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The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang 2016 Sun Yat-sen University

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in ...


Patterns Of Growth And The Economic Development Of China, Adam C. Watson 2016 Graduate Center, City University of New York

Patterns Of Growth And The Economic Development Of China, Adam C. Watson

All Dissertations, Theses, and Capstone Projects

By looking at the historical rise of modern China, starting with the end of the First Opium War (1842) through to the start of the war with Japan (1937), and then from the beginning of Deng Xiaoping’s economic reforms (1979) to the present, this work reveals the striking similarities between the earlier and the later periods of capitalist development. If the country had not been able to draw on the deep-rooted knowledge and skills which originated in Shanghai and the port cities in the mid-nineteenth century, and instead pursued only uninformed free market principles without the training to make ...


Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University 2016 Singapore Management University

Grandparents: The Silent Engine Behind China’S Economic Growth, Singapore Management University

Perspectives@SMU

Migrant workers leave behind children to be taken care of by the elderly in villages – it is a win-win arrangement for all involved


Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom 2016 Lawrence University

Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom

Lawrence University Honors Projects

Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.


Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords 2016 Lawrence University

Daniel Defoe’S Literary Economies: The Shifting Role Of Narrative Uncertainty, Speculation, And Providence In Robinson Crusoe And Roxana., Terese J. Swords

Lawrence University Honors Projects

In my honors project, I analyze how Daniel Defoe’s first novel, Robinson Crusoe (1719), and his last, Roxana (1724), offer shifting economic commentary regarding England’s emerging 18th century credit economy. This shift does not come as too much of a surprise, as his first and last novel straddle the historic moment of the South Sea Bubble’s burst. Therefore, Defoe’s works, when analyzed sequentially, capture the evolving attitude towards value and credit that was occurring throughout all of England.

In my first chapter, “Crusoe’s Post Facto Journal Editing: ‘How wonderfully we are delivered when we ...


Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov 2016 University of Cambridge

Moral Hazard And Mispriced Systemic Risk In The Lead-Up To The 2007 Subprime Mortgage Crisis In The United States, Georgi Rusinov

Undergraduate Economic Review

The 2007 subprime crisis was caused by high demand for subprime mortgage products underpinned by the unrealistic assumption that property prices would keep rising indefinitely. The subprime mortgage market worked as expected as long as prices were rising and demand for property was high. When these two conditions were violated and the housing bubble collapsed, the system became dysfunctional, many subprime borrowers defaulted, and mortgage-backed securities lost much of their value. Prevention could have been achieved through regulatory measures to shift the risk back from taxpayers and investors to loan originators. Fair distribution of risk should be the main objective ...


The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr. 2016 University of San Francisco

The Investment Casualties Of War: Global Impacts Of Armed Conflict On Foreign Direct Investment Inflows, Reinhard J. Cate Mr.

Master's Theses

Abstract: Involvement in the outbreak of an armed conflict can present a variety of potential risks to an involved nation’s economy. In this paper I examine if one one of those risks, specifically that a new war could scare away foreign investment actually occurs and whether the intensity of the conflict increases or lessens the potential impact. Using ordinary least squares on panel data from 1966 to 2015, I examine the short and long term impacts of armed conflict on global foreign direct investment (FDI) inflows using two measures of conflict intensity: Large conflicts or ‘wars’, with 1000 or ...


Defending A Mixed Economy, Herbert J. Hovenkamp 2016 University of Pennsylvania Law School

Defending A Mixed Economy, Herbert J. Hovenkamp

Faculty Scholarship at Penn Law

This essay reviews Jacob S. Hacker's and Paul Pierson's very engaging book, American Amnesia: How the War on Government Led Us to Forget what Made America Prosper (2016).


The Trans-Pacific Partnership And Vietnam, Duong Nhu HUNG, Tran Quang DANG 2016 Singapore Management University

The Trans-Pacific Partnership And Vietnam, Duong Nhu Hung, Tran Quang Dang

Asian Management Insights

Opening up a bold new world for Vietnam’s trade and industry may not be so easy.


A Historical Examination Of Creative Destruction, Turnover Rate, And New Technology Based Firms In The Context Of The Financial Times Us 500 List, James M. Ryan 2016 College of William and Mary

A Historical Examination Of Creative Destruction, Turnover Rate, And New Technology Based Firms In The Context Of The Financial Times Us 500 List, James M. Ryan

Undergraduate Honors Theses

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From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic II 2016 State University of New York College at Buffalo - Buffalo State College

From The Classical School To Today: The Evolution Of Stagnation Theories, Francis J. Lukacovic Ii

Applied Economics Theses

The purpose of this thesis is to study the theory of secular stagnation, which was made famous by the American Keynesian economist Alvin Hansen in his book Full Recovery or Stagnation. The theory of secular stagnation has reappeared in economic circles today due to recent economic conditions since the financial crisis of 2007-2008. The thesis will analyze the history of the stagnation theory dating back to Classical economists in the 19th century. The concept of a stagnating economy has been talked about for centuries with many economists adding important thoughts. Furthermore, the thesis will address the current questions and ...


From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti 2016 University of Dayton

From Hard Money To Branch Banking California Banking In The Gold Rush Economy, Larry Schweikart, Lynne Pierson Doti

Economics Faculty Articles and Research

In Gold Rush–era California, banking and the financial sector evolved in often distinctive ways because of the Gold Rush economy. More importantly, the abundance of gold on the West Coast provided an interesting test case for some of the critical economic arguments of the day, especially for those deriving from the descending—but still powerful—positions of the “hard money” Jacksonians.


Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee 2016 Trinity College

Transmission Of Banking Crises Using A Proximity Based Learning Model, Steven Yee

Senior Theses and Projects

In financial markets, banks play a key role in transforming illiquid assets into more liquid assets. However, their ability to spread the risk of liquidity shocks over a body of agents generates a positive probability for non-efficient bank runs. Building off of the classic Diamond-Dybvig framework, this paper uses an agent based model to observe the two equilibria, efficient risk sharing and the bank run. While previous literature has looked at under what conditions could a bank run equilibrium occur, this proximity based learning model (PBLM) focuses on the development of a panic driven bank run in light of limited ...


United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone 2016 Trinity College, Hartford Connecticut

United In Diversity? The Political Implications Of Intra- Eu Migration, Isabel Monteleone

Senior Theses and Projects

Intra-EU migration is a phenomenon innate to the structure of the European Union. A politico-economic union of twenty-eight countries, the EU does what no other alliance of countries has endeavored before, serving as a unique product of globalization and integration, in every sense of the word. Bound almost entirely by a common currency, the European Union is established in the belief that economic cooperation in Europe can be achieved through the principle of free movement, despite each member states’ individual way of life, language, and political, religious, and cultural ideology.

Since intra-EU migration allows for the possibility of EU integration ...


Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens 2016 James Madison University

Holly Martins And The Impartial Spectator: The Economics Of The Third Man, Alexander W. Pickens

MAD-RUSH Undergraduate Research Conference

The film The Third Man is often critiqued for its portrayal of post-war Vienna and the abusive nature of totalitarian regimes in a nearly-anarchic state. However, this film does something that few other films do: it tackles the primary dilemmas facing economists using a visual medium and featuring some of the debates that have been plaguing economic thinkers for years (what is a just allocation of resources, competition in free markets, what happens when corrupt governments control resource allocation). Ultimately, the film is a unique analysis tension between the costs and benefits of the philosophies of Keynes and F. A ...


Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Within the last decade, mixed martial arts has become one of the most popular sports worldwide. The Ultimate Fighting Championship (UFC) is the largest and most successful organization within the industry. In the USA, however, the sport is not sanctioned in all states because some politicians view the sport as too violent. The sport consists of many fighting forms and, unlike boxing, winning a decision requires judging in multiple facets including wrestling, boxing, kickboxing, and jiu-jitsu. In this study, we estimate the likelihood of winning a decision in the UFC. Using data on individual fights, we estimate the probability of ...


Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Standard economic production theory is the basis for measuring technical efficiency in sports. Using programming or regression models, efficiency is defined as the distance of a given team observation from the technology. In this article, the authors show that the standard measures of efficiency using deterministic models are biased downward due to serial correlation with respect to the efficiency measure. In particular, if the number of observed wins for a given team is affected by the team’s inefficiency, it is necessarily true that another team is able to produce outside of the technology. As a result, the observed frontier ...


The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier 2016 University of Dayton

The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier

Trevor Collier

Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements ...


Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier 2016 University of Dayton

Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier

Trevor Collier

Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related ...


Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero 2016 University of Dayton

Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero

Trevor Collier

Measuring the productivity of vessels in a multi-species fishery can be problematic. Typical regression techniques are not capable of handling multiple outputs while Data Envelopment Analysis (DEA) tends to ignore the stochastic nature of production. Applied economists have devoted considerable time to this problem and have developed several methods of dealing with the issue of multiple output technologies in commercial fisheries. Our paper contributes to this literature by providing another method for estimating production functions of vessels operating in multi-species fisheries. We utilize a two-stage model – with data from the West Coast Limited Entry Groundfish Trawl Fishery – using DEA to ...


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