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Full-Text Articles in Business
The Ursinus College Investment Management Company Newsletter, Fall 2023, Kaela Frenchman, Olivia Defusco, Jack Thompson
The Ursinus College Investment Management Company Newsletter, Fall 2023, Kaela Frenchman, Olivia Defusco, Jack Thompson
Investment Management Company Newsletter
Inside this issue:
At a Glance
Letter from Kaela Frenchman '24 and Olivia DeFusco '24
Letter from Jack Thompson '24
Honoring Dr. Scott Deacle and Investment Team Updates
UCIMCO Investment Performance and Analysis
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Teams
Thank You!
How to Contribute
Investment Policy Statement UCIMCO Endowment
Investment Policy Statement UCIMCO Stock Selection
Investment Policy Statement UCIMCO Women's Fund
The Ursinus College Investment Management Company Newsletter, Spring 2023, Eric Parnell, Scott Deacle, Maureen Cumpstone, Ben Sjosten, Kaela Frenchman, Evan Coffrey
The Ursinus College Investment Management Company Newsletter, Spring 2023, Eric Parnell, Scott Deacle, Maureen Cumpstone, Ben Sjosten, Kaela Frenchman, Evan Coffrey
Investment Management Company Newsletter
Inside this issue:
At a Glance
Letter from Ben Sjosten '23
Letter from Kaela Frenchman '24
Letter from Evan Coffrey '24
Investment Team Strategies and Updates
UCIMCO Investment Performance and Analysis
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Teams
Thank You!
How to Contribute
Investment Policy Statement UCIMCO Endowment
Investment Policy Statement UCIMCO Women's Fund
Investment Policy Statement UCIMCO Stock Selection
The Ursinus College Investment Management Company Newsletter, Fall 2022, Scott Deacle, Maureen Cumpstone, Jess Gutekunst, Michael Magargee
The Ursinus College Investment Management Company Newsletter, Fall 2022, Scott Deacle, Maureen Cumpstone, Jess Gutekunst, Michael Magargee
Investment Management Company Newsletter
Inside this issue:
At a Glance
Letter from Jessica Gutekunst '23
Letter from Michael Magargee '23
Investment Team Strategies and Updates
UCIMCO Investment Performance and Analysis
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Teams
Thank You!
How to Contribute
Investment Policy Statement UCIMCO Endowment
Investment Policy Statement UCIMCO Stock Selection
The Ursinus College Investment Management Company Newsletter, Spring 2022, Scott Deacle, Olivia Defusco, Peyton Vostenak, Stephen Schoenborn, Stevie Benson, Jake Rowland, Jeremy Calabro
The Ursinus College Investment Management Company Newsletter, Spring 2022, Scott Deacle, Olivia Defusco, Peyton Vostenak, Stephen Schoenborn, Stevie Benson, Jake Rowland, Jeremy Calabro
Investment Management Company Newsletter
Inside this issue:
Letter from Olivia DeFusco '24
Letter from Peyton Vostenak '22
At a Glance
Investment Team Strategies and Updates
UCIMCO Research
UCIMCO Investment Performance and Analysis
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Teams
Thank You!
How to Contribute
The Ursinus College Investment Management Company Newsletter, Fall 2021, Scott Deacle, Maureen Cumpstone, Zachary Crebbin, Maddy Sorokanych, Michael Buck, Kareem Elghawy
The Ursinus College Investment Management Company Newsletter, Fall 2021, Scott Deacle, Maureen Cumpstone, Zachary Crebbin, Maddy Sorokanych, Michael Buck, Kareem Elghawy
Investment Management Company Newsletter
Inside this issue:
Letter from Madelynn Sorokanych '22
Letter from Michael Buck '22
At a Glance
Investment Strategies
Endowment at Work
UCIMCO Updates
Notable Trends
Semester Investment Performance
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Team
Special Thanks
Supporters
How to Contribute
The Ursinus College Investment Management Company Newsletter, Spring 2021, Scott Deacle, George Psaradakis, Jacob Kang, Kareem Elghawy, Wendy Luo
The Ursinus College Investment Management Company Newsletter, Spring 2021, Scott Deacle, George Psaradakis, Jacob Kang, Kareem Elghawy, Wendy Luo
Investment Management Company Newsletter
Inside this issue:
Letter from Kareem Elghawy '22
Letter from Wendy Luo '21
At a Glance
Investment Strategies
Endowment at Work
UCIMCO Updates
Fall Semester Investment Performance
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Team
Supporters
How to Contribute
The Ursinus College Investment Management Company Newsletter, Fall 2020, Scott Deacle, George Psaradakis
The Ursinus College Investment Management Company Newsletter, Fall 2020, Scott Deacle, George Psaradakis
Investment Management Company Newsletter
Inside this issue:
Letter from Jacob Kang '21
Letter from Maureen Cumpstone '79
Letter from Johnny Myers '19
At a Glance
Investment Strategies
Endowment at Work
New at UCIMCO
Women's Fund
Investment Performance
Endowment Outlook
Stock Selection Picks
Women's Fund Picks
Our Team
Supporters
How to Contribute
The Ursinus College Investment Management Company Newsletter, Spring 2020, Scott Deacle, Johnathan Myers
The Ursinus College Investment Management Company Newsletter, Spring 2020, Scott Deacle, Johnathan Myers
Investment Management Company Newsletter
Inside this issue:
Letter from Professor Scott Deacle
Letter from Johnny Myers '19
At a Glance
Investment Strategies
Endowment at Work
New at UCIMCO
Investment Performance
Endowment Fund Outlook
Stock Selection Fund Picks
Our Team
Supporters
How to Contribute
The Ursinus College Investment Management Company Newsletter, Fall 2019, Scott Deacle
The Ursinus College Investment Management Company Newsletter, Fall 2019, Scott Deacle
Investment Management Company Newsletter
Inside this issue:
What's New?
Women-in-Finance Program
What are "They" Saying?
New York Field Trip
2019 Fund Performance
Supporters
The Ursinus College Investment Management Company Newsletter, Spring 2019, Scott Deacle, Isaac Abrams, Paul Cottam, Elvi Sopiqoti, Wilbert Diaz, Johnny Myers
The Ursinus College Investment Management Company Newsletter, Spring 2019, Scott Deacle, Isaac Abrams, Paul Cottam, Elvi Sopiqoti, Wilbert Diaz, Johnny Myers
Investment Management Company Newsletter
Inside this Issue:
What's New?
Brief History of Ursinus
What Our Newest Students are Saying
What are "They" Saying?
Vanguard Field Trip
2019 Fund Performance
Looking Forward
Fundraising & Gallery
Ursinus College Student-Managed Investment Fund Prospectus, Fall 2018, Paul Cottam, Shelby Boyle, Tim Carroll, Samantha Crossan, Joseph Heasley, Jake Kang, Thomas Kelly, Chris Moreno, Johnathan Myers, Steve Palis, Daan Slaats, Parker Wolf, Chenyu Yin
Ursinus College Student-Managed Investment Fund Prospectus, Fall 2018, Paul Cottam, Shelby Boyle, Tim Carroll, Samantha Crossan, Joseph Heasley, Jake Kang, Thomas Kelly, Chris Moreno, Johnathan Myers, Steve Palis, Daan Slaats, Parker Wolf, Chenyu Yin
Ursinus Student-Managed Investment Fund Prospectus
This prospectus contains a performance summary for previous stocks and endowment funds as well as strategy and analysis for the following new stocks in the managed fund: American Woodmark Corporation, Comtech Telecommunications Corp. and LGL Group, Inc.
Ursinus College Student-Managed Investment Fund Newsletter, Fall 2018, Isaac Abrams, Liam Close, Thomas Reinhart, Daan Slaats
Ursinus College Student-Managed Investment Fund Newsletter, Fall 2018, Isaac Abrams, Liam Close, Thomas Reinhart, Daan Slaats
Investment Management Company Newsletter
Inside this issue:
What's New?
Brief History of Ursinus
What our Newest Students are Saying
What are "They" Saying?
2018 Fund Performance
Allianz Field Trip
Looking Forward
The Path Of Least Resistance: How Strict Chinese Stock Market Regulation Incentivizes Chinese Companies To List In Foreign Stock Exchanges, Chenyu Yin
Business and Economics Summer Fellows
Despite the recent trade dispute, decades of increased trade between the U.S. and China have given Chinese companies more opportunities to list on foreign stock markets, so they can find better financing opportunities in foreign markets. With the rapid development of the Chinese financial industry and the continuous spread of news on various company listings, why is it that many Chinese companies choose to list overseas, especially in the U.S. and Hong Kong, but not in China? In addition, what is the difference between the U.S. and Hong Kong exchanges, and how does that difference affect Chinese companies’ choice of …
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, April 24, 2018, Johnathan Myers, Daan Slaats, Christian D'Ascenzo, Jonathan Guba, Parker Wolf, Sam Sjosten, Haley Sturla, Scott Deacle
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, April 24, 2018, Johnathan Myers, Daan Slaats, Christian D'Ascenzo, Jonathan Guba, Parker Wolf, Sam Sjosten, Haley Sturla, Scott Deacle
Ursinus Student-Managed Investment Fund Prospectus
This prospectus contains investment strategy and performance for the following stocks in the managed fund: Garmin Ltd., Masimo, Micron Technologies, SEI Investments, Waste Management and Stamps.com.
Ursinus College Investment Club Newsletter, Spring 2018, Haley Sturla, Johnathan Myers, Scott Deacle
Ursinus College Investment Club Newsletter, Spring 2018, Haley Sturla, Johnathan Myers, Scott Deacle
Investment Management Company Newsletter
Inside this issue:
A Note to Our Readers and Donor Recognition
Quantitative Strategies with Matt Yuros ’12, TFS Capital
Inside Institutional Investments with Michael Fleming ’97, Vanguard
Bitcoin: Is It A Bubble? with Dr. William Luther, Kenyon College
Portfolio Performance, the First Year
Looking Forward
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, November 28, 2017, Johnathan Myers, Benjamin R. Klybor, Isaac Abrams, Daan Slaats, Parker Wolf, Sam Sjosten, Christian D'Ascenzo, Jonathan Guba, Joseph Heasley, Thomas Kelly, Brendan Werner, Scott Deacle
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, November 28, 2017, Johnathan Myers, Benjamin R. Klybor, Isaac Abrams, Daan Slaats, Parker Wolf, Sam Sjosten, Christian D'Ascenzo, Jonathan Guba, Joseph Heasley, Thomas Kelly, Brendan Werner, Scott Deacle
Ursinus Student-Managed Investment Fund Prospectus
This prospectus contains investment strategy and performance for the following stocks in the managed fund: Garmin Ltd., Masimo, Micron Technology, Stoneridge and WalMart Stores, Inc.
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, May 2, 2017, Johnathan Myers, Benjamin R. Klybor, Isaac Abrams, Daan Slaats, Parker Wolf, Sam Sjosten, Scott Deacle
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, May 2, 2017, Johnathan Myers, Benjamin R. Klybor, Isaac Abrams, Daan Slaats, Parker Wolf, Sam Sjosten, Scott Deacle
Ursinus Student-Managed Investment Fund Prospectus
This prospectus contains investment strategy and performance for the following stocks in the managed fund: Enanta Pharmaceuticals, Garmin Ltd., Pioneer Natural Resources and WalMart Stores, Inc.
Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos
Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos
Business and Economics Faculty Publications
Illinois had a dismal free banking experience, with over 80% of its free banks failing by the start of the Civil War. Researchers agree that a dramatic change in bond prices was the catalyst, and some have shown that the riskiest banks, ex ante, were the most likely to fail. This study examines how Illinois free banks adjusted their portfolios in the face of increased political and financial risks prior to Abraham Lincoln’s election as president. Lincoln’s nomination in May 1860 and the Democratic Party schism in June 1860 raised the likelihood of secession and the potential for a significant …
Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle
Is The Dodd-Frank Act Destroying What Is Left Of U.S. Thrifts?, Scott Deacle
Business and Economics Faculty Publications
I examine data from 1992 to 2015 to assess the Dodd-Frank Act’s impact on the performance of U.S. depository institutions, thrifts in particular. Ceteris paribus, the average FDIC-regulated institution experienced a decline in profitability as measured by pre-tax return on assets (ROA) following the Act’s passage, but the decline was concentrated among commercial banks. Small thrifts increased pre-tax profitability, after controlling for other factors including weak economic growth. Depository institution loan quality improved after Dodd-Frank, less so for small thrifts but more so for large thrifts. Efficiency ratios, which regulatory costs affect, increased, more for thrifts than banks.
Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market, Scott Deacle, Elyas Elyasiani
Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market, Scott Deacle, Elyas Elyasiani
Business and Economics Faculty Publications
Using bivariate GARCH models of stock portfolio returns and risk, we find that bank and thrift holding companies that relied the most on Federal Home Loan Bank (FHLB) advances exhibited less total risk and market risk than those that relied on them the least between 2001 and 2012. When we control for differences in holding company size, stock trading volume, residential mortgage lending, and holding company type (bank vs. thrift), the most FHLB-reliant holding companies sustain the aforesaid risk advantages except during the crisis of 2007–2009, when they exhibit greater idiosyncratic risk. The latter finding suggests that investors perceived the …
Cost Of Debt And Federal Home Loan Bank Funding At U.S. Bank And Thrift Holding Companies, Scott Deacle, Elyas Elyasiani
Cost Of Debt And Federal Home Loan Bank Funding At U.S. Bank And Thrift Holding Companies, Scott Deacle, Elyas Elyasiani
Business and Economics Faculty Publications
We investigate the relationship between the cost of debt issued by bank holding companies (BHCs) and thrift holding companies (THCs) and their use of Federal Home Loan Bank (FHLB) advances. Cost of debt is used as a measure of bank riskiness for the first time in a FHLB study. A two-equation model of FHLB advances and cost of debt is estimated. Three main results are obtained. First, greater reliance on advances by BHCs and THCs is associated with lower cost of debt in the pre-crisis period, and more strongly so during the crisis, because granting of advances sends a positive …
Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani
Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani
Business and Economics Faculty Publications
We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …
At A Crossroads: The Impact Of International Financial Reporting Standards In The U.S., Cindy K. Harris
At A Crossroads: The Impact Of International Financial Reporting Standards In The U.S., Cindy K. Harris
Business and Economics Faculty Publications
Public companies in the United States face a new challenge. As set forth in its roadmap for implementation, the Securities and Exchange Commission (“SEC”) is considering the potential use of financial statements prepared in accordance with international financial reporting standards (“IFRS”.) The chief goal of these global standards is to establish a uniform system to improve comparability of companies’ financial positions. For decades, Generally Accepted Accounting Principles (“GAAP”) have been the framework of financial statement preparation for public companies in the U.S. The movement to IFRS represents an unprecedented change in the basis of financial reporting, since IFRS would supersede …
The Association Between Corporate Governance And Audit Fees, Cindy K. Harris
The Association Between Corporate Governance And Audit Fees, Cindy K. Harris
Business and Economics Faculty Publications
The Sarbanes-Oxley Act of 2002 (“SOX”) established not only corporate governance reform but also legislated significant changes to the practice of auditing publicly held corporations. Rules implemented by the Securities and Exchange Commission (“SEC”) further reinforced stronger corporate governance standards. The effect of these reforms on the cost of public audits is indisputable: the initial rise in audit fees was dramatic as corporations complied with the new provisions. This paper examines the relationship between corporate governance characteristics and audit fees for a random sample of 100 publicly traded corporations drawn from the 2005 Fortune 500 list. The data is obtained …
The Impact Of S&P Depository Receipts On The S&P Cash And Futures Market, Andrew J. Economopoulos
The Impact Of S&P Depository Receipts On The S&P Cash And Futures Market, Andrew J. Economopoulos
Business and Economics Faculty Publications
The introduction of the S&P Depository Receipt (SPDR) in 1993 was a financial innovation that produced several ripple effects in the financial markets. Not only did it allow the small investor to purchase a piece of the S&P 500 Cash Index, it would allow the large investor to utilize the security for arbitrage opportunities with the S&P 500 futures. A theoretical model of arbitrage opportunities utilizing SPDR is developed. The theoretical model provides two outcomes. First, the adoption of the SPDR as an arbitrage tool depends on transaction and liquidity costs and second, the innovation could potentially reduce the traditional …
Political Barriers And The Transmission Of Monetary Policy Across States: The New England Antebellum Banking Market, Andrew J. Economopoulos
Political Barriers And The Transmission Of Monetary Policy Across States: The New England Antebellum Banking Market, Andrew J. Economopoulos
Business and Economics Faculty Publications
The New England antebellum banking market was examined to understand the interaction of political ideology and economic forces. With each state controlling bank entry, hence the money supply, political ideology could impede the supply of money within a state. However, the monetary forces from neighboring states may have influenced the degree to which parties held true to their political ideology. The results indicate that political ideology was an effective barrier in two of the six states, while three states were responsive to neighbor states' monetary policy regardless of political ideology. These states responded by creating new banks, raising existing capital …
An Examination Of The Relationship Between Stock Index Cash And Futures Markets: A Cointegration Approach, Michael A. Pizzi, Andrew J. Economopoulos, Heather M. O'Neill
An Examination Of The Relationship Between Stock Index Cash And Futures Markets: A Cointegration Approach, Michael A. Pizzi, Andrew J. Economopoulos, Heather M. O'Neill
Business and Economics Faculty Publications
The existence of price discovery, market efficiency and market stability associated with spot and futures markets continues as a prominent discussion among academics, practitioners and regulators. Numerous papers examine the role of price discovery in the futures markets for various types of commodities and financial assets. Generally, the studies by Garbade and Silber (1983), Herbst, McCormack and West (1987), Kawaller, Koch and Koch (1987) and Schroeder and Goodwin (1991) indicate that price discovery occurs more significantly in the futures market compared to the cash market.
Free Bank Failures In New York And Wisconsin: A Portfolio Analysis, Andrew J. Economopoulos
Free Bank Failures In New York And Wisconsin: A Portfolio Analysis, Andrew J. Economopoulos
Business and Economics Faculty Publications
Rolnick and Weber found that a sharp decline in asset prices led to bank panics and, ultimately, bank failures during the free banking era. An examination of New York and Wisconsin free bank portfolios prior to a fall in asset prices indicates banks that weathered the turmoil held significantly different portfolios than closed banks. In general, solvent banks held more loans and specie, and issued more deposits and less bank notes than closed banks.
The New York Free Banking Era: Deregulation Or Reregulation?, Andrew J. Economopoulos
The New York Free Banking Era: Deregulation Or Reregulation?, Andrew J. Economopoulos
Business and Economics Faculty Publications
The deregulation of the banking market is a frequently debated policy issue. Proponents of deregulation claim that free market forces would improve market efficiency. The basis for their argument is grounded in the work and tenets of Adam Smith. Deregulation opponents claim that a bank market left unfettered would disrupt the financial market; bank mismanagement, failures, and panics would pervade the market and cause distrust of the banking system . Opponents of deregulation derive their beliefs from actual historical experiences rather than theory . Many opponents point to a period of American banking history, called the Free Banking Era (1838-1863), …
The Impact Of Reserve Requirements On Free Bank Failures, Andrew J. Economopoulos
The Impact Of Reserve Requirements On Free Bank Failures, Andrew J. Economopoulos
Business and Economics Faculty Publications
The Free Banking Era, noted for numerous bank failures and large creditor losses, has been traditionally viewed as the experiment in laissez-faire banking that failed. Current researchers have found evidence suggesting that bank failures and creditor losses were limited to selected states and have linked the cause of bank failures to periods of falling asset prices. Free banks were required to hold long-term assets as primary reserves for short-term liabilities. Current banking theory suggests that the maturity imbalance between assets and liabilities increases the free bank's exposure to interest rate risk. Some states imposed a secondary reserve, the specie reserve …