Finance and Financial Management Commons^™

Capital Spending Patterns: Urban, Rural, And Critical Access Hospitals, 2011-2022, Carlo Mendez

MUSC Theses and Dissertations

This study examined the organizational, operational, and financial characteristics of rural critical access, rural non-critical access, and urban hospitals. The objective was to assess hospital capital spending, an important indicator of financial reinvestment within an organization.

In 2022, critical access hospitals allocated 6.2% of total expenses to capital spending, compared to 5.8% for rural non-critical access and 6.5% for urban. In 2011, these figures were 8.4%, 7.2%, and 7.2%, respectively. Regression-adjusted results revealed that from 2011 to 2022, each additional year contributed to a 2.6% decrease in capital expenses relative to total expenses across all hospitals. Critical access hospitals spent …

In The Eye Of The Storm: Investor Sentiment And Audit Quality In Korean Financial Reporting, Antonios Persakis, Georgios Kolias

Economic and Business Review

Background and objective: We investigate whether financial reporting quality is associated with economic policy uncertainty and examine the moderating roles of investor sentiment and audit quality during periods of high uncertainty.

Methods: This study focuses on firms listed on the Korea Stock Exchange over the period 1998–2021. We employ a dynamic panel-data model and utilize the Arellano–Bover/Blundell–Bond system estimator, a two-step generalized method of moments estimator that leverages instrumental variables to mitigate the issue of endogeneity.

Results: The empirical result provides support for the hypothesis suggesting that Korean economic policy uncertainty is positively associated with financial reporting quality, indicating that …

Intelligent Turning Cyber-Physical Systems Modeling Using Sysml, Prithbey Raj Dey, David Lee Enke, Mario F. Buchely

Engineering Management and Systems Engineering Faculty Research & Creative Works

Cyber-Physical Systems (CPS) support industrial automation that incorporates people, hardware, signal, computation, and control using networking to achieve desired results. The complex automated CPS design demands a standard and comprehensive approach to appropriately identify the system requirements, define the architecture, and model the relationships among the software and hardware components. Systems Modeling Language (SysML) provides the capability for a comprehensive modeling to capture the desired design requirements in the systems architecture. SysML enables performance estimation of the model by analyzing constraints while identifying interactions among the components through various behavioral diagrams. In this paper, SysML is applied to the design …

Equity Fund Monthly Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Dissertations and Theses Collection (Open Access)

I investigate how firms respond to reduced private equity buyout activity in their home states by exploiting the state-by-state adoption of laws that increase the cost of buyouts. I find evidence suggestive of reduced firm efficiency. The firms also become less likely to go bankrupt or to relocate to other states. These findings suggest that the firms' managers may be starting to enjoy the quiet life. I also find a reduction in layoffs. Overall, the results indicate a trade-off: Whereas reduced private equity buyout activity increases managerial entrenchment, it also lowers firm exits and strengthens employees' job security.

Study On Sustainable Development Of Energy Innovation, Maoli Guo

Dissertations and Theses Collection (Open Access)

Energy innovation and sustainable development play significant roles in the economic development and technological progress of a country. This paper first reviews the measurement methods of energy efficiency in existing literature, selects evaluation indicators based on the influencing factors of energy system performance, and proposes an energy efficiency evaluation method combining the Malmquist index and the Data Envelopment Analysis (DEA) model to evaluate and test the performance of energy sustainable development in each province of China from 2005 to 2021.

The study finds that, firstly, the energy efficiency in China has generally shown an upward trend, but there are significant …

Analysis On Factors For The Success Of China's Industrial Parks -- "Crown Model" And Its Empirical Research, Ming Qiu

Dissertations and Theses Collection (Open Access)

Since the reform and opening-up policy, China has systematically promoted the development and construction of economic and technological development zones, high-tech industrial development zones, and various types of industry-focused functional parks by drawing on successful international models and integrating them with China’s context. This has been carried out from the central government to local governments to foster the clustering of regional industries, facilitate industrial upgrading, drive large-scale employment, increase GDP, generate continuous tax revenue, and accelerate urbanization. These efforts have been pivotal in transforming local economies and enhancing China’s competitive advantage in the global market. The author, with 20 years …

Are Environmentally Sensitive Firms More Likely To Release Corporate Environmental Disclosures? Evidence From Environmental Risk Management, Chune Young Chung, Incheol Kim, Rong Yang

Finance Faculty Publications

This study examines the environmental risk management practices of US firms operating in environmentally sensitive industries. Using two proxy variables for ex ante environmental policy risk—firm-level toxic chemical emissions and climate-related keywords in annual financial statements—we demonstrate that firms facing high ex ante environmental policy risk tend to increase the frequency and length of their voluntary sustainability reports. Additionally, we find that proactive sustainability disclosures significantly mitigate firm-level systematic risk (beta) and associated litigation risk. This risk reduction is more pronounced among firms with substantial green innovations and stronger corporate governance practices. Overall, this study highlights the causes and consequences …

Fixed Income Fund Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Research On The Influence Of The Quantity And Quality Of Young Talents On Regional Economic Development, Jinzhao Liu

Dissertations and Theses Collection (Open Access)

This study focuses on the critical impact of both the quantity and quality of young talent on regional, particularly urban, economic development in terms of pace and quality. The paper examines how educated and innovative youth serve as catalysts for economic progress, driving innovation and entrepreneurship in urban areas. Through an examination of economic growth theories and innovation-driven development models, the research employs a Cobb-Douglas production function for empirical analysis, revealing the significant positive influence of high-quality young populations on regional GDP growth.

Concurrently, case studies of Zhongguancun and Suzhou's textile industry demonstrate the transformative power of young talent in …

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Accuracy Of Time Phasing Missile And Munition Using The Continuous Distribution Function, Joseph Zobler

Theses and Dissertations

Accurate cost and schedule estimates are crucial for maintaining the U.S. military’s technological and operational superiority, ensuring efficient resource allocation and timely development of advanced defense systems. This research examines S-curve models for time-phasing non-recurring Research, Development, Test, and Evaluation (RDT&E) expenditures in missile and munition acquisition programs. This research evaluates the commonly used 60/40 rule, which assumes 60% of expenditures occur by 50% of the schedule, for its accuracy using Cost Assessment Data Enterprise (CADE) and Earned Value Management Central Repository (EVM-CR) data from 21 missile and munition development programs.

Greening Brown Sectors Through Transition Finance, Hao Liang, Yongheng Sun, Tianhao Yao

Asian Management Insights

Financing not-so-green industries’ environmental transition could really move the climate needle. Directing capital away from carbon-intensive sectors and only financing green sectors may fail to achieve green transition targets. Transition finance plays a critical role in addressing climate challenges. Research suggests that the transition finance logic works and has promising potential.

Advancing Defense Software Cost Estimation Through Regression, Probabilistic, And Machine Learning Models, Stephen D. Chatterton

Theses and Dissertations

Accurately estimating software costs is critical for effective project management within the Department of Defense (DoD), where early decisions shape resource allocation and risk management. This work evaluates regression-based Cost Estimating Relationships (CERs), probabilistic models, and machine learning techniques to address limitations of traditional estimation methods. Using records from two DoD repositories, the analysis applied Ordinary Least Squares (OLS) regression, Multinomial Logistic Regression (MLR), Random Forest, and neural networks to model and classify software costs, with key predictors including Source Lines of Code (SLOC), Equivalent Source Lines of Code (ESLOC), and programming hours. The findings highlight strengths and trade-offs of …

Does Artificial Intelligence Bias Exist In Mortgage Underwriting Software? Investigating Bias, Regional Disparities, And Fair Ai Models, Dorian Cornelius

Dissertations

This quantitative study closely emulated Zou and Khern's (2022) analysis of AI Bias in Mortgage Applications. They used the Home Mortgage Disclosure Act (HMDA) dataset from the Federal Financial Institution Examination Council's (FFEIC) website to review mortgage loan data from 2019 to determine if there was bias in the AI mortgage application approvals. Those researchers concluded that bias does exist in the AI mortgage underwriting software. Since their study, research has demonstrated that discrimination continues to exist in AI software. Therefore, this research expands on Zou and Khern’s study to determine if there are differences in the mortgage loan approval …

Research On The Mechanism Of China's Stock Market And The Efficiency Of Factor-Based Stock Selection Strategies, Huaixiang Xing

Dissertations and Theses Collection (Open Access)

Based on the data of 4280 firms listed on China's A-share market from 2010 to 2023, this paper constructs 20 market factors and 4 financial factors to systematically study multi factor stock selection strategies in China's stock market. Furthermore, this article analyzes the impact of China's capital market mechanisms on stock selection strategies, which include margin trading and securities lending mechanism, Mainland-Hong Kong Stock Connect mechanism, analyst coverage mechanism, and information disclosure mechanism. The main conclusions are as follows:

Firstly, this paper reveals that 12 market factors, including size, price, and liquidity are all effective pricing factors, and the strategy …

The Influence Of Venture Capitalists’ Value-Added Service On Capital Financing Outcome: A Research On Chinese Biotech Startups, Hao-Yu Huang

Dissertations and Theses Collection (Open Access)

China’s biotechnology sector has undergone rapid evolution, driven by government policy, capital market reform, and growing global demand for pharmaceutical innovation. Venture capitalists (VCs) have played an increasingly pivotal role not only as financiers but also as strategic partners offering value-added services (VAS). These interventions include operational mentorship, regulatory navigation, talent pipeline facilitation, and strategic repositioning. However, the extent to which such non-financial support influences financing outcomes across startup development stages remains underexplored—particularly in the context of China's unique institutional and industrial environment.

This dissertation examines how VC post-investment interventions affect the financing success of biotech startups in China. Drawing …

Knowledge Judgment, Managerial Decision-Making, And Firm Performance: From The Perspective Of Entrepreneurial Spirit Reconfiguration In Second-Generation Family Businesses, Xinhua Li

Dissertations and Theses Collection (Open Access)

Since the reform and opening up, Chinese family businesses, as the main body of the private economy, have played a significant role in the development of the national economy. As the first - generation entrepreneurs are entering their later years, inter - generational succession has become an important issue. This doctoral thesis focuses on the dynamic reshaping process of the entrepreneurial spirit of the second - generation entrepreneurs in family businesses and explores how it affects the improvement of corporate performance. Based on the cutting - edge theories of Austrian economics, this study constructs a research framework of "knowledge judgment …

Creating And Analyzing Space Vehicle Seit/Pm Factors, Jordan A. Bosco

Theses and Dissertations

The Department of Defense relies on accurate cost estimation to inform budget decisions. Beyond being a critical component of the Defense Acquisition System, cost estimation is a legal requirement in the budgeting process. Cost analysts, therefore, have both a fiduciary and statutory responsibility to produce realistic estimates. Among the many elements of a space system cost estimate is Space Vehicle Systems Engineering, Integration & Test, and Program Management (SEIT/PM). While existing factors aid in estimating SEIT/PM, Space Systems Command is interested in research in alternatives to the current methods and crosschecks for those methods. This study develops a set of …

Disaster Relief, Inc.: When Is Corporate Philanthropy Good Or Bad For Shareholders?, Hao Liang, Cara Vansteenkiste

Research Collection Lee Kong Chian School Of Business

A long-standing question in finance is why companies donate to charity, often attributing it to either managerial agency problems or strategic behavior. Based on a global sample of donation announcements by firms providing relief to disaster-affected communities, we test the relative importance of these two motives and the conditions under which each dominates. We exploit disaster-specific factors in an event study setting around corporate donation announcement dates to show that, on average, relief donations decrease returns. However, the strategic benefits of donating around salient events can mitigate these negative effects. To account for firms’ donation decisions, we rely on exogenous …