Corporate Finance Commons^™

Partner Performance Evaluation, Disclosure Of Key Audit Matters, And Audit Quality, Shenghua Chen

Dissertations and Theses Collection (Open Access)

Transparency of information and audit quality are crucial for the efficiency and stability of the market. The disclosure of key audit matters has become an essential part of audit reports, yet there remains widespread debate regarding the role of key audit matters. This study finds a significant positive correlation between the extent of key audit matter disclosures and audit quality. Detailed disclosures can enhance information transparency, strengthen auditors’ sense of responsibility, and reduce information asymmetry. However, over-templating may have negative effects on audit quality, leading to a lack of personalized judgment by auditors. Additionally, this paper suggests that the partner …

“The Entire Art Movement Has Become An Enormous Business Venture” Financing The American Art Museum, Lucy Owen

MA Theses

This thesis examines the intricate relationship between financial operations and the public function of American art museums. The distinctive American nonprofit model relies heavily on private funds for its survival and success. The thesis traces the historical development of this model, and then analyzes the contemporary state of American art museums, with a specific focus on two prominent institutions: MoMA PS1 and the Yale University Art Gallery. The analysis highlights the significant influence of board members' financial contributions and their business expertise on museum operations. Moreover, the thesis argues that the museum world has undergone rapid financialization in the twenty-first …

Provision Cfo: Empowering Strategic Financial Excellence For Small Businesses And Entrepreneurs, Cindra Vang

Doctor of Strategic Leadership (DSL) Capstone Abstracts

Project Overview

ProVision CFO offers strategic financial management solutions tailored to the unique needs of entrepreneurs, small businesses, and rapidly growing organizations. This project aims to equip clients with robust financial strategies and actionable insights necessary for sustainable growth, operational excellence, and long-term success. ProVision CFO provides comprehensive financial guidance including fractional CFO and accounting services.

Project Themes

The ProVision CFO framework encompasses three key components designed to optimize financial performance and organizational effectiveness. Component One—Strategic Clarity: Establishing clear financial goals aligned with organizational vision, mission, and values. Component Two—Financial Optimization: Providing accounting services to streamline financial processes and enhance …

Deconstructing The Greenium: Exploring Mispricing In The Green Bond Market, Koto Yamada

Honors Theses

This paper investigates the sources and conditions under which the greenium – a yield discount observed for green bonds relative to comparable conventional bonds – appears in global fixed income markets. Using a dataset of over 26,000 bonds issued between 2012 and 2024 across 37 countries and 5,400 firms, I find that the existence of the greenium is highly context-dependent, shaped by factors such as issuer reputation, institutional trust, and green capital allocation across sectors. Repeat green issuers receive yield discounts of up to 57 basis points, particularly in the EU and Nordic countries, where strong climate policies and disclosure …

Proof Of Reserves: A Double-Helix Framework, Maksym Lazirko, Deniz Appelbaum, Miklos Vasarhelyi

Department of Accounting and Finance Faculty Scholarship and Creative Works

Cryptocurrency exchanges face increasing pressure to demonstrate reserve adequacy following platform failures, yet current Proof of Reserves (PoR) systems suffer from incomplete verification approaches that examine either on-chain or off-chain assets separately. This study introduces the Double-Helix Framework, a verification methodology that integrates on-chain blockchain analysis with off-chain consensus algorithms to provide complete assessment of exchange financial positions. The framework employs parallel verification strands that simultaneously validate blockchain-recorded transactions and off-chain financial information, creating a unified assessment mechanism that addresses the verification gaps in existing PoR systems. The framework's integration of traditional auditing principles with distributed ledger verification creates new …

Do Environmental Risks Explain The Sovereign Sukuk Yields In Malaysia?, Roslina Mohamad Shafi, Norhasimah Shaharuddin, Norsaliza Abu Bakar, Amirul Afif Muhamat, Mosab I. Tabash

The Indonesian Capital Market Review

Given the increasing risks posed by environmental degradation, severe climate change, and recent pandemics, the establishment of a sustainable economy has become a priority for numerous nations. From this perspective, it is crucial to emphasize sustainable finance since it has the potential to serve as a vehicle for accomplishing a green economic agenda. Sovereign sukuk held a prominent position in the sukuk market, both domestically and internationally, but its influence was particularly significant inside the domestic sphere. The study seeks to examine the link between environmental risks and the yield performance of sovereign sukuk. Sukuk performed less favourably compared to …

Impact Of Firms’ Innovation And Environmental, Social, And Governance (Esg) Score On Financial Performance: A Study Of Telecommunications And Information Technology Companies Listed On Apec Member Countries’ Stock Exchanges In The Period Of 2018-2022, Navira Putri Apriliani, Rahmat Aryo Baskoro

The Indonesian Capital Market Review

The telecommunications and information technology sectors significantly drive economic growth through continuous innovation. This study investigates how Innovation and Environmental, Social, and Governance (ESG) metrics affect the financial performance of 80 telecommunications firms listed on stock exchanges in APEC member nations from 2018 to 2022. Innovation is evaluated based on research and development expenditures, whereas financial performance is determined by examining revenue and Tobin’s Q. Employing Ordinary Least Squares (OLS) and Two-Stage Least Squares (2SLS) regression methods, the findings reveal that innovation positively influences ESG scores, notably improving governance aspects. ESG scores positively impact revenue but negatively affect Tobin’s Q. …

The Impact Of The Covid-19 Pandemic On Corporate Performance And Cash Dividend Distribution In China's Manufacturing Industry, Wang Danni, Lim Thien Sang, Lei Guangmei

The Indonesian Capital Market Review

As an unprecedented global public health emergency with rapid spread and challenging prevention and control measures, the COVID-19 pandemic has profoundly impacted corporate performance worldwide. Notably, the manufacturing industry in China has been severely impacted. To comprehensively understand the influence of significant public health incidents on enterprises and mitigate the epidemic's repercussions, the unbalanced panel data of China's A-share listed manufacturing enterprises from 2018 to 2023 was analyzed by regression analysis. The findings demonstrate that the COVID-19 outbreak has diminished these enterprises' financial and market performance. Moreover, companies with higher cash dividends and more excellent stability exhibit superior future performance …

Vice Capital, Andrew K. Jennings, Kimberly D. Krawiec

Faculty Articles

Academic and market interest in environmental, social, and governance (ESG) investing has grown markedly in recent years. Although less prominent, a substantial literature also explores whether “sin pays” in the public capital markets. This literature’s underlying theory is that social norms discourage the funding of businesses that promote vice. According to this theory, some investors—particularly institutions sensitive to social norms, such as pension funds and foundations—will shun vice investments. A consequence of this aversion is a “vice premium” for those investors who will invest in such companies. Largely unexplored, however, is what industries or business models qualify as “vice,” how …

The Federal Reserve’S Fight Against Covid-19: A Study Of The Corporate Bond Intervention, Noah Seilgson

Fordham Journal of Corporate & Financial Law

In response to the COVID-19 pandemic, the Federal Reserve (Fed) embarked on an unprecedented mission to stabilize the U.S. economy as businesses shut down. One emergency Fed facility, the Secondary Market Corporate Credit Facility (SMCCF), was used to purchase corporate bonds and corporate bond exchange-traded funds (ETFs) in the secondary market. This extraordinary measure, which injected liquidity into the corporate bond market, aimed to mitigate economic fallout for large companies. Purchasing corporate bonds marked a departure from previous Federal Reserve interventions, but the statutory authority was the same as had been used in past crises: Section 13(3) of the Federal …

Alternatives To Delaware? Evaluating Corporate Law In Nevada, Texas, And Wyoming, Joseph Landau, Bailey Swartz, Anthony Rickey, Robert Ragazzo, Benjamin Edwards, George A. Mocsary

Fordham Journal of Corporate & Financial Law

No abstract provided.

Algorithms In Finance: Balancing First Amendment Protections And Regulation, Yusraa Tadj

Fordham Journal of Corporate & Financial Law

As algorithms become a function of decision-making in the financial sector, policymakers, the judiciary, and academics grapple with regulatory questions. With the increased reliance on algorithms in finance, the Securities and Exchange Commission (SEC) proposed a rule to mitigate potential conflicts of interest that can arise out of financial firms using algorithms. Algorithm users, including financial firms, are finding novel ways to protect algorithm use, such as by offering them First Amendment protections.

This Note considers to what extent algorithms can be considered protected speech amidst the complexity of algorithms and relationship within the financial sector. The Note argues that …

In Re Firstenergy Corp. Securities Litigation: Where Macquarie Meets Affiliated Ute, Elizabeth Cosenza, Amanda M. Payne

Fordham Journal of Corporate & Financial Law

The central question this Article seeks to address is whether there is any world in which the Affiliated Ute presumption can still apply to cases under Rule 10b-5(b) after the Supreme Court’s decision in Macquarie? Put differently, if only half-truths and affirmative misrepresentations remain actionable under Rule 10b-5(b), is the Basic presumption the only pathway left for securities plaintiffs? The U.S. Court of Appeals for the Sixth Circuit will likely be the first court to address this issue in In re FirstEnergy Corp. Securities Litigation. The case will test the availability of the Affiliated Ute presumption post-Macquarie in cases based …

Cryptocurrencies, Nfts, And The Expanding Definition Of "Investment Contract": Has The Sec Already Torpedoed The Howey Test?, David B. Guenther

Fordham Journal of Corporate & Financial Law

The U.S. Supreme Court in SEC v. W.J. Howey Co. in 1946 famously defined the term “investment contract”—the catch-all term in the definition of “security” in the Securities Act of 1933—to mean (1) an investment of money, (2) in a common enterprise, (3) with an expectation of profits solely from the efforts of others. While the Howey test has endured as the standard definition of an investment contract, the Howey Court did not define the term “common enterprise,” and for more than fifty years, Howey’s common enterprise prong has eroded. Since 2017, the Securities and Exchange Commission has further eroded …

Scienter Potentia Est: The Case For The Presumption Of Use Standard In Insider Trading, Audrey Nelson

Fordham Journal of Corporate & Financial Law

Is it possible to accidentally insider trade? The Supreme Court has held that scienter is a necessary element of all § 10(b) and Rule 10b-5 actions, but the federal appeals courts are split on how the scienter requirement applies to insider trading cases. In a non-insider- trading § 10(b) case, the Supreme Court stated that § 10(b) scienter requires intentional misconduct. Although the Supreme Court has not heard a case specifically about the scienter element in the context of insider trading, those who support a use requirement claim that the § 10(b) scienter element requires the plaintiff to show that …

Amending Regulation D'S Accredited-Investor Definition To Allow Natural Persons To Opt Out Of Unwanted Regulatory Protections, John L. Orcutt

Fordham Journal of Corporate & Financial Law

No abstract provided.

Navigating New Capital Sources: Financing Constraints And The Growth Of Private Credit, David George Mathias Jr.

CMC Senior Theses

The rapid growth of private credit—non-bank lending where firms receive funds directly from private lenders like asset managers, private equity firms, and institutional investors—has reshaped corporate financing dynamics. This paper examines how private credit influences firm financing constraints and macroeconomic risk through the use of a dataset consisting of private credit deals, firm-level financial metrics, and macroeconomic indicators from 1995 to 2023. Regression analysis reveals that private credit has an insignificant effect on financing constraints as it generally acts as a substitute for traditional financing and a counterforce to tightening bank policies. However, a significant relationship emerges between private credit …

Is Corporate Social Responsibility A Must Or A Plus? The Role Of National Culture, Liu Wang, Shaomin Li

Management Faculty Publications

This study examines the role of national culture in shaping corporate social responsibility (CSR) practices and how CSR is valued by investors. In a multilevel study of 4998 firms across 34 nations, we find that firms in performance-based culture (PBC) are more likely to engage in explicit CSR activities, but performance-driven investors view such an effort as a drag on shareholder returns in PBC-oriented societies, resulting in lower valuation. In contrast, firms in socially supportive culture (SSC) tend to invest less in explicit CSR activities, but such an investment is viewed favorably by social-minded investors in SSC-oriented societies, and thus …

Dynamic Quantile Positioning: A Visual Approach To Financial Ratio Benchmarking Against Industry Peers, Wojciech Kuryłek

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: This paper introduces an innovative visualization method for financial ratio benchmarking that enables comprehensive evaluation of a company’s financial performance relative to industry peers, addressing the challenge of information overload in financial analysis.

Design/methodology/approach: The method analyses data from nearly 200,000 Polish companies classified by PKD codes (aligned with NACE Rev. 2). It evaluates 14 financial ratios across five categories: sales characteristics, profitability, financial leverage, liquidity, and working capital. Each ratio is mapped against industry distributions divided into five quantiles ranging from ‘far below average’ to ‘far above average’. The visualization displays current and previous year positions …

The Usefulness Of The Industry Trade Credit Risk Indicator In The Polish Economic Realities In 2013–2023, Robert Dyrcz, Artur Hołda

Studia i Materiały Wydział Zarządzania Uniwersytet Warszawski

Purpose: The aim of this article is to introduce the methodology for creating a synthetic industry indicator of trade credit risk (PICM Risk Index©), which will be useful in forecasting the number of defaults in economic sectors. In particular, the PICM Risk Index© indicator is to be characterized by the smallest possible forecast error and is to be variable in monthly periods.

Methodology: In the construction of the indicator, the economic situation research of the Central Statistical Office was used. The research hypotheses assumed were that the indicator shows a statistically significant relationship with insolvencies in the sectors …

Corruption Perception, Institutional Quality And Stock Prices: Evidence From The Egyptian Capital Market, Rasha Elbolok, Gina Eltabei, Dina Hassouna

Business Administration

This study examines the impact of institutional quality and corruption perception on stock prices in the Egyptian capital market, with a focus on the post-revolution period from to . Using the Generalized Method of Moments (GMM) methodology, this study provides empirical evidence on the significant role of macro-political factors and firm-specific variables in shaping stock market dynamics. The findings reveal that institutional quality, characterized by governance efficiency, regulatory frameworks, and the rule of law, positively correlates with stock prices. Similarly, enhanced corruption perception control significantly boosts investor confidence, leading to increased market valuations. Firm-level factors such as Tobin’s Q and …

Cross Country Analysis Of Leveraged Loan Issuance: A Comparative Case Study, Cristina D. Vasquez Boero

Honors Program Theses

This paper aims to examine the dynamics of the global leveraged loan market through a cross-country analysis of 32,635 loan issuances spanning 133 industries across 29 countries between 2005 and 2024. The study analyzes key loan-level variables; including commitment size, maturity time, facility type, pledge status, priority lien, economic sector, use of proceeds, issue year, and amortization schedule to identify cross-country variation in loan issuance patterns and borrower characteristics, comparing a selected sample of international countries with the United States. The results reveal that the market for leveraged loans has grown significantly over time, specifically due to a higher frequency …

Harvest Gold Distillery, Alexis Mackey, Alexander Grecco, Cole Smith, Maggie Patterson, Blake Benko

Williams Honors College, Honors Research Projects

The goal of our research project is to establish and grow Harvest Gold Distillery: a corn-based liquor distillery in Ohio that aims to produce and sell high-quality spirits while offering unique services that enhance outreach in the community. The motivation behind this business venture is rooted in one of our team member’s family traditions; Alex’s family makes homemade liquors, which has fostered an in-depth understanding of the distillation process. Alex’s firsthand experience with the craft provides a solid foundation, yet we recognize that starting a distillery involves significant challenges and requires thorough research in several functions of business. This project …

Personal Finance – Emerging Issues And Trends. Opening Remarks, Katarzyna Kochaniak, Witold Gradoń

Journal of Banking and Financial Economics

Personal Finance – Emerging Issues and Trends. Opening Remarks

Digital-Only Banks – Retail Banks For Retail Customers Only?, Katarzyna Schmidt-Jessa, Maciej Stradomski

Journal of Banking and Financial Economics

This paper explores how traditional banks perceive digital-only banks and the potential impact of digital-only banks on the retail segment of the banking sector. To obtain the main goal, we conducted in-depth semi-structured interviews with managers and directors representing different traditional banks with profound insight into the bank digitalisation process. The results indicate that, for traditional banks, the development of digital-only banks does not pose a threat or challenge that can significantly undermine their business. A high level of user experience, innovativeness, and lack of obsolete processes and technologies are the main advantages of digital-only banks that attract retail customers. …

Entire Volume Journal Of Banking And Financial Economics 2025, 2(24)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2025, 2(24)

Predicting Crises On The African Frontier Stock Markets With Investor Sentiment Indicators: A Machine Learning Approach, David Korsah, Lord Mensah

Journal of International Technology and Information Management

This study examined the predictive ability of machine learning algorithms in identifying crises within African stock markets. The study employed seven distinct machine-learning models, analyzing historical stock prices from eight stock markets, three major sentiment indicators, and the exchange rates of local currencies against the US dollar, with each data spanning from May 1, 2007, to April 1, 2023. Extreme Gradient Boosting (XGBoost) emerged as the most effective algorithm for predicting crises. Historical stock prices and exchange rates were identified as the most critical features for prediction. On the sentiment side, investors’ perceptions of potential volatility on the S&P 500, …

Does Social Capital Mitigate Managerial Self-Dealing? Evidence From Insider Trading, Sung Gon Chung, Jimmy Lee, Sang Hyun Park

Research Collection School Of Accountancy

In this study, we examine whether the social capital surrounding the firm’s corporate headquarters mitigates managerial self-dealing in the form of opportunistic insider trading. We find strong evidence that the level of social capital in the region surrounding the firm’s headquarters is negatively and significantly associated with insider trading profitability. We also find that the negative association between social capital and insider trading profitability is more pronounced when governance is weaker and corporate opacity is higher, instances where insiders have greater opportunities to trade on their private information. Further analyses on the potential mechanisms suggest that the negative association is …

Taking Stock: Investigating The Relationship Between Stock-Based Compensation And Share Price Performance In Public Software Companies, Ethan Choi

CMC Senior Theses

There has been considerable debate around the practice of compensating employees and executives using stock-based compensation (“SBC”). Studies point to a myriad of both benefits and drawbacks of SBC; while in practice, firms with high SBC intensity have harmed shareholders through share count dilution. One industry in particular has drawn sharp investor criticism for its SBC intensity: software. Despite the software sector’s growing importance to the economy and influence in the public markets, no academic literature has analyzed the impacts of SBC on software companies specifically. Filling the gap, investor literature has sought to examine this topic in the context …

Startup Equity To Stock Exchange: Key Drivers In Venture-Backed Ipo Journeys, Aryaman Shiv Khosla

CMC Senior Theses

This study investigates the components that shape the probability of a venture capital (VC) backed company’s ability to transition from private to public markets through an Initial Public Offering (IPO). The study employs logistic regression models to analyze firm-specific and funding-related determinants of IPO likelihood. Key predictors in this study include total VC funding, number of VC rounds, average deal size growth, size of first round, average days between rounds, company age, number of employees, and primary industry sector. The findings reveal that higher total funding increases IPO likelihood, highlighting the critical role of robust capital access in fueling growth …