Finance and Financial Management Commons^™

Diving Into Commercial Banking: Internship Experience At Hilborn & Howell, Llc, Reid W. Finch

Finance Undergraduate Honors Theses

This paper attempts to provide insight into the commercial banking industry through personal experience and the help of high-level lending professionals.

An Explanation Of Alternatives Within A Portfolio, Isaac J. Reitman

Finance Undergraduate Honors Theses

This thesis attempts to provide insight into the role of alternative investments within modern portfolio construction for accredited and institutional investors.

The asset classes discussed are as follows: private credit, private equity, venture capital, hedge funds, collectibles, and real estate.

Identifying And Evaluating Valuation Drivers In Upstream Oil And Gas M&A: A Comparative Analysis Of The Pedevco-Juniper Transaction, John D. Schick

Finance Undergraduate Honors Theses

This thesis examines the valuation drivers in small-cap upstream oil and gas M&A, using the November 2025 PEDEVCO–Juniper Capital transaction as an anchor case against comparable DJ Basin acquisitions from 2018 to 2026. Drawing on SEC filings and EIA pricing data, the analysis standardizes deals across $/flowing barrel, reserve mix, liquids exposure, and commodity environment. Regression testing shows that daily production scale is the dominant driver of total enterprise value, while oil weighting and PDP-heavy reserves command per-unit pricing premiums; short-term WTI and Henry Hub prices show little explanatory power. PEDEVCO–Juniper's moderate scale, 77% oil weighting, and PDP-heavy profile place …

The Erosion Of The Middle Class In The United States From 2008-Present: A Financial Perspective, Evan M. Kilmer

Finance Undergraduate Honors Theses

This thesis examines the erosion of the middle class in the United States from 2008 to the present from a financial perspective, specifically focusing on the interconnection between household debt, asset affordability, and income growth. The 2008 financial crisis sparked a period of expansionary monetary policy, which aided the recovery of asset prices and equity markets. However, these gains have far exceeded real wage growth for middle-class households, which has resulted in a widening gap in affordability. As these citizens struggle to maintain consumption habits and access to goods and services associated with upward mobility, mortgages, student loans, and consumer …

Project Foresight Annual Report, 2024-2025, Paul J. Speaker

Faculty & Staff Scholarship

Project FORESIGHT is a business-guided self-evaluation of forensic science laboratories across the globe. The participating laboratories represent local, regional, state, and national agencies. Economics, accounting, finance, and forensic faculty provide assistance, guidance, and analysis. Laboratories participating in Project FORESIGHT have developed standardized definitions for metrics to evaluate work processes, linking financial information to work tasks and functions. Laboratory managers can then assess resource allocations, efficiencies, and value of services—the mission of Project FORESIGHT is to measure, preserve what works, and change what does not.

The benchmark data for the 2024-2025 performance period includes laboratory submissions for a variety of fiscal …

Biodiversity Risk And Firm Valuation: Regional Heterogeneity And Value-Chain Exposure In Global Capital Markets, Madelein Wentzel

Doctoral Dissertations (DBA)

This study examines whether biodiversity-related risks are priced in global equity markets and whether that pricing varies across regions, using a cross-sectional sample of more than 10,000 globally listed firms with biodiversity and financial data drawn from the fourth quarter of 2025. Consistent with a regional heterogeneity hypothesis, the results show that biodiversity risk is significantly negatively associated with firm valuation in developed markets such as the United States and OECD countries, while the relationship is weaker, insignificant, or even positive in certain emerging regions including Latin America and the Middle East and Africa. The analysis further distinguishes between value-chain …

The Effects Of Private Equity Ownership Of Acute Care Hospitals On Patient Experience, Abigail M. Huffman

Theses and Dissertations

In 10 years, private-equity firms' share of hospitals has grown from 2-3% to 8%.  Using data from two sources: the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) patient surveys and the Private Equity Stakeholder Project (PESP), I demonstrate a causal effect of private-equity ownership on patient satisfaction using difference-in-difference methods.

Discounted Cash Flow Valuation Of Ethiopian Airlines Group: Country Risk, Currency Volatility, And Soe Dynamics In An Emerging Market Context, Rediet Wale Yirga

2026 Spring Honors Capstones Projects

This study presents a discounted cash flow valuation of Ethiopian Airlines Group, a state-owned enterprise in sub-Saharan Africa's largest aviation market. No published academic study has applied rigorous quantitative valuation to the airline within an emerging market framework. This research addresses that gap by constructing a multi scenario DCF model using audited financial data from FY2019/20 through FY2023/24, with projections through FY2029/30. The model incorporates a country risk premium using Damodaran's methodology and accounts for ETB/USD depreciation following Ethiopia's 2024 exchange rate liberalization. Sensitivity analysis identifies exchange rate volatility, fuel costs, and discount rate as primary drivers of enterprise value …

Herding In Artificial Intelligence, John Cotter

Honors Scholar Theses

This paper examines whether increased attention to artificial intelligence (AI) influences herding behavior in financial markets. As AI has become a dominant theme in both financial markets and public discourse, understanding how investor attention affects behavior has become increasingly important. Herding behavior is measured using the Cross-Sectional Absolute Deviation (CSAD) methodology developed by Chang, Cheng, and Khorana (2000). The analysis uses daily data from December 2019 through November 2025 and focuses on the Global X Artificial Intelligence & Technology ETF (AIQ) as a proxy for the AI sector. Investor attention is measured using a composite Google Search Volume Index (SVI) …

Too Big To Fail Or Built To Survive? Government Intervention And Corporate Resilience In The Global Automotive Industry During The 2007–2009 Financial Crisis, Reagan A. Waurishuk

Honors Scholar Theses

The 2007-2009 financial crisis displayed how many industries lacked sustainability during times of market volatility. It revealed structural vulnerabilities, especially in the global automotive industry. This case study and analysis intend to examine why certain major automakers were able to survive the crisis without bankruptcy, such as Ford, Toyota, Honda, and BMW AG, while other competitors required company-wide restructuring and government assistance. This research investigates the extent and timing of government support. It also investigates the influence of these loans on firm rebound rates and whether the companies that were provided with aid were prioritized based on size or weakness. …

The Push-Pull Model's Function In Understanding Public Sector Workers' Inter-Organisational Labour Mobility: The Views Of The Herzberg Two-Factor Theory, Rosemary Selestine Massae

Business Management Review

In the modern world, one of the challenges managers have in maintaining their talented staff is labour mobility. Inter-organisational labour mobility (ILM) has been found to be significantly influenced by co-worker relationships, work-family conflict, monetary compensation, and training and development. The pull-push paradigm was inspired by human migration. Since migration not only symbolises movement across physical locations but also encompasses other routine duties, theory is essential to comprehending ILM. However, to date, no existing study has tested the model under the influence of Herzberg’s Two-factor Theory, in explaining ILM uses the public sector as a major setting of the question …

The Impact Of Quantum Computing And Distributed Ledger Technology On Accounting/Auditing/Finance Systems, Ulingeta O. L. Mbamba

Business Management Review

The integration of Quantum Computing (QC) and Distributed Ledger Technology (DLT) is poised to fundamentally reshape modern accounting by transforming how financial data is processed, secured, and verified. QC, utilising qubits, will exponentially enhance data analytics, risk assessment, and real-time financial forecasting, accelerating complex auditing tasks far beyond the capabilities of classical systems. In parallel, DLT, such as blockchain, provides a decentralised, immutable record of transactions, significantly increasing transparency and trust. This synergy may enable real-time analysis, continuous auditing, and intelligent automation, converting traditional static, centralised processes into dynamic, transparent ecosystems. Together, this convergence may redefine accounting, auditing, and finance, …

Assessing The Viability Of Cryptocurrency As A Payment Method: A Consumer Perspective, Aadavan Dharumaiyan

Dissertations

The problem addressed in this study was the limited mainstream adoption of cryptocurrencies for daily retail transactions despite continued technological advancement and increasing institutional interest. The purpose of this qualitative study, grounded in Husserlian descriptive phenomenology, was to explore the perceptual and behavioral factors influencing this adoption gap. Participants were recruited using snowball sampling, resulting in eight participants divided into two cohorts: active cryptocurrency payment users (Cohort 1, n = 2) and cryptocurrency holders who did not use cryptocurrencies for payments (Cohort 2, n = 6). Data were analyzed using the Moustakas phenomenological approach to identify patterns in participant experiences. …

Diversification For Stock Markets: Commodities Or Crypto, Mico Apostolov, Simone Domenico Scagnelli, Lorenzo Vasile

Research outputs 2022 to 2026

The question that an asset could serve as a good store of value has been brought up a number of times, especially due to major market shocks. Despite the long-held belief that gold serves as a safe haven, a growing body of contemporary literature perpetually assesses this notion. Whether cryptocurrencies, namely Bitcoin as the most well-known of them, as an asset, can serve as a safe haven or hedge gains traction in research. This study investigates the relationship of gold and Bitcoin to S&P 500 stock index and the possibility that these might serve as a safe haven in respect …

Beyond Bureaucracy: Entrepreneurial Mindset And Ai Readiness As Drivers Of Business Model Innovation In Blu Business Units — A Conceptual Framework, Ahmad Nurholis, Muhammad Rifky Adzakie

International Conference on Business and Management Research (ICBMR)

This paper advances a conceptual framework that examines how entrepreneurial mindset (EM) and AI readiness interact to shape business model innovation (BMI) and financial performance (FP) within Indonesia’s profit-oriented Public Service Agency (BLU) business units. As hybrid organizations, BLU business units must simultaneously fulfill their public service mandate while pursuing revenue generation, creating a unique context that demands stronger theoretical grounding. The framework draws on New Public Management (NPM) principles and the Dynamic Capabilities (DC) perspective to argue that an entrepreneurial mindset stimulates BMI both directly and indirectly through enhanced AI readiness. In turn, BMI is positioned as a driver …

Sharia Compliance And Stock Price Crash Risk: Evidence From Indonesia, Asty Khairi Inayah Syahwani, Arief Wibisono Lubis, Dwi Nastiti Danarsari

International Conference on Business and Management Research (ICBMR)

This study examines the impact of sharia compliance on stock price crash risk, controlling for company fundamental characteristics, among firms listed on the Indonesia Stock Exchange from 2021 to 2024. Panel data was analyzed using a dynamic panel model (System GMM) and crash risk is measured using NCSKEW and DUVOL. The results show that Sharia compliance significantly reduces stock price crash risk when measured using NCSKEW, while its effect on DUVOL is insignificant. This finding is consistent with the robustness check using the two-step System GMM, suggesting that Sharia principles can be a mitigating mechanism for extreme crash risk. These …

Fintech Innovation And Strategy In Islamic Financial Services In Indonesia: Mapping Trends And Correlations Through Digital Content Analysis, Faisal Binsar S.T., M.M.S.I, Dr., Muhammad Bayu Drs., M.M., Dr., Arif Budiman S.Kom, M.Kom, Lisa Puspitasari S.E., M.Si., Dr.

International Conference on Business and Management Research (ICBMR)

This study explores the impact of fintech innovations and strategies on the operational efficiency and service quality of Islamic financial services in Indonesia, emphasizing their alignment with Islamic financial principles. Using a descriptive quantitative methodology, the research employs digital content analysis of online reviews and social media discussions to uncover key themes. Advanced analytic techniques, including topic modeling with Gibbs Sampling for Dirichlet Multinomial Mixture (GSDMM) and cosine similarity for inter-topic correlation analysis, are applied to data sourced from various digital platforms. The findings reveal three dominant themes: media and community interaction, the performance and services of Islamic financial institutions, …

From Traits To Behavior: How Psychological Characteristics And Financial Socialization Affect Personal Financial Management Among Indonesia’S Young Professionals, Cening Cantya Amaranggana, Muthia Pramesti

International Conference on Business and Management Research (ICBMR)

This This study investigates the influence of psychological characteristics and financial socialization on personal financial management behavior (PFMB) among young professionals in Indonesia, with financial literacy as a mediating variable. The psychological characteristics include attitude toward money, financial self-efficacy, and financial risk tolerance. Financial socialization is measured through parental direct teaching and exposure to peers and media. Data were collected from 209 respondents using a structured online questionnaire and analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) in SmartPLS 4. The results show that all three psychological characteristics and both financial socialization variables significantly influence PFMB. Financial literacy mediates …

The Influence Of Esg Disclosures On Firm Value: Does Gender Diversity In The Leadership Matter Among Asean Countries?, Gaby Gabrella Tania, Mulyadi Noto Soetardjo

International Conference on Business and Management Research (ICBMR)

This purpose of this study is to analyze the effect of Environmental, Social, and Governance (ESG) Disclosures on Firm Value, with Gender Diversity in the Leadership as a moderating variable. The research sample consists of 140 non-financial companies listed in the stock exchange of ASEAN countries for the observation period of 2019-2023 (with total 700 firm-years), selected through purposive sampling method. This study uses a quantitative approach with moderated regression analysis. Firm Value is measured using Tobin's Q and PBV (Price to Book Value), while ESG Disclosures use ESG Scores obtained from the Bloomberg. The results showed that ESG disclosures …

Safe Haven Assets Analysis For Stock Indices Of Countries With The Highest Crypto Adoption Rate, William Smith Abdiel Sutanto Simaremare, Dzakwansyah Torana Riawan, Muhammad Ikhwan Fadillah, Agustini Hamid, Yudith Dyah Hapsari

International Conference on Business and Management Research (ICBMR)

This research investigated the effectiveness of gold, WTI, 5-year government bonds and Bitcoin as a safe haven asset. The analysis included 10 stock indices of countries with the highest crypto adoption rate. We applied quantile regression method processed to evaluate the relationship across different points of the return distribution. The findings revealed that 5-year government bonds show more negative correlation with the stock indices which imply that government bonds have better potential as safe haven assets compared to gold, WTI, and Bitcoin during the 2020-2024 period. This finding offered guidance for investors in these countries to construct the optimal portfolio …