Digital Commons Network^™

The Role Of Financial Literacy Education In Shaping Students’ Future Financial Decisions, Arianna Shornock

Honors Program Theses

This paper aims to explore the relationship between the effectiveness of financial literacy programs and their influence on students' future decision-making. In this study, survey data were collected from a random sample of young adults aged 18-25 years, primarily located in the Midwest region of the United States. This study suggests that students who took a financial literacy class are less likely to perform better on financial literacy topics and are less likely to have higher perceived confidence when making financial decisions, which contrasts with the existing evidence in the literature over financial literacy programs. Possible explanations for this deviation …

Legal, Professional, And Ethical Issues In Identifying Bias In Artificial Intelligence-Based Personnel Selection, Dennis Doverspike, Arthur Winfred, Rosanna Miguel

2025 Faculty Bibliography

Although still in its infancy, the proliferation of artificial intelligence (AI) in personnel selection has sparked concerns regarding potential implications for bias, fairness, discrimination, and unethical decision-making. This article delves into the complex issue of AI-based personnel selection as it pertains to the preceding concerns, exploring key definitions, bias-assessment methodologies, legal frameworks, professional and government considerations, and ethical dilemmas unique to AI-based selection. The critical role of consulting and industrial-organizational psychologists in ensuring fairness, validity, and nondiscrimination in the selection process is emphasized. The need for transparency, informed consent, and a holistic consideration of diversity/validity in the design of AI-based …

The Effect Of Inclusive Leadership By Pastoral Leaders On Catholic Parish Vitality, Matthew F. Manion

Dissertations

Catholic parish life in the United States has passed the point of decline where minor changes will enable it to grow again. Church leaders need a new missionary culture and outward-focused approaches to reach people today with the timeless truths of the faith. The old mindset of putting all the responsibility on the shoulders of the clergy to solve problems no longer works. Since heterogeneous groups make better decisions than homogeneous groups in complex, adaptive situations, this study explores the hypothesis that inclusive leadership by Catholic parish leaders leads to more innovation and better solutions to the challenges of church …

A Phenomenological Study Of Success Despite Barriers: How Leaders With Disabilities Experience Supervisory Leadership Through The Lens Of Adaptive Leadership, Ashley Oberlander Townsend

Dissertations

People with disabilities experience unemployment and underemployment more frequently than those without disabilities and encounter obstacles to becoming supervisory leaders (Harlan & Robert, 1998; Krzeminska et al., 2019; Roberson et al., 2021). The American workforce is significantly impacted by this problem, as more than one in four people have a disability (Centers for Disease Control and Prevention, 2024). This hermeneutic phenomenological research utilized interviews to collect data from three participants to answer the research question to explore the problem: what are leaders with disabilities’ lived experiences in overcoming barriers to achieving supervisory roles using an adaptive leadership lens? The research …

“The Entire Art Movement Has Become An Enormous Business Venture” Financing The American Art Museum, Lucy Owen

MA Theses

This thesis examines the intricate relationship between financial operations and the public function of American art museums. The distinctive American nonprofit model relies heavily on private funds for its survival and success. The thesis traces the historical development of this model, and then analyzes the contemporary state of American art museums, with a specific focus on two prominent institutions: MoMA PS1 and the Yale University Art Gallery. The analysis highlights the significant influence of board members' financial contributions and their business expertise on museum operations. Moreover, the thesis argues that the museum world has undergone rapid financialization in the twenty-first …

How Social Media Is Reshaping The Art Market: Catalyzing The Rise Of The Art Agency Model In The United States, Leo Braudy

MA Theses

The art world is undergoing a fundamental transformation, marked by a shift from the traditional gallery-centric model to a talent agency model akin to those in the entertainment and music industries. This evolution is driven by the increasing influence of social media platforms, which empower artists to directly engage with audiences, bypassing the traditional gatekeepers of galleries and auction houses. Drawing on insights from industry reports, social media analytics, and case studies, this thesis explores how social media has catalyzed this shift and examines its implications for artists, collectors, and the broader art market. It argues that the rise of …

Green Cities Conference Proceedings-2025, Minoo Tehrani

Business Faculty Publications

No abstract provided.

Fares On Fairness: Using A Total Error Framework To Examine The Role Of Measurement And Representation In Training Data On Model Fairness And Bias, Patrick Oliver Schenk, Christoph Kern, Trent D. Buskirk

Information Technology & Decision Sciences Faculty Publications

Data-driven decisions, often based on predictions from machine learning (ML) models are becoming ubiquitous. For these decisions to be just, the underlying ML models must be fair, i.e., work equally well for all parts of the population such as groups defined by gender or age. What are the logical next steps if, however, a trained model is accurate but not fair? How can we guide the whole data pipeline such that we avoid training unfair models based on inadequate data, recognizing possible sources of unfairness early on? How can the concepts of data-based sources of unfairness that exist in the …

Email Synthesis Assignment: Using Ai To Assist Us In Creating Effective Business Communication, Gino Perrotte

Open Educational Resources

This assignment teaches students how to distill complex financial data into a clear, professional business email by analyzing real 10-K reports. A key strength of the assignment is that it models effective AI prompting strategies—students are guided in how to interact with AI tools like ChatGPT to clarify data, summarize trends, and craft a concise email.

The focus is not just on using AI, but on developing critical thinking and communication skills. Students learn to assess what information is important, how to frame it for a workplace audience, and how to co-create with AI while ensuring the final …

Understanding The Determinants Of Blockchain Adoption: An Empirical Study, Amarpreet Kohli, Nihar Kumthekar, Piyush Shah, Rebecca Jauch

Journal of International Technology and Information Management

Blockchain technology (BT) has the potential to enhance security and robustness of transactions through a distributed ledger bookkeeping process. This study employs technology-organization-environment (TOE) framework and threat-rigidity theory (TRT) to examine whether perceived disruption caused by COVID-19 pandemic significantly impacted the adoption of BT, and inclination to adopt BT in the US. The COVID-19 pandemic provided a unique backdrop, as it affected businesses across all industries, sizes, and geographies. Results show a non-significant effect of perceived pandemic disruption on the current stage of BT adoption and intention to adopt BT. However, disruption readiness positively influences the current stage of BT …

Psychological Reactance Theory And Tax Evasion Intentions, Diana Falsetta, Brian C. Spilker

Faculty Publications

This study experimentally examines how tax administration service inefficiencies in the form of tax return processing delays from paper-filed tax returns indirectly affect taxpayer tax evasion intentions through taxpayers’ psychological reactance to the delay. We further consider whether this indirect effect is different when the taxpayer willingly chooses to paper file their tax return versus when the taxpayer is forced to do so. Consistent with Psychological Reactance Theory (PRT), we find that when taxpayers receive delayed refunds, they experience psychological reactance (e.g., anger and frustration with the tax administration) that increases their tax evasion intentions. Further, we find that the …

Technology And Coding The Great Equalizer: A Case Study Of A Formerly Incarcerated Leader, Joni Schwartz

Publications and Research

Providing meaningful educational and employment opportunities for returning incarcerated citizens from marginalized communities contributes to a more sustainable future for all. This chapter examines the barriers faced by returning incarcerated citizens in employment and presents a case study of a Dario Peña, who is a formerly incarcerated citizen. Peña's lived experience, leadership preparation, vision, and bottom-up leadership made him a leader for the Justice through Code program, which aims to provide prisoners and returning citizens with professional skills to create a sustainable career in the tech industry. Anchored in Critical Race Theory (CRT), this chapter delves into structural inequalities like …

The Dynamic Integration Of National Culture In Organizational Structure For Entrepreneurial Success, Qianyu Lim

Senior Honors Theses

The impact of culture on management decisions has been heavily researched and discussed in the academic setting. However, the tools and frameworks currently applied in cultural studies present a static version of culture at a certain point in time. As entrepreneurship and its counterpart, intrapreneurship, arise to help create competitive advantage in a quickly shifting economic market, these points raise the question of the opportunity surrounding the consideration of culture as a living model in an equally dynamic business environment. To do so, a reiterative version of Bain’s Structure-Conduct-Performance paradigm will be used to illustrate the impact of culture in …

Digital Infrastructure Development Through Digital Infrastructuring Work: An Institutional Work Perspective, Adrian Yeow, Wee-Kiat Lim, Samer Faraj

CCX Research

Being able to understand and characterize the digital infrastructure development (DID) process has become even more pressing today due to the rapid advent and implementation of new digital infrastructure (DI) in organizations as well as since the COVID-19 crisis. While information systems (IS) research has begun to recognize the institutional nature of such digital infrastructures, there remains a gap in our understanding of how such developments unfold from an institutional perspective. Through our field study of a digital infrastructure development project involving the implementation of an enterprise-wide electronic medical record system at a large US medical facility, we show how …

A Moderated Mediation Model Of Perceived Control, Fairness, And Leader–Member Exchange In The United States And South Korea, Nari Kim

Publications and Research

Drawing on the two-factor model of organizational justice and social exchange theory, this study investigates the mediating roles of procedural and distributive justice in the relationship between work locus of control (WLOC) and leader–member exchange (LMX). Using data collected from two cultural contexts – the United States and South Korea – this research further examines whether culture moderates the indirect relationship between WLOC and LMX through perceived justice. The findings indicate that subordinates with an internal WLOC tend to report higher-quality LMX relationships, and that both procedural and distributive justice partially mediate this relationship. Moderated mediation analyses reveal that the …

Age Segmentation In The Life Coaching Industry: A Needs-Based Approach, Timothy Reisenwitz

Atlantic Marketing Journal

Life coaching is the second-fastest-growing industry in the world. Most previous research has used a results-based approach with relatively small sample sizes. The current research uses a needs-based approach to identify whether older or younger consumers are better candidates for a life coaching session or program. A hard-copy questionnaire used existing scales based on industry indicators to identify viable life-coaching clients. A multivariate analysis of covariance (MANCOVA) was used to analyze the data, with gender as the covariate or moderating variable. Results showed that younger consumers are generally better candidates for life coaching, while gender was only significant for one …

Indirect Earnings Management, Scott B. Jackson, Jason T. Rasso, Aaron F. Zimbleman

Faculty Publications

We hypothesize that managers use their hierarchical role as reviewers of accounting judgments and estimates to manage earnings, which we call indirect earnings management (IEM). Across a series of experiments using highly experienced financial executives as participants, we provide evidence that IEM (1) is likely used by managers to achieve current and future earnings targets, (2) reduces both cognitive dissonance associated with managing earnings and the extent to which managers think that their behaviors constitute earnings management, and (3) is more likely to be used when corporate governance is strong than when corporate governance is weak. The results of this …

Positive Reinforcement In Leadership, Jen Lee Williams

M.S. in Leadership

This project examined whether leaders’ use of positive reinforcement
improves team retention, satisfaction, and performance across Generation
X, Millennials, and Generation Z. Jen Williams selected this topic due to the
rising turnover challenges and lack of consistent reinforcement training in
leadership practice. Using mixed-methods design, the study combined a
quantitative survey of 13 working professionals with a qualitative interview
from a Generation X leader participant. Results showed that over 92% of
the participants felt motivated by recognition, and 72% linked
reinforcement to increased satisfaction and desire to stay with their
organization. Generational differences appeared in frequency, authenticity,
and emotional sensitivity …

Taking Stock: Investigating The Relationship Between Stock-Based Compensation And Share Price Performance In Public Software Companies, Ethan Choi

CMC Senior Theses

There has been considerable debate around the practice of compensating employees and executives using stock-based compensation (“SBC”). Studies point to a myriad of both benefits and drawbacks of SBC; while in practice, firms with high SBC intensity have harmed shareholders through share count dilution. One industry in particular has drawn sharp investor criticism for its SBC intensity: software. Despite the software sector’s growing importance to the economy and influence in the public markets, no academic literature has analyzed the impacts of SBC on software companies specifically. Filling the gap, investor literature has sought to examine this topic in the context …

National And Regional Bank Deposits And Their Relationship To The Stock Market, Joseph Zhong

CMC Senior Theses

Institutional investors started using bank deposits as a Leading Economic Indicator to predict stock market returns. I find that bank deposits lead stock market returns by 2 weeks at the national level. Examining the mechanism through which bank deposits affect stock market returns, existing literature postulates the Bank Deposit Lending Channel: increased bank deposits increase financial liquidity, powering and leading stock market returns. I do not find evidence for the Bank Deposit Lending Channel. In my regional analysis, I find that bank deposit behavior differs drastically between US regions. In general, regional bank deposits still lead stock market returns. In …

Sustainability Gaps: The Role Of Esg Disparities In M&A Performance During The Covid-19 Era, Anastasia Nikolaeva

CMC Senior Theses

My thesis investigates the impact of environmental, social, and governance (ESG) score disparities between acquirer and target companies on cumulative abnormal returns (CAR) in mergers and acquisitions (M&A) from 2018 to 2022, particularly in light of the COVID-19 pandemic. Using Bloomberg and Refinitiv Eikon datasets, I explore whether the ESG delta between merging firms influences financial outcomes, hypothesizing that higher ESG alignment enhances CAR (cumulative abnormal return). My preliminary findings indicate that larger ESG disparities positively affect acquirer CAR but may reduce target CAR, suggesting that ESG alignment benefits vary by stakeholder and merger dynamics. These results highlight the evolving …

Uncovering Earnings Management In The U.S. Tech Industry: Strategies To Meet Or Just Beat Analyst Eps Expectations, Morgan Schilling

CMC Senior Theses

This paper investigates earnings management practices within the U.S. tech industry, focusing on firms that meet or just beat analyst EPS expectations. I specifically built off the Stubben (2010) model that used discretionary revenue to identify potential mismanagement across multiple industries. The modified model incorporates deferred revenue as well as accounts receivable to identify revenue recognition practices in an industry where subscription based revenue is highly relevant. I hypothesize that tech firms with aggressive revenue recognition strategies, particularly those with higher levels of accounts receivable, are more likely to engage in earnings management in order to meet EPS targets. A …

Unlocking Value Or Signaling Trouble? Exploring The Determinants Of Immediate Market Reactions To Underwater Employee Option Exchanges, Riley Lai

CMC Senior Theses

Whether employee option exchanges are an effective process to ensure a firm’s future outlook is vital for companies to consider. Evaluating the impact of these exchanges on firm value and shareholder wealth can provide insights for companies to align employee incentives with shareholder interests. This paper seeks to determine a definitive correlation between employee option exchange announcements and positive or negative abnormal returns over the announcement window. The focus is on the regulatory environment post-Section 409A, a provision in the Internal Revenue Code that prohibits the issuance of in-the-money employee stock options. This paper fills a significant gap in the …

Forecasting Equity Betas Using Option-Implied Moments, Ivan Kolesnikov

CMC Senior Theses

Traditional beta estimates are constructed from historical stock‑and‑market returns and therefore adjust only as fast as realized data accrue. This thesis investigates whether the forward‑looking information embedded in equity‑option prices can enhance beta forecasts. Using near‑end‑of‑day quotes for 236 S&P 500 firms between 2007 and 2024, I extract risk‑neutral variance and skewness, construct five alternative beta estimators (historical, option‑implied, and three hybrids), and evaluate them against realized betas over six‑, twelve‑, and twenty‑four‑month windows. Rolling‑OLS beta remains the most accurate benchmark at short horizons, yet option‑implied moments add economically and statistically significant value when systematic exposure is expected to change …

The Pricing Of Forecast-Based Earnings Uncertainty In Equity Markets, Brenda G. Galvan

CMC Senior Theses

This paper constructs a firm-level measure of earnings forecast uncertainty by adapting the macroeconomic methodology of Jurado et al. (2015) to micro-level financial statement data from Compustat and CRSP. Using a two-stage estimation procedure, I first forecast the scaled year-over-year changes in earnings, defined as the change in income before extraordinary items normalized by firm sales,based on lagged firm fundamentals. I then model the squared forecast errors to extract the unpredictable component of earnings variation, generating a forward-looking, firm-specific measure of ex-ante uncertainty. Empirically, I examine whether this forecast uncertainty measure is priced in equity markets by regressing future stock …

Optimal Capital Allocation Decisions And Investments In The Nba, Anderson Cynkar

CMC Senior Theses

This thesis investigates the relationship between salary concentration and winning in the NBA, primarily focusing on how the concentration of payroll among top-earning players influences success. Several concentration metrics were constructed and employed including the use of a Herfindahl-Hirschman Index (HHI) to measure the share of payroll each player receives across a team. I used fixed effects regressions and clustered standard errors at a team level to control for unobserved factors that remain the same over time. The results revealed a consistent inverted U-shape curve, signaling that an optimal concentration of capital exists for the highest paid player, two highest …

Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes

CMC Senior Theses

This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …

The Counter-Cyclicality Of Earnings Management: Evidence Through 2024, William J. Hall

CMC Senior Theses

This thesis examines the relationship between macroeconomic conditions and earnings management, extending the analysis of Hillegeist and Lin (2019) using updated data through 2024. Based on 16,635 firm-quarter observations, my study affirms the results found in prior literature and confirms that there is a negative association between the change in GDP and the direction of firms’ earnings management behavior, indicating that earnings management is counter-cyclical. My study also finds that firms manage earnings asymmetrically based on the current macroeconomic state, with firms managing earnings more in economic downturns and less in expansions. My findings suggest that despite major macroeconomic and …

Scaling Social Impact Bonds In The United States: Barriers, Incentives, And Policy Solutions, Angelique M. Rivanis

CMC Senior Theses

Social Impact Bonds (SIBs) are a form of outcomes-based financing that fund social programs by shifting financial risk from the government to private investors. While SIBs have gained international traction, their long-term viability in the United States depends on structural reforms. This thesis examines two completed U.S. SIB projects, Rikers Island in New York and the Just-in-Reach project in Los Angeles, through an analysis of their design, implementation, and outcomes. While both projects focus on criminal justice, they provide context about the scalability of SIBs across multiple social policy areas.The three primary constraints are high transaction costs, limited investor interest, …

Creditors, Shareholders, And Losers In Between: A Failed Regulatory Experiment, Albert H. Choi, Jeffery Zhang

Articles

In the aftermath of the 2007–08 Global Financial Crisis, regulators encouraged many of the world’s largest banks to hold a new type of regulatory instrument with the goal of improving their safety and soundness. The regulatory instrument was known as a “CoCo,” short for contingent convertible bond. CoCos are neither debt nor equity. They are something in between, designed to give the bank a shot in the arm during times of stress. Many of the largest international banks have issued CoCos worth hundreds of billions of dollars. After more than ten years—a decade that includes the collapse of Credit Suisse …