Finance and Financial Management Commons^™

Young Adults With Disabilities Financial Skills And Goals: A Mixed Methods Strengths And Needs Assessment, Allison D'Aguilar

Theses and Dissertations

Young adults with disabilities face barriers that affect their financial capability and financial inclusion in the marketplace. Barriers include a lack of autonomy, skills, and opportunities. This mixed method strengths and needs assessment aimed to explain and explore the financial skills and goals of young adults with disabilities. A standardized scale captured young adults with disabilities financial skills, photovoice participatory action research documented their valued financial skills and goals, and semi-structured interviews notated parents financial aspirations and goals for their daughters and sons. The mixed methods analysis suggested young adults with disabilities underlying financial skills fell 25 percent below the …

Quantifying The Announcement Effects In The U.S. Lumber Market, Zarina Mamadalievna Ismailova

Graduate Theses, Dissertations, and Problem Reports (ETD)

The impact of public reports on price fluctuations has been widely investigated in many commodity markets, but little attention has been paid to the lumber market. In this thesis, we examine the impact of two housing market reports, namely the New Residential Construction (Housing Starts) and the New Residential Sales reports, on the U.S. lumber futures market. Our results suggest that the housing starts report does indeed affect lumber market volatility, while the New Residential sales report exerts a minor impact on lumber price volatility. Price volatility is measured by changes future contract prices for lumber. We further find that …

Who Finances Durable Goods And Why It Matters: Captive Finance And The Coase Conjecture, Justin Murfin, Ryan Pratt

Faculty Publications

We propose that, by financing their own product sales through captive finance subsidiaries, durable goods manufacturers commit to higher resale values for their products in future periods. Using data on captive financing by the manufacturers of heavy equipment, we find that captive-backed models have lower price depreciation. The evidence is consistent with captive finance helping manufacturers commit to ex-post actions that support used machine prices. This, in turn, conveys higher pledgeability for captive-backed products, even for individual machines financed by banks. Although motivated as a rent-seeking device, captive financing generates positive spillovers by relaxing credit constraints.

Volatility Spillovers Among Oil And Stock Markets In The Us And Saudi Arabia, Marinela Adriana Finta, Bart Frijns, Alireza Tourani-Rad

Research Collection Lee Kong Chian School Of Business

In this article, we use high frequency data and an identification via changes in volatility approach to assess the volatility spillovers among oil and the US and Saudi Arabian stock markets. We document the existence of asymmetry in contemporaneous spillover effects. Particularly, during the times when oil’s trading hours overlap with the US and Saudi Arabian stock markets, the volatility spillover from oil to the stock markets is higher than the other way around. We highlight the importance of taking into consideration the information present during continuous trading hours of oil, especially during simultaneous trading hours with the stock markets. …

The Geography Of Csr, David K. Ding, Christo Ferreira, Udomsak Wongchoti

Research Collection Lee Kong Chian School Of Business

We regress socio-economic indicators against firm level CSR scores using a sample of over 26,000 firm year observations from 1991 through 2009. We find that a firm's CSR profile is linked to the socio-economic conditions of the firm's geographic headquarters (HQ) location. The study documents that the legal, cultural, economic, and demographic differences across geography significantly explain the variation in CSR means between metropolitan statistical areas, states, and regions. We also find that the relation between CSR and firm performance is conditional on socio-economic factors, which highlight the endogeneity concerns inherent in CSR studies. Lastly, we show that firms that …

Overseas Listing Location And Cost Of Capital: Evidence From Chinese Firms Listed In Hong Kong, Singapore, And The United States, Warrington College Of Business, Frank Weikai Li, Central University Of Finance And Economics

Research Collection Lee Kong Chian School Of Business

As at the end of 2012, more than 600 nonstate-owned Chinese firms were listed in overseas stock markets. We find that Chinese firms listed in the US have the lowest cost of capital when compared to those listed in Hong Kong and Singapore, and these results hold when controlling for firm characteristics and the endogeneity of listing locations. Cross-sectional tests indicate that listing in the US is more beneficial to those firms which face higher information asymmetry and agency costs. Overall, our evidence supports the view that the institutional environment has a first-order impact on a firm’s cost of capital.

Sustainable Digital Finance In Asia: Creating Environmental Impact Through Bank Transformation, Ryan Knowles Merrill, Simon J.D. Schillebeeckx, Sofie Blakstad

Research Collection Lee Kong Chian School Of Business

Data is arguably the most valuable resource in the digital economy. Used effectively and responsibly it has the potential to serve as a driving force in creating a more sustainable world. The potential is especially potent in the financial sector given its central place in the financial system, and its access to and use of data.Using technologies such as blockchain, artificial intelligence (AI), mobile technology, internet of things (IoT), and the cloud, data can be captured by sensors in the environment and structured to integrate sustainability into existing financial products and services. These can be creatively combined into entirely new …

Trading Regularity And Fund Performance, Jeffrey Busse, Lin Tong, Qing Tong, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

We construct a new measure of trading regularity, capturing the extent to which investors trade on a regular basis. Institutional investors that regularly trade outperform those that trade less regularly. The performance of funds that regularly trade persists for at least a year. Among those who trade most regularly, larger funds perform relatively worse, because they incur higher transaction costs associated with their larger trades. Institutions that regularly trade generate superior performance, in part, by behaving as contrarians and by trading more aggressively on information. By contrast, we find no relation between trading regularity and performance among index funds.

Financial Sector In Singapore, Hwee Kwan Chow, Sai Fan Pei

Research Collection School Of Economics

This chapter reviews the financial development strategies adopted by the Singapore government as it navigates internal and external changes to build a vibrant center of finance in the Asia Pacific region. Sections 2 and 3 provide an overview of the structure of the financial system and the financial governance framework respectively. This is followed by a discussion, in Section 4, on the outward looking development strategy that underpinned the successful development of Singapore’s financial sector. Section 5 highlights the reforms undertaken in the aftermath of the Asian financial crisis that led to the building of a well-diversified and thriving international …

Financing Post-2015 Development Goals: Shaping A New Policy Framework For Aid In Liberia, Apollos Ikechukwu Nwafor

Walden Dissertations and Doctoral Studies

Liberia, Africa's oldest democracy, has made several efforts in becoming a developed economy and ending poverty, but these efforts have been hampered by lack of appropriate financing mechanisms to achieve this goal. The most recent challenge which was the purpose of this study was to understand how Liberia can finance and achieve the sustainable development goals adopted by the United Nations in September 2015. Despite substantial external aid, Liberia was only able to meet 3 out of the 8 Millennium Development Goals, and more than 60% of the population remain extremely poor. The main research question was to understand what …

Capital Financing Strategies Of Small-Scale Contractors In Nigeria, Tony Emeka Anamege

Walden Dissertations and Doctoral Studies

Small-scale contractors in Nigeria, as small business owners, face challenges accessing external sources of capital financing. Inadequate sources of working capital is one of the major reasons for poor business performance and failure. A multiple case study approach was used in this study to explore how small-scale contractors obtained capital financing to grow their businesses. The study population included small-scale contractors in the construction industry in Nigeria. Credit rationing model was chosen as the conceptual framework for the study. Semistructured interviews were used to collect data from 5 participants. Data analysis included thematic coding of the data using qualitative data …

Small Business Merger And Acquisition Strategies For Raising Capital In Emerging Economies, Bennet Kpentey

Walden Dissertations and Doctoral Studies

About 70% of mergers and acquisitions (M&As) involving small and medium-sized enterprises (SMEs) in emerging economies fail because the strategies employed do not integrate all the critical success elements, leaving SMEs without the needed capital to take advantage of strategic and market opportunities. The purpose of this multiple case study was to explore the M&A strategies SME owners in Ghana employed to raise capital. Seth's value creation theory was the conceptual framework adopted for this study. The population consisted of 5 SME owners in Ghana who had successfully raised financial resources through inbound M&As within the past 10 years. Data …

Dark Trading At The Midpoint: Does Sec Enforcement Policy Encourage Direct Feed Arbitrage?, Robert P. Bartlett Iii, Justin Mccrary

Faculty Scholarship

Prevailing research in market microstructure posits that liquidity providers bypass queue lines on exchanges by offering liquidity in dark venues with de minimis sub-penny price improvement, thus exploiting an exception to the penny quote rule. We show that (a) the SEC enforces the quote rule to prevent sub-penny queuejumping in dark pools unless trades are “pegged” to the NBBO midpoint and (b) the documented increase in dark trading due to investor queue-jumping stems from increased midpoint trading. Although encouraging pegged midpoint orders can subject traders to direct feed arbitrage, we estimate that less than 2% of shares traded per year …

Information Content Of Revised Earnings Forecasts, Market Learning, And Analyst Behavior, Lifei Xue

Open Access Theses & Dissertations

In my first essay, I examine how the quality of private information and the quality of public information contained in analyst revised one-year-ahead earnings forecasts issued right after a quarterly earnings announcement affect the post-earnings announcement drift (PEAD). I find that high precision of private information contained in revised forecasts reduces the level of PEAD and that the precision of public information contained in the revised one-year-ahead earnings forecasts partially offset the reduction in PEAD. Moreover, I find the effect of precision of private information on PEAD decreases after Reg FD, which required in the year 2000 that analysts could …

The Impact Of Firm Characteristics On Speed Of Adjustment To Target Leverage: A Uk Study, James Fitzgerald, J. Ryan

Articles

Responding to the need to investigate heterogeneity in the speed of adjustment (SOA) to target leverage in a manner that reflects the fractional nature of leverage, we estimate SOA across sub-samples of UK firms using the Dynamic Panel Fractional (DPF) estimator. Using firm characteristics to identify firms subject to varying costs of deviation from and adjustment to target leverage, we find significant evidence of heterogeneity in the speeds at which UK firms adjust to target leverage. Our results show that small, high growth and low dividend paying firms adjust to target leverage faster than their large, low growth and high …

The Impact Of Brexit Debates On Irish Exports: A Causality Analysis, Rawayda Abdou, Klavs Ciprikis, Lucia Morales, Damien Cassells

Conference papers

The UK decision to leave the EU has larger implications for Ireland due to its significant exposure to the UK economy. As such a no-deal Brexit scenario raises significant concerns regarding the impact, the magnitude and the lasting effects of the shock to the Irish economy. Leading up to the final weeks before the UK leaves the EU, this study explores the relationship between economic and political uncertainty surrounding Brexit and its potential causal effects to the Irish economy. The agriculture, manufacturing, chemical and pharmaceutical sectors are the focus of attention as they are considered to be the most exposed …

Access To Capital Challenges And Opportunities, Rosalinda V. Maury, Brice M. Stone, Kicia Sears, Andrew M. Sander

Institute for Veterans and Military Families

This paper describes how veterans report financing their businesses, their potential difficulties accessing capital, and the potential reasons they may encounter credit and loan denials. We conclude with a discussion on the possible implications and put forward a preliminary argument for further study that would explore some of the more nuanced aspects of access to capital barriers. Helpful for veterans seeking information about financing their business.

Influence Of External And Internal Factors On Financial Advisors' Guidance Of Clients In The Area Of Charitable Giving, Angela J. Gorsuch Widner

Dissertations and Theses @ UNI

Charitable giving plays a vital role in the ability of nonprofit organizations to carry out their missions to contribute to the well-being of society. Research suggests that most wealthy Americans have an interest in being philanthropic and giving to nonprofit organizations. Financial advisors often play a substantial role in helping their clients understand the complex policies related to charitable giving. As the experts, financial advisors play an important consultative role in making sense of the benefits that can come as a result of charitable giving.

The purpose of this study was to explore how financial advisors work with clients in …

The Relative Financial Cost And Benefit Of An Ophthalmology Resident Compared To An Advanced Practice Provider, Optometrist, Or Faculty Ophthalmologist, Daniel B. Moore, William Barr

Ophthalmology and Visual Science Faculty Publications

Objective The main objective of the article is to determine the relative direct financial cost and benefit of an advanced practice provider (APP), optometrist, and faculty ophthalmologist compared with an ophthalmology resident.

Design Single center cost–benefit financial analysis.

Methods The direct total expenses, including mean salary and benefits; the cost/week, based upon calculated hours worked; and net revenue, based upon technical collections subtracted from total expenses were collected for all APPs, optometrists, faculty ophthalmologists, and ophthalmology residents at the University of Kentucky for the 2016 to 2017 academic year. Optometry and ophthalmology faculty collections were adjusted for clinical full-time equivalents. …

Uganda Invest In Foreign Markets: Uganda As A Case Study, Morgan T. Lynch

The Journal of Business, Entrepreneurship & the Law

No abstract provided.