Finance and Financial Management Commons^™

Daniels Distinction Portfolio By Adrian Minde Hunshammer, Adrian Minde Hunshammer

Finance: Undergraduate Distinction Portfolios

A Daniels Distinction Portfolio of experiential education by Adrian Hunshammer.

Usaid Grant Recipient Data Fy2002-2025, Susan Turner Haynes

Faculty Works

Grant recipient data from USAID from fiscal years 2002-2025.

Daniels Distinction Portfolio By Maggie Schoeny, Maggie Schoeny

Finance: Undergraduate Distinction Portfolios

A Daniels Distinction Portfolio of experiential education by Maggie Schoeny

Ppp Dataset, Susan Turner Haynes

Faculty Works

During the COVID-19 pandemic, 11.5 million U.S. businesses applied for relief from the federal government. Collectively, these entities received just under 800 billion dollars. It was one of the largest fiscal intervention policies directed at businesses in American history. Though substantial scholarly and public attention has gone toward investigating participant fraud, other participant behavior has been less examined. This includes the relatively small number of individuals and businesses (128,304) that chose to repay their forgivable government loans. This dataset is used to investigate this question, with variables testing hypotheses relating to altruism, patriotism, and self-interest. Results are analyzed in the …

Essays In Climate Finance: Climate Risks In Real Estate And Banking, Vikas Soni

USF Tampa Graduate Theses and Dissertations

This dissertation includes two essays that examine the impact of climate risks on commercial real estate and bank performance. In the first essay, I study the impact of sea level rise (SLR) on commercial real estate (CRE) pricing and commercial lending. Using novel property level sale transactions from 2011-2018, I find that commercial properties exposed to a 6-feet sea level rise are sold at a 6% discount, which increases over time. This discount appears to be driven by local buyers and buyers’ brokers that are more sensitive to climate risks. In addition, the discount significantly rises after an extreme hurricane, …

Essays On Performance Evaluation Of Portfolio Managers Of Mutual And Hedge Funds, Yuekun Liu

Graduate Theses and Dissertations

This dissertation consists of three essays focusing on the performance evaluation of portfolio managers of mutual and hedge funds. The first essay shows the performance of corporate bond mutual funds tends to be estimated using models with limited empirical validation. I test several models and find considerable variation in quality. That variation leads to meaningful differences with respect to the stylized facts of corporate bond fund performance. Using my preferred BENCH4 model—a novel model based on funds’ common benchmarks—I find average underperformance, substantial relative performance persistence, a small number of funds with positive alphas unattributable to luck, and positive alphas …

Your Money, Your Way: Making Sound Financial Choices At College & Beyond, Morgan O'Sullivan

Lynn University Digital Press Books

Course: LYNN 101

Innovation: The Determinant Of Success In Software., Oksana Pawlush

CURCE Annual Undergraduate Conference

This study examines the determinants of performance in the U.S. software sector. The emergence of the software industry has been a world changing phenomenon and created a highly competitive market and a profitable investment field. Using panel regression analysis on a sample of 730 U.S. based software firms spanning the period from 1995 to 2017, this study finds that intangible assets and staff expenses have a statistically significant positive impact on the performance of software companies, as measured by their return on assets and return on equity, respectively.

Intuit, Inc.'S Small Business And Self Employed Unit: A Strategic Analysis, Cat Nyberg

Honors Program: Senior Projects (Public)

Intuit, Inc. is a business and personal finance software company founded in 1983 by Scott Cook and Tom Proulx. It is headquartered in Mountain View, California, and has offices around the United States and internationally. Intuit’s primary mission is to ‘power prosperity’, whether for small business owners, individuals, or accounting professionals.

Intuit has three major business units: Small Business and Self Employed, Consumer, and Strategic Partner. Each business unit offers one or more flagship software platforms, optimized for specific customer needs in business accounting, professional tax preparation, and individual tax filing. Intuit’s major software flagships are QuickBooks (business accounting and …

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 …

Reassessing Anomalies And Puzzles, Keming Li

Finance and Real Estate Dissertations - Archive

While standard asset pricing models assume a frictionless environment and investors are risk-averse individuals who maximize their utility based on all the available information in real time. The asset pricing literature has empirically documented numerous anomalies and puzzles, which cannot be explained by the traditional finance theory. Investors are exposed to these entire abnormal phenomenons, but at the same time investors do not fully understand them. This problem motives numbers of recent publications and also my dissertation.My dissertation is consisting of three essays. The first essay looks at the components of information uncertainty. Specically, I decompose information uncertainty into fundamental …

In Times Of Financial Distress: Perspectives From Valuation, Information Asymmetry And Returns, Ramya Rajajagadeesan Aroul

Finance and Real Estate Dissertations - Archive

The dissertation addresses unanswered questions in asset valuation through the lens of financial distress in three different asset markets namely equity market, residential property market and REITs market. The first two essays explore the valuation impact of financial distress in equity and residential property markets while the third essay examines the role of information asymmetry in REITs market around credit rating announcements. In the first essay, I investigate why highly distressed firms earn low returns. By employing a direct misvaluation measure, I find that distressed firms with substantial overvaluation earn negative returns. I also further study the characteristics of the …

Cointegration, Causality And Price Discovery In The Nafta Markets: A Study Of Sector Indices And Trade Flow Data From The Perspective Of Us Markets, Aamir Khan

Finance and Real Estate Dissertations - Archive

This dissertation examines the long-run linkage among the equity markets and sectors of the NAFTA economies by employing Cointegration and Vector Error Correction Model (VECM) framework. In addition, I also seek to identify the short-run & long-run causality and the direction of adjustment factor among the sectors of the US, Canadian and Mexican markets. Furthermore, I develop a multivariate model to examine the long-run impact of exchange rates on the linkage among the NAFTA markets & sectors. In addition, I also investigate the impact of US trade flow on the causal relationship it has with that of the Canadian & …

Investor Overconfidence And Option Trading, Han-Sheng Chen

Finance and Real Estate Dissertations - Archive

This study examines investor overconfidence theory in the options market. The theory suggests that investors who experience high returns become overconfident in their security valuation and trading skills, and therefore trade more often, even when the high returns are market wide. Given stock investors often trade in both stock and options market, I hypothesize similar patterns could be found in the options market as well. Controlling for market volatility and stock idiosyncratic risk, past market return is positively correlated with option trading turnover. In addition, past positive market return leads to higher call option turnover ratio and higher call-to-put ratio. …

Comparing Market-Based And Financial Statement-Based Stock Valuation Models: Implications For Growth Expectations And Differences Across Time Periods, Jacqualyn Ann Fouse

Finance and Real Estate Dissertations - Archive

The value of a share of common stock in a publicly-listed company should be equal to the present value of the future cash flows the company is forecast to produce, andultimately pay out to its stockholders. Expectations for these flows may incorporate information that goes beyond current earnings discounted into perpetuity as per the Dividend Discount Model (DDM). By comparing a market-based valuation model with a financial statement-based valuation model this paper seeks to find evidence of information embedded in market valuations that may not be captured in financial statement-based valuations. The analysis endeavors first to identify a component of …

Essays On Option Market Information Content, Market Segmentation And Fear, Mishuk Anwar Chowdhury

Finance and Real Estate Dissertations - Archive

This dissertation consists of three essays. The first essay tests whether stock returns can be predicted using divergence from put-call parity. Using a robust methodology that controls for the early exercise premium of American put and call options, the study shows that stocks with upside divergence from put-call parity outperform stocks with downside divergence from put-call parity. Predictability is persistent over multiple holding periods and divergence is also predictive of tail events. The second essay examines segmentation of equity and option markets in the presence of information asymmetry. The study uses the slope of the implied volatility skew as a …

Threshold Effects In Volatility Spillovers: The Case Of Equity, Bond And Foreign Exchange Markets, Arun Prasath Narayanasamy

Finance and Real Estate Dissertations - Archive

Most research on volatility spillovers across countries and various asset class returns model volatility as conditional variance and assume a linear relationship in spillovers. The risk measured as conditional variance is modeled as a function of own past innovations and own past conditional variances and fails to include lagged conditional variances from other assets. In this dissertation, for a bivariate set up, I estimate the conditional variance of the second country either as a GARCH (1, 1) or DCC (1, 1) type process. Using the estimated conditional variances, the non-linear or threshold parameter is computed by maximizing the log likelihood …

Measurement Issues In The Capital Asset Pricing Model & Size Effect And Duration, Yongho Seo

Finance and Real Estate Dissertations - Archive

It has been observed that the value of an asset's beta varies with the frequency of the data used to generate the value, a phenomenon hereafter referred to as "time scale", or simply "scale". If the scale effect is strong enough, then ignoring this phenomenon calls into question studies that rely on comparing beta values. The most notable of these studies is the classification of stocks as "aggressive" or "defensive". I show that such a categorization varies substantially when comparing betas estimated using monthly data versus annual data. Contrary to other studies, betas do not vary monotonically as data scale …

Penny Stocks, Market Microstructure, And Analyst Forecasts, Julio AndréS Rivas-Aguilar

Finance and Real Estate Dissertations - Archive

The first essay of this dissertation deals with the relationship between previous earnings, earnings forecasts, and future returns. I found that stocks with the worst previous earnings and the worst earnings forecasts outperform the ones with more optimistic outlooks. Value stocks also tend to outperform glamour stocks. I also found that previous earnings are the dominating factor in determining subsequent returns. The second essay deals with the Bid-Ask Spread (BAS) behavior of penny stocks throughout trading sessions. I ran the analysis by using different days of the week, months of the year, and analyst coverage. Finally, I regressed the minute-to-minute …

Causality And Volatility Spillover Effects On Sub-Sector Energy Portfolios, N. Alper Gormus

Finance and Real Estate Dissertations - Archive

During a time of extensive crises related to energy sources, in particular fossil fuels, IPOs for alternative energy-related companies are a common occurrence. As new industries are created or old ones are revised, investors, who constantly are trying to update their portfolios for hedging their risk, face new challenges. The purpose of this study is to aid investors in market anticipation, forecasting, and portfolio diversification through shedding some light on the inner dynamics of the select asset markets versus sector-specific energy companies. Although energy companies related to fossil fuels such as oil, coal, and natural gas are previously studied, alternative …

Three Essays On Market Anomalies And Efficient Market Hypothesis, Ehab Yamani

Finance and Real Estate Dissertations - Archive

This dissertation consists of three distinct essays. The first essay investigates the risk interpretation of the investment premium by empirically examining the fundamental view versus the sentimental view. I use VAR to break the investment beta into fundamental beta reflecting news about the future marginal productivity of investment, and financial beta reflecting news about discount rates. Overall, the results show that financial factors are the dominant driver of investment returns and they control the negative relation between investment and stock return. In the second essay, I examine the impact of financial contagion resulting from four global financial crises based on …

Essays On International Corporate Dividend Policy, Bobby Alexander

Finance and Real Estate Dissertations - Archive

This dissertation is comprised of two essays on dividend policy. In the first part of the first essay, I ascertain whether the outcome, the substitution, or the predation model explains the relationship between dividend payouts and product market competition in each of the Group of Seven (G7) countries for the period from 1995 through 2010. I find that the substitution model explains dividend policy in Canada, France, Germany, the United Kingdom, and the United States, and the outcome model describes it in Japan, while in Italy, the results are inconclusive. In the second part of the same essay, I pool …

Executive Compensation And Idiosyncratic Risk, Hum Nath Panta

Finance and Real Estate Dissertations - Archive

Executive compensation is a very heavily researched area in finance, accounting and management over the last three decades. However, there are several inconclusive issues. One of them is the relationship between idiosyncratic risk and executive compensation. Prior research findings on this issue are inconclusive. In this context, this dissertation analyzes the effects of idiosyncratic risk on executive compensation. This research seeks to discover and document the role of idiosyncratic risk on all top executive compensation, CEO compensation and non-CEO executive compensation. This study will begin with an extensive review of prior studies on executive pay to identify the determinants of …

The 2008 Short Sale Ban: Did We Sell Price Discovery Short, Yen-Ling Chang

Finance and Real Estate Dissertations - Archive

This dissertation investigates the impact of a short sale ban on the stock market and the options market and the interrelation between the two markets during the US financial crisis of 2008. The first essay focuses on the impact of the short sale ban on financial stocks between September 18, 2008 and October 8, 2008. I examine how daily returns responded to the ban. Non-banned firms with similar sizes and standard deviations of past stock returns as the banned firms served as a control group. An event study shows significant positive cumulative abnormal returns which might indicate that the banned …

Three Essays On Real Estate Equities And Real Estate Investment Trusts, Fahad Almudhaf

Finance and Real Estate Dissertations - Archive

This dissertation consists of three distinct essays. The first essay provides initial empirical evidence on the usefulness of consumer confidence index and investor optimism index in predicting REIT price movements. I find evidence of uni-directional Granger causality from REIT returns to the change in Michigan consumer sentiment index for the period 1978 - 2008. I find a negative and statistically significant relationship between the level of Michigan consumer sentiment index in one month and the FTSE/NAREIT US REIT returns in the next one, six, and twelve months. On the other hand, I find a positive and statistically significant relationship between …

Determinants Of Implied Volatility Movements In Individual Equity Options, Christopher G. Angelo

Finance and Real Estate Dissertations - Archive

In this study, I introduce a parsimonious model that explains implied volatility time series for individual stock options. The current state of risk management for individual equity options still seems to lack the presence of pertinent exogenous variables. This study suggests a few easily observable variables that can be used to explain the changes in implied volatilities of stock options. These variables can be used in the risk models in order to more accurately manage option positions for individual stocks. The first chapter provides a motivation for the VIX as the primary explanatory variable for changes in implied volatility. It …

Price Discovery Of Credit Risk, Yibing Du

Finance and Real Estate Dissertations - Archive

This study investigates financial markets' price discovery for credit risk across the stock, bond, and credit derivatives markets. This study also examined what factors affect financial market's price discovery for credit risk. Four factors are studied: liquidity, transaction cost, credit ratings and maturities. Using weekly equity, bond and credit default swap market data from January 2000 to October 2007, it is found that stock market and bond market, credit derivative market and bond market are cointegrated for long term credit risk price discovery. In short term, both stock market and credit derivatives market lead the bond market for credit risk …

Going Green - Impact On Residential Property Values, Ramya Rajajagadeesan Aroul

Finance and Real Estate Theses - Archive

Hedonic pricing model is generally used to empirically understand the relationship between various housing characteristics and the housing values. In the past hedonic studies have looked at the relationship between the housing prices and structural features, environmental amenities, neighborhood characteristics, time variables and even financing. But real estate researchers have greatly overlooked to study the impact of greenness on residential properties though there has been a huge interest among the researchers and practitioners on green buildings. This study poses the primary question of if any potential relationship exists between greenness and property values. This study further extends the research question …

The Impact Of The Sarbanes-Oxley Act Of 2002 On The U.S. Financial Markets, Sheryl-Ann Kathleen Stephen

Finance and Real Estate Dissertations - Archive

This dissertation examines the impact of the Sarbanes-Oxley Act (SOX) on the U. S. financial markets by investigating three topics: security analysts' performance, security analyst monitoring activity and firm value, and the cost of equity capital. Each topic is presented in a separate essay. In the first essay, the impact of SOX on security analysts' performance is investigated. The findings indicate that security analysts' forecasting performance has deteriorated post-SOX for both large and small firms. In addition, this deterioration in forecasting performance holds across industries. Security analysts have also become pessimistic in their earnings forecasts post-SOX. The second essay examines …

Comparative Determinants Of International Equity Diversification, Ying Zhang

Finance and Real Estate Dissertations - Archive

This study provides a comprehensive, simultaneous comparison of the country and sector determinants of international diversification. Specifically, it bridges the theory between the cointegration methodology and diversification by linking market integration, cointegration and portfolio diversification. Cointegration tests are conducted to both analyze the stationarity of country and industry index covariances and to dissect the diversification contributions of each component. Portfolios comprised of market indices independent of cointegrating relations produce, on average, better risk-return profiles than those constructed from cointegrated market indices. Although country and sector allocations both contribute to independent market portfolio gains, the diversification determinants have differential impact on …