Finance and Financial Management Commons^™

Engaging Young People In Sustainable Finance: Opening Up Opportunities For Transformation, Allison Guerette

Markets, Globalization & Development Review

The field of sustainable finance could benefit from more meaningful engagement with young people, who offer a unique perspective and have a vested interest in addressing climate change and other global issues that will shape their future. In this post-qualitative study, three young people document what they see, hear, and experience as they attend a symposium for experts on sustainable finance and environmental, social, and governance (ESG) investing. These raw tellings are used in the cocreation of a youth sustainable finance assemblage and analysis tool, which the young people then apply to the Return on Sustainable Investment (ROSI™) methodology. Relationality, …

On Humans And Ai: A Financial Reporting Dilemma, Jeremy Bertomeu, Edwige Cheynel, Radhika Lunawat, Mario Milone

Olin Business School Faculty Research

This study examines the resolution of ethical dilemmas in financial reporting by human participants and large language models. Participants act in the role of a CFO deciding whether to discontinue a prior policy with biased reporting; however, the bias is known and corrected by investors whereas a change may temporarily mislead investors. We find that models are less amenable to competing ethical considerations than humans, and exhibit greater preference for truthful reporting. Moreover, they respond with greater consistency to institutional ethical guidance, while humans become more indecisive under pressure from management. The models exhibit more internal coherence between their moral …

Critical Decisions Regarding Retirement, Philip Zettlemoyer

Senior Honors Theses

Many retirees in America do not understand the variables and important decisions that go into a retirement plan. These variables, however, have a significant effect on any retiree’s financial wellbeing. This case study explains such variables and decisions, as well as the various rules and regulations from the United States Government around the decisions. It then applies this knowledge of variables and regulations in a practical manner by analyzing a specific case study of a middle-class couple nearing retirement. This analysis includes in-depth projections for the couple’s specific situation which would traditionally be created with the expertise of a financial …

Modeling Bitcoin Dynamics Using Differential Equations, Boone M. Fleenor

Departmental Honors & Graduate Capstone Projects

In this thesis, we develop and analyze two nonlinear systems of ordinary differential equations to model Bitcoin price dynamics. Analytical techniques are used to obtain exact or approximate solutions where possible. Then, numerical simulations using a fourth-order Runge–Kutta method are employed to explore system behavior beyond analytically tractable regimes. Finally, model outputs are compared to historical Bitcoin price data using normalized and resampled time series. These results suggest that deterministic models can provide meaningful insight into the structural behavior of Bitcoin markets, while highlighting the need for stochastic or time-dependent extensions for more realistic modeling.

Essays On Innovation And Financial Markets Cryptoassets And Other Financial Technologies, Zachary Ethan Glatzer

Electronic Theses and Dissertations 2020 - Present

In this manuscript, I present essays that examine the role of innovation in financial markets. The first essay introduces a classification framework for cryptoassets. Existing approaches either apply overly broad economic-function criteria or rely on narrow legal definitions, neither of which adequately captures the diversity of digital assets. This essay proposes a two-track framework that integrates both functional roles and technical structure. By bridging the gap between traditional asset categories and emerging digital instruments, this framework offers actionable guidance for policymakers assessing regulatory treatment, practitioners evaluating risk profiles, and academics engaged in research at the intersection of digital finance and …

Older Adults And Emerging Technology Fraud In The Ai Deepfake Era, Thiago Neves

Research Days

Artificial intelligence has accelerated faster than society's ability to adapt, leaving older adults extremely vulnerable to AI-generated fraud. Americans over age 60 lost $4.9 billion to scams in 2024, 43% more than the previous year. In this research, I investigate how digital illiteracy, combined with AI-generated deepfakes, creates this crisis. Older adults struggle with three principal vulnerabilities: distinguishing legitimate sites from scams, judging whether online information is truthful, and understanding how algorithms use their data. AI weaponizes these gaps through voice clones, synthetic video calls, and personalized phishing emails that avoid the trust cues seniors tend to rely on. I …

A Counterfactual Analysis Of The Impact Of Stock Market Absence On Economic Growth In Selected Sub-Saharan African Countries, Etsub Tekola Jemberu, Adriana Knápková, Bruce Dehning

Accounting Faculty Articles and Research

Despite the global expansion of financial markets as a strategy for financial reform over the past century, around one-sixth of the world’s countries lack a formal stock market. This paper provides novel evidence from nine sub-Saharan African countries on how the absence of stock markets impacts economic growth. Using the synthetic control method (SCM), we estimate the counterfactual GDP per capita these countries would have experienced had they established a stock market during 1993–1995. The findings reveal that the absence of a stock market resulted in substantial losses for most countries, including Burundi, the Democratic Republic of Congo, Comoros, Guinea, …

Moneyup: A Predictive Financial Management System For College Students, Isaiah J. Adams, Malaya E. Wilburd, Dan V. Le, Joshua P. Golden

ATU Scholars Symposium

College students often lack accessible tools that combine real-time financial tracking, mobile accessibility, predictive analytics, and secure system design, leaving many without structured insight into their spending behavior. MoneyUP is a full-stack financial management platform developed to address these challenges through a secure, data-driven budgeting system deployed as both a web application and a cross-platform Flutter mobile application. The system integrates the Plaid API in its Sandbox environment to synchronize simulated banking data for secure testing without exposing live financial credentials. Transaction data is processed and stored using Supabase with a relational PostgreSQL database structured to enforce normalization, referential integrity, …

Essays On Impact Investing And Sovereign Wealth Funds, Joy Namhee Wilkinson

Electronic Theses and Dissertations 2020 - Present

This dissertation examines how impact investment capital is allocated and structured, focusing on geographic targeting, investor heterogeneity, and the participation of sovereign wealth funds (SWFs). The first essay investigates the geographic determinants of impact investments, assessing whether they flow to communities with lower economic connectedness—a proxy for economic mobility. It further explores how the location and type of co-investors influence investment characteristics, investor monitoring, and exit outcomes, shedding light on how traditional and impact investors interact and shape investment outcomes. The second essay examines the role of SWFs in impact investing. It analyzes the channels through which SWFs deploy impact …

Digital Transformation And Market Microstructure: Analyzing The Impact Of Algorithmic Trading On National Stock Exchange Of India Price Discovery Mechanisms Through Complex Systems Theory., Mukesh Bhaskar Ahirrao, Harshal Anil Salunkhe, Vishal Sunil Rana

Northeast Journal of Complex Systems (NEJCS)

Abstract

This research examines the evolution of market microstructure at the National Stock Exchange of India (NSE) from 2020 to 2024, a period characterized by substantial growth in algorithmic trading from 35% to 44% of total trading volume. Using market microstructure data and analytical techniques grounded in complex systems perspectives, the study documents temporal patterns in price discovery, liquidity, volatility, and market efficiency associated with this digital transformation.

The analysis reveals several notable changes in market characteristics. Transaction costs improved significantly, with bid-ask spreads declining by 23.4% and market depth increasing by 18.1%. Price adjustment half-life decreased by 50%, indicating …

Operational Architecture Models As A Determinant And Framework Of Return On Equity Structure, Aydin Dibonaventura

Bryant REDay (Research and Engagement Day)

Lots of data attained within standard business practices may be seen as very significant but straightforward and many individuals fail to acknowledge the additional value that these data based strategies provide. Businesses may undergo different management structures, unique operational strategies, or complex supply chain systems from one another, but they all manage to attain ROE results within the same range at the end of each fiscal year. The Dupont financial analysis is a commonly used methodology that dissects the basic ROE value into profit margin, asset turnover, and financial leverage. These three values allow those to not only digest what …

Hurdles To Retirement Security: Exploring Race, Religion, And Savings Behavior, Mamoud A. Jalloh, Sedefka Beck

Midwest Social Sciences Journal

Retirement savings have become increasingly central to household financial security as defined contribution plans replace traditional pensions. Using nationally representative data from the 2019 Panel Study of Income Dynamics, this study applies a double‑hurdle model to examine the distinct factors shaping participation in retirement plans and contribution intensity. Results reveal persistent racial and ethnic inequalities: Hispanic, Black, and Mixed‑Race workers are significantly less likely to save and contribute markedly less than White workers, even after accounting for income, wealth, and employment characteristics. Religious affiliation also influences savings behavior, with Jewish contributors saving more and several other groups saving less than …

A Multi-Layer Complex Adaptive System Framework For Ai-Driven Robo-Advisory Services, Jesty Mariam Philip, Mohit Boralkar, Alwin Joseph

Northeast Journal of Complex Systems (NEJCS)

The rapid integration of Artificial Intelligence (AI) into investment advisory services has changed financial decision-making, giving rise to adaptive robo-advisory systems capable of real-time analysis, personal recommendations, and autonomous portfolio optimization. Existing research evaluates these systems primarily through technological performance or investor adoption, overlooking the complex feedback-driven interactions that emerge when AI analytics, data environments, and human behavior operate together. This study addresses this gap by conceptualizing AI-enabled robo-advisors as a multi-layered Complex Adaptive System comprising historical data, real-time data, AI analytics, investor perception, and decision-making layers. A simulation model grounded in machine learning dynamics, behavioral finance, and complexity theory …

Behavioral Biases As Drivers Of Complexity In Stock Markets: An Agent-Based Modeling Approach, David Joseph Dr, Alwin Joseph, Blesson James, Kajal Dass

Northeast Journal of Complex Systems (NEJCS)

By modeling financial systems as Complex Adaptive Systems, this study investigates how behavioral biases influence emergent complexity in stock markets. The study integrates heterogeneous agents, such as rational traders, herding agents, overconfident traders, and anchoring/disposition-driven investors, within a Limit Order Book framework calibrated to both U.S. and Indian market conditions using an Agent-Based Modeling (ABM) approach implemented through the high-fidelity ABIDES simulation environment. Price dynamics, volatility patterns, and liquidity structures were analyzed by Monte Carlo simulation experiments with different behavioral compositions. The results show that behavioral biases cause nonlinear price reactions, produce heavy-tailed return distributions that distort order-book complexity, and …

Unveiling The Intersection Of Institutional Racial Identity And Student Loan Debt: An Analysis Of The State University System Of Florida’S Higher Education Institutions, Valerie Marie Moore

USF Tampa Graduate Theses and Dissertations

Federal student loan patterns in Florida’s State University System (SUS) from 2013/14 to 2022/23 reflect differences in institutional revenue capacity rather than individual borrowing behavior. Using data from all 12 SUS institutions, this study examined how institutional wealth and revenue composition shape student loan outcomes through both race neutral and race considerate analyses informed by Ray’s (2019) theory of racialized organizations. Overall, the SUS operates as a racialized organizational field in which inequities in funding flows, access to capital, and institutional logics sustain long term disparities in wealth and debt. Results show that borrowing levels closely track how institutions assemble …

Entrepreneurial Orientation And Performance Of Microfinance Cooperatives: Evidence From Tanzania, Grace Thomas Mori, Omari Khalifa Mbura

Business Management Review

Microfinance cooperatives (MFCs) play a key role in socio-economic development, predominantly in developing countries. However, studies focusing on the relationship between entrepreneurial orientation (EO) and the performance of MFCs are limited, particularly in Tanzania. This study was informed by the resource-based view to examine the influence of EO dimensions on the performance of MFCs in Tanzania. Specifically, the study focused on four dimensions of EO namely; innovativeness, proactiveness, risk taking, and competitive aggressiveness behaviours. Data were obtained from 299 stratified sampled managers of MFCs through the administration of a structured questionnaire. In testing this relationship, Partial Least Squares Structural Equation …

Bridging Economic Growth And Literacy: Mediation–Moderation Pathways Linking Agriculture, Environment, And Poverty Reduction Across Asian Economies, Muhammad Abubakar, Wasim Abbas Shaheen, Umair Umer

Business Review

In the framework of reducing poverty, this study explores the numerous connections between economic, environmental, and agricultural aspects, paying particular attention to the moderating role of literacy. The Study aims to assess how agricultural employment, arable land, forest area, fertilizer usage, and ecological resources shape poverty outcomes in Asia. Utilizing panel data from 46 nations between 2000 to 2023, sourced from the World Development Indicators, the analysis applies advanced econometrics such as FMOLS and DOLS, alongside a panel co-integration framework validated through panel unit root and cointegration tests. Results indicate that agricultural employment significantly reduces poverty, arable land has mixed …

Relationship Between Change In Unrealized Gains Or Losses Of Afs Securities And Credit Spreads Of U.S. Life Insurance Companies, Kwang Liang Yeo

Dissertations and Theses Collection (Open Access)

This study evaluates the transmission of unrealized fair value accounting losses to credit default risk within the United States life insurance sector during a period of unprecedented monetary tightening. Integrating a pre-specified confirmatory econometric framework with a text-based exploratory analysis of regulatory filings, we examine how changes in Other Comprehensive Income (OCI) and benchmark interest rate dynamics shape market perceptions of insurer default probability. Our findings reveal that credit default swap markets do not price OCI variations contemporaneously; instead, they reflect a structural one-quarter pricing lag that aligns with the regulatory timeline of financial disclosures. Furthermore, the relationship between interest …

Research On The Impact Of Industrial-Financial Cooperation On Corporate R&D Investment, Jiayin Yin

Dissertations and Theses Collection (Open Access)

The national industrial-financial cooperation pilot policy represents a key strategic initiative to implement China's strategy of building a "financial powerhouse" and guide financial resources toward empowering high-quality development in the real economy. In December 2016, four central government departments in China jointly announced the first batch of national industrial-financial cooperation pilot cities. Leveraging this quasi-natural experiment, this study comprehensively evaluates the impact of the pilot policy on corporate R&D investment activities using a sample of Chinese A-share listed companies from 2014 to 2019.

Research findings indicate: (1) The industrial-financial cooperation pilot policy significantly increases enterprises' R&D investment levels. Specifically, compared …

Budgeting Apps, Financial Literacy, And Financial Control, Max Masabo, Abdullah Mohammad Mahi

Presentations - 2026

Our paper shows the real hidden connections between budgeting app usage and financial wellbeing of U.S Households

Budgeting Apps, Financial Literacy And Financial Distress: Evidence From U.S. Households, Max Ngenzi Masabo

Posters - 2026

• First, it provides the first large-scale, nationally representative evidence on how budgeting app usage relates to household financial distress in the United States. Contrary to the intended purpose of these tools, we find that app users, especially frequent users, experience significantly higher levels of financial strain. • Second, we show that financial literacy is a critical moderating factor. The adverse association between budgeting apps and financial distress is substantially stronger among low-literacy individuals, highlighting financial literacy as an essential safeguard against harmful fintech outcomes. • Third, we identify behavioral mechanisms through which budgeting apps may exacerbate financial difficulties. App …

2026 Private Capital Markets Report, Craig R. Everett

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital in today’s economic …

Price Discovery On Decentralized Exchanges, Agostino Capponi, Ruizhe Jia, Shihao Yu

Research Collection Lee Kong Chian School Of Business

Decentralized exchanges (DEXs) allow traders to express their willingness to pay for quick execution through a public priority fee bidding mechanism. We provide evidence that high-fee DEX trades are more informative and contribute more to price discovery. Using address-level blockchain transaction data, we show that informed traders persistently bid higher fees to secure early execution, revealing a strong willingness to pay for execution priority. Further, analysis of Ethereum mempool data demonstrates that informed traders employ a “jump bidding” strategy, placing high initial bids to deter potential competitors.

Sustainable Finance: An Analysis Of Climate-Resilient Infrastructure Investments, Ngan Trat

Honors Theses

Changes in climate conditions are reshaping our environments and impacting ecosystems. A product of these changes is worsening climate events, and for Mississippi, that means increasingly frequent, high-intensity storms and floods. Its immediate and residual effects can range from disruptive to destructive. Mississippi and its communities are highly vulnerable to the effects of intense natural disasters, and there is a discrepancy between the need for climate-resilient infrastructure investments and the state’s fiscal capabilities to finance the research and construction of such projects. This paper will evaluate existing cases of climate-resilient infrastructure in effect through a sustainable finance lens and identify …

Visual Pattern Mining With Similarity Metrics For Model-Free Trading In The Korean Futures Market, Juhyeon Jang, Jaeyun Kim, David Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

The fractal market hypothesis highlights multi-scale dynamics in financial time series and provides a theoretical foundation for pattern-based analysis. This study proposes a model-free visual pattern mining framework that transforms high-frequency market data into image representations to support intelligent decision-making. By converting 1-minute KOSPI200 futures data into candlestick chart and Bollinger band images, the method effectively captures structural patterns and volatility dynamics. The framework applies similarity metrics and Intersection over Union (IoU)-based visual comparison to identify historically similar patterns and generate intelligent trading signals without model training or complex parameter tuning. Experimental results demonstrate that combining visual features of candlestick …

The Cost Of Information: How Audit Billing Arrangements Affect Managers’ Information Disclosure, Nicole Bruno

Theses and Dissertations

This study examines how audit billing arrangements (ABAs) influence managers’ willingness to share private information with auditors, a key determinant of audit quality. Drawing on prospect theory, I predict that framing the ABA as either a fixed-fee or a reserve affects managers’ information disclosure decisions, particularly for scope- increasing information. In a 2 x 2 between-subjects experiment, I find an interaction of ABA type and information type. Managers are more willing to disclose scope-increasing information with a fixed-fee ABA than with a reserve ABA, but less willing to disclose scope-consistent information with a fixed-fee ABA than with a reserve ABA. …

Valuing Biodiversity Impact, Han Wei Koh

Dissertations and Theses Collection (Open Access)

Biodiversity loss has emerged as a systemic challenge with far-reaching implications for ecological stability, economic activity, and long-term financial resilience. Despite growing recognition of nature-related risks in finance, biodiversity remains far less developed than climate within investment analysis, particularly at the portfolio level. This dissertation addresses that gap by examining how biodiversity impacts can be measured, valued, and interpreted within an investment portfolio concentrated in resilient and essential sectors of the economy.

The study constructs a Global Essential Economic Systems Portfolio comprising 16 publicly traded companies operating across non-discretionary sectors, including agriculture, energy, materials, pharmaceuticals, utilities, infrastructure, telecommunications, and financial …

The Determinants And Consequences Of Green Credit In Commercial Banks: A Dual-Pillar Perspective Of Asset Quality And Esg, Jianmei Xia

Dissertations and Theses Collection (Open Access)

As China’s “dual carbon” strategy advances, green credit has increasinglybecome a crucial financial instrument driving the green transition of China’s industrial structure. From a dual perspective of asset quality and ESGperformance, this paper systematically examines the determinants andconsequences of green credit practices among commercial banks. Employing a multiple-method approach that combines comparative case study, in-depthinterview, and large-sample empirical analysis, this study aims to address twocore questions: First, what are the key factors driving commercial banks toprovide green credit, and what is the logic behind their differentiated decision- making? Second, how does green credit affect banks’ financial and non-financial performance? This …

A Study On The Capital Market Valuation Effects Of Corporate Ai Adoption: An Empirical Analysis Of Manufacturing Firms In China's A-Share Market, Libin Ma

Dissertations and Theses Collection (Open Access)

This dissertation examines whether and how corporate adoption of artificial intelligence (AI) affects capital market valuation in manufacturing firms. As AI is increasingly embedded in R&D design, production organization, supply chain coordination, and operational management, its value implications depend not only on whether firms adopt AI, but also on how AI is deployed within business processes. Existing research has mainly focused on productivity, innovation, labor substitution, and digital transformation, while the enterprise value consequences of differentiated AI application strategies remain insufficiently examined.

Using Chinese A-share listed manufacturing firms from 2015 to 2024 as the sample, this study identifies firm-level AI …

From Ancient Harmony To Modern Sustainability: Assessing The Coupling Of Taoist “Harmony Between Humanity And Nature” With Esg And Its Impact On Firm Innovation And Performance, Biyi Wang

Dissertations and Theses Collection (Open Access)

Against the backdrop of intensifying global ecological crises, the ESG evaluation system has become a core metric for corporate sustainable development worldwide. However, the Western-dominated ESG system lacks crucial cultural dimensions in its application within Chinese corporate practices. The ecological wisdom embedded in the Taoist concept of “Harmony between Humanity and Nature” offers a significant philosophical foundation for the ESG localization. Extant research has focused on the influence of Confucian culture on ESG, with insufficient exploration of the modern managerial value of “Harmony between Humanity and Nature”. A scientific coupling framework linking this concept with ESG indicators has yet to …