Finance and Financial Management Commons^™

Is Tesla, Inc.’S Market Value Justified Relative To Its Competitors?, Cody Silas

Honors Capstones

No abstract provided.

A Sleeping Giant: Finding An Endogenous Solution For The U.S. Public Pension Underfunding Crisis, Caroline Crawford

Honors Capstones

No abstract provided.

Seeking Independence A Second Time: Fdi In Uganda’S Development, Halle Jones

Independent Study Project (ISP) Collection

This paper aims to examine the characteristics of foreign direct investment in Uganda and its impacts on development. The paper will look at the current neoliberal paradigm in the international political economy and its role in the developing world.

A practicum-based internship with the Southern and Eastern Africa Trade Information and Negotiations Institute Uganda (SEATINI) guided independent research and provided information through interviews with various organizations and government ministries.

This paper found that neoliberal policies limit development opportunities of FDI. Examples of successful economic growth in various countries provide significant evidence of the importance of government intervention and strategic development …

Investor Sentiment And Paradigm Shifts In Equity Premium Forecasting, Liya Chu, Kai Li, Tony Xue-Zhong He, Jun Tu

Research Collection Lee Kong Chian School Of Business

This study investigates the impact of investor sentiment on excess equity return forecasting. A high (low) investor sentiment may weaken the connection between fundamental economic (behavioral-based non-fundamental) predictors and market returns. We find that although fundamental variables can be strong predictors when sentiment is low, they tend to lose their predictive power when investor sentiment is high. Non-fundamental predictors perform well during high-sentiment periods while their predictive ability deteriorates when investor sentiment is low. These paradigm shifts in equity return forecasting provide a key to understanding and resolving the lack of predictive power for both fundamental and non-fundamental variables debated …

Why Commonality Persists?, Chyng Wen Tee, Raja Velu, Zhaoque Zhou

Research Collection Lee Kong Chian School Of Business

We show that order flows do not exhibit predictive power on asset returns, and their relationships have been static over time. We use a reduced-rank regression formulation to model both returns and the order flows as endogenous variables, and use investors' sentiment and attention as exogenous factors. We provide empiricalevidence to demonstrate that cross-sectional commonality in attention (sentiment) is linearly (nonlinearly) associated with both returns and order flows at the intraday level, while the sentiment and attentionmeasures themselves exhibit a nonlinear mutual relationship, thus revealing the multi-dimensional aspect of the commonality relationship.

Unconventional Monetary Policy And Disaster Risk: Evidence From The Subprime And Covid–19 Crises, Gustavo S. Cortes, George P. Gao, Felipe B. G. Silva, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

We compare the interventions conducted by the Federal Reserve in response to the subprime and COVID–19 crises with respect to their effectiveness in reducing disaster risk. Using model-free measures of disaster risk derived from daily options data, we document that interventions in response to both crises reduced tail risks in domestic equity markets. The spillover effects of the two crises have been markedly dissimilar. While subprime interventions are generally characterized by negative spillovers to international equity markets, policy responses to the COVID–19 crisis are generally associated with positive spillovers. We interpret these results as consistent with the different degrees of …

Do Underwriters Short-Change Corporations Issuing Bonds?, Choo Yong, Jeremy Goh, Lisa Yang

Research Collection Lee Kong Chian School Of Business

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead-manage their own bond offerings the underpricing is significantly less as compared to other non-self-marketed offerings. These findings are robust across various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporations (issuers) and underwriters.

The Politics Of Bank Opacity, Heng Yue, Liandong Zhang, Qinlin Zhong

Research Collection School Of Accountancy

The distribution of power in the political system shapes the financial reporting opacity of banks. Specifically, banks located in states with senators on the Senate Banking Committee (BC senators) have greater abnormal loan loss provisions than banks in other states. The result is stronger for larger banks and banks with higher risk. In addition, BC senators have a negative effect on the likelihood of banks in their home states receiving enforcement actions, and, more importantly, this effect is stronger for more opaque banks. These findings suggest that politicians, regulators, and banks use opaque financial reporting to facilitate regulatory forbearance. Moreover, …

Non-Gaap Earnings And Stock Price Crash Risk, Charles Hsu, Rencheng Wang, Benjamin C. Whipple

Research Collection School Of Accountancy

We investigate whether non-GAAP earnings disclosures increase stock price crash risk. Consistent with non-GAAP disclosures allowing managers to inflate investors' perceptions about firm performance, our results indicate that income increasing non-GAAP reporting increases crash risk. We also find that managers can use non-GAAP reporting as a substitute for earnings management to withhold bad news from investors (the traditional explanation for crashes). Finally, we find a positive association between non-GAAP reporting and the likelihood of subsequent events that can trigger a crash. Overall, our evidence is consistent with some non-GAAP disclosures exposing investors to risks of large and sudden price declines.(c) …

Financing Low-Carbon Transport Transition In The Philippines: Mapping Financing Sources, Gaps And Directionality Of Innovation, Varsolo Sunio, Jaime Mendejar

Finance and Accounting Faculty Publications

Successfully achieving a low-carbon transition in the transport sector requires an understanding of the lending logics of the financial institutions in order to identify the financing directionality and gaps. However, in the transportation literature, there is a lack of attention on the relationship between financing sources and the direction of innovation. The present study seeks to address this by mapping the flow of finance from financial institutions to transport projects. Our dataset consists of 9 transport projects included in the Philippines’ Nationally Determined Contribution (NDC). We consider different types of projects (rail development, bus rapid transit implementation, jeepney modernization) and …

Cryptocurrencies: A Craze Or Crazed?, Jesse L. Veenstra

Faculty Work Comprehensive List

"The craze of Bitcoin and the headlines of massive gains test the diligence and patience of investors."

Posting about ­­­­­­­­the benefits and pitfalls of cryptocurrencies from In All Things - an online journal for critical reflection on faith, culture, art, and every ordinary-yet-graced square inch of God’s creation.

https://inallthings.org/cryptocurrencies-a-craze-or-crazed/

Introduction To Financial Analysis, Kenneth S. Bigel

Open Touro Created

2022

This Open Textbook is a dynamic guide incorporating the essential skills needed to build a foundation in Financial Analysis. Students and readers will learn how to insightfully read a Financial Statement, utilize key financial ratios in order to derive forward-looking investment-related inferences from the accounting data, engage in elementary forecasting and modeling, master the theory of the Time Value of Money, and learn to price stocks and bonds in an environment in which interest rates constantly change. Ample problems and solutions, and review questions are provided to the student so that s/he can gauge his/her progress. This text will …

The Role Of Politics And Corruption In The Rise Of The African Firm, Wedu Ketema, Howard Jean-Denis

Seaver College Research And Scholarly Achievement Symposium

Many African businesses lag in financial performance compared to the performance of companies in the West. Despite this, the continent’s economic output has continued to rise considerably in the past two decades, but many of these economic achievements have been discredited. Despite the West’s view of Africa as a continent unprepared for economic growth due to simmering conflict, threats of terror, and other barriers to business, African business has continued to boom. Over the past two decades, Africa has made massive strides to “catch up to the West.” In fact, according to experts, many countries in Africa have experienced what …

Strategic Basic Research: Cognition And Suggestions, Xiaoxuan Li, Xiaoxi Xiao, Zhiyong Lou, Bing Zhu, Zihe Rao

Bulletin of Chinese Academy of Sciences (Chinese Version)

This paper sorts out and clarifies the concept of strategic basic research, and summarizes the international experiences in supporting strategic basic research. On this basis, it analyzes the main problems in supporting strategic basic research in China, such as the lack of top-level design, unclear funding objects, and insufficient sustainable and stable support. Some suggestions are put forward, such as setting up an independent strategic basic research program, taking the national strategic forces as the main forces to organize and implement the strategic basic research program, and establishing a dual-track supporting model that coordinates the directional project funding and the …

Characteristics And Funding Strategies Of Mathematical Research, Xiaoxi Xiao, Xiaoshan Gao, Yaxiang Yuan

Bulletin of Chinese Academy of Sciences (Chinese Version)

Strengthening mathematical research aiming at the national strategic needs and major frontier problems is conducive to promoting mathematics research to play a more important strategic role in national development and international competition. This study analyzes the basic characteristics of mathematical research, summarizes the international experiences in funding mathematical research, and then deeply analyzes the major problems of Chinese funding mechanisms for mathematical research, such as the lack of overall planning, the short of sustainable and stable support, and the urgent need to improve the training, selecting, and funding mechanism for high-level mathematical talents. It also puts forward some policy suggestions, …

Strategic Consideration And Recommendation On Development Of Chemistry In China, Yanlin Cheng, Shuxian Wu, Qing Dai, Chunying Chen, Yuliang Zhao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Chemistry, as a central science linking all the other sciences, has played an influential role in promoting the development of the whole scientific and technological field and the prosperity of economy and society. Developed countries strongly support the development of chemistry and effectively promote the level of chemical research and chemical industry. Since the founding of the People's Republic of China, chemical research has been supported among the field of natural sciences, and its current level is at the forefront of the world. However, there are still problems in the field of chemistry research in China, such as insufficient major …

Research On Characteristics, Development Trend And Funding Countermeasures Of Biology, Jie Chen, Jing Qu, Zhiyong Lou, Bing Zhu, Le Kang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Strengthening the research in biology aimed at national strategic needs and major scientific frontier issues is conducive to giving full play to the strategic supporting role of biological research for national economic development and the promotion of international competitiveness. This article combs the basic characteristics and development trend of biology, summarizes the practical experience of international biological research funding, and analyzes the outstanding problems in biological research in China, such as incomplete layout, lack of sustainable and stable support, and insufficient funding for top talents and teams. By referring to the international practical experience, it puts forward policy suggestions to …

Strategic Development Problems And Mechanism Improvement In Engineering Science, Peinan Li, Weimin Bao, Wei Yao

Bulletin of Chinese Academy of Sciences (Chinese Version)

Modern engineering embodies the characteristics of multi-disciplinary integration and is the engine for the development of basic science and engineering technology. Engineering science comes from engineering and serves engineering. Engineering science and natural science both belong to the category of basic research and are the basis of jointly supporting the development and progress of engineering technology. To this end, this paper reviews the development process of engineering science, and on the basis of fully grasping the and the connotation, development stage and modern characteristics of engineering science, draws on the experience and practices of major countries in the development of …

Origins Of Strategic Basic Research And International Practices, Ruhan A, Kejia Yang, Cong Wu, Xiaoxuan Li

Bulletin of Chinese Academy of Sciences (Chinese Version)

Strategic basic research is a novel concept evolves along with the historical development and understanding of what constitutes as basic research. It evolves from the interactions among different communities and their changing practices, the management and new demand from the government, the changing relationship between public and scientific community and the changes of funding structures for science and technology. This paper first reviews the historical development and understanding of basic research so that to investigate how has the concept of strategic basic research evolved, and then it summarizes the international practices of management and funding of basic research in the …

Connotation Analysis Of Original Basic Research And Implications For Original Exploratory Program Implemented By National Natural Science Foundation Of China, Jintao Bao, Yi Zhang, Yijie Peng, Yinghong Zhao, Hongguan Hao, Zhimin Zheng

Bulletin of Chinese Academy of Sciences (Chinese Version)

Original basic research is a key driving force for the development of science and technology, as well as the source of the new round of scientific and technological revolution and industrial transformation. To further encourage and support originality and innovation, the National Natural Science Foundation of China (NSFC) implemented the original exploratory program as one of its priorities for deepening reform. In this paper, the concept and characteristics of original basic research are analyzed, and the funding orientation of foreign major science funding agencies on original basic research projects is investigated. This study further discusses the connotation and positioning of …