Finance and Financial Management Commons^™

Behavioral Biases As Drivers Of Complexity In Stock Markets: An Agent-Based Modeling Approach, David Joseph Dr, Alwin Joseph, Blesson James, Kajal Dass

Northeast Journal of Complex Systems (NEJCS)

By modeling financial systems as Complex Adaptive Systems, this study investigates how behavioral biases influence emergent complexity in stock markets. The study integrates heterogeneous agents, such as rational traders, herding agents, overconfident traders, and anchoring/disposition-driven investors, within a Limit Order Book framework calibrated to both U.S. and Indian market conditions using an Agent-Based Modeling (ABM) approach implemented through the high-fidelity ABIDES simulation environment. Price dynamics, volatility patterns, and liquidity structures were analyzed by Monte Carlo simulation experiments with different behavioral compositions. The results show that behavioral biases cause nonlinear price reactions, produce heavy-tailed return distributions that distort order-book complexity, and …

Entrepreneurial Orientation And Performance Of Microfinance Cooperatives: Evidence From Tanzania, Grace Thomas Mori, Omari Khalifa Mbura

Business Management Review

Microfinance cooperatives (MFCs) play a key role in socio-economic development, predominantly in developing countries. However, studies focusing on the relationship between entrepreneurial orientation (EO) and the performance of MFCs are limited, particularly in Tanzania. This study was informed by the resource-based view to examine the influence of EO dimensions on the performance of MFCs in Tanzania. Specifically, the study focused on four dimensions of EO namely; innovativeness, proactiveness, risk taking, and competitive aggressiveness behaviours. Data were obtained from 299 stratified sampled managers of MFCs through the administration of a structured questionnaire. In testing this relationship, Partial Least Squares Structural Equation …

Bridging Economic Growth And Literacy: Mediation–Moderation Pathways Linking Agriculture, Environment, And Poverty Reduction Across Asian Economies, Muhammad Abubakar, Wasim Abbas Shaheen, Umair Umer

Business Review

In the framework of reducing poverty, this study explores the numerous connections between economic, environmental, and agricultural aspects, paying particular attention to the moderating role of literacy. The Study aims to assess how agricultural employment, arable land, forest area, fertilizer usage, and ecological resources shape poverty outcomes in Asia. Utilizing panel data from 46 nations between 2000 to 2023, sourced from the World Development Indicators, the analysis applies advanced econometrics such as FMOLS and DOLS, alongside a panel co-integration framework validated through panel unit root and cointegration tests. Results indicate that agricultural employment significantly reduces poverty, arable land has mixed …

Relationship Between Change In Unrealized Gains Or Losses Of Afs Securities And Credit Spreads Of U.S. Life Insurance Companies, Kwang Liang Yeo

Dissertations and Theses Collection (Open Access)

This study evaluates the transmission of unrealized fair value accounting losses to credit default risk within the United States life insurance sector during a period of unprecedented monetary tightening. Integrating a pre-specified confirmatory econometric framework with a text-based exploratory analysis of regulatory filings, we examine how changes in Other Comprehensive Income (OCI) and benchmark interest rate dynamics shape market perceptions of insurer default probability. Our findings reveal that credit default swap markets do not price OCI variations contemporaneously; instead, they reflect a structural one-quarter pricing lag that aligns with the regulatory timeline of financial disclosures. Furthermore, the relationship between interest …

A Study On The Capital Market Valuation Effects Of Corporate Ai Adoption: An Empirical Analysis Of Manufacturing Firms In China's A-Share Market, Libin Ma

Dissertations and Theses Collection (Open Access)

This dissertation examines whether and how corporate adoption of artificial intelligence (AI) affects capital market valuation in manufacturing firms. As AI is increasingly embedded in R&D design, production organization, supply chain coordination, and operational management, its value implications depend not only on whether firms adopt AI, but also on how AI is deployed within business processes. Existing research has mainly focused on productivity, innovation, labor substitution, and digital transformation, while the enterprise value consequences of differentiated AI application strategies remain insufficiently examined.

Using Chinese A-share listed manufacturing firms from 2015 to 2024 as the sample, this study identifies firm-level AI …

Research On The Impact Of Industrial-Financial Cooperation On Corporate R&D Investment, Jiayin Yin

Dissertations and Theses Collection (Open Access)

The national industrial-financial cooperation pilot policy represents a key strategic initiative to implement China's strategy of building a "financial powerhouse" and guide financial resources toward empowering high-quality development in the real economy. In December 2016, four central government departments in China jointly announced the first batch of national industrial-financial cooperation pilot cities. Leveraging this quasi-natural experiment, this study comprehensively evaluates the impact of the pilot policy on corporate R&D investment activities using a sample of Chinese A-share listed companies from 2014 to 2019.

Research findings indicate: (1) The industrial-financial cooperation pilot policy significantly increases enterprises' R&D investment levels. Specifically, compared …

2026 Private Capital Markets Report, Craig R. Everett

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital in today’s economic …

Customer-Centricity In The Financial Services Sector: A Preliminary Look, Rhea Ingram, Katie H. Whetstone

AMTP Proceedings 2026

Financial institutions are under scrutiny as they work to rebuild consumer trust following the financial crisis. One effective approach for these organizations is to adopt a customer-centric strategy. Research indicates that businesses with a strong focus on customer-centricity tend to earn, on average, 60% higher profits than their competitors (Deloitte, 2017). While genuinely customer-centric companies are relatively rare, many organizations are in the process of transforming into a customer-centric model. This paper offers a preliminary examination of the rhetoric used by financial institutions, suggesting some progress in their customer-centric approach.

Valuing Biodiversity Impact, Han Wei Koh

Dissertations and Theses Collection (Open Access)

Biodiversity loss has emerged as a systemic challenge with far-reaching implications for ecological stability, economic activity, and long-term financial resilience. Despite growing recognition of nature-related risks in finance, biodiversity remains far less developed than climate within investment analysis, particularly at the portfolio level. This dissertation addresses that gap by examining how biodiversity impacts can be measured, valued, and interpreted within an investment portfolio concentrated in resilient and essential sectors of the economy.

The study constructs a Global Essential Economic Systems Portfolio comprising 16 publicly traded companies operating across non-discretionary sectors, including agriculture, energy, materials, pharmaceuticals, utilities, infrastructure, telecommunications, and financial …

The Determinants And Consequences Of Green Credit In Commercial Banks: A Dual-Pillar Perspective Of Asset Quality And Esg, Jianmei Xia

Dissertations and Theses Collection (Open Access)

As China’s “dual carbon” strategy advances, green credit has increasinglybecome a crucial financial instrument driving the green transition of China’s industrial structure. From a dual perspective of asset quality and ESGperformance, this paper systematically examines the determinants andconsequences of green credit practices among commercial banks. Employing a multiple-method approach that combines comparative case study, in-depthinterview, and large-sample empirical analysis, this study aims to address twocore questions: First, what are the key factors driving commercial banks toprovide green credit, and what is the logic behind their differentiated decision- making? Second, how does green credit affect banks’ financial and non-financial performance? This …

From Ancient Harmony To Modern Sustainability: Assessing The Coupling Of Taoist “Harmony Between Humanity And Nature” With Esg And Its Impact On Firm Innovation And Performance, Biyi Wang

Dissertations and Theses Collection (Open Access)

Against the backdrop of intensifying global ecological crises, the ESG evaluation system has become a core metric for corporate sustainable development worldwide. However, the Western-dominated ESG system lacks crucial cultural dimensions in its application within Chinese corporate practices. The ecological wisdom embedded in the Taoist concept of “Harmony between Humanity and Nature” offers a significant philosophical foundation for the ESG localization. Extant research has focused on the influence of Confucian culture on ESG, with insufficient exploration of the modern managerial value of “Harmony between Humanity and Nature”. A scientific coupling framework linking this concept with ESG indicators has yet to …

Macroprudential Easing Measures In The Context Of Contractionary Monetary Policy: The Case Of Brazil In 2014, Marcos Antonio Paliari, Marcos Roberto Vasconcelos

Journal of Banking and Financial Economics

This paper evaluates the effects of a macroprudential policy of regulatory easing implemented amidst a contractionary monetary policy in Brazil. The intervention, carried out by the Central Bank in the third quarter of 2014, relaxed reserve requirements on time deposits to stimulate bank credit for vehicle financing. Using a Difference-in-Differences approach with fixed effects by credit modality and month, the analysis is based on monthly disbursement data for consumer loans from 2011 to 2018. Twelve rolling monthly windows are used to capture the dynamic evolution of the policy’s effects. Results based on a synthetic control group indicate statistically significant and …

Budgeting Apps, Financial Literacy, And Financial Control, Max Masabo, Abdullah Mohammad Mahi

Presentations - 2026

Our paper shows the real hidden connections between budgeting app usage and financial wellbeing of U.S Households

Budgeting Apps, Financial Literacy And Financial Distress: Evidence From U.S. Households, Max Ngenzi Masabo

Posters - 2026

• First, it provides the first large-scale, nationally representative evidence on how budgeting app usage relates to household financial distress in the United States. Contrary to the intended purpose of these tools, we find that app users, especially frequent users, experience significantly higher levels of financial strain. • Second, we show that financial literacy is a critical moderating factor. The adverse association between budgeting apps and financial distress is substantially stronger among low-literacy individuals, highlighting financial literacy as an essential safeguard against harmful fintech outcomes. • Third, we identify behavioral mechanisms through which budgeting apps may exacerbate financial difficulties. App …

Price Discovery On Decentralized Exchanges, Agostino Capponi, Ruizhe Jia, Shihao Yu

Research Collection Lee Kong Chian School Of Business

Decentralized exchanges (DEXs) allow traders to express their willingness to pay for quick execution through a public priority fee bidding mechanism. We provide evidence that high-fee DEX trades are more informative and contribute more to price discovery. Using address-level blockchain transaction data, we show that informed traders persistently bid higher fees to secure early execution, revealing a strong willingness to pay for execution priority. Further, analysis of Ethereum mempool data demonstrates that informed traders employ a “jump bidding” strategy, placing high initial bids to deter potential competitors.

Sustainable Finance: An Analysis Of Climate-Resilient Infrastructure Investments, Ngan Trat

Honors Theses

Changes in climate conditions are reshaping our environments and impacting ecosystems. A product of these changes is worsening climate events, and for Mississippi, that means increasingly frequent, high-intensity storms and floods. Its immediate and residual effects can range from disruptive to destructive. Mississippi and its communities are highly vulnerable to the effects of intense natural disasters, and there is a discrepancy between the need for climate-resilient infrastructure investments and the state’s fiscal capabilities to finance the research and construction of such projects. This paper will evaluate existing cases of climate-resilient infrastructure in effect through a sustainable finance lens and identify …

Visual Pattern Mining With Similarity Metrics For Model-Free Trading In The Korean Futures Market, Juhyeon Jang, Jaeyun Kim, David Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

The fractal market hypothesis highlights multi-scale dynamics in financial time series and provides a theoretical foundation for pattern-based analysis. This study proposes a model-free visual pattern mining framework that transforms high-frequency market data into image representations to support intelligent decision-making. By converting 1-minute KOSPI200 futures data into candlestick chart and Bollinger band images, the method effectively captures structural patterns and volatility dynamics. The framework applies similarity metrics and Intersection over Union (IoU)-based visual comparison to identify historically similar patterns and generate intelligent trading signals without model training or complex parameter tuning. Experimental results demonstrate that combining visual features of candlestick …

Using The Four-Quadrant Model Of Think/Feel/Fast/ Slow To Understand The Decision-Making Of Self-Managed Superannuation Fund Trustees, Roger Colbeck, Steven D’Alessandro, John Minas

Research outputs 2022 to 2026

This research focuses on decision-making by trustees of self-managed superannuation funds (SMSFs) in Australia. Behavioral attributes are examined using the four-quadrant model (FQM) developed by Lovric et al. (2010), comprising the cognitive, affective, controlled, and automatic quadrants. The FQM integrates two closely related dual-process theories (DPT). Both the DPT framework and the FQM draw on foundational principles from the cognitive and behavioral sciences. The result of the mixed methods study uses the FQM to explain investment decision-making. The dataset was examined using cluster analysis to identify underlying group structures, followed by regression modelling to assess the relationships between key variables. …

Teaching Children Money Management, Melanie Jewkes, Amanda Christensen, Andrea Schmutz, Vincenza Vicari-Bentley, Kelan Combe, Rochelle Allen, Lauren Olsen, Jenny Weller, Mckenzie Walsh

All Current Publications

Don't fret if, as a parent, you don't feel qualified to teach your children about money. Talking about money and choices made with money (for better or worse) is a great place to start. This publication covers what and how to teach children about money management skills, and gives every-day parents ideas to start the conversation.

Educating For Responsible Ai Governance - Building Interdisciplinary Frameworks For The Management Of Artificial Intelligence, Grace Eboh

Southwestern Business Administration Journal

As Artificial Intelligence (AI) becomes increasingly prevalent across industries, there is a critical need for educational programs that teach effective AI governance and management. This article examines how educational institutions can develop comprehensive curricula to prepare professionals for the complex challenges of overseeing AI systems responsibly. It analyzes current gaps in AI governance education, proposes frameworks for curriculum design, and identifies key competencies required for effective AI stewardship. The findings suggest that successful AI governance education must adopt an interdisciplinary approach that integrates technical literacy, policy understanding, ethical reasoning, and organizational management.