Information Acquisition And Expected Returns: Evidence From Edgar Search Traffic,
2022
Singapore Management University
Information Acquisition And Expected Returns: Evidence From Edgar Search Traffic, Frank Weikai Li, Chengzhu Sun
Research Collection Lee Kong Chian School Of Business
This paper examines expected return information embedded in investors' information acquisition activity. Using a novel dataset containing investors' access of company filings through SEC's EDGAR system, we reverse engineer their expectations over future payoffs and show that the abnormal number of IPs searching for firms' financial statements strongly predict future returns. The return predictability stems from investors allocating more effort to firms with improving fundamentals and following exogeneous shock to underpricing. A long-short portfolio based on our measure of information acquisition activity generate monthly abnormal return of 80 basis points and does not reverse over the long-run.. In addition, the …
Cross-Industry Information Sharing Among Colleagues And Analyst Research,
2022
Singapore Management University
Cross-Industry Information Sharing Among Colleagues And Analyst Research, Allen Huang, An-Ping Lin, Amy Y. Zang
Research Collection School Of Accountancy
We identify a specific organizational resource in brokerage housesdinformation sharing among analyst colleagues who cover economically related industries along a supply chain. After controlling for brokerage selection effects, we show evidence consistent with the benefit of this resource to analyst research performance. Specifically, we find that analysts whose colleagues cover more economically connected industries have better research performance, especially when their colleagues produce higher-quality research. We further show that colleagues' coverage of downstream (upstream) industries is positively related to the accuracy of only analysts' revenue (expense) forecasts and that analysts and their highly connected colleagues tend to issue earnings forecast …
Do Alpha Males Deliver Alpha? Facial Width-To-Height Ratio And Hedge Funds,
2022
University of Central Florida
Do Alpha Males Deliver Alpha? Facial Width-To-Height Ratio And Hedge Funds, Yan Lu, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often. High-fWHR managers compensate for their underperformance by marketing their funds more aggressively, thereby garnering higher flows and fee revenues. By exploiting major personal events that shape testosterone, namely marriage and fatherhood, we trace the biological mechanism underlying the relation between fWHR and investment performance to circulating testosterone. Our findings are robust and extend to equity mutual funds.
The Existence Of Indonesian Islamic Market Stocks During The Covid-19 Pandemic,
2022
University of Indonesia
The Existence Of Indonesian Islamic Market Stocks During The Covid-19 Pandemic, Febryna Rizka Pratiwi, Nur Fatwa Dr.
Journal of Strategic and Global Studies
When the first Covid-19 case entered Indonesia, Jakarta Composite Index (JCI) underwent a very deep correction until it reached its lowest point in the last decade, from the level of 6,300 to the level of 3,975 as of March 24, 2020. But, an interesting fact in the following months the JCI consistently rose, and even managed to break back above the 6000 level in the period from the end of 2020 to the beginning of 2021. Indonesia has again won the nomination for the category 'The Best Islamic Capital Market 2020' from the Global Islamic Finance Awards (GIFA). The growth …
Indonesian Capital Market Reaction To Jakarta’S Large Scale Social Restrictions,
2022
Universitas Sebelas Maret, Indonesia
Indonesian Capital Market Reaction To Jakarta’S Large Scale Social Restrictions, Nur Wahyu Catur Wicaksono, Y. Anni Aryani, Doddy Setiawan
The Indonesian Capital Market Review
This study aims to analyze the Indonesian capital market reaction to the Large-Scale Social Restrictions (PSBB) policy in Jakarta in 2020. The findings from this study can be used as a policy evaluation and as a reference to assess similar future policies to be implemented in Jakarta. Four event periods were used based on the number of times this policy was implemented in 2020. Using the event study approach and single index model method, this study used 568 companies listed on the IDX which are then divided into nine sectors. The results of this study showed that the Indonesian capital …
Analyzing The Relationship Between Return And Trading Volume In Relation To Cross-Sectional Absolute Deviation (Csad) In Order To Detect Herding Behavior In Indonesia Emerging Stock Market,
2022
Universitas Tanjungpura, Indonesia
Analyzing The Relationship Between Return And Trading Volume In Relation To Cross-Sectional Absolute Deviation (Csad) In Order To Detect Herding Behavior In Indonesia Emerging Stock Market, Helma Malini, Annisa Dipa Sakliana
The Indonesian Capital Market Review
Investor herding behavior is a primary source of speculative bubbles since it implies that investors make identical trading decisions, which can lead to stock prices deviating from their underlying worth. The goal of this study is to detect herding behavior in the Indonesian stock market between 2016 and 2021. The relationship between return and trading volume, known as Cross Sectional Absolute Deviation, is used to assess herding behavior (CSAD). Time-series regression and quantile regression analysis will be employed as data analytic techniques in this study to investigate herding behavior under various market scenarios. Herding behavior is evident in the Indonesian …
Fixed Income Fund Report, July 2022,
2022
Bryant University
Fixed Income Fund Report, July 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Equity Fund Monthly Report, July 2022,
2022
Bryant University
Equity Fund Monthly Report, July 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Hidden Gems: Do Market Participants Respond To Performance Expectations Revealed In Compensation Disclosures?,
2022
Tulane University
Hidden Gems: Do Market Participants Respond To Performance Expectations Revealed In Compensation Disclosures?, C. Edward Fee, Zhi Li, Qiyuan Peng
Business Faculty Articles and Research
We find that a new compensation disclosure item on expected payouts from performance-based stock grants reveals unique information regarding future firm performance. Extracting inferred performance expectations from the disclosures, we find that firms disclosing the highest expected grant payout significantly outperform in ROA, Q, sales growth, and profit margin over the next two years, while those disclosing the lowest expected payout underperform. The embedded information is not captured by other information channels, such as managerial earnings guidance, 10-K sentiment, insider selling activities, unexplained CEO pay, and analyst forecasts. Investors and analysts do not fully incorporate the information and are later …
The Additional Burden Of The Bank Security Act On Community Banks In States With Casinos,
2022
Southeastern Louisiana University
The Additional Burden Of The Bank Security Act On Community Banks In States With Casinos, Danielle Lewis
Southern University College of Business E-Journal
Deeply embedded compliance costs are difficult to account. We modeled non-interest expenses using all U.S. community banks and found the 2001 USA Patriot Act increased the compliance burdens, but particularly for banks with casinos in their state. Changes in policy pertaining to the Bank Secrecy Act include Congress modernizing the BSA provisions because the rules leave excessive room for interpretation and subjectivity across examiners and courts. Additionally, a publication showing the effectiveness of BSA reporting could benefit bankers and help make compliance more cost efficient.
Equity Fund Monthly Report, June 2022,
2022
Bryant University
Equity Fund Monthly Report, June 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Fixed Income Fund Report, June 2022,
2022
Bryant University
Fixed Income Fund Report, June 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Non-Profit Accounting And Financial Strategies For The Exponential Age,
2022
Seattle Pacific University
Non-Profit Accounting And Financial Strategies For The Exponential Age, Nathan A. Judd
Honors Projects
This research project was designed to introduce the current state of digital assets with all of its potential risks and rewards within the non-profit business sector. Non-profit organizations receive donations constantly, but what happens when an individual gives a digital asset such as Bitcoin to the non-profit? The answer is quite complicated from an accounting and strategic business approach but will be unpacked and reviewed. Other nonprofit topics included are the exponential network effects for digital assets, official FASB accounting regulation treatments for digital assets, taxation documentation from the IRS regarding digital assets, and potential implementation strategies to consider.
Bnsf Strategic Analysis,
2022
University of Nebraska - Lincoln
Bnsf Strategic Analysis, Bella Tran
Honors Program: Senior Projects (Public)
Burlington Northern Santa Fe, LLC. (BNSF), is an American railroad that is concentrated in the western two-thirds of the U.S. This railroad has a history stretching back over a century that has led the company to now function as one of the leading Class I Railroad with over 30,000 employees and over 30,000 miles of laid track. Two methods of analysis were used to examine the competitive environment in which BNSF operates. The first is the PESTEL analysis which examines the macro-environment. The second is Porter’s Five Forces which analyzes the competitive environment of an industry. The analyses concluded that …
Active Learning With Cybersecurity,
2022
University of Arkansas, Fayetteville
Active Learning With Cybersecurity, Carole Shook
TFSC Publications and Presentations
A global campus grant was obtained in Spring 2020 to develop modules for Cybersecurity. This presentation encompasses the use of Cyberciege and case studies that require active learning of students.
Coinbase Global Inc. Strategic Audit,
2022
University of Nebraska - Lincoln
Coinbase Global Inc. Strategic Audit, Decker Bobin
Honors Program: Senior Projects (Public)
Coinbase is a cryptocurrency exchange founded in the U.S during 2012 by Brian Armstrong and Fred Ehrsam. Coinbase’s application allows users to buy, sell, and exchange different cryptocurrencies on the open market. Cryptocurrencies are digital assets used as a medium to quickly transfer value, globally, without any middleman. Some cryptocurrencies have different technology than others, but all are based on blockchain, and cryptography. Blockchain technology allows transactions to be built into a chain that is forever accessible, hence the name “public ledger.” Cryptography is what ensures ultimate ownership, through seed phrases, and security through encryption. Coinbase has several large competitors …
Fixed Income Fund Report, May 2022,
2022
Bryant University
Fixed Income Fund Report, May 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Equity Fund Monthly Report, May 2022,
2022
Bryant University
Equity Fund Monthly Report, May 2022, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Risk-Return Dynamics Using Leveraged Etf Options,
2022
East Tennessee State University
Risk-Return Dynamics Using Leveraged Etf Options, Eliza Wampler
Undergraduate Honors Theses
This study uses barbell strategies on the S&P 500 and the NASDAQ 100 to explore if funds invested primarily in fixed income assets with a portion of the investment placed in in-the-money call options can participate in upside potential, while also reducing risk. This study examines call options on the underlying indexes as well as their leveraged, 2x and 3x, counterparts. The barbell strategy studied, 88% in fixed income bonds and 12% in call options, does not have a higher return than the underlying index, and adds additional risk. However, a weighted portfolio with combinations of a risk-free asset and …
A Strategic Audit Of Seaworld,
2022
University of Nebraska - Lincoln
A Strategic Audit Of Seaworld, Rachel Jendro
Honors Program: Senior Projects (Public)
This project is a strategic audit for SeaWorld Entertainment. The purpose of this report is to analyze the firm through multiple different perspectives and analyze the competitive advantage the business is pursuing. The project considers internal and external environments, strategic leadership, organizational structure, and resources to determine if and what type of competitive advantage the firm holds. Furthermore, it considers current events and strategic decisions, and how those relate to the overall strategy. A strategic audit is crucial to understanding the innerworkings of a firm. The factors that were analyzed are interconnected and performing a strategic audit can allow for …
