Finance and Financial Management Commons^™

Environmental Governance For Whom? Examining The Political, Institutional, Fiscal, And Legal Determinants Of State Environmental Agency Budget Policy In The Us, Andrew R. Duggan

Theses and Dissertations

Budgets are a prospective tool of governance, and appropriations are a planning vehicle reflecting: bureaucracies’ values, complex interactions, collective preferences, political influences, and available resources. Research spanning 30 years finds that environmental pollution is a key determinant of environmental budgets in the US, though myriad factors, actors, and subsystems are important to consider. Due to federalism and devolution of responsibilities and authorities, environmental governance falls largely to the states. While the dynamics that shape state environmental budget policy have received scholarly interest, theoretically-driven examinations of environmental appropriations remain limited within the public budgeting and environmental policy literature.

Using panel data …

Newman/Martoma: The Insider Trading Law's Impasse And The Promise Of Congressional Action, Tai H. Park

Fordham Journal of Corporate & Financial Law

The prohibition against insider trading is a judge-made law that has evolved for over fifty years, and has reached a critical impasse in two recent decisions in the Second Circuit Court of Appeals: United States v. Newman and United States v. Martoma. Judges of the Second Circuit are sharply divided over what conduct constitutes improper trading on material nonpublic information (“MNPI”), leaving the law in profound disarray. At bottom, the disagreement stems from a decades-old split within the judiciary about how to (1) ensure a fair securities marketplace, while (2) enabling institutional analysts to probe for corporate information in furtherance …

Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz

Fordham Journal of Corporate & Financial Law

For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …

The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell

Fordham Journal of Corporate & Financial Law

The increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is …

How To Develop Successful And Ethical Investment Analysts: Marquette University's Applied Investment Management Program, Matteo P. Arena, David K. Krause

Finance Faculty Research and Publications

Purpose

The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of Marquette University's Applied Investment Management (AIM) program.

Design/methodology/approach

The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes.

Findings

Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at …

Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts, John Beshears, James J. Choi, Mark Iwry, David John, David Laibson, Brigitte C. Madrian

Faculty Publications

Many Americans live paycheck to paycheck, carry revolving credit balances, and have little liquidity to absorb financial shocks. One consequence of this financial vulnerability is that many individuals use a portion of their retirement savings during their working years. For every $1 that flows into 401(k)s and similar accounts, between 30¢ and 40¢ leaks out before retirement (Argento, Bryant, and Sabelhaus 2015). We explore the practical considerations and challenges associated with helping households accumulate liquid savings that can be deployed when urgent pre-retirement needs arise. Automatically enrolling workers into an employer-sponsored “rainy- day” or “emergency” savings account—terms that we use …

Three Essays On Entry Barriers And Incentives In Labor Markets, Samuel Ingram

Theses and Dissertations--Economics

Occupational choice at the margin depends on both the incentives for entry and barriers to entry. The primary entry barrier determined by regulation is an occupational license. These are government laws determining the minimum qualifications to enter an occupation including education, testing, fees, and background checks. These regulations are currently enforced on 25% of the US labor market. The laws are crafted to protect consumers from unsafe goods and services but also have important consequences in labor market outcomes. The consequences may include fewer workers entering the profession, changes to which workers enter the profession, and altering competition, all of …

Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress, Emily Marie Johnson

Theses and Dissertations--Family Sciences

According to the American Cancer Society (2019), it is estimated that 1,762,450 new cancer diagnoses occurred in 2019 in the United States. Currently, cancer remains one of the leading causes of death worldwide (American Cancer Society, 2019). As cancer affects the family, roles within the family will shift (e.g., transitioning to a caregiving relationship), causing each family member to adapt. With the costs of cancer steadily increasing, this potentially leaves a devastating impact on the family. When considering family function in terms of Family Systems, John Rolland created the Family Systems Illness Model to explain how families adapt to an …

What Drives Prices In Financial Markets?, Sinead Brid Mcdonagh

Honors Theses and Capstones

No abstract provided.

Machine Learning Stock Market Prediction Studies: Review And Research Directions, Troy J. Strader, John J. Rozycki, Thomas H. Root, Yu-Hsiang John Huang

Journal of International Technology and Information Management

Stock market investment strategies are complex and rely on an evaluation of vast amounts of data. In recent years, machine learning techniques have increasingly been examined to assess whether they can improve market forecasting when compared with traditional approaches. The objective for this study is to identify directions for future machine learning stock market prediction research based upon a review of current literature. A systematic literature review methodology is used to identify relevant peer-reviewed journal articles from the past twenty years and categorize studies that have similar methods and contexts. Four categories emerge: artificial neural network studies, support vector machine …

A Choice Model For Correspondent Banking Relationships, Tanisha Sheth

CMC Senior Theses

Employing a granular hand-collected dataset, this paper studies the formation of local financial networks as a consequence of one of the largest bank failures during the Great Depression. The collapse of the National Bank of Kentucky caused ripples throughout the interbank network as 233 banks were faced with the decision to form new connections to reallocate reserves. Tracing over 1600 institutional linkages between 1929 and 1934, I evaluate the decision-making process of commercial banks under a nested logit framework. I find that peer effects and other regional metrics, contrary to national connectivity measures, act as principal determinants in network formation. …

J Mich Dent Assoc January 2020

The Journal of the Michigan Dental Association

Every month, The Journal of the Michigan Dental Association brings news, information, and features about Michigan dentistry to our state's oral health community and the MDA's 6,200+ members. No publication reaches more Michigan dentists!

In this issue, the reader will find the following original content:

• A cover story on "Preventing Pediatric Obesity: How the Dental Team Can Help”.
• “We Can Make a Difference in a Child’s Life”, a feature with a special message to MDA members from Suzanne Port, DDS, MS, president of the Michigan Academy of Pediatric Dentistry.
• A feature on “The Age-1 Visit: Time to Welcome Children into …

Corporate Social Responsibility And Corporate Financial Performance: An Examination Into Fortune 500 And Djsi Firms Within Consumer-Facing Industries, Samantha Lee

CMC Senior Theses

This paper examines the relationship between a firm’s Corporate Social Responsibility (CSR) and its Corporate Financial Performance (CFP) in nine consumer-facing industries classified by the Fortune 500. Unlike prior research on the matter, the firms investigated in this study consist only of firms on both the Fortune 500 for the year 2018 and the Dow Jones Sustainability Index (DJSI) between the years 2005-2018 in order to define a clear measurement of CSR. In order to gauge investor and market sentiment, CFP is measured primarily by the firm’s stock performance in comparison to the S&P 500 as a basis. The results …

“It’S Gonna Be Yuge”: The Impact Of Chinese Imports On United States Manufacturing Firm Valuations, Charles Mangum

CMC Senior Theses

Throughout the years there has been literature regarding the impacts of Chinese manufacturing on the United States economy. Much of the focus has been centered on macro-economic effects and not firm level impacts. Using trade exposure and data from publically traded manufacturing firms I provide an analysis of the potential effects of increased trade exposure in a highly competitive market. My research aims to measure the impacts of Chinese imports on United States manufacturing companies with low technological barriers to entry. When comparing trade exposure to firm level data I conclude that there is a negative correlation between investment levels …

Relationship Between Csr Reporting, Csr Indices, And Financial Performance Of Hardware And Software Organizations, Cesar Castellanos

Walden Dissertations and Doctoral Studies

Organizational leaders around the world spend millions of dollars on ineffective corporate social responsibility (CSR) programs and CSR reporting strategies. Understanding the relationship between CSR reporting, CSR indices (CSRi), and financial performance is necessary to minimize unnecessary expenditures among organizational leaders. The purpose of this quantitative correlational study, grounded in Frederick’s CSR theory and Freeman’s stakeholder theory, was to examine the relationship between CSR reporting, CSRi, and financial performance of hardware and software organizations. Data were collected from the Security Exchange Commission and the official websites of 25 hardware and software organizations that were part of Fortune 500 between the …

Compensation Strategies That Support Commercial Banks’ Effective Risk Management Practices, Elias Kagumya

Walden Dissertations and Doctoral Studies

Compensation structures with relatively high levels of contingent pay encouraged managers to engage in excessive risk-taking behavior at financial institutions, which contributed to the global financial crisis of 2008. The purpose of this study, guided by the theory of the firm, was to explore compensation strategies that some executives in Uganda used to support effective risk-management practices. This multiple case study was an in-depth inquiry into compensation strategies that encouraged prudent risk-taking behavior. The target population comprised 5 risk-management executives from 5 separate commercial banks who had successfully implemented compensation strategies that supported risk management practices. Data were collected through …

Management Accounting Systems For Small Business's Competitive Advantage, Renato (Denver) Alcazar

Walden Dissertations and Doctoral Studies

AbstractSmall businesses providing ancillary services to the motion picture industry fail at alarming rates due to leadership's lack of strategies for service diversification and business expansion. Grounded in the contingency theory of management accounting, the purpose of this qualitative multiple case study was to explore management accounting systems (MAS) strategies leaders of ancillary service providers use for business diversification. The data collection included face-to-face semistructured interviews with 10 small business owners who successfully used MAS strategies for business diversification in California. The data analysis entailed using keyword frequency comparisons and coding techniques that facilitated the verification and triangulation of key …

Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen

Research Collection Yong Pung How School Of Law

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This chapter provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The chapter then provides some empirical evidence by analyzing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses …

Enhancing Rescue In Chapter 11: Lessons From Reform Efforts In The United Kingdom, Robert J. Landry Iii

Research, Publications & Creative Work

This is a dynamic time for insolvency law. Many jurisdictions have or are considering reforms to their insolvency regimes. The U.K. has proposed a new standalone restructuring mechanism that incorporates many attributes of Chapter 11, including a cross-class cram down and the absolute priority rule. A distinctive feature of the U.K proposal is the infusion of judicial discretion permitting courts to deviate from the absolute priority rule. This discretion is not permitted in the U.S. This judicial discretion addresses a key problem with the application of the absolute priority rule in the U.S. – it serves as an impediment to …

Herding Behavior ,Case Of Listed Companies In Thailand, Patipol Prawangsuk

Chulalongkorn University Theses and Dissertations (Chula ETD)

We examine herding behavior in the Thailand stock market under different market conditions, industries, firm sizes, and investor types. We also study herding behavior during the Covid19 period. Lastly, we further develop a new factor that is a qualified price-risk element for stock return. The results show evidence of herding behavior in the Thailand stock market during the extreme positive and negative markets condition. And the herding behavior exists in twenty sectors out of twenty-six. The small-cap portfolio shows a greater magnitude of herding behavior compares with a large-cap portfolio. During the covid19 period, the result indicates herding behavior is …