Business Commons^™

Has Government Tax Policy In Greece Led To A Large Shadow Economy?, Nils Thompson

Honors Projects in Economics

This capstone investigates the impact that tax policy has on the shadow economy in Greece. Greece has one of the largest shadow economies in the world and the largest in the European Union, with tax evasion being one of the main drivers. While previous research has provided measures of the shadow economy, none matches the shadow economy estimations with policies, laws, and agencies enacted by the government, specifically over the period in time of 1990-2012. This study contributes to the literature by connecting the policies implemented by the government with the size of the shadow economy in Greece, along with …

The Stock Market Impact Of Bond Rating Changes, Michael Leonard

Honors Projects in Mathematics

This paper examines the impact of a downgrade of a company’s credit rating on its stock price in the days surrounding the downgrade. If we consider this downgrade new information, then a negative impact on the company’s stock price would be expected. However, if we assume that rating agencies use information that investors have already accounted for, then there would be no impact. There could also be an impact, at least temporarily, due to the fact that a ratings downgrade is bad news, even if the reasons for the downgrade have already been priced in. To perform this analysis I …

The Impact Of New Product Announcements On Quick Service Restaurant Companies’ Stock Returns, Tim Drechsler-Martell

Honors Projects in Finance

This study seeks to answer two main questions: 1) Do product announcements impact quick service restaurant stock returns? 2) Do economic conditions impact the degree which product announcements impact quick service restaurant stock returns? 159 total product announcements were collected for 6 quick service companies: McDonald’s Corp., YUM! Brands Inc., The Wendy’s Co., AFC Enterprises Inc., Jack in the Box Inc., and Sonic Corp. 84 of these announcements were from 2005-2007 (Labeled “Pre-Recession”), and 75 were from 2009-2011 (Labeled “Post-Recession”). Using historical stock price data, an analysis of the overall trends of the mean-adjusted excess returns was conducted to determine …

Relationship Between Interest Rate And Bank Common Stock Return: Evidence From The Top 10 United States Banks And Financial Sector Index, Hieu Trung Tran

Honors Projects in Finance

This research paper investigates the effect of changes in long-term interest rates on the returns of the top 10 US banks included in the Financial Sector Index. There are three main parts of this paper.

The first part uses the Augmented Dickey-Fuller (ADF) test to test the “Random Walk” of banks’ common stock returns. Based on the test’s results, returns of banks’ common stock do not solely follow the “Random Walk”.

In the second part, the Two-Factor Arbitrage Pricing Theory is employed to test the effect of changes in long-term interest rate on the return of banks’ common stocks. The …

Private Student Loan Asset Backed Securities: A Default Curve Analysis, Nicholas Gentile

Honors Projects in Finance

Business and mainstream media devote significant attention to the student lending industry and its possible threat to the economy. While the private loan component of student lending may not be largest part of this one trillion dollar industry, it is likely to be the space where evidence supporting the media’s concerns are found. This paper examines the variation in cumulative default rates for private student loan asset backed securities issued between 2001 and 2007, revealing the dynamics of these opaque financial instruments. The study analyzes internal pool data and external economic data, uncovering the primary factors that shape the respective …

Initial Public Offerings In The Microfinance Industry: Does A Mission Drift Occur?, Sarah Segill

Honors Projects in Finance

This thesis analyzes whether or not there is a mission drift when microfinance organizations become publicly traded entities. One of the most debated criticisms of microfinance institutions (MFIs) today involves becoming for-profit organizations in attempt to raise more capital. Donor funding is limited for non-profit organizations and does not give an MFI much room to grow to serve a maximal number of people. The entry of for-profit microfinance institutions has a great deal of possibility in terms of generating scale, efficiency and innovation. Yet these for-profit institutions can easily lose track of their social mission to serve the poor and …

The Cost Of Culture The Impact Of National Culture On The Pass-Through Of Commodity Shocks, Christine Gerrity

Honors Projects in Finance

This study analyzes the impact of national culture on the pass-through of commodity price shocks to retail goods. In particular, this study explores the commodities of coffee, cotton and steel. Through the use of regression analysis, this study looks to determine the relationship between two key predictive variables: risk tolerance of a country and commodity shocks within a company’s associated commodity market, and their impact on the value of companies within that country. Additional factors are explored at the firm financial level and the firm country level. The purpose of this study is to examine if consumers of one country …

Who Is The American League Mvp On A Per Dollar Basis?, Patrick Decker

Honors Projects in Mathematics

This study will look at the value of MLB players in the American League on a per dollar basis. It will be based on the 2011 statistics and will use a linear regression model to create a value for each player. The value will be based on a variety of statistics based upon position. For all players: age, team wins, and years in the league will be accounted for. For field players: games played, hits, runs, doubles, triples, home runs, runs batted in, walks, strike outs, stolen bases, on base percentage, slugging percentage, fielding percentage and errors will be accounted …

An Examination Of Localization Success Factors Of Chinese Big Four Accounting Firms, Alexa Mcisaac

Honors Projects in Modern Languages

In May 2012, the Chinese government mandated that once the Big Four accounting (KPMG, PwC, Ernst & Young, and Deloitte) joint venture agreements expire, the firms must begin to localize most of the senior management. Although most of the Big Four firms employ many locals, there are more expatriate partners than Chinese counterparts. Because of this, the Big Four firms must quickly find qualified local senior management personnel. Amongst compliance and global regulatory issues, the Big Four firms must develop a strategy for localizing. Through a survey, this study aims to examine how expatriates and local Chinese managers perceive the …

Status: In A Relationship How Effective Is Customer Relationship Marketing On Facebook?, Courtney Weiss

Honors Projects in Marketing

Facebook provides an avenue for companies to connect with consumers in new ways. Since so many tools for communication are available on the site, it can be difficult for a company to focus its marketing efforts. This study examines how consumers respond to Facebook Advertisements and company pages on Facebook in order to determine where companies should allocate their resources on the social networking site. Specifically, it explores consumer click-through rates on Facebook Ads, as well as consumer perception of various Facebook promotional tools. The methodology includes traditional research in the form of a literature review, as well as focus …

The Evolution Of The “Southwest Effect”, Daniel Webb

Honors Projects in Finance

The “Southwest effect” - a large decrease in fares paired with an increase in traffic - has been discussed around the airline industry since the term was first coined in a government study in the early 1990s. But the airline industry has drastically changed since then - Southwest has become the largest domestic airline, and many of its competitors have had the chance to restructure through bankruptcy.

This study examines some of Southwest's latest city additions, as well as a few of the airline’s intra-California routes where it is now a dominant player. Using publically-available government data, the change in …

Cost Of Winning: What Contributing Factors Play The Most Significant Roles In Increasing The Winning Percentage Of A Major League Baseball Team?, Patrick Tartaro

Honors Projects in Finance

Over the past decade, discussions of competition disparity in Major League Baseball have been brought to the forefront of many debates regarding the sport. The belief that "large market" teams such as the New York Yankees buy their championships through acquiring star talent at high prices has become a common belief of many followers of the game. This research will answer the pressing question, "What are the most significant factors that correlate to a Major League Baseball Team’s winning percentage?”. I used stepwise regression to identify factors significantly related to winning percentage. Interestingly enough, payroll is not a significant factor …

How One Trade Could Change The World: High Frequency Trading And The Flash Crash Of 2010, Sarah Perlman

Honors Projects in Finance

Financial markets are controlled directly by a small population of people, but have direct effects on almost every aspect of the global community. Financial markets are now flooded with computerized algorithms that have drastically changed the face of trading. As with any advances in technology, there are always unforeseen events that create new challenges, and adjustments that need to be made. In our increasingly global and technological world, one wrong click of the mouse in New York could affect the stock markets in London, Tokyo, and Brazil. On May 6th, 2010, such a situation occurred and caused the Dow Jones …

An Investigation Into The Factors That Lead To Career Success In Accounting: Are Great Accountants Born Or Made?, Kelly Cocco

Honors Projects in Accounting

Are great accountants born or made? This paper examines various factors and personality traits which lead to career success in accounting, as perceived by accountants with various levels of earnings and job satisfaction. The current literature indicates that a gap exists between employer expectations of potential employees and the skills and traits that accounting graduates prioritize as most important when they are about to enter the workforce (Muda 2009). This study extends the literature by attempting to identify the traits and characteristics of successful accountants by surveying accounting professionals, who are defined as those who have careers in accounting functions …

Twitter: Businesses Increasing Their Revenues 140 Characters At A Time, Adekemi O. Oyalabu

Honors Projects in Communication

With the consumer market becoming more competitive by the day, businesses must find innovative yet cost effective means of reaching their target markets and steadily increasing their revenues. While businesses compete with one another to remain the best, they must have a strategic market plan that differentiates their products and/or services from their competitors. In an effort to do this, many businesses have begun using social networking sites such as Facebook, MySpace, and LinkedIn as a means of reaching their target markets. Such sites have opened businesses to a new level of advertising where they reach consumers faster, have the …

Investment Styles, Fees, & Returns Among Individually Managed & Team Managed Mutual Funds, Kendal Cehanowicz

Honors Projects in Finance

Identifying a successful mutual fund investment involves a crucial analysis of alternatives, all of which influence the true benefit of the investment. Major considerations must include performance, management and fees; which ultimately determine investment returns. Studies have shown that team managed mutual funds exhibit similar risk adjusted performance to individually managed mutual funds, however studies lack this comparison of performance based on fund fees and investment objective. This gap in research implies that there is an opportunity to examine how fund management, investment objective, and fund fees affect overall returns to the investor. Using the 2010 Center for Research in …

Does Twitter Create Similar Patterns Of Positivity/Negativity As Face-To-Face Word-Of-Mouth?, Nicholis Jones

Honors Projects in Marketing

Word-of-mouth communication is important to organizations because it is a free form of advertising and has been shown to be influential on consumers’ purchasing decisions. Marketers of course, would like WOM to be positive and thus increase brand reputation and sales. In the past decade, new forms of communication have created different channels for WOM to travel through. Current social media websites such as Facebook and Twitter allow one person to send a message to many almost instantaneously. This study’s objective is to examine the WOM on the networking site Twitter. Previous research has indentified the relative incidence rates of …

Effects Of Chronic Regulatory Focus And Product Type On Internet Purchase Decisions, Chad Ryan

Honors Projects in Marketing

This study draws on Regulatory Focus Theory (RFT; Higgins 1987) to explore factors that affect a consumer’s online purchase attitudes and intentions. According to RFT, consumers tend to be either chronically promotion- or prevention-focused. Promotion-focused consumers are concerned with positive outcomes. Conversely, prevention-focused consumers are concerned with avoiding negative outcomes. Promotion-focused consumers are more willing to take risks than prevention-focused consumers (Higgins 1997). Promotion-focused consumers also prefer hedonic shopping experiences (i.e., pleasurable), whereas prevention-focused consumers prefer utilitarian shopping experiences (i.e., task-oriented) (Arnold & Reynolds 2009). Because products that are purchased on the Internet cannot be seen or touched prior to …

The Semiotics Of Sexual Identity: Myth Vs. History, Mackenzie Schroth

Honors Projects in English and Cultural Studies

In this project, I argue that gay, lesbian, and bisexual (GLB) students majoring in liberal arts have a higher likelihood of being out and of feeling confident in their identity and manner of self-expression. On the other hand, GLB students majoring in business-related fields are more likely to either be closeted or to fit a very defined, stereotyped gay identity. I test my hypothesis by conducting a semiotic analysis of sexual identity and by looking to the history of sexual identity categories. I also survey and interview various students, both liberal arts and business majors, to determine their perceptions about …

Getting The Sharks To Bite In Your Ocean: A Look At Regional Differences In Funding Components In China And The United States, Jennifer Ashley Schwall

Honors Projects in Finance

This study explores the relationship between a venture capital firm’s geographic region and the investment traits that it values. This study’s results will help determine whether venture capital firms, by geographic region, emphasize certain investment traits over others when funding new companies.

The study examines three regions (the East Coast of the United States, the West Coast of the United States and China, specifically Beijing and Shanghai). By surveying available firms in each region, I collected data on which funding components, or investment traits, the sampled respondents valued. To increase the usefulness of my findings, I held constant the stage …

Do Foreign Direct Investment And Trade Openness Accelerate Economic Growth?, Donna Chan Wah Hak

Honors Projects in Economics

This research investigates the impact of trade openness and foreign direct investment (FDI) on economic growth. Using a framework proposed by Barro (1991), panel data regression analysis is performed on 5-year time periods between 1985 and 2005. A sample of 89 countries is analyzed using data collected from the World Development Indicators (WDI), Penn World Table, Barro and Lee (2010), and Polity IV Project datasets. The empirical analysis shows that conditional convergence occurs among the countries in the sample and that FDI net inflows per worker slightly increases the speed of conditional convergence. This study also finds evidence that FDI …

Tax Reform In Rhode Island: Developing A High Quality Revenue Stream, Nicholas A. Denice

Honors Projects in Accounting

The present study explores the current state of taxation in Rhode Island in relation to its sales tax. An analysis of the literature will examine how the current sales tax system compares with other alternatives and if it hurts the state's economic competitiveness as shown in tax burden studies. Using Rhode Island tax data from the Annual State Audit and Consumer Expenditure Survey, this study will analyze the current sales tax system in the state and determine whether an alternative model would lead to a higher-quality revenue stream. Data from the State of Rhode Island General Audit Report and the …

Where Were The Media In The Financial Crisis Of 2008, And Have We Seen This Trend Before?, Margaret Dickinson

Honors Projects in Communication

In the fall of 2008, the United States and the rest of the world experienced significant financial turmoil. The financial industry as we knew it crumbled before our eyes. After experiencing this event and the media's fragmented and inconsistent coverage of it, I felt an interesting topic to look into was the financial press' failed coverage of the finance industry, both today and in the past. In looking at this event, I will focus on both the financial press that failed to cover the happenings of the financial industry, as well as those that did recognize the issue at hand. …

Non-Profit Organizations In A Down Economy: The Financial Performance Of Higher Education Institutions In The New England Area, Yuanjun Li

Honors Projects in Finance

An economic recession affects an entire economy, including the non-profit sector. The impact could result from changes in government support, a decrease in donations, investment income, service fees or a combination. Many private universities and colleges, which rely on tuition and endowment, have been affected by a dip in enrollments, while their endowments shrink because of the recession and declining stock values. This study will examine how an economic recession can affect non-profit organizations, focusing on private, four-year higher education institutions in New England. Different types and sizes of schools will be affected differently. Since the large, well-known schools have …

Major League Baseball: America’S Recession-Proof Pastime, Mark Mcdonnell

Honors Projects in Finance

This project is a study which examines how attendance levels in Major League Baseball stadiums have been impacted by the current recession in the United States which began in October 2007. Research on attendance during past recessions has shown a strong relationship that during downtrends in the economy, baseball attendance levels generally do not suffer. Using an ordinary least squares regression, independent variables including; percent change in ticket price from previous season, distance to closest competitor, percent change in ticket price of the closest competitor, winning percentage during previous year, winning percentage during current year, unemployment rate during current year, …

A Study On Workforce Integration In An International Acquisition, Christopher Lussier

Honors Projects in Management

International acquisitions are extremely difficult to maneuver and success is far from guaranteed. Navigating through financial statements is one thing, but trying to link together two or more geographically and culturally diverse workforces is an entirely another thing. This study analyzes fourteen employee interviews from four different companies involved in international acquisitions within the last ten years. It develops a comprehensive comparison of companies looking to partially integrate through hands-off management or fully integrate through synergistic collaboration of workforces. The analysis looks at the actions companies take once the decision is made to grow internationally through mergers and acquisitions in …

The Impact Of The Summer Olympics On Its Host City: The Costs Outweigh The Tangible Benefits, Steven Rosenblum

Honors Projects in History and Social Sciences

In the eyes of a host city, the reason to host the Summer Olympic Games has evolved from shining glory on athletic feats to receiving the perceived benefits from the opportunity. In the current times, there are a record number of Olympic events generating a demand for the construction of a larger amount of Games facilities than ever before. However, nations still vie for the winning bid to host the Olympics in one of their cities. This paper seeks to show that the costs of hosting the Games outweigh its tangible benefits. In detail, it will look at the financial, …

A Phone Of One's Own: Texting At The Bryant University Reference Desk, Laura Kohl, Maura Keating

Library Staff Publications, Presentations & Journal Articles

Librarians take great pride in their continuous efforts to be accessible to their patrons. By summarizing the “Text a Librarian” program at the Douglas and Judith Krupp Library at Bryant University, this article highlights the many ways reference librarians and their services have evolved. This article takes you on a journey through their “eureka moment” to the phone plan and purchase, implemented guidelines and policies and ultimately, their “texting success”.

Correct Conduct For Career And College, Anne Kent

Historical Documents of Bryant University (1863-present)

Pamphlet outlining the rules of etiquette young female students should follow throughout their academic and business careers, as determined by Anne Kent and Emily Post.