Finance and Financial Management Commons^™

Florida’S Courts System Funding After Article V Revision 7, Joseph Ernest Smith, Sr.

Walden Dissertations and Doctoral Studies

The state of Florida approached the topic of funding for the courts system from a policy equilibrium position. The process used to fund Florida’s courts system was changed in 2004 to promote an equitable system of funding. However, a gap in knowledge remains regarding whether this new funding scheme improved the financial health of the courts system. This quantitative study, which involved using the punctuated equilibrium theory (PET) as its theoretical framework, examined funding associated with counties before (1998–2003) and after (2005–2018) the 2004 implementation of Revision 7 to Article V of the Florida Constitution. Revision 7 was examined as …

Netflix Strategic Business Analysis, Kegan L. Morris

Undergraduate Theses, Professional Papers, and Capstone Artifacts

An external analysis done to identify opportunities and threats Netflix faces.

Strategies To Mitigate Voluntary Employee Turnover, Mutale Chilangwa Chisela

Walden Dissertations and Doctoral Studies

AbstractBanking leaders are negatively affected when employees voluntarily leave their employment. Banking leaders who implement strategies can enhance employee satisfaction to mitigate voluntary employee turnover. Grounded in the transformational leadership theory, the purpose of this qualitative multiple-case study was to explore strategies some banking leaders use to mitigate voluntary employee turnover. Participants were five banking leaders from local and international banks, four banks in Lusaka, Zambia, and one bank in Dar es Salaam, Tanzania, who successfully implemented strategies to mitigate voluntary employee turnover. Data were collected from semistructured interviews and company documents and analyzed using Yin’s five phases. Three themes …

The Industry Expertise Of Sell-Side Equity Analysts, Matthew Louis Dearth

Dissertations and Theses Collection (Open Access)

Institutional investors, the most important consumer of analyst research, consistently rank industry knowledge as the most important attribute of analysts. Despite this, little is known about how investors measure industry knowledge since analyst output which can be evaluated objectively is usually associated with firm-level outcomes such as earnings forecasts or price targets. Comprehensive data are recently available for analyst forecasts of key performance indicators (“KPIs”), firm-performance metrics specific to a particular industry. Whereas reactions to earnings forecasts and other firm-level outputs only inform us about analyst skill in firm-level predictions, stock-price reactions to forecast revisions of industryspecific KPIs can proxy …

Resilience In The Face Of Adversity: An Analysis Of The Refugee Entrepreneurial Population And Their Resources In The Mid-Atlantic Region Of The United States., Zahin Mahbuba

Undergraduate Honors Theses

This study presents an overview and analysis of refugee entrepreneurship in the United States' Mid-Atlantic region for refugee entrepreneurship by interviewing three refugee entrepreneurs and two professional individuals who actively work with refugee entrepreneurs. It introduces the refugee population and climate in the United States, and examines the connections between forced migration and entrepreneurship in the present literature along with factors that affect access and viability of entrepreneurship due to economic and social barriers, cultural and familial influences and financial hurdles. Through the interviews and examination of existing literature, three different traits distinguished refugee entrepreneurs in the region, according to …

Three Essays On Splits, Insiders, And Retail Traders, Paul Van Nes

Theses and Dissertations (Comprehensive)

The first essay tests the split signaling hypothesis by examining the reaction of sophisticated investors to stock split announcements. Return-based tests of signaling used in earlier studies produce conflicting results and have been criticized as unreliable. I bypass this criticism by focusing on long-term post-split behavior of short sellers who are generally recognized as sophisticated investors. Upon controlling for alternative hypotheses and conventional short selling determinants, I show that short interest permanently declines in reaction to split announcements. Furthermore, consistent with signaling, the degree of the decline is positively related to signal strength and to the splitter’s level of information …

Three Essays On Corporate Finance And Applied Econometrics, Pan Jiang

Theses and Dissertations (Comprehensive)

This dissertation comprises three essays that investigate topics in corporate finance and applied Econometrics.

The first essay examines how digital credit, a Fintech technology, improves micro-business owners' performance by comparing an economically important but often financially disadvantaged group, migrants, with their comparable natives. Using the data on micro-business owners registered with the largest Fintech firm in China, we find that with the access to microloans, migrants achieve greater business revenues compared to their native counterparts. The differential impact of Fintech on migrants versus natives is more pronounced in the businesses with more financial constraints, in more economically developed areas, for …

How Punxsutawney Phil’S Predictions Affect The Stock Market: A Groundhog Day Analysis, Jessica Cuna Zamora

CMC Senior Theses

With its roots dating back to 1887, Groundhog Day has cemented itself as a beloved American holiday where people gather to see if Punxsutawney Phil will predict 6 more weeks of winter, or an early arrival of spring. Utilizing the data and methodology framework from Shanaev, Savva, and Fedorova (2021) to test if Groundhog Day predictions have any effect on S&P 500 returns, this paper revisits and revises the analysis in attempt to replicate and improve the original findings with a dummy-variable regression while controlling for other calendar anomalies. Additionally, this study expands the original analysis by including two new …

Securing The Overnight Rates: A Study Of Alternative Reference Rates In Illiquid Overnight Tri-Party Repo Markets, Michael Murphy

CMC Senior Theses

Since 2011, the London Interbank Offer Rate (LIBOR) has been on the way out for practitioners and researchers alike due to its manipulation in key bank quotes during the Great Financial Crisis (GFC). This paper intends to examine key rates being introduced as LIBOR substitutes, such as SOFR, BSBY, and Ameribor. Specific to its concern, the paper will back test these rates during times of illiquidity in both their respective markets and the broader financial markets to determine which rates will be able to sustain an abnormal drop in transaction volumes. Furthermore, this paper will try to determine whether a …

Bubbles Through The Years: An Examination Of Unique And Analogous Characteristics Among Financial Manias From The South Sea Bubble To The Great Financial Crisis, Matthew Hines

CMC Senior Theses

Throughout history, financial bubbles have been shrouded in fear and misunderstanding, with hope, greed, and hearsay fueling inane degrees of risk-taking amongst financial powerhouses and the common retail investor alike. While many studies have been conducted to delve into the unique attributes, causes, effects, and consequences of almost every crisis since adequate data could be recorded and preserved, it is not common for the varying types of crises to be directly compared in their core attributes and price movements. This paper conducts such an examination, with a look into ten different crises across the equity, real estate, and oil markets …

Media Merger Madness: An Event Study Analyzing Acquiror Returns In Media & Entertainment, Samuel Johnson

CMC Senior Theses

Utilizing an event study methodology, this paper studies the effect that mergers and acquisitions (M&A) announcements have on media acquirors’ stock returns. This study also examines the effect that various characteristics of the target and acquiror have on acquirors’ returns. These characteristics include: location of the acquired company, year of the acquisition, industry of the acquired company, price of the acquired company, size of the acquiror, and serial acquiror status of the acquiror. My findings are consistent with previous literature that find that, in a short-term event window surrounding the announcement of a merger or acquisition, acquirors experience returns that …

Round After Round: Understanding Dry Powder As A Determinant Of Spread In Leveraged Loans, Raizel Yu

CMC Senior Theses

Given the rise in private equity companies’ dry powder reserves, as well as the increased prevalence of covenant-lite loans pointing to a change in the overall dynamic of leveraged loan dealmaking, this paper aims to determine whether dry powder is a significant determinant of leveraged loan spreads. This paper uses a sample of loan level contract variables, borrower characteristics, and macroeconomic conditions from DealScan, Compustat, Pitchbook, and the Federal Reserve Economic Data. My findings are consistent with the hypothesis that availability of funds, measured in dry powder, is a good determinant of spread. As leveraged loans are a necessary component …

An Analysis Of Impacts Of Covid-19 On Salary Cap Allocation And Performance In The National Football League, Abai Houser

CMC Senior Theses

Professional sports are one of the most successful industries in the world. The live spectacle and in-person nature make sporting events a unique and individual experience. COVID-19 shifted how athletic events were operated, financed, and viewed, thereby changing leagues as well. The National Football League was one of the last sports to start its season during 2019 and 2020, setting the stage as the only league to not isolate its players in a safe operating space. This paper studies the effects of COVID-19 on the salary cap management of teams after the pandemic. The findings suggest that financial metrics analyzed …

Student Loan Debt And First-Generation Community College Students, Sandra A. Fuentes

University of the Pacific Theses and Dissertations

The rising costs of college attendance and changes in financial aid packages leave students with little option other than to incur a debt of some amount. Unfortunately, colleges often fail to provide adequate financial literacy and student loan information so prospective students planning to attend college can make informed decisions. Student loans may seem attractive in the short term because, unlike other loans, repayment does not begin immediately. However, the accrual of student loan debt leads to long-term financial consequences, including the opportunity to build economic wealth after graduation. Utilizing a basic qualitative research design, I explored first-generation community college …

Tax Avoidance, Corporate Governance, And Corporate Policies, Yang Yang

Graduate Theses, Dissertations, and Problem Reports

This dissertation includes three essays examining the interactions between tax avoidance, corporate governance, and corporate policies. The first essay exploits corporate governance shocks induced by cross-listing in the U.S., and find that firms tend to engage in less tax avoidance after cross-listing. This effect is more pronounced for firms that experience significant improvements in corporate governance, and for firms from countries with weaker shareholder protection and disclosure requirements. Taken together, the results indicate that cross-listing in the U.S. helps align the interests of managers and shareholders and reduces managerial diversion.

The second essay examines the importance of tax avoidance to …

Crime And The Effects It Has On Business Development, Alexis Pimental

Honors Theses and Capstones

This reading highlights the topic of crime through exploring what crime is as well as the different types of crimes in our everyday lives. Specifically, this research paper wants to highlight the crimes that may affect businesses, as well as the relationships between crime and business development. By using facts and statistics, we will dive into the relationship between the two and see why certain businesses may find success while other businesses struggle. We will also be looking at different pieces of literature, reviewing them, and drawing conclusions from the literature being discussed. The literature review as well as assessments …

Three Essays On Information Asymmetry Across Heterogenous Agents, Shenru Li

Graduate Theses, Dissertations, and Problem Reports

This thesis models and explores agents’ decisions in reaction to events that serves to increse the heterogeneity among agents. The analysis is conducted on three aspects of financial economics. In chapter 2, we empirically examine how trading by peers on a new platform influences others’ adoption decision. We model the adoption process and find the relationship to be U-shaped, with first movers greatly discouraging their peers from adoption, while late movers slightly discouraging or encouraging their peers.

In chapter 3, we investigate how managerial incentives influence corporate social responsibility (CSR). We examine the staggered adoption of corporate opportunity waiver laws …

De-Fi Protocol Token Valuation By Projecting Token Flows And Estimating An Appropriate Risk Premium, Anders C. Brucker

Honors Theses and Capstones

No abstract provided.

Blockchain, Una Herramienta De Pago Para Las Startups, Jheferson David Moreno Forero

Finanzas y Comercio Internacional

La presente investigación tiene la intención de analizar la incidencia de la tecnología Blockchain como un mecanismo alterno en los sistemas de pago para las Startups en Colombia, debido a que estas empresas enfrentan periodos extensos y cargos muy altos para procesar los pagos que deben remitir a sus proveedores internacionales, de la misma forma se busca describir el proceso tradicional para realizar transacciones internacionales e identificar las características de la tecnología Blockchain que pueden implementarse en la forma de pago y cobro de las startups en Colombia, esto para comparar el proceso tradicional de transacciones de las operaciones con …

Tarjetas De Crédito: Factores Relacionados Al Uso Por Los Hogares Colombianos, Jesús Sebastián Giraldo Jaramillo

Finanzas y Comercio Internacional

Las tarjetas de crédito son el medio de pago de mayor uso en la actualidad, y los hogares colombianos cada vez usan con mayor frecuencia este recurso financiero en sus compras diarias. El presente documento busca caracterizar el comportamiento de los usuarios colombianos con respecto al uso de las tarjetas, en términos de variables como número de cuotas, frecuencia de uso y su relación con el nivel de endeudamiento. Además de conocer cómo el endeudamiento es una variable dependiente de la educación financiera debido a que, entre menos conocimiento en temas relacionados con intereses, rendimientos financieros, los hogares colombianos tienden …

Should Cryptocurrency And Nft’S Be Used As Collateral?, John M. Helmanis

Honors Theses and Capstones

Nothing has captured the attention of modern finance quite like cryptocurrencies and non-fungible tokens (NFT), whether it’s the massive skyrocketing price or the next day's sudden drop wiping out millions of dollars seemingly overnight. This paper seeks to understand cryptocurrencies and NFT's position in modern finance in terms of collateral. Specifically, the question that will be answered is should cryptocurrencies and NFTs be used as collateral? This question has relevance because widespread use as collateral would signify validation as an asset class that holds value. Some cryptocurrency brokers are making loans backed by cryptocurrency, but currently, no major banks are …

Modeling The Impact Of Adding Cryptocurrency In A Portfolio, Ashley Pineault

Honors Theses and Capstones

This study examines the backgrounds of Bitcoin and Ethereum. How they came about, where they differ from one another in functions, and what investors believe will be a better cryptocurrency stock as an investment to include in an optimized portfolio. It will also study the impact of adding two leading cryptocurrencies, Bitcoin and Ethereum, into a hypothetical, optimal investment portfolio. Data collection includes the adjusted closing price of 30 diversified stocks from 2016 to 2021. Those adjusted closing prices are the beginning of determining the optimal portfolio for three separate portfolios. One has the Ethereum cryptocurrencies, the other has Bitcoin …

Evaluación De Los Desafíos De La Implementación Del Open Banking En Colombia Como Política Pública, Ana Paola Espeleta Bayona, Ana Maria Solano Suárez

Maestría en Finanzas

Dada la inmediatez de la revolución digital se evidencia una impetuosa competitividad que obliga a los sectores a adaptarse para enfrentar estos cambios. Por esto, la investigación pretende resolver ¿Cuáles son los desafíos para implementar el Open Banking en Colombia? Esto se hará a través de un enfoque cualitativo con alcance exploratorio y descriptivo, utilizando la revisión documental de propuestas estatales que establecen al Open Banking como política pública debido a su relevancia. Reflejando que Colombia le apuesta a la evolución y por eso ha desarrollado un marco regulatorio que cumple con lo principal, proteger al consumidor y sus datos, …