Given Today's New Wave Of Protectionsim, Is Antitrust Law The Last Hope For Preserving A Free Global Economy Or Another Nail In Free Trade's Coffin?,
2019
Loyola Marymount University and Loyola Law School
Given Today's New Wave Of Protectionsim, Is Antitrust Law The Last Hope For Preserving A Free Global Economy Or Another Nail In Free Trade's Coffin?, Allison Murray
Loyola of Los Angeles International and Comparative Law Review
No abstract provided.
Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award,
2019
Loyola Marymount University and Loyola Law School
Venezuela Undermines Gold Miner Crystallex's Attempts To Recover On Its Icsid Award, Sam Wesson
Loyola of Los Angeles International and Comparative Law Review
No abstract provided.
Institutional Investors And Corporate Environmental, Social, And Governance Policies: Evidence From Toxics Release Data,
2019
The University of Texas Rio Grande Valley
Institutional Investors And Corporate Environmental, Social, And Governance Policies: Evidence From Toxics Release Data, Incheol Kim, Hong Wan, Bin Wang, Tina Yang
School of Economics and Finance Faculty Publications
This paper studies the role of institutional investors in influencing corporate environmental, social, and governance (ESG) policies by analyzing the relation between institutional ownership and toxic release from facilities to which institutions are geographically proximate. We develop a local preference hypothesis based on the delegated philanthropy and transaction-costs theories. Consistent with the hypothesis, local institutional ownership is negatively related to facility toxic release. The negative relation is stronger for local socially responsible investing (SRI) funds, local public pension funds, and local dedicated institutions. We also find that the relation is more negative in communities that prefer more stringent environmental policies …
Option Strangles: An Analysis Of Selling Equity Insurance,
2019
Pepperdine University
Option Strangles: An Analysis Of Selling Equity Insurance, Clemens Kownatzki, Hisam Sabouni
Graziadio Working Paper Series
Our results suggest, selling SPY strangles are generally profitable across a variety of widths. However, the payoff profile of a short option strangle exposes the contract seller to a potential for unlimited losses. Our evidence on maximum drawdowns indicates that losses on some positions can be the equivalent of the profits gained on approximately forty prior positions. This payoff profile has given rise to the metaphor of selling option contracts as the equivalent of “picking up nickels in front of a steam roller.” The goal of our paper is to analyze the full return characteristics of option strangles and to …
Shapes And Transitions Of The Interest Rate Term Structure,
2019
CUNY Graduate Center
Shapes And Transitions Of The Interest Rate Term Structure, Biwei Chen
Dissertations, Theses, and Capstone Projects
I analyze different shapes of Treasury yield curves in order to better reflect and predict the U.S. economy. Since the late 1980s, macroeconomists have found that the slope of the yield curve predicts economic activity such as inflation, output growth, and recessions, but they have not fully examined the links between various shapes of yield curve and the macroeconomy. To fill the gap, I classify yield curve shapes with the U.S. Treasury yield data, detect the shape patterns over the business cycles, and map these shapes onto corresponding inflation and production states. Although the downward-sloping yield curve reliably predicts U.S. …
Policy Uncertainty And Firm Cash Holdings,
2019
The University of Texas Rio Grande Valley
Policy Uncertainty And Firm Cash Holdings, Hieu V. Phan, Nam H. Nguyen, Hien T. Nguyen, Shantaram Hegde
School of Economics and Finance Faculty Publications
This research examines the relation between government economic policy uncertainty and firm cash holdings. We find evidence that policy uncertainty is positively related to firm cash holdings due to firms’ precautionary motives and, to a lesser extent, investment delays. The relation between policy uncertainty and cash holdings is more pronounced for firms dependent on government spending and extends beyond business cyclicality. Further analysis indicates that the effects of policy uncertainty on corporate cash holdings are distinct from those of political, market, or other macroeconomic uncertainty.
Getting On And Moving Up The Property Ladder: Real Hedging In The Us Housing Market Before And After The Crisis,
2019
The University of Texas Rio Grande Valley
Getting On And Moving Up The Property Ladder: Real Hedging In The Us Housing Market Before And After The Crisis, Damian S. Damianov, Diego Escobari
School of Economics and Finance Faculty Publications
Real hedging is the practice of getting onto the property ladder in order to trade up to a larger home in the future. We define the value of the real hedge of home ownership as the difference between the risk premiums of renting and owning and explore how this value depends on local housing price dynamics and household characteristics. Controlling for the potential endogeneity of housing bubble bursts across different U.S metropolitan areas, we find a significantly higher correlation in the appreciation rates across the Standard & Poor's Case-Shiller tiered house price indices in the period after the housing crisis. …
Do Women Managers Keep Firms Out Of Trouble? Evidence From Corporate Litigation And Policies,
2019
The University of Texas Rio Grande Valley
Do Women Managers Keep Firms Out Of Trouble? Evidence From Corporate Litigation And Policies, Binay K. Adhikari, Anup Agrawal, James Malm
School of Economics and Finance Faculty Publications
We find that firms where women have more power in the top management team, measured by female executives’ plurality and pay slice, face fewer operations-related lawsuits. This effect is robust to several treatments of endogeneity and does not appear to be driven by female executives' greater willingness to settle the cases. Evidence from a simultaneous equations approach suggests that firms where women executives have more power avoid lawsuits partly by avoiding some risky but value-increasing firm policies, such as more aggressive R&D, intensive advertising, and policies inimical to other parties.
Structural Change, Productivity, And The Shift To Services: The Case Of Indonesia,
2019
Department of Economics, Faculty of Economics and Business Universitas Indonesia.
Structural Change, Productivity, And The Shift To Services: The Case Of Indonesia, Nabil Rizky Ryandiansyah
Economics and Finance in Indonesia
Since Chenery & Syrquin (1975), the pattern of transition from agriculture-heavy economies to industry and then later to services has been central to growth literatures. But recent empirical works have casted doubts on whether developing countries are able to follow the same path. This paper analyzes whether structural change in Indonesia has been productivity-enhancing. This paper finds that structural change from 1998-2014 has not been able to generate impact on economy-wide productivity. This paper also explores possible determinants of the direction of structural change. This paper does not find commodity dependence nor human capital to have clear association with low …
A Comparative Analysis Between Islamic Banks And Conventional Banks In Indonesia Before And After Global Financial Crisis,
2019
Airlangga University
A Comparative Analysis Between Islamic Banks And Conventional Banks In Indonesia Before And After Global Financial Crisis, Lina Nugraha Rani
Economics and Finance in Indonesia
The objective of this study is to elaborate the comparison and examine the stability level between Islamic and conventional banks operational in Indonesia during the period of before and after Global Financial Crisis (GFC). The impact of Global Financial Crisis on Islamic and conventional banks was analyzed using the tests of IRF (Impulse Response Function) and Variance Decomposition Analysis (VDA) which existed in the VAR (Vector Autoregressive) Method. The pre (GFC) period used in this study is between January 2003 and July 2007, whereas the post GFC is between August 2007 and December 2016. The results of this study are …
Financial Development And Income Inequality In Indonesia: A Sub-National Level Analysis,
2019
Bank Indonesia.
Financial Development And Income Inequality In Indonesia: A Sub-National Level Analysis, Harry Aginta
Economics and Finance in Indonesia
This study constructs financial inclusion indicator and analyzes the link of financial inclusion and income inequality for 33 provinces in Indonesia. By using Fixed Effect Panel Model, we find financial inclusion appears to have insignificant effect to on inequality at national level. While at sub-national level, adding other variables such as GRDP, years of schooling, and trade openness, we find financial inclusion appears to have negative and significant impact on income inequality in manufacture and mining-based provinces, not in agriculture-based. The results suggest that financial inclusion helps to lower income inequality when economic condition encourage people to utilize financial access …
Corruption And Foreign Direct Investment (Fdi) In Asean-5: A Panel Evidence,
2019
UNIMAS
Corruption And Foreign Direct Investment (Fdi) In Asean-5: A Panel Evidence, Bakri Abdul Karim Mr, Zulkefly Abdul Karim
Economics and Finance in Indonesia
This paper examines the effects of corruption on the inflow of FDI in ASEAN-5 countries by controlling twomacroeconomic variables namely Gross Domestic Product (GDP) and inflation. Using a static panel dataestimation, the results show the significant relationship between corruption and Gross Domestic Product(GDP) on the inflow of FDI in ASEAN-5. This results indicate that less corrupted countries and largermarket size would attract more FDI inflows. The policy implications from this study suggests that ASEAN-5 governments need to have concerted and continues efforts in improving the integrity and credibility of theiradministration and transactions. In addition, maintaining their sustainable of economic growth …
Availability Of Infrastructure For Poverty Reduction In Indonesia: Spatial Panel Data Analysis,
2019
Politeknik Statistika STIS.
Availability Of Infrastructure For Poverty Reduction In Indonesia: Spatial Panel Data Analysis, Galih Pramono
Economics and Finance in Indonesia
Poverty is a key issue in various developing countries, including Indonesia. One of the efforts to reduce poverty is building the infrastructure. Therefore, this study aims to determine the effect of infrastructure on the level of poverty by considering the spatial effect in the period 2011-2015. This study applies spatial panel data analysis with Spatial Autoregressive (SAR) model with fixed effect. The findings show that the infrastructure of electricity, health, sanitation, and building of senior high school has a significant negative impact on the percentage of the underprivileged people. Meanwhile, the building of elementary school has a significant positive impact …
Testing Asset Pricing Models On The Pakistan Stock Exchange,
2019
Shaheed Zulfiqar Ali Bhutto Institute of Science and Technology
Testing Asset Pricing Models On The Pakistan Stock Exchange, Kiran Lohano, Muhammad Kashif
Business Review
This study investigates the performance of CAPM, three-factor and five-factor asset pricing models on the Pakistan Stock Exchange using monthly data of 896 companies from November 2000 to December 2016. The results from the time-series approach show that the three-factor model performs relatively better than the CAPM and the five-factor model, whereas the cross-sectional approach establishes the superiority of the five-factor model. It can thus be concluded that it is important to incorporate factors, such as size, value, profitability and investment when predicting returns on securities in the Pakistan Stock Exchange.
Inflation Targeting And Exchange Rate Pass Through In Pakistan: Markov Switching Approach,
2019
University of Karachi
Inflation Targeting And Exchange Rate Pass Through In Pakistan: Markov Switching Approach, Safia Minhaj, Muhammad Nishat
Business Review
This study uses Markov switching model to empirically track the existence of exchange rate pass through and inflation trends in Pakistan from 1982 to 2016. The results reveal a direct relationship between pass through and inflation. Furthermore, interest rate and trade variables have a significant impact on inflation. According to the smoothed probabilities, switches between regimes were sudden and sporadic till 1990, after which long spells were observed during high and low inflation regimes.
The Gettysburg Economic Review, Volume 11, Spring 2019,
2019
Gettysburg College
The Gettysburg Economic Review, Volume 11, Spring 2019
Gettysburg Economic Review
No abstract provided.
Are Price-Earnings Ratios Mean Reverting? An Empirical Study,
2019
Gettysburg College
Are Price-Earnings Ratios Mean Reverting? An Empirical Study, Kevin Klassen
Gettysburg Economic Review
Mean reversion in stock prices is a highly studied area in the financial literature with controversial findings. While some economists have found evidence of mean reverting processes in stock prices, many argue in favor of the Efficient Market Hypothesis which states stock prices are random walk processes. This paper seeks to add to the literature on mean reversion but testing for evidence in price-earnings ratios rather than stock prices. The study employs a robust regression model controlling for company-specific and general market factors that influence price-earnings ratio deviations. After correcting for heteroskedasticity, serial correlation, and unit root processes, the results …
Estimation Of Multivariate Asset Models With Jumps,
2019
ARPM
Estimation Of Multivariate Asset Models With Jumps, Angela Loregian, Laura Ballotta, Gianluca Gianluca Fusai, Marcos Fabricio Perez
Business Faculty Publications
We propose a consistent and computationally efficient two-step methodology for the estimation of multidimensional non-Gaussian asset models built using Levy processes. The proposed framework allows for dependence between assets and different tail behaviors and jump structures for each asset. Our procedure can be applied to portfolios with a large number of assets as it is immune to estimation dimensionality problems. Simulations show good finite sample properties and significant efficiency gains. This method is especially relevant for risk management purposes such as, for example, the computation of portfolio Value at Risk and intra-horizon Value at Risk, as we show in detail …
The Name Game: The Importance Of Resourcefulness, Ruses, And Recall In Stock Ticker Symbols,
2019
Pomona College
The Name Game: The Importance Of Resourcefulness, Ruses, And Recall In Stock Ticker Symbols, Gary N. Smith, Naomi Baer, Erica Barry
Pomona Economics
Previous research reported that a portfolio of stocks with clever ticker symbols outperformed the overall market by a significant margin during the years 1984 to 2005. This paper reports the performance of those stocks during the subsequent years 2006 to 2018, and also investigates the 2006-2008 performance of a new set of clever-ticker stocks. Both clever-ticker portfolios beat the market by a substantial margin, supporting the resiliency of the clever-ticker phenomenon.
New Jersey Urban Enterprise Zone Program Assessment 2019,
2019
Kean University
New Jersey Urban Enterprise Zone Program Assessment 2019, Thomas Edison State University, Pel Analytics, Anderson Economic Group, The John S. Watson Institute For Public Policy
Urban Mayors Policy Center
In 2019, the State of New Jersey sought an evaluation of its Urban Enterprise Zone (UEZ) Program to determine the program’s economic impact and make recommendations for the program’s future. The John S. Watson Institute of Public Policy of Thomas Edison State University joined with PEL Analytics and Anderson Economic Group to produce the following study. The main recommendation of this analysis is to retain the UEZ Program while instituting various changes to make it stronger. Recommended changes in brief include reinstating some form of Zone Assistance Funds (ZAFs), creating a better system to collect data and track outcomes, assisting …
