Business Commons^™

Exploring Financial Data Protection And Civil Liberties In An Evolved Digital Age, Amanda Lindner

Fordham Journal of Corporate & Financial Law

There is no comprehensive financial privacy law that can protect consumers from a company’s collection sharing and selling of consumer data. The most recent federal financial privacy law, the Gramm-Leach-Bliley Act (“GLBA”), was enacted by Congress over 20 years ago. Vast technological and financial changes have occurred since 1999, and financial privacy law is due for an upgrade.

As a result, loopholes exist where companies can share financial data without being subject to laws or regulations. Additionally, federal financial privacy related laws provide little to no recourse for consumers to self-remediate with litigation, also known as a private right of …

Without Reservation: Ensuring Uniform Treatment In Bankruptcy While Keeping In Mind The Interests Of Native American Individuals And Tribes, Connor D. Hicks

Fordham Journal of Corporate & Financial Law

The Bankruptcy Code (“Code”) exists as a mechanism for good faith debtors to discharge debts and seek a “fresh start” in life and finance. 11 U.S.C. § 106(a) ensures that not only are all debtors treated uniformly, but that all creditors, including governmental creditors which may otherwise enjoy immunity from suit, are equally subject to the jurisdiction of Bankruptcy courts and bound to the provisions of the Code.

However, a recent circuit split has demonstrated one niche yet significant instance in which a debtor may not receive the same treatment as their counterparts. While § 106 contains an express waiver …

Economic Comparison Of The Relative Costs And Efficiency Of Using Thermo Fisher Scientific Rapidhit™ Id System Versus Traditional Dna Laboratory Analysis, Paul J. Speaker

Faculty & Staff Scholarship

With the emergence of any new technology, economic questions arise regarding the efficacy of the new technology in comparison to existing analytical techniques. While the question of ultimate interest concerns the return on investment (ROI) of the new technology, that ROI requires both an evaluation of the net benefits of the technology and an examination of the costs to implement the technology. In this report, we examine the full-loaded cost structure of traditional DNA analysis using fiscal year 2021 data from Project FORESIGHT and compare the cost per sample with the price structure of the Thermo Fischer Scientific RapidHit technology. …

From Tether To Terra: The Current Stablecoin Ecosystem And The Failure Of Regulators, Mary E. Burke

Fordham Journal of Corporate & Financial Law

The Tether controversy and Terra crash have placed stablecoins in the regulatory spotlight. Stablecoins are often portrayed as posing systemic risks to financial markets, with some pundits labelling them “the villain of the finance world.” Global regulatory bodies, namely the International Monetary Fund (IMF) and the Bank of International Settlement (BIS), and political leaders, including the Biden Administration, have all called for stablecoin regulation. These officials allege that stablecoins’ structure, combined with their exponential growth, pose a unique risk to global markets. Before the May 2022 Terra crash, government reports superficially treated stablecoins by exclusively focusing on asset-backed coins. Post …

Outsourcing Interruptions And The Emergence Of Reshoring, Enrico Castillo Santos

Walden Dissertations and Doctoral Studies

Over the last 25 years, offshore outsourcing has been accepted as a standard business practice, primarily for the cost advantage of operating in lower costs offshore locations. Lately, the trend is reversing; business leaders are moving their manufacturing operations back home despite the near-term negative impact of the reversal decision. This qualitative multiple case study aimed to understand the factors that influenced manufacturing business leaders of U.S.-based companies to reverse previously made offshoring decisions and reshored at a high reversal rate. In this study, I applied the conceptual framework proposed by Fratocchi et al. (2016). Data were collected from five …

Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan

Walden Dissertations and Doctoral Studies

Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …

The Impact Of Private Equity Investment On The Market Performance Of Listed Companies On The A-Share Market In China, Mengyu Zhan, Sorasart Sukcharoensin

DLSU Business & Economics Review

This study aims to analyze all the Chinese Initial Public Offerings (IPOs) during 2010–2014 and follow their performance for five years. The study particularly tests the competing hypotheses on the role of Chinese private equity. The sample includes 916 firms that operate continuously for five years after IPOs to provide additional evidence on long-term performance. The results using the BHARs method indicate that private equity-backed IPOs tend to have significantly higher initial returns than non-PE-backed ones during three years of listing, supporting the screening and monitoring effect hypothesis in China’s capital market. After three years, the market performance of PE-backed …

Nba Tean Valuation: What Drives Value?, Jackson Cleary

Honors Theses and Capstones

The National Basketball Association (NBA) has slowly become one of the most popular professional sports leagues in the United States as well as growing its reach in European and Chinese ties. With this growth, we have seen the value of NBA teams climb significantly. Mark Cuban, a well-known entrepreneur and Shark on ABC’s Shark Tank, purchased the Dallas Mavericks for $285 million in 2000. They are now worth a staggering $2.5 billion (as of 2021). In 20 years since Cuban bought the Dallas Mavericks, they have seen close to ten times increase in their value. This begs the question, what …

Index Funds And Etfs: Simplifying Investing For Better Returns, Patrick J. Cotton

Honors Theses and Capstones

No abstract provided.

Audit Report Timeliness In Local Governments: An Observation Of North Carolina Governmental Units’ Response To State-Imposed Deadlines And Consequences, Amber N. Daniels

Doctor of Business Administration Dissertations

To provide citizens with transparent financial information regarding the health of their respective districts, local government unit leaders must furnish governmental audit reports in a timely manner. Further, for management to effectively implement auditor suggestions for improvements, leaders must have accessibility to timely audited information. Many governmental units in the state of North Carolina have demonstrated significant lags in reporting timeliness and often miss state-mandated deadlines. Therefore, this research utilized ordinary least-squares regression to estimate the effects the variables representing report message and managerial competency, accountability, and audit environment groups had on the time required for each unit to file …

The Impact Of Microfinance On Gender Equality In India, Alexis Matton

Honors Program Theses

This paper explores the impacts of microfinance on gender equality in India by examining its effects through the framework of the United Nations Sustainable Development Goals. It begins with an overview of the history of microfinance globally and is followed by an in-depth explanation of the current microfinance landscape in India. This paper then uses a case study approach to collect qualitative data that contributes to this discussion on microfinance and gender equality. By studying the stories of four women and their experiences using the services provided by microfinance institutions, the paper illustrates how microfinance contributes to the advancement of …

Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan

Walden Dissertations and Doctoral Studies

Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …

Strategies To Reduce Employee Turnover In The Insurance Industry, Ebony Phillips

Walden Dissertations and Doctoral Studies

Employee turnover continues to increase in the insurance industry because no minimum skill or education level is required to enter the U.S. insurance industry. Insurance leaders are concerned with reducing employee turnover, as it creates a risk to employee productivity and profitability. Grounded in Herzberg’s two-factor theory of motivation, the purpose of this qualitative multiple-case study was to explore strategies five insurance leaders from central Kansas used to reduce employee turnover. Data were collected using semistructured virtual interviews and a review of company records. Data were analyzed using Yin’s five-step approach, and three themes emerged: (a) supportive leadership, (b) incentives/benefits, …

Utilizing Asymmetric Shock On Volatility And Asymmetric Beta For Enhanced Investment Strategies In The Stock Exchange Of Thailand, Nuttapol Sirinakorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impacts of asymmetric shock on volatility and beta within the Thai stock exchange. It finds that portfolios composed of stocks that demonstrate lower sensitivity to negative shocks and heightened responsiveness to market trends consistently outperform in various market conditions. The empirical analysis, spanning from 2018 to 2022, underscores the benefits of integrating asymmetry into investment strategies. A long-short strategy, in particular, is identified as highly effective, providing a means to capitalize on this asymmetry. The comparison of asymmetry-based portfolios with traditional ones and the SET index further illuminates the advantages of such strategies in enhancing risk-adjusted …

Enhancing Momentum Strategy With Insider Transaction Information In The Stock Exchange Of Thailand, Pimnara Supradith Na Ayudhya

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study introduces a novel approach to enhancing the momentum strategy in the Thai stock market. We combine the traditional momentum strategy, focusing on historical performance, with insights from insider transactions disclosed via SEC 59-2 forms. This dual approach aims to construct robust trading portfolios, with long positions in high-performing stocks backed by recent insider purchases and short positions in underperforming stocks accompanied by recent insider sales. Notably, our analysis spans the period from January 2016 to December 2022, encompassing the tumultuous era of the COVID-19-induced Thai stock market crashes. Interestingly, we discovered the potential of using insider transaction information …

Impact Of Environment, Social, And Governance On Cost Of Equity: Evidence From Asia Pacific Markets, Panida Uaariyapoonpong

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the impact of Environmental, Social, and Governance (ESG) performance, proxied by the ESG Combined Score, on the cost of equity (COE), measured by the CAPM, for companies in the Asia-Pacific region from 2015 to 2022. It also explores how this relationship is influenced by economic crises and market development levels. The findings indicate a negative correlation, where higher ESG performance leads to a lower COE. Specifically, the environmental and governance pillars are negatively associated with COE, similarly reducing equity costs, while the social pillar shows no significant effect. The research also studies the impact of economic conditions …

Comparing The Performance Of Initial Coin Offerings To Crowdfunded Equity Ventures, Elijah Joseph Turan

Walden Dissertations and Doctoral Studies

Uncertainty in markets increases the likelihood of market failure due to volatility and suboptimal functioning. While initial coin offerings (ICOs) and crowdfunded equity (CFE) offerings may improve functioning in growing markets, there is a lack of knowledge and understanding pertaining to the relative efficiency and behavior of ICO markets compared to CFE markets, potentially perpetuating and thwarting the various communities they are intended to serve. The purpose of this correlational study was to compare a group of ICOs with a group of CFE offerings to identify predictive factors of funding outcomes related to both capital offering types. Efficient market hypothesis …

Community College Management Strategies For Balancing The Budgets, Rachel Ann Sullivan Dodson

Walden Dissertations and Doctoral Studies

During declining revenue, community college leaders may be unable to balance their budgets effectively. Community college managers who fail to balance budgets negatively impact a college’s financial sustainability. Grounded in Burn’s transactional leadership theory, the purpose of this qualitative single case study was to explore strategies community college managers use to balance their budgets in an environment of declining revenue. Data were collected from eight semistructured community college manager interviews and company documents: enrollment data, budget data, performance-based funding model data, and the strategic plan. Thematic analysis was used to analyze the data. Four themes emerged: (a) budget alignment with …

Relative Corporate Social Performance And Cost Of Equity Capital: International Evidence, Benjamin Lynch, Martha O'Hagan-Luff

Articles

This research examines the relationship between firms' corporate social performance (CSP) and the implied cost of equity capital using a sample of 25,938 firm-year observation from 49 countries during the period from 2002 to 2021. Using estimates of the firms' ex ante cost of equity capital, we examine its relationship with industry-relative measures of the firms' CSP, its environmental and social pillars and sub-pillars. We find that increased overall CSP reduces a firm's cost of equity capital up until a point, beyond which the marginal benefits of further CSP investment decrease. We find that the social pillar is the main …

Factor Substitution Possibilities, Labor Share Dynamics, And Inequality In An Age Of Intangibles, Adnan Velic

Articles

We examine the economy-wide degree of substitutability between intangible capital and other factor inputs in production using a large sample of advanced countries. In this context, we turn to studying the implications of intangible and tangible capital growth for labor income share dynamics. Compared to tangible capital, we find that intangible capital more strongly complements skilled labor. The analysis further indicates relative fungibility between tangible capital and a composite of intangible capital and skilled labor, in line with the rising prominence of knowledge-intensive tasks and AI-driven online platforms. The intrinsic nature of intangibles and their asymmetric effects across skilled and …

The Value Of Economic Freedom In Cross-Border Mergers, Vivek Pandey, Tanja Steigner, Ninon K. Sutton

Accounting, Finance, Information Systems, and Business-Law Faculty Publications and Presentations

This study examines the impact of economic freedom in mergers and acquisitions (M&A) using a global sample of 6159 takeovers involving acquirers from 56 different countries and foreign targets from 130 countries. The results reveal that acquirers with an economic freedom advantage over their targets experience higher short-run and long-run abnormal returns after controlling for other important country and merger characteristics. At the same time, the level of economic freedom in the target country relative to the bidder country positively impacts target shareholders’ announcement wealth effects and merger premiums. The results are robust to various control variables, industry, year and …

The Impact Of More Able Managers On Corporate Trade Credit, Hui Liang James, Thanh Ngo, Hongxia Wang

Accounting, Finance, Information Systems, and Business-Law Faculty Publications and Presentations

We investigate how high-ability managers affect trade credit policies of U.S. publicly traded companies from 2003 to 2016. Consistent with the prediction of an “Imbalance of power” in the supply chain, we find that firms with more able managers implement more favorable trade credit policies with both upstream and downstream business partners (i.e., fewer trade credit days in receivables, more trade credit days in payables, and lower net trade credit days), indicating that managerial ability is an important determinant of corporate trade credit. Our cross-sectional analyses provide further support for the bargaining power view of trade credit. The results are …

Covenant Violation And Operational Efficiency, Hui Liang James, Hongxia Wang, Zhimin Wang

Accounting, Finance, Information Systems, and Business-Law Faculty Publications and Presentations

We examine the impact of covenant violation on corporate operational efficiency. Using an aggregate measure of operational efficiency developed by Demerjian et al. (Management Science, 58, 2012, 1229–1248), we provide strong empirical evidence that covenant violations hinder firms from achieving operational efficiency. Our finding is robust to alternative definitions of operational efficiency and various model specifications to address potential endogeneity issues. Further analyses show that lower operational efficiency is attributable to covenant-violating firms' under-investments in capital and labour. In addition, the negative effect of covenant violation on operational efficiency is not universally the same, and is less evident in violating …

From Market Making To Matchmaking: Does Bank Regulation Harm Market Liquidity?, Gideon Saar, Jian Sun, Ron Yang, Haoxiang Zhu

Research Collection Lee Kong Chian School Of Business

Post-crisis bank regulations raised market-making costs for bank-affiliated dealers. We show that this can, somewhat surprisingly, improve overall investor welfare and reduce average transaction costs despite the increased cost of immediacy. Bank dealers in OTC markets optimize between two parallel trading mechanisms: market making and matchmaking. Bank regulations that increase market-making costs change the market structure by intensifying competitive pressure from non-bank dealers and incentivizing bank dealers to shift their business toward matchmaking. Thus, post-crisis bank regulations have the (unintended) benefit of replacing costly bank balance sheets with a more efficient form of financial intermediation.

Are Social Media Users Blindly Following Influencers’ Recommendations On Investing?, Zuliani Dalimunthe, Ananda Chairunnisa, Rachmadi Agus Triono

The Indonesian Capital Market Review

Previous studies show that general information shared by an influencer through social media has been received without sufficient validity testing. However, hardly any study has evaluated whether a stock recommendation by a social media influencer will also be followed blindly. This study evaluates the impact of the credibility of stock influencers on investors’ intention to invest in recommended stocks and whether the relationship can be explained by the perception that the influencer has inside infor- mation or is solely due to fear of missing out (FoMO). This study uses primary data from investors in the Indonesian model market. We collected …

An Integrated Framework On Human-In-The-Loop Risk Analytics, Peng Liu

Research Collection Lee Kong Chian School Of Business

Risk analytics is an integral component in the overall assessment of the risk profile for potential and existing obligors. For example, credit worthiness is often assessed via the use of scorecards, which are regulatory credit risk models developed based on historical data and domain expertise in banks and financial institutions. A pure statistical model, however, often fails to entertain regulatory requirements on both predictiveness and interpretability at the same time. Instead, practical risk models are developed by incorporating expert opinions within the development process, such as forcing the direction of travel for certain financial factors. In this article, the author …

Essays In Household Finance, Morteza Momeni

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I use new granular loan-level data and a novel instrumental variable to estimate the effect of competition among auto dealerships on the joint pricing of cars and car loans. I find that increased competition causes auto dealers to decrease vehicle prices to attract consumers. They, however, offset a large portion of their loss on vehicle prices through charging higher prices on a less transparent margin (i.e., loan markups). Consistent with the monthly payment targeting channel, I find that increased competition does not change consumers' monthly payments. My findings suggest that sophisticated sellers such as auto dealers …

Essays On Race And Finance, Tian Qiu

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I show a positive municipal financing shock has heterogeneous effects on academic achievement. White students show meaningful improvement, but Black and Hispanic students do not. Consequently, the achievement racial gap widens following the shock. Changes in school funding do not explain this phenomenon; rather, it is explained by heterogeneous outcomes in household Socioeconomic Status (SES). These results highlight the possibility that a credit shock-induced increase in government spending could unexpectedly increase the local racial disparity. The second chapter examines the role of race and racial concordance between financial advisors and their local community. There are significant …

Initial Public Offerings And The Local Economy: Evidence Of Crowding Out, Jess Cornaggia, Matthew Gustafson, Jason Kotter, Kevin Pisciotta

Faculty Publications

We test the effect of going public on economic growth in the areas surrounding IPO firms. We focus on IPO-filing firms, thus ensuring that both treatment and control firms are at similar life cycle stages, and use post-filing stock market fluctuations as an instrument for IPO completion. We show that IPOs that are large relative to the size of their counties lead to a 1.1 percentage point relative reduction in annual county-level establishment growth, with similar effects for employment and population growth. There are no corresponding effects for relatively small IPOs. These negative effects appear to be driven by a …

Source Credibility In The Community Service Of Financial Literacy For Indonesian Vocational School Students, Neneng Salmiah, Afred Suci, Rita Wiyati

ASEAN Journal of Community Engagement

This paper examines the credibility of source persons for community service projects in improving financial literacy for vocational school students in Indonesia. Improving financial literacy among Indonesian youth is a long-term effort that requires multi- collaboration between the government, financial institutions, educational institutions, NGOs, and other stakeholders. Despite its substandard position to Singapore, Myanmar, and Malaysia, Indonesia’s financial literacy proficiency has improved significantly—one of which—after being catalyzed by the government’s cooperation with higher education institutions through community service programs. However, amid these improvements, greater attention must be given to capital markets, whose literacy level is most deficient compared to the …