Finance and Financial Management Commons^™

Fund Characteristics Immunity To Covid-19 Pandemic: Evidence From Thailand, Primporn Thanomsakul

Chulalongkorn University Theses and Dissertations (Chula ETD)

This research investigates the relationship between COVID-19 growth rates and the performance of Thai equity funds during the pandemic. Focusing on weeks with substantial increases in COVID-19 cases, we hypothesize that negative returns primarily originate from these weeks. We acknowledge the pandemic's impact as a black swan event, instilling fear and uncertainty, and its demonstrated negative effect on fund returns. Moreover, our research aims to identify the fund characteristics that have provided resilience and immunity to the negative effects of the crisis. Using a panel data regression with a fixed effect model, we analyze various fund characteristics and their impact …

The Impact Of Perceived Corruption Levels In Public Sector On Stock Market Development, Chotiwat Kumhang

Chulalongkorn University Theses and Dissertations (Chula ETD)

Most of the empirical studies that analyze the impact of corruption on the economy suggest that corruption is a serious obstacle against economic growth. However, it is ambiguous whether corruption has negative effect on the financial sector, especially stock market development. Thus, the first objective of this paper is to reexamine the relationship between corruption and stock market development. Furthermore, several previous literatures argue that democracy potentially mitigates the negative effect of corruption on economic growth. By this argument, the second goal of this paper is to investigate whether democracy has influence on mitigating the negative impact of corruption from …

Trade Credit With Firms' Life Cycle: Evidence From Stock Exchange Of Thailand (Set), Chaiwat Sae-Low

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines how firms’ life cycle affects Trade credit including the recession period by using evidence from Stock Exchange Thailand (SET). The study has been performed during 2000 – 2020 with 253 listed firms. Regarding results, it suggested that the firm life cycle has a significant impact on AR and AP days, except for AP’s growth. During the recession period, AP days for the introduction and mature stage have no positive impact. The empirical also finds there are no significant levels for the introduction and mature stage of AR and AP days, which have a high level of market …

Resilience In The Face Of Adversity: An Analysis Of The Refugee Entrepreneurial Population And Their Resources In The Mid-Atlantic Region Of The United States., Zahin Mahbuba

Undergraduate Honors Theses

This study presents an overview and analysis of refugee entrepreneurship in the United States' Mid-Atlantic region for refugee entrepreneurship by interviewing three refugee entrepreneurs and two professional individuals who actively work with refugee entrepreneurs. It introduces the refugee population and climate in the United States, and examines the connections between forced migration and entrepreneurship in the present literature along with factors that affect access and viability of entrepreneurship due to economic and social barriers, cultural and familial influences and financial hurdles. Through the interviews and examination of existing literature, three different traits distinguished refugee entrepreneurs in the region, according to …

Mathematical Modeling For A Multiproduct Manufacturing System Featuring Postponement, External Suppliers, Overtime, And Scrap, Yuan Shyi P. Chiu, Jian Hua Lian, Victoria Chiu, Yunsen Wang, Hsiao Chun Wu

Department of Accounting and Finance Faculty Scholarship and Creative Works

Manufacturing firms operating in today’s competitive global markets must continuously find the appropriate manufacturing scheme and strategies to effectively meet customer needs for various types of quality of merchandise under the constraints of short order lead-time and limited in-house capacity. Inspired by the offering of a decision-making model to aid smooth manufacturers’ operations, this study builds an analytical model to expose the influence of the outsourcing of common parts, postponement policies, overtime options, and random scrapped items on the optimal replenishment decision and various crucial system performance indices of the multiproduct problem. A two-stage fabrication scheme is presented to handle …

Minimization Of Multiproduct Fabrication Cost Featuring Rework, Commonality, External Provider, And Postponement, Peng Cheng Sung, Chia Ming Lai, Yunsen Wang, Yuan Shyi P. Chiu

Department of Accounting and Finance Faculty Scholarship and Creative Works

This study presents a multiproduct fabrication cost-minimization model featuring external providers, commonality, rework, and postponement in the supply chain environment. Customers’ requirements simultaneously emphasize quality, variety, and fast response time in current markets. To satisfy customer needs, most manufacturers in various industries (e.g., clothing, household goods, automotive, etc.) plan their multiproduct fabrication by incorporating a postponement strategy, rework process, and an outsourcing option. Motivated by the viewpoints above, this study offers a decision support system to address customers’ external expectations while optimizing internal operating expenses and machine utilization. We propose a single-machine, two-stage delayed differentiation system under a rotation cycle …

Crime And The Effects It Has On Business Development, Alexis Pimental

Honors Theses and Capstones

This reading highlights the topic of crime through exploring what crime is as well as the different types of crimes in our everyday lives. Specifically, this research paper wants to highlight the crimes that may affect businesses, as well as the relationships between crime and business development. By using facts and statistics, we will dive into the relationship between the two and see why certain businesses may find success while other businesses struggle. We will also be looking at different pieces of literature, reviewing them, and drawing conclusions from the literature being discussed. The literature review as well as assessments …

De-Fi Protocol Token Valuation By Projecting Token Flows And Estimating An Appropriate Risk Premium, Anders C. Brucker

Honors Theses and Capstones

No abstract provided.

Modeling The Impact Of Adding Cryptocurrency In A Portfolio, Ashley Pineault

Honors Theses and Capstones

This study examines the backgrounds of Bitcoin and Ethereum. How they came about, where they differ from one another in functions, and what investors believe will be a better cryptocurrency stock as an investment to include in an optimized portfolio. It will also study the impact of adding two leading cryptocurrencies, Bitcoin and Ethereum, into a hypothetical, optimal investment portfolio. Data collection includes the adjusted closing price of 30 diversified stocks from 2016 to 2021. Those adjusted closing prices are the beginning of determining the optimal portfolio for three separate portfolios. One has the Ethereum cryptocurrencies, the other has Bitcoin …

Should Cryptocurrency And Nft’S Be Used As Collateral?, John M. Helmanis

Honors Theses and Capstones

Nothing has captured the attention of modern finance quite like cryptocurrencies and non-fungible tokens (NFT), whether it’s the massive skyrocketing price or the next day's sudden drop wiping out millions of dollars seemingly overnight. This paper seeks to understand cryptocurrencies and NFT's position in modern finance in terms of collateral. Specifically, the question that will be answered is should cryptocurrencies and NFTs be used as collateral? This question has relevance because widespread use as collateral would signify validation as an asset class that holds value. Some cryptocurrency brokers are making loans backed by cryptocurrency, but currently, no major banks are …

Netflix Strategic Business Analysis, Kegan L. Morris

Undergraduate Theses, Professional Papers, and Capstone Artifacts

An external analysis done to identify opportunities and threats Netflix faces.

Strategies For Accessing Finance By Small And Medium Enterprises, Ezechiel Nibigira

Walden Dissertations and Doctoral Studies

No

Impact Of Islamic Financial Principles On Mitigating The Covid-19 Financial Crisis In Pakistan, Mohammed Monzur Murshid

Walden Dissertations and Doctoral Studies

The COVID-19 pandemic caused a global financial crisis. Governments and central banks around the world took unprecedented measures to mitigate the effect of the pandemic-triggered financial crisis and maintain the stability of the financial system. The purpose of this cross-sectional quantitative study was to examine the capability of the Islamic financial system to mitigate the effect of the pandemic-induced financial crisis on the economy of Pakistan in 2020. The International Monetary Fund enhanced dynamic stochastic general equilibrium (IMF-DSGE) model provided the framework for this study. Data collection included conventional financial sector parameters, Islamic financial sector parameters, and country-level macroeconomic data …

Monte Carlo And Bootstrapping Carry Trade Simulations In Excel, Tom Arnold, C. Mitchell Conover, Joseph Farizo

Finance Faculty Publications

In a currency carry trade, an investor borrows money in a low interest rate currency and invests in a high interest rate currency. The trade is profitable if the future exchange rate does not adjust to the interest rate differential. After downloading exchange rate data, a Monte Carlo simulation of a carry trade is performed in Excel based on a normal distribution and the data’s mean and standard deviation. A bootstrapping carry trade simulation exercise is also generated by randomly selecting observations from the historical data. In contrast to the Monte Carlo simulation, the bootstrapping exercise preserves the skewness within …

Decisions, Decisions, Decisions: Summer Activities For Anna!, David Henderson, John Marsh

Business

Anna Swanson will soon be home for the summer. Her parents John and Carol are trying to figure out the best way to keep Anna busy for the summer using a $400 gift from her grandmother. Given their budget, John and Carol must weigh the cost, benefits, and break-even points of options like a YMCA pool pass, amusement park pass, or various summer camps and try to find the best option or options that will keep young Anna busy during the summer.

Governing Fintech 4.0: Bigtech, Platform Finance, And Sustainable Development, Douglas Arner, Ross Buckley, Kuzi Charamba, Artem Sergeev, Dirk Zetzsche

Fordham Journal of Corporate & Financial Law

Over the past 150 years, finance has evolved into one of the world’s most globalized, digitized, and regulated industries. Digitalization has transformed finance, but also enabled new entrants over the past decade in the form of technology companies, especially FinTechs and BigTechs. As a highly digitalized industry, incumbents and new entrants alike are increasingly pursuing similar approaches and models, focusing on the economies of scope and scale typical of finance and the network effects typical of data. Predictably, this has resulted in the emergence of large digital finance platforms. We argue that the combination of digitalization, new entrants (especially BigTechs), …

2022 Crummer Suntrust Portfolio Recommendations: Crummer Investment Management 23rd Anniversary, Jason Philips, Michael Capra, Denis Golubev, Connor Jensen, Kovi Katz

Crummer Truist Portfolios

SunTrust (now Truist) endowed this portfolio to provide scholarships for future Crummer students and to give current students a practical, hands-on learning opportunity. This year, we are pleased to be able to disburse $55,000 to be used for scholarships. We are extremely grateful for SunTrust’s generosity and investment in higher education. We have all learned a great deal from this experience and the responsibility of managing real money. Our first challenge is to establish a portfolio position that takes advantage of economic opportunities while avoiding unnecessary risk and conforming to the Crummer SunTrust Investment Policy Statement (IPS). We are also …

Audit Firm Culture: An Evolution Of The Audit Profession In Response To External Forces, Christina T. Alberti

2022

The COVID-19 pandemic is disrupting business operations throughout the world, including the working procedures of audit professionals. Yet, to date, research on COVID-19’s impact on auditing is limited. This is despite its potential long-term implications. Thus, my dissertation uses a mix of research methods to examine auditors’ response to, and regulators’ evaluation of auditors’ response to, COVID-19.

The first paper (co-authored) synthesizes research on audit firm culture (AFC) over the past decade, reviewing recent developments in research on AFC and its influence on audit quality and auditors’ work attitudes. Using a three-phase model based on prior research and professional guidance, …

Optimizing Pension Outcomes Using Target Volatility Investment Concept, Zefeng Bai

2022

The target volatility strategy is a very popular investment concept in financial marketplace. For my dissertation, I focus on studying the target volatility investment concept in application to pension accumulation as well as decumulation stages. Additionally, I extend a basic target volatility strategy by introducing trading boundaries to its asset allocation mechanism. My dissertation study follows a three-paper format.

In paper one, we propose a new pension strategy that aims at improving the protection of a long-term pension plan in volatile market conditions. Over a hypothetical twenty-year pension scheme, we show that our newly proposed strategy, which attaches a target …

Competing For Deal Flow In Local Mortgage Markets, Darren Aiello, Mark Garmaise, Gabriel Natividad

Faculty Publications

The U.S. mortgage market exhibits competitive instability in which some lenders emerge rapidly from the fringe to substantial market shares. Using inferred discontinuities in application acceptance models to generate local lending shocks, we analyze the impact on a lender of a surge in originations by its competitors. We show that the quickest-growing (not the largest) competitors divert applications and originations from other lenders. Facing a quickly-growing competitor, lenders charge higher interest rates, partially due to the increased risk of their loans. Loan performance suffers for other lenders as the quickestgrowing competitor’s originations increase.

Exploring The Use Of Rasch Models To Construct Measures Of Firms’ Profitability With Multiple Discretization Ratio-Type Data, Chen Qiu

Theses and Dissertations--Education Sciences

Ratio-type data plays an important role in real-world data analysis. Mass ratios have been created for different purposes, depending on time and people’s needs. Then, it is necessary to create a comprehensive score to extract information from those mass ratios when they measure the same concept from different perspectives. Therefore, this study adopts the same logic of psychometrics to systematically conduct scale development on ratio-type data under the Rasch model. However, it is first necessary to discretize the ratio-type data for use in the Rasch model. Therefore, this study also explores the effect of different data discretization methods on scale …

Impact Of Covid-19 Pandemic On Household Financial Decisions: A Consumer Vulnerability Perspective, Atefeh Yazdanparast, Yasser Alhenawi

School of Business

This study joins a rapidly growing body of research that investigates the multi-faceted impacts of the Covid-19 pandemic on consumers' behavior. Specifically, we examine how the pandemic-induced state of vulnerability impacts consumers' saving, investing, and spending decisions. Using survey data from four different countries (i.e., USA, UK, South Africa, and Mexico), we examine the role of personality on consumer vulnerability, create an index of consumer vulnerability, and establish the role of vulnerability in impacting important financial decisions. We report evidence that perceptions of vulnerability and the pandemic-induced changes in financial and consumption behaviors vary across residents of developed and developing …

The Gender Bias Burden On Business: Women's Access To Credit In Bahrain, Sandra J. Thiman

Mary Ann Bolton Undergraduate Research Award

Entrepreneurship is essential to virtually every economy; however, Bahraini women face many challenges accessing business development. In particular, a major constraint for these women is their access to capital support. In 2020, the government signed a law prohibiting gender-based discrimination in access to credit to help the issue; nonetheless, its effectiveness has yet to be systematically examined. Using data from several sources, I test whether the law significantly affected the gender gap in borrowing for business purposes while controlling for other variables. Importantly, I find that women’s labor force participation is a significant factor in reducing the borrowing gap between …

The New Accounting For Operating Leases: Unintended Consequences In The Airline Industry, Renata Bandeira, Bridget M. Lyons, Carolyn Trabuco

WCBT Faculty Publications

By 2020, new accounting rules for operating leases were applicable to publicly traded companies reporting under either the US Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). The accounting authorities under both standards noted that the new rules were developed to increase the transparency of lease transactions to provide more relevant and comparable information. We compare two Brazilian airlines reporting under IFRS, Azul and Gol, with an operationally similar US airline reporting under US GAAP, JetBlue, to determine whether the new standards improve the ability to understand, evaluate, and compare performance, managerial decision making and credit metrics. …

The Impact Of The Covid-19 Pandemic On Corporate Financial Fragility In The Vietnamese Manufacturing Industry, Trang Nguyen

Honors Theses

In the past decades, under the government’s export-led growth strategy, the Vietnamese manufacturing sector – the backbone of the whole Vietnamese economy – has established a deep tie with the international market and the reliance on foreign buyers has fueled the growth of this sector before COVID-19. However, during the pandemic, when the global market contracted at -3.5 percent and demand slumped globally, this existing growth model and the manufacturing sector’s reliance on foreign buyers induced significant risks to this sector from both the demand and supply side. Using the firm-level data on 41 manufacturing exporting companies from the Vietstock …

Relationship Between Capital Structure And Financial Performance Of U.S. Retail Bank, Nelson Jonah Usoro

Walden Dissertations and Doctoral Studies

AbstractThe decision to fund the operations of a company through debt or equity has implications for the long-term sustainability of the organization. The purpose of this quantitative causal-comparative study was to evaluate the impact of capital structure on the financial performance of U.S. retail banks and to observe the behavior of the banks during a time of crisis to determine whether capital structuring decisions could support the bank in surviving financial distress. The research questions focused on the effects of capital structure, including common stock equity with preferred stock compared to common stock equity with secured debt, on earnings, profitability, …

Optimization Of Financial Performance In E-Commerce, Ishmael Fleming

Walden Dissertations and Doctoral Studies

Financial performance is a challenge for business managers in the e-commerce industry that lack the knowledge to meet their operational objectives consistently. Business managers are concerned with poor financial performance due to the adverse impact on business sustainability. Grounded in total quality management theory, the purpose of this quantitative correlational study was to examine the relationship between working capital management (WCM), operating expense ratio (OER), and e-commerce financial performance. Archival data were collected from 107 small- to medium-sized publicly traded e-commerce businesses headquartered in the United States from 2019 to 2021. The results of the multiple linear regression were significant …

Strategies To Decrease Unethical Financial Management Behavior In Nonprofit Organizations, Cristi Michelle Hargrave

Walden Dissertations and Doctoral Studies

Unethical financial management leadership conduct in nonprofit organizations threatens organizational mission accomplishment. Leaders of nonprofit organizations who fail to decrease unethical financial management conduct can observe a lack of mission accomplishment in their organizations. Grounded in the stakeholder and agency theories, the purpose of this qualitative multiple case study was to explore strategies nonprofit leaders use to decrease unethical financial management conduct. Participants were three nonprofit leaders from organizations on the East Coast of the United States who implemented strategies to reduce unethical financial management conduct. Data were collected using semistructured interviews and a review of nonprofit regulatory reporting documents. …

Co-Jumps, Co-Jump Tests, And Volatility Forecasting: Monte Carlo And Empirical Evidence, Weijia Peng, Chun Yao

WCBT Faculty Publications

This study classifies jumps into idiosyncratic jumps and co-jumps to quantitatively identify systematic risk and idiosyncratic risk by utilizing high-frequency data. We found that systematic risk occurs more frequently and has larger magnitudes than the idiosyncratic risk in an individual asset, which indicates that volatilities from one sector are largely derived from the contagious effect of other sectors. We further investigated the importance of idiosyncratic jumps and co-jumps to predict the sector-level S&P500 exchange-traded fund (ETF) volatility. It was found that the predictive content of co-jumps is higher than that of idiosyncratic jumps, suggesting that systematic risk is more informative …

A Textual Analysis Of Logograms In Chinese Ipo Roadshows: How Agreement Between Investors And Management Relates To Pricing And Performance, James C. Brau, James Cicon, Stephen R. Owen

Faculty Publications

We analyze the interaction between management and investors during Chinese IPO roadshows through Jaccard Similarity analysis of written Chinese logograms. We provide evidence that when agreement is high, investor optimism increases, leading to relatively large first-day underpricing. We further show that high agreement biases investors to systematically overestimate IPO prospects leading to poor long-run abnormal performance. Jaccard Similarity is different from current content analysis methodologies because it is language and culture agnostic, requiring no a priori construction of thematic dictionaries. Elimination of such dictionaries removes the danger that the researcher has imposed predispositions upon the study.