Geopolitics Of Rare Earth Elements, 2017 Purdue University
Geopolitics Of Rare Earth Elements, Bert Chapman
Libraries Faculty and Staff Presentations
Rare earth elements (REE) contain unique chemical physical properties such as lanthamum, are found in small concentrations, need extensive precise properties to separate, and are critical components of modern technologies such as laser guidance systems, personal electronics such as IPhones, satellites, and military weapons systems as varied as Virginia-class fast attack submarines, DDG-51 Aegis destroyers, the F-35 Joint Strike Fighter, and precision guided munitions. The U.S. has some rare earth resources, but is heavily dependent on access to them from countries as varied as Afghanistan, Bolivia, and China. Losing access to these resources would have significant adverse economic, military ...
Climate Change Risk And The Maryland State Retirement And Pension System, 2017 University of Maryland at College Park
Climate Change Risk And The Maryland State Retirement And Pension System, Wes L. Hanson, Matthew Binstead, Nathan Hultman, Alan S. Miller, Travis St. Clair
Wes L. Hanson
The Real Effect Of The Initial Enforcement Of Insider Trading Laws, 2017 Singapore Management University
The Real Effect Of The Initial Enforcement Of Insider Trading Laws, Zhihong Chen, Yan Huang, Yuanto Kusnadi, K. C. John Wei
Research Collection School Of Accountancy
Based on a difference-in-differences approach, we find strong evidence that the initial enforcement of insider trading laws improves capital allocation efficiency. The effect is concentrated in developed markets and manifests shortly after the enforcement year. Further analysis shows that the improvement is positively associated with the increase in liquidity around the enforcement year and the opaqueness of the information environment before the enforcement year. The improvement is more pronounced for firms operating in more competitive markets, being more financially constrained, and with more severe agency problems. Finally, we find increased accounting performance after the enforcement and the increase is positively ...
Healthcare Sector Stock Returns And The Election Of Donald J. Trump, 2017 Utah State University
Healthcare Sector Stock Returns And The Election Of Donald J. Trump, Cordell Hull
All Graduate Plan B and other Reports
The 2016 US Presidential Election was hallmarked by significant policy differences between the Democratic and Republican parties. Healthcare reform was one of the most significant and highly debated issues between the candidates; Hillary Rodham Clinton (D-NY) and Donald J. Trump (R-NY). The Republican platform of repeal and replace was in direct opposition to the expansionary viewpoints of the Democratic Party which was to promote increased regulations on the healthcare and pharmaceutical industries. The media narrative in the months preceding the election assumed a Democratic victory as a sure thing. The New York Times gave Hillary Clinton a 98.5% chance ...
Project Portfolio Management And Its Effect On Organizational Culture Through The Competing Values Framework, Brian Wiersma
Doctoral Dissertations and Projects
Project portfolio management (PPM) is a growing business practice and field of academic study, and is recognized for positively impacting return on investment (ROI), project success, and organizational performance. Despite this growth, there is inconsistent use of PPM, and minimal research examining a connection between PPM and organizational culture. The problem addressed was a lack portfolio management practice established for the allocation of human resources within a group of retail stores located in the Midwest. The purpose of this study was to examine the effect implementing PPM practice into the human resource allocation process has on the organizational culture. Utilizing ...
A Comparison Of Active And Passive Portfolio Management, 2017 University of Tennessee, Knoxville
A Comparison Of Active And Passive Portfolio Management, Christopher C. Cox
University of Tennessee Honors Thesis Projects
No abstract provided.
Public Fund Strategic Asset Allocation To Hedge Funds: A Time Series Analysis, 2017 Honors College, Pace University
Public Fund Strategic Asset Allocation To Hedge Funds: A Time Series Analysis, Morgan Steadwell
Honors College Theses
Public funds represent some of the U.S.’ largest institutional investors. These funds are a pool of money saved for retirement by those who are still working. Boards of Directors of these funds have strict standards for their investments, as the money they are investing is not their own; rather, it comes from the thousands of workers that pay into the funds. Alternative investments such as private equity, private debt, real assets, real estate, and hedge funds are historically more risky than traditional public equities or fixed income investments. Recently, public funds’ investments in hedge funds have been called into ...
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 ...
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 ...
Sensation-Seeking Hedge Funds, 2017 Singapore Management University
Sensation-Seeking Hedge Funds, Stephen Brown, Yan Lu, Sugata Ray, Song Wee Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Using a novel dataset of hedge fund manager automobile purchases, we show that, motivated by sensation seeking, hedge fund managers often take risk for personal and non-pecuniary reasons. In line with the sensation seeking view, managers who own powerful sports cars take on more investment risk but do not deliver higher returns, resulting in lower Sharpe ratios. Moreover, funds managed by performance car owners exhibit higher operational risk and are more likely to fail. Performance car owners demonstrate other attributes associated with sensation seeking, such as a preference for lottery-like stocks, unconventional strategies, and active trading.
Using Accounting Information To Forecast Market Performance, 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 ...
The Impact Of Monetary Policy On The Equity Market, 2017 Alpha Beta Investment Research LLC
The Impact Of Monetary Policy On The Equity Market, Simin Hojat, Mohammad Sharifzadeh
International Journal of Applied Management and Technology
The problem is that prior studies examining the impact of monetary policy instruments on the equity market have produced mixed results. The purpose of this study was to determine the impact of changes in money supply (M2), federal funds rate (FFR), and federal funds futures on the expected rate of returns of publicly traded companies. We developed and tested a multifactor capital asset pricing model and applied regression methodologies suitable for panel data analysis to analyze the data. The multiple regression results showed positive moderation effect of M2, and negative moderation and mediation effects of FFR and federal funds futures ...
Is Silence The Answer?, 2017 Claremont McKenna College
Is Silence The Answer?, Gator Adams
CMC Senior Theses
This study examines the relationship between company management guidance, and ex-ante crash risk over the duration of 2008(Jan 2006-Dec 2009) financial crisis using the implied volatility skew, which is based upon ex-ante volatility implied by the pricing model developed by Black-Scholes (1973). The study finds that over the duration of this crisis period, management guidance decreases with a rise in ex-ante crash risk. Further, the study provides evidence on the relationship of management guidance and earnings volatility, and how that is affected by a firm's industry product concentration based on the Herfindahl-Hirschman Index (HHI) score.
The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, 2017 Claremont McKenna College
The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, Tania Salomon
CMC Senior Theses
This thesis evaluates the risk-return characteristics and diversification benefits of fine wine investment. It compares the historical performance of wine to that of equity, fixed income, real estate, and commodities. I calculate the correlation, volatility, and expected returns of these assets to examine whether adding wine to a portfolio increases its risk-adjusted return. I do this through the Markowitz portfolio optimization technique. The findings suggest that wine has a low correlation with traditional assets, providing diversification benefits. My results also show that adding wine to a portfolio increases its risk-adjusted return only when there is an allocation constraint of 0 ...
Stock Returns And Industrial Production: A Sectoral Analysis, 2017 Claremont McKenna College
Stock Returns And Industrial Production: A Sectoral Analysis, Griffin Lazarus
CMC Senior Theses
This paper analyzes the relationship between stock returns and future industrial production growth rates from 1926-1940. It replicates the work of Fama (1990) and Schwert (1990) with the intent to see if the relationship continues to hold using sector data. Furthermore, this paper focuses on the 1926-1940 sample period to explore how the relationship is affected by the stock market crash of 1929. It is expected that the relation will be weak for the industry sectors experiencing strong growth prior to the crash. The results indicate that the relationship between stock returns and future industrial production growth rates persists on ...
Ipo Ready? Illuminating The Dark Box Of Private Equity, 2017 University of New Hampshire, Durham
Ipo Ready? Illuminating The Dark Box Of Private Equity, Tyler Gregory Cornellier
Honors Theses and Capstones
The use of public equity data can help combat the challenges private equity funds currently face regarding data availability. The goal is to create a model to provide guidance to both investors and entrepreneurs in the decision-making process. The data gathered would provide insight on how close a private company is to a successful Initial Public Offering (IPO). The idea is that a model, showing the average financial metrics of companies within certain industries during an IPO, can provide new perceptiveness as to how the private company is performing.
Extending Benchmarks For Commodity Investments, 2017 University of Pennsylvania
Extending Benchmarks For Commodity Investments, Vinayak Kumar
Summer Program for Undergraduate Research (SPUR)
Study into commodity investment has historically been an underfocused area of the financial literature. In particular, there is a need for benchmarks to evaluate commodity investment managers to measure skill. This paper seeks to extend and replicate results on the four-factor model and benchmark proposed by Blocher et al. to more recent data and to more commodities. Our findings indicate that recent data illuminates the volatility associated with time series momentum strategies.
Technology Disaster Recovery.Docx, 2016 National University
Technology Disaster Recovery.Docx, D'Andre D. Lampkin
Mergers And Target Transparency, 2016 Fordham University
Mergers And Target Transparency, Iftekhar Hasan, Jarl G. Kallberg, Crocker H. Liu, Xian Sun
Crocker H. Liu
We empirically investigate the hypothesis that the less transparent (more difficult to value) the target’s assets are the more likely it is that the acquiring firm can obtain higher short- and long-term returns. We analyze a sample of 1,538 friendly acquisitions partitioned in two separate dimensions: acquisitions of public versus private firms, and acquisitions of a firm’s assets versus acquisitions of a firm’s assets and its management. Using a sample of (nondiversifying) real estate transactions with a public REIT as the acquirer, we find that acquisitions of public firms have insignificant short-term abnormal returns. Acquisitions of ...
Finding The Optimum Point Of Leverage In Real Estate Investment Trusts (Reits), 2016 Loyola Marymount University and Loyola Law School
Finding The Optimum Point Of Leverage In Real Estate Investment Trusts (Reits), Alex B. Stamas
Research & Exhibition
This research expands on the study conducted by Sun, Titman and Twite in 2014 that developed a method of separating pure leverage from the effects of financial conditions by differentiating between debt ratios and maturity structures of debt. Using a broader data set that includes both equity and mortgage REITs and the methodology of Sun, Titman and Twite, this research aims to find the optimum degree of leverage in any set of conditions by examining the amount of pure leverage in equity and mortgage REITs and various market conditions and investment types and ratios. This optimum degree of leverage could ...