Business Administration, Management, and Operations Commons^™

Does Managerial Risk-Taking Incentive For R&D Investments Translate To Future Earnings?, Ha Yun Cho

CMC Senior Theses

The convex pay-off structure of executive stock options (ESO) incentivizes CEOs to increase their firm stock-return volatility, thereby increasing their wealth in option portfolio. In this paper, I address two research questions. I first test if this managerial incentive induces executives to take on more risky projects in R&D that increases stock- return volatility, hence, boosting their personal wealth. I derive vega to measure managerial incentive, and vega is a dollar change in ESO for a 0.01 change in stock- return volatility. I find that there is a positive and statistically significant relationship between vega and R&D investment, which suggests …

Are Women Executives Hurting Firm Performance? An Examination Of Gender Diversity On Firm Risk, Performance, And Executive Compensation, Krystal Diane Sung

CMC Senior Theses

In order to assess the continuing imbalance of top executives between genders, I examine the effects of gender diversity within top management teams on firm risk, performance, and executive compensation. Capitalizing on previous analysis, I apply three unique differentiators. First, I utilize current data from 2012 to 2017 from Compustat, CRSP, and ExecuComp. Second, I provide a unique subset view on a firm and individual performance of female CEOs to examine executive compensation. Third, my scope of analysis expands to S&P Composite 1500 companies. I use separate models to estimate the effect of gender diversity on firm risk by examining …

The Impact Of Firm Characteristics On Speed Of Adjustment To Target Leverage: A Uk Study, James Fitzgerald, J. Ryan

Articles

Responding to the need to investigate heterogeneity in the speed of adjustment (SOA) to target leverage in a manner that reflects the fractional nature of leverage, we estimate SOA across sub-samples of UK firms using the Dynamic Panel Fractional (DPF) estimator. Using firm characteristics to identify firms subject to varying costs of deviation from and adjustment to target leverage, we find significant evidence of heterogeneity in the speeds at which UK firms adjust to target leverage. Our results show that small, high growth and low dividend paying firms adjust to target leverage faster than their large, low growth and high …

Strategies Small Business Owners Use To Remain Sustainable, Desire Luamba

Walden Dissertations and Doctoral Studies

In the United States, 41% of small retail businesses fail to succeed for longer than 5 years. The purpose of this multiple case study was to explore strategies small retail business owners used to remain sustainable for more than 5 years. The conceptual framework that grounded this study was Schumpeter's innovation theory. The sample size of this research included 4 successful retail business owners located in the southeastern region of the United States who have successfully started and managed their business activities for more than 5 years. Data were collected using semistructured face-to-face interviews with successful owners of small retail …

"Flaw-Backs:" Executive Compensation Clawbacks And Their Costly Flaw, Connor Douglas Maag

The Journal of Business, Entrepreneurship & the Law

Saving money should not be expensive. Compensation “clawbacks” are a legal mechanism for companies to reclaim employee compensation, but the legislative framework is complex and disorganized. There are four primary federal claw-back provisions: Sarbanes-Oxley § 304, Dodd-Frank § 954, 12 U.S.C.A. § 5221(TARP), and Dodd-Frank § 956—as well as voluntary contractual clawback policies. This comment untangles the web of clawback legislation by overlaying each clawback mechanism to extract a single, clear, and concise description of executive compensation clawbacks, called the “Comprehensive Clawback Coverage.” The Comprehensive Clawback Coverage reveals a major flaw in the legal and regulatory framework: clawbacks increase agency …

How It Awareness Impacts It Control Weaknesses And Firm Performance, Peiqin Zhang, Ju Long, James Ma

Journal of International Technology and Information Management

With the prevalence of information technology (IT), the value of IT awareness increasingly grows, and IT control becomes a key part of firms’ strategies and objectives. Although leadership plays an important role in IT control governance, limited research has studied whether IT awareness is associated with IT control weaknesses (ITCWs) and firm performance simultaneously. Drawing on the agency and resource dependence theory, this paper proposes an integrative model to examine the impact of IT awareness on ITCWs and firm performance. We empirically validate the model using a data set of 310 firms collected from multiple sources including Audit Analytics, Compustat, …

2018 Q4 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Pepperdine Graziadio Business School, in partnership with Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Ceo Compensation After Harvester Director Departure, Victor Jarosiewicz

Finance Department Faculty Journal Articles

I examine the effects of board member departures on CEO compensation using a sample of high growth IPO firms. Agency theory predicts that a reduction in board monitoring by harvester directors (VCs and private equity investors) will result in an increase in CEO pay. I find that departures of the last harvester director on a board result in an immediate and lasting increase in CEO equity compensation, while prior departures by other harvester directors are not significant. The results hold even when controlling for other governance mechanisms such as CEO wealth, CEO turnover, board composition, and external blockholder ownership.

Banking On Blockchain: A Grounded Theory Study Of The Innovation Evaluation Process, Priya D. Dozier

USF Tampa Graduate Theses and Dissertations

Blockchain technology emerged as the underlying database structure for Bitcoin, a cryptocurrency, in 2008. Interest in blockchain by the Financial Services industry grew because of its purported transparency, security, and trust elements which resulted in over $240 million in venture capital funds raised by blockchain firms mostly from banks in the first half of 2017.

The purpose of this study was to examine the underlying innovation evaluation process that Financial Services organizations employed as they evaluated blockchain technology. In this research study, blockchain was considered a technology innovation, which drove the research question: “How do financial services organizations evaluate blockchain …

Community Bank Leaders' Perception On Maintaining Values In Decision Making, Jennifer H. Matheny

Doctoral Dissertations and Projects

This qualitative study explored community bank leaders’ perception of conflicts between their personal values and core corporate values when negotiating critical decisions. At this stage in the research, the negotiating of decisions were generally defined as resolving conflicts between personal and organizational values. Results provide an understanding of how values-based leadership affects executive level decisions in community banks. A purposeful sample of community bank leaders participated in qualitative interviews. These leaders were selected based on their responsibility to make decisions that influenced their corporate culture and/or had a significant impact on their company. Based on the study, there was a …

Coordination Of Inpatient And Outpatient Care For Neurology Patients Undergoing Epilepsy Monitoring, Sara Schrock, Michelle Beane, Kathryn Cope, Mark Parker, Suneela Nayak, Ruth Hanselman, Stephen Tyzik, Amy Sparks, Brendan Lilley

Operations Transformation

ORGANIZING A SYSTEM TO CONSOLIDATE EPILEPSY REFERRALS TO AN OUTPATIENT NEUROLOGY PRACTICE

An outpatient neurology practice was experiencing delayed or lost referrals for epilepsy monitoring. This delay was leading many patients to suffer unnecessary and unmanaged seizures and, in some cases, frequent trips to the emergency department.

As a result, a team consisting of the neurology practice and neuro-navigators used baseline metrics to demonstrate the current state of the problem and conducted a root cause analysis that outlined several causes. A number of countermeasures were initiated with the goal of decreasing referral misses.

Post the initiation of two KPIs, a …

Gender Performativity And Hegemonic Masculinity In Investment Management, Corina Sheerin, Prof. Margaret Linehan

Applied Social Studies

Purpose

Through an examination of the everyday organisational and social practices, this paper aims to consider gender performativity and hegemonic masculinity within front office investment management. At the core of this research is the need to understand the interactions between gender, power and patriarchy.

Design/methodology/approach

An interpretivist philosophical stance underpins the study. A theory-building approach using 19 semi-structured interviews with investment management employees based in Ireland was undertaken.

Findings

The findings highlight a sector in which gender is performed in line with sectoral expectations, which place men in positions of dominance with hegemonic masculinity inherent. The organisational structures and daily …

Project Financial Distress: Early Signs And Ways To Overcome, Dimitrios V. Siskos

Publications

Financial distress is a hot topic these days in finance and the project’s health is very important for investors as well as management. Investors posit money in those projects which are financially healthy as the risk of default is minimized for them, while management must be able to identify causes of distress which can be controlled by taking different measures (Khurshid, 2013). However, the fact that many projects encounter financial distress requires further investigation. This paper deals with the elements of project financial distress as its major signs and sources as well as it suggests ways to eliminate the consequences. …

Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero

Doctoral Dissertations (DBA)

This event study examines the short-run effect of stock buyback announcements on stock price and credit default swaps (CDS) exclusively for mega capitalization S&P 100 companies. The research sample consists of 53 S&P 100 companies and includes 133 buyback announcement events occurring between September 2011 and May 2018. The study utilizes the market model to estimate expected returns and to compute abnormal returns (AR) for equity and abnormal change (AC) in CDS. Based on an initial analysis, it’s determined that there is a statistically significant AR and cumulative abnormal return (CAR) for stock price, and a significant AC in CDS, …

Reflective Practice Series: Selected Instructional Models Using Synchronous Video Conferencing Software, Martin W. Sivula

MBA Faculty Conference Papers & Journal Articles

With the vast array of resources available to instructors, one would think that instruction and teaching would yield success for all learners. Now, well into the 21^st century has much changed in the classroom? Certainly, movable desks and chairs, advanced audio and visual equipment, and a plethora of all types of technologies which might be able to enhance training and education. Over the last several decades research on individualized instruction, cognitive science, educational psychology, and multimedia instruction (to name a few) have permeated the literature on instruction. With all the research and the vast array of studies on improving …

Intangible Capital: Culture Of Innovation And Its Impact On The Cash Flow Multiple, James Russell Gregory

USF Tampa Graduate Theses and Dissertations

The definition for a culture of innovation (COI) is the perception of a company that prioritizes the advancement of new ideas that create value across all operations. On the face of it that seems a precious attribute for any company to nurture and exploit, but measuring and valuing a culture of innovation has proven elusive for corporations. There is a tendency to break down innovation into R&D, patents granted, and new product development and while these are all significant components of innovation a cultural definition is more encompassing of the entirety of a company and the financial results should be …

2018 Q3 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Pepperdine Graziadio Business School, in partnership with Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Toward A Model Of Strategic Human Capital Management Using The Balanced Scorecard - An Exploratory Case Study, Jeffrey A. Risinger

Human Resource Development Theses and Dissertations

The issue of strategic human capital management has been studied and written about extensively over the last 20 years. Much of the focus of this work has addressed the need for internal human resources organizations to transition from transactional, processing organizations to more strategic partner functions addressing the key business needs of the organization. The vast majority of the research addressing this transition has focused on the professional characteristics of senior human resource executives. Whereas the literature presents anecdotal evidence of progress, there also exists consensus support for the idea that very little systemic movement has occurred at the organizational …

Award Winners: 2018 Atrs Global Airport Performance Benchmarking, Tae Oum, Chunyan Yu

Publications

The ATRS Global Airport Benchmarking Project measures and compares the performance of several important aspects of airport operations: Productivity and efficiency, unit costs and cost competitiveness, financial results and airport charges. The report also examines the relationships between various performance measures and airport characteristics as well as management strategies in order to provide a better understanding of observed differences in airport performance. The 2018 report includes 204 airports and 24 airport groups of various sizes and ownership forms in Asia Pacific, Europe and North America. This presentation highlights the top efficiency award winners.

The Impact We Can Make Through Investment: Securing Financial Freedom By Serving Others, Miles A. Flett

Honors Projects

Wage disparity is a major political issue in the United States, but it has far more to do with the health of the economy as a whole. Statistically speaking, it is very difficult for women to participate equally in an economy where they are systematically marginalized. This hurts businesses, it hurts global markets and it damages overall GDP. Statistical data drawn primarily from the Bureau of Labor Statistics underline the differences that women face from various standpoints. Race is a primary influencer, but across the board all women make significantly less than men of the same background for the same …

An Exploration Of Internal Controls And Their Impact On Employee Fraud In Small Businesses, Kent Lachney

Doctoral Dissertations and Projects

The purpose of this qualitative study was to gain greater understanding of the current practices of the internal control systems of small businesses and to explore the effectiveness of their systems in comparison with anti-fraud activities recommended by forensic accountants. The researcher selected five small businesses that were members of the Central Louisiana Regional Chamber of Commerce and had fewer than 100 employees. The researcher interviewed the owners and/or managers of the businesses, reviewed and analyzed company documentation, interpreted data, made observations, and offered recommendations. The researcher asked each participant to respond to questions related to the five elements of …

Pipeline Or Waterslide: Advancing Women Into Executive Positions In Business And Financial Planning, Shannon Maura Domski

Celebration of Learning

We seek to understand the continued lack of females in upper management or “C-Suite” positions in business and more specifically looking at the continued lack of female planners in the financial planning industry. We hypothesis that although great strides are being made to foster inclusion these changes are stalled not only by unconscious prejudices against women, but also by a lack of confidence by women themselves. By conducting interviews with over a dozen women in a variety of executive and planning positions we attempted to bring a consensus of some of the root causes of this imbalance as well as …

Skewness Risk, Jump-Diffusion Modeling And Pricing In Carry Trade, Chitsun Chen

Doctor of Business Administration Dissertations

This paper investigates jump risk and return characteristics of currency carry trades by employing both empirical approach and analytical method. With country-level stochastic discount factor, a mathematical model is proposed to describe carry trade return dynamics that capture jump risk. Carry trade returns are modeled as jump-diffusion processes where types of jumps involve global and idiosyncratic jumps. We derive the first four moments of return process on exchange rates and use the method of moments to estimate parameters, which show the model matches excess carry trade returns in data quite well. Empirical findings show that carry trade returns exhibit an …

2018 Q2 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Pepperdine Graziadio Business School, in partnership with Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Finance & Budget Committee Packet, Wku Board Of Regents

Board of Regents Documents

Action items:

• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures
• Personnel Actions
• 2018-19 Budget Development

Quarterly Meeting Agenda & Packet, Wku Board Of Regents

Board of Regents Documents

Action and information items:

• John Hardin emeritus appointment
• Sam Bush honorary doctorate
• Distringuished professors - Ferhan Atici, Aaron Hughey
• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures Report
• Personnel Actions
• 2018-19 Budget Development
• Greg Collins contract
• College Heights Foundation, Inc. lease
• Naming Designated Rooms / Areas
• Terry Ballman, Provost Appointment

Avis Budget Group: A Financial Analysis, Tralonie Perkins

Dissertations, Theses, and Projects

This paper presents a financial analysis behind Avis Budget Group, Inc. (CAR), a leading global provider of vehicle rental and car sharing services, operating three of the most recognized brands in the industry: Avis, Budget and Zipcar. Utilizing both qualitative and quantitative analysis, this report encompasses comprehensive data regarding the industry in which CAR competes, the company’s recent financial results, and forecasts of its future growth with five-year pro forma financial statements used to build a valuation model.

Ethereum And The Sec: Why Most Distributed Autonomous Organizations Are Subject To The Registration Requirements Of The Securities Act Of 1933 And A Proposal For New Regulation, Tiffany L. Minks

Texas A&M Law Review

In a world full of new technology, the risk of fraud is constantly increasing. In the securities industry, this risk existed long before the use of technology. Congress enacted the Securities Act of 1933 to combat the risk of fraud and misrepresentation in the sale of securities. By requiring full disclosure, investors have the opportunity to make informed decisions prior to investing. However, Distributed Autonomous Organizations (“DAOs”), through the use of blockchains and smart-contracts, engage in the sale of securities without fully disclosing the risks or complying with the registration requirements of the Securities Act of 1933. Compliance with the …

Acquisitions: Walmart Vs Amazon, Scott Sims

Finance Undergraduate Honors Theses

The retail industry is in the process of undergoing major change. Historically big box brick and mortar strategies have dominated, but this is changing in the age of impatience and instant gratification. As consumers want items more conveniently, online retail has taken hold with no semblance of anticipated decline. At the forefront of this transformation are two industry giants: Walmart and Amazon. Walmart finds itself on the side of brick and mortar with 11,718 physical retail locations worldwide. Amazon is dominating the online retail space with control of a staggering 44% of all US e-commerce sales in 2017. These equally …

Hedging With Volatility, Mário Alagoa

Doctoral Dissertations (DBA)

A risk-averse investor with a long equity position is presumably interested in identifying a hedging strategy that protects the value of that investment. The common approach encompasses using either financial derivatives or holding assets (such as gold or Swiss francs) as portfolio hedges as they show negative correlation with equities. This paper proposes using volatility indexes as portfolio hedges instead; it shows that a volatility-based dynamic hedging strategy is the most effective at protecting the value of an equity investment.