Business Commons^™

Roles Of Acquirer Financial Advisors In M&A Deal Completion, Scarlett Pho

Senior Theses

The central theme that this thesis addresses is the role of valuation by investment banks who act as financial advisors to M&A buyers by answering two questions relating to the process. The first question is if buyers should hire investment banks for a higher chance of success of deals. For the second question, I will examine buyers who hire investment banks for some certain characteristics of deals. This study focuses on M&A deals that happened between 2012 and 2015, especially between advisor and nonadvisor, successful and failed deals. The conclusion presented in this thesis will be contributable to the understanding …

A Study On Constructing The Fourth Financial Statement For The Performance Prediction And Value Assessment Of Internet Enterprises In The Food Industry, Jianxin Zhang

Dissertations and Theses Collection (Open Access)

For a long time, industry, financial institutions, PE investment funds, and capital market investors have determined the business performance and market value of a company, usually based on the data of the three audited financial tables provided by the company, and further comprehensive analysis will be carried out the evaluation. Due to the limitations of accounting standards, the three financial tables cannot truly reflect all the business conditions of the enterprise. At the same time, the economic stage with traditional manufacturing as the main body and the economic stage with the digital economy as the main body are concerned with …

Effect Of Public Debt On Private Investment In Nigeria: Evidence From An Asymmetric Dynamic Model, A. B. Abubakar, S. O. Mamman

Economic and Financial Review

This study examines the effect of public debt on private investment in Nigeria. The linear and non-linear ARDL models are employed to analyse the series spanning the period 1981 to 2018. The estimation results show that an increase in total debt, external debt, and debt service payment adversely affects private investment, with the effects being symmetric. On the other hand, the effect of domestic debt on private investment is found to be asymmetric. Although a negative shock in domestic debt greatly improves private investment, a positive shock leads to a meagre positive effect on private investment. This finding indicates that …

The Baran Ratio, Investment, And British Economic Growth And Development, Thomas E. Lambert

Faculty Scholarship

Investment in capital, new technology, and agricultural techniques has not been considered an endeavor worthwhile in a medieval economy because of a lack of strong property rights and no incentive on the part of lords and barons to lend money to or grant rights to peasant farmers. Therefore, the medieval economy and standards of living at that time often have been characterized as non-dynamic and static due to insufficient investment in innovative techniques and technology. Paul Baran’s concept of the economic surplus is applied to investment patterns during the late medieval, mercantile, and early capitalist stages of economic growth in …

Decentralized Approach To Deep-Learning Based Asset Allocation, Sarthak Sengupta, Priyanshu Priyam, Anurika Vaish

University of South Florida (USF) M3 Publishing

Investment is an artistic science. The study discusses deep learning-based techniques for asset allocation. Deep learning is a subset of machine learning. The majority of the population lacks either the skills or the time to self-analyze the different financial investment options available to them and therefore they seek the help of the portfolio managers who make trading decisions on behalf of their clients depending on their risk appetite. Besides, portfolio managers analyze different assets, compare the strengths and weaknesses of each option before making a decision about which equities are suitable, to optimally balance profit and risks. This makes portfolio …

Factors Affecting Investors’ Buying Decision In Real Estate Market In Northern Cyprus, Gurkan Arslan, Karen Howells

University of South Florida (USF) M3 Publishing

North Cyprus has some mixed features in terms of being a region for investment. As a de-facto state it could be seen as an extensively risky place to buy property, as any future reconciliation on the island could see the property being forfeit. Conversely, it is seen as a very lucrative area to invest, as the property values in European terms are very low. For the price of a two bedroom apartment in most places in Western Europe, the investor could buy a villa with a swimming pool in North Cyprus. Other redeeming features are the extremely low crime rate, …

Covid-19 Effect On Fdi Motivation And Their Impact On Service Sector: Case Of Georgia, Vakhtang Charaia, Mariam Lashkhi

University of South Florida (USF) M3 Publishing

Based on the Scott-Kennel’s model of local industry upgrade through foreign direct investments, this paper analyses if investments are always positively benefiting the host economy, or if they are not promoting local/host economies at all, or to which exact level. This paper is focused on service sector oriented investments and answers the questions important to analyse for the successful investment policy creation, which could benefit both the local economy and foreign investors. In other words, only aggregated per year foreign investment numbers are not enough for the comprehensive picture creation and in some cases could even suggest incorrect strategic decisions. …

Repatriation Taxes, Internal Agency Conflicts, And Subsidiary-Level Investment Efficiency, Harald J. Amberger, Kevin S. Markle, Daniel M. P. Samuel

Research Collection School Of Accountancy

Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary being the driver, we show that this effect is concentrated in subsidiaries with high information asymmetry and in subsidiaries that are weakly monitored. Quasi-natural experiments in the U.K. and Japan establish a causal relationship for our findings and suggest that a repeal of repatriation taxes increases subsidiary-level investment efficiency while reducing the level of investment. Our paper provides timely empirical …

Essays On Green Finance, Elsa Allman

Dissertations, Theses, and Capstone Projects

Chapter 1: Pricing Climate Change Risk in Corporate Bonds

Using a firm’s geographic footprint to measure its exposure to sea level rise (SLR), I find that corporate bonds bear a climate risk premium upon issuance. A one standard deviation increase in firms’ SLR exposure is associated with a 7 basis point premium, representing a 3% increase in average yield spread. This effect is more pronounced for geographically concentrated firms, within industries vulnerable to extreme weather conditions, and after the Paris Agreement. I do not find evidence that credit rating agencies account for SLR exposure at bond issuance. Results are robust …

Marriage Of Unequals? Investment Quality Heterogeneity, Market Heat, And The Formation Of Status-Asymmetric Ties In The Venture Capital Industry, Pavel I. Zhelyazkov, Adam Tatarynowicz

Research Collection Lee Kong Chian School Of Business

In this study, we investigate the emergence of status-asymmetric ties among venture capital firms. In particular, we highlight the venture's performance trajectory as a powerful antecedent of upward-status asymmetries (in which a lower-status actor brings a higher-status alter into a venture) as well as downward-status asymmetries (in which a higher-status actor brings in a lower-status alter). We hypothesize that lower-status firms tend to bring higher-status alters into ventures on a better performance trajectory, whereas higher-status firms tend to bring lower-status alters into poorly performing ventures. Furthermore, we argue that these effects will be moderated by market heat, which affects whether …

Trust And Retirement Preparedness: Evidence From Singapore, Benedict S. K. Koh, Olivia S. Mitchell, Joelle H. Fong

Research Collection Lee Kong Chian School Of Business

Trust is an essential component of any financial system, and distrust can undermine savings and economic growth. Our study draws on the Singapore Life Panel to assess how trust ties to older respondents’ (1) pension plan participation and withdrawals; (2) life, health, and long-term care insurance holdings; and (3) stock market engagement. We show that the widely-used ‘trust in people’ question is uncorrelated with household behaviours related to retirement preparedness. Instead, trust in private and public financial representatives is positively associated with pension savings, investments, and insurance holdings. Financial literacy also plays an important and consistent role in retirement decision-making.

Using Excel To Simulate A Financial Calculator And Excel Tvm Formulas, Maura Alexander, Tom Arnold, Joseph Farizo

Finance Faculty Publications

Excel is used to build a simulation of the TI BAII-Plus financial calculator to illustrate the N, I/Y, PV, PMT, and FV inputs. Unlike other financial calculator simulators, this template also displays the corresponding Excel functions to aid in transitioning the student to using Excel for financial analysis.

Visual Timelines In Excel To Illustrate Tvm Calculations, Maura Alexander, Tom Arnold, Joseph Farizo

Finance Faculty Publications

Time value of money calculations are illustrated through developing a timeline with cash flow graphics in Excel. The cash flow graphics can be used in the live or virtual classroom and as a resource for students outside of the classroom. Further, the graphic is readily adjustable to different scenarios making it useful for multiple time value of money topics.

Visual Presentation Of Mirr And Mnpv Calculations, Tom Arnold, Joseph Farizo

Finance Faculty Publications

Project cash flows and modified cash flows are presented in an illustrative graphic within Excel for the live or virtual classroom. Further, the graphic computes and displays the relevant modified internal rate of return (MIRR) and modified net present value (MNPV), with associated formulas. The presentation allows for a discussion of the reinvestment assumption attributed to the internal rate of return (IRR) and the net present value (NPV) calculations.

‘The Robinhood Effect’ - Digital Technology In Global Financial Markets And Its Effects On Investor Decision Making, Ben Steib

Honors Theses

We are currently experiencing a revolution that is larger, arguably, than the industrial revolution, it’s the Internet, also known as the World Wide Web. The Internet has transformed how we live — how we talk, how we work, how we go about our daily business, and how we manage our finances on a global and individual level. In the late 1990s, an investor would search the World Wide Web and, within seconds, find 3,372 websites with the term "investment,” today, the same search for “investment” yields 1,860,000,000 results. Today, as proven with GameStop and other popular ‘meme stocks,’ social media, …