Download or read book Three Essays on Financial Inclusion and Entrepreneurship written by Jonathan Fu and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Financial Inclusion written by Almutasembilla Allam and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Financial Inclusion in Africa and the Middle East written by Abidin Ali Alhassan and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Entrepreneurial Finance written by Jialong Li and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays that explore different areas within the framework of entrepreneurial finance. In my first essay, I investigate the relation between corporate financial distress and earnings management in politically-affiliated private firms in China. I further examine the joint moderating effects of political affiliation and regional development on this relation. The findings suggest that financially-distressed firms engage more in reporting small positive earnings relative to financially-healthy firms. In addition, political affiliation weakens the association between financial distress and small positive earnings management. In the second essay, I intend to shed light on social performance of microfinance institutions (MFIs) with respect to gender equality in MFIs' outreach and promotion of entrepreneurship. Rooted in the principles of homophily and risk aversion, I pinpoint a novel topic which is the association between female leadership in MFIs and their services targeting women clients, and find that when more women serve as managers, board members, and/or loan officers in MFIs, the MFIs increase their outreach to women due to gender affinity. Applying the institutional theory, I also analyze the relationship between MFI's outreach to female borrowers and entrepreneurship in an international setting, and highlight the moderating role played by legal environment in this relationship. Findings indicate that in countries with stronger legal environment, women are more inclined to enter entrepreneurship. In my last essay, I turn to look at family firm, which is perceived to behave quite differently compared with non-family firm. From socioemotional wealth preservation and board experience perspectives, I compile a sample of family-owned and -managed firms on the Standard and Poor's (S&P) 500 Index and examine the effect of family involvement on firm internationalization. The results show that the presence of a family member chairing the board impedes internationalization, but that this negative effect is reduced when board members are highly experienced. I also find that the involvement of multiple generations in the business contributes to the firm's internationalization, and that this effect is more pronounced when firms internationalize to geographically distant rather than closer regions. The contributions and implications of this study are also discussed.

Download or read book Inclusive Growth written by Howard Thomas and published by Emerald Group Publishing. This book was released on 2019-04-10 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book outlines a journey from enabling models of government and business to strategies for creating both financial and social inclusion and entrepreneurism as mechanisms for sustainable and inclusive growth.

Download or read book Essays on Financial Development and Financial Inclusion written by and published by . This book was released on 2021 with total page 143 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Global Financial Inclusion written by Recep Yorulmaz and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Beyond Access to Finance Essays on Financial Inclusion and Development written by Theres Klühs and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Financial Inclusion and Mobile Banking written by Marybeth Rouse and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three essays on financial development inequality and growth written by Esteban Jaimovich and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in Finance and Development written by Sanket Mohapatra and published by . This book was released on 2006 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Public Economics in Developing Countries written by Chigozie Andy Ngwaba and published by . This book was released on 2018 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation contains three essays that examine aspects of public economics and taxation in developing economies. Although each essay examines different questions, they are linked by findings and implications related to policy implementation that is crucial in developing countries. The first paper examines tax reform and entrepreneurship in South Africa. The second paper evaluates corporate tax policy and foreign direct investments in developing countries. The third paper asseses microfinance policy and financial inclusion in Nigeria. Chapter 1 focuses the effects of tax reform on entrepreneurship in South Africa using repeated cross-sectional data from the World Bank. The paper adopts a difference-in-difference estimation technique as well as contrasting periods before and after the tax reform. This contrast is achieved by examining individuals in the formal and informal sector and measuring the effectiveness of the reform on self-employment. The results from the analysis indicate that the tax reform had a positive and significant effect on the probability of becoming self-employed in South Africa and is robust across different econometric specifications. Chapter 2 estimates the impact of corporate taxes on direct foreign investments in developing countries. The paper adds to existing literature using new corporate tax data from 1990-2015 created for the study that includes 65 developing countries. Results from the study indicates that direct foreign investment is not sensitive to corporate taxes in developing economies. This indicates that the flow of foreign investments to developing host nations may be largely driven by other factors. Chapter 3 examines the impact of the microfinance policy supervisory and regulatory framework of 2012 on financial inclusion in Nigeria. The paper contributes to existing literature by employing a national representative data and correcting the self-selection problem evidenced in previous studies. Using the microfinance policy as a natural experiment to test its impact on financial inclusion in Nigeria, the paper finds an increase in account and credit card ownership and no impact on debit card ownership and health insurance enrollment. These results have important implications for monetary and financial policy implementation by the Central Bank of Nigeria.

Download or read book Three Essays in Entrepreneurial Financial Markets written by Steven H. Wagner and published by . This book was released on 2012 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Theorists have shown how credit enhancement in the generic form of collateral can mitigate market failures in credit markets. None of these models has explained, however, why a guarantee rather than collateral will appear in the equilibrium debt contract. In the first essay, I develop optimal debt contracting models under moral hazard to show that lower transactions costs associated with guarantees make them more efficient than collateral. The guarantee contract is feasible, however, only if the business owner is sufficiently wealthy relative to the loan amount. This result suggests that market failure may occur if a small business owner with a high-return project has inadequate personal wealth to guarantee a loan. The second essay in this dissertation uses data from the 2003 Survey of Small Business Finances to empirically test the predictions of the first essay. I estimate both multinomial logit and ordered probit models to examine the effect of guarantor wealth on the equilibrium enhancement structure for lines of credit. I find that increasing owner wealth results in an increased likelihood that a line of credit will be enhanced with only a personal guarantee and a decreased likelihood that the line of credit will be secured with collateral. I also find that use of the more efficient guarantee is less prevalent when the borrower is located in a non-competitive banking market. Both results are consistent with predictions of the first essay. Relationships between small businesses and financial intermediaries are generally viewed only as mechanisms that arise to mitigate informational asymmetries in credit markets. In the third essay, I use a pooled cross section of the 1988, 1993, 1998 and 2003 Surveys of Small Business Finances to study relationships between small businesses and their primary source of financial services. I find evidence that mechanisms other than mitigation of informational asymmetries in credit transactions influence the structure and benefits associated with maintaining relationships. I also find that the two empirical measures of relationship strength decreased between 1988 and 2003 as the small business credit market was being transformed by bank consolidation, financial deregulation and technological innovation in small business lending."--Abstract from author supplied metadata.

Download or read book The Theory of Money and Financial Institutions written by Martin Shubik and published by MIT Press. This book was released on 1999 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

Download or read book Financial Inclusion Sustainability and the Influence of Religion and Technology written by Rehman, Awais Ur and published by IGI Global. This book was released on 2024-03-18 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial inclusion has proven to be a looming issue challenging policymakers and scholars. Financial inclusion revolves around the fundamental notion of ensuring that individuals from all walks of life have access to affordable and effective financial products and services that cater to their unique needs. Yet, as we grapple with this issue, we find it entwined with other critical factors such as religious and cultural norms, technological advancements, and sustainability goals. The intricate web of these elements forms a complex tapestry that requires deep exploration and understanding. Financial Inclusion, Sustainability, and the Influence of Religion and Technology is a groundbreaking book which delves headfirst into the multifaceted issue of the inclusivity of financial services and the complexities of societal interplay in this matter. Targeting academic scholars as its primary audience, this book acts as a guide to solution development. It meticulously unravels the intricate connections between financial inclusion, sustainability, religion, and technology. Readers will embark on a journey that not only dissects the problem but also illuminates the path forward. From exploring the complex relationship between financial inclusion and sustainability to identifying the challenges and opportunities presented by religion and technology, this book leaves no stone unturned. It offers a comprehensive roadmap for future research and action, providing a beacon of hope for achieving a more equitable and technologically advanced future.

Download or read book Essays in Financial Economics written by Jason Lee and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three essays that study topics in financial economics. The first and second chapters explore degrees of bank market power. The last chapter examines loan pricing among fintech lenders. In the first essay, I explore how to measure the degrees of bank deposit market power. Using the unique characteristics of bank deposits, I propose that bank deposit market power can be measured by the gap between insured deposit rates and risk-free rates, in which the gap represents the Lerner index for bank deposit products. With the deposit Lerner index, I examine the cross-sectional distribution of bank deposit market power using granular branch-level deposit rate data. While there is a large across-bank dispersion in market power, banks do not differentiate deposit rates across region within their own branch network. In addition, I explore why deposit market power shrinks for all banks in a low interest rate environment. In the second essay, building on the deposit Lerner index, I critically evaluate the validity of the commonly used concentration method. Out of more than five thousand banks in the U.S., the four largest banks have a combined market share of 35 percent of outstanding deposits. Yet, the way market power is typically measured implies they have less than median levels of market power. What explains this counter-intuitive result? This chapter shows that this puzzle stems from the way we commonly measure market power, which relies on the degree of local market concentration. I show that the concentration approach is critically inaccurate. On average, the concentration measure predicts market power negatively in the cross-section. Examining bank mergers also confirms that changes in local concentration have minimal impact in determining bank market power. All in all, assessing bank deposit market power can, and should, be based on the price information directly rather than from market concentration. In the third essay, coauthored with Itzhak Ben-David, Mark Johnson, and Vincent Yao, we explore fintech lenders' pricing on consumer loans. Fintech lenders are known for the use of alternative data and sophisticated technologies in delivering financial services. However, based on the pricing and performance of over two million unsecured personal fintech loans, pricing appears rather simplistic and does not necessarily correspond to default likelihoods. For instance, pricing is oversensitive to credit score bins, including a substantial interest rate jump for nonprime loans wherein borrowers just below FICO 660 pay rates that are 9.4 percentage points higher than nearly identical prime borrowers. In contrast, pricing is insensitive to known predictors of default (e.g., affordability measures and location) which effectively leads to borrower cross-subsidization. We present evidence that these pricing patterns are heavily influenced by institutional factors, such as lack of competition from banks, originators' incentives (originate-to-distribute business model) and the lack of demand for risky securities related to regulations.

Download or read book THREE ESSAYS ON FINANCIAL INTERMEDIARIES REACTION TO CHANGING MARKET CONDITIONS written by David Abell and published by . This book was released on 2017 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation continues the tradition of identifying the effects of economic shocks to financial intermediaries. Its main contribution is to estimate the size of credit market disruptions in the form of government intervention, asset market crises, and competitive pressures, while using methods that are more novel and appropriate than those of previous work. Chapter 1 examines the effect of the elimination of U.S. banking regulations, which are intended to expand the access of financial services within states and across state-lines, on entrepreneurship activity. It finds that there was increase in small business formation following the deregulation of interstate banking, but not intrastate banking. Results indicate allowing banks to lend and take deposits across state lines increases small business formation by up to 8%. There is a delayed impact following the passage of legislation indicating credit markets require time to adjust to the new regulatory environment. Heterogeneous effects exist across firm sizes in terms of economic impact magnitude and timing. The main contribution of the chapter is that examines the impact on entrepreneurship in separate periods after the initial passing and on subsets of small businesses. Whereas Chapter 1 estimates the effect of a foreseen event, Chapter 2 focuses on the impact of unexpected housing crisis on financial intermediaries loan servicing decisions. As the housing market worsened mortgage lenders could not rely solely on foreclosure processes to reduce losses on homes in default, rather many found the need to engage in modifying loan terms to allow borrowers to continue making mortgage payments. Modifications that increased the affordability of monthly payments were effective at halving the cumulative 36-month redefault rate for mortgages between 2008 and 2011. Findings indicate the improving economy and mortgage risk characteristics are not enough to explain the reduction in redefault. Instead, results find evidence of "learning -by-doing" i.e., servicers become better at targeting borrowers for modification and providing the appropriate payment relief over time. Voluntary government modification programs serve as guidelines for servicers to design and invest in their own modification processes. The impact of this learning by doing is evident before and after controlling for macroeconomic conditions, borrower characteristics, and loan terms. Previous studies do not effectively isolate the improvement in post-modification with an econometric model using a control group similar to this one. Furthermore, other studies consider only particular servicer subsets of mortgage modifications, such as private securitized, whereas the sample here considers all servicer types and payment reducing modifications. Ultimately, the results indicate mortgage modifications were an effective non-foreclosure alternative to keep homeowners in their homes and monthly payments flowing to mortgage servicers. Chapter 3 examines the impact of changes in bank competition on bank capital in the United States. Allen et al. (2011) proposes excessive capital holdings, i.e., capital holdings above regulatory requirements, are attributable to market discipline arising from banks' asset side. Theory predicts competition incentivizes banks to hold higher levels of capital because this indicates a commitment to monitoring to encourage bank stability. I examine heterogeneous impacts of competition on capital over the business cycle and across bank size. Economic downturns usually bring significant changes to bank concentration, which can cause a different impact than during economic booms. Smaller banks can feel different competitive pressures than larger banks due to a focus on local lending activities. I have two main results. More intense competition is associated with higher bank capital ratios at all times (before, during, and after the financial crisis) for small, medium, and large banks. All banks see a larger impact during the crisis period compared to the pre- and post-crisis periods. The findings of this paper can have significant policy implications for the application of anti-trust regulation, since capital ratios are commonly used to restrain individual and systemic bank risk.