Finance and Financial Management Commons^™

Ua35/3 Memoranda, Wku Provost

WKU Administration Documents

2018 memoranda issued by the WKU Provost to facutly & staff via email.

• University College Reorganization
• Dean, College of Education & Behavioral Sciences
• Interim Registrar Appointment
• Associate Provost for Global Learning & International Affairs
• New Admissions Standards
• Mahurin Honors College Appointment
• RAMP & Open Forum

Case Studies In Islamic Finance And Shari’Ah Compliance, Ahmed Ali Siddiqui, Sarwat Ahson, Shazia Farooq

IBA Press

The Centre of Excellence in Islamic Finance (CEIF) at IBA has published this book titled ‘Case Studies in Islamic Finance and Shari’ah Compliance’. The Global Islamic Economy is valued in excess of US$ 2.2 trillion , and the Islamic Finance Sector is expected to reach US$ 3.8 trillion by 2022 . The Islamic Finance Industry in Pakistan has recorded annual growth rate exceeding 14% over the past two decades, and is still on an upward growth trajectory. However, its share in the banking sector deposits is merely 14.5% . The industry has a lot of scope to expand Islamic ­nance …

Ua25/2 Memoranda, Wku Human Resources

WKU Administration Documents

Memoranda issued by WKU Human Resources to faculty & staff via email.

• Employee Benefits Cost Chart, 1/1/2019
• Salary Increases, Employee Benefits Cost, 1/1/2019

Venezuela Public Health Issue, Luke Vargas

Global Public Health

While every country around the world faces a form of public health issues, the issues that the country of Venezuela faces are different. Their public health problem is not a disease that can be solved by science, or a cure. It’s a problem that can only be solved by the people within the county itself. The country of Venezuela now lacks the proper medical supplies needed to help cure diseases and normal vaccinations, and the only ones to blame is their government. Because their government has now refused to pay their debts to the surrounding countries they have now lost …

Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West

The Journal of Entrepreneurial Finance

Sarah Barnett has decided to go back to school to earn an MBA. For several years she has run a graphic design business. Sarah has unexpectedly been accepted into the MBA program with a scholarship a year earlier than she planned. Classes begin in two weeks and the school she is attending does not allow first year MBAs to work outside of the school curriculum. Sarah has decided to divest her business and now must consider several options to do so. She is most concerned about making sure her customers continue to receive outstanding service, and secondarily concerned about selling …

Business Economics: Data For Decision Making, Brian Barnier, Kevin Foster

Open Educational Resources

Syllabus for a course in data analytics for business economics, focusing on use of source data sets to answer the "why?" questions hidden in aggregate averages used in theory and "headline" news releases. Zero cost course using data available widely on the web. Optional texts are trade books available widely in libraries or used copies at low cost.

The Effects Of Bringing An Nba Franchise To A City On Employment: A Case Study Of Memphis, Oklahoma City, Orlando, Sacramento, And Salt Lake City, Ravi Shah

CMC Senior Theses

This paper utilizes a case study approach to explain the impact of having a franchise from the National Basketball Association (NBA) move to a city where a team from the four major American sports league had not existed on employment levels. This paper utilizes the synthetic control method to examine employment in Memphis, Oklahoma City, Orlando, Sacramento, and Salt Lake City. Applying the synthetic control method, this paper finds that employment is not impacted positively as the stadium proposals suggest they will when putting forth subsidy bids. Due to the large costs imposed on taxpayers as a result of the …

Multifactor Capital Asset Pricing Model In The Jordanian Stock Market, Mohammad Kamel Elshqirat

Walden Dissertations and Doctoral Studies

A valid and accurate capital asset pricing model (CAPM) may help investors and mutual funds managers in determining expected returns and thus, may increase profits which can be reflected on the community resources. The problem is that the traditional CAPM does not accurately predict the expected rate of return. A more accurate model is needed to help investors in determining the intrinsic price of the financial asset they want to sell or buy. The purpose of this study was to examine the validity of the single-factor CAPM and then develop and test the validity of a multifactor CAPM in the …

Client Protection Regulations For Microfinance Institutions In Ghana, Kenya, And Tanzania, Hanna Carlson

Oswald Research and Creativity Competition

This paper examines the financial sectors of Ghana, Kenya and Tanzania in relation to the regulation of microfinance institutions, specifically looking into client protection policies. The first section introduces the topic of microfinance in Sub-Saharan Africa, and the impact it has on the financial sector. A frame of reference is created by a brief introduction of the financial and regulatory climate in each of the three countries. Following this introduction, regression analyses demonstrate the impact of client protection policies on the performance of microfinance institutions in Ghana, Kenya, and Tanzania.

Gender And Decision-Making In The C-Suite, Trang Doan

Wayne State University Dissertations

This study empirically tests the implications of five theories on the importance of gender in the C-suite. Specifically, I examine the impact of the Chief Financial Officer (CFO) gender on the stock price response at the appointment of the executive and on post-hiring firm performance. The results from both tests are in support of the notion that female executives are less overconfident, but not less risk-averse, than their male counterparts. Particularly, I find that investors respond relatively less favorably to the appointment of female CFOs compared to that of male CFOs at firms characterized by high uncertainty. Further, the evidence …

Calculating The Cost Of Pilot Turnover, Kristine M. Kiernan

Journal of Aviation/Aerospace Education & Research

Controlling costs is a critical ingredient in achieving profitability in the airline industry. Typically, labor costs are the first or second highest cost category for airlines. Some components of labor costs, such as pay and benefits, are easy to calculate. Turnover costs, however, are not easy to calculate, and are often underestimated. This paper builds a model for examining turnover costs for pilots in Part 135 carriers, and tests the model empirically in a Part 135 carrier. The model provides a framework to assist airlines in estimating turnover costs for pilots. The case study of a Part 135 cargo operator …

Relationship Between Chief Executive Officer Compensation, Duality, And Return On Equity, Elizabeth Rescigno

Walden Dissertations and Doctoral Studies

Poor decisions and conflicts of interest by members of company boards of directors have been a factor in the dramatic rise in chief executive officer (CEO) compensation, resulting in a lower return on equity (ROE) for shareholders. The purpose of this correlational study was to examine the relationship between CEO compensation, CEO duality, and ROE after controlling for CEO age, CEO tenure, and firm size, as measured by total assets. Agency theory was the theoretical framework for this study. The study examined whether a statistically significant relationship existed between CEO compensation, CEO duality, and ROE, after controlling for CEO age, …

Financial Advisors' Marketing Strategies To Minorities, Jonica Rowland

Walden Dissertations and Doctoral Studies

Independent financial advisors face challenges with successful marketing strategies as competition from web-based resources, large U.S. financial services, and wealth advisors' corporations increase. The purpose of this exploratory case study was to understand financial advisors' perceptions, experiences, and marketing strategies to improve their companies' sustainability by targeting a broader population base, including minorities, who need assistance with retirement planning strategies. Consumer culture theory was the conceptual framework for this study. Purposeful sampling was the basis for selecting 7 financial advisors from the mid-Atlantic region of the United States for face-to-face interviews. Semistructured interviews with open-ended questions were used to identify …

Digital Strategies Senior Bank Executives In Mauritius Use To Improve Customer Service, Sailesh Sewpaul

Walden Dissertations and Doctoral Studies

Customers' use of digital banking has reshaped traditional banking, and senior level bank executives must know how to leverage this innovation to improve customer service to increase profitability. Using the technology acceptance model as the conceptual framework, the purpose of this multiple case study was to explore effective digital banking strategies that senior level executives used to improve customer service to increase profitability. The target population for this study included senior-level executives from 3 banks in Mauritius possessing successful development and implementation experience in digital banking strategies to improve customer service. Data were collected through semistructured interviews and organizational documents, …

Education, Cognitive Performance, And Investment Fees, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian, William L. Skimmyhorn, Stephen P. Zeldes

Faculty Publications

We study the association between human capital and rollovers into Individual Retirement Accounts (IRAs), using administrative records from the defined contribution savings plan for U.S. government employees: the Thrift Savings Plan (TSP). Employees who separate from government employment have the option to leave balances in the TSP, where fees are currently under 4 basis points. However, we estimate that more than a third of the TSP balances end up being rolled over into IRA accounts, which are very likely to have much higher fees. We find that educational attainment has a very small positive association with the propensity to roll …

The Effect Of Remittance Inflows To India: An Empirical Analysis, Justin Poisson

Honors Theses and Capstones

This paper studies the relationship between remittance inflows and GDP in India. An empirical regression analysis is applied to India’s data to analyze the effect of remittance inflows to the level of GDP and GDP growth. Results show that remittance inflows have a positive and significant effect on the level of India’s GDP, and a positive but insignificant effect on GDP growth. Data used in this research come from the World Bank.

Flight To Quality In Cryptocurrencies, Scott Brockelbank Jr.

Honors Theses and Capstones

The topic of cryptocurrencies has been on the forefront of investors’ minds as they have seen ridiculous returns from the volatile swings in price. Its value highly debated because the asset is not backed by a hard asset. If we look back at the beginning of our country, we see how each state had its own currency and the difficulties that users faced around who would accept that as legal tender. The birth of a federal currency was accepted because it served as a medium of exchange and was backed by gold through the U.S. government. The final evolution of …

Do President Trump’S Tweets Increase Uncertainty In The Us Economy?, Michael Simpson

Honors Theses and Capstones

When President Trump tweets, does it change uncertainty in the economy? This study gathers President Trump’s tweets off his twitter accounts from October 2016 to October 2017 and classifies each of them as either negative (expected to increase uncertainty), positive (expected to decrease uncertainty) or neutral (no effect expected on uncertainty). I find that tweets with a negative sentiment were followed by an increase in uncertainty in the VIX and S&P 500 1 and 2 minutes after the tweet. Similar results were found for positive tweets. Non-neutral tweets increase trading volume in the VIX and S&P 500 by up to …

The Department Of Labor Fiduciary Rule: How Will It Affect Financial Advisors And Their Clients?, Claire Hawkes

Honors Theses and Capstones

No abstract provided.

The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson

CMC Senior Theses

This paper examines the effect of the mandatory adoption of the International Financial Reporting Standards (IFRS) on transparency for investors by measuring the increase in earnings management during the post-adoption period of IFRS. One sign of earnings management is current year earnings being only slightly higher than the previous year’s earnings. An increase in earnings management means a decrease in accounting quality and a decrease of transparency for investors. By comparing firms that mandatorily adopted IFRS to similar benchmark firms in terms of strength of legal enforcement, book-to-market ratios, market values and net incomes, I am able to run empirical …

Investor’S Hindsight Effect And True Timing Ability Of Tax Saving Mutual Funds, Krittapon Chaleoykitti

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper analyze the cash flow timing ability of mutual fund investors both non-tax-saving and tax-saving funds which have constraints such as lock-up period to block investor's ability to make cash flow timing, after controlling for the hindsight effect. We analyze the sample of Thai mutual funds in the period of 2006-2017.
We find that investors have bad timing ability and make return underperformance. The tax-saving funds that have investment constraints to block investor's timing ability have better timing ability and tends to have smart money effect and make return over performance. In addition, volatility affect investors to increase the …

Monthly Payment Targeting And The Demand For Maturity, Bronson Argyle, Taylor Nadauld, Christopher Palmer

Faculty Publications

We provide evidence of mental accounting in the market for consumer installment debt and argue that increases in credit supply have been an important contributor in the recent rise in auto debt through a demand-for-maturity channel. Since the Great Recession, auto debt has grown faster than any other category of U.S. consumer credit and now eclipses credit cards in total debt outstanding. Simultaneously, auto-loan maturities have increased such that more than half of 2016 auto-loan originations had a term of over 65 months. We document three phenomena we jointly refer to as monthly payment targeting using data from millions of …

A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini

CMC Senior Theses

The Fama and French five-factor model is molded into a smart beta investment strategy with strong exposure to the profitability factor. This constructed portfolio outperforms the market significantly despite an unintentional negative correlation with profitability that can be attributed to the intra-factor return correlations. The second portfolio, constructed by investing directly in profitability as represented by gross profit over total assets, outperforms both the market and the first portfolio.

A Study On The Impact Of Technological Advancement On Community Bank Performance, Andre Ong

Honors Undergraduate Theses

This study investigates the impact of technological advancement in community bank lending, more specifically, how online financial product and service offerings affect community banks' performance. Community banks, institutions with assets under $1 billion are praised as relationship banking specialists, are important source of credit to individuals and businesses. Their productive performance is highly beneficial for the economic development of the communities and customers that they serve, yet community banks' competitive power against large banks has become increasingly more challenging. Technological advancements radically shift all production and service based industries, including the banking industry and its institutions' offerings. The increasing use …

The Dogs Of The Dow Strategy Applied To The S&P 500, Autumn Wilson

Theses and Dissertations

The Dogs of the Dow trading strategy popular strategy that invests in the ten stocks with the highest dividend yield in the Dow Jones Industrial Average. We examine a newer variation of this strategy that involves investing in the five highest dividend yield stocks from each sector of the S&P 500. We compare returns of this this strategy to those of the Dogs of the Dow and to those of the S&P 500. We find that this strategy has higher raw returns than both the Dogs of the Dow and S&P.

The Impact Of Mass And Active Shooting Incidents On Residential Real Estate Values, Claire Sherman

Honors Theses

Gun control as a response to gun violence is currently at the forefront of political debate in the United States. The foundation of this paper revolves around crime and real estate supported by background literature detailing external effects on real estate prices to set up the framework for the research on mass shootings and residential real estate values. The findings in this paper are based on 73 events involving mass shootings in the United States from 1996 to 2015. I find that the effect of mass shooting events plays a significant role in the decline in real estate values following …

Balancing Internal Controls With Change Management In The Pacific Military Unit, Miriam Seveses Mefford

Walden Dissertations and Doctoral Studies

Federal government managers were advised to strengthen internal controls; the law dictates attestation of effective management controls, and the internal control program is used to detect risks. However, managers lacked preparatory training, with training being overlooked given the increased responsibilities. Managers are assigned the programmatic role regardless of the lack of program standards in knowledge, skill, and ability. The research questions addressed change management components, concepts, and core qualifications relative to program readiness. The purpose of this single case study was to identify and explore change management components contributing to the effectiveness of internal controls. The conceptual framework was based …

Financial Literacy In Appalachian Kentucky With A National Comparison, Tanya Noah

Walden Dissertations and Doctoral Studies

Financial literacy is a national problem; many studies confirmed that Americans have low levels of financial literacy. There is little to no research about financial literacy in Appalachia, and the level of financial literacy was unknown for Appalachian Kentucky. There is a problem deserving attention which can be seen by examination of the 3 key financial indicators. Many researchers found the Appalachian Kentucky region deficient regarding poverty rates, unemployment rates, and personal income rates. The purpose of this study was to develop a baseline level of financial literacy of Appalachian Kentuckians and to compare it to national levels. Becker's theory …

Shared Service Center Strategies In Public Sector, Andrieta G. Pritchett

Walden Dissertations and Doctoral Studies

With the increased demand for doing more with less, public sector managers embrace outsourcing back-office functions through a shared service model; however, maintaining service quality for public sector shared service centers (SSC) in financial management during peak cycles is a challenge. Framed with the transaction cost economy theory, the purpose of this single case study was to explore strategies used by SSC managers in a public sector company to maintain service quality. Seven participants with more than 4 years of SSC experience in public-sector companies participated in phone interviews including SSC department heads, managers, and a supervisor of a public-sector …

Strategies For Sustainability Of Nonfranchise Casual Dining Restaurants, Kristin Burke Martin

Walden Dissertations and Doctoral Studies

In the United States, over 50% of restaurants fail within the first 5 years of operations resulting in approximately $2.1 billion annually in lost national sales revenue. The purpose of this multiple case study was to explore the strategies used by owners of nonfranchise, casual dining restaurants to ensure sustainability longer than 5 years. The study was grounded in Porter's 5 forces framework as a lens for identifying effective strategies that promote restaurant sustainability. The data collection process comprised gathering data and information via semistructured interviews with 3 owners of nonfranchise, casual dining restaurants in the mid-Atlantic region who sustained …