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Finance is Not Excused: Why Finance Should Not Flout Basic Principles of Statistics 金融不能被原谅:为什么金融不应该藐视统计的基本原则
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2021-07-28 DOI: 10.2139/ssrn.3895330
D. Bailey, Marcos M. López de Prado
{"title":"Finance is Not Excused: Why Finance Should Not Flout Basic Principles of Statistics","authors":"D. Bailey, Marcos M. López de Prado","doi":"10.2139/ssrn.3895330","DOIUrl":"https://doi.org/10.2139/ssrn.3895330","url":null,"abstract":"Several features of financial research make it particularly prone to the occurrence of false discoveries. First, the probability of finding a positive (profitable investment strategy) is very low, due to intense competition. Second, true findings are mostly short-lived, as a result of the non-stationary nature of financial systems. Third, unlike in the natural sciences, it is rarely possible to verify statistical findings through controlled experiments. Finance’s inability to conduct controlled experiments makes it virtually impossible to debunk a false claim. One would hope that, in such a field, researchers would be particularly careful when conducting statistical inference. Sadly, the opposite is true. Tenure-seeking researchers publish thousands of academic articles that promote dubious investment strategies, without controlling for multiple testing. Some of those articles are written for, funded, or promoted by investment firms with a commercial interest. As a consequence, today’s academic finance exhibits some resemblance with medicine’s predicament during the 1950-2000 period, when Big Tobacco paid for thousands of studies in support of their bottom line. Unlike finance, medical journals today impose strict controls for multiple testing. Academic finance’s denial of its replication crisis risks its branding as a pseudoscience.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128771823","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Comments of John Patrick Hunt on Student Loan Negotiated Rulemaking 约翰·帕特里克·亨特对学生贷款谈判规则制定的评论
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2021-06-30 DOI: 10.2139/ssrn.3877536
J. Hunt
{"title":"Comments of John Patrick Hunt on Student Loan Negotiated Rulemaking","authors":"J. Hunt","doi":"10.2139/ssrn.3877536","DOIUrl":"https://doi.org/10.2139/ssrn.3877536","url":null,"abstract":"These comments, submitted to the Department of Education on June 30, 2021, urge the Department (1) to take heed of the educational mission of the student loan programs, and not just the interest in recovering money, in fashioning student loan collection policy; and (2) resume reconsideration of its policies relating to consent to student loan discharge in bankruptcy. The Department solicited public comment in early 2018 on bankruptcy discharge policy, but the issue does not appear on the current list of items under consideration for negotiated rulemaking.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"28 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131745936","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Go Big or Buy a Home: Student Debt, Career Choices and Wealth Accumulation 做大还是买房:学生债务，职业选择和财富积累
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2021-03-15 DOI: 10.2139/ssrn.3805220
Luca Mazzone, M. Folch
{"title":"Go Big or Buy a Home: Student Debt, Career Choices and Wealth Accumulation","authors":"Luca Mazzone, M. Folch","doi":"10.2139/ssrn.3805220","DOIUrl":"https://doi.org/10.2139/ssrn.3805220","url":null,"abstract":"What is the impact of student loans on post baccalaureate choices? Using within-college variations in financial aid policies, we find that higher levels of debt induce a front loading of earnings, an underinvestment in human capital and an earlier entry into home ownership. We then estimate a life-cycle model using a representative panel of college graduates and analyze the mechanisms behind the interaction between student debt, career choices and housing. Our results indicate that lower net wealth generates a trade-off between career and housing choices for college graduates. Finally, we compare alternative policy proposals. Relative to the baseline 10-year fixed repayment plan, an income based repayment plan increases human capital accumulation and earnings growth, while postponing entry into home ownership. Importantly, linking repayments to income achieves outcomes that are close to what can be achieved by a more ambitious ”college for all” subsidy plan.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"313 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124450501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Time is Money: The Equilibrium Trading Horizon and Optimal Arrival Price 时间就是金钱:均衡交易视界和最优到达价格
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2021-03-14 DOI: 10.2139/ssrn.3862181
Kevin P Darby
{"title":"Time is Money: The Equilibrium Trading Horizon and Optimal Arrival Price","authors":"Kevin P Darby","doi":"10.2139/ssrn.3862181","DOIUrl":"https://doi.org/10.2139/ssrn.3862181","url":null,"abstract":"Executing even moderately large derivatives orders can be expensive and risky; it’s hard to balance the uncertainty of working an order over time versus paying a liquidity premium for immediate execution. Here, we introduce the Time Is Money model, which calculates the Equilibrium Trading Horizon over which to execute an order within the adversarial forces of variance risk and liquidity premium. We construct a hypothetical at-the-money option within Arithmetic Brownian Motion and invert the Bachelier model to compute an inflection point between implied variance and liquidity cost as governed by a central limit order book, each in real time as they evolve. As a result, we demonstrate a novel, continuous-time Arrival Price framework. Further, we argue that traders should be indifferent to choosing between variance risk and liquidity cost, unless they have a predetermined bias or an exogenous position with a convex payoff. We, therefore, introduce half-life factor asymptotics to the model based on a convexity factor and compare results to existing models. We also describe a specialization of the model for trading a basket of correlated instruments, as exemplified by a futures calendar spread. Finally, we establish groundwork for microstructure optimizations as well as explore short term drift and conditional expected slippage within the Equilibrium Horizon framework.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125627706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial Efficiency and the Lucas Puzzle 金融效率和卢卡斯之谜
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-09-06 DOI: 10.2139/ssrn.3761443
A. Goren
{"title":"Financial Efficiency and the Lucas Puzzle","authors":"A. Goren","doi":"10.2139/ssrn.3761443","DOIUrl":"https://doi.org/10.2139/ssrn.3761443","url":null,"abstract":"I present a model that provides a theoretical solution to the Lucas Puzzle using Financial Efficiency, which is a time-varying component of TFP. The model predicts that a financially underdeveloped economy is to benefit from financial integration through FDI capital inflow only if it experiences faster technological growth, or faster Financial Development than the developed economy. Fitting the model to the data of India, I find that a sharp increase in India’s Financial Efficiency since 1990 provides a test for the theoretical prediction above and its congruence with the empirical part of the model. Increases in India’s capital per worker and Foreign Direct Investment capital inflow during the same period serve as external validation of the model.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125254566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tuition Fees and Educational Attainment 学费和教育程度
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3696407
Jan Bietenbeck, Andreas Leibing, Jan Marcus, Felix Weinhardt
{"title":"Tuition Fees and Educational Attainment","authors":"Jan Bietenbeck, Andreas Leibing, Jan Marcus, Felix Weinhardt","doi":"10.2139/ssrn.3696407","DOIUrl":"https://doi.org/10.2139/ssrn.3696407","url":null,"abstract":"Following a landmark ruling by the Constitutional Court in 2005, more than half of Germany’s universities started charging tuition fees, which also applied to incumbent students. We exploit this unusual lack of grandfathering together with register data covering the universe of students to show that tuition fees increased degree completion among incumbent students. Investigating mechanisms, we do not find that educational quality changed but that incumbent students raised their study effort. In line with previous international evidence, we also find that tuition fees decreased university enrollment among high school graduates. Combining our results, we show that tuition fees did not change overall educational attainment much because the positive effect on degree completion offset the negative effect on enrollment. We conclude by discussing policies to increase overall attainment, which take into account the opposing effects of fees around the zero-price margin.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"130 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120852893","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
A Justified Envy Minimal Variation of the Top Trading Cycles Mechanism 顶端交易周期机制的合理嫉妒最小变异
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-07-28 DOI: 10.2139/ssrn.3685785
Jian Hong, Qianfeng Tang
{"title":"A Justified Envy Minimal Variation of the Top Trading Cycles Mechanism","authors":"Jian Hong, Qianfeng Tang","doi":"10.2139/ssrn.3685785","DOIUrl":"https://doi.org/10.2139/ssrn.3685785","url":null,"abstract":"For priority-based allocation of indivisible objects to agents with unit demand, when each object has exactly one copy, Abdulkadiroglu et al. (2019) show that the priority-based top trading cycles mechanism is justified envy minimal, in the sense that no strategy proof and Pareto efficient mechanism has strictly less justified envy than it. It remains open whether there is a unique justified envy minimal mechanism. We propose a strategy proof and Pareto efficient variation of the top trading cycles mechanism and show that it is also justified envy minimal.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132690932","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Collective Repayment Model to Counter Student Loan Default – Case Study of Ihsan Trust 应对学生贷款违约的集体还款模式——以益生信托为例
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-07-02 DOI: 10.2139/ssrn.3641502
Farwa Shahid, Muhammad Nadeem Abbas, D. Siddiqui
{"title":"Collective Repayment Model to Counter Student Loan Default – Case Study of Ihsan Trust","authors":"Farwa Shahid, Muhammad Nadeem Abbas, D. Siddiqui","doi":"10.2139/ssrn.3641502","DOIUrl":"https://doi.org/10.2139/ssrn.3641502","url":null,"abstract":"The purpose of the study is to evaluate strategic models to counter student loan default at Ihsan trust. Despite the listed studies, none has been done to establish how the various models used in loan allocation impact the rate of loan defaults towards financing institutions and it’s therefore on this benchmark that this study seeks to look at this gap and to evaluate models of accessing student finance used to counter loan default. This study will also look at the potential of the models to reduce default and improvements needed for the models.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123960326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Student Financial Wellness Survey: Fall 2019 Semester Results 学生财务健康调查:2019年秋季学期结果
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-07-01 DOI: 10.2139/ssrn.3654540
Kasey Klepfer, A. Cornett, Carla Fletcher, J. Webster
{"title":"Student Financial Wellness Survey: Fall 2019 Semester Results","authors":"Kasey Klepfer, A. Cornett, Carla Fletcher, J. Webster","doi":"10.2139/ssrn.3654540","DOIUrl":"https://doi.org/10.2139/ssrn.3654540","url":null,"abstract":"Trellis Company's Student Financial Wellness Survey (SFWS) provides institutions of higher education with a deeper understanding of the financial barriers facing their students. This report details aggregate findings from 38,000 undergraduate students at 78 colleges and universities across 20 states in the U.S. While not nationally representative, student respondents attended public universities, private colleges, and community colleges that range in size from fewer than 700 students to greater than 55,000 students.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124286192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Financial Literacy Among Business Management Undergraduates – Evidence From Business School 商业管理本科生的金融素养——来自商学院的证据
EduRN: Financial Economics Education (FEN) (Topic) Pub Date : 2020-06-29 DOI: 10.2139/ssrn.3637894
Yuresh Nadishan
{"title":"Financial Literacy Among Business Management Undergraduates – Evidence From Business School","authors":"Yuresh Nadishan","doi":"10.2139/ssrn.3637894","DOIUrl":"https://doi.org/10.2139/ssrn.3637894","url":null,"abstract":"This study analyses the financial literature of the business undergraduates of SLIIT. The purpose of the study was to determine the financial literacy of the business students and if the education system helps them increase their knowledge and financial skills. Questionnaires were used to collect data and 50 fully completed questionnaires were accepted for analyzing. The survey participants were grouped into 2 sub-groups according to demographic variations using the mean marks of correct answers of the sample. The mean marks scored by undergraduates is 3.60. To determine the level of financial literacy categorical variables such as gender, advanced level stream, specialization fields they are going to be specialized and other accounting and finance related professional and academic qualifications. The results reflect that business management undergraduates have a low to medium level of financial literacy. The university must provide more finance related courses or workshops that could help students to handle financial affairs or matters related to finance.","PeriodicalId":373500,"journal":{"name":"EduRN: Financial Economics Education (FEN) (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126998232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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