Finance and Financial Management Commons^™

Research On Futures, Profit Hedging, And Enterprise Price Risk Management In The Bulk Commodity Industry Chain — A Case Study Of Hot-Rolled Coil Industry Chain, Shengxi Liu

Dissertations and Theses Collection (Open Access)

Traditional hedging strategies usually center around a single product, commonly involving companies hedging against the price of their endproducts or essential production materials. At present, traditional hedgingstrategies are no longer sufficient to address the production and management requirements of physical enterprises. There is a need to develop hedgingstrategies aligning with the significant changes in both domestic andinternational markets.

The thesis presents a new profit hedging model based on product manufacturing processes within the industry chain. This method involves hedging production profits by buying (selling) end products and selling(buying) raw materials according to the proportional relationships in the production process on …

The Effects Of Perceived Cultural Conflicts On Employee Retention After Mergers And Acquisitions, Chengpeng Luan

Dissertations and Theses Collection (Open Access)

With China’s deepening medical reform, the state has introduced a series of regulatory policies, which has set off a frenzy of mergers and acquisitions in the medical device industry. Small and medium-sized device distribution companies with small scale and weak strength have closed. Large and powerful large medical device distribution enterprises seize the opportunity to expand mergers and acquisitions rapidly.

Based on the researcher's work experience and data availability, this paper takes an MNC company, M, acquisition of a high-quality local company, K, as the research object. Based on the actual operation of the medical device industry, combined with the …

The Relationship Between Medical Equipment Management Outsourcing And Performance, Sheng Bian

Dissertations and Theses Collection (Open Access)

Medical equipment, as a core component of a hospital’s fixed assets, provides essential support and assurance for the hospital to deliver medical services and enhance competitiveness. The operation of public hospitals in China is a top priority for deepening medical reforms. As hospitals transition from focusing on revenue to centering on costs, comprehensive management of medical equipment becomes a critical aspect of hospital operation management. In the scenario of utilizing the management service outsourcing mode for comprehensive management of medical equipment, equipment performance naturally becomes a topic of special interest in the industry.

Given this, this study aims to investigate …

Fringe Lending: The Case For A National Minimum Standard, Don Loos

Senior Honors Theses

In the American financial sector, the liberalization of usury laws and legal complexity has allowed for controversial fringe financial products to become widely available. Payday loans, car title loans, and short-term, high-interest installment loans, also referred to as fringe loans, have often been classified as “predatory” and unconscionable. The central question in this controversy is whether increased regulation of fringe loans, or their complete prohibition, is effective to protect consumers from a harmful cycle of debt, or whether regulation will cause more harm than good. Since state legislation is ineffective to limit the negative externalities associated with fringe loans, a …

Research On The Influence Mechanism Of Digitalization Degree On Manufacturing Enterprise Performance, Dandan Wang

Dissertations and Theses Collection (Open Access)

The application of digital technologies has changed the operation model of traditional industries, and promoted the development of emerging industries. More and more manufacturing enterprises have started or completed digital transformation, and tried new ways of development.

With the advancement of digitalization, the influence of the degree of digitalization on high-quality economic development has attracted great attention from scholars at home and abroad. Although significant resources are put into digital transformation, which is deemed as a strategic core, the specific influence paths of the degree of digitalization on enterprise performance have not yet been fully explored. In the digital era, …

Efficiency And Sustainability Of Bond Market: Evidence From Aftermarket Trading Of Us Corporate Bond Offerings, Lisa (Zongfei) Yang, Choo Yong, Jeremy Goh

Research Collection Lee Kong Chian School Of Business

We find that for bond offerings that are non-self-marketed, there is a significantly larger proportion of institutional-sized sell trades than buy. In stark contrast, for self-marketed offerings by underwriters, immediate post-offer trading is characterized by a larger proportion of institutional-sized buy trades than sell. We also find evidence suggesting that retail investors, who are initially shut out of the offering deals, buy bonds in the secondary market at a higher price. Our evidence suggests that certain institutional investors receiving allocations of non-self-marketed offerings flip them for a quick profit. The systematic disparity in aftermarket trading immediately following self-marketed versus non-self-marketed …

Environmental, Social, And Governance (Esg) And Artificial Intelligence In Finance: State-Of-The-Art And Research Takeaways, Tristan Lim

Research Collection School Of Computing and Information Systems

The rapidly growing research landscape in finance, encompassing environmental, social, and governance (ESG) topics and associated Artificial Intelligence (AI) applications, presents challenges for both new researchers and seasoned practitioners. This study aims to systematically map the research area, identify knowledge gaps, and examine potential research areas for researchers and practitioners. The investigation focuses on three primary research questions: the main research themes concerning ESG and AI in finance, the evolution of research intensity and interest in these areas, and the application and evolution of AI techniques specifically in research studies within the ESG and AI in finance domain. Eight archetypical …

Jump Diffusion Outperforms Geometric Brownian Motion When Forecasting Bric’S Daily Foreign Exchange Carry Trading Strategy Returns, Marc Kwait

Doctoral Dissertations (DBA)

This research will examine how the Jump Diffusion Model 1 (JDM) accurately outperforms Geometric Brownian Motion2 (GBM) when forecasting the Japanese Yen carry trade daily returns for the BRICs' and three bellwether currency pairs GBP/JPY, EUR/JPY, and PLN/JPY from January 2, 2012, to September 30, 2023. An added innovation within this research is the inclusion of the interest rate return in arriving at the daily cumulative carry trade returns. This is a distinctive and unique feature that offers a different perspective, since many journal articles do not discuss or address the interest earned (long position) component of the FX Carry …

Does Momentum Matter? Modeling Stock Returns Through Fama-French And Carhart Model For Pakistan Stock Exchange, Mirza Osama Bin Shahid, Abdurrahman Aleemi, Muhammad Asadullah

Business Review

Asset pricing models are widely applied for explaining variations in stock returns. The applicability of these models is tested on different markets for assessing different stock price anomalies. In this paper, Fama and French three-factor model and Carhart Model were applied to the KSE-100 Index, over the period of 2004 to 2019. Following the FF 3 factor methodology, we create a relatively large number of portfolios based on size, value, and momentum, whereas the existence of the momentum factor was checked through the Carhart model. The results indicate that, out of 25 portfolios, 15 were able to explain the variations …

[Discussions] Vol. 19 Iss. 1

Discussions

This issue of Discussions was published for the Spring 2023 cycle.

U.S. Public Equity Esg Fund Composite And Parnassus Core Equity Fund: Performance And Factor Attribution, Karthik Nemani, Barrett Buhler

Discussions

This is the first paper to examine all U.S. public equity Environmental, Social, and Governance (ESG) funds offered by the Forum for Sustainable and Responsible Investment’s (SIF) institutional member firms from 2005 to 2020. For ease of communication, this will be called the ESG Composite. With a Net Asset Value (NAV) over $150 billion, these funds comprise nearly half of the U.S. public equity ESG investment landscape. The article finds that the ESG Composite maintains performance with the Standard and Poor’s (S&P) 500 total return index on an overall returns basis with lower volatility, indicating greater risk-adjusted returns. Factor analysis …

Historical Perspectives In Volatility Forecasting Methods With Machine Learning, Zhiang Qiu, Clemens Kownatzki, Fabien Scalzo, Eun Sang Cha

Seaver College Research And Scholarly Achievement Symposium

Volatility forecasting in the financial market plays a pivotal role across a spectrum of disciplines, such as risk management, option pricing, and market making. However, volatility forecasting is challenging because volatility can only be estimated, and different factors influence volatility, ranging from macroeconomic indicators to investor sentiments. While recent works suggest advances in machine learning and artificial intelligence for volatility forecasting, a comprehensive benchmark of current statistical and learning-based methods for such purposes is lacking. Thus, this paper aims to provide a comprehensive survey of the historical evolution of volatility forecasting with a comparative benchmark of key landmark models. We …

Channeling The Capital Of Others: How Luxembourg Came To Be Asset Managers’ "Plumber" Of Choice, Samuel Weeks

College of Humanities and Sciences Faculty Papers

This article analyzes the development and growth of the administrative practices and structures necessary for leading asset-management companies and other firms to create and sell their “product” of choice: investment funds. To investigate this problematic, I turn to the Grand Duchy of Luxembourg, which currently serves as the domicile for over $5 trillion in fund assets. Indeed, since the 1980s, Luxembourg’s “offshore” financial center has become a leader in providing the “plumbing,” to quote an interviewee of mine, for worldwide asset-manager capitalism. On offer in Luxembourg to asset managers are the routine-but-essential tasks such as domiciliation, compliance, calculation of net-asset …

Local Income Tax: An Evolving Resource, Andrew O. Mouser, Tom Dermody

Purdue Road School

Local income tax (LIT) has become an increasingly important resource for Indiana communities. Each year, many Indiana counties adopt new or reallocate existing LIT rates to meet ever-changing needs. The 2023 legislative session added additional LIT flexibility for jails, EMS, fire protection, courts, and other needs. A new LIT rate may free up funding for roads, but getting it adopted may require cooperation among the county and its municipalities. Join us for a discussion.

Nextlevel Grants And Project Funds Management, Paul Reed, Karen Hicks, Aaron Potter

Purdue Road School

NextLevel Grants Management is an initiative from the OMB and the State Budget Agency (SBA) to improve how Indiana manages federal grants. Under IC 4-3-24-5, approval must be granted by SBA to apply for federal grants administered by the state on behalf of the local and/or in conjunction with Local call funds. This session will provide you with an understanding of the new NextLevel Grants initiative and how to effectively manage your project funding.

Application Of Chow, Cusum And Rolling Window In Testing Stability Of Systematic Risk Of Companies Listed In Wig-Esg In 2019–2022, Magdalena Mikołajek-Gocejna

Journal of Banking and Financial Economics

The aim of the article is to analyze the stability of beta coeffi cients of companies listed in WIG-ESG. There are many studies on the stability of companies’ systematic risk, but the literature and research lack an analysis of the stability of the beta coeffi cient for ESG companies. We examined beta coeffi cients for 57 companies listed in WIG-ESG, established for sets of daily rates of return between September 3, 2019, to June 6, 2022 (period including COVID-19 crisis and asset price infl ation, Russian invasion of Ukraine). We estimate the beta coeffi cient for the whole as a …

Nonprofit Leader Experiences In Sector-Bending After Lean Six Sigma Training: Tension, Concepts, And Changed Behaviors, Beverly Codallos

Dissertations

Government, business, and nonprofit represent three distinct types of organizations governed by different legal frameworks designed to facilitate collective action (DiMaggio & Anheier, 1990). The emergence of hybrid forms and increasing isomorphic pressures in the nonprofit sector (Bromley & Meyer, 2017; McCambridge, 2014) have challenged the traditional separation of organizational forms. This study explored the phenomenon popularized as sector-bending, “a wide variety of approaches, activities, and relationships that are blurring the distinctions between nonprofit and for-profit organizations, either because they are behaving more similarly, operating in the same realms, or both” (Dees & Anderson, 2003, pg. 16). This qualitative study …

Transformational Leadership And Work Engagement: The Moderating Role Of Intrinsic Motivation, Barbara Grah, Vlado Dimovski, Marko Perić, Simon Colnar, Sandra Penger

Economic and Business Review

We examine the moderating role of intrinsic motivation in the relationship between transformational leadership and work engagement. In a sample of 168 tourism and hospitality employees in the quantitative section, Study 1, we found that the highest level of work engagement is identified when the level of intrinsic motivation is highest. Intrinsically motivated employees then exhibit engaged behaviors at work. In Study 2, we opted for a descriptive design to better understand the findings of Study 1, using interviews with three experts and a three-phase coding analysis. We found that increasing intrinsic motivation further promotes engaged work behavior. This article …

Revisiting The Nexus Between Job Insecurity And Employee Task Performance: Examining The Influence Of Self-Efficacy And Emotional Intelligence In A Mediation–Moderation Model, Adewale Adekiya, Umar Usman

Economic and Business Review

The objective of this study was to examine the relationship between perceived job insecurity and employee task performance. In addition, the moderating influence of emotional intelligence and mediating influence of self-efficacy was examined in this relationship. Through the multi-stage sampling technique, a total of 385 employees were proportionately selected from a cluster that represents three selected Nigerian deposit money banks. Furthermore, a close-ended and structured questionnaire was utilized in a descriptive cross-sectional research design to elicit responses from these employees. A hierarchical moderated regression analysis conducted revealed that perceived job insecurity exercises a significant and negative effect on task performance. …

Limited Attention To Detail In Financial Markets: Evidence From Reduced-Form And Structural Estimation, Henrik Cronqvist, Tomislav Ladika, Elisa Pazaj, Zacharias Sautner

Business Faculty Articles and Research

We show that firm valuations fell after a key expense became more visible in financial statements. FAS 123-R required firms to deduct option compensation costs from earnings, instead of disclosing them in footnotes. Firms that granted high option pay experienced earnings reductions, while fundamentals remained unchanged. These firms were more likely to miss earnings forecasts, and they experienced recommendation downgrades and valuation declines. Our findings suggest that market participants exhibited limited attention to option costs before FAS 123-R. As we reuse the FAS 123-R natural experiment, we show how one can address confounding channels by integrating reduced-form and structural estimation.