Business Commons^™

Fixed Income Fund Report, May 2020, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

The Ursinus College Investment Management Company Newsletter, Spring 2020, Scott Deacle, Johnathan Myers

Investment Management Company Newsletter

Inside this issue:

Letter from Professor Scott Deacle

Letter from Johnny Myers '19

At a Glance

Investment Strategies

Endowment at Work

New at UCIMCO

Investment Performance

Endowment Fund Outlook

Stock Selection Fund Picks

Our Team

Supporters

How to Contribute

Fixed Income Fund Report, April 2020, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Permanent Equity: Successfully Finding And Buying A Small Business, Lewis Wang

Senior Theses

This thesis aims to build off the existing research on the advantages of permanent equity within the micro-cap market space. This strategy combines many advantages from private equity, venture capital, small-cap, and value / quality investing in order to generate a differentiated return. While the pros and cons of these various strategies have been explored by previous academic research, not much has been written on the actual implementation and choices practitioners must make when they decide how to deploy capital. In order to dive deeper into implementation, this thesis presents several anecdotes of various firms that invest in this space …

Why Is Las Vegas Busy Everyday? A Behavioural Analysis Of Impact Investors’ Attitude And Decision-Making Process, Isha Shah

Independent Study Project (ISP) Collection

Remarking a discrepancy in the statistics of a growing influence of impact investment and yet its restrictive inclusion in the financial market has encouraged this inductive research to take an alternative approach to address the impact investment market. In an emic perspective, this study aims to assess the factors motivating individuals and institutions to pursue impact investment. Further, it also investigates some elements that guide the decision making of the investors in this field. The qualitative nature of the research demands exceptional secondary sources and it is rendered more credible with the inclusion of three relevant primary sources. The analysis …

Preparing For The Future: The Effects Of Financial Literacy On Financial Planning For Young Professionals, Tanay Singh

Senior Theses

Purpose – Many people between the age of 20 and 34 have not considered planning financially for the future in any significant capacity and in doing so, they limit their potential savings. The purpose of this study is to examine what financial expectations are for people in the early stages of their career and determine if improving financial literacy and revealing financial realities helps to produce more accurate or realistic expectations. Ultimately, the goal is to better prepare participants in the study for the working world and increased responsibilities outside of the college/university environment by getting them to start thinking …

Green Bonds For Financing Renewable Energy And Energy Efficiency In South-East Asia: A Review Of Policies, Dina Azhgaliyeva, Anant Kapoor, Yang Liu

Research Collection Lee Kong Chian School Of Business

Mobilizing private finance for renewable energy and energy efficiency is critical for Association of South-East Asian Nations (ASEAN) not only for the reduction of global temperature rise but also for meeting fast-growing energy demand. Two-thirds of green bonds issued in ASEAN were used to finance renewable energy and energy efficiency projects. This paper provides a review of green bond issuance and green bond policies in ASEAN. Issuance of green bonds in top three green bond issuing countries in ASEAN, i.e. Indonesia, Malaysia and Singapore, are reviewed in detail. Green bond policies in ASEAN are effective in promoting green bond issuance. …

Fixed Income Fund Report, March 2020, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Equity Fund Monthly Report, March 2020, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

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

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. …

Performance Of Islamic Stocks Versus Conventional Stocks During Crisis And Non Crisis Period: Evidence From Mena Region., Eshraq Abou El Enein

Theses and Dissertations

The purpose of this thesis is to examine the performance of both Islamic and conventional stocks, and to investigate whether the Islamic filtering criteria acts as a shield of protection for investors during crisis or not, based on a panel sample of 12 countries in the MENA region covering 10 different sectors from 1998-2018. Using panel fixed effect regression. We divided out sample into three periods; 1998-2006 pre-crisis period, 2007-2008 crisis period and 2009-2018 post crisis period. Our main finding is that the filtering criteria has a positive relation with the returns significant for the post crisis period and positive …

Preferences Of Institutional Investors: Evidence From The Arab Region, Mohamed Ahmed Magdy Elsayed

Theses and Dissertations

In this research, we examine the preferences of institutional investors in the Arab region. Institutional investors’ investment decisions are based on various factors or measures that are used in assessing the worthiness of a company for investment. The research uses measures for stock risk and return, financial leverage, profitability, ownership concentration and trading activity, as well as measures for company size, value, sector, and country as predictor variables for the rate of institutional ownership and analyzes the impact of these variables. Using a cross-sectional model, the research gathers evidence from the Arab region’s leading stock markets by market capitalization for …

The Archway Investment Fund, Annual Report 2020, Bryant University, Archway Investment Fund

Archway Investment Fund

The production of this report was truly a team effort. We would like to thank Archway students Michael Alfieri and Zachary Babineau for writing a number of sections of the report. We would also like to thank Cecilia Cooper, Stephen Kostrzewa, and Jennifer Zevon for their editorial and graphic design efforts. Thanks to Professors Chris Goolgasian and John Fellingham for teaching the Security Analyst course in the spring and fall terms, respectively. Finally, thanks go to all of the student portfolio managers for the Archway Equity and Archway Fixed Income portfolios during 2020. The COVID-19 pandemic presented a number of …

Portfolio Insurance Strategies. Parameter Optimization And Comparison Study, Olga Biedova

2020

Portfolio insurance strategies are very popular investment solutions that provide an investor with capital protection as well as allow for an equity market participation.

This dissertation focuses on two portfolio insurance strategies: Constant Proportion Portfolio Insurance (CPPI), one of the most popular strategies, and Volatility Target Portfolio Insurance (VTPI), a modified version of an Option Based Portfolio Insurance (OBPI). This dissertation follows a three-paper model.

In paper one, we propose a two-step approach to the numerical optimization of the CPPI main parameter, multiplier. First, we identify an admissible range of the multiplier values by controlling the shortfall probability (chosen as …

Harmonizing The Disjointed: Economic Integration And Risk Sharing, Samuel Acheampong

Theses and Dissertations--Economics

This dissertation consists of three essays examining the role of risk diversification in European markets. At the economy level the first two essays seek to identify whether economic integration efforts among European countries result in sharing risks to consumption with regional neighbors, as opposed to global partners. At the firm level, the third essay seeks to understand whether managers of large companies in the United Kingdom choose less financial leverage if they are specifically compensated with more cash bonus as opposed to other forms of performance incentives.

In Essay 1, I assess the extent to which European countries diversify consumption …

The Performance Of Stock Portfolios: Evidence From Analysing Malaysia Case, And Implication For Open Innovation, Ariful Hoque, Sharmeen Rakhi, Kamrul Hassan, Thi Le

Research outputs 2014 to 2021

© 2020 by the authors. Licensee MDPI, Basel, Switzerland. This research examines the performance of the Islamic stock portfolio (ISP) and conventional stock portfolio (CSP) for the five industrial sectors and market in Malaysia. The capital asset pricing model statistics indicate that the ISP provides a higher return with a lower systematic risk compared to the CSP in different sectors; however, the ISP and CSP perform equally in the market. The non-parametric stochastic dominance approach reveals that the ISP is better than the CSP for portfolio return without considering the riskiness for all sectors except properties; further, the ISP outperforms …

A Little Birdy Told Me: Analysis Of The Impact Of Public Tweet Sentiment On Stock Prices, Alexander Novitsky

CMC Senior Theses

The combination of the advent of the internet in 1983 with the Securities and Exchange Commission’s ruling allowing firms the use of social media for public disclosures merged to create a wealth of user data that traders could quickly capitalize on to improve their own predictive stock return models. This thesis analyzes some of the impact that this new data may have on stock return models by comparing a model that uses the Index Price and Yesterday’s Stock Return to one that includes those two factors as well as average tweet Polarity and Subjectivity. This analysis is done with ten …

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 …

How Efficient Is Market Pricing: Can Investors Beat The Market? Further, Are Prices Always Right As Stated In The Efficient Market Hypothesis?, Porter M. Mcmanus

Honors Theses and Capstones

The Efficient Market Hypothesis is a widely accepted economic theory developed by economist Eugene Fama. The theory states that at any given time, an asset’s price reflects all available public information and will always trade at fair value. The motivation for this research is derived from the content taught in undergraduate finance courses. In undergraduate academia finance students are introduced to the idea of market efficiency, as it is a building block for future theory and application. However, this theory is rarely questioned in the world of undergraduate academia, rather just taken as fact by students.

The underlying research in …

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.