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Relevant bibliographies by topics / Finance|Economics

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Academic literature on the topic 'Finance|Economics'

Author: Grafiati

Published: 9 July 2021

Last updated: 15 February 2022

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Journal articles on the topic "Finance|Economics"

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SUMMERS, LAWRENCE H. "On Economics and Finance." Journal of Finance 40, no. 3 (July 1985): 633–35. http://dx.doi.org/10.1111/j.1540-6261.1985.tb04985.x.

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Block, Walter, William Barnett, and Stuart Wood. "Austrian economics, neoclassical economics, marketing, and finance." Quarterly Journal of Austrian Economics 5, no. 2 (June 2002): 51–66. http://dx.doi.org/10.1007/s12113-002-1012-9.

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Wanjala, Kevin. "The Economic Impact Assessment of the Novel Coronavirus on Tourism and Trade in Kenya: Lessons from Preceding Epidemics." Finance & Economics Review 2, no. 1 (May 7, 2020): 1–10. http://dx.doi.org/10.38157/finance-economics-review.v2i1.57.

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Purpose: This paper aims to assess the impact of contemporary Coronavirus Pandemic on tourism and trade with its potential implications on the Kenyan economy. Method: The study considered the cases of Severe Acute Respiratory Syndrome (SARS), Middle East Respiratory Syndrome (MERS) and Ebola epidemics to provide an understanding of the possible impacts that the novel coronavirus pandemic could have on the economy. Results: This study established that the demand and supply shocks of the pandemic will inevitably impact Kenya’s economy specifically, the tourism and trade sectors. The Kenyan government has imposed several measures in an attempt to combat the spread of the coronavirus and cushion the country against a possible economic downturn. The study established that the policies imposed have largely focused on demand shock management. Implications: To effectively minimize the impacts of the pandemic shocks on the economy, it will be prudent for the Kenyan government to design policy responses with a blend of short term and long term orientations. The policies should be multifaceted and their design should involve stakeholders from all the relevant sectors.

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Wanjala, Kevin, and David Riitho. "Internal Control Systems Implementation and Fraud Mitigation Nexus among Deposit Taking Saccos in Kenya." Finance & Economics Review 2, no. 1 (May 7, 2020): 11–29. http://dx.doi.org/10.38157/finance-economics-review.v2i1.59.

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Purpose: This paper analyses the relationship between the implementation of internal control and fraud mitigation among the savings and credit cooperatives societies (Saccos) in Kenya. Methodology: To achieve the objective, specific variables were formulated based on the five components of internal control model. Particularly, the research focuses on the effect of control environment, control activities, monitoring, information and communication, and risk assessment, on fraud mitigation. Data was collected through the use of a structured questionnaire. Ordinary Least Square Regression approach was used for analysis. Results: The data analysis found that all the mentioned variables significantly affect fraud mitigation among Saccos in Kenya. Implications: The analysis highlighted that there is a need for Saccos to strive and implement internal control systems to a higher extent to cure the persistent problem of fraud that they grapple with. The analysis also recommends that Saccos should institute proper mechanisms to provide adequate checks during staff recruitment, install adequate security, provide regulation of valuable information access, they should also conduct regular monitoring of third party links with personnel as measures to mitigate fraud.

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Alayemi, Sunday, and Hussain Adebayo Salaudeen. "Strategic Role of Efficiency to Cash Management." Finance & Economics Review 2, no. 1 (May 17, 2020): 30–44. http://dx.doi.org/10.38157/finance-economics-review.v2i1.63.

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Purpose: The study aims to examine the strategic role of efficiency to cash management, more specifically as it relates to cash generated from operations of manufacturing companies in Nigeria. Method: Annual cash flow statements of selected manufacturing companies in Nigeria for ten years (2009 -2018) were used to conduct the Pooled Test, Random Test, Fixed Effect, and Hausman Test. Results: The results showed that efficiency has a significant effect on the cash management of manufacturing companies in Nigeria generally coupled with that of the proxies employed (CULC, LTDC, INTC, and EARQ) to measure cash management. Implications: In view of the empirical evidence, the study proffered that cash generated from the operation is very crucial and the most reliable means of generating funds for operation because it is internal; unlike funds generated from investing and financing activities.

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Agbada, Andrew Omosioni. "Appraising Financial Development Indicators and Capital Market Performance." Finance & Economics Review 2, no. 1 (May 22, 2020): 45–62. http://dx.doi.org/10.38157/finance-economics-review.v2i1.79.

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This study appraised empirically Financial Development Indicators (FDIs) and Capital Market Performance in Nigeria. While Financial Depth, Financial Access and Financial Efficiency served as proxy for FDIs and independent variable; Market Capitalization was used as proxy for Capital Market Performance and the dependent variable. Primary data were sourced employing Survey design and analyzed using Pearson Product-Moment Correlation Coefficient, (PPMCC) technique denoted by ‘r’. The robustness of findings which showed that hypotheses one (H01) and two (H02) exhibited high coefficients and passed the test of significance led us to conclude that the variables: Financial Depth and Financial Access are relevant to policies formulated to affect Market Capitalization in Nigeria. However, hypothesis three (H03) portends rather low results suggesting that though a positive relationship exists between Financial Efficiency and Market Capitalization, the strength of relationship is moderate and cannot be considered too relevant to policies formulated to affect Market Capitalization in Nigeria. We therefore recommend that financial sector authorities and stakeholders should ensure that innovative facilities and policies that enable access to finance; that give ability to financial markets to imbibe large trade volumes be put instituted to facilitate proper development of the sector and that serious attention should be given to on-the-job-training, retraining and financial courses for employees to acquire industry knowledge of the job in order to enhance their performance.

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Ozekhome, Hassan. "International Trade Costs and Trade Flows: Evidence from the West African Monetary Zone (WAMZ)." Finance & Economics Review 2, no. 1 (May 22, 2020): 63–76. http://dx.doi.org/10.38157/finance-economics-review.v2i1.80.

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Purpose: The study examines the effect of international trade costs on trade flows in the West African Monetary Zone (WAMZ), a sub-regional economic bloc within the Economic Community of West African States (ECOWAS). Method: Six member countries of the WAMZ, based on data availability, are examined using panel data estimation technique and the Fully Modified Ordinary Least squares (FMOLS), which is employed to test for the robustness of results, for the sample period of 2006-2018. Results: The study finds a negative and significant effect of international trade costs on trade flows in the WAMZ sub-region. Time to trade is also found to be negatively and significantly related to trade. Exchange rate, financial development (measured by commercial banks' credit to the private sector), and real GDP growth rate (a measure of growth in annual national income/economic size) have a positive and significant impact on trade in the sub-region. The study further finds evidence that the ease of doing business is positively related to trade in the sub-region, but the impact is weak. Implications: In the light of the empirical findings, the study recommends that policy measures and strategies to reduce international trade costs and time to trade through simplified and harmonized trade procedures be implemented in the sub-region. Policies to encourage domestic investment (i.e increase capital stock) and rapid development of the financial sector should also be implemented. These should be supported with sound and stable macroeconomic exchange rate management policies, in order to enhance trade and integration in the sub-region.

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Husain, T., Sarwani, Nardi Sunardi, and Lisdawati. "Firm's Value Prediction Based on Profitability Ratios and Dividend Policy." Finance & Economics Review 2, no. 2 (June 18, 2020): 13–26. http://dx.doi.org/10.38157/finance-economics-review.v2i2.102.

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Purpose: This study aims to empirically prove the research framework regarding the Firm’s Value based on Profitability Ratios associated with Dividend Policy. The firm's Value is measured using a Price-to-Book Value (PBV) Approach. Methods: This study included a sample of 11 firms under the automotive and components sib sector listed in the Indonesia Stock Exchange. It included data for the period of 2014-2018. This study applied path analysis using the Sobel test of the direct and indirect effects using IBM SPSS 23.0. Results: The study finds that Profitability Ratios has no significant effect on the Dividend Policy, while the Dividend Policy has no significant effect on Firm's Value too. However, the Dividend Policy does not mediate the effect of Profitability Ratios on the Firm's Value. Implications: This study could be extended further by considering all listed firms of IDX which may provide us more insights into the measurement of the financial ratios in the context of Indonesia.

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Wanjala, Kevin, and Pamella Gogo. "The Effect of Financial Deepening on Economic Growth in the East African Community." Finance & Economics Review 2, no. 2 (August 26, 2020): 55–73. http://dx.doi.org/10.38157/finance-economics-review.v2i2.121.

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Purpose: The study’s objective is to determine the effect of financial deepening on the economic growth of the East Africa Community bloc. Specifically, it aims to establish the effect of the rate of broad money, credit to the private sector, and the rate of value of the traded stock on economic growth. Methodology: The study used descriptive research design and employed the fixed effect model in regression analysis. Broad money was used to proxy the rate of money supply, credit to the private sector was used to represent credit financing while the volume of the traded stock was used as a measure for financial market investment. Results: The findings revealed that all three indicators of financial deepening namely, broad money, credit to the private sector, and volume of traded stock had a positive and significant effect on economic growth in East Africa Community. The coefficient for broad money was 0.4410, the coefficient for credit to the private sector was 0.4022, while the coefficient for the volume of the traded stock was 0.1367. The model had an F statistic of 103.50, confirming its suitability. Implications: The study recommends that the East Africa Community governments should place more emphasis on the efficiency and of money supply, investment, and distribution by commercial banks. The study also recommends that the governments of East Africa Community countries should continue pursuing policies that promote access to credit such as ensuring that interest rates are low. Additionally, the capital market authorities of the East Africa Community countries should conduct sensitization campaigns to promote high participation in the stock market and other capital market products.

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Obayori, Joseph Bidemi, and George-Anokwuru Chioma Chidinma B. "Global Financial Crisis and the Nigerian Capital Market." Finance & Economics Review 2, no. 2 (August 6, 2020): 27–38. http://dx.doi.org/10.38157/finance-economics-review.v2i2.133.

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Purpose: This paper examined the impact of the global financial crisis on the capital market in Nigeria from 1980-2018. It specifically aimed to determine the impact of the currency crisis and liquidity crisis on the capital market in Nigeria. Methods: The study was time series data based. Data were generated from the Central Bank of Nigeria Statistical Bulletin. The variables were subjected to descriptive statistics and the 'Augmented Dickey-Fuller' (ADF) unit root test prior to the 'Auto-Regressive Distributed Lag' (ARDL) model. Results: The outcome of descriptive statistics demonstrated that the parameters were not normally distributed. Also, the ADF unit root test demonstrated that one of the parameters was stationary at I(0) while the remaining two were stationary at I(1). Based on the ARDL results, it was observed that in the short run, the financial crisis has an indirect influence on the performance of Nigerian capital markets. Liquidity crisis, a proxy for the depletion of external reserves has a strong influence on the capital market. The long-run result showed that there is a long-run association amongst the variables. Implications: In view of these findings, the paper recommends that the government should fine-tune its policy mix to ensure that the capital market and the economy do not suffer from the global economic crisis as it takes place.

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Dissertations / Theses on the topic "Finance|Economics"

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Iliev, Peter. "Essays in economics and finance." View abstract/electronic edition; access limited to Brown University users, 2008. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3318330.

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Jiang, Chuanliang. "Three Essays In Finance Economics." Thesis, Boston College, 2013. http://hdl.handle.net/2345/3178.

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Thesis advisor: Zhijie Xiao
This dissertation contains three essays. It provides an application of quantile regression in Financial Economics. The first essay investigates whether tail dependence makes a difference in the estimation of systemic risk. This chapter develops a common framework based on a copula model to estimate several popular return-based systemic risk measures: Delta Conditional Value at Risk (ΔCoVaR) and its modification; and Marginal Expected Shortfall (MES) and its extension, systemic risk measure (SRISK). By eliminating the discrepancy of the marginal distribution, copula models provide the flexibility to concentrate only on the effects of dependence structure on the systemic risk measure. We estimate the systemic risk contributions of four financial industries consisting of a large number of institutions for the sample period from January 2000 to December 2010. First, we found that the linear quantile regression estimation of ΔCoVaR, proposed by Adrian and Brunnermeier (AB hereafter) (2011), is inadequate to completely capture the non-linear contagion tail effect, which tends to underestimate systemic risk in the presence of lower tail dependence. Second, ΔCoVaR originally proposed by AB (2011) is in conflict with dependence measures. By comparison, the modified version of ΔCoVaR put forward by Girardi et al. (2011) and MES, proposed by Acharya et al. (2010), are more consistent with dependence measures, which conforms with the widely held notion that stronger dependence strength results in higher systemic risk. Third, the modified ΔCoVaR is observed to have a strong correlation with tail dependence. In contrast, MES is found to have a strong empirical relationship with firms' conditional CAPM beta. SRISK, however, provides further connection with firms' level characteristics by accounting for information on market capitalization and liability. This stylized fact seems to imply that ΔCoVaR is more in line with the ``too interconnected to fail" paradigm, while SRISK is more related to the ``too big to fail" paradigm. In contrast, MES offers a compromise between these two paradigms. The second essay proposes a quantile regression approach to stock return prediction. I show that incorporating distributional information together with combining model information can produce a superior forecast for the conditional mean as well as the entire distribution of future equity premium, which significantly outperforms the forecast that utilizes either source of information alone. Meanwhile, the order of combination strategies appears to make a difference in the efficiency of pooling both distributional information and model information. It turns out that aggregating distributional information in the first step, followed by combining model information in the second step is more advantageous in return forecast than the alternative combination strategies which reverse the order of combination strategy. Furthermore, the forecast based on LASSO model selection can be significantly improved as well if the distributional information is further incorporated. In other word, aggregating distributional information via combining multiple quantiles estimators contributes to the improvement of forecasts obtained either from model combination or model selection. This paper not only investigates the forecast of conditional mean, but also studies the forecast of the whole distribution of future stock returns. The approaches of quantile combination together with either model combination or model selection turn out to deliver statistically and economically significant out-of-sample forecasts relative to a historical average benchmark. The third essay proposes a quantile-based approach to efficiently estimate the conditional beta coefficient without assuming a parametric structure on the distribution of data generating process. Multiple quantiles estimates are combined in a weighting scheme to utilize distributional information across different quantile of the distribution. Monte Carlo simulation demonstrated that combining multiple quantile estimates can substantially improve the estimation efficiency for beta risk estimates in the absence of Gaussian distribution. The robustness of quantile-based beta estimates are pronounced during financial crisis when the distribution of stock returns deviates most from normality. I also explored the performance of different beta estimators in an application of portfolio management analysis and found that beta estimates from the proposed quantile combination approaches are superior to the OLS estimates in constructing Global Minimum Variance Portfolio, which generates lower variance of portfolio but does not come at the expense of persistent lower returns
Thesis (PhD) — Boston College, 2013
Submitted to: Boston College. Graduate School of Arts and Sciences
Discipline: Economics

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Park, Andreas. "Essays in economics and finance." Thesis, University of Cambridge, 2004. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.615762.

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Cerny, Ales. "Arbitrage in monetary economics and finance." Thesis, University of Warwick, 1998. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.322441.

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Ductor, Gómez Lorenzo. "Essays on network economics and finance." Doctoral thesis, Universidad de Alicante, 2012. http://hdl.handle.net/10045/24822.

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Esta Tesis Doctoral está compuesta de dos partes bien diferenciadas. La primera parte consta de dos capítulos que contribuyen a la literatura empírica de las redes sociales, una rama emergente en la economía moderna. Las interacciones sociales -representadas en redes o grafos- están presentes prácticamente en toda actividad económica. Consecuentemente, la evaluación de determinadas políticas económicas debería realizarse teniendo en cuenta el impacto de estas interacciones tanto en las acciones de los individuos como en el resultado económico. El estudio de las redes sociales en economía ha ido adquiriendo una gran importancia desde el ensayo de Granovetter (1985). Desde entonces se ha aplicado la teoría de redes sociales para analizar numerosos temas económicos como, por ejemlo: el desempleo y la desigualdad salarial (Calvo-Armengol y Jackson, 2004), la difusión del conocimiento y la innovación (Bala y Goyal, 1998) o la provisión de bienes públicos locales (Bramoullé y Kranton, 2007), entre muchos otros. Véase Goyal (2011) para un resumen de la literatura teórica y empírica de las redes sociales en la economía y Jackson (2008) para una síntesis de los modelos y técnicas empleadas para analizar las redes sociales. La primera parte de la presente Tesis se centra en las posibles externalidades inherentes en las redes de coautores académicos. La comprensión de estas potenciales externalidades presentes en la colaboración científica es de vital importancia para la evaluación de las políticas económicas cuyo objetivo son promover a colaboración intelectual. Dichas políticas se han implementado presuponiendo una relación positiva entre la colaboración científica y la productividad. El primer capítulo contrasta rigurosamente el impacto de la coautoría en la productividad de los autores académicos, utilizando como medida de productividad la calidad de la revista donde se ha publicado el artículo, su longitud y el número de artículos publicados en un determinado periodo. La relación causal entre la coautoría y la productividad académica es identificada explotando información de la red de coautores del autor en el pasado. En el segundo capítulo, en colaboración con Marcel Fachamps, Sanjeev Goyal y Marco van der Leij, se evalúa el poder informativo de la red de coautores de un autor para predecir el rendimiento del individuo. Los resultados sugieren que los reclutadores se beneficiarían de obtener información sobre la red de coautores, siendo el factor más informativo la productividad de los coautores de un autor. La segunda parte de la Tesis se centra en el estudio de los potenciales factores causantes de las crisis financieras. En particular, el tercer capítulo coautorado con Daryna Grechyna analiza el impacto del exceso del desarrollo financiero, definido como el diferencial entre la tasa de crecimiento del sector financiero e industrial, en el crecimiento económico. La existencia del exceso financiero es justificada bajo la teoría del "rebasamiento de la información" (informational overshooting). Demostramos que para un crecimiento económico sostenible, el crecimiento equilibriado en ambos sectores, financiero y productivo, es requerido. Cuando el desarrollo financiero excede al desarrollo industrial en un 4.5% (medidos en términos de tasas de crecimiento); los recursos invertidos en la producción sobrepasarán la capacidad productiva de la economía, dando lugar a una "crisis financiera".

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Ramalho, Rita Maria 1975. "Essays in development economics and finance." Thesis, Massachusetts Institute of Technology, 2003. http://hdl.handle.net/1721.1/17630.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2003.
Includes bibliographical references.
This thesis is a collection of three essays on development economics and finance. The first chapter studies the 1992 presidential impeachment in Brazil to evaluate the impact of an anti-corruption drive on politically connected companies. I identify two types of firms: companies owned by friends and relatives of the impeached president ('family-connected') and firms proven to be connected to him in a parliamentary investigation ('other-connected'). Using an event study procedure, I establish that family-connected firms have on average negative daily abnormal returns of 2 to 9 percentage points when damaging information about the president is released. However, the 'other-connected' companies do not experience a decline in their stock market valuation during the impeachment. Furthermore, the stock market decline experienced by 'family connected' companies was reversed entirely within a year. The impeachment had limited success in reducing corruption. The second chapter evaluates the effects on multinational firms of the OECD "Convention on Combating Bribery of Foreign Public Officials in International Business Transactions". I compare the balance sheet performance of foreign companies in 24 developing host countries whose source countries have implemented the convention with the performance of firms whose source countries have not yet implemented it. I find that the OECD convention had a negative impact on profit and sales growth of multinational companies. This effect is amplified in countries with less efficient bureaucracies. In economies where bribery is more valuable to firms, the OECD convention has a larger negative impact on multinational firms. The third chapter studies in detail the distribution of one type of financial market participant: mutual funds. The essay documents that their size follows a regularity observed in several other area of economics, Zipf's law: the number of funds with size greater than x is proportional to 1/x. This chapter extends previous theories of random growth to explain why this is the case: Zipf's law arises when mutual funds grow at the highest speed allowed by constraints in the system, something we call a "maximum growth principle." We investigate empirically the key features of the theory, and show that they are validated by the data.
by Rita Maria Ramalho.
Ph.D.

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Rappoport, Veronica E. (Veronica Eva). "Essays on international finance and economics." Thesis, Massachusetts Institute of Technology, 2005. http://hdl.handle.net/1721.1/33829.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2005.
Includes bibliographical references (p. 119-123).
The first essay explains why credit contracts in developing countries are often denominated in foreign currencies, even after many of these economies succeeded in controlling inflation. I propose a new interpretation based on the demand for insurance against real aggregate shocks. The fact that devaluations occur more frequently in adverse states of the world provides a motive for holding dollar assets when the risk of recession is the main source of volatility in consumption. The model predicts persistence in the degree of "dollarization" in economies with low inflationary risk. The second essay looks at how the government's lack of commitment technology affects the capacity of resident agents to optimally diversify risk. I find that government's moral hazard introduces a trade-off between pooling idiosyncratic risk and diversifying aggregate country uncertainty. As a result, local agents face excessive consumption risk. This paper also explores how institutions can be designed as to overcome this moral hazard problem. The third essay proposes an explanation for the variation across countries in the quality of the institutions governing the financial. The explanation based on the proportion of local investors participating in the domestic financial sector.
(cont.) I find that the participation of local investors in the financial market and, correspondingly, the resulting institutions vary according to wealth distribution and the size of capital inflows.
by Veronica E. Rappoport.
Ph.D.

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Wuthisatian, Phuvadon. "Two Essays in Economics and Finance." ScholarWorks@UNO, 2018. https://scholarworks.uno.edu/td/2501.

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This dissertation contains two essays. The first essay investigates the measure of FX liquidity and determinants of the change in FX liquidity. Using 20 cross currency exchange rates over spanning period of 1999 to 2016, funding constraints and global risks are responsible for the main drivers of changing in FX liquidity. The magnitudes of both G7 and emerging volatility index are offsetting each other in all the regression models indicating that FX investors take diversification trading strategies to diversify their portfolios. The financial crisis provides an evidence that the more financial constraint issues contribute to the change in FX market illiquidity more than non-financial crisis period. Extending to liquidity predictability, I find, however, that the lag of market FX liquidity is responsible for the change in FX liquidity than any other explanatory variables My second essay investigates the momentum returns of U.S. equities by presenting comprehensive approaches. Traditionally, momentum portfolios are constructed by ranking based on excess returns. Using this sorting technique, I confirm that there is a presence of momentum returns in U.S. equities for all of the 48 industries. The results also indicate that the portfolios that are sorted by idiosyncratic volatility as well as by diversification strategy cannot achieve the highest returns as for sorting based on excess returns. Further, I examine the momentum portfolio predictability using the inverse conditional volatility proposed by Moreira and Muir (2017), and show that the momentum returns are affected by the size of liquidity and the risk factors rather than by the economic variables.

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Howell, Sabrina T. "Essays in Energy Economics and Entrepreneurial Finance." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17467337.

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When does government intervention successfully correct perceived market failures? What effects do such interventions have on firm decisions? These questions are especially vital to the energy sector, which features large negative externalities, volatile commodity prices, and intensive regulation. My dissertation examines energy policies in three otherwise disparate contexts: a U.S. national research and development (R&D) subsidy intended to expedite clean energy technology deployment; a U.S. state-level oil price risk management policy targeting highway paving firms; and a Chinese fuel economy standard aimed at reducing oil consumption and hastening technology adoption among Chinese automakers. Each analysis evaluates the public policy and uses it to glean insight into firm financial constraints and innovation investment. Together, the three chapters contribute to the literatures on entrepreneurial finance, corporate risk management, innovation, and industrial policy. Motivating the first paper is the observation that governments regularly subsidize new ventures to spur innovation, often in the form of R&D grants. I examine the effects of such grants in the first large-sample, quasi-experimental evaluation of R&D subsidies. I implement a regression discontinuity design using data on ranked applicants to the Small Business Innovation Research grant program at the U.S. Department of Energy. An award approximately doubles the probability that a firm receives subsequent venture capital and has large, positive impacts on patenting and the likelihood of achieving revenue. The effects are stronger for more financially constrained firms. In the second part of the paper, I use a signal extraction model to identify why grants lead to future funding. The evidence is inconsistent with a certification effect, where the award contains information about firm quality. Instead, the grant money itself is valuable, possibly because it funds proof-of-concept work that reduces investor uncertainty about the technology. The second chapter examines how firms manage oil price risk when oil is an important input cost. Despite a rich theoretical literature, there is little empirical evidence about risk management heterogeneity across firm types. I evaluate a policy that shifts oil price risk in highway procurement from the private sector to the government, reducing the cost of hedging to zero. In a triple-differences design using data from Kansas and Iowa, I show that firms value hedging oil price risk between the auction and commencement of work. Consistent with the prediction that hedging is more valuable for financially constrained firms, I find higher risk premiums in private vis-à-vis public firms and in smaller vis-à-vis larger firms. I also find that family ownership and a lack of diversification are associated with higher risk premiums. Competition is highly imperfect in this industry. Monopoly power in product markets, together with market frictions in derivative hedging, may limit the pass- through of risk to financial markets, and thus prevent efficient allocation of risk. I turn to China - a very different economic setting - in the third chapter. Technology absorption is critical to emerging market growth. To study this process I exploit fuel economy standards, which compel automakers to either acquire fuel efficiency technology or reduce vehicle quality. With novel, unique data on the Chinese auto market between 1999 and 2012, I evaluate the effect of China’s 2009 fuel economy standards on firms’ vehicle characteristic choices. Through differences-in-differences and triple differences designs, I show that Chinese firms responded to the new policy by manufacturing less powerful, cheaper, and lighter vehicles. Foreign firms manufacturing for the Chinese market, conversely, continued on their prior path. For example, domestic firms reduced model torque and price by 12% and 13% of their respective means relative to foreign firms. Private Chinese firms outperformed state-owned firms and were less affected by the standards, but Chinese firms in joint ventures with foreign firms suffered the largest negative effect regardless of ownership. My evidence suggests that fuel economy standards and joint venture mandates - both intended to increase technology transfer - have instead retarded Chinese firms’ advancement up the automotive manufacturing quality ladder.
Political Economy and Government

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Naritomi, Joana. "Essays in Public Finance and Development Economics." Thesis, Harvard University, 2014. http://dissertations.umi.com/gsas.harvard:11504.

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This dissertation comprises three chapters. The first chapter investigates whether consumers can help governments improve firm compliance with the Value Added Tax. It exploits quasi-experimental variation from a government program from Sao Paulo, Brazil that created monetary rewards for consumers to ask for receipts. To assess how incentives to consumers can be effective despite potential collusion opportunities, I construct datasets for 1 million firms, 40 million consumers, and 2.7 billion receipts. I estimate that revenue reported in retail increased by at least 22% over four years. The estimated compliance effect is stronger for sectors with a high volume of transactions and small receipt values, consistent with a model in which there are fixed costs to negotiate collusive deals to avoid issuing receipts. Furthermore, the effect has an inverted-U shape with respect to firm size. This result is consistent with a model of higher baseline compliance among larger firms, and in which shifts in audit probability from consumer monitoring increase in firm size. I find no effects on exit rates or formal employment decisions.

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Books on the topic "Finance|Economics"

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Behavioural economics and finance. New York: Routledge, 2012.

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Vasicek, Oldrich A. Finance, Economics and Mathematics. Hoboken, NJ, USA: John Wiley & Sons, Inc, 2015. http://dx.doi.org/10.1002/9781119186229.

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Varian, Hal R., ed. Computational Economics and Finance. New York, NY: Springer New York, 1996. http://dx.doi.org/10.1007/978-1-4612-2340-5.

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Lau, Evan, Biagio Simonetti, Irwan Trinugroho, and Lee Ming Tan, eds. Economics and Finance Readings. Singapore: Springer Singapore, 2020. http://dx.doi.org/10.1007/978-981-15-2906-1.

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Tan, Lee-Ming, Evan Lau Poh Hock, and Chor Foon Tang, eds. Finance & Economics Readings. Singapore: Springer Singapore, 2018. http://dx.doi.org/10.1007/978-981-10-8147-7.

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Langton, Jonathan, Cristina Trullols, and Abdullah Q. Turkistani, eds. Islamic Economics and Finance. London: Palgrave Macmillan UK, 2011. http://dx.doi.org/10.1057/9780230361133.

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Thūrāʺkʹsī, Hʼīṅ. Economics and finance dictionary. Phnom Penh: Economics and Finance Institute, 2001.

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Baddeley, Michelle. Behavioural Economics and Finance. 2nd Edition. | New York: Routledge, 2019. |: Routledge, 2018. http://dx.doi.org/10.4324/9781315211879.

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Harrison, Barry. Monetary economics: BSc (Economics) and BSc (Accounting & finance). 2nd ed. London: External Publications, University of London, 1996.

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Forest resource economics and finance. New York: McGraw Hill, 1996.

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Book chapters on the topic "Finance|Economics"

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Budd, John M. "Economics and Finance." In Democracy, Economics, and the Public Good, 45–84. New York: Palgrave Macmillan US, 2015. http://dx.doi.org/10.1057/9781137446282_3.

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Ashworth, Scott. "Campaign Finance, Economics of." In The New Palgrave Dictionary of Economics, 1–7. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_2749-1.

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Ronnebaum, Blake, Larry E. Erickson, Anil Pahwa, Gary Brase, and Michael Babcock. "Economics, Finance, and Policy." In Solar Powered Charging Infrastructure for Electric Vehicles, 89–113. Taylor & Francis Group, 6000 Broken Sound Parkway NW, Suite 300, Boca Raton, FL 33487-2742: CRC Press, 2016. http://dx.doi.org/10.1201/9781315370002-10.

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Ashworth, Scott. "Campaign Finance, Economics of." In The New Palgrave Dictionary of Economics, 1238–44. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_2749.

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Zhang, Anming, and Yahua Zhang. "Airline economics and finance." In The Routledge Companion to Air Transport Management, 171–88. 1 Edition. | New York : Routledge, 2018. | Series: Routledge companions in business, management and accounting: Routledge, 2018. http://dx.doi.org/10.4324/9781315630540-12.

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Graham, Anne. "Airport economics and finance." In The Routledge Companion to Air Transport Management, 189–205. 1 Edition. | New York : Routledge, 2018. | Series: Routledge companions in business, management and accounting: Routledge, 2018. http://dx.doi.org/10.4324/9781315630540-13.

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Maloney, John. "Democratic Economics or Gladstonian Finance?" In The Political Economy of Robert Lowe, 71–80. London: Palgrave Macmillan UK, 2005. http://dx.doi.org/10.1057/9780230504042_7.

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Aubin, Jean-Pierre, Alexandre M. Bayen, and Patrick Saint-Pierre. "Illustrations in Finance and Economics." In Viability Theory, 603–30. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-16684-6_15.

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Țîrcă, Diana-Mihaela, Anișoara-Niculina Apetri, and Mirela Ionela Aceleanu. "Sustainability in Finance and Economics." In Palgrave Studies in Impact Finance, 9–52. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-16522-2_2.

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Berkofsky, Axel. "New Meiji’s economics and finance." In Japan’s Future and a New Meiji Transformation, 9–17. Abingdon, Oxon ; New York, NY : Routledge, 2019. | Series: Asia’s transformations ; 54: Routledge, 2019. http://dx.doi.org/10.4324/9780429056697-2.

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Conference papers on the topic "Finance|Economics"

1

Criner, O. "Control systems identification in finance and economics." In COMPUTATIONAL FINANCE 2008. Southampton, UK: WIT Press, 2008. http://dx.doi.org/10.2495/cf080011.

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Rotschedl, Jiri. "ECONOMICS OF OBESITY – CASE STUDIES." In 9th Economics & Finance Conference, London. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/efc.2018.009.013.

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Remnova, Lyudmyla, and Khrystyna Shtyrkhun. "Creative Learning of Finance and Economics through Gamification." In 3rd International Scientific Conference Teaching Methods for Economics and Business Sciences. University of Maribor Press, 2020. http://dx.doi.org/10.18690/978-961-286-356-2.5.

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Hejduková, Pavlína, and Michaela Krechovská. "DEVELOPMENT OF ALTERNATIVE FINANCE MODELS AND THE POSITION OF CROWDFUNDING IN ALTERNATIVE FORMS OF FINANCE." In 9th Economics & Finance Conference, London. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/efc.2018.009.005.

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Tausl Prochazkova, Petra, Vaclav Sova Martinovsky, and David Musil. "ALTERNATIVE FINANCE: THEORETICAL AND EMPIRICAL CONSIDERATION." In 10th Economics & Finance Conference, Rome. International Institute of Social and Economic Sciences, 2018. http://dx.doi.org/10.20472/efc.2018.010.036.

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Adas, Cenk Gokce, and Bibigul Tussupova. "IMPACT OF THE GLOBAL FINANCIAL CRISES ON THE MAJOR ASIAN COUNTRIES AND USA STOCK MARKETS AND INTER-LINKAGES AMONG THEM." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.001.

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Aziz, Tariq, and Valeed Ahmad Ansari. "IDIOSYNCRATIC RISK AND STOCK RETURNS: A QUANTILE REGRESSION APPROACH." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.002.

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Batum, Percin. "MANAGEMENT AND MARKETING SCIENCES’ REACTION TO THE NETWORKED WORLD." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.003.

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Calik, Nuri, and Celil Koparal. "THE PERCEPTIOS AND EXPECTATIONS OF THE CUSTOMERS IN TERMS OF SERVICE QUALITY WHERE SERVICE COMPANIES AND RETAI." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.004.

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Chang, Chia-Chien, and Yung Jen Chung. "CAN BASEL III LIQUIDITY RISK MEASURES EXPLAIN TAIWAN BANK FAILURES." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.005.

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Reports on the topic "Finance|Economics"

1

Persson, Torsten, and Guido Tabellini. Political Economics and Public Finance. Cambridge, MA: National Bureau of Economic Research, April 1999. http://dx.doi.org/10.3386/w7097.

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Gabaix, Xavier. Power Laws in Economics and Finance. Cambridge, MA: National Bureau of Economic Research, September 2008. http://dx.doi.org/10.3386/w14299.

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Boardman, Kate, and Tony Antoniou. Durham University Online: the Economics and Finance experience. Bristol, UK: The Economics Network, October 2001. http://dx.doi.org/10.53593/n156a.

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Smart, Scott, and Joel Waldfogel. A Citation-Based Test for Discrimination at Economics and Finance Journals. Cambridge, MA: National Bureau of Economic Research, February 1996. http://dx.doi.org/10.3386/w5460.

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Mark, Nelson, and Donggyu Sul. The Use of Predictive Regressions at Alternative Horizons in Finance and Economics. Cambridge, MA: National Bureau of Economic Research, August 2004. http://dx.doi.org/10.3386/t0298.

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Giles, Margaret. Teaching international economics and finance during (and beyond) the global financial crisis. Bristol, UK: The Economics Network, January 2010. http://dx.doi.org/10.53593/n996a.

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Buiter, Willem. A Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics: 2 Ghosts, 2 Eccentricities, A Fallacy, A Mirage and A Mythos. Cambridge, MA: National Bureau of Economic Research, May 2004. http://dx.doi.org/10.3386/w10524.

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