Finance and Financial Management Commons^™

Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences, Jivendra K. Kale, Tee Lim

School of Economics and Business Administration Faculty Works

No abstract provided.

Determinants Of Tax Morale Using Structural Equation Model (Sem), Raymond S. Pacaldo, Rodiel C. Ferrer

DLSU Business & Economics Review

This paper analyzes the impact of tax enforcement, trust in government, and demographic characteristics on the tax morale of firms in the Philippines. From the database of Business Environment and Enterprise Performance Survey (BEEPS), 864 firms were taken and analyzed using partial least squares on the structural equation of modeling (PLS-SEM). In the analysis, only trust in government, organizational form, and firm location provided a significant impact to tax morale. Thus, firms pay taxes religiously when the government acts trustworthily. On the other hand, sole proprietorship and Metro Manila firms exhibited lower tax morale as compared to corporations and outside …

Insider Trading In Family Firms: Evidence From Thailand, Paweenon Pramukkiattiyos

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the profitability of corporate insider trading in Thailand's stock market and whether the abnormal return depends on the company's characteristics and insider characteristics. The result shows that there is a significant abnormal return on corporate insider trading transactions. The difference in ownership structure is also important, with the results supporting that insider trading by family firms is more profitable than non-family firms. Moreover, the finding indicates that the trading of CEOs has more valuable information about the company's prospects than other insiders.

The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand, Wongwarit Boonyasitphawee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Commonly, daily prices limits are widely used for stabilizing stock markets and decrease volatility during overreaction period. However, regulators may not notice that instead of stopping panic sell or overbought, the daily price limits generate a magnet effect, which cause the price to accelerate to the price limits and increase the overall volatility. This research investigates the magnet effect of price limits using high frequency from the Stock Exchange of Thailand. Using AR(2)-GARCH(2,2) as a base model for each stock’s 5-mins returns to capture the effect. The empirical results present evidence of the strong ceiling magnet effect at all conditions, …

Nigerian Women Entrepreneurs’ Strategies For Financial Inclusion: A Generic Qualitative Inquiry, Oluwatoyin Madein

Walden Dissertations and Doctoral Studies

Women in Nigeria are approximately 50% of the population and operate significantly in the micro, small, and medium enterprises. Women entrepreneurs in Nigeria are experiencing business failure, early exit, stagnant growth, and low return on investment due to inadequate finance. This study’s specific management problem is that many women entrepreneurs in Nigeria lack strategies to develop financial literacy and access to external loans for business sustainability. Using the concepts of financial inclusion and financial exclusion, the purpose of this qualitative inquiry was to explore the strategies women entrepreneurs use and whether they have the required experience and knowledge of financial …

Factors Affecting Electronic Banking Adoption In Barbados, Jacqueline Delores Bend

Walden Dissertations and Doctoral Studies

The low rate of customers' adoption of electronic banking services affects retail banks' profitability. The operating cost for a financial transaction performed by bank tellers averages US$1.07 compared to US$0.01 using electronic banking channels. It is paramount for retail banking leaders to understand the factors influencing customer adoption of electronic banking to sustain competitive advantage. Grounded in the technology acceptance model framework, the purpose of this quantitative correlational study was to examine the relationship between perceived usefulness (PU), perceived ease of use (PEOU), and customer adoption of electronic banking in Barbados. The validated technology acceptance model survey instrument was used …

Strategies To Integrate Technological Innovations For Caribbean Small- And Medium-Sized Enterprises, Deborah J. Mahabir-Yearwood

Walden Dissertations and Doctoral Studies

Up to 59% of managers in small and medium sized enterprises (SMEs) fail to integrate technological innovation (TI) strategies. Restricted access to sophisticated technology, limited capital, and discontinuous collaborations between SMEs and government organizations hamper the successful integration of TI by managers of Caribbean SMEs. Managers of SMEs in the Caribbean region must exploit strategies for improved efficiencies in operational capacity, continuous development in business profits and growth, and surviving hyper-competition. Grounded by the theories of diffusion of innovation and adopter-based instrumentalist, the purpose of this qualitative multiple case study was to explore strategies that 4 operation managers of SMEs …

Parents’ Perceptions Of Financial Technology To Support Financial Socialization And Literacy Levels, Patricia M. Page

Walden Dissertations and Doctoral Studies

The current generation of emerging adults are ill-equipped to navigate the evolving financial landscape, which can further exacerbate socioeconomic inequality. Extant research rooted in Gudmunson and Danes’ family financial socialization theory and Brown et al.’s situated cognition theory, which served as the conceptual framework for this study, acknowledged the long-standing influence of parents and authentic learning opportunities on child(ren)’s financial literacy and well-being. This study’s research questions explored parents’ experience with, and perceptions of, a family-managed virtual bank and prepaid debit card service designed for children ages Pre-K through college. The basic qualitative approach and semistructured interviews provided context to …

Enterprise Resource Planning Implementation In Higher Education: Cost Containment Strategies, Tysha K. Tolefree

Walden Dissertations and Doctoral Studies

Lack of effective cost containment strategies to support enterprise resource planning (ERP) system implementations within higher education institutions (HEIs) result in budget overruns 50% of the time. Grounded in Gartner’s IT cost containment techniques, the purpose of this qualitative multiple case study was to explore strategies HEI project directors use to support a successful ERP implementation on time and within budget. The participants comprised 5 project directors and managers from HEIs and another public organization in the state of Washington. Data were collected from semistructured interviews, archival data, and organization documents. Thematic analysis was used to analyze the data, and …

How Access To Finances Affects Gender Inequality Across Cultures, Allison Muntin

Williams Honors College, Honors Research Projects

While many studies of financial inclusion have been undertaken, very few discuss the inclusion of women. Financial inclusion plays a large role in unlocking resources for the disadvantaged, resulting in higher economic growth and development. The economic opportunity allows individuals and businesses to have a greater contribution to society as a whole, enhancing all aspects of the economy. This paper furthers the conversation of women’s access to financial institution accounts across cultures and what underlying factors play a key role. The results indicate that the female demographic has fewer financial institution accounts in comparison to men when: (i) a country’s …

Essays On Financial Institutions And Advisors, Joseph D. Farizo

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I examine how index funds vote their proxies on firms in its index that their family does not hold in its actively managed funds. For a given proxy proposal at a given point in time, I find that an index fund is more likely to oppose management on shares its family does not hold in its active funds than on shares its family does hold in its active funds. I further demonstrate that index fund governance has positive effects on the probability a proposal passes and on shareholder value. In my second chapter coauthored with Will …

Essays On Corporate Finance And Institutional Investors, Ang Li

Theses and Dissertations--Finance and Quantitative Methods

The dissertation consists of three chapters spanning two areas of finance: corporate finance and institutional investors. In the first chapter, “Board Gender Diversity, Firm Culture, and Female Inventors”, I study how employee's Research and Development (R&D) activity is affected by firm culture. Using board gender diversity as a proxy for female-friendly culture, I find that a greater representation of women in the boardroom is associated with increased productivity and innovation output by female inventors relative to male inventors. Female inventors file more highly cited patents and less uncited patents. The effect is driven by female directors with R&D or high-tech …

A Business Plan For The Fitzgerald Institute, Elaine M. King, Matthew G. Deibel, Matthew J. Bulgrin, Alex Skeen, Stephanie N. Kieke

Williams Honors College, Honors Research Projects

This piece seeks to develop a business strategy for the University of Akron's Fitzgerald Institute for Entrepreneurship. The recommendations given were developed utilizing research on entrepreneurial education and the desires of students at the university.

Culture Of Countries And Country-Index Crash Risk, Jason Petri

Williams Honors College, Honors Research Projects

Previously crash- risk studies have focused on assessing at the firm level the likelihood of a firm’s equity to crash (a rapid decline in value), apart from the dynamics of its respective country-level market. In this study, however, I examine the determinants of an overall countrylevel equity crash apart from the dynamics of the global market. I will argue that this is a very different focus of analysis that will provide valuable information to both investors and policy makers. Expansion of credit and subsequent equity-market bubbles and crashes are of particular concern to foreign direct investors (FDI), as country-level equity …

Three Essays On Energy Markets, Sultan Alturki

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation includes three essays investigating topics relevant to the energy markets. The first essay employs a new dataset to measure the impact of investor sentiment regarding oil prices on the U.S. inflation premium. The empirical analysis relies on Structural Vector Autoregression (SVAR) and out-of-sample forecasts. The results indicate that a one standard deviation positive shock to overall investor sentiment regarding oil prices results in a significant increase in the U.S. inflation premium by approximately 1.2% over the subsequent 10 weeks. Compared to individual investor sentiment, institutional investor sentiment regarding oil prices has a larger impact on the U.S. inflation …

Coerced Regimes: Management Challenges In The Anthropocene, David G. Angeler, Brian C. Chaffin, Shana M. Sundstrom, Ahjond S. Garmestani, Kevin L. Pope, Daniel R. Uden, Dirac Twidwell, Craig R. Allen

Department of Finance: Faculty Publications

Management frequently creates system conditions that poorly mimic the conditions of a desirable self-organizing regime. Such management is ubiquitous across complex systems of people and nature and will likely intensify as these systems face rapid change. However, it is highly uncertain whether the costs (unintended consequences, including negative side effects) of management but also social dynamics can eventually outweigh benefits in the long term. We introduce the term “coerced regime” to conceptualize this management form and tie it into resilience theory. The concept encompasses proactive and reactive management to maintain desirable and mitigate undesirable regime conditions, respectively. A coerced regime …

Machine Learning Stock Market Prediction Studies: Review And Research Directions, Troy J. Strader, John J. Rozycki, Thomas H. Root, Yu-Hsiang John Huang

Journal of International Technology and Information Management

Stock market investment strategies are complex and rely on an evaluation of vast amounts of data. In recent years, machine learning techniques have increasingly been examined to assess whether they can improve market forecasting when compared with traditional approaches. The objective for this study is to identify directions for future machine learning stock market prediction research based upon a review of current literature. A systematic literature review methodology is used to identify relevant peer-reviewed journal articles from the past twenty years and categorize studies that have similar methods and contexts. Four categories emerge: artificial neural network studies, support vector machine …

J Mich Dent Assoc January 2020

The Journal of the Michigan Dental Association

Every month, The Journal of the Michigan Dental Association brings news, information, and features about Michigan dentistry to our state's oral health community and the MDA's 6,200+ members. No publication reaches more Michigan dentists!

In this issue, the reader will find the following original content:

• A cover story on "Preventing Pediatric Obesity: How the Dental Team Can Help”.
• “We Can Make a Difference in a Child’s Life”, a feature with a special message to MDA members from Suzanne Port, DDS, MS, president of the Michigan Academy of Pediatric Dentistry.
• A feature on “The Age-1 Visit: Time to Welcome Children into …

Environmental Governance For Whom? Examining The Political, Institutional, Fiscal, And Legal Determinants Of State Environmental Agency Budget Policy In The Us, Andrew R. Duggan

Theses and Dissertations

Budgets are a prospective tool of governance, and appropriations are a planning vehicle reflecting: bureaucracies’ values, complex interactions, collective preferences, political influences, and available resources. Research spanning 30 years finds that environmental pollution is a key determinant of environmental budgets in the US, though myriad factors, actors, and subsystems are important to consider. Due to federalism and devolution of responsibilities and authorities, environmental governance falls largely to the states. While the dynamics that shape state environmental budget policy have received scholarly interest, theoretically-driven examinations of environmental appropriations remain limited within the public budgeting and environmental policy literature.

Using panel data …

Return Predictability Of Cape Versus Pe, A Case Of Thai Stock Exchange Market, Theerapat Muenpakdee

Chulalongkorn University Theses and Dissertations (Chula ETD)

No abstract provided.

Determinants Of Firm’S Internals & Macroeconomic Factors On Financial Performance Of Ethiopian Insurers, Kishor Chandra Meher, Temesgen Zewudu

DLSU Business & Economics Review

Insurance acts as a social instrument that indemnifies the human life and properties against unforeseeable risks. It is imperative for the insurance companies to be profitable while obliging the society and nation as a risk saver of insurable risk. The research aims to investigate the association between specific internals and macroeconomic factors and the financial performance of insurance companies in Ethiopia. A quantitative approach is applied in this research by adopting inferential statistics with a balanced panel data of nine insurance companies for 15 years (2002–2016). Explanatory analysis is deployed where Pearson’s correlation and OLS regression model are applied to …

A Productivity Assessment Of Pwd Employees In A Philippine Company, Rosemary R. Seva

DLSU Business & Economics Review

This study assessed and compared the work capability of persons with disabilities (PWDs) and their able counterparts that covered the following aspects of work: (a) time on task, (b) work attitude, and (c) task compatibility. It was hypothesized that PWD workers are competent and productive in the workplace if the right task is given to them. Four employees with autism spectrum disorder (ASD) working either as administrative or store clerk in a drugstore chain participated in the study. Productivity comparison was made using time study and work sampling over two days. Supervisors were also interviewed regarding attitudes and capabilities. The …

Fiscal Policy And Stock Market Movement In The Philippines, Deborah Kim S. Sy

DLSU Business & Economics Review

The Philippine government has suffered greatly from fiscal imbalances for the past few decades. The largest fiscal deficit was recorded at PhP112 billion in 2017. Fiscal reforms led to a considerable decline of the national government debt from 52.4% of GDP in 2010 to 44.8% in 2015. The study aims to investigate the Philippine fiscal policy and its link to asset prices, as measured by the changes in the Philippine Stock Exchange Index (PSEI). Quarterly observations from 2001 to 2017 of monetary, fiscal, and economic variables were used on a vector error correction model (VECM) to observe their long-run relationship …

Corporate Social Responsibility And Investment Efficiency: Evidence From An Emerging Asian Market, Ming-Te Lee

DLSU Business & Economics Review

The purpose of this paper is to test opposing views of the relationship between corporate social responsibility (CSR) and investment efficiency in a major Asian emerging stock market. The empirical results show that CSR significantly mitigates investment inefficiency among Taiwanese firms. This finding is consistent with the notion that socially responsible Taiwanese firms have fewer agency problems and lower information asymmetry, thus reducing investment inefficiency. The empirical results also show that CSR has a more pronounced effect in mitigating investment inefficiency for Taiwanese firms with more effective corporate governance. In particular, due to the mandatory preparation of CSR reporting, CSR …

Corporate Social Responsibility And Earnings Management: Evidence From Controversial And Non-Controversial Sectors In Asia, Eugene Burgos Mutuc, Jen-Sin Lee, Fu-Sheng Tsai

DLSU Business & Economics Review

In this study, we investigate the impact of corporate social responsibility (CSR) on earnings management through discretionary accruals and real-activities decisions, in light of the increasing attention and engagement of firms from different sectors. This study contemplates on non-financial Asian firms from controversial and non-controversial sectors with 889 and 3,017 firm-year observations from 2011 to 2017. The findings reveal that Asian firms likely use a mix of accrual-based earnings management (AEM) and real-activities earnings management (REM) as a strategy to manipulate reported earnings. In terms of sector classifications, managers from controversial sectors exhibit higher opportunistic behavior than managers from non-controversial …

The Effects Of External Stakeholder Pressure On Csr Disclosure: Evidence From Indonesia, Anisa Ramadhini Trianaputri, Desi Adhariani, Chaerul D. Djakman

DLSU Business & Economics Review

This study examines the effect of external stakeholder pressure on the extent of social and environmental disclosure or corporate social responsibility (CSR) disclosure. Several studies have examined the impact of internal stakeholder pressure (e.g., ownership or board of directors’ structure) and corporate characteristics on CSR disclosure, but there has been little attention focused on the role of external stakeholders. Therefore, this research seeks to examine the influence on the extent of CSR disclosure by four external stakeholder groups: customer, creditor, auditor, and media. A total of 327 annual reports produced by 109 manufacturing companies listed on the Indonesia Stock Exchange …

On Extreme Perception Bias, Emerico Habacon Aguilar, Klarizze Martin Puzon, Imelda Revilla Molina

DLSU Business & Economics Review

This note investigates perception bias: To what extent do individual opinions confound reality? We estimated the relative gap between self-declared estimates and real data. With a sample of respondents from Laguna, Philippines, we asked about the prevalence of diabetes and smartphone usage. We observed a trend of judgment miscalibration. Responses exhibit significant deviation from facts; for example, inaccuracies can go as high as seven times the real value. Especially for estimates on smartphone ownership, bootstrapped quantile regression models showed that perception bias is associated with age.

Japanese And Filipino College Students As Consumers: Does Country Of Origin Affect Their Purchase Intent?, Luz Suplico Jeong, Reynaldo Bautista Jr., Takanori Osaki

DLSU Business & Economics Review

The marketing literature shows that consumers evaluate and buy products based on the country of origin. The impact of the country of origin (COO) on consumers, especially college students who influence demand in global markets, is becoming increasingly important due to advances in information technology. There are studies that show that COO can directly affect purchase intent without mediator variables. However, this study shows that COO does not have a direct effect on purchase intent. COO can only affect the purchase intent of Japanese and Filipino consumers if perceived product quality is used as a mediator variable. In the case …

Analysts’ Consensus And Predictability Of Forward P/E Ratios, Thanakorn Petkajee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Analysts play a crucial role in providing some important investment data, such as firms’ performance analysis, target prices, the forward P/E ratios, and so on, to investors. This special project studies the impact of analysts’ consensus on predictability of the stocks listed on the Stock Exchange of Thailand. Two models of analysts’ forecast error are proposed and used as a proxy for predictability in the study. The first model of analysts’ forecast error, ln(AFE), is computed from the natural logarithm of the squared error in a median forecast of one year ahead, i.e. (Actual next 12M EPS – median forecast …

Arbitrage Profit From Pairwise Correlation: Evidence From Thailand, Salinporn Dachasiriprapha

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to examine the usefulness of the Dynamic Conditional Correlation in the aspect of pair trade. Since one of the challenges in the pair trading is pair formation, this research would like to fulfill and find a new method for pair formation. Also, not only find the effective way to form pair we also examine whether this strategy can generate an abnormal return by constructs the portfolio where short one stock and long another one, by this investor can enjoy a 2-way price spread. The finding in this suggests that first by using Dynamic Conditional Correlation to form …