Finance and Financial Management Commons^™

Consumer Confidence Keeps Rising, Steven D. Dolvin

All Chapters

According to a recent article from US News, consumer confidence is at an 8-year high. It will be interesting to see how this impacts the economy and markets in light of the negative impacts of international problems, particularly in China.

Student Evaluation Instruments: Online Vs. Paper, R. Brian Balyeat, Julie Cagel

Faculty Scholarship

No abstract provided.

Business Framing For Analytics, Beverly Wright

Atlantic Marketing Association Proceedings

Both the academic and business practitioner communities are faced with the challenges of discovery, innovation, and constant learning of their field, particularly within the marketing discipline, where content, processes, and even structure are dynamic in nature, with constantly evolving interests and focus. A solid research agenda with excellent analytics to address pertinent business questions is crucial for successfully expanding our understanding of the marketing function.

A Research Note On Street Pricing Requirements In Major U.S. Airport Retail Concessions Requests For Proposals, Blaise Waguespack

Atlantic Marketing Association Proceedings

When reviewing the subject of airport marketing, much of the literature is broken down into issues external or internal to the airport. The external literature tends to divide and differentiate airports on the issues of size (passenger counts) and who is the target of the marketing campaign. Those articles and books that tend to focus on the larger commercial airports (Jarach, 2005; Halpern and Graham, 2013) note the role the airport can play in economic development. Much of the external marketing tasks for the larger commercial airports are aimed at either attracting more airline service to the community or working …

Rembrandt Versus Van Gogh: A Qualitative Contrast Study Applying A Visual Arts Valutation Model, Rene Desborde, Kimball P. Marshall

Atlantic Marketing Association Proceedings

Few marketing scholars have explored the field of fine arts marketing despite its significance as an area of economic activity and human creativity. Billions of dollars change hands annually in the worldwide visual fine arts industry (Velthuis, 2007; Clark and Flaherty, 2002), defined here to include various paintings, sculptures, and ceramics. This lack of academic attention might be because marketing scholars perceive that issues related to fine arts have little to do with marketing. It could also be that the unique characteristics of fine arts marketing are thought not to lend themselves to a traditional analytical approach to explain a …

Perceived Risk Reduction In E-Commerce Environments, C. Michael Powell, Chris Conca

Atlantic Marketing Association Proceedings

During the past three decades, the growth of e-commerce has presented marketers with many new arenas for research and application. Certainly e-commerce has become a significant portion of the world economy and in particular the consumer sector. As previous literature has consistently considered perceived risk as a major factor consumer purchase decisions, this research identifies several major components of consumer perceived risk (PR) and their normative implications in the e-commerce environment

National Culture Dimensions And Consumer Digital Piracy: A European Perspective, Irena Vida, Monika Kukar-Kinney, Mateja Kos Kokli, James Reardon

Atlantic Marketing Association Proceedings

Digital piracy as a ubiquitous phenomenon affects a number of stakeholders, such as consumers, enterprises, and governments. Considering its global nature, it has been of particular interest to consumer researchers. Hence, a large body of digital piracy literature sheds light on the demand side and illuminates various predictors of digital piracy behavior (Harris & Daunt, 2011). Despite these efforts, very little attention has been devoted to applying international perspective in investigating digital piracy across different countries (Ki, Chang, & Khang, 2006). This study aims to fill this void by examining the digital piracy behavior in three EU countries. In addition, …

Do You Feel Financially Secured? The Investigation Of Economic Indicators Of Financial Well-Being, Tommy Hsu, Leona Tam, Ryan T. Howell

Atlantic Marketing Association Proceedings

The economy has been in downward movement in the past few years in the United States as well as different parts of the world. Consumers’ financial situations have been found to influence their purchase behaviors. While some personal finance experts blame consumers’ (lack of) spending plans for their financial situations, others suggest that consumers’ perception of their financial standing influences their purchase plans. Using a nationwide large scale survey study, we examined the value of applying economic indicators as proxy measure of financial well-being. Instead of income or debts, wealth was found to be the most important economic indicator of …

Modification And Investment Intention In The Consumer-Possession Relationship, James D. Doyle

Atlantic Marketing Association Proceedings

The present-day automobile is at once a source of physical transportation, of course, but also an extension of self, a potential platform for self-expression and image enhancement, a source of social approval as well as psychological and physiological stimulation, and, perhaps, an object of beauty. This study examines motivations and antecedents of various vehicle-directed consumer behaviors, including modification and the intention of consumers to invest in their relationship with their vehicle. In this study, vehicle modification refers to the voluntary actions taken by a user or owner of a vehicle to differentiate the functional or aesthetic characteristics or performance of …

Examining Social Desirability Bias In Measures Of Financial Behavior, Nicole L. Kelly

Theses and Dissertations

Surveys that investigate the financial lives of consumers consist of direct questions about financial behavior, with college students being a heavily surveyed and convenient sample (Gutter 2013). However, the subjective nature of survey data is not bias-free, indicated by the presence of disparities between the respondents' reported and actual behavior. Due to the fact that many students begin to acquire loans, establish credit, and initiate saving behaviors in college, it is important that we have a complete understanding the financial behavior of college students.

The goal of this study was to investigate the role of socially desirable responding (SDR) in …

Essays On The Impact Of Ceo Gender On Corporate Policies And Outcomes, Nilesh Sah

USF Tampa Graduate Theses and Dissertations

In the first essay I examine the cash policies of female-led firms. Recent research finds that female CEOs eschew riskier corporate policies, but it makes contradicting claims whether this is due to risk aversion. Benchmarking risk aversion by the management of firms’ cash, I find that female CEOs are risk averse relative to male CEOs. Specifically, they hold significantly (18%) more cash, even for the same level of dividend payout as male CEOs. Further, they have significantly higher speed of adjustment for cash deficits, are more likely to use excess cash to increase dividends, but are equally likely to use …

Loss Aversion, Adaptive Beliefs, And Asset Pricing Dynamics, Kamal Samy Selim Prof, Ahmed Eltabee Okasha Dr., Heba M. Ezzat Dr.

Business Administration

We study asset pricing dynamics in artificial financial markets model. The financial market is populated with agents following two heterogeneous trading beliefs, the technical and the fundamental prediction rules. Agents switch between trading rules with respect to their past performance. The agents are loss averse over asset price fluctuations. Loss aversion behaviour depends on the past performance of the trading strategies in terms of an evolutionary fitness measure. We propose a novel application of the prospect theory to agent-based modelling, and by simulation, the effect of evolutionary fitness measure on adaptive belief system is investigated. For comparison, we study pricing …

Circuit Breakers, Steven D. Dolvin

All Chapters

The U.S. has had market-wide circuit breakers in place since the late 1980s, and individual stock circuit breakers were put in place more recently. Given the increasing volatility in Chinese markets, they are now following suit. See article here, Reuters.

The Impact Of Credit Default Swaps On Corporate Investment Policy, Xinshu Xue

Theses & Dissertations

Credit Default Swaps (CDSs) play an important role in the financial markets. The introduction of CDSs has impacts on the bond market, and the financial characteristics and creditworthiness of the underlying reference entities. When financing is not frictionless, the investment policies of firms are related to their financial conditions. However, whether or how the introduction of CDS will directly affect the investment policy of the firm has not been examined empirically in the literature. To shed light on this issue, my study investigates the relation between credit default swaps trading and corporate investment policy for the listed firms in the …

2015 Q2 Market Pulse Report, Craig R. Everett

Pepperdine Market Pulse Report

The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.

Learning Of Business Processes & Application: An Industry-Ready Approach, Yi Meng Lau, Yu Yee Poon, Mike Wee

Research Collection School Of Computing and Information Systems

The Learning Framework for Business Processes was developed by lectures from School of InfoComm Technology (ICT)to support their students’ learning in the Diploma of Financial Informatics. This framework leverage on the use of learning approaches such as Inquiry based learning to create opportunities for students to be engaged, explore, explain and apply their learning. This framework was presented at International Symposium on Advances in Technology Education (ISATE) 2015 in Nagaoka, Japan.

Fragmentation And Consolidation Of Dark Order Books, Julia Henker, Thomas Henker, Jay Majtyka

Thomas Henker

No abstract provided.

The Aggregate Impacts Of Tournament Incentives In Experimental Asset Markets, Debapriya J. Paul, Julia Henker, Sian Owen

Julia Henker

Existing studies of the aggregate impacts of tournament incentives find that asset price bubbles in experimental markets are larger and do not dissipate with experience when participants trade under tournament incentives. However, these results potentially overstate the real-world impacts of tournament incentives for two reasons. First, they examine tournaments in a restrictive single-asset market setting, which constrains the risk-taking options available to traders. Second, by purely conferring additional rewards for good relative performance, the tournament contracts used ignore the risk-moderating role played by penalties that are also written into or implicit in real-world counterparts. We address these gaps by examining …

Margin Loans, Steven D. Dolvin

All Chapters

Traditionally, margin loans were used by investors to allow them to buy additional shares of stock. Recently, however, many investors have used such loans as a simple way to borrow money for purchases outside their investment portfolio. Even so, they are still subject to margin calls should the value of the securities pledged as collateral fall. See article here, WSJ.

Management Earnings Forecast Decisions In A Regulated Regime : Evidence From China, Jingyu Yang

Theses & Dissertations

Since 2000, China has required publicly listed firms to issue management earnings forecasts when they expect extreme changes in earnings or are likely to become loss-making. This study examines managers’ forecast decisions under this unique regulatory environment. I find an increase over time in the proportion of firms issuing voluntary earnings forecasts when they do not expect extreme changes in their earnings or losses. I also find an improvement in the quality—in terms of the precision, accuracy and bias—of both mandatory and voluntary forecasts over time. Further detailed analysis shows that the introduction of the regulation on management earnings forecasts …

The Ghana National Economic Forum In May 2014, Another Implementation Curse?, George E. Ekeha

George E Ekeha

More than one year after the above consensus was developed and read to the whole world, which was subsequently followed by the full report, many are of the view that little efforts have been done to implement the consensus. In this article, I decided to choose just about five of the Senchi Consensus that in my opinion can change the country very much and place her on the international radar for reckoning when implemented with the seriousness that they deserve. It is my strongest belief that many Ghanaians and other development partners are aware of many issues raised in this …

A Study On The Legal Issues Of Ship Finance Lease In China, Lei Sun

Maritime Safety & Environment Management Dissertations (Dalian)

No abstract provided.

Early Recession Signs, Steven D. Dolvin

All Chapters

In economics, leading indicators are believed to give a forecast of the direction of the economy. In a recent survey, the CFA Institute asked its members which early warning signs (or leading indicators) they follow.

Information Asymmetry, Agency Cost And Stock Liquidity : Evidence From The Split Share Structure Reform In China, Tao Yuan

Theses & Dissertations

The coexistence of tradable and non-tradable shares in Chinese firms has caused severe agency problems and has been the subject of much criticism. In 2005, the Chinese Securities Regulatory Commission launched a reform to eliminate the dual-class share structure and convert non-tradable shares into tradable shares. My thesis examines how the Split Share Structure Reform in China affects the level of information asymmetry of listed firms. The regression results show that the firm-level information asymmetry, measured by the probability of informed trading (PIN), is positively associated to the firm’s proportion of non-tradable shares before the reform, and the PIN decreases …

Behavioral Biases, Steven D. Dolvin

All Chapters

The CFA Institute recently conducted a member survey regarding which behavioral biases are most impactful.

Two Essays In Finance: “Selection Biases And Long-Run Abnormal Returns” And “The Impact Of Financialization On The Benefits Of Incorporating Commodity Futures In Actively Managed Portfolios”, Ramesh Adhikari

University of New Orleans Theses and Dissertations

This dissertation consists of two essays. First essay investigates the implications of researcher data requirement on the risk-adjusted returns of firms. Using the monthly CRSP data from 1925 to 2013, we present evidence that firms which survive longer have higher average returns and lower standard deviation of annualized returns than the firms which do not. I further demonstrate that there is a positive relation between firms’ survival and average performance. In order to account for the positive correlation between survival and average performance, I model the relation of survival and pricing errors using a Farlie-Gumbel-Morgenstern joint distribution function and fit …

How Do Choice Of Major And Industrial Structure Influence College Graduates' Unemployment Rate In China, Xiuwen Shi

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Recently, the higher education market is developing very fast, and China’s universities and colleges are increasing their enrollment. More and more college graduates with higher education backgrounds enter the labor market and the college graduates have to face higher unemployment pressure when they find jobs. For the college graduates’ unemployment problem, many literatures and research are focusing on over-enrollment problem, the influence of the major differences, and the influence of the industrial structure development.

This thesis examines the consequence of the over-enrollment problem with a group of data set and linear regressive analysis model. The finding indicates that there is …

Tail Event Driven Asset Allocation: Evidence From Equity And Mutual Funds Markets, Wolfgang Karl Hardle, David K. C. Lee, Sergey Nasekin, Xinwen Ni, Alla Petukina

Research Collection Lee Kong Chian School Of Business

The correlation structure across assets and opposite tail movements are essential to the asset allocation problem, since they determine the level of risk in a position. Correlation alone is not informative on the distributional details of the assets. Recently introduced TEDAS -Tail Event Driven ASset allocation approach determines the dependence between assets at tail measures. TEDAS uses adaptive Lasso based quantile regression in order to determine an active set of negative nonzero coefficients. Based on these active risk factors, an adjustment for intertemporal correlation is made. In this research authors aim to develop TEDAS, by introducing three TEDAS modifications differing …

Essays On Corporate Finance Issues, Chanho Cho

Theses and Dissertations

This dissertation consists of two essays on corporate finance issues. In the first essay (Chapter 1), I explore whether business group affiliations affect the covariance structure of stock returns in Korea. I find that the stock returns of firms belonging to the same business group show positive and significant comovement. The strong comovement between group returns and firm returns is explained by correlated fundamentals. I find strong comovement among business group affiliate earnings. Moreover, variance decomposition of returns shows that cash flow news plays a relatively more important role in explaining group comovement than discount rate news, suggesting a link …

The Effect Of The Introduction Of The Euro On The Stock Price Volatility In The Belgian Equity Market, Hanne Zmierczak

Theses

This study serves to research the effect of the introduction of the Euro as a currency on the volatility in the equity market in Belgium. It particularly looks at the Bel20 index volatility, which includes the twenty largest companies listed in the Belgian stock exchange. This study incorporates ordinary least squares regressions with a time series component. Various models with a timeframe between January 1992 and December 2013 are run. The dependent variable of this research is Bel20 volatility, while the independent variables include inflation, consumer confidence, change in industrial production, GDP growth, Euro dummy variables, and a financial crisis …