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Articles 31 - 60 of 359
Full-Text Articles in Finance and Financial Management
Who Invests In Crypto? Wealth, Financial Constraints, And Risk Attitudes, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, Jason Kotter
Who Invests In Crypto? Wealth, Financial Constraints, And Risk Attitudes, Darren Aiello, Scott R. Baker, Tetyana Balyuk, Marco Di Maggio, Mark J. Johnson, Jason Kotter
Faculty Publications
We provide a first look into the drivers of household cryptocurrency investing. Analyzing consumer transaction data for millions of U.S. households, we find that, except for high income early adopters, cryptocurrency investors resemble the general population. These investors span all income levels, with most dollars coming from high-income individuals, similar to equity investors. High past crypto returns and personal income shocks lead to increased cryptocurrency investments. Higher household-level inflation expectations also correlate with greater crypto investments, aligning with hedging motives. For most U.S. households, cryptocurrencies are treated like traditional assets.
Interrelationships In Inventory Turnover Performance Between Supplier And Customer Firms, Joseph J. Henry, Peter Christensen, James C. Brau
Interrelationships In Inventory Turnover Performance Between Supplier And Customer Firms, Joseph J. Henry, Peter Christensen, James C. Brau
Faculty Publications
Using inventory turnover to measure the efficiency of corporate inventory management, we perform econometric analyses to verify whether the inventory efficiency of a firm’s supply chain partners is a statistically significant driver of the firm’s own inventory efficiency. We test two mutually exclusive hypotheses. First, suppliers hold inventory on behalf of customers, effectively displacing inventory up the supply chain and resulting in a negative correlation between supplier and customer inventory turnover. Alternatively, inventory efficiency is integrated along the supply chain, resulting in a positive correlation between supplier and customer inventory turnover. Our bivariate and multivariate analyses of both firm- and …
Covid-19 Impact On Church Cash Inflows In Ghana As Moderated By Location Profile, Francis Osei-Kuffour, Williams Kwasi Peprah, Dickson Marfo Sarfo, Bright Osei Yeboah
Covid-19 Impact On Church Cash Inflows In Ghana As Moderated By Location Profile, Francis Osei-Kuffour, Williams Kwasi Peprah, Dickson Marfo Sarfo, Bright Osei Yeboah
Faculty Publications
The corona virus (COVID-19) pandemic brought both negative and positive impacts on all sectors of world economies since its inception in the early 2020s. Profit and not-for-profit institutions have had their levels of effects as a result of the world-wide crises. Lockdown measures imposed by governments around the world to curb the spread of the virus had various repercussions on various activities, including churches. Effects of the pandemic on businesses, education, agriculture and tourism, among others, have received massive highlights in literature. Given this phenomenon, this study sought to ascertain the impact of COVID-19 on church cash inflows. The study …
Influence Of Heuristic Techniques And Biases In Investment Decision-Making: A Conceptual Analysis And Directions For Future Research, Mensah Morris Ayaa, Williams Kwasi Peprah, Maxwell Okpoti Mensah, Adu Bismark Owusu-Sekyere, Bamfo Daniel
Influence Of Heuristic Techniques And Biases In Investment Decision-Making: A Conceptual Analysis And Directions For Future Research, Mensah Morris Ayaa, Williams Kwasi Peprah, Maxwell Okpoti Mensah, Adu Bismark Owusu-Sekyere, Bamfo Daniel
Faculty Publications
Purpose: The primary purpose of the study was to examine the roles of heuristic techniques and cognitive biases in Investment decision making and suggest directions for future research. Design/Methodology/Approach: The study adopted the literature review method to solicit an understanding of the heuristics and biases central to behavioural finance and influence investment decision-making. Findings: The paper provides conceptual insights into the influence of heuristic techniques and cognitive biases in investment decision-making. Results from the conceptual analysis show that in recent times, investors in their bid to minimise losses and maximize gains employ a range of heuristics which often lead to …
Influence Of Stocks Intrinsic Valuation On Investment Decision Making: A Literature Review, Maxwell Okpoti Mensah, Williams Kwasi Peprah, Adu Bismark Qwusu-Selyere, Mensah Morris Ayaa, Bamfo Daniel
Influence Of Stocks Intrinsic Valuation On Investment Decision Making: A Literature Review, Maxwell Okpoti Mensah, Williams Kwasi Peprah, Adu Bismark Qwusu-Selyere, Mensah Morris Ayaa, Bamfo Daniel
Faculty Publications
All over the world, investment decisions are regarded as critical decisions. Investors prior to the investment decision would like to know the possible risk and returns associated with the kind of investment to be undertaken. Investors make an excellent investment decision based on facts and figures. Since an investor cannot just by looking at a stock say whether it is overvalued, undervalued or at a fair value. This study is based on a literature review determining the intrinsic value of a stock using the Discounted Cash Flow model, with a particular emphasis on the Internal Rate of Return (IRR) and …
Competing For Deal Flow In Local Mortgage Markets, Darren Aiello, Mark Garmaise, Gabriel Natividad
Competing For Deal Flow In Local Mortgage Markets, Darren Aiello, Mark Garmaise, Gabriel Natividad
Faculty Publications
The U.S. mortgage market exhibits competitive instability in which some lenders emerge rapidly from the fringe to substantial market shares. Using inferred discontinuities in application acceptance models to generate local lending shocks, we analyze the impact on a lender of a surge in originations by its competitors. We show that the quickest-growing (not the largest) competitors divert applications and originations from other lenders. Facing a quickly-growing competitor, lenders charge higher interest rates, partially due to the increased risk of their loans. Loan performance suffers for other lenders as the quickestgrowing competitor’s originations increase.
A Textual Analysis Of Logograms In Chinese Ipo Roadshows: How Agreement Between Investors And Management Relates To Pricing And Performance, James C. Brau, James Cicon, Stephen R. Owen
A Textual Analysis Of Logograms In Chinese Ipo Roadshows: How Agreement Between Investors And Management Relates To Pricing And Performance, James C. Brau, James Cicon, Stephen R. Owen
Faculty Publications
We analyze the interaction between management and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms. We provide evidence that when agreement is high, investor optimism increases, leading to relatively large first-day underpricing. We further show that high agreement biases investors to systematically overestimate IPO prospects leading to poor long-run abnormal performance. Jaccard Similarity is different from current content analysis methodologies because it is language and culture agnostic, requiring no a priori construction of thematic dictionaries. Elimination of such dictionaries removes the danger that the researcher has imposed predispositions upon the study.
An Analysis Of Selling Concessions, Reallowance Fees, And Price Changes In The Marketing Of Ipos, James C. Brau, Joseph J. Henry
An Analysis Of Selling Concessions, Reallowance Fees, And Price Changes In The Marketing Of Ipos, James C. Brau, Joseph J. Henry
Faculty Publications
This paper provides an economic model resulting in two distinct marketing strategies available to investment bankers. First, we hypothesize that an increased selling effort by brokers is used most effectively when the investment clientele is uninformed. Second, adjusting the offer price of the issue is hypothesized to be employed primarily in large IPOs with a clientele of sophisticated investors, consistent with Shiller’s Impresario Hypothesis. Our pre-IPO bubble (1981-1996) empirical results yield evidence supporting both selling mechanisms. Under-demanded small IPO issues are ‘pushed’ by the brokers, while some under-demanded large IPO issues instead increase the offer price, with large first-day turnover …
A Comparison Of Ncreif, Inrev, And Anrev Open-End Core Fund Indices, Barrett A. Slade, Jeffrey D. Fisher, Joe D’Alessandro
A Comparison Of Ncreif, Inrev, And Anrev Open-End Core Fund Indices, Barrett A. Slade, Jeffrey D. Fisher, Joe D’Alessandro
Faculty Publications
Cross-border investment in non-listed real estate is on the rise. This article aims to compare the U.S. NFI-ODCE index with the European INREV ODCE index and the recently released Asian ANREV ODCE index with the hope that this study will be helpful to cross-border investors in these major markets. From 2016 through 2020 (five years), we found that the NCREIF fund count remained relatively flat, but the INREV and ANREV fund count increase steadily. At the end of 2020, NCREIF’s GAV was 270 billion dollars compared with INREVs 39 billion dollars and ANREV’s 16 billion dollars, a considerable size difference …
Can Gambling Increase Savings? Empirical Evidence On Prize- Linked Savings Accounts, Shawn Cole, Benjamin Iverson, Peter Tufano
Can Gambling Increase Savings? Empirical Evidence On Prize- Linked Savings Accounts, Shawn Cole, Benjamin Iverson, Peter Tufano
Faculty Publications
This paper studies the adoption and impact of prize-linked savings (PLS) accounts, which offer lottery-like payouts to individual account holders in lieu of interest. Using microlevel data from a bank in South Africa, we show that PLS is attractive to a broad group of individuals, with financially constrained individuals and those with no other deposit accounts particularly likely to participate. Individuals who choose to use PLS increase their total savings on average by 1% of annual income. Exploiting the random assignment of prizes,we present causal evidence that PLS substitutes for lottery gambling but is a complement to standard savings.
Financially Constrained Mortgage Servicers, Darren Aiello
Financially Constrained Mortgage Servicers, Darren Aiello
Faculty Publications
Financially constrained mortgage servicers destroyed substantial MBS investor value during the financial crisis through their management of delinquent mortgages. Servicers advance to investors monthly payments missed by borrowers. In order to minimize this obligation to extend financing to distressed borrowers, constrained servicers aggressively pursued foreclosures and modifications at the expense of investors, borrowers, and future mortgage performance. When agency frictions between the servicer and the investor are higher, the servicer’s financial constraints matter more. IV regressions suggest that, on average per defaulted loan, servicers’ financial constraints are responsible for 20% of the total investor value reduction during the financial crisis.
Young Firms, Old Capital, Song Ma, Justin Murfin, Ryan Pratt
Young Firms, Old Capital, Song Ma, Justin Murfin, Ryan Pratt
Faculty Publications
Across a broad range of equipment types and industries, we document a pattern of local capital reallocation from older firms to younger firms. Start-ups purchase a disproportion- ate share of old physical capital previously owned by more mature firms. The evidence is consistent with financial constraints driving differential demand for vintage capital. The local supply of used capital influences start-up entry, job creation, investment choices, and growth, particularly when capital is immobile. Meanwhile, as suppliers of used capital, in- cumbents accelerate capital replacement in the presence of younger firms. The evidence suggests previously undocumented benefits to co-location between old and …
Optimal Illiquidity, John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson, Brigitte C. Madrian
Optimal Illiquidity, John Beshears, James J. Choi, Christopher Clayton, Christopher Harris, David Laibson, Brigitte C. Madrian
Faculty Publications
We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and present bias (Amador, Werning, and Angeletos 2006). The government chooses mandatory contributions to respective spending/ savings accounts, each with a different pre-retirement withdrawal penalty. Penalties collected by the government are redistributed through the tax system. When naive households have heterogeneous present bias, the social optimum is well approximated by a three-account system: (i) a completely liquid account, (ii) a completely illiquid account, and (iii) an account with an ≃ 10% early withdrawal penalty. In some ways this resembles the U.S. system, which …
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets, Darren Aiello, Mark Garmaise, Taylor Nadauld
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets, Darren Aiello, Mark Garmaise, Taylor Nadauld
Faculty Publications
We study intermediation in the housing market. Using data from an online platform used by real estate agents to generate leads, we identify exogenous intermediary attention arising from the quasi-randomized ordering of potential listings. Greater intermediary attention leads to an increased probability of listing with an agent and selling quickly, and a higher transaction price. The listing and transaction probabilities of neighboring properties decrease in intermediary attention. These results provide causal evidence supporting search theories of intermediation, contrast sharply with endogenous correlations, and indicate that agents in this market serve mainly to facilitate search rather than to reduce information asymmetries.
Borrowing To Save? The Impact Of Automatic Enrollment On Debt, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, William L. Skimmyhorn
Borrowing To Save? The Impact Of Automatic Enrollment On Debt, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, William L. Skimmyhorn
Faculty Publications
Does automatic enrollment into a retirement plan increase financial distress due to increased borrowing outside the plan? We study a natural experiment created when the U.S. Army began automatically enrolling newly hired civilian employees into the Thrift Savings Plan. Four years after hire, automatic enrollmentincreases cumulative contributions to the plan by 4.1% of annual salary, but we find little evidence ofincreased financial distress. Automatic enrollment causes no significant change in credit scores, debt balances excluding auto debt and first mortgages, or adverse credit outcomes, with the possible exception of increasedfirst-mortgage balances in foreclosure.
Determinants Of Capital Structure: An Expanded Assessment, Toshinori Fukui, Todd Mitton, Robert Schonlau
Determinants Of Capital Structure: An Expanded Assessment, Toshinori Fukui, Todd Mitton, Robert Schonlau
Faculty Publications
Using a standardized methodology, we empirically evaluate 55 proposed determinants of capital structure in terms of statistical significance, economic significance, and identification. We find that robust and economically important determinants of debt ratios are relatively few in number. Nevertheless, because each determinant relates to one of five market imperfections—taxes, distress costs, information asymmetry, agency costs, or supply frictions—we draw conclusions from the evidence as a whole regarding the explanatory power of different capital structure theories. We find greater support for pecking order theory and supply-related theories, with less support for traditional tradeoff theory and agency theory.
Economic Significance In Corporate Finance, Todd Mitton
Economic Significance In Corporate Finance, Todd Mitton
Faculty Publications
Reporting the economic significance of findings in corporate finance has become increasingly common, but a review of the literature reveals shortcomings in typical reporting practices. Researchers can more effectively communicate the practical importance of findings by using standard measures of economic significance that are scaled by the standard deviation of the dependent variable, by providing all statistics necessary to calculate economic significance, and by providing benchmarks by which to evaluate the magnitude of economic significance. To support these objectives, I show why measures scaled by the standard deviation are preferable, and I provide benchmarks based on hundreds of established findings …
Mining Open Government Data For Business Intelligence Using Data Visualization: A Two-Industry Case Study, Anne Gottfried, Caroline Hartmann, Donald Yates
Mining Open Government Data For Business Intelligence Using Data Visualization: A Two-Industry Case Study, Anne Gottfried, Caroline Hartmann, Donald Yates
Faculty Publications
The business intelligence (BI) market has grown at a tremendous rate in the past decade due to technological advancements, big data and the availability of open source content. Despite this growth, the use of open government data (OGD) as a source of information is very limited among the private sector due to a lack of knowledge as to its benefits. Scant evidence on the use of OGD by private organizations suggests that it can lead to the creation of innovative ideas as well as assist in making better informed decisions. Given the benefits but lack of use of OGD to …
Santa Claus Rally And The Indian Stock Market: A Comprehensive Analysis, Srinvias Nippani, Shekar Shetty
Santa Claus Rally And The Indian Stock Market: A Comprehensive Analysis, Srinvias Nippani, Shekar Shetty
Faculty Publications
The study examines the leading Indian stock market indices all of which reflect the “Santa Claus rally” effect where significantly higher daily returns accrue to investors in the last five trading days of December and the first two trading days of the following January. The study also reveals that the BSE SENSEX started exhibiting this effect only during the post-1991 period. Additionally, the results indicate that there is a size effect associated with the Santa Claus rally effect wherein small-cap companies outperform mid-cap and large-cap companies. The evidence also suggests that the effect is prominent in eight industry-specific sub-sectors.
Are Monthly Market Returns Predictable?, Jussi Keppo, Tyler Shumway, Daniel Weagley
Are Monthly Market Returns Predictable?, Jussi Keppo, Tyler Shumway, Daniel Weagley
Faculty Publications
We document significant persistence in the market timing performance of active individual investors, suggesting that some investors are skilled at timing. Using data on all trades by active Finnish individual investors over almost 15 years, we also show that the net purchases of skilled versus unskilled investors predict monthly market returns. Our results lend credibility to the view that market returns are predictable, without having to specify which variables active investors use to successfully time the market.
Active Choice, Implicit Defaults, And The Incentive To Choose, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian
Active Choice, Implicit Defaults, And The Incentive To Choose, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian
Faculty Publications
Home-delivered prescriptions have no delivery charge and lower copayments than prescriptions picked up at a pharmacy. Nevertheless, when home delivery is offered on an opt-in basis, the take-up rate is only 6%. We study a program that makes active choice of either home delivery or pharmacy pick-up a requirement for insurance eligibility. The program introduces an implicit default for those who don’t make an active choice: pharmacy pickup without insurance subsidies. Under this program, 42% of eligible employees actively choose home delivery, 39% actively choose pharmacy pick-up, and 19% make no active choice and are assigned the implicit default. Individuals …
Soft Information And The Underpricing Of Reit Seasoned Equity Offerings, James C. Brau, J. Troy Carpenter, James E. Cicon, Shelly Howton
Soft Information And The Underpricing Of Reit Seasoned Equity Offerings, James C. Brau, J. Troy Carpenter, James E. Cicon, Shelly Howton
Faculty Publications
Using a sample of 1,429 seasoned equity offerings (SEOs) by real estate investment trusts (REITs), we use content analysis to test whether the soft information in a company’s offering prospectus influences SEO underpricing. After controlling for relevant variables, we find that companies that use more positive (negative) words in their filings are negatively (positively) related to SEO underpricing. We posit that in REIT SEOs more positive and fewer negative words decrease investor pricing uncertainty (fear) of the offer and as a result experience less underpricing.
Marketplace Lending: Matching Small Businesses With Specialized Fintech Lenders, Mark J. Johnson
Marketplace Lending: Matching Small Businesses With Specialized Fintech Lenders, Mark J. Johnson
Faculty Publications
Fintech promises improvements in access to credit for small businesses through more efficient search and better pricing. Using novel data from a marketplace platform of 115,000 loan offers from 46 online lenders I show that the primary contribution of fintech is not in precisely measuring and pricing risk, but rather in facilitating search between small firms and preferred-habitat lenders. Loan rate offers are largely unexplained by firm characteristics and differ substantially even for the same applicant. The dispersion in offers is largely explained by the fact that lenders have preferred habitats -- lending to borrowers of certain risk types and …
Models Behaving Badly: The Limits Of Data-Driven Lending, Itzhak Ben-David, Mark J. Johnson, René M. Stulz
Models Behaving Badly: The Limits Of Data-Driven Lending, Itzhak Ben-David, Mark J. Johnson, René M. Stulz
Faculty Publications
Data-driven lending relies on the calibration of models using training periods. We find that this type of lending is not resilient in the presence of economic conditions that are materially different from those experienced during the training period. Using data from a small business fintech lending platform, we document that the small business credit supply collapsed during the COVID-19 crisis of March 2020 even though the demand for loans doubled relative to pre-pandemic levels. As the month progressed, most lenders significantly reduced or halted their lending activities, likely due to the heightened risk of model miscalibration under the new economic …
Methodological Variation In Empirical Corporate Finance, Todd Mitton
Methodological Variation In Empirical Corporate Finance, Todd Mitton
Faculty Publications
I document large variation in empirical methodology in corporate finance regressions in top finance journals. Although methodological variation allows for customization of empirical tests to fit specific theories, it can also enable excessive reporting of statistically significant results. For example, given discretion over ten routine methodological decisions, a researcher could report that over 70% of randomly generated variables are statistically significant determinants of leverage at the 5% level. The methodological decisions that impact statistical significance the most are dependent variable selection, variable transformation, and outlier treatment. I discuss remedies that can mitigate the negative effects of methodological variation.
Were There Fire Sales In The Rmbs Market?, Craig B. Merrill, Taylor Nadauld, René M. Stulz, Shane M. Sherlun
Were There Fire Sales In The Rmbs Market?, Craig B. Merrill, Taylor Nadauld, René M. Stulz, Shane M. Sherlun
Faculty Publications
Many observers have argued that the fall in RMBS prices during the crisis was partly caused by fire sales. Using a unique dataset of RMBS transactions for insurance compa- nies, we show evidence supportive of a role, at the transaction level, of forced sales that occurred at discounted prices relative to fundamentals, and find that the RMBS market behaved as a whole as would be expected in the presence of fire sales. We show that risk- sensitive capital requirements and mark-to-market accounting can jointly create incentives for financial institutions subject to adverse capital shocks to sell stressed securities.
Market Predators, Lauren Cohen, Karl B. Diether, Christopher Malloy
Market Predators, Lauren Cohen, Karl B. Diether, Christopher Malloy
Faculty Publications
We find evidence of predatory trading in the corporate bond market. Exploiting novel data on the short selling behavior of institutional investors, we demonstrate that short sellers target those bonds likely to experience the largest negative events in the future: bonds about to be downgraded to junk status, and specifically those held by insurance companies and other institutions that are required to liquidate when bonds fall to junk status. We show that shorting in these bonds predicts large negative returns, which largely reverse over the next year. Short sellers’ trading activity is premeditated: they build up large short positions in …
An Empirical Analysis Of Video Games And Social Media On Learning In An Information Systems University Class, Heber C. Brau, James C. Brau, James Gaskin
An Empirical Analysis Of Video Games And Social Media On Learning In An Information Systems University Class, Heber C. Brau, James C. Brau, James Gaskin
Faculty Publications
Prior research by Brau, et al. (2016, 2017) identifies factors that correlate with university student course grades. We employ the same research structure as the Brau, et al. papers with the innovation of adding dozens of questions that deal with video game and social media usage. Extant research argues that time spent on video gaming and using social media can: 1) hurt student grades, 2) help student grades, or 3) have no impact on student grades. We test the video game and social media impact hypotheses using a survey of over 500 college students in an Introduction to Information Systems …
A Megastudy Of Text-Based Nudges Encouraging Patients To Get Vaccinated At An Upcoming Doctor’S Appointment, Katherine L. Milkman, Mitesh S. Patel, Linnea Gandhi, Heather N. Graci, Dena M. Gromet, Hung Ho, Brigitte C. Madrian
A Megastudy Of Text-Based Nudges Encouraging Patients To Get Vaccinated At An Upcoming Doctor’S Appointment, Katherine L. Milkman, Mitesh S. Patel, Linnea Gandhi, Heather N. Graci, Dena M. Gromet, Hung Ho, Brigitte C. Madrian
Faculty Publications
Many Americans fail to get life-saving vaccines each year, and the availability of a vaccine for COVID-19 makes the challenge of encouraging vaccination more urgent than ever. We present a large field experiment (N = 47,306) testing 19 nudges delivered to patients via text message and designed to boost adoption of the influenza vaccine. Our findings suggest that text messages sent prior to a primary care visit can boost vaccination rates by an average of 5%. Overall, interventions performed better when they were 1) framed as reminders to get flu shots that were already reserved for the patient and 2) …
Personal Bankruptcy And The Accumulation Of Shadow Debt, Bronson Argyle, Benjamin Iverson, Taylor Nadauld, Christopher Palmer
Personal Bankruptcy And The Accumulation Of Shadow Debt, Bronson Argyle, Benjamin Iverson, Taylor Nadauld, Christopher Palmer
Faculty Publications
Compiling new liability-level data from the balance sheets of personal bankruptcy filers, we document that a sizable share of reported liabilities are “shadow debt,” debt not reported to credit bureaus that often arises from the non-payment of goods and services. We use this new data to evaluate how debtor cash flows affect when consumers file for bankruptcy and how much debt they have at bankruptcy. We find that filers respond to a quasi-exogenous $100 increase in monthly cash flows by delaying filing by an average of one month and by increasing unsecured indebtedness by $4,000 in the months preceding filing. …