Business Commons^™

An Overview Of The Cheque Payments System In Nigeria, Onyeka Samuel Okonkwo

Bullion

This paper is designed to examine critically the modern trends in the cheque payments system in Nigeria. In the light of this, the paper is divided into nine parts. The second part of the paper examines the concepts of payment , clearing and settlement. The evolution of cheque clearing in Nigeria is examined in part three. The part four presents the cheque standard in Nigeria. The part five gives the synopsis of cheque payment in Nigeria while the cheque truncation system(CTS) and its benefits and challenges are examined in part six and part seven respectively. The paper concludes with recommendations …

Shareholder Coordination And Stock Price Informativeness, Incheol Kim, Christos Pantzalis, Bin Wang

Finance Faculty Publications

We show that firm-specific information is more likely to be incorporated into stock prices when firms have stronger shareholder coordination. The premise of our work is that geographic proximity reduces communication costs among shareholders, thereby leading to better coordination. The positive coordination-informativeness relation is driven mainly by shareholder coordination among dedicated and independent institutions. We further show that the positive effect is more pronounced for firms with weaker governance mechanisms, suggesting that shareholder coordination could serve as a substitute conduit of price discovery. Lastly, we propose that shareholder coordination improves stock price informativeness through the channel of enhanced voluntary disclosure …

A Proposal For A Decentralized Liquidity Savings Mechanism With Side Payments, Adam Fugal, Rodney Garratt, Zhiling Guo, Dave Hudson

Research Collection School Of Computing and Information Systems

In most countries, the central bank provides the medium to physically settle the smallest payments (cash) and the means to electronically settle the largest payments, which typically are wholesale payments between banks. For the latter purpose the central bank usually operates a system through which banks can settle payments in central bank money. Historically, interbank payments were settled via (end of day) netting systems, but as volumes and values increased central banks became worried about the risks inherent in deferred net settlement systems, so most central banks opted for the implementation of a Real Time Gross Settlement (RTGS) system. With …

On The Fintech Revolution: Interpreting The Forces Of Innovation, Disruption And Transformation In Financial Services, Peter Gomber, Robert J. Kauffman, Chris Parker, Bruce W. Weber

Research Collection School Of Computing and Information Systems

Firms in the financial services industry have been faced with the dramatic and relatively recentemergence of new technology innovations, and process disruptions. The industry as a whole, and many newfintech start-ups are looking for new pathways to successful business models, the creation of enhanced customerexperience, and new approaches that result in services transformation. Industry and academic observers believethis to be more of a revolution than a set of less impactful changes, with financial services as a whole due formajor improvements in efficiency, in customer centricity and informedness. The long-standing dominance ofleading firms that are not able to figure out how …

Acquiring Organizational Capital, Peixin Li, Frank Weikai Li, Baolian Wang, Zilong Zhang

Research Collection Lee Kong Chian School Of Business

Organizational capital is the accumulation and use of private information to enhance economic efficiency for a firm. Theory has argued that organizational capital is typically embodied in employees and the organizational structure, and is hard to transfer across organizations. In this paper, we study whether organizational capital is transferable across firms via mergers. The evidence shows that acquirers gain more from acquiring firms with higher organizational capital and acquirers are also willing to pay a higher premium for higher organizational capital targets. The evidence suggests that acquiring higher organizational capital targets creates synergies which are shared between acquirers and targets.

Benefits Of Relationship Banking: Evidence From Consumer Credit Markets, Sumit Agarwal, Souphala Chomsisengphet, Chunlin Liu, Changcheng Song, Nicholas S. Souleles

Research Collection Lee Kong Chian School Of Business

Using a unique panel dataset that contains comprehensive information about the relationships between a large bank and its credit card customers, we show that relationship accounts exhibit lower probabilities of default and attrition, and have higher utilization rates, than non-relationship accounts. Dynamic information about changes in the behavior of a customer's other accounts at the same bank helps predict the behavior of the credit card account over time. These results imply that relationship banking offers significant potential benefits to banks: information the lender has at its disposal can be used to mitigate credit risk on the credit card account.

The Wider Impact Of A National Cryptocurrency, Dennis Ng, Paul Griffin

Research Collection Lee Kong Chian School Of Business

This study looks at the impact of a national cryptocurrency on the payment landscape in the midst of the rise of globalpublic cryptocurrencies and interest from central banks in a possible national cryptocurrency. The impacts are analysed for consumers, merchants, banks,payment providers, international money transfer operators and central banks.The study analyses the pros and cons for each player with an overall impactranking. There is a particular emphasis on central banks as they hold key regulatory oversight for economic and financial matters affecting a country.Whilst finding that there is an overall benefit, there are also significant risks. A sandbox approach is …

Is Sell-Side Research More Valuable In Bad Times?, Roger Loh, René M. Stulz

Research Collection Lee Kong Chian School Of Business

Because uncertainty is high in bad times, investors find it harder to assess firm prospects and, hence, should value analyst output more. However, higher uncertainty makes analysts’ tasks harder so it is unclear if analyst output is more valuable in bad times. We find that, in bad times, analyst revisions have a larger stock-price impact, earnings forecast errors per unit of uncertainty fall, reports are more frequent and longer, and the impact of analyst output increases more for harder-to-value firms. These results are consistent with analysts working harder and investors relying more on analysts in bad times.

The Competitive Landscape Of High-Frequency Trading Firms, Ekkehart Boehmer, Dan Li, Gideon Saar

Research Collection Lee Kong Chian School Of Business

We examine product differentiation in the high-frequency trading (HFT) industry, where the “products” are secretive proprietary trading strategies. We demonstrate how principal component analysis can be used to detect underlying strategies that are common to multiple HFT firms, and show that there are three product categories with distinct attributes. We study how HFT competition in each product category impacts the market environment, presenting evidence that indicates how it influences the short-horizon volatility of stocks as well as the viability of trading venues.

Pipeline Or Waterslide: Advancing Women Into Executive Positions In Business And Financial Planning, Shannon Maura Domski

Celebration of Learning

We seek to understand the continued lack of females in upper management or “C-Suite” positions in business and more specifically looking at the continued lack of female planners in the financial planning industry. We hypothesis that although great strides are being made to foster inclusion these changes are stalled not only by unconscious prejudices against women, but also by a lack of confidence by women themselves. By conducting interviews with over a dozen women in a variety of executive and planning positions we attempted to bring a consensus of some of the root causes of this imbalance as well as …

Finance & Budget Committee Agenda, Wku Board Of Regents

Board of Regents Documents

Meeting agenda.

The Wall Street Gap: A Theoretical Analysis Of Company Valuation Discrepancy, Peter Twomey

Undergraduate Economic Review

Examination of prior research suggests that affiliated sell-side analysts are subject to conflicts of interest that cause them to issue optimistically biased stock recommendations for investment banking clients. Using a sample of public technology companies, I find that analysts have a theoretical discrepancy of up to 26% when valuing companies using a discounted cash flow model, and a 19-22% theoretical discrepancy when using comparable company analysis. I showcase how conventional valuation methodologies can allow sell-side analysts significant leeway that can be used to further unethical agendas and draw conclusions around the usefulness of regulatory intervention in the financial services industry.

Skewness Risk, Jump-Diffusion Modeling And Pricing In Carry Trade, Chitsun Chen

Doctor of Business Administration Dissertations

This paper investigates jump risk and return characteristics of currency carry trades by employing both empirical approach and analytical method. With country-level stochastic discount factor, a mathematical model is proposed to describe carry trade return dynamics that capture jump risk. Carry trade returns are modeled as jump-diffusion processes where types of jumps involve global and idiosyncratic jumps. We derive the first four moments of return process on exchange rates and use the method of moments to estimate parameters, which show the model matches excess carry trade returns in data quite well. Empirical findings show that carry trade returns exhibit an …

The Impact Of Governance Mechanism On Performance And Survival Of Entrepreneurial Firms, Noura S. Metawa

LSU New Orleans Theses and Dissertations

The dissertation consists of two essays.

The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, …

Two Essays In Economics And Finance, Phuvadon Wuthisatian

LSU New Orleans Theses and Dissertations

This dissertation contains two essays. The first essay investigates the measure of FX liquidity and determinants of the change in FX liquidity. Using 20 cross currency exchange rates over spanning period of 1999 to 2016, funding constraints and global risks are responsible for the main drivers of changing in FX liquidity. The magnitudes of both G7 and emerging volatility index are offsetting each other in all the regression models indicating that FX investors take diversification trading strategies to diversify their portfolios. The financial crisis provides an evidence that the more financial constraint issues contribute to the change in FX market …

Reduing Hospital Readmissions: Ideal Discharge Planning For Heart Failure Management, Chun Mei Chen, Chun Mei Chen

Master's Projects and Capstones

Abstract

The objectives during this project were to achieve by the end of 2018 an overall reduction of 25% in HF readmissions within 30 days. By identifying root causes of readmissions and using needs assessment within the microsystem, literature highlights the elements defining interventions that can be used to improve transitions of care and reduce avoidable HF hospital readmissions. A plan was developed for integrating an evidence-based practice, IDEAL Discharge Planning, along with engaging patients and families at bedside from the first day of admission until discharge to more effectively assist staff in providing patient-centered education and self-care skills. The …

2018 Q2 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Pepperdine Graziadio Business School, in partnership with Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Avis Budget Group: A Financial Analysis, Tralonie Perkins

Dissertations, Theses, and Projects

This paper presents a financial analysis behind Avis Budget Group, Inc. (CAR), a leading global provider of vehicle rental and car sharing services, operating three of the most recognized brands in the industry: Avis, Budget and Zipcar. Utilizing both qualitative and quantitative analysis, this report encompasses comprehensive data regarding the industry in which CAR competes, the company’s recent financial results, and forecasts of its future growth with five-year pro forma financial statements used to build a valuation model.

Finance & Budget Committee Packet, Wku Board Of Regents

Board of Regents Documents

Action items:

• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures
• Personnel Actions
• 2018-19 Budget Development

Quarterly Meeting Agenda & Packet, Wku Board Of Regents

Board of Regents Documents

Action and information items:

• John Hardin emeritus appointment
• Sam Bush honorary doctorate
• Distringuished professors - Ferhan Atici, Aaron Hughey
• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures Report
• Personnel Actions
• 2018-19 Budget Development
• Greg Collins contract
• College Heights Foundation, Inc. lease
• Naming Designated Rooms / Areas
• Terry Ballman, Provost Appointment

Three Essays On Special Donation Types (Dissertation Defense Slides), Jennifer Lehman

Faculty Publications - College of Business

Much research has been conducted on charitable giving where it is analyzed as a single, undifferentiated philanthropic transfer concept. Relatively less research has explored factors associated with special donation types such as

1) bequests,

2) lifetime donations to specific cause types, or

3) the intersection of bequests and lifetime donations to specific cause types.

This dissertation provides new information addressing all three of these areas.

The Leadership Role Of Management Accountants As It Contributes To Innovation And Entrepreneurship In Start-Up Businesses In Southern California, Paula Edwards

Dissertations

Purpose: The purpose of this qualitative study was to understand and describe the leadership role of managerial accountants as it contributes to innovation in start-up businesses in Southern California.

Methodology: The methodology used to understand and describe the leadership role of managerial accountants as it contributes to the innovation and entrepreneurship in start-up businesses in Southern California was a qualitative study. The study participants included 12 entrepreneurs who had started a business in the last five years, had utilized a management accountant on a part-time, full-time or consultant basis and are located in the San Diego, Orange, or Los …

2018 May Parkview Signature Care Thought Leader Forum, Jeanne Wickens, Sue Ehinger Phd, Jolynn Suko

Presentations and Events

No abstract provided.

Are Prize-Linked Savings Accounts The Solution To Arkansas' Savings Problem?, Mckenzie Wages

Accounting Undergraduate Honors Theses

This research finds that access to prize-linked savings could improve the financial security of Arkansans. Prize-linked savings (PLS) accounts are nontraditional savings products that offer depositors the chance to win cash prizes instead of a typical interest rate return. Given the low median incomes, high liquid asset poverty rates, and high levels of underbanked and undereducated individuals in Arkansas, there is a need for an innovative savings solution like PLS in the state. PLS accounts capitalize on individuals’ propensity for lottery-like risk-taking to inspire the productive behavior of personal saving. A wide range of individuals, especially those who could stand …

Beyond Numbers: How Investment Managers Accommodate Societal Issues In Financial Decisions, Diane-Laure Arjaliès, Pratima Bansal

Business Publications

Investment managers use financial numbers to assess the quality of their portfolios, which requires them to estimate the market value of their assets—i.e., the priced trading of such assets. Prior research has shown that investment managers tend to disregard information that does not easily integrate into financial numbers, such as environmental, social and governance (ESG) criteria. We argue that when investment managers use visuals to incarnate ESG criteria, they are more likely to accommodate societal issues in their financial decisions. We undertook a three-year ethnography of an asset management company to better understand how investment managers respond to ESG criteria. …

High Returns And Low Volatility: The Case For Mid-Cap Stocks, Ryan Lynch

Undergraduate Honors Theses

This study examines excess risk-adjusted returns generated by mid-cap firms with an average market equity between $2.4 billion and $5.5 billion in 2017. Researchers have heavily studied the small-firm effect since its identification in the early 1980s, leading investors to overweight small-cap securities. Additional investments in the small-cap segment caused the small-cap anomaly to weaken. This study finds that excess returns of small-cap firms compared to mid-cap firms are not statistically significant in the periods 1946 – 2017 and 1982 -2017. However, mid-cap firms generate significantly higher 3-year average returns relative to small and large-cap firms after the initial identification …

Fair Trade And Its Value In Today’S Globalized Economy, Kristen Unangst

Renée Crown University Honors Thesis Projects - All

My capstone examines how fair trade can operate in today’s globalized economy and how it can aid in solving some of the large problems that globalization has created. This paper is structured in the following way. It first examines globalization and the ways that it has advanced the world today. Then, it ventures into the problems that globalization has created and how they can be repaired using fair trade. This paper also looks into how fair trade has been successful in the recent past and how it can be improved in the future. It especially highlights how profitable fair trade …

Cost-Benefit Analysis Of Retirement Plans, Hunter Rhea

Finance Undergraduate Honors Theses

In my research, I’ve compared the cost and benefits of defined benefit and defined contribution plans consisting of 401(k)s, IRAs, 403(b)s, and S&P 500 ETFs. A model was used to forecast future value of plans at retirement based on years till maturity, contribution amounts, and plan type. Based on the results, it’s beneficial for an individual to invest in a diversified mix of retirement plans to reduce the risk associated with one plan. The future value of each plan witnessed a direct increase in value for an increase in contribution amount and years till plan maturity.

A Comparative Analysis Of Personal Financial Literacy, Connor Davey

Finance Undergraduate Honors Theses

The purpose of this thesis is to provide a comparative analysis of the financial state of modern American college graduates to similar groups of graduates. From this comparative analysis, we can see which aspects of Personal Financial Literacy need to be emphasized to achieve success as a new college graduate. First, a comparison was made between modern American graduates and American graduates from Generation X. It was found that modern graduates have just slightly more student loan debt than Gen X graduates, despite having significantly higher tuition rates. This debt amount, over time, would not be a huge concern for …

Financial Institutions And Systemic Risk: The Case Of Bank Of America 2006-2017, Jeffrey Mills

Finance Undergraduate Honors Theses

This paper explores systemic risk and financial institutions before, during, and after the financial crisis. It focuses on Bank of America the 2^nd largest bank in the United States by assets. The paper includes an introduction to systemic risk and a review of literature on systemic risk. A few traditional measures of systemic risk will be defined, such as nonperforming loans, return on assets, return on equity, earnings per share, net interest margin, and capital adequacy ratio. Finally, the paper will take a look at how these traditional measures specifically relate to Bank of America from 2006 to 2017. …