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Articles 1 - 12 of 12
Full-Text Articles in Business
Intellectual Capital's Impact On Corporate Performance During The Age Of Digitalization And The Covid-19 Pandemic, Chance Sears
Intellectual Capital's Impact On Corporate Performance During The Age Of Digitalization And The Covid-19 Pandemic, Chance Sears
CMC Senior Theses
The purpose of this paper is to examine the relationship between intellectual capital and firms’ financial and market performance during the peak levels of digitalization, focusing on the COVID-19 Pandemic. Utilizing the recently validated Value Added Intellectual Coefficient (VAIC), alongside its necessary controls, I conduct an empirical analysis on North American firms over the period of 2010-2020 using fixed effects and pooled ordinary least squares analysis. Findings from the empirical analysis provide evidence that intellectual capital is a driving factor in enhancing firms’ financial and market performance. Additionally, results indicate that the COVID-19 pandemic increased the impact of intellectual capital …
The Future Of Fashion: Corporate Social Responsibility And Essential Marketing Strategies, Taite Jorgensen
The Future Of Fashion: Corporate Social Responsibility And Essential Marketing Strategies, Taite Jorgensen
CMC Senior Theses
This paper analyzes how fast fashion has impacted future trends of the fashion industry. Due to globalization, the fast fashion industry has been able to create new norms of over-consumerism and international labor. Because of this, the fast fashion industry is able to mass produce in a way consumers have never seen before, in addition to making it all at extremely low prices. However, fast fashion brands are only able to mass produce cheap goods through unethical methodologies; these methodologies include unsustainable materials and practices, inhuman labor conditions and wages, and by making sizes that exclude bigger bodies. Consumers are …
Factory To Table: A Philosophic Analysis Of The Justice Or Lack Thereof Of Agricultural Markets, Will Carter
Factory To Table: A Philosophic Analysis Of The Justice Or Lack Thereof Of Agricultural Markets, Will Carter
CMC Senior Theses
How food is produced has dramatic consequences on how we live, our world’s justice, and the future of our planet. In a world increasingly driven by neoliberalism, agricultural markets have been incentivized to industrialize, globalize, and consolidate. This has resulted in the global dominance of a new type of agriculture, industrial agriculture, driven by the market logic of lowering costs and raising profits. Industrial agriculture has undoubtedly generated the profound benefit of cheaper, more plentiful food in much of the world. These favorable innovations lead many scholars to argue that free markets produce the most just and efficient arrangements for …
How Good Are Equity Analysts? Investigating The Impact Of Analyst Recommendations On Portfolio Performance, Maxwell Dawson
How Good Are Equity Analysts? Investigating The Impact Of Analyst Recommendations On Portfolio Performance, Maxwell Dawson
CMC Senior Theses
This paper lies at the convergence of the portfolio optimization literature and the equity research industry. I attempt to quantify the benefit provided to an investor by equity analysts from an asset allocation perspective, and hypothesize that no significant benefit exists because of the incentive misalignments facing analysts as well as the inherent difficulty of valuing stocks. Using a Bayesian regression framework with prior beliefs for alpha generated based on equity analysts’ recommendations, I find no significant difference in out-of-sample performance between portfolios which take analyst recommendations into account and portfolios which do not.
Don’T Get Screwed: What Factors Determine The Inclusion Of J. Crew Blockers?, Michael Sill
Don’T Get Screwed: What Factors Determine The Inclusion Of J. Crew Blockers?, Michael Sill
CMC Senior Theses
A “J. Crew Maneuver” is a type of collateral-stripping event that transfers the value of a nearly insolvent company from the lender to the borrower. This concept matters to lenders because it exposes them to significant downside risk through the loss of hundreds of millions of pledged collateral. While credit analysts and debt lawyers have commented on the importance of preserving creditor value ex ante through lender-protective clauses embedded within debt documents, this paper breaks ground on empirically studying the determinants of these protective clauses known as “J. Crew Blockers”. I hypothesize that private equity backing, a contractionary credit environment, …
Spac Success Factors: Determinants Of Post-Acquisition Share Price Growth, Cade Moffatt
Spac Success Factors: Determinants Of Post-Acquisition Share Price Growth, Cade Moffatt
CMC Senior Theses
This paper examines characteristics of Special Purpose Acquisition Companies (SPACs) as determinants of post-acquisition success. I collected data on all SPACs which merged with a target firm between 2016 and the start of 2021. The data set controls for a host of variables including the contractual design of the SPAC, management team characteristics, founder compensation structure, key underwriter data, and performance metrics measured throughout the SPAC’s lifecycle. Using a multivariable regression, I find new and robust insights into the SPAC market. Contrary to current literature, I conclude that the misaligned incentives caused by the initial at-risk capital supplied by founders …
Twitter’S Relationship With Overreaction In Individual Security Returns, David Halle
Twitter’S Relationship With Overreaction In Individual Security Returns, David Halle
CMC Senior Theses
Using stock market return data from 2007 to 2019 from The Center for Research in Security Prices, I inquire into the impact that Twitter has on the overreactions of individual stock returns by breaking down returns into pre and post-Twitter periods. I examine negative serial correlation, demonstrating return reversals, between a lag crossed Twitter dummy variable and initial returns. With stock reversals serving as an indicator of initial overreaction and assuming stationarity of overreactions over time, I find that the presence of Twitter results in significantly more overreactions for highly followed companies when using monthly returns. However, when assessing Twitter’s …
Privacy-As-Property: A New Fundamental Approach To The Right To Privacy And The Impact This Will Have On The Law And Corporations, Sevion Dacosta
Privacy-As-Property: A New Fundamental Approach To The Right To Privacy And The Impact This Will Have On The Law And Corporations, Sevion Dacosta
CMC Senior Theses
The most popular conception of the right to privacy stems from Warren and Brandeis’s description of privacy as “the right to be left alone.” This theory ultimately points to a more fundamental approach to the right to privacy rooted in property rights. This fundamental approach - which I call privacy-as-property - is what I establish in this paper. I argue that the Lockean concept of property that “every man has a property in his own person” provides the foundation for the right to privacy. Privacy-as-property begins with the fundamental right to control oneself. Because of this intrinsic right, your property …
Analyst Non-Gaap Reporting: When Do Equity Analysts Adjust Gaap Earnings – An Application Of Text Based Firm Complexity, Patrick Chen
Analyst Non-Gaap Reporting: When Do Equity Analysts Adjust Gaap Earnings – An Application Of Text Based Firm Complexity, Patrick Chen
CMC Senior Theses
Equity analysts adjust GAAP earnings to report non-GAAP figures that they believe better represent a firm’s current and future performance. The importance of such non-GAAP(street) figures has been determined and accepted by the literature, but the process in which analysts arrive at such figures is less understood. I apply a newly defined measure of firm complexity using text based analysis of firm annual reports and investigate its effect. When complexity increases, it becomes harder to individuate different components of a system. When that system is a firm, complexity then increases the difficulty in determining an accurate measure of performance. The …
Diversifying Investment Portfolios With Collectible Sneakers: Expected Returns And Benefits Of Diversification, Samuel Soo
CMC Senior Theses
This thesis seeks to identify if collectible sneakers can provide diversification benefits to an investor’s portfolio. Using data from a global collectible sneaker marketplace, StockX, I constructed an index to compare it with other traditional assets, including the S&P 500 index and 5-year US Treasury Bills. By calculating key metrics including expected returns, volatility, and correlation, I analyzed the risk-return characteristics of the collectible sneaker asset class compared to other traditional asset classes. From the data analysis I performed, I found that collectible sneakers did not outperform returns significantly compared to traditional asset classes, but had low correlations, which provides …
So, You Want To Be An Entrepreneur: Potential Factors That Lead To Founder And Startup Success, Joshua Robert Tatum
So, You Want To Be An Entrepreneur: Potential Factors That Lead To Founder And Startup Success, Joshua Robert Tatum
CMC Senior Theses
Throughout the last two decades, entrepreneurship and startup companies have skyrocketed. Adding significant value to the economy, entrepreneurialism has immense power to spark technological and social change in the world. Given the importance of entrepreneurialism, this paper will use a data-driven approach to discover significant factors that influence founder and startup company success. Founding startups is growing easier and becoming more prominent, yet the failure rates of these companies continue to settle around 90%, leaving many companies without the chance to reach their potential and have their full impact. Using a new dataset I have collected, I analyze company and …
Zoom In, Class Out: An Event Study On Publicly Traded Ed Tech Firm Valuations During Covid-19, Matiss Ozols
Zoom In, Class Out: An Event Study On Publicly Traded Ed Tech Firm Valuations During Covid-19, Matiss Ozols
CMC Senior Theses
This paper examines how publicly traded Ed Tech firms reacted to negative announcements regarding COVID-19. Using an event study method, I document how an international portfolio of Ed Tech firms react across multiple event windows. The results show that Ed Tech firms reacted positively to the announcement of the first US death and negatively to the World Health Organization’s declaration that COVID-19 was a pandemic. Additionally, differences in geographical location did not impact cumulative abnormal returns across event windows. Finally, firm-specific characteristics such as volatility and financial leverage had little or no significance on stock returns.