Finance Commons^™

Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski

Journal of Banking and Financial Economics

The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering …

Technological Disruption And Regulatory Response: The Case Of Decentralised Finance, Jakub Wisła, Jolanta Bartoszewska

Journal of Banking and Financial Economics

This article examines responses to the regulatory challenges posed by decentralised finance (DeFi), a fast-evolving domain of blockchain-based financial innovation. It investigates the factors shaping divergent regulatory strategies, with a focus on the European Union’s comprehensive cryptoasset framework and selected comparative insights. Adopting a qualitative legal methodology – combining doctrinal-functional analysis, multivocal literature review, and two case studies – the authors explore how regulatory responses are influenced by three key variables: legal tradition, the financial function performed by blockchain-based solutions, and the level of technological and institutional autonomy. The case studies – Bitcoin as a payment instrument and cryptoassets as …

Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble

Honors College Theses

This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …

Can Schools Sustain The Rising Cost Of Retiree Health Care?, Robert Bifulco, Iuliia Shybalkina

Center for Policy Research

Many New York State school districts spend significant amounts each year for retiree health care benefits, and these payments are expected to grow over the coming decades. This brief summarizes findings from a study examining approximately 300 New York State school districts. Unlike retiree pension plans, which are typically prefunded, retiree health care benefits are funded on a pay-as-you-go basis, meaning that benefits for past employees who are currently retired are paid using current district revenues. In the average school district, pay-as-you-go spending currently amounts to 4.5 percent of district revenues. Assuming current benefit and funding policies remain, spending is …

The Elements Necessary For A Successful Startup, Ciaran Mcgurran

Faculty Curated Undergraduate Works

This paper seeks to uncover what really goes into a startup company to get it off the ground, keep it afloat and growing, and mitigate competition through a case study focus on a software-aided investment-strategy building company. Through an interview of the founder and CEO of the case company as well as first-hand experience working in the company, this paper will seek to gain an understanding of the necessary elements and planning that must go into a startup company for it to have success. Additional online texts also provide supplementary general information on startups and how the planning process is …

Firms Heterogeneity In Indonesia’S Manufacturing And Services Sectors, Rizki Nauli Siregar

Economics and Finance in Indonesia

Firm heterogeneity is the building block of modern trade theories. One of its important implications is that comparative advantage is driven by firm productivity, rather than sector differences across countries. Despite the prevalence of this framework, there has not been any systematic documentation on firm heterogeneity in Indonesia’s man ufacturing and services firms. Using the World Bank Enterprise Survey (WBES) data for Indonesia in 2015 and 2023, we confirm that there is firm heterogeneity in the form of size and productivity dispersion in both of the economy’s manufacturing and services sectors. We also find no strong association between size and …

Finanse Cyfrowe: Tesserakt, Jakub Górka

Monografie/Monographs

Monografia przybliża sposób, w jaki technologie cyfrowe (m.in. sztuczna inteligencja, big data, blockchain, chmura obliczeniowa) oddziałują na usługi finansowe oraz wspierają rozwój innowacyjnych modeli biznesowych podmiotów świadczących usługi finansowe, oddziałują na struktury rynkowe czy transformują rynki finansowe oraz jakie generują konsekwencje społeczno-ekonomiczne.

Digital Finance: Tesseract

The monograph presents how digital technologies (i.e. artificial intelligence, big data, blockchain, cloud computing) affect financial services and support the development of innovative business models of financial service providers, influence market structures, transform financial markets, and generate socio-economic consequences.

Female Politicians And Corruption In Rural India, Somdeep Chatterjee, Shiv Hastawala, Elisa Taveras

Economics and Finance Faculty Publications

This paper leverages random assignment of female quotas for leadership positions on Indian village councils to assess its causal effect on corruption. Since the mid-1990s, India has mandated that at least one third of village council chief positions be randomly reserved for women. Using data from the Rural Economic and Demographic Survey (REDS) 2006, we find that an additional term reserved for a female head as opposed to just a single one reduces both the occurrence and bribe amounts paid to the local government by households. This reduction is also observed in bribes paid to other local officials suggesting downstream …

Privately Owned Companies Dominate Renewable Energy Generation Ownership Around The World, Dyaran Bansraj, Theodor Florian Cojoianu, Xi Hu, Khaladdin Rzayev, Francisco Urzua

Research Collection College of Integrative Studies

Global sustainable finance policies are premised on publicly listed companies driving decarbonization through transparency, investor pressure, and capital market access. Analysing c. 20,000 corporate owners of renewable and fossil-fuel assets worldwide, we show the opposite: private firms own approximately 75% of global renewable generation capacity. This private dominance holds across all major technologies and regions, with listed ownership of renewable assets being the majority only in the oil & gas and technology sectors. The Paris Agreement did not alter this balance. Instead, ownership of the energy transition reflects countries' financial structures, with similar patterns observed across manufacturing, construction, and financial …

Presumption Of Creditworthiness, Nakita Q. Cuttino

Michigan Law Review

Creditworthiness, or the likelihood that one will repay one’s debts, is typically signaled through a three-digit number known as a credit score. Yet, over thirty-two million adult-aged consumers lack adequate consumer credit reports and therefore do not have a traditional credit score. As a result of being unscored, these consumers are generally presumed uncreditworthy and foreclosed from mainstream credit markets. Unscored consumers are often relegated to extractive, fringe credit markets that neither require nor build credit scores. More insidiously, however, a growing number of non-credit contexts, including rental housing, utility services, and employment markets, look to creditworthiness to determine eligibility …

Financial Safety Nets, Bank Risk And Depositor Behaviour In Central And Eastern Europe, Dorota Skała

Journal of Banking and Financial Economics

We studied expansions in financial safety nets and their relation to bank risk and depositor behaviour in Central and Eastern Europe, using time-varying regulatory data. In general, we find that stronger deposit insurance and state aid granted to banks are linked with both bank risk and depositor behaviour. However, these relations critically depend on whether safety net instruments are used separately or simultaneously. When deposit insurance is strengthened or state aid is granted, we confirm the standard moral hazard behaviour of banks visible in higher bank risk. In parallel, we observe more elevated deposit growth, implying lower market discipline. Conversely, …

Connectedness Of Uncertainty, Volatility, And Stock Market Performance, Szczepan Urjasz

Journal of Banking and Financial Economics

This study examines the dynamic connectedness and spillover effects among various financial and economic indicators, including uncertainty indices, market volatility, and stock market indices, from 3 June 2008, to 30 December 2024. This interconnectedness implies that shocks originating in one market or asset class can rapidly transmit to others, underscoring the potential for systemic risk and financial contagion. The US emerges as a significant net transmitter of influence within the global financial system, with the VIX playing a crucial role in influencing global financial conditions. Major European equity markets also transmit influence, while the Geopolitical Risk Index (GRI) and the …

Exploring Private And Governmental Interest In Bitcoin, Mina Khadem

Undergraduate Theses, Capstones, and Recitals

Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds …

Doughnut Economics And Strong Sustainability: Rethinking The Role Of Financial Investment, Isabelle Pierotti

Electronic Theses and Dissertations

This thesis investigates how private investment could align doughnut economic framework. Doughnut economics is a strong sustainability economic framework where the economy operates within planetary boundaries while ensuring social equity. Theories of sustainable development, weak sustainability, and strong sustainability are discussed to provide theoretical context for doughnut economics and mainstream economics. The analysis concludes that conventional, profit maximizing private investment does not support a doughnut economics system by supporting the depletion of natural resources and exacerbating social issues. Sustainable mainstream investment also fails to support a doughnut framework. Lastly, while impact investment is theoretically committed to social and financial returns, …

Exploring The Bank Lending Channel: How Bank Characteristics Shape Monetary Policy Effectiveness, Filip Świtała

Journal of Banking and Financial Economics

This paper examines how individual bank characteristics influence the transmission of monetary policy through the bank lending channel. Using panel data and a Fixed Effects model validated by the Hausman test, the author analyses how bank size, capitalization, profitability and asset quality affect responses to monetary tightening. The study highlights the importance of inter-bank differences in shaping monetary policy effectiveness and offers insights for regulatory frameworks and macroprudential policies aimed at strengthening financial stability.

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao

Sim Kee Boon Institute for Financial Economics

We show how Limited Partners' (LPs) environmental and social (E&S) concerns transmit to private equity (PE) rms through capital supply. E&S incidents in portfolio companies reduce PE fundraising, as E&S-concerned relationship LPs refrain from recommitting and are not easily substituted. Using a legal reform that expands E&S-concerned public pension capital to PE, we causally show that PE rms internalise LPs' E&S concerns, reducing dirty sector portfolio allocation and increasing ESG hiring. Additionally, PE rms with E&S- concerned relationship LPs engage with portfolio companies to manage E&S risks. Limited capital substitutability enables LPs to delegate E&S preferences, shaping PE allocation and …

Shining A Light On Firms’ Political Connections: The Role Of Dark Money, Matthew Denes, Madeline Scanlon

Faculty Publications

We study the emergence of a new channel for firms’ political activity using dark money through undisclosed and unlimited contributions. After the U.S. federal court decisions in 2010, S&P 500 firms substantially increased their use of dark money. We find that dark money contributions complement political engagement through campaign contributions and lobbying. Firms disclose dark money contributions when they face heightened nondisclosure costs. Firms contributing to dark money groups benefit by receiving more procurement contracts and increased government subsidies. Our findings highlight that political connections by firms are evolving and expanding through new and largely unexplored channels. (JEL D72, …

Unlocking Private Equity Investing, Yin Wang, Steve Balaban

Asian Management Insights

Myths and market shifts to take note of.

Estimating The Value Of 5c’S Of Credit Analysis In Newbuilding Ship Loans, Gwanglyong Park, Xinyi Ruan

World Maritime University Dissertations

No abstract provided.