Business Commons^™

Altman Z-Score Relationship With Stock Price Performance After Layoff Announcements, Natalie Phillips

CMC Senior Theses

This paper examines the broader implications of such workforce reductions, historically prevalent in corporate environments since the advent of "new capitalism" in the late 20th century. Characterized by intense global competition, deregulation, and technological advancements, this era saw a surge in corporate downsizing as a means to enhance efficiency and competitiveness. Despite the strategic intentions, layoffs often signal underlying organizational challenges, prompting critical inquiry into their short- and long-term impacts on firm performance and investor sentiment. Central to this study is the exploration of whether a firm's Altman Z-Score, a metric predicting bankruptcy risk, influences stock price reactions following layoff …

Labor Versus Capital: Impacts Of Employment Lawsuits On Capital Expenditures, Victoria Williams

CMC Senior Theses

This thesis explores the relationship between employment-related litigation and capital expenditures (CapEx) within firms, particularly focusing on the trade-off between labor and capital as automation becomes increasingly viable. It investigates whether legal challenges in the form of labor lawsuits prompt companies to increase investments in automation to mitigate future labor risks and costs related to employing human workers. The research includes analysis of the impact of litigation on CapEx across different time periods and industries. Results suggest a significant, though not unequivocally robust, positive correlation between litigation and CapEx increases. Notably, the impact of litigation on CapEx was more pronounced …

Pay-Performance Sensitivity: How Firm Performance Impacts Ceo Compensation, Yuefeng Ma

CMC Senior Theses

This study investigates the relationship between firm performance and CEO compensation, revisiting and extending the foundational framework established by Jensen and Murphy (1990). The sample comprises compensation data for the Chief Executive Officer (CEO) of all publicly traded companies on the Wharton Research Data Services (WRDS) Compustat – ExecuComp dataset from 1994 to 2023. Using Ordinary Least Squares (OLS) regression models, the analysis evaluates the sensitivity of CEO pay to changes in shareholder wealth and other performance metrics, while accounting for structural and temporal shifts driven by corporate governance, macroeconomic environment, and legislation. The findings reveal that changes in shareholder …

How Did The Implementation Of Asc 842 Affect Credit Markets And Stock Performance Among Publicly Traded Firms With Extensive Lease Obligations?, Eduardo Hernandez

CMC Senior Theses

I investigate whether the mandatory lease capitalization under ASC 842 led to measurable shifts in market-based assessments of firm risk, from both a creditor and investor perspective. Sampled firms and financial quarters are segmented based on lease intensity (a proxy for a firm’s reliance on leases) and firm size (based on market capitalization). Contrary to initial expectations, the results suggest that firms with higher lease intensity experienced a significant increase in stock returns and a decline in bond yields following the implementation of ASC 842, which indicates that the added transparency may have reassured equity and credit investors. This study …

Forecasting Equity Betas Using Option-Implied Moments, Ivan Kolesnikov

CMC Senior Theses

Traditional beta estimates are constructed from historical stock‑and‑market returns and therefore adjust only as fast as realized data accrue. This thesis investigates whether the forward‑looking information embedded in equity‑option prices can enhance beta forecasts. Using near‑end‑of‑day quotes for 236 S&P 500 firms between 2007 and 2024, I extract risk‑neutral variance and skewness, construct five alternative beta estimators (historical, option‑implied, and three hybrids), and evaluate them against realized betas over six‑, twelve‑, and twenty‑four‑month windows. Rolling‑OLS beta remains the most accurate benchmark at short horizons, yet option‑implied moments add economically and statistically significant value when systematic exposure is expected to change …

Accounting Metrics And Stock Sensitivity: A Comparative Analysis Between Small Cap And Large Cap Companies, Diana B. Carranza

CMC Senior Theses

This study examines whether the cumulative abnormal returns (CARs) of small-cap companies are more sensitive to accounting metrics such as return on assets (ROA), return on investment (ROI), return on equity (ROE), and the debt-to-equity (D/E) ratio compared to large-cap companies. Using a sample of firms from the S&P 500 and S&P 600, moderated linear regression models were applied to test the relationship between profitability, leverage, and stock price reactions. The models include interaction terms with firm size and control for time-fixed effects. The results show that while profitability metrics are positively and significantly associated with CARs for large-cap firms, …

Optimal Capital Allocation Decisions And Investments In The Nba, Anderson Cynkar

CMC Senior Theses

This thesis investigates the relationship between salary concentration and winning in the NBA, primarily focusing on how the concentration of payroll among top-earning players influences success. Several concentration metrics were constructed and employed including the use of a Herfindahl-Hirschman Index (HHI) to measure the share of payroll each player receives across a team. I used fixed effects regressions and clustered standard errors at a team level to control for unobserved factors that remain the same over time. The results revealed a consistent inverted U-shape curve, signaling that an optimal concentration of capital exists for the highest paid player, two highest …

The Pricing Of Forecast-Based Earnings Uncertainty In Equity Markets, Brenda G. Galvan

CMC Senior Theses

This paper constructs a firm-level measure of earnings forecast uncertainty by adapting the macroeconomic methodology of Jurado et al. (2015) to micro-level financial statement data from Compustat and CRSP. Using a two-stage estimation procedure, I first forecast the scaled year-over-year changes in earnings, defined as the change in income before extraordinary items normalized by firm sales,based on lagged firm fundamentals. I then model the squared forecast errors to extract the unpredictable component of earnings variation, generating a forward-looking, firm-specific measure of ex-ante uncertainty. Empirically, I examine whether this forecast uncertainty measure is priced in equity markets by regressing future stock …

The Effect Of The Tcja And Cares Act On Charitable Contributions And The Financial Health Of The Nonprofit Sector, Nathanio A. Bright

CMC Senior Theses

This thesis examines the impact of the Tax Cuts and Jobs Act of 2017 and the Coronavirus Aid, Relief, and Economic Security Act of 2020 on charitable contributions and nonprofit financial health. The standard deduction increase introduced by the TCJA disincentivized middle to low-income earners from making contributions. In March 2020, Congress temporarily increased the AGI limit on charitable deductions while simultaneously offering an above-the-line deduction for all U.S. taxpayers. While earlier studies have analyzed the effect of the TCJA in disincentivizing charitable contributions, no study has examined the moderating effect of the TCJA and CARES Act in affecting contributions …

The Counter-Cyclicality Of Earnings Management: Evidence Through 2024, William J. Hall

CMC Senior Theses

This thesis examines the relationship between macroeconomic conditions and earnings management, extending the analysis of Hillegeist and Lin (2019) using updated data through 2024. Based on 16,635 firm-quarter observations, my study affirms the results found in prior literature and confirms that there is a negative association between the change in GDP and the direction of firms’ earnings management behavior, indicating that earnings management is counter-cyclical. My study also finds that firms manage earnings asymmetrically based on the current macroeconomic state, with firms managing earnings more in economic downturns and less in expansions. My findings suggest that despite major macroeconomic and …

Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes

CMC Senior Theses

This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …

Scaling Social Impact Bonds In The United States: Barriers, Incentives, And Policy Solutions, Angelique M. Rivanis

CMC Senior Theses

Social Impact Bonds (SIBs) are a form of outcomes-based financing that fund social programs by shifting financial risk from the government to private investors. While SIBs have gained international traction, their long-term viability in the United States depends on structural reforms. This thesis examines two completed U.S. SIB projects, Rikers Island in New York and the Just-in-Reach project in Los Angeles, through an analysis of their design, implementation, and outcomes. While both projects focus on criminal justice, they provide context about the scalability of SIBs across multiple social policy areas.The three primary constraints are high transaction costs, limited investor interest, …

Assessing Indonesia’S Potential Comparative Advantage In Downstream Petrochemical Industry Development: A Cost And Profitability Analysis, Daniel P. Yim Mr

CMC Senior Theses

As the Indonesian economy and population grow, domestic consumption of petrochemicals for the manufacture of downstream products, such as the plastics found in everyday life, has been increasing. However, despite robust demand for downstream chemicals such as polyethylene terephthalate (PET), polypropylene (PP), and polyethylene (PE), Indonesia consistently operates as a net importer of many upstream and downstream chemicals. It remains dependent on the Middle East, as well as on China, South Korea, Japan, Thailand, Singapore, and other countries. Although Indonesia utilizes more modern and recently built plants compared to its trading partners, the facilities are smaller in scale. Even for …

Upward Distortion And Organizational Culture, Benjamin Gellerman

Dissertations and Theses

The “MUM effect," a social phenomenon in which people prefer to avoid sharing bad news, can cause “upward distortion,” as employees give incomplete information to their supervisors to avoid reprisal. Organizations require upward communication to transmit critical information, and disruptions to this process have implications for both workplace efficiency and job satisfaction. Strauss (2011) developed the Upward Communication Distortion Index (UCDI) to measure the propensity of individuals to distort upward organizational communication. The UCDI was compared with the subscales for LMX (leader-member exchange) and Locus of Control. This project analyzed upward distortion in American businesses, specifically how four different organizational …

The Effects Of Email Advertising On Consumer Response In Australian Online Fashion., Trent Curtis

Theses

Email advertising continues to grow as an essential card in the playbook of current day digital marketers, especially within the hyper competitive world of online fashion. This thesis examines the multifaceted effects of email advertising on consumer response within Australia, drawing new insights from the recent influence of personalised email advertising content.

Employing a mixed methods approach, qualitative analysis first utilises thematic coding to uncover key insights drawn from interviews with current day fashion marketing professionals. These interviews explore the perceptions of email advertising effectiveness, preferences in personalised content, and the behavioural trends of online fashion shoppers.

The quantitative analysis …

Consumer Buying Behaviour Towards Organic Food In Sri Lanka: Imports From Australia, Nalaka Kaushayla Mohotti

Theses

The Australian organic agriculture industry is thriving, with 9.9% of its agricultural land certified organic and production concentrated in fruit, vegetables, meat, and dairy, collectively valued at over AUD 2 billion. At the same time, South Asia, including Sri Lanka, is experiencing significant growth in organic agriculture markets. In 1994, Chronic Kidney Disease of unknown etiology (CKDu) was discovered among Sri Lankan paddy farmers. Research in 2012 linked it to hard water, pesticides, and heavy metals, triggering a pesticide ban and the ‘A Pesticides Free Nation’ program. This study analyses consumer buying behaviour for organic food in Sri Lanka, focusing …

Persistent Reading Deficiencies In Early Education, William Steven Reed

Electronic Theses and Dissertations

This qualitative case study investigated early reading teachers’ perceptions of the instructional practices they use to identify early elementary student reading proficiency, including unique challenges they face when addressing the development of early reading skills. The researcher investigated eight first and second grade teacher classrooms during the 2023–2024 school year through collective interviews, observations, and related school data. The researcher performed a qualitative analysis of the collected data to reveal varying themes that support recommendations to reduce persistent reading problems among early elementary students. Using purposeful sampling to select licensed, experienced participants, the insights of eight early elementary reading teachers …

Consumer Willingness To Buy And Willingness To Pay A Premium For Climate Smart Food Products, Jacob David Brewer

Graduate Theses/Dissertations

This study investigated consumer willingness to buy (WTB) and willingness to pay a premium (WTPP) for Climate Smart (CS) food products. Focusing on soil health improvement practices such as biochar utilization, data from two surveys were analyzed. One survey was implemented and sought responses from consumer households in six midwestern states, and the other survey was distributed to institutional (universities, K-12 schools, corporations, etc.) and intermediary (restaurants, grocery stores, distribution centers, etc.) buyers. Consumer WTB and WTPP was examined through two independent ordered probit models, and the buyer survey data was utilized in descriptive analysis. Findings suggested that younger consumers, …

Corporate Soft Power Strategy In Shaping Global Influence: A Case Study Of Microsoft, Qiang Qiang

Theses and Dissertations

Soft power, defined as the ability to attract and persuade through appeal and influence rather than coercion, has emerged as a critical component in the arsenal of global corporations navigating the complexities of the interconnected world. This study, using Microsoft as a case, delves into the realm of soft power in global corporations. Drawing upon qualitative methodology, this study aims to uncover the nuanced factors contributing to global corporation soft power prowess. Key areas of investigation include organizational culture and communication, corporate branding, corporate social responsibility, emerging technological applications, global branding strategies, and leadership approaches. Through an analysis of these …

Remove The Invisibility Cloak - Let's Get Women Promoted!, Nina Echeverría Brown

Theses and Dissertations

This two-study research project uses a mixed-methods exploratory sequential research design to investigate the career journey of women in Corporate America and assess how they navigate the tensions that may impede Career Growth. Study 1 employs qualitative interviews to gather insights from 20 diverse women at varying managerial levels. Thematic analysis reveals five primary Pathways to Career Growth—Foundational Development, Social Augmentation, Adaptive Knowledge Expansion, Forward Focus, and Visibility—each associated with specific strategies that women employ to navigate tensions related to Cultural, Organizational, and Domestic spheres. Study 2 builds upon these findings and utilizes quantitative cross-sectional survey data from 385 corporate …

Innovative Approaches To A More Sustainable Global Supply Chain: A Phenomenological Study In The Footwear Industry, Nichole Dwyer

Theses and Dissertations

The global footwear industry faces significant challenges as it navigates the complexities of sustainability, technological advancements, and supply chain resilience. This study examines how innovations in developing technologies, such as artificial intelligence (AI), blockchain, and the Internet of Things (IoT), can enhance efficiency, reduce carbon footprints, and promote sustainability within global footwear supply chains. Leveraging a phenomenological approach, the research explores the lived experiences of supply chain professionals to identify practical strategies for integrating technology, enhancing resilience, and mitigating environmental impacts. The study highlights the industry's evolution, driven by factors such as consumer demand for sustainability, disruptions caused by geopolitical …

A Mixed Method Case Study Of Leadership For Change: Authentic Transformational Leadership In A Local Baptist Church, Hui Sun

Theses and Dissertations

This convergent parallel mixed methods case study explores how a local Baptist church navigated organizational change during and after the COVID-19 pandemic through the lens of authentic and transformational leadership. Grounded in organizational leadership and open systems framework of organizational change, the study examined two primary hypotheses: (1) RBC demonstrated an authentic transformational leadership paradigm in its change processes since 2020, and (2) this paradigm significantly and positively influenced perceived leadership effectiveness.

Qualitative data were collected through semi-structured interviews with six leaders (three pastors, one minister, one staff leader, and one deacon) and 11 raters (five lay leaders, five congregants, …

Three Essays On Investment Strategies, Machine Learning And Risk Management, Nafise Aalipour

Open Access Dissertations

This dissertation explores the role of frictions, regime dynamics, and predictive modeling in understanding persistent anomalies and managing financial risk in equity markets. Across three essays, I examine how transaction costs limit arbitrage opportunities, how market regimes shape the evolution of return anomalies, and how a hybrid econometric-machine learning framework can enhance risk forecasting.

The first essay investigates whether transaction costs and idiosyncratic risk constrain the profitability of long-term reversal and medium-term momentum strategies. Using a comprehensive dataset from 1927 to 2022, I estimate stock-level trading frictions through three distinct methods - Limited Dependent Variable models, Gibbs cost estimators, and …

Individuals' Trust Of Bank Acquisitions, Christy Mccollum Knight

Graduate Theses, Dissertations, and Problem Reports (ETD)

Recent transactions within the financial services industry have seen an uptick in credit unions acquiring traditional community banks. Between the years 2020 and 2024, there were 64 announced bank mergers and acquisitions by Credit Unions, and this trend is expected to continue (S&P, 2025). As there are fundamental differences between credit unions and traditional community banks, the question arises, “How will consumer confidence and trust be affected by these mergers and acquisitions?”

This dissertation investigated how consumer trust would be affected by their propensity to trust others (Disposition to Trust), their perception of the financial services industry (Institution-Based Trust), their …

Human Factors Matter: The Intersection Of Cybersecurity Governance, And Culture In Risk Management Of Critical Infrastructure, Prince Abubakari

Theses and Dissertations

In the 21st century, cybersecurity threats have evolved into pressing socio-technical issues, with significant implications for the safety and stability of global critical infrastructure. This dissertation explores the intersection of cybersecurity governance and culture in risk management of national critical infrastructures, defined as essential systems and assets, whether physical or virtual, that are vital to the security, public health, safety, economy, or any combination thereof, and the disruption of which would have a debilitating impact on a nation. The study delves into how human factors like organizational culture and governance mechanisms interplay to influence cybersecurity outcomes. The research adopts a …

It's Not The Fault Of The Parrot, But Of The One Who Teaches Him To Talk: Understanding Identities And Relationships Of An Educational Ngo In Guatemala, Brittany Rebecca Blomquist

Graduate Research Theses & Dissertations

Guatemala is an economically poor country, with a rich culture that makes it a destination for foreign assistance through non-governmental agencies (NGOs) and tourism. The history of conflict and foreign economic development within the country has created a dichotomy of identities, divided across economic wealth, ethnicity, and urban/rural landscapes. NGOs, their presence as transnational actors, and their organizational identities augment the identities present within the spaces in which NGOs work. Additionally, these identities are fluid and relational. I argue that the identities and relationships that form within the NGO space are reflective of NGO work and development structures. The identities …

Engaging The Plus-Size Community Through Social Media And Public Relations, Esperanza Chavez

University of the Pacific Theses and Dissertations

This thesis explores which platform, TikTok or Instagram, best supports engagement andcommunity building for the plus-size audience. Grounded in theories by Goffman, Berger & Luckmann, and David Meerman Scott’s 85-10-5 Rule, the study combines strategic PR methods with digital media tools to elevate plus-size voices. The campaign included 30 Instagram posts, 35 TikToks, street interviews, and a podcast series, all designed and executed for this project. Engagement was measured through likes, comments, shares, saves, follower growth, and qualitative audience feedback.

Research Reimagined: The Dissertation-To-Book Journey And Building A Scholar-To-Author Presence, Seema Kumar

Master's Projects

This capstone project, completed for a second master's degree after a Ph.D., discusses aspects of transforming the doctoral dissertation on digital versus manual mediums in fashion design into a research monograph book proposal for academic publication. It reflects on a publisher's requirements and the process, including de-thesizing the dissertation, planning the book's structure, rewriting sample chapters to improve flow and readability, and creating a table of contents that demonstrates the work's development into a publishable book rather than a dissertation. Another part of the project includes developing an author platform through blog posts and platforms such as Substack, preparing the …

Insider Threat Agent: A Behavioral Based Zero Trust Access Control Using Machine Learning Agent, Michael Fojude

College of Graduate Studies: Theses & Dissertations

Hybrid work, cloud adoption, and freely available AI‑enabled attack tools have exposed critical weaknesses in perimeter‑centric security. Current breach reports attribute more than one‑third of incidents to insider misuse or credential compromise, yet many organizations still depend on static Role‑ or Attribute‑Based Access Control that neither verifies intent continuously nor adapts to subtle behavioral change. This research addresses that gap by designing and validating a behavioral based Zero Trust Access Control (ZTAC) Agent. A five‑year enterprise log Dataset was extracted and cleansed to establish a high‑fidelity baseline of normal user behavior. Feature engineering captured temporal regularity (login sequence, session duration), …

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 …