Fast Money Research Articles

Anatomy Of Cryptocurrencies

Cryptocracy is an exchange and payment platform created and stored on the internet through encryption methods of virtual/digital currencies by using the blockchain technology. Cryptocurrencies, which are increasing in popularity in the world and whose academic literature is rapidly developing, are considered "quasi-money" because they do not perform all the functions of money. The production and access of cryptocurrencies like Bitcoin (BTC) through blockchain technology represents the pinnacle of innovation in financial technology. BTC dominates the cryptocurrency market with the highest share, which does not yet have a physical form and any central authority or mediator controlling it. The key to a digital money transfer system that is independent of a central authority and trust is cryptographic mechanisms. Since BTC enables fast money transfer, it is included in wallets by the IMF, the World Bank and some central banks. The cryptocurrency system has divided the Islamic world, like the Western world, into two or even three fronts. This study aims to draw a framework for some strong (S), weak (W), opportunistic (O) and threatening (T) aspects of cryptocurrencies.

Application Of Amanah Value To Payment Products At Bank Syariah Indonesia KCP Bandung Moh. Toha

Bank Syariah Indonesia (BSI) is one of the Islamic banks in Indonesia whose operational activities comply with the principles of Islamic Sharia and are listed in the law. One of the superior products of Bank Syariah Indonesia is Pawn Gold, which is a service for getting fast money, with an easy process and low maintenance costs. The purpose of this study is to assist customers in understanding and evaluating the level of sharia applied by Bank Syariah Indonesia Kcp. Bandung Moh Toha, so as to provide trust and transparency to customers in transactions. The method used in this study is a qualitative descriptive approach, while the data collection techniques include interviews, observation and documentation. The implementation of the value of trust has been carried out very well, we can see in the work practices of employees who really reflect a high commitment to trust, honesty and decency, as well as upholding religious rules. The employees of Bank Syariah Indonesia Kcp. Bandung Moh Toha makes the value of trust as a foundation in carrying out their daily tasks.

Coercion and crime: Convergences, divergences and ‘county lines’

How can we understand coercion in a ‘county lines’ context? By drawing on data gathered with criminal justice practitioners, social workers, mothers of sons engaged in county lines and young people, this article draws on Colvin’s Differential Coercion Theory to argue that coercion in a county lines context is multifaceted; occurs on both interpersonal and impersonal levels and results in social-psychological deficits that create ‘spirals of coercion’. This article also considers divergences with Colvin’s theory which include ‘hyper-contexts’, the exertion of agency to acquire fast money and material gains and coercion online. The article concludes by reflecting on the implications for research, policy and practice.

“Fast money” around Federal Statistics Releases

AbstractMany public statistics are closely followed by the public as they provide valuable information for decision making. Although economic theory suggests that low‐latency traders (LLTs) can earn excess arbitrage profits from trading on public statistics releases due to their speed advantage, the empirical literature fails to find meaningful LLTs' stock market profits when trading on macroeconomic statistical releases. Here we confirm previous findings with improved techniques, but also show that excess profits can be earned quickly in agricultural commodity futures markets around United States Department of Agriculture (USDA) statistical releases. We attribute differences in the magnitude of the profits to the straightforward nature of the information and to the direct relevance of the reports to traders for the markets considered. Motivated by market concerns, USDA and the United States Department of Labor recently changed their news media prerelease lockup policy to mitigate LLTs' speed advantage. However, we find the policy change had little effect on the speed advantage as no significant reduction in LLTs' profits occurred. Implications of the research are relevant for government agencies concerned with mitigating LLT speed advantages particularly during the release of public statistical information.

THE LEGAL PROOF OF MACAU SCAM IN MALAYSIA

Although there are 5218 Macau scam cases reported since January to October 2020, from the total of the cases, 1420 cases were charged and 2676 were arrested by the Royal Malaysian Police (RMP). This fact can be considered as strong evidence to proof that Macau scam is getting increasingly serious and has the potential to become even worse in the future. Therefore, this study is conducted to investigate the legal meaning of Macau scam, the relevant provision in Malaysian Statute, the methods of proving and the standard of proof applicable in convicting Macau scam crime. Empirical methods of investigation based on available reported cases about Macau scam or fraud are developed herein. Application of such methods will analyse each of the issues highlighted in this study. This study found that Macau's scam means that the fraudulent act deliberately cheats someone to get fast money by making them suffer a loss of money. Besides that, there are provisions that may be applicable to Macau scam; as one of the forms of fraud contained in the Penal Code (Act 574), Section 24, Section 25, Section 415, Section 170 and Section 420. Reviewing cases of fraud as the basis for the Macau scam, it was explicitly stated in most cases that the burden of proof rests with the prosecutor or the group who wished to allege the Macau scam. The standard of proof in civil trials is in the balance of probabilities. The impact of the study is on phone users; victims of Macau scams and legal practitioners in Malaysia. Future studies may be conducted in the field of legal remedies for a Macau scam crime.

PERLINDUNGAN NASABAH EKONOMI SYARIAH MELALUI TRANSAKSI GADAI DALAM PERSPEKTIF FIQH MUAMALAH

Rahn (pawning) is one of the sharia economic transactions that is currently increasing in development in Indonesia. The need for funds to meet the shortcomings in everyday life makes rahn (pawn) an alternative to getting fast money loans to sharia pawnshops by pledging valuable goods as a condition of the contract (contract). In this study, using normative research with a conceptual approach and analysis approach. Primary sources of law used in this study refer to journals, proceedings, scientific papers relevant to Islamic economic law (Fiqh Muamalah). Meanwhile, secondary sources of law refer to books related to fiqh muamalah. The urgency of customer protection according to fiqh muamalah, in rahn transactions, of course, it depends on the contents of the agreement clause which is mutually agreed upon by prioritizing the principle of goodwill and the principle of justice so that both debtors and creditors have equality and equality to fulfill their rights and obligations according to the agreed agreement to avoid things that can break the contract.

Normalising money growth is reducing inflation risks

▪ Global money supply growth is starting to normalise, lessening the threat of high inflation. Upside risks to money growth remain, but timely action to rein in QE and modest rate hikes should be enough to keep inflation under control, in our view, and prevent a shift to a higher inflation ‘regime’. ▪ Money growth has slowed from a peak of 25% y/y to around 8% y/y in advanced economies, but the rate is still higher than the average of the past decade. In emerging economies (EM), money growth has already returned to normal levels. ▪ Our estimates of ‘excess’ money growth show it to be higher than is consistent with inflation targets in most advanced economies, especially the US. In EM, money growth looks excessive in Turkey and Nigeria but seems consistent with below‐target inflation in Russia, China, India, and South Africa. ▪ The main contributor to fast money growth in the advanced economies remains quantitative easing (QE) by central banks. Our forecasts suggest QE will remain a major contributor in the next few quarters before tailing off by late 2022. ▪ As QE fades, private credit will be the key driver of monetary growth. Our global indicator shows banks loosening credit standards at the fastest pace in a decade. Credit standards are still tightening in EM, but there's no sign yet of a post‐Evergrande financing crunch in China. ▪ Central bank surveys show signs of a revival in credit demand, although this recovery is patchy across economies and credit segments. Actual credit flows to the private sector are also picking up. But recent strength is concentrated in areas away from corporate lending, where loan growth remains negative or subdued in the US and Europe.

The economic situation in Iraq. Is there a way out in the current crisis?

At present, the Iraqi economy is once again undergoing trials associated with an increase in unemployment, a drop in the standard of living of the population, especially in central and southern Iraq, as well as the almost complete dependence of budgetary revenues on fluctuating oil prices. This dependence on oil has left other important sectors of the country’s economy, such as agriculture and industry, in near collapse. Of course, the real political crisis in Iraq 3 should be viewed through economic indicators, given the country’s lack of a diversified economy. The revenues received from the sale of oil are not invested in the development of the necessary sectors of the economy or in innovations, but are distributed according to articles of domestic expenditures, including the maintenance of a large bureaucratic apparatus. When there is a shortage of income, in the event of an unfavorable price policy in the market, the government resorts to domestic and foreign borrowing. These steps induce the state to completely stop rebuilding what was destroyed during previous wars or to start developing other sectors of the economy.Against the background of the entire political and economic situation, the country’s financial sector is also going through hard times. The main products and services of the banks are focused on payroll projects, and they are also engaged in currency speculation in the auctions arranged by the Central Bank of Iraq. It also negatively affects the investment attractiveness of the country, since the receipt of «easy and fast money» by a financial institution practically eliminates the need for it to invest in the real sector of the economy, the principle of which is the basis, including Islamic financial institutions.In general, the economic picture of Iraq can be described in the following formulations. The country has the fourth proven crude oil reserves in the world, was the second largest producer of OPEC and the fourth largest producer in the world. The country has international financial organizations that provide international financial support (IMF, World Bank), including bilateral loans. There are more negative aspects, including large and almost widespread corruption, direct dependence of government revenues on oil exports, almost complete absence of non'oil sectors in the structure of economic sectors (especially the private sector), and a weak and limited banking sector. Of course, there is some hope that the White Paper for Economic Reforms 4 presented by the government of Mustafa al'Kadhimi, which identifies the main necessary reforms to restore the Iraqi economy, could become a certain benchmark for turning the current economic situation and the beginning of the necessary reforms. But on the eve of the elections, the political forces considered it in their own interests to oppose any reforms. In this regard, Iraq actually lost the opportunity to carry out full'fledged reforms, however, in our opinion, there is still little hope for recovery.

Advanced Banking for Digitalization in Animal Husbandry

The article describes ICT innovations in modern banking and the transition to open banking. Platforms for fast money transfers, movement schemes for transactions and types of services are presented. Possibilities for digitalization of financial operations in animal husbandry are discussed. Factors such as reducing costs, increasing efficiency, facilitating and improving decision-making in the overall management of the financial, economic and reporting activities of a livestock farm are analyzed.

Экономические связи между Уфой и Сибирью в конце XIX – начале XX в.

After the railroad had been built through the mountains of the Southern Urals in 18881892, the economic ties between Ufa and Siberian regions began to develop rapidly. Loads of Siberian grain poured westward to the European Russia markets through Ufa, and even the Chelyabinsk tariff wall could not hold it back. Ufa is located west of the Southern Urals, and the Trans-Ural cereals and the Siberian flour, produced by the mills in Chelyabinsk and Miass, entered the Ufa market without hindrance, creating competition for local producers. At the same time, starting from the early 1890s, caravans with Kyakhta (Chinese) tea, which used to have travelled to Irbit, went to the nearest railway station. From there tea was exported to Ufa that turned into a large centre of tea trade in Imperial Russia. The network of branches of the Volga-Kama Commercial Bank, established by the early 20th century, provided fast money transfers from Ufa to the main economic centres of Siberia and the Far East. The scope of transfers exceeded one million roubles in the 1900s. The main trading partners of Ufa in Siberia were Irkutsk, Kurgan, Omsk, and Tyumen. The last round of establishing the economic ties between Ufa and Siberia and the Far East took place during World War I. Provand for Ufa was purchased there.

Unusual Option Activity: Is it Smart to Follow ‘Smart Money’?

CNBC’s “Fast Money” regularly covers unusual option activity and refers to it as “smart money”. We investigate the impact of the CNBC coverage on underlying stock prices and whether investors can profit by following the “smart money”. We document an immediate spike in trading volume and abnormal returns at the time of the CNBC coverage. We also observe patterns in underlying stock prices and trading activities, consistent with the evidence of gamma squeeze. More importantly, while options trades significantly predict stock returns prior to the CNBC coverage, there is a significant reversal in underlying stock prices following the CNBC coverage. Using similar criteria, we identify unusual option activities for a large sample of stocks from OptionMetrics. We show that options trades significantly predict underlying stock returns and there is no evidence of reversal in underlying stock price. Our findings suggest that the CNBC coverage of unusual option activity has a destabilizing effect on underlying stock prices and investors cannot profit by simply following the CNBC reporting on the “smart money”.

The Gridlock-Proof Functionality in Real Time Gross Settlement Systems

The last two decades of the XX century marked the starting point for the central banks across the globe to move their payment and settlement systems into Real Time Gross Settlement (RTGS) mode. Despite the fact that RTGS systems can effectively eliminate the credit exposure between the paying bank and the receiving bank at the interbank level by means of fast final and irrevocable money transfer, there is another serious problem associated with these systems. RTGS systems turned out to be liquidity-demanding arrangements, as opposed to deferred net settlement systems. Thus, the efficiency of liquidity management arrangements is the precondition of smooth RTGS operation, especially in tough times when liquidity is a systemic shortage. If liquidity management is inefficient, the RTGS system may stop operating properly by terminating in the grid-lock state brining chaos to the national economy. In this research we suggest the practical approach to solve the problem of seeking the maximization of aggregate value of payment instructions under liquidity shortage, including the most severe scenarios. The classification of the RTGS queue statuses is suggested and discussed. Some complementary results are articulated, including: (a) the statement that the formal mathematical optimization problem lies in the NP class of the computational complexity (the class of problems solved in polynomial time by nondeterministic Turing machine); (b) the equivalence between MaxFlow-MinCost problem (from the network flow theory) and the dual linear problem of the linear program relaxation of the initial optimization problem; (c) the illustration that no optimization strategy, other than the suggested one, can deliver substantially better optimization results. Despite enormous efforts, there were no previous research results reasonably claiming the near optimality of liquidity optimization strategy in RTGS systems under severe liquidity shortages. The results of this research may help the central banks and other RTGS system operators to ensure the protection of their payment systems from future liquidity crises and bring the resilience of respective national economies to the next level of sustainability.

Argumenty przeciw „pieniądzom z helikoptera”

Since the outbreak of the latest financial crisis central banks in several countries have decided to apply non-conventional monetary policy measures. Other monetary authorities behaved more conventionally but conducted a very loose monetary policy anyway. The goal of the paper is to discuss threats and possible consequences of treating the money instrumentally (monetary easing, government financing by the central bank). The authorities tend to arbitrary reinforce just one function of money, a medium of exchange, in order to artificially increase the sales and production of goods and services while neglecting other major function: a store of value. Fast growing money aggregates, awareness that there is no limit for money creation, and ideas such as “helicopter money” stimulate the attempts to storage the wealth in different form, e.g. cryptocurrency. The remarks were formulated from the conventional and Islamic finance perspective. Statistical data come from the euro area, Poland, and Iran, where banking system is fully Islamic.

After the Shot Drops by Randy Ribay

Reviewed by: After the Shot Drops by Randy Ribay Karen Coats Ribay, Randy After the Shot Drops. Houghton Mifflin Harcourt, 2018 [336p] Trade ed. ISBN 978-1-328-70227-2 $17.99 E-book ed. ISBN 978-1-328-47687-6 $17.99 Reviewed from galleys R Gr. 9-12 Bunny and Nasir were tight until Bunny accepted a scholarship to play basketball for a mostly white private school, and now Nasir’s only friend is his cousin Wallace. About to be evicted, Wallace is trying to make some fast money by gambling, and his jealousy over Bunny’s good fortune leads him to unwisely bet against Bunny. Nasir is caught in the middle but leans toward Wallace, figuring that Bunny has lots of people literally invested in his success, while Wallace has no one. Even Nasir’s parents, who insist on an obligation to help family and regularly send money to his mom’s people in the Philippines, want Nasir to stay away from Wallace’s bad influence. When Wallace gets in way over his head, tragedy inevitably follows. Nasir and Bunny alternate narration, effectively exploring the emotional complexities of loyalty and the perceived moral obligations and burdens it lays on these teens. In trying to leverage his skill on the court into a financially secure future for his family, Bunny questions whether he has in fact been fair to Nasir, especially when he starts dating Keyona, the girl Nasir has long crushed on, and when he considers how lonely he is at his new high school. Nasir, on the other hand, is conflicted about how far he is willing to go to help Wallace out of the situation he’s gotten himself into. Readers will no doubt feel he goes too far, but his narration makes it clear how hard it is to give up on someone who needs more than you can give. Play-by-play sports writing, realistic dialogue, effective pacing, and a suspenseful plot mix with the boys’ more contemplative passages to make this a win for a broad audience. [End Page 306] Copyright © 2018 The Board of Trustees of the University of Illinois

Tales of the Brick Age: Corruption and Bankruptcy in the Late Works of Rafael Chirbes

Tales of the Brick Age:Corruption and Bankruptcy in the late works of Rafael Chirbes Alberto Ribas-Casasayas (bio) The subprime collapse, the Global Recession, and the Eurozone crisis have given rise to an entire subgenre of crisis narratives in literary and visual arts, attempting to make sense of the human aspect, causes and outcomes of the largest non-war economic commotion in the West since the Great Depression. In Spain, the last two novels of Rafael Chirbes (1949-2015), Crematorio (2007) and En la orilla (2013)1 have distinguished themselves for an insightful view and poignant reflections on the real estate boom and bust, which defined the economic and cultural parameters of Spain after the democratic transition. Here I will call this period the Brick Age.2 As a metonymy, the Brick refers here to a series of interrelated factors, economic developments, social changes, evolving cultural attitudes, and substantial alterations in visual landscape and the environment, which took place in Spain from the mid-1980s to approximately 2010. It takes after the so-called "fiebre del ladrillo" or "Brick Fever," i.e. the construction boom starting approximately in the late 90s, defining an economy largely based on real estate development and related sectors, including tourism, along with the rapid, unsustainable economic growth it fostered, supported by the gradual imposition of neoliberal ideology and policy by the right and its implicit acceptance by the traditional left. In the following pages I will produce a brief account of the Brick Age as a historical process in two phases, underscoring the ties of the boom and bust economy with a culture of corruption. Having established this context, I will proceed to introduce Chirbes' novels, justify the need for a joint analysis, [End Page 405] and discuss the concepts and imagery that seek to account for the political, cultural, and moral context intertwined with the economics of boom and bust during the Brick Age. The Brick Age: A Brief History The Brick Age started in the mid-1980s, with the development of what came to be colloquially known as the "cultura del pelotazo"—roughly translatable to "fast money culture." "Pelotazos" relate to a time where, given the right political connections with the recently elected PSOE (Spanish Socialist Workers' Party), it became easy to become rich in real estate development and related sectors, especially in the capital Madrid and the coastal areas. The "pelotazo" era culminates with the large institutional investments following the winning bids of Barcelona, Seville, and Madrid as hosts for the Olympic Games, the World Fair, and European Cultural Capital in 1992. This phase of the Brick Age is best embodied by the banker Mario Conde, whose career came to an abrupt end in 1993 under public accusations of embezzlement, and by the expensive mansion shared by former minister of finance Miguel Boyer with his partner, the socialite Isabel Preysler. This house, which came to be jokingly known as "Villa Meona" or "Pissing Villa" because of its 13 toilets, embodied the contradictions between proclaimed social-democratic politics and the lavish lifestyle that involvement with the party could entail given the right connections. After the brief economic crisis that broke out in 1993, the "get rich quick" mentality of the "pelotazo" years reignited in 1998 under the government of the conservative party. A significant change in land development laws ("Ley de Suelo") gave regional and municipal administrations wide-ranging control over the privatization of public and rustic areas. This signals the beginning of what is popularly known in Spain as "La fiebre del ladrillo" ("The Brick Fever") itself, a long financial bubble, largely sustained by private mortgage lending, that peaked in the late 2000s, when private debt reached 1.77 trillion euros, nearly two times the national GDP. Although the changes in "Leyes de Suelo" were ostensibly aimed at reducing real estate prices, the opposite happened instead. Local administrations had a double incentive to speculate with land and facilitate insider deals: first, "recalificaciones" ("re-zoning") had become a major source of funding; second, the consequent growth in urban development and associated services became an easy source of jobs that would have significant electoral returns for the parties in power. Early in the...

Rule of Law: Its Impact on Quality of Life

Quality of life has very much to do with justice. Even though justice is hard to define but the basic idea remains that what is right is good and what is oppressive, is bad. So applying the same formula to all set of circumstances be it economy, social, and politics, will invigorate justice. The failure of world monetary system due to the crave for money and power has led the seekers to abuse and oppress the weaklings. The govt, financial institutions and commercial industries are no exception. Since justice is seen as obstacles to fast money and power, accountability have been regarded as a nuisance and justice is sidestepped and suppressed. Notion of Rule of Law emerge due to the need to address all these wrongdoings. Thus this paper seeks to discuss the problem underlying the situation and the means of overcoming it. One way is by imposing accountability and Rule of Law. Closely related to this issue too is the quality of life. Despite the increase standard of living; we still witnessed the glaring economic disparity between the rich and poor countries. Do this indicator project better living standard? Or it is measured from the view of the rich and the elite only? Hence this paper seeks to discuss that to implement justice there must be distribution of wealth and resources. What sensible person would deem as right, thus good. Apart from the western system that promotes Rule of Law, what is just and unjust has been clearly underlined by Islam. Man become just when they are able to restrict themselves from oppressing and tormenting others and Islam provide complete guidance to the existing crisis we faced now. Nevertheless we saw failures everywhere. They are due to the refusal of the followers to follow it, not the fault of the religion. It is attributed by their ignorance. This paper is important to show economy and social as well as quality of life devoid of justice stemming from manipulative capitalism and greed, are unsustainable and destructive. Unless and until this is understood, economic, political, environmental and social imbalances will never subside.

Rule of Law: Its Impact on Quality of Life

Quality of life has very much to do with justice. Even though justice is hard to define but the basic idea remains that what is right is good and what is oppressive, is bad. So applying the same formula to all set of circumstances be it economy, social, and politics, will invigorate justice. The failure of world monetary system due to the crave for money and power has led the seekers to abuse and oppress the weaklings. The govt, financial institutions and commercial industries are no exception. Since justice is seen as obstacles to fast money and power, accountability have been regarded as a nuisance and justice is sidestepped and suppressed. Notion of Rule of Law emerge due to the need to address all these wrongdoings. Thus this paper seeks to discuss the problem underlying the situation and the means of overcoming it. One way is by imposing accountability and Rule of Law. Closely related to this issue too is the quality of life. Despite the increase standard of living; we still witnessed the glaring economic disparity between the rich and poor countries. Do this indicator project better living standard? Or it is measured from the view of the rich and the elite only? Hence this paper seeks to discuss that to implement justice there must be distribution of wealth and resources. What sensible person would deem as right, thus good. Apart from the western system that promotes Rule of Law, what is just and unjust has been clearly underlined by Islam. Man become just when they are able to restrict themselves from oppressing and tormenting others and Islam provide complete guidance to the existing crisis we faced now. Nevertheless we saw failures everywhere. They are due to the refusal of the followers to follow it, not the fault of the religion. It is attributed by their ignorance. This paper is important to show economy and social as well as quality of life devoid of justice stemming from manipulative capitalism and greed, are unsustainable and destructive. Unless and until this is understood, economic, political, environmental and social imbalances will never subside.

R & D-Based Growth Model with Nominal Wage Stickiness

In this study, we introduce nominal wage stickiness into an endogenous growth model based on R & D. This study examines how money growth affects long-run economic growth. We find that there exists a unique balanced growth path for sufficiently high rates of money growth, and that the economy exhibits sustained growth based on sustained R & D. Faster money growth results in greater employment and faster economic growth along such a balanced growth path. Furthermore, under some parameter restrictions, no balanced growth path exists for low rates of money growth; the economy is trapped in a steady state without long-run growth. These results suggest that money growth may be an important factor for long-run economic growth.

The Book-to-Market Anomaly in the Chinese Stock Markets

I. INTRODUCTIONThe book-to-market effect (otherwise known as the effect) is an empirical regularity that stocks with high book-to-market (BM) ratios (low market prices to the book values of equity) earn higher average (riskadjusted) returns than stocks with low BM ratios. Many previous asset pricing studies suggest that the existence of premium can be explained from either the perspective of risk or the influence of mispricing factors.? Findings from these asset pricing studies extensively rely on datasets from the U.S. stock market which not only has a large pool of global institutional investors but also is considered a relatively efficient market.Previous studies such as Fama and French (1998 and 2012) and Asness, Moskowitz and Pedersen (2013) have also confirmed the existence of premium in international financial markets. However, premium could exist in various markets with different explanations. For example, risk-based explanation has built on the efficient market hypotheses. Those explanation may fit in the U.S. market, but not in other less developed and less efficient markets such as the Chinese market. Drew, Naughton, and Veeraraghavan (2003) and Euna and Huang (2007) have shown that the premium exists in Chinese markets. However, they have not provided its explanation.Unlike previous studies, this study goes further by providing the explanation for the existence of premium in Chinese markets. We notice that the Chinese stock market is a natural candidate for testing whether individual investors drive premium with the following reasons. First, the mainland Chinese stock markets are often perceived as casinos driven by fast money flows in and out of stocks with little regard for their underlying value (Wall Street Journal, August 22 2001). In addition, the segmentation of the markets and the predominance of individual investors in these markets make the Chinese stock market a natural candidate for testing whether individual investors drive premium.Our results confirm that, like Drew et al. (2003) and Eun and Huang (2007), the premium does exist in the Chinese markets for the period from 1994 to 2010. Moreover, there is a significantly negative relationship between institutional ownership of stocks and premium. This is apparently consistent with findings of Phalippou (2007, 2008) that premium is related to trading activities of individual investors, not institutional investors in the U.S. market.Our findings with the Chinese firms contribute to empirical asset pricing literature by providing international supporting evidence that the premium could be driven by individual investors, whereas stocks that are mostly held by institutional investors are value-premium free.The rest of the paper is organized as follows. Section 2 reviews the literature regarding the premium, the characteristics of the Chinese stock markets and develops several testable hypotheses. Section 3 then discusses the datasets and explains the empirical methodology. The empirical results are analyzed in detail in Section 4. Finally, this paper concludes by discussing the implications of our results for policy regulators, the role of institutional investors, and the overall market efficiency in China.II. THE VALUE PREMIUM AND CHINESE STOCK MARKET1. The Value Premium and Its ExplanationThe economic interpretation of the premium is a much debated issue, with current explanations falling into two broad categories. One explanation suggests that the premium is compensation for risk that is not captured by the capital asset pricing model (Fama and French, 1995, 1996, 1998; Lindaas and Simlai, 2014). In particular, Fama and French suggest that the premium is apparently related to the degree of relative in the economy. When the economy weakens, investors demand a higher risk premium on firms with distress characteristics. …

Fast Money Schemes Are Risky Business: Gamblers and Investors in a Papua New Guinean Ponzi Scheme

AbstractGambling and financial investment have a long shared history, with many convergences and many moments where each has defined the other as its opposite. In the contemporary Pacific, not least among evangelical Christians, gambling is often understood as wasteful entertainment and even as an irresponsible vice. Investment on the other hand is seen as a productive activity for both individuals and society at large. These moral concerns draw on discourses of proprietorship of the self, of money and of risk. This paper explores moral attitudes to gambling/investment among middle‐class investors in a mass Ponzi scheme in Papua New Guinea (PNG) and charts new valorizations of risk and investment as components of the construction of modern ‘financial selves’.