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Essays In Mutual Funds, Aadhaar Verma
Essays In Mutual Funds, Aadhaar Verma
Doctor of Business Administration Dissertations
This dissertation examines mutual fund portfolio formation, the economic forces that determine how fund managers construct their portfolios, and the market effects of fund portfolio disclosures.
In the first chapter of my dissertation, I study how funds modify their portfolios around disclosure dates in order to cater to their investors’ non-financial preferences. Using social norms and investor boycotts surrounding tobacco and firearm sectors as a proxy for non-financial preferences, I find that these stocks experience significant negative returns on portfolio disclosure dates and significant positive returns on the day after the portfolio disclosure. I also find that funds accelerate their …
Losing Altitude: The Impact Of Asc 842: Leases On The Reported Liquidity Of Large U.S. Airlines, Philip Slater
Losing Altitude: The Impact Of Asc 842: Leases On The Reported Liquidity Of Large U.S. Airlines, Philip Slater
Doctor of Business Administration Dissertations
The airline industry in the United States represents fertile ground for research due to its susceptibility to extraneous demand shocks such as fuel price hikes, terrorist attacks, and global pandemics coupled with high leverage and high reliance on leasing. Accounting Standards Codification (ASC) 842: Leases became effective January 1st, 2019, requiring capitalization of the majority of leased assets. This study was motivated by how the act may have affected both reported airline liquidity and attempts to restructure leases to avoid capitalization, which may provide an initial impact. The objective of this study was to examine whether passage of …