Business Commons^™

Empirical Essays On Retail Investors, Institutional Investors, And Anomalies, Yuqing Yang

Dissertations, Theses, and Capstone Projects

This dissertation consists of five chapters on market efficiencies through retail and international mutual fund investors.

Chapter 1 This chapter briefly introduces this dissertation.

Chapter 2 This chapter Anomalies Never Disappeared: The Case of Stubborn Retail Investors delves into the “stubborn” retail investors and finds that anomalies traded against by retail investors never disappear in the long run, defying the conventional wisdom that anomalies are disappearing in recent years as market efficiency improves. Incorporating retail trading, I develop asset pricing models that surpass existing prominent models in explaining these long-run alphas. I hypothesize that retail investors exacerbate anomalies: the more …

Empirical Essays On Corporate Financing Behaviors, Joonsung Won

Dissertations, Theses, and Capstone Projects

This dissertation provides an investigation into how external factors influence corporate financing decisions and examines the nature and extent of their impact. To address this, I explore three key external factors: the financial market, financial institutions, and regulatory environment. The chapters explore how the financial market risk perception, financial institutions, and regulatory environment affect corporate financing decisions such as capital structure, bank borrowing, and regulatory capital issuance.

Chapter 1. This chapter presents the motivation and structure of the dissertation.

Chapter 2. Using a recently developed measure of financial market risk perceptions, I show that risk perceptions affect firm-level corporate financing …

Uncovering The Mimicry Of Online Review Breadth And Depth And Its Subsequent Effect On Consumer Responses, Andrea Pelaez Martinez

Dissertations, Theses, and Capstone Projects

Word-of-mouth (WOM) in marketing occurs when consumers discuss a company's product or service or any consumption experience with their friends, family, and others with whom they have any relationship. With the advent of social media, this phenomenon has expanded rapidly into virtual environments where consumer conversation is enabled through chats, forums, social media posts, and online reviews. In response to this rapid growth of online WOM, academics and practitioners have focused their interest on this phenomenon and its implications on consumers, firms, and society. So far, the evidence of the critical role that online WOM plays in helping consumers make …

Evaluating Climate Sentiment In Sec 10-K Filings: S&P 50 Companies, Ruby Chu

Dissertations, Theses, and Capstone Projects

Evaluating Climate Sentiment in SEC 10-K Filings: S&P 50 Companies investigates how climate sentiment is portrayed in corporate financial reporting, focusing on SEC 10-K filings from leading S&P 50 companies. These filings offer detailed insights into financial performance, risks, and management discussions, providing a rich dataset for analyzing corporate behaviors with sustainability and environmental concerns. This study aims to shed light on the extent to which companies address environmental issues and the implications for environmental stewardship by analyzing how these topics are portrayed in their SEC 10-K filings. Drawing inspiration from established greenwashing indicator frameworks, the study develops a climate …

Containerization Of Seafarers In The International Shipping Industry: Contemporary Seamanship, Maritime Social Infrastructures, And Mobility Politics Of Global Logistics, Liang Wu

Dissertations, Theses, and Capstone Projects

This dissertation discusses the mobility politics of container shipping and argues that technological development, political-economic order, and social infrastructure co-produce one another. Containerization, the use of standardized containers to carry cargo across modes of transportation that is said to have revolutionized and globalized international trade since the late 1950s, has served to expand and extend the power of international coalitions of states and corporations to control the movements of commodities (shipments) and labor (seafarers). The advent and development of containerization was driven by a sociotechnical imaginary and international social contract of seamless shipping and cargo flows. In practice, this liberal, …

Socially Safe On Smartphones: How Smartphone Use Reduces Social Risk Taking, Diogo Koch Alves

Dissertations, Theses, and Capstone Projects

Consumers are often faced with decisions that carry a degree of social risk, with uncertain outcomes that could impact their social standing. Examples include choosing the ideal outfit to wear to an upcoming party or selecting a gift to give to a friend. Given the prevalence of smartphones in consumer decision making, I investigate the effect of smartphone use on social risk taking. Across seven studies, I find that smartphone use, relative to the use of other devices, results in a lower propensity to make socially risky decisions. I propose that smartphone use, by increasing the salience of one’s social …

Investigation Of Algorithmic Nudging On Decision Quality: Evidence From Randomized Experiments In Online Recommendation Settings, Yuxiao Luo

Dissertations, Theses, and Capstone Projects

Most recently, academic research has started to address the relationship between nudges and Artificial Intelligence/Machine Learning (AI/ML) and found that personalized targeting algorithms can influence individual and collective behaviors in ways that may lead to undesired consequences for both end-users and firms. This dissertation investigates the effects of digital nudging, particularly algorithmic nudging, on user’s decision quality in online badge recommendations in the e-commerce context. Nudge is a choice architecture that alters individual’s behavior in a predictable way while preserving all available options and keeping the same economic incentives. In this dissertation, I conducted three independent and relevant studies and …

Multi-Perspective Analysis For Derivative Financial Product Prediction With Stacked Recurrent Neural Networks, Natural Language Processing And Large Language Model, Ethan Lo

Dissertations, Theses, and Capstone Projects

This study developed a multi-perspective, AI-powered model for predicting E-Mini S&P 500 Index Futures prices, tackling the challenging market dynamics of these derivative financial instruments. Leveraging FinBERT for analysis of Wall Street Journal data alongside technical indicators, trader positioning, and economic factors, my stacked recurrent neural network built with LSTMs and GRUs achieves significantly improved accuracy compared to single sub-models. Furthermore, ChatGPT generation of human-readable analysis reports demonstrates the feasibility of using large language models in financial analysis. This research pioneers the use of stacked RNNs and LLMs for multi-perspective financial analysis, offering a novel blueprint for automated prediction and …

Navigating The Unprecedented: A Behavioral Theory Of The Firm's Perspective On Covid-19'S Impact On Workplace Practices, Jeffrey Augugliaro

Dissertations, Theses, and Capstone Projects

This study investigates the influence of COVID-19 induced uncertainty on the implementation and effectiveness of workplace practices, using the behavioral theory of the firm as the theoretical lens. Employing the Cube One framework as the set of practices to test, it hypothesizes that pandemic-induced uncertainty would reduce the frequency of management practices enacted, decrease variability across organizations, and diminish the relationship between enacted practices and organizational performance. Furthermore, the study posits that these relationships will be moderated by industry, given their variable levels of exposure to pandemic disruptions.

Contrary to expectations, the initial results revealed no overarching reduction or convergence …

Structural Identification Of Pair Trades, Yi Liu

Dissertations, Theses, and Capstone Projects

This dissertation examines the structural identification of pair trades based on company fundamentals, stock price paths, and company’s capacity to transform fundamentals into value. The dissertation consists of four chapters. Chapter 1 lays the foundation for the study of pair identification. It designs the pair trading procedure and defines the trading performance measure. It also reviews and compares the performance of commonly used pair identification metrics in the literature, including normalized price squared distance, return correlation, and co-integration tests. Among the three metrics, the squared price distance represents the most effective metric and generates the best pair trading performance. The …

Phantom Shootings, Allan Ambris

Dissertations, Theses, and Capstone Projects

This capstone is a website designed to critique NYC Open Data reporting with respect to shootings through a series of visualizations and discoveries. The NYPD Shooting Incidents datasets (Historic and Year to Date) introduce themselves to the user by claiming to be a “list of every shooting incident that occurred in NYC.” The supplied documentation reveals that this is not the case.

After understanding the supporting materials, there are still undisclosed truths. My exploration of the data revealed that a single victim may be represented across multiple entries. Additionally, multiple victims may be represented by a single entry. It is …

Essays On Tax Impacts On Corporate Finance, Corporate Governance And Regional Disparity, Mei Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics on tax impacts on corporate finance, regional disparity and corporate governance.

Chapter 1 - How Do Net Operating Loss Carryforwards Affect Tax Impact on Corporate Capital Structure? This paper examines the impact of net operating loss (NOL) carryforwards on the tax implications of corporate capital structure. Leveraging the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax reform in four decades, this paper investigates the effect of NOL carryforwards on firms' sensitivity to tax reforms. As NOL carryforwards have become increasingly significant since 2000, but not widely researched due …

Sustainable To The Core: Essays On Strategy And Sustainability, Junghoon Park

Dissertations, Theses, and Capstone Projects

This dissertation investigates the intricate relationship between business strategies and sustainability. A growing awareness has emerged among firms about the importance of embracing sustainability—integrating the environmental, social, and economic implications of their actions and decisions into their core strategies—to attain long-term success and competitive advantage. In this context, strategic management research has primarily concentrated on the benefits that firms and their stakeholders can derive from adopting and executing sustainability initiatives. Despite the numerous efforts made by firms to tackle sustainability concerns, pressing issues persist. This situation raises questions about the effectiveness of strategic management research in guiding firms to embed …

Social Impacts Of Robotics On The Labor And Employment Market, Kelvin Espinal

Dissertations, Theses, and Capstone Projects

Robotics have been introduced into the workplace to perform tasks that human beings have traditionally fulfilled. Complementing or substituting human labor with robotics eliminates human involvement in functions attributable to hazardous environments, heavy lifting, toxic substances, and repetitive low-level tasks. On the other hand, they are meant to be more efficient and cost-effective, saving money, time, and labor. However, since the introduction of robotics in the workforce, societal opposition has been towards this branch of technology in fear of losing employment, wages, and purpose.

Previous studies have reported an overarching societal fear that adopting robotics in the workplace and industry …

Bozo The Clown: An Icon As American As An Apple Pie In The Face, Gregory Kent Oswald

Dissertations, Theses, and Capstone Projects

There is no single path toward the creation of an American icon, a person or item with resonance to all in the country as well as having an ability to serve as a symbol of America itself for those outside the borders. This thesis considers certain elements that propelled the journey of the entertainment for children, Bozo the Clown, into a representational figure in the minds of young and old. Like all things American, his roots include many elements from outside the country: the name derives from foreign tongues mostly in derisory terms, but in at least one instance as …

Examining Past, Present, And Future Of Agricultural Labor: From The Bracero Program To The Coalition Of Immokalee Workers, Francesca Paradiso

Dissertations, Theses, and Capstone Projects

This thesis is a comparative study that examines the Bracero Program and the work of the Coalition of Immokalee Workers (CIW). The Bracero Program brought Mexican workers into the United States on temporary work visas from 1942-1964. The CIW is an organization of Mexican workers that was founded in 1992 as a response to the horrible working conditions that Mexican tomato pickers faced in Immokalee, Florida. In this thesis, I show that by putting these programs side by side, we can see the exploitation of Mexican farmworkers has relied on changing government tools—different forms of visas, different immigration regimes, different …

Bearer Negotiable Instruments: Addressing A Financial Intelligence Gap And Identifying Criminogenic Weaknesses, Hollis B. Kegg

Dissertations, Theses, and Capstone Projects

Bearer Negotiable Instruments (BNI) are a long-standing category of financial instruments used to transfer large amounts of money in ways that may not be subject to regulation, reporting, tracking, review, or oversight. There is limited information available on BNIs, and no evidence that any studies have been undertaken on BNIs alone, much less reported. Increasingly, BNIs are being used for illegal purposes including money laundering. This study gathers information about their characteristics, nature, purpose, legal status, and numbers. It also focuses on the crime risks associated with BNIs, the crime opportunities they facilitate, and the criminal weaknesses in the financial …

The Value Of Nfts, Angelina Tham

Dissertations, Theses, and Capstone Projects

Non-fungible token stories have flooded the media since the beginning of the COVID-19 pandemic. NFTs have changed the public’s views on art, finances, and the self. The emergence of Web 3 redefined ways of self expression with the help of NFTs. What are NFTs, how are they valuable, and how will they shape the future of digital art? The data visualization for this project indicates that the most popular type of crypto art is in the style of a profile picture. The discussion suggests that NFTs are in their infancy and there will be more to come from digital art, …

Lost In Digitization: Physical Products Are Vessels For Social Meaning, Oden H. Groth

Dissertations, Theses, and Capstone Projects

The explosion in digitization means that consumers increasingly have the opportunity to choose between digital and physical versions of products — for example, between an eBook and a paperback book. However, despite the popularity of digital objects, many people nonetheless prefer physical equivalents. This dissertation explores one reason why this may be the case; namely, that physical versions of objects and products are better vessels for social meaning. In chapter 1, explore the specialness of physical objects, and posit that materiality is critical for holding and embodying significance. In chapter 2, I investigate the effects of product format on perceptions …

Bondholders’ Influence On Corporate Disclosure: Evidence From Capital Expenditure Forecasts As A Firm’S Commitment, Sae Young Yoon

Dissertations, Theses, and Capstone Projects

This paper addresses how firms cater to bondholders’ demand for additional information by examining capital expenditure (capex) forecasts prior to bond issuance. While bondholders’ demand for additional information incentivizes firms to be more transparent, the importance of macroeconomic factors and comparable bonds outstanding in bond pricing might, however, decrease the benefit of additional disclosure. Using the difference-in-differences approach, I document that firms provide more capex forecasts prior to bond issuance. This increase in capex forecasts is detected when bonds are issued for capital expenditure purposes or when investment-restricting covenants protect bondholders. Next, I find that firms provide more conservative capex …

A Survey Study Of Speech-Language Therapists’ Experiences With Teletherapy At The Onset Of The Covid-19 Crisis, Jason A. Rosas

Dissertations, Theses, and Capstone Projects

The present study aimed to understand how delivering pediatric treatment services via ‘teletherapy’ affected speech-language therapists (SLTs) during the initial outbreak of the COVID-19 pandemic crisis in 2020. SLTs reported on their experiences with the change from in-person to remote service delivery via two national surveys distributed at the start of the pandemic between April 2020 and July 2020. To explain SLTs’ survey responses, this dissertation introduced the Professional Adaptation Model (PA Model). The PA Model facilitated evaluation of the SLTs’ professional environment and the psychological constructs of their professional identity believed to influence the transition to speech-language teletherapy. Specifically, …

The Effects Of Network Structure And Social Information On Contribution Performance On Crowdfunding Platforms: An Experimental Investigation, Yanni Hu

Dissertations, Theses, and Capstone Projects

The long-term potentiality of online communities and activities depends critically on contribution behaviors of online individuals. In this dissertation, this study deepen and extend our understanding of contribution behavior by applying contributions to crowdfunding platforms, whereas social networks, social information, and social influence affect people’s contribution decisions, which in turn influences their contribution performances. Specifically, this study looked into how contribution behavior at crowdfunding platforms is shaped at a fundamental level of social interactions initiated by social and information technologies on contribution performance, using online and natural experiments as study methodologies.

Examining the effects brought by online social interactions on …

The Euro And Bumps In The Road: Historical Patterns Of Nonresident Holdings In Eurozone Bonds, 1980–2018, Michael H. Scarlatos

Dissertations, Theses, and Capstone Projects

A developed bond market which attracts nonresident investors both enables and reflects a host currency’s transition from domestic to international status. My analysis of historical private nonresident holdings of Eurozone portfolio debt securities spanning the euro’s 1999 creation and its subsequent 2008 crisis reveals diverging patterns.

This analysis, complemented by coefficient stability tests, discovers that the conversion of national currencies to the euro was reflected by a pickup in nonresident holdings of bonds issued by countries adopting the euro, especially those of the periphery (Portugal, Ireland, Italy and Spain) relative to the core (Germany, Austria, Belgium, Finland, France, and the …

Comparing The Environmental And Social Factors Of Uk And Us Firms: A Case For Stringent Disclosure Regulation, Jasmine Pybas

Dissertations, Theses, and Capstone Projects

Variation in “good” corporate behavior can be observed across countries. Corporate social re- sponsibility (CSR) can be measured with a quantifiable environmental, social, and governance (ESG) score, which was developed in part from investor demand. ESG scores are popular among investors to make sound, responsible investment decisions and corporations to demonstrate their commitment to sustainable business practices. In a comparison of environmental and social fac- tors of US and UK firms among three industries, the British outperform their American counter- parts. The degree of disclosure regulation by their respective financial authoritative bodies ac- counts for this discrepancy.

Just Between You And Me: Private Financial Transactions Signal Communal Traits And Enhance Others’ Willingness To Cooperate, Lennay Chapman

Dissertations, Theses, and Capstone Projects

Increasingly, consumers’ everyday interactions are facilitated by online platforms. One notable feature of many online platforms is that they give consumers the ability to interact privately or publicly. Interacting publicly (e.g., by sending a public payment) can reveal private information pertaining to two or more consumers; this is known as co-owned information. The present work examines disclosure decisions about co-owned information in the context of peer-to-peer financial transactions. We propose that choosing a private mode of transacting represents a socially mindful behavior, as it considers partners’ preferences and preserves their future ability to keep private or disclose the transaction details. …

Economic Policy Uncertainty And Non-Gaap Reporting, Ryan H. Wynne

Dissertations, Theses, and Capstone Projects

This study investigates the impact of economic policy uncertainty (EPU) on non-GAAP reporting. Prior research documents that numerous factors influence the frequency and quality of non-GAAP earnings disclosures, but the expected association between EPU and non-GAAP reporting is unclear. On the one hand, greater EPU may increase investor demand for additional financial information, while on the other hand, more EPU may lead to less non-GAAP disclosure by making core or recurring earnings more difficult to predict. Additionally, greater EPU may provide increased opportunity for managers to use non-GAAP reporting to mislead investors. I document a significantly positive association, on average, …

How Useful Do You Think This Diversity Training Is? The Impact Of Training Type And Individual Differences On Pre-Training Perceived Utility Of Diversity Training, Nicolette A. Rainone

Dissertations, Theses, and Capstone Projects

The effectiveness of diversity training has been debated by researchers, practitioners, and policy makers. This debate illustrates the varied perceptions regarding the utility of diversity training and suggests that many trainees enter these programs with the expectation that they are not useful. Uncovering the drivers of pre-training perceptions of utility will provide a deeper understanding of employee buy-in to such initiatives. It would also allow researchers and practitioners to unpack a key element of the training context to inform the design and delivery of diversity training programs. I examined diversity training type (i.e., whether the training is awareness-based, skills-based, or …

Empirical Essays On Contingent Convertible Capital Securities, Andrea Golfari

Dissertations, Theses, and Capstone Projects

This dissertation consists of five chapters on contingent convertible capital securities, their macroprudential role within the regulatory capital stack of financial institutions, and the effects of the regulatory environments surrounding them on their design.

Chapter 1 This chapter briefly introduces this dissertation, including its motivation and structure.

Chapter 2 The first part of this chapter describes every design feature of contingent convertible capital instruments (CoCos) and provides a review of the literature on their role as macroprudential tools and on optimal CoCo design. The second part of the chapter offers a complete discussion of the role assigned to CoCos in …

Janus V. Afscme, Revisited, Benjamin Derek Morse

Dissertations, Theses, and Capstone Projects

In the days after the Supreme Court handed down its ruling in Janus v. AFSCME (2018)—a 5-4 conservative majority decision deeming the imposition of public union agency fees unconstitutional under the First Amendment—observers declared the end of public-sector unions. The Times called the ruling a “Sharp Blow ''[1] to organized labor. A Washington Post headline deemed the decision a “major blow”[1] [2] In the former piece, the Time’s Supreme Court correspondent wrote that “most of the labor movement’s strength these days is in the public sector. The [Janus] ruling contained a final blow for public …

Climate Change And Corporate Behaviors, Lei Lei

Dissertations, Theses, and Capstone Projects

This dissertation consists of several chapters that span corporate disclosures on climate change-related impacts, environmental performance, common institutional ownership, and financial analyst coverage.

Chapter 1 This chapter briefly introduces this dissertation, including the motivation and structure.

Chapter 2 In this chapter, I exploit the oral and communicative nature of earnings conference calls to explore whether the discussions on climate change influence corporate environmental performance. I find strong and robust evidence that communications make firms engage more actively in environmentally beneficial investments, and thus, have better environmental profiles. Further evidence shows that mandatory disclosure may unexpectedly crowd out communications, and this …