Finance and Financial Management Commons^™

The Impact Of Governance Mechanism On Performance And Survival Of Entrepreneurial Firms, Noura S. Metawa

LSU New Orleans Theses and Dissertations

The dissertation consists of two essays.

The first essay studies governance structures and their effectiveness for start-up companies and their survival. We utilize data from the Kauffman Survey, which tracks a sample of firms from their inceptions through their first eight years of existence. We hypothesize and find evidence that a startup's governance system affects its survivability as well as its performance. We show that controlling for the firm size and the industry, cross-sectional variations in the performance of the start-up firms can be explained by governance variables; the presence of one or more independent board member on the board, …

Skewness Risk, Jump-Diffusion Modeling And Pricing In Carry Trade, Chitsun Chen

Doctor of Business Administration Dissertations

This paper investigates jump risk and return characteristics of currency carry trades by employing both empirical approach and analytical method. With country-level stochastic discount factor, a mathematical model is proposed to describe carry trade return dynamics that capture jump risk. Carry trade returns are modeled as jump-diffusion processes where types of jumps involve global and idiosyncratic jumps. We derive the first four moments of return process on exchange rates and use the method of moments to estimate parameters, which show the model matches excess carry trade returns in data quite well. Empirical findings show that carry trade returns exhibit an …

Reduing Hospital Readmissions: Ideal Discharge Planning For Heart Failure Management, Chun Mei Chen, Chun Mei Chen

Master's Projects and Capstones

Abstract

The objectives during this project were to achieve by the end of 2018 an overall reduction of 25% in HF readmissions within 30 days. By identifying root causes of readmissions and using needs assessment within the microsystem, literature highlights the elements defining interventions that can be used to improve transitions of care and reduce avoidable HF hospital readmissions. A plan was developed for integrating an evidence-based practice, IDEAL Discharge Planning, along with engaging patients and families at bedside from the first day of admission until discharge to more effectively assist staff in providing patient-centered education and self-care skills. The …

2018 Q2 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Pepperdine Graziadio Business School, in partnership with Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Finance & Budget Committee Packet, Wku Board Of Regents

Board of Regents Documents

Action items:

• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures
• Personnel Actions
• 2018-19 Budget Development

Quarterly Meeting Agenda & Packet, Wku Board Of Regents

Board of Regents Documents

Action and information items:

• John Hardin emeritus appointment
• Sam Bush honorary doctorate
• Distringuished professors - Ferhan Atici, Aaron Hughey
• NCAA Compliance Report
• 3rd Quarter Revenue & Expenditures Report
• Personnel Actions
• 2018-19 Budget Development
• Greg Collins contract
• College Heights Foundation, Inc. lease
• Naming Designated Rooms / Areas
• Terry Ballman, Provost Appointment

Avis Budget Group: A Financial Analysis, Tralonie Perkins

Dissertations, Theses, and Projects

This paper presents a financial analysis behind Avis Budget Group, Inc. (CAR), a leading global provider of vehicle rental and car sharing services, operating three of the most recognized brands in the industry: Avis, Budget and Zipcar. Utilizing both qualitative and quantitative analysis, this report encompasses comprehensive data regarding the industry in which CAR competes, the company’s recent financial results, and forecasts of its future growth with five-year pro forma financial statements used to build a valuation model.

Three Essays On Special Donation Types (Dissertation Defense Slides), Jennifer Lehman

Faculty Publications - College of Business

Much research has been conducted on charitable giving where it is analyzed as a single, undifferentiated philanthropic transfer concept. Relatively less research has explored factors associated with special donation types such as

1) bequests,

2) lifetime donations to specific cause types, or

3) the intersection of bequests and lifetime donations to specific cause types.

This dissertation provides new information addressing all three of these areas.

The Leadership Role Of Management Accountants As It Contributes To Innovation And Entrepreneurship In Start-Up Businesses In Southern California, Paula Edwards

Dissertations

Purpose: The purpose of this qualitative study was to understand and describe the leadership role of managerial accountants as it contributes to innovation in start-up businesses in Southern California.

Methodology: The methodology used to understand and describe the leadership role of managerial accountants as it contributes to the innovation and entrepreneurship in start-up businesses in Southern California was a qualitative study. The study participants included 12 entrepreneurs who had started a business in the last five years, had utilized a management accountant on a part-time, full-time or consultant basis and are located in the San Diego, Orange, or Los …

2018 May Parkview Signature Care Thought Leader Forum, Jeanne Wickens, Sue Ehinger Phd, Jolynn Suko

Presentations and Events

No abstract provided.

Are Prize-Linked Savings Accounts The Solution To Arkansas' Savings Problem?, Mckenzie Wages

Accounting Undergraduate Honors Theses

This research finds that access to prize-linked savings could improve the financial security of Arkansans. Prize-linked savings (PLS) accounts are nontraditional savings products that offer depositors the chance to win cash prizes instead of a typical interest rate return. Given the low median incomes, high liquid asset poverty rates, and high levels of underbanked and undereducated individuals in Arkansas, there is a need for an innovative savings solution like PLS in the state. PLS accounts capitalize on individuals’ propensity for lottery-like risk-taking to inspire the productive behavior of personal saving. A wide range of individuals, especially those who could stand …

Beyond Numbers: How Investment Managers Accommodate Societal Issues In Financial Decisions, Diane-Laure Arjaliès, Pratima Bansal

Business Publications

Investment managers use financial numbers to assess the quality of their portfolios, which requires them to estimate the market value of their assets—i.e., the priced trading of such assets. Prior research has shown that investment managers tend to disregard information that does not easily integrate into financial numbers, such as environmental, social and governance (ESG) criteria. We argue that when investment managers use visuals to incarnate ESG criteria, they are more likely to accommodate societal issues in their financial decisions. We undertook a three-year ethnography of an asset management company to better understand how investment managers respond to ESG criteria. …

Fair Trade And Its Value In Today’S Globalized Economy, Kristen Unangst

Renée Crown University Honors Thesis Projects - All

My capstone examines how fair trade can operate in today’s globalized economy and how it can aid in solving some of the large problems that globalization has created. This paper is structured in the following way. It first examines globalization and the ways that it has advanced the world today. Then, it ventures into the problems that globalization has created and how they can be repaired using fair trade. This paper also looks into how fair trade has been successful in the recent past and how it can be improved in the future. It especially highlights how profitable fair trade …

Cost-Benefit Analysis Of Retirement Plans, Hunter Rhea

Finance Undergraduate Honors Theses

In my research, I’ve compared the cost and benefits of defined benefit and defined contribution plans consisting of 401(k)s, IRAs, 403(b)s, and S&P 500 ETFs. A model was used to forecast future value of plans at retirement based on years till maturity, contribution amounts, and plan type. Based on the results, it’s beneficial for an individual to invest in a diversified mix of retirement plans to reduce the risk associated with one plan. The future value of each plan witnessed a direct increase in value for an increase in contribution amount and years till plan maturity.

The Nfl And Trump: Did Protesting Cause The Decline?, Jameson Osmond

Undergraduate Honors Capstone Projects

This project is a study in econometric modeling of the effects of the protests of the national anthem in the NFL during the 2016-2017 seasons. The project is created to determine the accuracy or lack thereof of President Donald Trump's statement that the cause of the decline in viewership and ratings (and thus business) of NFL games was caused by protests that deterred US viewers.

Using viewership and rating data, along with various protest indexes created by collecting game-level protest data, an econometric model was constructed to allow for control over various endogenous and exogenous variables that surround NFL in-season …

A Comparative Analysis Of Personal Financial Literacy, Connor Davey

Finance Undergraduate Honors Theses

The purpose of this thesis is to provide a comparative analysis of the financial state of modern American college graduates to similar groups of graduates. From this comparative analysis, we can see which aspects of Personal Financial Literacy need to be emphasized to achieve success as a new college graduate. First, a comparison was made between modern American graduates and American graduates from Generation X. It was found that modern graduates have just slightly more student loan debt than Gen X graduates, despite having significantly higher tuition rates. This debt amount, over time, would not be a huge concern for …

Financial Institutions And Systemic Risk: The Case Of Bank Of America 2006-2017, Jeffrey Mills

Finance Undergraduate Honors Theses

This paper explores systemic risk and financial institutions before, during, and after the financial crisis. It focuses on Bank of America the 2^nd largest bank in the United States by assets. The paper includes an introduction to systemic risk and a review of literature on systemic risk. A few traditional measures of systemic risk will be defined, such as nonperforming loans, return on assets, return on equity, earnings per share, net interest margin, and capital adequacy ratio. Finally, the paper will take a look at how these traditional measures specifically relate to Bank of America from 2006 to 2017. …

Cryptocurrency: The Argument For Its Allocation Within The Traditional Investor's Portfolio, Nicholas Costanza

Finance Undergraduate Honors Theses

This research explores the significance of cryptocurrencies upon the “traditional” investor’s portfolio, particularly elaborating on the potential returns and advocating for its allocation within any balanced (or diversified) portfolio. Cryptocurrencies are a relatively new asset and are still considered to be extremely risky. They are characterized by ever-fluctuating prices, ongoing government regulation, and overall market skepticism. However, the potential of major cryptocurrencies (Bitcoin, Ripple, Ethereum, and Litecoin) to produce major returns cannot be easily ignored. This paper builds upon the research of those in academia, as well as highly respected investors. The hope is to outline both the pros and …

Quantifying The Return On Investment Of After School Programming, Ayesha Patel

Finance Undergraduate Honors Theses

Each fiscal year, there is a battle on Capitol Hill as lawmakers wrestle with reconciling political promises to financial reality. This process is completed with the goal of efficiently allocating scarce resources, in this case tax dollars and other government revenue, across the needs of the over 325 million diverse residents of the United States. Some budget items garner almost universal support, such as defense funding, infrastructure and education. While individuals may differ on how much funding each of these causes should receive, almost all agree that they should be funded by the federal government. Other budget items, such as …

Effective Resource Utilization In Arkansas Public Schools, Ryan Sanders

Industrial Engineering Undergraduate Honors Theses

Teacher pay in Arkansas public schools varies widely from district to district across the state. This pay discrepancy is driven by both the funds available to a district and by how these funds are allocated. There is a standard per student budget given to districts across the state, but this budget can be supplemented by additional property taxes collected on property within a district. This leaves districts with more highly valued property at an advantage. Districts are free to allocate their budget for teacher pay as they see fit, with constraints on number of students per teacher and minimum teacher …

Ethereum And The Sec: Why Most Distributed Autonomous Organizations Are Subject To The Registration Requirements Of The Securities Act Of 1933 And A Proposal For New Regulation, Tiffany L. Minks

Texas A&M Law Review

In a world full of new technology, the risk of fraud is constantly increasing. In the securities industry, this risk existed long before the use of technology. Congress enacted the Securities Act of 1933 to combat the risk of fraud and misrepresentation in the sale of securities. By requiring full disclosure, investors have the opportunity to make informed decisions prior to investing. However, Distributed Autonomous Organizations (“DAOs”), through the use of blockchains and smart-contracts, engage in the sale of securities without fully disclosing the risks or complying with the registration requirements of the Securities Act of 1933. Compliance with the …

Are Bond Ratings Informative? Evidence From Regulatory Regime Changes, Louis H. Ederington, Jeremy Goh, Yen Teik Lee, Lisa Yang

Research Collection Lee Kong Chian School Of Business

The recent Dodd-Frank Act (Section 939B) enacted in 2010 repeals credit rating agencies’ (CRAs) exemption from Regulation Fair Disclosure. We test whether CRAs continue to provide new information to the market after the repeal. We find that the significant pre-repeal stock price responses to rating changes disappear after the regime change. Bond price reactions however remain significant. These results are even more significant at the investment-speculative boundary. Our evidence suggests that CRAs serve as a conduit for transmitting private information before the repeal. It also shows that regulatory constraint is a channel by which credit ratings affect cost of financing.

Valuing Downstream Oil & Gas Companies: The Case Of Phillips 66, Taylor Robertson

Finance Undergraduate Honors Theses

While oil and gas prices remain volatile and often uncertain, they can provide key insight to businesses within the industry. In fact, oil and gas companies are considered to be more linked to oil prices than other day to day operations. In this paper, I will illustrate the relationship oil prices and crack spreads have on downstream oil and gas companies, specifically Phillips 66. Additionally, the Capital Asset Pricing Model and Fama & French 3-factor Model are evaluated to determine the best method to value a downstream oil and gas company. To do this, I will regress all factors against …

Buy-And-Hold Versus Momentum Investment Strategies During Financial Crises, Howard Ly

Finance Undergraduate Honors Theses

In his article, “Where the Black Swans Hide & The 10 Best Days Myth,” Mebane Faber found that most of the best and worst trading days occur when the market is already declining. This phenomenon is due to increased volatility during bear markets, a result of investors’ emotions. Emotions, particularly fear and greed, lead to irrational trading behavior, resulting in rampant speculation or panic selling. Ideally, an investor would be in the market for the above-mentioned best days and be out of the market during the worst days. However, the difficulty in predicting these important dates have led some investors …

Relation Between Inward Fdi Flows And Stock Market Development: Evidence From Emerging Economies, Luis Ramirez

Financial Analyst

Foreign Direct Investment (FDI) flows have grown rapidly in size and importance in recent decades. They are an important source of capital in emerging markets and make up a significant proportion of GDP in many countries around the world. The international investment literature provides an extensive list of the impact of such capital flows, ranging from an increase in technological spillovers to a reduction in the market capitalization of the destination country’s stock market. This paper looks at one aspect of this broader research question. It examines the impact of FDI inflows on the size and liquidity of 14 developing …

Revisiting Wealth Effects And Merger Premium Determinants In The U.S. Financial Services Industry, Paul Vita

Financial Analyst

The U.S. financial services industry’s gains are generally soaring these days in light of impending deregulation and lower taxes for their clients as well as for themselves, but have they really emerged from the long shadow cast by the global financial crisis? This paper attempts to examine this issue focusing on two aspects of mergers and acquisitions in the U.S. financial services industry: the wealth effects and the merger premiums. Based on a sample of over 2,500 mergers and acquisitions deals completed during the period 2004 through 2016 and using the event study methodology, this study finds that target shareholders …

The Impact Of Labor Rights On Equity Returns: A Cross-Country Analysis, Robin Lieb

Financial Analyst

There is ample evidence that financial market development leads to economic growth. If improving labor rights can be shown to positively influence equity markets, then that, in turn, will lead to economic growth. The finance literature has examined the impact of a broader metric, namely, the Economic Freedom Index, on equity returns worldwide and the evidence is mixed. This study focuses on one dimension of economic freedom: labor rights. Specifically, the study analyzes the impact of labor rights on national equity market indexes, using the Labor Rights Index developed by the Organization for Economic Co-operation and Development (OECD) and the …

Acquisitions: Walmart Vs Amazon, Scott Sims

Finance Undergraduate Honors Theses

The retail industry is in the process of undergoing major change. Historically big box brick and mortar strategies have dominated, but this is changing in the age of impatience and instant gratification. As consumers want items more conveniently, online retail has taken hold with no semblance of anticipated decline. At the forefront of this transformation are two industry giants: Walmart and Amazon. Walmart finds itself on the side of brick and mortar with 11,718 physical retail locations worldwide. Amazon is dominating the online retail space with control of a staggering 44% of all US e-commerce sales in 2017. These equally …

Illustrating The Contrasts Of Initial Coin Offerings And Initial Public Offerings, Adam Jones

Finance Undergraduate Honors Theses

This paper explores the intricacies of an Initial Coin Offering and how it differs from an Initial Public Offering, specifically in terms of its process, regulations, utility, performance, and risks. The paper begins with an introduction to cryptocurrencies that includes the development of Bitcoin to more recent developments, in order to give readers the proper background knowledge to understand Initial Coin Offerings. The paper then describes the differences between a coin and a token. Finally the paper lays out the characteristics of an Initial Coin Offerings and then compares those characteristics with that of an Initial Public Offering.

Shareholder Coordination And Stock Price Informativeness, Incheol Kim, Christos Pantzalis, Bin Wang

Finance Faculty Research and Publications

We show that firm‐specific information is more likely to be incorporated into stock prices when firms have stronger shareholder coordination. The premise of our work is that geographic proximity reduces communication costs among shareholders, thereby leading to better coordination. The positive coordination‐informativeness relation is driven mainly by shareholder coordination among dedicated and independent institutions. We further show that the positive effect is more pronounced for firms with weaker governance mechanisms, suggesting that shareholder coordination could serve as a substitute conduit of price discovery. Lastly, we propose that shareholder coordination improves stock price informativeness through the channel of enhanced voluntary disclosure …