Finance and Financial Management Commons^™

Permanent Equity: Successfully Finding And Buying A Small Business, Lewis Wang

Senior Theses

This thesis aims to build off the existing research on the advantages of permanent equity within the micro-cap market space. This strategy combines many advantages from private equity, venture capital, small-cap, and value / quality investing in order to generate a differentiated return. While the pros and cons of these various strategies have been explored by previous academic research, not much has been written on the actual implementation and choices practitioners must make when they decide how to deploy capital. In order to dive deeper into implementation, this thesis presents several anecdotes of various firms that invest in this space …

The Adoption Of Cryptocurrency Technology Into The Us Banking Infrastructure, Trevor Melito

Senior Theses

This thesis examines the possibility of using Blockchain technology to permanently change the payment structure of the US banking system. First, I examine the current technology that dominates the banking sector. I introduce the most frequently used payments methods including Automatic Clearing House transfers and wire transfers, both domestically and internationally. In addition, I highlight the major players controlling these transactions. Under the current system, frictions between senders and receivers cause billions of dollars in losses each year.

Next, I examine Blockchain’s roots along with some similar cryptocurrency technology, namely Distributed Ledger Technology and Smart Contracts. The transparency, security, and …

Preparing For The Future: The Effects Of Financial Literacy On Financial Planning For Young Professionals, Tanay Singh

Senior Theses

Purpose – Many people between the age of 20 and 34 have not considered planning financially for the future in any significant capacity and in doing so, they limit their potential savings. The purpose of this study is to examine what financial expectations are for people in the early stages of their career and determine if improving financial literacy and revealing financial realities helps to produce more accurate or realistic expectations. Ultimately, the goal is to better prepare participants in the study for the working world and increased responsibilities outside of the college/university environment by getting them to start thinking …

Addressing The Student Loan Crisis: Nudging Borrowers To Lower Their Repayment Costs, Genevieve O. Dobson

USF Tampa Graduate Theses and Dissertations

The Purpose of Research is to determine why student loan borrowers are making poor decisions regarding their repayment plan selection and how we could use the theory of nudge to get them to make better choices. This study evaluates three main biases found in decision making to determine which one is most likely to be utilized in making decisions. It also investigates ways a tool can be created to allow borrowers to make better choices.

I use the Elaborated Action Design Research Methodology to diagnose, design and implement an effective tool. In my study, I create an artifact that allows …

Advancing Asset Management At Indot, Louis Feagans

Purdue Road School

As INDOT continues to develop Asset Management, the use of GIS and the mapping of assets become more critical. In this session INDOT will show the advancement in GIS Asset Management that has occurred in the last few years and where we are headed in the future.

Essays On The Disposition Effect, Matthew Henriksson

USF Tampa Graduate Theses and Dissertations

This dissertation contains two essays that shed new light on the disposition effect – that is, the tendency for investors to be especially eager to realize gains over losses. The first essay combines county-level natural disaster data with individual investor transactions to document an increased disposition effect for investors impacted by a natural disaster. This effect is increasing in disaster severity and decreasing in the length of time following the event, suggesting that extreme natural disasters can significantly influence investor behavior, especially in the short term. These findings are not explained by liquidity needs, tax incentives, or informed trading. The …

Essays On Mortgage Portfolio Diversification, Timothy Patrick Dombrowski

LSU Doctoral Dissertations

Portfolios of mortgage loans played an important role in the Great Recession and continue to compose a material part of bank assets. The distribution of mortgage portfolio returns, and consequently, the risk of these portfolios, is quite distinct even from other fixed income asset classes. This dissertation contains three essays, each aiming to analyze a specific component of risk in mortgage portfolios and role of geographical diversification in reducing this risk.

The first essay investigates how cross-sectional dependence in the underlying properties flows through to the loan returns, and thus, the risk of the portfolio. In addition to demonstrating this …

Understanding Cryptocurrencies, Wolfgang Karl Hardle, Campbell R. Harvey, Raphael C. G. Ruele

Sim Kee Boon Institute for Financial Economics

Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain, technology to enable a secure transaction. Although the technology is widely misunderstood, many central banks are considering launching their own national cryptocurrency. In contrast to most data in financial economics, detailed data on the history of every transaction in the cryptocurrency complex are freely available. Furthermore, empirically oriented research is only now beginning, presenting an extraordinary research opportunity for academia. We provide some insights into the mechanics of cryptocurrencies, describing summary statistics and focusing on potential future research avenues in financial economics.

Financial Market Implications Of Marketing Actions And The Disclosure Of Marketing Information, Sungkyun Moon

Dissertations and Theses Collection (Open Access)

This dissertation contributes to marketing literature by examining the effects of marketing actions and the disclosure of marketing information through the financial market perspective that has high managerial relevance and policy implications. Specifically, the first essay provides the first empirical examination of the effects of the disclosure of advertising spending on investors’ and analysts’ uncertainty. It is responsive to calls by Marketing Science Institute and Marketing Accountability Standard Board to examine the consequences of disclosure of marketing metrics. The second essay examines the effect of advertising spending on firm value and explores firm and market level contingency effects. By doing …

Chronic Disease Management: How It And Analytics Create Healthcare Value Through The Temporal Displacement Of Care, Steve M. Thompson, Johnathan Whitaker, Rajiv Kohli, Craig Jones

Finance Faculty Publications

The treatment of chronic diseases consumes 86% of U.S. healthcare costs. While healthcare organizations have traditionally focused on treating the complications of chronic diseases, advances in information technology (IT) and analytics can help clinicians and patients manage and slow the progression of chronic diseases to result in higher quality of life for patients and lower healthcare costs.

We build on prior research to introduce the notion of temporal displacement of care (TDC), in which IT and analytics create healthcare value by displacing the time at which providers and patients make interventions to improve healthcare outcomes and reduce costs. We propose …

Pension Fund, Financial Development And Output Growth In Nigeria, Iwegbu Onyebuchi

Bullion

This study examines the indirect effect of pension fund on economic growth in Nigeria through the financial system. Using Autoregressive Distributive Lag (ARDL) model, the study found out that pension fund contribution is effective in stimulating growth through investment in portfolios that yield short term returns; this implies that pension fund contribution cannot on its own without a credible financial system impact on economic growth. The policy implication of this study is for Pension Fund Administrators (PFAs) to invest in portfolios with short-term returns; thus, a large chunk of funds invested in federal government securities should be unbundled to other …

Investigating The Impact Of Widening Price Limits On Volatility: The Experience Of The Nigerian Stock Exchange, Mohmmed A. Yadudu

Bullion

This paper empirically evaluates the impact of return volatility from widening price limits from 5% to 10% on the Nigerian Stock Exchange(NSE) on September 18, 2012 using a Stochastic Volatility model in an event study framework. Using daily trading data from September 2010 to September 2014, the study finds that widening of price limits in the NSE has not increased volatility as feared by some regulators. Stocks with higher free floats and institutional ownership display lower volatility when price limits are widened. This suggests that smaller stock exchanges can improve market efficiency by widening price limits without increasing volatility. The …

Developing Standard Production Cost Factors For Major Defense Acquisition Program (Mdap) Platforms, Jordan S. Edwards

Theses and Dissertations

Cost estimators commonly use the analogy and factor method when developing Major Defense Acquisition Program (MDAP) estimates. Previous studies discussing and developing factors for the production lifecycle phase have been limited in scope and statistical analysis efforts. This research significantly expands the currently available toolkit for Department of Defense cost analysts by updating the current database of historical data and exploring potential relationships through statistical testing. Specifically, 3,462 unique factors were created across nine level II Work Breakdown Structure (WBS) elements broken down into four categories; commodity type, contract type, contractor type, and service. The production cost factors were created …

Investigating Lifecycle Costs Of Optimized Battery-Photovoltaic Systems On A Forward Operating Base, Neal S. Fennell

Theses and Dissertations

The purpose of this research was to investigate the total life-cycle cost of using utility-scale battery systems to increase the energy efficiency of forward operating bases, thereby reducing the burden of diesel fuel logistics. Specifically, this thesis answered three research questions addressing optimal sizing for various battery types connected with photovoltaic grids, logistical parameters directly impacting total cost, and the cost of increasing the energy resilience of the network. The research questions were answered through a review of literature, modeling, and data analysis. The model determines an optimal size and area for a Vanadium redox flow, Lithium-ion, or Lead-acid battery …

The Utility Of Self-Assessment In Predicting Program Office Estimate Accuracy, Dana P. Luketic

Theses and Dissertations

The ability of the Program Offices to provide accurate cost estimates is an essential element in planning and programming. Historically, cost estimating has led to budget overruns and continues to be an area of scrutiny and concern. A series of legislative reforms have sought to address each of these perceived underlying causes which are located at all levels of decision making – from the SPO to CADE. The current study is specifically interested in determining how well SPOs are doing. There have not been comprehensive studies on SPO performance. In large part, this deficiency is due to the inability to …

Improving Acquisitions In Science And Technology Programs Through Factor Development And Program Analysis, Eric A. Plack

Theses and Dissertations

This research involves a study of Air Force science and technology (S&T) programs which includes the creation of standard factors and a program analysis. There has been little prior cost research on S&T programs, which occur very early in the acquisition lifecycle. This leads the cost analyst to utilize estimating techniques such as analogy, factors, and parametric in order to develop budgets with minimal information. The absence of formal S&T cost reporting requirements and common cost elements necessitate a segregated two phased data analysis. The Factor Development phase accomplishes the development and creation of two new standard cost factors along …

Incorporating Financial Statement Information To Improve Forecasts Of Corporate Taxable Income, Danielle H. Green, Erin E. Henry, Sarah M. Parsons, George A. Plesko

WCBT Faculty Publications

We contribute to the research on the information content of earnings as it applies to the forecasting of economic activity across reporting models. We examine whether publicly available financial statement information is incrementally useful in forecasting confidentially reported taxable income. More precise firm-level taxable income forecasts can improve policymakers’ modeling of the tax system and their ability to analyze the effect of proposed changes in corporate tax law. When aggregated, improved micro-forecasts can also yield more accurate macro-forecasts of corporate taxable income, a significant component of the federal budget. We find that financial statement information improves firm-level estimates of future …

The Impact Of Investor Protection Law On Global Takeovers: Lbo Vs. Non-Lbo Transactions, Xiaping Cao, Douglas Cummings, Jeremy C. Goh, Xiaoming Wang

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of investor protection laws on value creation in LBOs versus non-LBO takeovers. We find that value creation measured by takeover premium is significantly higher in countries with better investor protection. The value effect of investor protection laws is more pronounced for LBOs than non-LBO takeover transactions. Among LBOs, investor protection’s value effect is lower for club deals than others. These results suggest that institutional context and legal environment determine the extent of value creation for takeovers around the world.

Dbs Impact Measurement Project: Technical Review, Hao Liang, Phuong Tran Bao Nguyen, David Fernandez, Jun Ho Park

Research Collection Lee Kong Chian School Of Business

The measurement of ESG and its impact is becoming one of the more important and debated issues in sustainable business practice, with the significant challenges being the subjectivity of scope, criteria, as well as lack of consistency across different rating agencies and data providers

Impact measurement goes beyond ESG measurement. Apart from qualitative and input-based approach, it encapsulates a more outcome/impact-based approach, supported with quantitative methods

Impact measurement and valuation are still at the infant stage, with limited research and guidelines, thus [Impact Institute] II’s approach has significant novelty and is among the first to measure and value impact

II …

Commentary: Where Does The Talent Pools Of Smes Come From?, T. Mandy Tham

Research Collection Lee Kong Chian School Of Business

In a commentary, SMU Assistant Professor of Finance Mandy Tham explored how ‘family members’ is defined could affect the size of talent pool for SMEs and family businesses, and suggested some criteria for the selection of family members to be nurtured for the SMEs and family businesses.