Finance and Financial Management Commons^™

Essays On Ceo Personal Characteristics And Corporate Outcomes: Athlete Ceos And Foreign Ceos, Kirill Pervun

USF Tampa Graduate Theses and Dissertations

This dissertation contains two essays that explore the effect of top managers’ background in competitive sports and foreign nationality on the organizational outcomes. In the first essay I document that one in four chief executive officers of large American companies (S&P 1500) have background in competitive sports developed during youth or adult years (Athlete CEOs). Using novel hand-collected data from detailed biographies of top executives I find strong evidence that Athlete-CEO-run firms are more profitable and invest more in long-term projects. Additionally, firms managed by CEOs with background in individual sports, but not in team sports, are more debt-averse and …

Corporate Governance And Firm Value: Evidence From Lodging Companies, Serban Bakay Ergene, Erdinc Karadeniz

Journal of Global Business Insights

This study examined the relationships and interactions between corporate governance and firm values of lodging companies with different characteristics. The companies were analyzed separately using a classification and regression tree (CRT) analysis. The analysis results did not show a direct relationship between value and governance, yet that does not mean there is no relationship between them. When the companies’ governance scores were similar, corporate governance showed no distinguishing variable on firm value but is a hygiene factor. The analysis also found negative relationships between value and size. This may be important in preventing companies from becoming cumbersome. Also, positive relationships …

Work Motivation In Wealth Management: The Role Of Self Determination Theory, Mark J. Mattia

USF Tampa Graduate Theses and Dissertations

In this paper, we use Self Determination Theory (Ryan & Deci, 2000A, Deci & Ryan, 2008) as the underlying theory to help determine the factors that may influence wealth advisors to consider leaving (or being committed) to their positions. Baard et al. (2004) established that Self-determination theory was relevant to motivation in the workplace. This quantitative study utilizes a survey instrument that incorporates many already proven reliable and valid items from Self-determination Theory to better understand the wealth advisor work motivation framework. This topic is important within financial services since positive work motivation has been tied to positive work outcomes …

The Warren Buffett Project: A Qualitative Study On Warren Buffett, Christian G. Koch

USF Tampa Graduate Theses and Dissertations

Engaged scholarship focuses on real-world problems. The purpose of my research is to understand why Warren Buffett and his investment principles are not taught systematically in institutions where people are being prepared as investment and finance professionals. The rationale for the study was to answer the research question: What major themes can be extracted from the Warren Buffett Archive?

I used a qualitative research analytic method called thematic analysis used by Braun and Clarke (2006). The research includes 11 years of coded transcripts from Buffett speaking at his annual shareholders meetings. An interval of every two years was selected, which …

Addressing The Student Loan Crisis: Nudging Borrowers To Lower Their Repayment Costs, Genevieve O. Dobson

USF Tampa Graduate Theses and Dissertations

The Purpose of Research is to determine why student loan borrowers are making poor decisions regarding their repayment plan selection and how we could use the theory of nudge to get them to make better choices. This study evaluates three main biases found in decision making to determine which one is most likely to be utilized in making decisions. It also investigates ways a tool can be created to allow borrowers to make better choices.

I use the Elaborated Action Design Research Methodology to diagnose, design and implement an effective tool. In my study, I create an artifact that allows …

Essays On The Disposition Effect, Matthew Henriksson

USF Tampa Graduate Theses and Dissertations

This dissertation contains two essays that shed new light on the disposition effect – that is, the tendency for investors to be especially eager to realize gains over losses. The first essay combines county-level natural disaster data with individual investor transactions to document an increased disposition effect for investors impacted by a natural disaster. This effect is increasing in disaster severity and decreasing in the length of time following the event, suggesting that extreme natural disasters can significantly influence investor behavior, especially in the short term. These findings are not explained by liquidity needs, tax incentives, or informed trading. The …

Closing America’S Retirement Savings Gap: Nudging Small Business Owners To Adopt Workplace Retirement Plans, Peter W. Kirtland

USF Tampa Graduate Theses and Dissertations

Small businesses, with 50 or fewer employees, rarely offer workplace retirement plans. The lack of effective retirement plan options leads to employee stress, financial strain, and social instabilities. The purpose of this research is to study why small business owners make poor decisions about workplace retirement plans. The study evaluates the information supply chain and determines that financial advisors are a critical information delivery mechanism. However, they do not take the time to discuss the various retirement plan options available with the small business owners which leads to lack of plan adoption.

Elaborated Action Design Research (eADR) research methods are …

The Potential Impact Radius Of A Natural Gas Transmission Line And Real Estate Valuations: A Behavioral Analysis, Charles M. Hilterbrand Jr.

USF Tampa Graduate Theses and Dissertations

This study intended to address the question, “How would a purchase price be impacted if a seller provided buyers a notice that the residential property that has been listed for sale is located within a Potential Impact Radius (PIR) of a natural gas transmission line?” Does the notice of the location affect the purchase value a buyer is willing to offer for a residential property? Does the perceived risk associated with PIR affect the amount a potential buyer would offer?

To address these questions, a Qualtrics survey that included three video tour treatments of a residential property was sent to …

Essays On Time Series And Machine Learning Techniques For Risk Management, Michael Kotarinos

USF Tampa Graduate Theses and Dissertations

The Capital Asset Pricing Model combined with the Sharpe ratio is a standard method for choosing assets for selection in a portfolio. However, this method has many structural issues and was designed for a time when high dimensional computing was in its infancy. An alternative to these methods using a mix of Multi-Level Time Series Clustering, the MACBETH algorithm and traditional time series techniques was constructed that minimized data loss and allow for customized portfolio construction for investors with different risk profiles and specialized investment needs. It was shown that these methods are adaptable to cloud computing environments and allow …

Essays On Migration Flows And Finance, Suin Lee

USF Tampa Graduate Theses and Dissertations

In the first essay, I examine stock market implications of state-to-state migration flows that are known to provide the basis for social and business networks. I observe sizeable and robust excess return comovement between migration-flow receiving and sending states at both the individual stock and the state portfolio levels. Although I find that migration flows are associated with firms’ business activities, this comovement is not fully explained by economic fundamentals and decreases substantially when firms relocate to other states. In line with the view that migration networks form the basis for a common investor base for receiving and sending states …

The Impact Of Prior-Prior Year On Federal Student Aid Eligibility, Valerie A. Mockus

USF Tampa Graduate Theses and Dissertations

Each year, millions of Americans complete the Free Application for Federal Student Aid (FAFSA) in hopes of securing federal, state, and institutional funding to support their educational goals. The FAFSA recently changed the age of tax data used to determine eligibility for aid, including the Federal Pell Grant—eligibility for which is often used as a proxy for students with the highest need. This study includes a comprehensive review of the extant literature on the subject of prior-prior year. It is also the first look into the actual impact of the recent shift from Prior Year (PY) tax information to Prior-Prior …

Growth Options And Corporate Goodness, Linh Thompson

USF Tampa Graduate Theses and Dissertations

I find evidence to support the negative impact of growth options on corporate social responsibility (CSR). I propose that attention-constrained managers reduce corporate goodness to focus on growth opportunities. The effect is more pronounced for well-governed firms, for financially-constrained firms, and for capital-intensive social dimensions. Firms reduce their research and development (R&D) and capital expenditures, and experience lower annual buy-and-hold abnormal returns (BHAR) subsequent to significant increases in their social performance. I also report value implications of CSR investments. The empirical evidence suggests that managerial choices to divert attention from growth projects toward CSR hurt shareholders.

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 …

Money Matters: An Examination Of Special Education Characteristics In Efficient And Inefficient Texas School Districts, Pakethia Harris

USF Tampa Graduate Theses and Dissertations

This study veers from the traditional perspective of examining school efficiency or productivity as a cost minimizing process, in which educational inputs are minimized to achieve maximum outputs (student performance). Instead, it provides a critical examination of the dominant, cost minimizing assumption associated with efficiency models and suggest schools instead behave similarly to budget maximizers as presented in Niskanen’s (1971) seminal budget maximizing framework. The study examines the relationship between total student expenditures and subsequent student outcomes, establishing the relative efficiency of Texas school districts using stochastic frontier analysis within a budget-maximizing framework. Additionally, the study investigates how special education …

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 …

The Connection Between Financial Literacy And Numeracy: A Case Study From India, J.D. Jayaraman, Saigeetha Jambunathan, Kenneth Counselman

Numeracy

Making financial decisions involves mathematical calculations, both simple and complex. It is a well-documented fact that financial literacy levels among young people all over the world are quite low and that these low levels contribute to various undesirable outcomes with respect to personal financial well-being and the economy as a whole. This study explores the relationship between financial literacy and numeracy by measuring and modeling the relationship between financial literacy and numeracy levels among high school students (N = 586) in India. The results show a strong relationship between numeracy and financial literacy skills. Low numeracy is associated with …

Multi-Step Tokenization Of Automated Clearing House Payment Transactions, Privin Alexander

USF Tampa Graduate Theses and Dissertations

Since its beginnings in 1974, the Automated Clearing House (ACH) network has grown into one of the largest, safest, and most efficient payment systems in the world. An ACH transaction is an electronic funds transfer between bank accounts using a batch processing system.

Currently, the ACH Network moves almost $43 trillion and 25 billion electronic financial transactions each year. With the increasing movement toward an electronic, interconnected and mobile infrastructure, it is critical that electronic payments work safely and efficiently for all users. ACH transactions carry sensitive data, such as a consumer's name, account number, tax identification number, account holder …

Vital Signs Of U.S. Osteopathic Medical Residency Programs Pivoting To Single Accreditation Standards, Timothy S. Novak

USF Tampa Graduate Theses and Dissertations

Osteopathic physician (D.O.) residency programs that do not achieve accreditation under the new Single Accreditation System (SAS) standards by June 30, 2020 will lose access to their share of more than $9,000,000,000 of public tax dollars. This U.S. Centers for Medicare & Medicaid Services (CMS) funding helps sponsoring institutions cover direct and indirect resident physician training expenses. A significant financial burden would then be shifted to marginal costs of the residency program’s sponsoring institution in the absence of CMS funding. The sponsoring institution’s ability or willingness to bare these costs occurs during a time when hospital operating margins are at …

Modeling In Finance And Insurance With Levy-It'o Driven Dynamic Processes Under Semi Markov-Type Switching Regimes And Time Domains, Patrick Armand Assonken Tonfack

USF Tampa Graduate Theses and Dissertations

Mathematical and statistical modeling have been at the forefront of many significant advances in many disciplines in both the academic and industry sectors. From behavioral sciences to hard core quantum mechanics in physics, mathematical modeling has made a compelling argument for its usefulness and its necessity in advancing the current state of knowledge in the 21rst century. In Finance and Insurance in particular, stochastic modeling has proven to be an effective approach in accomplishing a vast array of tasks: risk management, leveraging of investments, prediction, hedging, pricing, insurance, and so on. However, the magnitude of the damage incurred in recent …

Essays On The Tax Policy And Insider Trading, Han Shi

USF Tampa Graduate Theses and Dissertations

In the first essay I examine the relation between firm advertising and tax aggressiveness. Advertising increases firm visibility in both the product and the financial market. While investors would appreciate more tax savings, they are aware of the negative impact of tax aggressiveness on consumers’ views of the firm and hence its competitive positions in the product market. We find that firms that spend more on advertising have fewer tax sheltering activities, lower book-tax differences, and higher cash effective tax rates. Specifically, an increase of 1% on Advertising_i,t (ADVGP_i,t), the firm pays an additional tax of $0.70 …

Two Essays On Lottery-Type Stocks, Yun Meng

USF Tampa Graduate Theses and Dissertations

In the first essay titled “Monthly Cyclicality in Retail Investors’ Liquidity and Lottery-type Stocks at the Turn of the Month”, we find that the well-documented underperformance of lottery stocks masks a within-month cyclical pattern. Demand for lottery stocks increases at the turn of the month especially in areas whose demographic profile resembles that of the typical lottery-ticket buyers (i.e., gamblers) driving their prices higher at the turn of the month. This effect is particularly pronounced among firms located in areas whose demographic profile resembles that of the typical lottery-ticket buyer and propelled by the within-month cyclicality of local investors’ personal …

Essays On The Impact Of Ceo Gender On Corporate Policies And Outcomes, Nilesh Sah

USF Tampa Graduate Theses and Dissertations

In the first essay I examine the cash policies of female-led firms. Recent research finds that female CEOs eschew riskier corporate policies, but it makes contradicting claims whether this is due to risk aversion. Benchmarking risk aversion by the management of firms’ cash, I find that female CEOs are risk averse relative to male CEOs. Specifically, they hold significantly (18%) more cash, even for the same level of dividend payout as male CEOs. Further, they have significantly higher speed of adjustment for cash deficits, are more likely to use excess cash to increase dividends, but are equally likely to use …

Two Essays On Ipos And Asset Prices, Gaole Chen

USF Tampa Graduate Theses and Dissertations

In the first essay we examine the effect of concurrent lending and underwriting on IPO withdrawal, we find that IPOs underwritten by the firms’ concurrent lending banks are significantly more likely to be withdrawn. The result is robust to controlling for the common factors that affect IPO withdrawal and also for endogeneity using a propensity score matching portfolio. Our evidence suggests a cost to IPO firms’ hiring concurrent lending banks as underwriters despite the potential benefit of informational scope economies such intermediaries may provide. It is consistent with an alternative argument that a current lending and underwriting bank has less …

The “Other” Side Of Wall Street: Banking, Policies, And Adaptive Methods Of U.S. Migrant Workers, Cassandra Rae Decker

USF Tampa Graduate Theses and Dissertations

Migrant farmworkers' social and economic mobility is frequently constrained through the denial of basic resources, such as access to the formal financial sector. This thesis ethnographically examines banking policies as they apply to low-income, mobile, populations that temporarily reside in Florida. It utilizes participant observation, interviews, and participatory mapping with migrant farmworkers. It also considers how policymakers and service providers in the formal and informal financial sectors rationalize control of resources and the effects on mobile populations. Particular attention is paid to adaptive practices in the alternative financial sector – cash checking services, carrying cash, and remittances. By utilizing the …

Two Essays On Corporate Finance, Qiancheng Zheng

USF Tampa Graduate Theses and Dissertations

ABSTRACT

In the first essay titled "The Value of Strategic Alliances in Acquisitions and IPOs," I investigate how firms' strategic alliance experience affects their valuations as acquisition targets or in IPOs. I propose that strategic alliance experience serves as a valuable signaling device for target and IPO firms, particularly those with more intangible assets and greater opacity. The results show that takeover targets with alliance experience receive higher premiums than those without such experience. More recent alliance experience as well as alliance experience in the same industry also contributes to a larger target gain. Similarly, IPO firms that have alliance …

Essays On Corporate Finance, Hari Prasad Adhikari

USF Tampa Graduate Theses and Dissertations

We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs …

Two Essays On Investment, Bin Wang

USF Tampa Graduate Theses and Dissertations

In the first essay titled "Shareholder Coordination, Information Diffusion and Stock Returns", we show that the quality of information sharing networks linking firms' institutional investors has stock return predictability implications. First, we demonstrate that firms with high shareholder coordination experience less local comovement and less post earnings announcement drift, consistent with the notion that coordination improves firms' information environment. We then document that the stock return performance of firms with high shareholder coordination leads that of firms with low shareholder coordination, supporting the view that coordination acts as an information diffusion channel. Finally, we provide evidence consistent with the notion …

Essays On Mergers And Acquisitions, Marcin Krolikowski

USF Tampa Graduate Theses and Dissertations

This dissertation includes two essays that examine mergers and acquisitions. In the first essay we examine how pay-for-performance influences the quality of merger decisions before and after Sarbanes-Oxley (SOX). Pay-for performance has a significant positive effect on acquirer returns of 0.9% pre-SOX and 1.1% post-SOX around the three day event window. Bidders with high pay-for-performance pay a 23.3% lower merger premium in listed target acquisitions. The positive effect of pay-for-performance is more important for public target acquisitions overall, for small acquirers pre-SOX, and for large acquirers post-SOX. In the long-run, bidders with high pre-merger pay-for-performance experience 27.6% higher returns after …

Two Essays On Individuals, Information, And Asset Prices, Joseph Mohr

USF Tampa Graduate Theses and Dissertations

In the first essay we explore and establish a direct link between investor attention to advertising videos viewed on social media, and trading activity in a firm's securities. We find a positive relation between views of these advertising videos and volume, and a negative relationship between views and bid-ask spread. Returns are positively related to change in views. The positive price pressure is reversed over the following two weeks. The decreases in spread and temporary increase in returns are consistent with increased purchasing by individual investors who view the advertising videos. Our results support the hypothesis that the number of …

Financial Literacy And Retirement Planning In Australia, Julie R. Agnew, Hazel Bateman, Susan Thorp

Numeracy

Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample.