Finance and Financial Management Commons^™

Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu

Graduate Theses and Dissertations

In the first essay, utilizing a more recent and expanded 20-year sample 1991-2010 of dual-rated bonds issued, I confirm Morgan's (2002) finding that banks are relatively more opaque than nonbanks. The likelihood of a rating split is higher, and the magnitude of the rating gap is larger, for banks than nonnbanks. Moreover, rating agency disagreements are more significant for banks with relatively higher loan and trading securities holdings and maintain lower capital, and for banks engaged in mortgage securitization. Importantly, I find that rating agency disagreements reflect market proxies of information uncertainty. Further, opacity makes external financing more costly. Equity …

Exploring The Effectiveness Of Environmentally Sustainable Practices In Municipal Government: A Case Study Of The City Of Knoxville’S Department Of Parks And Recreation, Anthony Michael Brown

Masters Theses

Sustainability practices produce programs and services that meet current needs while preserving the environment and natural resources for the future. City parks and recreation departments are facing budget shortfalls and increasing expectations from customers. Governments are now embracing sustainability practices to create financial savings while also fostering relations with customers.

The purpose of this single case study was twofold: (1) to examine the effectiveness of one city department’s strategies in outsourcing its environmental sustainability program through a performance contract with Ameresco; and (2) to examine the perceptions of key department employees about the effectiveness of the sustainability initiative. A …

Sustainability’S Correlation To Profit, Cheryl Annissa Drummond

UNLV Theses, Dissertations, Professional Papers, and Capstones

Sustainability and its correlation to profits in hospitality institutions is the subject of this paper. The lack of knowledge about sustainability and the benefits of sustainable practices are discussed. The evaluation of a GreenSeal (2010) Bronze certification G46-Restaurant audit is also examined. Research includes the review of industry experts’ findings on the subject and the social costs and benefits are evaluated based on the goal of economic, ecological, and social sustainability.

Identify Key Business Strategies To Target The Mass Market In Macau, Chia-Li Chen

UNLV Theses, Dissertations, Professional Papers, and Capstones

Statement of Purpose:

The purpose of this paper is to examine Macau’s present gaming environment and identify factors that will contribute to the success of a mass gaming market in Macau. The study intends to provide economic justification and tourism policy considerations which support the growth of Macau’s mass gaming market by taking advantage of the booming Chinese economy and the fast growing popularity of gaming in China. In addition, this study will examine literature supporting Macau’s transformation from a simpler gamblers’ destination into a Las Vegas style international gaming, entertainment, and tourism destination, as well as arguments for sustaining …

Evaluation Of A Walnut Orchard And A Cost Study Of The Redevlopment Of A Walnut Orchard, Jacob F. Samuel

Agribusiness

A comprehensive study of the redevelopment of a walnut orchard taking into consideration all the factors from planting to harvest. Also a comparison of two orchards where orchard A is well producing and orchard B is poor producing. The study examines the value of the two orchards, where their profitabliltiy is, and whether or not the poor producing orchard should be redeveloped.

Relative Pricing Of Publicly Traded U.S. Electric Utility Companies, Nicholas Stephen Jewczyn

Walden Dissertations and Doctoral Studies

In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative …

Church Leaders' Financial Coping Strategies During A Recession, Cecil Williams

Walden Dissertations and Doctoral Studies

An economic recession can disproportionately affect the financial stability of churches because their income relies primarily on voluntary contributions. The purpose of this phenomenological study, framed by servant leadership theory, was to explore lived experiences and perceptions related to church leaders' strategies for coping with the economic downturn in 2008. A purposive sample of 20 church leaders from Tennessee was recruited to explore the changes that have been made in church operational strategies in order to cope with the recession. The interview data were iteratively examined by using keywords, phrases, and concepts and were coded into categories, which led to …

Aligning Financial Strategy With Customer Categorization Based On Environmental Scanning, Timothy Osita Anyiwe

Walden Dissertations and Doctoral Studies

Inadequate environmental scanning, poor financial strategy, and misaligned customer focus are responsible for 79% of retail profitability losses. The purpose of the qualitative study using a multiple-case study design was to explore the strategies needed to align financial strategy with customer-oriented processes in the retail industry. The research question involved understanding trends and operational risks influencing the establishment of financial alignment strategies. Porter's five forces model of customer influence, Pearce's environmental and economic factors affecting society values, and Albright's strategic planning of environmental influence served as the theoretical foundations for the study. 30 executives, managers, and team leaders in 2 …

Essays On Reverse Leveraged Buy-Outs, Mark Richard Gruskin

Wayne State University Dissertations

ABSTRACT

ESSAYS ON REVERSE LEVERAGED BUYOUTS

by

MARK GRUSKIN

August 2011

Advisor: Dr. Sudip Datta

Major: Business Administration (Finance)

Degree: Doctor of Philosophy

This dissertation is the first study to investigate public-to-private reverse leveraged buyouts (RLBOs). The first essay measures changes in profitability, financial structure, operations, and cost structure to detect actions taken during the private period. Results show that approaching the leveraged buyout there is an above industry level of free cash flow and capital expenditures, while growth options are at competitive levels. These factors in the presence of low ownership concentration suggest the existence of overinvestment.

Increased leverage …

Take Me Out Of The Ball Game: The Efficacy Of Public Subsidies In The Success Of Professional Sports Stadiums, Jonah Chodosh

CMC Senior Theses

This paper weights the relative advantages of multiple factors that lead to the success of professional sports stadiums in major markets, though a discussion of the arguments for and against public subsidies towards these projects. Using a logit statistical model, the paper determines that the two factors determining the highest likelihood of venue success include multiple tenants and access to mass transit. The analysis demonstrates that public subsidies towards stadiums don’t generate sufficient economic returns, and that successful stadiums can be created without using taxpayer funds.

Determinants Of Corporate Cash Holdings, Yun Lai (William) Li

CMC Senior Theses

The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency costs and transactional motives to give the reader an overview of the costs and benefits of holding cash. This provides the foundation for the precautionary motives for companies today to keep cash as …