Finance and Financial Management Commons^™

Early Detection And Prevention Of Corporate Financial Fraud, Marcia Schillermann

Walden Dissertations and Doctoral Studies

The economic cost of financial statement fraud continues to be a problem for organizations and society. The research problem addressed in this study was the limited risk management strategies available for the early detection and prevention of financial statement fraud by corporate managers and auditors. These strategies are important to the proactive prevention of fraud. This study is important to future trustworthiness of financial statements. The purpose of this qualitative, multiple-case study was to explore current early detection and prevention methods in financial statement fraud using a risk management conceptual framework. The research question focused on current fraud detection and …

Success Strategies For Small Financial Planning Firms, Joanne H. Snider, Kevin J. Davies

International Journal of Applied Management and Technology

Small Business Administration statistics indicate that 20% of small businesses fail within the first 2 years and 50% fail within 5 years. The purpose of this case study was to explore the success factors and strategies of 12 small business owners of independent financial planning firms who achieved profitability beyond 5 years. The conceptual framework was entrepreneurship theory and Porter’s five forces model of competitive strategy. The data gathering method included semistructured interviews and analysis of business artifacts such as websites and newsletters. Initial coding of the responses preceded an analysis of recurring patterns and themes. The major themes identified …

Crummer Suntrust Portfolio Recommendations: Crummer Investment Management [2018], Rebecca Marshall, Thao Ho, Radoslava Perova, Alexis Natal, Josh Grubbs, Joseph Musumeci, Hailey Cusimano, Walker Haymaker, Richard Habgood, Kusal Matthew, Min Sun Kim, Stephen Roskowski

Crummer Truist Portfolios

The Crummer SunTrust Portfolio’s Investment Policy Statement requires that the management team determine portfolio allocations based on a consensus estimate of the market’s behavior throughout the coming year. This team has conducted thorough economic research using a variety of respected sources, developed a comprehensive market analysis, and heard from a well-rounded selection of industry experts (including economists, portfolio managers, and financial advisors) to inform this year’s investment decision. The team analyzed and discussed a range of likely economic possibilities for the upcoming year to shape a consensus that would serve to inform portfolio decisions. The team also evaluated the potential …

Returns To Buying Winners And Selling Losers: A Look At Cryptocurrencies, Daniel Walker

CMC Senior Theses

This paper is, to my knowledge, one of the first ever to examine the effectiveness of price momentum trading strategies applied to cryptocurrencies. Using aggregate OHLCV (Open, High, Low, Close, Volume) data on cryptocurrency pairs from Poloniex, Bittrex, and Bitfinex, I apply Jegadeesh and Titman’s classic -month/-month momentum trading strategy, reporting annual returns with and without incorporating trading fees. Portfolios are resampled daily, weekly, and monthly, testing lookback and holding periods ranging from one day to one year. The results show that trading cryptocurrencies using momentum strategies derives returns that rapidly increase the more often portfolios are resampled, with the …

Institutional Ownership In Relation To The Mandatory Audit Firm Rotation Rule And Its Effect On Audit Quality, Latisha Shah

CMC Senior Theses

Previous studies have concluded that mandatory audit firm rotation (MAFR) has not been successful in controlling the outcomes of the auditor-client relationship. Additionally, the literature concludes that high institutional ownership enhances audit quality through monitoring the management-auditor relationship. This paper hypothesizes that better corporate governance in terms of high institutional ownership percentage will enhance audit quality during a MAFR regime. Since countries that have implemented MAFR in the past have their data in their local languages, I use the special case of Arthur Andersen clients based in the US as my treatment group. I carry out a descriptive statistical analysis …

The Effects Of Positive And Negative Environmental Responsibility On Financial Performance, Anna Gurr

CMC Senior Theses

As environmental responsibility (ER) gains momentum in the corporate and stakeholder world, it is imperative to understand the relationship between ER and financial performance. While there is prior research looking at this relationship, this study provides further insight into the specific effects of negative and positive ER. In addition, it looks over the years 2008-2011 having implications for companies about the effects of their ER even through financial hardships. This study uses a widely respected corporate social responsibility database, in which ER scores were separated from. In this study, 287 firms in the S&P 500 are examined through times-series regression …

Streeter - 2018 - Response Of Us Banks - Banking And Finance Review - Pv2.Pdf, Denise Streeter

School of Business Faculty Publications

This paper presents a study of the effectiveness of monetary policy on financialintermediation. Specifically, I aim to determine how commercial banks responded, viacommercial lending, to the trillions of dollars of policy innovations to stimulate the creditmarkets during the 2008 global financial crisis. To that end, I compare the change incommercial lending by United States-based commercial banks during the stimulus period ofOctober 1, 2007 through September 30, 2011 to that activity in the earlier non-stimulus periodof October 1, 2002 through September 30, 2006. After comparing 1,977 commercial loans inthe stimulus period and 1,844 loans in the non-stimulus period, I find that …

[Introduction To] Fundamentals Of Advanced Accounting: Seventh Edition, Joe B. Hoyle, Thomas F. Schaefer, Timothy S. Doupnik

Bookshelf

Fundamentals of Advanced Accounting, 7th edition, is ideal for those schools wanting to cover twelve chapters in their advanced accounting course. This concise text allows students to think critically about accounting, just as they will do preparing for the CPA exam. The text continues to show the development of financial reporting as a product of intense and considered debate that continues today and will into the future.

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Regime-Switching Business Cycle Synchronization In The Asean, Yuthana Sethapramote, Athakrit Thepmongkol

DLSU Business & Economics Review

This paper investigates patterns of business cycle synchronization and analyzes the underlying common factors in six ASEAN countries, that is, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Two important findings result. First, according to resulting regime probabilities calculated from the Markov-switching model, Singapore is not synchronized with other ASEAN members, while Indonesia, Malaysia, and the Philippines are highly correlated. Second, according to the principal component analysis, we find that the world’s import value growth, the output growth of China, and the capital flow of Singapore are most likely to account for 88% of variation in probabilities of the ASEAN …

Compliance Theory: A Case Study Approach In Understanding Organizational Commitment, Nelson J. Celis

DLSU Business & Economics Review

The Electronic Commerce (e-Commerce) Act of 2000 or Republic Act (RA) No. 8792 mandates all government agencies to transact business and perform government functions using electronic documents within two years from the date of its effectivity in June 2000. Unfortunately, only a handful of government agencies were ready to implement the said law in the year 2002 despite the availability of applicable information technology (IT) resources and appropriated budget. After 17 years, there is considerable improvement in the compliance with the said law, though there are still non-compliances of government offices that could not manage to be at par with …

Analysis Of Food Demand Elasticity Of Rice For The Poor In Aceh, Indonesia: An Almost Ideal Demand System Approach, -- Suriani, Diana Sapha A.H, Cut Zakia Rizki

DLSU Business & Economics Review

The purpose of this study is to empirically explore the effect of rice for the poor (Raskin) or subsidized rice consumption on the food demands elasticity of poor households. The study utilizes the primary data collected in 2015 based on the purposive sampling method for establishing the homogeneity characteristics of Raskin beneficiary’s households. An Almost Ideal Demand System approach is adopted to measure the proportion of food commodities expenditure of the poor and the demand elasticity as well as their responses to the income elasticity. Additionally, the correlation analysis is utilized to investigate the relationship between the selected socioeconomic variables …

Girls Just Wanna Have Funds, Caley Prunier

Honors Theses and Capstones

No abstract provided.

Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur

CMC Senior Theses

In 1996, Sloan identified the accruals anomaly, in which the negative relationship between the accruals component of current earnings and subsequent stock returns can be exploited to generate excess returns. One would expect the accruals anomaly to dissipate and ultimately disappear as investors take advantage of the now-public information. However, nearly two decades later, it persists as one of the most prominent and contentious anomalies; its magnitude of current and future excess returns still remain controversial. The main reason for its persistence is that extreme accrual firms possess characteristics that are unappealing to most investors. These characteristics, which include insufficient …

The Balance Between Financial And Quality Performance In For-Profit Hospitals Versus Non-Profit Hospitals, Blake Seidner

CMC Senior Theses

Recent trends of financial distress for non-profit hospitals and the uptick in acquisition of these hospitals by for-profit entities indicate different focuses from the management of each type of hospital. Using data on hospital quality and basic financial measures, this study examines shift in the balance of financial and quality performance. The dataset focuses on private non-profit and for-profit hospitals with low bed counts, ranging from 50-200 total beds. Results indicate a positive relationship between for-profit status and basic financial performance measures, such as profitability, and a negative relationship with patient experience, cost reduction for the patient, and overall quality. …

You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg

CMC Senior Theses

Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price …

Do Investors Still Gravitate To Preferred Habitats On The Us Treasury Yield Curve?, Kenneth S. Dreifus, Angelo Decandia, Elliott Goldberg, Mohammed Chowdhury

New York School for Career and Applied Studies (NYSCAS) Publications and Research

The purpose of this study is to test the preferred habitat theory non-econometrically using interviews with the help of a questionnaire for self-guidance on a group of focused investors. Frequencies and simple percentages were used to analyze data. Though many generations of post-World War II economics and finance students were taught that the nature of the liabilities on the balance sheet and the desire to avoid mismatches against assets caused particular classes of investors to gravitate to a preferred habitat on the yield curve, our study based on the responses to questionnaires by a group of U.S. based bond traders …

The Influences Of Locus Of Control, Debt Overhang, And Framing On Saving For Retirement, Patrick Ilcin

Undergraduate Honors Thesis Collection

This study evaluates locus of control, debt overhang, and framing effects as potential drivers of retirement savings decisions. We use a hypothetical scenario administered through an online survey to analyze how much an individual will save for retirement. The study finds that individuals who measure as having an external locus of control (based off the Rotter I-E scale), contribute significantly less to their retirement savings than individuals with an internal locus of control. Interestingly, this study finds no significant relationship between debt overhang and initial contributions. To measure framing effects, participants were given the choice to change their initial contribution …

Managerial Strategies To Sustain Small Auto Repair Businesses, Osaka Kugblenu Tetteh-Odonkor

Walden Dissertations and Doctoral Studies

Small auto repair business owners need strong operational skills; however, some lack expertise in managerial strategy. The purpose of this multiple case study was to identify managerial strategies small auto repair business owners use to sustain businesses in Columbus, Ohio with respect to strategy, time management, and alteration of value chain services. Based on the Vroom expectancy theory of motivation, small auto repair business owners may use effectiveness and efficiency of business performance with particular emphasis on managerial strategic development and execution to enhance financial results and rewards. Data collection involved face-to-face, semistructured interviews with 5 small auto repair business …

The Case For More Debt: Expanding College Affordability By Expanding Income-Driven Repayment, John R. Brooks

Georgetown Law Faculty Publications and Other Works

Income-Driven Repayment (IDR) for federal student loans is rapidly becoming the primary tool that the federal government uses to provide progressive funding to individuals to pay for college. Under these programs, borrowers can choose to pay back their loans as a percentage of income, with eventual debt forgiveness after 10-25 years. If administered well, these programs can make student loans affordable for everyone, regardless of income. In this symposium essay, I argue that for IDR to meet its goal of providing affordable higher education to everyone, the federal government needs to raise the individual borrowing limits on Direct Loans and …

Relating Group Size And Posting Activity Of An Online Community Of Financial Investors: Regularities And Seasonal Patterns, P. Racca, R. Casarin, Pierpaolo Dondio, F. Squazzoni

Articles

Group size can potentially affect collective activity and individual propensity to contribute to collective goods. Mancur Olson, in his Logic of Collective Action, argued that individual contribution to a collective good tends to be lower in groups of large size. Today, online communication platforms represent an interesting ground to study such collaborative dynamics under possibly different conditions (e.g., lower costs related to gather and share information). This paper examines the relationship between group size and activity in an online financial forum, where users invest time in sharing news, analysis and comments with other investors. We looked at about 24 million …

Behavioral Finance: A Survey Of Financial Literature, Quincy Hendricks

Honors Theses

Using academic studies and financial literature from over 40 researchers, I investigate if behavioral finance causes investors to not always act in a rational manner. In this thesis, I review the literature on investor behavior and outline the situational factors that contribute to investment decisions that are not consistent with the theory of rational expectations. In particular, I synthesize the departure from the theoretical standard due to gender bias, risk-taking, over confidence based on gender as well as institutional compared to individual investors, investor biases, external environmental influences, and lastly, herd behavior.

Employee Turnover At Community Banks, Cheryl J. Johnson

Walden Dissertations and Doctoral Studies

Some community bank managers do not possess the skills needed to retain employees, which increases employee turnover and decreases their competitive advantage. The purpose of this explanatory case study was to explore strategies community bank managers use to minimize employee turnover for their organization. The population consisted of 4 community bank managers in the Central Florida area who had at least 1-year of managerial experience evaluating employee retention. The conceptual framework was the jobs characteristics theory of Hackman and Oldham. Data were collected from semistructured face-to-face interviews and business documentation. Methodological triangulation was appropriate to validate the creditability and interpretation …

Australian Dollar Price Shocks And The Australian Stock Market, Ramzi E.N Tarazi

Theses

This thesis presents three studies on the Australian dollar price shocks and the Australian stock market. In this thesis, we study the volatility of the major currencies, identify the effect of the Australian dollar return and volatility on six sectors of the Australian stock market, evaluate volatility from the Australian dollar to the big four banks’ shares volatility in Australia, and finally identify the risk factors for the real estate market in Australia at the fundamental factors and macroeconomies level.

In chapter two, we investigate the influence of volatility of the foreign exchange rate of the US, the UK, Euro-zone, …

Hong Kong Unrest And Implications For The Hang Seng Index, Lucia Morales, Bernadette Andreosso-O’Callaghan

Articles

With the September 2014 ‘Umbrella Revolution’ in Hong Kong, China faced one of the biggest political challenges since the Tiananmen Square events. Beijing’s proposed electoral reform was perceived as a direct attack to democracy, and the ensuing protest triggered concerns amid local and international investors; the financial sector took the hardest hit, with stocks of companies exposed to the Hong Kong market facing significant losses. Volatility continued to increase to a seven-month high over worries that the student blockade in Hong Kong’s streets could drag on for longer than expected. The econometric-based analysis in this paper looks at the implications …

Utilization Of Csr To Build Organizations’ Corporate Image In Asia: Need For An Integrative Approach, Augustine Pang, May O. Lwin, Chrystal Shu-Min Ng, Ying-Kai Ong, Shannon Rose Wing-Ching Chau, Kristle Poh-Sim Yeow

Research Collection Lee Kong Chian School Of Business

Corporate social responsibility (CSR) has been found to be a strong predictor of a favorable corporate image [Gray, 1986. Managing the corporate image: The key to public trust. London: Quorum Books]. Websites have become an essential communication platform [Dawkins, 2004. Corporate responsibility: The communication challenge. Journal of Communication Management, 9(2), 108–119]. This study aims to investigate how CSR can be used in enhancing organizational corporate image. Content analyses of 150 corporate websites of organizations in Asia headquartered in Singapore were conducted, followed by in-depth interviews with public relations (PR) practitioners to examine the motivations behind their CSR engagement. Findings showed …

Credit Union Loan Rate Determinants During The Post-2009 Expansion, Esmeralda Patricia Muniz

Open Access Theses & Dissertations

Credit union deposits have grown substantially in recent years. Given that, an increasing number of consumers and small businesses are joining credit unions as members. This study investigates the determinants of credit union loan rates during a period of economic expansion in the United States using fourth quarter 2015 data for 5,942 credit unions. Five different interest rate categories are analyzed using nine potential loan rate determinants. The results indicate that credit union loan rates tend to be lower when economies of scale exist, while high ratios for net charge-offs and operating costs cause interest rates to increase. Opposite of …

Small And Medium-Size Enterprise Owner Strategies For Invoice Factoring Financing, Winniefred Nabawanda

Walden Dissertations and Doctoral Studies

Small and medium-sized enterprise (SME) business owners influence the growth and development of sub-Saharan Africa and the welfare of its citizens. However, SME owners often lack the strategies to access and obtain invoice factoring financing to fund their businesses. Guided by the pecking order theory and the credit rationing theory, the purpose of this multiple case study was to explore strategies that 3 SME owners in Kenya used to access and obtain invoice factoring financing to fund their businesses. Data were collected from in-depth semistructured Skype interviews and organizational documents. Data were analyzed using the Krippendorff content analysis methodology. Member …

Relationship Between Liquidity, Asset Quality, And Profitability Of Mortgage Banks In Nigeria, Olabanjo Johnson Obaleye

Walden Dissertations and Doctoral Studies

Liquidity (LQ) and asset quality (AQ) management present significant challenges to mortgage bankers in their efforts to improve profitability (PR). When liquidity increases, there is no positive impact on mortgage asset growth; however, this trend indicates that asset management and liquidity positions are not well managed. To run a viable mortgage business, mortgage bankers need to have a good grasp of the association between LQ, AQ, and PR. Anchored in the profit theory paradigm, the purpose of this multiple regression study was to examine the relationship between LQ, AQ, and PR of mortgage banks (MBs) in Nigeria. Archival financial data …

Share Retention, Underwriter Reputation, And Initial Public Offering Underpricing, Marcia Yvonne Reid-Grant

Walden Dissertations and Doctoral Studies

Initial public offering (IPO) underpricing is a costly practice that decreases the IPO proceeds accruing to the issuing firms and can derail a firm's growth objectives. The purpose of this correlational study was to determine the relationship between share retention, underwriter reputation, and IPO underpricing among a population of IPOs issued in Jamaica. The efficient market hypothesis served as the theoretical framework for this study. Archived data for 52 IPOs issued in Jamaica from 1986 to 2018 were collected and Spearman's correlation matrix and heteroscedasticity-consistent standard errors regression analysis were applied. The outcomes of this study indicated no significant relationship …