Finance and Financial Management Commons^™

Stock Liquidity And Value Relevance Of Earnings : Evidence From A Natural Experiment, Joseph Maxwell Asamoah

Lingnan Theses (MPhil & PhD)

This thesis explores the effect of stock liquidity on the value relevance of earnings, employing the Securities and Exchange Commission's 2016 Tick Size Pilot Program (TSP) as a natural experiment to investigate this relationship. This study leverages the exogenous shock to stock liquidity induced by the program to address endogeneity issues that have historically complicated the analysis of stock market dynamics. By examining the causal effects of increased liquidity on the market's response to earnings announcements, the research provides new insights into how liquidity impacts the usefulness and reliability of accounting information from the shareholders' perspective.

The findings indicate that …

Working Capital And Cash Flow Tools To Improve Farm Business Performance, Matthew Stockton

Cornhusker Economics

The point of this short essay is to briefly review the need and purpose of both tools, hoping that such a review will help farm managers and operators use them to reach their higher potential and improve their businesses and lives. Working capital represents the businesses’ ability to deal with short-term conditions and its resilience conferred upon it as a result of past performance in accumulating liquid assets. The cash flow document provides the ebb and flow of liquid assets during the normal cycle of doing business, providing recognizable events, plans that can be scrutinized, and identifiable challenges. These tools, …

A Business Model For Communication Design Enterprises (Paper), Con Kennedy

Academic Articles

Several international reports and studies indicate that the Communication Design sector has a skill deficit in entrepreneurship and business management, and a greater understanding of these topics is needed. Some authors advocate applying existing business models for design enterprises. However, the skill deficit prevails. It is worth noting that these reports discuss the entrepreneurship deficit in general terms without an explanation of the causes of this deficit or how to remedy the issue. Therefore, this paper explores the development of a Business Model specific for Design Entrepreneurs for deployment in Communication Design enterprises. A theoretical framework for a specific business …

Conservation Decision Making And Agricultural Land Leasing - An Experimental Investigation Of The Role Of Gender, Diya Ganguly, Simanti Banerjee, Christopher Gustafson

Cornhusker Economics

This research investigated the impact of landowner gender and of the different types of contract leases offered by them to a male tenant, on the conservation (or non-conservation) choice made by the tenant. Specifically, we investigate if a) female and male landowners offer different rental contracts and b) whether tenants choose different actions based on the landowner’s gender. For this purpose, we implemented a controlled, gender-context-loaded economic experiment with university students, in which we tested contract and land use choice under different treatments for three types of rental contracts – fixed rent, fixed rent with penalty, and fixed rent with …

Financing Just Energy Transitions In Southeast Asia: Application Of The Just Transition Transaction To Indonesia, Vietnam, And Philippines, Abhinav Jindal, Gireesh Shrimali, Bharat Gangwani, Rajiv B. Lall

Sim Kee Boon Institute for Financial Economics

This paper investigates the applicability of the Just Transition Transaction (JTT), initially developed as a financial mechanism for South Africa's energy transition, to Southeast Asian (SEA) countries, including Indonesia, Vietnam, and the Philippines, which heavily rely on coal. Utilizing South Africa as a reference case study, we deconstruct the JTT and develop a novel framework of necessary and conducive features for evaluating its suitability for supporting a just energy transition in SEA. Our findings suggest that the JTT is well-suited for Indonesia and Vietnam but not as well suited for the Philippines. Recommendations for specific research avenues in estimating baselines …

Corporate Crisis Management: A Contemporary Best Practices Template, Vivek Narayan

Finance Undergraduate Honors Theses

This paper seeks to re-envision the crisis management framework used by organizations in their day-to-day activities. In the modern world, with exponential technological advancements, the social media age, and the 24/7 news cycle, crises have worsened in severity. Despite this, most literature on the subject is more than a decade old.

Incorporating past literature, this thesis demonstrates that society is in an “era of crises,” then defines and discusses the types and origins of these crises. It compares the topics of issues and crisis management before commentating on corporate and academic literature and ultimately previous 3-stage models for crisis management. …

Family Firms' Cross-Border Mergers And Acquisitions, Matteo P. Arena, Michaël Dewally, Bharat A. Jain, Yingying Shao

Finance Faculty Research and Publications

We evaluate the link between family ownership and cross-border investment behavior. By analyzing a sample of 2000 large U.S. acquirers between 2001 and 2016, we empirically show that family firms are less active in the international market for corporate control. Unlike non-family firms, family firms generate positive cross-border acquisition returns. Our results also suggest that target country conditions and acquirer financing constraints influence the link between family ownership and cross-border acquisitiveness as well as its valuation consequences. Overall, we find evidence to indicate that reduced shareholder-manager agency conflicts in family firms result in value enhancing cross-border investment behavior.

Climate Allocation Compass, A Framework For Real-World Decarbonization (Compass-Frwd), Perrine Toledano, Ajay S. Jagdish, Maria Diez Andres, Ana M. Camelo Vega, Rob Furdak, Christina Bastin, Matt Goldklang, Jane Smyth

Columbia Center on Sustainable Investment

Climate finance currently falls far short of what's required to achieve net-zero targets. In a collaboration with the Man Group, we offer a framework setting out how investors can help to close this gap.

Key takeaways:

1. To address the global climate finance gap,CCSI and Man Group have developed the Climate Allocation Compass, a Framework for Real-World Decarbonization (‘Compass-FRWD’).
2. Compass-FRWD is a six-step asset allocation framework designed to guide strategic capital investment across multiple portfolios. It does so by setting financing targets relative to real-world emission gaps, thereby prioritizing sectors and geographies according to decarbonization needs.
3. Compass-FRWD provides a cyclical, investor-level …

Do Investors Value Firm's Application Of Cryptocurrency And Blockchain Technology?, Shensi Wang

Open Access Theses & Dissertations

This paper examines how investors view a firm's involvement with cryptocurrency or blockchain technology, measured by 10-K disclosures containing the related keywords. I find that investors negatively react to the information related to cryptocurrency or blockchain in the three-day window, but the negative trend is reversed after day four. Surprisingly, the topic analysis indicates that the market reacts positively to all topics related to cryptocurrency and blockchain, except for the "competition environment," suggesting that factors outside adopting cryptocurrency or blockchain affect the negative correlations observed before.

The Law Of General Average, Luca Anderlini, Joshua C. Teitelbaum

Georgetown Law Faculty Publications and Other Works

Part of a ship's cargo is jettisoned in order to save the vessel and the remaining cargo from imminent peril. How should the loss be shared among the cargo owners? The law of general average, an ancient principle of maritime law, prescribes that the owners share the loss proportionally according to the respective values of their cargo. We analyze whether the law of general average is a truthful and efficient mechanism. That is, we investigate whether it induces truthful reporting of cargo values and yields a Pareto efficient allocation in equilibrium. We show that the law of general average is …

Unravelling The Missing Link: Climate Risk, Esg Performance And Debt Capital Cost In China, Yu Yan, Xinman Cheng, Tricia Ong

Research outputs 2022 to 2026

The concept of sustainability has developed significantly from an unrealistic abstract ideology to a framework that can measure companies’ environment, society and corporate governance (ESG) performance. While extensive research has established some relational impacts of ESG performance on debt capital cost (DCC), this paper contends that a comprehensive review of these impacts is incomplete without screening them through the lens of climate risk (CR). Companies are subjected to CR that comprises physical and transition factors resulting from climate change. This paper aims to unravel the missing link between CR and ESG performance, and the consequent impacts on DCC. This paper …

Buy Now Pay (Pain?) Later, Ed Dehaan, Jungbae Kim, Ben Lourie, Chenqi Zhu

Research Collection School Of Accountancy

“Buy-now-pay-later” (BNPL) is a relatively unregulated FinTech innovation that provides consumers with easy access to credit for retail purchases. BNPL spending is projected to reach $1 trillion by 2025, but we know little about its effects. Using banking data for10.6 million U.S. consumers, we investigate the effects of BNPL on leading indicators of users’ financial health. We find that new BNPL users experience rapid increases in bank overdraft charges and credit card interest and fees compared with nonusers, consistent with BNPL facilitating overborrowing. An instrumental variable exploiting consumers’ pre-BNPL shopping habits bolsters our inferences. Our results inform regulatory investigations into …

Linking Risk Preference, Women’S Empowerment, Farm Investment And Household Well-Being, Samuel Olusesi Olumide

Department of Agricultural Economics: Dissertations, Theses, and Student Research

A nuanced understanding of intra-household dynamics can inform the design of more effective empowerment and agricultural investment policies. By integrating household risk preferences and empowerment dynamics, this work offers valuable insights into the complex mechanisms driving household welfare and provides a framework for future interventions to promote gender equality and economic development in rural settings. This thesis addresses three core hypotheses: first, that the spouses of risk-seeking male heads are more likely to be disempowered compared to those of risk-averse male heads; second, that households with risk-seeking male heads and disempowered spouses are likely to invest more in farming activities; …

Geographic Links And Predictable Returns, Zuben Jin, Frank Weikai Li

Research Collection Lee Kong Chian School Of Business

Using establishment-level data of U.S. public firms, we construct a novel measure of geographic linkage between firms. We show that the returns of geography-linked firms have strong predictive power for focal firm returns and fundamentals. This effect is distinct from other cross-firm return predictability and is not easily attributable to risk-based explanations. It is more pronounced for focal firms that receive lower investor attention, are more costly to arbitrage, and during high sentiment periods. The cross-firm information spillovers and return predictability are also stronger for geographic peers with economic linkages and with positive information. Our results are broadly consistent with …

Essays On Esg, Trang Pham

Open Access Theses & Dissertations

The dissertation consists of two essays. The first essay examines the effect of local corruption on a firmâ??s environmental, social, and governance (ESG) performance by taking into account the role of liberalism in each state. I propose that since liberals are generally more environmentally and socially concerned than conservatives, ESG performance of firms located in states with liberal views will be less negatively impacted by the local corruption than conservative-leaning states. The results provide some support for my projection. I find that for a particular level of corruption, firms located in states with liberal leaning views exhibit better ESG performance …

Exponential Qubit Reduction In Optimization For Financial Transaction Settlement, Elias X. Huber, Benjamin Y. L. Tan, Paul Robert Griffin, Dimitris G. Angelakis

Research Collection School Of Computing and Information Systems

We extend the qubit-efficient encoding presented in (Tan et al. in Quantum 5:454, 2021) and apply it to instances of the financial transaction settlement problem constructed from data provided by a regulated financial exchange. Our methods are directly applicable to any QUBO problem with linear inequality constraints. Our extension of previously proposed methods consists of a simplification in varying the number of qubits used to encode correlations as well as a new class of variational circuits which incorporate symmetries thereby reducing sampling overhead, improving numerical stability and recovering the expression of the cost objective as a Hermitian observable. We also …

How Can Cbdcs Be Designed To Drive Financial Inclusion?, Heng Wang

Research Collection Yong Pung How School Of Law

As a new form of national currency, central bank digital currencies (CBDCs) hold the potential to be a transformative innovation that can enhance financial inclusion. However, the realization of this potential is very much contingent on their design. The realization of the benefit is also influenced by the barriers to financial inclusion that were identified in our first blog such as financial literacy, digital divide, and complexity.

The Fourth International Workshop On Smart Data For Blockchain And Distributed Ledger (Sdbd '24), Feida Zhu, Jian Pei, Michael Zeller, Bingxue Zhang

Research Collection School Of Computing and Information Systems

With the advent of Bitcoin, a cryptographically-enabled peer-to-peer digital payment system, blockchain together with a whole package of distributed ledger technologies, which serve as the underlying foundation of all the crypto-currencies, have been gaining attention from both academia and industry in the last fifteen years. The recent years have witnessed tremendous momentum in the development of blockchain and distributed ledger technologies, largely due to the impressive rise in the market capital of these digital tokens. More and more industries, from banking and insurance, to supply chain and e-commerce, are quickly realizing the great potential in blockchain technology in efficiency boost, …

Comparative Performance Analysis Of Green Bond Issuers To Their Conventional Counterparts, Mai Hosam Farag

Theses and Dissertations

This thesis conducts a comparative performance analysis of green bond issuers versus their conventional counterparts. In the context of the 2015 Paris Climate Agreement, which underscores the financial sector's role in promoting environmental sustainability, green bonds have emerged as crucial instruments for financing eco-friendly projects. This research investigates the financial performance of firms issuing green bonds using metrics such as sales growth, return on assets (ROA), and total debts through Ordinary Least Squares (OLS) regression analysis. The analysis covers 54 publicly traded bonds issued in North America between 2018 and 2022. Despite the growing popularity of green bonds, there are …

A Series Of Accounting Case Studies: Macy's Inc. And Other Notable Financial Events, Emelyn Darnell

Honors Theses

This thesis is a compilation of six case studies focusing on financial accounting and analysis of current events in the accounting world. These were completed under the direction and supervision of Dr. Victoria Dickinson through the Honors Accountancy 420 course. Four case studies included in this compilation are analyses of Macy’s Inc. through different accounting lenses. The case studies analyzing Macy’s Inc. were done in groups in the fall semester of 2022. Our group prepared an Operational Risk Assessment, analyzed Macy’s audit risk, and comprised possible solutions to decrease risk. We also discussed Macy’s current ESG and cybersecurity procedures and …