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Articles 1 - 30 of 78
Full-Text Articles in Business
On Teaching Multi-Criteria Decision Making With A Robot Assistant, Chen Zhang, Hakan Saraoglu, David A. Louton
On Teaching Multi-Criteria Decision Making With A Robot Assistant, Chen Zhang, Hakan Saraoglu, David A. Louton
Information Systems and Analytics Department Faculty Conference Proceedings
We propose a system and method for a robot assistant for teaching multi-attribute decision making (MCDM). Through questions and answers in natural language, the robot assistant learns the user’s preferences on multiple criteria involving a selection decision and makes recommendations using data on each criterion and the learned user preferences. It will include a use-case demonstration where NAO the robot will assist a human in forming a simple portfolio of mutual funds. Presenters will illustrate the architecture of the robot assisted MCDM and describe a method that is extensively used to structure complex decision problems and has been applied to …
The Interaction Between Spending Policies And Asset Allocation For College And University Endowment, Ryan Erickson
The Interaction Between Spending Policies And Asset Allocation For College And University Endowment, Ryan Erickson
Honors Projects in Finance
The analysis revealed better combinations of asset allocation and spending policy for college and university endowments that efficiently balance the desirable outcomes of stable spending in real terms against maintaining the purchasing power of the endowment over time (intergenerational equity). Using the variability and correlation of historical asset class returns, we created a forward-looking, projection-based, multivariate Monte Carlo simulation of individual asset class returns. The simulation incorporates the relationships between inflation and asset class returns, and the relationships among asset class returns. The projected time series of asset class returns produced a time series of endowment portfolio returns given an …
Special Needs Financial Planning Case Studies: Evaluation Of Three Financial Services Business Models' Approaches To Client Needs, Thomas Williams
Special Needs Financial Planning Case Studies: Evaluation Of Three Financial Services Business Models' Approaches To Client Needs, Thomas Williams
Honors Projects in Finance
Special needs financial planning is the process and organization of a financial plan for a family with a child or children with a disability. A key aspect of special needs financial planning is planning for the life of a child with a disability after the death of their parents. Failing to conduct financial planning for such a family could leave the child with a disability relying on state-provided services with a poor quality of life. The following research outlines how four business models will approach a family with a special needs dependent. The four business models are a Registered Investment …
A Review Of The Effect Of Esg On "Sin" Firms, William Stearns
A Review Of The Effect Of Esg On "Sin" Firms, William Stearns
Honors Projects in Finance
In this study, we examine the impact of ESG on stock returns and portfolio returns for sin stocks. The relationship between ESG and stock prices has been a topic of interest for research in recent years with the increasing emphasis on ESG in society. The present study analyzes the ESG scores for nine specific sin stock industries: tobacco, gambling, alcohol, adult entertainment, firearm, military, nuclear power, bioengineering, and oil and gas. This study is conducted through the use of statistical analysis with data collected from COMPUSTAT, CRSP, and MSCI. Our results reveal that ESG is negatively correlated with sin firm …
The Impact Of Diversity, Equity, And Inclusion In The Fashion Industry, Hannah Dreska
The Impact Of Diversity, Equity, And Inclusion In The Fashion Industry, Hannah Dreska
Honors Projects in Finance
This research study is an examination of diversity, equity, and inclusion in the marketing and infrastructure of companies within the commercial fashion industry. The aim of this paper is twofold. First, this paper examines the purchasing preferences and behaviors of young adults and whether their opinions on diversity and inclusivity impact it. Second, this paper examines the financial impact of companies that adopted an inclusive and diverse approach to their marketing strategies and company infrastructure. I hypothesize that inclusivity and diversity are qualities highly valued by consumers and would thus have a positive financial impact on companies that focus on …
Effectively Influencing Personal Financial Management And Financial Preparedness Among Athletes, Darnel Shillingford
Effectively Influencing Personal Financial Management And Financial Preparedness Among Athletes, Darnel Shillingford
Honors Projects in Finance
Professional athletes live the dream of millions of people when they sign their first contract to be paid to play sports. For many athletes, they are coming into money that many have never seen before. Handling this money can prove difficult for athletes from a personal finance standpoint, and it is imperative for them to utilize the support systems around them. However, the support systems need to be readily available to the athlete for there to be a significant impact on the budgeting and investing practices of the athlete. Empowering an athlete to take full advantage of their time in …
Match Results And The Equity Value Of Publicly Traded Soccer Teams, Ryan Bebyn
Match Results And The Equity Value Of Publicly Traded Soccer Teams, Ryan Bebyn
Honors Projects in Mathematics
This study aims to examine the relationship between the match performance of publicly traded European soccer clubs and their stock price returns. It is important for investors, owners, and fans to understand how competitive factors both on and off the field affect the equity value of European club soccer teams. Competitive factors such as basic match results (Win, Loss, or Draw), rivalry matches, and international matches will be evaluated against the daily stock prices of publicly traded soccer clubs. A sample of teams traded on public exchanges will be used to analyze the effects of their matches on the daily …
Young Adults And Money: The Covid-19 Pandemic, Michael Mariano
Young Adults And Money: The Covid-19 Pandemic, Michael Mariano
Honors Projects in Finance
This study looks to explore the relationship between the effects of the COVID-19 pandemic on the economy and young investors. More specifically, this research looks to answer the question: how have young adults, ages 18-25, responded to the economic distress caused by the COVID-19 pandemic with their investing decisions? Through analyzing a sample of young adults, ages 18-25, this study will develop a deeper and broader perspective on the unique impact that the COVID-19 pandemic has had on the investing decisions of young adults. Using a mix of literary studies on similar historical events and a sample study of young …
Environmental, Social, And Governance Factors Within Investing: Impact On The Financial Performance Of The Energy Sector, Ryan Donahue
Environmental, Social, And Governance Factors Within Investing: Impact On The Financial Performance Of The Energy Sector, Ryan Donahue
Honors Projects in Finance
An emerging social pressure of being environmentally and socially responsible has been an increasingly popular concept through the past decades. Socially responsible investing (SRI), or environmental, social, and governance (ESG) investing is an investment strategy which aims to flood publicly trading companies with capital who operate according to specific morals and standards. Studies has proven investors who factor ESG into their portfolio strategies often see greater return, as firms are able to create more long-term value. The purpose of this study is to analyze the effects of ESG activity and ratings on the financial performance of firms in the energy …
The Effect Founder’S Business And Technical Background On Access To External Equity Funding In Fintech Industry, Alexandria Iacoviello
The Effect Founder’S Business And Technical Background On Access To External Equity Funding In Fintech Industry, Alexandria Iacoviello
Honors Projects in Business
This paper explores which founder backgrounds – business, technology, or both – are the most significant when achieving funding for a Financial Technology (Fintech) start-up. The research examines a sample of 289 Fintech start-ups from the cities of Bangalore, Beijing, Berlin, and Boston. The primary source of information was from a data set on the platform GrowthEnabler (GE). Our measure of success was the amount of external equity funding the companies received. The controlled variables for the founders were gender, immigrant status, education level, and prior start-up experience. The firm controls were business type and firm age. The independent variable …
Rise Of Passive Investing: Impacts On Equity Market Functionality, Ryan Donovan
Rise Of Passive Investing: Impacts On Equity Market Functionality, Ryan Donovan
Honors Projects in Finance
Most investments into equity markets can be categorized into two general strategies: active investments and passive investments. These strategies impact equity markets in different ways. Over the past few decades, market participants have witnessed a radical shift from active management to passive management. This paper reviews how this shift impacts market dynamics generally, and liquidity and comovement effects, in particular. Robust statistical analysis of total passive domestic equity assets under management (AUM), individual security, and market index data demonstrates that dramatic increases in passive investment flows correlates with decreased broad market liquidity and increased security-index comovement for securities in the …
The Impact Of Female Leadership On Lgbtq-Supportive Policies, Samantha Bove
The Impact Of Female Leadership On Lgbtq-Supportive Policies, Samantha Bove
Honors Projects in Finance
In the past two decades, gender inequality in c-suites has received a large amount of attention. Thus, the number of women in top management roles has increased substantially. However, the corporate sector has also neglected other marginalized groups, specifically, members of the LGBTQ community. These individuals are important employees and previous literature has established the benefits, both financial and otherwise, that the presence of LGBTQ supportive policies have on American corporations. In this paper, I examine if the presence of women CEOs influences the LGBTQ policies that are implemented in that firm. This will be analyzed using an OLS regression …
Anatomy Of The Short Squeeze: Using Technical And Statistical Analysis To Forecast Price Volatility, Gianni Demerski
Anatomy Of The Short Squeeze: Using Technical And Statistical Analysis To Forecast Price Volatility, Gianni Demerski
Honors Projects in Finance
A short squeeze is a phenomenon in the stock market that occurs when the price of a security surges drastically higher over a short period of time. The main known cause of a short squeeze is due to short sellers aggressively covering their positions creating a short-term artificial increase in the demand for a given stock. The purpose of the present study is to determine whether the stock return volatility of a short squeeze can be forecasted using variables such as trade volume, price patterns, short interest, market capitalization, and a stock’s outstanding shares. The study attempts to determine which …
Footballer Valuations: Valuing World-Class Football Players Against Transfer Fees, Louis Diblasi
Footballer Valuations: Valuing World-Class Football Players Against Transfer Fees, Louis Diblasi
Honors Projects in Economics
This paper aims to create a model to value European football players. It will do so by comparing a player's transfer fee and then measuring their value based on performances in the season after the transfer has occurred. The model will be applied to Europe's top five leagues: the English Premier League, Serie A, La Liga, Ligue 1, and the German Bundesliga. This study takes variables from multiple past studies to be used in the model, and adds a valuation for goalkeepers, which has never been done before. The goal of this study is to measure the variables that contribute …
Understanding Real Estate Market Dynamics: The Covid-19 Effect, Faith Winslow
Understanding Real Estate Market Dynamics: The Covid-19 Effect, Faith Winslow
Honors Projects in Finance
The covid-19 pandemic has led to significant shifts in consumer trends, including in the real estate market. Through multivariable regression, this study investigates how covid-19 has impacted the demand as well as pricing for houses in the United States. The findings contribute to the literature in a few major ways. First, they provide a current look at the impact of covid-19 on the housing market by analyzing monthly, state-level data from before and during the pandemic. Secondly, they provide clarity and supplement journals and research currently in the works. This is the first national study that looks at the effect …
Coo2 Bhanga Munda Data, Asli Ascioglu, Padma Kadiyala
Coo2 Bhanga Munda Data, Asli Ascioglu, Padma Kadiyala
Finance Department Faculty Journal Articles
No abstract provided.
Syllabus For Financial Management, Maura Dowling
Syllabus For Financial Management, Maura Dowling
Resources
This course deals with the financial management of the business enterprise and the role of the financial manager in value creation. The focus of this course is the increasing global dimension that the financial managers must address. Major topics include the time value of money, risk and return, security valuation, capital budgeting, cash and liquidity management, management of current liabilities, dividend policy, cost of capital, capital structure policy and the evaluation of alternative methods of financing. While this course deals with common finance problems, these problems are analyzed in a broader context with an international emphasis.
Inditex's Esg Performance In A Global Financial Market, Sara Habig
Inditex's Esg Performance In A Global Financial Market, Sara Habig
Honors Projects in Finance
Zara has become extremely popular as a global fashion enterprise and remains significantly profitable in the fashion industry. With a leading supply chain operation strategy, they have been a leading retailer for many decades. This empirical research study involves research and assessment of Inditex's ESG performance and evaluations based on ASSET4 data source's evaluations, using the Stata software. Results show that Inditex remains a strong competitor in the fast fashion industry when compared to its rivals within 4 different categorical markets: all sample firms in Spain, all global retailers, and all sample firms separated by continent. Inditex consistently outperformed their …
Student Loans And Their Effects On Postgraduate Life, Joseph Bartucca
Student Loans And Their Effects On Postgraduate Life, Joseph Bartucca
Honors Projects in Finance
College tuition has been steadily increasing in America throughout the past two decades as demand for a higher education has continued to rise. A college education is invaluable and is inevitably essential in obtaining a successful career. As a result, more and more students have been depending on student loans to finance their way through college. The average college student loan debt has reached about $30,000 per student upon graduation nowadays. Because of these skyrocketing debt amounts, several life goals and aspirations have been impacted, including future employment, further enrollment, family formation, homeownership, and net worth. The objective of this …
Non-Traditional Alternative Investments, Michael Alfieri
Non-Traditional Alternative Investments, Michael Alfieri
Honors Projects in Finance
This paper investigates the feasibility of non-traditional alternative investments in portfolios. Non-traditional alternative investments are defined by this paper as collectibles, such as classic cars, art, and wine. Some of these assets have been around for decades and are increasingly becoming more available to investors. This asset class is grouped with assets that are not easily tradable like traditional equities and bonds and do not generate cash flows. This makes valuing the intrinsic value of collectibles difficult. However, academic research has shown that non-traditional alternative investments do have a track record worth investing in. Parts of the market are becoming …
The True Cost Of College: The Impact Of Student Loan Debt On Academic Performance, Marykate Marshall
The True Cost Of College: The Impact Of Student Loan Debt On Academic Performance, Marykate Marshall
Honors Projects in Finance
The cost of college has increased disproportionately compared to wages over the last several decades and as a result, student debt has become more prominent. This study aims to identify and examine the relationship between student loan debt and academic performance. Using an online survey, Bryant Alumni and current juniors and seniors were asked questions pertaining to cumulative GPA at graduation, their financial stress level, demographics, student information, personal finances (including family background), and further education. GPA serves as the dependent variable and factors such as gender, race/ethnicity, the amount of debt, and siblings served as independent variables. The results …
Millennials' Retirement Struggle: The Interaction Between Student Loans, Financial Decisions, And Financial Literacy., Rebecca Michaud
Millennials' Retirement Struggle: The Interaction Between Student Loans, Financial Decisions, And Financial Literacy., Rebecca Michaud
Honors Projects in Finance
As millennials grow older and begin their careers in the workforce, saving for retirement begins to become an important part of spending. This paper analyzes a variety of factors and challenges that impact an individual’s retirement savings. This thesis ultimately looks to determine whether the driving force for the general inadequacy of retirement savings is student loan debt, financial decision making, or both. Through both research and survey responses, this thesis will also look at whether a public policy that removes a certain percentage of student loan repayment obligations will have any impact on the amount that young workers are …
Technology In Finance, Bryan Herlihy
Technology In Finance, Bryan Herlihy
Research and Innovation Village
As a technology continues to improve rapidly, every company in all sectors must learn how to adapt or otherwise face the consequences of going bankrupt. One industry in particular that is continuously innovating is finance. In finance, technology had developed into artificial intelligence.
Using Macroeconomic Variables To Preserve The Predictive Power Of Bankruptcy Prediction Models Across Time, Edward Golas
Using Macroeconomic Variables To Preserve The Predictive Power Of Bankruptcy Prediction Models Across Time, Edward Golas
Honors Projects in Finance
At its core, bankruptcy prediction is a binary classification problem where a researcher attempts to model a company’s financial status, defined as either bankrupt or non-bankrupt, based upon a slew of financial ratios, market indicators and even macroeconomic variables. Several studies (Altman and McGrough, 1974; Moyer, 1977 and Mensah, 1984) have noted that such models tend to suffer reduced accuracy when predicting bankruptcy for time periods other than the one in which they were trained. A possible solution to this problem is to include macroeconomic variables in the model, since such variables fluctuate over time and are suspected of impacting …
How Does The Capability Of Top Management Influence Financial Reporting Fraud?, Michael Wojcikiewicz
How Does The Capability Of Top Management Influence Financial Reporting Fraud?, Michael Wojcikiewicz
Honors Projects in Finance
This study examines the attributes which capture the capability of a perpetrator to engage in financial reporting fraud. Fraudulent financial reporting can be devastating for a company and its employees. Capability includes such measures as the person’s position and the function in which they work. The study reveals how capability influences the occurrence of fraud, the amount of the fraud, and whether capability interacts with concealing the fraud from an audit. The results of the thesis should assist fraud professionals, investors, and regulators as well as stakeholders of corporations by examining publicly available data and highlighting characteristics that can contribute …
A Stochastic Approach To Portfolio Optimization Using Competing Risk Metrics, Juan Gonzalez
A Stochastic Approach To Portfolio Optimization Using Competing Risk Metrics, Juan Gonzalez
Honors Projects in Finance
This thesis presentation presents a stochastic approach to portfolio construction using various risk metrics as underlying models for portfolio optimization. The risk models utilized in this thesis include Mean-Variance, Minimum-Variance, Value-at-Risk (VaR), Conditional Value-at-Risk (CVaR). To evaluate the efficiency and overall performance of these models, historical data for 30 specific stocks was selected. The stock selection process focused on the selecting stocks that are highly volatile and correlated with one another. Empirical results reveal that portfolio optimization strategies outperform the benchmark. Additionally, results showed that the Minimum-Variance model constructed the best portfolio for the predetermined backtesting time period.
The Influence Of News Sentiment On Common Asset Pricing Models, Liam Mahler
The Influence Of News Sentiment On Common Asset Pricing Models, Liam Mahler
Honors Projects in Finance
This paper aims to explore the influence of daily news article sentiment as a predictor of the returns on an investment. A daily sentiment score is developed and it is used to augment five commonly researched models, CAPM, Fama & French Three Factor, Carhart Four Factor, Fama & French Five Factor, and Fama & French Five Factor with Momentum. This study looks at six different securities over a five-year period. Along with this, two different variations of the factor are looked at, one of which is a simple factor that scores days without an article as zero and another that …
Does Corporate Social Responsibility Reduce The Costs Of High Leverage? Evidence From Capital Structure And Product Market Interactions, Kee-Hong Bae, Sadok El Ghoul, Omrane Guedhami, Chuck C.Y. Kwok, Ying Zheng
Does Corporate Social Responsibility Reduce The Costs Of High Leverage? Evidence From Capital Structure And Product Market Interactions, Kee-Hong Bae, Sadok El Ghoul, Omrane Guedhami, Chuck C.Y. Kwok, Ying Zheng
Finance Department Faculty Journal Articles
Research on capital structure and product market interactions shows that high leverage is associated with substantial losses in market share due to unfavorable actions by customers and competitors. We examine whether corporate social responsibility (CSR) affects firms’ interactions with customers and competitors, and whether it can reduce the costs of high leverage. We find that CSR reduces losses in market share when firms are highly leveraged. By reducing adverse behavior by customers and competitors, CSR helps highly leveraged firms keep customers and guard against rivals’ predation. Our results support the stakeholder value maximization view of CSR.
Collectivism And The Costs Of High Leverage, Sadok El Ghoul, Omrane Guedhami, Chuck C.Y. Kwok, Ying Zheng
Collectivism And The Costs Of High Leverage, Sadok El Ghoul, Omrane Guedhami, Chuck C.Y. Kwok, Ying Zheng
Finance Department Faculty Journal Articles
Prior literature shows that high leverage is associated with losses in market share due to unfavorable actions by customers and competitors. Building on this literature, we investigate the effect of collectivism on the product market performance of highly leveraged firms. Using a sample of 46 countries over the 1989–2016 period, we find significantly lower costs of high leverage for countries with higher collectivism scores. Moreover, we find that the impact of collectivism on high leverage costs is more pronounced for firms with high product specialization and with financially healthy rivals. In additional analysis, we find that collectivism helps highly leveraged …
The Core, Periphery, And Beyond: Stock Market Comovements Among Eu And Non-Eu Countries, Michael A. Goldstein, Joseph Mccarthy, Alexei G. Orlov
The Core, Periphery, And Beyond: Stock Market Comovements Among Eu And Non-Eu Countries, Michael A. Goldstein, Joseph Mccarthy, Alexei G. Orlov
Finance Department Faculty Journal Articles
We thank conference participants at the 2016 Financial Management Association and our discussant Fernando Moreira, and two anonymous referees for immensely helpful comments. We also thank Andrew Patton and James P. LeSage for sharing their MATLAB codes for computing quantile dependence. The authors of this paper are responsible for any errors or omissions. The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the authors and do not necessarily reflect the views of the Commission or the authors' colleagues on …