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Articles 1 - 13 of 13
Full-Text Articles in Business
Short Selling Around Reverse Stock Splits, Ryan Voges
Short Selling Around Reverse Stock Splits, Ryan Voges
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
I examine whether short selling increases around reverse stock splits using 2019 daily short selling data instead of bimonthly short interest data required by FINRA. In my difference-in-difference analysis, I find that average short selling increases significantly for firms that reverse split their stock, relative to matched control firms that do not, around the split dates. I also find that firms that reverse split their stock experience negative cumulative abnormal returns in the 20-day period after the reverse stock splits, particularly for those firms that are heavily shorted. These results are in agreeance with existent literature and suggest that short …
Corporate Venture Capital And Its Effects On Company Valuation - An Analysis Of The Additions Of Cvc Arms, Joshua Lyman
Corporate Venture Capital And Its Effects On Company Valuation - An Analysis Of The Additions Of Cvc Arms, Joshua Lyman
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
This paper examines the stock price reaction to the addition of corporate venture capital arms to publicly traded companies. Referencing venture capital resources, corporate press release announcements of the addition of CVC arms were hand collected. I calculate the cumulative abnormal returns (CARs) surrounding press release announcement dates and find immediate stock market reactions, positively increasing stock prices compared to the overall market. I further perform placebo event studies at random dates and with direct competitors using the same announcement dates and find no significant results. These findings suggest that corporate venture capital increases company valuation and that financial markets …
Executive Compensation Incentives Impact On The Tone And Readability Of Financial Reports, Xiaoyan Mi
Executive Compensation Incentives Impact On The Tone And Readability Of Financial Reports, Xiaoyan Mi
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Financial disclosures do not only influence the future reaction of customers, they also imply the financial strategies of the managers of corporations. Through analysis, we find a strong causal relationship between tone and readability of financial disclosures and incentive methods of managers. Controlling executives’ pay-performance sensitivity (delta) and other variables, executives with higher sensitivity of executives’ wealth to stock volatility (vega) (Coles, Daniel, Naveen, 2004) tend to announce reports with more negative tone and low readability.
Mass Shootings And The Performance Of Tourism Stocks, Marshall Deem
Mass Shootings And The Performance Of Tourism Stocks, Marshall Deem
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
This study investigates the effects of mass shooting events on the performance of the tourism industry within the United States. The results of the study show that outside of the market-wide returns, the performance of tourism stocks is negatively impacted after a large-scale mass shooting event. Furthermore, when separating extreme outliers in the data such as the Las Vegas Mandalay Bay shooting, the results of the study find that tourism stocks surrounding other large-scale mass shootings are significantly negative. Overall, the results of the study demonstrate a negative response in the tourism industry to large-scale mass shootings.
The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen
The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
This paper examines the effect that the terrorist attacks on September 11th, 2001 had on the stock prices of companies within the military defense industry. In addition, this paper studies the effect of the defense firms’ political engagement (through lobbying activities) and how this affected the stock price response to the terrorist attacks. Our study finds that the cumulative abnormal returns of these companies are positively significant and that companies who lobbied experienced higher returns relative to those who did not lobby.
A Return To The Cash Conversion Cycle And Corporate Returns, Madyson Mcpherson
A Return To The Cash Conversion Cycle And Corporate Returns, Madyson Mcpherson
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
A little over twenty years ago, Jose, Lancaster, and Stevens (1996) wrote a paper examining the relationship between profitability and ongoing liquidity management for firms over a twenty-year period, from 1974 to 1993. They test the relationship between the cash conversion cycle, ongoing liquidity management, and other methods of profitability using a regression analysis (Jose, Lancaster, and Stevens, 1996). This paper aims to do the same but with a selection of firms over a different twenty-year period, from 1993 to 2013. We implement Jose et al.’s methodology with updated data to see if contemporary data yields similar results: aggressive working …
Revisiting Corporate Financial Policy And The Value Of Cash, Nan Guo
Revisiting Corporate Financial Policy And The Value Of Cash, Nan Guo
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Corporate financial policy and the value of cash by Michael Faulkender and Rong Wang (2006) examined the cross sectional variation in the marginal value of corporate cash holdings that arises from differences in the corporate financial policy. The main findings were that the marginal value of cash declines with large cash holdings,higher leverage, and better access to capital market. The goal of this paper is to replicate and extend Faulkender & Wang's (2006) work to test whether their assumptions and results are still valid.
Executive Portfolio Diversification Through Dividends, Janette Goodridge
Executive Portfolio Diversification Through Dividends, Janette Goodridge
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
In recent decades, many managers and executives have received company stock and stock options as a portion of their pay. As the incidence of this phenomenon increased, it became evident that insiders needed a way to diversify their holdings. One way this could be accommodated is through the issuance of dividends. This paper examined how executive stock ownership and managerial power impacted a firm’s dividend policy. Specifically, it examined the power of an executive as measured by the G index. It further took into account the current level of ownership for a particular manager, as well as the value of …
Reanalyzing The Political Stability Of Britain's Democratization, Nathan R. Burton
Reanalyzing The Political Stability Of Britain's Democratization, Nathan R. Burton
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
A recent article in Journal of Economic History by Dasgupta and Ziblatt uses bond yields to analyze the political risk of the 19th century democratization legislation of Britain known as the Reform Acts. Dasgupta and Ziblatt find that the volatility of yields is relatively high during periods of legislation, and model the yields via GAM method, concluding that the political risk associated with the Reform Acts was high. I reproduce the study and comparing those times of 'high' volatility to all periods and find nothing to compare high-volatility periods to, suggesting that it is inconclusive whether the Reform Acts were …
Assessing The Probability Of Bankruptcy, Jarom Heaps
Assessing The Probability Of Bankruptcy, Jarom Heaps
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Knowing whether or not a company is financial stable has always been a top concern for analysts and money managers. This paper compares the effectiveness of default prediction using two different types of measures: accounting and market based. Accounting measures have been the most popular even though, according to theory, a market based measure reflects all available information. Theory goes as far to say that accounting measures can add no incremental value to a market based measure. In my research I found that accounting based measures can be effective in their predictive power; the market-based measure (BSM) results were much …
How To Navigate Public Accounting Recruitment, Jill Heather Aoki
How To Navigate Public Accounting Recruitment, Jill Heather Aoki
Undergraduate Honors Capstone Projects
For many accounting graduates, public accounting is an excellent place to start a career. However, recruitment at accounting firms is highly competitive. The majority of personnel are hired through internships, and competition for these positions is fierce. The process usually spans over multiple years and involves participating in leadership seminars, attending social events, and much more in addition to interviewing. Successful placement requires not only exceptional academic achievements but also strong relationships with personnel at the firm. One primary differentiator among the numerous public accounting firms is their people and culture. Other factors include local clients and specializations. Thus, candidates …
Japan's Manchukuo Economic Development Or Militaristic Seizure, Nathan Douglas Alder
Japan's Manchukuo Economic Development Or Militaristic Seizure, Nathan Douglas Alder
Undergraduate Honors Capstone Projects
Was the founding of the State of Manchukuo an act of independence brought about by the people of Manchuria or a planned take-over by the Japanese military and government? Was Manchukuo a favored trading nation of Japan or just another province in an expanding Japanese empire? Answers to these questions are the motivation for this paper, and aim at the heart of Manchukuo's history.
Uniform Commercial Credit Code Of Utah, Karen Robinson
Uniform Commercial Credit Code Of Utah, Karen Robinson
All Graduate Plan B and other Reports, Spring 1920 to Spring 2023
Although our country is said to be free, we live primarily on credit, and we are bound to financial obligations. Each of us deals with credit in our everyday lives, yet most people know very little concerning their rights and the laws dealing with credit. A discussion of credit laws contained in the Utah Uniform Consumer Credit Code, complicated legal language versus layman's language in loans and sales, and enforcement will be presented in this paper. Following the report, there is a conclusion which summarizes the points presented and explains why I believe the American public needs a mass education …