Open Access. Powered by Scholars. Published by Universities.®
- Institution
-
- Singapore Management University (64)
- University of Nebraska - Lincoln (8)
- Technological University Dublin (5)
- Bryant University (4)
- Liberty University (4)
-
- Marquette University (4)
- Western University (4)
- Edith Cowan University (3)
- Embry-Riddle Aeronautical University (3)
- Pace University (3)
- Boise State University (2)
- De La Salle University (2)
- Duke Law (2)
- Florida International University (2)
- Jacksonville State University (2)
- La Salle University (2)
- The University of Maine (2)
- University of Pennsylvania Carey Law School (2)
- University of Texas Rio Grande Valley (2)
- Ursinus College (2)
- Australian Council for Educational Research (ACER) (1)
- Butler University (1)
- California State University, San Bernardino (1)
- City University of New York (CUNY) (1)
- Georgia State University College of Law (1)
- Gettysburg College (1)
- Grand Valley State University (1)
- Lewis University (1)
- Lindenwood University (1)
- Louisiana State University (1)
- Keyword
-
- Finance (11)
- Fintech (7)
- COVID-19 (6)
- China (6)
- Analysts (5)
-
- Corporate governance (5)
- Artificial intelligence (4)
- Blockchain (4)
- Europe (4)
- Financial crisis (4)
- Options (4)
- United States (4)
- Corporate social responsibility (3)
- ESG (3)
- Fiscal policy (3)
- GDP (3)
- Hedging (3)
- Inflation (3)
- Investing (3)
- Monetary policy (3)
- Risk Management (3)
- Risk management (3)
- Short selling (3)
- Singapore (3)
- ASEAN (2)
- American options (2)
- Banking (2)
- Behavioral Finance (2)
- Bitcoin (2)
- Business cycles (2)
- Publication
-
- Research Collection Lee Kong Chian School Of Business (37)
- Sim Kee Boon Institute for Financial Economics (8)
- Research Collection School Of Computing and Information Systems (7)
- Research Collection School Of Accountancy (6)
- Department of Finance: Faculty Publications (5)
-
- Asian Management Insights (4)
- Finance Faculty Publications and Presentations (4)
- Finance Faculty Research and Publications (4)
- Honors Projects in Finance (4)
- Senior Honors Theses (4)
- Articles (3)
- Business Publications (3)
- Honors College Theses (3)
- Publications (3)
- Research outputs 2014 to 2021 (3)
- All Faculty Scholarship (2)
- Angelo King Institute for Economic and Business Studies (AKI) (2)
- Centre for AI & Data Governance (2)
- Doctoral (2)
- FIU Electronic Theses and Dissertations (2)
- Faculty Scholarship (2)
- Honors Theses (2)
- Investment Management Company Newsletter (2)
- Research, Publications & Creative Work (2)
- Business Systems and Analytics Faculty Work (1)
- Center for Policy Research (1)
- Civil and Environmental Engineering and Construction Faculty Research (1)
- College of Business Dean’s Reports (1)
- Crummer Truist Portfolios (1)
- Department of Finance (1)
Articles 121 - 146 of 146
Full-Text Articles in Business
Happy Analysts, Ole-Kristian Hope, Congcong Li, An-Ping Lin, Maryjane Rabier
Happy Analysts, Ole-Kristian Hope, Congcong Li, An-Ping Lin, Maryjane Rabier
Research Collection School Of Accountancy
This paper is the first to investigate the role of work-life balance in financial analysts’ performance and career advancement. Using a large sample of Glassdoor reviews by financial analysts, we find a significant non-linear relation between work-life balance satisfaction and analyst performance and analyst career advancement. Specifically, when work-life balance satisfaction is relatively low, an increase in work-life balance is associated with better analyst performance and career advancement; however, when perceived work-life balance is already high, a further increase in work-life balance is associated with worse analyst performance and career advancement.
How Smart Is Institutional Trading?, Jingi Ha, Jianfeng Hu
How Smart Is Institutional Trading?, Jingi Ha, Jianfeng Hu
Research Collection Lee Kong Chian School Of Business
We estimate daily aggregate order flow at the stock level from all institutional investors as well as for hedge funds and the other institutions separately. We achieve this by extrapolating the relation between quarterly institutional ownership in 13F filings, aggregate market order imbalance in TAQ, and a representative group of institutional investors’ transaction data. We find that the estimated institutional order imbalance has positive price impact in the short term, which reverses in the long term. The “smart” order flow from hedge funds generates greater and more persistent price impact than the “dumb” order flow from all the other institutions. …
Superstition, Conspicuous Spending, And Housing Market: Evidence From Singapore, Jia He, Haoming Liu, Tien Foo Sing, Changcheng Song, Wei-Kang Wong
Superstition, Conspicuous Spending, And Housing Market: Evidence From Singapore, Jia He, Haoming Liu, Tien Foo Sing, Changcheng Song, Wei-Kang Wong
Research Collection Lee Kong Chian School Of Business
We study the effect of superstition and conspicuous spending motives on housing demand and price in Singapore. We find that buyers pay less for homes with unlucky addresses and more for homes with lucky addresses. There were fewer housing transactions on inauspicious days of the lunar calendar when people are advised to avoid making major economic decisions. This suggests that superstitious belief still affects economic activities. The demand for lucky addresses is also weaker on these inauspicious days, suggesting that superstitious belief indeed affects the demand for lucky addresses. Moreover, the price premium for a lucky address is significantly higher …
Financial Illiteracy And Pension Contributions: A Field Experiment On Compound Interest In China, Changcheng Song
Financial Illiteracy And Pension Contributions: A Field Experiment On Compound Interest In China, Changcheng Song
Research Collection Lee Kong Chian School Of Business
I conduct a field experiment to study the relationship between peoples’ misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the concept of compound interest to subjects increased pension contributions by roughly 40%. The treatment effect is larger for those who underestimate compound interest than for those who overestimate compound interest. Moreover, financial education enables households to partially correct their misunderstanding of compound interest. I structurally estimate the level of misunderstanding of compound interest and conduct a counterfactual welfare analysis: lifetime utility increases by about 10% if subjects’ misunderstanding of compound interest is eliminated.
Mad-Lib Style Game Sheet For Calculating Returns, Brett Whysel
Mad-Lib Style Game Sheet For Calculating Returns, Brett Whysel
Open Educational Resources
A short activity in which students pair up, fill in blanks with nouns, numbers, etc., creating their own practice problems to calculate returns.
The Role Of Mutual Funds In Corporate Social Responsibility, Zhichuan Li, Saurin Patel, Srikanth Ramani
The Role Of Mutual Funds In Corporate Social Responsibility, Zhichuan Li, Saurin Patel, Srikanth Ramani
Business Publications
This paper examines the role of mutual funds in corporate social responsibility (CSR). Using a fund-level, holdings-based CSR score, we find that CSR-friendly mutual funds improve firms’ CSR standings. This effect is more pronounced for firms with higher mutual fund ownership and stronger corporate governance. We further show that while CSR-friendly mutual funds have influence on almost all CSR categories, they focus on increasing CSR strengths rather than reducing CSR concerns. We also discover that CSR-friendly funds are more likely to vote in favor of CSR proposals, and that firms owned by CSR-friendly funds are more likely to link their …
Tepoel Lecture: Bond Trustees And The Rising Challenge Of Activist Investors, Steven L. Schwarcz
Tepoel Lecture: Bond Trustees And The Rising Challenge Of Activist Investors, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
Resilience Management For Conservation Of Inland Recreational Fisheries, Edward V. Camp, Mark A. Kaemingk, Robert N. M. Ahrens, Warren M. Potts, William E. Pine Iii, Olaf L. F. Weyl, Kevin L. Pope
Resilience Management For Conservation Of Inland Recreational Fisheries, Edward V. Camp, Mark A. Kaemingk, Robert N. M. Ahrens, Warren M. Potts, William E. Pine Iii, Olaf L. F. Weyl, Kevin L. Pope
Department of Finance: Faculty Publications
Resilience thinking has generated much interest among scientific communities, yet most resilience concepts have not materialized into management applications. We believe that using resilience concepts to characterize systems and the social and ecological processes affecting them is a way to integrate resilience into better management decisions. This situation is exemplified by inland recreational fisheries, which represent complex socioecological systems that face unpredictable and unavoidable change. Making management decisions in the context of resilience is increasingly important given mounting environmental and anthropogenic perturbations to inland systems. Herein, we propose a framework that allows resilience concepts to be better incorporated into management …
Risk Management And Hedging Approaches In Energy Markets, Jim Hanly
Risk Management And Hedging Approaches In Energy Markets, Jim Hanly
Articles
Energy based assets are showing increased susceptibility to volatility arising out of geo-political, economic, climate and technological events. Given the economic importance of energy products, their market participants need to be able to access efficient strategies to effectively manage their exposures and reduce price risk. This chapter will outline the key futures based hedging approaches that have been developed for managing energy price risk and evaluate their effectiveness. A key element of this analysis will be the breadth of assets considered. These include Crude and Refined Oil products, Natural Gas, and wholesale Electricity markets. We find significant differences in the …
Stochastic Volatility And Garch: Do Squared End-Of-Day Returns Provide Similar Information?, David Edmund Allen
Stochastic Volatility And Garch: Do Squared End-Of-Day Returns Provide Similar Information?, David Edmund Allen
Research outputs 2014 to 2021
The paper examines the relative performance of Stochastic Volatility (SV) and GARCH(1,1) models fitted to twenty plus years of daily data for three indices. As a benchmark, I use the realized volatility (RV) for the S&P 500, DOW JONES and STOXX50 indices, sampled at 5-minute intervals, taken from the Oxford Man Realised Library. Both models demonstrate comparable performance and are correlated to a similar extent with the RV estimates, when measured by OLS. However, a crude variant of Corsi’s (2009) Heterogenous Auto-Regressive (HAR) model, applied to squared demeaned daily returns on the indices, appears to predict the daily RV of …
Challenges And Trends In Sustainable Corporate Finance: A Bibliometric Systematic Review, Tad Dat Bui, Mohd Helmi Ali, Feng Ming Tsai, Mohammad Iranmanesh, Ming-Lang Tseng, Ming K. Lim
Challenges And Trends In Sustainable Corporate Finance: A Bibliometric Systematic Review, Tad Dat Bui, Mohd Helmi Ali, Feng Ming Tsai, Mohammad Iranmanesh, Ming-Lang Tseng, Ming K. Lim
Research outputs 2014 to 2021
Sustainable corporate finance is an attractive field of study in sustainability literature; however, the literature lacks systematic bibliometric analysis that provides a comprehensive review to clarify state-of-the-art sustainable corporate finance and that discusses new opportunities and potential instructions for further studies. To address this gap, this study adopts a literature review, bibliometric analysis, network analysis and co-wording technique to systematically investigate the Scopus database. In total, 30 keywords listed at least three times are used and are divided into six clusters considering six fields of research, namely, corporate finance in corporate sustainability, sustainable competitive advantages, sustainable stakeholder engagement, circular economy, …
American Option Pricing: Optimal Lattice Models And Multidimensional Efficiency Tests, Qianru Shang, Brian Byrne
American Option Pricing: Optimal Lattice Models And Multidimensional Efficiency Tests, Qianru Shang, Brian Byrne
Articles
We introduce a set of lattice techniques to the Leisen‐Reimer and Tian binomial models with a view to accelerating computation time and improving accuracy of American Option valuation. A level of accuracy and efficiency combined can be achieved that surpass commonly used analytical analogues. We compare these efficient lattice models with analytical formulae for pricing different groups of options according to the deepness of American quality and moneyness. Our results reveal that counter to received wisdom, lattices constructs produce greater speed and accuracy for all option categories relative to the best performing closed form American analogues.
Potential Pilot Problems: Treatment Spillovers In Financial Regulatory Experiments, Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang
Potential Pilot Problems: Treatment Spillovers In Financial Regulatory Experiments, Ekkehart Boehmer, Charles Jones, Xiaoyan Zhang
Research Collection Lee Kong Chian School Of Business
In analyzing regulatory experiments, a fundamental assumption is that the control group is unaffected. However, in many settings, this assumption may not hold. Generally, the total effect of a regulatory change consists of direct and indirect effects, but the standard difference-in-difference approach measures only direct effects. We apply our methods to the 2007 repeal of the uptick rule by the SEC. The indirect effects are substantial, because unlike the 2005 partial repeal, total repeal enables aggressive portfolio shorting. In particular, we find that short sellers become much more aggressive across the board, and shorting activity increases, even in control stocks …
Enhancing Rescue In Chapter 11: Lessons From Reform Efforts In The United Kingdom, Robert J. Landry Iii
Enhancing Rescue In Chapter 11: Lessons From Reform Efforts In The United Kingdom, Robert J. Landry Iii
Research, Publications & Creative Work
This is a dynamic time for insolvency law. Many jurisdictions have or are considering reforms to their insolvency regimes. The U.K. has proposed a new standalone restructuring mechanism that incorporates many attributes of Chapter 11, including a cross-class cram down and the absolute priority rule. A distinctive feature of the U.K proposal is the infusion of judicial discretion permitting courts to deviate from the absolute priority rule. This discretion is not permitted in the U.S. This judicial discretion addresses a key problem with the application of the absolute priority rule in the U.S. – it serves as an impediment to …
Early Termination Of Small Loans In The Multifamily Mortgage Market, Anthony Pennington-Cross, Brent C. Smith
Early Termination Of Small Loans In The Multifamily Mortgage Market, Anthony Pennington-Cross, Brent C. Smith
Finance Faculty Research and Publications
This article uses micro‐level data on small (as defined by Fannie Mae) multifamily loans in the Fannie Mae loan portfolio to examine prepayment and default performance. The results document the importance of equity, as measured by the loan‐to‐value ratio, and contemporaneous property operating income relative to debt service obligations, as measured by the debt‐to‐income ratio. Our results indicate that the expiration of prepayment penalties and yield maintenance provisions lead to large spikes in prepayment and default. The results also illustrate that multifamily loans, as they are not fully amortized, also have a substantial risk of both extension and default at …
Ecosystem-Specific Growth Responses To Climate Pattern By A Temperate Freshwater Fish, Jonathan Spurgeon, Mark A. Pegg, Kevin L. Pope, Lin Xie
Ecosystem-Specific Growth Responses To Climate Pattern By A Temperate Freshwater Fish, Jonathan Spurgeon, Mark A. Pegg, Kevin L. Pope, Lin Xie
Department of Finance: Faculty Publications
Somatic growth patterns among animal populations are maintained through complex processes that vary among ecosystems. Changes in growth patterns may be concomitant with changes in climate; however, understanding how growth will manifest among ecosystems is limited. Information embedded within fish hard-parts (i.e., otoliths, spines, vertebrae) can account for variation in growth patterns resulting from changing climate conditions. Channel catfish Ictalurus punctatus is a freshwater fish species widely distributed across North America with limited information regarding climate influences on growth and differences in climate-growth relations among ecological systems. We assessed growth (total length) response to changing climate conditions for channel catfish …
Harvest–Release Decisions In Recreational Fisheries, Mark A. Kaemingk, Keith L. Hurley, Christopher J. Chizinski, Kevin L. Pope
Harvest–Release Decisions In Recreational Fisheries, Mark A. Kaemingk, Keith L. Hurley, Christopher J. Chizinski, Kevin L. Pope
Department of Finance: Faculty Publications
Most fishery regulations aim to control angler harvest. Yet, we lack a basic understanding of what actually determines the angler’s decision to harvest or release fish caught. We used XGBoost, a machine learning algorithm, to develop a predictive angler harvest–release model by taking advantage of an extensive recreational fishery data set (24 water bodies, 9 years, and 193 523 fish). We were able to successfully predict the harvest–release outcome for 99% of fish caught in the training data set and 96% of fish caught in the test data set. Unsuccessful predictions were mostly attributed to predicting harvest of fish that …
Coerced Regimes: Management Challenges In The Anthropocene, David G. Angeler, Brian C. Chaffin, Shana M. Sundstrom, Ahjond S. Garmestani, Kevin L. Pope, Daniel R. Uden, Dirac Twidwell, Craig R. Allen
Coerced Regimes: Management Challenges In The Anthropocene, David G. Angeler, Brian C. Chaffin, Shana M. Sundstrom, Ahjond S. Garmestani, Kevin L. Pope, Daniel R. Uden, Dirac Twidwell, Craig R. Allen
Department of Finance: Faculty Publications
Management frequently creates system conditions that poorly mimic the conditions of a desirable self-organizing regime. Such management is ubiquitous across complex systems of people and nature and will likely intensify as these systems face rapid change. However, it is highly uncertain whether the costs (unintended consequences, including negative side effects) of management but also social dynamics can eventually outweigh benefits in the long term. We introduce the term “coerced regime” to conceptualize this management form and tie it into resilience theory. The concept encompasses proactive and reactive management to maintain desirable and mitigate undesirable regime conditions, respectively. A coerced regime …
Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker
Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker
Faculty Publications By Year
Evidence of the tremendous rise in the significance of environmental, social, and governance (ESG) investing is coming from all quarters. Fund flows into ESG investment vehicles are growing at a sustained and sometimes exponential pace. Fund complexes are rushing to design products, creating and rebranding scores of mutual funds and exchange traded funds (ETFs), including lower-cost indexed options. Industry leaders, critics, and commentators are all heralding the sea change as a shift in investing - and corporate governance - to more broadly consider environmental and social factors.
This Article provides vital context for this conversation. Its descriptive account of the …
Crummer Suntrust Portfolio Recommendations: Crummer Investment Management [2020], Gerardo Abril, James Bishop, Eddie Cutillas, Shawn Fletcher, Bobby Suchor
Crummer Suntrust Portfolio Recommendations: Crummer Investment Management [2020], Gerardo Abril, James Bishop, Eddie Cutillas, Shawn Fletcher, Bobby Suchor
Crummer Truist Portfolios
The Crummer Investment Management team has the responsibility of managing the Crummer SunTrust Portfolio. Guided by the investment policy statement, our team's focus was on making appropriate investment decisions based on the portfolio's overarching objectives. This year, we were mindful of protecting the value of the portfolio during periods of economic decline. Achieving this objective will allow us to generate cash to support on-going donations to Crummer's scholarship program. In a time of unprecedented economic uncertainty, we have created an economic outlook for the rest of 2020 through Q1 2021. We gathered information, studied economic indicators, and carefully watched the …
A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin
A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin
All Faculty Scholarship
This Article takes the occasion of the tenth anniversary of the financial crisis to review recent developments in the structured products market, connecting the emergent pattern to post-crisis regulation.
The Article tells a tale of two markets. The financial crisis stemmed from excessive risk-taking and shabby practice in the subprime home mortgage market, a market that owed its existence to the private-label, originate to securitize model. But the pre-crisis boom in private label subprime mortgage-backed securities could never have happened absent back up financing from an array of structured products and vehicles created in the capital markets—the CDOs that found …
Cross-Industry Information Sharing And Analyst Performance, Allen Huang, An-Ping Lin, Amy Zang
Cross-Industry Information Sharing And Analyst Performance, Allen Huang, An-Ping Lin, Amy Zang
Research Collection School Of Accountancy
This study shows that analyst research benefits from the sharing of information about economically connected industries among colleagues. Measuring the intensity of potential information sharing with the level of economic connection between an analyst’s industry and her colleagues’ industries, we find that it is positively correlated with an analyst’s earnings forecast accuracy, stock recommendation profitability, coverage breadth, and report frequency after controlling for other determinants including broker or analyst fixed effects. We also find that analysts are more likely to issue reports when highly connected colleagues produce information. We show that sharing information with colleagues covering downstream (upstream) industries benefits …
How To Develop Successful And Ethical Investment Analysts: Marquette University's Applied Investment Management Program, Matteo Arena, David K. Krause
How To Develop Successful And Ethical Investment Analysts: Marquette University's Applied Investment Management Program, Matteo Arena, David K. Krause
Finance Faculty Research and Publications
Purpose
The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of Marquette University's Applied Investment Management (AIM) program.
Design/methodology/approach
The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes.
Findings
Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at …
Financial Vulnerability And The Reproduction Of Disadvantage In Economic Exchanges, Tianyu He, Rellie Derfler-Rozin, Marko Pitesa
Financial Vulnerability And The Reproduction Of Disadvantage In Economic Exchanges, Tianyu He, Rellie Derfler-Rozin, Marko Pitesa
Research Collection Lee Kong Chian School Of Business
Integrative value generation through negotiated business deals is a fundamental way in which organizations and economic systems attain economic benefits. It is also an important way in which individuals can improve their financial situation. We propose that individuals most in need of improving their financial standing, those in a financially vulnerable situation, are least likely to reap the benefits of integrative value generation. We theorize that financial vulnerability induces a more zero-sum construal of success, or a view that success for one person must come at another person’s success. A more zero-sum construal of success, in turn, hampers negotiators’ ability …
Sell-Side Analysts' Benchmarks, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Sell-Side Analysts' Benchmarks, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their recommendations. A buy for some brokers means the stock is expected to outperform its industry, while for other brokers it means the stock is expected to outperform the market, or some return threshold. We show that these stated benchmarks have implications for the distribution of recommendations, price reactions to recommendations, and the investment value of recommendations. We conclude that, depending on the question, academics may need to account for the benchmarks when studying analysts’ outputs, and investors may find the benchmarks beneficial in interpreting analysts’ advice.
Foreign Corruption As Market Manipulation, Gina-Gail S. Fletcher
Foreign Corruption As Market Manipulation, Gina-Gail S. Fletcher
Faculty Scholarship
No abstract provided.