Business Commons^™

Broker Conflict Of Interest Mitigation Efforts And Mutual Funds: Evidence From The 2016 Department Of Labor Fiduciary Rule, Connor Kasten

Doctoral Dissertations

This dissertation utilizes the 2016 Department of Labor (DOL) Fiduciary Rule to analyze the impact of efforts to mitigate broker conflicts of interest on mutual funds. The first chapter examines the effect of the Fiduciary Rule on mutual fund investment. Specifically, I look at changes in the composition of funds available for investment and fund flows during and after the implementation of the Fiduciary Rule. I find that investment companies shifted away from offering investments with broker compensation by eliminating commissioned loads on existing funds, removing funds with broker compensation, and adding funds without broker compensation. This change in investment …

The Financial Impact Of The American Rescue Plan Act (Arpa) On The Population Health Of Knox County, Zachary Christopher Coover

Chancellor’s Honors Program Projects

No abstract provided.

Local Ipos And Retail Investor Trading, Guanhuan Wang

Doctoral Dissertations

This paper examines how salient events affect retail investors’ trading behavior. Using data on households’ trading records from a large discount broker between 1991 and 1996, I find that Initial Public Offerings (IPOs) significantly increase the trading activities of local retail investors of stocks in the same industry over the subsequent year. The effect is stronger for less sophisticated investors and investors who live closer to the IPO firm’s headquarters, consistent with salience as the channel. I also find that retail investors are net buyers of stocks right after the local IPOs and become net sellers after a year and …

The Hidden Costs Of Financing A National Football League Stadium With Municipal Bonds: The Case Of Allegiant Stadium In Las Vegas, Leobardo Diosdado, Marco Lam, Charlie Parrish

Journal of Applied Sport Management

The development of professional sports stadiums in the United States typically relies on public funding in the form of municipal bonds. Prior research has identified several economic and noneconomic reasons local governments choose to direct public funds towards the construction of stadiums. The overall conclusion of this research suggests sport stadiums do not result in significant increases in economic activity and therefore subsidized stadium development projects lack economic justification. In this study, the process of issuing bonds is examined. The authors describe the bond issuance process and utilize data associated with the bonds for the development of Allegiant Stadium in …

Fintech Lending In Consumer Credit Market During Risky Times: Evidence From The Marketplace Lending Platforms, Miaoyin Zhang

Doctoral Dissertations

This dissertation uses evidence from Marketplace Lending (MPL) platforms to examine how newly emerged Fintech lending performs during risky times. In the first chapter, I use the COVID-19 pandemic as a setting to examine the role of marketplace lending (MPL) as an alternative credit provider during a long-term and market-wide economic crisis. Using data from LendingClub, I find that marketplace lenders extend more credit to counties with larger COVID-19 exposure, as measured by its local economic impact and an area’s infection rate. This relation is more prominent in areas with fewer banks, suggesting that marketplace lenders fill borrowing needs in …

Intercollegiate Athletics Marketing-Generated Revenue: Within Autonomy Football Bowl Subdivision, Alicia Romano, Jamie Riggs, Alan Morse, Yoon Tae Sung

Journal of Applied Sport Management

Intercollegiate athletic market-generating revenue (MGR) is of interest to administrators for increasing institution revenue. The driving factors of MGR (i.e., conference, facilities, and finances) need to be understood to allow target level planning for increasing MGR. Multiple linear regression was used to assess MGR on a sample of U.S. autonomy Football Bowl Subdivision institutions. Per capita attendance by designated marketing area, capacity, and contributions were shown to have a strong, quantifiable influence on MGR. By setting the levels of the facility and financial determinant variables, and adjusting for conference, the MGR may be predicted or targeted for institution revenue goals.

313. Socially Responsible Investing: Green For The Planet And Your Wallet, Gabriela Pinzaru

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

This study analyzed whether or not investment in socially responsible companies generated abnormal returns in comparison to the S&P 500. An Environmental, Social, and Governance Index consisting of 33 companies was created based on four different ESG rating agencies. In order to perform a meaningful comparison between said ESG Index and the S&P benchmark, the researcher used Eventus software to conduct an event study. Eventus analyzed stock price data of ESG and S&P companies at a specific point in time over a period of five years. It was determined that the ESG companies performed significantly stronger in comparison to the …

Essays On Investor Attention And Information Acquisition, Charles A. Lambert

Doctoral Dissertations

This dissertation examines the relation between capital market participants’ attention to fundamental information and capital market outcomes. The first essay examines whether investors’ attention to fundamental information helps predict mercer and acquisition activity. The second essay examines the impact of passive ownership on the acquisition of fundamental information.

Direct Listing Vs. Traditional Ipo Case Study, Zachary V. Skaff

Chancellor’s Honors Program Projects

No abstract provided.

The Cost Of Big Data: Evaluating The Effects Of The European Union’S General Data Protection Regulation, Kara Rebecca White

Chancellor’s Honors Program Projects

No abstract provided.

Technological Innovation And The Gics: A Discussion Of Classification Needs In A Disrupted World, Madison Leann Moats

Chancellor’s Honors Program Projects

No abstract provided.

The Impact Of Decreasing Defined Benefit Plans On Employee Turnover, Melissa Claire Gregory

Chancellor’s Honors Program Projects

No abstract provided.

The Impact Of Decreasing Defined Benefit Plans On Employee Turnover, Melissa Claire Gregory

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The gradual adoption of defined contribution retirement plans has been a significant change in the occupational pension system in the United States over the last few decades. By transitioning from defined benefit plans to defined contribution plans, companies are shifting the financial risk associated with saving for retirement onto the employee. Though the shift of this financial risk is the primary concern for many, there are other side effects that this transition may bring about. The principal side effect observed in this research is the potential of defined contribution plans to dis-incentivize employee loyalty and contribute to increased employee turnover …

An Inquiry Into The Regulation Of Social Media Disclosure Policy And Its Impacts On Retail Investor Trading Activity, Sebastian Georg Soldner

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

Finance theory has evolved rapidly over recent decades, as the growth of mass electronic data sets have allowed researchers to apply theory and craft it to results seen in the real world. Financial policy has seen intense debate all across the world, but one of the more silent agents of advancement has been online financial disclosure policy. Through the past few decades, we have seen the mutual growth between technology and policy, and how their interplay shapes the modern world we live in. Investor relations policy has never been at a greater point of allowing information dissemination than today, as …

Supply Chain Sustainability: Understanding The Financial Impact, Matthew J. Guinn

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The purpose of this study is to determine if there is a differential impact on the financial performance of a company between environmental and social events.

This study uses a randomization of publicly traded companies within specific, pre-determined SIC codes, which is a collection of 66 companies, split between manufacturing and retail, to get the most accurate representation.

This study utilizes multiple regression models via STATA to analyze data compiled from the Wharton Research Database Services (WRDS) utilizing the MSCI ESG KLD, and Bloomberg, to analyze the percent increase in stock price which is the overarching models independent variable. Then, …

The Next Recession: Is It Time?, Samuel W. Paganelli

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The Great Recession of 2008 left millions of people without homes, and trillions of dollars in savings were wiped out. As well-informed individuals, we know the economy is cyclical in nature, but how could something so severe happen so suddenly? Were there warning signs that were missed? In my project, I attempt to answer these questions before the next recession. The average business cycle is approximately six years long, and the United States is currently in its ninth year of economic expansion. This fact alone has many people worried that a downturn may be imminent. The goal of my project …

Hurricane Matthew: Measuring The Stock Market Reaction On The Insurance Industry, Greg Gilbert

Chancellor’s Honors Program Projects

No abstract provided.

Identification Of Key Drivers For Municipal Utility Performance, Jasmin Alsaied

Pursuit - The Journal of Undergraduate Research at The University of Tennessee

This report explores the various performance indicators for municipal electric utilities and the greatest impact financial investments can make for improving these indicators. A literature search provided key detail about performing an analysis that would prove useful to utilities. The analysis identifies key performance indicators that allowed for the most prudent of investments. Data mining techniques and statistical analyses were performed on data sets concerning the 51 North Carolina municipal electric utilities to identify several key ratios and performance indicators that have the greatest impact on cost of service, system reliability, and customer satisfaction. Statistical analyses were used to determine …

The Consequences Of Disclosure Regulation: Evidence From Dodd Frank 1502b, Charles Whitley Emerson

Chancellor’s Honors Program Projects

No abstract provided.

A Cost-Differential Analysis Of Local Soybean Processing In East Tennessee: Roast Or Crush?, Rachel Lauren Eatherly

Masters Theses

East Tennessee soybean producers currently have limited local markets and processing options. Most soybeans produced in the region are transported for processing or export to Guntersville or Decatur, Alabama. High transportation costs cut into profit margins and limit local economic impact. With the demand for processed soybeans from the local beef and dairy industries, local processing technology options ought to be investigated. This study will assist soybean farmers in decision-making between hauling to current processing plants or seeking out alternative local processing. Local processing points could allow local beef and dairy farmers additional options of including processed soybeans in least-cost …

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

Chancellor’s Honors Program Projects

No abstract provided.

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 equipment …

Does Political Giving Impact Shareholder Wealth? Evidence From State Campaign Finance Reforms, Douglas Brian Blank Ii

Doctoral Dissertations

Does corporate political giving actually affect shareholder wealth? While firms value political participation, some lawmakers oppose corporate involvement in politics. Yet, the existing literature has established a correlation between campaign finance and corporate outcomes without fully documenting a causal relation. I use an innovative database of political giving to exploit changes in state campaign finance laws as an exogenous shock to political giving. Specifically, I use the staggered adoption of externally imposed legal limits to political giving across U.S. states to expose how shareholder wealth responds. I find shareholder wealth declines following legally imposed reductions in political giving. The causal …

How To Decrease Employee Turnover Rates Within Public Accounting Firms, Hannah Jankowski

Chancellor’s Honors Program Projects

No abstract provided.

Role Of Inside Directors In Mitigating Negative Effects Of Outside Directors’ Busyness, Syed Mainuddin Kamal

Doctoral Dissertations

In this study, I investigate the effect of outside directors’ busyness on firm performance, and how the presence of a certified inside director (CID) on the board alters the busyness effect. Busy outside directors are over-stretched to provide adequate monitoring. Certified inside directors (CIDs), inside directors holding a directorship at an unaffiliated firm, have director labor market incentives to focus on their own firm’s performance and share firm-specific information to outside directors for effective monitoring. I find that the negative effect of outside directors’ busyness on firm performance is mitigated when a firm’s board includes a certified inside director (CID). …

International Expansion In The Retail Industry: A Multi-Case Study On Strategic Expansionary Variables, Patrick Conaty

Chancellor’s Honors Program Projects

No abstract provided.

How Is The Stock Market Like Stephen Curry?, Mariah Paige Beane

Chancellor’s Honors Program Projects

No abstract provided.

Healthcare And The Market: An Event Study On The 2012 Reelection Of President Barack Obama, Robert Parrish Graham

Chancellor’s Honors Program Projects

No abstract provided.

Accounting Information Risk And Credit Ratings, Douglas Ray Ayres

Doctoral Dissertations

Using a sample of U.S. firms, this study explores whether accounting information risk has an impact upon corporate credit ratings, a long term measure of the cost of debt. Theory suggests that accounting information risk could impact shorter term measures of the cost of debt, but is unclear as to whether it will have measurable effects upon the long term cost of debt. This study employs SFAS 157 level three fair value disclosures as a proxy for accounting information risk. The findings suggest higher levels of accounting information risk negatively impact credit ratings. This is supported by both levels and …

Two Essays On The Effects Of External Pressure On Executive Compensation: Evidenced Through Political Sensitivity And Pay For Performance Disclosure, Brandy Elaine Hadley

Doctoral Dissertations

This dissertation analyzes the impact of two external forces on executive compensation behavior. In the first chapter, the impact of political sensitivity is investigated as an external force on government contractor executive compensation. Compensation for top executives has come into the political spotlight, especially over the last decade, with many politicians publicly supporting limits on compensation. However, the impact of political scrutiny to limit compensation is debatable. This study analyzes the effect of political scrutiny on CEO compensation using a sample of Federal contractors, which represents a group of firms where politicians yield the most power. Results suggest that Federal …