Finance and Financial Management Commons^™

The Legal Authorities Framing The Government’S Response To The Global Financial Crisis, Scott G. Alvarez Esq., Thomas C. Baxter Jr., Esq., Robert F. Hoyt Esq.

Journal of Financial Crises

The 2007–09 global financial crisis required that the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation survey their various legal authorities and consider how they might be used to mitigate the meltdown of the United States financial system. This essay explores the range of legal authorities and procedural issues presented by key facilities implemented during the crisis, many of which were new and creative. This essay also provides valuable examples of how such authorities were used and describes how, in some instances, agencies worked together to design innovative interventions that no separate agency could have achieved alone.

Millennial Students’ Awareness Of Retirement Issues, Their Retirement Preparedness And Future Expectations, Krzysztof P. Bryniuk

Doctor of Business Administration (DBA)

Sandwiched between the "Gen-Xers" and the "Baby Boomers," the Millennials are now the largest generation in the workforce. They also have a (mostly undeserved) reputation of being pampered, over-protected, lazy, spoiled, failures. Millennials often shun grownup responsibilities for which the term "adulting" was coined. Primary adulting responsibility is planning for retirement. This study addressed that issue and had its origins in the author's practice as an Accountant and Income Tax Preparer, as well as his profession as a Business and Accounting Professor/Instructor at various colleges and universities.

It became apparent to the researcher that clients and students, particularly those in …

A Credit Analysis Of The Unbanked And Underbanked: An Argument For Alternative Data, Edwin Baidoo

Doctor of Data Science and Analytics Dissertations

The purpose of this study is to ascertain the statistical and economic significance of non-traditional credit data for individuals who do not have sufficient economic data, collectively known as the unbanked and underbanked. The consequences of not having sufficient economic information often determines whether unbanked and underbanked individuals will receive higher price of credit or be denied entirely. In terms of regulation, there is a strong interest in credit models that will inform policies on how to gradually move sections of the unbanked and underbanked population into the general financial network.

In Chapter 2 of the dissertation, I establish the …

Behavioral Finance Of Impact Investing: The Case Of Donor-Advised Funds, Eric Hangen, Michael E. Swack, Jordan Hensley

Carsey Publications

Undeployed charitable assets in donor-advised funds (DAFs) reached $121.4 billion in 2018‒including $33.9 billion at Community Foundations. Most of these undeployed funds are invested in conventional financial instruments. However, DAFs present a unique opportunity to promote impact investing into the local community, including Community Development Financial Institutions that serve their local communities. In this report, authors Eric Hangen, Michael Swack, and Jordan Hensley discuss the results of their study to see whether DAF donors’ choices of how to invest undeployed funds can be influenced by a change in how donor choices are presented, with the intention of increasing the percentage …

The Impact Of Hosting The Fifa World Cup Case Study: Developed Vs Developing Nations, Juan Borga

Student Scholar Showcase

This thesis is a microeconomic study of the economic impact hosting the FIFA World Cup can have on both developed and developing nations. It will examine the economies of Germany and Brazil, three years prior and three years subsequent to hosting the tournament in 2006 and 2014 respectively. The pressures imposed by the Fédération Internationale de Football Association (FIFA) require significant investments for the World Cup to be successful, but have countries been allocating it effectively? The purpose of this thesis is to determine, from an economic point of view, the extent to which it is beneficial for a nation …

Consumer Sentiment And Indonesia’S Stock Returns, Deepa Bannigidadmath

Research outputs 2014 to 2021

© Buletin Ekonomi Moneter dan Perbankan 2020. All Rights Reserved. This paper examines whether consumer sentiment predicts the excess returns of the aggregate market and nine industries from the Indonesia equity market. We discover evidence of predictability for three industries; however, the magnitude of predictability are heterogeneous. Some sectors are predictable during expansions, whereas others are only predictable during recessions. There is no evidence of the reversal of the impact of consumer sentiment on stock returns. We conduct several robustness tests that include (i) estimating a predictive regression model with a feasible quasi-generalized least squares–based estimator and (ii) accounting for …

The Ursinus College Investment Management Company Newsletter, Spring 2020, Scott Deacle, Johnathan Myers

Investment Management Company Newsletter

Inside this issue:

Letter from Professor Scott Deacle

Letter from Johnny Myers '19

At a Glance

Investment Strategies

Endowment at Work

New at UCIMCO

Investment Performance

Endowment Fund Outlook

Stock Selection Fund Picks

Our Team

Supporters

How to Contribute

Global Challenges And Regulatory Strategies To Fintech, Aurelio Gurrea-Martinez, Nydia Remolina

Centre for AI & Data Governance (2019-2025)

The rise of new technologies has changed the operation, regulation and supervision of financial markets, bringing new challenges and opportunities for consumers, regulators, and financial institutions. This Article seeks to explore the most common regulatory strategies used by financial regulators around the world to address the challenges associated with the rise of fintech. These strategies include the imposition of bans, regulatory passivity, adoption of new legislation, permission on a case by case basis, and more interactive approaches such as innovation offices, accelerators and sandboxes. This Article argues that the adoption and desirability of each regulatory approach will depend on a …

Sector Correlations & Rotational Investing, Helena Collmorgen

Undergraduate Research Conference

The correlation between risk and expected return of an investment is very high. Because investors are typically risk adverse, they will take on more risk only if rewarded with higher expected returns.

Do Bilinguals Earn More In Texas?, Karina Weathers

Undergraduate Research Conference

Curious about the effects of knowing a second language on income, I used data from the 2017 American Community Survey to analyze the economic advantages associated with bilingualism for adults 18-64 in Texas who reported an income and positive weeks worked in the year prior to the survey. Bilingualism is defined as speaking a language at home other than or in addition to English.

Using Power Bi Reports To Support Stakeholder Relations For A Regional Non-Profit Mental Health Care Provider, Hannah Percell

Undergraduate Research Conference

Our Goal: To aid Burke in its communication of relevant data to its network of stakeholders. By presenting the data in a more visual format using Power BI, we hoped to increase reader understanding of key metrics and facilitate communication between Burke and its stakeholders.

Parental Financial Conditions As A Source Of Stress On First-Generation Tjc Honors Students, Michelle Reyes

Undergraduate Research Conference

INTRODUCTION

Parental support is a key factor in a child's development. Motivation coming from a parent is a substantial help on the realization of tasks. The involvement of parents on children's education is directly proportional to the level of achievement and success of the students. In low income families, parental support can be translated to pressure, the anxiety of seeing their children to pursue a career and achieve success is not a desire but it is a necessity. Regularly, the students’ parents will use their own lack of financial stability as an example to motivate their children to be better. …

Know Thy Neighbor: Political Uncertainty And The Informational Advantage Of Local Institutional Investors, Tom Aabo, Suin Lee, Christos Pantzalis, Jung Chul Park

Finance Faculty Publications

Previous literature finds a positive association between short-term changes in institutional holdings (especially those of local institutions) and subsequent short-term stock performance. We contribute by investigating the importance of geographical proximity under policy uncertainty. We show that the short-term informational advantage of local institutions only thrives in areas that are either politically closely aligned with the president or where the state government (governorship and legislature) is under the control of one party. Our findings are important in understanding the avenues through which geographical proximity may provide the basis for exploitable informational advantages.

Why Is Las Vegas Busy Everyday? A Behavioural Analysis Of Impact Investors’ Attitude And Decision-Making Process, Isha Shah

Independent Study Project (ISP) Collection

Remarking a discrepancy in the statistics of a growing influence of impact investment and yet its restrictive inclusion in the financial market has encouraged this inductive research to take an alternative approach to address the impact investment market. In an emic perspective, this study aims to assess the factors motivating individuals and institutions to pursue impact investment. Further, it also investigates some elements that guide the decision making of the investors in this field. The qualitative nature of the research demands exceptional secondary sources and it is rendered more credible with the inclusion of three relevant primary sources. The analysis …

Testing For Complete Pass-Through Of Ex Ass-Through Of Exchange Ra Ange Rate Without Trade Barriers, Tengfei Zhang, Tianxiang Li, Tomas Baležentis

Faculty Publications

The objective of this paper is to test whether the complete pass-through of exchange rate exists when there are almost no transaction costs and in the environment of competitive market. In general, the literature claims that the pass-through of exchange rate is incomplete due to imperfect market, i.e. the presence of transaction costs and imperfect competition. The quasi-experimental case of the food import to Hong Kong from Mainland China is considered in the analysis. The results show that the pass-through of the exchange rate of Chinese RMB against to US dollar to Hong Kong's food import price is complete in …

Black Women In Finance, Skylar R. Frankiewicz

Student Publications

The concept of gender has long played a role in United States’ history, greatly impacting and restructuring our economy. The push for gender equality in America has altered how organizations operate across different occupational fields. While the 2020 Equal Rights Amendment has yet to pass, many organizations are still motivated to reach total gender equality and balance within their firms. While there is a fight for feminism and gender equality, it is not a racially inclusive one. Black women face the most discrimination both in the workplace, and in social settings. Misogynoir is defined as prejudice against Black women, highlighting …

Preparing For The Future: The Effects Of Financial Literacy On Financial Planning For Young Professionals, Tanay Singh

Senior Theses

Purpose – Many people between the age of 20 and 34 have not considered planning financially for the future in any significant capacity and in doing so, they limit their potential savings. The purpose of this study is to examine what financial expectations are for people in the early stages of their career and determine if improving financial literacy and revealing financial realities helps to produce more accurate or realistic expectations. Ultimately, the goal is to better prepare participants in the study for the working world and increased responsibilities outside of the college/university environment by getting them to start thinking …

Permanent Equity: Successfully Finding And Buying A Small Business, Lewis Wang

Senior Theses

This thesis aims to build off the existing research on the advantages of permanent equity within the micro-cap market space. This strategy combines many advantages from private equity, venture capital, small-cap, and value / quality investing in order to generate a differentiated return. While the pros and cons of these various strategies have been explored by previous academic research, not much has been written on the actual implementation and choices practitioners must make when they decide how to deploy capital. In order to dive deeper into implementation, this thesis presents several anecdotes of various firms that invest in this space …

The Adoption Of Cryptocurrency Technology Into The Us Banking Infrastructure, Trevor Melito

Senior Theses

This thesis examines the possibility of using Blockchain technology to permanently change the payment structure of the US banking system. First, I examine the current technology that dominates the banking sector. I introduce the most frequently used payments methods including Automatic Clearing House transfers and wire transfers, both domestically and internationally. In addition, I highlight the major players controlling these transactions. Under the current system, frictions between senders and receivers cause billions of dollars in losses each year.

Next, I examine Blockchain’s roots along with some similar cryptocurrency technology, namely Distributed Ledger Technology and Smart Contracts. The transparency, security, and …

Green Bonds For Financing Renewable Energy And Energy Efficiency In South-East Asia: A Review Of Policies, Dina Azhgaliyeva, Anant Kapoor, Yang Liu

Research Collection Lee Kong Chian School Of Business

Mobilizing private finance for renewable energy and energy efficiency is critical for Association of South-East Asian Nations (ASEAN) not only for the reduction of global temperature rise but also for meeting fast-growing energy demand. Two-thirds of green bonds issued in ASEAN were used to finance renewable energy and energy efficiency projects. This paper provides a review of green bond issuance and green bond policies in ASEAN. Issuance of green bonds in top three green bond issuing countries in ASEAN, i.e. Indonesia, Malaysia and Singapore, are reviewed in detail. Green bond policies in ASEAN are effective in promoting green bond issuance. …

Institutional Investors, Asset-Backed Securities, And Single-Family Rental Homes: A Revolution Doomed To Fail Or The Building Of A Future Empire, Brandon Deshotels

Honors Capstones

No abstract provided.

Artificial Intelligence-Enhanced Predictive Insights For Advancing Financial Inclusion: A Human-Centric Ai-Thinking Approach, Meng Leong How, Sin Mei Cheah, Aik Cheow Khor, Yong Jiet Chan

Research Collection Lee Kong Chian School Of Business

According to the World Bank, a key factor to poverty reduction and improving prosperity is financial inclusion. Financial service providers (FSPs) offering financially-inclusive solutions need to understand how to approach the underserved successfully. The application of artificial intelligence (AI) on legacy data can help FSPs to anticipate how prospective customers may respond when they are approached. However, it remains challenging for FSPs who are not well-versed in computer programming to implement AI projects. This paper proffers a no-coding human-centric AI-based approach to simulate the possible dynamics between the financial profiles of prospective customers collected from 45,211 contact encounters and predict …

Valuation Of American Options And Employee Stock Options, Qianru (Jennifer) Shang

Doctoral

Options play an important role in the financial world and are actively traded with huge trading volume. Most of the options traded on exchanges are American options. Spanning over a few decades, the American option pricing problem continues to intrigue scholars and practitioners in finance. The employee stock options (ESOs), a variant of American options, has been increasingly popular for firms to compensate, motivate and retain employees. ESOs importantly do not trade in markets nevertheless fair value must be determined – often by accountants. Unique features of ESOs however complicate the valuation. Our research, consisting of three papers, focuses on …

Addressing The Student Loan Crisis: Nudging Borrowers To Lower Their Repayment Costs, Genevieve O. Dobson

USF Tampa Graduate Theses and Dissertations

The Purpose of Research is to determine why student loan borrowers are making poor decisions regarding their repayment plan selection and how we could use the theory of nudge to get them to make better choices. This study evaluates three main biases found in decision making to determine which one is most likely to be utilized in making decisions. It also investigates ways a tool can be created to allow borrowers to make better choices.

I use the Elaborated Action Design Research Methodology to diagnose, design and implement an effective tool. In my study, I create an artifact that allows …

Advancing Asset Management At Indot, Louis Feagans

Purdue Road School

As INDOT continues to develop Asset Management, the use of GIS and the mapping of assets become more critical. In this session INDOT will show the advancement in GIS Asset Management that has occurred in the last few years and where we are headed in the future.

Essays On The Disposition Effect, Matthew Henriksson

USF Tampa Graduate Theses and Dissertations

This dissertation contains two essays that shed new light on the disposition effect – that is, the tendency for investors to be especially eager to realize gains over losses. The first essay combines county-level natural disaster data with individual investor transactions to document an increased disposition effect for investors impacted by a natural disaster. This effect is increasing in disaster severity and decreasing in the length of time following the event, suggesting that extreme natural disasters can significantly influence investor behavior, especially in the short term. These findings are not explained by liquidity needs, tax incentives, or informed trading. The …

Essays On Mortgage Portfolio Diversification, Timothy Patrick Dombrowski

LSU Doctoral Dissertations

Portfolios of mortgage loans played an important role in the Great Recession and continue to compose a material part of bank assets. The distribution of mortgage portfolio returns, and consequently, the risk of these portfolios, is quite distinct even from other fixed income asset classes. This dissertation contains three essays, each aiming to analyze a specific component of risk in mortgage portfolios and role of geographical diversification in reducing this risk.

The first essay investigates how cross-sectional dependence in the underlying properties flows through to the loan returns, and thus, the risk of the portfolio. In addition to demonstrating this …

Understanding Cryptocurrencies, Wolfgang Karl Hardle, Campbell R. Harvey, Raphael C. G. Ruele

Sim Kee Boon Institute for Financial Economics

Cryptocurrency refers to a type of digital asset that uses distributed ledger, or blockchain, technology to enable a secure transaction. Although the technology is widely misunderstood, many central banks are considering launching their own national cryptocurrency. In contrast to most data in financial economics, detailed data on the history of every transaction in the cryptocurrency complex are freely available. Furthermore, empirically oriented research is only now beginning, presenting an extraordinary research opportunity for academia. We provide some insights into the mechanics of cryptocurrencies, describing summary statistics and focusing on potential future research avenues in financial economics.

Financial Market Implications Of Marketing Actions And The Disclosure Of Marketing Information, Sungkyun Moon

Dissertations and Theses Collection (Open Access)

This dissertation contributes to marketing literature by examining the effects of marketing actions and the disclosure of marketing information through the financial market perspective that has high managerial relevance and policy implications. Specifically, the first essay provides the first empirical examination of the effects of the disclosure of advertising spending on investors’ and analysts’ uncertainty. It is responsive to calls by Marketing Science Institute and Marketing Accountability Standard Board to examine the consequences of disclosure of marketing metrics. The second essay examines the effect of advertising spending on firm value and explores firm and market level contingency effects. By doing …

Chronic Disease Management: How It And Analytics Create Healthcare Value Through The Temporal Displacement Of Care, Steve M. Thompson, Johnathan Whitaker, Rajiv Kohli, Craig Jones

Finance Faculty Publications

The treatment of chronic diseases consumes 86% of U.S. healthcare costs. While healthcare organizations have traditionally focused on treating the complications of chronic diseases, advances in information technology (IT) and analytics can help clinicians and patients manage and slow the progression of chronic diseases to result in higher quality of life for patients and lower healthcare costs.

We build on prior research to introduce the notion of temporal displacement of care (TDC), in which IT and analytics create healthcare value by displacing the time at which providers and patients make interventions to improve healthcare outcomes and reduce costs. We propose …