Finance and Financial Management Commons^™

Strategic Signaling Or Structural Friction?: How Ai Disclosure Moderates Resource-Performance Dynamics In Hotels And Restaurants, Jaewan Heo

Graduate Studies Theses and Dissertations 2026

Artificial intelligence (AI) has become an increasingly important strategic issue in the hospitality industry. While prior research has primarily examined AI as an operational technology that improves efficiency and service delivery, less attention has been paid to how AI-related disclosures influence investor evaluations of firm resources. This dissertation investigates whether AI-related disclosures moderate the relationship between organizational resources and financial performance in publicly traded hospitality firms.

Drawing on signaling theory and the resource-based view, this study conceptualizes AI disclosures as strategic signals that shape investor perceptions of firm capabilities and future value creation. Firm-level financial data were obtained from Compustat …

Well, If You Put It That Way Three Studies On Contract Framing In Incomplete Contract Environments, Garrison L. Nuttall

Graduate Studies Theses and Dissertations 2026

This dissertation contains three studies examining contract framing, with implications for how organizations structure and frame performance-based compensation systems. Across all studies, I compare penalty contracts to bonus contracts with gain framing and bonus contracts with loss framing. My first study examines how managers prefer to frame performance-based compensation systems on average and identifies how the traits trust propensity, empathy, personal norm of reciprocity, loss aversion, Machiavellianism, and critical thinking disposition are associated with certain preferences. I find that mangers prefer bonus contracts to penalty contracts on average and that empathy is positively associated with this preference. My second study …

Two Essays On Out-Of-Town Home Buyers, Kamrul H. Talukdar

Graduate Studies Theses and Dissertations 2026

This dissertation analyzes the price premia paid by Out-of-Town (or non-local) home buyers. The first essay investigates the role of social connectedness in the price premia paid by non-local buyers in the residential housing market. Using over 74,000 residential transactions from Orange and Seminole counties, Florida between 2016 and 2019 and exploiting the Social Connectedness Index (SCI) constructed based on Facebook friendship links, I show that non-local buyers who come from regions which are more socially connected to the purchase location pay about 1.8% to 2.1% lower premia compared to those coming from less connected regions. This effect is attributed …

Gubernatorial Re-Election Incentives, Local Investment Bias, And Pension Fund Performance, Hongxian Zhang, Liang Guo, Jun Hao, Yu Liu

Business and Information Technology Faculty Research & Creative Works

We investigate the impact of gubernatorial re-election incentive and political factors on US public pension funds from 1990 to 2022. Our empirical analysis finds no significant overall relationship between gubernatorial re-election incentives and local bias in the full sample. However, the effect of gubernatorial re-election incentives on local bias is influenced by a state's level of corruption. Specifically, in states within the lowest corruption quantile, governors eligible for re-election tend to prioritize local investments to gain consistent support. In contrast, in states within the highest corruption quantile, heightened scrutiny may encourage re-election-eligible governors to adopt conservative investment policies that do …

Evaluating The Use Of Machine Learning For Road Maintenance Cost Estimation, Shahla Shirinzad, David Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

Accurate estimation of highway maintenance costs is essential for efficient resource allocation and long-term infrastructure sustainability. This study evaluates the effectiveness of advanced machine learning models, including ResNet, Transformer, and other neural network architectures, for forecasting maintenance costs using historical data from the Highway Maintenance Improvement Program (HMIP) provided by the North Carolina Department of Transportation (NC DOT). A comprehensive comparative analysis is conducted across multiple models using standard performance metrics, including R², MAE, RMSE, and MSE. The results demonstrate that advanced architectures, particularly ResNet and Transformer, consistently outperform traditional statistical approaches and baseline machine learning models, achieving …

Information-Processing Gap And Insider Trading Profitability: Evidence From The Xbrl Mandate, Yuyun Huang, Jerry T. Parwada, Yuan George Shan, Joey W. Yang

Research outputs 2022 to 2026

The information processing costs faced by external investors may provide corporate insiders with a comparative advantage. We examine how the phased introduction of the eXtensible Business Reporting Language (XBRL) mandate, designed to lower investors' costs of processing public disclosures, affects insiders’ trading profitability. We find that opportunistic insider sales, but not purchases, become significantly less profitable following the first wave of mandatory XBRL adoption. This decline is consistent with a reduced number of insider sales preceding 10-K filings that convey unfavorable news, as well as with a general fall in insider trading activity and profitability across all three mandate waves. …

Decision Framework For Enhancing The Adoption Of Alternative Infrastructure Funding Models In Ghana, Samuel Kojo Aidoo, Patricia Lindelwa Makoni

CSID Journal of Infrastructure Development

This paper examines the socio-economic and infrastructure conditions that determine Ghana’s readiness to adopt alternative infrastructure funding models (AIFMs) for sustainable road development. The objective of the study is to identify the macroeconomic and sectoral drivers of AIFMs’ adoption and to develop policy frameworks for the sustainable financing of infrastructure within Ghana’s context. Ordinary Least Squares (OLS) regression analysis is applied to annual data from 2003 to 2023 to examine the relationship between macroeconomic and infrastructure indicators and economic growth , which is used as a proxy for the viability of AIFMs. The results show that employment growth, educational attainment, …

Full Call Auction And Market Liquidity: Lessons From Idx, Columbanus Teto, Zaäfri Ananto Husodo

Jurnal Akuntansi dan Keuangan Indonesia

Background: This study investigates the impact of the Full Call Auction mechanism implemented by the Indonesia Stock Exchange in 2024 on stocks listed under the Special Monitoring Board. The research aims to evaluate how the FCA affects market liquidity, particularly bid-ask spreads and trading volume, within the financial sector stocks. Methods: Employing a heterogeneous Difference-in-Differences approach, the analysis compares stock-level liquidity indicators before and after the FCA implementation. Findings: While overall treatment effects appear statistically insignificant, subgroup analysis reveals that stocks with longer exposure to the FCA exhibit significantly wider bid-ask spread and persistent reductions in trading volume. These findings …

Digital Zakat And Islamic Fintech: A Bibliometric Analysis Of Global Research Trends And Collaboration Networks (2012–2025), Muhamad Dupi, Fauziyah Adzimatinur

Journal Of Middle East and Islamic Studies

This paper examines global research trends, collaborative networks, and prevailing themes in digital zakat and Islamic fintech studies published from 2012 to 2025. We retrieved a total of 194 Scopus-indexed publications using bibliometric methods on September 23, 2025, and analyzed them using VOSviewer version 1.6.20. The analysis set a minimum occurrence threshold of 5 for keywords and a minimum citation threshold of 10 for documents. The results indicate that the number of publications has been steadily rising since 2017, with the most in 2023 (42 documents). Malaysia, Indonesia, and Nigeria were the top contributors, and INCEIF University and the International …

QawāʿId Al-Fiqh On Government Energy Subsidies: Controlling Inflation Amid Economic Recovery, Nuzulul Firdaus, Nur Fatwa

Journal Of Middle East and Islamic Studies

The war between Russia and Ukraine significantly affected world life, one of which was the increase in world oil energy prices. Indonesia, in this case, which still imports a lot of energy, is also affected. The government needs to implement policies to face these global challenges, one of which is to provide subsidies for energy so that state budget funds can assist people's purchasing power for energy because if not, this will lead to an increase in the prices of goods and services so that there will be inflation. Still, on the other hand, Indonesia is also carrying out a …

Research Advances On Foreign Portfolio Investments: A Bibliometric And Thematic Analysis, Ritu Sapra, Dixit Yadav, Kamal Upreti, Nishant Kumar, Rituraj Jain, Akhilesh Tiwari

Markets, Globalization & Development Review

Foreign portfolio investments have been at the center of research in the finance, economics, and international business domains since the early 1990s when developing economies started to relax their capital account and allowed the entry of foreign investments. Over the years, various macroeconomic (country-specific and global), firm-specific, and quality factors have been studied as determinants in relation to these flows, Still, there is no consensus regarding which factor influences more than the others. This paper uses bibliometric analysis to understand the existing literature to build a solid conceptual base in this research topic. For this study, bibliometric data of 731 …

The Impact Of Increasing News Intensity And Number Of Investors On The Relationship Between News Sentiment And Price Movement In The Developing Country: Indonesian Evidence, Zaäfri Ananto Husodo, Muhamad Nagib Alatas

Bulletin of Monetary Economics and Banking

This study examines how news intensity and investor numbers affect the link between news sentiment and equity price movements in Indonesia, using the LQ45 Index. Applying methods such as correlation analysis, CAPM, VAR, Granger causality tests, and rolling correlations, we find that higher news intensity and investor participation strengthen the connection between news sentiment and stock returns while also increasing volatility. The findings suggest that incorporating news sentiment analysis can improve market stability and investment decisions in developing economies.

How To Trade Memecoins, Antoine Testaud De Marchain

Student Scholar Symposium

This poster presentation aims to introduce high school and college students to the world of cryptocurrencies, with a focus on memecoins and how to trade them.

The poster will be divided into three key sections:

1: What are Cryptocurrencies?

-What is cryptocurrency, and how does it work?

-Centralized vs Decentralized exchanges.

-A little bit about the blockchain technology and its networks.

2: What are memecoins?

-Definition and unique characteristics of memecoins.

-Why memecoins have gained popularity.

-The role of social media and online communities in driving trends.

3: How to trade Memecoins (Core of the poster)

-Step-by-step guide to setting …

The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein

Honors Thesis

This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

Multiple Application Models For Monte Carlo Analysis In Excel, Tom Arnold, Deniz Besik, Xia (Summer) Liu, Nancy Tran

Finance Faculty Publications

Monte Carlo simulation techniques are performed in Excel with multiple applications for option pricing: a single Geometric Brownian motion (GBM) process, a GBM process with volatility bootstrapping, and two correlated GBM processes.  This leads to the creation of a “generic” Monte Carlo simulation framework that can be applied to many different models in addition to the demonstrated commercial real estate valuation/transaction model.   Because the models are all programmed in Excel with minimal VBA programming, the techniques become very accessible for practitioners.

KEY TAKEAWAYS:

Various Monte Carlo simulation techniques are implemented in Excel to perform option pricing applications with (1) a …

Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski

Journal of Banking and Financial Economics

The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering …

Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble

Honors College Theses

This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …

The Elements Necessary For A Successful Startup, Ciaran Mcgurran

Faculty Curated Undergraduate Works

This paper seeks to uncover what really goes into a startup company to get it off the ground, keep it afloat and growing, and mitigate competition through a case study focus on a software-aided investment-strategy building company. Through an interview of the founder and CEO of the case company as well as first-hand experience working in the company, this paper will seek to gain an understanding of the necessary elements and planning that must go into a startup company for it to have success. Additional online texts also provide supplementary general information on startups and how the planning process is …

Exploring The Struggles Of Minorities In Low-Income Communities With Affording And Financing Housing In San Antonio, Daniel Maes

Honors Program Theses and Research Projects

Affordability of housing has emerged as a major socio-economic issue in San Antonio, Texas,

especially among minority groups and other low-income groups. This thesis provides an analysis of the underlying factors that lead to housing unaffordability and the systemic factors that deny

these groups of people a chance to live in stable and affordable houses. This paper combines both primary survey data of local residents and secondary governmental and academic data, which

allows identifying the intersection of income differences, increased property prices,

gentrification, and the lack of affordable housing to worsen the affordability crisis. The

evaluation of the perception of …