Business Commons^™

The Effect Of Economic And Climate Policy Uncertainties On Momentum Strategies Across Different Esg Levels, Siwaphat Prommana

Chulalongkorn University Theses and Dissertations (Chula ETD)

This thesis investigates the impact of Economic Policy Uncertainty (EPU) and Climate Policy Uncertainty (CPU) on ESG momentum strategies in U.S. equity markets from 2011 to 2023. Momentum portfolios are constructed within high- and low-rated ESG pillar groups to assess how policy uncertainty influences their performance across different firm characteristics, including sectoral classification and geographic operations. Empirical analysis reveals that policy uncertainty, particularly through Forecast and News channels, significantly affects momentum returns, with the strongest effects concentrated among low ESG-rated and domestically focused firms. Cyclical sectors display heightened sensitivity to both EPU and CPU, while international firms show weaker or …

The Effect Of Trading Volume From Different Investor Types On Trading Friction Anomaly Returns In Thailand: Evidence From Market Microstructure Data Of The Stock Exchange Of Thailand, Suparkit Assavanig

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study introduces a novel approach to understanding how trading volumes from individual, institutional, and foreign investors influence anomaly returns in Thailand's stock market. I integrate comprehensive analysis of seven trading friction anomalies with unique market microstructure data from the Stock Exchange of Thailand's database. This approach enables construction of long-short portfolio strategies, while accounting for the distinct trading behaviors of different investor groups during the period from 2011 to 2021.Remarkably, I discovered asymmetric effects where retail trading amplifies certain anomalies while reducing others, contradicting traditional noise trader theories. Furthermore, the integration of investor-type volume indicators with long-short anomaly strategies …

Accounting Aspects Of Appraisals, Raymond A. Weber

Bachelors’ Theses

The purpose of this thesis is to explain the application of appraisals to the following specific accounting problems: 1. The Establishment of Plant Accounts 2.The Determination of Invested Capital 3. The Distribution of Departmental Investment

It is important to keep accurate property records in every line of industry; yet property accounts are subject to many inaccuracies, and their correct maintenance offers many perplexing problems to the accountant. This thesis is, therefore, an attempt to point out some of the more common errors which creep into property records, and to show how appraisals may be applied to correct these errors. Particular …

Investing In The Age Of Generative Ai: A Gpt-Based Sentiment Analysis Approach, Xianrong Zheng

Information Technology & Decision Sciences Faculty Publications

Generative AI, which ushers a new age of AI, comes with huge economic potential. To capitalize the AI boom, investors are interested in trading AI stocks. AI chatbots, which can identify and classify the sentiment from financial news, can be leveraged for investment. So, this paper proposes a GPT-based sentiment analysis approach for trading AI stocks. Also, natural experiments are conducted to evaluate its effectiveness. Initial results show that the approach achieves a good rate of return.

Relationship Between Financial Literacy And Financial Behavior Among Seventh-Day Adventist Full-Time Pastors In The North American Division Of The Seventh-Day Adventist Church, Edwin G. Romero

Dissertations

Problem

This investigation intended to examine the relationship between the financial literacy components of full-time pastors and their financial behavior components. Many pastors struggle with their finances and often retire unprepared due to having inaccurate or incomplete knowledge of relevant financial information and planning strategies.

Method

This study adopted a quantitative, descriptive, and correlational approach to investigate the financial and demographic characteristics of pastors. The questionnaire completed by participants was the financial literacy questionnaire developed by Stella et al. (2020), which helped measure general financial literacy among full-time pastors, and the Financial Management Behavior Scale (FMBS) developed by Xiao (2008) …

Amending Regulation D'S Accredited-Investor Definition To Allow Natural Persons To Opt Out Of Unwanted Regulatory Protections, John L. Orcutt

Fordham Journal of Corporate & Financial Law

No abstract provided.

Consumer Financial Data And Non-Horizontal Mergers, Linda Jeng, Jon Frost, Elisabeth Noble, Chris Brummer

Fordham Journal of Corporate & Financial Law

This Article explores the potential competitive implications of non-horizontal mergers where they involve extensive consumer data, including consumer financial data. As data become increasingly central to firm strategy, mergers between data-rich firms, while potentially leading to positive outcomes, can also create market power in ways not entirely accounted for by traditional antitrust theory. The Article considers some of these implications. It introduces new metrics for valuing data sets held by merging firms that could help competition authorities evaluate market impacts more effectively. The Article then suggests potential tools to mitigate anti-competitive effects of data-rich mergers. It advocates for further research …

I To I (Insights Into Islamic) Financial Literacy Among Secondary School Students, Nur Syamilah Md Noor, Nor Hanim Elias, Mardziyah Mohd Isa Mohd Isa, Muhammad Abrar Bahaman, Razinda Tasnim Abdul Rahim

International Conference on Business and Management Research (ICBMR)

Financial literacy is a crucial life skill that enables individuals to manage resources responsibly and make informed economic decisions. In the context of secondary school students, early exposure to financial education provides a foundation for future financial stability and resilience. This study, Insights into Islamic (I to I) Financial Literacy Among Secondary School Students in Perlis, explores the level of awareness, understanding, and practice of financial literacy from an Islamic perspective. The research emphasizes core Islamic financial principles such as the balance between needs and wants, the significance of saving and investing through permissible means, and the prohibition of riba …

Betting Against All Betas: Do Fama-French-Carhart Factors Share The Beta Anomaly?, Kevin Jiang

CMC Senior Theses

Frazzini and Pedersen’s (2013) Betting Against Beta is an investment strategy that exploits a well-documented anomaly in the Capital Asset Pricing Model. This anomaly is called the beta anomaly, which states that the model overestimates the risk-adjusted returns of high-beta assets and underestimates the risk-adjusted returns of low-beta assets. According to the beta anomaly, betas and alphas should be negatively correlated. Frazzini and Pedersen prove that an investor is able to generate positive abnormal returns by holding a long position in low-beta assets and a short position in high-beta assets. They also show that their Betting Against Beta factor delivers …

Navigating Uncertainty In Global Auditing: Institutional Barriers, Coordination Challenges, And Auditor Responses, Eric P. Krause

2025

Enhancing transparency and coordination in global auditing is increasingly critical as financial markets become more interconnected. My dissertation examines how regulatory fragmentation and uncertainty shape cross-border audit practices and outcomes. Through three related studies, I explore the effects of economic and political uncertainty, regulatory tension, and global audit network structures on audit-related decisions and consequences. The first paper is a literature review that synthesizes findings from over 40 empirical studies on how economic and political uncertainty affect financial reporting, capital markets, and auditor behavior. Motivated by the rise of uncertainty indices—such as the Economic Policy Uncertainty (EPU) Index (Baker et …

Watchdogs Or Lapdogs: How Audit Committees Influence Financial Reporting Quality And Cybersecurity, Yanru Yang

2025

With the increasing complexity of the business environment, the role of corporate governance and oversight is expanding continuously. Grounded in archival research, my dissertation consists of three studies that explore the features of audit committees in monitoring both financial reporting and broader areas, such as cybersecurity.

The first paper, co-authored with Gopal Krishnan and Wei Yu, examines the implications of audit committee (AC) director departure for financial reporting quality and audit risk. We find that the departures in the firms with most concerning AC departures are associated with a higher likelihood of a future “Big R” restatement announcement and auditor …

2025 Crummer Truist Portfolio, Cole Cecconi, Esperanza Dickson Reyes, Gustavo Fernandez, Conner Jones, Michael Kozinski, Emily Quezada, Cristian Ramos, Polina Vlasova

Crummer Truist Portfolios

SunTrust (now Truist) endowed this portfolio to provide scholarships for future Crummer students and to give current students a practical, hands-on learning opportunity. This year, we are pleased to be able to disburse $50,000 to be used for scholarships. We are extremely grateful for this generous investment in higher education. We have all learned a great deal from this experience and the responsibility of managing real money. Our first challenge is to establish a portfolio position that takes advantage of economic opportunities while avoiding unnecessary risk and conforming to the Crummer Truist Investment Policy Statement (IPS). We are also tasked …

Confronting Indecision, Lane Allison Murray

ENGS 15.11: Design and Education

This course aims to increase students' understanding of indecision and how to confront it. The class provides insight into how the fear of the unknown holds people back from making decisions and about understanding one's values as a means to combat indecision. Students and teachers alike explore instances of indecision and evaluate their own impulses & thought processes by reflecting on the deeper reasons for their choices. Students will increase their comfort level of asking themselves and their peers questions about the values that guide them and, in doing so, strengthen their relationships with themselves and others.

Sector-Specific Volatility Management: Evidence From U.S. Equity Industry Portfolios, Ryan Enney

CMC Senior Theses

Within this paper I examine the performance of volatility management across ten U.S. equity industry portfolios. This research is motivated by Moreira and Muir’s (2017) findings, which show that scaling exposure inversely with realized volatility increases Sharpe ratios. I evaluate four distinct volatility-management techniques: one-month realized variance, one-month realized volatility, six-month exponentially weighted moving average of realized volatility (EWMA), and GARCH forecasted one-month volatility. I find that volatility-managed industry portfolios statistically and economically increase Sharpe and Sortino ratios in direct comparison to their unmanaged counterparts. The EWMA strategy provides the most robust performance after accounting for practical transaction costs and …

Navigating New Capital Sources: Financing Constraints And The Growth Of Private Credit, David George Mathias Jr.

CMC Senior Theses

The rapid growth of private credit—non-bank lending where firms receive funds directly from private lenders like asset managers, private equity firms, and institutional investors—has reshaped corporate financing dynamics. This paper examines how private credit influences firm financing constraints and macroeconomic risk through the use of a dataset consisting of private credit deals, firm-level financial metrics, and macroeconomic indicators from 1995 to 2023. Regression analysis reveals that private credit has an insignificant effect on financing constraints as it generally acts as a substitute for traditional financing and a counterforce to tightening bank policies. However, a significant relationship emerges between private credit …

Dynamic Quantile Positioning: A Visual Approach To Financial Ratio Benchmarking Against Industry Peers, Wojciech Kuryłek

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: This paper introduces an innovative visualization method for financial ratio benchmarking that enables comprehensive evaluation of a company’s financial performance relative to industry peers, addressing the challenge of information overload in financial analysis.

Design/methodology/approach: The method analyses data from nearly 200,000 Polish companies classified by PKD codes (aligned with NACE Rev. 2). It evaluates 14 financial ratios across five categories: sales characteristics, profitability, financial leverage, liquidity, and working capital. Each ratio is mapped against industry distributions divided into five quantiles ranging from ‘far below average’ to ‘far above average’. The visualization displays current and previous year positions …

The Usefulness Of The Industry Trade Credit Risk Indicator In The Polish Economic Realities In 2013–2023, Robert Dyrcz, Artur Hołda

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: The aim of this article is to introduce the methodology for creating a synthetic industry indicator of trade credit risk (PICM Risk Index©), which will be useful in forecasting the number of defaults in economic sectors. In particular, the PICM Risk Index© indicator is to be characterized by the smallest possible forecast error and is to be variable in monthly periods.

Methodology: In the construction of the indicator, the economic situation research of the Central Statistical Office was used. The research hypotheses assumed were that the indicator shows a statistically significant relationship with insolvencies in the sectors …

Green Project Finance For Infrastructure And Building Construction: Instruments And Benchmarks, Yunping Liang

Durham School of Architectural Engineering and Construction: Faculty Publications

It is counterintuitive that both the practice and research on green project finance for infrastructure and building construction are ascendant and still have limited precedents, considering that individually, the two parts (i.e., project finance and sustainability in the built environment) are both familiar to the communities. To narrow the gap and facilitate the financing of the built environment’s sustainable transformation, this study systematically reviews the common instruments for financing green infrastructure and building projects. Benchmarking questions distinguishing the profile of green project finance from common construction project finance are developed based on the literature review and then are used for …

An Economic And Production Analysis Of Seaweed Farms In California And The Pacific Northwest, Brian Donovan

Cal Poly Humboldt theses and projects

Since the early 2010s, the seaweed aquaculture industry has steadily expanded in the United States, with states like Alaska, Maine, Hawaii, and Connecticut leading the way in the development of this emerging sector. However, information gaps remain concerning certain aspects of the domestic seaweed aquaculture industry. The purpose of this study was to examine the status of the seaweed aquaculture industry along the West Coast of the United States; specifically in the states of California, Oregon, and Washington. Seaweed farmers in these states were invited to voluntarily complete surveys asking important production, economic, and commercial questions regarding their operations. Data …

Women On Boards Annual Monitoring Report 2024, Center For Entrepreneurship And Innovation

Faculty Books

The AUC Egypt women on boards monitoring report is issued annually to track and monitor the presence and representation of women on boards towards meeting the goal of having 30% women on boards by 2030. The importance of improving representation of women on boards stems from the fact that it is one of the good governance pillars, in addition to the positive impact on firm performance and profitability. The National Strategy for the Empowerment of Egyptian Women 2030 has accordingly promoted for increasing the leadership roles of women and holding key positions in public institutions and companies, setting the target …

Esg Federalism: How State Regulations Shape Esg Performance, Kameron Eck

All Master's Theses

This thesis examines how state-level environmental, social, and governance (ESG) regulations influence corporate ESG performance in the United States. Using a panel dataset that combines state ESG legislation, firm-level ESG scores from S&P Global, and financial data from Compustat (2019–2024), I employ fixed-effects regression models to analyze the relationship between state ESG regulations and corporate ESG performance. The analysis incorporates firm and year fixed effects to account for unobservable heterogeneity across companies and time, while controlling for firm-specific characteristics. Additionally, the study investigates whether board gender diversity moderates this relationship. The findings contribute to the understanding of ESG policy effectiveness …

Corruption Perception, Institutional Quality And Stock Prices: Evidence From The Egyptian Capital Market, Rasha Elbolok, Gina Eltabei, Dina Hassouna

Business Administration

This study examines the impact of institutional quality and corruption perception on stock prices in the Egyptian capital market, with a focus on the post-revolution period from to . Using the Generalized Method of Moments (GMM) methodology, this study provides empirical evidence on the significant role of macro-political factors and firm-specific variables in shaping stock market dynamics. The findings reveal that institutional quality, characterized by governance efficiency, regulatory frameworks, and the rule of law, positively correlates with stock prices. Similarly, enhanced corruption perception control significantly boosts investor confidence, leading to increased market valuations. Firm-level factors such as Tobin’s Q and …

Ethnic Politics And Fiscal Dominance: Implications For Currency Union Formation In Sub-Saharan Africa, Benjamin D. Keen, Christine O. Strong

Economics Faculty Publications

Numerous currency unions have been proposed in Africa over the past 50 years, but none have succeeded. This paper asserts ethnic favouritism is a crucial yet often overlooked feature that strongly influences an African government’s willingness to join a currency union. We use a Barro and Gordon (1983) style model that incorporates fiscal dominance, political business cycles and ethnic favouritism to assess the benefits and costs to African households and governments of joining a currency union. Our results show that ethnic alignment between the head of state and central bank governor amplifies fiscal dominance, which reduces an African government’s desire …

Cross Country Analysis Of Leveraged Loan Issuance: A Comparative Case Study, Cristina D. Vasquez Boero

Honors Program Theses

This paper aims to examine the dynamics of the global leveraged loan market through a cross-country analysis of 32,635 loan issuances spanning 133 industries across 29 countries between 2005 and 2024. The study analyzes key loan-level variables; including commitment size, maturity time, facility type, pledge status, priority lien, economic sector, use of proceeds, issue year, and amortization schedule to identify cross-country variation in loan issuance patterns and borrower characteristics, comparing a selected sample of international countries with the United States. The results reveal that the market for leveraged loans has grown significantly over time, specifically due to a higher frequency …

Examining The Industrial Impact Of Fintech Lending In The Post-Next Normal Era, Nur 'Asyiqin Ramdhan, Imbarine Bujang, Amirul Afif Muhamat, Purwatiningsih Lisdiono

The Indonesian Capital Market Review

The financial sector has undergone a substantial paradigm shift as a consequence of the COVID-19 pandemic prompting industries actively innovate their financing method. Utilizing ARDL, our analysis reveals intriguing insights into the interaction of financing determinants interruptions caused by the epidemic, and the P2P lending success. The long-term effects of economic conditions alluding to the significant influence of investment size across various industrial sectors. The industrial differences suggest interesting connections between the size of investments, and loan tenure to the P2P lending in different industries. The wholesale and retail trade sector demonstrates intricate reactions to changes in investment size, while …

Pan-Caribbean Airlines: Unlocking Regional Aviation Potential, Dimitrios V. Siskos, Alexander Maravas, Jordan Karatzas

Publications

The Caribbean's air transport system is facing significant challenges, including operational fragmentation, excessive costs, and inadequate inter-island connectivity. These challenges limit its ability to support the region’s heavily tourism-dependent economies. This research evaluates whether consolidating small Caribbean airlines into a single or virtual Pan-Caribbean carrier could transform regional air travel. Based on financial analysis, historical traffic data, and case comparisons with airline mergers in South America and the US, the paper simulates the anticipated efficiencies resulting from route consolidation, fleet standardization, and common operational services. The research concludes that consolidation may create a regional GDP impact of up to $3.3 …

Harvest Gold Distillery, Alexis Mackey, Alexander Grecco, Cole Smith, Maggie Patterson, Blake Benko

Williams Honors College, Honors Research Projects

The goal of our research project is to establish and grow Harvest Gold Distillery: a corn-based liquor distillery in Ohio that aims to produce and sell high-quality spirits while offering unique services that enhance outreach in the community. The motivation behind this business venture is rooted in one of our team member’s family traditions; Alex’s family makes homemade liquors, which has fostered an in-depth understanding of the distillation process. Alex’s firsthand experience with the craft provides a solid foundation, yet we recognize that starting a distillery involves significant challenges and requires thorough research in several functions of business. This project …

Personal Finance – Emerging Issues And Trends. Opening Remarks, Katarzyna Kochaniak, Witold Gradoń

Journal of Banking and Financial Economics

Personal Finance – Emerging Issues and Trends. Opening Remarks

European Household Savings Dynamics: Under Inflation And Post-Pandemic Shocks, Mateusz Mierzejewski, Julia Szczurek

Journal of Banking and Financial Economics

The Covid-19 pandemic, which began in early 2020, triggered a global health and economic crisis, leading to unprecedented changes in consumer behaviour and the functioning of national economies. This article examines the impact of the pandemic and the subsequent inflationary crisis on household savings levels in selected European countries. The analysis includes an assessment of household responses to changing macroeconomic conditions, such as inflation, interest rates, and household incomes, as well as the effectiveness of implemented monetary and fiscal policies. The study employs a neural network model considering autoregressive relationships in a panel data approach. The research covers data from …

Digital-Only Banks – Retail Banks For Retail Customers Only?, Katarzyna Schmidt-Jessa, Maciej Stradomski

Journal of Banking and Financial Economics

This paper explores how traditional banks perceive digital-only banks and the potential impact of digital-only banks on the retail segment of the banking sector. To obtain the main goal, we conducted in-depth semi-structured interviews with managers and directors representing different traditional banks with profound insight into the bank digitalisation process. The results indicate that, for traditional banks, the development of digital-only banks does not pose a threat or challenge that can significantly undermine their business. A high level of user experience, innovativeness, and lack of obsolete processes and technologies are the main advantages of digital-only banks that attract retail customers. …