Business Commons^™

The Role Of Intangible Assets In Shaping Firm Value, Feng Dong, John Doukas

Finance Faculty Publications

This study introduces a new metric to evaluate a firm's intangible asset intensity, focusing on its ability to generate revenue from nonphysical assets. It finds a strong positive correlation between firm performance and both internally generated and externally acquired intangible assets. Firms with high intangible intensity outperform peers by 3% annually. The oversight of intangible assets is identified as a factor in value stocks' underperformance. Rigorous tests, including endogeneity checks, confirm these firms exhibit superior accounting quality, labour investment efficiency and acquisition returns. A framework highlights how managerial attributes enhance firm value through decision-making.

Artificial Intelligence And Digital Technologies In Finance: A Comprehensive Review, Soudeh Pazouki, Mohamad Jamshidi, Mirarmia Jalali, Arya Tafreshi

Finance Faculty Publications

This study explores the transformative impact of artificial intelligence (AI) and digital technologies on the financial technology (FinTech) industry, highlighting their role in fostering business growth, operational efficiency, and enhanced customer engagement. AI-driven strategies have unlocked new avenues for streamlining workflows, boosting productivity, and expanding financial inclusion by reaching underrepresented populations. However, these advancements also pose challenges, including navigating complex regulatory frameworks and adapting to the rapidly evolving technological landscape. This paper delves into the macroeconomic effects of AI, examining its influence on labor markets, consumer behavior, and organizational success. Furthermore, the paper discusses blockchain applications and their potential to …

Does The Acquirer's Complexity Affect The Market Reaction To M&A Decisions?, Rajib Chowdhury, John A. Doukas

Finance Faculty Publications

We examine whether and how acquiring firms' complexity affects investor perception at the announcement of M&A decisions. Using well-established data of firm complexity developed through combining machine learning and a lexicon of words, we find a significant positive relationship between acquiring firm complexity and cumulative abnormal returns (CAR), indicating that more intricate firms are viewed as more valuable or competent in mergers and acquisitions. This association is stronger for acquirers with high operating risk, organizational capital, R&D intensity, large and independent boards, and larger targets. We also present evidence that high-complexity bidders offer higher takeover premiums. Our study contributes to …

Social And Commercial Crowdfunding Through The Lens Of The Theory Of Planned Behaviour And Financial Well-Being, Joanna Adamska, Urszula Mrzygłód

Journal of Banking and Financial Economics

A unique feature of crowdfunding is that it relies on numerous individuals contributing financially to the project, which sets it apart from traditional financing channels. Unlike banks, where funding decisions are subject to strict prudential criteria and the creditworthiness of the borrowing entity, crowdfunding projects appeal to various worldviews and values held by potential backers. Therefore, the financial decision to support the crowdfunding project becomes a unique problem in personal finance. This study aims to analyse the psychological and financial factors influencing crowdfunding participation, comparing social and commercial projects using the Theory of Planned Behaviour (hereinafter: TPB) and subjective financial …

What Role Do Finance Ministers Play In Political Business Cycles? Evidence-Based On A New African Dataset, Christine Olivia Strong

Economics Faculty Publications

This study investigates how the personal characteristics of finance ministers influence political budget cycles in Africa. Using a new dataset covering 300 finance ministers across 23 countries from 1980 to 2020, we find that political budget cycles primarily take the form of increased government consumption during election years. Ministers with prior central banking experience are less likely to amplify spending in election years, effectively curbing political budget cycles. These results remain consistent after accounting for institutional quality, ministerial tenure, and other confounding factors. The findings contribute to the literature by showing that the appointment of finance ministers in African countries …

Market Reactions To Disruptions In The Aerospace Industry: An Event Study Analysis Of Abnormal Returns And Corporate Resilience, Rose L. Lauture

Doctoral Dissertations (DBA)

This study examines the effects of component failures, regulatory actions, and safety violations on stock returns and market volatility in the U.S. aerospace sector. Using FAA incident reports, WRDS market data, and corporate disclosures, the analysis combines event study methodology with ARCH/GARCH volatility models and a multiple regression approach. The results reveal that while incident frequency does not significantly affect stock prices measured by abnormal returns, firm-specific financial indicators—such as cash holdings and book-to-market ratio—play a substantial role. The study highlights the limited explanatory power of traditional regression models and calls for the inclusion of market risk and investor sentiment …

Innovation Reputation And Market Capitalization: The Moderations Of Firm Size, Industry, And Asset Efficiency, Arilova Randrianasolo, Alexey V. Semenov

Funded Scholarship

Purpose – This study investigates the utility of innovation reputation in boosting stock market valuations by examining the influences of firm size, industry and asset efficiency on the focal relationship.

Design/methodology/approach – The moderations were tested across two studies. Study 1 (N = 500) analyzed the influence of innovation reputation on market capitalization and the firm size moderation across manufacturing and service firms. Study 2 (N = 100) assessed the moderations of firm size and asset efficiency in high-vs low-innovation industries.

Findings – Results indicate that innovation reputation significantly predicts market capitalization, with a stronger effect for larger firms. This …

Breaking The Language Barriers? Machine Translation Technology And Analysts’ Forecasts For Firms With Foreign Operations, Bingxu Fang, Pengkai Lin

Research Collection School Of Accountancy

We study the impact of machine translation technology on analysts’ forecasts for firms with foreign operations. Exploiting the staggered rollout of Google Translate’s support for translating foreign languages into English, we find that U.S. analysts improve their forecast accuracy for firms with substantial business exposure to the corresponding foreign countries. We obtain similar evidence using an international sample of analysts covering firms outside their home countries. The improvement in forecast accuracy is greater for analysts with limited language skills or brokerage resources to process foreign information. Further analysis suggests that analysts raise more questions about firms’ foreign exposure during conference …

Ethical Imperatives For Rational Paternalism In Advisor-Client Relationships, Igor A. Zey

Antioch University Dissertations & Theses

This study seeks to understand the role of ethics and rational paternalism in the practice of financial advising. A significant amount of research examines the effects of rational paternalism on the governmental and institutional levels. Very little research has addressed the issues associated with rational paternalistic behavior by advisors toward their clients. Investopedia (2013) focuses on advisors’ ethics and moral responsibilities, underscoring the ethical standards clients should expect from their financial advisors. However, practically none of the literature examines the ethics, morals, and practical aspects of individual paternalism. In response, this study examines the concept of rational paternalism in advisor-client …

Financial Literacy As A Predictor For Future Financial Outcomes, Roy Baker Jr.

Graduate Theses, Dissertations, and Problem Reports (ETD)

John Adams once stated that “All the perplexities, confusions and distresses in America arise not from defects in their constitutions or confederation, not from a wont of honor or virtue, so much as from the downright ignorance of the nature of coin, credit, and circulation” (Adams, 1787). Yet the apparent lack of dedication to the financial literacy of the U.S. population seems contrary to one of our Founding Father’s sentiments. Implementation of a financial literacy curriculum at the secondary education level can be described as ad hoc at best. Using delinquency data and the financial literacy programs of all 50 …

Hitting The Jackpot: What Drives Casino Hotel Stock Returns’ Predictability?, Thach Pham, Deepa Bannigidadmath, Edmund Goh, Anna Golab

Research outputs 2022 to 2026

Forecasting casino hotel stock prices are strategically important to key stakeholders making investment decisions. However, there is a paucity of studies that have examined the impact of macro-economic variables, sector-specific variables and firm-specific variables on casino stock returns. This research fills a research gap by examining the predictability of Australian casino hotel stock returns. The forecasting of casino hotel stock prices was modelled using econometric panel predictive regression analysis through the efficacy of 26 predictors comprising macroeconomic variables, sector-specific variables, and firm-specific variables as predictors. All eight casinos listed on the Australia Stock Exchange (ASX) were included in our sample. …

2025 Finance Calendar, Amanda Christensen, Melanie Jewkes, Andrea Schmutz, Vincenza Vicari-Bentley, Kelan Combe, Rochelle Allen, Lauren Olsen, Jenny Weller

All Current Publications

The 2025 Financial Calendar outlines small monthly steps to improve your finances over the year.

Artificial Intelligence Innovation And Stock Price Crash Risk, Junru Zhang, Chen Cui, Chen Zheng, Grantley Taylor

Research outputs 2022 to 2026

This study examines the association between artificial intelligence innovation (AII) and stock price crash risk (SPCR). AII serves as a governance mechanism that can bolster strength in internal controls, leading to increased financial transparency and thereby reducing the likelihood of future SPCR. The results hold after accounting for possible endogeneity issues Further, we find that monitoring through corporate governance mechanisms, level of following by equity analysts, and the reduced information asymmetry constitute important channels that mediate the association between AII and SPCR. Additionally, the relationship between AII and SPCR varies across corporate life cycle stages and workplace culture.

Ijv Announcements And Shareholder Value Creation: Do Industrial Diversification And Relatedness Matter?, Kin Yip Ho, Zhaoyong Zhang, Lanyue Zhou

Research outputs 2022 to 2026

Purpose – This study empirically examines how industrial diversification and partner business relatedness influence shareholder value, focusing on US multinational enterprises’ (MNEs) worldwide joint venture (JV) announcements, with particular emphasis on East Asian economies. Design/methodology/approach – Drawing on theories from finance, strategic management and international business, we apply a standard event study methodology and employ three parametric and nonparametric tests (i.e. the Patell Z-test, the rank test and the generalized sign test) to assess the impact. We calculate abnormal returns (ARs) as the difference between actual and expected returns and average them across firms to obtain the average AR for …

Correlate Of Savings Attitude And Generational Poverty As Mediated By Financial Literacy: Evidence From Ghana, Adu Bismark Owusu-Sekyere, Williams Kwasi Peprah [email protected]

Faculty Publications

This study examines the mediating role of financial literacy between savings attitudes and generational poverty in Ghana. Generational poverty is a significant issue in Ghana, with a multidimensional poverty rate of 45.6% and a consumer expenditure poverty rate of 23.4%. The problem persists due to low financial literacy and poor savings attitudes, which hinder economic growth and development. The research employed a quantitative methodology, utilizing a series of regression analyses to test the mediation effects of financial literacy. A correlational design was adopted to assess the relationships between the variables. The study’s population included 400 individuals from the five regions …

Does Capital Structure Mediate The Relationship Between Corporate Governance Compliance And Firm Performance? Empirical Evidence From Pakistan, Irfan Haider Shakri, Jaime Yong, Erwei Xiang

Research outputs 2022 to 2026

Purpose: The purpose of this study is to examine how capital structure mediates the effects of corporate governance (CG) compliance on firm performance (FP) in the context of a developing market experiencing significant reforms to its governance landscape. Design/methodology/approach: An index was built to measure firm-level compliance with Pakistan’s code of CG. Several robustness checks were performed, including alternate proxies of dependent and independent variables, using additional control variables and considering the Global Financial Crisis period. To address dynamic effects and endogeneity, several identification strategies were used: a leading dependent variable, fixed effects model, generalised method of moments model and …

Analisis Hubungan Volatilitas Pasar Saham, Foreign Portfolio Investment, Dan Indikator Makroekonomi Pada Saham Syariah Sektor Energi Di Indonesia Tahun 2011-2023, Syahrul 'Ali Ibrohim

Jurnal Manajemen dan Usahawan Indonesia

This research aims to analyze the relationship between stock market volatility, Foreign Portfolio Investment (FPI), interest rates, exchange rates, and the Industrial Production Index (IPI) on Islamic stocks in the energy sector in Indonesia from 2011 to 2023, using the Autoregressive Distributed Lag (ARDL) method and monthly frequency data. The research results indicate the existence of cointegration or a long-term relationship among each tested variable as the dependent variable. The long-term test results show that volatility in Islamic stocks in the energy sector is positively influenced by FPI activity. Furthermore, the exchange rate positively affects the IPI. Meanwhile, in the …

Decoding The Dynamics In Financial Fraud, Triana Eva Adiningsih

Jurnal Akuntansi dan Keuangan Indonesia

This empirical study examines fraud for the entire period and then compares it with the latest trends in the five years. This study utilizes extensive data sets to analyze specific aspects of fraud, including causes, types, solutions, and real-world cases. This study conducted a systematic literature review of relevant literature by taking data from Scopus-indexed journals. Vosviewer was used to identify events, and spreadsheet file information was grouped manually. Interestingly, the cheating types of ‘five-year statistics’ and ‘all-time statistics’ show slightly different frequencies. The main research topics focus on money laundering and financial crimes. To explore this further, this report …

Scheme For The Development Of Sharia-Compliant Financial Inclusion For Farmers On Dryland Area Through The Optimization Of Biological Assets, Kartika Nur Rakhman, Nur Fatwa

Journal Of Middle East and Islamic Studies

Farmers in the Gunungkidul Regency are mostly categorized as impoverished. Resource constraints make it challenging for them to progress. One of the problems they face is the lack of capital for their businesses and daily needs. To meet these needs, they often resort to borrowing from loan sharks. This occurs partly due to the absence of assets they can use to access financing from Sharia-compliant financial institutions. This research aimed to assess the feasibility of biological assets, particularly teak trees (Tectona grandis), to be accepted as collateral in Sharia-compliant financing. Additionally, this study aimed to provide an alternative …

Generative Ai In Shariah Advisory In Islamic Finance: An Experimental Study, Muhammad Noman Jokhio, Muhammad Asif Jaffer

Business Review

Islamic banks adhere strictly to Shariah principles in all operations and offerings, creating a demand for experts proficient in Shariah-compliant banking and finance. This study investigates the potential of using generative AI, specifically Large Language Models (LLMs), to provide Shariah advisory in complex Islamic financing scenarios. The research evaluates general purpose public LLMs—such as ChatGPT, Gemini, and Meta AI—on their ability to identify Shariah compliance issues, cite relevant Shariah references, and propose actionable guidance for resolving compliance challenges in complex Islamic financing scenarios. A qualitative approach was used. The experimental study involved creation of complex, realistic financing scenarios requiring Shariah …

The Mediation Of Financial Behavior To Financial Literacy And Spending Habits Of Gen Z: An Exploratory Factor Analysis, Joel Mark Rodriguez, Del Carmen Labong, Lourdes Palallos

Journal of Global Awareness

The study aims to explain the relationship of financial literacy with spending habits and behavior. Financial behavior is a mediator of Generation Z. Financial literacy is a very important dimension in making financial decisions, and this research highlighted the direct and indirect impacts that financial literacy exerts on spending behavior. Data is collected from 317 respondents using a structured questionnaire measuring financial literacy, financial behavior, and spending behavior. Correlation, regression, mediation analysis, and Structural Equation Modeling have been used in evaluating these relationships. Financial literacy directly reflects a strong relationship with spending behavior, and its coefficient is 1.167. Financial behavior, …

Lessons Learned: Karl-Philipp Wojick, Maryann Haggerty

Journal of Financial Crises

Karl-Philipp Wojcik is the general counsel of the European Union’s Single Resolution Board (SRB), the central resolution authority within the European Commission (EC) banking union. The banking union, which as of January 1, 2023, encompasses the 20 eurozone countries, along with Bulgaria, was established as part of the financial system reforms stemming from the Global Financial Crisis and the ensuing European sovereign debt crisis. The SRB’s stated mission is to ensure orderly resolution of failing banks, protect taxpayers from state bailouts, and promote financial stability. Wojcik became SRB general counsel in November 2020. Previously, he was a member of the …

Lessons Learned: Subba Rao Duvvuri, Salil Gupta

Journal of Financial Crises

Subba Rao Duvvuri served as governor of the Reserve Bank of India (RBI) for five years (2008–13). Before that, he was finance secretary to the government of India (2007–08), and secretary to the prime minister’s Economic Advisory Council (2005–07). With a career spanning 35 years in the Indian Administrative Services, Duvvuri has held various positions at the state level in the government of Andhra Pradesh, and at the central government of India. Duvvuri was previously lead economist at the World Bank (1999–2004) and, after 2013, served as a visiting fellow at the National University of Singapore and the University of …

Lessons Learned: Calvin Mitchell Iii, Mercedes Cardona

Journal of Financial Crises

Calvin Mitchell III served as executive vice president of the communications group within the executive office of the Federal Reserve Bank of New York (FRBNY) during the Global Financial Crisis. In 2008, Mitchell was tapped by Timothy Geithner, who was then FRBNY president, to head a new group charged with expanding the communications and community affairs functions. Mitchell left the FRBNY in 2009 for the private sector and returned to government in 2021 as assistant secretary for public affairs in the US Treasury Department.

International Monetary Fund: Special Drawing Rights Allocations, 2009, Ikbal S. Ahluwalia, Owen Heaphy, Rosalind Z. Wiggins

Journal of Financial Crises

Despite efforts by the world’s major economies to address stresses in the global financial system, by early 2009, the Global Financial Crisis caused developing and lower-income countries to experience shortages of the major reserve currencies. In August 2009, the International Monetary Fund (IMF) distributed a general allocation of Special Drawing Rights (SDR) of unprecedented size—totaling USD 250 billion (SDR 161.3 billion)—to all member countries in an effort to address these issues and provide liquidity to the world’s economies. In September 2009, it also distributed a special “catch-up” allocation of USD 33 billion in SDRs (SDR 21.5 billion) to eligible members …

Lessons Learned: Jason Cave, Vincient Arnold, Greg Feldberg

Journal of Financial Crises

Jason Cave was the senior adviser to the chairman of the Federal Deposit Insurance Corporation (FDIC) from 2008 to 2011 and the deputy director of the Division of Complex Financial Institutions at the FDIC from 2011 to 2013. This Lessons Learned summary is based on an interview with Cave held on April 8, 2024. During the interview, Cave discussed the so-called ring-fencing arrangements planned, considered, or executed between various agencies of the US government—the Federal Reserve, Department of the Treasury, and FDIC—and three banks: Wachovia, Citigroup, and Bank of America. These arrangements, sometimes referred to as wraps or risk shields, …

International Monetary Fund: Short-Term Liquidity Line, 2020, Carey K. Mott, Léo Brougher

Journal of Financial Crises

As the COVID-19 pandemic spread in March 2020, global financial conditions tightened considerably. In response, global reserve currency-issuing countries extended bilateral swap lines to select countries. Strong demand for US dollar liquidity among emerging markets led the International Monetary Fund (IMF) to introduce the Short-Term Liquidity Line (SLL) on April 15, 2020. The SLL functioned as a swap lending facility. Unlike other IMF liquidity tools, the SLL was a revolving credit line that allowed countries to repeatedly draw funds and make repayments, with each repayment restoring access up to the approved limit across SLL arrangements. Its purpose was to enable …

The 2023 Banking Turmoil: Lessons For Eu Resolution Authorities, Niccolò Cirillo, Francesco Pennesi, Sebastiano Laviola

Journal of Financial Crises

The March 2023 banking turmoil in the United States and Switzerland marked the most significant banking stress in financial markets since the 2007–2009 Global Financial Crisis, prompting a reevaluation of prudential and resolution frameworks. This paper explores whether the 2023 events offer preliminary lessons for resolution authorities within the European Union (EU).

Policymakers often struggle to restore confidence in financial systems and contain the repercussions of financial instability. While the 2023 crises in the US and Switzerland underscored this difficulty, authorities largely managed to mitigate the most severe consequences. Nonetheless, some issues in bank crisis management were identified. This paper …

International Monetary Fund: Foreign Exchange Liquidity Through The Special Drawing Rights Allocation, 2021, Vincient Arnold

Journal of Financial Crises

The official response to the COVID-19 pandemic was costly for governments, particularly those in developing economies with significant existing external debt. On August 2, 2021, the International Monetary Fund (IMF) announced in a press release the allocation of SDR 456 billion (USD 650 billion) in Special Drawing Rights (SDRs) to “address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.” The COVID-19 allocation was a form of unconditional (or “concessional”) liquidity to IMF member nations, similar to a capital injection or grant. It was the fourth-ever general allocation and the largest …

Assessing Leadership In Business: A Critical Investigation Of Jamie Dimon, Conner Delaubell

Honors Scholar Theses

This thesis explores the leadership characteristics of Jamie Dimon, the long-serving CEO of JPMorgan Chase. Dimon's exemplary leadership skills and effective leadership styles have helped the financial firm become the largest bank in the United States. Through a detailed analysis of his background, career milestones, management philosophy, and vision for the future, this paper highlights the positive effect Dimon has had in the modern banking landscape. Additionally, the paper includes areas of leadership improvement, including criticisms of the climate and culture he creates.