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Fourth Quarter 2016: Hotels Are Getting Costlier To Finance, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2017 Cornell University School of Hotel Administration

Fourth Quarter 2016: Hotels Are Getting Costlier To Finance, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Our Standardized Unexpected Price (SUP) metric continued to show positive momentum in the price of large hotels with continued decline in the price of small hotels. Costlier financing for hotels is occurring due in part to lenders’ perceptions of the increasing relative riskiness of hotels compared to other commercial real estate. We expect higher hotel financing costs going forward. Our early warning indicators suggest that prices of large hotels and small hotels should rise during the first quarter of 2017. This is report number 21 of the index series.

Supplemental File: Hotel Valuation Model (HOTVAL) We provide this user friendly ...


Using Accounting Information To Forecast Market Performance, Tyler Atanasov 2017 The University of Akron

Using Accounting Information To Forecast Market Performance, Tyler Atanasov

Honors Research Projects

This study examines how accounting information can be used to forecast market performance of stocks. We used the specific accounting information of earnings-to-price and book-to-market value ratios, in relation to a stocks 5-year holding period return to determine market performance. The most current, quarterly data with a longer sample period than previous studies was used. First, portfolios of stocks were formed based on the value of each stocks ratio. Next, univariate tests were then run on each ratio’s portfolios to determine if there was statistical significance in the differences among the portfolios returns. Lastly, we determined that investors could ...


Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos 2017 Ursinus College

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 ...


Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle 2017 Ursinus College

Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle

Business and Economics Faculty Publications

I examine data from 1992 to 2015 to assess the Dodd-Frank Act’s impact on the performance of U.S. depository institutions, thrifts in particular. Ceteris paribus, the average FDIC-regulated institution experienced a decline in profitability as measured by pre-tax return on assets (ROA) following the Act’s passage, but the decline was concentrated among commercial banks. Small thrifts increased pre-tax profitability, after controlling for other factors including weak economic growth. Depository institution loan quality improved after Dodd-Frank, less so for small thrifts but more so for large thrifts. Efficiency ratios, which regulatory costs affect, increased, more for thrifts than ...


A Sectoral Analysis Of The 1929 Stock Market Crash, Paul Edward Reynolds III 2017 Claremont McKenna College

A Sectoral Analysis Of The 1929 Stock Market Crash, Paul Edward Reynolds Iii

CMC Senior Theses

The stock market crash of 1929 stands today as the largest decline in market value in the history of the United States. Consequently, the event destroyed the wealth of thousands of American families and institutions. On October 28th and 29th, the United States stock market fell 11.3 percent and 12.4 percent respectively, marking the beginning of a down market that lasted over three years, the time period known today as the Great Depression. This paper empirically analyzes the effects felt by each individual industry sector in the crash of 1929, identifying gross and abnormal returns over three major ...


Effect Of 2007-2009 Economic Crisis And Dodd-Frank Legislation On The U.S. Banking Industry, Steven D. Simpson 2017 Walden University

Effect Of 2007-2009 Economic Crisis And Dodd-Frank Legislation On The U.S. Banking Industry, Steven D. Simpson

Walden Dissertations and Doctoral Studies

This correlation research study was used to investigate the impact of the Dodd-Frank legislation on the U.S. bank industry. The economic crisis of 2007-2009 had a global and significant financial impact, some of which still reverberates. In the United States, the reaction was The Dodd-Frank Wall Street Reform and Consumer Protection Act, which took effect July 21, 2010. This act has recently been the subject of academic research and remains debated in congress, with discussion focused on its repeal. The publicly available, secondary data set from banks' quarterly filed regulatory reporting provided the data used in this study. Every ...


Credit Strategies For Small And Medium-Sized Enterprises Within A Changing Environment, James Edward Wilkinson 2017 Walden University

Credit Strategies For Small And Medium-Sized Enterprises Within A Changing Environment, James Edward Wilkinson

Walden Dissertations and Doctoral Studies

Access to credit in the changing environment is the primary challenge to survival for many small and medium-sized enterprise (SME) owners. The purpose of this multicase study was to understand how seasoned small business leaders in wholesaling and manufacturing in Northwest Arkansas strategically adapted to obtaining access to credit in an environment of bank mergers and acquisitions, disruptive information technology, federal and state regulations, and globalization. The conceptual framework that grounded this study was adaptive leadership and change management. Although, small business leaders prefer to obtain credit from community banks through relationship financing, leaders of SMEs can adapt to the ...


The Determinants Of Traffic Citation Revenues On Florida's Clerks Of Court And Comptrollers, Corey A. Hamilton 2017 Walden University

The Determinants Of Traffic Citation Revenues On Florida's Clerks Of Court And Comptrollers, Corey A. Hamilton

Walden Dissertations and Doctoral Studies

In the wake of budgetary restraints, many local government organizations are examining existing sources of revenue to exhaust available streams without increasing constituents' financial burden. Some of these revenue streams include nontraditional sources, such as traffic citations, yet little research has explored the implications of revenue generated from fines from traffic citations. Using the theory of resource dependence as the foundation, the purpose of this study was to explore the relationship between the estimated population of the county, the unemployment rate of the county, and the personal income per capita against the number of traffic citations issued and the Florida ...


Deep Value Investing Has Not Gone Out Of Style, Robert R. Johnson PhD, Thomas R. Robinson PhD, Stephen M. Horan PhD 2017 The American College of Financial Services

Deep Value Investing Has Not Gone Out Of Style, Robert R. Johnson Phd, Thomas R. Robinson Phd, Stephen M. Horan Phd

Faculty Publications

Benjamin Graham defined stocks trading with a large margin of safety as those whose prices were below net working capital after all debt was deducted. Graham found that a portfolio of such bargain issues outperformed the broader indexes, with none of the 150 identified stocks incurring significant losses. An updated version of Graham’s Deep Value screen was created in 2012; through November 2016, the portfolio beat the S&P 500 with all its stocks achieving positive returns.


Too Big To Fool: Moral Hazard, Bailouts, And Corporate Responsibility, Steven L. Schwarcz 2017 Duke Law School

Too Big To Fool: Moral Hazard, Bailouts, And Corporate Responsibility, Steven L. Schwarcz

Faculty Scholarship

The U.S. and foreign regulatory efforts to prevent another financial crisis have been converging on the idea of trying to end the problem of “too big to fail.” Regulators are concerned that systemically important financial firms will take excessive risks because they will profit by success and expect to be bailed out by government money in case of failure. Unfortunately, the legal solutions being advanced to control this moral hazard tend to be inefficient, ineffective, or even dangerous—such as breaking up firms and limiting their size, which can reduce economies of scale and scope; or restricting central bank ...


Regulating Complacency: Human Limitations And Legal Efficacy, Steven L. Schwarcz 2017 Duke Law School

Regulating Complacency: Human Limitations And Legal Efficacy, Steven L. Schwarcz

Faculty Scholarship

This article examines how insights about limited human rationality can improve financial regulation. The article identifies four applicable categories of limitations: herd behavior, cognitive biases, overreliance on heuristics, and a proclivity to panic. Requiring more robust disclosure and due diligence can help to correct the misleading information cascades that motivate herd behavior. Debiasing through law by requiring more concrete and dramatic disclosure of critical consequences can help to correct cognitive biases. Requiring firms to engage in more self-aware operational risk management and reporting can reduce the likelihood that parties will overrely on heuristics. And legislating backstop market liquidity and other ...


The Role Of Reit Preferred And Common Stock In Diversified Portfolios, Walter I. Boudry, Jan A. deRoos, Andrey D. Ukhov 2016 Cornell University School of Hotel Administration

The Role Of Reit Preferred And Common Stock In Diversified Portfolios, Walter I. Boudry, Jan A. Deroos, Andrey D. Ukhov

Center for Hospitality Research Publications

While “maximizing returns” is a stated goal of many investors, it is clear that some are more willing than others to embrace risk in their pursuit of those returns. An analysis of risk-return profiles finds that investors see different purposes for real estate investment trust (REIT) common stock and preferred stock depending on their tolerance for risk. Using a utility-based approach and imposing realistic constraints on the investor’s portfolio, this report shows that REIT preferred and common stock provide diversification benefits, but to different sets of investors. Risk tolerant investors find REIT common stock beneficial, while risk averse investors ...


A Study Of The Factors That Influence Consumer Attitudes Towards Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan 2016 Iowa State University

A Study Of The Factors That Influence Consumer Attitudes Towards Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan

Dermot J. Hayes

Beef producers looking for a competitive edge in today's markets need information about the qualities that consumers consider most important. Using conjoint marketing analysis allowed the investigators to sort out the most relevant characteristics for meat purchasers.


Understanding The Retail Investor: Technical And Fundamental Analysis, Ben Davis 2016 University of Tennessee, Knoxville

Understanding The Retail Investor: Technical And Fundamental Analysis, Ben Davis

University of Tennessee Honors Thesis Projects

No abstract provided.


An Economic Evaluation Of A Biofuel Supply Chain Utilizing Multiple Feedstocks, Huaqi Zhang 2016 University of Tennessee, Knoxville

An Economic Evaluation Of A Biofuel Supply Chain Utilizing Multiple Feedstocks, Huaqi Zhang

Masters Theses

Biomass is considered as one potential feedstock for biofuel production. However, the high cost of biomass-to-biofuel supply chain, attributed to biomass’s low bulk density and resulting harvest, storage, and transportation challenges, has been a major hindrance to the success of biomass-based biofuel industry. In addition, the issue of dry matter losses during storage for a feedstock has affected biomass quantity and quality if the feedstock is stored for several months after a single harvest in a year. One potential way to improve the economics of biomass supply chain is to reduce storage need and enhance the utilization of harvest ...


Options Pricing Through Computational Methods, Robert Petty 2016 Utah State University

Options Pricing Through Computational Methods, Robert Petty

All Graduate Plan B and other Reports

The purpose of this paper is to show the practical application of computational methods to price options. Emphasis is especially given to the use of the Longstaff-Schwartz method for pricing American and exotic options. An implementation of these pricing methods in a computer program are demonstrated. The advantages of using object-oriented programming design patterns to make pricing programs more flexible and useful is also discussed.


Capital Structure In The Family Firm: Exploring The Relationship Between Financial Sources And Family Dynamics, Diego G. Velez 2016 Kennesaw State University

Capital Structure In The Family Firm: Exploring The Relationship Between Financial Sources And Family Dynamics, Diego G. Velez

Doctor of Business Administration Dissertations

How a company structures its capital greatly affects its strategic options and its strategic decisions according to contemporary thinking. However, while there is ample literature on how publicly held companies’ capital should be structured, less is known about private companies. Additionally, one or more members of a single family typically own the majority of private companies, and unlike public companies, family dynamics influence these firms’ non-financial and financial goals and strategic decisions. This overlap of family dynamics into the business arena complicates conventional approaches or at least makes conventional approaches more difficult to apply.

This dissertation focuses on privately held ...


Governmental Intervention In An Economic Crisis, Robert K. Rasmussen, David A. Skeel Jr. 2016 University of Southern California Law

Governmental Intervention In An Economic Crisis, Robert K. Rasmussen, David A. Skeel Jr.

Faculty Scholarship

This paper articulates a framework both for assessing the various government bailouts that took place at the onset of Great Recession and for guiding future rescue efforts when they become necessary. The goals for those engineering a bailout should be to be as transparent as possible, to articulate clearly the reason for the intervention, to respect existing priorities among investors, to exercise control only at the top level where such efforts can be seen by the public, and to exit as soon as possible. By these metrics, some of the recent bailouts should be applauded, while others fell short. We ...


Closing The Distance, Vicki Salemi 2016 The NY Post

Closing The Distance, Vicki Salemi

In the News

When Geoff Kanner, a certified financial planner and a retired Air Force captain living in Hamden, Conn, launched his financial-services career 30 years ago, there was something incomplete from his military days: his MBA. While stationed in Montana he was able to enroll as a student, since classes were taught on base.


The Effect Of A Rise In Interest Rates On Hotel Capitalization Rates, John B. Corgel 2016 Cornell University School of Hotel Administration

The Effect Of A Rise In Interest Rates On Hotel Capitalization Rates, John B. Corgel

Center for Hospitality Research Publications

Capitalization rates for all commercial real estate are affected by changes in the general level of interest rates. Hotel capitalization rates should respond more quickly to interest rate changes than those of other property types because hotels do not experience the “lease friction” found in other commercial properties, with their lengthy leases. This analysis estimates the statistical connection between interest rate changes and cap rates. Holding other important factors constant, the model estimates that at current levels a 100-basis-point increase in the 10-year U.S. Treasury rate will produce a 28-basis-point uptick in hotel capitalization rates. Continuing improvement in the ...


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