Finance and Financial Management Commons^™

Determinants Of Trading Prices In State-Owned Asset And Equity Transactions: An Empirical Analysis From China, Lixiao Chen

Dissertations and Theses Collection (Open Access)

This thesis examines the determinants of pricing outcomes in state-owned asset transactions using a comprehensive dataset of 3,638 transactions from a major transitional economy. Contrary to conventional expectations, we find that fixed assets consistently receive less favorable pricing compared to equity assets, with significantly lower odds of trading above professional valuation and higher odds of trading below valuation. This pattern persists across multiple specifications and remains robust to propensity score matching approaches that address selection concerns. I further demonstrate that state-owned buyers secure significant advantages in transaction pricing, with dramatically lower odds of paying premiums over valuation or listing prices …

Research On The Structural Antecedents And Contingencies Of Fluid Team Performance, Xiaodong Zhang

Dissertations and Theses Collection (Open Access)

In response to rapidly evolving markets and the pursuit of organizational agility, fluid teams—characterized by dynamic membership and flexible structures—have become prevalent as a key organizational form for addressing complex tasks and uncertainty. However, inherent challenges such as frequent member mobility and multiple project participation pose significant management difficulties and performance risks, including project delays and cost overruns, particularly evident in China's fintech sector. While existing research has begun examining fluid teams, systematic investigation into their structural antecedents and performance mechanisms—especially their contingencies across contexts—remains limited.

The study examines structural antecedents and contingencies of fluid team performance through a mixed-methods …

The Effects Of The Covid-19 Pandemic On Transit In The San Francisco Bay Area, Richard W. Lee, David B. Reinke, Christopher E. Ferrell, Charles Rivasplata, John M. Eells, Luana Chen

Mineta Transportation Institute

This report presents the findings from our study for the California State Assembly Transportation Committee on the effects of the COVID-19 pandemic on Bay Area Transit. The study consisted of a review of the literature on the effects of the pandemic on transit in the US, a detailed look at changes in ridership and economics for Bay Area transit agencies, comparisons of Bay Area transit ridership changes to those in similar US metropolitan areas, and analysis of possible remedies to restore the financial health of Bay Area transit agencies. Bay Area transit ridership has recovered somewhat from the depths of …

Mortgage Default Classification Modeling For Variable Analysis, Brendan R. Goggins

Honors College Theses

The financial crisis of the early 2000’s is a prime example of the severe consequences that mortgage default and borrower insolvency can have on economies at large. Mortgage default specifically is a prime case with the popularization of mortgage backed securities and the commonality of this loan structure. Multiple hypotheses and models have been formed to understand the reasons, causes, and consequences of mortgage default. This paper uses both machine learning and statistical classification models to inform an understanding of the variables most significant and impactful to the default outcome of mortgages. Consideration is given to both loan-level microeconomic variables …

Kennesaw State University Student Managed Investment Fund Sector Sensitivity Analysis, John Kiersznowski, Joe Johnson, Kyler Howell, Geranger Lewis

Senior Design Project For Engineers

The Kennesaw State University Student Managed Investment Fund (SMIF) Sector Sensitivity Analysis focuses on improving the fund’s decision-making and performance through data science. The SMIF is a diversified index fund designed to outperform indices like the S&P 500. This project investigates how macroeconomic variables—such as GDP growth, inflation, interest rates, and commodity prices—impact sector performance. By structuring data, developing a sustainable data pipeline, and leveraging advanced statistical techniques and predictive modeling, our team was able to provide the framework and proof of actionable insights that enhance the fund's ability to manage risks and optimize returns.

Market Timing And Managerial Talent, Keming Li

All Faculty Scholarship (Archived)

Market timing is a well-documented phenomenon in financial markets. This paper tests whether managers with heterogeneous talents and qualities affect capital issuance timing differently. I find that skilled managers raise more capital (especially equity) when the market is overpriced, compared to unskilled managers. However, capable managers are less willing to issue equity when firms have high growth potential and are reluctant to share their future success with newcomers. Additionally, I found no significant effect of managerial ability on the relationship between market misvaluation and subsequent corporate investment. Overall, consistent with the market timing hypothesis, the results suggest that talented managers …

Winner’S Curse On Malaysian Ipos: Does The Phenomenon Still Exist?, Norliza Che Yahya, Rasidah Mohd Rashida, An Le Thuy Ngoc, Ayesha Anwar

The Indonesian Capital Market Review

This study examines the winner’s curse phenomenon through Amihud and Yong’s winner’s curse measurements. Amihud’s allocation rate (ALLOCTJ) is the natural log of the reciprocal of investor demand or oversubscription ratio while Yong’s institutional investor participation is gauged based on a type of IPOs which is issued via private placement (DPRIVATE). Using data set from 560 initial public offerings (IPOs) issued from January 2000 until December 2022 for listing on Bursa Malaysia, the results of the cross-sectional multiple regression analyses show that ALLOCTJ and DPRIVATE are consistently significantly negative in influencing initial returns of the IPOs. The former relationship indicates …

House Divided: Executive Political Heterogeneity And Corporate Social Responsibility, Yongdong Wang, Ahmed M. Elnahas

Finance Faculty Publications

Empirical research in financial economics has been focused on studying the impact of CEO characteristics on corporate decision-making and performance. This practice overlooks the leadership and organizational research which postulates that for a senior leader to make a strategic change, managers at subordinate levels must support and reinforce such change. We investigate the effect of the top management team (TMT) political heterogeneity on the CEO’s ability to implant her/his ideology onto the firm’s CSR policies. We present evidence that a CEO’s ideology can shape CSR policies only in the existence of a politically homogeneous TMT. This result is robust to …

Socially Responsible Investing: The Role Of Investors' Demographics And Educational Background Towards Investments, Amy Maalouf

Honors Projects in Finance

Socially responsible investing is a crucial strategy to adopt as it fosters positive outcomes for the environment and society. Sustainability is gaining traction in society because investors are creating a beneficial impact in the community. They accomplish this by focusing on factors that involve environmental sustainability, diversity, and human rights. This study employs a survey approach to obtain both quantitative and qualitative data about the educational background and demographics of investors in the stock market. The empirical analysis will incorporate a multivariate regression that attempts to measure the impact of various demographics on one's "socially responsible investing score." A regression …

Agile And Lean Integration Effects In Financial Services Organizations, Ananya Sharma

Harrisburg University Dissertations and Theses

The financial services industry, predominantly in large investment banks, faces mounting pressure to improve operational efficiency, simplify communication channel, and meet rigorous regulatory requirements in a constantly changing market environment. This research assesses the incorporation of Agile and Lean practices within the financial services sector, particularly concentrating on their effect on front-office functions, such as sales and investment banking, and control operations like risk and compliance. The study investigates how Agile and Lean processes foster innovation, decrease inefficiencies, and promote partnership between front-office teams and control functions. By examining case studies from leading organizations such as Goldman Sachs, JP Morgan, …

Agile Effects On Risk Management In The Financial Industry, Harasees Kaur

Harrisburg University Dissertations and Theses

The study investigates the ways in which agile practices are combined with traditional risk management frameworks within financial services institutions to achieve digital transformation, regulatory compliance, and stakeholder management. Three research questions drive the study: the ways in which financial institutions are adopting agile practices without undermining compliance, the challenges they face in adopting agile practices, and the mechanisms that enable alignment between agile values and risk governance. Grounded in stakeholder theory and agile transformation models, this study used open questionnaires to gather qualitative data from financial services professionals. Thematic analysis revealed a trend towards hybrid governance solutions that insource …

The Use Of Stress Testing In Evaluating Systemic Risk: Lessons From The Global Financial Crisis, Katherine Laws

Honors Theses

This paper examines the role of stress testing as a crucial tool for assessing systemic risk in the financial system, particularly in the aftermath of the global financial crisis. The global financial crisis, which unfolded between 2007 and 2009, exposed significant vulnerabilities within financial institutions and highlighted the inadequacies of existing risk management frameworks. In response, regulators and financial institutions increasingly turned to stress testing to evaluate the resilience of financial systems against economic shocks.

The paper will begin by defining systemic risk and the importance of effective risk assessment strategies. The paper will outline how stress testing can simulate …

The Financial Implications Of Medical Education: An Roi Analysis Of School Type, Specialty, And Training Location, Hunter Ryan Cohn, Chase Moscovic, Alexis Kralovich, Simran Qureshi, Manoj Kulchania

Medical Student Research Symposium

The Financial Implications of Medical Education: An ROI Analysis of School Type, Specialty, and Training Location

Introduction

The financial burden of medical education profoundly influences career trajectories and long-term financial outcomes for physicians. This study examined the impact of medical school costs (comparing an in-state public and private medical school), specialty selection (focusing on Pediatrics, OB/GYN, and Orthopedic Surgery), and geographic factors on physicians' financial returns. Further, this study considered loan repayment strategies and their effects on career return on investment (ROI), offering insights into financial decision-making for future medical graduates.

Methods

Data on medical school costs, including tuition and …

Data-Driven Default Prediction: Insights From Lending Club, Shumaila Gilani, Viktoria Kleer Kliimand

SPARK Symposium Presentations

Peer-to-peer (P2P) lending has transformed consumer credit markets by providing an alternative to traditional banking institutions. LendingClub, a pioneer in this space, facilitates lending between individual investors and borrowers through a data-driven risk assessment model. Our research aims to enhance loan default prediction by developing a more precise classification model based on LendingClub’s historical loan data, ultimately improving risk assessment for investors.

Utilizing a dataset of approximately 650,000 loans from 2007 to 2015, we construct a predictive model to classify loan default risk. Our approach focuses on key financial indicators, including interest rates, borrower grades, debt-to-income ratio, and delinquency history, …

Regression: Skill For Salary, Lani Berg

Undergraduate Research Conference

No abstract provided.

Debt Analysis And Evaluation, Anh Nguyen

Undergraduate Research Conference

Abstract: The household debt dynamics in the United States have been influenced by some socio-demographic factors. This study examines the socio-demographic factors by using a dataset of 15,000 households from the 2019 Survey of Consumer Finances. The research analyzes determinants including age, education, marital status, college level, race, kids, job, rent, knowledge, willingness to take financial risks, financial literacy, and the total value of a checking account.

The Ethics Of Ai In Wealth Management, Vivian Bivens, Kailey Fischer

Undergraduate Research Conference

This paper examines the ethical implications of AI in wealth management by analyzing regulations from international and national securities bodies and evaluating how firms implement AI responsibly. While current regulations are not perfect, they generally promote ethical AI use, and firms are actively working to reduce biases and enhance data security.

Lessons Learned: Fabrizio López-Gallo, Mercedes Cardona

Journal of Financial Crises

Fabrizio López-Gallo served as the Bank of Mexico’s director general of financial stability during the COVID-19 pandemic, having been financial sector specialist and risk analysis and special projects manager for the central bank during the 2007–09 Global Financial Crisis (GFC). The Mexican government declared a health emergency at the outbreak of the pandemic and implemented a general economic shutdown. The Bank of Mexico intervened by cutting rates and initiating extraordinary measures, such as adding bond swaps and loosening rules for minimum deposits at commercial banks to provide liquidity. It gave flexibility to commercial banks to grant forbearance on mortgage payments …

Lessons Learned: Cecilia Skingsley, Maryann Haggerty

Journal of Financial Crises

During the Swedish banking crisis of the early 1990s, Cecilia Skingsley was the press secretary for the Ministry of Finance. She held various roles, including chief economist, at Swedbank, one of Sweden’s largest banks, from 2007 to 2013, a period that included the Global Financial Crisis (GFC) and European Sovereign Debt Crisis. Swedbank suffered heavy losses amid the GFC and relied on a government guarantee program for support. In 2013, she became a deputy governor of Sveriges Riksbank, Sweden’s central bank; in 2019, she became first deputy governor. Skingsley left the Riksbank in September 2022 to become head of the …

Lessons Learned: Philip Lane, Mary Anne Chute Lynch, Rosalind Z. Wiggins

Journal of Financial Crises

Philip Lane served as governor of the Central Bank of Ireland from 2015 to 2019. He introduced countercyclical capital and systemic buffer tools and initiated research into the role and risks of cross-border inflows across Ireland. As a member of the Governing Council of the European Central Bank (ECB) since 2015, Lane has advocated for the European Union to adopt macroprudential policies and tools. He hailed the work of the European Systemic Risk Board and similar institutions established after the Global Financial Crisis (GFC) and the European Sovereign Debt Crisis to share data, information concerning risks, and concerns over financial …

Lessons Learned: J. Christopher Flowers, Mary Anne Chute Lynch

Journal of Financial Crises

J. Christopher Flowers has been managing director, CEO, and chairman of the private investment firm J.C. Flowers & Co. LLC for many years. During the Global Financial Crisis (GFC) of 2007–2009, Flowers was involved with investing in some of the largest banks and financial institutions in the world and advising and consulting with them on possible acquisitions, mergers, and sales as several of these firms began to collapse. In the fall of 2008, Flowers worked closely with the Bank of America (BofA) on proposals to acquire Lehman Brothers and Merrill Lynch, and he developed a plan for private investors to …

Lessons Learned: Giorgio Gobbi, Mercedes Cardona

Journal of Financial Crises

Giorgio Gobbi joined the Economic Research Department of the Bank of Italy in 1990 and was assigned to carry out analysis and research on the banking industry. From 1998 to 2004, he headed the department’s Financial Intermediaries Office and represented the bank at the International Monetary Fund, the Bank of International Settlements, and the European Central Bank. Starting in 2007, Gobbi headed the Financial Structure and Intermediaries Division within the bank’s Structural Economic Analysis Department. He was appointed deputy head of the Financial Stability Unit in 2013 and became head of the Financial Stability Directorate in 2014.

Eliminating Discount Window Stigma: What Can We Learn From Abroad?, Susan Mclaughlin

Journal of Financial Crises

This article picks up from an earlier Journal of Financial Crisis policy note on discount window design to see how the experiences of other central banks can inform work to redesign the discount window to reduce stigma. As explained in that article, banks’ reluctance to use the discount window is problematic for financial stability as it constrains the Fed’s ability to use its liquidity provision tools to stem runs and mitigate contagion in times of stress. The stigma associated with discount window borrowing in the United States is well documented and is a multifaceted phenomenon.

Lessons Learned: Jesper Berg, Maryann Haggerty

Journal of Financial Crises

The career of Jesper Berg, a Danish economist, has spanned multiple financial crises. He held positions with the Danish central bank, Danmarks Nationalbank, from 2004 to 2010, first as head of market operations and later as head of financial stability. He had served as head of the capital markets and financial structure division at the European Central Bank from 2000 to 2004, and earlier he was an economist at the International Monetary Fund’s Exchange and Trade Relations Department. This Lessons Learned summary is based on an interview with Berg in December 2022, when he was director general of the Danish …

Liquidity Facilities Provided To Banks During The Dominican Republic Financial Crisis Of 2003, Marco Porfirio Martínez

Journal of Financial Crises

As part of an agreement with the International Monetary Fund (IMF), the Central Bank of the Dominican Republic (CBDR) released a comprehensive document providing an overview of the origins and handling of the 2003 financial crisis. This Archive Note builds on the highlights of that document by discussing primary factors that led to problems within Banco Intercontinental (Baninter), the bank that triggered the crisis; detailing measures the CBDR implemented to mitigate the situation; and addressing the consequences for two other major banks, Banco Mercantil and Bancrédito.

United States: Lehman Brothers Broker-Dealer Emergency Liquidity Program, 2008, Ayodeji George, Steven Kelly

Journal of Financial Crises

On Sunday, September 14, 2008, a deal to sell the United States investment bank Lehman Brothers Holdings Inc. (LBHI) to United Kingdom–based Barclays fell apart. US authorities informed LBHI that, given the lack of rescue funds, it would need to file for bankruptcy before Monday morning to avoid additional chaos for the firm and markets. However, authorities understood Barclays was still interested in buying Lehman’s broker-dealer subsidiary, Lehman Brothers Inc. (LBI). Federal Reserve and Treasury officials were concerned about the impact that the sudden failure of LBI could have on financial markets. LBI had $87 billion in secured overnight repurchase …

United States: First Republic Bank Emergency Liquidity Program, 2023, Salil Gupta, Jack French, Steven Kelly

Journal of Financial Crises

First Republic Bank, a California-based institution with $212.6 billion in assets, lost $25 billion in deposits on Friday, March 10, 2023, following the closing of Silicon Valley Bank that morning. On Sunday, March 12, First Republic announced that it had access to $70 billion in unused liquidity owing to its borrowing capacity at the Federal Reserve, the Federal Home Loan Bank System, and JPMorgan Chase (JPMC). But First Republic’s depositors withdrew a further $40 billion of deposits on Monday, March 13. First Republic’s borrowings from the Federal Reserve rose as high as $109 billion between Friday, March 10, and Wednesday, …

United States: Citigroup Emergency Liquidity Program, 2008, Vincient Arnold

Journal of Financial Crises

By November 21, 2008, against the backdrop of heavy losses during the Global Financial Crisis, Citigroup counterparties were substantially pulling back from the firm. On November 23, the US Department of the Treasury, Federal Deposit Insurance Corporation (FDIC), and Federal Reserve announced a support package for Citi composed of a capital injection and a loss-sharing arrangement on $300.8 billion of assets. Under the Asset Guarantee Program (AGP), Citi would absorb the first $39.5 billion in losses on a mutually agreed upon pool of risky assets; the Treasury and FDIC provided $15 billion in loss protection after that, combined with Citi’s …

United States: Bear Stearns Emergency Liquidity Assistance, 2008, Vincient Arnold

Journal of Financial Crises

On Thursday, March 13, 2008, the US investment bank Bear Stearns Companies approached the Federal Reserve Bank of New York (FRBNY), saying it expected many of its repurchase agreement (repo) counterparties would not “roll,” or renew, their repo agreements the next day. As a result, the firm would be obligated to repay many of its repo liabilities. Without an emergency loan, Bear would be forced to file for bankruptcy on Friday morning, March 14. Before the market opened on Friday, the FRBNY made an overnight loan for $12.9 billion through JPMorgan Chase Bank (JPMC) on a nonrecourse basis, which on-lent …

United Kingdom: Northern Rock Emergency Liquidity Program, 2007, Bailey Decker, Jack French, Eming Shyu

Journal of Financial Crises

Northern Rock plc was a bank in the United Kingdom (UK) that experienced rapid growth from 1998 to 2007. The bank was a large issuer of UK residential mortgage-backed securities. Its funding was primarily wholesale as its retail deposit growth had not kept up with its asset growth. By August 2007, Northern Rock’s credit default swap spreads were widening and its share price falling as conditions deteriorated in the markets on which it relied for short-term funding. To meet the bank’s substantial liquidity needs, the Bank of England (BoE) announced on September 14, 2007, that it would extend an emergency …