Finance and Financial Management Commons^™

Investor Reaction In Stock Market Crashes And Post-Crash Market Reversals., Daniel Folkinshteyn, Gulser Meric, Ilhan Meric

Rohrer College of Business Departmental Research

We study investor overreaction using data for five major stock market crashes during the 1987-2008 period. We find some evidence of investor overreaction in all five stock market crashes. The prices of stocks investors bid down more than the average during crashes tend to increase more than the average in post-crash market reversals. In line with CAPM, we find that high beta stocks lose more value in crashes and gain more value in post-crash market reversals relative to low beta stocks. We further find that smaller firms and those with a low market-to-book ratio lose more value in stock market …

An Epistemological And Pattern Analysis Of Empirical Data That Influences Emergency Loan Need Among Graduate Students, Efosa C. Idemudia, R. Ferguson

Faculty Publications - The LeMoyne Smith School of Business

This analysis studies closely education affordability through the epistemology of emergency loan need that signals economic challenges on the horizon for domestic and international students seeking a post graduate credential at any cost. Prior studies have been very helpful; however, to the best of our knowledge there is not a comprehensive study that has investigated the comparison of small vs. large emergency student loans taken out by graduate students. Also, to the best of our knowledge and to date there are no studies that have investigated the patterns and relationships among ethnicity, gender, marital status, degree type, and college awarded …

The Corporate Social Responsibility And Financial Performance Debate, Andrew K. Nunn

Finance Undergraduate Honors Theses

Much controversy surrounds the theoretical link between corporate social responsibility (CSR) and financial performance. Many different empirical studies have reached conclusions that this link is either positive, neutral, negative, or non-existent. In this paper, a thorough literature review is conducted seeking an explanation for the contradiction and disagreement present in current literature on the subject. Six key factors causing this contradiction were highlighted and examined in the review. A comprehensive understanding of the contradiction in this field will help researchers avoid historic pitfalls in future research, and may eventually lead to a definitive understanding of the financial implications of CSR. …

Best Strategic Practices For Small And Medium-Sized Procurement Organizations, Peter O'Reilly

Publications

Presentation discusses best practices, goals and objective, and strategies, and for small and medium-sized procurement organizations.

Is America Still Free?, Connor P. Daigle

Senior Honors Projects

If we take a moment and observe our current societal landscape, we may be intrigued by what we find. If we paint a broad brush over the 21^st century, we are engaged in war in the Middle East, we have allowed our politicians to purchase their seats in office, and have overcome two large economic downturns. The economic issues are the collapse of Enron, the world’s largest energy supplier, and the housing market collapse of 2008. How many know what actually created the housing bubble? How many know about Enron? How many American Citizens understand how our current society …

My Experience With Fundamental Analysis, Nicolas Chapman

Honors Scholar Theses

In finance, there are several overarching schools of thought when viewing equity prices in the stock market, such as technical and fundamental analysis. I find the most enjoyment in quantitative matters, so naturally most of my experience with the stock market includes fundamental analysis. Proponents of this methodology purport that there is a true value of a security based on its financials, and that it will trade around that number eventually. Perhaps the most successful investor who uses fundamental analysis is Warren Buffett. Specifically, he believes in valuing a company’s equity by gauging their cash flows and projecting how they …

An Examination Of Perceived Stress And Coping Strategies Among Research University Chief Financial Officers, Patrick Michael Gallagher

Graduate Theses and Dissertations

The purpose of this study was to measure and report the perceived stress among research postsecondary institution chief financial officers. A non-experimental descriptive approach was used in this investigation. Research questions were developed to describe and seek any differences in stress among the respondents. The population for this study was chief financial officers in research institutions based on the Carnegie Foundation for the Advancement of Teaching but excluded CFOs that had responsibility over multiple campuses, medical or professional schools and any vacant positions. The sample consisted of 90 respondents from public and private institutions. Data was collected by a self-reported …

Moving Average Reversion Strategy For On-Line Portfolio Selection, Bin Li, Steven C. H. Hoi, Doyen Sahoo, Zhi-Yong Liu

Research Collection School Of Computing and Information Systems

On-line portfolio selection, a fundamental problem in computational finance, has attracted increasing interest from artificial intelligence and machine learning communities in recent years. Empirical evidence shows that stock's high and low prices are temporary and stock prices are likely to follow the mean reversion phenomenon. While existing mean reversion strategies are shown to achieve good empirical performance on many real datasets, they often make the single-period mean reversion assumption, which is not always satisfied, leading to poor performance in certain real datasets. To overcome this limitation, this article proposes a multiple-period mean reversion, or so-called "Moving Average Reversion" (MAR), and …

Considerations For Implementing A Hotel Revenue Management System, Akram Mahesh

UNLV Theses, Dissertations, Professional Papers, and Capstones

To fully understand and implement a revenue management system, hotel managers will need to research all aspects of a system, its requirements, and the hotel’s requirements to ensure that they are implementing a system that will work best for their property. This kind of research requires finding information in literature that is scattered in many locations. An owner or manager of a small to midsize hotel would need to invest a lot of time and energy into this process. Unlike giant companies like Marriott or Hilton, small to midsize independent hotels do not have the manpower to research and implement …

A Study On The Performance Of The Luxury Industry During The Financial Crisis, Robert Anderson Conroy

Economics Undergraduate Honors Theses

This thesis explores the financial performance of firms engaged in the production of luxury goods and services, as measured over a recessionary period. Specifically, it relates firms’ performance to the performance of the United States economy at large, as well as a control firm operating in a different market segment. This analysis revealed the comparatively poor performance of the luxury industry throughout the most recent recession. As economic conditions weakened firms within the luxury industry faced below-average earnings and profits.

Three Essays On Bailout Banks During 2007-2009 Financial Crisis, Daphne Shu Nu Wang

Theses and Dissertations - UTB/UTPA

In the wake of this financial crisis 2007-2009, the government injected approximately $604 billion into financial sector to increase liquidity and improve capital base for the bailout banks, which in order to restore market confidence and to prevent bank runs and possible contagion effects.

The main purpose of this dissertation is to assess the appropriateness and effects of the bailout program between 2008 and 2009. Chapter 1 introduces the causes and the effects of the recent financial crisis. Chapter 2 explains the bailout program-Capital Purchase Program (CPP) in details and discusses the sample section method used in this dissertation. There …

Essays On Insider Trading, Xu Sun

Theses and Dissertations - UTB/UTPA

Insider trading has always been an area with high priority for the regulation and enforcement of Securities and Exchange Commission (SEC) programs, as insiders are supposed to possess material, non-public corporate information. The main goal of this dissertation is to examine the insider trading behaviors.

In the first essay, I test whether insiders trade on investor optimism and superior firm performance information in a special context – stock splits. Using insider trading data from Thomson Financial Insider Filing Data Files and stock split announcements from the Center for Research in Security Prices (CRSP), this essay shows that, starting as early …

How Do Acquirers Choose Between Mergers And Tender Offers?, David Offenberg, Christo Pirinsky

Finance Faculty Works

Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in more competitive environments and deals with fewer external impediments on execution are more likely to be structured as tender offers. Tender offers also require higher premiums than mergers. Finally, the rivals of the bidding firm realize significantly lower announcement returns and subsequent operating performance in tender offers than in mergers.

Investment Strategies Amongst Property And Casualty Insurance Companies, Ryan J. Conforti

Honors Scholar Theses

The purpose of this work is to take an in-depth look into the investment side of property and casualty insurance. Many P&C companies have thrived over the past century, and much of this success can be attributed to investment income. This thesis will examine how investment philosophy changes from firm to firm, while also looking at how strategies have changed over time. It will also look into the insurance “float,” and examine how investors such as Warren Buffett have utilized this instrument to their favor. Investing is a huge aspect of property and casualty insurance, and this piece will give …

Incubator-Induced Business Clusters: A Case Study, Bailey Tarpley

Honors College Theses

Incubator-induced business clusters are a new tool for governments wishing to economically revitalize geographic areas. However, this case study argues that the successful formation of a cluster through the use of a business incubator requires the presence of three important “cluster factors”: 1) resource dependence and integration of the four key players of a cluster 2) human capital aspects and 3) external intervention mechanisms aimed toward the creation of a cluster. The historical founding of Hollywood will be examined for these factors as well as the DUMBO incubator located in NYC. This case study will examine whether the situation in …

Ethanol Energy Futures: Identifying Hedge Ratios, Cointegration Equations And Price Bubbles, Sergio Garcia

Theses and Dissertations - UTB/UTPA

Ethanol has been the subject of intense debate following the adoption of the Energy Policy Act of 2005 (EPAct) which established that the gasoline supply in the United States (U.S.) must contain 10% ethanol. The subsequent increase in the production of ethanol since 2005 has had an effect on the prices of corn, ethanol, and gasoline. This work seeks to identify hedging ratios using dynamic multivariate GARCH to best identify hedging opportunities in a newly developed futures market. In addition, Cointegration and Vector Error Models are used to identify relationships in price movements between ethanol futures, spot prices and related …

Corruption In Bank Lending: The Role Of Timely Loan Loss Provisioning, B Atkins, Y Dou, Jeffrey Tee Yong Ng

Research Collection School Of Accountancy

Building on the recent literature on corruption in bank lending, we examine the effect of country-level timely loan loss provisioning by banks on such corruption using a unique World Bankdataset that covers more than 3,600 firms across 44 countries. We find evidence consistent with timely loan loss provisions constraining lending corruption because it increases the likelihood of problem loans being uncovered earlier. This result is robust to using the tax-deductibility of loan loss provisions as an instrumental variable. In further analysis, we find timely loan loss provisioning less associated with reduced corruption in countries with deposit insurance schemes and significant …

E-Finance In Asean, David Kuo Chuen Lee

Research Collection Lee Kong Chian School Of Business

No abstract provided.

The Affordable Care Act: Five Years Later, Andrew Dana Izatt

Undergraduate Honors Capstone Projects

The challenges facing the American health care system are well known and manifold. The United States pays substantially more for its health care than any other developed, industrialized nation. Per capita health care spending in 2012 was $8,745, up from $356 in 1970 without marked improvements in life expectancy, quality of life, or outcomes. But despite all of our health spending, large portions of our population go without health insurance. Being uninsured carries real consequences. A report published in the American Journal of Public Health, by researchers at Harvard Medical School, using statistics from the Centers for Disease Control and …

Inverse Etfs And Market Quality, Darren J. Woodward

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

Is financial innovation good or bad? Finance research analyzes data in an attempt to answer this and many other questions. This paper seeks to determine at least a partial answer to this question for one particular financial innovation, the inverse ETF. We look at how the introduction of the first inverse ETF affects the market quality of the component stocks. We find that volatility and illiquidity of the component stocks decreases relative to the rest of the market, on average, after the introduction of the first inverse ETF. We also find that short selling increases in the component stocks relative …