Finance and Financial Management Commons^™

Low Beta Anomaly In Some European Emerging Markets, Tadeusz Winkler-Drews, Mateusz Mogilski

Journal of Banking and Financial Economics

The aim of the study was to identify the low beta anomaly and analyse the causes of its occurrence in five European emerging markets that were components of the MSCI Emerging Markets Europe index in the period 2010–2019. It was hypothesized that the determinants of the low beta anomaly in the analysed markets are factors from at least two of the three categories of variables. Using the Betting Against Beta model proposed by A. Frazzini and L. H. Pedersen (2014), we found that this phenomenon was not identified in three markets, but occurred in the remaining two markets, for which …

Real Earnings Management Among Industries: Does Market Competition Matter?, Michał Comporek

Journal of Banking and Financial Economics

This paper investigates real earnings management (REM) practices in public non-financial companies listed on the Warsaw Stock Exchange (WSE) from 2014 to 2023, focusing on sectoral differences and the influence of market competition. REM, defined as deviations from normal business operations aimed at manipulating reported earnings, can distort financial information and harm long-term firm value. This study contributes to the existing literature in two key ways. First, it examines variations in abnormal levels of production costs, sales, and discretionary expenditures – REM proxies based on Roychowdhury’s methodology – across sectors classified according to the WSE’s industry framework. This sectoral classification, …

[Abstract And Associated Files For] Multi-Variable Monte Carlo Simulation For Portfolio Analysis In Excel, Tom Arnold, C. Mitchell Conover, Joseph Farizo, Nancy Tran

Finance Faculty Publications

Monte Carlo (MC) simulation has several applications in finance, including risk management, valuation, and portfolio management. In this paper, we use multiple correlated Geometric Brownian motion (GBM) processes that allow for very robust portfolio analysis. In this treatment, five correlated funds make up a portfolio. MC is used to not only forecast possible future portfolio and fund outcomes, but to also evaluate the benefits and costs of a hedging strategy and to consider the effects of different correlation structures between the funds on portfolio performance. Because the programming is in Excel, the analysis is very accessible and available to analysts …

Paying The Education Debt: How Community Colleges Can Lead In Restoring Higher Education Access In U.S. Prisons, Tammy Zimmer

Instructional Leadership Abstracts

Discusses paying education debt with respect to how community colleges can lead in restoring higher education access in United States prisons.

"The question is no longer can we provide higher education in prison, it’s will we. For those of us already engaged in this work, the answer is clear. I invite you to join us."

Fixed Income Fund Report, August 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Equity Fund Monthly Report, August 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Two Essays On Index-Based Risk Management In U.S. Rangeland And Livestock Production, Wajdi Belgacem

Dissertations and Doctoral Documents, University of Nebraska-Lincoln, 2023–

This dissertation investigates two distinct but complementary dimensions of risk management in United States rangeland agriculture. Essay 1 measures spatial variation in basis risk within the Pasture, Rangeland, and Forage (PRF) rainfall-index program for 176 Nebraska grid cells (1988–2023). By linking official NOAA rainfall indices with 30-m Rangeland Analysis Platform biomass estimates, we find rainfall–forage correlations that peak at 0.45 but display pronounced heterogeneity. The probability that neither insured interval triggers during an actual forage loss averages 12%, rising to nearly 30% in several Sandhills cells, whereas optimally pairing late-spring and summer intervals reduces complete misses below 10%. These results …

Social Connections And Capital Allocation In Multidivisional Firms, Tomas Jandik, Tatiana Salikhova

Finance Faculty Publications and Presentations

The inefficiency of internal capital allocation is considered one source of losses due to diversification. We use a hand-collected sample of divisional managers in S&P 500 industrial conglomerates and find that social connections among divisional managers are associated with capital allocation improvements. Segments' investments become more sensitive to segments' growth opportunities when these segments are led by better-connected managers. For connected managers, the probability of being assigned to a segment with low investment opportunities increases significantly with investment opportunities of connected segments. Firm-level connectedness is associated with higher firm values primarily in firms with high diversity in segment investment opportunities, …

The Role Of Microfinance In Improving Global Economy, Khamphou Milayome

Doctoral Dissertations (DBA)

This study investigates microfinance’s role in enhancing the global economy by examining its impact on economic growth, unemployment, and political stability. Secondary data from MIX Market and WDI were used in this study to assess these relationships. Multiple regression was conducted with EViews software to test regression models with the independent variables related to microfinance and microfinance institutions (MFIs). Using the data from South Asia and Southeast Asian countries, this study finds that microfinance significantly improves economic growth, reduces the unemployment rate, and strengthens political stability. Microeconomic variables used in the study are borrowing amounts and the cost per borrower. …

Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun

Research Collection Lee Kong Chian School Of Business

We model two methods of executing segregated retail orders: brokers’ routing,whereby brokers allocate orders using the market maker’s overall performance, andorder-by-order auctions, where market makers bid on individual orders, a recent U.S.Securities and Exchange Commission proposal. Order-by-order auctions improve al-locative efficiency, but face a winner’s curse reducing retail investor welfare, partic-ularly when liquidity is limited. Additional market participants competing for retailorders fail to improve total efficiency and investor welfare when entrants possess in-formation superior to incumbent wholesalers. Our results hold when new entrants are less informed or the information structure differs. We also examine the cross-subsidization of brokers’ routing.

On The Origin Of Green Finance Policies, Theodor Florian Cojoianu, D. French, Andrea G. F. Hoepner, Sheenan L., Anh Vu

Research Collection College of Integrative Studies

Despite the rising number of green finance policies, the socioeconomic determinants shaping them remain largely unexamined. Drawing from the literature analysing the relationship between regulation, market development and institutional economics, we contend that green finance policy adoption is driven by both market-based and institutional factors. Using a survival analysis approach to understand the levers influencing green finance policy adoption across 188 countries from 2000 to 2019, we find that exposure to the fossil fuel industry predominantly drives the initial issuance of green finance policies. The positive effect of fossil fuel commercial financing on the adoption of green finance policies exists …

Two Essays On Lottery-Like Stocks, Reihaneh Haghighi Zadeh

Theses and Dissertations in Business Administration

Essay 1: Momentum and Investors' Lottery-like Preference

Previous empirical studies have consistently shown that lottery-like stocks exhibit unconditionally low average returns due to investor overreaction to extreme short-term gains. However, the results show when the momentum strategy is jointly conditioned on stocks with high maximum daily returns (MAX), high-MAX stocks yield significantly higher future returns than their low-MAX counterparts. For value-weighted portfolios, a momentum strategy applied within the high-MAX category generates an average monthly return of 2.5%, compared to only 0.25% in the low-MAX category. This return premium exceeds that of the standard momentum strategy proposed by Jegadeesh and Titman …

Two Essays On Firms’ Reactions To Major Events In Rival Companies, Alireza Askarzadeh

Theses and Dissertations in Business Administration

The first essay of this dissertation examines the influence of peer credit rating downgrades on firms’ financial decisions. The results show that firms respond to a rival’s downgrade by increasing excess debt capacity, excess cash holdings, excess net working capital, and the excess cash conversion cycle. They also accelerate their speed of adjustment (SOA) toward target capital structures. These adjustments are motivated by a desire to mitigate the higher costs and risks associated with financial distress and to preserve competitive advantage. Moreover, firms with more capable managers, and those operating in environments with greater market competition, higher information asymmetry, and …

Essays On Stablecoins’ Stability, Ravi Joshi

LSU Doctoral Dissertations

In this dissertation, I present three independent essays that contribute to the literature on stablecoins, the run-on stablecoin (Terra), and the information narrative surrounding the run. The first essay offers a comprehensive overview of the stablecoin ecosystem, the structural frictions that challenge peg maintenance, and the evolving regulatory landscape governing stablecoin issuance and use. In the second essay, I investigate the collapse of the TerraUSD (UST) algorithmic stablecoin and provide evidence that the collapse mimicked a run by demonstrating liquidity shortages on centralized exchanges. I show that Terra’s arbitrage mechanism broke on May 7, 2022, and that sustained price deviations …

Loan Restructuring And Deposit Growth: Evidence From The Market Discipline During The Covid-19 Outbreak, Indra Tumbelaka

Bulletin of Monetary Economics and Banking

Amid the COVID-19 pandemic, banks boosted loan restructuring efforts to offer borrowers assistance and preserve credit quality. This study employs dynamic and static panel data from Indonesian commercial banks to include restructured loans as a metric for assessing market discipline prior to and during the pandemic. Depositors shown discipline about banks’ credit risk during the COVID-19 period and exhibited heightened sensitivity to restructured loans. Subsequent analysis indicates that the association between deposit growth and restructured loans was more pronounced in government, small, and publicly listed banks during the outbreak

The Dark Side Of Insider Trading, Keming Li

All Faculty Scholarship (Archived)

This paper provides empirical evidence that insider opportunistic trading increases the likelihood of forced chief executive officer (CEO) turnover, but not voluntary CEO turnover. To identify the causal effect, I study an exogenous shock— the enactment of SEC Rule 10b5-1—and find that the enactment reduces the likelihood of forced CEO turnover. To analyze the possible reason for the results, I document that opportunistic insider trading (especially insider sells) increases the likelihood of undertaking an acquisition and reduces announcement returns. Firms with aggressive insider trading also are more likely to become takeover targets. Together, the evidence suggests that the board fires …

Participant Empowerment, Inclusivity, And Social Justice: A Review Of Meng Tian’S Arts-Based Research Methods For Educational Researchers, Niway Ayalew Adimasu

The Qualitative Report

In reviewing Arts-Based Research Methods for Educational Researchers by Meng Tian (2023), I found a priceless resource for contemporary scholars wishing to add cutting-edge arts-based techniques to their qualitative research inquiries. This book offers a thorough examination of how artistic mediums like poetry, theater, and visual arts can be used to investigate the emotional, psychological, and cultural aspects of education that conventional research frequently ignores. It does this by fusing theoretical understanding with helpful advice. The book focuses on participant empowerment, inclusivity, and ethical considerations when working with vulnerable populations highlights the book’s commitment to social justice, making it especially …

Expand Your Programs Through Collaboration, Bryan Brugger

Midwest Business Librarian Summit (MBLS)

It is possible to expand the reach of programming by collaborating with other libraries and community partners. Many business/finance/career development programs tend to pull small audiences. By working with other partners it is possible to offer more programs, typically virtual programs, with less effort for each library, and get a higher turnout at the same time. The Northbrook Library has engaged in 3 different partnerships since the pandemic began on a variety of topics and seen attendance reach numbers impossible for individual libraries to attain. This will look at these three partnerships and the results they have had.

Minority Day Hearing On American Innovation And The Future Of Digital Assets: From Blueprint To A Functional Framework, Hilary J. Allen

Legislative Testimony & Comments

When we hear from the crypto industry that existing regulation is incompatible with their technology, that is a misdirection. It is entirely possible for a blockchain-based technology business to comply with existing investor protection and financial stability regulation. However, for many crypto businesses, it may be true that existing regulation is incompatible with the economics of their business model, especially if their business model depends on doing things that we have learned, over the years, tend to harm people. But we have little to lose as a society from limiting the profitability of this kind of business model; unfortunately, the …

Fixed Income Fund Report, July 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.