Corporate Finance Commons^™

Ai-Augmented Financial Advisors: Comparing Ai And Human Analyst Investment Recommendations In Agreement, Performance, And Firm Size Effects, Crystal Chen

Honors College Theses

This study examines the level of agreement and performance between artificial intelligence (AI) generated investment recommendations and human analyst recommendations across U.S. publicly traded firms. Using a sample of twelve companies categorized by firm size (large, mid, and small), the study collects buy, hold, or sell recommendations from generative AI systems and human analysts. Agreement between AI-to-AI and AI-to-human recommendations is measured using Cohen’s Kappa agreement. Portfolio performance is evaluated by constructing equal-weighted portfolios for each recommendation source and size category. Risk-adjusted returns are measured using the Sharpe ratio over 1-, 2-, and 3-month periods. Furthermore, the study tests whether …

The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein

Honors Thesis

This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …

A 360 Perspective About Corporate Finance, Braden C. Fancher

Finance Undergraduate Honors Theses

This thesis provides a comprehensive reflection on the author's experience in the “Finance 360” rotational internship program at Burns & McDonnell, a program designed to expose interns to the diverse functions within a corporate finance and accounting department. Over the course of 10 weeks, the author completed 12 different rotations, gaining hands-on experience across various financial disciplines. This paper highlights five rotations—Operational Financial Analysts, Financial Analytics, Internal Audit, Project Accounting, and Investments—that had the greatest impact on reshaping the author’s understanding of corporate finance. These experiences revealed the deep integration of finance with accounting, analytics, and strategic decision-making, far beyond …

Treasury Analysis & The Digital Divide, Alivia Shaver

Finance Undergraduate Honors Theses

This paper outlines the daily tasks of a Treasury Analyst Intern and highlights the problematic issues that arise from the digital divide in the telecommunications industry.

“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 …

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 …

Better Than Blume: An Approach To Forecasting Future Stock Betas With Linear Bayesian Models And Sample-Wide Priors, Kian Shah

CMC Senior Theses

This paper investigates the predictive accuracy of stock beta forecasts by comparing the widely used Blume adjusted beta to four Bayesian regression models I developed. Stock beta, an essential measure of systematic risk, plays a crucial role in portfolio management and valuation; however, raw betas lack forecasting capabilities. While various attempts have been made to develop alternative beta forecasting models, the Blume adjustment remains the most commonly used. To evaluate this, I created four Bayesian models utilizing a single, sample-wide set of priors, simplifying the computational requirements compared to stock-specific priors. The analysis is based on daily return data for …

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 …

Assessing Leadership In Business: A Critical Investigation Of Jamie Dimon, Conner Delaubell

Honors Scholar Theses

This thesis explores the leadership characteristics of Jamie Dimon, the long-serving CEO of JPMorgan Chase. Dimon's exemplary leadership skills and effective leadership styles have helped the financial firm become the largest bank in the United States. Through a detailed analysis of his background, career milestones, management philosophy, and vision for the future, this paper highlights the positive effect Dimon has had in the modern banking landscape. Additionally, the paper includes areas of leadership improvement, including criticisms of the climate and culture he creates.

Impact Of Esg Ratings On Company Stock Price Returns, Benjamin Mccormick

Honors College Theses

ESG, Environmental, Social, Governance, is a new business philosophy that asserts that businesses have a duty to the environment, their communities, and to act legally and ethically. ESG rating agencies are built around grading public companies on their fulfillment of these objectives. Critics of ESG cite that ESG dilutes the primary purpose of business, to create value for shareholders. This paper uses regression analysis to test whether these perspectives are mutually exclusive. With stock returns as the dependent variable and ESG ratings as the dependent variable of interest, this paper finds a slight correlation between lower returns and companies in …

In-Depth Examination Of Financial Accounting: Case Studies Analysis, Gurpreet Singh

Honors Theses

This thesis is a collection of different accounting case studies over 2 semesters. There are eleven cases that make up this thesis including. There are various topics involved in all these cases including: 102 Minutes that Changed America, Design Your Life – Atlanta, Excel Crash Course, Financial Implications of Covid-19 on Pfizer, Important Influencer Interview – Vince Chamblee, Case Competition – Overview, Case Competition – Audit, Case Competition – Tax, Case Competition – Advisory, Case Competition – Risk, Case Competition – Presentation. All the cases over the two semesters proved to be a great learning for me. Case VI through …

A Financial Valuation Of Comcast (Cmcsa), Lucas Marcinkowski

Honors Thesis

The current valuation of the global entertainment and media industry revenue is $2.32 trillion. When investing in the entertainment and media industry, individuals think of the fame and glamorous side of the entertainment industry. However, the industry is fiercely competitive and continuously evolving. Through examining the historical financial statement of the publicly traded media and technology conglomerate Comcast, as well as its competitors, I forecasted the future financial valuation of Comcast utilizing the Discounted Free Cash Flow and Public Comparable Firm Multiples models. This analysis examines the effects of the pandemic and other economic conditions on the entertainment and media …

Accounting And Finance Internship Thesis, Peyton Fair

Finance Undergraduate Honors Theses

During the summer of 2023, I had the opportunity to intern for ten weeks at Walmart Inc. in the Accounting and Finance Development Program (AFDP). The AFDP internship provides participants with hands-on training and experience in various areas of accounting and finance within Walmart. Participants work in various business areas across Walmart US, Walmart International, Sam's Club, and Walmart Inc.

In the summer of 2023, there were 38 AFDP interns representing 18 different universities. The AFDP internship provides opportunities for interns to attend networking events, interact with executives, and receive feedback on their performance through evaluations. This program aims to …

Finance And Artificial Intelligence, Luke Schawang

Theses/Capstones/Creative Projects

The integration of artificial intelligence (AI) into finance represents a significant evolution in the industry, one that has been ongoing for years but is now accelerating rapidly. This paper explores the various forms and functions of AI, from reactive machines to the potential for superintelligence, and examines its impact on banking, business finance, and investing.

In banking, AI has bolstered cybersecurity and fraud detection, leveraging machine learning algorithms to continuously improve accuracy and efficiency. Similarly, in business finance, AI tools like chatbots and algorithms streamline processes, enhance productivity, and reduce costs. In investing, AI-driven solutions such as robo advisors offer …

Jp Morgan Chase Strategic Analysis, Carson Swartzbaugh

Honors Program: Senior Projects (Public)

JP Morgan Chase is an American financial institution that touches all sides of the financial sector, including commercial banking, consumer banking, investment banking, and asset management, to name a few. JP Morgan Chase is the largest American Bank and a global leader in the financial industry. A PESTEL analysis of JP Morgan Chase and the financial sector of the United States will give an overall view of the industry while providing critical insight into the opportunities and challenges faced by JP Morgan Chase and its competitors. Additionally, Porter’s Five Forces will focus on the competitive environment in which JP Morgan …

The Effects Of Esg On The Financial Performance Of Aerospace & Defense Companies, Cooper Trimble

Honors Undergraduate Theses

This study examines the relationship between Environmental, Social, and Corporate Governance (ESG) activity and financial performance in the context of firms operating in the Aerospace & Defense industry. As societal pressure increases for companies to adopt ESG and related corporate sustainability practices, it is crucial to understand the repercussions of such adoptions. As the Aerospace & Defense industry continues to grow and capitalize on post-COVID travel booms, military modernization efforts, and increased demand for advanced aerospace technology, it is essential to understand the consequences of ESG implementation. By examining data from 2012 – 2023, this study produced results regarding the …

Expanding Mfw: Delaware Law Should Offer A Business Judgment Rule Safe Harbor For All Conflicted Controller Transactions, Alex Lindsey

Fordham Journal of Corporate & Financial Law

While courts usually defer to a board’s business decisions under the business judgment rule, courts will apply a much less deferential standard of review due to loyalty concerns if a conflicted controller is involved in a business decision such as a merger. However, in Kahn v. M & F Worldwide (“MFW”) when a squeeze out merger was challenged by a minority stockholder, the Delaware Supreme Court reviewed the transaction under the deferential business judgment rule standard because the Court found that the structure of the transaction neutralized the controller loyalty concerns. Building on this reasoning, the Court developed a checklist …

Corporate Finance, Kenneth S. Bigel

Open Touro Created

2023

Corporate Finance is a comprehensive guide covering the three fundamental topics in Corporate Finance, including Capital Budgeting under Certainty, Capital Structure Theory, and Short-term Financial Management and Operating Leverage. In-depth explanations of topics and terms are provided as well as key illustration in the manner of problem sets and solutions, tables, and diagrams. Review problems are also included so that students can conduct self-assessments. This text will be continually updated in order to provide novel information and enhance students’ experiences.

A Walk-Through Corruption On Wall Street, Allison Ciocan

Finance Undergraduate Honors Theses

Wall Street is viewed as the center of global finance. Although surrounded by a vast amount of popularity, Wall Street has had its fair share of unethical scandals. Despite numerous rules and regulations existing with the hopes of suppressing unethical behavior, multiple infamous individuals and companies have discovered ways around these rules which have led to detrimental effects on consumers, employees, companies, and the economy as a whole. Often, corruption can be traced back to one of three reasons. First, the individuals that are employed at big firms could lack morals and good character, which affects overall company culture. Second, …

How The Finance Industry Is Shaped By Technology – A Corporate Experience, Max Pabin

Finance Undergraduate Honors Theses

For this paper, I want to analyze how new technology affects the financial industry for individual clients. My internship at Fidelity Investments provided me with a back-end view of the technology used for clients, while my Chase experience has provided me with an in-depth view of how clients use technology daily. I believe that the financial services industry is being taken over by new technology. This has created a new experience for customers that has made it easier for them to bank, apply for credit, and invest their money. I find this subject to be very interesting as someone who …

The Opportunities And Challenges Of Automation: Insights From An Internship Experience At Ultrasource Llc, Olivia Madden

Finance Undergraduate Honors Theses

This thesis provides insight into Olivia Madden's time as an intern at UltraSource LLC. UltraSource LLC is a Kansas City company that produces meat manufacturing equipment and operational supplies. Olivia worked as a finance intern, where she was tasked with automating processes for the accounts receivable and payable teams and also did ad hoc projects for the finance department as a whole. These insights are recorded through weekly journal entries describing what was done and what was learned every week.

These insights are translated into research on the opportunities and challenges of automation, and the impact automation has on worker …

Financial Advising Experience, Joshua Wittenauer

Finance Undergraduate Honors Theses

Building wealth can be easier with the help of a financial advisor. Wealth consists of assets and savings, and while there are many ways to save, there are some basic steps to get started:

1) Earn enough money to live and have some left over for saving. 2) Control your spending so you can save. 3) Invest your money in different assets – “Don’t put all your eggs in one basket.”

Financial Institutions Continue To Adopt Crypto Despite Industry Turmoil, Andre Beganski

Capstones

Even though this calamitous year has raised doubts about crypto's future, not a single large financial institution has backed away from their forays into digital assets. And despite a period of turmoil that’s seen the market value of all cryptocurrencies crater to under $880 billion from over $3 trillion, many sizable firms continue to view crypto as an emerging sector of finance and technology that’s rife with opportunity.

While financial firms have the potential to foster a widespread perception of cryptocurrencies as a legitimate asset class, their involvement runs counter to the intent of those who pioneered blockchain technology for …

The Importance Of Process Documentation In The Workplace, Alisha Chatlani

Finance Undergraduate Honors Theses

This paper focuses on the benefits of process documentation in the workplace and how individuals can go about creating documentation that best suits their business needs. The author of this paper explains how they went about researching, developing, and creating process documentation for a team at J.B. Hunt Transport Services and the methodology behind the entire process through an internship.

Finance And Accounting Dual-Degree Proposal, Meghan Finley

Senior Honors Projects

No abstract provided.

Esg Investing: From Fad To Force, Erin Cullen

Senior Theses

ESG Investing is the application of environmental, social, and governance factors to identify material investment risks and growth opportunities. Though traditionally viewed as non-financial factors, this paper asserts that ESG factors are indeed financially material. This work first surveys the current state of ESG Investing, its shortcomings, and its success despite these inherent issues. Section II adds a new perspective to ESG research by examining the applications of ESG scores in portfolio management. The study conducts t-tests to answer whether the typical holdings of an ESG mutual fund are more sustainable than those of traditional funds. The paper then focuses …

Fintech And Anti-Money Laundering Regulation: Implementing An International Regulatory Hierarchy Premised On Financial Innovation, Nicholas A Roide

Texas A&M Law Review

Innovations in financial technology (“fintech”) have rippling effects across global markets. Fintech firms utilizing virtual assets and disintermediating blockchain technology continue to rapidly grow in strength and number. As systemic risk mounts due to the inter-jurisdictional nature of fintech, antimony laundering (“AML”) regulators must search for an international answer to maintain global financial stability and protect consumers against illicit activities. A variety of solutions have appeared within local AML regulatory frameworks. These frameworks tend to function as a hierarchy with three ordered objectives: market integrity, rule clarity, and innovation. However, frameworks often place too much emphasis on market integrity and …

Spacs: Is It For Real Estate?, Melvyn Teo, Ronald Tan, Indran Thana, Yin Mei Lock

Perspectives@SMU

SPACs are gaining popularity but investors should do their homework

The New Accounting For Operating Leases: Unintended Consequences In The Airline Industry, Renata Bandeira, Bridget M. Lyons, Carolyn Trabuco

WCBT Faculty Publications

By 2020, new accounting rules for operating leases were applicable to publicly traded companies reporting under either the US Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The accounting authorities under both standards noted that the new rules were developed to increase the transparency of lease transactions to provide more relevant and comparable information. We compare two Brazilian airlines reporting under IFRS, Azul and Gol, with an operationally similar US airline reporting under US GAAP, JetBlue, to determine whether the new standards improve the ability to understand, evaluate, and compare performance, managerial decision making and credit metrics. …

Valuation Challenges Arising From The New Leasing Standard Asc 842: A Teaching Note, Bridget M. Lyons

WCBT Faculty Publications

Accounting Standards Codification (ASC) Topic 842, the new accounting standard on leasing, aims to improve transparency related to leasing and to enable users of financial statements to more readily compare firms that lease with firms that borrow to buy assets. The standard is effective for 2020 and has had a significant impact on the balance sheets of many firms. This note provides an overview of the accounting changes and highlights key issues related to financial analysis and valuation with guidance on how to avoid common errors and accurately calculate and compare enterprise value, EBIT, EBITDA, valuation multiples and key valuation …