Introduction To Financial Statement Analysis,
2019
CUNY Lehman College
Introduction To Financial Statement Analysis, Alexander Núñez-Torres
Open Educational Resources
This lecture discusses why the disclosure of financial information through financial statements is critical to investors. The function of the balance sheet, income statement, cash flows and statement of stockholder’s equity will be discussed. It discusses financial statement analyses through ratios and financial reporting in finance.
Time Value Of Money: An Introduction,
2019
CUNY Lehman College
Time Value Of Money: An Introduction, Alexander Núñez-Torres
Open Educational Resources
This lecture introduces the time value of money concept. It discusses the present value of a cash flow and how to discount it, the future value of a cash flow and how to compound it. Finally, it discusses three rules for valuing cash flows.
Valuing Cash Flows Streams,
2019
CUNY Lehman College
Valuing Cash Flows Streams, Alexander Núñez-Torres
Open Educational Resources
This lecture discusses how to value a series of cash flows such as perpetuities, annuities, growing perpetuities and growing annuities. Additionally, it discusses how to solve for variables other than present value or future value of cash flows.
Fundamentals Of Stock Valuation,
2019
CUNY Lehman College
Fundamentals Of Stock Valuation, Alexander Núñez-Torres
Open Educational Resources
This lecture describes the basics of common stock, preferred stock, and stock quotes; describes a tradeoff between dividends and growth in stock valuation. Finally, discusses how to value a stock as the present value of the company’s total payout.
Risk And Return,
2019
CUNY Lehman College
Risk And Return, Alexander Núñez-Torres
Open Educational Resources
What is risk? What is return? How are these two related? This lecture discusses the variables that determine the risk and return of stocks. Additionally, it describes the historical tradeoff between risk and return. Finally, it discusses diversification in stock portfolios.
Two Essays On The Effects Of Organization Capital On Firm Behavior,
2019
Old Dominion University
Two Essays On The Effects Of Organization Capital On Firm Behavior, Andrew Root
Theses and Dissertations in Business Administration
A growing stream of finance literature involves measuring the effects of organization capital (“OC”) on investment decisions, financial policy, and firm value. Li, Qui & Shen (2018) use the exogenous event of a merger or acquisition to determine whether high OC acquirers perform better. We extend the OC literature by considering economic policy uncertainty (“PU”)(Baker, Bloom & Davis, 2016), which is also exogenous to the firm, to determine the effect of OC on firms in the face of PU. Univariate tests show that high OC firms take more investment risk, have lower leverage, higher cash, lower total shareholder payouts, and …
Understanding The Fundamentals Of Freight Markets Volatility,
2019
Singapore Management University
Understanding The Fundamentals Of Freight Markets Volatility, Kian Guan Lim, Nikos K. Nomikos, Nelson Yap
Research Collection Lee Kong Chian School Of Business
We analyse empirically the drivers of freight market volatility. We use several macroeconomic and shipping-related factors that are known to affect the supply and demand for shipping and examine their impact on the term structure of freight options implied volatilities (IV). We find that the level of IVs is affected by the level of the spot rate, the slope of the forward curve, as well as by both demand and supply factors, especially the former. We demonstrate that the relation between the volatility of futures prices and the slope of the forward curve is non-monotonic and convex, that is, it …
Trust And Local Bias,
2019
Singapore Management University
Trust And Local Bias, Chi Shen Wei, Lei Zhang
Research Collection Lee Kong Chian School Of Business
This paper examines the effect of social trust on local bias. Our evidence suggests that institutional investors located in high-trust regions of the United States exhibit lower local bias. Moreover, we find that high-trust investors are better diversified, suggesting that trust helps accomplish greater diversification. The results are not due to firm, demographic, or local economic characteristics. Additional analysis reveals that the documented informational advantage in local holdings exists only in low-trust regions. We show that this finding is consistent with a trust explanation.
The Flash Crash: A Cautionary Tale About Highly Fragmented Markets,
2019
Singapore Management University
The Flash Crash: A Cautionary Tale About Highly Fragmented Markets, Albert J. Menkveld, Bart Zhou Yueshen
Research Collection Lee Kong Chian School Of Business
A breakdown of cross-market arbitrage activity could make markets more fragile and result in price crashes. We provide suggestive evidence for this novel channel based on a high-frequency analysis of the most salient crash in recent history: The Flash Crash. We further show that such an event can be extremely costly for a large seller trading in a particular venue as the seller effectively relies on local liquidity supply only. These findings highlight the vulnerability of today's highly fragmented markets.
Air Force Space Programs: Comparing Estimates To Final Development Budgets,
2019
USAF
Air Force Space Programs: Comparing Estimates To Final Development Budgets, Christopher Elworth, Edward D. White, Jonathan D. Ritschel, Gregory E. Brown
Faculty Publications
This article analyzes how development budget estimates, as reported in the Selected Acquisition Reports, change over time for primarily Air Force space programs. Government acquisition policy emphasizes the importance of developing an accurate point estimate for programs to ensure program budget efficiency; however, statistics imply space programs tend to underspend at the beginning of the program and to overspend at the end of Initial Operational Capability. This suggests new phasing methods that reflect the unique needs of space and perhaps other developmental-type programs by allocating more of the budget in later years rather than at the beginning of the program, …
Corporate Finance And Financial Management,
2019
CUNY Lehman College
Corporate Finance And Financial Management, Alexander Núñez-Torres
Open Educational Resources
This lecture discusses the importance of financial information in both individuals personal and business lives. It includes description of the important features of the four main types of firms. Then, discusses the three main types of decisions a financial manager makes. Finally, it discusses the tax implications for the different corporate entities.
How To Make Investment Decisions,
2019
CUNY Lehman College
How To Make Investment Decisions, Alexander Núñez-Torres
Open Educational Resources
This lecture is about making investment decisions. It discusses the net present value (NPV) rules, IRR and other alternative decision rules. Additionally, it discusses how to choose between projects, either mutually exclusive projects, projects with different lives or limited resources.
Bonds,
2019
CUNY Lehman College
Bonds, Alexander Núñez-Torres
Open Educational Resources
This lecture is about bonds. A bond is a debt investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the funds for a defined period of time at a variable or fixed interest rate. It discusses the bond terminology, how to compute the price and yield of the different types of bonds. Additionally, it describes why bond prices change over time and how credit risk affects a corporate bond.
Economic Provenance: The Financial Analysis Of Art Historical Records,
2019
New York University
Economic Provenance: The Financial Analysis Of Art Historical Records, Amy C. Whitaker
Journal of Contemporary Archival Studies
The Leo Castelli Gallery launched pivotal mid-twentieth-century artistic careers, including those of Jasper Johns and Robert Rauschenberg. Although well-studied for its artistic impact, the Castelli archives—as well as those of other gallery artists such as Frank Stella and early collectors such as Burton and Emily Hall Tremaine—include a curious trove of artists’ financial records and related correspondence. This paper argues that these records form an “economic provenance” that is important both to both art market analysis and art history. This economic context is sometimes overlooked because of the contested relationship between art and markets. In this context, the archive can …
Nonprofit Reputation And Bitcoin Use,
2019
Assistant Professor, Anderson College of Business, Regis University
Nonprofit Reputation And Bitcoin Use, Crystal A. Evans, Abigail B. Schneider
Journal of Ideology
In recent years, cryptocurrencies, digital assets used as mediums of exchange that use cryptography to secure the creation and exchange of the currency, have gained in popularity. One cryptocurrency in particular, Bitcoin, has received a considerable amount of attention in the media. As the general public’s awareness of Bitcoin increases, one must consider the impact that aligning a nonprofit with such a currency could have. The present research uses three studies to examine the impact that advertising the nonprofits’ alignment with Bitcoin has on perceived effectiveness as well as potential donors’ attitudes toward investing nonprofits’ assets in the currency. Results …
Show Me The (Value Of) Money!,
2019
Singapore Management University
Show Me The (Value Of) Money!, Singapore Management University
Perspectives@SMU
Plenty of adults are not financially literate. Teaching children early can make a big difference
Review Of The Promise And Peril Of Credit: What A Forgotten Legend About Jews And Finance Tells Us About The Making Of European Commercial Society,
2019
Chapman University
Review Of The Promise And Peril Of Credit: What A Forgotten Legend About Jews And Finance Tells Us About The Making Of European Commercial Society, Jared Rubin
Economics Faculty Articles and Research
A review of The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society, by Francesca Trivellato, published by Princeton University Press.
Importance Of Subjective Financial Knowledge And Perceived Credit Score In Payday Loan Use,
2019
Minnesota State University, Mankato
Importance Of Subjective Financial Knowledge And Perceived Credit Score In Payday Loan Use, Jae Min Lee, Narang Park, Wookjae Heo
Consumer Sciences Faculty Publications
This study examined the factors associated with consumers’ decisions to use payday loans. Using a sample of 24,201 respondents from the 2015 National Financial Capability Study (NFCS), structural equation modeling was used to analyze the relationships among the variables. The results indicated that payday loan use was associated with a series of consumers’ socio-psychological factors, including financial knowledge, perceived credit score, credit-card payment problems, and having emergency funds. The findings suggested that, to improve borrowing decisions and industry practices, discussions about consumers’ payday loan use and its underlying repayment problems should encompass policy intervention and institutional attention, rather than focusing …
The Impact Of Local Broadband Coverage On U.S. Firms’ Information Environment,
2019
CUNY Graduate Center
The Impact Of Local Broadband Coverage On U.S. Firms’ Information Environment, Zhiyuan Tu
Dissertations, Theses, and Capstone Projects
This study investigates the impact of local broadband coverage on the information environment of firms located in the United States. I hypothesize that more intensive local broadband coverage improves the overall quality of a firm’s information environment by allowing more locally generated firm-specific news to be more broadly disseminated via the Internet. I use the Federal Communication Commission (FCC)’s form 477 data to measure the intensity of local broadband coverage. I find that more intensive local broadband coverage near a firm is associated with a firm having smaller earnings surprises, and lower abnormal information asymmetry around quarterly earnings announcements. These …
New Factor Structure Models And Idiosyncratic Volatility,
2019
CUNY Graduate Center
New Factor Structure Models And Idiosyncratic Volatility, Ossama Elhadary
Dissertations, Theses, and Capstone Projects
In this dissertation, I propose new factor structures that are based on the Fama-French style factors but include additional locations like the industry groups and the exchanges where the stocks are traded. I show that the stock returns are clustered around the industry groups and the exchanges. Idiosyncratic volatility calculated using the new factor structure models tend to be smaller than those calculated using the traditional Fama-French model. By sorting portfolios using the idiosyncratic volatility computed using the new factor models, a trader can gain larger profits compared to sorting the portfolio using the traditionally calculated idiosyncratic volatility.
