Initial Public Offerings And The Local Economy: Evidence Of Crowding Out,
2023
The Pennsylvania State University
Initial Public Offerings And The Local Economy: Evidence Of Crowding Out, Jess Cornaggia, Matthew Gustafson, Jason Kotter, Kevin Pisciotta
Faculty Publications
We test the effect of going public on economic growth in the areas surrounding IPO firms. We focus on IPO-filing firms, thus ensuring that both treatment and control firms are at similar life cycle stages, and use post-filing stock market fluctuations as an instrument for IPO completion. We show that IPOs that are large relative to the size of their counties lead to a 1.1 percentage point relative reduction in annual county-level establishment growth, with similar effects for employment and population growth. There are no corresponding effects for relatively small IPOs. These negative effects appear to be driven by a …
Index Funds And Etfs: Simplifying Investing For Better Returns,
2023
University of New Hampshire, Durham
Index Funds And Etfs: Simplifying Investing For Better Returns, Patrick J. Cotton
Honors Theses and Capstones
No abstract provided.
Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences,
2023
Gardner-Webb University
Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences, Amber N. Daniels
Doctor of Business Administration Dissertations
To provide citizens with transparent financial information regarding the health of their respective districts, local government unit leaders must furnish governmental audit reports in a timely manner. Further, for management to effectively implement auditor suggestions for improvements, leaders must have accessibility to timely audited information. Many governmental units in the state of North Carolina have demonstrated significant lags in reporting timeliness and often miss state-mandated deadlines. Therefore, this research utilized ordinary least-squares regression to estimate the effects the variables representing report message and managerial competency, accountability, and audit environment groups had on the time required for each unit to file …
The Impact Of Microfinance On Gender Equality In India,
2023
Rollins College
The Impact Of Microfinance On Gender Equality In India, Alexis Matton
Honors Program Theses
This paper explores the impacts of microfinance on gender equality in India by examining its effects through the framework of the United Nations Sustainable Development Goals. It begins with an overview of the history of microfinance globally and is followed by an in-depth explanation of the current microfinance landscape in India. This paper then uses a case study approach to collect qualitative data that contributes to this discussion on microfinance and gender equality. By studying the stories of four women and their experiences using the services provided by microfinance institutions, the paper illustrates how microfinance contributes to the advancement of …
Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures,
2023
Walden University
Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan
Walden Dissertations and Doctoral Studies
Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …
Strategies To Reduce Employee Turnover In The Insurance Industry,
2023
Walden University
Strategies To Reduce Employee Turnover In The Insurance Industry, Ebony Phillips
Walden Dissertations and Doctoral Studies
Employee turnover continues to increase in the insurance industry because no minimum skill or education level is required to enter the U.S. insurance industry. Insurance leaders are concerned with reducing employee turnover, as it creates a risk to employee productivity and profitability. Grounded in Herzberg’s two-factor theory of motivation, the purpose of this qualitative multiple-case study was to explore strategies five insurance leaders from central Kansas used to reduce employee turnover. Data were collected using semistructured virtual interviews and a review of company records. Data were analyzed using Yin’s five-step approach, and three themes emerged: (a) supportive leadership, (b) incentives/benefits, …
The Competitive Environment Of U.S. Community Banking: A Nationwide Survey Of Rural And Metropolitan Community Bankers,
2023
Texas A&M University
The Competitive Environment Of U.S. Community Banking: A Nationwide Survey Of Rural And Metropolitan Community Bankers, Robert D. Morrison, Dave Jackson, Joo Y. Jung
Finance Faculty Publications
Prior empirical research found that in the United States, rural community banks earn higher profits than their metropolitan counterparts and have lower risk loan portfolios as well. Investigating community bank failures since 2000 we find support for the competition-fragility view that increased competition in banking correlates with an increase in bank failures based on the finding that preponderance of US bank failures are community banks in metropolitan areas where they face direct competition from multiple large banks. This study tests seven hypotheses using a nationwide survey of community bankers. The results indicate metropolitan bankers perceive an intense competitive environment where …
Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria,
2023
Walden University
Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala
Walden Dissertations and Doctoral Studies
The failure of businesses to repay loans adversely affects credit markets. Small and medium-sized (SME) business owners in Lagos, Nigeria, are concerned because financial institutions are unwilling to provide credit because of the low loan repayment performance of those who have received credit in the past. Grounded in the theory of planned behavior, the purpose of this qualitative multiple-case study was to explore strategies some SME owners use to successfully repay bank loan obligations to sustain their businesses. The participants were three SME owners in Lagos, Nigeria, who successfully repaid their bank loans. Data were collected using semistructured interviews and …
Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria,
2023
Walden University
Strategies That Small And Medium-Size Business Owners Use To Repay Bank Loan Obligations In Lagos, Nigeria, Taiwo Bamikole Ala
Walden Dissertations and Doctoral Studies
The failure of businesses to repay loans adversely affects credit markets. Small and medium-sized (SME) business owners in Lagos, Nigeria, are concerned because financial institutions are unwilling to provide credit because of the low loan repayment performance of those who have received credit in the past. Grounded in the theory of planned behavior, the purpose of this qualitative multiple-case study was to explore strategies some SME owners use to successfully repay bank loan obligations to sustain their businesses. The participants were three SME owners in Lagos, Nigeria, who successfully repaid their bank loans. Data were collected using semistructured interviews and …
Business Sustainability Among Women Entrepreneurs In Ghana,
2023
Walden University
Business Sustainability Among Women Entrepreneurs In Ghana, Gabriel Yaw Asante
Walden Dissertations and Doctoral Studies
Women entrepreneurs in Ghana are not prepared for entrepreneurship and face individual and contextual barriers that include social, cultural, economic, political, demographic, institutional, and technological perceived support. Guided by the institutional theory, the purpose of this qualitative exploratory multiple case study was to explore business strategic information that women entrepreneurs in Ghana need to learn to make their business sustainable beyond 5 years. Ten successful women entrepreneurs from 5 industries in Ghana, who had the training, experience, and information on the causes of business failure and had applied that information to gain business sustainability beyond 5 years, were recruited. Data …
Utilizing Asymmetric Shock On Volatility And Asymmetric Beta For Enhanced Investment Strategies In The Stock Exchange Of Thailand,
2023
Faculty of Commerce and Accountancy
Utilizing Asymmetric Shock On Volatility And Asymmetric Beta For Enhanced Investment Strategies In The Stock Exchange Of Thailand, Nuttapol Sirinakorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study investigates the impacts of asymmetric shock on volatility and beta within the Thai stock exchange. It finds that portfolios composed of stocks that demonstrate lower sensitivity to negative shocks and heightened responsiveness to market trends consistently outperform in various market conditions. The empirical analysis, spanning from 2018 to 2022, underscores the benefits of integrating asymmetry into investment strategies. A long-short strategy, in particular, is identified as highly effective, providing a means to capitalize on this asymmetry. The comparison of asymmetry-based portfolios with traditional ones and the SET index further illuminates the advantages of such strategies in enhancing risk-adjusted …
Enhancing Momentum Strategy With Insider Transaction Information In The Stock Exchange Of Thailand,
2023
Faculty of Commerce and Accountancy
Enhancing Momentum Strategy With Insider Transaction Information In The Stock Exchange Of Thailand, Pimnara Supradith Na Ayudhya
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study introduces a novel approach to enhancing the momentum strategy in the Thai stock market. We combine the traditional momentum strategy, focusing on historical performance, with insights from insider transactions disclosed via SEC 59-2 forms. This dual approach aims to construct robust trading portfolios, with long positions in high-performing stocks backed by recent insider purchases and short positions in underperforming stocks accompanied by recent insider sales. Notably, our analysis spans the period from January 2016 to December 2022, encompassing the tumultuous era of the COVID-19-induced Thai stock market crashes. Interestingly, we discovered the potential of using insider transaction information …
Impact Of Environment, Social, And Governance On Cost Of Equity: Evidence From Asia Pacific Markets,
2023
Faculty of Commerce and Accountancy
Impact Of Environment, Social, And Governance On Cost Of Equity: Evidence From Asia Pacific Markets, Panida Uaariyapoonpong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the impact of Environmental, Social, and Governance (ESG) performance, proxied by the ESG Combined Score, on the cost of equity (COE), measured by the CAPM, for companies in the Asia-Pacific region from 2015 to 2022. It also explores how this relationship is influenced by economic crises and market development levels. The findings indicate a negative correlation, where higher ESG performance leads to a lower COE. Specifically, the environmental and governance pillars are negatively associated with COE, similarly reducing equity costs, while the social pillar shows no significant effect. The research also studies the impact of economic conditions …
Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures,
2023
Walden University
Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan
Walden Dissertations and Doctoral Studies
Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …
Community College Management Strategies For Balancing The Budgets,
2023
Walden University
Community College Management Strategies For Balancing The Budgets, Rachel Ann Sullivan Dodson
Walden Dissertations and Doctoral Studies
During declining revenue, community college leaders may be unable to balance their budgets effectively. Community college managers who fail to balance budgets negatively impact a college’s financial sustainability. Grounded in Burn’s transactional leadership theory, the purpose of this qualitative single case study was to explore strategies community college managers use to balance their budgets in an environment of declining revenue. Data were collected from eight semistructured community college manager interviews and company documents: enrollment data, budget data, performance-based funding model data, and the strategic plan. Thematic analysis was used to analyze the data. Four themes emerged: (a) budget alignment with …
Are Social Media Users Blindly Following Influencers’ Recommendations On Investing?,
2023
Universitas Indonesia
Are Social Media Users Blindly Following Influencers’ Recommendations On Investing?, Zuliani Dalimunthe, Ananda Chairunnisa, Rachmadi Agus Triono
The Indonesian Capital Market Review
Previous studies show that general information shared by an influencer through social media has been received without sufficient validity testing. However, hardly any study has evaluated whether a stock recommendation by a social media influencer will also be followed blindly. This study evaluates the impact of the credibility of stock influencers on investors’ intention to invest in recommended stocks and whether the relationship can be explained by the perception that the influencer has inside infor- mation or is solely due to fear of missing out (FoMO). This study uses primary data from investors in the Indonesian model market. We collected …
When Does Csr Payoff?,
2023
Old Dominion University
When Does Csr Payoff?, John A. Doukas, Rongyao Zhang
Finance Faculty Publications
We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good …
Automatic Enrollment With A 12 Percent Default Contribution Rate,
2023
Harvard University
Automatic Enrollment With A 12 Percent Default Contribution Rate, Josh Beshears, Ruofei Guo, David Laibson, Brigitte C. Madrian, James J. Choi
Faculty Publications
We study a retirement savings plan with a default contribution rate of 12 percent of income, which is much higher than previously studied defaults. Twenty-five percent of employees had not opted out of this default 12 months after hire; a literature review finds that the corresponding fraction in plans with lower defaults is approximately one-half. Because only contributions above 12 percent were matched by the employer, 12 percent was likely to be a suboptimal contribution rate for employees. Employees who remained at the 12 percent default contribution rate had average income that was approximately one-third lower than would be predicted …
Essays In Household Finance,
2023
University of Kentucky
Essays In Household Finance, Morteza Momeni
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I use new granular loan-level data and a novel instrumental variable to estimate the effect of competition among auto dealerships on the joint pricing of cars and car loans. I find that increased competition causes auto dealers to decrease vehicle prices to attract consumers. They, however, offset a large portion of their loss on vehicle prices through charging higher prices on a less transparent margin (i.e., loan markups). Consistent with the monthly payment targeting channel, I find that increased competition does not change consumers' monthly payments. My findings suggest that sophisticated sellers such as auto dealers …
Essays On Race And Finance,
2023
University of Kentucky
Essays On Race And Finance, Tian Qiu
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I show a positive municipal financing shock has heterogeneous effects on academic achievement. White students show meaningful improvement, but Black and Hispanic students do not. Consequently, the achievement racial gap widens following the shock. Changes in school funding do not explain this phenomenon; rather, it is explained by heterogeneous outcomes in household Socioeconomic Status (SES). These results highlight the possibility that a credit shock-induced increase in government spending could unexpectedly increase the local racial disparity. The second chapter examines the role of race and racial concordance between financial advisors and their local community. There are significant …
