Business Commons^™

Impact Of Diversity, Inclusion, And People Development (Dip) To Firm’S Value: Moderating Role Of Institutional Ownership And Governance In Emerging Asia, Jaruwan Wankeaw

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of Diversity, Inclusion, and People development (DIP) on firm value (Tobin’s Q) in Emerging Asia by utilizing DIP index during 2016-2023 and explore the moderating roles of institutional ownership and corporate governance. This study employs OLS regression models with fixed effect controls. The results reveal that the composite DIP score is positively and significantly associated with firm value, indicating that firms investing in people-centered practices benefit from enhanced market valuation. This study suggests that institutional ownership significantly moderates the effect of people development, they enhance the effectiveness of firm-level investments in employees. However, it does …

กลยุทธ์การขาย Straddle Options ในคู่สกุลเงิน Usd/Thb: การศึกษาประสิทธิภาพในระยะยาว, กิตติพร ศันสนะวาณี

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

Following The Experts: Identifying What Influences Returns From Analyst Recommendations, Patitan Suppasupanya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the impact of analyst consensus recommendations on stock returns in the Thai market, focusing on whether factors such as analyst qualifications, institutional ownership, and macroeconomic indicators influence the effectiveness of these recommendations. Using panel data from 30 stocks in the SET Index, this research employs a fixed effects regression model to analyze the relationship between analyst consensus and future stock performance. The findings reveal that while analyst consensus provides a general direction for investment decisions, its predictive power varies based on institutional ownership, consumer confidence, and unemployment rates. Institutional ownership appears to enhance the accuracy of recommendations, …

2024 Crummer Truist Portfolio Recommendations: Crummer Investment Management 25th Anniversary, Ryan Astley, Bryan Campbell, Bridget Collis, Axel Einarsson, Caroline Gastonguay, Valeria Hernandez-Grisanti, Jay Kineon, Catherine Mitchell, Charlie Putrino, Nicholas Rojas, David Scupholm, Trevor Siemon, Lily Thornewill, Cole Trinter, Nick Villamil, Brad Vincent, Zane Williams

Crummer Truist Portfolios

We would like to thank you for your service to the Crummer Truist Portfolio. Without your participation, Crummer students would not benefit from the unique insight you bring to managing an active portfolio. We have been fortunate to listen and learn from some outstanding guest speakers who have been generous with their time and expertise: J. Clay Singleton, Emeritus Professor, Crummer Graduate School of Business; Phillip Rich, Chief Investment Officer, United Community Bank; Rasha Mesharafa, Registered Associate, Wells Fargo Advisors; James Bishop, Director, Streamwise Capital; Matej Sušec, Research Analyst, DePrince, Race, and Zollo; Robert Zhang, Senior Research Analyst, DePrince, Race …

Three Essays On Mutual Fund Flows, Yi-Ju Chien

Finance and Real Estate Dissertations - Archive

This dissertation comprises three essays that investigate the impact of real interest rates (real rates) on mutual fund dynamics, specifically focusing on the performance-flow relationship (PFR) and the size-flow relationship (SFR).

Essay 1 explores how real rates influence the PFR in equity mutual funds. The hypothesis posits that higher real rates increase investors' opportunity costs, prompting them to prioritize past performance more heavily, thus intensifying the PFR. Empirical analysis supports this hypothesis, revealing that a 1% increase in real rates correlates with a 1.816% increase in PFR, holding other variables constant. This relationship is mixed across different subgroups of funds …

Dow Jones Sustainability Indices And Esg Scores: Do They Tell The Same Story?, Minoo Tehrani, Andreas Rathgeber, Edward Dougherty, Lawrence Fulton, James Fournier

Business Faculty Publications

The focal point of this research is to compare two of the largest global organizations’ sustainability indices and scores, namely Dow Jones Sustainability Indices (DJSIs) and Standard & Poor’s Global (S&P Global) ESG scores (environmental, social, and governance), which rank companies based on their sustainability practices, and to learn if they correspond to each other. Considering that Germany is the hub of large companies from leading global industries, this research compares the ESG scores of the German companies that appear on the Dow Jones Sustainability Indices. Several statistical analyses are conducted to determine if the German companies on the DJSIs …

Mda Services: Yes, You Can Recoup Your Dues With Mda-Endorsed Programs, Reva Darling

The Journal of the Michigan Dental Association

MDA Services Report highlights how being an organized dentistry member can yield significant financial returns through MDA-endorsed products and services. By leveraging just eight of the 32 endorsed offerings, potential savings of $25,659 are achievable. Key endorsed services include Best Card for credit card processing, iCoreConnect for software needs, Quality Dental Plan for in-office dental plans, The Dentists Supply Company (TDSC.com) for supplies, ProSites for website and e-marketing, D-MMEX Easyrefine for precious metal refining, Eagle Associates for regulatory compliance, and Dental Business Specialists for accounting. Members are urged to explore the range of endorsed programs for comprehensive benefits.

Initial Financial Assessment Of The Fraport Greece Cluster A Concession, Dimitrios V. Siskos, Alexander Maravas, Ronald Mau

International Journal of Aviation, Aeronautics, and Aerospace

There is a worldwide trend in the privatization of transport infrastructure and airports. Likewise, the Greek government launched an extensive privatization program that granted Fraport AG the right to operate 14 airports for the next forty years. The two separate concessions for clusters of seven airports each are named "Cluster A" and "Cluster B." The financial assessment of privatization contracts is crucial so decision-makers can accurately assess the value of aviation enterprises. This paper applies the Economic Value Added (EVA) methodology and enterprise valuation on Cluster A by assessing the concession company's balance sheets and income statements. We concluded that …

Corporate Bond Etfs, Bond Liquidity, And Etf Trading Volume, Thomas Marta

Business Faculty Publications

This study investigates the impact of corporate bond ETFs on the liquidity of their underlying securities. By alternatively utilizing panel regressions in levels, in changes, controlling for past liquidity, subsample tests—including periods of market stress and arbitrage—and a novel quasi-natural experiment, this study addresses self-selection and index effect identification issues. The findings indicate that ETFs significantly reduce transaction costs and enhance bond liquidity. Notably, the trading volume of ETFs, which is 6.67 times greater than their arbitrage, appears beneficial.

Strategies For Mitigating The Costs Of Evolving U.S. Governmental Regulations In The Financial Investment Industry, Walter Steven Miller

Walden Dissertations and Doctoral Studies

Financial investment leaders who lack strategies to respond to U.S. government financial policy changes’ risk decreasing organizational profitability resulting in customer and employee attrition. Grounded in Porter’s theory of competitive advantage, Barney’s resource-based view (RBV) theory and Pigou’s public interest theory, the purpose of this qualitative multicase study was to explore strategies financial investment leaders use to respond to U.S. governmental policy changes. The participants comprised three financial investment leaders at three Jacksonville, Florida organizations. Data were collected using semistructured interviews conducted face to face and by telephone along with documents obtained from the company websites. Through thematic analysis four …

How Company Age Affects Esg Ratings, Jonathan Thomas

Honors Program Theses

As environmental, social, and governance, or ESG, has only gained prominence in the 21st century, a great host of data has become available from company’s sustainability reports which have yet to be fully analyzed. This paper examines the ESG ratings of publicly traded companies based on the different ages of the companies, Using company founding dates from FactSet Research Systems Inc. and ESG ratings from HIP Investor Inc. on companies that the agency evaluates, the average ESG ratings of companies were compared between four groups of companies divided based on their ages to determine whether results vary for the different …

Development Of A Safety Performance Decision-Making Tool For Flight Training Organizations, Marisa Aguiar, Carolina L. Anderson, Dothang Truong, Gregory S. Woo, Kenneth Byrnes

Journal of Aviation/Aerospace Education & Research

The purpose of the research was to create and validate a safety performance decision-making tool to transform a reactive safety model into a predictive, decision-making tool, specific to flight training organizations, to increase safety and aid in operational decision-making. Using Monte Carlo simulation, the study conducted simulation runs based on operational ranges to simulate the operating conditions with varying levels of controllable resources in terms of personnel (Aviation Maintenance Technicians and Instructor Pilots) and expenditures (active flight students and available aircraft). Four What-if Scenarios were conducted by manipulating the controllable inputs. Changes to the controllable inputs are reflected by variations …

Essays On Corporate Debt Structure, Kyuyoung Oh

Theses and Dissertations--Finance and Quantitative Methods

The dissertation consists of three chapters exploring three different facets of corporate debt structure choice. In the first chapter, “Risk Management and the Choice between Secured and Unsecured Debt: Evidence from Natural Experiment,” I study whether and how corporate hedging affects firms’ choice between secured and unsecured debt. Exploiting the introduction of steel futures as a natural experiment, I provide causal evidence that risk management enables firms to switch from secured to unsecured debt without sacrificing debt capacity. Cross-sectional evidence supports the interpretation that risk management drives the results. The effects are stronger for firms that are more likely to …

Special Issues In Support Of Evidence-Based Policy Making In Sustainable Banking And Finance, Lucia Alessi, Theodor Florian Cojoianu, Declan French, Andreas G. F. Hoepner

Research Collection College of Integrative Studies

BackgroundIn December 2015, 195 countries around the world signed the Paris Agreement and pledged to work towards limiting global greenhouse gas emissions in order to limit the average global temperature increase to 1.5 °C above preindustrial levels. From a scientific perspective, the stabilisation of global warming under any target requires the achievement of a net-zero emissions economy (Matthews & Caldeira, 2008). In support of global investors looking to provide capital towards green solutions andSustainability disclosures – a means to what end?A significant body of literature has suggested that many of the voluntary sustainability disclosures of companies come from the need …

Financial Literacy In The Era Of Artificial Intelligence. Towards Financial Inclusion. Opening Remarks, Łukasz Kurowski, Anna Szelągowska

Journal of Banking and Financial Economics

Financial Literacy in the Era of Artificial Intelligence. Towards Financial Inclusion. Opening Remarks

Entire Volume Journal Of Banking And Financial Economics 2024, 1(21)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2024, 1(21)

Betting On The Market: The Influence Of Match-Day Odds On Price Reactions Of European Football Clubs, Pascal Alterauge, Marc Mehlhorn

Journal of Banking and Financial Economics

This research investigates the relationship between football match outcomes, betting odds and the stock prices of publicly traded European football clubs, spanning from 11 February 2004 to 7 April 2022. Drawing data from 12 major European and publicly traded clubs, the study utilised betting odds as a key metric. These odds, aggregated from the Odds Portal, serve as a gauge for expected versus unexpected match outcomes. Preliminary findings showed a market value increase of 0.44% after a win and a decrease of 1.08% post-defeat. Moreover, deviations from betting odds predictions significantly influenced stock prices, with unexpected wins and losses resulting …

Euro-Denominated Credit Liquidity: Tracing Cyclical Phases In Global Finance, Mateusz Mariusz Mierzejewski

Journal of Banking and Financial Economics

In the past few years, set against the backdrop of pandemic mitigation efforts and the resultant inflationary spike, the macrofinancial landscape has undergone significant transformation. The tightening of monetary policy by global central banks in response to these phenomena has notably affected global financial liquidity, particularly within the realm of foreign currency lending. This article delves into the shifts in credit liquidity, centering on the Global Liquidity Index for euro-denominated loans across European Union nations over the last two decades. Through the application of the Fourier Transform, we analyse the cyclical patterns within the index and delineate the primary phases …

European Union Sanctions Impact On The Sector Stock Prices – The Ukrainian War Effect?, Patrycja Chodnicka, Piotr Jaworski, Marcin Kot

Journal of Banking and Financial Economics

The aim of this paper is to analyze the current impact of the implementation of the European Union sanctions related to the Ukrainian War on the abnormal rates of return on the stock prices of companies listed on the stock exchanges. It was hypothesized that the implementation of the European Union sanctions related to the Ukrainian War is causing the varied abnormal rates of return on the stock prices of companies listed on the stock exchanges, taking into consideration the type of sector and the geographical proximity to the military conflict. The analysis used panel data event studies prepared using …

Government Subsidy In The U.S. Mortgage Market: A Structural Analysis With Bunching, Bowen Shi, Yunhui Zhao

Journal of Banking and Financial Economics

It is crucial to better understand the U.S. residential mortgage market, where the global financial crisis originated. In this paper, we develop an infinite-horizon continuous-time structural model to study the effects of the longstanding and widespread Government-Sponsored Enterprises (GSEs) mortgage default insurance subsidy on U.S. mortgage underwriters’ equilibrium lending behaviour. Despite the richness of the model, we obtain analytical solutions for the equilibrium loan size and interest rate. We then employ truncated loan-level data to estimate the subsidy’s magnitude using maximum likelihood by exploiting a distinctive data feature that many borrowers bunch at the subsidy eligibility cutoff. We find that …

Indirect Measure Of Financial Constraints: Evidence From Unquoted Innovative Smes, Katarzyna Prędkiewicz

Journal of Banking and Financial Economics

This paper examines whether companies’ innovativeness affects the availability of capital and, therefore, whether this group is financially constrained. It uses an objective, indirect way of measuring financial constraints based on the assumption that financially restricted firms only invest when internal cash flow allows them to do so. Therefore, the research was based on the investment-cash flow equation, more precisely the adjusted ECM model adapted to the SME sector. The companies’ innovativeness was measured based on a proprietary synthetic indicator covering a broad range of information on innovation activity. The research was conducted on a sample of 403 firms, including …

The Planned Reforms Of The American And European Deposit Insurance Systems: Similarities And Differences, Konrad Szeląg

Journal of Banking and Financial Economics

Last year, at around the same time, two reforms of deposit insurance systems were announced – one in the United States and the other in the European Union. The American proposal of the reform was triggered by the banking crisis of March 2023 (bank runs and failures) and it was put forward by the Federal Deposit Insurance Corporation in May 2023. In Europe, the European Commission published in April 2023 its legislative proposal to reform the current EU framework for crisis management in the banking sector (including both deposit insurance and bank resolution). The EU proposal for the reform was …

Journal Of Banking And Financial Economics 2024, 2(22)

Journal of Banking and Financial Economics

Journal of Banking and Financial Economics 2024, 2(22)

The Impact Of Changing Disclosure Requirements, Competition, And Private Capital On Firm Exit Methods And Premiums, James C. Brau, Ninon K. Sutton, Qiancheng Zheng

Faculty Publications

Changing disclosure requirements and the evolution of US markets in the 21st century have created historic shifts in the exit strategies and payoffs for private firms. The propensity to sell to an acquirer has dominated firm exits in recent decades, especially for smaller private firms in highly concentrated industries. Exceptions to the merger exit preference are venture capital‐backed firms, which exhibit an enduring preference for IPOs, likely due to the reputation effects associated with this strategy. While the premium for IPO exits has exceeded that for M&A exits in the past, we document a reversal in this pricing trend: in …

The Impact Of Internationalization On Cash Holdings: Evidence From Southeast Asia, Suparat Patarasupanit

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research examines the impact of internationalization on cash holdings among multinational corporations (MNCs) in Southeast Asia (SEA), focusing on the roles of geographic dispersion, intangible assets, and managerial ownership. The study highlights how international operations influence corporate liquidity strategies in the presence of heightened information asymmetry. This study employs 1,431 firm-year observations from 2017 to 2021 and dynamic panel model to test hypotheses. The findings indicate that geographic dispersion and intangible assets increase cash holdings, affirming Pecking Order Theory. Conversely, their interaction unexpectedly reduces cash holdings, suggesting that complexities prompt more conservative liquidity management. Also, increased managerial ownership results …

Did Asu 2020-06 Impact Firm Corporate Financing Decisions?, Eric Sanchez

CMC Senior Theses

This research examines the influence of financial accounting standards for hybrid securities on corporate financing decisions. It uses ASU-2020-06 as a setting to test changes to the influence of moral hazard, adverse selection, and financial distress contracting costs on the likelihood of convertible bond issuances under the prior and latter accounting regimes for securities convertible into an entity's own equity.

Nfl Positional Value In Terms Of Salary Cap Spending: Why Are Running Backs Undervalued?, Charlton Jackson

CMC Senior Theses

Running Backs over the past two decades have seen a contract value devaluation relative to other positions and the league's salary cap spending limit. The growth of running back salaries has stagnated in the past decade, and they currently fail to keep pace with the contracts for other positions. Through our empirical research, we were able to either reject or better explain existing reasoning for recent running back devaluation, such as the increase in passing volume, durability concerns, and running backs by committee. We found that the most significant change in the past 30 years of the NFL, since the …

Mechanism Design For Optimizing On-Chain Sell Order In Market Without Market Maker, Nico Pei

CMC Senior Theses

The absence of market makers alters the microstructure of the market. It’s difficult to get exposed to time-weighted prices in markets without market makers. In this paper, we delve into three mechanism designs – discrete gradual dutch auction, continuous gradual dutch auction, and variable rate gradual dutch auction – to study how to execute time-weighted sell orders on blockchain in a market without market makers. To make it simpler for readers to understand, we imagine an example of helping a close friend of Picasso to sell his 100 Picasso paintings in the next 10 years since 1970, with the private …

Owning Green: Evaluating The Effects Of Actively Managed Sustainability Fund Ownership On Esg Scores, Caleb Young

CMC Senior Theses

The growing trend of acknowledging ESG performance as a material concern when conducting due diligence on investment opportunities has exacerbated the number of assets being managed by investors with sustainability-oriented goals. At the same time, as social and climate-related issues have become more intense, investors want to use their agency as shareholders to influence companies to act in ways that align with their values. Frequently, this can be most effectively achieved through proxy voting and corporate engagement, particularly if the fund is an active manager. This thesis explores the interaction between ESG-focused ETFs and mutual funds and their management style …

Revolutionizing Lithium Extraction: Analysis Of Factors Affecting Commercialization Timelines With Insights From The Shale Gas Boom, Bilge Tayyar

CMC Senior Theses

This study draws parallels between Direct Lithium Extraction (DLE) and hydraulic fracturing to highlight the transformative potential of DLE technology in the lithium industry. The comparative analysis supports the hypothesis that DLE might expedite commercialization timelines, similar to the effect hydraulic fracturing has had on traditional shale gas extraction. The study includes a regression analysis to determine the factors affecting the commercialization of conventional lithium brine extraction methods, thereby better understanding the potential changes DLE will create. The regression model, based on data from 11 projects, examines the impact of variables such as temperature range, tax rates, royalty rates, regulatory …