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3. Teaching Exchange Rate Risk Using London's Gherkin Building: How Investors Were in (and out of) a Pickle

Author

Jones, Adam T., Sackley, William H., and Watson, Ethan D.

Abstract

In this teaching note, the authors use an iconic London building, the Gherkin, as a motivation to understand exchange rates, cross exchange rates, and unhedged exchange rate risk. The famous tower was constructed in the early 2000s by Swiss Re, an insurance company, and then sold to investors as part of a sale-leaseback deal in early 2007. Unfortunately, the purchase was funded by a consortium of lenders using multiple currencies and leaving owners open to exchange rate risk. While partially hedging interest payments, the owners did not hedge the loans' principal and ultimately loan-to-value limits caused the building to fall into bankruptcy despite being fully leased. Hopefully the storyline piques student interest and promotes a better understanding of a topic that frequently challenges students.

Published
2017
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6. Does Capitalism Have a Prayer?: Economic Ideology, Religiosity, and Satisfaction with Life

Author

Jones, Adam T., Soques, Daniel, Tillotson III, Joel R., Watson, Ethan, Jones, Adam T., Soques, Daniel, Tillotson III, Joel R., and Watson, Ethan

Abstract

This article examines the relationship between an individual’s satisfaction with life and latent character traits such as economic ideology, religiosity, and political ideology. To conduct the analysis, the authors use original survey data gathered from Amazon’s Mechanical Turk, which results suggest that religious respondents are significantly more satisfied with their lives, while individuals with a less-capitalist economic orientation are significantly less satisfied than the mean respondent. The most satisfied individuals are those that have a high level of religiosity and a more-capitalist economic ideology. These results suggest that religious beliefs and economic ideology may be complementary traits for one’s satisfaction with life.Adam T. Jones, Daniel Soques, Joel R. Tilloton III, and Ethan Watson, "Does Capitalism Have a Prayer?: Economic Ideology, Religiosity, and Satisfaction with Life," Journal of Markets & Morality 25, no. 2 (2022): 237-271

Published
2023

9. The Effect of Firm-Level Investment on Inequality and Poverty around the World

Author

Tosun, Mehmet S., Watson, Ethan D., and Yildiz, Serhat

Subjects
corporate capital expenditure, Sustainable Development Goals (SDGs), poverty, ddc:330, E22, I32, D31, O15, O16, income inequality
Abstract

This paper investigates the effect of firm-level investment on the levels of income inequality and poverty. Using a sample of firms from 87 countries for the period from 1979 to 2018, we document that firm-level investment is negatively associated with various measures of income inequality. This negative association is robust to alternative firm-level capital investment proxies, empirical model specifications, and a variety of country-level controls. Further evidence shows that firm-level investment is also negatively related to several measures of poverty. Overall, our results indicate that firm-level capital expenditures provide benefit to the poor and, thus, decreases income inequality. Our findings indicate that firm-level capital investment can be a valuable tool for countries that are aiming to achieve the United Nations' Sustainable Development Goals of reducing inequality and poverty. Our results may also be beneficial to policy makers as they consider a variety of regulatory and taxation measures that may constrain or help firm's ability to invest.

Published
2022

13. CORRELATED BEHAVIOR IN LIMIT ORDER CANCELLATIONS, COMOVEMENT IN ASSET RETURNS, AND COMMONALITY IN LIQUIDITY.

Author

Egginton, Jared and Watson, Ethan D.

Subjects
RETURN on assets, BEHAVIOR
Abstract

We examine whether there is common behavior in limit order cancellation activity, that is, commonality in cancellation activity, on U.S. exchanges. We then examine whether this commonality in cancellation activity is associated with increased levels of return comovement and commonality in liquidity. We document strong evidence of limit order traders exhibiting exchange, industry, marketwide, and stock‐level commonality with regard to cancellation activity, which is consistent with limit order traders exhibiting correlated trading behavior. We also find that this correlated behavior in cancellation activity is associated with increased levels of return comovement and commonality in liquidity. [ABSTRACT FROM AUTHOR]

Published
2020
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17. Producing drama: a comparison of film tax incentives to alternative uses.

Author

Brady, Devin, Jones, Adam T., and Watson, Ethan

Subjects
TAX incentives, MOTION picture industry taxes, ECONOMIC impact, ECONOMIC development, TAXATION
Abstract

Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina's film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives. [ABSTRACT FROM AUTHOR]

Published
2018
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