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Articles 1 - 30 of 37
Full-Text Articles in Finance and Financial Management
Supply Chain Finance: Exploring The State Of Adoption With Small Business Suppliers In U.S. Defense Procurement Contracts, James C. Phelps Iii
Supply Chain Finance: Exploring The State Of Adoption With Small Business Suppliers In U.S. Defense Procurement Contracts, James C. Phelps Iii
Electronic Theses and Dissertations
Innovative supply chain finance (SCF) practices offer alternative approaches to relief of cash flow distress for suppliers in an extended enterprise by enhancing access to and affordability of working capital. Adopting optional SCF instruments can be especially beneficial for small–medium-sized enterprises (SMEs), which are more acutely affected when credit conditions tighten. This explorative research described the state of buyer-led SCF adoption in defense procurement contracts used to produce highly technical weapons systems. A case study research design with embedded units across four groups of intermediaries was employed to compare the state of SCF adoption between a defense and a commercial …
Perceptions Of Student Loan Debt: A Phenomenological Study Exploring Black Undergraduate Students' Experiences., Pilar Prather
Perceptions Of Student Loan Debt: A Phenomenological Study Exploring Black Undergraduate Students' Experiences., Pilar Prather
Electronic Theses and Dissertations
The rising cost of higher education concerns many families in the United States, especially those from historically underrepresented backgrounds. The purpose of this study is to explore the phenomenon of Black students' perception of their student loan debt and how their financial knowledge influences their decisions at a public institution. This qualitative research provides space to empower individuals to share their stories through semi-structured interviews to get an account of their experiences. Grounded in Yosso's (2005) Community Cultural Wealth Theory, the study seeks to capture the unique ways Black students make financial decisions. The dissertation is divided into five chapters: …
The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano
The Effect Of Nondiagnostic Information On Internal Auditor Skepticism: Capturing The Dilution Effect, Joseph Anthony Giordano
Electronic Theses and Dissertations
Internal auditors assigned to assess internal controls over financial reporting incorporate irrelevant information into their judgment, showing decreased skepticism when irrelevant information contradicts preconceived stereotypes of management, known as the dilution effect and attributed to the representativeness heuristic. Irrelevant information consistent with preconceived stereotypes does not decrease skepticism. In this experiment practicing internal auditors are provided an irrelevant description of the Chief Information Officer portrayed as either gregarious or introverted then subsequently receive relevant internal controls information. When the Chief Information Officer is described as gregarious, counter to common stereotypes, internal auditors assess risk as less likely to occur compared …
Adaptive Learning Gain In Asset Pricing, Sedealy Juste Lokossou
Adaptive Learning Gain In Asset Pricing, Sedealy Juste Lokossou
Electronic Theses and Dissertations
This paper delves into the complexities of asset pricing, emphasizing the need to go beyond prevailing paradigms and constant learning gain assumptions. We examine the influence of personal experiences, adaptive learning processes, and subjective return expectations on asset pricing. By incorporating the concept of time-varying learning gain, we provide a more realistic portrayal of asset pricing. Empirical analysis reveals a consistent negative correlation between experienced real payout growth and subsequent returns, indicating counter-cyclical behavior. Our findings also support the mean-reversion hypothesis in stock returns, although caution is needed due to some scenarios lacking statistical significance. Theoretical exploration uncovers that higher …
Policymaker Discourse In Colorado Public Higher Education Appropriations, Nathan Willers
Policymaker Discourse In Colorado Public Higher Education Appropriations, Nathan Willers
Electronic Theses and Dissertations
State funding for higher education is one of the most pressing issues facing both institutions and policymakers in 2022. Colorado has seen significant declines in the amount of state funding per student over the past two decades, resulting in increases in student burdens for tuition. Policy discourse analysis through a poststructural and neoliberal lens provided insight towards the legislative process and the discursive themes utilized by Colorado policymakers during the 2021-22 legislative budgeting cycle. Twelve artifacts were analyzed, including a mix of policy briefs, hearings, and budget and appropriations reports, for discursive data related to the state’s appropriations for public …
Exploring The Experiences And Effectiveness Of Student Loan Entrance Counseling, Manoj Thekkadathu Oommen
Exploring The Experiences And Effectiveness Of Student Loan Entrance Counseling, Manoj Thekkadathu Oommen
Electronic Theses and Dissertations
Student loan debt is one of the most pressing issues in the United States today. The rate of student loan debt in the United States continues to rise year after year, and the country is experiencing a crisis of increased student loan debt. A program that started with a budget of $15 million in 1965 to expand access to higher education has increased exponentially to over $1.5 trillion in student loan debt today. Students are ushered into the college experience often without possessing a firm grasp of basic financial literacy skills. Federal legislation mandates borrowers to take a 30-minute counseling …
The Hotelling Valuation Principle: Does User Cost And Reserve Differentials Improve Validity?, Brian K. Hicks
The Hotelling Valuation Principle: Does User Cost And Reserve Differentials Improve Validity?, Brian K. Hicks
Electronic Theses and Dissertations
The Hotelling Valuation Principal (HVP) implies that the value per unit of an in-ground exhaustible natural resource is equal to the current price less the cost of production. The assumptions required for this principle include a certain and homogenous reserve stock, unconstrained extraction, and constant costs. Extensive research has empirically investigated the HVP. This paper expands the HVP framework and relaxes the theory’s assumptions to account for reserve differentials. The results show that the original net price model is more closely aligned with developed reserve value, than total reserve value. In addition, this paper develops two- and three-factor net price …
Airbnb Release Of Latent Economic Value And Return To Equilibrium, Daniel Joseph Trujillo
Airbnb Release Of Latent Economic Value And Return To Equilibrium, Daniel Joseph Trujillo
Electronic Theses and Dissertations
We empirically consider Airbnb’s effect on a new variable in Short Term Rental (STR) research, second homes, employing a model pre-Airbnb diffusion (2009), and post-Airbnb diffusion (2019). In doing so we test our hypothesis that second home use will be converted to short-term rentals with the advent of Airbnb. We do so through a natural experiment examining housing stock. We create a schema to segregate tourist and non-tourist counties based on economic variables and deploy these in our research framework observing a shock to housing supply. Notably, we observe a structural change in the use of second homes resulting in …
Using Behavior Economic Nudges To Facilitate Client Follow-Through In Financial Coaching, Charlene Hurst
Using Behavior Economic Nudges To Facilitate Client Follow-Through In Financial Coaching, Charlene Hurst
Electronic Theses and Dissertations
While benevolence-based programs have been a large part of meeting immediate financial needs of the poor, they lack the relational aspect needed to facilitate long-term behavior change. Recently many social service organizations have adopted financial coaching as a promising replacement for benevolence programming. The field of coaching has dealt with its own challenges. Most coaching practitioners surveyed in 2016 and 2019 acknowledged lack of client follow-through as their number one challenge. Behavior economics offered nudges as a solution. Nudges are cues placed within the physical environment to prod clients toward behavior change. A quantitative field study was conducted to evaluate …
A Survey Of Investing And Retirement Knowledge And Preferences Of Florida Preservice Teachers, Richard Thripp
A Survey Of Investing And Retirement Knowledge And Preferences Of Florida Preservice Teachers, Richard Thripp
Electronic Theses and Dissertations
New teachers are facing lower pay and less generous retirement benefits than the prior generation, yet their financial and retirement knowledge, concerns, and preferences have received little attention. To investigate these areas, the author developed a 39-item survey instrument and administered it to 314 preservice teachers in undergraduate teacher education courses at the University of Central Florida, who were primarily female elementary and early childhood education juniors and seniors ages 18–25. Florida public employees are offered an unusual choice between a traditional pension plan and a defined-contribution plan similar to a 401(k) in which they can select their own investments, …
Regression Tree Construction For Reinforcement Learning Problems With A General Action Space, Anthony S. Bush Jr
Regression Tree Construction For Reinforcement Learning Problems With A General Action Space, Anthony S. Bush Jr
Electronic Theses and Dissertations
Part of the implementation of Reinforcement Learning is constructing a regression of values against states and actions and using that regression model to optimize over actions for a given state. One such common regression technique is that of a decision tree; or in the case of continuous input, a regression tree. In such a case, we fix the states and optimize over actions; however, standard regression trees do not easily optimize over a subset of the input variables\cite{Card1993}. The technique we propose in this thesis is a hybrid of regression trees and kernel regression. First, a regression tree splits over …
Political Connectedness, Firm Performance And Corporate Risk Taking: Are Emerging Markets Different?, Augustine Tarkom
Political Connectedness, Firm Performance And Corporate Risk Taking: Are Emerging Markets Different?, Augustine Tarkom
Electronic Theses and Dissertations
Existing literature exploring the effect of politically connected firms on their performance and risk-taking seems to offer decisive results for the emerging and the developed market. However, from professionals and anecdotal evidence, both markets do not exhibit similar characteristics. Considering these characteristics, instability of the government, lack thereof of adequate governance structure, I revisit the topic. This study comprises 27 advanced and 20 emerging economies for the years 1992 through 2016. I find that sound political environment drives risk-taking in advanced markets, while political connections drive corporate risk-taking in emerging markets. I also find that political institutions and political connections …
A Systems Approach To Revenue Fluctuation In Nonprofit Human Service Organizations, Joshua James Hunter
A Systems Approach To Revenue Fluctuation In Nonprofit Human Service Organizations, Joshua James Hunter
Electronic Theses and Dissertations
Nonprofit Human Services Organizations (NPO) are normally considered to do all they can to work toward providing clients with optimal services (Bowman, 2011). What has not been considered is the possibility that NPOs sometimes allocate more revenue toward accumulating profit than toward generating services. This study used IRS 990 Forms of 150 private nonprofits from 2009 to 2010 to investigate whether NPOs did this at the peak of the recent recession, a time when there was a strong need for NPOs to increase their level of services. Results showed revenue increased 56%, services increased 1.4%, profit increased 43%, operating margin …
Three Essays On The Compensation, Structure, And Decision Making Of The Board Of Directors, Duong Pham
Three Essays On The Compensation, Structure, And Decision Making Of The Board Of Directors, Duong Pham
Electronic Theses and Dissertations
My first essay examines compensation of newly formed boards of directors following tax-free corporate spin-offs. The empirical results show newly formed spin-off boards are paid significantly more than peer boards in the same industry with similar firm size. Higher compensation is observed for spin-off firms where the CEOs are not formerly employed by the parent firms but not for spin-off firms with parent related CEOs, indicating that new directors demand higher compensation for the work involved in setting up the new governing system for the spun-off firms especially when there is a brand new CEO managing the spinoff firm. Differences …
Three Essays On Market Efficiency And Corporate Diversification, Fawzi Jaber Hyder
Three Essays On Market Efficiency And Corporate Diversification, Fawzi Jaber Hyder
Electronic Theses and Dissertations
In my first essay, I use additions to the S&P 500 index as a laboratory to investigate how the interaction between arbitrageurs and arbitrage risk affects security prices. I find that the price effect is strong when there is high arbitrage risk (as measured by the lack of close substitutes) and low presence of arbitrageurs (as measured by low ownership by active institutions). Furthermore, a strong presence of arbitrageurs moderates the effect of arbitrage risk on the post-addition price reaction of added stocks. I also find a significant decrease in arbitrageurs' ownership in the added stocks post addition. More importantly, …
Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud
Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud
Electronic Theses and Dissertations
My first essay examines the degree to which the market prices of publicly traded firms reflect and respond to new information regarding the economic viability and vitality of organizations to which they are strategically linked. More specifically, I exploit the uniquely transparent nature of the lessor-lessee relationship across commercial real estate markets to evaluate whether future returns to real estate investment trusts (REITs) are systematically affected by the financial return performance and/or operational opacity of the tenants who lease their investment properties. Using a hand collected data set identifying the principal tenants of 96 publicly traded REITs, I find those …
Newsvendor Models With Monte Carlo Sampling, Ijeoma W. Ekwegh
Newsvendor Models With Monte Carlo Sampling, Ijeoma W. Ekwegh
Electronic Theses and Dissertations
Newsvendor Models with Monte Carlo Sampling by Ijeoma Winifred Ekwegh The newsvendor model is used in solving inventory problems in which demand is random. In this thesis, we will focus on a method of using Monte Carlo sampling to estimate the order quantity that will either maximizes revenue or minimizes cost given that demand is uncertain. Given data, the Monte Carlo approach will be used in sampling data over scenarios and also estimating the probability density function. A bootstrapping process yields an empirical distribution for the order quantity that will maximize the expected profit. Finally, this method will be used …
Three Essays On Asset Pricing In Security And Housing Markets, Minrong Zheng
Three Essays On Asset Pricing In Security And Housing Markets, Minrong Zheng
Electronic Theses and Dissertations
In my first essay, I investigate the relationship between IPO long-run underperformance (Ritter, 1991) and the idiosyncratic risk puzzle (Ang, Hodrick, Xing and Zhang, 2006), the phenomenon of abnormally low returns for stocks with high idiosyncratic risk. I show that IPO long-run underperformance is in fact a manifestation of the surprisingly low returns for high idiosyncratic risk stocks. IPO underperformance disappears after I control for the idiosyncratic risk. Specifically, the underperformance of IPO firms only presents following the months in which they are classified into the highest idiosyncratic risk quintile. On the other hand, I find that the idiosyncratic risk …
Predicting Intraday Financial Market Dynamics Using Takens' Vectors; Incorporating Causality Testing And Machine Learning Techniques, Abubakar-Sadiq Bouda Abdulai
Predicting Intraday Financial Market Dynamics Using Takens' Vectors; Incorporating Causality Testing And Machine Learning Techniques, Abubakar-Sadiq Bouda Abdulai
Electronic Theses and Dissertations
Traditional approaches to predicting financial market dynamics tend to be linear and stationary, whereas financial time series data is increasingly nonlinear and non-stationary. Lately, advances in dynamical systems theory have enabled the extraction of complex dynamics from time series data. These developments include theory of time delay embedding and phase space reconstruction of dynamical systems from a scalar time series. In this thesis, a time delay embedding approach for predicting intraday stock or stock index movement is developed. The approach combines methods of nonlinear time series analysis with those of causality testing, theory of dynamical systems and machine learning (artificial …
Three Essays On Compensation And The Board Of Directors, Ian Cherry
Three Essays On Compensation And The Board Of Directors, Ian Cherry
Electronic Theses and Dissertations
In my first essay, I find a statistically and economically significant director-specific component in CEO pay following the enactment of the Sarbanes-Oxley Act of 2002 (SOX). In the cross-section of firms, directors that award relatively higher (lower) CEO pay in one firm also award relatively higher (lower) CEO pay in other firms of whose boards they are members during the year. Based on my estimates, the director-specific component is responsible for around ±3.5% of total CEO pay or around ±$230,000 per CEO-year on average. In addition to affecting CEO pay levels, the director-specific component also has a significant effect on …
Financial Forest, Karen Carlson
Financial Forest, Karen Carlson
Electronic Theses and Dissertations
Regular savings behavior is critical for low-income Americans to achieve financial mobility. New technology tools are being used to improve personal awareness and attention to financial goals. This thesis reviews mobile learning (mLearning) research and leading commercial personal finance smartphone apps, both of which inform the design of Financial Forest, a savings app. Participants in the 4-week Financial Forest savings study are found to have a statistically significant improved perception of the difficulty of building an emergency fund.
Three Essays On Investments: An Examination Of The Effects Of Diversification And Taxes, Matthew Hurst
Three Essays On Investments: An Examination Of The Effects Of Diversification And Taxes, Matthew Hurst
Electronic Theses and Dissertations
Chapter 1 examines the effect of property-type diversification in equity real estate investment trusts (REITs) from 1995 to 2006. A strong positive relationship is documented between property-type diversification and return on assets, return on equity, and Tobin’s Q. The diversification benefit comes from both the ability to select better performing property types in “hot” markets and the limited exposure to poorly performing property types in “cold” markets. Diversified REITs produce higher cash flows relative to equity as a result of a broader opportunity set; moreover, return on assets increases with the degree of diversification, which suggests significant shielding to property-type …
Three Essays On Short-Selling, Margin Trading And Market Efficiency, Song Wang
Three Essays On Short-Selling, Margin Trading And Market Efficiency, Song Wang
Electronic Theses and Dissertations
My dissertation contains three essays on short-selling, margin trading, and market efficiency. The first essay uses a unique exogenous event, the introduction of short selling in the Chinese stock market, to examine the direct link between idiosyncratic risk and short selling. Based on Shleifer and Vishny (1997), I hypothesize that idiosyncratic risk deters arbitrageurs with negative information from taking short positions in overvalued stocks. Consequently, the stocks with high idiosyncratic risk are more overvalued at the onset of the introduction of short sale and perform worse in the subsequent period. The second essay examines the impact of the introduction of …
Real Estate Investment Trust Performance, Efficiency And Internationalization, Joshua A. Harris
Real Estate Investment Trust Performance, Efficiency And Internationalization, Joshua A. Harris
Electronic Theses and Dissertations
Real Estate Investment Trusts (REITs) are firms that own and manage income producing commercial real estate for the benefit of their shareholders. The three studies in this dissertation explore topics relating to best practices of REIT management and portfolio composition. Managers and investors can use the findings herein to aide in analyzing a REIT’s performance and determining optimal investment policies. Utilizing REIT from SNL Real Estate and CRSP, the first two studies examine the role of international diversification upon performance, technical efficiency, and scale efficiency. The third study utilizes REIT data to examine technical and scale efficiency over a 21 …
Essays On The Effect Of Excess Compensation And Governance Changes On Firm Value, Mustafa A. Dah
Essays On The Effect Of Excess Compensation And Governance Changes On Firm Value, Mustafa A. Dah
Electronic Theses and Dissertations
This dissertation consists of three essays on the effect of excess compensation and corporate governance changes on the firm’s performance. The first paper utilizes a cost minimization stochastic frontier approach to investigate the efficiency of director total compensation. Our findings suggest that board members are over compensated. We show that, on average, the director actual compensation level is above the efficient compensation level by around 63%. Our results suggest that an increase in director excess compensation decreases the likelihood of CEO turnover, reduces the turnover-performance sensitivity, and increases managerial entrenchment. Thus, the surplus in director compensation is directly associated with …
The Distribution Of Individual Stock Returns In A Modified Black-Scholes Option Pricing Model, Daniel Lee Richey
The Distribution Of Individual Stock Returns In A Modified Black-Scholes Option Pricing Model, Daniel Lee Richey
Electronic Theses and Dissertations
Author's abstract: There have been many attempts to find a model that can accurately price options. These models are built on many assumptions, including which probability distribution stock returns follow. In this paper, we test several distributions to see which best fit the log returns of 20 different companies over a period between November 1, 2006 to October 31, 2011. If a "best" distribution is found, a modified Black-Scholes model will be defined by modifying the Weiner process. We use Monte Carlo simulations to generate estimated prices under specified parameters, and compare these prices to those simulated by the model …
The Impact Of Continuing Education Modules On The Moral Obligations And Responsibilities Of Financial Advisors, Sandy Modell
The Impact Of Continuing Education Modules On The Moral Obligations And Responsibilities Of Financial Advisors, Sandy Modell
Electronic Theses and Dissertations
Increased life expectancies and a significant reduction in the number of corporate pension plans nationwide have made the prospects of retirement a challenge for many of us. The burden of funding retirement will move from the corporation or government to the individual. Those individuals with limited financial experience will most likely need the guidance of a financial advisor. Can we trust and rely upon them? Following the 2004 late trading scandal and the 2008 financial meltdown, the Financial Industry Regulatory Authority ("FINRA") implemented Continuing Education requirements at the advisor level. The intent was to improve the quality and integrity of …
Essays On Corporate Governance, Tih Koon Tan
Essays On Corporate Governance, Tih Koon Tan
Electronic Theses and Dissertations
This dissertation is composed by two essays that explore corporate governance issues in S&P firms. The first essay examines changes in corporate governance after a firm gets added to the S&P 500 index? Using firms added from 1994 to 2007, this paper examines how governance mechanisms change for these firms. Specifically, I look at both the overall governance and details on how each mechanism changes. I find that governance improves after being added to the index. Controlling for firm size, leverage, prior firm performance, and growth opportunities, the market reacts positively to governance improvements as a whole. In addition, changes …
Two Essays On Bidding In Multi-Unit Common Value Auctions, Minjie Shao
Two Essays On Bidding In Multi-Unit Common Value Auctions, Minjie Shao
Electronic Theses and Dissertations
This dissertation consists of two essays on the topic of bidding in multi-unit common value auction. Essay one examines the role of capacity constraint on the auction results and bidding behavior. We consider a general case where bidders are unconstrained, and a second setting where bidders are capacity constrained. We document downward sloping demand curves for individual bidders. Bidders shade their bids by submitting quantity-price pairs and spreading their bids. The winner's curse is strong in the unconstrained treatment, but we find no evidence of the winner's curse when bidding constraints are imposed. Unconstrained bidders shade bids significantly more and …
Essays On Corporate Governance, Minhua Yang
Essays On Corporate Governance, Minhua Yang
Electronic Theses and Dissertations
This dissertation is composed by two essays that explore the changes in corporate governance around the passage of Sarbanes-Oxley (SOX) 2002. In the first essay, I examine the relation between board structure and compensation as a bargaining game between the board and the CEO. Bargaining game theories describe an endogenous process of determining the structure of director and CEO compensation. The Sarbanes-Oxley Act (SOX) altered the equilibrium of power between the board and CEO by changing the monitoring role of the board. SOX essentially provides a natural experiment to test how a shock to the bargaining game alters the balance …