Finance and Financial Management Commons^™

Expanding Waste Segregation Initiatives To Reduce Regulated Medical Waste: A Multi-Departmental Quality Improvement Project, Emily M. Su, Anuja L. Sarode, Mohammed Sami, David R. Nehring, Erica L. Laipply, Mustafa Culcuoglu

HCA Healthcare Journal of Medicine

Background

Regulated medical waste (RMW) drives up health care costs, largely due to misclassification of general waste, especially in operating rooms (ORs), intensive care units (ICUs), and obstetrics and gynecology (OBGYN) departments. This study aimed to reduce RMW volume and costs at Akron City Hospital (ACH) through department-specific interventions aligning with Occupational Safety and Health Administration (OSHA) and Ohio Environmental Protection Agency guidelines.

Methods

Periodic analyses compared hospital-wide aggregate RMW volume, pick-up frequency, and disposal costs before and after interventions. The ORs initiated interventions in October 2022, expanding to ICUs and OBGYN by February 2024. Strategies included staff education, flyers …

Reassessing Residential Reits: Performance And Resilience After Covid-19, Donna Seapoe, Anne Keenaghan, Davinder Malhotra

School of Business Faculty Papers

This study analyzes the monthly returns of residential real estate investment trusts (REITs) from 2010 through 2025, assessing how these investments performed both during and following the COVID-19 pandemic. Using Sharpe, Sortino, and Omega ratios and multi-factor asset pricing models, the study finds that residential REITs delivered stable risk-adjusted returns and improved downside protection relative to broad indices. Value-at-risk metrics confirmed their defensive nature, and portfolio optimization demonstrated diversification and volatility reduction when including residential REITs. Overall, residential REITs were shown to preserve capital and improve portfolio efficiency during market disruptions

Bank Finance And Private Sector Development: A Comparative Study Of Sub- Saharan Africa And The Oecd Economies, Raymond Asamoah

Doctoral Dissertations (DBA)

The study examines bank credits to the private sector and the factors driving bank decisions in 25 Sub-Saharan Africa (SSA) countries and 25 Organization for Economic Co-operation and Development (OECD) countries, which are considered both developing and developed countries by the International Monetary Fund (IMF) and the World Bank, with comparative stabilized economies. It focuses on the factors that influence banks to offer credit to the private sector. Domestic credit to the private sector as a percentage of gross domestic product (GDP) is used as the dependent variable. 8 determinants or explanatory variables are used to explain Bank credit decisions. …

Effect Of Fintech Adoption On Commercial Banks’ Stability: Evidence From Gcc And North Africa, Ibrahim Ahmed

Theses and Dissertations

This paper looks at how financial technology (FinTech) adoption affects bank stability, measured by distance to default. It uses a unbalanced panel of listed banks from the Gulf Cooperation Council (GCC) and North Africa over the period from 2010 to 2024. To consider differences in bank risk and institutional traits, the study uses random-effects panel regressions along with quantile regression models and interaction specifications. These methods allow the effects of FinTech to change depending on the level of bank risk and the size of the bank. The results indicate that FinTech development does not have the same effect on banks’ …

Greenhouse Gas Emissions And Stock Market Volatility In The Eurozone: Evidence From Sectoral Structure And Climate Policy, Toulin Mohamed Albostany

Theses and Dissertations

This study examines the relationship between greenhouse gas (GHG) emissions and stock market volatility in the Eurozone from 2000 to 2023. The analysis is driven by increasing concerns regarding climate related financial risks, investigating whether various types of emissions induce financial market instability and whether this relationship is influenced by the economic frameworks and climate policy contexts. Utilizing annual panel data from 20 Eurozone countries, stock market volatility is assessed by a Dynamic Conditional Correlation Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) framework, which accounts for time-varying volatility and inter-market dependence. The empirical strategy integrates pooled OLS, fixed-effects models, and instrumental-variables Generalized …

What Are The Factors Affecting The Financial Sustainability Of Social Enterprises In Egypt?, Mina Atta Ghaly

Theses and Dissertations

This thesis investigates what factors affect the financial sustainability of social enterprises (SEs) in Egypt, situating them within a constrained MSME, legal and sectoral context marked by informality, weak innovation and recurrent shocks. Drawing on global and Egyptian literature, it identifies ten candidate factors—business model, financial management, founders’ skills and mindset, revenue structure, sector and mission, legal framework and innovative finance, capacity building, investment mechanisms and “the right investor”, adaptability to shocks, and ecosystem conditions—and integrates them into an extended Social Enterprise Model Canvas. Using a qualitative, exploratory design with semi‑structured interviews of social enterprise founders, incubators/accelerators, investors and experts, …

Can Blockchain-Adoption Announcements Create Market And Operating Value In Banks? Evidence From An Event Study For Global Banks Initiatives, Nourhan Said

Theses and Dissertations

This thesis offers quantitative work in exploring the market value and operation advantages associated with blockchain initiatives in listed banks. We utilized an event study approach to analyze the market value added to banks adopting blockchain technology on a short term. The sample consist of 126 event observations spanning 30 different countries in the period between 2016 and 2024. The study also focuses on the signals and cues that drive the changes in the banks’ abnormal returns and cumulative abnormal returns. Different project attributes like the blockchain type, blockchain application, and objective as well as bank characteristics like the bank …

The Impact Of Central Bank Digital Currencies News On Bank Stability: Evidence From Asean-5 Countries, Firman Hidayat, Raditya Sukmana, Masrizal Masrizal, Rahmat Heru Setianto

Bulletin of Monetary Economics and Banking

This study constructs an index reflecting Central Bank Digital Currency (CBDC) news coverage and evaluates its impact on bank stability. The CBDC Attention Index (CBDCAI) is formulated based on more than 533 Reuters Digital News Report articles from 2019 to 2023. Employing the System Generalized Method of Moments (GMM) approach with data from 92 banks across ASEAN-5 nations, and implementing quantile regression for robustness checks, the findings demonstrate a significant relationship between the CBDCAI and bank stability, alongside variables such as bank size and capitalization. These results offer valuable guidance for central banks, especially within the ASEAN-5 region, as they …

The Drivers Of The Gender Gap In Financial Inclusion For Entrepreneurial Development: Empirical Analysis From Tanzania, Cornel Joseph, Chakupewa Joseph Mpambije

Business Management Review

The gender gap in financial inclusion is a significant concern for both the academic community and policymakers, as it represents a critical factor influencing the development of entrepreneurship in Tanzania. Using the World Bank’s Findex database of 2021, this paper examines the drivers of the gender gap in financial inclusion for entrepreneurial development in Tanzania. The study adopts the Fairlie decomposition to examine the contribution of these factors to the gender gap in access and usage of financial services. The empirical results from the Fairlie decomposition analysis confirm the existence of a gender gap in access to financial services in …

Efficiency, Concentration, And Diversification: Portfolio Lessons From Indian Technology Equities, Davinder K. Malhotra, Shaurya Batra, Rahul Singh

School of Business Faculty Papers

This study examines the extent to which Indian technology equities generate sufficient returns relative to their inherent volatility and assesses whether intra-sector diversification can improve outcomes in this dynamic, high-risk sector. Drawing on data from January 2020 to April 2025, ten leading firms are analyzed using an integrated approach that incorporates traditional risk-adjusted indicators, downside-sensitive metrics, and a six-factor model featuring momentum. The results show clear heterogeneity in performance. Mid-cap innovators such as Persistent Systems and Coforge deliver positive and, in some cases, statistically significant alphas, while large-cap stocks including Infosys, Tata Consultancy Services (TCS), and Wipro provide stability but …

Equity Fund Monthly Report, February 2026, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Firm-Level Political Risk And Earnings Manipulation, Hui Liang James, Thanh Ngo, Jurica Susnjara

Accounting, Finance, Information Systems, and Business-Law Faculty Publications and Presentations

Using recently developed proxies for firm-level political risk and earnings manipulation, we test the limited attention theory. Contrary to Hirshleifer and Teoh’s core prediction that investor attention is associated with less managerial manipulation, we find that firm-level political risk, serving as a proxy for investor attention, is positively associated with manipulative earnings management, using both accruals and real activities. The results are robust to alternative proxies for political risk and earnings manipulation, various techniques addressing endogeneity concerns, and subsamples of firms with different earnings manipulation incentives. Moreover, we find that the negative relation between earnings manipulation and subsequent operating performance …

Old Signals, New Era: Reconsidering How Customer Satisfaction And Employee Satisfaction Impact Shareholder Wealth, Cesar Zamudio, Suyun Mah, Vanitha Swaminathan

Research Collection Lee Kong Chian School Of Business

Extant research suggests that higher levels of customer and employee satisfaction signal a firm’s competitive advantage, resulting in greater firm value. This article advances the understanding of how firms can manage customer satisfaction and employee satisfaction to increase shareholder wealth in a new environment due to the emergence of social media and a new class of retail investors. Drawing from stakeholder theory and signaling theory, we argue that inconsistency in customer satisfaction and employee satisfaction can be informative to investors and lead to greater shareholder wealth in such a new environment. Our findings demonstrate that there is a negative joint …

A Social Norm Perspective On Distorted Information In China, Zhe Li, Massimo Massa, Nianhang Xu, Hong Zhang

Research Collection Lee Kong Chian School Of Business

Can social norms give rise to distorted information in China? We observe that China’s leading social norm related to alcohol consumption and social drinking enhance earnings management. An analysis of toxic alcohol scandals supports a causal interpretation. Further evidence suggests that the influence of alcohol may come from the negative externality that it creates, which is propagated by corporate leaders and cannot be attenuated by market-oriented institutions. Our results reveal a social norm externality that may have important normative implications.

There Is No One-Size-Fits-All Approach To Sovereign Finance, Guan Seng Khoo, Annie Koh

Research Collection Lee Kong Chian School Of Business

In a commentary, SMU Professor Emeritus of Finance (Practice) Annie Koh and Khoo Guan Seng, Asia-Pacific advisory council member of the SWF Academy and EU-Asean Centre, opined that in a volatile world, the strength of a sovereign wealth fund lies in its ability to fulfil its specific, sovereign purpose. Prof Koh and Mr Khoo said that sovereign wealth funds are bespoke instruments of national policy, and in the world of sovereign capital, one size does not, and cannot, fit all. They noted that each fund is a reflection of a country’s unique ambitions, its resource endowments and its specific fears …

Agency Mbs As Safe Assets, Zhiguo He, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

Measured as yield spreads against Treasury securities and AAA corporate bonds, the convenience premium of newly issued agency MBS averages more than half of the long-term Treasury convenience premium. The agency MBS convenience premium and issuance amount vary negatively with mortgage rate, consistent with a prepayment-driven channel. Placing agencies into conservatorship in 2008 and introducing liquidity regulations in 2013 significantly affected MBS convenience premium, consistent with government guarantee and regulatory treatment channels. Analyses of dispersion of dealers’ prepayment forecasts, seasoned MBS, and investors’ MBS holdings deliver further economic implications for agency MBS as safe assets.

Esg And Firm Performance In China: The Moderating Role Of Firm Size And Covid-19, Peng Dan

Student Works (2020-2029)

This study examines the relationship between Environmental, Social, and Governance (ESG) performance and firm performance in China's A-share listed companies, with a particular focus on the moderating roles of firm size and the COVID-19 pandemic. Drawing on stakeholder theory, the research investigates whether ESG activities contribute positively to firm performance, and how this relationship varies with firm size and during crisis periods. The sample consists of Chinese A-share firms from 2019 to 2023, a period that includes the COVID-19 pandemic. After data processing, there are a total of 14,186 observations over the five-year period. Firm performance is measured using both …

The Influence Of Rotating Savings And Credit Associations Dynamics On Local Trade Flows In Dar Es Salaam, Tanzania, Fred Phanuel Okangi, Theresia E. Busagara

Business Management Review

This study examines the influence of Rotating Savings and Credit Associations (ROSCAs) on local trade flows in Dar es Salaam, Tanzania. Using a structured questionnaire, data were gathered from 107 ROSCA members to assess three key areas: the operational dynamics of ROSCAs, the socio-economic profiles of ROSCA members, and the accessibility of financial resources among ROSCA members. The findings reveal a significant positive relationship between the effective management of ROSCAs and increased local trade flows, underscoring that well-organized associations can facilitate smoother financial transactions. Furthermore, the diverse socio-economic profiles of ROSCA members were shown to promote knowledge-sharing and networking opportunities, …

Farm-Level Financial Decision-Making Methodologies Within A Cow-Calf Enterprise: A Scoping Review, Heidi R. Johnson, Huiting Huang, Brenna Grant

Journal of Applied Farm Economics

Beef cow-calf enterprises face unique financial challenges, requiring methodologies to assess management and technology adoption decisions’ costs, revenues, and profitability. This scoping review synthesizes research on farm-level financial assessment methods specific to cow-calf operations aiming to adopt a new practice or technology. A literature search was conducted to capture various methodologies, examining studies published between 1960 and 2024. A total of 372 articles were screened for eligibility; 61 articles met the defined inclusion criteria. Eight economic and financial methodologies were identified: break-even analysis, cost effectiveness, gross margin, enterprise analysis, partial budgeting, cost-benefit analysis, financial feasibility and net present value, and …

Usaid Grant Recipient Data Fy2002-2025, Susan Turner Haynes

Faculty Works

Grant recipient data from USAID from fiscal years 2002-2025.

A Policy Reversal As Structural Break: A Lesson From China’S Land Lease Financing For Infrastructure, Yilin Hou, Lin Li, Lei Shao

Center for Policy Research

Land-based revenues as a fiscal instrument to finance infrastructure tie public investment to real estate markets, where demand fluctuations cause fiscal consequences. This paper takes policy reversals as structural breaks and examines their impacts on infrastructure investment. We dissect China’s 2016 policy reversal that disallowed developers to finance land purchase with debt, causing sharp declines in local government land revenues, slashing their fiscal base for infrastructure investment. Using prefecture-level panel data and continuous difference-in-differences identification, we estimate the reversal reduced land-lease revenues by 55%. Two-stage least squares estimates suggest a 10% land-revenue decline translates into 6.6% investment reduction. Decomposing the …

Assessing The Influence Of Audit Committee Characteristics On The Effectiveness Of Risk Management Practices In Public Statutory Corporations In Tanzania, Gerald J. Soi, Siasa Issa Mzenzi, Said Suluo

Business Management Review

This study was conducted to examine the influence of audit committee characteristics on the effectiveness of risk management in Public Statutory Corporations (PSCs) in Tanzania, and the moderating effect of the size of an entity on this relationship. A structured questionnaire was used to collect data, which was completed by 424 chief internal auditors and directors of finance from PSCs across various Tanzanian regions, and analysed using SmartPLS (PLS-SEM) version 4.0. The findings indicate that the expertise of the audit committee and the frequency of meetings with a substantive risk agenda positively influence risk management effectiveness in PSCs. Conversely, the …

Impact Of Attention And Yield Curve On Term Structure Of Equity, Matthew C. Aved

CMC Senior Theses

This paper examines the term structure of equity and specifically focuses on the impact of term spread and market attention. The paper builds on prior work that developed the concept by adding behavioral explanations for differences between the short-term and long-term returns while also attempting to link the term structure of equity and the bond yield curve. The study examines these influences by running t-tests and regressions on dividend strip and S&P 500 return data (1996-2017) and attention data collected by Bloomberg (2010-2017). The results provide some insight into how these variables influence short-term and long-term returns; however, limited instances …

Attention And Technical Analysis: State‑Dependent Predictability Of Cnn‑Based Stock Return Forecasts, Crystal Y. Ma

CMC Senior Theses

This thesis studies how investor attention around Federal Open Market Committee (FOMC) announcements affects cross-sectional return predictability measured by a convolutional neural network (CNN) trained on price charts. I replicate Jiang, Kelly, and Xiu’s (2023) image-based CNN using 20-day OHLCV “price images,” train it on U.S. equities from 1993–2000, freeze the model, and apply it out of sample to 2001–2024 CRSP data. The CNN assigns each stock a weekly probability of outperforming which is then sorted into deciles that form high–minus–low (H–L) long–short portfolios at horizons of 1 to 10 trading days. For matched non-FOMC (control) weeks, the equal-weighted CNN …

Investor Reactions To Clinical Trial Outcomes: Interpreting Impacts Using Ai-Based Measures Of Investor Sentiment, Sofia K. Weinstein

CMC Senior Theses

This thesis examines how investors react to biotechnology firms’ clinical trial announcements and whether artificial intelligence (AI) can enhance our understanding of those market reactions. Using a representative sample of 95 firm-event observations between 2014 and 2025, the study measures cumulative abnormal returns (CARs) surrounding clinical readouts, regulatory decisions, and partnership disclosures. Event-study regressions test for heterogeneity across trial phase, therapeutic area, and textual sentiment derived from company press releases. Consistent with expectations, later-phase trials, particularly Phase II and III, produce stronger short-term abnormal returns. However, categorical variables such as phase or therapeutic area explain little of the total variation …

Market Reactions To Software M&A: Cross-Border Vs. Domestic Evidence, Aaryan Magan

CMC Senior Theses

The software industry in the United States has seen a period of sustained merger and acquisition (M&A) activity as firms seek synergies in diverse product offerings, efficiency plays, or intellectual capital. Within this activity is also a subset of deals that comprise U.S. acquirers transacting with foreign companies. These cross-border transactions have become an integral part of M&A strategy for companies across all industries. This paper aims to gauge investor sentiment regarding cross-border M&A deals in the software industry relative to domestic M&A deals in the software industry. The event-study methodology captures Cumulative Abnormal Returns (CAR) in two distinct event …

The Budget, Fiscal Year 2026-2027, Tennessee. Department Of Finance And Administration

Budget Volume 1

This document is the final budget for the coming fiscal year.

Equity Fund Monthly Report, January 2026, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Can Art Function As A Financial Asset Class? Conditions, Risks, And Emerging Solutions, Aurelia Labbé

MA Theses

The art market has grown significantly over recent decades, supported by rising global demand, record auction results and increasing interest from collectors pursuing financial returns. This evolution has encouraged the development of investment-oriented practices and strengthened the notion that artworks can function as financial assets. This shift takes place in a market shaped by subjectivity, opacity and limited regulatory oversight, where valuation methods, provenance documentation and professional standards remain highly uneven. These conditions make art investment particularly complex and raise essential questions about the factors that support or weaken the legitimacy of art as an asset class. This thesis examines …

Does Blue-Chip Art Genuinely Provide Diversification And Risk Mitigation Once Illiquidity, Transaction Frictions, And Survivorship Bias Are Explicitly Incorporated Into Performance Analysis, Or Is The “Safe Haven” Label Fundamentally Misleading?, Radhika Vissanji

MA Theses

Blue-chip art is widely presented as a safe haven and portfolio diversifier, particularly during periods of financial market uncertainty. This perception is reinforced by art price indices and industry reports that emphasise long-term appreciation, relatively low volatility, and weak correlation with traditional financial assets. Despite the growing prominence of these claims in advisory and institutional discourse, there remains limited agreement on whether such properties persist once the structural characteristics of the art market are fully taken into account. This thesis evaluates whether blue-chip art genuinely delivers diversification and risk-mitigation benefits under realistic market conditions. Focusing on three structural factors, illiquidity, …