Finance and Financial Management Commons^™

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

Electronic Theses and Dissertations

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 …

Banking On Incumbents: How Do Fintech Start-Ups Benefit From Collaborations, Theodor Florian Cojoianu, Pia Helbing, Vladimir Pazitka, Dariusz Wojcik, Beiyun Xiao

Research Collection College of Integrative Studies

We investigate whether collaborations with established incumbents bolster innovation and access to capital for FinTech start-ups. Collaborations increase patent applications and raise both short-and long-term citations. Collaborations with finance incumbents stimulate finance and technology citations and boost both short-and long-horizon venture capital fundraising. These effects persist after addressing endogeneity and conducting additional robustness tests. Theoretically, our findings test the resource based theory in the FinTech ecosystem and enrich the open innovation literature by showing that, despite power asymmetries, FinTech start-ups can sustain innovative momentum and capture innovation gains via collaborations with incumbents. Collaborations function as credible signals that confer capital …

Minority Day Hearing On American Innovation And The Future Of Digital Assets: From Blueprint To A Functional Framework, Hilary J. Allen

Legislative Testimony & Comments

When we hear from the crypto industry that existing regulation is incompatible with their technology, that is a misdirection. It is entirely possible for a blockchain-based technology business to comply with existing investor protection and financial stability regulation. However, for many crypto businesses, it may be true that existing regulation is incompatible with the economics of their business model, especially if their business model depends on doing things that we have learned, over the years, tend to harm people. But we have little to lose as a society from limiting the profitability of this kind of business model; unfortunately, the …

Building Open Finance, Douglas W. Arner, Ross P. Buckley, Christine M. Wang, Dirk A. Zetzsche

Notre Dame Journal of International & Comparative Law

As one of the most digitalized sectors of the economy, finance is increasingly dependent on data. Over the past decade, the implementation of Open Banking and Open Finance in an increasing number of major jurisdictions around the world, including the European Union (EU), the United Kingdom (UK), Australia, Brazil, and the United Arab Emirates (UAE), seeks to break down data silos, empower consumers, and increase competition among financial service providers, aiming to maximize the value of financial data for innovation, growth, and competitiveness. In addition to mandatory requirements, other governance approaches to Open Finance, including collaborative arrangements and voluntary initiatives, …

Labor Heterogeneity, Labor Adjustment Costs, And Externally Financed Firm Growth, Enxi An, Kenneth Yung

Finance Faculty Publications

Highlights

• Because skilled workers entail higher hiring and firing expenses, firms tend to retain skilled workers in the face of the high labor adjustment costs (LACs).

• The retention of skilled workers imposes inflexibility on business operations and exposes firms to cash flow shocks.

• Firms with high LACs hoard precautionary cash in the face of higher cash flow risk.

• We find a positive relationship between LACs and externally financed firm growth.

• Equity is the major source of external funds for firm growth in the face of high LACs.

• The retention of skilled workers elevates conflicts …

Determinants Of Corporate Capital Structure And The Emerging Role Of Intangibles And Innovation: The Case Of Japanese Corporations, Michael Angelo A. Cortez

DLSU Business & Economics Review

This study aims to modernize capital structure determinants in line with changing economic environments by incorporating the function of intangible assets, particularly innovations, into capital structure decisions. Traditional independent variables such as tangibility, firm size, profitability, growth opportunities, and profitability have been thoroughly researched, but the growing importance of intangible assets and innovations in the contemporary economy with advanced technology calls for a reassessment of their impact on capital structures. I examine 95 enterprises listed in the Nikkei over 11 years (2014–2024) using cross-section generalized least squares regression and dynamic panel data estimation. Results show that corporate leverage decisions (debt-to-equity …

Nike's Product Recommendation System And Incorporation Of Ai, Quinton Truman Lamers

Undergraduate Theses, Professional Papers, and Capstone Artifacts

No abstract provided.

Indirect Measure Of Financial Constraints: Evidence From Unquoted Innovative Smes, Katarzyna Prędkiewicz

Journal of Banking and Financial Economics

This paper examines whether companies’ innovativeness affects the availability of capital and, therefore, whether this group is financially constrained. It uses an objective, indirect way of measuring financial constraints based on the assumption that financially restricted firms only invest when internal cash flow allows them to do so. Therefore, the research was based on the investment-cash flow equation, more precisely the adjusted ECM model adapted to the SME sector. The companies’ innovativeness was measured based on a proprietary synthetic indicator covering a broad range of information on innovation activity. The research was conducted on a sample of 403 firms, including …

The Process Of Adapting Innovations In Banking Services By Businesses In Kosovo, Burim Isa Berisha Dr.Sc, Burim Berisha B.B

International Journal of Business and Technology

This dissertation addresses the importance of a business model from businesses in Kosovo, which is able to adapt innovations from the banking sector such as digital services, and through which become part of a global market where such developments occur step by step. very fast At the beginning of this paper will be given definitions related to the main concepts that are addressed such as business model, innovations in banking services - digitalization of services and the role and importance of linking a business model with banking services of the time. After the theoretical part, from which the main concepts …

The Process Of Adapting Innovations In Banking Services By Businesses In Kosovo, Burim Isa Berisha Dr.Sc, Burim Berisha B.B

International Journal of Business and Technology

This dissertation addresses the importance of a business model from businesses in Kosovo, which is able to adapt innovations from the banking sector such as digital services, and through which become part of a global market where such developments occur step by step. very fast At the beginning of this paper will be given definitions related to the main concepts that are addressed such as business model, innovations in banking services - digitalization of services and the role and importance of linking a business model with banking services of the time. After the theoretical part, from which the main concepts …

Leadership Behaviors, Practices, And Sytles In Mergers And Acquisitions In The U.S. Technology-Based Organizations: A Qualitative Study, Susan E. Glover

Human Resource Development Theses and Dissertations

Leaders guide and shape the success of mergers and acquisitions (M&A) to meet an organization’s goals and objectives. In this study, I explored the role of leadership during M&A and the effect of different leadership behaviors, practices, and styles (BPS) on different organizational cultures during M&A. This study explored the contribution of leadership BPS on M&A outcomes within an organization with a robust and innovative culture. I focused on the human capital investment strategies of M&A integration concerning different leadership BPS utilized to improve the success rate of M&A goals and objectives. I concentrated on technology-based organizations because they are …

Competition And Innovation In The Financial Sector: Evidence From The Rise Of Fintech Start-Ups, Doina Caragea, Theodor Florian Cojoianu, Mihai Dobri, Andreas Hoepner, Oana Peia, Davide Romelli

Research Collection College of Integrative Studies

This paper provides new evidence on the effects of entry on incumbents’ incentives to innovate by examining the rise of FinTech innovations over the period 2000-2016. We employ machine learning algorithms to classify a large sample of patent applications into five types of FinTech innovations. We then show that greater competition from innovators outside the financial sector increases the probability that incumbent financial firms will innovate. Our identification strategy exploits the variation over time in the share of FinTech patent applications by non-financial start-ups relative to incumbent financial firms, as a proxy for competitive pressures from outside the financial industry. …

Blackstone Launchpad University Of Montana Strategic Analysis/Jacob Treece Honors Capstone Report, Jacob R. Treece

Undergraduate Theses, Professional Papers, and Capstone Artifacts

No abstract provided.

Exploring Strategies For Measuring Team Innovation In Small Financial Business, Kimberly Nicole Whitt

Walden Dissertations and Doctoral Studies

Small financial business leaders cannot maintain a competitive advantage without effectively measuring work team innovation. The purpose of this qualitative exploratory multiple case study was to explore the strategies that small financial business leaders use to measure work team innovation to maintain a competitive advantage. The conceptual framework undergirding this study was Schumpeter’s innovation management theory. The research question asked what strategies small financial business leaders use to effectively measure work team innovation to maintain a competitive advantage. Interview data were collected from 15 small financial business leaders who employ less than 100 employees in Madison, Chester, Gibson, Henderson, and …

Monitoring Institutional Ownership And Corporate Innovation, Steve Miller, Bin Qiu, Bin Wang, Tina Yang

Finance Faculty Research and Publications

We document a positive effect of monitoring institutional ownership on firm innovation after controlling for traditional measures of institutional ownership. We further find that monitoring institutions enhance firm innovation by: (1) incentivizing CEO risk-taking and reducing intense board monitoring, (2) alleviating agency problems, (3) attenuating managerial career concerns, and (4) mitigating corporate misvaluation. Overall, our findings highlight the importance of considering institutions’ monitoring incentives when examining the outcomes of their portfolio firms’ activities associated with high information asymmetry.

Lessons Learned: Simon Potter, Maryann Haggerty

Journal of Financial Crises

Simon Potter, an economist, worked at the Federal Reserve Bank of New York for more than two decades. Leading up to the Global Financial Crisis, he was the New York Fed’s associate director of economic research; in 2010, he became director. In 2012, he shifted to become the head of the markets group, putting him at the helm of the Fed’s open markets operations, the mechanism by which the central bank steers monetary policy and interest rates. He moved to the private sector in 2019. For this April 2021 Lessons Learned interview, he emphasized that these are his personal opinions, …

When Will Cryptocurrency’S Winter Come To An End?, Singapore Management University

Perspectives@SMU

With the price of Bitcoin and other cryptocurrencies dropping dramatically, what is in store for the digital asset market?

Cryptocurrencies: Now What?, Wei Zhou, Fathurraman

Perspectives@SMU

New use cases could lead to wider adoption, but regulation and the transition to Web3 must be handled first

Regulating The Fintech Space, Jing Yang, Patrick Thng, Zhu Juntao, Kell Jay Lim

Perspectives@SMU

China gets to grips with fintech but still frowns upon cryptocurrencies. Regulation, blockchain technology, and central bank digital currencies will be under the spotlight amidst the crypto crash

Is The Crypto World Having Its Own 2008 Lehman Brothers Moment?, Eric Lim

Perspectives@SMU

Cryptocurrency markets have tumbled in recent times due to the age-old story of greed, arrogance and disregard for responsibility, writes UNSW Business School’s Eric Lim

Insomnovation – Natural Sleep Solutions Business Plan, Nikolas Limperis

Finance Undergraduate Honors Theses

Currently, 70 million Americans suffer from some sort of sleep issues from trouble falling asleep, trouble staying asleep, and daytime drowsiness. However, the sleep solutions on the market today are either highly artificial or only address the symptoms of sleep issues rather than the underlying cause. This is what Insomnovation seeks to address. By providing supplementation to seven key vitamins and minerals, Insomnovation hopes to bring a natural solution to put the issue of sleep disorders to rest.

A Case For Improved Financial Literacy Education In The United States, Nicholas Kinsella

Honors Scholar Theses

The purpose of this paper was to analyze what financial literacy is and explain in detail the shortfalls that the United States is currently facing in their financial literacy education. This paper will lay out the movement of states and colleges including more personal finance curriculum in their graduation requirements, why a financial literate population is important to topics such as managing student loan debt, retirement planning, professional development, and mental health among others. It will then conclude covering ways to improve current financial literacy education strategies with technology, experiential learning, and transparency.

Comparisons And Contrasts Of It Systems And Socioeconomic Status In School Districts, Hannah A. Ross

OUR Journal: ODU Undergraduate Research Journal

In a technology thrived society, one would think that anyone can have access to technology – especially in schools. However, it is not always the case due to budgets and other factors. As technology becomes an essential part of the workforce, students need to know certain web applications that companies use. This study will compare four school districts within the Tidewater area of Virginia. The following school districts include Hampton City Schools, Newport News Public Schools, York County School Division, and Williamsburg-James City County Public Schools. Each school will be compared and contrasted by the technology applications that are used …

Does Innovation Explain The Skewness Of Stock Returns?, Ahmed Baig, Hassan Anjum Butt, Abrar Fitwi, Joey Smith

American Business Review

This paper investigates the impact of firm-level innovation on the skewness of stock returns. Using data on a broad sample of equities from the major US stock exchanges, we find that innovative companies exhibit strong positive skewness. Our results are robust to both input and output measures of innovation as we find that increases in both firm-level research and development expenditure (R&D), as well as the number of patents, are positively associated with future stock return skewness. Our results hold using both systematic and idiosyncratic measures of skewness while controlling for various stock characteristics, time, and industry-fixed effects.

Asia Embraces Digital Currency And Cryptocurrency, David Kuo Chen Lee

Asian Management Insights

A decade ago, everyone was sceptical about cryptocurrency. Today, Asian governments are harnessing its technology to raise payment efficiency and improve financial inclusion. Initially, the technology was advocated and harnessed by ‘cypherpunks’, that is, individuals who advocate the use of cryptography and other strong encryption technologies to promote social and political change. At that time, being a cypherpunk meant standing on the opposite side of the government; today, I see cypherpunks, otherwise more appropriately known as cryptopunks, working closely with governments.

Sinwattana: Capital Crowdfunding For Thai Smes, Singapore Management University

Perspectives@SMU

A Singaporean entrepreneur falls in love with Thailand, and creates the country’s first online equity crowdfunding platform

Innovating In Traditional Real Estate Business Development Based On Value Co-Creation, Ya Zhang

Dissertations and Theses Collection (Open Access)

The real estate industry is an important aspect of China's social development and plays a pivotal role in economic growth. With the development of urbanization in my country, the supply relationship in the real estate industry has changed, consumer demand has become more rational, and the real estate industry’s financial and investment attributes have been superimposed on the influence of the real estate industry. The competition among small and medium real estate companies with relatively weak resource endowments has become increasingly fierce. Some land expansion models can no longer adapt to the development of the new situation. How to survive …

Essays On Ipo Cycles And Windows Of Opportunity, Meng Chen

Dissertations - ALL

The dissertation consists of two chapters regarding private firms financing in the capital market. The first chapter explores the long-term failure rate of private firms that issued initial public offerings (IPOs) in the public capital market. We study busted, or failed, IPOs to examine the underwriter certification hypothesis and windows of opportunity hypothesis in the new issues market. Extensive literature pointed out that time-varying characteristics of information asymmetry might induce windows of opportunity in capital market when information asymmetry is relatively low. During windows of opportunity, private firms can issue public equity with lower information costs and more favorable terms. …

Outsourcing Life Cycle Model For Financial Services In The Fintech Era, Tristan Lim, Patrick Thng

Research Collection School Of Computing and Information Systems

In today’s financial services landscape, staying ahead of the innovation curve and being disciplined at enhancing core service offerings entail careful resource planning. A well-structured outsourcing arrangement can go a long way towards enhancing long term organizational strategic growth. In the post-2014 FinTech era, (i) strategic management with an innovation focus and (ii) financial technology-associated risks, have brought about changes to outsourcing in the financial services industry. Presently, most outsourcing life cycle models in existing literature seek to provide comprehensive, yet industry-neutral guidelines lacking industry context and depth of coverage. A newly licensed financial institution deciding to embark on outsourcing …

Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

This paper seeks to provide a general overview of the impact of new technologies in the financial services industry in Singapore. For that purpose, it starts by emphasizing that technology has always played an important role in the financial industry. However, new disruptive technologies, as well as the increasing use of data in the financial services industry, have created new challenges and opportunities for the financial sector. While Singapore has managed to address these challenges by adopting one of the quickest and most innovative and comprehensive responses probably observed internationally, financial markets –and particularly the fintech industry– are constantly evolving. …