Finance and Financial Management Commons^™

Bank Competition Amid Digital Disruption: Implications For Financial Inclusion, Erica Xuewei Jiang, Gloria Yang Yu, Jinyuan Zhang

Research Collection Lee Kong Chian School Of Business

We examine how digital disruption affects bank competition using the staggered rollout of 3G mobile networks. 3G expansion increased mobile banking adoption among tech-savvy households, reducing branch networks—especially in younger counties. Banks' strategies diverged: Less branch-reliant banks closed branches and competed on price, while more branch-reliant banks maintained branches but raised spreads. A structural model shows that perceived digital service improvements among younger consumers drove these shifts, reducing welfare for older savers. Counterfactuals demonstrate that subsidizing adoption for older savers can cost-effectively reduce these disparities, facilitating a smoother digital transition.

A Machine Learning And Artificial Intelligence Sentiment Analysis Of Esg Disclosures, John Barnett Davis

Graduate Theses and Dissertations (2019 - present)

This dissertation examines whether environmental, social, and governance (ESG) disclosure sentiment extracted from SEC Form 10-K Item 1A risk disclosures aligns with Bloomberg ESG scores. The study combines SEC textual disclosures, Bloomberg ESG ratings, firm financial data, executive compensation data, and executive gender characteristics. Natural language processing and artificial intelligence methods, including FinBERT, Loughran-McDonald sentiment measures, BART-MNLI zero-shot classification, LLaMA-based ESG scoring, and readability analysis, are used to evaluate ESG-related disclosure signals. Results reveal that SEC 10-K Item 1A risk-factor sentiment and Bloomberg ESG scores represent related but distinct constructs. ESG sentiment in Item 1A is poorly aligned with third-party …

The Information Content Of The Implied Volatility Term Structure Slope For Forecasting Commodity Market Volatility, Lawrence E. Mckenzie

Doctoral Dissertations (DBA)

This study evaluates the implied volatility term structure (IVTS) slope (𝜅) for forecasting 21-day realized volatility against traditional time-series benchmarks and a 3-month continuous futures baseline. Using a matched sample of eight energy and agricultural commodities spanning 2007 to 2019, the study explicitly tests whether the option-implied slope contains unique predictive information beyond deferred price histories. The empirical findings yield three primary insights. First, redundancy testing indicates that the slope parameter delivers a statistically significant, independent risk signal even when controlling for deferred continuous futures paths. Second, an integrated joint encompassing framework that combines near-term historical volatility, generalized autoregressive conditional …

Women In Banking Leadership: A Qualitative Study On Experiences In Breaking Through The Glass Ceiling, Thelma E. De León García

Theses & Dissertations

Although women make up a substantial part of the banking workforce, they remain underrepresented in leadership roles due to barriers like the glass ceiling that limit their career advancement. Despite women’s underrepresentation in leadership roles, little research has examined their perspectives on the enablers of career advancement in this sector. This qualitative descriptive study explores the factors women identify as critical in breaking these barriers to attain leadership roles. Ten semi-structured interviews of women who hold a leadership position in banking were thematically analyzed using Braun and Clarke’s (2006) six-step thematic analysis and NVivo software. Guided by feminist theory, the …

Essays On Firm-Level Political Risk, Addback Statutes, And Corporate Decisions, Obed Nana Buadi

Open Access Theses & Dissertations

This dissertation comprises three chapters examining how political risk and tax enforcement shape corporate investment decisions and firm value. The first essay investigates how firm-level political risk affects investment efficiency among U.S. firms. Using 40,215 firm-year observations spanning 2002-2022 and exploiting the Hassan et al. (2019) political risk index as a firm-specific measure, we find that political risk reduces investment efficiency exclusively through underinvestment - a one-standard-deviation increase corresponds to approximately $5.7 million in foregone annual investment for a median firm. Mediation analysis confirms that precautionary cash hoarding accounts for 31.8% of the effect, establishing uncertainty - rather than capital …

Ripples Of A Global Health Crisis: 2019’S Pandemic And Its Impact On Sharia-Compliant Equities In Oic Countries, Windiya Saputri, Nur Fatwa, Nurwahidin Nurwahidin

Journal of Strategic and Global Studies

The outbreak of COVID-19 marked not only a global health emergency but also a strategic shock with profound economic implications, particularly for developing economies. This study investigates how Sharia-compliant stock markets in selected OIC countries responded to the World Health Organization’s declaration of COVID-19 as a global pandemic on March 11, 2020. Using an event study approach, the analysis focuses on abnormal returns (AR) from six major Islamic indices representing Indonesia, Malaysia, Saudi Arabia, the United Arab Emirates, Pakistan, and Qatar. The results reveal that the pandemic announcement carried significant informational content, as reflected in the notable ARs across all …

From Access To Accountability: Closing The Nonprofit Data Gap In Fintech Lending, Oluwatomisin Olubakinde

Journal of Nonprofit Innovation

Financial technology is often treated as a promising path toward financial inclusion. Mobile banking, alternative credit scoring, and AI-assisted underwriting have expanded access to financial products, but access alone does not guarantee fair outcomes. This piece frames fintech accountability as a nonprofit data accessibility issue. Nonprofits working in financial inclusion cannot fully evaluate fintech referrals or partnerships when the data behind approval decisions, pricing patterns, denial reasons, and appeal pathways remain inaccessible. Drawing on research in fintech lending and algorithmic fairness, the paper shows how data inputs, model design, and approval thresholds shape who benefits from fintech and who may …

Most Affordable And Fastest-Growing Cities In The Mountain West, 2026, Cason Noll, Caitlin J. Saladino, William E. Brown Jr.

Cities & Metros

This fact sheet presents data on the most affordable and fastest-growing cities among the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data are sourced from MoneyLion’s “50 Most Affordable, Fastest-Growing Cities” report, which analyzed and ranked U.S. cities by the most affordable places with large population growth. This fact sheet focuses on the 10 Mountain West cities that ranked within the top 50 and their corresponding 5-year population growth rate, median household income, annual cost of living for both homeowners and renters, and the leftover savings available at the end of the year for …

Who Bears The Burden: Tax Incidence And Water Governance In The Middle Rio Grande Conservancy District (Mrgcd) Within Bernalillo County, Michael W. Wilson

Economics ETDs

This study examines how property-value-based assessments within a large western irrigation and flood-control district distribute fiscal burdens across property owners. The empirical analysis is restricted to Bernalillo County within the Middle Rio Grande Conservancy District (MRGCD), using parcel-level administrative data from fiscal year 2025 merged with 2021 irrigation service records and geospatial information. The analysis classifies 34,397 parcels by irrigation status, agricultural valuation enrollment, and primary use to evaluate whether non-irrigating residential and commercial parcels, including renter-occupied properties that lack direct irrigation access, bear a disproportionate share of financial responsibility for a district whose first listed priority under their primary …

Employing Derivatives In Exchange-Traded Funds: International Perspective And Polish Evidence, Tomasz Miziołek

Journal of Banking and Financial Economics

The main aims of the paper are to examine the use of derivatives by 13 exchange-traded funds primarily listed on the Warsaw Stock Exchange over 2010–2025, including their magnitude and functions, and to identify patterns in derivative use over the past three decades worldwide. The results reveal that derivative use was common among exchange-traded funds listed on the Warsaw Stock Exchange; however, it was limited to basic applications. Futures (standard, e-mini, and micro e-mini) were used to obtain leveraged or inverse market exposure or as a supplement to equity holdings, total return swaps were used for synthetic replication, and forwards …

Ceo Gender, Trade Credit, Covid-19 Pandemic, And Corporate Dividend Policies In Vietnam, Trang Ngoc Doan Tran Ms., Linh Ngoc Thi Nguyen Ms., Dung Phuong Ngoc Tran Ms., Khoa Dang Duong Dr.

The Indonesian Capital Market Review

This comprehensive study examines the dynamic interplay among CEO gender, trade credit, and dividend policies across 563 listed companies in Vietnam from 2006 to 2024. Employing the Generalized Method of Moments to address the endogeneity issue. The findings show that firms led by female CEOs distribute significantly lower dividends than those led by male CEOs. Moreover, a positive nexus exists between trade credit and the dividend payout ratio of listed firms in Vietnam. Furthermore, the study reveals that CEO gender moderates the relationship between trade credit and dividend payouts in Vietnam. Finally, our robustness tests confirm that the results remain …

Addressing The ‘Chicken-And-Egg’ Dilemma: Pension Reform, Market Coordination, And Policy Design, Shujaat Khan, Bo Li, Yunhui Zhao

Journal of Banking and Financial Economics

Why do domestic stock markets in many emerging market economies fail to develop, even in the presence of high savings rates? In this paper, we argue that this may be a ‘chicken-and-egg’ problem, which we formalise as a market coordination failure. We first develop a stylised game-theoretical model, showing that when long-term equity investment is subject to network externalities, the Pareto-optimal, high-investment equilibrium is not robust to noise. Individual investors, fearing defection by others, will rationally choose a low-investment (or ‘run’) strategy, trapping the market in a state of underdevelopment. We then show how a specific institutional design – a …

The Specifics Of Green Mortgages: A Case Study Of Poland, Mateusz Tomal, Ewa Gorlecka-Łabiak

Journal of Banking and Financial Economics

The green mortgage market in Poland has received limited research attention. Therefore, this article aims to present the specifics of the green mortgage market in Poland. To thoroughly investigate the issue, in-depth interviews were conducted with 12 banking sector representatives, each with varying experience and professional roles. The study’s findings revealed that there is no formal definition of green mortgages, which hinders both banks and their customers. Currently, green mortgages are rarely granted due to their limited economic benefit to borrowers and the small number of residential properties that qualify. For banks, green mortgages present an opportunity to expand their …

Socio-Demographic Correlates Of Consumers’ Readiness To Use Ai In Financial Decision-Making, Michał Buszko, Tomasz Szopiński

Journal of Banking and Financial Economics

This study investigates the socio-demographic factors associated with readiness to use AI-driven tools in financial decision-making. It uses data from a representative survey of Poles and conceptualises an AI readiness index. It then estimates the relationships between socio-demographic characteristics and this index using an ordinary least squares (OLS) regression model. Additionally, robustness checks are conducted with heteroskedasticityrobust standard errors and multiple imputation. The OLS results were supplemented by one-way Analysis of Variance (ANOVA) with Tukey’s Honestly Significant Difference (HSD) post hoc tests to identify groups’ differences. The results demonstrate that gender, age, education, and income are significantly associated with consumers’ …

The Effectiveness Of Banks’ Influence On Reducing Greenhouse Gas Emissions In Eu Agriculture, Jan Koleśnik

Journal of Banking and Financial Economics

This article analyses the effectiveness of the banking sector in limiting greenhouse gas (GHG) emissions in European Union agriculture and the impact of EU banking groups‘ policies on their Polish subsidiaries. The study is based on data from 2019–2025 sourced from the Eurostat database, the European Banking Authority (EBA), and capital adequacy disclosures (CQ5 and CR1-B reports). The research sample included 14 EU countries with an agricultural share in GDP of between 1% and 3.6% and 62 EU banking groups at the highest level of consolidation. A linear regression model was employed, using the change in gas emissions as the …

Analysis Of Venture Capital Investment For Financing The Development Of The Palm Oil Industry In Indonesia For Private Companies, Salvatore Yitro, Mustika Sari, Gunawan Saroji

CSID Journal of Infrastructure Development

Indonesia is the world's largest crude palm oil (CPO) producer, accounting for 58.04% of global output from 2018 to 2022 and generating between USD 18.2 billion and USD 28.95 billion in annual foreign exchange earnings from 2016 to 2021. The downstream sector, however, remains largely controlled by foreign markets, and private companies face restricted access to conventional bank financing due to negative campaigns against Indonesian palm oil in European markets. No prior study has examined the financial feasibility of venture capital as a financing mechanism for integrated downstream palm oil development by private companies in Indonesia. This study analysed that …

What We Know About Accounting Ratios: Methodological Considerations, Wojciech Kuryłek, Oskar Kowalewski

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: This paper provides a comprehensive literature review of the methodological aspects of financial ratio analysis, consolidating dispersed knowledge on the computation, statistical properties, and appropriate usage of accounting ratios.

Design/Methodology/Approach: The study adopts a narrative literature review methodology, systematically surveying published research on financial ratio distributions, normality testing, data transformations, outlier handling, the proportionality assumption, dimensionality reduction techniques, compositional data analysis, and recommended ratio sets for corporate financial research.

Findings: Financial ratios predominantly deviate from normal distributions, exhibiting skewness, excess kurtosis, and sensitivity to outliers. Transformation techniques such as logarithmic, square root, and Box‑Cox methods yield mixed results in …

Cdt-1d Cnn Integration With Simpson-Sobolev Regularization For High-Frequency Options Trading: With Fem-Based Heston Option Pricing, Daniel M. Margolis, Johannes Tausch, Arthur K. Selender

Mathematics Theses and Dissertations

This dissertation presents a computational framework for high-frequency options trading that combines Cross-Data-Type 1-D Convolutional Neural Networks (CDT-1D CNN) with Simpson-Sobolev regularization for directional prediction, and finite element methods (FEM) for realistic option pricing during backtesting. The core innovation lies in developing a mathematically rigorous regularization approach that maintains the adaptability of modern deep learning while enabling accurate evaluation through stochastic volatility models. The primary contribution is the Simpson-Sobolev regularization scheme, which extends traditional Sobolev regularization by incorporating Simpson’s rule for numerical integration. This approach achieves higher-order accuracy in approximating the Sobolev norms that control function smoothness. Simpson’s rule attains …

Determinan Fungsi Intermediasi Bank Kbmi 4 Di Indonesia, Friestha Sari Putri, Telisa Aulia Falianty

Jurnal Ekonomi dan Pembangunan Indonesia

This study examines the effects of bank-specific characteristics and macroeconomic variables on the intermediation function of KBMI 4 banks in Indonesia during 2014–2023. The variables include NPL, BOPO, CAR, bank size, ROA, GDP, BI Rate, and pandemic and recovery dummies. Secondary data from four KBMI 4 banks were analyzed using a panel-data Fixed Effect Model. The results show that NPL has a negative effect, while BOPO, CAR, ROA, GDP, and BI Rate have significantly positive effects on LDR. Bank size is insignificant. The pandemic and recovery dummies reduce LDR by 10.43 percent and 10.33 percent, respectively.

Financing Global Public Goods: ‘Green Capitalism’ Vs Foreign Aid In Zambia’S Luangwa Valley, Kathleen Bergs

Southern African Journal of Policy and Development

Financing climate and biodiversity conservation amid persistent poverty has intensified debate over the ethics and effectiveness of market-based approaches relative to foreign aid. This article examines whether the form of finance shapes financial sustainability and ecological justice in Zambia’s Luangwa Valley. Guided by political ecology, it compares the commercially oriented Luangwa Community Forests Project in the South Luangwa landscape with the donor-dependent North Luangwa Conservation Programme. The analysis draws on 57 semi-structured interviews, 15 focus group discussions, participant observation and documentary review, triangulated with existing household surveys. The findings reveal convergence in governance challenges and stakeholder support for sustainable revenue …