Thesis (Ph. D.)--University of Chicago, Dept. of Economics, June 1997. / Includes bibliographical references. Also available on the Internet.

No description available.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, March 2001. / Includes bibliographical references. Also available on the Internet.

The recent financial crisis highlights the importance of understanding factors that affect financial market price efficiency. Experimental methods allow us to control the intrinsic value of an asset, thus become an attractive technique for studying asset market price efficiency. This dissertation consist three essays, all of which devoted to experimental asset markets. The first essay explores the role of liquidity on the mispricing of an asset. This issue has been the subject of Kirchler et al. (2012) AER paper. By re-analysing the evidence in that article, the first essay concluded that their experimental design have a weakness that biased the results. Therefore, I designed an experiment that eliminates the weakness. The results of my experiment indicate that Constant C/A ratio could reduce mispricing of experimental asset market significantly, but not necessary to lead to undervaluation. The second essay explores how the description of the asset market to the human participants influences the mispricing of the asset being traded. This issue has been the subject of Kirchler et al. (2012) AER paper. When re-assessing the evidence, I was puzzled by the findings and thought that the small sample size of the dataset collected might explain why a minor change to the description of the asset market provided to the participants produced completely different behaviour. This essay replicates the experiment, with a larger sample size and relies on different statistical tests to analyse the data. I find that the treatment with a different contest (“stocks of a depletable of gold mine”) exhibits similar level of mispricing and overvaluation with the baseline treatment., which is not consistent with Kirchler et al. (2012). The third essay is about an experiment that compares how team decision-making vs. individual decision-making differ in how they influence the mispricing of the asset being traded. The main result is that team decision-making does not result in smaller price bubbles. However team decision-making result in less variance among markets (sessions). Further more, my experimental design allows us to record the chat dialogues, which enable us to have insight into team decision-making. The content of the messages allows us explore the reasons behind traders' asks and bids.

京都大学 / 0048 / 新制・課程博士 / 博士(経済学) / 甲第22625号 / 経博第617号 / 新制||経||293(附属図書館) / 京都大学大学院経済学研究科経済学専攻 / (主査)教授 新後閑 禎, 教授 柴田 章久, 准教授 高橋 修平 / 学位規則第4条第1項該当 / Doctor of Economics / Kyoto University / DGAM

No description available.

Abstract: Taiwan has limited resources graphically, so 97% of primary energy source is dependent on import. Industrial sectors are the main sources to Taiwanese economic development since the 1970s, and the oil is the base of the industries, therefore, the fluctuation of world oil price will lead to the fluctuation of domestic business cycles. Besides, Taiwanese economy has highly depended on international trade; therefore the international business cycles also have influence on the domestic business cycles. Furthermore, the international trade accounts for substantial percentage of balance of international payment. Thus, the change in the international trade will also have impact on Taiwanese economy. This paper investigates the influence of international business cycles to the Taiwanese economy. Using a structural vector-autoregressive model (SVAR model) of a small open economy (OE), our SVAR model includes industry product index (IP) of three regions (Asia, Europe, and North America), world oil price, the Taiwanese industry product index and the Taiwanese trade balance. We try to understand how these factors and their variance decompositions explain Taiwanese business cycles. We chose two periods to do the analysis¡G1974:01-1984:01 and 1985:01-2002:04. To summarize, Taiwanese business cycles were much more impacted by the factors from itself. Besides, we can also say that the impact is neither from nominal nor from real variables. Domestic shocks will be more important in explaining Taiwanese economy. Taiwan has limited resource and depends on import; however, the government will control the oil price. Therefore, we conclude that the world oil price does not have huge impact on Taiwanese economy during our studying period. Asian shocks maybe have more influence than other regions on Taiwanese economy gradually during our studying period.

Thesis (Ph. D.)--University of New Mexico, 2005. / Includes bibliographical references (leaves 113-118).

M.Com. (Economics) / Please refer to full text to view abstract

Capital structure is the varying levels of use of debt and equity to finance a firms operations. Firms have an overall leverage level, consisting of a long term and short term level. The economy has different phases over the business cycle ranging from boom cycles where businesses prosper to recessions when they may have difficulties. This cycle can be identified utilising economic indicators, the South African Reserve Bank has classified time periods into growth and recessionary periods, this business cycle phase allocation was utilised for this study to mark recessions. Specific industries from the JSE were selected in an attempt to answer the study’s hypotheses of industry capital structure heterogeneity and that recessions affect capital structure. A sample period from 1995 until 2012 was utilised, containing 5 recessionary years. A stable industry, farming and fisheries, a highly variable industry, the heavy construction industry and a new age industry, the computer services industry, were selected. The results of the study suggested that capital structure varies across industries as evidenced by the mean differences of leverage for total debt, long term debt and short term debt being statistically significant. The computer services industry utilised the least debt over all. The industries all showed a preference for the use of short term debt. Panel data analysis following both Fixed Effect Methodology and Random Effect Methodology was conducted to analyse the firm-specific factors which affect capital structure as well as the use of a dummy variable to capture the effects of recessions. The firm-specific effects under study included asset tangibility, tax, profitability, age and size. South African firms follow a pecking order as shown by the negative relationship observed between profitability and long and short term debt ratios. Existence of weak evidence in this study shows that recessions affect the capital structure of some of the industries studied. The computer services industry is clearly affected, while farming and fisheries industry has very weak evidence that long term debt may be affected, while there is no evidence to show that the heavy construction industry is affected at all. The study concluded with accepting the hypothesis that there are capital structure variations across industries, which are listed on the JSE in boom and bust periods.