Business Commons^™

Developing A Rule-Of-Thumb To Predict Total O&S Costs Utilizing A Single Ces Element, Shane A. Scantling

Theses and Dissertations

A rule of thumb is a broadly accurate guide based on experience rather than theory. This study examines the potential for a rule of thumb to predict Operation and Sustainment (O&S) costs. The Center for Naval Analysis (CNA) found that a single variable could accurately predict total O&S costs. We found that while a single variable could be highly predictive and strongly correlated to total O&S costs, it is not the same variable for all platforms. We improved upon this initial heuristic proposed by Stumborg by developing an individual heuristic for each Mission Design (MD). We found that a form …

Trade Agreements And Financial Market Integration In Latin America And The Us, Obed Fernando Izaguirre, Seungho Shin, Duygu Zirek

Department of Accounting and Finance Faculty Scholarship and Creative Works

The primary objective of this study is to examine the extent of financial integration between Latin American and US financial markets, particularly in light of recent efforts to foster integration through trade agreements. Spanning from 1 January 1990 to 31 December 2019, the sample focuses on major market indices and key sectors. Financial integration is quantified using a DCC multivariate GARCH model, incorporating a smooth transition model, structural breaks, and regression-based approaches. Results indicate increased comovement with the US for main market indices in Argentina, Chile, Colombia, Mexico, and Peru, while Brazil shows a decrease. Similar trends are observed in …

The Abcs Of Modified Bond Duration And Wxyzs Of Bond Convexity, Tom Arnold, Andrew C. Szakmary

Finance Faculty Publications

By breaking the mathematical derivation of Macaulay Duration, Modified Duration, and Bond Convexity into smaller easily calculated component parts, a more manageable means of calculation for these bond measures emerges for the student. Further, an Excel spreadsheet or an algorithm within a programming language can also be implemented using these smaller component calculations. The Excel template provided can be made into an assignment or used as a resource for the student.

Essays On Empirical Asset Pricing, Luying Wang

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on empirical asset pricing. The first chapter examines
the market return predictability of media coverage on climate change. Specifically, we introduce a
comprehensive media climate change concern (ΔCMCCC) index, derived from unexpected climate
change coverage across diverse media channels, including print (newspapers), voice (radio), and
video (television). We show that this index negatively predicts aggregate stock market returns, both
in-sample and out-of-sample, offering potential gains for investors. Our findings emphasize the
media’s influence on market returns through climate change discussions, mainly via the cash-flow
channel. This reveals possible shifts in product demand, while demand …

Cloud One Migration Schedule Drivers And Schedule Growth, Ryan J. Jansen

Theses and Dissertations

Cloud One, chartered in 2017 under the guidance of Air Force Life Cycle Management Center (AFLCMC) leadership, continues to serve as the USAF’s leading cloud services and hosting platform by providing secure computing environments, application migration assistance, and data management. Prior research has yielded qualitative insights regarding Cloud One’s personnel requirements, application of technical performance, requirements fulfillment, security risks, and various other cost metrics, but schedule improvement recommendations based on the quantitative analysis of migration schedule data has yet to be provided. This research identifies trends within migration sprint schedules and completed schedule data for Cloud One’s completed application migrations. …

Comparative Analysis Of Satellite Battery Technologies: A Cross-Sectional And Temporal Study Within And Across Battery Types, Andrew H. Chung

Theses and Dissertations

Trends in costs for batteries incorporated in satellite electrical power systems (EPS) have been identified by Space Systems Command (SSC) within the Unmanned Space Vehicle Cost Model (USCM) database. A subset of pre-1980s data consisting of Nickel-Cadmium battery costs was excluded from battery cost estimating relationship (CER) development as a result of this determination. This research aims to ascertain the impacts of these trends on satellite cost estimating practices by assessing developments in battery costs over time, comparing normalized Nickel-Cadmium (NiCd) / NickelHydrogen (NiH2) / Lithium-Ion (Li-Ion) battery costs, identifying differences between the NiH2 and Li-Ion modern battery types, and …

Cost Estimating Relationships For Avionics Recurring Production Box Costs, Carla J. Cisneros

Theses and Dissertations

This research investigates a dataset of 286 Department of Defense (DoD) avionics boxes, employing regression methods to establish seven cost estimation relationships (CERs) for predicting avionics recurring production box costs. Not confined to T100 costs, three baseline models use Ordinary Least Squares (OLS) T100 cost, explaining 83%, 86%, and 83% of dataset variation. Additionally, four robust models depict mean and median, T100 OLS, and T100 non-linear learning curves, explaining 67%, 65%, 97%, and 87% of the variation. These models strike a balance between simple baseline and overly complex computational models. Identified cost drivers include weight, year of first flight, volume, …

Development Of Cost Factors For Satellite Rechargeable Batteries, Katelyn A. Clements

Theses and Dissertations

Factors are often used by the cost estimating profession to predict costs of future projects or project components. Cost factors can be useful when little to no cost data is available from which to build an initial estimate or as an easy-to-use cross check of a primary estimate. Specific to satellites, previous studies have examined cost factors at higher Work Breakdown Structure (WBS) levels (e.g., Level 2 or Level 3), while this research analyzes cost factors developed using data specific to rechargeable batteries at USCM WBS Level 4 and its parent, the Electrical Power System (EPS) at Level 3. Within …

Exploring Fiscal Year Budget Assessments: A Look At Sbir/Sttr And Congressional Rescissions, Bryan N. Palmer

Theses and Dissertations

This study examines the relationship between acquisition programs within the Air Force Life Cycle Management Center (LCMC) and budgetary assessments from both the Small Business Innovation Research and Small Business Technology Transfer (SBIR & STTR) programs, as well as Congressional Rescissions. It analyzes the tendency and severity of budget cuts across different programs, considering factors such as completion time, budget activities, and a variable akin to true Acquisition Category (ACAT) levels. Key findings include a significant difference in the rates of proportion of programs assessed between appropriations 3010 (23.65%) and 3600 (67.05%) from fiscal years 2010-2023. The research indicates a …

On The Effects Of Information Asymmetry In Digital Currency Trading, Kwansoo Kim, Robert John Kauffman

Research Collection School Of Computing and Information Systems

We report on two studies that examine how social sentiment influences information asymmetry in digital currency markets. We also assess whether cryptocurrency can be an investment vehicle, as opposed to only an instrument for asset speculation. Using a dataset on transactions from an exchange in South Korea and sentiment from Korean social media in 2018, we conducted a study of different trading behavior under two cryptocurrency trading market microstructures: a bid-ask spread dealer's market and a continuous trading buy-sell, immediate trade execution market. Our results highlight the impacts of positive and negative trader social sentiment valences on the effects of …

Financial Characteristics Of Mobile Banking And Payment Users In The United States, Jordan Mitchell, Xiao Li, Doug Steel, Phillip Decker

Journal of Global Business Insights

This study aims to examine the personal finance characteristics of mobile banking and mobile payment users in the United States. To achieve this goal, we used the 2018 National Financial Capability Study, which surveyed over 27,000 American adults regarding their personal financial standing and behaviors. By using ordinary least squares models, our results indicated that the use of mobile banking and mobile payment technology was associated with lower age, Non-White Ethnicity, higher income, higher debt load, debt types (auto, student, credit card, and predatory), and spending more than one’s income. These results reveal that the higher one’s income, financial liabilities, …

Determinants Influencing The Adoption Of Mobile Banking By Women In Bangladesh, Soma Dey, Sacchidanand Majumder

Journal of Global Business Insights

Women’s mobile banking adoption is linked to several advantages, including empowering women, enhancing investment in women-owned businesses, and decreasing extreme poverty.This study explores the demographic and socioeconomic characteristics that affect women’s mobile banking adoption in Bangladesh using Bangladesh Demographic and Health Surveys (DHS; 2020) data. In this study, 12,147 ever-married women aged 15-49 are included in the analysis. The chi-square test is used to examine the effect of socioeconomic and demographic factors on women’s mobile banking adoption. Then, the enter method of a binary logistic regression model is applied to identify the factors most strongly affiliated with it. The result …

Analysts' Earnings Per Share Forecasts: The Effects Of Forecast Uncertainty And Forecast Precision On Investor Judgements, Clarence Goh

Research Collection School Of Accountancy

This study uses controlled experiments to investigate the joint effects of forecast uncertainty and forecast precision on investor judgements. It finds that forecast precision moderates the effects of forecast uncertainty on investors' forecast reliability judgements such that the effects of forecast uncertainty on investors' judgements of forecast reliability are more negative when an analyst's point earnings per share (EPS) forecast is rounded than when it is precise. In addition, the relationship between forecast precision and investors' judgements of forecast reliability is mediated by investors' perceptions of forecast attributes. The evidence also suggests that while forecast uncertainty exerts a negative effect …

“Safe” Annuity Retirement Products And A Possible Us Retirement Crisis, Thomas E. Lambert, Christopher B. Tobe

Faculty and Staff Scholarship

This paper examines a looming possible crisis in many Americans’ retirement plans due to the proliferation of annuity products in their retirement investment portfolios. As defined benefit pension plans have almost completely disappeared as a means of retirement savings and have been replaced by defined contribution retirement plans over the last 40 to 50 years, a great number of private and public sector defined contribution retirement plans have become laden with insurance contracts called annuities. Of the remaining solid defined benefit plans many, through a process called Pension Risk Transfer are being converted to high-risk single entity annuities. Such products …

Investigating The Impact Of Company Announcements On Stock Prices: An Application Of Machine Learning On Australian Lithium Market, Ahmad Kianrad, Mohadeseh N. Arani, Karim Hasani, Masoumeh Zargar, Eila Erfani, Amir Razmjou

Research outputs 2022 to 2026

This paper investigates the effects of various types of announcements made by lithium producers on stock prices. We collected data from 40 lithium-producing companies listed on the world's largest stock exchanges, spanning from May 2020 to September 2022. To analyze the impact of announcements such as quoted and unquoted securities, market announcements, company reports, public meetings and presentations, financial announcements, and technical announcements on stock prices, we employed an extreme gradient boosting (XGBoost) model. Our results indicate that stock exchange market announcements and announcements about public meetings and presentations significantly influenced the stock prices of all eight large-cap companies studied. …

Impact Of Geopolitical Risk And Crude Oil Prices On Stock Return, Chinmaya Behera, Biswashree Tanaya Priyadarsini, Debasis Patnaik

Bulletin of Monetary Economics and Banking

This study examines the impact of oil prices and geopolitical risks (GPR) on sectoral stock returns in Australia, Japan, USA, and India. Using data from September 13, 2017 to May 30, 2023 and Westerlund and Narayan's method, the study finds oil prices positively affect pharma and commodity stocks, while GPR benefits commodity stocks, excluding banking in Australia. Further, GPR negatively impacts only banking stocks due to increased uncertainty and risk aversion in USA. Similarly, GPR adversely affects banking stocks in India that leads capital outflows and economic instability, while oil prices positively influence pharma and commodity stocks. Policymakers …

Promoting Financial Inclusivity, A Route To Economic Growth: An Empirical Analysis From Sub-Saharan African Countries, Sulayman Jallow, Pradipta Kumar Sahoo, Bamadev Mahapatra

Bulletin of Monetary Economics and Banking

The present study deep dives into the relationship between financial inclusion and per capita income growth of 42 sub-Saharan African countries from 2007 to 2020. With the help of the generalized method of moments (GMM) modeling framework, the study discloses that a rise in the number of bank branches, automated teller machines, and savings stimulates per capita economic growth. Conversely, an elevated number of credit provisions to the private sector and high growth of population hinder per capita economic growth. The policy recommendation is for banking authorities to expand their services to underserved areas, raise interest rates on deposits, and …

Valuing Circularity: Sustainable Finance With Real Options Methodology, Mostafa Alloub

Theses and Dissertations

This thesis presents an enhanced framework for valuing circular investments based on the Value Hill model using real options analysis. We propose a new flexible numerical methodology for valuing circularity using the Least Squares Monte Carlo simulation (LSMC) method of Longstaff and Schwartz (2001). The Value Hill model of circularity represents the course followed by the value of an asset, specifically after primary use. To validate the efficiency of our model, we conduct an empirical study on the smartphone business using the case of Apple. Results of our empirical analysis show that investing in circularity enhances financial value. Our model …

Is Esg A Determinant Of Banks’ Resilience And Growth Everywhere? A Response From An Ai-Aided Approach, Mohamed Elklawy

Theses and Dissertations

There are many calls for banks to expand their contribution to the transition towards a sustainable world by sponsoring initiatives that promote the United National Sustainable Development Goals. This role is more materialized in developing countries as banks are the key source of funding; thus, they have the power of money to mutate the DNA of businesses to operate responsibly with respect to the surrounding environment and society. Various studies consider the reflection of adopting sustainable approaches by banks, though focusing on developed countries who took the initiative to lead this change. As the banks in developing countries try to …

From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks

Journal of Global Catholicism

In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …

The Mediating Effect Of The Covid-19 Pandemic On Heuristic Techniques And Cognitive Biases On Investment Decision-Making, Williams Kwasi Peprah, Christopher Ampadu Kwakwah-Oppong, Francis Osei-Kuffour, Lenny Leorina Evinita

Faculty Publications

US investors’ behavioral finance and investment decision-making approach became a concern during the COVID-19 pandemic era as the capital market crashed. The study used mediation analysis to explain how or why the COVID-19 pandemic intervened in the causal association of behavioral finance concepts of heuristic techniques and cognitive biases on their investment decision-making. This causal research design study was based on 500 snowball-sampled US investors who answered self-constructed, validated, and reliability-tested Likert-scale quantitative variables measured through a first-party data collection approach. The results showed that the COVID-19 pandemic was a specific moderate to partial significant mediator on the low positive …

The 2016 Us Presidential Election, Opinion Polls And The Stock Market, Kamal Upadhyaya, Raja Nag, Demissew D. Ejara

Finance Faculty Publications

Purpose – The purpose of this paper is to study the impact of the 2016 presidential election polls on the stock market.

Design/methodology/approach – The empirical model includes daily stock returns as the dependent variable and past asset prices, 10-year treasury rates, opinion polls and VIX (market uncertainty) as explanatory variables with a one-year lag. The model was estimated using two sets of daily polling data: from July 1, 2015, to November 8, 2016, and from June 1, 2016, to November 8, 2016. Additional descriptive statistics, such as means and standard deviations, were also calculated.

Findings – The estimated results …

More Than Income: How Americans Feel About Their Finances And How It Affects Their Travel Plans, Jorge Ridderstaat

Rosen Research Review

Associate Professor Jorge Ridderstaat of UCF Rosen College of Hospitality Management has examined how Americans feel about their finances and how it affects their travel plans. This study provides new, multifaceted details on how U.S. consumer finances can affect their travel decisions, providing valuable behavioral insights for authorities and policymakers when managing tourist destinations effectively.

Ceo Extraversion And The Cost Of Equity Capital, Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu

Accounting Faculty Articles and Research

We examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm-specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of …

How Will Artificial Intelligence Impact Banking For Financial Institutions And Consumers?, Nicholas Weber

Honors Projects in Finance

Artificial intelligence (AI) is rapidly emerging as one of the most transformative technologies globally. Much of the consumer and unremitting media sentiment surrounding AI often overreacts, either overestimating or fearing its looming impacts. Herein, we examine how in the financial sector, AI builds upon a long history of computer-assisted automation to increasingly become, or soon to become, integrated to enhance various operational processes such as: data security, risk management, fraud detection, loan adjudication, insurance underwriting and customer interactions. This paper examines not only what impacts AI in the finance sector are anticipated by students, professors and professionals, but also whether …

Analyzing Global Utilization And Missed Opportunities In Debt-For-Nature Swaps With Generative Ai, Nataliya Tkachenko, Simon Frieder, Ryan-Rhys Griffiths, Christoph Nedopil

Sim Kee Boon Institute for Financial Economics

We deploy a prompt-augmented GPT-4 model to distill comprehensive datasets on the global application of debt-for-nature swaps (DNS), a pivotal financial tool for environmental conservation. Our analysis includes 195 nations and identifies 21 countries that have not yet used DNS before as prime candidates for DNS. A significant proportion demonstrates consistent commitments to conservation finance (0.86 accuracy as compared to historical swaps records). Conversely, 35 countries previously active in DNS before 2010 have since been identified as unsuitable. Notably, Argentina, grappling with soaring inflation and a substantial sovereign debt crisis, and Poland, which has achieved economic stability and gained access …

Fixed Income Fund Report, February 2024, Archway Investment Fund

Archway Investment Fund

No abstract provided.

The Impact Of Board Reforms On Audit Fees: International Evidence, Incheol Kim, Joon Ho Kong, Rong Yang

Finance Faculty Publications

In this study, we investigate whether and to what extent country-level board reforms affect audit pricing decisions. We find audit fees are positively associated with board reforms. An increase in audit fees is more pronounced for firms that switched up to Big N auditors following board reforms. After board reforms, firms are less likely to issue restatements, and both analyst forecast accuracy and management forecast frequency increase, indicating improved audit quality and information transparency in the postreform period. Moreover, the positive relation between board reforms and audit fees is more evident for firms in countries that lack institutional governance mechanisms, …

Equity Fund Monthly Report, February 2024, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Do Underwriters Short-Change Corporations Issuing Bonds?, Jeremy C. Goh, Lisa (Zongfei) Yang

Research Collection Lee Kong Chian School Of Business

We confirm prior evidence that bonds on average are offered at prices below their immediate post-offer secondary market prices. However, in cases where banks lead–manage their own bond offerings the underpricing is significantly less as compared with other non-self-marketed offerings. These findings are robust across various matched samples and selection models. Our results suggest that the bond offering process is characterized by substantive agency conflicts between shareholders of corporations (issuers) and underwriters.