Finance and Financial Management Commons^™

Perceptions Of The Value Of Financial Education In African American Creditworthiness, Melvin Thomas Miller

Walden Dissertations and Doctoral Studies

Research suggests a disparity for African Americans within the banking system, as they are denied credit at a higher rate than other ethnic groups. The purpose of this phenomenological study was to explore the perceptions of African Americans financial training in regards to qualifying for consumer loans. The conceptual framework was based on seminal theories on credit risk assessment and critical race theory. The research questions were designed to address banking officials' perceptions of financial training and the effectiveness of training in improving African Americans' credit. A phenomenological design was employed with the purposeful sample of 9 banking officials within …

Employee Motivation And Knowledge Transfer In Nonprofit Organizations, Heidi Keam Nors

Walden Dissertations and Doctoral Studies

AbstractIneffective knowledge transfer strategies can negatively affect knowledge creation and employee motivation. Nonprofit business leaders who struggle with knowledge transfer among department staff are at a high risk of not improving employee motivation. Grounded in Kahn’s organizational theory on leadership and structure, the purpose of this qualitative multiple case study was to explore the knowledge transfer strategies used by nonprofit business leaders to transfer knowledge among departmental staff and to improve employee motivation. The participants comprised business leaders and staff, consisting of 2 executives, 2 managers, and 2 departmental staff members from a nonprofit charter school management company in North …

Buyer Beware: Variation And Opacity In Esg And Esg Index Funds, Dana Brakman Reiser, Anne Tucker

Faculty Publications By Year

Evidence of the tremendous rise in the significance of environmental, social, and governance (ESG) investing is coming from all quarters. Fund flows into ESG investment vehicles are growing at a sustained and sometimes exponential pace. Fund complexes are rushing to design products, creating and rebranding scores of mutual funds and exchange traded funds (ETFs), including lower-cost indexed options. Industry leaders, critics, and commentators are all heralding the sea change as a shift in investing - and corporate governance - to more broadly consider environmental and social factors.

This Article provides vital context for this conversation. Its descriptive account of the …

Early Termination Of Small Loans In The Multifamily Mortgage Market, Anthony Pennington-Cross, Brent C. Smith

Finance Faculty Research and Publications

This article uses micro‐level data on small (as defined by Fannie Mae) multifamily loans in the Fannie Mae loan portfolio to examine prepayment and default performance. The results document the importance of equity, as measured by the loan‐to‐value ratio, and contemporaneous property operating income relative to debt service obligations, as measured by the debt‐to‐income ratio. Our results indicate that the expiration of prepayment penalties and yield maintenance provisions lead to large spikes in prepayment and default. The results also illustrate that multifamily loans, as they are not fully amortized, also have a substantial risk of both extension and default at …

How Deposit Insurers' Fund Managers Compute Coverage Limits, Noel Trevor Patrick Nunes

Walden Dissertations and Doctoral Studies

AbstractFollowing the 2007–2008 global financial crisis, the Financial Stability Board identified several areas of weakness in the delivery of deposit insurance, among other interventions. One of the key recommendations related to the use of data by deposit insurers to make their coverage limits more robust. The purpose of this quantitative non-experimental cross-sectional study was to test the impact of 4 data sets—aggregate bank risk, the aggregate value of insured deposits, the DIF size, and premium levy—on the deposit insurance coverage limit. The investigation comprised a pilot study and a survey of deposit insurers from the International Association of Deposit Insurers …

Environmental Governance For Whom? Examining The Political, Institutional, Fiscal, And Legal Determinants Of State Environmental Agency Budget Policy In The Us, Andrew R. Duggan

Theses and Dissertations

Budgets are a prospective tool of governance, and appropriations are a planning vehicle reflecting: bureaucracies’ values, complex interactions, collective preferences, political influences, and available resources. Research spanning 30 years finds that environmental pollution is a key determinant of environmental budgets in the US, though myriad factors, actors, and subsystems are important to consider. Due to federalism and devolution of responsibilities and authorities, environmental governance falls largely to the states. While the dynamics that shape state environmental budget policy have received scholarly interest, theoretically-driven examinations of environmental appropriations remain limited within the public budgeting and environmental policy literature.

Using panel data …

Newman/Martoma: The Insider Trading Law's Impasse And The Promise Of Congressional Action, Tai H. Park

Fordham Journal of Corporate & Financial Law

The prohibition against insider trading is a judge-made law that has evolved for over fifty years, and has reached a critical impasse in two recent decisions in the Second Circuit Court of Appeals: United States v. Newman and United States v. Martoma. Judges of the Second Circuit are sharply divided over what conduct constitutes improper trading on material nonpublic information (“MNPI”), leaving the law in profound disarray. At bottom, the disagreement stems from a decades-old split within the judiciary about how to (1) ensure a fair securities marketplace, while (2) enabling institutional analysts to probe for corporate information in furtherance …

Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz

Fordham Journal of Corporate & Financial Law

For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …

The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell

Fordham Journal of Corporate & Financial Law

The increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is …

How To Develop Successful And Ethical Investment Analysts: Marquette University's Applied Investment Management Program, Matteo P. Arena, David K. Krause

Finance Faculty Research and Publications

Purpose

The purpose of this paper is to suggest best practices for managing a successful student-managed investment program (SMIP) based on the experience of Marquette University's Applied Investment Management (AIM) program.

Design/methodology/approach

The authors provide a detailed description of the program curriculum, instructional design, fund structure, program history, fund performance and student outcomes.

Findings

Through its experiential learning innovations, focus on ethics and close relationships with a dedicated alumni group, the AIM program prepares students for a successful career in investment analysis. Students who graduate from the AIM program experience a significantly higher successful placement rate and higher compensation at …

Building Emergency Savings Through Employer-Sponsored Rainy-Day Savings Accounts, John Beshears, James J. Choi, Mark Iwry, David John, David Laibson, Brigitte C. Madrian

Faculty Publications

Many Americans live paycheck to paycheck, carry revolving credit balances, and have little liquidity to absorb financial shocks. One consequence of this financial vulnerability is that many individuals use a portion of their retirement savings during their working years. For every $1 that flows into 401(k)s and similar accounts, between 30¢ and 40¢ leaks out before retirement (Argento, Bryant, and Sabelhaus 2015). We explore the practical considerations and challenges associated with helping households accumulate liquid savings that can be deployed when urgent pre-retirement needs arise. Automatically enrolling workers into an employer-sponsored “rainy- day” or “emergency” savings account—terms that we use …

Three Essays On Entry Barriers And Incentives In Labor Markets, Samuel Ingram

Theses and Dissertations--Economics

Occupational choice at the margin depends on both the incentives for entry and barriers to entry. The primary entry barrier determined by regulation is an occupational license. These are government laws determining the minimum qualifications to enter an occupation including education, testing, fees, and background checks. These regulations are currently enforced on 25% of the US labor market. The laws are crafted to protect consumers from unsafe goods and services but also have important consequences in labor market outcomes. The consequences may include fewer workers entering the profession, changes to which workers enter the profession, and altering competition, all of …

Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress, Emily Marie Johnson

Theses and Dissertations--Family Sciences

According to the American Cancer Society (2019), it is estimated that 1,762,450 new cancer diagnoses occurred in 2019 in the United States. Currently, cancer remains one of the leading causes of death worldwide (American Cancer Society, 2019). As cancer affects the family, roles within the family will shift (e.g., transitioning to a caregiving relationship), causing each family member to adapt. With the costs of cancer steadily increasing, this potentially leaves a devastating impact on the family. When considering family function in terms of Family Systems, John Rolland created the Family Systems Illness Model to explain how families adapt to an …

What Drives Prices In Financial Markets?, Sinead Brid Mcdonagh

Honors Theses and Capstones

No abstract provided.

Determinants Of Tax Morale Using Structural Equation Model (Sem), Raymond S. Pacaldo, Rodiel C. Ferrer

DLSU Business & Economics Review

This paper analyzes the impact of tax enforcement, trust in government, and demographic characteristics on the tax morale of firms in the Philippines. From the database of Business Environment and Enterprise Performance Survey (BEEPS), 864 firms were taken and analyzed using partial least squares on the structural equation of modeling (PLS-SEM). In the analysis, only trust in government, organizational form, and firm location provided a significant impact to tax morale. Thus, firms pay taxes religiously when the government acts trustworthily. On the other hand, sole proprietorship and Metro Manila firms exhibited lower tax morale as compared to corporations and outside …

Effect Of Moderating Variables: Financial Leverage And Dividend Payout Of Publicly-Listed Property Sector Of The Philippines, Cynthia P. Cudia, Harrison Kendrick L. Chun, Tristan Dranel M. Papa, Raveena S. Tahilramani, Althea R. Tan

DLSU Business & Economics Review

Various studies on the relationship between financial leverage and dividend payout have been conducted; however, different factors affecting this relationship remain unexplored. This study aimed to identify the effect of different firm-specific moderating variables on the relationship between financial leverage and dividend payout of Philippine publicly-listed companies under the property sector for the years 2012–2016. These firm-specific variables were classified into two categories—company profile and financial condition. By employing multiple regression with the interaction model, the results of this study found that business risk has a significant effect on the relationship between financial leverage and dividend payout. Similarly, firm size …

Compensation Strategies That Support Commercial Banks’ Effective Risk Management Practices, Elias Kagumya

Walden Dissertations and Doctoral Studies

Compensation structures with relatively high levels of contingent pay encouraged managers to engage in excessive risk-taking behavior at financial institutions, which contributed to the global financial crisis of 2008. The purpose of this study, guided by the theory of the firm, was to explore compensation strategies that some executives in Uganda used to support effective risk-management practices. This multiple case study was an in-depth inquiry into compensation strategies that encouraged prudent risk-taking behavior. The target population comprised 5 risk-management executives from 5 separate commercial banks who had successfully implemented compensation strategies that supported risk management practices. Data were collected through …

Management Accounting Systems For Small Business's Competitive Advantage, Renato (Denver) Alcazar

Walden Dissertations and Doctoral Studies

AbstractSmall businesses providing ancillary services to the motion picture industry fail at alarming rates due to leadership's lack of strategies for service diversification and business expansion. Grounded in the contingency theory of management accounting, the purpose of this qualitative multiple case study was to explore management accounting systems (MAS) strategies leaders of ancillary service providers use for business diversification. The data collection included face-to-face semistructured interviews with 10 small business owners who successfully used MAS strategies for business diversification in California. The data analysis entailed using keyword frequency comparisons and coding techniques that facilitated the verification and triangulation of key …

Financial Constraints, Corporate Governanceand Corporate Cash Holdings: Evidence From Thai Market, Pantawat Tangchitpianvit

Chulalongkorn University Theses and Dissertations (Chula ETD)

The objectives of this paper are to examine the relationship between corporate governance and financial constraints which play a substitution role in mitigating agency conflicts associated to corporate cash holdings of Thai listed company covering the period from 2008 to 2019. I use five firm specific characteristics of financial constraints i.e. annual payout ratio, firm size, leverage ratio, lifecycle ratio as well as collateral asset ratio and corporate governance score as proxies to determine the level of cash holdings. The result provides that financial constrained-firms hold larger amount of cash than financial less constrained-firms in order to have adequate financial …

Insider Trading In Family Firms: Evidence From Thailand, Paweenon Pramukkiattiyos

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study examines the profitability of corporate insider trading in Thailand's stock market and whether the abnormal return depends on the company's characteristics and insider characteristics. The result shows that there is a significant abnormal return on corporate insider trading transactions. The difference in ownership structure is also important, with the results supporting that insider trading by family firms is more profitable than non-family firms. Moreover, the finding indicates that the trading of CEOs has more valuable information about the company's prospects than other insiders.

The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand, Wongwarit Boonyasitphawee

Chulalongkorn University Theses and Dissertations (Chula ETD)

Commonly, daily prices limits are widely used for stabilizing stock markets and decrease volatility during overreaction period. However, regulators may not notice that instead of stopping panic sell or overbought, the daily price limits generate a magnet effect, which cause the price to accelerate to the price limits and increase the overall volatility. This research investigates the magnet effect of price limits using high frequency from the Stock Exchange of Thailand. Using AR(2)-GARCH(2,2) as a base model for each stock’s 5-mins returns to capture the effect. The empirical results present evidence of the strong ceiling magnet effect at all conditions, …

Strategies For Retaining Life Insurance Sales Agents, Jose Pablo Pescador

Walden Dissertations and Doctoral Studies

The total number of life insurance sales agents has decreased from 535,000 in 1990 to 323,700 in 2014, averaging a total of 8,829 life insurance sales agents leaving the life insurance industry annually. Effective retention strategies of life insurance sales agents may provide a sustainable workforce in the life insurance industry. Guided by Ambler and Barrow’s employer branding theory, the purpose of this qualitative multiple case study was to explore strategies branch managers used to retain life insurance sales agents. The 6 participants in the study implemented effective retention strategies to retain life insurance sales agents within 2 life insurance …

Consumer Credit Card Debt And Immigrants: A Cross-Sectional Study Of U.K. Immigrants’ Financial Capability, Paul Wesley Thompson

Walden Dissertations and Doctoral Studies

The problem addressed in this study is the ubiquitous nature and high level of consumer debt associated with certain demographics; however, research in the context of immigrants in the U.K. are limited. The problem is the lack of information about the association between credit card debt and immigrants, specifically on whether the income gap between U.K. immigrants and British citizens affects the level of consumer debt. The purpose of this quantitative cross-sectional correlational study is to examine whether there is an association between the income gap that exists between immigrants and British citizens and their respective levels of consumer debt, …

Risk Management And Hedging Approaches In Energy Markets, Jim Hanly

Articles

Energy based assets are showing increased susceptibility to volatility arising out of geo-political, economic, climate and technological events. Given the economic importance of energy products, their market participants need to be able to access efficient strategies to effectively manage their exposures and reduce price risk. This chapter will outline the key futures based hedging approaches that have been developed for managing energy price risk and evaluate their effectiveness. A key element of this analysis will be the breadth of assets considered. These include Crude and Refined Oil products, Natural Gas, and wholesale Electricity markets. We find significant differences in the …

Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences, Jivendra K. Kale, Tee Lim

School of Economics and Business Administration Faculty Works

No abstract provided.

Lévy Processes: Characterizing Volcanic And Financial Time Series, Peter Kwadwo Asante

Open Access Theses & Dissertations

In this work, we use the Diffusion Entropy Analysis (DEA) to analyze and detect the scaling properties of time series from both emerging and well established markets as well as volcanic eruptions recorded by a seismic station, both financial and volcanic time series data are known to have high frequencies (i.e they are collected at an extremely fine scale). The objective is to determine the characterization i.e whether they follow a Gaussian or Lévy distribution. If they do follow a Lévy distribution we are then interested in finding if they are characterized by a Lévy walk which has a finite …

Essays On The Tax Cuts And Jobs Act Of 2017, Tahsina Haque Simu

Open Access Theses & Dissertations

This study investigates the effects of a tax reform act on the financing and tax planning activities of firms using the Tax Cuts and Jobs Act of 2017 as the experimental setting. This paper examines the changes in debt levels, effective tax rates, use of interest and non-debt tax shields and various tax constructs before and after the tax revision. The results show that debt ratios significantly rise from pre to post event year. Economically, this increase seems significant, as well, as increases in debt ratios range from 1% to 4%. There is also evidence that effective tax rates do …

Market Effects Of Local Media Employment Reductions On The Idiosyncratic Risk Of Nearby Firms; Returns, Valuation, And Debt; And Firm Meet-Beat Behavior And Ceo Turnover And Compensation, C. Kyle Jones

Open Access Theses & Dissertations

This research examines the effects of reductions in local and regional media employment on firms' information environment. A reduction in the number of local media employees available to provide coverage of firms is associated with persistent levels of increased idiosyncratic risk. The source of that firm-level risk appears to be increased estimation risk among investors, rather than decreased awareness about the investment opportunities or real effects on firms' product market competition. I also demonstrate that overall levels of local media coverage are associated with differences in returns similar to those associated with coverage in national outlets. While a reduction in …

Managerial Entrenchment And Financial Reporting Comparability, Qifeng Wu

Open Access Theses & Dissertations

This study examines whether managerial entrenchment has an association with firms' financial statement comparability. I find that managerial entrenchment has a significant negative association with financial statement comparability, providing a new notion about the management influence on financial reporting quality. Moreover, by using the business segment as a proxy for business complexity, I find that the variation of accounting comparability with its peer firms mainly stems from managers' investment choice. This finding supports FASB's assertion that financial statement comparability is a reporting quality that should be enhanced among firms with similar economic events. Lastly, I test if managerial entrenchment mitigates …

Two Essays On Executive Compensation, Michael Abrokwah

Open Access Theses & Dissertations

This doctoral dissertation examines the effect of an exogenous event on Executive compensation and the relationship between executive compensation and earnings management undertaken by the firm.

My first essay presents evidence that natural disasters have an effect on CEO compensation. Our main findings are that option compensation is lower for CEOs in counties where a natural disaster occurred. Furthermore, in the year of the disaster, stock compensation is higher among CEOs in natural disaster counties when compared to those in non-disaster counties. When considering liquidity, option compensation levels are lower for firms with below average liquidity levels but stock compensation …