Finance and Financial Management Commons^™

Women On Boards Annual Monitoring Report 2024, Center For Entrepreneurship And Innovation

Faculty Books

The AUC Egypt women on boards monitoring report is issued annually to track and monitor the presence and representation of women on boards towards meeting the goal of having 30% women on boards by 2030. The importance of improving representation of women on boards stems from the fact that it is one of the good governance pillars, in addition to the positive impact on firm performance and profitability. The National Strategy for the Empowerment of Egyptian Women 2030 has accordingly promoted for increasing the leadership roles of women and holding key positions in public institutions and companies, setting the target …

Provision Cfo: Empowering Strategic Financial Excellence For Small Businesses And Entrepreneurs, Cindra Vang

Doctor of Strategic Leadership (DSL) Capstone Abstracts

Project Overview

ProVision CFO offers strategic financial management solutions tailored to the unique needs of entrepreneurs, small businesses, and rapidly growing organizations. This project aims to equip clients with robust financial strategies and actionable insights necessary for sustainable growth, operational excellence, and long-term success. ProVision CFO provides comprehensive financial guidance including fractional CFO and accounting services.

Project Themes

The ProVision CFO framework encompasses three key components designed to optimize financial performance and organizational effectiveness. Component One—Strategic Clarity: Establishing clear financial goals aligned with organizational vision, mission, and values. Component Two—Financial Optimization: Providing accounting services to streamline financial processes and enhance …

Financial Literacy As A Predictor For Future Financial Outcomes, Roy Baker Jr.

Graduate Theses, Dissertations, and Problem Reports (ETD)

John Adams once stated that “All the perplexities, confusions and distresses in America arise not from defects in their constitutions or confederation, not from a wont of honor or virtue, so much as from the downright ignorance of the nature of coin, credit, and circulation” (Adams, 1787). Yet the apparent lack of dedication to the financial literacy of the U.S. population seems contrary to one of our Founding Father’s sentiments. Implementation of a financial literacy curriculum at the secondary education level can be described as ad hoc at best. Using delinquency data and the financial literacy programs of all 50 …

Natural Capital Credit Risk Assessment In Agricultural Lending: An Approach Based On The Natural Capital Protocol, Francisco Ascui, Theodor Florian Cojoianu

Research Collection College of Integrative Studies

It is increasingly recognised that financial institutions have significant impacts and dependencies on natural capital – defined as the stock of the world’s renewable and non-renewable natural resources and ecosystems that yield flows of environmental goods and services, which directly and indirectly underpin the global economy and human wellbeing. Historically, many of these impacts and dependencies have been overlooked. The value of goods and services that nature provides ‘for free’ has often been ignored, and resources have typically been priced at their cost of extraction, rather than the cost of their replacement or substitution, which would promote more sustainable long-term …

The Hidden Cost Of Venture Capital, Emilie Aguirre

Faculty Scholarship

Founders, employees, consumers, and even funders increasingly expect businesses to pursue social goals alongside financial performance. Yet even the most committed firms have found it difficult to maintain social performance over time. Scholars in economics, management, and law have put forth several explanations for this “mission drift,” including inappropriate governance, poor management, lack of genuine commitment, and threat of takeovers. Puzzlingly, research to date primarily focuses on later-stage firms, even though the events and decisions that take place in a firm’s early stages can critically impact retention of its social performance.

Drawing from over five years of qualitative field research …

Money: A Functional Analysis, Steven L. Schwarcz

Faculty Scholarship

Most people currently think of money as government-issued paper certificates or coins that specify units of currency, such as dollars or euros. The advent of digital currencies, which appear abstract because of their intangibility, is therefore confounding almost everyone.

This Article argues that money should also be viewed functionally—as a “right” that serves one or more of the generally accepted functions of money. The Article focuses on two of money’s most generally accepted functions: to serve as a medium of exchange to facilitate the sale of goods and services, and to serve as a store of value. To perform these …

An Economic And Production Analysis Of Seaweed Farms In California And The Pacific Northwest, Brian Donovan

Cal Poly Humboldt theses and projects

Since the early 2010s, the seaweed aquaculture industry has steadily expanded in the United States, with states like Alaska, Maine, Hawaii, and Connecticut leading the way in the development of this emerging sector. However, information gaps remain concerning certain aspects of the domestic seaweed aquaculture industry. The purpose of this study was to examine the status of the seaweed aquaculture industry along the West Coast of the United States; specifically in the states of California, Oregon, and Washington. Seaweed farmers in these states were invited to voluntarily complete surveys asking important production, economic, and commercial questions regarding their operations. Data …

An Agent-Based Computational Finance Simulation Model To Study Market Efficiency, Wei Feng, Keng Siau, Wee-Yeap Lau, Lim-Thye Goh, Haonan Chen

Research Collection School Of Computing and Information Systems

The advancement of computational modeling, data systems, and digital infrastructure has enabled the rise of agent-based computational finance (ACF). This study models interactions among heterogeneous investors. By embedding behavioral logics such as environmental, social, and governance (ESG) preferences and volatility thresholds, the model captures microstructural dynamics under different trading rules. Using ACF, the authors compare transaction plus 0 day (T+0) to transaction plus 1 day (T+1). Results show that T+0 improves price discovery, deepens liquidity, and reduces transaction costs. From a computational perspective, this research contributes to ACF by showing how policy logic and investor heterogeneity can be encoded and …

Examining The Industrial Impact Of Fintech Lending In The Post-Next Normal Era, Nur 'Asyiqin Ramdhan, Imbarine Bujang, Amirul Afif Muhamat, Purwatiningsih Lisdiono

The Indonesian Capital Market Review

The financial sector has undergone a substantial paradigm shift as a consequence of the COVID-19 pandemic prompting industries actively innovate their financing method. Utilizing ARDL, our analysis reveals intriguing insights into the interaction of financing determinants interruptions caused by the epidemic, and the P2P lending success. The long-term effects of economic conditions alluding to the significant influence of investment size across various industrial sectors. The industrial differences suggest interesting connections between the size of investments, and loan tenure to the P2P lending in different industries. The wholesale and retail trade sector demonstrates intricate reactions to changes in investment size, while …

Do Environmental Risks Explain The Sovereign Sukuk Yields In Malaysia?, Roslina Mohamad Shafi, Norhasimah Shaharuddin, Norsaliza Abu Bakar, Amirul Afif Muhamat, Mosab I. Tabash

The Indonesian Capital Market Review

Given the increasing risks posed by environmental degradation, severe climate change, and recent pandemics, the establishment of a sustainable economy has become a priority for numerous nations. From this perspective, it is crucial to emphasize sustainable finance since it has the potential to serve as a vehicle for accomplishing a green economic agenda. Sovereign sukuk held a prominent position in the sukuk market, both domestically and internationally, but its influence was particularly significant inside the domestic sphere. The study seeks to examine the link between environmental risks and the yield performance of sovereign sukuk. Sukuk performed less favourably compared to …

Corruption Perception, Institutional Quality And Stock Prices: Evidence From The Egyptian Capital Market, Rasha Elbolok, Gina Eltabei, Dina Hassouna

Business Administration

This study examines the impact of institutional quality and corruption perception on stock prices in the Egyptian capital market, with a focus on the post-revolution period from to . Using the Generalized Method of Moments (GMM) methodology, this study provides empirical evidence on the significant role of macro-political factors and firm-specific variables in shaping stock market dynamics. The findings reveal that institutional quality, characterized by governance efficiency, regulatory frameworks, and the rule of law, positively correlates with stock prices. Similarly, enhanced corruption perception control significantly boosts investor confidence, leading to increased market valuations. Firm-level factors such as Tobin’s Q and …

The Marginal Value Of Public Pension Wealth: Evidence From Border House Prices, Darren Aiello, Asaf Bernstein, Mahyar Kargar, Ryan Lewis, Michael Schwert

Faculty Publications

We study how state pension windfalls affect property prices near state borders, where theory suggests real estate reflects the value of additional public resources. Windfalls, representing a source of state revenue about half the size of total taxes, provide economically significant and plausibly exogenous variation in fiscal conditions. We find that each dollar of pension asset returns increases border house prices by approximately two dollars, suggesting that governments allocate additional funds towards high-value projects or tax abatement rather than wasting incremental resources. Evidence of larger effects in financially constrained municipalities highlights how fiscal resources amplify welfare effects of economic shocks.

The Determinants Of Short-Term And Long-Term Performance Of Initial Public Offering: Evidence From The Stock Exchange Of Thailand (Set) And Market For Alternative Investment (Mai), Chittakrij Peungsugk

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the determinants of short and long-term IPO performance in the SET and mai market. Using samples of SET and mai IPOs from 2014-2021, the research investigates how underwriter reputation, institutional investor ownership, and big-4 auditor influence cumulative abnormal returns across time horizons. From information asymmetry, certification, and signaling theories, the study uses multiple linear regression with OLS to analyze IPO performance. Results are different between the two markets. In SET, underwriter reputation shows no certification effect across all time horizons for all reputation measures. Institutional investor ownership demonstrates no short-term impact but exhibits negative impacts with long-term …

Disaggregating Foreign Investor Influence: Direct Holdings, Nvdrs, And Stock Price Crash Risk In The Thai Equity Market, Ploypailin Rattanaphongchirakun

Chulalongkorn University Theses and Dissertations (Chula ETD)

This thesis investigates the relationship between foreign ownership and stock price crash risk in the Stock Exchange of Thailand during the period 2005 to 2024. It focuses on differentiating between direct foreign investors who hold voting shares and Non-Voting Depository Receipts (NVDRs), which provide economic benefits similar to regular shares but do not confer voting rights at shareholder meetings. Additionally, this study examines whether information asymmetry and stock liquidity moderate the relationship between foreign ownership and stock price crash risk. The analysis utilizes panel data from the top 100 companies by market capitalization listed on the Stock Exchange of Thailand. …

The Effect Of Economic And Climate Policy Uncertainties On Momentum Strategies Across Different Esg Levels, Siwaphat Prommana

Chulalongkorn University Theses and Dissertations (Chula ETD)

This thesis investigates the impact of Economic Policy Uncertainty (EPU) and Climate Policy Uncertainty (CPU) on ESG momentum strategies in U.S. equity markets from 2011 to 2023. Momentum portfolios are constructed within high- and low-rated ESG pillar groups to assess how policy uncertainty influences their performance across different firm characteristics, including sectoral classification and geographic operations. Empirical analysis reveals that policy uncertainty, particularly through Forecast and News channels, significantly affects momentum returns, with the strongest effects concentrated among low ESG-rated and domestically focused firms. Cyclical sectors display heightened sensitivity to both EPU and CPU, while international firms show weaker or …

The Effect Of Trading Volume From Different Investor Types On Trading Friction Anomaly Returns In Thailand: Evidence From Market Microstructure Data Of The Stock Exchange Of Thailand, Suparkit Assavanig

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study introduces a novel approach to understanding how trading volumes from individual, institutional, and foreign investors influence anomaly returns in Thailand's stock market. I integrate comprehensive analysis of seven trading friction anomalies with unique market microstructure data from the Stock Exchange of Thailand's database. This approach enables construction of long-short portfolio strategies, while accounting for the distinct trading behaviors of different investor groups during the period from 2011 to 2021.Remarkably, I discovered asymmetric effects where retail trading amplifies certain anomalies while reducing others, contradicting traditional noise trader theories. Furthermore, the integration of investor-type volume indicators with long-short anomaly strategies …

The Information Spillover Effects Of Earnings Announcements: Evidence From Thailand, Panatakorn Piyawannasuth

Chulalongkorn University Theses and Dissertations (Chula ETD)

AbstractThis research investigates spillover effects during announcement days in the Thai stock market, covering the period from 2015 to 2024, covering all publicly traded companies on the Stock Exchange of Thailand. The paper aims to determine whether limited spillover effects in developed markets persist in emerging markets whose institutional features are quite different.The empirical evidence strongly confirms that Thai earnings announcements are made up predominantly of firm-specific information, as compared with industry-level information, consistent with developed-market profiles. The conditional spillover study, however, reveals characteristic Thai capital market characteristics. Firms reporting significant earnings surprises demonstrate no systematic evidence in precipitating larger …

Governance Rating Disagreement And Earnings Management In Asean Listed Firms, Pawat Dumrongkiate

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the relationship between corporate governance ratings and earnings management among publicly listed firms across six ASEAN countries—Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—during the period 2015–2023. It examines whether the coverage, level, and disagreement of governance ratings influence the degree of discretionary accruals, which are used as a proxy for earnings management. The Modified Jones Model and Kothari’s performance-matched approach were employed to estimate discretionary accruals, with firm, country, industry, and year fixed effects applied to control for unobserved heterogeneity. The results reveal that governance rating coverage and overall rating levels do not significantly affect earnings …

Flight From Liquidity And Bond Yields: Evidence From Thai Market, Sasipim Sinithanon

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates how liquidity risk influences mutual fund selling behavior and bond pricing in the Thai bond market during periods of distress. Using quarterly mutual fund holdings from Morningstar and transaction-level data from the Thai Bond Market Association (ThaiBMA) between 2015 and 2024, the analysis examines whether mutual funds exhibit “Flight from Liquidity” behavior—selling their most liquid assets under stress—and how such behavior affects bond yield spreads.Three hypotheses are tested. First, whether mutual funds are more likely to sell government bonds than corporate bonds during distress periods. Second, whether funds exhibit flight-from-liquidity behavior within each bond segment by selling …

The Moderating Role Of Investor Sentiment Regimes On The Impact Of Flow Types On Capital Structure Decisions (Evidence From Thailand), Shiva Sachaphimukh

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study analyzes how foreign and domestic capital flows influence the leverage of SET100 Thai non-financial firms, considering investor sentiment regimes and firm cyclicality (2013–2023). It contrasts fundamental foreign portfolio flows with speculative domestic trading turnover. Sentiment regimes powerfully amplify flow effects. Bullish domestic sentiment and high domestic turnover significantly increase leverage (sentiment-exploitation). Conversely, deteriorating sentiment and foreign outflows intensify debt reliance (stress-compensation). Domestic flows have stronger, more immediate leverage effects than foreign flows, revealing a behavioral asymmetry. Cyclical firms respond aggressively to domestic factors and sentiment, while non-cyclical firms prioritize foreign capital stability.The findings highlight the critical role of …