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Student Debt: Impact On Student Choices, Kelsey Cavanaugh 2016 College of Saint Benedict/Saint John's University

Student Debt: Impact On Student Choices, Kelsey Cavanaugh

Celebrating Scholarship & Creativity Day

In 2010 student loans became the second largest portion of US debt. Today, the estimated total is 1.4 trillion. Over the last decade the average debt per student has increased 56%, which is double the inflation rate for that period. The graduating class of 2014 left college with an average of about $29,000 of debt. Lastly, the number of federal borrowers today is 7.5 million and growing. This presentation examines how student debt affects students’ spending choices after college and what has changed in these patterns over the last decade.


Initial Public Offerings (Ipos), Kevin Keller 2016 College of Saint Benedict/Saint John's University

Initial Public Offerings (Ipos), Kevin Keller

Celebrating Scholarship & Creativity Day

As an investor, the first rule is to never get caught up in your emotions. There are thousands of different (exciting) investment opportunities in today’s world, and some of them tend to be a bit riskier than others. These consist of stocks, bonds, certificates of deposit, mutual funds, exchange-traded funds, and several others. However, where do most of these investment tools originate? In order for a stock to be publicly traded on the stock exchange, it must undergo what it called an initial public offering (which I will refer to as an IPO). Since the primary objective is to ...


Bsg: Strategic Decision Making For An Athletics Footwear Company, Mekdi Yilma 2016 Dominican University of California

Bsg: Strategic Decision Making For An Athletics Footwear Company, Mekdi Yilma

Scholarly and Creative Works Conference

No abstract available


Asset Allocation, Risk Tolerance And Shortfall Risk, Steven D. Dolvin 2016 Butler University

Asset Allocation, Risk Tolerance And Shortfall Risk, Steven D. Dolvin

All Chapters

Asset allocation is the biggest driver of portfolio performance, particularly over the long-term. Moreover, it also is reflective of an investor's risk tolerance. The recent financial crisis has negatively impacted investment psychology, particularly among younger investors. As a result, the so-called "Generation-Y" has over half of their assets held in cash -- a "non-earning" asset. While this is safe, there is a risk of loss in value, as cash does not even hold up with inflation. In the long-term, such an allocation means a lower retirement balance--i.e., shortfall risk. Thus, these investors have essentially traded one type of risk ...


Short Interest At High Levels, Steven D. Dolvin 2016 Butler University

Short Interest At High Levels, Steven D. Dolvin

All Chapters

Short interest has been high even though the market has recovered significantly. In fact, in the wake of the recovery, short sellers have increased their positions. If they are correct, we could see a market pullback. Their short positions, however, create a large "sideline" demand, which has actually made market moves more positive in the wake of neutral news (due to short covering). See article here, Yahoo/Bloomberg.


Panama Papers: The Real Scandal Is What's Legal, Elisabeth Brooke Harrington 2016 Copenhagen Business School

Panama Papers: The Real Scandal Is What's Legal, Elisabeth Brooke Harrington

Elisabeth Brooke Harrington

This article for The Atlantic draws on my wealth management research to explain why most of what is revealed in the Panama Papers leak will not result in criminal prosecution for anyone, and why government officials face nearly insurmountable obstacles to stopping the kind of financial games in which Mossack Fonseca and its counterparts engage.


Consumer Confidence And The Performance Of The Hospitality Industry In Business Cycles, Shane W. Harjes, Levon Goukasian 2016 Pepperdine University

Consumer Confidence And The Performance Of The Hospitality Industry In Business Cycles, Shane W. Harjes, Levon Goukasian

Seaver College Research And Scholarly Achievement Symposium

The purpose of this research is to examine if consumer confidence plays a role in explaining the financial performance of firms in the hospitality industry. Previous research has shown that consumer confidence has predictive power in forecasting future changes in household spending, and personal consumption growth in the US. Our findings are derived from regression analysis using the Fama-French Five Factor Model, which captures all variations of expected market returns. In order to adequately capture significant findings, we separated abnormal returns into pre-recessionary, recessionary, and post-recessionary time periods. From these findings, we will be able to determine with some certainty ...


Oil Prices And A Stronger Dollar: Causation Or Correlation?, Christina Donahue 2016 Merrimack College

Oil Prices And A Stronger Dollar: Causation Or Correlation?, Christina Donahue

Honors Program Capstone Projects

A stronger dollar is accountable for a major effect on declining oil prices. Since oil is traded in U.S. dollars, oil prices are more likely to fall when the dollar becomes stronger. Thus, companies within the oil industry are delivering their worst results of the current decade due to plunging oil prices. However, the stronger dollar is not solely responsible for falling oil prices; the deteriorating demand of oil is the result of slowing growth in major countries such as China.


China Looks To Add Credit Default Swaps, Steven D. Dolvin 2016 Butler University

China Looks To Add Credit Default Swaps, Steven D. Dolvin

All Chapters

Credit Default Swaps (CDSs) enable investors to hedge the risk of bond (or other credit securities) default. Like any derivative, they essentially allow investors to transfer risk -- from hedgers to speculators (or even between hedgers or speculators with different exposures). See article here, Reuters.


Income And Spending, Steven D. Dolvin 2016 Butler University

Income And Spending, Steven D. Dolvin

All Chapters

Normally higher incomes lead to higher spending, but recent increases in income seem to be headed into savings. This creates a mixed picture for consumer stocks. See article here, LA Times.


Individuals Approaching Retirement Have Options (Literally) To Secure A Comfortable Retirement, Bryan Foltice 2016 Butler University

Individuals Approaching Retirement Have Options (Literally) To Secure A Comfortable Retirement, Bryan Foltice

Bryan Foltice

This article examines the critical final five-year period leading up to retirement and analyzes whether traditional asset-allocation strategies effectively and consistently assist individuals in reaching their retirement income goals as they approach retirement. These traditional strategies are evaluated against alternative, option-based investment strategies that assure a certain amount of retirement income, after adjusting for inflation, while maximizing stock participation with the remaining funds in the portfolio through the use of options. In this simulation, we find higher overall expected yields in the traditional investment strategies over the evaluated five-year period. However, after applying a constant relative risk aversion (CRRA) coefficient ...


In Equations We Trust? Formula Learning Effects On The Exponential Growth Bias, Bryan Foltice, Thomas Langer 2016 Butler University

In Equations We Trust? Formula Learning Effects On The Exponential Growth Bias, Bryan Foltice, Thomas Langer

Bryan Foltice

This paper evaluates the possible benefits and drawbacks of the formal formula learning of compound growth as it pertains to eliminating, or at least reducing, the exponential growth bias in various household savings and debt decisions. In our main experimental study, we determine if the ability to calculate the simple compound savings formula only assists in its direct area of application with an available calculator, or if this knowledge extends into similar exponentially-based savings and debt decisions when either a calculator is prohibited or when the formula is unknown. In the process of tackling this research question, we develop a ...


Profitable Momentum Trading Strategies For Individual Investors, Bryan Foltice, Thomas Langer 2016 Butler University

Profitable Momentum Trading Strategies For Individual Investors, Bryan Foltice, Thomas Langer

Bryan Foltice

For nearly three decades, scientific studies have explored momentum investing strategies and observed stable excess returns in various financial markets. However, the trading strategies typically analyzed in such research are not accessible to individual investors due to short selling constraints, nor are they profitable due to high trading costs. Incorporating these constraints, we explore a simplified momentum trading strategy that only exploits excess returns from topside momentum for a small number of individual stocks. Building on US data from the New York Stock Exchange from July 1991 to December 2010, we analyze whether such a simplified momentum strategy outperforms the ...


Ringing The Bell: Does It Matter And Why?, Steven Dolvin, Hinh Khieu, Mark Pyles 2016 Butler University

Ringing The Bell: Does It Matter And Why?, Steven Dolvin, Hinh Khieu, Mark Pyles

Steven D. Dolvin

We explore the ongoing debate between market efficiency and behavioral finance by examining the market’ s reaction to what most investors would consider an information-neutral event: a firm ringing the opening or closing bell on the NYSE. Consistent with behavioral theories, we find that firms who ring the opening bell experience, on average, a positive abnormal return on the event day; however, we find that the reaction is concentrated in a particular group of participants. Specifically, we find the abnormal returns are driven almost entirely by firms who are celebrating the transfer of their stock listing to the NYSE. Given ...


The Impact Of Board Structure On Ipo Underpricing, Steven Dolvin, Jack Kirby 2016 Butler University

The Impact Of Board Structure On Ipo Underpricing, Steven Dolvin, Jack Kirby

Steven D. Dolvin

Prior research has examined the impact of board structure on firm performance and found that characteristics such as board size affect both operating and stock price performance. Existing research has concentrated primarily on performance in periods well removed from a firm’s initial public offering (IPO), and relatively little research has examined the impact of board structure on the stock price performance of IPOs, particularly with regard to characteristics other than board size. This study fills this gap, finding that the key board characteristic is the percentage external directors on the board. The authors find that the greater the percentage ...


Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Aggression In Mixed Martial Arts: An Analysis Of The Likelihood Of Winning A Decision, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Within the last decade, mixed martial arts has become one of the most popular sports worldwide. The Ultimate Fighting Championship (UFC) is the largest and most successful organization within the industry. In the USA, however, the sport is not sanctioned in all states because some politicians view the sport as too violent. The sport consists of many fighting forms and, unlike boxing, winning a decision requires judging in multiple facets including wrestling, boxing, kickboxing, and jiu-jitsu. In this study, we estimate the likelihood of winning a decision in the UFC. Using data on individual fights, we estimate the probability of ...


Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero 2016 University of Dayton

Measuring Technical Efficiency In Sports, Trevor Collier, Andrew Johnson, John Ruggiero

Trevor Collier

Standard economic production theory is the basis for measuring technical efficiency in sports. Using programming or regression models, efficiency is defined as the distance of a given team observation from the technology. In this article, the authors show that the standard measures of efficiency using deterministic models are biased downward due to serial correlation with respect to the efficiency measure. In particular, if the number of observed wins for a given team is affected by the team’s inefficiency, it is necessarily true that another team is able to produce outside of the technology. As a result, the observed frontier ...


Are We Getting Better Or Are They Getting Worse? Draft Position, Strength Of Schedule, And Competitive Balance In The National Football League, Tony Caporale, Trevor Collier 2016 University of Dayton

Are We Getting Better Or Are They Getting Worse? Draft Position, Strength Of Schedule, And Competitive Balance In The National Football League, Tony Caporale, Trevor Collier

Trevor Collier

Monopsonistic labor market institutions, such as amateur drafts and free agency restrictions, are often justified by their competitive balance generating properties. In this paper we re-examine the balancing effect of the amateur draft for the National Football League. We extend an earlier treatment of this issue by Grier and Tollison (J Econ Behav Organ 33: 136–149, 1994) by incorporating the unbalanced scheduling policy of the league, relative team payrolls, and team injury rates into our empirical model. We find that the college draft has a quantitatively strong and statistically significant effect on team performance even when incorporating several significant ...


Scouts Versus Stats: The Impact Of 'Moneyball' On The Major League Baseball Draft, Tony Caporale, Trevor Collier 2016 University of Dayton

Scouts Versus Stats: The Impact Of 'Moneyball' On The Major League Baseball Draft, Tony Caporale, Trevor Collier

Trevor Collier

Michael Lewis’ influential book Moneyball (2003) discusses several sources of inefficiency in the Major League Baseball (MLB) labor market, one of these being the failure of baseball scouts to place a draft premium on college players. We test this implication of the Moneyball thesis – the superiority of college players – by measuring the productivity of players who were drafted in the first round of five MLB drafts covering the years 1995–1999. Employing a variety of specifications, we find that the performance of college draft choices is no better than those of high school picks and argue that this is consistent ...


Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero 2016 University of Dayton

Estimation Of Multi-Output Production Functions In Commercial Fisheries, Trevor Collier, Andrew Mamula, John Ruggiero

Trevor Collier

Measuring the productivity of vessels in a multi-species fishery can be problematic. Typical regression techniques are not capable of handling multiple outputs while Data Envelopment Analysis (DEA) tends to ignore the stochastic nature of production. Applied economists have devoted considerable time to this problem and have developed several methods of dealing with the issue of multiple output technologies in commercial fisheries. Our paper contributes to this literature by providing another method for estimating production functions of vessels operating in multi-species fisheries. We utilize a two-stage model – with data from the West Coast Limited Entry Groundfish Trawl Fishery – using DEA to ...


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