Treasury

Even though the concept of Corporate Social Responsibility (CSR) has been applauded for several decades, the concept of stakeholder engagement is relatively new to the Ghanaian mining sector. This study investigates the CSR process of an …

When car manufacturers, car dealers or fuel companies set prices, or when policymakers are to determine the tax level, they have an interest in knowing how the demand for the product(s) in question responds to price changes. The direct (own) price …

This paper investigates the question of how provincial top leaders’ promotion incentive drive their strategies of land approval in China. This question is situated in broad theoretical knowledge of politicians’ incentives and behaviors for career …

This paper firstly analyzes the Brexit’s impact on the US stock market using a novel interval methodology. The interval-valued dummy variables are proposed to measure the direction and magnitudes of the changes in the inter-day trend and the …

The literature shows that earnings have come to explain less stock price movement over time, suggesting that firm fundamental information has become less important. In this paper, we replace earnings with earnings announcement returns as a measure …

We dissect REIT NAV premiums and examine their relation to expected returns. More than half of the cross-sectional variation in NAV premiums can be explained by readily observable company characteristics, such as size, property type, location …

In this article, we use a stochastic model with a representative firm to study business tax policy under default risk. We will show that, for a given tax rate, tax revenue and welfare are crucially affected by default risk and its costs, as long …

We examine the effect of auditor conservatism on corporate innovation. We hypothesize that, because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost …

Automated trading is one of the research areas that has benefited from the recent success of deep reinforcement learning (DRL) in solving complex decision-making problems. Despite the large number of researches done, casting the stock trading …

The hypothesis that minority voters act in their economic self-interest in supporting municipal candidates of their own race or ethnicity has been tested using changes in municipal spending and employment. However, governments affect voter welfare …

The advert of cryptocurrency era is signified by the luanch of Bitcoin, which has been considered as a milestone event. Ever since its emergence, Bitcoin has experienced rapid price increase along with great price fluctuations. This paper aims to …

We examine the impact of managerial characteristics on the choice of risk-decreasing and risk-increasing/-constant strategies. Using unique data on firm-, year-, and currency-specific FX exposure before and after hedging with corresponding hedging …

This paper provides evidence of alignment effects between the executive and the legislative branches of the central government. We rely on detailed data on Brazilian intergovernmental grants whose allocations are determined by legislators. The …

A growing body of economics literature shows that multinational corporations (MNCs) shift their profits to tax havens. We contribute to this evidence by comparing a range of available data sets focusing on US MNCs, including country-by-country …

This paper integrates the Okun’s law (OL) relationship into a wavelet-based control (WBC) model to compare simulated optimal fiscal and monetary policy for the US when the policymakers place varying emphasis on the primary macroeconomic targets of …

This paper analyzes the strategy of a monopolistic digital platform serving users from two jurisdictions with different corporate tax rates. We consider two profit-splitting rules, Separate Accounting and Formula Apportionment based on the number …

In this work, we provide a new Black–Scholes model, where the weak formulation at stake is done in the case of a general class of finite Radon measures. A numerical estimation of the parameters, by means of a gradient algorithm, shows that the …

This study unpacks the question of subjective wellbeing (SWB) inequality between partners in South Africa in the context of declining overall SWB inequality. The analysis, using the National Income Dynamics Study panel for the period 2012–2016 …

We show that ownership by institutional investors with increased incentives to monitor decreases the cost of both public and private debt in the REIT industry. Our study focuses on four types of “incentivized” investors: long-horizon institutional …

To achieve energy efficiency and to develop supporting policy tools have become priorities worldwide. In this respect, one of the important energy efficiency policy tools is Energy Efficiency Obligation Scheme (EEOS). Turkish Government, dealing …

A model is proposed to analyze longitudinal data where two response variables are available, one of which is a binary indicator of selection and the other is continuous and observed only if the first is equal to 1. The model also accounts for …

The aim of this paper is to design the package of the R statistical software called “Annuity Random Interest Rate”, referred hereinafter as AnnuityRIR, in order to calculate the value of an n-annuity with payments of one unit each when the …

This study examines the Turkish experience of export-oriented industrialization by emphasizing its linkage to previous capital accumulation model and developments and by the evolution of political and economic institutions. The study emphasizes …

Most countries at one time borrow; this is usually because of the complexity and increased demand for better goods and services amidst changing roles of government and limited tax resources in relation to the planned public expenditures. Thus …

Understanding the motivation that smallholders have for working and earning their livelihood is critical in enhancing the effectiveness of agricultural policies. This is especially important in a country like South Africa where social grant is an …

Green communications is a challenging issue for communications and networking. In order to save energy, nodes of the wireless sensor networks (WSNs) usually adopt the low duty cycle mode which brings a large delay to the event detection and data …

The presented study deals with the definition of the Industry 4.0 phenomenon, which generally refers to the so-called Fourth Industrial Revolution. In the framework of this analysis, the interpretation of this term is examined in strategic …

Investors want the ability to evaluate the true and complete risk of the financial assets held in a portfolio. Yet, the current analytic methods provide only partial risk measures. I suggest that, by viewing a portfolio of securities as a …

This study examines the impact of SEC comment letters on future financial reporting outcomes and earnings credibility. Naïve Bayesian classification identifies comment letters associated with future restatements and write-downs. An investor …

We employ the multivariate DCC-GARCH model to identify contagion from the USA to the largest developed and emerging markets in the Americas during the US financial crisis. We analyze the dynamic conditional correlations between stock market …

We use household-level data to study the causal effects of exogenous changes in housing wealth on health and the drug crisis in the US attributed to “deaths of despair”. We find that a one standard deviation positive shock in housing wealth …

This study explores how the corporate entrepreneurship (CE) of state-owned enterprises (SOEs) evolves under varying conditions of state ownership and control, laws and norms, and competence in the market. For this purpose, we present a …

This paper examined the risk-return relationship and the correlation dynamics of African stocks relative to global factors. By applying both the static and augmented capital asset pricing model, as well as dynamic conditional correlation …

The heterogeneity of large and small stock market structures results in different degrees of cross-market contagion. The causality test reveals that large stock markets have less inner-market contagion and more cross-market contagion while smaller …

The economy as a whole and most of its constituent parts, like markets, government institutions, firms, or households, are inherently complex conceptual constructions. Micro-level diversity, decentralized interaction, self-organization, adaptation …

How relevant could capital income tax be as a growth engine? We analyse the Chilean experience that since the mid-80s has shown significant increase in its growth rate, outperforming most Latin American countries in the same period. This paper …

The International Standards on Auditing (ISA) consider the understanding of the control environment as a basic phase of an auditor’s assessment of internal control. This comprehension influences the nature, timing, extent and, ultimately, the …

Could North America have been settled more peacefully, with fewer property rights violations against Native Americans? To answer this question, we utilize the case of French colonists of Atlantic Canada (the Acadians) and a Native American tribe …

We examine the impact of US monetary policy uncertainty (MPU) on the dollar exchange rates of ten Asian economies between February 2006 and January 2019. Our results, which are based on an EGARCH model, indicate that MPU tends to increase the …

The Covid-19 pandemic has intensified the debate among optimists, pessimists, and centrists about whether the world economic order is undergoing a fundamental change. While optimists foresee the continuation of economic globalization after the …

This study examines the role of market efficiency on international differences in the usefulness of the implied cost of capital (ICC) to measure expected stock returns. The analysis exploits cross-country differences in market efficiency around …

This paper provides a general equilibrium model of income tax evasion. As functions of the share of income reported, the paper contributes an analytic derivation of the tax elasticity of taxable income, the welfare cost of the tax, and government …

Based upon the fact that a constant long-term mean could not provide a good description of the term structure of the implied volatility and variance swap curve, as suggested by Byelkina and Levin (in: Sixth world congress of the Bachelier Finance …

Integration of disaster risk reduction (DRR) and climate change adaptation (CCA) is widely recognized as a solution for reducing the risk and impacts of disasters. However, successful integration seems elusive, and the two goals continue to …

Global markets have become more integrated, making co-movements of international interest rates possible. In this paper, we investigate the causal linkage between US and Eurodollar (London) interest rate using the Granger causality test in …

We propose three co-moments of the market returns’ cash-flow, and discount-rate shocks and examine empirically an intertemporal capital asset pricing model using the co-moments on currency returns as well as stock returns during Dec. 1983 to Dec.

The Tax Cuts and Jobs Act of 2017 allowed governors of the fifty states to designate low-income areas as a “Qualified Opportunity Zone” (QOZ), which entitled the investors in these QOZs to significant tax incentives. As a result, each governor’s …

Policies that restrict outsiders are common. Some justifications include protecting insiders from high price and leaving more of the concerned products to insiders. Sometimes these policies fail to work because outsiders can get around the …

This paper examines the lifetime distributional impact of changes to the tax and transfer system. We find that—in contrast to standard snapshot analyses—increases to work-contingent benefits are just as effective at redistributing resources to the …

What is the relationship between central planning, pervasive shortages, and soft budget constraints under socialism? In this paper, we address this question by exploring the evolution of János Kornai’s work on the operation of real-world …

This paper studies the channels through which political television advertising influences individuals' voting decisions. Scholars are interested to learn whether advertising primarily persuades people to change their choices of candidates or …

Is the market civilizing or destructive? The increased salience of science commercialization is forcing scientists to address this question. Benefiting from the sociology of morality literature’s increased attention to specific kinds of morality …

We discuss three important cases that the Competition and Markets Authority (CMA) has completed over the past year: First, the coronavirus pandemic has had implications for a wide range of the CMA’s work; we describe the work on price gouging …

We examine whether banks’ interest in the well-being of their workforce, measured by an index of employee relations strengths, explains their default risk during the recent credit crisis. Using a sample of 179 U.S. banks, we find that banks with …

With increasing water scarcity, pollution, and other water-related ecological degradation, water reservoirs and their sustainable development are getting more attention in terms of planning and management. Turkey being under threat of water …

A series of campaign finance rulings, most notably the Supreme Court’s 2010 Citizens United decision, set off a sea change in how electoral politics are funded in the United States. The result is an evolutionary break that disrupted the campaign …

This paper proposes a kernel estimator for the coefficient of multidimensional time-varying diffusion processes as an extension of the estimation model for one dimensional diffusion coefficient to the multidimensional case. By using “time …

This paper is motivated by the ongoing debate on university reform in Vietnam. In particular, there is a need to quantify the level of governmental support for public universities and examine whether or not such a support is adequate. To this end …

The United Kingdom (UK) in terms of income inequality is ranked among the highest in Europe. Likewise, within the last four decades, UK is characterized with drastic increases in household debt. In this paper, we analyze time-varying …

I analyze the impact of the formation of universal banks on corporate investment by looking at the gradual dismantling of the Glass-Steagall Act’s separation between commercial and investment banking. Using a sample of US firms and their …

Accessing elderly housing wealth through equity release mortgages (ERMs) continue to be the focus of policy debates about how to pay for social care and how to support retirement incomes in the UK. We demonstrate in this paper that the spatial …

This paper revises the standard interpretation of the book rate of return as a measure of profitability. Rather, due to conservative accounting, the book rate of return informs about risk and the expected return to the investor. In contrast to …

This paper identifies and analyzes contextual factors in the audit environment at the business group level, and finds that the structural complexity of business groups and business group owners’ controlling power are significant factors that may …

The existing literature is still inconclusive on whether momentum exists and whether momentum strategy profits are affected by macroeconomic variables. The aim of the present study is two-fold. First, we examined the existence of the momentum by …

Houses are the largest component of most households’ wealth and their risk is important. Recent research shows that pricier houses have lower price appreciation risk. This relationship can be due to competing reasons: risk is related to the price …

Building operation faces great challenges in electricity cost control as prices on electricity markets become increasingly volatile. Simultaneously, building operators could nowadays be empowered with information and communication technology that …

F. Scott Fitzgerald’s The Great Gatsby (1925) is one of the best known and most widely read and taught novels in American literature. It is so familiar that even those who have not read it believe that they have and take for granted that they know …

This paper is a reflection on the power of archives in driving research. Just as much as informants draw the attention of researchers to social patterns, archives do, too. Both archival and ethnographic research depends on the authority of written …

Major international organizations such as the Organization for Economic Cooperation and Development (OECD), the United Nations (UN), and the European Union (EU) have stressed the importance of risk management as a useful mechanism to prevent …

This paper provides evidence on the degree of persistence of one of the key components of the CAPM, namely the market risk premium, as well as its volatility. The analysis applies fractional integration methods to data for the US, Germany and …

While organizational resilience seems to be in vogue, it is often unclear what companies could actually do to become more resilient. I therefore set out a framework encompassing four levers that organizations can mobilize: strategic risk …

Banken sind in einem außergewöhnlichen Marktumfeld zunehmend gefordert, die Effektivität und Effizienz ihres Controllings zu steigern. Doch wie können sie die Prozesse und die Aufbauorganisation im Controlling optimieren? BNP Paribas hat für die …

In this paper we revisit the equity premium puzzle reported in 1985 by Mehra and Prescott. We show that the large equity premium that they report can be explained by choosing a more appropriate distribution for the return data. We demonstrate that …

Developing countries apply numerous sector-specific taxes to telecommunications. This paper explores whether there is an economic rationale for sector-specific taxes on telecommunications and, if so, what form they should take to balance the …

Corporate demand for cash is related to a number of firm-specific characteristics, like the presence of transaction costs, information asymmetry in credit markets, uncertainty and risk aversion. The purpose of this paper is to build a dynamic …

Gangnam is a prime district in Korea known for its expensive real estate market due to convenient transportation, shopping and business centers, and elite schools and academies in the area. This paper examines spillovers and network connectedness …

This study investigates the association between CEO perquisites and bank loan spreads. We collect detailed data on CEO perquisites from the proxy statements of S&P 500 firms between 1993 and 2015 to study this issue. The empirical evidence …

The possibility of combining the ranking period logic of contrarian (momentum) strategies with the holding period logic of momentum (contrarian) strategies to form hybrid strategies motivates us to evaluate several investment strategies using data …

Principal component analysis and factor analysis of term structure movements shows that between 80 and 90% of term structure shifts can be explained by a uniform shift that is roughly parallel. In contrast, our analysis of term structure data from …

Determining an optimal principal limit factor (PLF) is important for a reverse mortgage (RM) contract because it mainly influences the development of the RM market. The goal of this study was to develop a model for calculating the optimal PLF …

Can a lack of transitional justice contribute to democratic backsliding? This paper uses the case of Poland to argue that selective enforcement of transitional justice can be linked to democratic erosion. In doing so, the paper adjudicates between …

The article constructs a model of firm governance that considers the wider effects of economic activity, thus bridging the organisational level and the macro level. The theoretical framework builds on Hansmann’s ownership model and introduces an …

It is widely recognized that the design and application of suitable and robust science, technology and innovation (STI) policies and appropriate STI institutions promote development, economic growth and competitiveness in the long run. This paper …

Why is urban local government failing in many South African secondary cities? Through the example of a major instance of governance collapse in the Emfuleni local municipality, this article discusses the fault lines in the legal and structural …

We examine the predictability of private and public real estate returns using recursive, out-of-sample, linear and Markov switching models, employing a rich set of predictor variables. We find considerable improved predictive power compared to …

Audits provide monitoring for investors. The collapse of markets across the financial crisis made assets more difficult to value, which increased risk for auditors. The money markets were at the center of the financial crisis increasing audit …

During 2015–2016, the market has lowered its expectations on the pace and magnitude of U.S. interest rate lift-off, which should have reduced capital outflow and supported the ASEAN-5 financial markets. Yet, the ASEAN-5 financial markets have …

Banks differ from non-financial firms as banks must communicate to both regulators and shareholders. Also, unlike non-financial firms, banks possess opaque and complex balance sheets and are the main providers of credit to the real economy. In …

The relationship between war and state formation is a central topic in the social sciences. While scholarship on interstate war posits that conflict triggers extractive processes that build the state, research findings on the effects of intrastate …

This paper examines the existence, intensity and international dependence of flight-to-quality from stocks to government bonds. To this end, we develop a two-state regime-switching bivariate copula model and apply it to the domestic and …

This paper reformulates Kahneman–Tversky’s (KT’s) cumulative prospect theory to become a von Neumann–Morgenstern (vNM) theory that is compatible with many existing economic, finance, psychology and decision theories. This vNM theory has the …

In this paper, we examine price dynamics, cycles and lead-lag relationships between private and public commercial real estate markets. We utilize wavelet technology to capture both the frequency and the time variations of a time series. We find …

Since the liberalization of electricity markets, electricity prices are more volatile and expansion in electricity derivatives trading occurs. Indeed, a well-known feature of electricity prices concerns its high volatility. For this reason …

Economic analysis of managed aquifer recharge (MAR) typically focuses on identifying the quantity of water to add cost-effectively to natural rates of recharge. However, to the extent that MAR is successful, higher groundwater levels or at least …

The study investigates the existence of beta-anomaly in the Indian equity market. A growing body of literature shows that financial markets do not reward the risk (defined in terms of standard deviation or market beta). These results (known as …

The aim of this paper is to provide an overview of the main studies about catastrophic scenarios and environmental policy in the presence of natural disaster risks related to climate change. We investigate how literature has analysed these topics …

In the business ethics literature, a commons paradigm orients theorizing toward how civil society can promote collaboration and collectively govern shared resources, and implicates the common good—the ethics of providing social conditions that …

This research examined whether the beta anomaly exists in the REIT market. By analysing a low-minus-high beta strategy and a betting-against-beta strategy in the REIT market, we find that high-beta REITs earn significantly lower risk-adjusted …

To explain racially differential housing outcomes, previous studies have tended to concentrate on discriminatory processes within the mortgage market while ignoring homeowning families’ broad socioeconomic challenges. This study proposes a …

We examine the investment behavior of Foreign Portfolio Investors (FPIs), Domestic Institutional Investors (DIIs), and retail investors based on past returns in the Indian context. Using the quarterly shareholding and return data of Indian firms …

Futures markets perform their economic roles of price discovery and hedging only when they are efficient. One of the important features of efficient market is that one cannot make abnormal profits from the futures markets by trading in it. This …

Better-educated and younger cohorts from developing countries are entering the global labor market. This education wave is altering the skill and geographic composition of the global labor market, and impacting income distribution, at the national …

The Singapore Savings Bonds (SSB) is a unique investment program offered by the Singapore government whereby retail investors can earn risk-free tax-free step-up interest closely matched to Treasury bond rates for up to 10 years and can redeem on …

This study revisits size effect and its associated issues, in the Indian market, as recent studies question the persistence of size premium in the global context. We use data from NIFTY 200 stocks for the period 2005 to 2018 and find size effect …

Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003 and 2016: a sample of 37 (100) SEC enforcement actions (class action lawsuits) …

The main purposes of this paper are to study (1) a differential effect of inside debts on components of the firm risk, and (2) how it relates to the diversification of CEOs’ portfolios to reduce exposures to the firm risk. We find that …

We take a practical approach to model the forward-looking monetary policy rule. Unlike existing studies, we recognize that the forward-looking components—future inflation and output growth—are intrinsically unobserved at the time policy …

This study offers a simple theoretical model and empirical evidence to address the impact of social capital on mortgage delinquency. Social capital includes the norms, values, trust, and information common to a social network, which enable …

This article places El-Hajj Malik El-Shabazz’s praxis, as well as the Africana [Black] movement for freedom, into a human rights discourse. Exploring his evolution into an internationalist activist-theoretician in five rhythmic movements, if you …

This paper develops and tests an intertemporal regime-switching asset pricing model characterized by heterogeneous agents that have different expectations about the persistence and volatility of bitcoin prices. The model is estimated using daily …

This study analyzes the inherent role conflicts of internal audit in risk management and clarifies the conditions for the resolution of them using a signaling game model. In the model, we determined five perfect Bayesian Nash equilibriums. The …

The transport of rare earth elements (REEs) in surface runoff could have adverse ecological and public health impacts in some regions. In this study, the transport of REEs in a small watershed developed on coarse-grained granite in southern China …

We propose a novel method to forecast corporate earnings, which combines the accuracy of analysts’ forecasts with the unbiasedness of a cross-sectional model. We build on recent insights from the earnings forecasts literature to improve analysts’ …

Eine Analyse von 59 Publikationen lässt erkennen, wie sich die Digitalisierung auf den Bereich des Corporate Treasurys in Deutschland auswirkt. Schon heute sind grundlegende Veränderungen sichtbar. Auch in Zukunft, so die Prognose, werden die …

We develop and test explanations for sources of intertemporal variation in the information content of aggregate earnings and how that variation explains variation in the relation between aggregate earnings growth and market returns over time. We …

Using disaggregated data based on the classification of functions of government (COFOG), this study seeks to verify the Keynesian view versus Wagner’s law on the relationship between government expenditure and output, considering Turkey as a case …

We investigate why firms include individuals with significant professional tax experience on their senior management team and the consequences associated with the presence of these tax-savvy executives. We find that past performance, network …

Federal sector labor-management relations policies ebb and flow with changes in presidential administrations. As the nation’s Chief Executive, the president exercises considerable influence over both policy and practice in this domain. We review …

Konchitchki and Patatoukas Journal of Accounting and Economics 57 (1-2), 76–88, (2014a) show that aggregate accounting earnings growth predicts future nominal gross domestic product (GDP) growth and that professional macro forecasters do not fully …

This paper analyses the impacts of civil society and inequality on the extractive capacity of authoritarian regimes and undertakes a case study of Vietnam. The paper argues that civic groups tend to reduce the extractive capacity of such states …

Labor-income and consumption taxes are often referred to as the primary causes of the labor wedge and differences in hours worked across countries. While this can be potentially true in the long run, its premise for explaining the cyclical …

This paper proposes a new framework, named Deja-Vu+, which is an extension of Deja Vu framework, a classic study on hyper-heuristic framework with 2R (Record and Recall) modules. Deja-Vu+ has the ability to handle two other domains, namely …

This paper examines the balanced-growth-maximizing public investment policy in a growth model where the engines of economic growth are private R&D and public capital accumulation. The government allocates tax revenue between new investment and …

Despite tremendous investment to promote gender equity, U.S. public accounting firms continue to be gendered organizations. Our archival study examines gender equity within the partnership of these large firms for a one-year period. We find female …

Reverse logistics systems are one of the instruments brought by the Brazilian National Solid Waste Policy (PNRS), to improve waste management in the country. Packaging materials play a big part on waste generation and present a high recovery …

In a recent study, Maheu et al. (Int J Forecast 36: 570–587, 2020) suggest a predictive regression model, where besides the conditional mean, the lagged value of the predictor of interest can also impact the dependent variable through the …

This paper provides an extensive international analysis of the cross-sectional return predictive power of a variety of firm-level profitability measures, calculated from different combinations of measures of earnings and scaling variables. We show …

This paper examines the predictive power of the U.S. term structure over return volatility in emerging stock markets. Decomposing the term structure of U.S. Treasury yields into two components, the expectations factor and the maturity premium, we …

This paper examines the notion of strategic ignorance in an earnings management context. Managers possess less information about loans subjected to securitization and auditors are aware of this shortcoming. Consistent with managers exploiting …

The 2008–2009 Global Financial Crisis (GFC) has swayed regulators to set forth the Solvency II agreement for determining Solvency Capital Requirement (SCR) for insurance companies. In this paper, we apply novel internal models to investigate …

We study the effect of geographic portfolio diversification of real estate firms on their investment performance before and after the global financial crisis (GFC). In addition to previously used dispersion metrics, we also account for the …

Existing scholarship suggests that attitudes about the real or imagined beneficiaries or targets of public policies shape public opinion about those policies, with racial and ethnic stereotypes driving policy evaluations for many Americans.

The Turnbull–Wakeman (J Financ Quant Anal 26:377, 2003) formula is a well-known formula for continuous arithmetic average rate options. However, the Turnbull–Wakeman formula was originally only developed for Asian options when the cost-of-carry is …

Gross Domestic Product is often used as a proxy for societal well-being in the context of policy development. Its shortcomings in this context are, however, well documented, and numerous alternative indicator sets have been developed. Despite …

Improved building energy efficiency has been shown to contribute substantially to global greenhouse gas abatement objectives. Realisation of these benefits depends on the deployment of appropriate policy instruments. Building energy codes have the …

To maintain long-run solvency in light of changing demographics, the US Social Security system needs to be reformed. We present three reform options that protect the retirement benefits of the economically vulnerable while also balancing the …

We study time reversal, last passage time and h$h$-transform of linear diffusions. For general diffusions with killing, we obtain the probability density of the last passage time to an arbitrary level and analyse the distribution of the time left …

In this paper, we propose a novel method to measure the strength of commitment versus discretion in monetary policy. We estimate a Taylor-type monetary policy rule with time-varying heteroskedasticity, decomposing the policy into rule-based and …

The building sector contributes significantly to global energy consumption and CO2 emissions. It is urgent to reduce them through the retrofit of the current building stock and improvements in new building designs. The energy performance contracts …

This paper argues that foreign aid undermines tax compliance, and examines three causal mechanisms that may undergird this relationship: By leading the recipient state to under-invest in tax enforcement, substituting for the state in terms of …

A life-evaluation question asks a person to quantify his or her overall satisfaction with life, at the time when the question is asked. If public policy seeks to make individuals’ lives better, does it follow that changes in aggregate …

We utilise Benford’s Law, which predicts the frequencies in different digits in data, to test if balance sheet and income statement data used to assess bank soundness were manipulated prior to, and also during, the global financial crisis. We find …

Motivated by the exponential growth of the cryptocurrency market and the need for more empirical work to understand the dynamics of the young financial market, this paper, through time- and frequency-varying techniques examines the extent of …

The present estimates of dollar demand treat inflation as a separate variable in a money market model with annual data covering nearly six decades from 1960 to 2017. The difference stationary series lead to robust error correction estimates in …

Kurz vor Ausbruch der Corona-Krise waren die Chancen am Arbeitsmarkt für Banken und Sparkassen noch gut. Trotz Filialschließungen werden auch künftig noch kompetente Mitarbeiter gesucht, doch diese werden häufig relativ schlecht bezahlt. Institute …

This article investigates the association between CSR and marginal credit costs of European companies. We provide instance for a negative association based on a variety of model specifications and fine-grained measures for CSR. These results can …

Cluster analysis is a commonly used technique by investors to create a diversified portfolio. The approach aims at maximizing returns for a tolerable degree of risks. To diversify effectively, investors use similarity measures to enable …

This document aims to determine the empirical link between current account balances and a set of economic variables proposed by the theoretical and empirical literature. To do this, we first use a generalized method of moments (GMM) dynamic panel …

Do index futures still lead the spot market over government intervention or under trading restrictions? This intriguing question can be explored in the context of the 2015 Chinese market turmoil with frequent government interventions and its …

This study explores stability issues of money demand in the wake of a new economic policy regime of India’s open economy, particularly since the 1990s. The study covers dataset on quarterly frequency from 1996: Q2 to 2016: Q3. In this paper, it is …

In 2015, Aotearoa New Zealand became a signatory to the Sendai Framework for Disaster Risk Reduction 2015–2030 (Sendai Framework), the Paris Climate Change Agreement (Paris Agreement), and the Sustainable Development Goals (SDGs). Since 2017 …

This study aims to investigate whether fund investors change their investment fund type depending on the return change of assets such as stocks, bonds, and housing. For this purpose, we examine the substitution relation among the equity, bond, and …

We examine the factors affecting the time to initial public offering (IPO), using a sample of more than 10,000 start-up firms in Japan. We provide evidence that start-up firms engaging in innovative and uncertain businesses are more likely to go …

Nobel laureate James Buchanan was influenced substantially by Knut Wicksell’s arguments in favor of unanimous consent or “qualified majorities” for approving or rejecting specific public spending programs. Buchanan thought of Wicksell’s …

In this article, we develop a semi-analytical solution for a structural model that combines jump and regime switching risk. We use an Esscher transform that is applicable to regime switching double exponential jump diffusion to move from the …

We show how detailed simulation models and abstract Markov models can be developed collaboratively to generate and implement effective controllers for autonomous agent search and retrieve missions. We introduce a concrete simulation model of an …

The growing relevance of risk-based valuations of insurance contracts has stimulated the extension of the traditional deterministic lapse rate models towards a dynamic modelling. A popular dynamic model uses deterministic lapse rates as base rates …

This study aims to verify whether using artificial neural networks (ANNs) to establish classification probabilities generates portfolios with higher excess returns than using ANNs in their traditional role of predicting portfolio returns. Our …

This paper takes a unique approach to study the relationship between bank capital and Too-Big-To-Fail (TBTF) during the Financial Crisis. A structural credit risk model is used to compute implied market value capital ratios which, when compared to …

We investigate the drivers of lapses in life insurance contracts of a large Italian insurance company. We consider both traditional (with profit or participating) and unit-linked policies. We develop two different types of analyses. First of all …

Structural and functional approaches to the determination of vulnerability of complex network structures and systems to negative internal and external influences are considered. The concept of parameters of influence and betweenness of system …

We design three continuous-time models in finite horizon of a commodity price, whose dynamics can be affected by the actions of a representative risk-neutral producer and a representative risk-neutral trader. Depending on the model, the producer …

Die Digitalisierung macht vor keinem Unternehmen halt. Deshalb gibt es bei allen Dienstleistungen und Produkten, die Firmenkunden die digitale Transformation und den Alltag erleichtern, Ertragschancen für Geldhäuser.

The Belt and Road Initiative (BRI) is an important long-term development plan in China. The initiative aims at expanding international markets and resolving the domestic steel overcapacity. This paper applies the dynamic model averaging and …

We study the formation and dynamics of entrepreneurial clusters in the emerging fintech industry. Using detailed data on the almost 1000 fintech startups in France to date, we find that most fintechs are geographically clustered and that the …

Using a unique and comprehensive dataset of loan-level home equity lines of credit serviced by large US national banks, we confirm that default risk of home equity lines of credit increases at end of draw. More importantly, we quantify the …

This paper aims to investigate the identification of sectors of stock exchange that were positively or negatively driven by fundamental monetary tools. A Bayesian approach for dynamic model averaging (DMA) algorithm is analyzed and implemented to …

Despite its benefits, municipalities frequently struggle to take advantage of accrual accounting as a basis for managerial decisions. We assume that the reason for this is that municipalities technically implement accrual accounting but sometimes …

Both questions as abstract objects and the speech acts, here called requests, by which we ask them play an enormous role in all argumentative practices. Nonetheless, there is hardly a proper systematic treatment of questions and requests in …

We propose a general framework for estimating the vulnerability to default by a central counterparty (CCP) in the credit default swaps market. Unlike conventional stress testing approaches, which estimate the ability of a CCP to withstand …

This paper investigates the historical relationship between the emergence of public choice theory in the 1960s and the problem of racial discrimination. Drawing upon archival research, I argue that foundational public choice scholars brought …

This paper uses 39 monthly time series of the financial market observed from January 2000 to April 2017 to estimate a financial conditions index (FCI) for South Africa. The empirical technique used is a dynamic factor model with time-varying …

In this article a banking sector Computable general equilibrium (CGE) model for South Africa is developed. The model is used to estimate the potential effect of regulatory policy on the economy and as a risk assessment tool to assess how changes …

The study seeks answers to the broader question on the income-wellbeing nexus through a seldom utilised technique of concentration index to measure income related wellbeing inequality. The analysis is undertaken in the vastly differing income and …

We present a two-stage stochastic program with recourse to construct covered call portfolios. To maximize the expected utility of a covered call portfolio, the model selects equity positions and call option overwriting weights for varying strike …

Morphometry of oxbow lakes is widely used as a tool for knocking the evolutionary history of geomorphology and hydraulics of the region concerned. Oxbow lakes are the treasury of abundant geomorphological records of yesteryears which could serve …

Die Europäische Bankenaufsicht drängt auf eine angemessene Reform der Referenzzinssätze. Denn eine allzu abwartende Haltung der beteiligten Institute könnte zu großen systemischen Risiken führen.

How should we discount cash flows generated by real estate projects up to 30 years in the future? In this paper, we develop a methodology to estimate the term structure of discount rates. We provide empirical estimates of the yield curve for the …

This paper examines the liquidity transmission across the interbank money market by investigating four liquidity measurements. We detect an empirical evidence of the increase in conditional correlation across different liquidity channels during …

Corporate insiders frequently borrow from lending institutions and pledge their personal equity as collateral for the loan. This borrowing, or pledging, potentially affects shareholder risk through changing managerial incentives or contingency …

This article investigates the escalation of US-China trade disputes and the implications for Sino-US relations. Both structural realism and liberal institutionalism have failed to pay sufficient attention to the evolution of the US-China economic …

In this paper, we use a small open economy model with nontradable goods and time-varying interest rates to investigate the sources of fluctuations in Taiwan’s current account. The correlation coefficient between the implied path of the current …

Regardless of whether the federal funds target rate has lifted off from the zero lower bound, the historical record of interest rates will be forever marred by the lack of variation in the aftermath of the great recession. This paper employs a …

In today’s neo-liberalist world, Islamic financial institutions (IFIs) face many difficulties combining contemporary financial thinking with Islamic, faith-based principles, on which their day-to-day operations ought to be based. Hence, IFI are …

There is a logical bound on the time-series variability of analyst forecasts; when variability exceeds this bound it must be caused by something besides statistically rational forecasting. We document occurrences of excessively volatile analyst …

The development of commercial revenue streams allows traditional nonprofit organizations to increase financial certainty in response to the reduction of traditional funding sources and increased competition. In order to capture commercial …

Since the outbreak of the international economic crisis in 2008, governments’ fiscal policies have been strongly influenced by high levels of public debt and default. Studies of the causes of debt problems for large local governments have …

The Federal Home Loan Bank of San Francisco announced its intention to discontinue the three Eleventh District Weighted Average Cost of Funds Indexes (COFI). As these indexes are used to benchmark many ARM mortgages, their discontinuation raises …

Robust portfolio selection explicitly incorporates a model of parameter uncertainty in the problem formulation, and optimizes for the worst-case scenario. We consider robust mean–variance portfolio selection involving a trade-off between the …

This paper examines the presence of feedback trading, and investor sentiment drove feedback trading by traders in the Nifty 50 index futures contract in India. The results of the study using high-frequency data sampled at 10 min interval using VAR …

With the increasing number of data in China’s interest rate market, the model is increasingly complex. For most interest rate models at this stage, its parameter estimation has become the focus of many scholars in recent years. At present, for the …

We analyze the non-contributory health insurance program (“green cards”) in Turkey with RDD (Regression Discontinuity Design) and show that more citizens receive green cards in municipalities controlled by the national incumbent party, AKP …

This paper presents an analytical treatment of economic systems with an arbitrary number of agents that keeps track of the systems’ interactions and agents’ complexity. This formalism does not seek to aggregate agents. It rather replaces the …

In this work, the use of Markov-switching GARCH (MS-GARCH) models is tested in an active trading algorithm for corn and soybean future markets. By assuming that a given investor lives in a two-regime world (with low- and high-volatility time …

Accounting firms are reporting the use of Artificial Intelligence (AI) in their auditing and advisory functions, citing benefits such as time savings, faster data analysis, increased levels of accuracy, more in-depth insight into business …

Tax authorities worldwide are implementing voluntary disclosure schemes to recover tax on offshore investments. The US and UK, in particular, have implemented such schemes in response to bulk acquisitions of information on offshore holdings …

We study the maturity effect using 41 major agricultural, industrial, and metal commodities traded in three Chinese futures exchanges between 2006 and 2015. After controlling for seasonality, year and product fixed effects, we find supportive …

This study contributes to the scant finance literature on emerging countries by examining the relationship between economic policy uncertainty and monthly indices of Gulf Cooperation Council (GCC) stock markets during the period of July 2004 to …

The independence of the central bank is routinely regarded as sacrosanct, at least for governments wishing to maintain credible monetary policy to meet inflation objectives. Yet empirical efforts to ascertain that routine economic policy advice …

The purpose of this paper is to examine whether industry-level risk affects corporate bond yield spreads. We use three types of industry risk variables in our empirical analysis: distress exposure measure, industry condition, and product market …