Finance and Financial Management Commons^™

From Poolside To Profit Margins: A Deep Dive Into Playa Hotels & Resorts, Elisabeth Zygmunt, Hai Tran

Honors Thesis

From a consumer perspective, all-inclusive leisure travel requires few worries coupled with plenty of enjoyment and relaxation. However, from a managerial perspective, there are countless operations to run to ensure a positive guest experience. Playa Hotels & Resorts (NASDAQ: PLYA) is a leader in all-inclusive resorts in vacation destinations worldwide. Compared to some of the biggest names and players in the industry, Playa has a relatively small market cap of $1.49B. To maintain its growth trajectory, Playa must capitalize on the increasing popularity of all-inclusive models and consumer health concerns, along with continuing to expand its portfolio through collaborations with …

Estimating Climate Risk In Financial Markets, Olanrewaju Oluwadamilare Olaniyan

Masters Theses

The growing impact of climate change on financial markets necessitates a rigorous approach to climate risk assessment. This thesis examines methods for quantifying climate-related financial risks, with a focus on distinguishing climate risk from broader market movements (represented by S&P 500). Using a factor model, we isolate climate risk factors to better understand sector-specific volatility. The insurance sector is used as a proxy for climate risk exposure, given its sensitivity to climate-related losses and regulatory changes. We apply Extreme Value Theory (EVT); the Block Maxima Method and the Peaks Over Threshold Method, to identify excess risk patterns in financial portfolios. …

How Does Digital Finance Affect Imports, Exports And Trade Balance: Evidence From China, Hongya Li, Xiaobin Lin, Zhaoyong Zhang

Research outputs 2022 to 2026

This paper investigates how digital inclusive finance affects imports and exports as well as foreign trade balance by incorporating the mediating effect of technological innovation and the moderating effect of identified factors. Using panel data from 31 provinces and regions in China, we find robust evidence that digital inclusive finance has a significant and positive effect on China's trade performance, with technological innovation being the important mediator and marketization, industrial structure transformation and upgrading, economic development and financial regulation as the effective moderators. Such effect is found more striking for the central and western regions, confirming the presence of regional …

Analyzing Stability Of Estimates At Completion For Long Duration Development Efforts, Bradley Vuu, Jonathan D. Ritschel, Brandon M. Lucas, Edward D. White

Faculty Publications

Defense program managers utilize Earned Value Management (EVM) methodologies to measure, report, and predict the cost and schedule performance of their programs. Previous research conducted by Christensen (1996) and Kim et al. (2019) has shown varied results in the stability of EVM Estimates at Completion (EACs). Stability is defined as a 10% or less deviation from the final EAC at a specified percent completion point of the program. The Christensen (1996) and Kim et al. (2019) studies also noted that program-specific factors, such as phase, can impact the accuracy of EVM metrics. This study builds upon those works by assessing …

Internal Control And Urban Investment Bond Issuance, Feixiong Zhu

Dissertations and Theses Collection (Open Access)

With the rapid growth of China's economy, the financing needs of local governments are increasing, and municipal investment bonds, as animportant financing tool for local governments, play a pivotal role in the capital market. However, the rapid development of the municipal investment bond market has also brought about problems such as inadequate informationdisclosure and accumulation of market risks, which has aroused widespreadconcern about potential financial risks. Against this background, the state has strengthened the regulation of municipal bonds, emphasized the importance of compliance management, and introduced a series of policies and measures toimprove the transparency and standardization of the market. …

The Impact Of Eva Performance Evaluation System On Market Value Management Of State-Owned Listed Companies, Xiaohua Cai

Dissertations and Theses Collection (Open Access)

Against the backdrop of intensifying global economic competition and the deepening reform of state-owned enterprises (SOEs), improving the operational efficiency of central state-owned enterprises has become a core issue in China’s pursuit of high-quality economic development. Meanwhile, as market-oriented reforms advance and capital markets open further in both directions, central state-owned enterprises’ market value management has increasingly emerged as a pivotal mechanism connecting national strategies with market value, necessitating the establishment of an institutional framework that balances value creation and value realization. In 2009, the State-owned Assets Supervision and Administration Commission of the State Council introduced the Economic Value Added …

Behind The Curtain: The Influence Of Tourism And Production Costs On Broadway Success, João Branco Chaves

Student Publications

Broadway’s success is closely tied to the fluctuating dynamics of tourism and the rising costs of production. This paper explores how the growth in NYC tourism impacts Broadway’s profitability and the challenges producers face as production costs (lumber and cotton) continue to soar. Through an analysis of various sources, this study highlights the key role tourism plays in sustaining Broadway’s revenue and the vulnerabilities created by its unpredictability. It also examines the increasing financial burden of mounting Broadway productions, exploring how producers are adapting to stay financially viable. The paper identifies key strategies for managing these challenges, including innovative cost …

Research On The Impact Investment Evaluation System For Photovoltaic Power Generation Projects, Shumeng Tong

Dissertations and Theses Collection (Open Access)

This study aims to put forward a more comprehensive and scientific impact of photovoltaic power generation project investment evaluation system, in order to make up for the inadequacy of existing research, for photovoltaic power generation project investment decision-making to provide a more powerful support. The conclusions and contributions of this study are as follows.

（1）Build impact of photovoltaic power generation project investment evaluation system, can comprehensively reflect more interests related subject of value, makes up for the traditional investment evaluation tend to focus on economic benefit analysis of the defects.

（2）The impact investment evaluation system of this study highlights the …

Essays On Empirical Asset Pricing, Qi Fan

Dissertations and Theses Collection (Open Access)

My dissertation consists of three studies on how investor behavior affects the outcomes in financial markets. The first study focuses on the investors’ limited capacity on processing the complicated information transmitted through interconnected firms. The other two studies explore the investor heterogeneity on preferred time of trading, due to their personal traits or irrational judgements on the market conditions.

In Chapter 2, I focus on the return predictability across economically linked firms, due to investor limited attention. I document significant outperformance of stocks whose industry peers currently experience salient (attention-grabbing) gains, especially for those with strong social ties. The long-short …

Competency Of Sales Employees In Knowledge-Intensive Industries An Empirical Study Based On The Pharmaceutical Industry, Yue Zhang

Dissertations and Theses Collection (Open Access)

With the rapid development of modern technology, the pharmaceutical industry is undergoing a period of unprecedented change. On the one hand, global population growth, aging, and the continued increase in people's healthconcerns have led to an ever-expanding demand for the pharmaceutical market. On the other hand, a large amount of capital is pouring into the pharmaceutical field, prompting the emergence of new pharmaceutical enterprises, and the competition in the market is becoming increasingly heated. Against this backdrop, the replacement of pharmaceutical products has acceleratedsignificantly, with new therapeutic methods, pharmaceutical dosage forms andinnovative drugs being introduced to the market. At the …

Corporate Environmental (Ir)Responsibility Of Chinese Construction Companies, Bin Zhang

Dissertations and Theses Collection (Open Access)

Grounded in a multi-stakeholder perspective, this study delves into the impact of Corporate Environmental Responsibility (CER) on the performance of firms in the Chinese construction industry. Utilizing a panel dataset of listed companies in the Chinese construction sector from 2008 to 2023, the research conducts empirical analysis by incorporating key stakeholder relationship indicators (customer concentration, government support, and bank loan costs) while controlling for firm characteristics, aiming to assess the effect of corporate environmental information disclosure on financial performance. The findings reveal that CER significantly positively affects financial performance. More crucially, this relationship is partly attributed to the strengthening of …

The Effects Of Financial Vulnerability On The Prosocial Behavior Of Medical Staff At Pet Hospitals, Guoxing Xu

Dissertations and Theses Collection (Open Access)

The coronavirus disease 2019 (COVID-19) pandemic has fundamentally disrupted business operations, causing widespread financial strain and uncertainty for employees, and research shows that financial vulnerability – the sense of insecurity regarding one’s economic resources – has reached unprecedented levels among workers. But while conventional wisdom might suggest that financial stress leads to decreased work performance, a critical gap exists in understanding how financial vulnerability influences employee behavior in service-oriented environments.

Therefore, this study investigated the relationship between financial vulnerability and employee behavior within the context of pet hospitals in China, examining how organizational factors moderate this relationship. Data were collected …

Distribution Comparisons Of Eac Cost Growth For Aircraft Work Breakdown Structure Elements, Kyle P. Marquis, Edward D. White, Brandon M. Lucas, Robert D. Fass, Jonathan D. Ritschel, Shawn M. Valentine

Faculty Publications

This article analyzes and investigates the distribution of cost growth of the Estimate at Completion (EAC) for the Work Breakdown Structure (WBS) elements of approximately 60 historical United States Acquisition Category I Research, Development, Test and Evaluation aircraft programs. Using the method of maximum likelihood in conjunction with the Akaike Information Criterion, the authors suggest that both the lognormal and Weibull distributions provide relatively good fit to EAC cost growth, with the lognormal slightly edging out the Weibull. As a summarized finding, the authors present their empirical results for the mean, coefficient of variation (CV), the 15th and 85th percentiles …

Decarbonising Digital Infrastructure And Urban Sustainability In The Case Of Data Centres, Felicia H. M. Liu, Karen P. Y. Lai, Bertrand Seah, Winston T. L. Chow

Research Collection College of Integrative Studies

This paper critically assesses the complex interplay between urban transitions of digitisation and sustainability. Building on a mixed-method research design, we unpack the challenges of decarbonising digital infrastructure while attending to urban sustainability goals in a land- and water-scarce country facing significant physical climate risks. We identify transferrable lessons on the economic, technological, and environmental synergies and trade-offs behind data centre development and argue that stewarding the global data centre sector towards sustainability requires an ecosystem-wide approach. We identify implementation gaps across five key dimensions: technological innovation, policy and regulation, finance, infrastructure, and people. We find that the progress and …

Covid-19 And Investors' Trading Behavior: Evidence From The New Zealand Equity Market, Finn West Wilkinson, Marinela Adriana Finta, Olena Onishchenko

Research Collection Lee Kong Chian School Of Business

This paper examines the trading behavior of retail and institutional investors during the COVID-19 pandemic in New Zealand. Using transaction-level data, it compares how retail and institutional investors trade over the government announcements, lockdown, and reopening periods. Retail and institutional investors' trading intensifies around government announcements, which facilitates attenuating illiquidity during the lockdown. Nevertheless, while retail trading is substantially more prominent during the lockdown than over the control and reopening periods, institutional investors do not trade significantly more per se or on announcements during the lockdown but trade less during the reopening. Their trading also relates to contemporaneous returns, and …

Capital Formation, The Sec, And Accredited Investors, Neal F. Newman, Lawrence J. Trautman, Brian Elzweig

Faculty Scholarship

Protecting the investing public, while simultaneously facilitating the efficient flow of capital needed by all new and growing businesses continues as a primary responsibility of the U.S. Securities and Exchange Commission (SEC). Enhancing the capital formation process is a necessary step in the creation of jobs and growth of any economy. Central to the SEC’s regulatory schematic is the proposition that some particularly sophisticated and wealthy investors require less protection than those with less knowledge, experience, and resources. During December 2023, for just the third time, the SEC staff issued a report examining the status of the natural person accredited …

Sustainability Reporting On Nonprofit Organizations: A Perception Study On The Level Of Indicator’S Adequacy In Social Action Entities, Ainhoa Saitua Iribar, Javier Corral Lage, Noemi Peña Miguel, Izaskun Ipiñazar Petralanda

Journal of Nonprofit Innovation

The information reported by Nonprofit Organizations (NPO) is a fundamental signal to obtain financing of donors and also legitimacy of its activities in a stakeholder approach. But nowadays, companies and other types of entities are more obliged to provide information on their sustainability performance and risks. By means of a survey in a region of Spain, the purpose of this study is to select the main indicators that apply to Social Action Entities from the Third Sector (SAETS) to hold them accountable for the impact of their activity in social, environmental, and good governance terms. The results will contribute to …

Valuing Small Business: Applying Wacc To Ipo Data, Joshua Tyler Stevenson

Undergraduate Theses

This study explores how the weighted average cost of capital (WACC) can be used to value small businesses by applying to model to IPO data. Small businesses differ greatly from the publicly traded companies WACC is normally used for, so using the model presents some challenges. By applying the model to small firms that underwent the initial public offering process, this study was able to determine that WACC may be a useful valuation tool if some adjustments are made for the industries being analyzed.

Operationalising The Loss And Damage Fund For Sids Under The Cop30 Implementation Agenda, Alicia Ramdal

COP30

COP28 marked the formal operationalisation of the Loss and Damage Fund, however, its current structure remains inadequate to meet the urgent needs of SIDS which face recurring climate driven losses in the absence of timely and predictable finance. From the perspective of the Alliance of Small Island States (AOSIS), this paper examines the post-GST implementation gap and argues that the Fund's weak and fragmented operationalisation is a critical barrier to delivering the GST commitment to provide "timely and adequate support" to vulnerable countries. For SIDS, the credibility of COP30 and the Paris Agreement framework will hinge on embedding a delivery …

The Effects Of Conventional And Unconventional Monetary Policy Shocks On The Stock Market, Sajjadur Rahman

All Faculty Scholarship (Archived)

This paper applies weekly data to investigate the effects of the conventional and unconventional monetary policy shocks on US stock returns, using a multivariate structural VAR model that considers transmission mechanisms in channeling the effects of these shocks into the stock market. We identify both types of policy shocks using high and low volatility in the relevant policy variables. Our empirical results suggest that the interest rate channel, not the bank lending channel, plays a major role in the process of transmission and the US stock market responds less to the conventional monetary policy than the unconventional one. We estimate …

Indiana Bond Bank: Financing Road Infrastructure And Equipment, Marisa Weimer, Jacob Blasdel, Ron Mangus

Purdue Road School

Learn how the Indiana Bond Bank can support your community’s road projects through innovative financing solutions. This session will explore project and equipment financing options, fuel price protection strategies, and other resources designed to help municipalities fund road infrastructure improvements, maintenance, and expansions. Discover how to make the most of these financial tools to keep your community’s roads safe, reliable, and well-maintained.

Capital Spending Patterns: Urban, Rural, And Critical Access Hospitals, 2011-2022, Carlo Mendez

MUSC Theses and Dissertations

This study examined the organizational, operational, and financial characteristics of rural critical access, rural non-critical access, and urban hospitals. The objective was to assess hospital capital spending, an important indicator of financial reinvestment within an organization.

In 2022, critical access hospitals allocated 6.2% of total expenses to capital spending, compared to 5.8% for rural non-critical access and 6.5% for urban. In 2011, these figures were 8.4%, 7.2%, and 7.2%, respectively. Regression-adjusted results revealed that from 2011 to 2022, each additional year contributed to a 2.6% decrease in capital expenses relative to total expenses across all hospitals. Critical access hospitals spent …

In The Eye Of The Storm: Investor Sentiment And Audit Quality In Korean Financial Reporting, Antonios Persakis, Georgios Kolias

Economic and Business Review

Background and objective: We investigate whether financial reporting quality is associated with economic policy uncertainty and examine the moderating roles of investor sentiment and audit quality during periods of high uncertainty.

Methods: This study focuses on firms listed on the Korea Stock Exchange over the period 1998–2021. We employ a dynamic panel-data model and utilize the Arellano–Bover/Blundell–Bond system estimator, a two-step generalized method of moments estimator that leverages instrumental variables to mitigate the issue of endogeneity.

Results: The empirical result provides support for the hypothesis suggesting that Korean economic policy uncertainty is positively associated with financial reporting quality, indicating that …

Intelligent Turning Cyber-Physical Systems Modeling Using Sysml, Prithbey Raj Dey, David Lee Enke, Mario F. Buchely

Engineering Management and Systems Engineering Faculty Research & Creative Works

Cyber-Physical Systems (CPS) support industrial automation that incorporates people, hardware, signal, computation, and control using networking to achieve desired results. The complex automated CPS design demands a standard and comprehensive approach to appropriately identify the system requirements, define the architecture, and model the relationships among the software and hardware components. Systems Modeling Language (SysML) provides the capability for a comprehensive modeling to capture the desired design requirements in the systems architecture. SysML enables performance estimation of the model by analyzing constraints while identifying interactions among the components through various behavioral diagrams. In this paper, SysML is applied to the design …

Equity Fund Monthly Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Fixed Income Fund Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Disaster Relief, Inc.: When Is Corporate Philanthropy Good Or Bad For Shareholders?, Hao Liang, Cara Vansteenkiste

Research Collection Lee Kong Chian School Of Business

A long-standing question in finance is why companies donate to charity, often attributing it to either managerial agency problems or strategic behavior. Based on a global sample of donation announcements by firms providing relief to disaster-affected communities, we test the relative importance of these two motives and the conditions under which each dominates. We exploit disaster-specific factors in an event study setting around corporate donation announcement dates to show that, on average, relief donations decrease returns. However, the strategic benefits of donating around salient events can mitigate these negative effects. To account for firms’ donation decisions, we rely on exogenous …

Sell-Side Analysts’ Rating Systems, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach

Research Collection Lee Kong Chian School Of Business

Different brokers employ a variety of stock recommendations rating systems. There are five- and three-tier systems, as well as different mappings from the economic meaning of recommendations to numerical values in popular data sets such as IBES. We show that the rating systems and their mappings have important implications on the distribution of stock recommendations, investors’ reactions to stock recommendations, the consensus and dispersion of stock recommendations, and measures of analysts’ herding and boldness. We demonstrate how one can control for the variation in rating systems in order to separate the true economic impact of recommendations from the mechanical, non-economic, …

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Does Artificial Intelligence Bias Exist In Mortgage Underwriting Software? Investigating Bias, Regional Disparities, And Fair Ai Models, Dorian Cornelius

Dissertations

This quantitative study closely emulated Zou and Khern's (2022) analysis of AI Bias in Mortgage Applications. They used the Home Mortgage Disclosure Act (HMDA) dataset from the Federal Financial Institution Examination Council's (FFEIC) website to review mortgage loan data from 2019 to determine if there was bias in the AI mortgage application approvals. Those researchers concluded that bias does exist in the AI mortgage underwriting software. Since their study, research has demonstrated that discrimination continues to exist in AI software. Therefore, this research expands on Zou and Khern’s study to determine if there are differences in the mortgage loan approval …