Finance Commons^™

Can Sanctions End Wars?, E. Wesley F. Peterson

Yeutter Institute International Trade Policy Review

Russia’s invasion of Ukraine has led to extensive economic, financial, trade, and other types of sanctions directed at individual Russians and the Russian economy. Most European and North American countries as well as Australia, New Zealand, Japan, and Korea have enacted sanctions and many of them are also supporting Ukraine with military and economic assistance. Many other countries including China, India, and Brazil do not support the sanctions although 141 countries belonging to the United Nations (out of a total membership of 193) voted to condemn the war. Although the use of economic sanctions to influence the behavior of foreign …

A Look At Provincial Budgets, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Budget discussions and debates in Pakistan have historically focused on the federal government and FBR, though the provincial budgets should occupy a salient place in the aftermath of the 18th Amendment and the 7th National Finance Commission Award. This has not been the case despite the fact that the objectives of raising the tax-to-GDP ratio and efficient and effective delivery of public goods and services to the citizens can be achieved mainly through provincial budgets.

Comment : Economic Consequences Of Budgetary Options, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Let me first concede that I have great deal of sympathy with those who have been given the responsibility for preparing the FY24 Budget. We are faced with the most difficult external and domestic circumstances. Global economic conditions and geopolitical compulsions are unfavourable.

Economic Impacts Of Investment Facilitation, Edward J. Balistreri, Zoryana Olekseyuk

Yeutter Institute International Trade Policy Review

After the successful adoption of the Trade Facilitation Agreement (TFA) in 2014, investment facilitation is gaining importance as the next policy priority for a plurilateral agreement under the World Trade Organization (WTO). In fact, more than 110 WTO Members aim to conclude the negotiations on the Investment Facilitation for Development (IFD) Agreement by mid-2023 after only three years of formal negotiations. Investment facilitation refers to actions taken by governments designed to attract foreign investment and maximize the effectiveness and efficiency of its administration through all stages of the investment cycle. The IFD agreement focuses on allowing investment to flow efficiently …

Overreaction At The Time Of Regulatory Policy Adjustment: Evidence From The A-Share Market In China, Jian Huang

Fordham Dissertations and Theses

The stock market is a significant place for capital allocation where paternalistic securities regulation is a necessary choice to hedge against risks in a growth-oriented capital market and enhance efficiency of capital market. However, paternalistic regulation can also lead to behavioral failure and amplify market failure, thus resulting in a decline in market efficiency. This dissertation attempts to empirically reveal that it is one of the objectives of securities regulation to increase the stock direct financing ratio (DFR), but policy adjustments can cause increased market volatility, and a stock market with increased volatility may exhibit overreactions, a phenomenon …

Supermajority Politics: Equilibrium Range, Policy Diversity, Utilitarian Welfare, And Political Compromise, Aseem Mahajan, Roland Pongou, Jean-Baptiste Tondji

Economics and Finance Faculty Publications

Highlights

• We study static and dynamic supermajoritarian economies with totally ordered policy spaces.

• We count equilibria in the core and the largest consistent set under single-peaked preferences.

• We assess the depth of policy diversity across similar supermajoritarian political economies.

• We analyze how supermajority rules affect utilitarian welfare and political compromise.

• We find that majority rule maximizes both utilitarian welfare and political compromise under uncertainty.

Abstract

The standard Bowen model of political competition with single-peaked preferences (Bowen, 1943) predicts party convergence to the median voter’s ideal policy, with the number of equilibrium policies not exceeding two. This result assumes majority rule …

Essays On Stakeholder Economy, Hanyu Zhang

Dissertations and Theses Collection (Open Access)

The dissertation consists of two chapters on stakeholder economy. It looks at how firms interact with the stakeholders, including not only investors, employees, customers, governments, but also the broader community and society at large, and examines how such interactions affect corporate behavior in China and the global setting. The first chapter studies how societal culture shapes firm behavior and growth by analyzing the trade-off of relying on trust in acquiring stakeholder resources, and testing with data on the number of historic Confucian schools surrounding a current firm’s location in China. Companies more exposed to Confucianism have greater social contributions and …

Food Price And Inflation Adjustments In Nigeria: Evidence From Threshold Cointegration, Usman A. Bello, Aliyu R. Sanusi

CBN Journal of Applied Statistics (JAS)

This paper investigates two stages of transmission through which inflation stabilization policy affects headline inflation by estimating a threshold cointegration model. The paper finds that asymmetric monetary shocks passing-through food prices exerts inflationary pressure on consumer prices, and is characterized by deep asymmetric movement, large degree of stickiness in adjusting downward, while exhibiting upward momentum in correcting food price fall. In addition, asymmetries were found in consumer price adjustment as food price shock transmits substantial inflationary pressure to consumer prices, while disinflationary effect originating from a fall in food price is inconsequential. The coefficients of adjustment were found to be …

Modelling The Impact Of Government Expenditure On Economic Growth In Nigeria: The Moderating Effects Of Oil And Non-Oil Revenue, Victor U. Ijirshar, Gaius M. Asombo, Florence D. Bundepuun, Ashifa Tersugh, Ayila Ngutsav

CBN Journal of Applied Statistics (JAS)

This study examines the relationship between government expenditure and economic growth and assesses the moderating effects of oil revenue and non-oil revenue in Nigeria from 1981 to 2021. The study uncovered short-term asymmetry in the government expenditure-economic growth nexus while the long-term relationship was symmetric. The study found that government expenditure is a significant determinant of economic growth in Nigeria and that oil and non-oil revenue influences the nexus between government expenditure and economic growth in Nigeria positively. The study recommends efficient management of oil revenue, directing investments during high revenue periods and ensuring fiscal sustainability. Government should also establish …

Improving The Efficiency Of Exponential Ratio-Type Estimator For Population Median: A Calibration Weight Adjustment Approach, Mathew J. Iseh, Kufre J. Bassey

CBN Journal of Applied Statistics (JAS)

This paper modifies the Bahl and Tuteja exponential ratio-type estimator for population median under simple random and stratified sampling schemes using calibration weight adjustment technique with supplementary information to vary the stratum weights. The bias and mean square error of the modified estimator were obtained up to the second-order approximation, which satisfies the necessary conditions for efficiency. The findings show that the new estimator surpasses existing estimators in efficiency gain. This suggests the appropriateness of calibration weight modification in boosting the efficiency of a population parameter estimator under stratified random sampling especially where the population parameter of the auxiliary variable …

Revisit The Moving Average Technical Trading Rule For The Nasdaq Composite Index, Louie Ren, Peter Ren, Jeffrey Yi-Lin Forrest

Pennsylvania Economic Review

We check the regression model assumptions via residual analysis using one dummy variable for Buy and Sell Days. Since the returns of the NASDAQ composite index is not stationary, it is inappropriate to use the Student T-test on Buy and Sell Days to analyze the efficiency of the market via moving average technical trading rules. As such, the Buy-Sell Days from the moving average trading rules have no predictability on daily NASDAQ index returns. This refutes the results of at least two studies on the NASDAQ Composite Index.

An Empirical Research On The Financial Distress Risk In The Garden And Construction Industry, Jianlin Guan

Dissertations and Theses Collection (Open Access)

In recent years, the garden and construction industry has faced significant financial distressdue to the downward pressure on the macro economy. This financial distress not onlyposesrisks to the financial stability and management of enterprises but also has far-reachingimpactson society.

This paper utilizes various analytical methods such as case analysis, empirical analysis, andevent analysis to derive the following conclusions:(1)The participation of garden constructionindustry enterprises in public-private partnership (PPP) projects leads to increased financial distress.(2)The higher the debt ratio of the local government where listed gardenandconstruction enterprises are located, the greater the financial distress theyexperience.(3)Enterprises in the garden and construction industry, whose …

The Relationship Between Economic Policy Uncertainty And Stock Market Volatility, Jadesola Alatishe, M Halim Dalgin, Necati Tekatli

Pennsylvania Economic Review

This paper studies the relationship between the economic policy uncertainty and the stock market volatility. On a daily basis, stock prices react to news about what governments around the world plan to do or have done. As economic policy uncertainty is expected to be priced in the stock market, the relationship between economic policy uncertainty and financial markets can reveal investors' assessments of how policy risks impact economic activity into the future, conveniently summarized in present value terms. In this paper, we hope to unravel how an uncertain economic policy climate affects the stock market dynamics. Our results indicate that …

The Macrodynamics Of Indian Rupee Swap Yields, Tanweer Akram, Khawaja Mamun

WCBT Working Papers

This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest rate has a decisive influence on long-term INR swap yields after controlling for other factors, such as core inflation, the growth of industrial production, the logarithm of the equity price index, and the logarithm of the INR exchange rate. The estimated models show that the short-term interest rate has an important influence on the swap yields. This implies that the Reserve Bank of India (RBI) can sway borrowing and lending …

Annual Growth Of 6.5-8% Until 2028: How?, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

THE KEY outcomes of President Bongbong Marcos’ Philippine Development Plan 2023–2028—to increase income per capita, reduce poverty, and create employment—rest on a necessary condition: to attain a 6.5-8% annual growth rate through 2023 to 2028. If achieved, the Philippines would resemble its East Asian neighbors, which attained similarly high growth rates decades ago. This is much needed given the still low wages and per capita income of the country. Yet, this “target” poses several questions.

Fiscal Decentralization And Economic Performance In Selected Developing Federal Econom, Samuel Onyeka Okonkwo, Walter Okwudili Ugwuoke Phd

Bullion

Extant literatures on fiscal decentralization in most developing countries show more concerns on revenue allocation principle/sharing. Contrary to extant studies, this paper undertakes analysis of fiscal decentralization and economic performance in five emerging federal economies. The curiosity is to ascertain if poor economic performance in most emerging economies could be attributed to ill - structured fiscal decentralization. This objective was addressed using Panel Vector Autoregressive technique and impulse response function. The results showed that all the measures of fiscal decentralization such as revenue measure denoted as (FDC1), spending measure denoted as (FDC2) and revenue — spending measure or Simultaneity measure …

Essays On Tax Impacts On Corporate Finance, Corporate Governance And Regional Disparity, Mei Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics on tax impacts on corporate finance, regional disparity and corporate governance.

Chapter 1 - How Do Net Operating Loss Carryforwards Affect Tax Impact on Corporate Capital Structure? This paper examines the impact of net operating loss (NOL) carryforwards on the tax implications of corporate capital structure. Leveraging the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax reform in four decades, this paper investigates the effect of NOL carryforwards on firms' sensitivity to tax reforms. As NOL carryforwards have become increasingly significant since 2000, but not widely researched due …

An Empirical Evaluation Of Neural Process Meta-Learners For Financial Forecasting, Kevin G. Patel

Master's Theses

Challenges of financial forecasting, such as a dearth of independent samples and non- stationary underlying process, limit the relevance of conventional machine learning towards financial forecasting. Meta-learning approaches alleviate some of these is- sues by allowing the model to generalize across unrelated or loosely related tasks with few observations per task. The neural process family achieves this by con- ditioning forecasts based on a supplied context set at test time. Despite promise, meta-learning approaches remain underutilized in finance. To our knowledge, ours is the first application of neural processes to realized volatility (RV) forecasting and financial forecasting in general.

We …

Disagreement In Market Index Options, Guilherme Salome, George Tauchen, Jia Li

Research Collection School Of Economics

We generate new evidence on disagreement among traders in the S&P 500 options market from high-frequency intraday price and volume data. Inference on disagreement is based on a model where investors observe public information but agree to disagree on its interpretation; disagreement among investors is captured by the volume–volatility elasticity. For options, there are two natural variables related to disagreement: moneyness and tenor, which we relate to disagreement about the distribution of the market index at different quantiles and times. The estimated volume–volatility elasticity equals unity for options near the money and close to expiration, which is consistent with the …

Sociodemographic Effects On Financial Inclusion: Implications From Online Transaction In Developing-8 Countries, Dyah Titis Kusuma Wardani, Navi'ah Khusniati, Susilo Nur Aji Cokro Darsono

Economics and Finance in Indonesia

The world has reached the industry 4.0, where technological developments have been widely applied to electronic payment, with no exception on Muslim countries. This study aims to investigate association between sociodemographic and financial inclusion in country D-8 in the probability of using online financial transactions. Using The Global Findex 2017 from D-8 Organization for Economic Cooperation included in OIC countries and the logistic regression, this study explores the effect of sociodemographic namely gender, education, income status and working status on online financial transactions users. Using control variables such as Gross Domestic Product (GDP), Inflation and Exchange reta, results show that, …