Finance and Financial Management Commons^™

Anticipation And Reaction To Going Concern Modified Audit Opinions By Sophisticated Investors, Marshall A. Geiger, Abdullah Kumas

Accounting Faculty Publications

The purpose of this paper is to examine whether institutional investors (i) anticipate a distressed firm's receipt of a first‐time going‐concern modified audit opinion, and (ii) react to a first‐time going‐concern modified opinion by engaging in abnormal net selling of firm shares. Using a proprietary database of US institutional investor trades, we find that institutional investors are net sellers of first‐time going‐concern opinion firms beginning 6 months before the release of the report and remain net sellers through the subsequent 3 months. We also find that the severity of the reasons auditors modify their opinions is associated with increased trading …

The Influences Of Locus Of Control, Debt Overhang, And Framing On Saving For Retirement, Patrick Ilcin

Undergraduate Honors Thesis Collection

This study evaluates locus of control, debt overhang, and framing effects as potential drivers of retirement savings decisions. We use a hypothetical scenario administered through an online survey to analyze how much an individual will save for retirement. The study finds that individuals who measure as having an external locus of control (based off the Rotter I-E scale), contribute significantly less to their retirement savings than individuals with an internal locus of control. Interestingly, this study finds no significant relationship between debt overhang and initial contributions. To measure framing effects, participants were given the choice to change their initial contribution …

Managerial Strategies To Sustain Small Auto Repair Businesses, Osaka Kugblenu Tetteh-Odonkor

Walden Dissertations and Doctoral Studies

Small auto repair business owners need strong operational skills; however, some lack expertise in managerial strategy. The purpose of this multiple case study was to identify managerial strategies small auto repair business owners use to sustain businesses in Columbus, Ohio with respect to strategy, time management, and alteration of value chain services. Based on the Vroom expectancy theory of motivation, small auto repair business owners may use effectiveness and efficiency of business performance with particular emphasis on managerial strategic development and execution to enhance financial results and rewards. Data collection involved face-to-face, semistructured interviews with 5 small auto repair business …

The Case For More Debt: Expanding College Affordability By Expanding Income-Driven Repayment, John R. Brooks

Georgetown Law Faculty Publications and Other Works

Income-Driven Repayment (IDR) for federal student loans is rapidly becoming the primary tool that the federal government uses to provide progressive funding to individuals to pay for college. Under these programs, borrowers can choose to pay back their loans as a percentage of income, with eventual debt forgiveness after 10-25 years. If administered well, these programs can make student loans affordable for everyone, regardless of income. In this symposium essay, I argue that for IDR to meet its goal of providing affordable higher education to everyone, the federal government needs to raise the individual borrowing limits on Direct Loans and …

Singapore Approach To Develop And Regulate Fintech, Sai Fan Pei

Research Collection Lee Kong Chian School Of Business

This paper starts with a brief introduction of the recent organizational support established by The Monetary Authority of Singapore (MAS) to promote the fast developing FinTech (financial technology) sector. Basing on its existing “balanced” approach in promoting financial development and ensuring a safe and sound financial sector, and in sync with its objective to harness technology to improve the efficiency of the financial markets, the paper elaborates on the insights of MAS' policy intent in regulating the FinTech sector. The paper then focuses on MAS' proposed “Regulatory Sandbox” – an innovative regulatory framework which helps to strike a good balance …

Do Investors Still Gravitate To Preferred Habitats On The Us Treasury Yield Curve?, Kenneth S. Dreifus, Angelo Decandia, Elliott Goldberg, Mohammed Chowdhury

New York School for Career and Applied Studies (NYSCAS) Publications and Research

The purpose of this study is to test the preferred habitat theory non-econometrically using interviews with the help of a questionnaire for self-guidance on a group of focused investors. Frequencies and simple percentages were used to analyze data. Though many generations of post-World War II economics and finance students were taught that the nature of the liabilities on the balance sheet and the desire to avoid mismatches against assets caused particular classes of investors to gravitate to a preferred habitat on the yield curve, our study based on the responses to questionnaires by a group of U.S. based bond traders …

Why Stock Distribution Announcement Causes Abnormal Return, Napas Chailapakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigated empirically why stock distribution announcement causes abnormal return. For stock split companies, the evidences support that liquidity improvement could be the first possible reason of occurrence of abnormal return during announcement date. The main groups of investors who increase their trading activity are retail and foreign investors. This study also presents another reason that is the occurrence of abnormal return during effective date. It is possible that this abnormal return comes from the increasing of buying demand flow during effective date. However, this study does not discover the evidence which support those two reasons in stock dividend …

Behavioral Finance: A Survey Of Financial Literature, Quincy Hendricks

Honors Theses

Using academic studies and financial literature from over 40 researchers, I investigate if behavioral finance causes investors to not always act in a rational manner. In this thesis, I review the literature on investor behavior and outline the situational factors that contribute to investment decisions that are not consistent with the theory of rational expectations. In particular, I synthesize the departure from the theoretical standard due to gender bias, risk-taking, over confidence based on gender as well as institutional compared to individual investors, investor biases, external environmental influences, and lastly, herd behavior.

Employee Turnover At Community Banks, Cheryl J. Johnson

Walden Dissertations and Doctoral Studies

Some community bank managers do not possess the skills needed to retain employees, which increases employee turnover and decreases their competitive advantage. The purpose of this explanatory case study was to explore strategies community bank managers use to minimize employee turnover for their organization. The population consisted of 4 community bank managers in the Central Florida area who had at least 1-year of managerial experience evaluating employee retention. The conceptual framework was the jobs characteristics theory of Hackman and Oldham. Data were collected from semistructured face-to-face interviews and business documentation. Methodological triangulation was appropriate to validate the creditability and interpretation …

Financial Crowding Out Of Ghanaian Private Sector Corporations, Andrews Kwablah

Walden Dissertations and Doctoral Studies

The government of Ghana borrows from both domestic and foreign sources to finance the budget deficit. By the year 2013, the domestic debt was 55% of the public debt. Government domestic borrowing is competitive and can potentially crowd out the private corporate sector. Therefore, the specific research problem addressed in this study was whether the Ghanaian government's domestic debt (DEBT) caused financial crowding out (FCO) in Ghana. FCO theory is not conclusive and not proven specifically for Ghana, so the purpose of this research was to investigate its presence in Ghana. The neoclassical theory of FCO underpinned the research. The …

Australian Dollar Price Shocks And The Australian Stock Market, Ramzi E.N Tarazi

Theses

This thesis presents three studies on the Australian dollar price shocks and the Australian stock market. In this thesis, we study the volatility of the major currencies, identify the effect of the Australian dollar return and volatility on six sectors of the Australian stock market, evaluate volatility from the Australian dollar to the big four banks’ shares volatility in Australia, and finally identify the risk factors for the real estate market in Australia at the fundamental factors and macroeconomies level.

In chapter two, we investigate the influence of volatility of the foreign exchange rate of the US, the UK, Euro-zone, …

Hong Kong Unrest And Implications For The Hang Seng Index, Lucia Morales, Bernadette Andreosso-O’Callaghan

Articles

With the September 2014 ‘Umbrella Revolution’ in Hong Kong, China faced one of the biggest political challenges since the Tiananmen Square events. Beijing’s proposed electoral reform was perceived as a direct attack to democracy, and the ensuing protest triggered concerns amid local and international investors; the financial sector took the hardest hit, with stocks of companies exposed to the Hong Kong market facing significant losses. Volatility continued to increase to a seven-month high over worries that the student blockade in Hong Kong’s streets could drag on for longer than expected. The econometric-based analysis in this paper looks at the implications …

Rmb Exchange Rates And Volatility Spillover Across Financial Markets In China And Japan, Fengming Qin, Junru Zhang, Zhaoyong Zhang

Research outputs 2014 to 2021

This study examines empirically the volatility spillover effects between the RMB foreign exchange markets and the stock markets by employing daily returns of the Chinese RMB exchange rates and the stock markets in China and Japan during the period in 1998–2018. We find evidence that there exist co-volatility effects among the financial markets in China and Japan, and the volatility of RMB exchange rates contribute to the co-volatility spillovers across the financial markets. Reversely, the return shock from the stock markets can also generate co-volatility spillover to the foreign exchange markets. The bidirectional relationship reveals that both the fundamental hypothesis …

Three Essays On Ceo Risk Preferences, And Ability, Corporate Hedging Decisions, And Investor Sentiment, Sonik Mandal

Finance Theses & Dissertations

The derivative hedging research has looked at why firms and how firms hedge and if it increases value for their shareholders. In this dissertation we investigate the relation between CEO risk preferences and ability and whether if affects their hedging decisions and firm value.

In our first essay, we challenge the theory and previous empirical evidence that showed CEO risk preferences affects hedging. Using a sample of Fortune 500 firms and 5 years of panel data, and using inside debt (i.e., CEO pension and deferred compensation) and the CEO Vega and CEO Delta, as proxies of CEO risk preferences, we …

Utilization Of Csr To Build Organizations’ Corporate Image In Asia: Need For An Integrative Approach, Augustine Pang, May O. Lwin, Chrystal Shu-Min Ng, Ying-Kai Ong, Shannon Rose Wing-Ching Chau, Kristle Poh-Sim Yeow

Research Collection Lee Kong Chian School Of Business

Corporate social responsibility (CSR) has been found to be a strong predictor of a favorable corporate image [Gray, 1986. Managing the corporate image: The key to public trust. London: Quorum Books]. Websites have become an essential communication platform [Dawkins, 2004. Corporate responsibility: The communication challenge. Journal of Communication Management, 9(2), 108–119]. This study aims to investigate how CSR can be used in enhancing organizational corporate image. Content analyses of 150 corporate websites of organizations in Asia headquartered in Singapore were conducted, followed by in-depth interviews with public relations (PR) practitioners to examine the motivations behind their CSR engagement. Findings showed …

The Impact Of Advertising Share Of Voice On The Idiosyncratic Risk Of The Firm, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee

Research Collection Lee Kong Chian School Of Business

Integrating literature in marketing, finance and accounting, this study examines the impact ofa firms’ advertising share of voice (ASOV) on investors’ uncertainty about its future financialperformance, i.e., firms’ idiosyncratic risk. Drawing on signaling theory, authors propose that ASOV serves as a signal for investors such that higher ASOV reduces idiosyncratic risk. Consistent with this argument, analysis of 2,777 publicly listed firms over a two-decade period (1995-2014) shows that ASOV has a significant negative effect on idiosyncratic risk.In addition, consistent with the argument that ASOV is a more credible signal when firmshave higher cash flows; authors find that the negative impact …

Credit Union Loan Rate Determinants During The Post-2009 Expansion, Esmeralda Patricia Muniz

Open Access Theses & Dissertations

Credit union deposits have grown substantially in recent years. Given that, an increasing number of consumers and small businesses are joining credit unions as members. This study investigates the determinants of credit union loan rates during a period of economic expansion in the United States using fourth quarter 2015 data for 5,942 credit unions. Five different interest rate categories are analyzed using nine potential loan rate determinants. The results indicate that credit union loan rates tend to be lower when economies of scale exist, while high ratios for net charge-offs and operating costs cause interest rates to increase. Opposite of …

Real-Time Inbound Marketing: A Use Case For Digital Banking, Alan Megargel, Venky Shankararaman, Srinivas K. Reddy

Research Collection School Of Computing and Information Systems

Over the years banks have been strategically using digital technologies to help transform various aspects of their business. In recent times, this strategy has evolved into one of digital augmentation of the bank’s processes, products and channels. This allows for reaching out to customers and partners through digital platforms, for example; the addition of mobile apps for customers to access and perform service transactions. Marketing continues to play a major role in supporting the expansion of business and increasing revenue for the bank. Marketing has evolved from mass direct targeting to more personalised, face-to-face and real-time targeting. In the digital …

Small And Medium-Size Enterprise Owner Strategies For Invoice Factoring Financing, Winniefred Nabawanda

Walden Dissertations and Doctoral Studies

Small and medium-sized enterprise (SME) business owners influence the growth and development of sub-Saharan Africa and the welfare of its citizens. However, SME owners often lack the strategies to access and obtain invoice factoring financing to fund their businesses. Guided by the pecking order theory and the credit rationing theory, the purpose of this multiple case study was to explore strategies that 3 SME owners in Kenya used to access and obtain invoice factoring financing to fund their businesses. Data were collected from in-depth semistructured Skype interviews and organizational documents. Data were analyzed using the Krippendorff content analysis methodology. Member …

Corporate Governance Implementation In The Nigerian Banking Industry, David Nkata Bassey

Walden Dissertations and Doctoral Studies

The increasing level of fraud, the collapse of banks, and the loss of confidence in the Nigerian banking industry have been attributed to poor corporate governance. The problem of this study was effective implementation of corporate governance in Nigeria where multiple regulations are in place. The purpose of this qualitative single case study was to understand how corporate governance is implemented in the Nigerian banking industry in the face of a multiplicity of regulations. The research question investigated how Nigerian bank managers implement corporate governance regulations in the face of a multiplicity of regulations. The conceptual framework was grounded in …