Business Commons^™

A Cost Benefit Analysis Of Utilizing Solar Panels On Bates Nut Farm, Brandon Walter Ness

Agribusiness

No abstract provided.

An Analysis Of Reverse Mortgage Clients At The Utah State University Family Life Center Housing And Financial Counseling Services, Cindy R. Stokes

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purposes of this study were to describe and categorize the types of clients seeking reverse mortgage counseling, and to document the growth in demand for reverse mortgage counseling from one counseling center: The USU Family Life Center - Housing and Financial Counseling Services (FLC HFC). A second purpose was to gain a better understanding of the reasons why more senior Americans are seeking reverse mortgages. A third purpose was to gain a better understanding of the retirement preparedness of current seniors seeking reverse mortgages, which could lead to improved counseling services, early retirement intervention awareness, and encourage increased pre-retirement …

Attitudes Toward Immediate Annuities, Devon K. Robb

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Retirement security for Americans is one of the most critical public policy and personal financial issues and will be for decades in the future. Individuals that retire today can live an additional 30 or even 40 years with less secure income as corporations shift to defined contribution plans to fund retirement. Based on the life cycle savings hypothesis, immediate annuities should be appealing to retirees because they insure against the risks of outliving retirement assets by converting funds into a lifelong stream of income. However, research has found that retirees are reluctant to annuitize their wealth. This study examined the …

Credit Default Swaps - Essays On Model And Market Efficiency, Muhammad F. Farooqi

Electronic Thesis and Dissertation Repository

Essay 1 tests the ability of a commercial structural credit default swap pricing model to predict market spreads. Consistent with several previous studies testing other models, we find our model unable to price credit risk precisely and observe an illiquidity premium reflecting a credit risk component which should be incorporated into future pricing models. We also identify macroeconomic and stock market factors that help explain movements in CDS spreads beyond the levels suggested by the model.

Essay 2 looks at bid and ask spreads to find evidence of quote shading where dealers manipulate their quotes in order to attract sell …

An Empirical Analysis Of The Determinants Of Project Finance: Cash Flow Volatility And Correlation, Zinat S. Alam

Finance Dissertations

This paper investigates the effect of correlation and volatilities of firm and project cash flows on the choice of project finance. I use a pure-play approach to measure unobservable project cash flows for a sample of 440 US and non-US firms that invested in 577 projects from 1990 to 2008 and find evidence that the probability of project finance is increasing in cash flow volatility difference between firm and project cash flows. The likelihood of the project finance is greater when volatilities are different and the correlation between firm and project cash flows is high. I also find that firms …

Is All Goodwill Created Equal? An Analysis Of The Association Between Agency Conflicts, Board Monitoring, And Goodwill In U.S. Mergers And Acquisitions, Matthew L. Hoag

Doctoral Dissertations

The objective of this study is to examine the association between goodwill and governance structures – specifically, potential agency conflicts and internal and external board monitoring mechanisms – over a four-year period (2004-2007). To do this, I perform two distinct analyses to test (1) whether governance structures appear to be determinants of aggregate goodwill, and (2) whether governance structures appear to moderate investors’ perceptions of aggregate goodwill. I then extend these tests to a sample of U.S. merger and acquisition (M&A) transactions where I calculate a more refined measure of residual goodwill and re-perform the tests using this alternative goodwill …

Recommending A Productivity Model For Singapore Hotels: A Critical Review Of Productivity Models Adopted By Researchers And Hotel Operators, Hwee Noi Goh

UNLV Theses, Dissertations, Professional Papers, and Capstones

The business challenges and intensely competitive environment in today’s economy make productivity a key factor for organizational survival. This paper examines what productivity means to the services industry, in particular, to the hotel industry. This is underpinned by an investigation of the fundamental differences between goods and services and the implications on productivity measurement and control in the manufacturing and services industries.

The purpose of this paper is to critically review productivity measurement and control methods used by researchers and hotel operators in order to find a model suitable for the hotel industry in Singapore, taking into consideration the local …

An Analysis Of The Equity Of Utah’S Public School Funding System, Garrick Peterson

UNLV Theses, Dissertations, Professional Papers, and Capstones

There has not been an equity study of the public school funding allocation system, in the state of Utah, since 1990. The purpose of the study was to conduct an analysis of the equity of the Utah state funding allocation system for K-12 education including a trend analysis for the decade 2000-2009. The conceptual framework for the analysis applies four broad concepts of equity framed by Kern Alexander; (1) communitative equity, (2) distributive equity, (3) restitutive equity, and (4) positivism. The analysis of the Utah State funding system used Berne and Stiefel's methodology and included commonly used statistical measures of …

The Temple Recommend: A Solution To The Free-Rider Problem, Austin Bowles

Undergraduate Honors Capstone Projects

Temple worship and geographical boundaries are unique features of the Church of Jesus Christ of Latter-day Saints (LDS Church). Our research uses economic theory to understand how the organizational benefits of the temple recommend system and the geographical ward boundaries may solve the market failures associated with religious organizations. These features of the LDS Church will be used to create a framework for understanding how the church limits free-riding and sub-optimal participation, which would result in increased efficiency and production of large religious benefits. Because the market failures faced by the church are the same as those faced by other …

Two Essays On The Impact Of Rational And Irrational Investor Sentiments On Equity Market Return And Volatility: Evidence From The U.S. And Brazil, Pablo Javier Calafiore

Theses and Dissertations - UTB/UTPA

This dissertation consists of two essays on how investor sentiments affect the returns and volatility of the Brazilian stock market. Both essays share a similar methodological approach. The first one analyzes the effect of investor sentiments on the returns and volatility of the Brazilian stock market using a model that accounts for fundamentals (rational) and noise components (irrational) of investor sentiments on the Sao Paulo leading index Bovespa. This research finds a statistically significant positive (negative) impact of rational (irrational) sentiments on market returns. Moreover, there are statistically significant impacts of irrational components of the sentiment indexes on Bovespa volatility …

Two Essays On Investor Sentiment And The Profitability Of Contrarian And Momentum Strategies, Changmei Zhang

Theses and Dissertations in Business Administration

This dissertation, by employing different trading strategies, addresses the trading profitability issue in a broad scope of different markets.

In the equity market, I construct a group of BUY-SELL portfolios based on prior stock returns, and find that contrarian and momentum strategies are both significantly profitable. Investor sentiment, in addition to firm-specific risks, provides behavioral explanations to the profitability. Three popular sentiment measures are used for the purpose of study: two reduced-formed sentiment indexes that are constructed by Baker and Wurgler (2006) and the survey-based University of Michigan Consumer Sentiment Index. Several interesting findings are revealed: (1) extreme sentiment levels …

A Re-Examination Of Stock Repurchase In Usa, Hua Yang

Theses and Dissertations in Business Administration

Since the adoption of U.S. Securities and Exchange Commission (SEC) Rule 10b-18 Safe Harbor for Issuer Repurchases in 1982, stock repurchases have been growing explosively. Extant literature has shed some light on the motivation behind companies' repurchase activities. The most popular beliefs include signaling undervaluation (Dann 1981, Vermaele 1981, Comment and Jarrell 1991), reducing free cash flow (Guay and Harford 2000, Jagannathan, Stephens and Weisbach 2000, Grullon and Michaely 2004), raising leverage ratio (Hovakimian, Opler and Titman 2001) and increasing earnings (Bens, Nagar, Skinner and Wong 2003).

Motivated by Stephens and Weisbach's (1998) research which found that companies on average …

Study Questions For Actuarial Exam 2/Fm, Aaron Hardiek

Statistics

No abstract provided.

A Feasibility Study On Replacing A Hay Operation With An Equestrian Boarding Facility, Virginia Vouri

Agribusiness

The purpose of this project was to determine whether it would be feasible for Brians Dairy to convert their dairy farm into an equestrian boarding facility.

There are two major costs involved in this project, the development of the facility and the operation of the business. Once all of the costs were determined, they were entered into an Excel spreadsheet using the format of an Enterprise Budget. From the Enterprise Budget, revenues and expenses were used to develop an Investment Analysis, where a positive Net Present Value and a 30% Internal Rate of Return were discovered.

Using figures from the …

A Comparison Of Costs And Returns For Organic And Conventional Cabernet Sauvignon Grape Production In San Luis Obispo County, Amanda N. Johansen

Agribusiness

This study examined the differences in costs and profitability for established conventional and organic Cabernet Sauvignon vineyards in the Edna Valley region of San Luis Obispo County, California. The study used a partial budgeting approach to compare cost and profitability for established vineyards for 2009, and thus ignored transition costs. Data were obtained from UC Davis cost studies for organic and conventional grape production in other regions of California in previous years. Adjustments made to these costs to account for changes in input use, input costs and grape prices in San Luis Obispo County during the 2009 growing season.

The …

Trial And Budget Analysis Of Two Synchronized Artificial Insemination Breeding Programs For Beef First Calf Heifers, John Nino

Agribusiness

This study was designed to compare the benefits and costs of two different synchronized artificial insemination programs on two groups of beef first calf heifers. A financial budget was developed that would include cost of synchronized insemination per animal and the added value of a bred heifer compared to an open one.

The two synchronized programs were called controlled internal drug release (CIDR) and Ovsynch. They used a specific timeline and drugs to complete the synchronization process. A single low birth weight high calving ease bull was used for both groups to enforce conformity between the groups. Costs of all …

The Impact Of Rebranding On Guest Satisfaction And Financial Performance: A Case Study Of Holiday Inn Singapore Orchard City Centre, Pingshan Huang

UNLV Theses, Dissertations, Professional Papers, and Capstones

Existing literature has shown that effective branding/ re-branding can positively impact customer purchase preferences and intentions, satisfaction and loyalty and a firm’s financial performance. Building on these links, this paper investigated if there was a significant improvement in the Holiday Inn Singapore Orchard City Centre’s guest satisfaction (OSAT) and financial performance after its rebranding. Paired-samples analyses were conducted on the hotel’s pre- and post-rebranding guest satisfaction, occupancy, average daily rates (ADR), revenue per available room (RevPAR), revenue and net operating profit (NOP). Overall, the results revealed that after the rebranding, HISOCC’s occupancy and RevPAR increased significantly; ADR and OSAT reflected …

Local Financial Services Innovation: Local Management, Strategy And Change; A Field Investigation, Ann Catherine Nave

Chancellor’s Honors Program Projects

No abstract provided.

Orange Value Fund Research Reports And Valuations, Aaron Glick

Renée Crown University Honors Thesis Projects - All

Academic finance courses teach the underlying principles of portfolio management. Diversify your portfolio to eliminate idiosyncratic risk, match your portfolio beta to the risk appetite of your investors, invest in companies exhibiting earnings per share growth, and your fund will beat the market. More or less, this is the mindset of the herd, but following the herd never gets you ahead. Warren Buffet “attempts to be fearful when others are greedy and to be greedy only when others are fearful.” True investors ignore the movements in the market, and focus their energies on discovering unrecognized intrinsic value. As such, value …

Financial Management Practices And Conflict Management Styles Of Couples In Great Marriages, Amanda Marie Horrocks

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

This study presents findings on the financial management practices and degrees of conflict of couples in great marriages. Qualitative data from a national sample of couples in great marriages were collected using a 31-page questionnaire. Of the 81 couples who responded, 40 fit the criteria for this study in that they discussed their level of agreement about financial issues in marriage. Their responses were coded to discover which financial topics are pervasive and whether or not couples agreed over these topics. Responses about conflict were also analyzed to determine the degree of agreement between spouses in different categories. Findings from …

Three Essays On Cross-Listing, Liu Wang

Theses and Dissertations in Business Administration

This dissertation examines the role of cross-listing in shaping corporate earnings quality, stock price informativeness, and firm valuation, as well as its impact on a listing firm's home country information asymmetry and stock misvaluation.

The first essay addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle. In contrast with the widespread belief that domestic investors are better informed than foreign investors, this study indicates that foreign investors actually possess more value-relevant, firm-specific information in an emerging market such as China, where information transparency and investor protection are relatively weak. …

Cal Poly Organic Farm Business Plan, Eric Ryan Mccarthy

Agribusiness

This study was undertaken to determine which strategies would allow the Cal Poly Organic Farm to operate as a profitable business without compromising educational and agricultural objectives. Three strategies were analyzed to determine the most profitable approach. The first strategy, expanding CSA sales, emphasizes marketing efforts to increase products and services awareness. This should increase CSA, CPOF, merchandise, and farmers’ markets sales. The second strategy implements new CSA produce boxes that cater to specific groups. Existing produce boxes will remain available to CSA members. Expanding produce boxes can be done with the produce on hand or expanding crop selection. The …

The Premium, Breakeven, And Discount Exchange Rates Of The Mexican Peso In The El Paso Retail Sector, Raul Anton Munoz

Open Access Theses & Dissertations

This paper studies the exchange rates at which Mexican pesos are accepted by different retail sectors in El Paso, Texas. A random sample of 1,155 firms was surveyed to examine two aspects of reverse dollarization in the El Paso/Juarez border region. The first is to determine the percentage of retail businesses in El Paso that accept foreign currency in the form of Mexican pesos. The second is to calculate the effective exchange rate at which firms accept Mexican pesos. Out of 1,155 retail firms surveyed, 586 responses were obtained. The results of this investigation suggest that less than 14 percent …

The Secondary Market For Gift Cards And The Role Of Corporate Bankruptcy Risk, Kaitlyn A. Desai

CMC Senior Theses

The website, Plastic Jungle, is taking advantage of the rapidly growing gift card phenomena by creating a secondary market that enables consumers to buy, sell, and exchange gift cards online at a discount. This paper examines the relationship between this secondary gift card market and the corporate bankruptcy risk of companies with gift cards listed on the market. When a company issues a gift card, the card is unsecured debt and the cardholder becomes an unsecured creditor to the company. This paper investigates whether the cardholder acts similarly to other unsecured creditors or as someone who is merely holding another …

Higher Education And The 2007 Recession: Examining The Relationship Between State Agency Structure, Fiscal Support, And The State Fiscal Stabilization Fund, Christopher J. Crumrine

MPA/MPP/MPFM Capstone Projects

The United States public post-secondary education system varies in its reliance on state support. Some states have a historic predisposition to a private post-secondary education sector, while others have a tradition of strong public institutions. In all cases, public post-secondary relies on state revenue for their general operating and capital budgets. Effective operation in the current fiscal environment requires a clear understanding of different factors affecting a state’s funding level and the challenges presented in periods of slow economic growth.

Over the past six years, higher education, on average, saw positive growth in state support. However, impressive increases in support …

Comparative Analysis Of The Financial Performance Of Nonprofit Organizations: Focusing On The Franklin County Senior Activity Center, Shinwoo Lee

MPA/MPP/MPFM Capstone Projects

The Franklin County Senior Activity Center is a nonprofit organization founded in 1966 to provide services to help older residents lead independent lives. Cooperating with twelve board members, a staff of 24 people operates the Center and makes huge efforts to accomplish its mission. The mission of the Center is to contribute to and empower the quality of life of the aging citizens in Frankfort and Franklin County, Kentucky. The Center delivers various public services to them including opportunities for socialization, health promotion, benefit counseling, transportation service, home care service, recreation and exercise programs, adult day care, caregiver support, and …

A Study Of The Effects Of Budget-Balancing Practices And Fiscal Policies On State Fiscal Health, Candice Schultheis

MPA/MPP/MPFM Capstone Projects

During times of economic recessions, many states throughout the U.S. may experience budget pressures that impact their overall fiscal health. Kentucky, in particular, has been faced with structural budget imbalances, declining revenue receipts, and spending reductions. Although economic conditions greatly affect states’ abilities to maintain balanced budgets, other factors may contribute to the variation among states’ financial conditions. This study assesses the effect that budget-balancing strategies, processes, and policies have on states’ fiscal health, as measured by state fiscal peril scores reported by the Pew Center on the States and year-end budget balances as a percentage of expenditures estimated by …

Auditor Choice, Audit Fees And Internal Governance In Family Firms, Shaohua He

Theses & Dissertations

I study the role of auditing in mitigating agency concerns in family firms. Family firms face less severe agency problems due to the separation of ownership and control (Type 1) but more severe agency problems between controlling and noncontrolling shareholders (Type 2). As family firms make up a large part of most free enterprise economies it is important to examine these two agency problems with respect to auditor choice and audit effort. I find that family firms are more likely to choose a specialist auditor than nonfamily firms, consistent with the argument that family firms need to signal their non-expropriating …

Short-Selling Prior To Analyst Recommendations, Can Qu

Dissertations and Theses Collection (Open Access)

This paper investigates short-selling five days prior to analyst recommendations by using a complete data set from Reg SHO database during January, 2005 to July, 2007. Empirical tests uncover the evidence that short-sellers significantly increase their short positions prior to negative analyst recommendations, which is consistent with the informed trading hypothesis. This finding is robust to model specification. Further, this paper also examines which of the two competing hypotheses-prediction and tipping-could better explain short-sellers’ informative front-running. The tests indicate that short-sellers use book-to-market ratio as a filter to narrow down their pool of candidates, while market capitalization doesn’t play a …

Do Analyst Earnings Beta Explain Growth Anomaly?, Sophie Phuong Thanh Doan

Dissertations and Theses Collection (Open Access)

Using a measure of cashflow risk derived from analyst forecasts, I find that cashflow risk offers a partial explanation for the value – growth anomaly. In particular, the lowest asset growth portfolio has a higher earnings beta than the highest asset growth portfolio. Approximately cashflow risk measured by earnings beta carries a significant positive risk premium of 1.24% with a t-value of 3.51.