Finance and Financial Management Commons^™

Beyond The Stream: Valuing Music Catalogs As An Alternative Asset Class, Amelia Jade Magay

Honors Theses and Capstones

This thesis builds a quantitative valuation framework for music catalog transactions and tests its limits systematically. The goal is not to produce a formula that perfectly prices every deal. The goal is to identify where streaming-based financial analysis is a useful underwriting tool, where it breaks down, and what categories of value investors appear to be pricing beyond publicly available streaming data.

Debt Decisions: The Effects Of Paying For College In The United States With Student Loans, Kim E. Bullington, David J. Thomas, Minghui Hou, William L. Nuckols, Dennis E. Gregory, Joshua L. Howell, Kaycee L. Bills, Amy-Leah Joaquim

Educational Leadership & Workforce Development Faculty Publications

Student loans have increasingly become a burden on individuals. This qualitative analysis explores how structural inequities and financial literacy gaps influence US student loan borrowers’ decisions to finance postsecondary education. The study highlights racial and economic disparities, examining participants’ reflections on debt aversion and systemic barriers to equitable access. We asked why participants took out federal student loans, asked about their decision processes when taking on debt, whether participants took any action to reduce accumulated debt, and if they’d made any discoveries about their decisions to take on student loan debt. After coding and a thematic analysis, five themes and …

Linear And Asymmetric Interactions Of Bank And Stock Market Development In The Face Of Global Economic Uncertainty: A Focus On The Nigerian Economy, Augustine C. Arize, Ebere Ume Kalu, John Malindretos, Srinvias Nippani

Faculty Publications

This study explores the functional interaction between bank development and stock market development in the face of uncertainty variables. The geography of the study is one of the largest economies in Africa—Nigeria—regarding the following variables: credit to the private sector (CPS), broad money (M2) stock market capitalization (MCAP), and industrial production (IP), which are all scaled by the gross domestic product (GDP) and used in natural log form. Additionally, we included the natural logarithm of a measure of monetary policy uncertainty, which represents the uncertainty variable. In terms of methodology, the study uses monthly time series data from 1990:M1-2022M4 (384 …

Large Owner Expropriation Threat And Stock Option Pay's Effect On Firm Risk-­Taking Behaviors In Weak Institutions, Cuili Qian, Lipeng (Gary) Ge, Xuesong Geng, Jiatao Li, Maria Hasenhuttl

Research Collection Lee Kong Chian School Of Business

Research Question/Issue: This study investigates the impact of managerial stock option pay on firm risk-­ taking behaviors in aweak institutional context, a critical question that has been overlooked by the literature. Specifically, we build on the comparative corporate governance perspective that emphasizes the implications of large shareholders' expropriation threat in weak institutions to develop predictions about their impact on the stock option's incentive alignment effect. We further explore the boundary conditions of such a relationship.Research Findings/Insights: Based on a sample of Chinese listed firms between 2006 and 2016, we find that a high level of large shareholders' expropriation threat weakens …

Bitcoin Halving: How Effective Is It In Driving Cryptocurrency Market Dynamics?, Nyoman Sri Subawa, Caren Angellina Mimaki, I. Made Oka Mahendra, Made Srinitha Millinia Utami

Research outputs 2022 to 2026

Bitcoin halving is a quadrennial event that halves mining rewards and is believed to influence cryptocurrency prices and cryptocurrency market dynamics. This study examines the effect of Bitcoin halving on Cryptocurrency Prices, with Government Regulations, Market Sentiment, and Cryptocurrency Performance as mediating variables. A quantitative research approach was employed, gathering original data via survey instruments from 294 participants within the cryptocurrency community in Bali, which were analyzed using PLS-SEM. The findings indicate that Bitcoin halving exerts a favorable and statistically meaningful influence on Government Regulations, Market Sentiment, Cryptocurrency Performance, and Cryptocurrency Prices. Market Sentiment fully mediates the influence of Government …

Crisis, Credit Risk, And Productivity: Lessons From The Vietnamese Banking Sector During Covid-19, Van Nguyen, Phuong Thanh Le, Reza Kiani Mavi, Amir Arjomandi

Research outputs 2022 to 2026

This study investigates how an unprecedented systemic shock, the COVID-19 pandemic, reshaped bank productivity and intermediation efficiency in Vietnam, one of the fastest-growing emerging economies. We develop a novel risk-adjusted total factor productivity (TFP) measure based on the by-production Luenberger–Hicks–Moorsteen (LHM) indicator, which incorporates non-performing loans as undesirable outputs to better capture credit-risk dynamics. Using a balanced panel covering both the pre-pandemic and pandemic periods (2016–2022), our results show that Vietnamese banks experienced a general decline in productivity before and during COVID-19, driven largely by reductions in technical and scale efficiency. However, foreign and state-owned banks recorded stronger technological progress …

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 …

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 …

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 …