1438 research outputs found
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The Movement
This work of art is colored pencil and acrylic highlights on mixed media paper, 18” by 24”.
This artwork captures the powerful essence of women from diverse cultures worldwide, uniting in a vibrant display of strength and solidarity. It depicts their courageous struggle to assert their rights and embrace their individuality, breaking free from the constraints that society has traditionally imposed upon them. The piece symbolizes a profound sense of unity woven together with threads of love, resilience, and empowerment. Each figure radiates determination, reflecting the unique stories and journeys of women who boldly carve their own paths and claim their rightful place in the world.https://digitalcommons.newhaven.edu/digital-exhibits/1065/thumbnail.jp
Information Content of an Open Limit-Order Book: Indian Evidence
Using the 5-year period (2014-18) limit-order book and trade book data from NSE, this paper investigates the contribution of an open limit-order book towards price discovery and market efficiency. In particular, the paper examines two interesting questions: (a) the information content of the limit-order book beyond the best prices and (b) the order submission choices of informed traders. The results indicate that the deeper levels of the order book significantly contribute to short-term return predictability, even after controlling for the return autocorrelations, volume, and trade imbalances. Furthermore, this return predictability is time-varying and relatively high around lower quantiles of the return distribution. There is evidence to suggest that informed trading is more pronounced during the environments characterized by low liquidity and high uncertainty. The information share (Hasbrouck, 1995) and component share (Gonzalo & Granger, 1995) measures show that, out of the total contribution of the limit-order book to price discovery, the deeper levels’ share is nearly 50%
Total Factor Productivity (TFP) and Financial Markets
The dynamic interplay between real firms and the financial markets remains under continuous government scrutiny, reflecting the evolving diversity that accompanies the expansion of financial markets. Given the financial market\u27s critical role in capital provision, it is essential to understand how different funding relationships influence firm performance. This study focuses on A-share listed companies in China from 2013 to 2023, categorizing their funding relationships into two distinct types: net investment and net financing. The analysis reveals a significant dampening effect on Total Factor Productivity (TFP) associated with net investment-based funding relationships. Mechanistic investigations indicate that this suppression is due to the diversion of capital from core business activities towards net investment activities, ultimately hindering productivity. These findings offer valuable insights into the complex relationship between real firms and the financial markets, highlighting the varied mechanisms through which the financial markets can either enhance or impede firm value. Additionally, the study provides practical policy recommendations for regulatory authorities aimed at optimizing the real economy\u27s access to financial services by refining the funding relationships between real firms and the financial markets
How Does Moral Hazard Impact Critical Market Banking Performance?
The degree to which financial institutions form expectations of policy intervention despite their own risk appetites lies at the heart of macrofinancial regulations such as the Dodd-Frank and Consumer Protection Acts. The effectiveness of these policies hinge on the assumption that large banks are the only banks that are too-big-to-fail (TBTF). However, alternative perspectives posit that banks may be too-complex-to-fail, regardless of their size. To remedy competing TBTF definitions, we propose a new criterion to identify potential TBTF banks by their relative involvement in so-called critical markets, considerate of both bank size and complexity. We estimate a restricted translog semiparametric smooth coefficient seemingly unrelated regressions model (SPSC SUR) wherein model elasticities are functions of nonperforming assets, a proxy for moral hazard, to derive nonperformance-adjusted returns-to-scale estimates for critical market banks from 2001 through 2023. Over our full sample, the median critical market bank tends to operate under increasing returns-to-scale while most critical market banks exhibit decreasing or constant returns-to-scale. Results taken over the past two decades suggest that most TBTF banks have exhausted their economies of scale concurrently alongside the shrinking competitive landscape
Yemaya
Created 2025.
This work of art is shells, epoxy, and mixed media on board.
Yemaya, the orisha of the sea, considered a mother figure in Yoruba mythology.https://digitalcommons.newhaven.edu/digital-exhibits/1069/thumbnail.jp
Two General Data Protection Regulation (GDPR) Compliant Approaches to Scoring Firm Financial Frailty in Business Litigation
A litany of data artifacts, including the possibility of source data drift, lack of generalizability, and imprecise risk categories, all weaken—and may even impugn—estimates of a firm\u27s economic frailty when using the Altman Z-score as a formulaic measure of risk in business litigation. These limitations constitute potential veto points which may be exploited by opposing counsel in court proceedings. We offer two possibly complementary approaches to obtaining estimates of the probability of a firm’s likelihood of business failure. To illustrate these approaches, we use the case study data in O\u27Haver (1993) and Local Outlier Probabilities (Breunig et al., 2000; Kriegel et al., 2009) and PRIDIT (Brockett, et al., 2002; Lieberthal, 2008) to first order the outcomes in terms of a numeric score. Once ordered, the scores represent either probability-of-insolvency measure or an insolvency ranking. We then map the scores onto bivariate classes using Fisher-Jenks clustering. Each algorithm’s accuracy is obtained by comparing its predictions of either failure of viability to those of the labeled data in O\u27Haver (1993). Both procedures are sound and with equal accuracy to the original discriminant analysis featured in O\u27Haver (1993). We hold that these competing approaches are capable of navigating opposing counsel objections. Importantly, our approach also falls well within the interpretability criteria demanded by the EU General Data Protection Regulation (“GDPR”) and other regulations taking aim at black-box algorithms
Shifts in the Information Interface Between Managers and Analysts
Managers navigate information asymmetries between their firm and investors in large part through securities analysts. This paper refines the model of securities analysts as information intermediaries by using shifts in the information environment to reveal how managerial behaviors impact the effectiveness of analysts as information intermediaries. Using the insurance industry as the research setting, this study offers evidence that analysts are less accurate in the years following Regulation Fair Disclosure (RegFD) as information asymmetries increased, but that negative effect moderated under the capital market scrutiny that followed the Global Financial Crisis (GFC). Risk averse managers exacerbated adverse effects on analyst accuracy after RegFD, but their conservative approach improved analyst accuracy after the GFC. More accessible managers tempered declines in analyst accuracy post-RegFD, but post-GFC accuracy deteriorated among this group. This research contributes to a deeper understanding of information dependencies at the interface between managers and analysts
Aligning Firm Capabilities and Business Environment in a Managerial Context: Evidence from the 2016 Presidential Election and Dodd-Frank Rollback
Studies examining firm capabilities under abrupt discontinuities are scarce. To contribute to this literature, we focus on the effect of matching firm capabilities to business environments. In doing so, we explore strategic and environmental alignment and its impact on firm performance within the banking industry before and after the 2016 presidential election. We demonstrate that firm capabilities need to match a specific environment to attain a competitive advantage. However, these same capabilities are not necessarily the source of a competitive advantage in a different environment. Specifically, we find that during the post-election era (the Dodd-Frank rollback era), the group of banks labeled rollback winners adequately aligned their capabilities to their environment, whereas the group of banks labeled rollback losers failed to do so. The winner group outperformed their counterparts because their capabilities aligned with their environment, which rewarded riskier behavior and intensive lending. However, roles were reversed during the pre-election period (the Dodd-Frank era), which demanded regulatory compliance and lending prudence. Our paper suggests that successful managers not only anticipate environmental opportunities, but that they also develop the capabilities needed to align with them. For investors, we prescribe using our matching capabilities rationale to go beyond economic and industry trends
Sustento del Espíritu (Triptych - Left)
Title translated to, Sustenance of the Spirit.
Created 2025.
This work of art is part of a triptych, acrylic on canvas.https://digitalcommons.newhaven.edu/digital-exhibits/1060/thumbnail.jp
Sustento del Espíritu (Triptych)
Title translated to, Sustenance of the Spirit.
Created 2025.
This work of art is a triptych, acrylic on canvas.https://digitalcommons.newhaven.edu/digital-exhibits/1063/thumbnail.jp