Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos
Business and Economics Faculty Publications
Illinois had a dismal free banking experience, with over 80% of its free banks failing by the start of the Civil War. Researchers agree that a dramatic change in bond prices was the catalyst, and some have shown that the riskiest banks, ex ante, were the most likely to fail. This study examines how Illinois free banks adjusted their portfolios in the face of increased political and financial risks prior to Abraham Lincoln’s election as president. Lincoln’s nomination in May 1860 and the Democratic Party schism in June 1860 raised the likelihood of secession and the potential for ...
How To Have A Successful Retirement, 2017 St. John Fisher College
How To Have A Successful Retirement, Trevor Benson
The Review: A Journal of Undergraduate Student Research
What is retirement? Retirement is the years that an individual is able to enjoy after spending a majority of their life devoted to their career. A successful retirement is not a birthright; it is something that an individual must earn through hard work and proper planning. This paper identifies ten important commandments that are both necessary and helpful in achieving a successful retirement.
The Importance Of Profitability In Determining Volatility Across Industries With Different Debt Levels, 2017 Claremont McKenna College
The Importance Of Profitability In Determining Volatility Across Industries With Different Debt Levels, Timothy De Silva
Undergraduate Economic Review
This paper seeks to investigate the relationship between debt and volatility. No consensus currently exists on the effects of financial leverage on stock volatility. With the increased use of complex financial derivatives in recent decades, the importance of understanding the factors that influence volatility has become extremely important. By looking at a cross-section of industries, this paper demonstrates how the importance of profitability for explaining volatility changes depending on industry debt levels, which are endogenous and depend on industry characteristics.
Behavioral Finance And Its Impact On Investing, 2017 Liberty University
Behavioral Finance And Its Impact On Investing, Jordan Fieger
Senior Honors Theses
The field of behavioral finance has seen incredible growth over the past half century as it has explored the effect that cognitive psychological biases can have on investors’ financial decisions. Behavioral finance stands in stark contrast to the efficient market hypothesis, as it attributes market inefficiencies to investors who are not perfectly rational human beings. It offers a solution to the observed 3.5% gap that active equity investors miss out on in the market compared to passive index funds, which it attributes to their emotions and psychological biases. These common human biases can be grouped into five major categories ...
Selecting An Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?, Josiah J. Bardy
Senior Honors Theses
This paper serves as a compilation and analysis of different banking systems with an emphasis on fractional reserve free banking. Contemporary academic literature has debated fractional reserve banking with revisited scrutiny since the 2007–2009 financial crisis. The Austrian School, drawing conclusions from the Austrian business cycle theory, blames central banking for boom-bust economics. One proposed solution, fractional reserve free banking, eliminates the central bank’s control for a purer form of fractional reserve practice; however, this system may be inherently fraudulent and unethical. After completing an economic analysis of the western world’s banking system, this paper then explores ...
How Much Is That Farm Really Worth—A Comparison Of Three Land Purchase Decision Tools, 2017 Iowa State University
How Much Is That Farm Really Worth—A Comparison Of Three Land Purchase Decision Tools, William M. Edwards
Journal of Applied Farm Economics
Volatile markets for farmland have created interest in tools that can help analyze land investments (Zimmermann, 2014). Extension specialists in several states have created some valuable decision aids that have been utilized by prospective investors, rural appraisers and real estate brokers. Agricultural educators can also use them for teaching the principles of real estate valuation.
Among the land purchase decision aids that are currently available are KSU-Landbuy from the AgManager.info website at Kansas State University (Dhuyvetter & Kastens, 2013), Farmland Purchase Analysis from the Ag Decision Maker website at Iowa State University (Edwards, 2015), and Land Purchase Analysis from the ...
2017 Private Capital Markets Report, 2017 Pepperdine University
2017 Private Capital Markets Report, Craig R. Everett
Pepperdine Private Capital Markets Report
The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital ...
Customer Concentration And Cost Structure, 2017 Drexel University
Customer Concentration And Cost Structure, Hsihui Chang, Curtis M. Hall, Michael Paz
This study examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between customer concentration and cost elasticity whereby firms exhibit lower proportions of variable-to-fixed costs in the presence of higher levels of customer concentration. Additionally, we find that greater customer bargaining power, proxied by supplier industry competition and product market fluidity, leads to lower cost elasticity as customer concentration becomes greater. These results are robust to alternate specifications as well as controlling for endogeneity using a two-stage model. Our ...
The Applications Of Mathematics In Finance Actuarial Exam Fm Preparation, 2017 Merrimack College
The Applications Of Mathematics In Finance Actuarial Exam Fm Preparation, Robyn Stanley
Honors Senior Capstone Projects
Financial mathematics is a growing field in which mathematicians and business professionals alike are regularly finding new links between the two industries. By further developing this area of study, businesses will be able to evaluate trends analytically by implementing mathematical techniques in their investigations. Businesses with a particular interest in financial mathematics include investment banks, commercial banks, hedge funds, insurance companies, corporate treasuries, and regulatory agencies. In particular, the field of actuarial science focuses directly on the applications of mathematics in finance, and requires all aspiring actuaries seeking certification to successfully complete an exam specifically designed to test the applicant ...
The Subprime Mortgage Collapse And Its Effects On The Economy, 2017 Liberty University
The Subprime Mortgage Collapse And Its Effects On The Economy, Joseph Krmpotich
Senior Honors Theses
The subprime mortgage crisis occurred due to a number of factors. Included in these factors were the issuance of subprime loans, the securitization of mortgages in the investment banking system, and the deregulation and ultimate failure of the shadow banking system. These causes were evident in both historical trends in the stock market as well as the macroeconomic data leading into the crash. They were perpetuated by investors, mortgage brokers, and banks taking on an abnormal amount of risk in the early 2000s for both psychological and behavioral reasons. These causes, while less than obvious at the time, have, with ...
Taxation Of Income On Professional Team Athletes, 2017 Liberty University
Taxation Of Income On Professional Team Athletes, Crystal M. Williamson
Senior Honors Theses
Taxation of income for the average person can be a daunting task. However, for professional athletes, this task becomes even more tedious. Professional athletes face the jock tax. This means that athletes have to pay taxes in every state in which they play a game, practice, and perform a service that is part of their contract. Professional athletes, like every United States (U.S.) citizen, are required to pay both federal and state income taxes. Since professional athletes are constantly traveling, their state of residence becomes even more important when allocating their income to the respective state. Many question the ...
The Effect Of The 2008 Financial Crisis On Firm-Specific Bankruptcy Emergence Indicators, 2017 La Salle University
The Effect Of The 2008 Financial Crisis On Firm-Specific Bankruptcy Emergence Indicators, Nicholas Lefavor
This study seeks to demonstrate the relationship between firm-specific variables and their probability of emerging from Chapter 11 bankruptcy prior to and after the 2008 financial crisis. Using univariate analysis and multivariate logistic regressions, this study models a firm's probability of emerging from bankruptcy using a combination of ten firm-specific variables. The findings of this study show that the amount of time a firm spends in bankruptcy as well as whether the firm replaced their CEO during the bankruptcy process serve as indicators for bankruptcy emergence in a pre-crisis sample. Indicators of bankruptcy emergence were not found in the ...
Time Segmentation As The Compromise Solution For Retirement Income, 2017 The American College of Financial Services
Time Segmentation As The Compromise Solution For Retirement Income, Wade D. Pfau Phd
The Financial Planning Association (FPA) divides retirement income strategies into three categories: systematic withdrawals, time-based segmentation and essential-versus-discretionary income. Time-based segmentation provides a middle ground between the two extremes represented by systematic withdrawals (relying on a total-return investment portfolio for all distributions) and essential-versus-discretionary (using insurance-based products to implement a lifetime-income floor before considering investments).
What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., 2017 Long Island University
What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff
Faculty of Finance Publications
Research and Development (R&D) has often been cited as key to promote the development of clean technologies in both the short and long run. Robust economic performance for clean technology firms may occur in countries in which research and development is conducted by governments as well as by businesses. The goal of this paper is to examine how private and public R&D affects firm profitability. Utilizing an international data set of clean technology firms, this study finds performance of clean technology firms to be quite favorable when compared to firms in the MSCI World index. The study examines ...
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, 2017 College of William & Mary Law School
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz
William & Mary Law Review
This Article makes two arguments that, combined, demonstrate an important synergy: first, including bondholders in corporate governance could help to reduce systemic risk because bondholders are more risk averse than shareholders; second, corporate governance should include bondholders because bonds now dwarf equity as a source of corporate financing and bond prices are increasingly tied to firm performance.
Al-Ijarah Al-Mawsufah Fi Al-Dhimmah): Theory And Applications, 2017 Chulalongkorn University, Bangkok,Thailand
Al-Ijarah Al-Mawsufah Fi Al-Dhimmah): Theory And Applications, Abu Talib Mohammad Monawer, Md. Habibur Rahman, Akhtarzaite Abd Aziz
Abu Talib Mohammad Monawer
A System Dynamics Approach To Assessing Public Policy Impact On The Sustainable Growth Rate Of New Ventures, 2017 California State University - Chico
A System Dynamics Approach To Assessing Public Policy Impact On The Sustainable Growth Rate Of New Ventures, Jeff W. Trailer, Kuau Garsson
The growth of firms is fundamentally based on self-reinforcing feedback loops, one of the most important of which involves cash flow. When profit margin is positive, sales generate cash, which may then be reinvested to finance the operating cash cycle. We analyze simulations of a sustainable growth model of a generic new venture to assess the importance of taxes, and regulatory costs in determining growth. The results suggest that new ventures are particularly vulnerable to public policy effects, since their working capital resource levels are minimal, and they have few options to raise external funds necessary to fuel their initial ...
The Role Of Islamic Finance In Economic Development, 2017 Lingnan University
The Role Of Islamic Finance In Economic Development, Nora Khan
Lingnan Journal of Banking, Finance and Economics
Islamic financial institutions have been growing rapidly in the past few years. Islamic finance refers to investments that are permissible in accordance with Sharia, the Islamic law. Sharia law views money as a measuring tool for value and not an “asset” itself. “It does not permit receipt and payment of riba(interest), gharar(excessive uncertainty), maysir(gambling), short sales or financing activities that it considers harmful to society” (IMF website). Interest, a form of income from money, is therefore prohibited. For example, the income obtained from banks must come from the gain or loss of the enterprises they underwrite and ...
Fdi And Manufacturing Industry In Asia, 2017 Lingnan University
Fdi And Manufacturing Industry In Asia, Luyi Jin
Lingnan Journal of Banking, Finance and Economics
The study finds that China’s manufacturing still maintained a growth level from 2003 to 2013. However, the growth has been declining. The rapid development of ASEAN economies led to the rise of the emerging manufacturing countries which have slowly adjusted and found their own advantages in challenging China.
The main conclusions of this paper are twofold. First, China will soon lose her low labor cost competitive advantage and needs to look for new strategy or industrial upgrades. Second, the current pattern of international division of labor will last for a fairly long period that developing countries will continue to ...
An Empirical Analysis Of The Phillips Curve : A Time Series Exploration Of Hong Kong, 2017 Lingnan University
An Empirical Analysis Of The Phillips Curve : A Time Series Exploration Of Hong Kong, Dong Wang
Lingnan Journal of Banking, Finance and Economics
This paper examines the stationarity and cointegration of inflation and unemployment variables of Hong Kong in a period prior to and after the return of Hong Kong’s sovereignty to China on July 1, 1997. The paper separately introduces two ARDL and error correlation models for the long-run and short-run dynamics relationships between inflation and unemployment variables for these two periods after an identification of cointegration. The key findings of this paper include the negative relationship observed between inflation and unemployment in Hong Kong during this time period. Moreover, prior inflation has a significantly negative effect on the current inflation ...