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Articles 2941 - 2970 of 9385
Full-Text Articles in Business
Insider Ownership And The Performance Effects Of Firm Diversification In Nigeria, Ibeawuchi Ibekwe
Insider Ownership And The Performance Effects Of Firm Diversification In Nigeria, Ibeawuchi Ibekwe
Walden Dissertations and Doctoral Studies
Despite the preponderance of diversified firms, the diversification–performance (D–P) relationship and how insider ownership moderates it in Nigeria remains unclear and a concern for decision makers interested in the survival of firms and their contributions to society. This quantitative study was conducted to examine the D–P relationship and how it is associated with insider ownership in Nigeria. Agency theory and institution-based theory formed the theoretical foundation of this study. Four research questions that focused on how diversification is related to firm performance and how insider ownership moderates this relationship were answered using the panel design variant of correlational research. Data …
Public Investment, Foreign Direct Investment, And Budget Deficit, Komi Koutche
Public Investment, Foreign Direct Investment, And Budget Deficit, Komi Koutche
Walden Dissertations and Doctoral Studies
AbstractThe budget deficit is a worldwide economic problem that reduces the effectiveness of public policies in public finance. Public business leaders and theorists struggle to find appropriate solutions to address the budget deficit. However, in most countries, the budget deficit is still one of the most critical challenges. Grounded in Keynes’s general theory, the purpose of this quantitative correlational study was to examine the relationship between public investment, foreign direct investment, and budget deficit. Secondary data collected from the World Bank website representing the 76 low-income and low-middle-income countries were analyzed using multiple regression. The multiple linear regression results indicated …
Strategies For Reducing Conflicting Organizational Issues Of Cross-Border Mergers And Acquisitions In West Africa, Ernest Mfobujong Ngwa
Strategies For Reducing Conflicting Organizational Issues Of Cross-Border Mergers And Acquisitions In West Africa, Ernest Mfobujong Ngwa
Walden Dissertations and Doctoral Studies
West African companies witnessed a reduction in cross-border merger and acquisition (CBMA) activities in 2017 resulting in an $11 billion decrease in foreign direct investment. In addition, West African CBMA executives who do not reduce postmerger organizational issues are less likely to attract foreign direct investment, resulting in lower economic productivity. Grounded in Tannenbaum and Schmidt’s situational leadership theory, the purpose of this qualitative multiple case study was to explore strategies some CBMA executives use to reduce conflicting organizational issues in CBMAs to increase economic productivity. The participants comprised five CBMA executives of organizations active in CBMA in West Africa …
Financing Strategies For Small And Medium Enterprises In Mexico, Mónica Nuñez Huerta
Financing Strategies For Small And Medium Enterprises In Mexico, Mónica Nuñez Huerta
Walden Dissertations and Doctoral Studies
At least 33% of small and medium enterprises (SMEs) in Mexico do not survive the first year and 65% close during the first 5 years of operations. SME survival is essential for a globally competitive market and professional development opportunities for SME employees. Grounded in the pecking order theory, the purpose of this qualitative multiple case study was to explore strategies four Mexican SME leaders used to obtain appropriate financing for their sustainability and growth during and beyond 5 years of beginning operations. Data were collected from semistructured interviews, organizational documents, and social media platforms. Data were analyzed using thematic …
Nonprofit Strategies For Alternative Revenue Generation And Sustainability, Aretha Lepearl Day
Nonprofit Strategies For Alternative Revenue Generation And Sustainability, Aretha Lepearl Day
Walden Dissertations and Doctoral Studies
AbstractIn the post-2008 Great Recession era of a highly volatile global business environment of increased competitiveness, diminishing predictable revenues, and depleting philanthropy, many nonprofit leaders struggle to sustain their organizations. Volatility is important to nonprofit leaders because such fluctuations create unpredictability, which threatens their organizations' financial stability for short-term survivability and long-term sustainability. Grounded in Elkington's triple bottom line conceptual framework, the purpose of this qualitative single case study was to explore nonprofit leaders' strategies for short-term survivability and long-term sustainability. The participants comprised 3 senior leaders in a nonprofit located in the mid-Atlantic region of the United States who …
The Relationship Between Capital Structure Practices And Financial Distress In West Africa, Kofi Opoku-Asante
The Relationship Between Capital Structure Practices And Financial Distress In West Africa, Kofi Opoku-Asante
Walden Dissertations and Doctoral Studies
Many scholars have concluded that the relationship between capital structure in a business and its financial health is not clearly defined. When making decisions, managers may lack understanding of the relationship between the capital structure practice and financial distress. The purpose of this study was to test the relationship between capital structure practice and financial distress in West African companies. The capital irrelevance theory, pecking order theory, and the trade-off theory guided the research question to ascertain the relationship between capital structure practice and financial distress. The study design was a quantitative correlational design. The population was all public nonfinancial …
Consumers Perspectives On Using Biometric Technology With Mobile Banking, Rodney Alston Clark
Consumers Perspectives On Using Biometric Technology With Mobile Banking, Rodney Alston Clark
Walden Dissertations and Doctoral Studies
The need for applying biometric technology in mobile banking is increasing due to emerging security issues, and many banks’ chief executive officers have integrated biometric solutions into their mobile application protocols to address these evolving security risks. This quantitative study was performed to evaluate how the opinions and beliefs of banking customers in the Mid-Atlantic region of the United States might influence their adoption of mobile banking applications that included biometric technology. The research question was designed to explore how performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC), perceived credibility (PC), and task-technology fit (TTF) affected …
Training Strategies For Increasing Employee Job Satisfaction And Retention In The Hospitality Industry, Felix Ledoux Djeumo Sandjong
Training Strategies For Increasing Employee Job Satisfaction And Retention In The Hospitality Industry, Felix Ledoux Djeumo Sandjong
Walden Dissertations and Doctoral Studies
AbstractHigh voluntary employee turnover remains one of the most critical issues managers are striving to resolve. A lack of strategies to reduce high voluntary employee turnover by hospitality managers leads to low employee retention and loss. Grounded in McClelland’s needs theory, the purpose of this multiple case study was to explore strategies hospitality small business leaders use to implement effective training programs leading to an acceptable level of employee retention. The participants were five hospitality small business leaders in the Washington, DC area who directed their companies’ training programs and increased employee retention through implementing effective training programs. Data were …
Strategies To Mitigate The Level Of Inherent Risk In Retail Loan Portfolios, Henrich Y. Edimo
Strategies To Mitigate The Level Of Inherent Risk In Retail Loan Portfolios, Henrich Y. Edimo
Walden Dissertations and Doctoral Studies
Despite regulatory requirements and technological advancements, bank managers face inherent risk in their retail loan portfolios. Bank managers who do not address and mitigate inherent risk in their retail loan portfolios are at a disadvantage to better know their customers, use technology, and enhance credit analytics. Grounded in the enterprise risk management framework, the purpose of this qualitative multiple case study was to explore strategies bank managers used to mitigate the level of inherent risk in their retail loan portfolios. Data were collected from semistructured interviews and document reviews. Participants comprised eight bank managers at four companies who implemented successful …
Funding Strategies For Small Business Sustainability, Ayokunle O. Iyanda
Funding Strategies For Small Business Sustainability, Ayokunle O. Iyanda
Walden Dissertations and Doctoral Studies
About 50% of small businesses fail within the first five years of operation, lacking access to capital being a contributing factor. The high failure rate is of great concern to the business owners; their livelihood and employees are jeopardized. Through the pecking order theory lens, the purpose of this qualitative multiple case study was to explore strategies small business owners use to access capital to sustain the business past the first five years. Eight small business owners who successfully operated for more than five years in Georgia and Illinois participated in the semistructured interviews. Through thematic data analysis, four themes …
Specialization And Institutional Investors’ Performance – Evidence From Publicly Traded Real Estate, Eli Beracha, George D. Cashman, Hilla Skiba
Specialization And Institutional Investors’ Performance – Evidence From Publicly Traded Real Estate, Eli Beracha, George D. Cashman, Hilla Skiba
Finance Faculty Research and Publications
We examine the extent to which 50,620 global institutional investors’ specialization in publicly traded real estate securities is related to their investment performance. Consistent with the information advantage theory (Merton Journal of Finance 42, 483–510, 1987; Van Nieuwerburgh and Veldkamp Journal of Finance, 64, 1187–1215, 2009), we show a positive relation between the percentage of the institution’s portfolio invested in real estate securities and the return generated on those securities. Moreover, we present evidence that the institution’s level of active share to real estate securities is positively related to performance. Additionally, we find that the benefits related to …
Creating An Optimal Portfolio With Covariance Adjustments For Moving Average Trends, Jayden Moore
Creating An Optimal Portfolio With Covariance Adjustments For Moving Average Trends, Jayden Moore
Honors Program Theses
In this analysis, I investigate whether combining these two traditional methods of portfolio construction, mean-variance optimization and trend following, enhance the performance of a portfolio. Specifically, I consider whether stock trends within a pool of stock mechanically influences the covariance matrix for this pool of assets–a crucial input for mean-variance optimization. I then use these trend modified covariances to form a new mean-variance optimized portfolio and then evaluate performance. Instead of using the trends to determine whether or not to invest in a stock, as trend analysis postulates, I will be using trends to create new covariances between assets that …
Winning The War On Poverty: Tracking Living Standards In The Philippines Using A Class Of Axiomatic Indices, John Paolo R. Rivera
Winning The War On Poverty: Tracking Living Standards In The Philippines Using A Class Of Axiomatic Indices, John Paolo R. Rivera
DLSU Business & Economics Review
Poverty has persistently badgered the Philippines and alleviating it has been the fundamental thrust of government. However, this was hampered by the recent pandemic resulting in economic contraction plunging many Filipino households into poverty and widening inequality. Bootstrapping the economy is needed to fast-track recovery through resumption of innovative reforms vital to pursue a higher growth path that will accelerate poverty reduction. To do this, it is necessary to understand where the Philippines stands, using household data. Without updated measures and well-informed national and regional profiles on living standards, poverty reduction is bleak, as programs to facilitate it remain to …
Sentiment-Scaled Capm And Market Mispricing, John A. Doukas, Xiao Han
Sentiment-Scaled Capm And Market Mispricing, John A. Doukas, Xiao Han
Finance Faculty Publications
This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β-return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios …
Soft Information And The Underpricing Of Reit Seasoned Equity Offerings, James C. Brau, J. Troy Carpenter, James E. Cicon, Shelly Howton
Soft Information And The Underpricing Of Reit Seasoned Equity Offerings, James C. Brau, J. Troy Carpenter, James E. Cicon, Shelly Howton
Faculty Publications
Using a sample of 1,429 seasoned equity offerings (SEOs) by real estate investment trusts (REITs), we use content analysis to test whether the soft information in a company’s offering prospectus influences SEO underpricing. After controlling for relevant variables, we find that companies that use more positive (negative) words in their filings are negatively (positively) related to SEO underpricing. We posit that in REIT SEOs more positive and fewer negative words decrease investor pricing uncertainty (fear) of the offer and as a result experience less underpricing.
The Platform Architecture Of Health Insurance And Managed Care, Laurell G. Richardson
The Platform Architecture Of Health Insurance And Managed Care, Laurell G. Richardson
Doctoral Dissertations (DBA)
No abstract provided.
Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes
Is Cryptocurrency A Hedge, Safe Haven, Diversifier Against Thailand, Indonesia, Philippine Stock Market On Pre-Covid-19 And During Covid-19?, Suphawit Keakultanes
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research study whether cryptocurrencies act as a hedge, safe haven or diversifier against Thailand, Philippines, and Indonesia stock exchange market. Using DCC-GARCH model and hypothesis test, we examine the hedge ratio and the conditional correlation between cryptocurrencies and TIP’s stock exchange market. The sample cover data on the return of the TIP’s index, Bitcoin, Ethereum, Tether and Litecoin from 1st January 2016 to 31st December 2021. The empirical results show that traditional cryptocurrencies, such as Bitcoin and Litecoin can act as diversifier, Ethereum can act as hedge instrument in PSEI index. Tether can act as the hedge and safe …
The Impact Of Derivative Warrant Introduction : Evidence From Stock Exchange Of Thailand, Phuket Kumhangphon
The Impact Of Derivative Warrant Introduction : Evidence From Stock Exchange Of Thailand, Phuket Kumhangphon
Chulalongkorn University Theses and Dissertations (Chula ETD)
The impact that derivative instrument has on the underlying stocks is important for regulators and investors to concern. This paper tries to examine the impact of derivative warrant introduction on liquidity (measured by trading volume) and risk (measure by volatility and systematic risk beta) of the underlying stocks in stock exchange of Thailand. This paper examines the impact on trading volume by using t-test for testing the equality of two means between pre-derivative warrant introduction period and post-derivative warrant introduction period and using dummy variable regression for finding a change in the underlying’s trading volume after the introduction of derivative …
The Monetary Policy Transmission During The Crisis: Evidence From Thailand, Duangporn Lertsomphol
The Monetary Policy Transmission During The Crisis: Evidence From Thailand, Duangporn Lertsomphol
Chulalongkorn University Theses and Dissertations (Chula ETD)
The interest rate pass-through is defined as the process by which changes in policy or money market rate are transmitted to commercial bank rates. In other words, monetary policy transmission is one of the useful tools for the analysis of effective monetary policy decisions. This paper examines the effectiveness of the interest rate passthrough from the money market rate to various lending rates (MLR, MOR, and MRR) in Thailand from 2008 to 2021 including crisis periods, and also assesses the impact of bank characteristics. Using the panel cointegration method and error correction model with monthly data from individual commercial banks. …
Effect Of Dividend On Derivative Warrants : Evidence From Stock Exchange Of Thailand, Nakarin Chanachaivorakorn
Effect Of Dividend On Derivative Warrants : Evidence From Stock Exchange Of Thailand, Nakarin Chanachaivorakorn
Chulalongkorn University Theses and Dissertations (Chula ETD)
The purpose of this paper is to investigate mispricing of derivative warrants on ex-dividend date. Using data from the Stock Exchange of Thailand during 2010 to 2020, this research examines mispricing of derivative warrants by comparing the market price to the theoretical price, which incorporates the adjustment of exercise price and ratio on ex-dividend date according to the rules given by SET. This research also studies further by investigating the magnitude of impact from the dividend yield of underlying asset. The empirical results show strong evidence of mispricing in call derivative warrants, whereas put derivative warrants are found to be …
The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna
The Link Between Esg And Firm Performance In Healthcare Industry: The Moderating Role Of Firm Age And People Awareness, Thongpattra Nanna
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines the link between ESG and firm performance in healthcare industry moderated by firm age and advertising expenses from 2011 to 2020. Firm performance is measured by Tobin’s Q, ROA, ROE and asset turnover. This study finds the evidence that environmental pillar is the most important metric to improve firm value in healthcare equipment & supplies and advertisement helps social and governance pillars to add more value. Biotechnology looks alike, but firm age can moderate environment pillar to increase the value. Moreover, social pillar is the most influential to add firm value for healthcare provider & services and …
Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit
Market Reactions Towards Changes In Analysts’ Ratings And Target Prices, Evidence From Thailand, Talatarn Kromadit
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper aims to perform a comprehensive analysis of the effects of the stock ratings and target prices announcement published by analysts from both domestic and foreign brokerage firms in the Thai market. There are two quantitative indicators that will be focused on in this study, target prices and stocks rating, by observing the change of these two factors along with the change of market price, I will be able to study market reaction by using the Fama-French 3-factor modal (Fama and French, 1992) to detect AR and CAR within each focused window period. The observation period starts from January …
Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant
Are Short Sellers Equally Informed? Evidence From The Us. Credit Rating Announcements, Omtong Kasemsant
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study uses credit rating and daily short sale data of firms listed in NYSE from January 2015 to December 2021 to examine whether there is informed trading. Although post-announcement abnormal return is negatively correlated with abnormal short volume, no evidence of informed short selling is found. Higher level of pre-announcement abnormal short selling is positively correlated to default risk and also explained by the incentives of short sellers to short more when past returns are negative. Furthermore, increase in short selling that is preceded by credit watch placement is more pronounced before credit rating downgrades. Moreover, the evidence shows …
International Evidence On Corporate Rating Changes, Torfun Kantatasiri
International Evidence On Corporate Rating Changes, Torfun Kantatasiri
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research aims to study the reaction of the International stock market around the corporate bond rating change announcements by Moody's between 2015-2021 using stocks and rating data from Datastream. The empirical result shows a significantly positive reaction after the upgrades announcement and a negative reaction around the downgrades event date. Specifically, the impact of rating changes on stock prices is larger around downgrades. The results imply that there is an information effect but no price pressure effect since there is a significant reaction in response to downgrades for all samples insignificance impact following downgrades for sub-sample of the changes …
Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun
Spac Sponsors And Their Effects On Spac Prices, Kanda Karnjanonun
Chulalongkorn University Theses and Dissertations (Chula ETD)
The purpose of this paper is to find the effect from SPAC sponsor after the merger announcement. I study SPAC IPOs which had acquiror and target nation in the United States and were public between January 2020 and December 2021. The final sample has 186 SPACs. I select The Forbes 400 in 2021 as a proxy for sponsor reputation. I use event study methodology to test for SPAC sponsors and their effects on SPAC prices. I find that there is no statistical evidence that sponsor reputation has impact on SPACs price on the announcement date of combination. There are two …
The Effect Of Female Board On Firm Value Evidence From The Asia Pacific, Tanyatorn Kulalert
The Effect Of Female Board On Firm Value Evidence From The Asia Pacific, Tanyatorn Kulalert
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines the relationship between board gender diversity and firm value of companies in the Asia-Pacific from 2011 to 2020. Fixed effects and two-stage least squares are employed to deal with endogeneity. We find that increasing female directors to the board has a positive and significant effect on firm value as measured by Tobin’s Q. The result suggests that independent directors have a positive and significant impact on firm value. However, when the board is composed of independent directors, appointing female directors decreases the firm's value owing to over monitoring. Furthermore, the positive effect of female directors appears to …
The Impacts Of Credit Rating Changes On Firm’S Dividend Payout And Investment Policies – Evidence In Thailand, Jakkrapob Choojan
The Impacts Of Credit Rating Changes On Firm’S Dividend Payout And Investment Policies – Evidence In Thailand, Jakkrapob Choojan
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper studies relationship between impacts of change in credit rating on firm's dividend payout and investment policies. We use data from listed companies in Stock Exchange of Thailand during 2000 - 2021. This paper applies fixed effect ordinary least squares to evaluate impacts of change in credit rating. From this paper, downgraded firms will decrease dividend payout and investment. However, upgraded firms will increase dividend payout and investment. Moreover, this paper studies relationship between impacts of change in credit rating on firm's investment efficiency. From this paper, downgraded firms will overinvest and upgraded firms will underinvest. This paper provides …
The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat
The Impact Of Government Response’S Policy To Covid-19 On Stock Market Volatility, Chaiwat Ratchawat
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research explores the effect of government's COVID-19 response policy on stock market volatility. We explain the stock market volatility dynamics via the index that measures the strict level of government response’s policy to COVID-19. Using EGARCH (1,1) model to identify stock market volatility from daily stock market return of 68 countries and apply the Arellano–Bond two-step system GMM estimator for dynamic panel data analysis, we found that the stock market volatility in the COVID-19 period can be reduced by the government policy response to COVID-19. Furthermore, after dividing the index into 3 types, all types of policy also reduce …
Examination Of Facebook's Announcement Effect On Metaverse Tokens, Chalakorn Sathiwas
Examination Of Facebook's Announcement Effect On Metaverse Tokens, Chalakorn Sathiwas
Chulalongkorn University Theses and Dissertations (Chula ETD)
In this research, we study an announcement effect of Facebook Inc.’s rebranding to Meta Platform Inc. in October 2021, as a flagship event that sheds spotlight to the metaverse business, on 50 metaverse-related cryptographic tokens. Using Google’s CausalImpact package in R with historical daily returns within -30,7 windows, the model expects a 11.80% counterfactual CAR but the actual CAR is 69.20%, indicating a 57.40% absolute effect of this announcement on aggregate metaverse tokens at 99% significant level. We also further regress five factors, namely game-fi, marketplace, holders, illiquidity, and VC factor on the post-announcement CAR. However, the result is sparse. …
The Co-Movement Between Equity Markets Of Thailand And China : A Wavelet-Based Approach, Shilei Sun
The Co-Movement Between Equity Markets Of Thailand And China : A Wavelet-Based Approach, Shilei Sun
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper applied the MODWT wavelet method to decompose correlations of the stock market of Thailand and China into different time scales and frequencies. The decomposed correlations are then examined and compared between short-term and long-term, and also between different time periods when the interdependence of two markets is expected to change. The result shows that long-term correlation is not significantly higher and sometimes is significantly lower than the short-term, whereas the correlation does significantly increase from 2005 to 2020. Furthermore, the paper investigates the effectiveness of using the correlation in the suitable time scale and frequency in an application …