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The Influence Of Financial Literacy, Environmental Literacy, And Environmental Concern On Green Preferences Among Young Adults In Brunei Darussalam, Siti Rafhanah Binti Haji Nor Hasnul, Shaista Wasiuzzaman

ASEAN Journal on Science and Technology for Development

This study aims to assess the green preferences in Brunei Darussalam among young adults evaluate the level of environmental and financial literacy among Brunei’s young adults and investigate the influence of financial literacy, environmental literacy and environmental con- cern on the green preferences of young adults in Brunei. A survey questionnaire was distrib- uted to youths between the ages of 15 to 40 years old, out of which 192 responses were gath- ered. Various statistical analyses were carried out to achieve the aims. It is found that green preferences were moderate among Bruneian young adults. Environmental literacy is found to …

Late-Arriving Votes And Electoral Fraud: A Natural Experiment And Regression Discontinuity Evidence From Bolivia, Diego Escobari, Gary A. Hoover

Economics and Finance Faculty Publications

This paper uses a unique data set and a natural experiment to test if electoral fraud can exist in late-arriving votes. On the night of the 2019 Bolivian elections, the official vote counting system that was expected to publish the results real-time, suddenly stopped. When it resumed, the results had flipped. We estimate several difference-in-differences specifications using a 2016 referendum and the votes of other political parties. We find that the extent of the fraud is 2.51% of the valid votes, sufficient to change the outcome of the election. Our results are robust to polling-station-level shocks common across 2019 and …

Entrepreneurship, Resource Rents And Institutions, André Varella Mollick, Lu Sui

Economics and Finance Faculty Publications

The resource curse hypothesis supposes that rents generated by resource booms create opportunities for rent-seeking activities, which weaken innovation and economic development due to the potentially adverse effects in competitive markets. The quality of institutions is an important channel to transform society from a rent-seeking economy to an entrepreneurial economy. We address in this paper these channels by examining necessity, opportunity, productive and innovative measures of entrepreneurship. Using annual data from 2002 to 2017, we estimate the relationship between entrepreneurship and natural resource rents for 60 countries. Allowing for measures of institutions (corruption, government policies, and cultural and social norms) …

Endogenous Immigration Policy In A Stylized Political Economy, Armando R. Lopez-Velasco

Economics and Finance Faculty Publications

The following sections are included:

• Introduction

• A Political Economic Model of Immigration

  • The economic environment

  • Preferences of the old

  • Preferences of the young

  • Types of equilibria

• Applications and Extensions

  • Aging

  • The model under periodic fertility rates: Baby booms and baby busts

  • Immigration and dynamic efficiency

• Conclusions

• References

• Appendix

  • The indirect utility function of the young as a function of wt, Rt+1 and bt+1

  • Proof that b t + 1 R t + 1 is given by τ ( 1 − α ) α s t

  • Derivation of the young agent’s indirect utility function (Equation …

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Nfl Positional Value In Terms Of Salary Cap Spending: Why Are Running Backs Undervalued?, Charlton Jackson

CMC Senior Theses

Running Backs over the past two decades have seen a contract value devaluation relative to other positions and the league's salary cap spending limit. The growth of running back salaries has stagnated in the past decade, and they currently fail to keep pace with the contracts for other positions. Through our empirical research, we were able to either reject or better explain existing reasoning for recent running back devaluation, such as the increase in passing volume, durability concerns, and running backs by committee. We found that the most significant change in the past 30 years of the NFL, since the …

Is Green The New Gold? Esg’S Influence On The Financial Performance Of The Energy And Mining Industries, Alexa De Vegvar

CMC Senior Theses

The demand for Environment, Social, and Governance (ESG) reporting has increased in recent years. As the concern for climate change has moved to the forefront of the investment process, companies have needed to prioritize ESG in their operations. Previous literature addresses how ESG has benefited companies’ financial performance and increased shareholder value. The pandemic has proven to have positively impacted ESG reporting as social priorities shifted. However, studies have also shown that ESG reporting is too ambiguous to concretely display any relationship with financial performance. This thesis will analyze the impact of ESG and environmental data reporting on the Return …

Capturing Value In Emerging Markets: A Real Options Perspective On Resilience And Risk, Alexander Castillo

CMC Senior Theses

This paper examines the evaluation of investment opportunities in emerging markets (EMs) through real options analysis, against the backdrop of their unique risk profiles and the recent trend of EMs exhibiting resilience in economic performance. While EMs are associated with high growth rates and infrastructure gaps, they have shown adaptability, particularly in monetary policy responses to inflation. This paper explores the sensitivity of net present value (NPV) and real options (RO) to changes in the capital asset pricing model, adapting the yield spread to capture default risk and local risk-free rates. Utilizing oil benchmark price data, the paper constructs a …

The Effects Of Spending-Focused Fiscal Policy On Italian Output And Stock Market Performance, Filippo Salvatico

CMC Senior Theses

This paper studies the effects of Italy’s expenditure-focused fiscal policy on (1) economic output, measured with real GDP growth, and (2) stock market performance, measured with FTSE MIB period returns, using ordinary least squares and generalized autoregressive conditional heteroskedasticity models. To the first end, a quarterly (time series) data base of fiscal indicators—Budget Balance, Government Debt, and Government Expenditure—as well as other macroeconomic series is constructed to test their effects on output. To the second end, a monthly (time series) data base of the same indicators, as well as period returns for seven other benchmark stock exchanges across Europe, is …

Consumer Demand For Food Products, Price Surge, And U.S. Public Policy: An Empirical Economic Analysis, Clement Olivier Codjia

Theses and Dissertations--Agricultural Economics

This dissertation, by leveraging advanced econometric modeling approaches and exploiting suitable large datasets, investigates consumer food product demand in a setting of change in regulating policies as well as unforeseen price increases. Three chapters have mainly enabled the dissertation to achieve its research goals, which have been explicitly presented in Chapter 1 along with the background as well as the core problem the studies have elaborated on.

Given that soft drinks stand out as a major cause of obesity and overweight worldwide, whereas the United States is the country most concerned with this problem, experts have agreed that labels and …

The Macroprudential Myth, Jeremy C. Kress, Jeffery Yufeng Zhang

Articles

According to conventional wisdom, the 2008 fnancial crisis fundamen- tally changed how policymakers approach fnancial regulation. Before the crisis, regulators sought to prevent individual fnancial institutions from collapsing, but this “microprudential” strategy proved inadequate to stop the market-wide meltdown. In response, policymakers purportedly turned to a new “macroprudential” approach that prioritizes the stability of the fnancial system as a whole instead of individual institutions in isolation. Regulators in the United States and abroad enthusiastically embraced macroprudential policy, implementing stress tests, capital buffers, liquidity requirements, and other supposed macroprudential tools. As the United States’ top bank regulator declared in 2015, “[W]e …

A Stock Optimization Problem In Finance: Understanding Financial And Economic Indicators Through Analytical Predictive Modeling, Aditya Chakraborty, Chris Tsokos

Epidemiology, Biostatistics, & Environmental Health Faculty Publications

Given the significant impact of healthcare stock changes on the global economy, including its GDP and other financial factors, we endeavored to create an analytical prediction model for forecasting the annual percentage change of these stocks. Our model, which is nonlinear, incorporates five key discoveries. We focused on predicting the average weekly closing price (pWCP) of AbbVie Inc. (North Chicago, IL, USA)'s healthcare stock (ABBV) from 1 August 2017 to 31 December 2019. The stock was chosen based on the low beta risk, high dividend yield, and high yearly percentage return criteria. Alongside predicting the weekly stock price, our model …

Optimal Nonparametric Range-Based Volatility Estimation, Tim Bollerslev, Jia Li, Qiyuan Li

Research Collection School Of Economics

We present a general framework for optimal nonparametric spot volatility estimation based on intraday range data, comprised of the first, highest, lowest, and last price over a given time-interval. We rely on a decision-theoretic approach together with a coupling-type argument to directly tailor the form of the nonparametric estimator to the specific volatility measure of interest and relevant loss function. The resulting new optimal estimators offer substantial efficiency gains compared to existing commonly used range-based procedures.

Essays On Corporate Debt Structure, Kyuyoung Oh

Theses and Dissertations--Finance and Quantitative Methods

The dissertation consists of three chapters exploring three different facets of corporate debt structure choice. In the first chapter, “Risk Management and the Choice between Secured and Unsecured Debt: Evidence from Natural Experiment,” I study whether and how corporate hedging affects firms’ choice between secured and unsecured debt. Exploiting the introduction of steel futures as a natural experiment, I provide causal evidence that risk management enables firms to switch from secured to unsecured debt without sacrificing debt capacity. Cross-sectional evidence supports the interpretation that risk management drives the results. The effects are stronger for firms that are more likely to …

The Estimation Of Production Functions With Monetary Values, Jesus Felipe, John Mccombie, Aashish Mehta

Angelo King Institute for Economic and Business Studies (AKI)

For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other relevant parameters. Theoretical discussions of the problem correctly assume that production functions are relationships among physical inputs and output. However, in practice, they are most often estimated using deflated monetary values for output (value added or gross output) and capital. This introduces two additional problems—an errors-invariables problem, and a tendency to recover the factor shares in value added instead of their elasticities. The latter problem derives from the fact that …

Essays On Public Finance And International Finance, Deepti Sikri

Electronic Theses & Dissertations (2024 - present)

The first chapter examines New York State's Fiscal Score Monitoring program to find the effect of two quality labels on school district outcomes: fiscal stress scores, reflecting the budget solvency, and environmental stress labels reflecting economic and demographic conditions. Using the NYS school district data from 2013-22, I employ the regression discontinuity design to find the effect of stress labels, in response to the political pressure on district finances, housing, and school outcomes. I find the effect of fiscal stress label is limited, leading to a decrease in the fund balance ratio and an increase in the tax rate. However, …

Green Bonds, Green Returns: The Impact Of Green Bond Issuances On Financial Performance In The U.S. Energy Sector, Adora Lei

Honors Theses

This paper investigates the impact of green bond issuances on the financial performance of U.S. energy firms, the largest greenhouse gas-emitting sector. To explore the incentives for adopting green projects among firms with the most significant margin for improvement, I focus on Gross Profit Margin (GPM) and the Tobin’s Q Ratio as key indicators of profitability and valuation. Using a dataset of 462 companies, I analyze green and conventional corporate bond issuances from 2010 onwards in the context of their financial reports. The findings reveal that green bonds positively influence long-term valuation, with Tobin’s Q showing significant increases from the …

Robust Testing For Explosive Behavior With Strongly Dependent Errors, Yui Lim Lui, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

A heteroskedasticity-autocorrelation robust (HAR) test statistic is proposed to test for the presence of explosive roots in financial or real asset prices when the equation errors are strongly dependent. Limit theory for the test statistic is developed and extended to heteroskedastic models. The new test has stable size properties unlike conventional test statistics that typically lead to size distortion and inconsistency in the presence of strongly dependent equation errors. The new procedure can be used to consistently time-stamp the origination and termination of an explosive episode under similar conditions of long memory errors. Simulations are conducted to assess the finite …

Market For Manipulable Information, Hui Chen, Jian Sun

Research Collection Lee Kong Chian School Of Business

We study how investors, firms, and information sellers interact in a market with manipulable information. To better predict the firm characteristics they care about, investors can buy a score from a monopolistic information seller, which aggregates signals that are subject to firm manipulation. The average degree of signal manipulability has no effect on the equilibrium, while the uncertainty about manipulability becomes a new source of noise. Its contribution depends on firms' incentive to manipulate the signals, which in turn depends on the equilibrium price sensitivity to the score. The optimal design of the score weighs signal precision against the endogenous …

Three Essays On The Impact Of Debt On Young American Adults’ Lives After Graduation, Sylvie Sanou

Graduate Research Theses & Dissertations

This dissertation investigates the impact of financial constraints due to debt on three aspects of young American adults' lives after graduation. The first essay examines the impact of student loan debt on the mental health of US young adults using restricted-access and publicly available data from the 1997 National Longitudinal Survey of Youth (NLSY97). Prior studies found that debt negatively affects mental health. However, few papers focused on educational debt. Unlike other debt, student loan debt is special because it funds human capital investment, and borrowers expect to receive a significant return on the investment. Using a two-stage estimation model, …

Univariate Extreme Value Analysis Of Quantitative Investment Management, George Agbenyega Zumanu

Graduate Research Theses & Dissertations

The evolution of product development within the variable annuity (VA) business have sparked interest in quantitative investment management, particularly as most VA issuers have integrated volatility-controlled funds into their annuity portfolios. Despite the existence of empirical research on statistical analysis of extreme values in conventional investments, there has been a notable gap in research focus towards risk modeling in volatility-controlled funds.

This study contributes by analyzing and modeling the extreme values of investments in volatility-controlled funds, comparing them to conventional equity funds. The financial returns of S&P Dow Jones Indices (SPDJI) indices - SPXTR, risk control SPXT18UT, and managed risk …