Finance and Financial Management Commons^™

Incomplete Markets And Financial Innovation: Consequences For Risk-Sharing, Household Welfare, And Portfolio Choice, Nicolas Duvernois

LSU New Orleans Theses and Dissertations

The dissertation consists of three chapters measuring the degree of risk-sharing in a panel of US households, and its impact on welfare and portfolio choice. Conventional wisdom suggests financial innovation improves risk-sharing by completing markets and lowering transaction costs--households engage in risk-sharing to insure against idiosyncratic income shocks to improve their own welfare. In the first chapter, using household level income and imputed consumption data, I find that households' ability to smooth permanent shocks has slightly increased while transitory insurance remained unchanged. However, I find that participating households have higher consumption insurance. Their ability to insure permanent shocks has improved …

Idiosyncratic Volatility And Interruption Mechanisms In South Korean Stock Markets, Seungho Shin

LSU New Orleans Theses and Dissertations

The purpose of this study is to examine how the volatility interruption mechanisms affect idiosyncratic volatilities in Korean stock markets. Collecting the South Korea Stock Market (KOSPI) data from June 15, 2015 to March 31, 2019, we collect each residual„ from three different estimated models: CAPM, FF3, and FF5. To estimate the conditional idiosyncratic volatility, we employ two conditional time-varying measurements: GARCH and TGARCH. Our results show that the conditional idiosyncratic volatility increases when stock prices reach the upper and lower static limits, indicating the implementation of adopting static VI mechanism neither stabilize market conditions nor reduce excess volatility along …

Catalysts And Impediments To Tax Increment Finance In Tulsa’S Historical African American Neighborhood, Bria A. Dixon

LSU New Orleans Theses and Dissertations

This thesis assesses how Tulsa, Oklahoma grew to utilize tax increment financing (TIF) to produce economic activity in Tulsa’s historic downtown area. Specifically, how the creation, history, and maintenance of ONEOK Field, a $60 million, 6,000-seat sports venue in Tulsa’s historically African American neighborhood became the catalyst for Tulsa’s current TIF policy. In examining the fiscal outcomes of ONEOK Field, this thesis finds implications for inequitable investment in and around Tulsa’s Greenwood TIF district

Teacher's Wages As A Mechanism To Improve The Educational Attainment Of Students In Algerian Schools: An Empirical Study From 1970 To 2018, Djouadi Noureddine Dr

International Journal for Research in Education

The purpose of this paper is to clarify the importance of education economics as a modern approach to educational research, especially the importance of the policy of raising teacher wages as a mechanism to improve the educational attainment of students in government schools. The study used the inductive approach by examining the experience of Algeria between 1970 and 2018, where the Algerian government raised teachers' wages by more than 100% with the aim of improving the educational attainment of students. Therefore, the study adopted the standard method through a statistical model for a linear relationship linking the passing rate in …

Inditex's Esg Performance In A Global Financial Market, Sara Habig

Honors Projects in Finance

Zara has become extremely popular as a global fashion enterprise and remains significantly profitable in the fashion industry. With a leading supply chain operation strategy, they have been a leading retailer for many decades. This empirical research study involves research and assessment of Inditex's ESG performance and evaluations based on ASSET4 data source's evaluations, using the Stata software. Results show that Inditex remains a strong competitor in the fast fashion industry when compared to its rivals within 4 different categorical markets: all sample firms in Spain, all global retailers, and all sample firms separated by continent. Inditex consistently outperformed their …

Higher Education Financing Analysis Based On The Examples Of Selected Countries, Hilal Celik, Hasan Arslan

University of South Florida (USF) M3 Publishing

Higher education institutions are seen as the center of scientific activities. Thanks to these institutions, which fulfill the task of conducting scientific and technical research by following the developments of the era, countries develop and have a say in the world. Undoubtedly, it is very important that higher education, which has such a valuable place, is adequately financed. With the globalization, countries that increase their scientific studies by developing higher education finance methods will be at the forefront of foreign competition. In this research, based on selected country examples, current issues in higher education financing will be discussed and suggestions …

Two Essays On How Do Investors Perceive The Optimal Capital Structure And An Essay On Mutual Fund Volatility Decomposition And Manager Skill, Nima Vafai

Finance and Real Estate Dissertations - Archive

This dissertation explores the rational investment hypothesis proposed by classical theories at the stock and portfolio (mutual fund) level. My first two essays focus on the risk associated with the composition of debt and equity at the firm level. The third essay studies the total risk at the portfolio level in the mutual fund setting. In the first essay, we examine the association between deviations from the optimal capital structure and firm-level stock returns by comparing different proxies for optimal capital structure from the literature and constructing improved industry-specific optimal capital structure measures. After comparing the performance of each measure, …

Proceedings Of The Global Conference On Services Management: Volume 2, Cihan Cobanoglu, Valentina Della Corte

University of South Florida (USF) M3 Publishing

This is the second volume of the Global Conference on Services Management Proceedings Series.

ISSN: 2641-5062

Advances In Global Services And Retail Management: Volume 2, Cihan Cobanoglu, Valentina Della Corte

University of South Florida (USF) M3 Publishing

This is the second volume of the Advances in Global Services and Retail Management Book Series. This volume has the following parts:

• Part 1: Hospitality and Tourism
• Part 2: Marketing, E-marketing, and Consumer Behavior
• Part 3: Management
• Part 4: Human Resources Management
• Part 5: Retail Management
• Part 6: Economics
• Part 7: Accounting and Finance
• Part 8: Sustainability and Environmental Issues
• Part 9: Information Technology

ISBN: 978-1-955833-03-5

Hospitality and Tourism

• Significance of VR in the spa: A spatial analysis
  • Irini Lai Fun Tang, Schultz Zhi Bin Xu, and Eric Chan
• Social media marketing in rural hospitality and tourism destination research
  • Samuel …

Decentralized Approach To Deep-Learning Based Asset Allocation, Sarthak Sengupta, Priyanshu Priyam, Anurika Vaish

University of South Florida (USF) M3 Publishing

Investment is an artistic science. The study discusses deep learning-based techniques for asset allocation. Deep learning is a subset of machine learning. The majority of the population lacks either the skills or the time to self-analyze the different financial investment options available to them and therefore they seek the help of the portfolio managers who make trading decisions on behalf of their clients depending on their risk appetite. Besides, portfolio managers analyze different assets, compare the strengths and weaknesses of each option before making a decision about which equities are suitable, to optimally balance profit and risks. This makes portfolio …

Essays In Workplace Safety Issues In Finance, Md Ruhul Amin

Theses and Dissertations

I examine how firms address workplace safety issues considering their value implication. In my first essay, I investigate the relation between workplace safety and inside debt held by the CEO in form of pension benefits and deferred compensation. To mitigate the endogeneity of CEO inside debt design, I exploit variation generated by the implementation of the Internal Revenue Code Section 409A Final Regulations. Consistent with the long-term orientation hypothesis, I find strong evidence of lower establishment-level work-related injuries and illnesses in firms whose CEOs have higher relative inside debt. I also document that CEOs inside debt holdings are associated with …

Two Essays On Corporate Finance, Md Noman Hossain

Theses and Dissertations

This dissertation consists of two essays on corporate finance. In my first essay, we investigate whether and, if so, how the information disclosure preferences differ systematically between Republican CEOs and Democrat CEOs in the context of management earnings forecasts. We find that Republican CEOs tend to prefer a less asymmetric information environment than Democrat CEOs, and thus make more frequent, timelier, and more accurate disclosures than Democrat CEOs. Results using the propensity score-matched sample and the difference-in-differences analysis show that our results are unlikely to be driven by potential endogeneity. Our results are robust to controlling for various CEO characteristics, …

Two Essays On Finance Of Climate Change, Abdullah Al Masum

Theses and Dissertations

This dissertation consists of two essays on the finance of climate change. In the first essay, we find robust empirical evidence that firms in locations with higher exposure to climate change pay significantly higher spreads on their bank loans. To alleviate the concerns related to using firms’ headquarters in determining climate risk exposure, we exploit the economic link between a firm and its customers and find that the exposure of a firm’s customers to climate risk also adversely affects that firm’s cost of borrowing. In the cross-section, we find that the long-term loans of poorly rated firms drive the effect. …

Stock Market Forecasting Based On Artificial Intelligence Technology, Yuzhun Liang

Electronic Theses, Projects, and Dissertations

This culminating experience project used artificial intelligence (AI) technology to forecast and analyze the stock market and construct complex nonlinear relationships between the input data and the output data. This project used a radial basis function neural network to forecast and analyze the stock market data. Compared the radial basis function neural network performance with the feed-forward neural network and clearly showed the superiority of the radial basis function neural network over the feed-forward neural network in the data processing. The results showed that AI technology could effectively predict stock market performance. Based on the results, the conclusion is that …

Skbi Big 5 Survey 2021 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The latest survey results convey an upshift in growth projections of the five largest economies in aggregate accompanied by higher inflation, especially this year and to a lesser extent next year. The aggregate “Big5” median real GDP growth projections for 2021 and 2022 were raised to 6.7% (up in US, CN and EA but down in IN and JP) and 4.9% (all except US), respectively. The overall “Big5” median CPI inflation forecasts were nudged up to 2.6% (higher in US, IN and EA but lower in CN) and 2.4% (in US, IN and EA some), respectively, for this year and …

Greenwashing: Evidence From Hedge Funds, Hao Liang, Lin Sun, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

We find that a non-trivial number of hedge funds that endorse the United Nations Principles for Responsible Investment indulge in greenwashing. Hedge funds that greenwash underperform both genuinely green and nongreen funds after adjusting for risk. Consistent with an agency explanation, greenwashers (i) underperform more when incentive alignment is poor, (ii) trigger more regulatory violations, and (iii) report more suspicious returns. By exploiting regulatory reforms that aim to enhance stewardship and curb greenwashing, we provide causal evidence that relates agency problems to greenwashing and fund underperformance. Investors, however, do not appear to discriminate between greenwashers and genuinely green funds.

Return Predictability And Market Sentiment: Evidence From Deep Learning, Usama A. Khan

Graduate Doctoral Dissertations

Recent studies in asset pricing find that Artificial Neural Networks (also known as Deep Learning models) provide the most accurate firm-level return predictions using a vast set of predictive signals. These models offer high predictive accuracy over long out-of-sample periods, translating into highly profitable trading strategies. In this thesis, I argue that sentiment-driven mispricing is a vital source of the high predictability and the resulting profitability implied by deep learning models. Using a novel Artificial Neural Network (ANN) regression model, I obtain firm-level predictions conditional on 54 firm-level characteristics and on an encoded representation of the macro-economic state. These predictions …

J Mich Dent Assoc August 2021

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 “Diversity, Equity, Inclusion, and Dentistry: Understanding the MDA’s Perspective”.
• A feature article, “Diversity, Equity, Inclusion, and Dentistry: Its Impact on Oral Health — You Can Make a Difference!”.
• A feature article from the Journal’s DEI series, “Welcoming Diversity, Equity, and Inclusion with Students Considering Careers in Dentistry”.
• A feature clinical article …

Cfo Compensation And Public Company Audit Fees: A Study Of Relationships And Influence On Audit Pricing, Charles T. Fagan

Doctoral Dissertations (DBA)

From the Introduction:

In corporate America, most executives have multiple forms of compensation ranging from a base salary, which is fixed, to annual and multi-year bonuses, which are normally tied to some performance based metrics; to longer-term incentives such as stock options, stock grants, restricted stock units (RSUs) and other forms of equity-based compensation. Aside from a base salary within normal ranges, all other forms of compensation are normally meant to incentify an executives’ behavior to work in the best interest of the company and its shareholders. At least, that is the theory on incentive-based compensation.

It is quite common …

Analysis Of Key Factors That Impact Large Cap Us Firms’ Financial And Market Performance At Different Phases During The 2007- 8 Financial Crisis, Ken Lobo

Doctoral Dissertations (DBA)

The financial crisis of 2007-8 provides an opportunity to investigate which factors have a significant impact on firms at different stages of the crisis. This paper considers this shock event along these lines: impact of leverage on a firm can vary depending on timing of the crisis; firm are challenged to invest as the crisis recedes; revenue growth can enhance and sometimes impede returns; choosing to hold cash or not when a firm make the trade-off with investment and both the timing and decision are important; investors, managers and shareholders perceive these actions and events differently. Large cap US firms …

Which Financial Measures Can Be Leveraged To Help Close The Unfunded Liability Gap For State Pension Plans?, Selette M. Jemison

Doctoral Dissertations (DBA)

The main purpose of this study is to identify the key determinants of the unfunded liability (UL) for state and local public Defined Benefit (DB) pension plans. The UL is a measure of pension debt in plans across the U.S. This debt continues to rise while pension obligations to current and future retirees must also be satisfied. The UL is derived by subtracting the market value of plan assets from its accrued liabilities. If assets are less than liabilities, it signals a lack of funds set aside to cover all pension benefits and generates what is known as an unfunded …

Monetary Policy Surprises, Stock Returns, And Financial And Liquidity Constraints, In An Exchange Rate Monetary Policy System, John M. Sequeira

Research Collection Lee Kong Chian School Of Business

This study examines the impact of monetary policy surprises on the stock price behaviour of a small developed economy, whose monetary policy is based on the exchange rate. We find that monetary policy surprises associated with all contractionary policy levers and a neutral policy lever, have a consistently significant and negative impact on stock returns. In comparison, only monetary policy surprises associated with a downward re-centering policy lever, has a significantly positive effect on stock returns. Using a recalibrated classification system, we also find that monetary policy surprises differ across sectors of the economy. Our results show how monetary policy …

Accounting And Finance Lessons In The Time Of Covid-19 – Views From The Pacific Basin, Kuan Yong David Ding, Julie Harrison, Martien Lubberink, Chris Van Staden

Research Collection Lee Kong Chian School Of Business

The COVID-19 pandemic is expected to create the worst economic recession in our lifetime and generate “enormous damage to our health, jobs, and well-being” (OECD, 2020). This special issue focuses on the lessons for accounting and finance policy-makers, practitioners, and academics as a result of the social and economic turmoil that arose in the immediate period following the World Health Organization’s declaration of a pandemic (WHO, 2020). Governments responded to support businesses and economies using various policy tools to support markets, businesses and individuals impacted by the pandemic. It is timely to consider the extent to which policymakers and standard-setters …

Maintenance-Related Concerns For Post-Deployed Ethereum Smart Contract Development: Issues, Techniques, And Future Challenges, Jiachi Chen, Xin Xia, David Lo, John Grundy, Xiaohu Yang

Research Collection School Of Computing and Information Systems

Software development is a very broad activity that captures the entire life cycle of a software, which includes designing, programming, maintenance and so on. In this study, we focus on the maintenance-related concerns of the post-deployment of smart contracts. Smart contracts are self-executed programs that run on a blockchain. They cannot be modified once deployed and hence they bring unique maintenance challenges compared to conventional software. According to the definition of ISO/IEC 14764, there are four kinds of software maintenance, i.e., corrective, adaptive, perfective, and preventive maintenance. This study aims to answer (i) What kinds of issues will smart contract …

The Impact Of Key Audit Matters Disclosure On Communicative Value Of The Auditor’S Report: A Systematic Literature Review, Budhi Setiya Yoga, Agung Dinarjito

Jurnal Akuntansi dan Keuangan Indonesia

This research aims to discuss whether the disclosure of key audit matters (KAM) increases the communicative value of the auditor’s report. It also examines factors that need to be considered related to KAM disclosure. It is carried out in connection with the issuance of the Exposure Draft of Indonesia Audit Standard (AS) 701 on ”Pengomunikasian Hal Audit Utama dalam Laporan Auditor Independen” which was adopted from the International Standard on Auditing 701. In Indonesia, no research was found yet related to this topic. By conducting a systematic literature review of the latest articles from 2012 to 2021, this study found …

The Influence Of The Ceo Popularity On Performance Of Banking Companies At The Earlier Stages Of Covid-19, Dian Kusuma Wardhani, Wiwik Supratiwi

Jurnal Akuntansi dan Keuangan Indonesia

This study aims to obtain empirical evidence about the influence of CEO popularity on banking performance at the earlier stages of the COVID-19 pandemic in Indonesia. The CEO popularity significantly improve based on their achievements in the public mass media. The study sample consisted of 108 banking companies listed on the Indonesia Stock Exchange in Q1 - Q3 2020. Panel data regression with a common influence model approach was used for analysis, while the company performance was measured using Tobin's Q. The result showed that CEO popularity in the banking sector positively affects company performance. Therefore, hiring popular CEO helps …

Enhancing Financial Literacy Among College Athletes, Lisa M. Rubin, Mindy Joseph, Sonya Lutter, Daron K. Roberts, Julian J. Jones

Journal of Athlete Development and Experience

College students, including athletes, have limited exposure to financial education prior to enrolling in college (Britt et al., 2015). Athletes juggling two full-time roles as athlete and college student have limited time for financial education and the opportunity to work. Some athletes receive athletic scholarships and some do not, but either way, many athletes must seek additional funding and student loans to pay for college. Huston’s (2010) model demonstrated connections between financial literacy, behaviors, and education to serve as a framework for our study. The purpose of this study was to determine college athletes’ subjective and objective financial literacy, how …

Predicting Financial Failure Using The Financial Indicators "An Empirical Study On The Services Sector Companies Listed On The Palestine Stock Exchange", Dr. Khaled Hasan Zubdeh

Journal of the Arab American University مجلة الجامعة العربية الامريكية للبحوث

The objective of this study was to examine the predictability of companies' failures by developing a mathematical model consisting of a set of financial ratios. In order to reach precise scientific results, the statistical analysis (SPSS) program was used and the financial data of the companies were subjected to multiple discrimination analysis for the fiscal years 2010-2017. The study was applied to the companies of the services sector listed on the Palestine Stock Exchange, that are ten companies out of 48 public companies listed on the Palestine Stock Exchange in all sectors. The researcher reached to a mathematical model consisting …

Contingency Planning Amidst A Pandemic, Natalie C. Belford

Journal of Cybersecurity Education, Research and Practice

Proper prior planning prevents pitifully poor performance: The purpose of this research is to address mitigation approaches - disaster recovery, contingency planning, and business continuity planning - and their benefits as they relate to university operations during a worldwide pandemic predicated by the novel coronavirus (COVID-19). The most relevant approach pertaining to the University’s needs and its response to the coronavirus pandemic will be determined and evaluated in detail.

الشراكة بين القطاعين العام والخاص في الإقتصاد الفلسطيني ومعوقات تطبيقها من وجهة نظر متخذي القرار في القطاع الخاص, محمد أحمد تلالوة

Journal of Al-Azhar University – Gaza (Humanities)

ملخص:

هدفت هذه الدراسة للتعرف على واقع الشراكة بين القطاعين العام والخاص في الإقتصاد الفلسطيني، والتعرف على أهم التحديات التي تقف عائقاً يحول دون وجود شراكات حقيقية بين القطاعين العام والخاص، وأهم التسهيلات والمقترحات المتاحة من أجل تعزيز الشراكة. اعتمدت الدراسة على المنهج الوصفي التحليلي لتوضيح طبيعة الشراكة بين القطاعين العام والخاص.

ولتحقيق أهداف الدراسة، تم توزيع (54) استبانة على موظفي القسم الإداري والمالي في الشركات المشاركة مع القطاع العام الفلسطيني، واستخدم البرنامج (SPSS) لمعالجة البيانات، بالإضافة إلى اختبارOne-Way Anova لكشف الفروق لكل من المتغيرات المستقلة: التحديات القانونية والتشريعية، التحديات السياسية، والتحديات المالية والإدارية.

وتوصلت الدراسة لمجموعة من النتائج كان …