Business Commons^™

The Role Of The Iex In A Fragmented Market System, Cameron Spicer

Honors College

Over the past several decades, the secondary market system has evolved into a more complex and fragmented system than it once was. The Investor’s Exchange (IEX) emerged in 2014 in rebellion of purportedly unethical High-Frequency Trading (HFT) behaviors in the markets. Using a novel, proprietary model for trade matching along with providing other services, the IEX has become a respectable player in the market system that prides itself on transparency and fairness. This paper explores the role that IEX has played in market fragmentation since its inception using empirical and historical analysis. The empirical analysis focuses primarily on a recent …

2020 University Of Maine System Annual Financial Report, University Of Maine System

General University of Maine Publications

The Management’s Discussion and Analysis (MD&A) provides a broad overview of the University of Maine System’s (“the System” or UMS) financial condition as of June 30, 2020 and 2019, the results of its operations for the years then ended, significant changes from the previous years, and outlook for the future where appropriate and relevant. Management has prepared the financial statements and related note disclosures along with this MD&A. The MD&A should be read in conjunction with the accompanying basic financial statements and related notes.

Uma Covid-19 Remote Resources_Students_Resources For Financial Well-Being Webpage, University Of Maine At Augusta

University of Maine at Augusta

Screenshot of the University of Maine at Augusta's Remote Resources webpage with COVID-19 related resources for students on financial well-being.

2019 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

The Management’s Discussion and Analysis (MD&A) provides a broad overview of the University of Maine System’s (“the System” or UMS) financial condition as of June 30, 2019 and 2018, the results of its operations for the years then ended, significant changes from the previous years, and outlook for the future where appropriate and relevant. Management has prepared the financial statements and related note disclosures along with this MD&A. The MD&A should be read in conjunction with the accompanying basic financial statements and related notes.

Sunshine On A Cloudy Day: Evidence In Support Of A Moving Average Strategy Across Down Markets Using Etfs, John Kay

Honors College

This study is motivated by the theoretical framework that suggests market timing and other algorithmic trading strategies can add value in some aspects of the investment and portfolio management process. This study examines whether a moving average crossover strategy can outperform a buy and hold strategy across a set of stock portfolios.

Although the algorithm used in this study is likely to underperform over the long run, the end-of-year selloff in 2018 revealed that moving average trading strategies add value during down markets. Consistent with Marshall et al. (2012) and Han et al. (2012), this study finds that the performance …

The Underwriter Effect: How Underwriters Influence The Amount Of Money Left On The Table For Initial Public Offerings, Matthew Ahearn

Honors College

During 2015, approximately 201 U.S. companies decided to go public in order to gain capital in return for stock shares. Out of these 201 companies, 127 companies left an average of $46.5 million dollar on the table as a result of underpricing. There is a plethora of literature that shows underpricing is a result of many different variables, yet few analyze how underwriters relate to IPO underpricing. Through the use of correlation matrices, means difference tests, simple regressions, and multivariate regressions, this study finds that there is no statistically significant trend between underwriters and money left on the table. However, …

2018 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

The Management’s Discussion and Analysis (MD&A) provides a broad overview of the University of Maine System’s (“the System” or UMS) financial condition as of June 30, 2018 and 2017, the results of its operations for the years then ended, significant changes from the previous years, and outlook for the future where appropriate and relevant. Management has prepared the financial statements and related note disclosures along with this MD&A. The MD&A should be read in conjunction with the accompanying basic financial statements and related notes.

Identifying Individual Motivations Of Nonprofit Volunteers In The Human Services Field With A Study Of The National Red Cross Organization, Taylor Tyrrell

Honors College

The purpose of this paper is to identify individual motivations of volunteers in the human services nonprofit field. A literature review was conducted looking into the main functions of motivation, as well as relationships between demographic characteristics and the likelihood of volunteering. Then, a case study was completed on the local Red Cross branch in Bangor, Maine. Interviews were done within the organization in addition to data collection from their online database. The literature review was then used to predict motivations of volunteers within the Red Cross, as well as to devise predictions and suggestions for better recruitment and retention. …

Effectual Versus Predictive Logics In Entrepreneurial Decision-Making: Differences Between Experts And Novices In The State Of Maine, Rebecca Lynn Hatt

Honors College

This study is a replication of research done by Dew et al. (2009) that aims to confirm that expert entrepreneurs use effectual logic framework as opposed to the casual, or predicitive, logic utilized by novices. In order to test this theory we provided 5 expert entrepreneurs and 5 novices with a case statement that provided information of an imaginary new venture and asked them to think aloud continuously as they solved decision-making problems relevant to this, and any, new venture while we recorded them. We coded the transcriptions of these recordings according to the scheme of the Dew et al. …

Pay For Performance: Do Higher Expense Ratios Of Levered And Inverse Etfs Lead To Lower Tracking Error?, Grant Carrier

Honors College

Levered and inverse Exchange Traded Funds (LETFs) are a recent and controversial innovation in financial engineering. These ETFs set out to achieve daily returns that are a multiple (2x, 3x) or negative multiple (-1x, -2x, -3x) of an underlying index. Since their inception in 2006, research has overwhelmingly concluded that these ETFs fail to meet their stated objectives over long holding periods. However, there has been debate over the causes of this error, and the holding period at which the tracking begins to break down.

This thesis sets out to analyze the relationship between the expense ratios of LETFs and …

2017 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

The University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the financial position and activities based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2017 and prior years. This presentation includes highly summarized information and should be read in conjunction with the accompanying basic financial statements and related notes.

2016 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the financial position and activities based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2016 and prior years. This presentation includes highly summarized information and should be read in conjunction with the accompanying basic financial statements and related notes.

2015 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the financial position and activities based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2015 and prior years. This presentation includes highly summarized information and should be read in conjunction with the accompanying basic financial statements and related notes.

2014 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the System’s financial position and activities based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2014 and prior years. This presentation includes highly summarized information and should be read in conjunction with the accompanying basic financial statements and related notes.

Fannie Mae And Freddie Mac: What's Next?, Zachary D. Porter

Honors College

The purpose of this research was to explore the mortgage market in the United States and determine an effective plan of action moving forward. The US experienced a major housing crisis in 2007-2008. As a result, the market has been under significant scrutiny. At the heart of this debate are the two major lending institutions, Fannie Mae and Freddie Mac. The crisis has caused many politicians to call for an overhaul of the US mortgage market, a phasing out of the two agencies, and a shift in the market toward the private sector. A bipartisan proposal in March 2014 addressed …

2013 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the System’s financial position based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2013 and prior years. As this presentation includes highly summarized information, it should be read in conjunction with the accompanying basic financial statements and related notes.

2012 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

University of Maine System (“the System” or UMS) management has prepared the following unaudited Management’s Discussion and Analysis (MD&A) to provide users with a narrative and analysis of the System’s financial position based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2012 and prior years. As this presentation includes highly summarized information, it should be read in conjunction with the accompanying basic financial statements and related notes.

The Impact Of Private Public Utility Tax-Exempt Bond Issuance, Jacob Day

Honors College

This work presents the current status of Maine’s investor-owned electric utilities. In utilizing current financial data, interviewing with individuals from Bangor Hydro Electric, and through research conducted, it was concluded that it should be in society’s economic best interest to allow privately-owned electric utilities to issue tax-exempt securities in specific scenarios.

In the long-term, this assessment may be useful in the determination of the most efficient methods for public utility capital taxation. Infrastructure development is critical to the success and sustainability of a developed nation. Through sensitivity and scenario analysis conducted in MS Excel, I concluded that the issuance of …

2011 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

The following unaudited Management’s Discussion and Analysis (MD&A) has been prepared by University of Maine System (“the System” or UMS) management to provide users with a narrative and analysis of the System’s financial position based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2011 and prior years. As this presentation includes highly summarized information, it should be read in conjunction with the accompanying basic financial statements and related notes.

Financing Maine’S Food Enterprises, Ron Phillips

Maine Policy Review

There is a need to rebuild and retool the food system as the emphasis turns to more local and regional approaches. There is an abundance of social capital to make this happen and more and more financial capital. Ron Phillips provides an overview of the various ways Maine’s food-production and processing enterprises are financed and the critical components needed for financing to be secured. Two small businesses are profiled: MOO Milk, an organic dairy cooperative, and Look’s Gourmet Food of Washington County.

Local And Regional Food Systems: A Usda Priority, Virginia Manuel

Maine Policy Review

Virginia Manuel gives examples of innovative Maine food production, distribution and processing projects and businesses and the ways USDA rural development is financing them.

On Slow Money, Linzee Weld

Maine Policy Review

This short article discusses “Slow Money,” a call to people to invest in local farms and food-related businesses. Slow Money Maine (SMM).is a network providing a means for individuals to connect to grow and strengthen individual businesses and provide support for start-ups.

2010 University Of Maine System Financial Report, University Of Maine System

General University of Maine Publications

The following unaudited Management’s Discussion and Analysis (MD&A) has been prepared by University of Maine System (“the System” or UMS) management to provide users with a narrative and analysis of the System’s financial position based on currently known facts, decisions, and conditions. This discussion includes an analysis of the financial condition and results of activities of the System for the fiscal years ended June 30, 2010 and prior years. As this presentation includes highly summarized information, it should be read in conjunction with the accompanying basic financial statements and related notes.

Putting Equity Back In Reverse Mortgages: Helping Seniors Retire With Dignity, Andrew C. Helman

Maine Policy Review

Policymakers can help some seniors age in place through policies to strengthen private-sector reverse mortgages. In reverse mortgages, individuals who may be “house rich but cash poor” can use their home’s equity to receive regular income or get money through a credit line. Andrew Helman argues that state legislatures can help seniors avoid the “tricks and traps” of reverse mortgages by estab­lishing programs in which lenders who agree to play by rules that ensure the safety and security of such mortgages are placed on a “preferred” list for seniors seeking a loan. He observes that laying the groundwork now can …

An Automation Algorithm For Harvesting Capital Market Information From The Web, Pankaj Agrrawal

Finance Faculty Scholarship

The purpose of this paper is to develop an algorithm to harvest user specified information on finance portals and compile it into machine‐readable datasets for quantitative analysis. The Visual Basic macro language in Microsoft Excel is applied to develop code that is not constrained by the single‐query function of Excel. The core of the algorithm is built around the splitting of the URL connector line and the placement of a continuously updating variable into which are looped as many tickers as there are in the input list. The output is then written to non‐overlapping cells. Numerical information placed on major …

The Effects Of Blending Primary And Diluted Eps Data, Ralph Goldsticker, Pankaj Agrrawal

Finance Faculty Scholarship

The paper predicted in 1999 that the growth rates of technology companies was overstated. Once the executives of these companies would exercise their stock options, the blending of primary and diluted EPS would lower the estimated growth rates. Valuations would subsequently get adjusted (downwards) by the market. This happened over the 2000-2003 bear market. A similar adjustment is now used in the Returnfinder Total Returns app algorithm, which provides dual returns for the ticker entered.

Dickey-Lincoln School Lakes Project Environmental Impact Statement: Appendix C: Social And Economic Assessment, Edward C. Jordan, Roger Creighton

Dickey-Lincoln School Lakes Project

The purpose of this assessment of the social and economic impact of implementing the Dickey-Lincoln School Lakes Project, therefore, is not to flatly predict impacts. Rather, the intent is to provide information and judgments which can help people recognize the potential for changes and take appropriate steps to prepare for, accommodate, and adjust to those changes. Thus we hope that this report's success will be measured by how well it provides information with which local citizens and all others involved in this project can proceed with their planning and decision-making processes.