Business Commons^™

Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud

Electronic Theses and Dissertations

My first essay examines the degree to which the market prices of publicly traded firms reflect and respond to new information regarding the economic viability and vitality of organizations to which they are strategically linked. More specifically, I exploit the uniquely transparent nature of the lessor-lessee relationship across commercial real estate markets to evaluate whether future returns to real estate investment trusts (REITs) are systematically affected by the financial return performance and/or operational opacity of the tenants who lease their investment properties. Using a hand collected data set identifying the principal tenants of 96 publicly traded REITs, I find those …

If You Only Knew The Power Of The Dark Side: An Analysis Of The One-Sided Long Position Hedge Fund Public Disclosure Regime And A Call For Short Position Inclusion, Christian Bonser

Fordham Journal of Corporate & Financial Law

Disclosure rules in the United States capital markets were designed to promote fairness among all participants by providing a transparent system for equal access to information. The interpretation of information is the foundation of all prudent investment decisions; thus, an efficient capital market depends on the proper disclosure of information. Hedge funds heavily influence and play an integral role in the proper functioning of capital markets. For the markets’ benefit, hedge funds must publicly disclose their investing activity, which consists of long positions, like buying stock to sell later, and short positions, like short selling.

However, while hedge funds are …

Regulatory Arbitrage And Hedge Fund Regulation: The Need For A Transnational Response, Hossein Nabilou

Fordham Journal of Corporate & Financial Law

Regulatory arbitrage is an indispensable element of regulatory competition as it provides regulatory substitutes for firms, and allows those firms to optimally benefit from such competition. This also increases the elasticity of demand for regulators and engenders accountability among them. Hedge funds, as paragons of exploiting regulatory discrepancies, are heavily criticized for thwarting efforts to address systemic risk. This Article investigates the arbitrage-seeking behavior of hedge funds in a globally-fragmented financial regulatory framework.

Despite its benefits, regulatory arbitrage involves certain costs. Although market discipline can constrain these negative externalities, due to certain idiosyncratic features of the hedge fund industry, such …

Off The Chain! A Guide To Blockchain Derivatives Markets And The Implications On Systemic Risk, Ryan Surujnath

Fordham Journal of Corporate & Financial Law

Blockchains are publicly viewable and theoretically unalterable records of bitcoin transactions. They are thus crucial to the functionality of cryptocurrencies. Through the blockchain, bitcoin algorithmically decentralizes the maintenance of the transaction ledger and delegates the task to users on its network.

Blockchain technology shows promise beyond cryptocurrency: banking and financial institutions have established partnerships with fintech firms to explore the applicability of blockchains in capital markets. Blockchains, used in conjunction with self-executing smartcontracts, present particularly compelling opportunities in derivatives markets, which are typically beset by numerous intermediaries. The blockchain could radically reinvent the existing market infrastructure. Certain intermediaries like central …

Helca Mining Company, Claire Dalman

Undergraduate Theses, Professional Papers, and Capstone Artifacts

No abstract available.

Crummer Suntrust Portfolio Recommendations: Crummer Investment Management, Kaiwen Lu, Mara Lugo, Kevin Brancheau, Keenan Crosby, Carlos Perez Ruisanchez, Mark Faas, Alex Lopez Alguacil, Amy Martin, James Ferrell, Ghadi Mechleb, Brennan Smith

Crummer Truist Portfolios

The following report will walk you through this analysis beginning with an economic outlook, which in turn influences our portfolio design. The designated sector analysts then assess the portfolio holdings of each sector and determine whether the positions align with our forecast. This assessment includes a broad sector outlook, as well as a fundamental outlook for each individual holding. The decision to buy, hold, or sell is based on the sector analysts’ valuation. Finally, the report concludes with an overall portfolio assessment given the proposed changes supported by mean variance efficiency and a value at risk diagnosis.

Quasi-Appraisal: Appraising Breach Of Duty Of Disclosure Claims Following "Cash-Out" Mergers In Delaware, Zachary A. Paiva

Fordham Journal of Corporate & Financial Law

In recent years, Delaware has served as the hot bed for the dramatic increase in merger appraisal litigation and the proliferation of “appraisal arbitrage” whereby opportunistic shareholders buy into companies following merger announcements and challenge announced deal prices as an investment strategy. While this has not always proved profitable, it has increased scrutiny over the Delaware appraisal regime and the ability for shareholders to avail themselves of the opportunity for a judicial valuation of their shares. Furthermore, it has highlighted information asymmetries in which controlling shareholders, particularly those seeking to cash out their minority shareholders, are incentivized to underpay or …

Financial Socialization’S Impact On College Students’ Credit Card Behavior, Conner N. Palm

The Journal of Undergraduate Research

This study looked at the association between family financial socialization and credit card behavior among college students. The data came from the 2014-2015 National Student Financial Wellness Study, administered by the Ohio State University. Responses from 283 undergraduate students enrolled in South Dakota State University were analyzed. In general, responsible credit card behavior was found to be more likely exhibited by students who said their parents encouraged them to invest and students who thought their parents were good financial role models.

Offshore Outsourcing Of The United States Semiconductor Manufacturing: Management Approaches And Strategies, Oscar Mostofi

Walden Dissertations and Doctoral Studies

The United States manufacturing employment decreased 33% from 1985 to 2014. During the same period, the United States semiconductor manufacturing, accounting for 1.7% of the total of the United States manufacturing workforce, lost 35% of its employees. The decline in semiconductor manufacturing jobs began in 1985 when semiconductor firms began offshoring product manufacturing overseas because of low cost of qualified labor force and facilities. This qualitative case study explored the analytical approaches and strategies business leaders of semiconductor firms that offshore manufacturing use in making informed strategic outsourcing and offshoring decisions conducive to sustainability and profitability of operations. The location …

Understanding Financial Value Of Cloud-Based Business Applications: A Phenomenological Study, Victor Arthur Arthur

Walden Dissertations and Doctoral Studies

An understanding of opportunities and challenges in cloud computing is needed to better manage technology costs and create financial value. The purposes of this transcendental phenomenological study were to understand the lived experiences of minority business owners who operated business applications in the cloud and to explore how these experiences created financial value for businesses despite security challenges. Historically, minority business owners have experienced high rates of business failures and could benefit from information to help them manage business costs in order to position their businesses to grow and succeed. Modigliani-Miller's theorem on capital structure and Brealey and Young's concept …

Risks Management Application In Helping The Poor Through Microfinancing, Edmond Njombe Lyonga

Walden Dissertations and Doctoral Studies

Poverty alleviation in Buea, Cameroon, has been a problem of concern for decades. The study is vital because managers who control the funds given to the government of Cameroon to help reduce poverty are politicians and do not equitably distribute the funds to all on the pretext that the default rate is high. The purpose of this study was to find better ways to make additional capital available to the microbusiness owners of Buea to open or improve businesses. This qualitative case study design was consistent with the aim of understanding the importance of risk management within the microfinance industry …

The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, Tania Salomon

CMC Senior Theses

This thesis evaluates the risk-return characteristics and diversification benefits of fine wine investment. It compares the historical performance of wine to that of equity, fixed income, real estate, and commodities. I calculate the correlation, volatility, and expected returns of these assets to examine whether adding wine to a portfolio increases its risk-adjusted return. I do this through the Markowitz portfolio optimization technique. The findings suggest that wine has a low correlation with traditional assets, providing diversification benefits. My results also show that adding wine to a portfolio increases its risk-adjusted return only when there is an allocation constraint of 0 …

Mobile Banking Adoption By Senior Citizens In Australia, Madugoda Gunaratnege Senali

ECU Posters

Mobile banking is technological innovation provided by banks to its customers to do their banking activities such as, viewing account balances, paying bills, transfer of funds and checking new offers and products through their smart phones by using mobile banking application. Though mobile banking has raised high expectations in research and practice, it neither experienced broad adoption nor allows it banks to realize additional earnings yet. This research aims to investigate the factors affecting the mobile banking adoption by senior citizens in Australia by using technology acceptance models. It's important to improve the mobile banking amongst senior Australians to enhance …

Distance To Default, Viet Dung Dinh

ECU Posters

This poster covers default risk and the significance of the Distance to Default (DD) model in predicting financial distress for 6 countries in the ASEAN region.

Three Essays On Liquidity In Modern Markets, Konstantin Sokolov

Theses and Dissertations (Comprehensive)

Recent technological advancements have challenged financial markets. Academic researchers, regulators and market participants voice concerns that modern markets bear the negative externalities of such advancements. Specifically, they are concerned that today’s markets are becoming more fragile and unfair to less sophisticated traders. This work employs empirical methodology to test whether these concerns are justified. This thesis contains three essays:

The first essay studies whether modern markets become less liquid during intraday extreme price movements (EPMs). When a price moves in a certain direction, liquidity providers face two opposing incentives. The first incentive is to stay in the market to accumulate …

Three Essays On Banking, Capital Market Frictions And Corporate Payout Policy, Hosein Nooriaan

Theses and Dissertations (Comprehensive)

The prevalence of financial market frictions is far from uncommon. Between 1970 and 2011, Laeven & Valencia (2012) identify 147 banking crises, along with 218 episodes of currency crises, and 66 episodes of sovereign debt default. Thus, understanding a firm’s behavior in the presence of financial crisis is an important issue for future financial research. My dissertation explores corporate payout and liquidity policy either during a financial market crisis, or in anticipation of a financial market crisis.

In the first essay, “Capital Market Friction and Corporate Payout Policy”, I focus on the role of supply of capital on corporate payout …

Abusive Supervision Detection As Part Of Venture Capital Due Diligence Of Management, David Blum

International Journal of Applied Management and Technology

Abusive supervision (AS) costs U.S. businesses billions of dollars per year in lost productivity, increased absenteeism, and health care costs. To reduce these costs and to enhance the probability of a successful exist, independent venture capitalists (IVCs) need to be aware of the issue of AS among the management team during the due-diligence process. This study addresses a gap in literature related to IVCs being able to detect AS during due-diligence process of the management team. The research question was this: What tools, processes, and methods can IVCs use to detect AS during the due-diligence process of the management team? …

Observations Of Homeownership In The United States Since World War Ii: A Look At The Ups And Downs, Jake Muse

Honors Theses

This thesis investigates the mechanisms that have affected homeownership since World War II. Homeownership rates can reflect people's desire to own homes or not own homes. Therefore, studying the homeownership rates will give me a better opportunity to understand how the residential real estate market operates. Robert Shiller's Homeownership graph, the U.S. Census Bureau's Total Housing Inventory Table and the Federal Reserve Bank of St. Louis' graph of the homeownership rate drove my research. Dating back to World War II, wherever I observed a significant increase or decrease in homeownership, I wanted to explain what was driving the increase or …

An Evaluation Of Customer Satisfaction Dimensions In The Ghanaian Banking Industry, Joyce Esther Dadzie

Walden Dissertations and Doctoral Studies

The banking industry in Ghana has seen tremendous growth in recent times. This exponential growth has led to high levels of competition and necessitated that all banks devise strategies to improve customer satisfaction to gain competitive advantage. The growing demands of customers have a significant impact on bank management's ability to attract and retain them. The ability to retain customers depends on the strategy in place to exceed customer expectations and satisfaction. Grounded in relationship marketing theory, the purpose of this qualitative multiple case study was to explore strategies banking leaders use to increase customer satisfaction. Data were collected through …

Strategies To Reduce Voluntary Employee Turnover In Small Retail Businesses In Jamaica, Georgia Justus

Walden Dissertations and Doctoral Studies

Voluntary employee turnover destabilizes small retail businesses and is a costly business problem for small retail business owners. Some small retail businesses experience voluntary employee turnover of up to 50% annually. Guided by Herzberg's 2-factor theory, the purpose of this multiple case study was to explore successful strategies used to reduce voluntary employee turnover. The target population consisted of 3 small retail business owners in Kingston, Jamaica. Data were collected from semistructured interviews and member checking, and human resource (HR) manuals containing HR policies and procedures. Data were analyzed into emerging themes using Yin's 5-step method. Based on the analysis …

The Relationship Between Financial Performance, Firm Size, Leverage And Corporate Social Responsibility, Fraser T. Nega

Walden Dissertations and Doctoral Studies

Approximately $25.2 trillion in total assets under management in the United States is involved in some strategy of socially responsible and sustainable investing. Grounded in the stakeholder theory, the purpose of this correlational study was to examine the relationships between financial performance, firm size, leverage, and corporate social responsibility. A random sample included 119 large companies located in the United States from the population of companies listed in the Russell 100 index. The data were collected via Bloomberg Terminal. Multiple linear regression analysis was used to predict Environmental, Social, and Governance (ESG) activity scores. The 3 predictor variables accounted for …

Sources Of Financing For Small And Medium Enterprises In Nigeria, Dije Umaru Watse

Walden Dissertations and Doctoral Studies

Small and medium enterprises (SMEs), which account for 96% of businesses in Nigeria are often forced to close because they lack access to funds. The purpose of this multiple case study was to explore the sources of funds available for the development and growth of SMEs in Nigeria. The conceptual framework guiding this study was the pecking order theory. Data were gathered from company documents and through semistructured interviews of a target population of 3 leaders of 3 SMEs from the oil and gas industry in Abuja, Kano, and Lagos in Nigeria, with a capitalization of between N5 million to …

Strategies Microbusiness Owners In Ghana Use For Managing Microloans, Stephen Ekow Edusah

Walden Dissertations and Doctoral Studies

High interest rates, many mortgage defaults, and availability of capital are challenges for microbusiness owners. The purpose of this phenomenological study was to explore the strategies used by Ghana's microbusiness owners to manage microloans for sustainable businesses in Cape Coast, Ghana. Putnam's social capital theory was the conceptual framework for the study. A purposive and snowball sample of 10 participants completed semistructured interviews and described their perceptions and experiences of the phenomena. Data were analyzed using Moustakas' modified van Kaam method to catalog, group, and code information into themes. The study findings indicated there are high-interest rates and many mortgage …

The Determinants Of Traffic Citation Revenues On Florida's Clerks Of Court And Comptrollers, Corey A. Hamilton

Walden Dissertations and Doctoral Studies

In the wake of budgetary restraints, many local government organizations are examining existing sources of revenue to exhaust available streams without increasing constituents' financial burden. Some of these revenue streams include nontraditional sources, such as traffic citations, yet little research has explored the implications of revenue generated from fines from traffic citations. Using the theory of resource dependence as the foundation, the purpose of this study was to explore the relationship between the estimated population of the county, the unemployment rate of the county, and the personal income per capita against the number of traffic citations issued and the Florida …

An Analysis Of The Financial Literacy Of Senior Students Across Fields Of Study At The University Of Mississippi, Robert Hollis Burrow

Honors Theses

This thesis examines the financial literacy of senior students at the University of Mississippi, as well as which variables influence a student's financial literacy level. Financial literacy is crucial for both an individual's current and long-term well-being and financial health. Students in various major fields of study participated in a multiple-choice survey, including demographic, socioeconomic, and financial literacy questions. The student's answers were analyzed using univariate analyses, an ordinary least squares stepwise regression, and a logistic stepwise regression. The study found that the average student score of 2.75 out of five financial literacy questions was comparable to the national average …

Effective Leadership Practices Of Bank Leaders In Nigeria, Olatunji Joseph Ajiboye

Walden Dissertations and Doctoral Studies

The Nigerian banking industry has recently witnessed a major scandal resulting from financial impropriety of some corporate leaders in the industry. The Central Bank of Nigeria (CBN) invested the sum of N620 billion ($4.1 billion) as part of a direct bailout package to 8 banks, and removed top executives of those banks for gross leadership ineptitude. The leadership ineptitude is an indication of the need to better understand effective leadership practices in the Nigerian banking industry. Grounded in transformational leadership theory, the purpose of this multiple case study was to explore bank leaders' effective leadership practices used to sustain bank …

Effective Strategies For Transformational Teams In The Danish Retail Banking Sector, Dorthe Hã¥Hr Dupont

Walden Dissertations and Doctoral Studies

Successful transformation projects in the retail banking industry focusing on improving customer experiences have yielded a verified increase in earnings per employee. The purpose of this single case study was to reveal the strategies used by transformational team managers to ensure improved customer experiences. The stakeholder theory was used as the theoretical framework to analyze the interplay between the project team and the base organization during the process of improving customer experiences. The population consisted of 6 managers of transformational teams in the Danish retail banking sector who were successfully delivering on assigned goals of improving customer services. The data …

Financial Strategies Of Small Businesses To Gain Access To Capital, Atta Boateng Owusu

Walden Dissertations and Doctoral Studies

In the United States, total small business outstanding loans declined by 2.5 % in 2013, compared to a 10.4% increase in 2012. Scholars and business practitioners have indicated that small business entrepreneurs experience constraints in accessing capital to grow their businesses. Many small firm owners lack the financial strategies for gaining access to capital to sustain their businesses. Building on system functionality theory, the purpose of this exploratory multiple case study was to explore the financial strategies among 3 purposefully-selected small business owners in Washington DC metro area who successfully overcame the financial constraints. Six themes emerged from the thematic …

Strategies For Recruiting Cybersecurity Professionals In The Financial Service Industry, Iva Walters

Walden Dissertations and Doctoral Studies

The cybersecurity market is the fastest growing market in the United States; as such, leaders in financial institutions recognize their businesses are vulnerable, as money is accessible within computerized banking systems. The purpose of this multiple case study was to explore what strategies financial service leaders- use to recruit cybersecurity professionals. The conceptual framework for this study was the hierarchy of needs and stakeholder management theory. Data collection involved company archival documents and semistructured, open-ended interviews with 5 financial service leaders in the Midlands area of South Carolina who recruited skilled cybersecurity professionals to support long-term business sustainability. Coding, clustering, …

Competitive Strategies Of Microfinance Owners In Ghana, Eric Kojo Asante

Walden Dissertations and Doctoral Studies

Ghanaian microfinance banks (MFB) experience a high collapse rate, with more than 100 MFBs failing between 2015 and 2016. Grounded on Porter's competitive strategy theory, the purpose of this case study was to explore successful strategies used by selected participants to achieve business sustainability. Fourteen participants from 6 successful MFBs in the Greater Accra Region, including managers and MFB owners with more than 5 years of professional and industry experience, participated in semistructured interviews. Observations and company documents served as a secondary source of data collection. Through thematic analysis, 5 themes emerged: cash and liquidity management, capacity building, monitoring, compliance, …