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Full-Text Articles in Finance and Financial Management
Cointegration And Statistical Arbitrage Of Precious Metals, Judge Van Horn
Cointegration And Statistical Arbitrage Of Precious Metals, Judge Van Horn
Finance Undergraduate Honors Theses
When talking about financial instruments correlation is often thrown around as a measure of the relation between two securities. An often more useful or tradeable measure is cointegration. Cointegration is the measure of two securities tendency to revert to an average price over time. In other words, cointegration ignores directionality and only cares about the distance between two securities. For a mean reversion strategy such as statistical arbitrage cointegration proves to be a far more reliable statistical measure of mean reversion, and while it is more reliable than correlation it still has its own problems. One thing to consider is …
The Financial Crisis Was Good For Something: Improved Nonprofit Efficiency, Caitlin Paige Britt
The Financial Crisis Was Good For Something: Improved Nonprofit Efficiency, Caitlin Paige Britt
Finance Undergraduate Honors Theses
This study explores the need for financial performance measures in the nonprofit sector and the impact the 2008-2009 Financial Crisis had upon nonprofits’ efficiency. This analysis tests the hypothesis that the financial crisis actually improved nonprofit efficiency by forcing nonprofits to eliminate unnecessary costs, continue to produce their services, thus improving operational efficiency, despite decreased donor contributions and increased user need. Entries reported on nonprofits’ IRS 990 forms from 2003-2010 determined whether nonprofit efficiency was significantly different after the crisis. The efficiencies used to measure the impact of the Financial Crisis include: Program Expense Efficiency, Administrative Expense Efficiency, Fundraising Expense …