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An inquiry concerning Japanese yen swap yields
No full textThis paper econometrically models Japanese yen (JPY)–denominated interest rate swap yields. It examines whether the short-term interest rate exerts an influence on the long-term JPY swap yield after controlling for several key macroeconomic variables, such as core inflation, the growth of industrial production, the percentage change in the equity price index, and the percentage change in the exchange rate. It also tests whether there are structural breaks in the dynamics of Japanese swap yields and related variables. The estimated econometric models show that the short-term interest rate exerts an important influence on the long-term swap yield in some periods but not in other periods in which core inflation exerts a marked influence on the swap yield. The findings from the econometric models reveal that a discernible relationship between the call rate and the swap yield of different maturity tenors clearly held prior to April 2014 but did not in the subsequent period. These findings highlight the limits and scope of John Maynard Keynes’s contention that the central bank’s policy rate commands a decisive influence over the long-term market rate through the short-term interest rate. The policy implications of the estimated models’ results are discussed
Chinese yuan interest rate swap yields
No full textThis paper models the dynamics of Chinese yuan-denominated long-term interest rate swap yields. It shows that the short-term interest rate exerts a decisive influence on the long-term swap yield after controlling for various macrofinancial variables, such as core inflation, the growth of industrial production, the percent change in the equity price index, and the percentage change in the Chinese yuan exchange rate. The autoregressive distributed lag approach is applied to model the dynamics of the long-term swap yield. The findings reinforce and extend John Maynard Keynes\u27s conjecture that in advanced countries, as well as emerging market economies such as China, the central bank\u27s actions have a decisive role in setting the long-term interest rate on government bonds and over-the-counter financial instruments, such as swaps
Environmental, Social, and Governance Performance and Value Creation in Product Market: Evidence from Emerging Economies
No full textUsing a unique sample of 13,412 firm-year observations from 19 countries of the emerging economies for the period of 2011 to 2019, we investigate the association between the firms’ environmental, social, and governance (ESG) performance and their value creation in the product market. Specifically, we first used the pooled OLS regression model for panel data as our baseline model and found that ESG performance (as well as its pillars) has a strong positive effect on the future value creation of the firms in the product market. We also conducted some additional analyses using various regression models, as well as adopting multiple tests for endogeneity, and the additional analyses revealed that the results are robust under different scenarios. Overall, the findings of this study highlight the importance of firm-level ESG performance for the value creation of firms in the product market in emerging economies and have theoretical and practical implications for academic researchers, market participants, and government entities in studying, evaluating, and governing firms’ ESG performance and reporting
1982 Sigma Sigma Sigma Composite
No full texthttps://digitalcommons.longwood.edu/trisig_composites/1021/thumbnail.jp
2004 Sigma Sigma Sigma Composite
No full texthttps://digitalcommons.longwood.edu/trisig_composites/1046/thumbnail.jp
Photographs of Spring Gove Cemetery
Full text linkPhotographs of Spring Gove Cemetery in Cincinnati, OH, and the marker for Abraham Ruffne
A Common Place, Volume 2, Spring 2023
Full text linkEditor in Chief: Emily Steffenhagen
Editorial Assistant: Chloe Johnson
Prose Editor: Jake Robinson
Poetry Editor: Kyla Brown
Art Editor: Elliott Jimerson
Web Editor: Elle Degaetano
Design: Kate Frey
Readers: Dalton Whitby, Kylie Wheeler, Sierra Sweezy, Myeisha Hamiltonhttps://digitalcommons.longwood.edu/special_studentpubs/1217/thumbnail.jp