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Articles 1 - 13 of 13
Full-Text Articles in Business
Essays On Time-Varying Risk And Investor Sentiment: Evidence From The U.S. And G-7 Countries Using Multivariate Garch Modeling, David William Johnk
Essays On Time-Varying Risk And Investor Sentiment: Evidence From The U.S. And G-7 Countries Using Multivariate Garch Modeling, David William Johnk
Theses and Dissertations - UTB/UTPA
This dissertation investigates the effects of investor sentiment on asset prices in both the U.S. equity market (chapter III) and international market (chapter IV). It employs a conditional version of the CAPM using a parsimonious generalized autoregressive conditional heteroskedasticity (GARCH) model in which the risk premia, betas, and correlations are time-varying. Investor sentiment is presented from two direct measures (surveys) and one indirect measure as conditional information variables; whereas, previous studies used macroeconomic fundamentals. Furthermore, investor sentiment is not assumed to be fully irrational. It is decomposed into its rational and irrational components. Both rational and irrational components are tested …
Essays On Hedge Fund Performance, Sang Heon Shin
Essays On Hedge Fund Performance, Sang Heon Shin
Theses and Dissertations - UTB/UTPA
This dissertation consists of two essays on hedge fund performance. The first essay models exposure of hedge fund to risk factors and examines time-varying performance of hedge funds. From existing models such as ABS-factor model, SAC-factor model, and four-factor model, we extract the best six factors for each hedge fund portfolio by investment strategy. Then, we find combinations of risk factors that most explain variance in performance of each hedge fund portfolio by investment strategy. The results show instability of coefficients in the performance attribution regression. Incorporating time-varying factor exposure feature would be the best way to appropriately measure hedge …
Do U.S. Firms Fly Higher When Bypassing The U.S. Capital Markets? An Investigation Of The Short- And Long-Run Performance Of Foreign Ipos?, Robert N. Killins
Do U.S. Firms Fly Higher When Bypassing The U.S. Capital Markets? An Investigation Of The Short- And Long-Run Performance Of Foreign Ipos?, Robert N. Killins
Theses and Dissertations - UTB/UTPA
This dissertation studies the performance of U.S. firms that partake in a foreign IPO – bypassing their domestic exchanges and raising their equity in a foreign market. Chapter one provides an introduction and brief review of the main research questions and results. Chapter 2 provides a detailed literature review on initial public offerings-IPOs. This includes relevant studies on the long- and short-run performance of IPOs, theories for IPO underpricing and an international component of the IPO literature. Additional cross-listing literature is also reviewed to provide a more complete and balanced understanding of the international market for equity. Chapter 3 develops …
The Influence Of Venture Creation Stage On The Relationship Between Environmental Context And Social Network Orientation Among U.S. Minority Groups, Tammi C. Redd
Theses and Dissertations - UTB/UTPA
The percentage of minorities who have owned successful small businesses in the U.S. has been astonishingly lower than that of Mainstreams. An important underlying challenge for minority entrepreneurs is the ability to development and maintain social network connections. This research investigates the role urban and rural environments play in the new venture creation process among U.S. minority groups. Specifically, this dissertation will focus on issues relating to network scope, networking ability and strength and network relationships at different stages of the venture creation process. The environmental contexts of both the urban entrepreneur and that of the rural American entrepreneur will …
The Role Of Liquidity In The Market For American Depositary Receipts: Evidence From Latin America, Alma Delia Hales
The Role Of Liquidity In The Market For American Depositary Receipts: Evidence From Latin America, Alma Delia Hales
Theses and Dissertations - UTB/UTPA
Since 2003 Latin America has exhibited macroeconomic stability that starkly contrasts conditions in the 1990s. Capital flows from the United States to Latin American equity markets, particularly through American Depositary Receipts (ADRs), increased from 2003 until 2008 when they declined due to the global financial crisis. However, by 2010, capital flows to most Latin American countries exceeded their pre-crisis levels. In spite of the reported macroeconomic stability and rising capital flows, Latin American stock markets remain underdeveloped and exhibit low domestic liquidity. This dissertation analyzes the relationship between low domestic liquidity and the market for ADR issues from four Latin …
Capm And Irrational Market: Theories And Empirical Studies, Jaehan Koh
Capm And Irrational Market: Theories And Empirical Studies, Jaehan Koh
Theses and Dissertations - UTB/UTPA
With a new interpretation of the Capital Asset Pricing Model (CAPM), this dissertation explains that the CAPM has an implied assumption of no mispricing. The CAPM should work if mispricing is removed from all assets in the market, leading to the Rational CAPM. The Rational CAPM measures value changes of the market, and then yields value changes of an asset/portfolio by employing value changes of the market in the model. For the Rational CAPM, this dissertation explains that risk, mispricing, irrationality and (investor) sentiment all indicate the same. Using the value changes from the Rational CAPM and historical dividend yields, …
The Effect Of Choice And Degree Of Participation On Customer Value And Performance Outcomes, Nicholas Jason Flores
The Effect Of Choice And Degree Of Participation On Customer Value And Performance Outcomes, Nicholas Jason Flores
Theses and Dissertations - UTB/UTPA
The importance of understanding customer value and the process of enabling the co-creation of value has advanced to the point of being considered vital for marketing and organizational success. Presently, a gap in the literature exists that pertains to understanding how the design and management of mechanisms that enable co-creation processes affect co-produced customer value and, consequently, performance outcomes. By investigating how two specific elements of customer participation enabling platforms, choice and degree of participation, impact customer value and performance outcomes in an online context, this study helps address the extant research gap. Specifically, this study examines how choice and …
The Impact Of Financial And Trade Openness On Economic Growth And Stock Returns: The Case Of Africa, Tibebe Abebe Assefa
The Impact Of Financial And Trade Openness On Economic Growth And Stock Returns: The Case Of Africa, Tibebe Abebe Assefa
Theses and Dissertations - UTB/UTPA
The debate on whether financial development and stock market help growth is ongoing. In the context of Africa where there exists a strong need and potential for growth, it is important to revisit the topic in order to address the problem of economic underdevelopment. In this dissertation, we focus on seventeen African countries with two main objectives: First, to investigate the relationship between financial and trade openness, and economic growth. Second, we investigate the association of African real stock index returns with financial and trade openness. For all analysis, we use Fixed Effect Models (FEM) and System Generalized Method of …
Executive Compensation, Firm Performance And Liquidity Under Imperfect Corporate Governance, Yongli Luo
Executive Compensation, Firm Performance And Liquidity Under Imperfect Corporate Governance, Yongli Luo
Theses and Dissertations - UTB/UTPA
This dissertation examines the relationship between executive compensation, firm performance and liquidity under imperfect corporate governance institution by using a novel Chinese dataset over 2001-2010. The first essay examines the determinants of Chinese executive compensation from the agency-based theoretical framework. I find that there is a positive relationship between Chinese executive compensation and firm performance. The weak corporate governance in China exhibits strong liquidity and control effects after the split-share structure reform. It seems that CEO duality, the establishment of compensation committee, and the involvement of state ownership in Chinese public firms may lead executive compensation to a relation-based rather …
Is Capital Structure Relevant? An Empirical Examination Of Capital Structure Choices, William R. Pratt
Is Capital Structure Relevant? An Empirical Examination Of Capital Structure Choices, William R. Pratt
Theses and Dissertations - UTB/UTPA
Modigliani and Miller propose a scenario in which capital structure becomes irrelevant. To achieve the condition of capital structure irrelevance, Modigliani and Miller have to assume market frictions such as taxes, information asymmetry, and other factors do not exist. With the acknowledgement of such forces, capital structure irrelevance does not hold and we are left with the question “why do firms finance the way that they do?” Within this dissertation I address this very question. Chapters one and two provide an introduction and review of the extant literature. Chapter three examines data over a period of 1970 to 2010, with …
Our Celebrities Our Selves: Reconstructing Ourselves As Online Personalities, Arne Baruca
Our Celebrities Our Selves: Reconstructing Ourselves As Online Personalities, Arne Baruca
Theses and Dissertations - UTB/UTPA
Celebrity influence on consumer behavior at the online macro level is the motivation for this study that addresses the nature of celebrity consumption and how consumers apply that consumption to develop their online self-presentation. The sample for this study is limited to consumers with active accounts at online social networks such as Facebook or Twitter. Methodology is a three-part design. A multi-factor qualitative exploratory study (n=73) reveals four celebrity-consumer relationships whose proposed measurement scales are tested in a quantitative pilot study (n=85). Finally, a large sample study (n=593) is used to test the measurement model and to test the proposed …
Three Essays On Cross-Listings From Emerging Markets, Omar Alejandro Esqueda
Three Essays On Cross-Listings From Emerging Markets, Omar Alejandro Esqueda
Theses and Dissertations - UTB/UTPA
During the last two decades, the number of cross-listed firms has been rising steadily. Recently, exchange-traded cross-listings from emerging markets have outnumbered those from developed countries. Chapter I shows an introduction to cross-listings. Chapter II analyzes the implications of ownership structure on the cross-listing premium of emerging-market firms that cross-list on U.S exchanges. Insider ownership is an important determinant of the value of cross-listed firms. The spike and fall in excess-value around the cross-listing year described in the extant cross-listing literature is substantially higher if the firm has insider ownership. In fact, investors are worse-off in the long-run when they …
Organizational Citizenship Behavior, Collectivism, And Job Satisfaction: Evidence From Mexico, Miguel Angel Baeza
Organizational Citizenship Behavior, Collectivism, And Job Satisfaction: Evidence From Mexico, Miguel Angel Baeza
Theses and Dissertations - UTB/UTPA
The purpose of this dissertation was to conduct a field study in a Mexican company in several Mexican regions. This study considered administrative professionals as a continuation to assess the validity of a recently developed Mexican Border OCB (MBOCB) scale by Ortiz (2000). This validation/refinement of an MBOCB scale was accomplished by comparing and contrasting results of this investigation, given the name of Mexican OCB (MOCB), with other OCB dimensions studies in other regions in order to evaluate criterion validity (e.g., convergent and discriminat) through factor loadings. Furthermore, this dissertation categorized these MOCB dimensions into more conceptualized terms utilized by …