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Face Detection Using Deep Learning: An Improved Faster Rcnn Approach, Xudong SUN, Pengcheng WU, Steven C. H. HOI 2018 Singapore Management University

Face Detection Using Deep Learning: An Improved Faster Rcnn Approach, Xudong Sun, Pengcheng Wu, Steven C. H. Hoi

Research Collection School Of Information Systems

In this paper, we present a new face detection scheme using deep learning and achieve the state-of-the-art detection performance on the well-known FDDB face detection benchmark evaluation. In particular, we improve the state-of-the-art Faster RCNN framework by combining a number of strategies, including feature concatenation, hard negative mining, multi-scale training, model pre-training, and proper calibration of key parameters. As a consequence, the proposed scheme obtained the state-of-the-art face detection performance and was ranked as one of the best models in terms of ROC curves of the published methods on the FDDB benchmark


Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon 2018 University of Pennsylvania Law School

Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship

The increasing percentage of the modern capital markets owned by passive investors – index funds and ETFs – has received extensive media and academic attention. This growing ownership concentration as well as the potential power of passive investors to affect both corporate governance and operational decision-making at their portfolio firms has led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. These reactions fail to account for the institutional structure of passive investors and the market context in which they operate. Specifically, this literature assumes that passive investors compete primarily on cost and that, as ...


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.


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.


Cryptocurrency: The Argument For Its Allocation Within The Traditional Investor's Portfolio, Nicholas Costanza 2018 University of Arkansas, Fayetteville

Cryptocurrency: The Argument For Its Allocation Within The Traditional Investor's Portfolio, Nicholas Costanza

Finance Undergraduate Honors Theses

This research explores the significance of cryptocurrencies upon the “traditional” investor’s portfolio, particularly elaborating on the potential returns and advocating for its allocation within any balanced (or diversified) portfolio. Cryptocurrencies are a relatively new asset and are still considered to be extremely risky. They are characterized by ever-fluctuating prices, ongoing government regulation, and overall market skepticism. However, the potential of major cryptocurrencies (Bitcoin, Ripple, Ethereum, and Litecoin) to produce major returns cannot be easily ignored. This paper builds upon the research of those in academia, as well as highly respected investors. The hope is to outline both the pros ...


Buy-And-Hold Versus Momentum Investment Strategies During Financial Crises, Howard Ly 2018 University of Arkansas, Fayetteville

Buy-And-Hold Versus Momentum Investment Strategies During Financial Crises, Howard Ly

Finance Undergraduate Honors Theses

In his article, “Where the Black Swans Hide & The 10 Best Days Myth,” Mebane Faber found that most of the best and worst trading days occur when the market is already declining. This phenomenon is due to increased volatility during bear markets, a result of investors’ emotions. Emotions, particularly fear and greed, lead to irrational trading behavior, resulting in rampant speculation or panic selling. Ideally, an investor would be in the market for the above-mentioned best days and be out of the market during the worst days. However, the difficulty in predicting these important dates have led some investors to ...


Insider Trading And The Stock Act Amendment, Josh Wilson 2018 Utah State University

Insider Trading And The Stock Act Amendment, Josh Wilson

All Graduate Plan B and other Reports

On April 2, 2012, Congress passed the Stop Trading on Congressional Knowledge (STOCK) Act. The purpose of this legislation was to enhance transparency among the financial investments of Congress members, congressional staffers, and other government employees. One year later, an amendment was passed which no longer required staffers or government employees to publish their holdings online citing “national security”. Treating this event as a natural experiment, I examine whether insider trading occurred in the days leading up to and through the signing of the law by President Obama. In general, I find that portfolios of the 50 most commonly held ...


Strategic Implications Of Blockchain, William R. Adams 2018 BYU, Marriott School of Business

Strategic Implications Of Blockchain, William R. Adams

Marriott Student Review

This thesis introduces blockchain, the underlying technology of cryptocurrencies such as Bitcoin, and discusses how best to conceptualize it relative to other technologies. Following an explanation of the fundamentals of blockchain, also known as the distributed ledger, I identify the characteristics of the technology. Building upon blockchain’s inherent strengths and limitations, I explore potential business applications of blockchain. Finally, I recommend that leaders continue to track the development and adoption of blockchain technology, even if they decide that implementing it does not align with their organization’s strategy at present.


Buzzwords, Evan D. Poff 2018 Brigham Young University

Buzzwords, Evan D. Poff

Marriott Student Review

This feature will explain the following buzzwords:

  • Blockchain
  • Cryptocurrency
  • Work-Life Integration
  • Passive Equities
  • Risk-Adjusted Returns


Ursinus College Investment Club Newsletter, Spring 2018, Haley Sturla, Johnathan Myers, Scott Deacle 2018 Ursinus College

Ursinus College Investment Club Newsletter, Spring 2018, Haley Sturla, Johnathan Myers, Scott Deacle

Investment Fund Newsletter

Inside this issue:

A Note to Our Readers and Donor Recognition

Quantitative Strategies with Matt Yuros ’12, TFS Capital

Inside Institutional Investments with Michael Fleming ’97, Vanguard

Bitcoin: Is It A Bubble? with Dr. William Luther, Kenyon College

Portfolio Performance, the First Year

Looking Forward


Glossary Of Business Evidence, Paul C. Boyd 2018 Johnson & Wales University - Providence

Glossary Of Business Evidence, Paul C. Boyd

MBA Faculty Conference Papers & Journal Articles

No abstract provided.


Secure Fine-Grained Access Control And Data Sharing For Dynamic Groups In The Cloud, Shengmin XU, Guomin YANG, Yi MU, Robert H. DENG 2018 Singapore Management University

Secure Fine-Grained Access Control And Data Sharing For Dynamic Groups In The Cloud, Shengmin Xu, Guomin Yang, Yi Mu, Robert H. Deng

Research Collection School Of Information Systems

Cloud computing is an emerging computing paradigm that enables users to store their data in a cloud server to enjoy scalable and on-demand services. Nevertheless, it also brings many security issues, since cloud service providers (CSPs) are not in the same trusted domain as users. To protect data privacy against untrusted CSPs, existing solutions apply cryptographic methods (e.g., encryption mechanisms) and provide decryption keys only to authorized users. However, sharing cloud data among authorized users at a fine-grained level is still a challenging issue, especially when dealing with dynamic user groups. In this paper, we propose a secure and ...


Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew 2018 University of Pennsylvania

Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew

Penn Wharton Public Policy Initiative

One of the key features of the Dodd-Frank Act is that it imposes specific and costly regulatory requirements on banks that cross the threshold of having more than $10 billion in total assets. Anecdotal accounts have suggested that this threshold has led to increased consolidation in the banking industry. This brief provides new statistical evidence of that phenomenon. Banks that approach the $10 billion threshold are significantly more likely to engage in an acquisition, pay more for that acquisition, and acquire bigger target banks than similar banking institutions did prior to Dodd-Frank. To the extent that policymakers are concerned with ...


Determinants Of Risk-Taking In Experimental Asset Markets., Johannes Michael Burger 2018 Bond University

Determinants Of Risk-Taking In Experimental Asset Markets., Johannes Michael Burger

Theses

This thesis examines the effects of biases on investment decisions and risky asset prices using laboratory asset markets. A bias is a systematic error in decision-making and can be caused by many factors. In contrast to unsystematic errors, biases affect investor behaviour directionally and do not cancel each other out. Hence, a bias can cause asset prices to deviate from fundamental values, with potentially detrimental effects for investors and economies. This thesis examines three possible sources for biased decision-making, that is, it considers bias caused:• by option-like compensation: tournament behaviour• by probability judgement error: the gambler’s fallacy• when feelings ...


A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini 2018 Claremont McKenna College

A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini

CMC Senior Theses

The Fama and French five-factor model is molded into a smart beta investment strategy with strong exposure to the profitability factor. This constructed portfolio outperforms the market significantly despite an unintentional negative correlation with profitability that can be attributed to the intra-factor return correlations. The second portfolio, constructed by investing directly in profitability as represented by gross profit over total assets, outperforms both the market and the first portfolio.


Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur 2018 Claremont Colleges

Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur

CMC Senior Theses

In 1996, Sloan identified the accruals anomaly, in which the negative relationship between the accruals component of current earnings and subsequent stock returns can be exploited to generate excess returns. One would expect the accruals anomaly to dissipate and ultimately disappear as investors take advantage of the now-public information. However, nearly two decades later, it persists as one of the most prominent and contentious anomalies; its magnitude of current and future excess returns still remain controversial. The main reason for its persistence is that extreme accrual firms possess characteristics that are unappealing to most investors. These characteristics, which include insufficient ...


The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson, Crystal Anderson 2018 Claremont McKenna College

The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson, Crystal Anderson

CMC Senior Theses

This paper examines the effect of the mandatory adoption of the International Financial Reporting Standards (IFRS) on transparency for investors by measuring the increase in earnings management during the post-adoption period of IFRS. One sign of earnings management is current year earnings being only slightly higher than the previous year’s earnings. An increase in earnings management means a decrease in accounting quality and a decrease of transparency for investors. By comparing firms that mandatorily adopted IFRS to similar benchmark firms in terms of strength of legal enforcement, book-to-market ratios, market values and net incomes, I am able to run ...


Worth Watching?: Assessing The Financial And Operational Health Of Netflix, Dominick Ciejka 2018 Assumption College

Worth Watching?: Assessing The Financial And Operational Health Of Netflix, Dominick Ciejka

Honors Theses

No abstract provided.


Do Social Values Trump Economics For Wealthy Voters: An Empirical Analysis Of "Trading And Voting", Michael C. Gurock 2018 University of Pennsylvania

Do Social Values Trump Economics For Wealthy Voters: An Empirical Analysis Of "Trading And Voting", Michael C. Gurock

Wharton Research Scholars

Yilmaz and Musto (2003) theorized that with access to equity markets and theoretical election-contingent securities, voters could financially hedge against the outcome of an election so that social values and ideology were the only factors determining their vote. Mattozzi (2008) found that creating a portfolio of such election-contingent securities was realistic. This paper examines if this may be happening in practice by creating an index of economic and social variables within congressional districts compared to the district’s vote for Trump in the election. Looking at wealthier districts where voters are more likely to have investments, I find that only ...


Implementing The Heston Option Pricing Model In Object-Oriented Cython, Brandon Hardin 2017 Utah State University

Implementing The Heston Option Pricing Model In Object-Oriented Cython, Brandon Hardin

All Graduate Plan B and other Reports

The 1973 Black-Scholes model, a revolutionary option pricing formula whose price is 'relatively close to observed prices, makes an assumption that the volatility is constant and thus, deterministic. This causes some inefficiencies and patterns in the pricing of options due to the model providing evidence of the volatility smile' of the volatility. Many scholars have suggested that the volatility should be modelled by a stochastic process and the (1993) Heston Model is one of many proposed solutions to remedy this problem. The Heston Model allows for the 'smile' by defining the volatility as a stochastic process. This thesis considers a ...


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