Business Commons^™

Central Bank Digital Currencies: Inevitable?, Harald Uhlig

Perspectives@SMU

Central banks are right to worry about CBDCs leading to runs on them. Is that better than letting the private sector influence monetary policy?

Entrepreneuring Ahead While Helping Others, Anna Haotanto

Perspectives@SMU

Anna Haotanto is a living example of what financial prudence and planning can create. In this month of celebrating women, her advice to women is to achieve financial freedom so that they too can finance their dreams

Customer Satisfaction Index Of Singapore 2021: Q4 Results, Institute Of Service Excellence, Smu

Research Collection Institute of Service Excellence (2007-2024)

The Customer Satisfaction Index of Singapore (CSISG) computes customer satisfaction scores at the national, sector, sub-sector, and company levels. The CSISG serves as a quantitative benchmark of the quality of goods and services produced by the Singapore economy over time and across countries. The fourth quarter results mark the end of measurement for CSISG 2019. Singapore’s 2019 national score was computed using the data collected during these four quarters.

Analysis Of Cost And Schedule Estimation Trends For Major Defense Acquisition Programs, Sammantha J. Jones

Theses and Dissertations

This study uses both descriptive and inferential techniques to investigate trends in cost and schedule estimates created by the Department of Defense for their Major Defense Acquisition Programs (MDAPs) throughout the last five decades. For schedule growth percentages, we did not identify any statistically significant trend regarding increasing or decreasing schedule changes or variances of schedule estimates throughout the five decades analyzed. Examining the overall cost growth of MDAPs, a statistically significant difference between the Cost Growth Factors (CGFs) calculated between the 1990s and the 2010s was found, with the 2010s exhibiting lower CGFs. A downward trend in the variances …

Green, Blue Or Black, But Washing–What Company Characteristics Determine Greenwashing?, Silvia Ruiz-Blanco, Silvia Romero, Belen Fernandez-Feijoo

Department of Accounting and Finance Faculty Scholarship and Creative Works

The purpose of this paper is to study what are the characteristics that make firms less or more prone to greenwashing. We collect data from sustainability disclosures of the S&P top 100 companies, to investigate the determinants of greenwashing. We use content analysis to measure the level of reporting of the companies. We define the “greenwashing” variable as the difference between what the company says it does in terms of commitment to sustainability, and what the company actually does as evaluated by external parties (Bloomberg ESG scores). Our results show that companies in environmentally sensitive industries greenwash less than their …

The Effect Of Company Financial Health On The Likelihood Of Cost Overruns, Brady C. Weaver

Theses and Dissertations

Financial ratio analysis has long been used to determine the financial health of firms and project business performance. Despite the usefulness of financial ratio analysis, risk analysis in defense acquisitions largely ignores these indicators of company financial well-being. This research performs contingency table statistical analysis to determine if a relationship exists between company financial ratios and their future cost performance on Air Force contracts. The general findings are that poor financial ratios at the time of contract start are related to increased likelihood of cost overruns on that contract. Specifically, recent trends of a company’s current ratio in comparison to …

Insider Sales Under The Threat Of Short Sellers: New Hypothesis And New Tests, Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, Yi Zhou

Research Collection School Of Accountancy

Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.

Expected Return, Volume, And Mispricing, Yufeng Han, Dashan Huang, Dayong Huang, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We find that expected return is related to trading volume positively among underpriced stocks but negatively among overpriced stocks. As such, trading volume amplifies mispricing. Our results are robust to alternative mispricing and trading volume measures, alternative portfolio formation methods, and controlling for variables that are known to have amplification effects on mispricing. By attributing trading volume to investor disagreement, we show that our results are consistent with the recent theoretical model of Atmaz and Basak (2018) in that investor disagreement predicts stock returns conditional on expectation bias.

Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam

Research Collection Lee Kong Chian School Of Business

Capital constraints of financial intermediaries can affect liquidity provision. We investigate whether these constraints spillover and consequently cause contagion in the degree of market efficiency across assets managed by a common intermediary. Specifically, we provide evidence of strong comovement in pricing gaps between ETFs and their constituents for ETFs served by the same lead market maker (LMM). The effects are stronger for ETFs that are more illiquid and volatile, when the underlying constituents of the ETFs are more costly to arbitrage, and for LMMs with more constrained capital. Using extreme disruptions in debt markets during COVID-19 as an experiment, we …

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Research Collection Lee Kong Chian School Of Business

This paper presents new evidence on the economic role of private equity buyouts by exploiting the staggered adoption of the constructive fraud provision by U.S. state courts. The law unintentionally shifts the credit default risk borne by existing unsecured creditors of the buyout target to the selling shareholders and lenders in the form of ex-post litigation risk, thereby discouraging buyout activity. Using a difference-in-differences framework, I find that firms raise less capital, reduce payouts and investments, and form alliances with employees. Firms also avoid positive NPV projects that carry too much risk. These findings are consistent with managers enjoying a …

Special Issue On Green And Ethical Finance, Thorsten Beck, David G. Fernandez, Bihong Huang, Peter Morgan

Research Collection Lee Kong Chian School Of Business

This special issue includes several papers that focus on green and ethical finance. The climate change challenge has raised important questions about the financial sector's role in realizing a carbon-neutral global economy. The global financial crisis also brought critical ethical and governance questions for financial sector actors to the forefront. Such developments have together increased attention to environmental, social and governance (ESG) issues among financial sector practitioners, regulators, and investors. Recently, there has been an increasing focus of finance researchers on issues related to ESG and climate change, reflected also in the increasing number of submissions and published papers in …

Analyzing The Impact Of Digital Payment On Efficiency And Productivity Of Commercial Banks: A Case Study In China, Haopeng Wang, Aldy Gunawan

Research Collection School Of Computing and Information Systems

Digital payment has become one of the most popular payment methods all around the world, especially in countries that witnessed the rapid development of internet. As a traditional financial institution, commercial banks have been impacted by newly developed payment technology since third payment platforms have attracted customers to use the digital payment for daily consumption, transferring, and even investment. This paper focuses on analyzing whether and how the commercial banks in China have been affected by digital payment by using empirical methods. Systematic Generalized Method of Moments (SYS-GMM) is used to test the relationship between the productivity of commercial banks …

Cryptocurrencies, Diversification And The Covid-19 Pandemic, David E. Allen

Research outputs 2022 to 2026

This paper features an analysis of cryptocurrencies and the impact of the COVID-19 pandemic on their effectiveness as a portfolio diversification tool and explores the correlations between the continuously compounded returns on Bitcoin, Ethereum and the S&P500 Index using a variety of parametric and non-parametric techniques. These methods include linear standard metrics such as the application of ordinary least squares regression (OLS) and the Pearson, Spearman and Kendall’s tau measures of association. In addition, non-linear, non-parametric measures such as the Generalised Measure of Correlation (GMC) and non-parametric copula estimates are applied. The results across this range of measures are consistent. …

Understanding The Effects Of Environment, Social, And Governance Conduct On Financial Performance: Arguments For A Process And Integrated Modelling Approach, Michael T. Lee, Ikseon Suh

Department of Accounting Faculty Research

To date, an overwhelming number of research findings on Environment, Social, and Governance (ESG) conduct and financial performance remains inconclusive. Furthermore, research has not identified nor explained the “underlying mechanisms” behind this relationship. To encourage future research, we discuss the mechanisms by identifying the first-order, mediating, and moderating variables. We synthesize recent studies for emerging themes and implications; argue for a process and integrated approach for modelling causality between ESG conduct and financial performance variables; and suggest methods to analyze the models. We also advocate for researchers to explore the idea that balancing corporate conduct among the E, S, and …

The Impact Of Internet Banking At Times Of Pandemic; Customer Experience, Satisfaction, Trust, Loyalty, E-Service Quality And Bank’S Financial Performance; An Application On Egyptian Public Banks, Madiha Metawie, Dalia Ahmed Mosallamy Faculty Of Business Adminstration, Economics And Political Science

Business Administration

The purpose of this study is to examine the impact of Internet banking on customer experience, satisfaction, trust, loyalty, E-service quality and financial performance in Egyptian public banks. This study concentrates on public bank’s customers in Egypt as a developing nation in the Middle East, which limits the generalizations of the paper findings to other banks globally. However, the fact that all banks faced similar challenges at times of pandemics and typically adopt common standards in bank financial management implies that the findings are potentially robust for global bank management. Structural Equation Modelling was applied to examine the research hypotheses. …

Inflation: Just How Bad Is It?, Timothy Meyer

Cornhusker Economics

Amidst the chaotic news cycle of politics, the pandemic, and global affairs, a new topic is making headlines – inflation. To some, rising inflation causes greater fear than the other headlines combined; to others, it is nothing more than a minor nuisance. This article will explain why people’s divisive attitudes toward inflation are likely justified.

Session 5: Equipment Finance Credit Risk Modeling - A Case Study In Creative Model Development & Nimble Data Engineering, Edward Krueger, Landon Thompson, Josh Moore

SDSU Data Science Symposium

This presentation will focus first on providing an overview of Channel and the Risk Analytics team that performed this case study. Given that context, we’ll then dive into our approach for building the modeling development data set, techniques and tools used to develop and implement the model into a production environment, and some of the challenges faced upon launch. Then, the presentation will pivot to the data engineering pipeline. During this portion, we will explore the application process and what happens to the data we collect. This will include how we extract & store the data along with how it …

Microfinance Services And Government Regulations: Reflections On Performance Of Small Holder Coffee Entrepreneurs In Uganda, Mary Juliet Nakabugo, Stephen Muathe, Evans Mwasiaji

The Journal of Entrepreneurial Finance

Small-scale enterprises are lauded around the world for their contribution to economic development. Resources and capabilities play an important role as accelerators of entrepreneurial activity and also increase enterprise performance. This research strived to understand how Microfinance services affect the performance of smallholder coffee entrepreneurs but also examine government regulations as a moderating variable for the association between microfinance and the performance of smallholder coffee entrepreneurs. The study was guided by the resource-based view supported by dynamic capability and contingency theories. Data on 400 Ugandan coffee entrepreneurs was gathered and statistically tested using a multiple linear regression model. Study scores …

Only 7.8% Of Eligible Vehicles In Utah Enroll In The Utah Road Usage Charge (Ruc) Program, Tyson Bomsta, Joe Davis

Research on Capitol Hill

Senior Tyson and sophomore Joe are Center for Growth Opportunity Research Fellows studying economics and finance at USU. The duo focused their research on their native Utah. The increase in fuel-efficient and electric cars has begun to impact Utah’s ability to fund roadwork, and this is likely to become a more serious problem as time goes on. Taxing gas is no longer a viable way to raise the funds necessary, and Joe and Tyson are looking at ways to reform our tax structure to keep Utahns on the road. Both students agree that research is the best way to learn. …

Microfinance And The Role Of Accounting In Supporting Family-Resilience-Based Women’S Empowerment, Desi Adhariani

The Qualitative Report

This action research aims to explore the issues of microfinance and women’s empowerment in urban Indonesia, and the role of accounting on the issues. Drawing on critical accounting theory, this study employs feminism and empowerment theory based on Foucault’s work to investigate the activities of female micro-entrepreneurs who are members of a Sharia cooperative. The study was conducted using an action research method for eight months with observation and interviews with 40 female micro-entrepreneurs. It is found that the lending scheme applied in the cooperative follows the principle of family resilience. In this context, the empowerment is not aimed at …

Oral Presentations: Social Sciences I, Olivia Maurer, Kaden Grace, Ryan Wallace

Mississippi Undergraduate Honors Conference

Video provided above is of Olivia Maurer's presentation.

Video of Kaden Grace's presentation is available here.

Video of Ryan Wallace's presentation is available here.

Financial Technologies Fin 431, Andrée Rathemacher

Library Impact Statements

No abstract provided.

Introduction To Financial Data Analysis Fin 432, Andrée Rathemacher

Library Impact Statements

No abstract provided.

Machine Learning For Finance Fin 433, Andrée Rathemacher

Library Impact Statements

No abstract provided.

Fin Tech Law Fin 434, Andrée Rathemacher

Library Impact Statements

No abstract provided.

How Do You Measure A Brand’S Value?, Samir Dixit

Perspectives@SMU

There is an ISO standard, and a brand could be worth more than you initially thought

Sandwiched Between A Rock And A Hard Place?, Thomas Lam, David Fernandez

Sim Kee Boon Institute for Financial Economics

The policy gap between US and China is likely to be widening further, potentially raising and unevenly distributing the risks of negative spillovers for Asia and the rest of the world.

Skbi Big 5 Survey 2022 February, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results on the largest five economies (Big5), based on submissions prior to the ongoing Russia-Ukraine conflict, imply a more intricate growth, inflation and policy dynamic.

Natural Disasters, Risk Salience, And Corporate Esg Disclosure, Qiping Huang, Yongjia Li, Meimei Lin, Garrett A. Mcbrayer

Finance Faculty Publications and Presentations

We examine how natural disasters affect the corporate environmental, social, and governance (ESG) disclosure policies of firms located close to disaster areas. We study firms located in counties neighboring those impacted by natural disasters and find that, on average, these firms increase their ESG disclosure transparency over the period subsequent to the disaster. Given that our sample firms are located outside of the area directly impacted by the disaster, the changes in disclosure transparency after the disaster are consistent with managers increasing their preference for transparency as their risk salience increases. Further, we find that firms with a higher percentage …

Securing Repo: Counterparty Risk And Collateral Supply Effects In The Tri-Party Repo Market, Stephen H. Frank

Doctoral Dissertations (DBA)

I examine the co-variance between tri-party repurchase agreement (repo) spreads and proxies for collateral values and counterparty risk. Since the Global Financial Crisis of 2008 (GFC), the Federal Reserve (Fed) has taken measures to mitigate repo market instability. These measures have collectively placed the Fed astride repo markets as ongoing borrower, lender and purchaser of US Treasury and Agency securities. By analyzing the relationships between repo spreads, the US 10-year yield and the TED spread, I assess the effectiveness of Fed measures to mitigate repo market instability. Using multiple breakpoint Bai-Perron regression and Markov Switching tests, I find that these …