Finance and Financial Management Commons^™

Full Call Auction And Market Liquidity: Lessons From Idx, Columbanus Teto, Zaäfri Ananto Husodo

Jurnal Akuntansi dan Keuangan Indonesia

Background: This study investigates the impact of the Full Call Auction mechanism implemented by the Indonesia Stock Exchange in 2024 on stocks listed under the Special Monitoring Board. The research aims to evaluate how the FCA affects market liquidity, particularly bid-ask spreads and trading volume, within the financial sector stocks. Methods: Employing a heterogeneous Difference-in-Differences approach, the analysis compares stock-level liquidity indicators before and after the FCA implementation. Findings: While overall treatment effects appear statistically insignificant, subgroup analysis reveals that stocks with longer exposure to the FCA exhibit significantly wider bid-ask spread and persistent reductions in trading volume. These findings …

Decision Framework For Enhancing The Adoption Of Alternative Infrastructure Funding Models In Ghana, Samuel Kojo Aidoo, Patricia Lindelwa Makoni

CSID Journal of Infrastructure Development

This paper examines the socio-economic and infrastructure conditions that determine Ghana’s readiness to adopt alternative infrastructure funding models (AIFMs) for sustainable road development. The objective of the study is to identify the macroeconomic and sectoral drivers of AIFMs’ adoption and to develop policy frameworks for the sustainable financing of infrastructure within Ghana’s context. Ordinary Least Squares (OLS) regression analysis is applied to annual data from 2003 to 2023 to examine the relationship between macroeconomic and infrastructure indicators and economic growth , which is used as a proxy for the viability of AIFMs. The results show that employment growth, educational attainment, …

Digital Zakat And Islamic Fintech: A Bibliometric Analysis Of Global Research Trends And Collaboration Networks (2012–2025), Muhamad Dupi, Fauziyah Adzimatinur

Journal Of Middle East and Islamic Studies

This paper examines global research trends, collaborative networks, and prevailing themes in digital zakat and Islamic fintech studies published from 2012 to 2025. We retrieved a total of 194 Scopus-indexed publications using bibliometric methods on September 23, 2025, and analyzed them using VOSviewer version 1.6.20. The analysis set a minimum occurrence threshold of 5 for keywords and a minimum citation threshold of 10 for documents. The results indicate that the number of publications has been steadily rising since 2017, with the most in 2023 (42 documents). Malaysia, Indonesia, and Nigeria were the top contributors, and INCEIF University and the International …

QawāʿId Al-Fiqh On Government Energy Subsidies: Controlling Inflation Amid Economic Recovery, Nuzulul Firdaus, Nur Fatwa

Journal Of Middle East and Islamic Studies

The war between Russia and Ukraine significantly affected world life, one of which was the increase in world oil energy prices. Indonesia, in this case, which still imports a lot of energy, is also affected. The government needs to implement policies to face these global challenges, one of which is to provide subsidies for energy so that state budget funds can assist people's purchasing power for energy because if not, this will lead to an increase in the prices of goods and services so that there will be inflation. Still, on the other hand, Indonesia is also carrying out a …

Research Advances On Foreign Portfolio Investments: A Bibliometric And Thematic Analysis, Ritu Sapra, Dixit Yadav, Kamal Upreti, Nishant Kumar, Rituraj Jain, Akhilesh Tiwari

Markets, Globalization & Development Review

Foreign portfolio investments have been at the center of research in the finance, economics, and international business domains since the early 1990s when developing economies started to relax their capital account and allowed the entry of foreign investments. Over the years, various macroeconomic (country-specific and global), firm-specific, and quality factors have been studied as determinants in relation to these flows, Still, there is no consensus regarding which factor influences more than the others. This paper uses bibliometric analysis to understand the existing literature to build a solid conceptual base in this research topic. For this study, bibliometric data of 731 …

The Impact Of Increasing News Intensity And Number Of Investors On The Relationship Between News Sentiment And Price Movement In The Developing Country: Indonesian Evidence, Zaäfri Ananto Husodo, Muhamad Nagib Alatas

Bulletin of Monetary Economics and Banking

This study examines how news intensity and investor numbers affect the link between news sentiment and equity price movements in Indonesia, using the LQ45 Index. Applying methods such as correlation analysis, CAPM, VAR, Granger causality tests, and rolling correlations, we find that higher news intensity and investor participation strengthen the connection between news sentiment and stock returns while also increasing volatility. The findings suggest that incorporating news sentiment analysis can improve market stability and investment decisions in developing economies.

How To Trade Memecoins, Antoine Testaud De Marchain

Student Scholar Symposium

This poster presentation aims to introduce high school and college students to the world of cryptocurrencies, with a focus on memecoins and how to trade them.

The poster will be divided into three key sections:

1: What are Cryptocurrencies?

-What is cryptocurrency, and how does it work?

-Centralized vs Decentralized exchanges.

-A little bit about the blockchain technology and its networks.

2: What are memecoins?

-Definition and unique characteristics of memecoins.

-Why memecoins have gained popularity.

-The role of social media and online communities in driving trends.

3: How to trade Memecoins (Core of the poster)

-Step-by-step guide to setting …

The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein

Honors Thesis

This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

Multiple Application Models For Monte Carlo Analysis In Excel, Tom Arnold, Deniz Besik, Xia (Summer) Liu, Nancy Tran

Finance Faculty Publications

Monte Carlo simulation techniques are performed in Excel with multiple applications for option pricing: a single Geometric Brownian motion (GBM) process, a GBM process with volatility bootstrapping, and two correlated GBM processes.  This leads to the creation of a “generic” Monte Carlo simulation framework that can be applied to many different models in addition to the demonstrated commercial real estate valuation/transaction model.   Because the models are all programmed in Excel with minimal VBA programming, the techniques become very accessible for practitioners.

KEY TAKEAWAYS:

Various Monte Carlo simulation techniques are implemented in Excel to perform option pricing applications with (1) a …

Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski

Journal of Banking and Financial Economics

The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering …

Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble

Honors College Theses

This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …

Exploring The Struggles Of Minorities In Low-Income Communities With Affording And Financing Housing In San Antonio, Daniel Maes

Honors Program Theses and Research Projects

Affordability of housing has emerged as a major socio-economic issue in San Antonio, Texas,

especially among minority groups and other low-income groups. This thesis provides an analysis of the underlying factors that lead to housing unaffordability and the systemic factors that deny

these groups of people a chance to live in stable and affordable houses. This paper combines both primary survey data of local residents and secondary governmental and academic data, which

allows identifying the intersection of income differences, increased property prices,

gentrification, and the lack of affordable housing to worsen the affordability crisis. The

evaluation of the perception of …

The Elements Necessary For A Successful Startup, Ciaran Mcgurran

Faculty Curated Undergraduate Works

This paper seeks to uncover what really goes into a startup company to get it off the ground, keep it afloat and growing, and mitigate competition through a case study focus on a software-aided investment-strategy building company. Through an interview of the founder and CEO of the case company as well as first-hand experience working in the company, this paper will seek to gain an understanding of the necessary elements and planning that must go into a startup company for it to have success. Additional online texts also provide supplementary general information on startups and how the planning process is …

Beyond Compliance: Rethinking Ethical Accounting Through Ai And Esg, Rafael L. Portillo

Honors Program Theses and Research Projects

With the increasing adoption of these modern technologies in world markets while maintaining these ethical principles, there is an increasing need for alignment between technology development and ethical responsibility. For instance, in the world of accounting, there is an increasing demand to maintain alignment between technology development and ethics. It is for this reason that these researchers have chosen to explore the link between Artificial Intelligence, ESG, and financial reporting ethics.

The goal of this study is to look at new concerns and moral risks that appear when ESG expectations, AI systems, and accounting practices interact. Earlier research usually studies …

Evaluating Kansai Airport's Ppp: Grounded Ambitions, Concession Of Financial, Geotechnical, And Climate Risk, Edmund Cho, Dimitrios V. Siskos

International Journal of Aviation, Aeronautics, and Aerospace

This study critically examines the Kansai Airports Group’s 44-year Public-Private Partnership (PPP) monopoly-type concession encompassing Kansai International (KIX), Osaka Itami (ITM), and Kobe (UKB) airports. The research uses financial analysis, Monte Carlo simulation, and NPV-at-risk modeling to evaluate how Japan’s fixed-term private monopoly model allocates financial, operational, and environmental risks. In 2015, there were significant developments in the promotion of the Private Finance Initiative (PFI) Act. It was revised in 2015; as a result, it finds that the underestimated long-term maintenance liabilities, especially Kansai airport (KIX) foundation subsidence, and lacked flexibility to manage exogenous shocks like COVID-19 and Typhoon Jebi. …

Grand Theft Identity: The Privacy Costs Of Digitalization, Kenny Phua, Chishen Wei, Gloria Yang Yu

Sim Kee Boon Institute for Financial Economics

We study whether greater digital engagement increases the risk of identity theft by exploiting bank branch closures as a shock that shifts economic activity online. Using a quasi-natural experiment, we find causal evidence that branch closures increase identity theft, particularly in more vulnerable communities. Exposed consumers spend more time on mobile apps and shift their expenditures from offline to online channels. Adversarial activities associated with identity theft, such as unwanted calls and phishing attempts, increase after branch closures. Overall, our evidence suggests that digitalization offers consumer benefits, but also imposes hidden privacy costs.

The Power Of Core Memories In Financial Education For Gen Alpha Children, Karen Richel

Journal of Human Sciences and Extension

Financial education plays a critical role in shaping lifelong financial behaviors and decision-making skills. To create a lasting impact, it is essential to establish core memories associated with money management from an early age. This article explores the significance of these foundational experiences and their role in financial education for Gen Alpha children.

A series of eight immersive financial education events was developed to meet state and national standards for students in pre-kindergarten through sixth grade. These events employ play-based and object-based learning approaches, immersing students in engaging, age-appropriate activities that incorporate real-world scenarios. By creating a fun and memorable …

Does Digital Finance Foster Corporate Innovation? Evidence From China, Ning Gu, Ye Wang, Yu Liu, Chengbo Fu

Finance Faculty Publications

This study examines how digital finance foster corporate innovation. Unlike prior research focused on statistical associations, we investigate the underlying economic mechanisms driving that relationship. Using panel data of Chinese listed firms from 2013–2023, we show that digital finance stimulates corporate innovation through two primary channels. On the supply side, digital finance supports innovation by optimizing resource allocation, improving risk management, and providing high-quality information. On the demand side, digital finance stimulates the innovation needs of enterprises by improving their dynamic capabilities. Moreover, a favorable governance environment further amplifies these effects. Heterogeneity analysis reveals stronger impacts for large firms, firms …

Equity Fund Monthly Report, December 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Trust And Fintech: A Review And Research Agenda, James F. Devlin, Sanjit K. Roy, Harjit Sekhon, S. M.A. Moin, Mehmet Sahiner

Research outputs 2022 to 2026

The primary objective of this paper is to formulate a detailed research agenda focussed on trust in the context of FinTech. To achieve this objective, conceptualisations of trust and related constructs are reviewed, and a detailed model of trust is developed. The domain of FinTech is then introduced and is taken to include current and emerging innovations in financial services incorporating aspects of big data and AI, as well as open and decentralised finance and crypto assets. Typologies of FinTech services are also explored. Arguments concerning the importance of trust in financial services are then reviewed, along with prior studies …

Integrating Data Analytics: Exploring The Best Methods To Evaluate Players’ Performance To Help Gain A Competitive Advantage On The Football Field, Tanner F. Fountain

Finance Undergraduate Honors Theses

To succeed in the world of sports, leaders need to uncover and utilize any advantage possible in order to gain a competitive advantage over their competition. I discuss how leaders of a sports organization, specifically within the Arkansas Razorback football program, implement the use of analytics on and off the field, as well as how they use their data to create visuals, find potential strengths and weakness, and ultimately help them be more prepared for gameday. Using my personal experience as a Student Analyst for the Razorbacks, along with supplementary information, I share the latest tactics and the strategies for …

Industry Return Predictability Using Health Policy Uncertainty, Thach Pham, Deepa Bannigidadmath, Robert Powell

Research outputs 2022 to 2026

This paper examines how a change in health policy uncertainty affects US industry returns using monthly data from January 1985 to September 2020. We employ in-sample and out-of-sample analyses, and we find evidence that 25 out of 49 considered industries are predictable during the health crisis periods, including severe acute respiratory syndrome and the ongoing coronavirus pandemic. The out-of-sample tests corroborate the evidence for the in-sample predictability. Furthermore, using a mean–variance utility function-based trading strategy, we observe that investors can use this simple tool for their trading strategies and make profits from 2.99 to 11.44% per annum. Our findings are …

How Perceived Political Uncertainty Affects Markets: An Investment Analyst’S Reflection, Avery W. Jacobs

Finance Undergraduate Honors Theses

This paper explores the relationship between political uncertainty and financial market behavior, offering reflections based on personal experience as an Investment Analyst at an RIA. It discusses key events and highlights how market perceptions can dramatically influence financial markets. It highlights how an organization can overcome challenges and serve clients in uncertain times.

The Discouraged Borrower: How Stereotype Threat Blocks Capital Access For Urm Entrepreneurs, Mauricio Mercado

The Lender Center for Social Justice

Entrepreneurship thrives on access to capital, yet many underrepresented racial minority (URM) founders find themselves discouraged from even applying for loans. This is not simply due to past denials or lack of financial literacy, it is a response to the psychological burden of stereotype threat. Our research shows that the fear of confirming negative stereotypes shifts entrepreneurs into a prevention mindset, leading them to avoid opportunities for growth in order to minimize the risk of rejection. This dynamic makes Black entrepreneurs nearly three times more likely, and Latino entrepreneurs five times more likely, to self-select out of the loan application …

Debt In The Real World, Edward J. Janger

Brooklyn Journal of Corporate, Financial & Commercial Law

No abstract provided.

A Transaction Cost Perspective On Option Anomalies, James O'Donovan, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

We examine the impact of transaction costs on the profitability of long-short portfolios of delta-hedged option returns. Of the 24 portfolio sort variables studied, 17 generate positive and significant gross returns, but none remain profitable after accounting for trading costs. We propose a cost-mitigation approach that restores profitability to 7 key portfolios. Furthermore, we demonstrate that the choice of delta-hedging frequency has a first-order impact on transaction costs. Our findings underscore the central role of implementation costs in shaping the investment opportunity set in equity–option markets, highlighting the need to account for transaction costs when evaluating option-based strategies.

A Study On The Impact Of Ceos’ Financial And Technical Backgrounds On The Innovation Strategy Of The Enterprise, Jianyu Cheng

Dissertations and Theses Collection (Open Access)

Amid regional economic integration and market competition, innovation has become a key driver for enterprises to gain competitive advantages and ensure sustainable development. As primary decision-makers in corporate strategy and resource allocation, chief executive officers (CEOs) impact the selection and implementation of innovation strategies through their financial and technical backgrounds, which influence their strategic cognition and risk preferences, leading to heterogeneous innovation behaviors. While existing research has examined the relationship between CEOs and corporate innovation, studies have inadequately explored CEOs’ diverse background characteristics, particularly the interaction between financial and technical backgrounds. Given the rising trend of CFOs and CTOs advancing …

The Impact Of Value Co-Creation On Organizational Resilience In Small And Medium-Sized Traditional Foreign Trade Enterprises, Dan Yan

Dissertations and Theses Collection (Open Access)

Against the backdrop of increasing uncertainty in the global business environment, international scholarly attention to individual, group, and organizational resilience has risen significantly. Chinese export trading enterprises—especially small and medium-sized export trading enterprises(SMETEs)—face disadvantages such as small scale, weak financing capacity, limited access to information, and low brand strength. After experiencing shocks from digital transformation, the COVID-19 pandemic, the Russia–Ukraine war, and the European energy crisis, these firms have been compelled to reconsider how to enhance their organizational resilience in order to adapt to an increasingly turbulent external environment.

First, this study selects Company H as a representative case of …

A Capstone Review: Strategic Solutions For A Small Macrame Business, Jenna Sarieddine

University Honors Theses

This essay presents an overview of the Business Capstone project, focusing on a macramé business currently facing a $10,000 debt due to limited marketing and financial management skills. The purpose of the project is to support the business in developing an effective elevator pitch, improving its social media presence, strengthening its financial statements, and enhancing both personal and business financial practices. The essay explores the company's strengths, weaknesses, opportunities, and threats, as well as the team's collaborative approach to addressing these challenges. It outlines the goals established for the company, the strategies selected based on our academic backgrounds and business …