Finance and Financial Management Commons^™

The Impact Of The 2016 Election On The Financial Performance Of Major Healthcare Companies, Joshua T. Blotter

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Healthcare reform was a significant political issue during the November 2016 US general elections, and played an important role in campaigning and political discourse leading to the election. Donald Trump, the Republican presidential candidate, and Republicans running for congressional office, campaigned on a platform advocating for the repeal and replacement of the Patient Protection and Affordable Care Act of 2010 (ACA), among other changes. Hillary Clinton, the Democratic presidential candidate, and Democrats running for congressional office, campaigned on a platform that included support for the ACA, as well as increased regulations on the pharmaceutical industry and health insurers, among various …

Financial Development And The Liquidity Of Cross-Listed Stocks; The Case Of Adr's, Jed Decamp

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

This study examines the relationship between financial development in a particular country and the volatility and illiquidity of ADR’s cross-listed on American exchanges, that correspond to the particular home country. Tests show that financial development and illiquidity are inversely related, thus, financial development improves liquidity and reduces volatility. The results have important implications for individual investors, firms seeking to lower their cost of capital, and the economic well-being of countries in general.

How To Have A Successful Retirement, Trevor Benson

The Review: A Journal of Undergraduate Student Research

What is retirement? Retirement is the years that an individual is able to enjoy after spending a majority of their life devoted to their career. A successful retirement is not a birthright; it is something that an individual must earn through hard work and proper planning. This paper identifies ten important commandments that are both necessary and helpful in achieving a successful retirement.

Financial Management Issues Of College-Aged Students: Influences And Consequences, Katharine N. Widener

Selected Honors Theses

College students have acquired a reputation of irresponsibility and impulsivity, which has contributed to the perception that they are poor managers of money. This researcher sought to establish a clearer picture of the full story behind how college students handle their finances through a comprehensive literature review. Several searches were conducted on the topics of college students, finances, money management, debt levels, and other related terms. Scholarly articles were analyzed for common themes and research patterns, and the various strings of research identified were categorized into three main headings: Financial situation, financial influences, and financial consequences. The three major headings …

Comprehensive Overview Of Exchange Traded Funds, Their Place In Portfolio Construction, And A Short Term “Scale In” Investment Strategy, Samuel Lewis Bonnie

Honors Capstones

No abstract provided.

Gaap And Ifrs: The Convergence Phenomenon, Paul R. Walter

Selected Honors Theses

The past few decades have birthed dialogue regarding the convergence of U.S. and international accounting standards. With over a hundred countries using International Financial Reporting Standards (IFRS), it becomes natural to notice the purple elephant in the room in that a set of different principles serve as guide to accounting in the U.S. and for U.S. companies known as Generally Accepted Accounting Principles (GAAP). Some see it as simply a matter of time before a convergence of sorts takes place more completely between the two accounting rule frameworks. A look at GAAP and IFRS reveals some fundamental differences produced by …

The Importance Of Profitability In Determining Volatility Across Industries With Different Debt Levels, Timothy De Silva

Undergraduate Economic Review

This paper seeks to investigate the relationship between debt and volatility. No consensus currently exists on the effects of financial leverage on stock volatility. With the increased use of complex financial derivatives in recent decades, the importance of understanding the factors that influence volatility has become extremely important. By looking at a cross-section of industries, this paper demonstrates how the importance of profitability for explaining volatility changes depending on industry debt levels, which are endogenous and depend on industry characteristics.

Behavioral Finance And Its Impact On Investing, Jordan Fieger

Senior Honors Theses

The field of behavioral finance has seen incredible growth over the past half century as it has explored the effect that cognitive psychological biases can have on investors’ financial decisions. Behavioral finance stands in stark contrast to the efficient market hypothesis, as it attributes market inefficiencies to investors who are not perfectly rational human beings. It offers a solution to the observed 3.5% gap that active equity investors miss out on in the market compared to passive index funds, which it attributes to their emotions and psychological biases. These common human biases can be grouped into five major categories: heuristics, …

Microcredit As A Means Of Funding Entrepreneurship In Asia, Sheena Ragoo

Senior Honors Theses

Microcredit can be a powerful tool to aid impoverished individuals in Asia. Despite the increased globalization and interconnectedness around the world, many parts of Asia suffer from the social and economic problems. However, entrepreneurship programs can help alleviate some of the social ailments. Unfortunately, many individuals in the Asian region do not have the financial means to start their own businesses. Individuals may be able to fund their businesses by means of small loans. Microcredit not only empowers poor individuals, it also gives them the opportunity to be self-employed and become self-sufficient. Women are the main beneficiaries of microcredit financial …

Wavering Interactions Between Commodity Futures Prices And Usd Exchange Rates, Monika Sywak

Doctoral Dissertations (DBA)

This paper examines the intricate impact of commodity futures prices on US dollar exchange rates. The daily data on returns on futures and on USD are tested with Bayesian VAR, multiple breakpoint regression and two-state Markov switching. The tested commodity futures include West Texas Intermediate and Brent crude oil, as well as copper and gold. The tests imply that changes in commodity returns inversely affect USD exchange rates. This relationship is not uniform across the tested commodity futures and is affected by market risk. The relationships between crude oil futures prices and USD exchange rates are normally negative but they …

Vix And Market-Implied Inflation Expectations, Carolyne Cebrian Soper

Doctoral Dissertations (DBA)

Our study shows that market-implied inflation expectations proxied by the breakeven inflation are directly related to market risk in high inflation environments and inversely during the periods of declining inflation or deflationary expectations. We use daily data series of percent changes in VIX as a proxy of market risk and changes in 5-year and 10-year breakeven inflation reflecting expectations of bond market participants. We employ Bayesian VAR, multiple breakpoint and Markov switching tests to examine the functional relationship between VIX and breakeven inflation for the January 3, 2003 – April 5, 2016 sample period. Our tests indicate a significant inverse …

Essays In Financial Economics, Johnson Owusu-Amoako

Doctoral Dissertations (DBA)

In this study, we empirically investigate the impact of credit default swap rates on short-term interest rates. We find that CDS rates significantly impact short-term interest rates. The impact remains significant after controlling for inflation and unemployment. Applying co-integration test and vector error correction modeling, the study also finds a causal relationship between CDS rates and short-term interest rates. These relationships are confirmed through autoregressive conditional heteroscedasticity (ARCH), exponential generalized ARCH [EGARCH] and vector auto-regression (VAR) analyses. The empirical results have important implications in setting short-term interest rates. A regular revision of policy targeting to capture the continual changes in …

Selecting An Alternative National Banking System Against Fractional Reserve Free Banking: The Greatest Modern Fraud?, Josiah J. Bardy

Senior Honors Theses

This paper serves as a compilation and analysis of different banking systems with an emphasis on fractional reserve free banking. Contemporary academic literature has debated fractional reserve banking with revisited scrutiny since the 2007–2009 financial crisis. The Austrian School, drawing conclusions from the Austrian business cycle theory, blames central banking for boom-bust economics. One proposed solution, fractional reserve free banking, eliminates the central bank’s control for a purer form of fractional reserve practice; however, this system may be inherently fraudulent and unethical. After completing an economic analysis of the western world’s banking system, this paper then explores an alternative solution.

How Much Is That Farm Really Worth—A Comparison Of Three Land Purchase Decision Tools, William M. Edwards

Journal of Applied Farm Economics

Volatile markets for farmland have created interest in tools that can help analyze land investments (Zimmermann, 2014). Extension specialists in several states have created some valuable decision aids that have been utilized by prospective investors, rural appraisers and real estate brokers. Agricultural educators can also use them for teaching the principles of real estate valuation.

Among the land purchase decision aids that are currently available are KSU-Landbuy from the AgManager.info website at Kansas State University (Dhuyvetter & Kastens, 2013), Farmland Purchase Analysis from the Ag Decision Maker website at Iowa State University (Edwards, 2015), and Land Purchase Analysis from the …

The Factors That Affect The Capitalization Of Digital Currencies In Developing Countries: An Assessment Of Security Risks And Their Effects, Joshua Tinotenda Pazvakawambwa

Honors Theses

Digital currency platforms such as Bitcoin, Ethereum, and Ripple are slowly but surely revolutionizing trade and commerce alongside their potential to impact people's economic lifestyles immensely. Digital currencies present a unique medium for humanitarian, mission, and more notoriosly arms and terrorism transactions around the globe. Various factors like security, legislature, and infrastructure affect the viability of adopting digital currencies in developing countries such as Zimbabwe. The research study assesses whether this technology's shortcomings outweigh the conventional means of exchange: hard cash, gold, and checks. Therefore, aiding stakeholders in making informed decisions concerning interfacing technology with economics in the developing world.

Performance Control And Risk Calibration In The Black-Litterman Model, Chyng Wen Tee, Shirley Huang, Kian Guan Lim

Research Collection Lee Kong Chian School of Business

The authors show that risk aversion and prior estimation error input parameters of the Black-Litterman model that are arbitrarily fixed in existing practices should instead be carefully calibrated because they are related to the Sharpe performance ratio and Value at Risk or tail risk of the active portfolio. A related important insight is that these parameters are not entirely exogenous but are connected closely to the portfolio manager's inputs of subjective expected returns, as well as the degree of confidence over these subjective beliefs. The value of τ is closer to zero if the manager believes the initial estimates based …

Ua3/9 Email To Faculty & Staff, Gary Ransdell

WKU Administration Documents

Emails from WKU president Gary Ransdell to faculty & staff from January to June 2017.

• Balancing Our Budget by Year End, 3/2
• Campus Forum, 4/12
• Farewell Message, 6/30
• Finance Fact Sheet, 1/20
• Gary Ransdell to Lead Semester at Sea Program, 2/8
• Invitation University of Kentucky College of Medicine, 6/5
• New Chapter, 2/8
• New Semester, 1/20
• Personnel Actions, 6/19
• Spring Semester Message, 4/6
• Statement on Immigration Ban, 1/30
• Video Surveillance Systems Policy, 6/19

Samsung Technical And Fundamental Analysis, Stephen Janeczko

Honors Program Contracts

In this report, you will find a summary of current events with Samsung, current events in the South Korean economy, financial statement analysis, ratio analysis for Samsung and competitors, and stock recommendations based on current trading history.

The Applications Of Mathematics In Finance Actuarial Exam Fm Preparation, Robyn Stanley

Honors Senior Capstone Projects

Financial mathematics is a growing field in which mathematicians and business professionals alike are regularly finding new links between the two industries. By further developing this area of study, businesses will be able to evaluate trends analytically by implementing mathematical techniques in their investigations. Businesses with a particular interest in financial mathematics include investment banks, commercial banks, hedge funds, insurance companies, corporate treasuries, and regulatory agencies. In particular, the field of actuarial science focuses directly on the applications of mathematics in finance, and requires all aspiring actuaries seeking certification to successfully complete an exam specifically designed to test the applicant’s …

2017 Private Capital Markets Report, Craig R. Everett

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital in today’s economic …