex ante bank investment decisions. This study employs data compiled from various sources about 11 American banks of various sizes between January 2002 …

Interest Rate Lecture, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (n.d.). APE II interest rate lecture (Handwritten notes).
• Shaikh, A. (n.d.). Gibson's paradox (Unpublished manuscript).
• Shaikh, A. (n.d.). Interest rate patterns (Unpublished manuscript).

Fiscal And Monetary Policies For Inclusive Growth In Developing And Emerging Markets, Collins Anosike

Journal of Global Awareness

The study examined the effects of monetary and fiscal policies in attaining inclusive growth for some developing countries and emerging markets. The study selected 20 countries and grouped them into group one and group two. The study is unique because it captures a broader range of countries compared to previous studies and shows their effect on economic growth. We use panel data and employ OLS regression and Johansen cointegration. We examine how each variable, general government expenditure, gross national expenditure, total revenue, official exchange rate, broad money, and deposit interest rate, affects the dependent variable (real GDP) from 1980 to …

Notes From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

Letter From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

Technological Innovation, Industrial Development And Financial Support, Yiming Wang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Currently, the new round of technological revolution is accelerating its breakthroughs, and scientific and technological innovation has become the main battlefield for the competition among major countries. Facing increasingly fierce international competition in science and technology, China must strengthen the orientation of original innovation in scientific research and technological development, shift from “catching up” to “keeping pace” and “taking the lead” in more fields, from innovation in terminal products to breakthroughs in key core technologies, and from integrated innovation to original innovation. In recent years, China’s industrial competitiveness has significantly enhanced, mainly due to the gradual formation of advantages such …

Undertaking Short-Term Finance Transactions In Brazil - An Historic And Modern Look At The Brazilian Economy And Associated Risks, Shawn M. D'Aversa

Student Research

The following report discusses the risks and construction of a hypothetical short-term trade finance transaction involving the five parties: Citibank N.A., Caterpillar Inc. (CAT), Banco Do Brasil, Paracatu Gold Mine and EXIM Bank. Fair warning: this is a long paper for a short-term transaction.

For the deal, Caterpillar Inc. (CAT) has approached Citibank N.A. in New York regarding a financing transaction for five 797F-400 short-ton haul trucks. The trucks are worth $5mn each, including the costs of training and spare parts, for a total of $25mn. Put simply, the trucks are beasts for mining. They will then be shipped to …

Gender And Grades: The Gap In How Men And Women Fear Economic Collapse, Riley O'Connor

Student Scholar Symposium Abstracts and Posters

Due to prescribed gender roles in society and wage gaps, historically, women have had to rely on spouses and family for economic survival. Now, with access to higher education and increased salaries, their economic fears are shifting. In this paper I analyze the extent of the gender gap in the fear of economic and financial collapse of Americans. Using the Chapman Survey of American Fear, an original data set surveying the degree to which American adults fear incidents collected in spring of 2025, men and women of the same education fear economic collapse differently, signifying men fear economic collapse less …

Essays In Household And International Finance, Tatiana Vdovina

Olin Business School Graduate Student Theses and Dissertations

In my first essay, I study whether U.S.-Mexico dual residents borrow in pesos or dollars, using both theory and survey data. I attempt to understand the microeconomic and behavioral foundations of the actual and theory-predicted currency choice by households. I also attempt to reconcile the export- and import-related theory of currency choice proposed in the corporate finance literature with behavioral tests. Finally, I test the nominal uncovered interest parity condition established in McBrady & Schill [1] in a household setting by analyzing if there can be any cost savings from borrowing in dollars over pesos and vice versa. Theoretically, I …

The Economics Of Technical Debt: Venture Capital, Cybersecurity, And Engineering Quality, Joao Henrique Avila Alves Dimas

Olin Business School Graduate Student Theses and Dissertations

This dissertation studies the economic consequences of technical debt—the accumulated cost of expedient engineering decisions in a firm’s software codebase—and how external forces shape it. Using direct codebase analysis of over 80,000 monthly snapshots from 600+ open-core technology firms (2010–2025), I develop the first dollar-denominated measure of technical debt in the finance literature and apply it across two empirical settings. Chapter 1 examines whether venture capital monitoring extends to firms’ technical practices. Using a stacked difference-in-differences design around first VC entry (225 treated firms, 330 controls, 85 cohorts), I find that VC-backed firms reduce critical code defect density by 24% …

Essays In Empirical Asset Pricing, Songrun He

Olin Business School Graduate Student Theses and Dissertations

This dissertation examines several empirical asset pricing questions using around-the-clock high-frequency data, financial text, and AI methods. The first chapter studies systematic jump risk in equity markets by linking around-the-clock market jumps to contemporaneous news narratives identified with a reasoning large language model, and finds substantial heterogeneity in risk premia across jump types. The second chapter addresses lookahead bias in financial text analysis by developing chronologically consistent language models and showing that they perform well in both standard language tasks and asset pricing applications. The third chapter studies cryptocurrency perpetual futures, derives no-arbitrage benchmark prices under realistic payoff assumptions, and …

The Impact Of Monetary Policy Announcements On Trading Reactions To Earnings Reports, Sean A. Maxfield

Economics Honors Projects

This paper examines trading reactions to quarterly earnings reports and the impact of recent monetary policy announcements by the Federal Open Market Committee (FOMC). It argues that the market, as a product of rational and irrational investor behavior, interprets firms’ financial performance within a broader macroeconomic context, affirming the causal channels found in similar studies. This study differs from prior research by looking at the recent, not simultaneous, monetary policy announcement for each earnings announcement in order to understand if the two types of information remain complementary. By conducting an event study model, this study confirms that the interaction of …

Bitcoin Options Risk-Reversal Predictability, Meng Hwee Neo

Dissertations and Theses Collection (Open Access)

This dissertation examines whether Bitcoin options risk-reversal (RR) spreads predict future Bitcoin returns, using daily Deribit data from April 2021 to December 2025 (1,723 observations).

In the primary 25-delta, 90-day specification, the RR coefficient is significant at the 1% level in a thirteen-variable baseline regression with Newey–West standard errors. Robustness tests across all available delta–tenor specifications show statistically significant RR coefficients in the majority of configurations, concentrating in the 30–180-day maturity band.

The butterfly spread (BF) also predicts returns. Both remain significant after controls are added: the RR t-statistic increases from 1.91 (univariate) to 3.73 (full baseline), and the BF …

Essays On Money Search Models, Fangfang Gong

Dissertations and Theses Collection (Open Access)

This dissertation comprises three papers that use money search models to revisit the distributional welfare costs of inflation, study the optimal design of a central bank digital currency (CBDC), and investigate the role of liquidity and monetary policy in initial investment and capital reallocation in secondary markets.

The second chapter develops a micro-founded general equilibrium model of payments to revisit the distributional welfare costs of inflation. We consider different cost structures incurred by merchants when accepting cash and deposits. In equilibrium, there exists a cutoff for buyers’ money holdings, above which card payments are accepted by merchants. We calibrate the …

Financial Technology And Household Wealth, Rongbo Zhou

Dissertations and Theses Collection (Open Access)

With the spread of mobile payment platforms in China, the micro-foundations of household financial behaviour have been reshaped, and this change is increasingly reflected in household property income. Based on microdata from the China Household Finance Survey (CHFS) for 2015, 2017, 2019, and 2021, this dissertation examines how mobile payment use affects household property income, through which channels this effect is transmitted, and how its impact differs across household groups, regional conditions, and macro-financial environments.

The empirical results show a positive association between the use of mobile payment platforms and household property income. This conclusion remains robust after controlling for …

Exploring The Impact Of Poverty On Financial Literacy: The Role Of Parental Education In College Student Financial Behavior, Zoe Williams

Honors Theses

Many college students experience financial stress, yet financial hardship is often explained as a simple lack of financial knowledge. Recent research suggests that how students are socialized around money may matter just as much as what they know. In this study, I examined whether parental education, specifically first-generation college status, changes the relationship between household income and financial health among undergraduate students at a regional public university in the southeastern United States. Participants included 204 undergraduates recruited through the university research pool. Students reported household income (categorized as < $50,000 or >$50,000), first-generation status, and financial behaviors. Financial literacy was measured using an …