Finance and Financial Management Commons^™

An Overview Of The Cheque Payments System In Nigeria, Onyeka Samuel Okonkwo

Bullion

This paper is designed to examine critically the modern trends in the cheque payments system in Nigeria. In the light of this, the paper is divided into nine parts. The second part of the paper examines the concepts of payment , clearing and settlement. The evolution of cheque clearing in Nigeria is examined in part three. The part four presents the cheque standard in Nigeria. The part five gives the synopsis of cheque payment in Nigeria while the cheque truncation system(CTS) and its benefits and challenges are examined in part six and part seven respectively. The paper concludes with recommendations …

Essays On Financial And Monetary Economics, Xi Wang

Arts & Sciences Electronic Theses and Dissertations

The first part of this dissertation explores an empirical relevance to understand the equity premium puzzle. Since only the wealthiest people invest significant amounts in the stock market (limited participation), it is reasonable to combine the consumption data of the wealthy, instead of aggregate data, with observed asset returns to estimate the risk aversion coefficient (RRA). I approximate the consumption by the rich from two angles: one explores the income and wealth data to back out synthetic consumption directly, and the other explores the sales data to approximate the expenditure by the rich. By using the created indices, the lowest …

Quantifying The Return On Investment Of After School Programming, Ayesha Patel

Finance Undergraduate Honors Theses

Each fiscal year, there is a battle on Capitol Hill as lawmakers wrestle with reconciling political promises to financial reality. This process is completed with the goal of efficiently allocating scarce resources, in this case tax dollars and other government revenue, across the needs of the over 325 million diverse residents of the United States. Some budget items garner almost universal support, such as defense funding, infrastructure and education. While individuals may differ on how much funding each of these causes should receive, almost all agree that they should be funded by the federal government. Other budget items, such as …

The Nfl And Trump: Did Protesting Cause The Decline?, Jameson Osmond

Undergraduate Honors Capstone Projects

This project is a study in econometric modeling of the effects of the protests of the national anthem in the NFL during the 2016-2017 seasons. The project is created to determine the accuracy or lack thereof of President Donald Trump's statement that the cause of the decline in viewership and ratings (and thus business) of NFL games was caused by protests that deterred US viewers.

Using viewership and rating data, along with various protest indexes created by collecting game-level protest data, an econometric model was constructed to allow for control over various endogenous and exogenous variables that surround NFL in-season …

Are Prize-Linked Savings Accounts The Solution To Arkansas' Savings Problem?, Mckenzie Wages

Accounting Undergraduate Honors Theses

This research finds that access to prize-linked savings could improve the financial security of Arkansans. Prize-linked savings (PLS) accounts are nontraditional savings products that offer depositors the chance to win cash prizes instead of a typical interest rate return. Given the low median incomes, high liquid asset poverty rates, and high levels of underbanked and undereducated individuals in Arkansas, there is a need for an innovative savings solution like PLS in the state. PLS accounts capitalize on individuals’ propensity for lottery-like risk-taking to inspire the productive behavior of personal saving. A wide range of individuals, especially those who could stand …

The Effects Of Players’ Salary Level And A Salary Cap On The Revenue Of Professional Soccer Teams In The United States And England, Tyler Watson

Undergraduate Honors Theses

This thesis serves as an examination of the relationship between players’ salaries and teams’ revenues for the American Major League Soccer and English Premier League. Historically, the salary cap imposed on teams playing in Major League Soccer has been heavily criticized of holding the league back. Comparisons have been made to leagues such as the English Premier League which assert that the limitation keeping Major League Soccer from attaining similar success is the presence of the salary cap. Data was gathered from the twenty teams in Major League Soccer and the twenty teams in the English Premier League for each …

Market Imperfections, Macroeconomic Conditions, And Capital Structure Dynamics: A Cross-Country Study, Moonsoo Kang, Wei Wang, Ying Xiao

Business Faculty Publications

This paper investigates how “systematic” adjustment costs proxied by market imperfections and macroeconomic conditions affect capital structure dynamics in a cross-country setting. We document substantial variations in firms’ capital structure adjustments across countries and, particularly, over time. Consistent with adjustment costs impeding firms from rebalancing their capital structures, worse market imperfections are associated with slower speeds of adjustment (SOA) and larger leverage deviations. Intertemporally, capital structure adjustment is procyclical, with SOA increasing by 0.9 percentage point for a one-percentage-point increase in GDP growth rate. The procyclicality is attributable to good macroeconomic conditions mitigating market imperfections through channels of 1) facilitating …

The Relationship Between Financial Literacy, Financial Status, And Academic Success In College Students, Brian Douglas Brausch

Dissertations

As the cost of college continues to rise, an increasing number of students are relying on loans and credit cards to fund their postsecondary education. In an effort to curb student debt and increase retention and graduation rates, many universities have begun to offer financial literacy initiatives to stimulate financial knowledge and promote positive money management behaviors.

This study examines the relationship between a for-credit personal financial literacy course and student academic success and economic status. Students who took a personal finance course during their first or second year of college are compared to a random sampling of students who …

The Impact Of Real Interest Rate On Real Exchange Rate: Empirical Evidence From Japan, Tomiwa Shodipe

2018 Awards for Excellence in Student Research and Creative Activity – Documents

Abstract

This paper examines the impact of real interest rate on the real exchange rate in Japan using Two Stage Least Square econometric techniques. The two instruments used are money supply and gross domestic product growth rates. The result provides support for the theoretical and empirical evidences of positive relationship between real interest rate and real exchange rate in Japan. The estimation also shows that there is positive relation between trade and Japanese Yen over the period considered in the study. In light of these findings, the study suggests the adoption of fiscal macroeconomic policy instruments that are capable of …

Financial Literacy: Impact On Student Success, Alexandra Cummingham

Honors Projects in Accounting

Financial literacy has proven to be an essential skill for young adults to help in achieving success and reaching one’s potential. Many studies find that those with a stronger background in financial literacy are more likely to demonstrate positive behaviors, both financially and in other areas. This study will attempt to draw a link between Bryant University students’ background in financial literacy and benefits within the college classroom. Specifically, my study will look at whether having a stronger background in financial literacy leads to increased confidence in the classroom, decreased accounting anxiety, and superior academic performance. The study uses primary …

17 Days: Cross-Country With Social Media, Zachary Alvarado

Senior Theses

"Austin Prescott and Zach Alvarado travel from South Carolina to California using social media to find and communicate with hosts throughout the country..."

https://www.youtube.com/watch?v=V8k6EQnW5D4

Costs of investment were weighed against capital contributions throughout our campaign. While the film serves to inspire, entertain, and inform, the paper dives deeper into the brand-building, cost-savings, and logistics of the trip. In the end, we more than doubled our initial investment and had an awesome time while doing it.

The Path To Mainstream Finance: Exploring Complementary Currencies And Interest-Free Lending, Ema Di Fruscia

Independent Study Project (ISP) Collection

This paper explores elements of alternative finance including complementary currencies, credit clearing systems, and Islamic Banking practices. I begin first by outlining the issues created by the mainstream western banking model, including wealth inequality, socioeconomic discrimination, environmental degradation, and the collapse of small businesses and local economies. I go on to introduce and define the concepts of complementary currencies, Local Exchange Trading Systems, and credit clearing systems; I argue that these systems challenge the popularly held perceptions that currencies and mainstream banking practices in general are immutable, given, or ideal. To support this assertion, I transition into my research findings …

Shaping Our World For A Better Tomorrow: Sustainable Investing, Esg, And Industry Insight, Anna M. Ballate

Independent Study Project (ISP) Collection

Sustainable investing is a relatively new field in the world of finance and banking. Even though there is tremendous growth in sustainable investments over the past few years, it is still a niche market that requires more transparency, standards, and incentives. Switzerland has become one of the leading countries for sustainable finance, exhibiting a growth in sustainable investments under management. Despite the vast amount of research and development on sustainable investing, there is still much confusion and negative perception in the professional banking world about the topic. This study is designed to fill the gap between the academic rhetoric behind …

Inflation Expectations In Singapore: A Behavioural Approach, Alexander Clark, Aurobindo Ghosh, Samuel Hanes

Research Collection Lee Kong Chian School Of Business

The expectations of economic agents have significant impact on their decisions and are key determinants of macroeconomic outcomes such as inflation, economic growth and unemployment. For example, if a worker believes that consumer prices will rise sharply next year, she would demand a wage increase. Similarly, a homeowner with a fixed interest mortgage might make an early repayment if she expects price levels to fall, knowing that the real value of her mortgage debt will increase. In these cases, expectations about inflation could lead to changes in behaviour and in the aggregate, influence prices and become self-fulfilling.

Analysis Of Influences Of Separation Decisions In The Financial Management Career Field, Shauna Young

Theses and Dissertations

The purpose of this research was to analyze influences on separation decisions of active duty Air Force financial management officers. Researchers tested nine variables to determine their separation implications. The tested variables were major command, age, prior enlisted service, spouse, commissioning source, AFIT cost analysis master’s degrees, engagement, crystallization of job alternatives, and exhaustion. Results proved that age, prior enlisted service, having a spouse, and being an Air Force Academy or AFIT graduate correlates to whether a financial management officer will separate from the Air Force. In addition, the engagement level or having a defined list of job alternatives readily …

Microfinance And The Decision To Invest In Children’S Education, P.V. Viswanath

Faculty Working Papers

Although one of the primary objectives of microfinance has been the reduction of poverty through the provision of credit for income-generating purposes, evidence of its impact on poverty has been mixed. Even if there is no direct impact of microfinance, there may be an indirect positive impact through the effect of microcredit availability on families’ decisions to invest in their children’s education. In this paper, I describe a study undertaken to gauge the impact of microcredit availability on education expenditures for children of clients of a South Indian microfinance institution. I first look at some determinants of the demand for …

Thinking Finance - The Comic Book, Dimitrios V. Siskos

Publications

Thinking financially results in the best possible outcome and establishes a secure foundation for the future as an independent man. In contrast, thinking emotionally leads to short-sighted financial decisions and usually, deep regrets. However, thinking financially is not pleasant for the people around us. This comic book presents a guy, whose dream is to become an accountant. When he finally succeeds in this, he realizes that thinking financially may be effective for his boss but it is irritating for everyone else, even for his family.

Singapore As An Asean Asset Management Hub, Francis Koh, Boris Liedtke

Research Collection Lee Kong Chian School Of Business

Singapore like other ASEAN countries is also confronted with the universal challenge of retirement funding. Nonetheless, the authors argue that Singapore can address such headwind through a number of policy changes and that Singapore is uniquely placed to be the premier Asset Management Hub for the ASEAN region.

Transnational Business Governance Interactions And Financial Regulation Change: A Case Of Asian Financial Markets, Simin Gao, Christopher Chen

Transnational Business Governance Interactions Working Papers

This chapter examines the interactions of transnational business governance schemes regulating the global derivatives markets with multiple levels of interactions. The chapter describes the process of interactions via the theory of isomorphism. First, after examining the interactions of futures exchanges, we identify that governance techniques among futures exchanges are rather similar, illustrating the forces of mimetic and normative isomorphism. Second, the monopoly of the International Swaps and Derivatives Association (ISDA) scheme in the over-the-counter (OTC) market provides signs of mimetic isomorphism. Third, through imparity of market power and major market dealers, the ISDA scheme became the only governance scheme for …

Business Economics: Data For Decision Making, Brian Barnier, Kevin Foster

Open Educational Resources

Syllabus for a course in data analytics for business economics, focusing on use of source data sets to answer the "why?" questions hidden in aggregate averages used in theory and "headline" news releases. Zero cost course using data available widely on the web. Optional texts are trade books available widely in libraries or used copies at low cost.

The Relationship Between Sports Sponsorship And Corporate Financial Returns In South Africa, Michael Goldman, Julian Blake, Sonja Fourie

Sport Management

Purpose

Sponsorship is a major contributor to income in the South African sports arena, and is a critical component allowing sports unions to remain financially viable and sustainable. Sports sponsoring companies, however, have long questioned the financial returns generated from these ventures. The purpose of this paper is to understand whether financial returns of companies with sports sponsorship in South Africa are significantly different to those without. This research was conducted on Johannesburg Stock Exchange (JSE) listed companies that sponsored sport consistently between 2000 and 2015 for a period of two years. A quantitative methodology was employed whereby share price, …

Country And Industry-Level Performance Of Nasdaq-Listed European And Asia Pacific Adrs, Mark Schaub

Faculty Publications

This study examines the 3-year performance of NASDAQ-Listed Asia Pacific and European ADRs versus the NASDAQ Index and their respective regional indexes from 1990-2010. Country specific performance results show ADRs from China, Japan and Ireland performed best versus the US and regional benchmarks. Industry-level results show the best industry performers were in the Technology Hardware & Services industry and in Energy companies.

Venezuela Public Health Issue, Luke Vargas

Global Public Health

While every country around the world faces a form of public health issues, the issues that the country of Venezuela faces are different. Their public health problem is not a disease that can be solved by science, or a cure. It’s a problem that can only be solved by the people within the county itself. The country of Venezuela now lacks the proper medical supplies needed to help cure diseases and normal vaccinations, and the only ones to blame is their government. Because their government has now refused to pay their debts to the surrounding countries they have now lost …

Time Delay And Investment Decisions: Evidence From An Experiment In Tanzania, Plamen Nikolov

Economics Faculty Scholarship

Attitudes toward risk underlie virtually every important economic decision an individual makes. In this experimental study, I examine how introducing a time delay into the execution of an investment plan influences individuals’ risk preferences. The field experiment proceeded in three stages: a decision stage, an execution stage and a payout stage. At the outset, in the Decision Stage (Stage 1), each subject was asked to make an investment plan by splitting a monetary investment amount between a risky asset and a safe asset. Subjects were informed that the investment plans they made in the Decision Stage are binding and will …

Credit Union Loan Rate Determinants During The Post-2009 Expansion, Esmeralda Patricia Muniz

Open Access Theses & Dissertations

Credit union deposits have grown substantially in recent years. Given that, an increasing number of consumers and small businesses are joining credit unions as members. This study investigates the determinants of credit union loan rates during a period of economic expansion in the United States using fourth quarter 2015 data for 5,942 credit unions. Five different interest rate categories are analyzed using nine potential loan rate determinants. The results indicate that credit union loan rates tend to be lower when economies of scale exist, while high ratios for net charge-offs and operating costs cause interest rates to increase. Opposite of …

Essays In Commodities And Freight Markets, Nelson Yap

Dissertations and Theses Collection (Open Access)

Chapter 1: Structural Changes in Functional Curves: Estimation and Testing

Abstract: This paper considers the estimation and testing of structural changes in functional curves that occurs at an unknown date. The functional principal component analysis is applied to the random functional curves, decomposing them into interpretable simple latent functions and random scalars. We model the random scalars using a simple autoregressive model and test for a change in parameters that occur at an unknown date. This method is applied to the crude oil futures market to estimate and date possible structural breaks during OPEC announcement periods from 1984 to 2017.

Client Protection Regulations For Microfinance Institutions In Ghana, Kenya, And Tanzania, Hanna Carlson

Oswald Research and Creativity Competition

This paper examines the financial sectors of Ghana, Kenya and Tanzania in relation to the regulation of microfinance institutions, specifically looking into client protection policies. The first section introduces the topic of microfinance in Sub-Saharan Africa, and the impact it has on the financial sector. A frame of reference is created by a brief introduction of the financial and regulatory climate in each of the three countries. Following this introduction, regression analyses demonstrate the impact of client protection policies on the performance of microfinance institutions in Ghana, Kenya, and Tanzania.

U.S. Corporate Energy Productivity, Greenhouse Gas Productivity, And Return On Equity, Terry Geonnie Tate

Walden Dissertations and Doctoral Studies

Corporate leaders are expected to engage in corporate social responsibility by some stakeholders, but there is no consistent evidence that corporate social performance relates to financial performance. Grounded in instrumental stakeholder theory, the purpose of this correlational study was to examine the relationship among energy productivity, greenhouse gas productivity, and return on equity. The 2016 Newsweek Green Ranking U.S. 500 was the population for this study, which consisted of the largest companies in the United States with the highest corporate social performance scores. The secondary data were collected from Newsweek.com and Morningstar.com for this study. The multiple linear regression was …

The Wealth Gap A Cross-Sectional Quantitative Analysis Of Self-Esteem And Monetary Power, Willard Edwin Pretlow

Walden Dissertations and Doctoral Studies

The median wealth of Blacks is lower than that of Whites by 90 percent. The corresponding median income for Blacks is 40 percent below Whites. Additional research has revealed that Blacks tend to invest in low-yielding assets and borrow at high interest rates. The alarming problem is that financial outcomes and behaviors can be associated with race. In this cross-sectional quantitative study, the Rosenberg Self-Esteem and the Money Attitude Scale, both are Likert-type scales, served as survey instruments to collect data from Blacks and Whites about their individual financial behaviors. The purpose of this survey was to explore the relationship …

Strategies For Residential Real Estate Professionals To Mitigate Declining Sales, Raven Cornelius

Walden Dissertations and Doctoral Studies

Real estate sales significantly declined during and after the 2008 mortgage crisis. In the United States, real estate sales dropped 35% after the mortgage crisis. Guided by the attention, interest, desire, and action (AIDA) model, the purpose of this multiple case study was to explore the strategies successful residential real estate organization managers use to mitigate sales decline in a postrecession environment. Three residential real estate organization managers in Southern Maryland and Northern Virginia participated in semistructured interviews. These participants are currently selling homes, worked in the real estate market before the 2008 mortgage crisis, and developed successful strategies to …