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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 ...


Assessing The Value Of Ventures: Crowd Investors Vs. Sophisticated Investors, Marco Bade 2018 Technische Universitaet Berlin

Assessing The Value Of Ventures: Crowd Investors Vs. Sophisticated Investors, Marco Bade

The Journal of Entrepreneurial Finance

Recent regulatory approaches in crowdfunding democratize capital markets. Adverse wealth effects may arise because of information asymmetry. Firoozi et al. (2017) argue that crowdfunding has wealth-reducing effects on crowd investors because they systematically assign less value to good ventures, and more to bad ventures. This paper aims to take a more differentiated perspective by incorporating two dimensions of uncertainty determining ventures’ value. It further takes into account that different investor types learn different information. This yields new findings concerning the assessment of venture value by crowd investors and sophisticated investors. Crowd investors’ may be able to better assess venture value ...


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 ...


Eqm Investment Research Report, Kaitlyn Berg 2018 Grand Valley State University

Eqm Investment Research Report, Kaitlyn Berg

Honors Projects

The piece includes both an investment research and industry analysis report on EQM, a midstream oil company. Based on the industry environment, valuation metrics, and financial statement analysis, EQM holds a buy recommendation and demonstrates a large potential for growth and strong cash flow returns. The following analysis provides evidence to support this recommendation.


Toward A Model Of Strategic Human Capital Management Using The Balanced Scorecard - An Exploratory Case Study, Jeffrey A. Risinger 2018 University of Texas at Tyler

Toward A Model Of Strategic Human Capital Management Using The Balanced Scorecard - An Exploratory Case Study, Jeffrey A. Risinger

Human Resource Development Theses and Dissertations

The issue of strategic human capital management has been studied and written about extensively over the last 20 years. Much of the focus of this work has addressed the need for internal human resources organizations to transition from transactional, processing organizations to more strategic partner functions addressing the key business needs of the organization. The vast majority of the research addressing this transition has focused on the professional characteristics of senior human resource executives. Whereas the literature presents anecdotal evidence of progress, there also exists consensus support for the idea that very little systemic movement has occurred at the organizational ...


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


Cryptovisor: A Cryptocurrency Advisor Tool, matthew baldree, paul widhalm, brandon hill, matteo ortisi 2018 Southern Methodist University

Cryptovisor: A Cryptocurrency Advisor Tool, Matthew Baldree, Paul Widhalm, Brandon Hill, Matteo Ortisi

SMU Data Science Review

In this paper, we present a tool that provides trading recommendations for cryptocurrency using a stochastic gradient boost classifier trained from a model labeled by technical indicators. The cryptocurrency market is volatile due to its infancy and limited size making it difficult for investors to know when to enter, exit, or stay in the market. Therefore, a tool is needed to provide investment recommendations for investors. We developed such a tool to support one cryptocurrency, Bitcoin, based on its historical price and volume data to recommend a trading decision for today or past days. This tool is 95.50% accurate ...


Three Essays In Empirical Finance, Srikanth Ramani 2018 The University of Western Ontario

Three Essays In Empirical Finance, Srikanth Ramani

Electronic Thesis and Dissertation Repository

This thesis includes three essays in mutual funds, empirical finance, and asset pricing.

The first essay explores the relation between mutual fund ownership and how it affects firms’ corporate social responsibility (CSR) engagements. The essay classifies mutual funds into CSR-friendly and CSR-unfriendly funds using a holdings-based, value-weighted mutual fund corporate social rating (MFCSR). The empirical results show that firms with higher CSR-friendly ownership are associated with increased future levels of CSR and the firms with higher CSR-unfriendly ownership are associated with decreased future levels of CSR. This result is robust after controlling for many observable firm characteristics and firm-specific unobservable ...


The Path Of Least Resistance: How Strict Chinese Stock Market Regulation Incentivizes Chinese Companies To List In Foreign Stock Exchanges, Chenyu Yin 2018 Ursinus College

The Path Of Least Resistance: How Strict Chinese Stock Market Regulation Incentivizes Chinese Companies To List In Foreign Stock Exchanges, Chenyu Yin

Business and Economics Summer Fellows

Despite the recent trade dispute, decades of increased trade between the U.S. and China have given Chinese companies more opportunities to list on foreign stock markets, so they can find better financing opportunities in foreign markets. With the rapid development of the Chinese financial industry and the continuous spread of news on various company listings, why is it that many Chinese companies choose to list overseas, especially in the U.S. and Hong Kong, but not in China? In addition, what is the difference between the U.S. and Hong Kong exchanges, and how does that difference affect Chinese ...


Money Can’T Buy Happiness - But It Can Fund A Secure Retirement, Robyn A. Friedman 2018 City & Shore Magazine PRIME

Money Can’T Buy Happiness - But It Can Fund A Secure Retirement, Robyn A. Friedman

In the News

When you think about your retirement, what do you envision? Traveling the world? Spending time with kids and grandkids? Lying on a secluded beach sipping a piña colada?


The Connection Between Financial Literacy And Numeracy: A Case Study From India, J.D Jayaraman, Saigeetha Jambunathan, Kenneth Counselman 2018 New Jersey City University

The Connection Between Financial Literacy And Numeracy: A Case Study From India, J.D Jayaraman, Saigeetha Jambunathan, Kenneth Counselman

Numeracy

Making financial decisions involves mathematical calculations, both simple and complex. It is a well-documented fact that financial literacy levels among young people all over the world are quite low and that these low levels contribute to various undesirable outcomes with respect to personal financial well-being and the economy as a whole. This study explores the relationship between financial literacy and numeracy by measuring and modeling the relationship between financial literacy and numeracy levels among high school students (N = 586) in India. The results show a strong relationship between numeracy and financial literacy skills. Low numeracy is associated with a 4 ...


Haptic Alternatives For Mobile Device Authentication By Older Technology Users, David M. Cook, Kulwinder Kaur 2018 Edith Cowan University

Haptic Alternatives For Mobile Device Authentication By Older Technology Users, David M. Cook, Kulwinder Kaur

Dr. David M Cook

Turing tests are used to secure the human interaction on the Internet. Tests such as CAPTCHA are based on visual or auditory recognition of symbols and are difficult to distinguish by elderly people. A study examining the consistency of a tactile feedback-based Turing test identified an alternative to mainstream tests. This approach examines the vibration-based sensitivity which is detectable through skin surfaces when used to touch the screen of a mobile device. The study concentrated on a range of rough, smooth, sticky and coarse textures as possible differentiators for swipe-based tactile authentication using mobile devices. This study examined the vibration-based ...


Connections, The American College of Financial Services 2018 The American College

Connections, The American College Of Financial Services

Connections

Volume 2

Issue 9


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.


Connections, The American College of Financial Services 2018 The American College

Connections, The American College Of Financial Services

Connections

Volume 2

Issue 8


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 ...


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.


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 ...


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