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An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina 2019 The University of Akron

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to ...


The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda II 2018 Utah State University

The Effects Of Economic Policy Uncertainty On Common Stock And American Depository Receipts, Bradley David Zynda Ii

All Graduate Plan B and other Reports

Uncertainty can have profound implications on both firms and individuals who hope to optimally make decisions in their best interest. In this research, I seek to examine the impact that economic policy uncertainty has on domestic and foreign stock. In particular, I take a market microstructure perspective focused on stock liquidity and volatility measures in response to changes in economic policy uncertainty. Understanding the directional flow of economic policy uncertainty and the magnitude of the consequences at home and abroad can both help prepare agents to make good decisions about the future and exhort policy makers to be more efficient ...


A Statistical Analysis Of The Predictive Power Of Japanese Candlesticks, Mohamed Jamaloodeen, Adrian Heinz, Lissa Pollacia 2018 Georgia Gwinnett College

A Statistical Analysis Of The Predictive Power Of Japanese Candlesticks, Mohamed Jamaloodeen, Adrian Heinz, Lissa Pollacia

Journal of International & Interdisciplinary Business Research

Japanese Candlesticks is a technique for plotting past price action of a specific underlying such as a stock, index or commodity using open, high, low and close prices. These candlesticks create patterns believed to forecast future price movement. Although the candles’ popularity has increased rapidly over the last decade, there is still little statistical evidence about their effectiveness over a large number of occurrences. In this work, we analyze the predictive power of the Shooting Star and Hammer patterns using over six decades of historical data of the S&P 500 index. In our studies, we found out that historically ...


The Competitive Landscape Of High-Frequency Trading Firms, Ekkehart BOEHMER, Dan LI, Gideon SAAR 2018 Singapore Management University

The Competitive Landscape Of High-Frequency Trading Firms, Ekkehart Boehmer, Dan Li, Gideon Saar

Research Collection Lee Kong Chian School Of Business

We examine product differentiation in the high-frequency trading (HFT) industry, where the “products” are secretive proprietary trading strategies. We demonstrate how principal component analysis can be used to detect underlying strategies that are common to multiple HFT firms, and show that there are three product categories with distinct attributes. We study how HFT competition in each product category impacts the market environment, presenting evidence that indicates how it influences the short-horizon volatility of stocks as well as the viability of trading venues.


Acquiring Organizational Capital, Peixin LI, Frank Weikai LI, Baolian WANG, Zilong ZHANG 2018 Central University of Finance and Economics

Acquiring Organizational Capital, Peixin Li, Frank Weikai Li, Baolian Wang, Zilong Zhang

Research Collection Lee Kong Chian School Of Business

Organizational capital is the accumulation and use of private information to enhance economic efficiency for a firm. Theory has argued that organizational capital is typically embodied in employees and the organizational structure, and is hard to transfer across organizations. In this paper, we study whether organizational capital is transferable across firms via mergers. The evidence shows that acquirers gain more from acquiring firms with higher organizational capital and acquirers are also willing to pay a higher premium for higher organizational capital targets. The evidence suggests that acquiring higher organizational capital targets creates synergies which are shared between acquirers and targets.


Is Sell-Side Research More Valuable In Bad Times?, Roger LOH, René STULZ 2018 Singapore Management University

Is Sell-Side Research More Valuable In Bad Times?, Roger Loh, René Stulz

Research Collection Lee Kong Chian School Of Business

Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts’ tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst revisions have a larger stock-price impact, earnings forecast errors per unit of uncertainty fall, reports are more frequent and longer, and the impact of analyst output increases more for harder-to-value firms. These results are consistent with analysts working harder and investors relying more on analysts in bad times.


An Exploration Of Internal Controls And Their Impact On Employee Fraud In Small Businesses, Kent Lachney 2018 Liberty University

An Exploration Of Internal Controls And Their Impact On Employee Fraud In Small Businesses, Kent Lachney

Doctoral Dissertations and Projects

The purpose of this qualitative study was to gain greater understanding of the current practices of the internal control systems of small businesses and to explore the effectiveness of their systems in comparison with anti-fraud activities recommended by forensic accountants. The researcher selected five small businesses that were members of the Central Louisiana Regional Chamber of Commerce and had fewer than 100 employees. The researcher interviewed the owners and/or managers of the businesses, reviewed and analyzed company documentation, interpreted data, made observations, and offered recommendations. The researcher asked each participant to respond to questions related to the five elements ...


Pipeline Or Waterslide: Advancing Women Into Executive Positions In Business And Financial Planning, Shannon Maura Domski 2018 Augustana College, Rock Island Illinois

Pipeline Or Waterslide: Advancing Women Into Executive Positions In Business And Financial Planning, Shannon Maura Domski

Celebration of Learning

We seek to understand the continued lack of females in upper management or “C-Suite” positions in business and more specifically looking at the continued lack of female planners in the financial planning industry. We hypothesis that although great strides are being made to foster inclusion these changes are stalled not only by unconscious prejudices against women, but also by a lack of confidence by women themselves. By conducting interviews with over a dozen women in a variety of executive and planning positions we attempted to bring a consensus of some of the root causes of this imbalance as well as ...


The Wall Street Gap: A Theoretical Analysis Of Company Valuation Discrepancy, Peter Twomey 2018 University of San Diego

The Wall Street Gap: A Theoretical Analysis Of Company Valuation Discrepancy, Peter Twomey

Undergraduate Economic Review

Examination of prior research suggests that affiliated sell-side analysts are subject to conflicts of interest that cause them to issue optimistically biased stock recommendations for investment banking clients. Using a sample of public technology companies, I find that analysts have a theoretical discrepancy of up to 26% when valuing companies using a discounted cash flow model, and a 19-22% theoretical discrepancy when using comparable company analysis. I showcase how conventional valuation methodologies can allow sell-side analysts significant leeway that can be used to further unethical agendas and draw conclusions around the usefulness of regulatory intervention in the financial services industry.


Skewness Risk, Jump-Diffusion Modeling And Pricing In Carry Trade, Chitsun Chen 2018 Washington University in St. Louis

Skewness Risk, Jump-Diffusion Modeling And Pricing In Carry Trade, Chitsun Chen

Doctor of Business Administration Dissertations

This paper investigates jump risk and return characteristics of currency carry trades by employing both empirical approach and analytical method. With country-level stochastic discount factor, a mathematical model is proposed to describe carry trade return dynamics that capture jump risk. Carry trade returns are modeled as jump-diffusion processes where types of jumps involve global and idiosyncratic jumps. We derive the first four moments of return process on exchange rates and use the method of moments to estimate parameters, which show the model matches excess carry trade returns in data quite well. Empirical findings show that carry trade returns exhibit an ...


Supply Chain Sustainability: Understanding The Financial Impact, Matthew J. Guinn 2018 University of Tennessee, Knoxville

Supply Chain Sustainability: Understanding The Financial Impact, Matthew J. Guinn

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The purpose of this study is to determine if there is a differential impact on the financial performance of a company between environmental and social events.

This study uses a randomization of publicly traded companies within specific, pre-determined SIC codes, which is a collection of 66 companies, split between manufacturing and retail, to get the most accurate representation.

This study utilizes multiple regression models via STATA to analyze data compiled from the Wharton Research Database Services (WRDS) utilizing the MSCI ESG KLD, and Bloomberg, to analyze the percent increase in stock price which is the overarching models independent variable. Then ...


The Next Recession: Is It Time?, Samuel W. Paganelli 2018 University of Tennessee, Knoxville

The Next Recession: Is It Time?, Samuel W. Paganelli

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The Great Recession of 2008 left millions of people without homes, and trillions of dollars in savings were wiped out. As well-informed individuals, we know the economy is cyclical in nature, but how could something so severe happen so suddenly? Were there warning signs that were missed? In my project, I attempt to answer these questions before the next recession. The average business cycle is approximately six years long, and the United States is currently in its ninth year of economic expansion. This fact alone has many people worried that a downturn may be imminent. The goal of my project ...


What Really Happens During Flight To Safety: Evidence From Real Estate Markets, Walter I. Boudry, Robert A. Connolly, Eva Steiner 2018 Cornell University School of Hotel Administration

What Really Happens During Flight To Safety: Evidence From Real Estate Markets, Walter I. Boudry, Robert A. Connolly, Eva Steiner

Working Papers

Flight to safety (FTS) affects the markets for risky assets such as stocks, corporate bonds, and commodities. Yet, little is known about the effects on commercial real estate. We show that REITs offer a partial hedge against FTS, with daily total returns being less sensitive to FTS than many other industries and measures of REIT liquidity actually improving on FTS days. However, a cluster of FTS days signals a decline in economic fundamentals in the long run. We find that the odds of a drop in REIT quarterly revenue increase by 15% after an FTS cluster, ceteris paribus. This effect ...


On The Wedge Between Theoretical And Actual Prices And Its Implications For Investment Decisions, Luca Pezzo 2018 Washington University in St. Louis

On The Wedge Between Theoretical And Actual Prices And Its Implications For Investment Decisions, Luca Pezzo

Arts & Sciences Electronic Theses and Dissertations

State of the arts equilibrium models explain several financial markets' regularities but still miss many important dimensions. My research investigates the existing wedge between theoretical and actual prices and its implications for investment decisions. In the first chapter, I develop a new approach to locate and quantify the wedge between the main-stream Representative Agent pricing of the U.S. market portfolio and actual data. The determinants of the wedge are high uncertain and illiquid recessionary periods where, according to the marginal pricing rules, more efficient portfolios than the market can be formed. Since illiquidity is a major determinant, chapter two ...


The Leadership Role Of Management Accountants As It Contributes To Innovation And Entrepreneurship In Start-Up Businesses In Southern California, Paula Edwards 2018 Brandman University

The Leadership Role Of Management Accountants As It Contributes To Innovation And Entrepreneurship In Start-Up Businesses In Southern California, Paula Edwards

Dissertations

Purpose: The purpose of this qualitative study was to understand and describe the leadership role of managerial accountants as it contributes to innovation in start-up businesses in Southern California.

Methodology: The methodology used to understand and describe the leadership role of managerial accountants as it contributes to the innovation and entrepreneurship in start-up businesses in Southern California was a qualitative study. The study participants included 12 entrepreneurs who had started a business in the last five years, had utilized a management accountant on a part-time, full-time or consultant basis and are located in the San Diego, Orange, or Los Angeles ...


Parkview Signature Care Thought Leader Forum - May 2018, Jeanne Wickens, Sue Ehinger PhD, Jolynn Suko 2018 Parkview Health

Parkview Signature Care Thought Leader Forum - May 2018, Jeanne Wickens, Sue Ehinger Phd, Jolynn Suko

Presentations and Events

No abstract provided.


Ethereum And The Sec: Why Most Distributed Autonomous Organizations Are Subject To The Registration Requirements Of The Securities Act Of 1933 And A Proposal For New Regulation, Tiffany L. Minks 2018 Texas A&M University School of Law

Ethereum And The Sec: Why Most Distributed Autonomous Organizations Are Subject To The Registration Requirements Of The Securities Act Of 1933 And A Proposal For New Regulation, Tiffany L. Minks

Texas A&M Law Review

In a world full of new technology, the risk of fraud is constantly increasing. In the securities industry, this risk existed long before the use of technology. Congress enacted the Securities Act of 1933 to combat the risk of fraud and misrepresentation in the sale of securities. By requiring full disclosure, investors have the opportunity to make informed decisions prior to investing. However, Distributed Autonomous Organizations (“DAOs”), through the use of blockchains and smart-contracts, engage in the sale of securities without fully disclosing the risks or complying with the registration requirements of the Securities Act of 1933. Compliance with the ...


The Relationship Between A Firm’S Ownership Structure, Governance, And Innovation, Erica J. Wagner 2018 DePaul University

The Relationship Between A Firm’S Ownership Structure, Governance, And Innovation, Erica J. Wagner

College of Business Theses and Dissertations

Firm innovation is key for many companies to continuously thrive in the marketplace. Unfortunately, there are drawbacks to making innovative investments because of the upfront costs and riskiness of future returns. This creates conflicts because managers are under pressure to meet short-term earnings forecasts. A managers’ short-term focus on a firm’s business strategy may not be in the best interests of the shareholders’ long-term vision of a firm. For this reason, a strong corporate governance system can trigger an increased level of monitoring of the decision-making of managers so that it’s aligned with shareholders’ goals. Often, a firm ...


Effective Resource Utilization In Arkansas Public Schools, Ryan Sanders 2018 University of Arkansas, Fayetteville

Effective Resource Utilization In Arkansas Public Schools, Ryan Sanders

Industrial Engineering Undergraduate Honors Theses

Teacher pay in Arkansas public schools varies widely from district to district across the state. This pay discrepancy is driven by both the funds available to a district and by how these funds are allocated. There is a standard per student budget given to districts across the state, but this budget can be supplemented by additional property taxes collected on property within a district. This leaves districts with more highly valued property at an advantage. Districts are free to allocate their budget for teacher pay as they see fit, with constraints on number of students per teacher and minimum teacher ...


Beyond Numbers: How Investment Managers Accommodate Societal Issues In Financial Decisions, Diane-Laure Arjaliès, Pratima Bansal 2018 Ivey Business School

Beyond Numbers: How Investment Managers Accommodate Societal Issues In Financial Decisions, Diane-Laure Arjaliès, Pratima Bansal

Business Publications

Investment managers use financial numbers to assess the quality of their portfolios, which requires them to estimate the market value of their assets—i.e., the priced trading of such assets. Prior research has shown that investment managers tend to disregard information that does not easily integrate into financial numbers, such as environmental, social and governance (ESG) criteria. We argue that when investment managers use visuals to incarnate ESG criteria, they are more likely to accommodate societal issues in their financial decisions. We undertook a three-year ethnography of an asset management company to better understand how investment managers respond to ...


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