Finance and Financial Management Commons^™

Unearthing Potential: Impact Investors’ Perspectives On Egypt’S Social Enterprise Market, Yousef Hesham Shoukry

Theses and Dissertations

This thesis examines impact investing in Egypt from the vantage point of the impact investors, revealing that Egypt's constraint is not the availability of capital but its direction, as the absence of legal recognition, coordinated intermediaries, and a shared impact-measurement standard keeps capital out of a market otherwise rich in social enterprise potential. The study employed a constructivist grounded theory approach, drawing on eleven semi-structured interviews with impact fund managers, ecosystem enablers, and public-sector policy advisors operating in or considering Egypt's social enterprise market. Data revealed that practitioners converge on the founding principles of impact investment (combined financial and social …

Does Green Pay Less? Global Corporate Bond Evidence On Primary And Secondary Yields, Youssef El Kenawy

Theses and Dissertations

The greenium, or green premium, refers to the lower yield that arises from a bond’s green label, conditional on otherwise identical contractual features and credit risk. In our study, we estimate the greenium by combining causal matching techniques with a neural network–based propensity score approach to construct a closely comparable set of green and conventional bonds. Our empirical framework incorporates issuer fixed effects and currency × issuance-year fixed effects, ensuring that our estimates reflect the impact of the green label itself rather than differences in macro-financial conditions or issuer composition.

Our findings indicate that, once currency-specific issuance-year conditions are absorbed, …

Modeling Volatility Dynamics In The U.S. Public Real Estate Stock Market: Evidence From Conditional Volatility Decomposition And Sector Benchmarking, Mariam Mohamed El Naghi

Theses and Dissertations

This study examines volatility dynamics between the U.S. public real estate stock market and the broader equity market, with a focus on sectoral conditional volatility sensitivity to market conditional volatility across different volatility regimes. Using daily stock price data from  to , conditional volatilities of real estate stocks and the market index are estimated through a GARCH-framework that incorporates Monday and Friday dummy variables in both the conditional mean and conditional variance equations as controls for calendar-based anomalies. The estimated conditional volatilities are used to estimate volatility-to-volatility elasticities at the firm and aggregate levels and are benchmarked against other equity …

The Effects Of Private Equity Ownership Of Acute Care Hospitals On Patient Experience, Abigail M. Huffman

Theses and Dissertations

In 10 years, private-equity firms' share of hospitals has grown from 2-3% to 8%.  Using data from two sources: the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) patient surveys and the Private Equity Stakeholder Project (PESP), I demonstrate a causal effect of private-equity ownership on patient satisfaction using difference-in-difference methods.

Greenhouse Gas Emissions And Stock Market Volatility In The Eurozone: Evidence From Sectoral Structure And Climate Policy, Toulin Mohamed Albostany

Theses and Dissertations

This study examines the relationship between greenhouse gas (GHG) emissions and stock market volatility in the Eurozone from 2000 to 2023. The analysis is driven by increasing concerns regarding climate related financial risks, investigating whether various types of emissions induce financial market instability and whether this relationship is influenced by the economic frameworks and climate policy contexts. Utilizing annual panel data from 20 Eurozone countries, stock market volatility is assessed by a Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) framework, which accounts for time-varying volatility and inter-market dependence. The empirical strategy integrates pooled OLS, fixed-effects models, and instrumental-variables Generalized …

What Are The Factors Affecting The Financial Sustainability Of Social Enterprises In Egypt?, Mina Atta Ghaly

Theses and Dissertations

This thesis investigates what factors affect the financial sustainability of social enterprises (SEs) in Egypt, situating them within a constrained MSME, legal and sectoral context marked by informality, weak innovation and recurrent shocks. Drawing on global and Egyptian literature, it identifies ten candidate factors—business model, financial management, founders’ skills and mindset, revenue structure, sector and mission, legal framework and innovative finance, capacity building, investment mechanisms and “the right investor”, adaptability to shocks, and ecosystem conditions—and integrates them into an extended Social Enterprise Model Canvas. Using a qualitative, exploratory design with semi‑structured interviews of social enterprise founders, incubators/accelerators, investors and experts, …

Effect Of Fintech Adoption On Commercial Banks’ Stability: Evidence From Gcc And North Africa, Ibrahim Ahmed

Theses and Dissertations

This paper looks at how financial technology (FinTech) adoption affects bank stability, measured by distance to default. It uses a unbalanced panel of listed banks from the Gulf Cooperation Council (GCC) and North Africa over the period from 2010 to 2024. To consider differences in bank risk and institutional traits, the study uses random-effects panel regressions along with quantile regression models and interaction specifications. These methods allow the effects of FinTech to change depending on the level of bank risk and the size of the bank. The results indicate that FinTech development does not have the same effect on banks’ …

Can Blockchain-Adoption Announcements Create Market And Operating Value In Banks? Evidence From An Event Study For Global Banks Initiatives, Nourhan Said

Theses and Dissertations

This thesis offers quantitative work in exploring the market value and operation advantages associated with blockchain initiatives in listed banks. We utilized an event study approach to analyze the market value added to banks adopting blockchain technology on a short term. The sample consist of 126 event observations spanning 30 different countries in the period between 2016 and 2024. The study also focuses on the signals and cues that drive the changes in the banks’ abnormal returns and cumulative abnormal returns. Different project attributes like the blockchain type, blockchain application, and objective as well as bank characteristics like the bank …

An Examination Of The Determinants Of Audit Quality: Implications From Firms Listed In Us Stock Markets, Abdelrahman Naser Elmaria

Theses and Dissertations

The purpose of this thesis is to examine the effect of several audit determinants, namely audit tenure, non-audit to audit fees ratio, auditing firm size, and firm size, impact on audit quality. This thesis extends the existing literature on audit determinants effect on audit quality using a Generalized Linear Model, (GLM) regression with robust estimation by analyzing a sample of 446 companies from the USA in the manufacture and service sectors. This is conducted through a series of diagnostic tests to identify an appropriate regression model. Such tests include testing and checking of baseline regression models to check for multicollinearity, …

Data Utilization In Facilities’ Performance Management Decision- Making At U.S. Four-Year Public Institutions: A Cross-Sectional Exploratory Study, Tanaporn Supanichrattana

Theses and Dissertations

The growing complexity of higher education finance, aging infrastructure, and rising accountability expectations has intensified demands on facilities organizations to manage institutional assets strategically. As colleges and universities face sustained fiscal constraints and expanding operational pressures, the ability of facilities leaders to use data to inform performance management has become increasingly critical. Despite this importance, limited empirical research has examined how facilities leaders integrate data into decision-making within public higher education contexts.

The quantitative study employed a cross-sectional, exploratory survey design to investigate data utilization practices among facilities leaders at U.S. public four-year institutions. Guided by the Data–Information–Knowledge–Wisdom hierarchy and …

Measuring Return And Volatility Interactions Across Gcc Equity Indices And Cryptocurrencies, Yasmin Sudan

Theses and Dissertations

This research is examining how volatility travels between major cryptocurrencies and Gulf stock markets. Using daily data for six GCC equity indices (ADX, BAX, DFMGI, KSE, QE, TASI) and five leading cryptocurrencies (Bitcoin, Ethereum, XRP, Dash, Monero) from 2017–2022. Our methodology contains a three-step framework consists of a univariate Garch (1,1) to assess the volatility of each asset. A bivariant BEKK Garch to measure shocks transmission and volatility transmission from cryptocurrencies to Gulf stock market. The last step is using the DCC Garch model to model the time varying correlation. We also split the sample before and after January 2020 …

The Joint Effect Of Esg Practices And Financial Development On The Financial Performance Of Asian Companies, Ali Yehia Fouda

Theses and Dissertations

This study examines the relationship between Environmental, Social, and Governance (ESG) practices, financial development, and financial performance in the Asian markets. This research uses econometric models to analyze two key aspects of financial performance: Return on Assets (ROA), and Tobin’s Q. The results show that there is a negative relationship between ESG practices and financial success, highlighting the financial burden imposed by sustainability initiatives. Machine learning model (XGBoost) has been used to check the robustness of the regression model. Some Commonalities and other differences have been recognized. Yet, the regression model results have been relied upon. Financial development serves as …

Advancing Defense Software Cost Estimation Through Regression, Probabilistic, And Machine Learning Models, Stephen D. Chatterton

Theses and Dissertations

Accurately estimating software costs is critical for effective project management within the Department of Defense (DoD), where early decisions shape resource allocation and risk management. This work evaluates regression-based Cost Estimating Relationships (CERs), probabilistic models, and machine learning techniques to address limitations of traditional estimation methods. Using records from two DoD repositories, the analysis applied Ordinary Least Squares (OLS) regression, Multinomial Logistic Regression (MLR), Random Forest, and neural networks to model and classify software costs, with key predictors including Source Lines of Code (SLOC), Equivalent Source Lines of Code (ESLOC), and programming hours. The findings highlight strengths and trade-offs of …

Accuracy Of Time Phasing Missile And Munition Using The Continuous Distribution Function, Joseph Zobler

Theses and Dissertations

Accurate cost and schedule estimates are crucial for maintaining the U.S. military’s technological and operational superiority, ensuring efficient resource allocation and timely development of advanced defense systems. This research examines S-curve models for time-phasing non-recurring Research, Development, Test, and Evaluation (RDT&E) expenditures in missile and munition acquisition programs. This research evaluates the commonly used 60/40 rule, which assumes 60% of expenditures occur by 50% of the schedule, for its accuracy using Cost Assessment Data Enterprise (CADE) and Earned Value Management Central Repository (EVM-CR) data from 21 missile and munition development programs.

Creating And Analyzing Space Vehicle Seit/Pm Factors, Jordan A. Bosco

Theses and Dissertations

The Department of Defense relies on accurate cost estimation to inform budget decisions. Beyond being a critical component of the Defense Acquisition System, cost estimation is a legal requirement in the budgeting process. Cost analysts, therefore, have both a fiduciary and statutory responsibility to produce realistic estimates. Among the many elements of a space system cost estimate is Space Vehicle Systems Engineering, Integration & Test, and Program Management (SEIT/PM). While existing factors aid in estimating SEIT/PM, Space Systems Command is interested in research in alternatives to the current methods and crosschecks for those methods. This study develops a set of …

The Effect Of Financial Inclusion On Inflation: Implications From Low And High Financially Developed Economies, Rita Fouda

Theses and Dissertations

This paper studies the effect of financial inclusion on inflation in high and low financially developed countries. The author utilizes country-level annual data of 83 world economies covering the period from 2004 to 2022. The Generalized Method of Moments is utilized to estimate the relationship between six financial inclusion indicators and inflation while combating the endogeneity and heteroskedasticity present in the data. Other macroeconomic variables are added to the model to limit the omitted variables bias. At a second stage, the same relationship is tested using a self-constructed financial inclusion index. The results of the study reveal that when testing …

From Climate To Contracts: Advancing Temperature Options Pricing, Karim Hussein

Theses and Dissertations

Whether it's building dams to control rivers, crafting garments to withstand cold, or the simple act of carrying an umbrella, these actions reflect humanity's precautionary behavior to adapt to nature. Weather derivatives are an extension of this adaptive behavior of the humankind seeking to hedge against weather related risks. A recent example that motivated this work is the loss of revenue incurred by Egypt during the six- day closure of the Suez Canal caused by the wedging of large vessel due to bad weather conditions. In this thesis, we model and price a temperature-based weather contract, using a dataset of …

Esg Significance In Relation To Corporate Bankruptcy Prediction, Sama Elkady

Theses and Dissertations

This thesis aims to enhance corporate risk assessment through studying ESG (Environmental, Social, and Governance) significance in modeling bankruptcy. Through using artificial intelligence’ natural language processing (NLP), we develop a proxy for ESG scoring based on companies annual reporting retrieved through EDGAR. We integrate the derived ESG score with traditional financial ratios used to calculate Altman’s Z-score (1968) in predicting bankruptcy. Through S&P’s Compustat, we obtain a sample of 108 healthy & bankrupt firms -spanning 14 years of fiscal observations- and match them through time and industry. We use stepwise GLM regression to estimate bankruptcy probability observing that ESG and …

Eurobond Performance In Emerging Markets: Do Economic Freedom, Contagion Effects, And Strategic International Relations Matter?, Nourhan El Rouby

Theses and Dissertations

This paper studies the factors moving the Eurobond prices and credit ratings issued by emerging markets. By observing a set of variables, including economic freedom, contagion effects and strategic international relations, the study was able to provide a thorough analysis of their impact on Eurobond performance. The research was able to identify significant determinants of Eurobond prices and credit ratings through utilizing panel data from 20 emerging markets over a period of April 2018 to September 2023 where we applied fixed effects linear regression and ordered logit models. The findings resulted that economic freedom, in specific enforcement of contracts, and …

Comparative Performance Analysis Of Green Bond Issuers To Their Conventional Counterparts, Mai Hosam Farag

Theses and Dissertations

This thesis conducts a comparative performance analysis of green bond issuers versus their conventional counterparts. In the context of the 2015 Paris Climate Agreement, which underscores the financial sector's role in promoting environmental sustainability, green bonds have emerged as crucial instruments for financing eco-friendly projects. This research investigates the financial performance of firms issuing green bonds using metrics such as sales growth, return on assets (ROA), and total debts through Ordinary Least Squares (OLS) regression analysis. The analysis covers 54 publicly traded bonds issued in North America between 2018 and 2022. Despite the growing popularity of green bonds, there are …

Financial Inclusion And Human Development: A Comparative Analysis Of Mena And Brics, Mohammad Eid

Theses and Dissertations

Various efforts to enhance human development in several countries has been underway for years now, but the level of human development attained by countries in BRICS and MENA regions vary. This study empirically examines the role of financial inclusion and its impacts on human development; it investigates whether financial inclusion can be used to drive human development by examining and comparing its results in MENA and BRICS countries. The dependent variable is the score of Human Development index HDI. This study provides a unique comparative analysis of the role of financial inclusion and its effects on human development in MENA …

Policy Frameworks And Citizens’ Use Of Fintech Solutions: The Pros And Cons In Egypt, Salma Al-Mohamady

Theses and Dissertations

This thesis provides a comprehensive analysis of the significant influence of financial technology (FinTech) on the banking industry, consumer finance, and economic growth. It specifically concentrates on the swiftly changing FinTech environment in Egypt. The study investigates the impact of incorporating advanced technologies on worldwide financial practices, which has significantly transformed traditional banking models and facilitated the emergence of inventive financial services. The transition is clearly apparent in Egypt, where the expansion of FinTech has been driven by advances in regulations, adaptation to technology, and a population that is becoming more comfortable with digital solutions.

Using a combination of quantitative …

Has Electricity Deregulation Eliminated The Nuclear Option?: Rethinking The Coasian Ios For Project-Finance Investments, Stephen Dansky

Theses and Dissertations

Installed electric generation capacity in the United States is expected to grow significantly over the next two decades. This raises concern about climate change as several common methods of electricity generation emit greenhouse gases. Nuclear power, which doesn’t create greenhouse gases while generating electricity, has been heavily promoted by the nuclear industry and a segment of the environmental community ever since it was codified by the United Nation’s 26^th Climate Change Conference of the Parties as an acceptable energy source to fight climate change. However, this dissertation establishes that the increased revenue risk and uncertainty created by the deregulation …

The Impact Of Advancing Technology On Fire Control Radar Costs, Dustin M. Brewer

Theses and Dissertations

Radar systems are integral components of fighter aircraft, gaining heightened importance with the emergence of fifth-generation variants. Among these systems, fire control radar plays a crucial role by providing pilots with unparalleled long-range sensing capabilities vital for navigation and target identification. The rapid evolution of radar technology is deemed essential to align with the evolving mission requirements, a factor anticipated to significantly impact radar system costs. This research investigates the influence of evolving technology on fire control radar development and production costs. To accomplish this objective, radars are categorized into generations based on existing literature, and a comparative analysis is …

Discerning Satellite Subsystem Costs To Improve Cost Estimation, Ryan A. Candella

Theses and Dissertations

The race for supremacy in the space environment is accelerating, with the United States taking a significant step by establishing its dedicated military branch for space operations. Achieving dominance in this realm relies on efficiently managing costs and securing rapid funding to initiate new programs. One step towards accomplishing this goal is to comprehend the cost distribution across the primary components of a Space Vehicle Bus and to delve into lower-level Work Breakdown Structure (WBS) elements for more precise and expeditious cost estimations. To achieve this, descriptive statistics for a variety of Bus subsystem WBS elements are provided in this …

Developing A Rule-Of-Thumb To Predict Total O&S Costs Utilizing A Single Ces Element, Shane A. Scantling

Theses and Dissertations

A rule of thumb is a broadly accurate guide based on experience rather than theory. This study examines the potential for a rule of thumb to predict Operation and Sustainment (O&S) costs. The Center for Naval Analysis (CNA) found that a single variable could accurately predict total O&S costs. We found that while a single variable could be highly predictive and strongly correlated to total O&S costs, it is not the same variable for all platforms. We improved upon this initial heuristic proposed by Stumborg by developing an individual heuristic for each Mission Design (MD). We found that a form …

Cloud One Migration Schedule Drivers And Schedule Growth, Ryan J. Jansen

Theses and Dissertations

Cloud One, chartered in 2017 under the guidance of Air Force Life Cycle Management Center (AFLCMC) leadership, continues to serve as the USAF’s leading cloud services and hosting platform by providing secure computing environments, application migration assistance, and data management. Prior research has yielded qualitative insights regarding Cloud One’s personnel requirements, application of technical performance, requirements fulfillment, security risks, and various other cost metrics, but schedule improvement recommendations based on the quantitative analysis of migration schedule data has yet to be provided. This research identifies trends within migration sprint schedules and completed schedule data for Cloud One’s completed application migrations. …

Comparative Analysis Of Satellite Battery Technologies: A Cross-Sectional And Temporal Study Within And Across Battery Types, Andrew H. Chung

Theses and Dissertations

Trends in costs for batteries incorporated in satellite electrical power systems (EPS) have been identified by Space Systems Command (SSC) within the Unmanned Space Vehicle Cost Model (USCM) database. A subset of pre-1980s data consisting of Nickel-Cadmium battery costs was excluded from battery cost estimating relationship (CER) development as a result of this determination. This research aims to ascertain the impacts of these trends on satellite cost estimating practices by assessing developments in battery costs over time, comparing normalized Nickel-Cadmium (NiCd) / NickelHydrogen (NiH2) / Lithium-Ion (Li-Ion) battery costs, identifying differences between the NiH2 and Li-Ion modern battery types, and …

Cost Estimating Relationships For Avionics Recurring Production Box Costs, Carla J. Cisneros

Theses and Dissertations

This research investigates a dataset of 286 Department of Defense (DoD) avionics boxes, employing regression methods to establish seven cost estimation relationships (CERs) for predicting avionics recurring production box costs. Not confined to T100 costs, three baseline models use Ordinary Least Squares (OLS) T100 cost, explaining 83%, 86%, and 83% of dataset variation. Additionally, four robust models depict mean and median, T100 OLS, and T100 non-linear learning curves, explaining 67%, 65%, 97%, and 87% of the variation. These models strike a balance between simple baseline and overly complex computational models. Identified cost drivers include weight, year of first flight, volume, …

Development Of Cost Factors For Satellite Rechargeable Batteries, Katelyn A. Clements

Theses and Dissertations

Factors are often used by the cost estimating profession to predict costs of future projects or project components. Cost factors can be useful when little to no cost data is available from which to build an initial estimate or as an easy-to-use cross check of a primary estimate. Specific to satellites, previous studies have examined cost factors at higher Work Breakdown Structure (WBS) levels (e.g., Level 2 or Level 3), while this research analyzes cost factors developed using data specific to rechargeable batteries at USCM WBS Level 4 and its parent, the Electrical Power System (EPS) at Level 3. Within …