Finance Commons^™

The Role Of Cross-Cultural Adaptation In The Work Performance Of Chinese Expatriates In Japan, Xinxin Kong

Fordham Dissertations and Theses

The continuous development of the Chinese economy has made "going global" in overseas operations and cross-border collaborations a key internationalization strategy for many Chinese enterprises. Executives working abroad are required to adapt to new cultures and business practices while also addressing challenges such as the lack of international management talents, high employee turnover rates, and suboptimal expatriate performance. In the realm of international human resources selection and talent retention practices, how can decision-makers in multinational enterprises improve expatriate performance? How can they select employees who can better adapt to different cultures, enhance employee loyalty in cross-border situations, and …

Do Hacker Groups Pose A Risk To Organizations? Study On Financial Institutions Targeted By Hacktivists, Mikko Samuli Niemelae

Dissertations and Theses Collection (Open Access)

Publication date: 5 September 2023

In the digital era, technological progress has been shadowed by an escalation in cybersecurity threats, notably impacting the financial sector. This research critically examines the influence of hacktivist campaigns—particularly those led by groups like Anonymous—on the cyber exposure of financial services firms listed on the NYSE. Employing Synthetic Controls and analyzing 22 treated firms, the study found that such campaigns significantly enhance the target institutions' deep and dark web exposure, with an average increase of 65% per annum in the subsequent two years from the campaign initiation. Crucially, smaller firms display a heightened susceptibility to …

The Cost Of Cheap Talk: How Campaign Promises And Default Contributions Affect Donation-Based Crowd Funding Success, Tianci Leon Qiu

Dissertations and Theses Collection (Open Access)

Non-profit organisations (NPOs) find it increasingly harder to engage donors and raise funds from the public. Post-pandemic: the emphasis on tactics to raise funds online through donation-based crowdfunding (DCF) platforms has surged in importance for both NPO survival and continued beneficiary aid. However, unlike equity-based crowdfunding platforms where campaign organisers are obligated to provide investors with tangible returns based on funding milestones, NPOs on DCF platforms do not have to adhere to any funding milestones or are beholden to any tangible obligations towards donors. Consequently, NPOs are greatly incentivised to deploy cheap talk – non-binding, unverifiable messages and claims to …

Housing Fever In Australia 2020-23: Insights From An Econometric Thermometer, Shuping Shi, Peter C. B. Phillips

Research Collection School Of Economics

Australian housing markets experienced widespread and, in some cases, extraordinary growth in prices between 2020 and 2023. Using recently developed methodology that accounts for fundamental economic drivers, we assess the existence and degree of speculative behaviour, as well as the timing of exuberance and downturns in these markets. Our findings indicate that speculative behaviour was indeed present in six of the eight capital cities at some time over the period studied. The sequence of events in this nation-wide housing bubble began in the Brisbane market and concluded in Melbourne, Canberra, and Hobart following the interest rate rise implemented by the …

How To Understand China's Approach To Central Bank Digital Currency?, Heng Wang

Research Collection Yong Pung How School Of Law

China's central bank digital currency (CBDC), digital yuan or e-CNY, is likely to profoundly affect the international financial system. China's CBDC is fast evolving. Understanding the influencing factors of China's CBDC will likely be crucial to explore its future direction. Major influencing factors include (i) China's perception and conception of regulation and technology, (ii) complementarity between China's preferences and CBDC development, (iii) domestic and international legitimacy, and (iv) institutional development. This paper argues that these influencing factors contribute to China's likely approach of selectively reshaping the international financial system. Given the potential wide-ranging implications of the introduction of CBDC globally, …

Does Abstract Thinking Facilitate Information Processing? Evidence From Financial Analysts, Frank Weikai Li, Rong Wang, Yang Yu, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We study whether abstract thinking – an essential cognitive trait established by psychological and neuroscientific studies – facilitates analysts’ information processing. Exploiting analysts’ questions during earnings calls, we construct an Abstract Thinking Index (ATI) that measures their tendency to involve abstract words, logical reasoning, broader topics, and future outlooks. We find that abstract thinking improves analysts’ forecast accuracy and recommendation informativeness. Consistent with abstract thinking featuring identifying central characteristics and comprehending intangible things, ATI has stronger effects for firms with fundamentals co-moving more with peers and less tangible information. Additional analyses suggest that ATI captures analysts’ cognitive traits rather than …

What Drives The Value Of Financial Analysts’ Advice? The Role Of Earnings And Growth Forecasts, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

We offer a parsimonious index at the individual analyst level to measure the extent to which an analyst relies on earnings and long-term growth forecasts in producing her advice. Using this index, we evaluate the contribution of earnings and growth forecasts to the investment value of analysts’ stock recommendations. We find that the fraction of analysts’ advice attributed to forecasts varies considerably across analysts and sectors. The investment value of recommendations is higher for analysts who rely less on their forecasts and more on other sources of information when forming investment advice. Investors recognize the superiority of recommendations from analysts …

Higher Education Exports Before And After Covid, John C. Beghin, Byungyul Park

Yeutter Institute International Trade Policy Review

Historically, the higher education system in countries belonging to the Organization for Economic Cooperation and Developing (OECD), a grouping of advanced economies, and especially in the United States, has been a magnet for foreign students, both graduate and undergraduates. Graduate students tend to be supported by teaching and research assistantships from the hosting university and do not generate direct revenues for the hosting institution. They do contribute to the economy with their productivity in research projects and with their private consumption. In contrast, most undergraduate foreign students pay fees and tuition which are often higher than those paid by local …

Central Bank Digital Currency Is Good As Long As All Stakeholders Are Involved, Manoel F. A. Gadi Mr, Miguel Angel Sicilia

Journal of New Finance

Recent changes in the money supply landscape like the rise of Cryptocurrencies like Bitcoin and also China pushing for broader use of its Digital Yuan soon [1] are forcing governments around the world to investigate about central bank [issued] digital currency (CBDC). In this work We want to analyse the level of understanding of CBDC, opportunities, risks, limitations and obstacles. We explore the pros cons and possibilities of implementing a central bank digital currency (CBDC) by highlighting the different levels of acceptance of a CBDC from four groups of stakeholders: Central Bankers, Bankers, Fintech and General Public. The result from …

Exploring Occupational Therapy’S Role In Foster Care: A Mixed Methods Study On Financial Literacy Education For Foster Youth, Ashley Carmichael, Karen Park

Summer 2023 Virtual OTD Capstone Symposium

Background: Foster youth are children under 21 years old who have been removed from their homes due to neglect or abuse and are susceptible to early adversity and trauma (Alternative Family Services, n.d.; AOTA, 2017). Financial literacy is the knowledge and skills to take control of finances (National Financial Educators Council, n.d.). In the foster care setting, occupational therapists (OTs) provide client-centered care that traditionally focuses on transitional life skills, such as seeking employment (American Occupational Therapy Association [AOTA], 2017).

Problem/Purpose: The lack of resources for foster youth to gain financial literacy skills leads to a disadvantage in …

Determinants Of Net Interest Margin For Banks Operating In Pales-Tine, Islam Abdeljawad, Ajyad Bahlaq

An-Najah University Journal for Research - B (Humanities)

The goal of this research is to identify the factors that influence the net interest margin (NIM) for Palestinian conventional banks. Palestine is a unique country with poor governance, political uncertainty, and regulatory insufficiency, adding higher information asymmetry to the decision-making process. The sample is comprised of unbalanced panel data from 15 commercial banks for the period 2011–2020. The research used a pooled OLS, a fixed-effect model, a random effect model, a robust pooled OLS, a difference GMM, and a system GMM estimators. Evidence collected supports that net interest margin is positively influenced by risk aversion, operating costs, and loan-to-deposit, …

The Effect Of Covid-19 Uncertainty On Corporate Default Risk: International Evidence, Md Ismail Haidar, Md Showaib Rahman Sarker, André Varella Mollick

Economics and Finance Faculty Publications

This paper investigates the effect of COVID-19 uncertainty on corporate default risk using an international sample of firms from 71 countries. We document that corporate default risk increases with higher COVID-19 uncertainty, even after controlling for a wide range of firmlevel and country-level characteristics. The effect is weaker for firms in highly religious adherence countries, stronger for firms in developed countries, and for firms geographically closer to China and Italy. Further, the effect is weaker for highly innovative firms and less financially constrained firms. Our findings are robust to propensity score matching and entropy balancing methods to address selection bias, …

Two Essays On Credit Risk Correlation, Theophilus Teye Osah

Theses and Dissertations

This dissertation comprises two essays on credit risk correlation. In the first essay, we provide robust empirical evidence that lenders charge higher loan spreads to borrowers with higher credit risk correlation. This effect is concentrated in investment grade firms, driven by tightening lending conditions, and more pronounced for firms with higher rollover risk. Furthermore, banks whose borrowers have higher average credit risk correlation, have greater default risk themselves. In the second paper, we find that a trading strategy that buys high- and sells low-credit risk correlation stocks generates significant risk-adjusted expected return of about 121 bps per annum. Cross-sectional regressions …

Technological Innovation And Development In China’S Banking Industry: Problems And Countermeasures, Chuhan Zhang, Jichang Dong, Zhi Dong, Xiuting Li

Bulletin of Chinese Academy of Sciences (Chinese Version)

With the deep integration of science and technology into industrial transformation, the technological innovation in China’s banking industry has reached a new level with growing capacity for innovation, relying on the “dual-wheel” innovation-driven development of business and technology. However, there are still problems and challenges for the technological innovation and development in China’s banking industry, such as concerns about the safety of key information infrastructure and high dependence on foreign sources for core technology. It is urgent to build a relatively complete, self-reliant, stable, and secure banking technology system. This study reviews the development process and main achievements of technological …

Regresi Ambang Untuk Mendalami Pengaruh Nonlinier Kekuatan Pasar Terhadap Pinjaman Bank Di Asean-5, Mahjus Ekananda

Jurnal Ekonomi dan Pembangunan Indonesia

Credit distribution has developed rapidly in the ASEAN region and it is largely dominated by the banking sector compared to other financial institutions. This study explores the effects of various changes to the GDP growth regime, firm size, and monetary policy. The objects of this research are commercial banks in ASEAN-5 from year 2010 to 2019. This study utilises the threshold regression method and a single proxy to measure market power. Results of this study found that monetary policy and market forces affect productive credit. Changes in impact that occur are mostly due to different behavior between banks in response …

Monetary Policy And Stagflation: A Trade-Off Between Price Stability And Economic Growth?, Leef H. Dierks

Journal of New Finance

Several euro area economies are likely to experience a stagflation in 2023. This situation is characterized by a combination of economic stagnation, i.e., GDP growth falling below its potential growth rate, and a pronounced increase in inflation as was last observed during the 1970s’ oil crisis. A stagflation presents the European Central Bank with a dilemma. Should it further tighten its monetary policy in an attempt to align euro area inflation (expectations) with its target of two per cent p.a. in the medium term? Or should the ECB re-adopt a more accommodative stance so as to stimulate economic growth in …

Cash Usage In Poland In 2020: Insights Into The Role Of The Covid-19 Pandemic And Spatial Aspects, Radosław Kotkowski, Arkadiusz Manikowski

Journal of Banking and Financial Economics

The study explores the factors likely to induce Polish customers to pay by cash, instead of payment cards, for goods and services they are purchasing. The basis of our investigation is microdata obtained in 2020, during the “Payment Habits in Poland in 2020” study, which was conducted by Narodowy Bank Polski (National Bank of Poland) in 2020. The analysis is performed using the two-stage Heckman approach. In the first stage, card adoption factors are analyzed using a probit model; then, in the second stage, the OLS model is employed to analyze the propensity to pay by cash, despite having a …

Study On The Effectiveness Of Environmental Regulations And Its Spatial Spillover In China’S High-Quality Human Habitat Cities, Chuansheng Wu, Weixuan Fan, Lingling Qi, Levent Kutlu

Economics and Finance Faculty Publications

High-quality human habitat cities in developing countries are facing new urban environmental problems as a result of the significant resource footprints of wealthy urban populations in the process of rapid urbanization. These areas are desperate for solutions to the coexistence of old and new pollutants, as well as inorganic and organic compounds. The authors of this study propose a comprehensive framework and methods for evaluating the effectiveness of environmental regulation in high-quality human habitat cities for a state-of-the-art path of improving environmental governance and optimizing environmental policies in these regions. This paper aims to analyze the effectiveness of environmental regulation …

A Snapshot Of Immigration Flows Into The Us, Armando R. Lopez-Velasco

Economics and Finance Faculty Publications

No abstract provided.

Seeking Better Sharpe Ratio Via Bayesian Optimization, Peng Liu

Research Collection Lee Kong Chian School Of Business

Developing an excellent quantitative trading strategy to obtain a high Sharpe ratio requires optimizing several parameters at the same time. Example parameters include the window length of a moving average sequence, the choice of trading instruments, and the thresholds used to generate trading signals. Simultaneously optimizing all these parameters to seek a high Sharpe ratio is a daunting and time-consuming task, partly because of the unknown mechanism determining the Sharpe ratio. This article proposes using Bayesian optimization to systematically search for the optimal parameter configuration that leads to a high Sharpe ratio. The author shows that the proposed intelligent search …