Finance and Financial Management Commons^™

Market Adaptation To Regulation Fair Disclosure: The Use Of Industry Information To Enhance The Informational Environment, Susana Yu, Gwendolyn Webb

Department of Accounting and Finance Faculty Scholarship and Creative Works

Our fundamental research interest is in exploring the ways in which the financial markets have adapted to Reg FD, and our particular focus is on how market participants use industry information embedded in firms’ earnings announcements. We find that announcements of quarterly earnings made by companies that are the first in their industry to report in a given quarter have significant effects on the stock returns of other firms in the same industry as well as on their own stock returns. We then test the implications of these findings for their effects on the information environment. Overall, our empirical findings …

Improving Hiv Outcomes In Pakistan : The Interaction Between Politics, Power And Implementation, Hina Khalid

Legacy Theses & Dissertations (2009 - 2024)

HIV contributes to the highest number of deaths from infectious diseases in low-income countries. In this three-paper dissertation, using the case of Pakistan, I focus on understanding how the exercise of power by actors at three different levels of the health system, individual, program and societal, influences policy implementation and shapes HIV program outcomes. The objective is to improve HIV service provision thereby achieving improved health policy outcomes. I adopt a mixed-methods approach and use quantitative (logit regression) and qualitative techniques (content analysis of newspapers and semi-structured interviews). One paper tests the role played by network operators in influencing condom …

Athletes Quality Of Life After Retirement, Kevin Estrada

Nebraska College Preparatory Academy: Senior Capstone Projects

Professional athletes have had a long life of being able to compete in the sport they love. Once retried, most athletes quality of life worsens. Injuries and the dramatic change from competing sets up a former athlete for adversity. Most people believe that athletes are privileged individuals that earn too much money for the work they do. However, consequences such as bankruptcy, depression, and even suicide points otherwise.

●The findings show that although athletes might have a gifted early life the quick change in lifestyle sets them up for failure. Also I agree that former athletes have a worse quality …

Marital Status And Earnings Management, Gilles Hillary, Sterling Huang, Yanping Xu

Research Collection School Of Accountancy

In this note, we examine the effect of CEO marital status on the riskiness of financial reporting. Using multiple proxies, we find that firms headed by a single CEO display a higher degree of earnings management than those headed by a married CEO. The effect is economically significant. Our results persist in an instrumental variable regression, suggesting that our results are not driven by innate heterogeneity in preferences.

Differences In The Reliability Of Fair Value Hierarchy Measurements: A Cross Country Study, Chu Yeong Lim, Tee Yong Jeffrey Ng, Keng Kevin Ow Yong, Gary Pan

Research Collection School Of Accountancy

Prior research suggests that there are significant differences in how investors perceive the reliability of fair values across the fair value hierarchy. An unaddressed question in this stream of research is whether cross-country differences in institutional factors are able to mediate differences in reliability for the fair value hierarchy measurements. Based on an international sample of banks across 20 different countries, we find that the probability of crash risk is lower among countries with better financial development infrastructure, greater level of trust, tighter security regulations and higher level of disclosure requirements. These results apply to Level 1 assets but not …

The Impacts Of Credit On Small Business Financing In Florida, Ike Chukwuma

Walden Dissertations and Doctoral Studies

In the United States, small businesses represent 99.7% of firms that provide employment and account for over 50% of all private sector employment. Nevertheless, the rationing of small business borrowing is an indicative of acute credit constraints emanating from poverty, lack of collateral, lack of cosigners for bank loans, high administrative fees associated with processing credit loans, and information asymmetry along with other socioeconomic factors. In a 4-year study from 2004-2008, it was determined that small businesses suffer tremendously from credit rationing. The purpose of this study was to determine the induced effect of loan guarantee scheme, collateral, and leverage …

An Evaluation Of Customer Satisfaction Dimensions In The Ghanaian Banking Industry, Joyce Esther Dadzie

Walden Dissertations and Doctoral Studies

The banking industry in Ghana has seen tremendous growth in recent times. This exponential growth has led to high levels of competition and necessitated that all banks devise strategies to improve customer satisfaction to gain competitive advantage. The growing demands of customers have a significant impact on bank management's ability to attract and retain them. The ability to retain customers depends on the strategy in place to exceed customer expectations and satisfaction. Grounded in relationship marketing theory, the purpose of this qualitative multiple case study was to explore strategies banking leaders use to increase customer satisfaction. Data were collected through …

The Impact Of Socially Conscious Initiative Announcements On Coffee Company Stock Values, Glenn Thomas Smith

Walden Dissertations and Doctoral Studies

Stockholders invest billions of dollars in the purchase of new corporate coffee stock while producers of these commodities exist in poverty of developing nations. Corporate managers may miss the opportunities for offering humanitarian aid if potential stockholders do not know of corporate social change initiatives. Little research in the influence of socially conscious initiatives exists in the coffee sector and none concentrating on socially conscious initiative announcements. If a relationship exists between socially conscious initiative announcements and stock investments, then managers could justify funding social change initiatives. This quantitative study used a 5 day pre and post event study methodology …

Strategies For Recruiting Cybersecurity Professionals In The Financial Service Industry, Iva Walters

Walden Dissertations and Doctoral Studies

The cybersecurity market is the fastest growing market in the United States; as such, leaders in financial institutions recognize their businesses are vulnerable, as money is accessible within computerized banking systems. The purpose of this multiple case study was to explore what strategies financial service leaders- use to recruit cybersecurity professionals. The conceptual framework for this study was the hierarchy of needs and stakeholder management theory. Data collection involved company archival documents and semistructured, open-ended interviews with 5 financial service leaders in the Midlands area of South Carolina who recruited skilled cybersecurity professionals to support long-term business sustainability. Coding, clustering, …

Strategies And Processes For Implementing Financial Analysis For Business Success, Dawn Theona Alexander-Joseph

Walden Dissertations and Doctoral Studies

The early failure of startup businesses is a concern for many local communities, including the Virgin Islands, with about half of startups failing within the first 5 years of their life cycle. Besides the social and economic impact on communities, these failures have a personal effect on small business owners. Grounded in decision-making theory and the theory of financial management, the purpose of this single case study was to explore strategies and processes Virgin Islands retail business managers use to implement financial analysis for decision making to help sustain their operations. Data were collected using company records and semistructured interviews …

Risks Management Application In Helping The Poor Through Microfinancing, Edmond Njombe Lyonga

Walden Dissertations and Doctoral Studies

Poverty alleviation in Buea, Cameroon, has been a problem of concern for decades. The study is vital because managers who control the funds given to the government of Cameroon to help reduce poverty are politicians and do not equitably distribute the funds to all on the pretext that the default rate is high. The purpose of this study was to find better ways to make additional capital available to the microbusiness owners of Buea to open or improve businesses. This qualitative case study design was consistent with the aim of understanding the importance of risk management within the microfinance industry …

Is Silence The Answer?, Gator Adams

CMC Senior Theses

This study examines the relationship between company management guidance, and ex-ante crash risk over the duration of 2008(Jan 2006-Dec 2009) financial crisis using the implied volatility skew, which is based upon ex-ante volatility implied by the pricing model developed by Black-Scholes (1973). The study finds that over the duration of this crisis period, management guidance decreases with a rise in ex-ante crash risk. Further, the study provides evidence on the relationship of management guidance and earnings volatility, and how that is affected by a firm's industry product concentration based on the Herfindahl-Hirschman Index (HHI) score.

A Survey Of Litigation In Corporate Finance, Matteo P. Arena, Stephen P. Ferris

Finance Faculty Research and Publications

Purpose

The purpose of this paper is to review research on litigation in corporate finance.

Design/methodology/approach

This paper surveys studies on the estimation of litigation risk, litigation costs, stock reaction to lawsuit announcement, and the effect of litigation on corporate financial policies and outcomes.

Findings

The first section presents a survey of studies that estimate litigation risk. The authors then discuss a set of studies that focus on the various costs associated with litigation. The third area of review is about studies which estimate the market reaction to a lawsuit announcement. The next section surveys studies that examine the relation …

A Strategic Approach To Life Planning, R Henry Migliore

Migliore Collection

The purpose of this book is to help people develop a long-term life plan to achieve their dreams for their lives. My hope is to stir a vision or dream and then to provide a means by which that dream may be achieved.

Graduate Bulletin, 2017-2018, Minnesota State University Moorhead

Graduate Bulletins (Catalogs)

No abstract provided.

Death Spiral Convertible Bonds, Austin Dwyer

Senior Honors Theses and Projects

Death spiral convertibles, are a type of loan lenders give to a firm in exchange for a right to convert into equity at below market prices. This differs from traditional convertibles because there is no fixed conversion price. Instead, the price can be reset lower if the firm's stock price falls below the conversion price at the time of issuance. As the process repeats itself the stock's price spirals downwards. This process benefits the bondholders at the cost of the shareholders. Based on a hand collected sample of 23 companies issuing a total of I 97 floating price convertibles, the …

Two Essays On Investors' Attention To Economically Linked Firms, Mahsa Khoshnoud

Electronic Theses and Dissertations

My first essay examines the degree to which the market prices of publicly traded firms reflect and respond to new information regarding the economic viability and vitality of organizations to which they are strategically linked. More specifically, I exploit the uniquely transparent nature of the lessor-lessee relationship across commercial real estate markets to evaluate whether future returns to real estate investment trusts (REITs) are systematically affected by the financial return performance and/or operational opacity of the tenants who lease their investment properties. Using a hand collected data set identifying the principal tenants of 96 publicly traded REITs, I find those …

If You Only Knew The Power Of The Dark Side: An Analysis Of The One-Sided Long Position Hedge Fund Public Disclosure Regime And A Call For Short Position Inclusion, Christian Bonser

Fordham Journal of Corporate & Financial Law

Disclosure rules in the United States capital markets were designed to promote fairness among all participants by providing a transparent system for equal access to information. The interpretation of information is the foundation of all prudent investment decisions; thus, an efficient capital market depends on the proper disclosure of information. Hedge funds heavily influence and play an integral role in the proper functioning of capital markets. For the markets’ benefit, hedge funds must publicly disclose their investing activity, which consists of long positions, like buying stock to sell later, and short positions, like short selling.

However, while hedge funds are …

Regulatory Arbitrage And Hedge Fund Regulation: The Need For A Transnational Response, Hossein Nabilou

Fordham Journal of Corporate & Financial Law

Regulatory arbitrage is an indispensable element of regulatory competition as it provides regulatory substitutes for firms, and allows those firms to optimally benefit from such competition. This also increases the elasticity of demand for regulators and engenders accountability among them. Hedge funds, as paragons of exploiting regulatory discrepancies, are heavily criticized for thwarting efforts to address systemic risk. This Article investigates the arbitrage-seeking behavior of hedge funds in a globally-fragmented financial regulatory framework.

Despite its benefits, regulatory arbitrage involves certain costs. Although market discipline can constrain these negative externalities, due to certain idiosyncratic features of the hedge fund industry, such …

Off The Chain! A Guide To Blockchain Derivatives Markets And The Implications On Systemic Risk, Ryan Surujnath

Fordham Journal of Corporate & Financial Law

Blockchains are publicly viewable and theoretically unalterable records of bitcoin transactions. They are thus crucial to the functionality of cryptocurrencies. Through the blockchain, bitcoin algorithmically decentralizes the maintenance of the transaction ledger and delegates the task to users on its network.

Blockchain technology shows promise beyond cryptocurrency: banking and financial institutions have established partnerships with fintech firms to explore the applicability of blockchains in capital markets. Blockchains, used in conjunction with self-executing smartcontracts, present particularly compelling opportunities in derivatives markets, which are typically beset by numerous intermediaries. The blockchain could radically reinvent the existing market infrastructure. Certain intermediaries like central …

Helca Mining Company, Claire Dalman

Undergraduate Theses, Professional Papers, and Capstone Artifacts

No abstract available.

Crummer Suntrust Portfolio Recommendations: Crummer Investment Management, Kaiwen Lu, Mara Lugo, Kevin Brancheau, Keenan Crosby, Carlos Perez Ruisanchez, Mark Faas, Alex Lopez Alguacil, Amy Martin, James Ferrell, Ghadi Mechleb, Brennan Smith

Crummer Truist Portfolios

The following report will walk you through this analysis beginning with an economic outlook, which in turn influences our portfolio design. The designated sector analysts then assess the portfolio holdings of each sector and determine whether the positions align with our forecast. This assessment includes a broad sector outlook, as well as a fundamental outlook for each individual holding. The decision to buy, hold, or sell is based on the sector analysts’ valuation. Finally, the report concludes with an overall portfolio assessment given the proposed changes supported by mean variance efficiency and a value at risk diagnosis.

Quasi-Appraisal: Appraising Breach Of Duty Of Disclosure Claims Following "Cash-Out" Mergers In Delaware, Zachary A. Paiva

Fordham Journal of Corporate & Financial Law

In recent years, Delaware has served as the hot bed for the dramatic increase in merger appraisal litigation and the proliferation of “appraisal arbitrage” whereby opportunistic shareholders buy into companies following merger announcements and challenge announced deal prices as an investment strategy. While this has not always proved profitable, it has increased scrutiny over the Delaware appraisal regime and the ability for shareholders to avail themselves of the opportunity for a judicial valuation of their shares. Furthermore, it has highlighted information asymmetries in which controlling shareholders, particularly those seeking to cash out their minority shareholders, are incentivized to underpay or …

Financial Socialization’S Impact On College Students’ Credit Card Behavior, Conner N. Palm

The Journal of Undergraduate Research

This study looked at the association between family financial socialization and credit card behavior among college students. The data came from the 2014-2015 National Student Financial Wellness Study, administered by the Ohio State University. Responses from 283 undergraduate students enrolled in South Dakota State University were analyzed. In general, responsible credit card behavior was found to be more likely exhibited by students who said their parents encouraged them to invest and students who thought their parents were good financial role models.

A Sectoral Analysis Of The 1929 Stock Market Crash, Paul Edward Reynolds Iii

CMC Senior Theses

The stock market crash of 1929 stands today as the largest decline in market value in the history of the United States. Consequently, the event destroyed the wealth of thousands of American families and institutions. On October 28th and 29th, the United States stock market fell 11.3 percent and 12.4 percent respectively, marking the beginning of a down market that lasted over three years, the time period known today as the Great Depression. This paper empirically analyzes the effects felt by each individual industry sector in the crash of 1929, identifying gross and abnormal returns over three major days in …

A Quantitative Examination Of The Relationship Between Age, Gender, And Burnout In Public Accounting Professionals In A United States National Firm, Jamie Stowe

Doctoral Dissertations and Projects

Scholars and practitioners agree burnout is a significant problem plaguing the public accounting industry. Burnout is a condition that results from long periods of excessive strain on personal resources, and is often found in public accounting professionals due to the high stress and deadline-driven environment. As the causes for burnout are better understood, the focus has turned to why some individuals are more likely to burnout than others. Identifying who has a tendency to burnout can only help in the quest for solutions. The purpose of this correlational quantitative study was to test the theoretical framework of Maslach and Jackson …

The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, Tania Salomon

CMC Senior Theses

This thesis evaluates the risk-return characteristics and diversification benefits of fine wine investment. It compares the historical performance of wine to that of equity, fixed income, real estate, and commodities. I calculate the correlation, volatility, and expected returns of these assets to examine whether adding wine to a portfolio increases its risk-adjusted return. I do this through the Markowitz portfolio optimization technique. The findings suggest that wine has a low correlation with traditional assets, providing diversification benefits. My results also show that adding wine to a portfolio increases its risk-adjusted return only when there is an allocation constraint of 0 …

Mobile Banking Adoption By Senior Citizens In Australia, Madugoda Gunaratnege Senali

ECU Posters

Mobile banking is technological innovation provided by banks to its customers to do their banking activities such as, viewing account balances, paying bills, transfer of funds and checking new offers and products through their smart phones by using mobile banking application. Though mobile banking has raised high expectations in research and practice, it neither experienced broad adoption nor allows it banks to realize additional earnings yet. This research aims to investigate the factors affecting the mobile banking adoption by senior citizens in Australia by using technology acceptance models. It's important to improve the mobile banking amongst senior Australians to enhance …

Distance To Default, Viet Dung Dinh

ECU Posters

This poster covers default risk and the significance of the Distance to Default (DD) model in predicting financial distress for 6 countries in the ASEAN region.

Abusive Supervision Detection As Part Of Venture Capital Due Diligence Of Management, David Blum

International Journal of Applied Management and Technology

Abusive supervision (AS) costs U.S. businesses billions of dollars per year in lost productivity, increased absenteeism, and health care costs. To reduce these costs and to enhance the probability of a successful exist, independent venture capitalists (IVCs) need to be aware of the issue of AS among the management team during the due-diligence process. This study addresses a gap in literature related to IVCs being able to detect AS during due-diligence process of the management team. The research question was this: What tools, processes, and methods can IVCs use to detect AS during the due-diligence process of the management team? …