In Search Of Cryptocurrency Failure,
2023
Singapore Management University
In Search Of Cryptocurrency Failure, Donglian Ma, Jun Tu, Zhaobo Zhu
Research Collection Lee Kong Chian School Of Business
This paper explores the determinants of cryptocurrency failure and the pricing of crypto failure risk. We document different significant market- and characteristic-based predictors for coin and token failures. The introduction of Bitcoin futures and the outbreak of COVID19 affect the importance of many predictors. Investors require extra return for bearing high failure risk of crypto assets. The return difference across high and low failure risk crypto assets is not explained by the market, size and momentum factors in the cryptocurrency market. Finally, investors benefit from diversifying into high failure risk crypto assets that is little correlated with the stock market.
Monetary Transmission And Government Investment In China,
2023
Singapore Management University
Monetary Transmission And Government Investment In China, Qian Han, Zhaogang Song, Yufei Yuan, Yuanhang Zhao
Research Collection Lee Kong Chian School Of Business
The quantity measure of money supply—the M2 growth, in particular—has been used as the intermediate target of monetary policy in China since 2000. We document three findings on the transmission of money supply shocks to firm investment and financing over the period from 1998 to 2016. First, positive money supply shocks have significant negative effects on firm investment and do not have consistent impacts on firm financing, contradicting the standard monetary transmission mechanism. Second, using short-term global capital flows as an exogenous money supply factor, we recover the standard positive effect of money supply shocks on firm investment and financing, …
How Commonality Persists? (Through Investors' Sentiment And Attention),
2023
Singapore Management University
How Commonality Persists? (Through Investors' Sentiment And Attention), Chyng Wen Tee, Raja Velu, Zhaoque Zhou
Research Collection Lee Kong Chian School Of Business
Studies on commonality generally attribute the variation in asset returns to the variation in order flows. In this research study, we show that order flows do not predict asset returns, rather their relationship have been static over time. Thus we model both returns and the order flows as endogenous variables, and use investors' sentiment and attention as exogenous factors via a reduced-rank regression. We provide empirical evidence to demonstrate that cross-sectional commonality in attention (sentiment) is linearly (nonlinearly) associated with both returns and order flows at the intraday level, while the sentiment and attention measures themselvesexhibit a nonlinear mutual relationship, …
The Effect Of Financial Inclusion On Food Security: Evidence From Developing And Developed Countries,
2023
Faculty of Economics and Business, Universitas Gadjah Mada, Yogyakarta, Indonesia
The Effect Of Financial Inclusion On Food Security: Evidence From Developing And Developed Countries, Yasmin Yasmin, Sekar Utami Setiastuti
Economics and Finance in Indonesia
This study investigates the global impact of financial inclusion on food security, with a focus on both developing and developed countries. The study constructs a financial inclusion index using the Sarma method and secondary data sourced from IMF and World Bank databases. System GMM is employed as the estimation method due to its effectiveness in addressing endogeneity issues and its efficient and consistent use of instruments. The analysis reveals that financial inclusion has a positive and statistically significant effect on food security across all research sub-samples. In addition, the study incorporates interaction variables between financial inclusion and the COVID-19 pandemic …
An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach,
2023
De La Salle University, Manila
An Analysis On The Efficiency Of Philippine Microfinance Institutions: A Stochastic Frontier Approach, Ryan Lou Dio, Elijah Jacob Mendoza, Lunette Clarisse Nunez, Ma. Ellory Villanueva, Myrna S. Austria, Tereso S. Tullao Jr
Angelo King Institute for Economic and Business Studies (AKI)
Microfinance institutions (MFIs) were created to provide loans and financial services for the poor as commercial banks have requirements that are not accessible to them. The Philippines government soon started using MFIs as a poverty alleviation tool to answer the market failure created by the commercial banking industry since it cannot accommodate the needs of low-income earners due to the high costs attached to it. However, recent studies have shown that MFIs are “mission drifting,” which means that they are deviating from their original social purpose and becoming more financially driven. As a result, this paper estimates the financial and …
The Perfect Storm: Behavioral Finance In The Face Of The Covid-19 Pandemic,
2023
University of Nevada, Las Vegas
The Perfect Storm: Behavioral Finance In The Face Of The Covid-19 Pandemic, Aubrey Bucher, Kirk Silvernail
Undergraduate Research Symposium Lightning Talks
US Stock Market Volatility 2020. Prevalent Behavioral Biases: Loss Aversion, Self-Attribution, Anchoring, Herd Behavior.
Dynamic Factor Copula Models With Estimated Cluster Assignments,
2023
Singapore Management University
Dynamic Factor Copula Models With Estimated Cluster Assignments, Dong Hwan Oh, Andrew John Patton
Research Collection School Of Economics
This paper proposes a dynamic multi-factor copula for use in high-dimensional time series applications. A novel feature of our model is that the assignment of individual variables to groups is estimated from the data, rather than being pre-assigned using SIC industry codes, market capitalization ranks, or other ad hoc methods. We adapt the k-means clustering algorithm for use in our application and show that it has excellent finite-sample properties. Applying the new model to returns on 110 US equities, we find around 20 clusters to be optimal. In out-of-sample forecasts, we find that a model with as few as five …
Capital Budgeting Of Multinational Corporations In Politically Risky Environments: Evidence From The Ivory Coast,
2023
Walden University
Capital Budgeting Of Multinational Corporations In Politically Risky Environments: Evidence From The Ivory Coast, Rokya Kamagate
Walden Dissertations and Doctoral Studies
No abstract provided.
Financial Integration And Exchange Market Pressure,
2023
Professor, Bayes Business School, City University of London
Financial Integration And Exchange Market Pressure, Kate Phylaktis, Muhammad Aftab
CBER Conference
This study examines the role of financial integration on exchange market pressure (EMP) across a representative group of forty-two advanced and emerging markets over the period 2000-2019, which covers the global financial crisis, which has heightened monetary and economic policy uncertainty. We use a novel measure of financial integration, namely the uncovered equity return differential versus the US, which is based on the Uncovered Equity Parity and is available at a monthly frequency.
Evaluating The Impact Of Withdrawal Of Telegraphic Transfer (Tt) Charges Reimbursement On The Remittances From The Kingdom Of Saudi Arabia (Ksa),
2023
Economist, State Bank of Pakistan (SBP)
Evaluating The Impact Of Withdrawal Of Telegraphic Transfer (Tt) Charges Reimbursement On The Remittances From The Kingdom Of Saudi Arabia (Ksa), Muhammad Omer
CBER Conference
This paper attempted to estimate the impact of withdrawal of TTC reimbursement on remittances inflowing from the KSA into Pakistan. For this purpose, we have used difference in difference (DID) technique on data from July 2018 to September 2022. Our estimates suggest that this policy led to a decline in the remittances inflows from KSA on average between US$ 31 million to US$ 76 million in each month. From policy perspective, Government of Pakistan needs to review this policy of reimbursement on remittances inflowing from KSA. Our results appears robust to various changes in estimation framework.
Assessing The Performance And Risk-Adjusted Returns Of Financial Mutual Funds,
2023
Thomas Jefferson University
Assessing The Performance And Risk-Adjusted Returns Of Financial Mutual Funds, Davinder Malhotra, Timothy Mooney, Raymond Poteau, Philip Russel
School of Business Faculty Papers
In this study, we provide a comprehensive examination of the performance of financial (specialty sector financial) mutual funds over a 23-year period, a much longer time frame than what has been analyzed in previous literature. To fully understand the performance of these mutual funds, we consider multiple factors, including risk-adjusted performance, both unconditional and conditional multifactor analysis, and market timing and selectivity. Financial mutual funds have higher risk-adjusted performance than the overall market and financial sector benchmarks. However, fund alphas are not different from zero, and managers do not exhibit market timing or security selection abilities. Our analysis not only …
Financial Crisis And Female Entrepreneurship: Evidence From South Korea,
2023
Singapore Management University
Financial Crisis And Female Entrepreneurship: Evidence From South Korea, Jungho Lee, Sunha Myong
Research Collection School Of Economics
We document a drastic increase in female-owned manufacturing firms in South Korea after the 1997 financial crisis. During the crisis, a major banking sector reform was conducted, and many underperforming bank branches were forced to close down. Using a geographical variation of bank branch closures during the reform, we show that the banking sector reform resulted in a rise in female entrepreneurship. We present evidence that male-owned firms were preferred by the closeddown bank branches, despite female-owned firms exhibiting lower risks and higher returns. The banking sector reform, although not explicitly aimed at addressing gender disparities, substantially benefited female entrepreneurs …
Information Loss In Volatility Measurement With Flat Price Trading,
2023
Singapore Management University
Information Loss In Volatility Measurement With Flat Price Trading, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
A model of financial asset price determination is proposed that incorporates flat trading features into an efficient price process. The model involves the superposition of a Brownian semimartingale process for the effcient price and a Bernoulli process that determines the extent of price trading. The approach is related to sticky price modeling and the Calvo pricing mechanism in macroeconomic dynamics. A limit theory for the conventional realized volatility (RV) measure of integrated volatility is developed. The results show that RV is still consistent but has an inflated asymptotic variance that depends on the probability of flat trading. Estimated quarticity is …
Work Hard For The Money: Performance-Based Funding In The State Of Louisiana,
2023
Louisiana State University and Agricultural and Mechanical College
Work Hard For The Money: Performance-Based Funding In The State Of Louisiana, Victoria C. Lloyd
LSU Doctoral Dissertations
The purpose of this study is to examine in what ways, if any, the introduction of the equity incentive portion of Louisiana’s performance-based funding model impacted the underserved student groups it was designed to support. I employed a quantitative quasi-experimental design for this study by running three outcome variables (Adult Learner Enrollment, First-Time Enrollment for Racially Minoritized Students, and Low-Income Student Enrollment) by sector (two- and four-year public institutions) and employing a differences-in-differences regression with panel data. In my analysis I uncovered two main findings: 1) Louisiana’s equity incentive is showing early signs of success for all three underserved groups …
Do Government Subsidies Promote Green R&D Efficiency? Empirical Evidence From China,
2023
Singapore Management University
Do Government Subsidies Promote Green R&D Efficiency? Empirical Evidence From China, Huimin Wu
Dissertations and Theses Collection (Open Access)
How to evaluate the effects of government policy on encouraging innovations? Existing studies strongly argue to reduce subsidies compared to indirect policy tools, such as tax rebate. However, direct government grants are popular and keep gaining momentum in China. Such a discrepancy between academic research and common practice is interesting and calls for further investigations. In the meantime, is there any difference for this issue if considering green attributes? In this article, we use data from Chinese A-share listed companies to study the effect of government subsidies on R&D activities, with a special focus on comparing green and non-green inventions. …
Deconstructing The Software Factory: A Practical Application Of Interorganizational Network Analysis,
2023
Air Force Institute of Technology
Deconstructing The Software Factory: A Practical Application Of Interorganizational Network Analysis, Zachary O. Ryan, Mark Reith, Clay Koschnick
Faculty Publications
Over the past 5 years, the number of DoD software organizations that employ nontraditional organizational structures has increased. These organizations, commonly referred to as software factories, often employ the network-based organizational structures found within high-technology industries. This article details ways in which network analysis techniques can be used to create a big picture view of these nontraditional organizations. Drawing on methodologies employed by network researchers, the authors develop and present an interorganizational analysis process that highlights a program's social and economic structures. Following the case history approach, they demonstrate the applicability of this approach by analyzing an emergent DoD software …
Does The Federal Reserve Obtain Competitive And Appropriate Prices In Monetary Policy Implementation?,
2023
Singapore Management University
Does The Federal Reserve Obtain Competitive And Appropriate Prices In Monetary Policy Implementation?, Yu An, Zhaogang Song
Research Collection Lee Kong Chian School Of Business
Many of the Federal Reserve’s (the Fed’s) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers’ market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that dealers’ market power greatly relates to the Fed’s purchases in large amounts, whereas the Fed’s limited breadth of counterparty choice also plays some role.
التماثل التنظيمي مدخل لتعزيز الاداء الاستراتيجي: دراسة لآراء عينة من المديرين في جامعة الموصل,
2023
جامعة الموصل / كلية الأدارة والاقتصاد
التماثل التنظيمي مدخل لتعزيز الاداء الاستراتيجي: دراسة لآراء عينة من المديرين في جامعة الموصل, شيماء محمد صالح حسن حميد الهاشمي, ايمان بشير محمد مصطفى ابو ردن
Muthanna Journal of Administrative and Economics Sciences
استهدف البحث تشخيص مستوى التماثل التنظيمي بوصفه مدخل لتعزيز الاداء الاستراتيجي للقيادات الادارية في مؤسسات التعليم العالي وبيان مدى اهمية دمج المفاهيم والقيم الاخلاقية والعادات التي يتصف بها الافراد بثقافة المنظمة واسلوبها بالعمل بغية تحديد هوية المنظمة التي يعمل فيها ومنحها القدرة على تحقيق افضل اداء استراتيجي في ظل المستجدات البيئة والاقتصادية وبالسرعة التي تضاهي منافسيها, وتمحورت مشكلة البحث في اثارة عدة تساؤلات بحثية أهمها: هل تمتلك ادارة الكليات المبحوثة ابعاد التماثل التنظيمي؟ وماهي طبيعة علاقات الارتباط والاثر بين التماثل التنظيمي بدلالة ابعاده والاداء الاستراتيجي لدى الكليات ميدان البحث , اذ استخدم البحث المنهج الوصفي التحليلي لتغطية الاطر النظرية المفاهيمية …
الجامعات الخضراء كآلية لتطوير البنى التحتية المستدامة: دراسة عينة من تجارب جامعات عربية,
2023
جامعة تبسة /الجزائر
الجامعات الخضراء كآلية لتطوير البنى التحتية المستدامة: دراسة عينة من تجارب جامعات عربية, فضيلة ب بوطورة, حيدر حميد بلاو, فاطمة الزهرة بوطورة, مقداد جاسم عبد مقداد جاسم عبد مقداد جاسم عبد
Muthanna Journal of Administrative and Economics Sciences
تهدف هذه الدراسة إلى إبراز مدى أهمية تبني مفهوم الجامعة الخضراء كآلية لتطوير البنى التحتية المستدامة من خلال تسليط الضوء إلى عينة من تجارب الجامعات العربية، وبينت الدراسة أن الجامعة تعد أداة أساسية من أجل التوعية وزرع الفكر الإيجابي وترسيخ الاهتمام بالجانب البيئي، وتوصلت الدراسة إلى أن الجامعة الخضراء تعد مؤسسة تعليمية تلبي حاجتها إلى الموارد الطبيعية، مثل الطاقة والمياه والمواد، دون المساس بقدرة الناس في البلدان الأخرى وكذلك الأجيال القادمة على تلبية احتياجاتهم الخاصة، كما تلعب الجامعة دورا محوريا في تحقيق الاستدامة من خلال وضع مبادئ التنمية المستدامة في جميع التخصصات الجامعية، وأيضا عن طريق التكوين الجامعي الذي يسعى …
اثر القيادة الابوية في الحد من الانسحاب الوظيفي: دراسة استطلاعية في شركة زين العراق,
2023
جامعة الموصل / كلية الأدارة والاقتصاد
اثر القيادة الابوية في الحد من الانسحاب الوظيفي: دراسة استطلاعية في شركة زين العراق, علي ذنون يونس الجادر, صفاء ادريس عبودي
Muthanna Journal of Administrative and Economics Sciences
تهدف الدراسة إلى تحديد اثر القيادة الأبوية المتمثلة في (القيادة الخيرية، والقيادة الأخلاقية، والقيادة السلطوية). في الحد من الانسحاب الوظيفي (الانسحاب الجسدي، والانسحاب النفسي) في شركة زين العراق للاتصالات، واعتمدت الدراسة في عملية جمع البيانات على الاستبانة بوصفة أداة رئيسية لتحقيق هدفها. اذ تم توزيع (258) استمارة لتحديد مدى توافر ابعاد القيادة الأبوية والانسحاب الوظيفي، وتم استرجاع (211) استمارة صالحة للتحليل الاحصائي. وعن طريق استعمال مجموعة من الأساليب الإحصائية تتمثل في التوزيع الطبيعي، عامل الثبات (ألفا كرو نباخ). الموثوقية، المتوسط الحسابي، الانحراف المعياري، معامل الانحدار المتعدد، فيما بينت نتائج الدراسة وجود علاقة تأثير ايجابية ذات دلالة إحصائية بين القيادة الأبوية …
