Finance and Financial Management Commons^™

Corporate Social Responsibility And Investment Efficiency: Evidence From An Emerging Asian Market, Ming-Te Lee

DLSU Business & Economics Review

The purpose of this paper is to test opposing views of the relationship between corporate social responsibility (CSR) and investment efficiency in a major Asian emerging stock market. The empirical results show that CSR significantly mitigates investment inefficiency among Taiwanese firms. This finding is consistent with the notion that socially responsible Taiwanese firms have fewer agency problems and lower information asymmetry, thus reducing investment inefficiency. The empirical results also show that CSR has a more pronounced effect in mitigating investment inefficiency for Taiwanese firms with more effective corporate governance. In particular, due to the mandatory preparation of CSR reporting, CSR …

Armor Holdings Inc.: An Application Of The Foreign Corrupt Practices Act, Fatima Alali, Silvia Romero

Department of Accounting and Finance Faculty Scholarship and Creative Works

The U.S. Foreign Corrupt Practices Act (FCPA) has gained significant popularity in recent years across borders due to the increased investigation and penalties under the law. The following case is a real-life case that highlights the main provisions of the FCPA. Using cases in teaching an auditing or ethics course is much needed to develop students’ professional judgment, critical and analytical thinking skills and communication skills. Presently, there are a few cases that address the Foreign Corrupt Practices Act and its effect on financial reporting and auditor responsibilities about illegal acts. The Armor Holdings case is interesting and information is …

Mathematical Modelling For Multiproduct Epq Problem Featuring Delayed Differentiation, Expedited Rate, And Scrap, Singa Wang Chiu, Jia Ning Lin, Yunsen Wang, Hong Dar Lin

Department of Accounting and Finance Faculty Scholarship and Creative Works

The client requirements of present-day markets emphasize product quality, variety, and rapid response. To gain competitive advantages in marketplaces and meet customer needs, manufacturers today seek the most economical and fastest fabrication schemes and strategies to produce their various goods, especially when commonality exists within these multiple end products. Inspired by the above viewpoints, this study uses a mathematical modelling approach for solving a multiproduct economic production quantity (EPQ) problem featuring scrap, delayed differentiation, and expedited rate on the fabrication of the common part. We build a two-stage multiproduct fabrication scheme. Stage one uses an accelerated rate to produce all …

The Effects Of Csr And Female Presence In Corporate Governance On Firm Tax Avoidance, Madeline Karlberg

Honors Theses and Capstones

No abstract provided.

The Effect Of Gender On Ethical Investing, Delaney J. Housley

Honors Theses and Capstones

Prior literature related to gender and risk propensity would suggest that females are risk-averse, compassionate, and value ethics over return. This ideology of traditional gender norms stereotypically implies that females may be more likely to engage in ethical investing, as there is inherently less risk in investing in companies with strong corporate social responsibility. On the other hand, males are often portrayed as risk-seeking, competitively motivated, and valuing profits over principle, thus may be more willing to compromise ethics if the ends justify the means. The following paper seeks to investigate this relationship between gender and ethical investing, as examined …

How Efficient Is Market Pricing: Can Investors Beat The Market? Further, Are Prices Always Right As Stated In The Efficient Market Hypothesis?, Porter M. Mcmanus

Honors Theses and Capstones

The Efficient Market Hypothesis is a widely accepted economic theory developed by economist Eugene Fama. The theory states that at any given time, an asset’s price reflects all available public information and will always trade at fair value. The motivation for this research is derived from the content taught in undergraduate finance courses. In undergraduate academia finance students are introduced to the idea of market efficiency, as it is a building block for future theory and application. However, this theory is rarely questioned in the world of undergraduate academia, rather just taken as fact by students.

The underlying research in …

The Future Of Actively Managed Funds, Oliver M. Botthof

Honors Theses and Capstones

This study analyzes the relationship between actively managed U.S. equity funds and passively managed U.S. equity funds over the past 20 years. This study concludes with a prediction as to where these markets are headed based off related literature and regression based tests run a a sample of funds.

Healthcare Stocks And Presidential Elections, Jake Yennaco

Honors Theses and Capstones

In this study I examine the impact presidential elections have had on health care stock returns. Through my own data collection and analysis, I sought to examine the performance of stocks across election cycles in addition to the performance of healthcare stocks across election cycles. Using data from 1998-2019 I find that 1.) In election years, the stock market underperforms relative to non-election years; 2.) Healthcare stocks underperform the broader market during election years; 3.) The impact on healthcare stocks is consistently poor in election years yet contained to only that year; 4.) The Presidential Election Cycle, stating that stocks …

The Impact Of Tax Breaks & Incentives For Corporations On Local Economies, Chad Supranowicz

Honors Theses and Capstones

One of perhaps the most pressing political debates since the 2016 Presidential election has been centered around the impacts of the many tax breaks and incentives given to large corporations. These breaks, used most often to draw a company to a certain geographic area, are typically granted with good intention. For example, a local or state government will pursue a company by enticing them to relocate to their area in order to help boost their economy because people, jobs, and money will come with them. This can also lead to spin-off development, meaning even more people could flock to the …

Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker

Faculty Publications By Year

Evidence of the tremendous rise in the significance of environmental, social, and governance (ESG) investing is coming from all quarters. Fund flows into ESG investment vehicles are growing at a sustained and sometimes exponential pace. Fund complexes are rushing to design products, creating and rebranding scores of mutual funds and exchange traded funds (ETFs), including lower-cost indexed options. Industry leaders, critics, and commentators are all heralding the sea change as a shift in investing - and corporate governance - to more broadly consider environmental and social factors.

This Article provides vital context for this conversation. Its descriptive account of the …

Early Termination Of Small Loans In The Multifamily Mortgage Market, Anthony Pennington-Cross, Brent C. Smith

Finance Faculty Research and Publications

This article uses micro‐level data on small (as defined by Fannie Mae) multifamily loans in the Fannie Mae loan portfolio to examine prepayment and default performance. The results document the importance of equity, as measured by the loan‐to‐value ratio, and contemporaneous property operating income relative to debt service obligations, as measured by the debt‐to‐income ratio. Our results indicate that the expiration of prepayment penalties and yield maintenance provisions lead to large spikes in prepayment and default. The results also illustrate that multifamily loans, as they are not fully amortized, also have a substantial risk of both extension and default at …

Are Female Executives Receiving Adequate Capital Financing? An Analysis Of Gender Disparity On Venture Capital Funding, Lina Aluzri

CMC Senior Theses

This paper examines the inequalities that exist between male and female CEO’s and other top executives by analyzing the effect of gender diversity when it comes to venture capital funding and firm performance. Building off of previous research, I focus on three major areas. First, I utilize data from 2016 to 2018 found in PitchBook and Wharton Research Data Services (WRDS). Second, I explore the effect of firm performance prior to funding on the amount of capital received. Third, I narrow down the analysis of firms to 364 companies that were once venture capital backed and have successfully exited with …

Mutual Fund Recommendations On Fund Flows And Returns, Rachapoom Karnasoot

Chulalongkorn University Theses and Dissertations (Chula ETD)

Using Thailand open-end mutual fund samples from 2017 to 2019, this study examines the impact of analysts’ recommendations on mutual fund flow and return. We decide to use the analysts’ recommendation from two big management companies in Thailand who publicly released their analysts’ recommendation in weekly periods, SCBAM and KAsset. We hypothesize and find the recommendations have a significantly positive impact on mutual fund flows and found no significant impact on return. Our study further examines the risk-adjusted return and observe no significant excess return is generated from recommended mutual funds.

Premium, Ownership And Operating Performance In Rto, Chawalit Rungpiboonsopit

Chulalongkorn University Theses and Dissertations (Chula ETD)

A reverse takeover is an alternative method of listing instead of IPO. Compared to IPO, firms using RTO can avoid the stringent requirement of IPO and disclose less information. Hence, these transactions were viewed as suspicious transactions. The U.S-SEC also issued the warning that investors should be careful when considering investing in the RTO firm. However, it is unlikely that investors in the market can separate between the good RTO firm and the bad RTO firm because of the loose requirement of RTO which led to the arising of asymmetric information between investors and RTO firm. As a result, in …

Sale-Leaseback Transactions: Price Premiums And Market Efficiency, C. F. Sirmans, Barrett A. Slade

Faculty Publications

Sale-leaseback transactions are ubiquitous in real estate markets in the United States with annual volume estimated to be greater than $7 billion. However, there is no evidence concerning the price impact of such transactional arrangements. Using a data set of sale-leaseback transactions, this study examines the price impact on commercial property transactions across seven markets. The findings reveal that transactions structured as saleleasebacks occur at significantly higher prices than market transactions. In addition, after accounting for income differentials, buyers and sellers are appropriately pricing the transactions resulting in no undue advantage to either party, that is, the expected price premium …

How Deposit Insurers' Fund Managers Compute Coverage Limits, Noel Trevor Patrick Nunes

Walden Dissertations and Doctoral Studies

AbstractFollowing the 2007–2008 global financial crisis, the Financial Stability Board identified several areas of weakness in the delivery of deposit insurance, among other interventions. One of the key recommendations related to the use of data by deposit insurers to make their coverage limits more robust. The purpose of this quantitative non-experimental cross-sectional study was to test the impact of 4 data sets—aggregate bank risk, the aggregate value of insured deposits, the DIF size, and premium levy—on the deposit insurance coverage limit. The investigation comprised a pilot study and a survey of deposit insurers from the International Association of Deposit Insurers …

The Effects Of External Stakeholder Pressure On Csr Disclosure: Evidence From Indonesia, Anisa Ramadhini Trianaputri, Desi Adhariani, Chaerul D. Djakman

DLSU Business & Economics Review

This study examines the effect of external stakeholder pressure on the extent of social and environmental disclosure or corporate social responsibility (CSR) disclosure. Several studies have examined the impact of internal stakeholder pressure (e.g., ownership or board of directors’ structure) and corporate characteristics on CSR disclosure, but there has been little attention focused on the role of external stakeholders. Therefore, this research seeks to examine the influence on the extent of CSR disclosure by four external stakeholder groups: customer, creditor, auditor, and media. A total of 327 annual reports produced by 109 manufacturing companies listed on the Indonesia Stock Exchange …

Enterprise Resource Planning Implementation In Higher Education: Cost Containment Strategies, Tysha K. Tolefree

Walden Dissertations and Doctoral Studies

Lack of effective cost containment strategies to support enterprise resource planning (ERP) system implementations within higher education institutions (HEIs) result in budget overruns 50% of the time. Grounded in Gartner’s IT cost containment techniques, the purpose of this qualitative multiple case study was to explore strategies HEI project directors use to support a successful ERP implementation on time and within budget. The participants comprised 5 project directors and managers from HEIs and another public organization in the state of Washington. Data were collected from semistructured interviews, archival data, and organization documents. Thematic analysis was used to analyze the data, and …

Communication Of Fiduciary Risk For Workplace Retirement Plans, George Blount

Walden Dissertations and Doctoral Studies

More than 100 new 401(k) plan complaints were filed between 2016-2017, the highest two-year total since 2008-2009. Plan sponsors of retirement plans face personal financial liability for the risks associated with litigation focusing on their fiduciary responsibility. Grounded in the behavioral governance framework, the purpose of this qualitative case study was to explore the communication of risk for workplace retirement plans. The participants comprised 10 business leaders who are fiduciaries responsible for their company’s retirement plan with a national geographic footprint. Data were collected from semistructured interviews. Thematic analysis was used to analyze the data. Themes of benchmarking, the efficacy …

Estimating The Need For Additional Bankruptcy Judges In Light Of The Covid-19 Pandemic, Benjamin Iverson, Jared A. Ellias, Mark Roe

Faculty Publications

In this Article, we present the first effort to use an empirical approach to bolster the capacity of the bankruptcy system during a national crisis—here, the COVID-19 crisis. We provide two analyses, one using data from May 2020, very early on in the crisis, and another using data from September 2020, closer to the publication of this Article. Our analysis is based on an empirical observation: Historically, an increase in the unemployment rate has been a leading indicator of a rise in bankruptcy filings. If this historical trend continues to hold, the May 2020 unemployment rate of 13.3% would have …