Top Research Papers on Finance Topics

The second article in a series designed to supplement the introductory financial management course, this essay addresses financial statement analysis, including its impact on stock valuation, disclosure, and managerial behavior.

This paper while being a study of its own subject matter is also a response to Professor Ali Khan’s discussion paper entitled, “Globalization of Financial Markets and Islamic Financial Institutions” that appeared in Islamic Economic Studies, Vol.8, No.1 (2000:19-67). The topic of financial and economic globalization is studied in contrasting perspective between Occidentalism and Islam. The epistemology, model and approach of the formative ummatic globalization are brought out. Contrasting epistemological questions of morals, ethics and values that shape human behavior, institutions and approac...

The thesis consists of four chapters. The introductory chapter clarifies different notions of rationality used by economists and gives a summary of the remainder of the thesis. Chapter 2 proposes an explanation for the common empirical observation of the coexistence of infrequently-changing regular price ceilings and promotion-like price patterns. The results derive from enriching an otherwise standard, albeit stylized, general equilibrium model with two elements. First, the consumer-producer interaction is modeled in the spirit of the price dispersion literature, by introducing oligopolistic ...

The Monte Carlo Simulation provides the most accurate risk measure and delivers consistent results for both portfolios, and the improvement that portfolio diversification can have in the VaR measures is proved, being the Monte Carlo simulation the one that presents the highest efficiency in theVaR measures.

The purpose of this part of the course is to study some simle public finance problems when there is heterogeneity in the population.These differences can be either in their productivity or in their value of leisure. Such differences imply that there is differences between individuals in their trade-off between leisure and work. It is assumed that the government cannot directly observe this differences, only observe the individuals market choices. For example, governments observe income, but not the effort exerted to get this income. The general problem is to redistribute and provide some publi...

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This is a course that focuses on topics related to the management of financial intermediaries. Topics include a description of the major types of financial intermediaries (banks, insurance companies, investment banks, finance companies and asset managers), the risks that banks face (liquidity, interest rate, market, credit, offbalance-sheet, foreign exchange, insurance and operating risk) and how to measure and manage those risks, and bank capital adequacy.

What are public finance assessments? In the context of anti-corruption, we define public finance assessments as those tools which aim to identify transparency and accountability gaps and/or corruption risks in government public financial management systems and/or in the budget process. Given the focus on anticorruption diagnostics, this guide does not include tools designed specifically to support citizen participation and advocacy efforts in the formulation of budgets.

The purpose of this paper is to provide a review of Islamic Microfinance and its application as a tool for poverty reduction, especially in developing countries. This system of financing serves as an alternative to the interest-based loans from conventional banks as well as conventional microfinance Institutions to the poor yet Islamic conscious millions of Muslims. This paper takes a descriptive approach and relied upon the available literature on Islamic Microfinance to highlight the different approaches used in different parts of the world. The conclusion from the review showed Islamic micr...

This article describes findings from a research survey that measured agreement with items that concerned financial morality. The authors analyzed the responses of 382 teacher education majors and finance majors at a Midwestern institution of higher learning in the USA. The study found highest agreement with items measuring business responsibilities, and lowest agreement with items related to wealth distribution. It noted significant differences and varying effect sizes among education and finance majors' interpretation of items concerning business responsibility and wealth distribution. The au...

Preface Can Past Price Movements Predict Future Price Movements? Is there a silver lining in the cloudy performance of Chinese Banks? An Empirical Investigation into the Determinants of Profitability and Risk The Transformation of the Banking Sector: Diversification and Bank-Firm Relationships Coherent Banking Capital and Optimal Credit Portfolio Structure Venture Capital Financing in Germany The Role of Contractual Arrangements in Mitigating Incentive Conflicts How ING-Diba Conquered the German Retail Banking Market Capital Good Imports, Public Capital, and Productivity Growth Capital Adequac...

The purposes of this paper are to illustrate some practical examples of environmental finance situations; demonstrate that all of these situations could benefit from environmental economics and its insights; and, suggest some specific topics in environmental finance that might be of interest to researchers.

Topics in Stochastic Control with Applications to Finance

This article investigates operating and financial leverage from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related specifically to the implications of operating and financial risk and the associated measurement dilemmas.

This research includes a major application of stochastic analysis about applications to mathematical finance, and particularly, options as an example of financial derivatives and Black-Scholes method.

This article looks at security valuation from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related to how investors and creditors price the stocks and bonds of corporations.

The following article represents the first in a series dedicated to presenting students the opportunity to better understand the key theoretical constructs in the introductory financial management course. The current essay offers an introduction to the series and covers the topics of stockholder wealth maximization and its close cousin, agency theory.

International Finance curriculum covers a wide range of knowledge and is marked by its integratedness and its strong relation with the economic realities of the time. Due to these features of the curriculum, the desired effect is difficult to achieve by traditional mode of teaching, and the classroom teaching reform is absolutely necessary. By introducing weekly hot financial topic review into classroom teaching and well integrate case-based teaching, inquiry-based learning and multimedia teaching means, student'interest to learn is satisfactorily aroused and the teaching effect is greatly imp...

Answers must be handed in no later than at the lectures on Wednesday, April 9, 2003. Groups of 3 are OK; groups of 4 or more are not. Consider the parabolic PDE F t (x, t) + µ(x, t)F x (x, t) + 1 2 σ 2 (x, t)F xx (x, t) − r(x, t)F (x, t) :=(AF)(x,t) = h(x, t) (1) with terminal condition F (x, T) = g(x). We want to solve such problems (sometimes referred to as Cauchy problems) numerically by finite difference methods. As in Seydel Chapter 4, suppose the space/time domain has been discretized, and let w j i denote the finite difference approximation to F (x i , t j). For some θ ∈ [0; 1] we can c...

1. Probability 2. Normal random variables 3. Geometric Brownian motion 4. Interest rates and present value analysis 5. Pricing contracts via arbitrage 6. The arbitrage theorem 7. The Black-Scholes formula 8. Valuing by expected utility 9. Exotic options 10. Beyond geometric Brownian motion models 11. Autoregressive models and mean reversion.

Finance plays a critical function in economies and continues to evolve in practice complemented by research, policy, and regulation. The articles in this special issue provide up‐to‐date reviews of contemporary topics in finance. Unconventional monetary policy, implicit bank guarantees, and financial fraud are in various ways associated with rethinks stimulated by the Global Financial Crisis. The topics of inflation risk premia, finance and productivity, angel investing, venture capital, relationship lending, and microfinance have benefitted from increased research associated with more data an...

This series inspects the major topics in finance, reviewing the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts. The current article, devoted to dividend policy, also reviews the topic as presented in textbooks and the literature.

In this series, three key axioms — stockholder wealth maximization, the risk-return tradeoff, and agency conflicts — are applied to the major topics in financial management. The current article looks at mergers and acquisitions, reviewing the presumed motivations, the ethical challenges, and the literature dedicated to this financial activity.

Democratic politics cannot proceed without financial resources. Political parties would be unable to organize themselves, politicians could not communicate with the public, and the election campaigns could not be held if money was not collected. Therefore political funding is not only indispensable, it is necessary. Over the past several years, party financing scandals have shaken countries in every region of the world. This has led to increased contempt for and public disillusionment with parties and politicians, and undermined the public’s confidence in the political process. There is no sim...

Topic areas for research on problems of financing agribusinesses were suggested. Priority research areas identified included: (1) implications of federal taxation policies, (2) impacts of the 1986 tax law changes on the attractiveness of leasing as a method of acquiring assets, (3) inadequate equity capital sources for small and intermediate sized firms, (4) identification of factors that motivate individuals and|or companies to provide capital to new or expanding firms, (5) understanding entrepreneurial knowledge and behavior in regard to financing decisions, and (6) analysis of the interacti...

Using the structural topic model, this work identifies the research topics and explores their relation and prevalence over time and across journals, revealing that most journals have covered more topics over time, thus becoming more generalist.

These documents provide brief overviews of various school finance topics.  Topic Word Format  PDF Format  Additional State Aid for Tax Reduction (ASATR) Word 25 KB PDF 46 KB

This article argues that modern finance should be an important object of attention. Particularly worthy of study are three demarcations: the changing disciplinary boundary of economics, the distinction between private and public knowledge, and the legal and cultural demarcation between legitimate trading and gambling. The balance between what Barnes calls N-type (natural kind) and S-type (social kind) terms in finance is different from, for example, that in physics, but that is no criticism of finance theory: the activities of those who disbelieve finance theory’s efficient market hypothesis p...

After emerging from the U.S. housing, finance and eventually real sectors, financial crisis has gradually become global. Although problems of structured finance are not new, primary and secondary mortgage market problems in U.S. are essential reasons of the current crisis. In this context, structured finance products/transactions, based on extremely optimistic expectations, light regulation and supervision framework and weak valuation and reporting structure, are of particular place in the process of crisis. In this paper, the author argues that global finance industry needs better regulatory ...

This study provides a structured topography for finance researchers seeking to integrate machine learning research approaches in their exploration of finance phenomena and showcases the benefits to finance researchers of the method of probabilistic modeling of topics for deep comprehension of a body of literature.

Continuing this series on the theory of financial management, the current article investigates capital structure, offering insight into the roles of stockholder wealth maximization, the risk-return trade-off, and agency conflicts. Much literature addresses this topic, and some of the most recent literature challenges certain theoretical cornerstones touted in the textbooks, as revealed in this work.

This series on the theory of financial management offers insight into the roles of stockholder wealth maximization, the risk-return tradeoff, and agency conflicts as they apply to major topics in finance. The current article investigates capital budgeting. Much literature addresses this topic, with a number of articles challenging mainstream theories, some investigating agency problems, and a few empirically testing the relationships taught in most managerial finance classrooms.

Summary The field of public finance focuses on the spending and taxing activities of governments and their influence on the allocation of resources and distribution of income. This work covers in three parts different topics related to public finance which are currently widely discussed in media and politics. The first two parts deal with issues on social security, which is in general one of the biggest spending shares of governments. The third part looks at the main income source of governments by analyzing the perceived value of tax competition. Part one deals with the current problem of inc...

THE RELATIONSHIP between forward foreign exchange rates and subsequent future spot rates has received extensive theoretical and empirical attention in the literature. Two hypotheses have been advanced on the theoretical side. The first hypothesis is that the forward rate is an unbiased estimate of the future spot rate. The second hypothesis holds that speculators in the foreign exchange markets require a return for assuming a speculative position and, hence, that the forward rate is not an unbiased estimate of the future spot rate. Several studies have attempted to test the empirical validity ...

A training approach is detailed that merges knowledge distillation and transfer learning, resulting in lightweight topic and sentiment classification models without significant loss in accuracy, used to evaluate financial outcomes from earnings calls.

The aim of the article is to interrogate and reveal the current issues of financing electronic legal proceedings in Ukraine. The subject of the study is the financing of electronic legal proceedings in Ukraine. Methodology. The study is based on general scientific and special-scientific methods and techniques of scientific knowledge. The historical and legal method enabled to examine the current state of affairs in introducing the system of e-justice, to reveal the concept of e-Court. The comparative legal method enabled to compare the doctrinal approaches to the functioning of the ordinary sy...

The article examines the possible way of improving the road situation in Japan that has been completely neglected for a long period of time. The three points to be studied in the future are: financial aspects, recognizing that roads are essential for human activity; they need to be improved and maintained; the establishment of proper evaluation methods employing diverse indices for measuring the effectiveness of road development.

Title lending, in which a borrower uses his car title as collateral for a short-term, high-interest loan, is a growing part of the alternative financial market. These loans provide credit to a group of American who are not well-served by traditional lenders like banks and credit card issuers. Despite their growing prevalence, very little is known about the effect of title loans on customers. In this dissertation, I address several issues in the title lending market. Critics of these loans claim that they have disastrous consequences for borrowers, who are often tricked into borrowing more than...

This paper addresses 18 finance topics that are badly explained by many Finance Professors. The topics are: 1. Where does the WACC equation come from? 2. The WACC is not a cost. 3. The WACC equation when the value of debt is not equal to its nominal value. 4. The term equity premium is used to designate four different concepts. 5. Textbooks differ a lot on their recommendations regarding the equity premium 6. Which Equity Premium do professors, analysts and practitioners use? 7. Calculated (historical) betas change dramatically from one day to the next. 8. Why do many professors stil...

Banking and Finance Research Project Topics S/N Finance Project Topics 1. A Sectoral Analysis of Crude Oil Price, Exchange Rate and Stock ...

Under unchecked rise of prices in commodity bill interpayment accounts in the true process of market economy formation the health protection authorities should reserve the control functions in prices and tariff of medical products.

Private equity plays an important role in the financing of the corporate sector. An important issue is the attractiveness of this asset class to investors. That is, how well have private equity funds performed for their investors? The importance of private equity is undeniable, and the returns that are available to investors will in part determine its future success. Against this backdrop the Amsterdam Center for Corporate Finance (ACCF) has decided to devote this issue of its discussion series "Topics in Corporate Finance" to this important topic. Ludovic Phalippou, an associate pro...

This special topic takes stock of the current state of rural education finance and policy research. Taken together the articles in this special topic highlight a major point. Rural districts and schools not only differ from those in urban areas but also differ from one another. This is perhaps not surprising given the heterogeneity of school size, community size, demographics, and the degree of rurality of schools across the United States. The articles pose a challenge for policymakers. Policies that serve one state or one rural community may not be relevant or helpful to another. Policy solut...

This workshop paper discusses automating the construction of query-specific document and entity knowledge graphs (KGs) for complex research topics using the CODEC dataset, and demonstrates that entity and document relevance are positively correlated, and that entity-based query feedback improves document ranking effectiveness.

The final topic in a series looking at financial management from a theoretical perspective, working capital management provides the focus of the current article. We investigate how three key axioms — the risk-return tradeoff, agency conflicts, and stockholder wealth maximization — relate to this activity that occupies much of the financial manager’s time.

This book provides a comprehensive review of generalized Poisson processes and the Cox and compound Cox processes in particular. It consists of 12 chapters. Chapter 1 gives a brief overview of probability theory, and Chapter 2 introduces the Poisson process. Chapter 3 covers asymptotic theory of a class of stochastic processes needed for later chapters. Chapter 4 presents compound Poisson distributions and their properties in great detail. Chapter 5 reviews results in the classical ruin theory, where the aggregate claims process arising from an insurance portfolio is compound Poisson. Chapters...

This study aims to determine the development and trend map of research on the theme of Islamic Economic and finance published by reputable journals. The data used in this study are 2498 public indexed research on the theme of Islamic Economic and finance in the period 1976 to 2021. The map of research development in the field of Islamic Economic and finance is obtained through an export process which will be processed and analyzed using the R Biblioshiny application program. This study shows the results that the number of publications on the development of Islamic Economic and finance research...

The martingale problem is known to be a classical and very powerful technology for the study of Markov processes through the analytical properties of the corresponding generators. This approach permits for instance to easily model Markov processes featuring both diffusion and jump components. The first aim of the thesis is to develop concrete and easy–to–use tools allowing to employ this technology in the context of probability measure-valued jump-diffusions. This is mainly motivated by our second line of research, consisting in the study of the so–called polynomial jump-diffusions, which have...

This paper addresses 10 corporate finance topics that are not well treated (or not treated at all) in many Corporate Finance Books. The topics are: 1. Where does the WACC equation come from? 2. The WACC is not a cost. 3. What is the WACC equation when the value of the debt is not equal to its nominal value? 4. The term equity premium is used to designate four different concepts. 5. Textbooks differ a lot on their recommendations regarding the equity premium. 6. Which Equity Premium is used by professors, analysts and practitioners? 7. Calculated (historical) betas change dramatically from one ...

This guide will assist students and faculty with their research into the European Union (EU).