Appendix C: Econometric Analyses of IFC and World Bank SME Lending Projects: Drivers of Successful Development Outcomes
|
|
- Barry Tyrone Austin
- 5 years ago
- Views:
Transcription
1 Appendix C: Econometric Analyses of IFC and World Bank SME Lending Projects: Drivers of Successful Development Outcomes IFC Investments RESEARCH QUESTIONS Do project characteristics matter in the development outcome? Does the product line of the intervention have an impact on the development outcome? DATA To address these two questions, IFC project-level data were used. Documents were pooled and projects rated across a number of indicators. In the end, a total of 103 SME targeted projects were rated and subject to analysis. VARIABLES CONSTRUCTION AND ESTIMATED STRATEGY To address these issues discussed at the beginning, we mainly consider the variation of projects development outcome (DO) as a function of two types of variables: Country-level condition under which SME projects are implemented, including income level Project-level conditions, which involves supervision, risk management, monitoring and supervision of loans, as well as duration, sector, product line and loan size (Kilby 2000). Accordingly, the following model specification is to be estimated. Development outcome = a + bx + kw + hp + iz + e, where X is the country-level variable, w is the control for project characteristics such as sector, length of project, and size of project, P is the product line/intervention type, and Z is a vector of the project-level variables. The e is the random error term, normally distributed. 179
2 The DO is captured by an IEG rating scheme, which has value from 1 to 6, with 6 being highly satisfactory. As noted above, the main predictors in the model are the project characteristics and project-specific characteristics. Aggregate country level variable, X, is captured by the country income level variable, presented as a series of dummies. The product line/intervention, P, is also captured by a series of dummy variables: funds, investment in SME, leasing, onlending, and others, with others as the omitted group in the model. There are four main project characteristics, Z, brought into analysis: SUP supervision, a constructed variable Inadequate technical design, which is presented as binary variable (yes or no) Inadequate risk management, which is also presented as a binary variable Number of problems observed by IEG in the project. The means and standard deviation (plus and min and max value) of each of these variables are shown in the Table C.1. Two ordinary least squares regression models are presented. First, the IEG DO variable is regressed on X (country-level income variable), W (basic project information such as length and size of project and industry composition), and P (product line/intervention). In the second model, other project characteristics are included. This two-step estimation strategy with increment of R-sq will give some insight as the role of project characteristics on the IEG rating. Findings Descriptive statistics (Table C.1) show that among the IFC TSME sample of 103 projects, the majority of them were in the financial management industry, accounting for 89 percent. Projects from manufacturing, agriculture, and services industry and infrastructure industry account for 7 percent and 4 percent, respectively. The duration of projects averaged 4.5 years. Most projects were in the lower-middle-income, upper-middle-income, and highincome countries, accounting for 34, 38, and 20 percent, respectively. Only 8 percent of projects were in low-income counties. 180
3 By product line, on-lending accounts for 59 percent of projects. The second most popular product line was funds, which accounted for 16 percent. In terms of project characteristics, the IEG rating scheme suggests that 26 percent of projects were identified as having an inadequate design; 23 percent were identified as having inadequate risk management. (Note: The whole list of problems identified by IEG included inadequate risk assessment, inadequate technical design, inadequate supervision, inadequate political or institutional analysis, inadequate baseline data or unrealistic targets, inadequate M&E framework, poor data quality, inadequate partner financing or coordination, implementation disrupted by a crisis, and project restructuring.) The average score for supervision is 2.85, which is close to satisfactory (3 in the rating system). The average rating for DO is 3.7, which is between moderately unsatisfactory and moderately satisfactory. The main findings of the analysis are presented in Table C.2. In the baseline model three findings emerge: Projects in upper-middle-income countries generally have higher DO ratings than projects in high-income countries; however, projects in low-income and lower-middle-income countries are not significantly different from highincome countries, other things equal. Length of project from initiation to maturity seems to be positively related to the DO rating. Among product lines, investment in SME seems to have significantly positive association with IEG rating at the 10 percent levels; however, this difference becomes insignificant in model 2, which controls for project-relevant characteristics. Model 2 (column 2) includes project-relevant characteristics. One obvious finding is the significant increase of R-square value from (model 1) to (model 2). This clearly suggests that relevant project characteristics are important predictors of the IEG rating. This finding is consistent with recent findings that s striking feature of the data is that the success of individual development projects varies much more within countries than it does between countries (Denizer, Kaufmann and Kraay 2011). 181
4 More specifically, model 2 suggests that project supervision quality is positively correlated with IEG s DO rating. One unit increase in the rating of supervision is associated with a half of unit increase in IEG s rating. In addition, a project that has a problem of inadequate risk assessment is associated with one unit lower IEG DO rating as compared to a project without the problem. A project identified as having an inadequate design is associated with a two-thirds of a point lower IEG DO rating. Model three (in column 3) is an extension of model 2, where two specific project problem variables are replaced by one variable, the number of problems observed. The results further suggest that one problem observed is associated with one-third unit lower IEG DO rating. Finally, the results indicate that controlling for these additional factors, on-lending is associated with significantly better development outcomes than other product lines. Table C.1. Means and Standard Deviations of Variables in the Analysis Variables mean std min max (n=103) IEG_rating Duration Loan size (in log) Product line/intervention Funds Investment in SME Leasing On-lending Other Sector FM industry Infra industry MAS industry Country income level Low income Lower middle Upper middle High income Project characteristics SUP Supervision Inadequate design (yes) Inadequate risk mgmnt (yes) Number of problems flagged Source: IFC projects data. 182
5 Table C.2. OLS Regression of IEG Outcome Rating: Role of Project s Characteristics Model Specifications Predictor Constant Length of project in year 0.499*** 0.408** 0.420** Loan size in USD (in log) Product line/intervention a Funds Investment in SME 1.105* Leasing On-lending * Sector b FM industry 1.098* Infra industry Country income level c Low income Lower middle Upper middle 0.617** 0.584** 0.653** Project characteristics SUP Supervision *** 0.384* Inadequate technical design (yes) *** --- Inadequate risk assessment (yes) *** --- Number of problems flagged out *** R-sq N Source: IFC projects data. Note: Dependent variable is the IEG rating, which ranges from 1 to 6, with 6 being the highly satisfactory. Supervision ranges from 1 to 4, with 4 as excellent. a The omitted group is other category. b The omitted group is MAS industry. c The omitted group is high income countries. ***p<0.01; **p<0.05; * p<
6 World Bank Investments The main questions to be addressed are threefold: In seeking to understand the project-relevant factors that are associated with successful development outcomes, the team sought to answer three questions: How does the type and characteristics of TSME intervention relate to DO ratings? How does country income level relate to DO ratings? How do measured design, oversight, and evaluative variables relate to DO ratings? EMPIRICAL IMPLEMENTATION To address these three issues, the variation of projects development outcome as a function of country income where the project was implemented and project-specific characteristics. In terms of country conditions, a strong institutional setting could ensure a better and efficient implementation, leading to better development outcomes (Khwaja 2009; Kraay 2010; Rajan and Subramanian 2008). Project-specific characteristics include the type of project (product line), length (in years), and size (in dollars), and variables related to design, implementation (and/or supervision) and monitoring and evaluation (Kilby 2000). In light of three questions raised in the evaluation, the following model specification is to be estimated. Development outcome = a + bx + iz +kw + e, where x is the country-level variable, Z is a victor of the project-level variables, and w is the controls for particular loan characteristics. The e is the random error term, normally distributed. The DO is measured by IEG outcome rating, ranging from 1 (highly unsatisfactory) to 6 (highly satisfactory). Ordinary least squares regression will be used for estimation. 71 The main predictors in the model are the intervention type, which is captured by a series of dummies, and whether loans are business development services/technical assistance, matching grants, line of credit, or other. Another set of predictors is project characteristics, captured by four variables: (i) number of risks for a project s monitoring and evaluation (M&E); (ii) number of risk 184
7 flags for project management; (iii) number of risk flags for slowness of disbursement; and (iv) whether the project was identified as having an overly complex design. 72 Country income level is represented in four categories: low, lower middle, upper middle, and high. An alternative World Bank classification variable was tried and dropped. MAIN FINDINGS Descriptive statistics are presented in Tables C.3 C.5. Table C.3 contains the analytical findings, with two model specification to answer the three policy questions. Model 1 of Table C.4 The analysis does not show a significant association between intervention type and IEG outcome rating. TSME interventions in lower-middle-income countries are less effective in IEG outcome rating than loans that go to upper-middle-income countries, other things being equal. The loans to SMEs in low-income countries are not significantly different in outcome. 73 Project characteristics that have significant association with outcomes are (i) overly complex design, (ii) flags for the way in which the project was managed, and (iii) flags for slow disbursement. The flag for weak M&E had a negative relation to IEG rating, but its coefficient is not significant. The role of slow disbursement in the project is positive, which is quite surprising. It seems to indicate that taking time in disbursement can be associated with better outcomes. This merits further exploration, as other explanatory variables may be important and omitted. Model 2 In model 2, an additional two variables are controlled for: length of project in years and log of size of project in millions of dollars in log to see if the results change. The length of project is constructed by difference in years between the project approved and project completion. The mean of length is a little over four years and the average size of loans is $178 million. Controlling for these two variables does not change the main findings from model 1, although both length and loan size are negatively associated with the IEG rating. 185
8 Table C.3. Frequency Distribution of Intervention Type Intervention type n % BDS/TA LoC (line of credit) Matching grants Other Total Source: World Bank lending project. Table C.4. Mean of Variables Variables mean std (n=47) Overly complex design Flag M_E Flag project management Flag slow disbursement Length of project in year Size of loan in ($ millions) Source: World Bank lending project. Table C.5. Means of IEG Development Outcome Score by Intervention Type Variables n mean std Intervention type BDS/TA LoC (line of credit) Matching grants Other IDA classification IDA/blend Non-IDA Country income grouping High income: non-oecd Low income Lower middle income
9 Upper middle income Total Source: World Bank lending project. Note: The IEG development outcome coding ranging from 1 (highly unsatisfactory HU ) to 6 (highly satisfactory HS ). 187
LINKED DOCUMENT F1: REGRESSION ANALYSIS OF PROJECT PERFORMANCE
LINKED DOCUMENT F1: REGRESSION ANALYSIS OF PROJECT PERFORMANCE A. Background 1. There are not many studies that analyze the specific impact of decentralization policies on project performance although
More informationAnalyzing the Determinants of Project Success: A Probit Regression Approach
2016 Annual Evaluation Review, Linked Document D 1 Analyzing the Determinants of Project Success: A Probit Regression Approach 1. This regression analysis aims to ascertain the factors that determine development
More informationAppendix B: Methodology and Finding of Statistical and Econometric Analysis of Enterprise Survey and Portfolio Data
Appendix B: Methodology and Finding of Statistical and Econometric Analysis of Enterprise Survey and Portfolio Data Part 1: SME Constraints, Financial Access, and Employment Growth Evidence from World
More informationF. ANALYSIS OF FACTORS AFFECTING PROJECT EFFICIENCY AND SUSTAINABILITY
F. ANALYSIS OF FACTORS AFFECTING PROJECT EFFICIENCY AND SUSTAINABILITY 1. A regression analysis is used to determine the factors that affect efficiency, severity of implementation delay (process efficiency)
More informationThe Big Business of Small Enterprises
The Big Business of Small Enterprises An IEG Evaluation of WBG Experience with Targeted Support for SMEs 2006-12 Andrew H. W. Stone IEG, Private Sector JOINT MNSFP-MENA Chief Economist Seminar January
More informationSpecial Study on Benchmarking the Quality of Project Economic Analysis for the South Asia Region
Policy Research Working Paper 7983 WPS7983 Special Study on Benchmarking the Quality of Project Economic Analysis for the South Asia Region Kene Ezemenari Xiao Ye Public Disclosure Authorized Public Disclosure
More informationGood Countries or Good Projects? Macro and Micro Correlates of World Bank Project Performance
Good Countries or Good Projects? Macro and Micro Correlates of World Bank Project Performance Cevdet Denizer (Center for Economics and Econometrics, Bosphorus University) Daniel Kaufmann (Revenue Watch
More informationAppendix A. Methodology for Gender Analysis
Appendix A. Methodology for Gender Analysis Chapter 1 describes IEG s analysis of the approach adopted by World Bank Group projects and country strategies to address gender issues, and the features of
More informationDummy Variables. 1. Example: Factors Affecting Monthly Earnings
Dummy Variables A dummy variable or binary variable is a variable that takes on a value of 0 or 1 as an indicator that the observation has some kind of characteristic. Common examples: Sex (female): FEMALE=1
More informationGood Countries or Good Projects? Macro and Micro Correlates of World Bank Project Performance
Good Countries or Good Projects? Macro and Micro Correlates of World Bank Project Performance Cevdet Denizer (Center for Economics and Econometrics, Bogazici University) Daniel Kaufmann (Revenue Watch
More informationOnline Appendix Table 1. Robustness Checks: Impact of Meeting Frequency on Additional Outcomes. Control Mean. Controls Included
Online Appendix Table 1. Robustness Checks: Impact of Meeting Frequency on Additional Outcomes Control Mean No Controls Controls Included (Monthly- Monthly) N Specification Data Source Dependent Variable
More informationFinancial Liberalization and Neighbor Coordination
Financial Liberalization and Neighbor Coordination Arvind Magesan and Jordi Mondria January 31, 2011 Abstract In this paper we study the economic and strategic incentives for a country to financially liberalize
More informationSupplement to: Martin, Isaac W., and Jennifer M. Nations Taxation and Citizen Voice in School District Parcel Tax Elections.
Supplement to: Martin, Isaac W., and Jennifer M. Nations. 2018. Taxation and Citizen Voice in School District Parcel Tax Elections. Sociological Science 5: 653-668. S1 Appendix to in School District Parcel
More informationHow exogenous is exogenous income? A longitudinal study of lottery winners in the UK
How exogenous is exogenous income? A longitudinal study of lottery winners in the UK Dita Eckardt London School of Economics Nattavudh Powdthavee CEP, London School of Economics and MIASER, University
More informationInternet Appendix to Quid Pro Quo? What Factors Influence IPO Allocations to Investors?
Internet Appendix to Quid Pro Quo? What Factors Influence IPO Allocations to Investors? TIM JENKINSON, HOWARD JONES, and FELIX SUNTHEIM* This internet appendix contains additional information, robustness
More informationThe data definition file provided by the authors is reproduced below: Obs: 1500 home sales in Stockton, CA from Oct 1, 1996 to Nov 30, 1998
Economics 312 Sample Project Report Jeffrey Parker Introduction This project is based on Exercise 2.12 on page 81 of the Hill, Griffiths, and Lim text. It examines how the sale price of houses in Stockton,
More informationDenis Nadolnyak (Auburn, U.S.) Valentina Hartarska (Auburn University, U.S.)
Denis Nadolnyak (Auburn, U.S.) Valentina Hartarska (Auburn University, U.S.) 1 Financial markets and catastrophic risks Emerging literature studies how financial markets are affected by catastrophic risk
More informationThe persistence of regional unemployment: evidence from China
Applied Economics, 200?,??, 1 5 The persistence of regional unemployment: evidence from China ZHONGMIN WU Canterbury Business School, University of Kent at Canterbury, Kent CT2 7PE UK E-mail: Z.Wu-3@ukc.ac.uk
More informationExchange Rate Exposure and Firm-Specific Factors: Evidence from Turkey
Journal of Economic and Social Research 7(2), 35-46 Exchange Rate Exposure and Firm-Specific Factors: Evidence from Turkey Mehmet Nihat Solakoglu * Abstract: This study examines the relationship between
More informationDYNAMICS OF URBAN INFORMAL
DYNAMICS OF URBAN INFORMAL EMPLOYMENT IN BANGLADESH Selim Raihan Professor of Economics, University of Dhaka and Executive Director, SANEM ICRIER Conference on Creating Jobs in South Asia 3-4 December
More informationThe current study builds on previous research to estimate the regional gap in
Summary 1 The current study builds on previous research to estimate the regional gap in state funding assistance between municipalities in South NJ compared to similar municipalities in Central and North
More informationOn Minimum Wage Determination
On Minimum Wage Determination Tito Boeri Università Bocconi, LSE and fondazione RODOLFO DEBENEDETTI March 15, 2014 T. Boeri (Università Bocconi) On Minimum Wage Determination March 15, 2014 1 / 1 Motivations
More informationAdvanced Topic 7: Exchange Rate Determination IV
Advanced Topic 7: Exchange Rate Determination IV John E. Floyd University of Toronto May 10, 2013 Our major task here is to look at the evidence regarding the effects of unanticipated money shocks on real
More informationThe study on the financial leverage effect of GD Power Corp. based on. financing structure
5th International Conference on Education, Management, Information and Medicine (EMIM 2015) The study on the financial leverage effect of GD Power Corp. based on financing structure Xin Ling Du 1, a and
More informationDETERMINANTS OF SUCCESSFUL TECHNOLOGY TRANSFER
DETERMINANTS OF SUCCESSFUL TECHNOLOGY TRANSFER Stephanie Chastain Department of Economics Warrington College of Business Administration University of Florida April 2, 2014 Determinants of Successful Technology
More informationOpt-in overdraft regulation affects bank revenues
University of Arkansas, Fayetteville ScholarWorks@UARK Finance Undergraduate Honors Theses Finance 5-2012 Opt-in overdraft regulation affects bank revenues Kyle Mills University of Arkansas, Fayetteville
More informationA PANEL DATA ANALYSIS OF PROFITABILITY DETERMINANTS
International Journal of Economics, Commerce and Management United Kingdom Vol. II, Issue 12, Dec 2014 http://ijecm.co.uk/ ISSN 2348 0386 A PANEL DATA ANALYSIS OF PROFITABILITY DETERMINANTS EMPIRICAL RESULTS
More informationMultiple Regression and Logistic Regression II. Dajiang 525 Apr
Multiple Regression and Logistic Regression II Dajiang Liu @PHS 525 Apr-19-2016 Materials from Last Time Multiple regression model: Include multiple predictors in the model = + + + + How to interpret the
More informationThe impact of changing diversification on stability and growth in a regional economy
ABSTRACT The impact of changing diversification on stability and growth in a regional economy Carl C. Brown Florida Southern College Economic diversification has long been considered a potential determinant
More informationCHAPTER 7 MULTIPLE REGRESSION
CHAPTER 7 MULTIPLE REGRESSION ANSWERS TO PROBLEMS AND CASES 5. Y = 7.5 + 3(0) - 1.(7) = -17.88 6. a. A correlation matrix displays the correlation coefficients between every possible pair of variables
More informationThe impact of credit constraints on foreign direct investment: evidence from firm-level data Preliminary draft Please do not quote
The impact of credit constraints on foreign direct investment: evidence from firm-level data Preliminary draft Please do not quote David Aristei * Chiara Franco Abstract This paper explores the role of
More informationAccess to infrastructure and the quality of services are very poor in many
14 How and Why Does the Quality of Infrastructure Service Delivery Vary? George R. G. Clarke Access to infrastructure and the quality of services are very poor in many developing countries. This is a problem
More informationSupporting Information: Preferences for International Redistribution: The Divide over the Eurozone Bailouts
Supporting Information: Preferences for International Redistribution: The Divide over the Eurozone Bailouts Michael M. Bechtel University of St.Gallen Jens Hainmueller Massachusetts Institute of Technology
More informationTABLE I SUMMARY STATISTICS Panel A: Loan-level Variables (22,176 loans) Variable Mean S.D. Pre-nuclear Test Total Lending (000) 16,479 60,768 Change in Log Lending -0.0028 1.23 Post-nuclear Test Default
More informationForecasting mortgages: Internet search data as a proxy for mortgage credit demand
Forecasting mortgages: Internet search data as a proxy for mortgage credit demand Branislav Saxa Czech National Bank Research Open Day, Prague, May 2015 The views expressed are the views of the author
More informationMaster of Arts in Economics. Approved: Roger N. Waud, Chairman. Thomas J. Lutton. Richard P. Theroux. January 2002 Falls Church, Virginia
DOES THE RELITIVE PRICE OF NON-TRADED GOODS CONTRIBUTE TO THE SHORT-TERM VOLATILITY IN THE U.S./CANADA REAL EXCHANGE RATE? A STOCHASTIC COEFFICIENT ESTIMATION APPROACH by Terrill D. Thorne Thesis submitted
More informationStock Price Sensitivity
CHAPTER 3 Stock Price Sensitivity 3.1 Introduction Estimating the expected return on investments to be made in the stock market is a challenging job before an ordinary investor. Different market models
More informationAcemoglu, et al (2008) cast doubt on the robustness of the cross-country empirical relationship between income and democracy. They demonstrate that
Acemoglu, et al (2008) cast doubt on the robustness of the cross-country empirical relationship between income and democracy. They demonstrate that the strong positive correlation between income and democracy
More informationSectoral Lending by Ethiopian Commercial Banks: a Performance Analysis
Sectoral Lending by Ethiopian Commercial Banks: a Performance Analysis A.S.Kannan, Ph.d Scholar, School of Management, Pondicherry University, Puducherry Email: professorkannan@gmail.com Dr. S. Sudalaimuthu,
More informationFactors that Affect Potential Growth of Canadian Firms
Journal of Applied Finance & Banking, vol.1, no.4, 2011, 107-123 ISSN: 1792-6580 (print version), 1792-6599 (online) International Scientific Press, 2011 Factors that Affect Potential Growth of Canadian
More information9. Assessing the impact of the credit guarantee fund for SMEs in the field of agriculture - The case of Hungary
Lengyel I. Vas Zs. (eds) 2016: Economics and Management of Global Value Chains. University of Szeged, Doctoral School in Economics, Szeged, pp. 143 154. 9. Assessing the impact of the credit guarantee
More informationMATH 217 Test 2 Version A
MATH 217 Test 2 Version A Name: KEY Sec Number: Answer all questions to the best of your ability. Note you should show as much work as is possible. For questions answered using Excel be sure to include
More informationDATABASE AND RESEARCH METHODOLOGY
CHAPTER III DATABASE AND RESEARCH METHODOLOGY The nature of the present study Direct Tax Reforms in India: A Comparative Study of Pre and Post-liberalization periods is such that it requires secondary
More informationThe Impact of Foreign Direct Investment on the Export Performance: Empirical Evidence for Western Balkan Countries
Abstract The Impact of Foreign Direct Investment on the Export Performance: Empirical Evidence for Western Balkan Countries Nasir Selimi, Kushtrim Reçi, Luljeta Sadiku Recently there are many authors that
More informationDeterminants of the Closing Probability of Residential Mortgage Applications
JOURNAL OF REAL ESTATE RESEARCH 1 Determinants of the Closing Probability of Residential Mortgage Applications John P. McMurray* Thomas A. Thomson** Abstract. After allowing applicants to lock the interest
More informationSummary of Information from Recapitulation Report Submittals (DR-489 series, DR-493, Central Assessment, Agricultural Schedule):
County: Martin Study Type: 2014 - In-Depth The department approved your preliminary assessment roll for 2014. Roll approval statistical summary reports and graphics for 2014 are attached for additional
More informationThe Simple Regression Model
Chapter 2 Wooldridge: Introductory Econometrics: A Modern Approach, 5e Definition of the simple linear regression model "Explains variable in terms of variable " Intercept Slope parameter Dependent var,
More informationDATA SUMMARIZATION AND VISUALIZATION
APPENDIX DATA SUMMARIZATION AND VISUALIZATION PART 1 SUMMARIZATION 1: BUILDING BLOCKS OF DATA ANALYSIS 294 PART 2 PART 3 PART 4 VISUALIZATION: GRAPHS AND TABLES FOR SUMMARIZING AND ORGANIZING DATA 296
More informationFactor Affecting Yields for Treasury Bills In Pakistan?
Factor Affecting Yields for Treasury Bills In Pakistan? Masood Urahman* Department of Applied Economics, Institute of Management Sciences 1-A, Sector E-5, Phase VII, Hayatabad, Peshawar, Pakistan Muhammad
More informationUsage of Sickness Benefits
Final Report EI Evaluation Strategic Evaluations Evaluation and Data Development Strategic Policy Human Resources Development Canada April 2003 SP-ML-019-04-03E (également disponible en français) Paper
More informationONLINE APPENDIX. The Vulnerability of Minority Homeowners in the Housing Boom and Bust. Patrick Bayer Fernando Ferreira Stephen L Ross
ONLINE APPENDIX The Vulnerability of Minority Homeowners in the Housing Boom and Bust Patrick Bayer Fernando Ferreira Stephen L Ross Appendix A: Supplementary Tables for The Vulnerability of Minority Homeowners
More informationOnline Appendix for. Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity. Joshua D.
Online Appendix for Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity Section 1: Data A. Overview of Capital IQ Joshua D. Rauh Amir Sufi Capital IQ (CIQ) is a Standard
More informationRationale for keeping the cap on the substitutability category for the G-SIB scoring methodology
Rationale for keeping the cap on the substitutability category for the G-SIB scoring methodology November 2017 Francisco Covas +1.202.649.4605 francisco.covas@theclearinghouse.org I. Summary This memo
More informationMulti-destination Firms and the Impact of Exchange-Rate Risk on Trade Online Appendix (Not for publication)
Multi-destination Firms and the Impact of Exchange-Rate Risk on Trade Online Appendix (Not for publication) Jérôme Héricourt Clément Nedoncelle June 13, 2018 Contents A Alternative Definitions of Exchange-Rate
More informationTHE IMPACT OF LENDING ACTIVITY AND MONETARY POLICY IN THE IRISH HOUSING MARKET
THE IMPACT OF LENDING ACTIVITY AND MONETARY POLICY IN THE IRISH HOUSING MARKET CONOR SULLIVAN Junior Sophister Irish banks and consumers currently face both a global credit crunch and a very weak Irish
More informationEffect of Macroeconomic Variables on Foreign Direct Investment in Pakistan
Effect of Macroeconomic Variables on Foreign Direct Investment in Pakistan Mangal 1 Abstract Foreign direct investment is essential for economic growth of a country. It acts as a catalyst for the economic
More informationInternet Appendix for Does Banking Competition Affect Innovation? 1. Additional robustness checks
Internet Appendix for Does Banking Competition Affect Innovation? This internet appendix provides robustness tests and supplemental analyses to the main results presented in Does Banking Competition Affect
More informationInvestment Platforms Market Study Interim Report: Annex 7 Fund Discounts and Promotions
MS17/1.2: Annex 7 Market Study Investment Platforms Market Study Interim Report: Annex 7 Fund Discounts and Promotions July 2018 Annex 7: Introduction 1. There are several ways in which investment platforms
More informationWeb Appendix Figure 1. Operational Steps of Experiment
Web Appendix Figure 1. Operational Steps of Experiment 57,533 direct mail solicitations with randomly different offer interest rates sent out to former clients. 5,028 clients go to branch and apply for
More informationProcedia - Social and Behavioral Sciences 109 ( 2014 ) Yigit Bora Senyigit *, Yusuf Ag
Available online at www.sciencedirect.com ScienceDirect Procedia - Social and Behavioral Sciences 109 ( 2014 ) 327 332 2 nd World Conference on Business, Economics and Management WCBEM 2013 Explaining
More informationLong and Short Run Correlation Risk in Stock Returns
Long and Short Run Correlation Risk in Stock Returns Discussion by Ric Colacito Econometric Society Winter Meetings, Denver, 1/2011 1 / 10 Contribution 1 Background: market variance risk premium predicts
More informationCompany Stock Price Reactions to the 2016 Election Shock: Trump, Taxes, and Trade INTERNET APPENDIX. August 11, 2017
Company Stock Price Reactions to the 2016 Election Shock: Trump, Taxes, and Trade INTERNET APPENDIX August 11, 2017 A. News coverage and major events Section 5 of the paper examines the speed of pricing
More informationModels of Patterns. Lecture 3, SMMD 2005 Bob Stine
Models of Patterns Lecture 3, SMMD 2005 Bob Stine Review Speculative investing and portfolios Risk and variance Volatility adjusted return Volatility drag Dependence Covariance Review Example Stock and
More informationPecuniary Mistakes? Payday Borrowing by Credit Union Members
Chapter 8 Pecuniary Mistakes? Payday Borrowing by Credit Union Members Susan P. Carter, Paige M. Skiba, and Jeremy Tobacman This chapter examines how households choose between financial products. We build
More informationUse of Imported Inputs and the Cost of Importing
Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 7005 Use of Imported Inputs and the Cost of Importing Evidence
More informationFriendship at Work: Can Peer Effects Catalyze Female Entrepreneurship? Erica Field, Seema Jayachandran, Rohini Pande, and Natalia Rigol
Friendship at Work: Can Peer Effects Catalyze Female Entrepreneurship? Erica Field, Seema Jayachandran, Rohini Pande, and Natalia Rigol Online Appendix Appendix Table 1: Heterogeneous Impact of Business
More informationDETERMINANTS OF EMERGING MARKET BOND SPREAD: EVIDENCE FROM TEN AFRICAN COUNTRIES ABSTRACT
DETERMINANTS OF EMERGING MARKET BOND SPREAD: EVIDENCE FROM TEN AFRICAN COUNTRIES ABSTRACT This paper investigates the determinants of bond market spreads over the period 1991-2012 in 10 African countries.
More informationSean Howard Econometrics Final Project Paper. An Analysis of the Determinants and Factors of Physical Education Attendance in the Fourth Quarter
Sean Howard Econometrics Final Project Paper An Analysis of the Determinants and Factors of Physical Education Attendance in the Fourth Quarter Introduction This project attempted to gain a more complete
More informationFinancial Development and Economic Growth at Different Income Levels
1 Financial Development and Economic Growth at Different Income Levels Cody Kallen Washington University in St. Louis Honors Thesis in Economics Abstract This paper examines the effects of financial development
More informationTHE EFFECTS OF THE EU BUDGET ON ECONOMIC CONVERGENCE
THE EFFECTS OF THE EU BUDGET ON ECONOMIC CONVERGENCE Eva Výrostová Abstract The paper estimates the impact of the EU budget on the economic convergence process of EU member states. Although the primary
More informationThe Effect of Financial Constraints, Investment Policy and Product Market Competition on the Value of Cash Holdings
The Effect of Financial Constraints, Investment Policy and Product Market Competition on the Value of Cash Holdings Abstract This paper empirically investigates the value shareholders place on excess cash
More informationAn Empirical Analysis of Industrial Exports and Exchange Rates in Sri Lanka
An Empirical Analysis of Industrial Exports and Exchange Rates in Sri Lanka E.M.G.P. Ekenayake and Anuruddha Kankanamge Department of Economics and Statistics, University of Peradeniya, Sri Lanka Keywords:
More informationImplementation Status & Results Kosovo Public Sector Modernization Project (P101614)
Public Disclosure Authorized Public Disclosure Authorized Implementation Status & Results Kosovo Public Sector Modernization Project (P101614) Operation Name: Public Sector Modernization Project (P101614)
More informationJournal of Chemical and Pharmaceutical Research, 2013, 5(12): Research Article
Available online www.jocpr.com Journal of Chemical and Pharmaceutical Research, 2013, 5(12):1379-1383 Research Article ISSN : 0975-7384 CODEN(USA) : JCPRC5 Empirical research on the bio-pharmaceutical
More informationBank Profitability and Risk-Taking in a Low Interest Rate Environment: The Case of Thailand
Bank Profitability and Risk-Taking in a Low Interest Rate Environment: The Case of Thailand Lathaporn Ratanavararak Nasha Ananchotikul PIER Research Exchange 3 May 2018 1 Low interest rate environment
More informationImpact of Commercial Banks Lending to Small and Medium Scale Enterprises on Economic Growth of Nepal
Impact of Commercial Banks Lending to Small and Medium Scale Enterprises on Economic Growth of Nepal Abstract Kiran Bahadur Pandey Associate Professor, Tribhuvan University, Patan Multiple Campus, Nepal
More informationThe Impact of Corporate Leverage on Profitability: A Study of Select Manufacture Industry in India
The Impact of Corporate Leverage on Profitability: A Study of Select Manufacture Industry in India D. SILAMBARASAN, M. PRABHAVATHI Department of Commerce, Kanchi Mamunivar Centre for Postgraduate Studies,
More informationOnline Appendix (Not For Publication)
A Online Appendix (Not For Publication) Contents of the Appendix 1. The Village Democracy Survey (VDS) sample Figure A1: A map of counties where sample villages are located 2. Robustness checks for the
More informationMotivation and Contribution
The Real Effects of Financial Sector Interventions During Crises Luc Laeven and Fabián Valencia Vl IMF, Research Department The views provided in this presentation are those of the authors and do not represent
More informationIntroduction to Econometrics (3 rd Updated Edition) Solutions to Odd- Numbered End- of- Chapter Exercises: Chapter 6
Introduction to Econometrics (3 rd Updated Edition) by James H. Stock and Mark W. Watson Solutions to Odd- Numbered End- of- Chapter Exercises: Chapter 6 (This version August 17, 014) 015 Pearson Education,
More informationCitation for published version (APA): Shehzad, C. T. (2009). Panel studies on bank risks and crises Groningen: University of Groningen
University of Groningen Panel studies on bank risks and crises Shehzad, Choudhry Tanveer IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to cite from it.
More informationAutomatic enrollment, employer match rates, and employee compensation in 401(k) plans
ARTICLE MAY 2015 Automatic enrollment, employer match rates, and employee compensation in 401(k) plans This article uses restricted-access employer-level microdata from the National Compensation Survey
More informationEVALUATING THE PERFORMANCE OF COMMERCIAL BANKS IN INDIA. D. K. Malhotra 1 Philadelphia University, USA
EVALUATING THE PERFORMANCE OF COMMERCIAL BANKS IN INDIA D. K. Malhotra 1 Philadelphia University, USA Email: MalhotraD@philau.edu Raymond Poteau 2 Philadelphia University, USA Email: PoteauR@philau.edu
More informationUNINTENDED CONSEQUENCES OF A GRANT REFORM: HOW THE ACTION PLAN FOR THE ELDERLY AFFECTED THE BUDGET DEFICIT AND SERVICES FOR THE YOUNG
UNINTENDED CONSEQUENCES OF A GRANT REFORM: HOW THE ACTION PLAN FOR THE ELDERLY AFFECTED THE BUDGET DEFICIT AND SERVICES FOR THE YOUNG Lars-Erik Borge and Marianne Haraldsvik Department of Economics and
More informationINFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE
INFLUENCE OF CAPITAL BUDGETING TECHNIQUESON THE FINANCIAL PERFORMANCE OF COMPANIES LISTED AT THE RWANDA STOCK EXCHANGE Liliane Gasana Jomo Kenyatta University of Agriculture and Technology, Rwanda Dr.
More informationFinancial system and agricultural growth in Ukraine
Financial system and agricultural growth in Ukraine Olena Oliynyk National University of Life and Environmental Sciences of Ukraine Department of Banking 11 Heroyiv Oborony Street Kyiv, Ukraine e-mail:
More informationIMPACT OF GROWTH OF PRIORITY SECTOR IN INDIA
IMPACT OF GROWTH OF PRIORITY SECTOR IN INDIA S.Felix Sophia, Ph.D. Research Scholar, Department of Commerce and Financial Studies, Bharathidasan University, Tiruchirappalli-24 INTRODUCTION Priority Sector
More informationHealth Expenditures and Life Expectancy Around the World: a Quantile Regression Approach
` DISCUSSION PAPER SERIES Health Expenditures and Life Expectancy Around the World: a Quantile Regression Approach Maksym Obrizan Kyiv School of Economics and Kyiv Economics Institute George L. Wehby University
More informationOnline Appendix Information Asymmetries in Consumer Credit Markets: Evidence from Payday Lending
Online Appendix Information Asymmetries in Consumer Credit Markets: Evidence from day Lending Will Dobbie Harvard University Paige Marta Skiba Vanderbilt University March 2013 Online Appendix Table 1 Difference-in-Difference
More informationAssessing the impact of World Bank preparation on project outcomes. Christopher Kilby Department of Economics, Villanova University, USA June 10, 2014
Assessing the impact of World Bank preparation on project outcomes Christopher Kilby Department of Economics, Villanova University, USA June 10, 2014 chkilby@yahoo.com Abstract: This paper assesses the
More informationTechnical Documentation for Household Demographics Projection
Technical Documentation for Household Demographics Projection REMI Household Forecast is a tool to complement the PI+ demographic model by providing comprehensive forecasts of a variety of household characteristics.
More informationBudget Rules and State Business Cycles: A Comment. Arik Levinson Georgetown University. September 4, 2006
Budget Rules and State Business Cycles: A Comment Arik Levinson Georgetown University September 4, 2006 Economics Department Georgetown University 3700 O Street, NW Washington DC 20057 (202) 687-5571 aml6@georgetown.edu
More informationNBER WORKING PAPER SERIES COFINANCING IN ENVIRONMENT AND DEVELOPMENT: EVIDENCE FROM THE GLOBAL ENVIRONMENT FACILITY
NBER WORKING PAPER SERIES COFINANCING IN ENVIRONMENT AND DEVELOPMENT: EVIDENCE FROM THE GLOBAL ENVIRONMENT FACILITY Matthew J. Kotchen Neeraj Kumar Negi Working Paper 21139 http://www.nber.org/papers/w21139
More informationLong Run Stock Returns after Corporate Events Revisited. Hendrik Bessembinder. W.P. Carey School of Business. Arizona State University.
Long Run Stock Returns after Corporate Events Revisited Hendrik Bessembinder W.P. Carey School of Business Arizona State University Feng Zhang David Eccles School of Business University of Utah May 2017
More informationHighest possible excess return at lowest possible risk May 2004
Highest possible excess return at lowest possible risk May 2004 Norges Bank s main objective in its management of the Petroleum Fund is to achieve an excess return compared with the benchmark portfolio
More informationBAC INTERNATIONAL BANK (GRAND CAYMAN)
BAC INTERNATIONAL BANK (GRAND CAYMAN) Financial Statements December 31, 2015 (With Independent Auditors Report Thereon) Table of Contents Page (s) Independent Auditors Report 1-2 Statement of Financial
More informationLiquidity Risk and U.S. Bank Lending at Home and Abroad Ricardo Correa, Linda Goldberg, and Tara Rice
Liquidity Risk and U.S. Bank Lending at Home and Abroad Ricardo Correa, Linda Goldberg, and Tara Rice June 2014 Views expressed are those of the author and do not necessarily reflect the position of the
More informationForecasting Real Estate Prices
Forecasting Real Estate Prices Stefano Pastore Advanced Financial Econometrics III Winter/Spring 2018 Overview Peculiarities of Forecasting Real Estate Prices Real Estate Indices Serial Dependence in Real
More informationThe Changing Role of Small Banks. in Small Business Lending
The Changing Role of Small Banks in Small Business Lending Lamont Black Micha l Kowalik January 2016 Abstract This paper studies how competition from large banks affects small banks lending to small businesses.
More informationPublic Employees as Politicians: Evidence from Close Elections
Public Employees as Politicians: Evidence from Close Elections Supporting information (For Online Publication Only) Ari Hyytinen University of Jyväskylä, School of Business and Economics (JSBE) Jaakko
More information