Finance and Financial Management Commons^™

Peran Mediasi Lmx Terhadap Pengaruh Organizational Climate Dan Trust Terhadap Knowledge Sharing Dalam Pengembangan Kompetensi Teknis, Karantina Marhaeni, Niken Ardiyanti

Jurnal Manajemen dan Usahawan Indonesia

The purpose of this research is to examine the influence of organizational climate, trust and leader-member exchange (LMX) on knowledge sharing, as well as the mediating role of LMX on the impact of organizational climate and trust on knowledge sharing. The research was conducted on operators and technicians as participants in the accelerated competency development program in an oil and gas refinery business. This research was an applied analytical research using an empirical approach with a mixed – method data collection technique between quantitative using a questionnaire and qualitative using an open questionnaire. Data were collected from 419 respondents or …

Aggregate Stock Liquidity Of Bursa Malaysia, Liew Ping Xin

Student Works (2020-2029)

Liquidity plays a crucial role in the functioning of secondary stock markets. However, little is known about the liquidity condition and how trading activities of different investor groups affect liquidity in the Malaysian stock exchange. This thesis focuses on three aspects of Malaysian stock market liquidity, namely, aggregate liquidity in the context of foreign equity flows, higher-order statistical moments of liquidity in the context of proprietary day trading, and, the liquidity connectedness of stock, bond, money and foreign exchange markets. First, this thesis examines the impact of gross foreign equity inflows on aggregate liquidity in a Vector Autoregression framework using …

Social Determinants Of Health: The Impact On Health Outcomes And Hospital Profitability, Danielle Mcpherson

Doctor of Business Administration Dissertations

Hospitals are experiencing decreasing profitability due to increasing healthcare cost. In this paper, I demonstrate that there is financial value to hospitals by addressing social determinants of health (SDOH) as this strategy improves health outcomes and yields cost savings. I estimate the impact of SDOH on the health outcomes using an IV probit regression analysis and estimated the impact of health outcomes on cost using a basic linear regression. I estimate that improving SDOH by one standard deviation will result in hospital cost savings as follows: addressing Violent Crime will decrease hospital cost between 0.16% and 0.21%, addressing Supplemental Nutrition …

Stock Market Correlations To Economic Indicators, Anthony K. Quandt

Honors Program: Senior Projects (Public)

For this project, I researched how representative the S&P 500 (a common index of choice to represent the market) is of the economic well-being of the US. I found that stock market data can be used an as indicator of the economic well-being of the U.S.. The results do not indicate that the stock market leads to recovery, but it does suggest that it is correlated with recovery. In my analysis, I compared the S&P 500 performance to four different economic indicators: Real Gross Domestic Product (GDP), The Consumer Price Index (CPI), Average Weekly Private Wages, and Unemployment Rate. A …

A Bibliometric Analysis Of Islamic Accounting Research Indexed By Dimensions.Ai, Aam Rusydiana, Muhamad Taqi, Irman Firmansyah, Aisyah Assalafiyah, Nanik Kustiningsih

Library Philosophy and Practice (e-journal)

This bibliometric study investigated the current state of documents on Islamic accounting published by digital object identifier equipped journals from 1990 to 2020 listed in Dimension. The analysis focused on the trends of the keywords, authors and journals. The data analyzed were 556 publications of research publications in Dimension (https://dimension.ai). Search terms were 'Islamic accounting'. The searches used to establish the study dataset were last updated on November 13, 2020. Descriptive statistical methods were used, and a bibliometric analysis was conducted using the R Biblioshiny to find out the bibliometric map. The number of articles discussing the theme of Islamic …

Retirement Readiness Under The Gig Economy, Laila Hmaidan

Capstones

This piece looks at the implications of retirement savings for Americans under the changing work environment, more specifically, the gig economy. Currently, 34% of Americans engage in some form of gig or short-term work. Those who engage in gig work as their main job, have far fewer savings set aside for retirement. Additionally, these types of jobs don’t give workers access to tax-advantaged retirement accounts.

https://leilahmaidan.github.io/JOBS-CORONA/

Walmart Impact On The Finance And Insurance Industry, Steven C. Hall, Suzanne K. Hayes, Laurie Swinney

Mountain Plains Journal of Business and Technology

Purpose

This paper investigates the effect of Walmart presence on professional service firms within the finance and insurance sector. This paper also discusses the finance and insurance industry’s place within the Walmart ripple effect—changed retail sector leads to changed professional support services resulting in altered levels of social capital within the community.

Design/Methodology

The study uses county-level data from the state of Nebraska to examine the relationship between cumulative Walmart exposure and the number of firms, number of employees, and payroll levels within the finance and insurance (F&I) sector. These same variables are also investigated within two specific F&I industries—insurance …

Financial Management And Financial Well-Being Of Newly Married Couples: Practices And Knowledge, Leylawati Joremi

Student Works (2020-2029)

Prudent financial management is a critical factor to achieve better financial well-being. The failure of many individuals in managing their finances, resulting in bankruptcy, distress and divorce. Recognizing the importance of financial management practices as a roadmap towards future financial well-being, a study on young and newly married couples is imperative. This study intends to attain a profound understanding of financial management practices among urban Malays young couples. This study also deliberates the understanding of these couples on financial well-being. It takes the phenomenological approach and analyses qualitative data collected through a series of in-depth interviews. The interviews explore the …

What Is The Riskfree Rate? A Search For The Basic Building Block, Aswath Damodaran

Journal of New Finance

In corporate finance and valuation, we start off with the presumption that the riskfree rate is given and easy to obtain and focus the bulk of our attention on estimating the risk parameters of individuals firms and risk premiums. But is the riskfree rate that simple to obtain? Both academics and practitioners have long used government security rates as riskfree rates, though there have been differences on whether to use short term or long- term rates. In this paper, we not only provide a framework for deciding whether to use short or long term rates in analysis but also a …

The Equity Premium In 150 Textbooks, Pablo Fernandez

Journal of New Finance

This article is based on a review of 150 textbooks on corporate finance and valuation published between 1979 and 2009 by authors such as Brealey, Myers, Copeland, Damodaran, Merton, Ross, Bruner, Bodie, Penman, Arzac etc. Analysis of the sample shows that the books’ recommendations regarding the equity premium range from 3% to 10%, and that 51 books use different equity premia on various pages. Moreover, the 5-year moving average is seen to have declined from 8.4% in 1990 to 5.7% in 2008 and 2009.

Some confusion arises from not distinguishing among the four concepts that the phrase equity premium designates: …

Women Who Dared: Female Entrepreneurs Defy Odds To Start Businesses During Covid-19, Kinza Tahir

MSJ Capstone Projects

With leadership roles being increasingly won by women all over the world, society benefits in all aspects especially economically when women earn incomes. In the trying times of the COVID-19 pandemic, many women usually perceived as second class citizens of Pakistan have started their own ventures amidst the pandemic.

The Effect Of Board Links, Audit Partner Tenure, And Related Party Transactions On Misstatements: Evidence From Chile, Sakthi Mahenthiran, Berta Silva Palavecinos, Hanns De La Fuente-Mella

Scholarship and Professional Work - Business

Companies restate when material misstatements are identified in previously issued financial statements. Misstatement research in Latin America is sparse, even though they are an important context to study this phenomenon. Chile’s corporate governance regulations are considered exemplars for Latin American countries but its auditing profession is not well developed. Thus, Chile provides an interesting context to study the complementary roles of audit and board governance affecting misstatements. Using a sample of 104 Chilean listed firms over seven years, our study finds that the board links and audit partner tenure negatively affect misstatements. Specifically, given the prevalence of related party transactions …

Otter Tail Corporation, Heather Strese

Dissertations, Theses, and Projects

In my valuation model I gathered Otter Tail Corporation’s financial statements, historical and industry data, public information and ratio analysis from Mergent Online, Yahoo Finance and Otter Tail Corporation’s 2018 annual report. I discount the expected free cash flows at the WACC and estimate that Otter Tail Corporation’s stock is price is at USD 56.36 per share as of November 1^st, 2019, given the small difference between my estimated price per share and the current price per share in the market, and consistent with the EV/EBITDA multiple, I recommend a HOLD on the stock of the company.

Trader Joe’S: A Case Analysis Of Trader Joe's Competitive Strategy, Holden G. Adams

Honors Program: Senior Projects (Public)

Trader Joe’s has been wildly successful since the store was first founded largely due to their ability to distinguish themselves from their competitors. Found across the United States, Trader Joe’s offers its consumers a unique range of private-label products to their target audience. This case analysis delves into Trader Joe’s competitive strategy and how they plan to sustain their competitive edge in the years to come.

Many factors play a role in the success of Trader Joe’s over the past years. Internally, they carry highly sought after products and have a loyal consumer base. They have found a foothold in …

Testing Investment Strategies For Superior Predictive Ability, Jack K. Baldwin

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

When different models are tested on one data sample and repeatedly altered in order to be found significant, the results are likely spurious. This is data-snooping – an ever-growing problem in the finance industry likely due to fierce competition and developments in data processing capacity. In academia, although recognized as a deplorable practice, data-snooping is likewise pervasive perhaps as a result of poor incentive structures at both the university and publisher levels. I manifest the problem of data-snooping through multiple academic and industry examples and then summarize Halbert White and Peter Hansen’s offered solutions, White’s Reality Check and Hansen’s Test …

Entrepreneurial Finance: Analyzing The Demand For The Personal Guarantee, Walter W. Brown Ii, Kent T. Saunders

The Journal of Entrepreneurial Finance

This study contributes to the current body of entrepreneurial finance literature by analyzing multiple aspects of personal guarantees. We conducted a survey yielding 1,462 responses from owners or managers of incorporated small businesses geographically dispersed throughout the United States. Of these, 383 C or S corporations had loans in place during 2014. The survey focuses on personal guarantees used on five types of loans: lines of credit, mortgages, equipment loans, vehicle loans, and a loan type referred to as "other loans." We found the variation increase in personal guarantees for equipment loans, vehicle loans, and other types of loans during …

Impact Of Aml/Cft Regulations On Digital Disruptions (Fintech) And Financial Inclusion In Sub-Saharan Africa, David Nkang Odu

Bullion

Financial Technology is becoming paramount in all financial institutions, being utilized in helping companies manage most of their financial operations efficiently through the use of software and specialized algorithms. The future of finance will shine brightest when it provides standard and valuable services to the society, however this will come with its own merits and demerits. I have prepared this report to carry out a detailed discussion on the impact that the AML/CFT controls have on FinTech and the financial inclusion initiative in sub-Saharan Africa. The AML/CFT controls can be applied more effectively in the formal systems for banking and …

Insider Trading Enforcement And The Private Information Environment: Evidence From The Newman Ruling, Andrew T. Pierce

Graduate Theses and Dissertations

I exploit a shock to U.S. insider trading law to investigate whether a reduction in the enforceability of tipper-tippee insider trading restrictions leads to changes in information parity among investors and the efficiency of price discovery. The December 2014 Federal Second Circuit Court of Appeals ruling in US v. Newman constrained enforcement by restricting the types of exchanges between managers and investors that trigger tipper-tippee insider trading liability. Following Newman, I find that Second Circuit hedge funds experienced a significant increase in their stock picking ability of Second Circuit stocks in terms of preempting future earnings announcement returns and future …

Behavioral Finance For The Individual Investor, Drake Gens

Senior Honors Theses

The Efficient Market Hypothesis (EMH) has been generally accepted in academia despite its well-researched flaws; by understanding how and when markets deviate from efficiency, investors have an opportunity to not only better understand their investing habits, but also possibly generate higher investment returns. Various market anomalies, such as the Value Effect (De Bondt & Thaler, 1985), the Monday Effect (French, 1980), and the January Effect (De Bondt and Thaler, 1958 & 1987), attest to the fact that markets experience periods of deviation from efficiency. Fiévet and Sornette (2016) finding that markets experience inefficiency during periods of significant volatility is confirmed …

Is The Synthetic Stock Price Really Lower Than Actual Price?, Jianfeng Hu

Research Collection Lee Kong Chian School Of Business

Conventional wisdom suggests synthetic stock prices are lower than actual prices due to short‐sale constraints and voting premiums. This study finds that such underpricing of the synthetic midquote disappears if arbitrageurs face security borrowing costs. The synthetic spread predominantly contains the actual spread. Synthetic stock overpricing is as common as underpricing but the former is more persistent and more profitable. The difference between synthetic and actual quotes is significantly affected by options market makers' hedging costs and investors' demand for leverage.

Sustainability Balanced Scorecard Architecture And Environmental Investment Decision Making: The Mediating And Moderating Effects Of Knowledge And Risk Indicators, Suaad Jassem

Student Works (2020-2029)

According to a survey by Bain and Company, the majority of the sustainability programs undertaken by global companies fail to meet their objectives. A part of the reason for such a dilemma is possibly due to the dearth of sufficient research on how investment and performance evaluation tools such as sustainability balanced scorecards architecture impact decisions taken by managerial decision-makers. Hence, this doctoral research endeavor extends the literature on sustainability balanced scorecards (SBSC) architecture by examining how they influence decision-makers when they attempt to achieve environmental goals of their organization through evaluation of environmental investment options. An experimental research model …

Influence Of Moody’S Rating Downgrade And Upgrade On The U.S. Equity Market: A Case Study Of Ibm, Ford, And Boeing, Qianhe Zhang

Honors College Theses

The main purpose of my thesis is to determine the current influence of credit rating downgrades and upgrades made by Moody's on the U.S. equity market. Previous literature has already talked about the effect of credit ratings on stock or bond price, however, my paper is different from previous works. I will focus on a single nationally recognized credit rating organization; I will talk about the both downgrade effect and the upgrade effect; I will do a case study of the credit rating effect on Ford, IBM, and Boeing. The results indicates that overall, Moody’s rating announcements have an important …

Does The Fossil Fuel Divestment Movement Impact New Oil And Gas Fundraising?, Theodor Florian Cojoianu, Francisco Ascui, Gordon Clark, Andreas Hoepnner, Dariusz Wójcik

Research Collection College of Integrative Studies

This article explores whether increasing fossil fuel divestment commitments are related to the reduction of capital flows into the oil and gas sector, based on an analysis of syndicated lending, equity and bond underwriting across 33 countries from 2000 to 2015. We find that increasing oil and gas divestment pledges in a country are associated with lower capital flows to domestic oil and gas companies. This effect is enhanced in more stringent environmental policy regimes and diminished in countries which heavily subsidise fossil fuels. However, the divestment movement may have an unintended effect, insofar as domestic banks situated in countries …

Trading Regularity And Fund Performance: Evidence In Uncertain Markets, Lin Tong, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

High trading regularity funds outperform low trading regularity funds more during periods of low market returns and greater market and economic uncertainty. Their trading also has strong return predictability on stock returns during periods of greater uncertainty. They trade more around news events, and their news related trading predicts stock return stronger during periods of greater uncertainty. They also profit from liquidity provision in highly uncertain market environment. Overall our evidence suggests that high trading regularity funds trade more frequently during periods of high uncertainty when information production and processing skill is more valuable and when the demand for liquidity …

International Tax Competition And Foreign Direct Investment In The Asia-Pacific Region: A Panel Data Analysis, Chengwei Xu, Alfred M. Wu

Research Collection School Of Accountancy

Purpose: The purpose of this study is to investigate how a country's competitive tax policy influences its inward foreign direct investments (FDI) in the Asia–Pacific region, even when given particular constraints (e.g., population, public governance, skilled labor, and so on) exist. Design/methodology/approach: The paper uses the system GMM estimation approach to test the hypothesis. Data on FDI, corporate income tax, and various confounding factors were drawn from Ernst and Young's worldwide corporate tax guide, the World Bank, and other sources to create a panel of 28 economies over the period 2000–2016. Findings: The present research confirms the negative association between …

How Does Convergence Influence Cluster-Based Economic Growth In Regions?, Jamie Meehan

Doctoral

This thesis is a novel study examining the influence of convergenceon cluster-based economicgrowth in regions. The goal of which isto provide exploratory insights frombothnational and international perspectives. This research study examines the relevant literature in thefieldsof convergence,clusters,and regions. It thenadoptsideologies from the most salient studies,to create a conceptual framework. There is limitedextantliterature currently available on the connection between convergence, cluster-based economicgrowth,and regions. AnOECD (2011) report identified the importance of regions as they are themost effective place to make economic decisions. The convergence approachof moving towards equality, bottom-up growth,and co-opetition can be regarded as being imperative to the successful augmentation of …

Blockchain-Based Public Auditing And Secure Deduplication With Fair Arbitration, Haoran Yuan, Xiaofeng Chen, Jianfeng Wang, Jiaming Yuan, Hongyang Yan, Willy Susilo

Research Collection School Of Computing and Information Systems

Data auditing enables data owners to verify the integrity of their sensitive data stored at an untrusted cloud without retrieving them. This feature has been widely adopted by commercial cloud storage. However, the existing approaches still have some drawbacks. On the one hand, the existing schemes have a defect of fair arbitration, i.e., existing auditing schemes lack an effective method to punish the malicious cloud service provider (CSP) and compensate users whose data integrity is destroyed. On the other hand, a CSP may store redundant and repetitive data. These redundant data inevitably increase management overhead and computational cost during the …

Noise Traders, Fintech, And Equity Market Volatility, William T. Collins

Honors College Theses

The literature provides ample evidence that the last decades have seen an increase in noise trader activities, in part driven by the development of fintech. This paper strives to educate readers on the term noise traders as well as fintech. Moreover, it argues that the evolvement of noise trader activities accompanied with fintech has increased equity market volatility over time. The study finds that equity market volatility has indeed increased over time and is not driven by periods of crisis. Furthermore, this increase in volatility is more severe for small stocks versus large stocks, which is in line with the …

Governing The Gold Rush Into Emerging Markets: A Case Study Of Indonesia’S Regulatory Responses To The Expansion Of Chinese-Backed Online P2p Lending, Angela Tritto, Yujia He, Victoria Amanda Junaedi

Patterson School of Diplomacy and International Commerce Faculty Publications

Peer-to-peer (P2P) lending has the potential to boost financial inclusion in emerging markets. This paper contributes to the literature on fintech governance in emerging Asian markets. It examines the case of the Indonesian government’s approach in regulating the P2P lending sector using both primary interviews and secondary firm-level data. Driven by regulation tightening in China and regulatory gaps in Indonesia, Chinese investments became the largest in this sector contributing, however, to growing risks from illegal business practices. The Indonesian government responded by creating new regulations and institutions, mitigating risks without stifling the potential for financial inclusion. We conclude a proactive …

Using Macroeconomic Variables To Preserve The Predictive Power Of Bankruptcy Prediction Models Across Time, Edward Golas

Honors Projects in Finance

At its core, bankruptcy prediction is a binary classification problem where a researcher attempts to model a company’s financial status, defined as either bankrupt or non-bankrupt, based upon a slew of financial ratios, market indicators and even macroeconomic variables. Several studies (Altman and McGrough, 1974; Moyer, 1977 and Mensah, 1984) have noted that such models tend to suffer reduced accuracy when predicting bankruptcy for time periods other than the one in which they were trained. A possible solution to this problem is to include macroeconomic variables in the model, since such variables fluctuate over time and are suspected of impacting …