Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Discipline
-
- Accounting (4)
- Corporate Finance (3)
- Portfolio and Security Analysis (3)
- Business Law, Public Responsibility, and Ethics (2)
- Economics (2)
-
- Finance (2)
- Social and Behavioral Sciences (2)
- Business Administration, Management, and Operations (1)
- Business and Corporate Communications (1)
- Health and Medical Administration (1)
- Medicine and Health Sciences (1)
- Nonprofit Administration and Management (1)
- Other Economics (1)
- Strategic Management Policy (1)
- Keyword
-
- Accounting (1)
- Accruals (1)
- Activism (1)
- Anomaly (1)
- Audit (1)
-
- Beta (1)
- Corporate Governance (1)
- Correlation (1)
- Cryptocurrency (1)
- Discretionary accruals (1)
- Earnings Management (1)
- Economic impact (1)
- Employment (1)
- Environment (1)
- Excess Returns (1)
- Factor models (1)
- Fama (1)
- Finance (1)
- Financial performance (1)
- For-profit (1)
- French (1)
- Hedge Funds (1)
- Hospital (1)
- IFRS (1)
- Institutional ownership (1)
- Investor (1)
- MAFR (1)
- MSCI (1)
- Market (1)
- Momentum (1)
Articles 1 - 9 of 9
Full-Text Articles in Finance and Financial Management
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg
CMC Senior Theses
Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price …
The Effects Of Bringing An Nba Franchise To A City On Employment: A Case Study Of Memphis, Oklahoma City, Orlando, Sacramento, And Salt Lake City, Ravi Shah
CMC Senior Theses
This paper utilizes a case study approach to explain the impact of having a franchise from the National Basketball Association (NBA) move to a city where a team from the four major American sports league had not existed on employment levels. This paper utilizes the synthetic control method to examine employment in Memphis, Oklahoma City, Orlando, Sacramento, and Salt Lake City. Applying the synthetic control method, this paper finds that employment is not impacted positively as the stadium proposals suggest they will when putting forth subsidy bids. Due to the large costs imposed on taxpayers as a result of the …
A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini
A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini
CMC Senior Theses
The Fama and French five-factor model is molded into a smart beta investment strategy with strong exposure to the profitability factor. This constructed portfolio outperforms the market significantly despite an unintentional negative correlation with profitability that can be attributed to the intra-factor return correlations. The second portfolio, constructed by investing directly in profitability as represented by gross profit over total assets, outperforms both the market and the first portfolio.
Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur
Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur
CMC Senior Theses
In 1996, Sloan identified the accruals anomaly, in which the negative relationship between the accruals component of current earnings and subsequent stock returns can be exploited to generate excess returns. One would expect the accruals anomaly to dissipate and ultimately disappear as investors take advantage of the now-public information. However, nearly two decades later, it persists as one of the most prominent and contentious anomalies; its magnitude of current and future excess returns still remain controversial. The main reason for its persistence is that extreme accrual firms possess characteristics that are unappealing to most investors. These characteristics, which include insufficient …
The Balance Between Financial And Quality Performance In For-Profit Hospitals Versus Non-Profit Hospitals, Blake Seidner
The Balance Between Financial And Quality Performance In For-Profit Hospitals Versus Non-Profit Hospitals, Blake Seidner
CMC Senior Theses
Recent trends of financial distress for non-profit hospitals and the uptick in acquisition of these hospitals by for-profit entities indicate different focuses from the management of each type of hospital. Using data on hospital quality and basic financial measures, this study examines shift in the balance of financial and quality performance. The dataset focuses on private non-profit and for-profit hospitals with low bed counts, ranging from 50-200 total beds. Results indicate a positive relationship between for-profit status and basic financial performance measures, such as profitability, and a negative relationship with patient experience, cost reduction for the patient, and overall quality. …
Returns To Buying Winners And Selling Losers: A Look At Cryptocurrencies, Daniel Walker
Returns To Buying Winners And Selling Losers: A Look At Cryptocurrencies, Daniel Walker
CMC Senior Theses
This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the …
The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson
The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson
CMC Senior Theses
This paper examines the effect of the mandatory adoption of the International Financial Reporting Standards (IFRS) on transparency for investors by measuring the increase in earnings management during the post-adoption period of IFRS. One sign of earnings management is current year earnings being only slightly higher than the previous year’s earnings. An increase in earnings management means a decrease in accounting quality and a decrease of transparency for investors. By comparing firms that mandatorily adopted IFRS to similar benchmark firms in terms of strength of legal enforcement, book-to-market ratios, market values and net incomes, I am able to run empirical …
The Effects Of Positive And Negative Environmental Responsibility On Financial Performance, Anna Gurr
The Effects Of Positive And Negative Environmental Responsibility On Financial Performance, Anna Gurr
CMC Senior Theses
As environmental responsibility (ER) gains momentum in the corporate and stakeholder world, it is imperative to understand the relationship between ER and financial performance. While there is prior research looking at this relationship, this study provides further insight into the specific effects of negative and positive ER. In addition, it looks over the years 2008-2011 having implications for companies about the effects of their ER even through financial hardships. This study uses a widely respected corporate social responsibility database, in which ER scores were separated from. In this study, 287 firms in the S&P 500 are examined through times-series regression …
Institutional Ownership In Relation To The Mandatory Audit Firm Rotation Rule And Its Effect On Audit Quality, Latisha Shah
Institutional Ownership In Relation To The Mandatory Audit Firm Rotation Rule And Its Effect On Audit Quality, Latisha Shah
CMC Senior Theses
Previous studies have concluded that mandatory audit firm rotation (MAFR) has not been successful in controlling the outcomes of the auditor-client relationship. Additionally, the literature concludes that high institutional ownership enhances audit quality through monitoring the management-auditor relationship. This paper hypothesizes that better corporate governance in terms of high institutional ownership percentage will enhance audit quality during a MAFR regime. Since countries that have implemented MAFR in the past have their data in their local languages, I use the special case of Arthur Andersen clients based in the US as my treatment group. I carry out a descriptive statistical analysis …