Finance and Financial Management Commons^™

Enhancing M&A Valuation Accuracy: A Comparative Analysis Of Traditional Financial Models And Machine Learning Approaches, Rachael Mmanga

Honors Theses

A comparative analysis is presented between of traditional financial modelling and machine learning (ML) valuation techniques in the context of mergers and acquisitions (M&A). Traditional financial models, such as Discounted Cash Flow (DCF) and comparable company analysis, have long been the standard tools for valuing companies. These methods rely on established financial metrics, are relatively straightforward, and provide reasonably accurate estimates. However, they often fall short on capturing the complexity of market conditions, non-linear relationships, and emerging trends, especially in dynamic sectors or volatile markets. Machine learning, on the other hand, leverages advanced algorithms to process vast datasets, uncover hidden …

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

Sim Kee Boon Institute for Financial Economics

We study how digital disruption impacts bank competition, considering consumers’ heterogeneous digital preferences. We find that the rollout of 3G networks contracts bank branch networks and leads to divergence in branching and pricing strategies across banks. These developments benefit young consumers but increase the unbanked rate for poorer and older consumers. A structural model shows that the higher perceived digital quality by younger borrowers mainly prompts these adjustments, causing significant surplus losses for older savers. Counterfactual exercises illustrate that subsidizing older savers opting for mobile banking effectively offsets these disparities at minimal cost, facilitating a smoother digital transition.

Fixed Income Fund Report, December 2024, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Financing White Rule: How Luxembourg Became A Banker For The Belgian Congo And Apartheid South Africa, Samuel Weeks

College of Humanities and Sciences Faculty Papers

In this article, I offer a historical analysis of how bankers in Luxembourg came to be important service providers to borrowers in the Belgian Congo and Apartheid South Africa. I demonstrate how a series of unique political and cultural factors linking Luxembourg and these two (neo)colonial regimes account for the financial activities that developed between the three jurisdictions. As such, I show that officials in the Belgian Congo and Apartheid South Africa were able to count on their Luxembourg-based bankers for a variety of finance-related services, including the provision of Eurocurrency loans and the formation of offshore companies. In doing …

Innovating Under Pressure? Regulatory Intensity And Corporate Innovation, Christy Mak

Honors Projects in Finance

We investigate the impact of regulatory intensity on innovation outcomes. We examine U.S. publicly listed firms, utilizing a novel firm-level measure of exposure to all federal regulations. The study reveals that highly regulated companies tend to exhibit lower patent value, a reduction in patent filings, and a decrease in patent citations. The results suggest additional costs imposed on firms burdened by heavy regulations. Furthermore, financial distress and political connections mitigate this negative effect. Overall, the paper uncovers a previously undiscovered connection between regulation at an aggregate level and innovation, emphasizing circumstances where regulations may impose costs that outweigh potential benefits.

Competency Model For General Managers Of Chain Independent Clinical Laboratory (Icl) Subsidiaries, Haiyan Wen

Dissertations and Theses Collection (Open Access)

An independent clinical laboratory (ICL) is a medical institution that has received approval from health authorities, holds independent legal status, and specializes in medical testing or pathological diagnostics, assuming responsibility independently. It is also referred to as a third-party medical testing laboratory. During in-depth research on the enterprises, it was found that while the chain ICL industry is rapidly growing, the issues of uncertainty and difficulty in selecting subsidiary general managers have become a common concern and pain point among senior managers.

The study combines theoretical and data analysis to identify distinct and important competency characteristics of general managers of …

Vale Strategic Audit, Nikolas Mancio

Honors Program: Senior Projects (Public)

The Chinese government is critical in shaping the global mining and metals industry, specifically for companies like Vale S.A., the world’s largest iron ore and nickel producer. China’s dominance as the largest importer of iron ore significantly impacts commodity prices and demand, with its government exerting substantial influence through production quotas, infrastructure spending, and environmental regulations. Vale’s strategic position in the Chinese market is a cornerstone of its operations. It is supported by investments in distribution centers, blending facilities, and high-grade iron ore that align with China’s environmental goals. However, this reliance also makes Vale vulnerable to shifts in Chinese …

How Millennials Make Investment Decisions: Financial Literacy And Financial Behavior, Dewi Tamara, Anita Maharani

Economics and Finance in Indonesia

This study investigates the effect of financial literacy, financial attitude, risk perception, and financial behavior on investment decisions. Employing a survey method with 342 respondents in Jakarta, the findings reveal that financial literacy has a negative and insignificant effect on investment decisions. In contrast, risk perception plays a crucial role in influencing investment decisions. Furthermore, financial behavior has an indirect mediating effect between financial literacy and risk perception on investment decisions but does not affect financial attitude. This study concludes that risk perception and financial behavior are important factors in investment decisions. Future research may consider incorporating other variables such …

The Effect Of Private Placement On Investment Efficiency: Empirical Evidence From The New Refinancing Regulations, Zhiyong Han

Dissertations and Theses Collection (Open Access)

Compared with public offerings, private placements are more attractive to investors due to a lower threshold, a simpler procedure, and a higher success rate of issuance. These advantages make private placements the preferred choice for listed companies seeking to issue additional shares in many capital markets. With the increased prevalence of private placements as a refinancing method, how to effectively leverage raised funds and improve investment efficiency has emerged as a topic under discussion within the academic community. However, whether private placements can affect investment efficiency remains controversial. Moreover, previous studies lack systematic empirical evidence, and endogeneity issues hinder an …

Impact Of Project Simulation Shareholding Incentive On Team Performance: Research Based On The Construction Industry, Jian Zhou

Dissertations and Theses Collection (Open Access)

China's construction industry is vast and possesses a wide market; however, it faces challenges such as unclear stratification and low concentration levels. Construction enterprises face significant constraints in key areas such as financial strength, team stability, and technological advancement, while also bearing substantial costs related to supervision and accountability. The project simulation shareholding mode enhances employees' sense of belonging and responsibility through a collaborative approach characterized by joint management, shared risks, and shared benefits. This improves project execution efficiency and quality, ultimately strengthening the core competitiveness of the enterprise. In the construction industry, projects often involve substantial investments and long-term …

A Full-History Network Dataset For Btc Asset Decentralization Profiling, Ling Cheng, Qian Shao, Fengzhu Zeng, Feida Zhu

Research Collection School Of Computing and Information Systems

Since its advent in 2009, Bitcoin (BTC) has garnered increasing attention from both academia and industry. However, due to the massive transaction volume, no systematic study has quantitatively measured the asset decentralization degree specifically from a network perspective.In this paper, by conducting a thorough analysis of the BTC transaction network, we first address the significant gap in the availability of full-history BTC graph and network property dataset, which spans over 15 years from the genesis block (1st March, 2009) to the 845651-th block (29, May 2024). We then present the first systematic investigation to profile BTC's asset decentralization and design …

Manufacturing Enterprises' Gross Margins And Performance: A Study On The Moderating Effect Of Management Expenses And R&D Expenses, Jiuliu Zhang

Dissertations and Theses Collection (Open Access)

In the context of globalization, manufacturing enterprises are integral to national economies, with their financial stability closely related to increasingly fierce market competition. Among various financial metrics, gross margin stands out as a key indicator of product profitability, significantly impacting production decisions, cost control, and pricing strategies. Understanding the relationship between the gross margins of manufacturing enterprises and their performance is essential for optimizing their financial structures and enhancing their market competitiveness. The study aims to investigate the correlation between gross margin and enterprise performance by developing complex, scientifically sound models and utilizing big data analysis technology. Additionally, it examines …

Critical Success Factors Of Users’ Continuous Intention Of Adopting Cryptocurrency Exchanges: Las-Vict Principle, Cheuk Hang Au, Kevin K.W. Ho, Kris M.Y. Law, Dickson K.W. Chiu

Research outputs 2022 to 2026

The proliferation of cryptocurrencies has contributed to the emergence of different cryptocurrency exchanges (crypto-exchanges). While these services may be regarded as FinTech, involving cryptocurrency as the major transaction currency has made these services potentially distinctive from other fiat-based FinTech services. Thus, the critical success factors of crypto-exchanges may not be identical to those of other fiat-based FinTech services. Grounded on theories related to FinTech and service varieties, we developed a survey and explored the role of different factors on users’ continuous intention of adopting the crypto-exchanges. Our results suggested that when users perceive specific crypto-exchange characteristics, they are more likely …

Exploring Impression Management Through Eye-Tracking: A Study On The Influence Of Photographs In Financial Reporting, Andreas Hellmann, Simone D. Scagnelli, Lawrence Ang, Suresh Sood

Research outputs 2022 to 2026

The objective of financial reporting is to provide decision-useful information for a wide range of existing and potential stakeholders. However, the lack of regulation regarding the use of visual imagery may enable companies to engage in impression management and subtly influence the reader's judgments through careful selection of images and how they obfuscate or clarify information. This study utilizes eye-tracking technology to experimentally examine how non-explanatory photographs influence the performance judgments of non-professional investors comprising business students and auditors. Participants were exposed to an excerpt of the management summary of a fictitious company's annual report. The findings suggest while a …

Universal Return And Factor Timing, Poh Ling Neo, Chyng Wen Tee, Jeroen Kerkhof

Research Collection Lee Kong Chian School Of Business

The authors highlight the shortcomings of commonly used performance graphs in assessing and comparing investment returns. This paper's main conceptual contribution is the introduction of Universal Return (UR) - a visual method to evaluate and rank investment strategies that challenges the traditional focus on raw performance statistics. The authors argue that the ranking of investment performance when viewed from a pool of investors over different entry time is more important than its overall absolute returns, as it better aligns investment analysis with the needs of investors, who are primarily concerned with identifying currently successful strategies or managers rather than dwelling …

Financial Risk In A Changing Climate, Mashuk S. Rahman

LSU New Orleans Theses and Dissertations

Essay 1:

Given the missing-not-at-random (MNAR) nature of carbon emissions figures under the voluntary disclosure regulator environment, this research imputes synthetic emissions figures for both disclosing and non-disclosing publicly traded US firms, using an IV approach adapted for sample bias correction. The forward-observing implied cost of equity capital measure is consistently higher for carbon-intensive firms regardless of disclosure decision. This higher cost found in the large swath of high-emitting firms reduces the net present value of green transition investments, thus fueling existing research on the counterproductive natures of capital allocation in efforts to reduce corporate pollution. Contrary to emerging research, …

Pengaruh Performa Perusahaan Terhadap Kualitas Laporan Tanggung Jawab Sosial Perusahaan Yang Dimoderasi Oleh Tahap Siklus Hidup Perusahaan Pada Perusahaan Lq45 Periode 2017-2021, Satya Rifansyah Batubara, Dwi Nastiti Danarsari

Jurnal Manajemen dan Usahawan Indonesia

This study aims to empirically prove the effect of corporate performance on the quality of corporate social responsibility (CSR) reports, moderated by the company's life cycle stages. The study uses a sample of companies listed in the LQ45 index as of August 2019, registered on the Indonesia Stock Exchange (IDX) for the period from 2017 to 2021. The method used in this study is pooled ordinary least squares (OLS) regression. The results show that corporate performance does not have a significant impact on CSR reports. However, firm life cycle stages have a significant effect with a negative correlation direction on …

Navigating Market Volatility: Risk And Return Insights From Indian Mutual Funds, Davinder K. Malhotra, Rahul Singh, L. Ramani

School of Business Faculty Papers

This study evaluates Indian mutual funds using a variety of criteria, demonstrating a historical tendency of lower monthly returns and volatility when compared to benchmark indexes. This positive risk profile implies that it will appeal to investors who want stability. Despite COVID-19-induced market volatility, mutual funds persistently outperform benchmark indices in terms of average return per unit of risk, highlighting their potential as a dependable investment option for stability seekers. Furthermore, Indian mutual funds routinely beat benchmark indexes in risk-adjusted terms. Despite having a positive alpha, it lacked statistical significance, indicating a possible reliance on market volatility rather than managerial …

Thoughts On Reform Of Fiscal S&T System Under Public Finance System, Wei Xue, Xuan Wang, Yunqiqige Wu

Bulletin of Chinese Academy of Sciences (Chinese Version)

Finance is the foundation and important pillar of national governance, a perfect financial science and technology system is of great significance for promoting scientific and technological progress, optimizing financial science and technology management, and enhancing the effectiveness of financial science and technology funds. This study discusses the main features of the financial science and technology system under the framework of public finance, summarizes the relevant reform achievements in China in recent years, identifies the main problems, clarifies the practices of innovative countries such as the United States, Germany, Britain, and Japan, and puts forward policy suggestions for further deepening the …

Variation In Investment Portfolios For Identical Client Scenarios: A Study Of Portfolios Recommended By Financial Professionals, Patricia G. Wells

USF Tampa Graduate Theses and Dissertations

Using a unique set of data obtained from interviews of financial professionals, this study aimed to explore the heterogeneity among portfolios of mutual funds and exchange-traded funds recommended by financial professionals for fictional client scenarios that control for investor risk and asset allocation. First, the extent to which the revealed asset allocation matched the elicited asset allocation was examined. Next, the portfolios were examined relative to diversification within the stock and bond holdings. Portfolios were examined on the basis of hypothetical historical risk and return. Lastly, comments provided by financial professionals about their security selections and investment approach were presented. …