Finance Commons^™

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 …

Credit Accessibility In Diverse Urban Communities And The Dynamics Of Their Lending Markets: The Case Of Minority Depository Institutions, Noara Razzak

All Dissertations

In my dissertation, I study credit access in diverse urban communities, the role of the financial institutions that serve them, such as Minority Depository Institutions (MDIs) and non-MDIs. The first chapter studies the effect of bank branch closures (both MDIs and non-MDIs) on credit access in these diverse urban communities. MDIs are US community banks that are owned and operated by minority populations, such as Black-owned, Asian-owned, Hispanic-owned banks or Native-owned banks. The second chapter studies the proximity of Black-owned banks to historically segregated urban neighborhoods. More specifically I study whether surviving Black-owned banks are more likely to be present …

Performance-Based Budgeting Implementation Strategies For Improving Financial Performance, Waleed Ibrahim Alsyaegh

Walden Dissertations and Doctoral Studies

The lack of effective strategies for allocating organizational financial resources can lead to adverse business outcomes. Business managers are concerned about the ineffective allocation of financial resources, as it can impede financial performance and sustainability.Grounded in stakeholder theory, the purpose of this qualitative single-case study was to explore the performance-based budgeting strategies that business managers use to sustain financial profitability. The participants were 10 business managers who oversee subsidiaries that successfully implemented performance-based budgeting.Data were collected through semistructured interviews and the review of organization documents. Through thematic analysis, four themes were identified: (a) traditional versus contemporary budgeting; (b) importance of …

Relationship Between Change In Unrealized Gains Or Losses Of Afs Securities And Credit Spreads Of U.S. Life Insurance Companies, Kwang Liang Yeo

Dissertations and Theses Collection (Open Access)

This study evaluates the transmission of unrealized fair value accounting losses to credit default risk within the United States life insurance sector during a period of unprecedented monetary tightening. Integrating a pre-specified confirmatory econometric framework with a text-based exploratory analysis of regulatory filings, we examine how changes in Other Comprehensive Income (OCI) and benchmark interest rate dynamics shape market perceptions of insurer default probability. Our findings reveal that credit default swap markets do not price OCI variations contemporaneously; instead, they reflect a structural one-quarter pricing lag that aligns with the regulatory timeline of financial disclosures. Furthermore, the relationship between interest …

Research On The Impact Of Industrial-Financial Cooperation On Corporate R&D Investment, Jiayin Yin

Dissertations and Theses Collection (Open Access)

The national industrial-financial cooperation pilot policy represents a key strategic initiative to implement China's strategy of building a "financial powerhouse" and guide financial resources toward empowering high-quality development in the real economy. In December 2016, four central government departments in China jointly announced the first batch of national industrial-financial cooperation pilot cities. Leveraging this quasi-natural experiment, this study comprehensively evaluates the impact of the pilot policy on corporate R&D investment activities using a sample of Chinese A-share listed companies from 2014 to 2019.

Research findings indicate: (1) The industrial-financial cooperation pilot policy significantly increases enterprises' R&D investment levels. Specifically, compared …

Financial Literacy And Fraud Vulnerability In Digital Finance: Evidence From The 2024 Nfcs, Mercedes Palacios Diaz

Posters - 2026

Digital finance has expanded rapidly through fintech platforms and cryptocurrency markets, increasing access to financial services while also exposing individuals to higher levels of financial fraud. Most research treats fraud vulnerability as a single outcome, without distinguishing between financial loss and the ability to recognize scams. This study examines how financial literacy shapes fraud vulnerability through its effects on fraud victimization and scam awareness, highlighting its dual role in reducing financial losses and improving scam recognition. Fraud vulnerability is therefore analyzed across two distinct dimensions: realized financial loss and scam awareness.

Does Short-Termism Pay? National Short-Termism, Investment, Innovation, And Equity Returns, Andrew H. Cohen

Theses and Dissertations in Business Administration

We examine whether national short-termism, inferred from corporate language, predicts future real activity, equity returns, risk, and risk-adjusted performance. Using large-scale textual analysis of issuer-linked disclosures and earnings transcripts from the largest firms in twenty major equity markets, we construct country-quarter and annual Short-Termism Scores (STS) capturing the relative emphasis on short- versus long-horizon language.

Higher short-termism predicts lower subsequent gross fixed capital formation, lower research and development intensity, and lower multi-year equity index returns across horizons of up to sixteen quarters. In addition, higher short-termism is associated with greater future market volatility and lower Sharpe ratios, indicating a deterioration …

Macroprudential Easing Measures In The Context Of Contractionary Monetary Policy: The Case Of Brazil In 2014, Marcos Antonio Paliari, Marcos Roberto Vasconcelos

Journal of Banking and Financial Economics

This paper evaluates the effects of a macroprudential policy of regulatory easing implemented amidst a contractionary monetary policy in Brazil. The intervention, carried out by the Central Bank in the third quarter of 2014, relaxed reserve requirements on time deposits to stimulate bank credit for vehicle financing. Using a Difference-in-Differences approach with fixed effects by credit modality and month, the analysis is based on monthly disbursement data for consumer loans from 2011 to 2018. Twelve rolling monthly windows are used to capture the dynamic evolution of the policy’s effects. Results based on a synthetic control group indicate statistically significant and …

Reasoning On Time-Series For Financial Technical Analysis, Kelvin J. L. Koa, Jan Chen, Yunshan Ma, Huanhuan Zheng, Tat-Seng Chua

Research Collection School Of Computing and Information Systems

While Large Language Models have been used to produce interpretable stock forecasts, they mainly focus on analyzing textual reports but not historical price data, also known as Technical Analysis. This task is challenging as it switches between domains: the stock price inputs and outputs lie in the time-series domain, while the reasoning step should be in natural language. In this work, we introduce Verbal Technical Analysis (VTA), a novel framework that combine verbal and latent reasoning to produce stock time-series forecasts that are both accurate and interpretable. To reason over time-series, we convert stock price data into textual annotations and …

The Roles Of The Human Resources Management Director And Their Impact On Entrepreneurial Training:An Analytical Study At The Ministry Of Labor And Social Affairs, Ali Abd Al-Salam Abd Al-Daem

Muthanna Journal of Administrative and Economics Sciences

The research problem lies in the weak level of entrepreneurial training in Iraqi ministries despite the importance of the strategic roles of human resources management. The research gap is represented by the scarcity of empirical studies that measure the relative impact of the roles of the HR manager (according to Ulrich’s model) in activating entrepreneurial training within the Iraqi public sector environment. Accordingly, this study aims to analyze the relationship between the roles of the Human Resources Management Director—as a strategic partner, administrative expert, developmental supporter, and change agent—and their impact on activating entrepreneurial training at the Ministry of Labor …

The Economic Impacts Of Climate Change And External Shocks On Tourism Demand In The Kurdistan Region Of Iraq: Econometric Modeling For The Period (2007–2023), Asst. Prof. Dr. Khadeeja Qader Same, Asst. Prof. Dr. Aswad Qadir Ahmed

Muthanna Journal of Administrative and Economics Sciences

This study aims to Analysis of the Economic Impacts of Climate Change and External Shocks on Tourism Demand in the Kurdistan Region for the Period (2007-2023), utilizing a rigorous econometric methodology that includes unit root tests, Granger causality, and the Autoregressive Distributed Lag (ARDL) model to verify long-term equilibrium relationships through the Bounds Test. The results revealed a “developmental paradox,” where tourism demand grows annually by 18.51% despite a steady rise in temperatures, a decline in rainfall by approximately 3.15 mm per year, and an increase in dust storms. The econometric modeling proved that every unit increase in temperature inflicts …

Measuring Market Risk Through Entropic Var, Dragomir Nedeltchev, Tsvetelin Zaevski

Mathematical Modelling and Numerical Simulation with Applications

The article aims to measure the market risk beyond the basic risk measures like the Value-at-Risk (VaR) and the Expected Shortfall (ES). The Entropic Value-at-Risk is selected among the available measures based on its advantages -- it is the coherent upper bound of the VaR and ES. This risk measure is applied to the classical Black-Scholes model as well as to some more realistic ones, such as the exponential tempered stable model (the log-returns are presented by a tempered stable L\'evy process), the stochastic volatility model of Heston, its jump extension of Bates, and another stochastic volatility model but with …

The Impact Of Corporate Governance Practices On Enhancing The Quality Of Financial Reporting: An Applied Study On A Sample Of Commercial Banks Listed On The Iraq Stock Exchange, Ahmed Hashem Sakr

Muthanna Journal of Administrative and Economics Sciences

This study examines the impact of corporate governance practices on the quality of financial reporting in a sample of commercial banks listed on the Iraq Stock Exchange. Motivated by the increasing need for transparency and reliability in financial information within the Iraqi banking environment characterized by regulatory challenges and economic instability the research investigates how key governance mechanisms contribute to enhancing the credibility and accuracy of financial reports. The study focuses on three core governance indicators: board size, board independence, and audit committee activity, in addition to relevant control variables reflecting firm characteristics.Employing panel data analysis and fixed-effects regression models, …

His Role In Government Investment In Economic Development Services In Iraq, Hatem Jabr Atshan

Muthanna Journal of Administrative and Economics Sciences

This study aims to shed light on the reality of government investment spending in Iraq by analyzing its indicators and estimating the government investment spending index and its impact on economic growth for the period 2004-2024, based on theoretical and applied frameworks. The study concluded that the contribution of investment spending to GDP was determined to be between (5.7%) and (69.6%), with an average rate of (17.75%), indicating government involvement in socio-economic fields. There is no financial approach worldwide that reduces the scope of public spending in favor of investment spending in a way that leads to increased economic growth.

Integrated Reporting And Its Role In Enhancing The Reliability Of Financial Reports: The Mediating Role Of Digital Transformation Technology: A Field Study, Mohammed Jumaah Kareem Sajet Al-Barki, Qasim Mohammed Abdullah, Majid Gazi Hasan, Ali Awadh Atshan

Muthanna Journal of Administrative and Economics Sciences

The primary objective of the research is to demonstrate the impact of Integrated Reporting on enhancing the reliability of financial reports through the adoption of digital transformation technology, and to provide the cognitive foundations regarding Integrated Reporting and the reliability of financial reports. The research focused on the community of commercial companies listed on the Iraq Stock Exchange, with the sample limited to seven (7) companies according to specific criteria, as they are listed on the exchange and possess externally audited financial reports. These companies did not experience any mergers during the research period, which allowed for the completion of …

Exploring The Impact Of Psychological Hardiness On Career Prosperity: An Analytical Study Of The Opinions Of Employees Of The Ministry Of Migration And Displacement/Najaf Governorate Branch, Mustafa Hasan Kareem Al-Hamami

Muthanna Journal of Administrative and Economics Sciences

This study aims to explore the impact of psychological hardiness on career well-being among employees of the Ministry of Migration and Displaced Persons – Najaf Al-Ashraf Branch, with a focus on how psychological hardiness contributes to enhancing employee welfare and improving professional performance. The study adopted a descriptive- analytical approach, where data were collected and analyzed to determine the relationship between the variables. The study population included all employees of the Ministry – Najaf Al-Ashraf Branch, and a random sample of 100 employees was selected to ensure adequate representation of different departments and job categories. A standardized questionnaire measuring psychological …

Work Environment Quality And Its Relationship To Job Satisfaction In The Kirkuk Education Directorate, Ahmed Abd Saleh

Muthanna Journal of Administrative and Economics Sciences

The study aimed to examine the relationship between the quality of the work environment in its dimensions (teamwork, improvement of working conditions, and motivation) and the achievement of job satisfaction among the employees of Kirkuk Directorate of Education, with a focus on the extent to which the elements of the work environment affect the level of satisfaction and organizational commitment. The study population consisted of 970 employees of the directorate, from which a random sample of 100 employees from various departments and job levels was selected as the study sample. The majority of the sample were male, with work experience …

Analyzing The Impact Of Applying Ipsas 42 On Social Benefits In Enhancing Reporting Quality And Promoting Financial Sustainability, Burhan Hussein Khalaf Al-Rawi, Hasan Saleh Yusuf Al-Bajari

Muthanna Journal of Administrative and Economics Sciences

The study aims to explore the impact of applying IPSAS 42 on social benefits in enhancing the efficiency of financial reporting and strengthening the sustainability of financial capabilities within Iraqi government institutions. The study objectives were achieved by examining the nature and objectives of IPSAS 42, assessing the current state of disclosure of social benefits in government financial reports, and measuring the extent to which the social benefits standard contributes to promoting financial sustainability. The study relied on secondary financial data from a set of Iraqi government entities, including current expenditures, capital/investment expenditures, oil revenues, non-oil revenues, fiscal deficit, and …

The Impact Of Earnings Volatility On Debt Financing: A Study On A Sample Of Iraqi Banks, Ali Ayyd Al Jbori, Alaa Abdlzahra Obaid, Mohammed Sadeq Jappar

Muthanna Journal of Administrative and Economics Sciences

This study aims to analyze the impact of earnings volatility on the debt financing structure of Iraqi banks, using an analytical descriptive approach and financial data from a sample of private Iraqi banks listed on the Iraq Stock Exchange for the period (2017-2024). A multiple linear regression model was applied to examine the relationship, while controlling key variables (liquidity ratio and bank size). The results revealed a statistically significant negative impact of earnings volatility on the reliance on debt financing, where increased volatility led to reduced dependence on debt in the capital structure. The study concludes that capital structure decisions …