Finance and Financial Management Commons^™

The Impact Of Firm Characteristics On Speed Of Adjustment To Target Leverage: A Uk Study, James Fitzgerald, J. Ryan

Articles

Responding to the need to investigate heterogeneity in the speed of adjustment (SOA) to target leverage in a manner that reflects the fractional nature of leverage, we estimate SOA across sub-samples of UK firms using the Dynamic Panel Fractional (DPF) estimator. Using firm characteristics to identify firms subject to varying costs of deviation from and adjustment to target leverage, we find significant evidence of heterogeneity in the speeds at which UK firms adjust to target leverage. Our results show that small, high growth and low dividend paying firms adjust to target leverage faster than their large, low growth and high …

An Analysis Of Kentucky School Activity Fund Requirements For Internal Controls And Segregation Of Duties Compared With National Standards And Requirements In Surrounding States, Marla J. Carnes

MPA/MPP/MPFM Capstone Projects

Across the United States, K-12 school systems receive and disburse a significant amount of funds at the school level. These funds are classified as school activity funds and may be broken into two distinct categories: 1) student activity funds and 2) district activity funds. Student activity funds are generally derived from fundraising activities of students to support a particular student group or organization such as the Y-Club, senior class, or student council. District activity funds are generated in the normal course of school business and may include funds such as locker fees, parking permit fees, school picture sales, or vending …

Analyzing The Presence Of State-Run Retirement Plans For Private Sector Employees, Ruthann Froberg

MPA/MPP/MPFM Capstone Projects

State-run retirement plans for non-covered private sector employees are a rapidly growing area of state policy. Since 2010, the majority of states in the U.S. have moved to either examine, enact, or implement these plans. This policy intends to increase private savings in an effort to reduce future reliance on public assistance and Social Security. Despite the current public policy interest, there is a lack of research evaluating the impact of plans or common state characteristics that are associated movement in this policy area. This capstone focuses on answering the latter question. Using state-level demographic, pension, welfare, and policy data, …

The Effect Of State-Level Constitutional Debt Limitations On The Costs Of Capital, Micah Johnson

MPA/MPP/MPFM Capstone Projects

Forty-five states have adopted some form of constitutional limitation on their own legislature’s ability to issue debt and raise capital. Eleven states have more than one such limitation. It seems intuitive to assume that constitutional strictures on a state’s ability to manage its fiscal policy would affect that state’s standing in the market, and it seems equally safe to assume that different combinations of the various forms of debt limitation would lead to varying effects in the market from state to state. However, the specific effects arising from the various constitutional provisions have proven to be difficult to measure. This …

Procure-To-Pay Software In The Digital Age: An Exploration And Analysis Of Efficiency Gains And Cybersecurity Risks In Modern Procurement Systems, Drew Lane

MPA/MPP/MPFM Capstone Projects

Procure-to-Pay (P2P) softwares are an integral part of the payment and procurement processing functions at large-scale governmental institutions. These softwares house all of the financial functions related to procurement, accounts payable, and often human resources, helping to facilitate and automate the process from initiation of a payment or purchase, to the actual disbursal of funds. Often, these softwares contain budgeting and financial reporting tools as part of the offering. As such an integral part of the financial process, these softwares obviously come at an immense cost from a set of reputable vendors. In the case of government, these vendors mainly …

The Local Government Financial Response To Natural Disasters In Kentucky, Lucas Taulbee

MPA/MPP/MPFM Capstone Projects

This study seeks to estimate the effect of disasters on the total receipts and total spending of county governments in Kentucky. In addition to estimating the effects of disasters on total receipts and total spending, this study also seeks to estimate the effects of disasters on specific categories of revenue (taxes, intergovernmental, etc.) and spending (transportation, recreation, general government, etc.). These effects are estimated using data on county budgets for 2007 through 2017 from the Kentucky Department for Local Government (DLG) and data on disaster declarations and public assistance grants from FEMA.

The principle findings of this study suggest that: …

Information Content Of Revised Earnings Forecasts, Market Learning, And Analyst Behavior, Lifei Xue

Open Access Theses & Dissertations

In my first essay, I examine how the quality of private information and the quality of public information contained in analyst revised one-year-ahead earnings forecasts issued right after a quarterly earnings announcement affect the post-earnings announcement drift (PEAD). I find that high precision of private information contained in revised forecasts reduces the level of PEAD and that the precision of public information contained in the revised one-year-ahead earnings forecasts partially offset the reduction in PEAD. Moreover, I find the effect of precision of private information on PEAD decreases after Reg FD, which required in the year 2000 that analysts could …

Factors Leading Corporations To Continue To Engage In Corporate Social Responsibility Initiatives, Radu-Marius Gavrila

Walden Dissertations and Doctoral Studies

Accountability for corporate social responsibility (CSR) and its societal challenges is undetermined, and it is unclear whether business or society should carry these responsibilities. Despite severe criticism from some, many organizations continue to invest in and promote CSR. The purpose of this multiple-case study was to increase the understanding of the phenomenon from the perspective of a purposeful sample of participants who contribute to CSR execution and who were representatives of the 10 organizations identified as active promoters. The participant corporations (case studies), in Europe and North America, were mainly in the telecommunications industry. Study data came from 11 face-to-face, …

Small Business Merger And Acquisition Strategies For Raising Capital In Emerging Economies, Bennet Kpentey

Walden Dissertations and Doctoral Studies

About 70% of mergers and acquisitions (M&As) involving small and medium-sized enterprises (SMEs) in emerging economies fail because the strategies employed do not integrate all the critical success elements, leaving SMEs without the needed capital to take advantage of strategic and market opportunities. The purpose of this multiple case study was to explore the M&A strategies SME owners in Ghana employed to raise capital. Seth's value creation theory was the conceptual framework adopted for this study. The population consisted of 5 SME owners in Ghana who had successfully raised financial resources through inbound M&As within the past 10 years. Data …

Overseas Listing Location And Cost Of Capital: Evidence From Chinese Firms Listed In Hong Kong, Singapore, And The United States, Warrington College Of Business, Frank Weikai Li, Central University Of Finance And Economics

Research Collection Lee Kong Chian School Of Business

As at the end of 2012, more than 600 nonstate-owned Chinese firms were listed in overseas stock markets. We find that Chinese firms listed in the US have the lowest cost of capital when compared to those listed in Hong Kong and Singapore, and these results hold when controlling for firm characteristics and the endogeneity of listing locations. Cross-sectional tests indicate that listing in the US is more beneficial to those firms which face higher information asymmetry and agency costs. Overall, our evidence supports the view that the institutional environment has a first-order impact on a firm’s cost of capital.

Snapchat's Gift: Equity Culture In High-Tech Firms, Amy Deen Westbrook, David A. Westbrook

Journal Articles

Snap, Inc., the company that owns the platform Snapchat, controversially offered nonvoting common shares to the public in 2017. This Article asks what it means to invest in Snap or other (mostly technology-based) companies in which common shareholders collectibely have little or no power to influence corporate policy. In particular, why do such investors expect to be compensated? This Article explores the familiar rationales for equity investing, including stock appreciation and dividends, and the logical shortcomings of those rationales in these circumstances. Adopting Henry Manne's "two systems" approach to corporate affairs through both law and economics, we show that corporation …

Exploring Financial Management Practices Of Small And Medium-Sized Enterprises In Nigeria, Alero Theodora Obazee

Walden Dissertations and Doctoral Studies

Most owners of small and medium-sized enterprises (SMEs) in Nigeria are inadequately prepared to perform the financial management tasks required for business sustainability. This case study, guided by institutional theory, was conducted to explore how SME owners can be prepared to implement financial management effectively for business sustainability in Edo state, Nigeria. The research question addressed the understanding of experienced SME owners regarding how they can develop necessary financial management skills for sustaining a business in Edo state. Data were collected using semistructured interview, and field notes from 15 SME owners in Edo state who had prior knowledge of, experience …

Organizational Decision-Making Through Employee Diversity, Kehinde Olayinka Taiwo

Walden Dissertations and Doctoral Studies

The global nature of today's business environment, coupled with technological advances, compels managers to work with an increasingly diverse workforce worldwide. The purpose of this multiple-case study was to explore how bank managers used employee diversity effectively in the organizational decision-making process. Participants were 10 frontline management staff (middle and executive managers) with the required employee engagement skills involved in the decision-making process of a Nigerian bank. The conceptual framework for this study was rational choice theory, also called rational action theory or choice theory. Participants responded to 8 open-ended semistructured interview questions. The data collection process included validating and …

Adapting Financial Technology Standards To Blockchain Platforms, Gabriel Bello

Theses and Dissertations

Traditional payment systems have standards designed to keep transaction data secure, but blockchain systems are not in scope for such security standards. We compare the Payment Application Data Security Standard’s (PA-DSS) applicability towards transaction-supported blockchain platforms to test the standard’s applicability. By highlighting the differences in implementation on traditional and decentralized transaction platforms, we critique and adapt the standards to fit the decentralized model. In two case studies, we analyze the QTUM and Ethereum blockchain platforms’ industry compliance, as their payment platforms support transactions equivalent to that of applications governed by the PA-DSS. We determine QTUM’s and Ethereum’s capabilities to …

An Analysis Of The Financial Reporting Quality Of Early Adopters Of Accounting Standards Update, Asu 2016-02, Hannah D. Eubanks

Theses and Dissertations

In 2016, the Financial Accounting Standards Board updated the way lease transactions are reported. This paper offers insight into the financial reporting quality of the early adopters of Accounting Standards Update on Leases, ASU 2016-02. Methodology modeled after an event study on clawback provisions conducted by Dehaan, Hodge, and Shelvin (2013) aids in the development of the hypothesis and matched-sample event study using restatements and audit opinions as proxies for financial reporting quality. It is hypothesized that the early adopters of ASU 2016-02 will have better financial reporting quality when compared to a control group. Results do not support the …

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Williams Honors College, Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to …

Essays On Financial Incentives, Tyson D. Van Alfen

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I use a novel dataset of customer reviews from Amazon.com to study the impact of managerial myopia on product market reputation. Using exogenous variation due to the timing of CEO equity vesting events, I show that short-term incentive shocks predict declines in reputation. A changing product market lineup and a deterioration of existing products are two mechanisms through which reputation is affected. The effect is larger when the CEO has other short-term concerns and when the firm has a low reputation in the product market. However, higher advertising expenses mitigate the negative reputational effect among consumers. …

Human Resources Management Professionals' Experience With Online Degree Holders In Recruitment, Dominic Ugochukwu Isaac

Walden Dissertations and Doctoral Studies

Online degree holders in Nigeria have poor acceptability during recruitment and promotion decisions because of reliability and legality perceptions of online degrees. There is little knowledge about how human resource (HR) managers identify employability skills in online degree holders. Guided by Bills's screening conceptual framework, the purpose of this case study was to explore how Nigerian recruiters identify employability skills in online degree holders. The participants for this study consisted of 2 participants from each of 10 sectors covering the government and nongovernmental organizations; participants had at least 5 years' experience in working with online degree holders. Data were collected …

Information Sources That Influence The Financial Literacy Of Puerto Rican College Students, Enid Alvarez

Walden Dissertations and Doctoral Studies

Researchers agree that Puerto Ricans lack basic financial knowledge that would allow them to participate in the financial system actively. However, the literature did not provide any data about the knowledge transmission practices that Puerto Ricans use to gather and transmit financial knowledge. As a result, there was a limited understanding of the social learning processes used by Puerto Rican college students to make financial decisions. Using consumer socialization and family financial socialization models as the theoretical framework, the purpose of this quantitative, nonexperimental study was to identify the information sources that Puerto Ricans use to gather financial knowledge. A …

Relationship Between Sba Loans, Personal Capital Finances, Government Regulations, And Business Profitability, Jennifer E. White

Walden Dissertations and Doctoral Studies

Women-owned small businesses have grown 58% between 2007 and 2018. Some female owners of small businesses lack strategies to obtain financial capital to continue growth and raise profitability for their businesses. The purpose of this secondary data analysis was to examine the relationship between access to sources of financial capital, government regulations and business profitability. The resource-based theory was the theoretical framework for this quantitative ex-post facto study. Archival data from the 2016 Annual Survey of Entrepreneurs were collected. Data were analyzed using multiple linear regression. Results of the multiple linear regression analysis indicated a full model, containing two predictor …

Microcredits, Use By Gender, Amounts, Second Credit And Return Status: A Comparative Study In Parana And Chajari City, Entre Rios, Argentina 2016-1918, Daniel Emanuel Stempelatto

Master's Theses

Problem

This research seeks to determine if the microcredits delivered in the city of Chajari present a significant difference compared to the city of Paraná during the period 2016 to 2018, in the use by gender, in the amount of the microcredits and re-credits delivered, their amount and the level of debt cancellation.

Method

Secondary data loaded in the Provincial System and database of the Microcredit Program of Entre Ríos, Argentina were used to analyzed 454 microcredit records of which 383 correspond to the city of Paraná and 71 to the city of Chajari during the 2016-2018 period. For data …

The Liquidity Cost Of Private Equity Investments: Evidence From Secondary Market Transactions, Taylor Nadauld, Berk A. Sensoy, Keith Vorkink, Michael S. Weisbach

Faculty Publications

This paper uses proprietary data from a leading intermediary to explain the magnitude and determinants of transaction costs in the secondary market for private equity stakes. Most transactions occur at a discount to net asset value. Buyers average an annualized public market equivalent of 1.023 compared with 0.976 for sellers, implying that buyers outper- form sellers by a market-adjusted 5 percentage points annually. Both the cross-sectional pattern of transaction costs and the identity of sellers and buyers suggest that the market is one in which relatively flexible buyers earn returns by supplying liquidity to investors wishing to exit.

Financial Hope: Find Freedom In Your Finances Through God's Word, Michael Blue

Ron Blue Financial Literacy Resources

No abstract provided.

Modeling Genomes To Phenomes To Populations In A Changing Climate: The Need For Collaborative Networks, Nika Galic, Allyson G. Hindle, John P. Delong, Karen Watanabe, Valery Forbes, C. Loren Buck

School of Biological Sciences: Faculty Publications

Condensed Abstract

Climate is changing globally and its impacts can arise at different levels of biological organization; yet, cross-level consequences of climate change are still poorly understood. Designing effective environmental management and adaptation plans requires implementation of mechanistic models that span the biological hierarchy. Because biological systems are inherently complex and dynamic in nature, dealing with complexities efficiently necessitates simplification of systems or approximation of relevant processes, but there is little consensus on mathematical approaches to scale from genes to populations. Here we present an effort that aims to bring together groups that often do not interact, but that are …

The Impact Of Inflation On Stock Returnsin Stock Exchange Of Thailand, Chayaporn Tocharoen

Chulalongkorn University Theses and Dissertations (Chula ETD)

This paper aims to determine the impacts of expected and unexpected inflation on stock returns in Stock Exchange of Thailand. Moreover, this is the first paper that studies the impact consensus forecast inflation rate on stock return in Thailand. To investigate these findings, we decided to look into the period between June 2004 - December 2019 in 8 sectors of Stock Exchange of Thailand including Agricultural and Food, Consumer Products, Financials, Industrials, Property and Construction, Resources, Services and Technology to find the relationship between inflation and stock returns. The results indicate expected inflation has strongly impact on stock returns, while …

How Does The Thai Stock Market Respond To Monetary And Fiscal Policy Shocks?, Suthawan Prukumpai, Yuthana Sethapramote

DLSU Business & Economics Review

This study examines the impacts of monetary and fiscal policy on the Thai stock market using the structural vector autoregressive (SVAR) model. In addition to the data on the market aggregate level, we also consider the response of stock prices at the sectoral level. The empirical results show that the Thai stock market significantly responds to both monetary policy and fiscal policy. However, monetary policy has stronger effects on both real output and stock prices than those of fiscal policy. Fiscal policy shocks affect the stock market only for the next two to three quarters. In addition, sector indices wereused …

Legal Setbacks, Disbursement Sudden Stops, And Fiscal Stimulus: An Empirical Characterization Of A Recent Philippine Fiscal Experience, Lawrence B. Dacuycuy, Mariel Monica R. Sauler

DLSU Business & Economics Review

Recognizing the importance of expanding fiscal spending programs and improving disbursement rates, the Aquino administration implemented the Disbursement Acceleration Program (DAP) in 2011. Acting as a fiscal stimulus but packing a fiscal surprise, the program has reportedly succeeded in improving fiscal expenditure performance until the Supreme Court stopped it based on constitutional grounds. While there were official claims that it was effective in spurring growth, no study has been offered to investigate plausible mechanisms leading to expansions in output. This study proposes the use ofa dynamic stochastic general equilibrium (DSGE)model to stochastically simulate and compute simple fiscal multipliers to understand …

Time-Varying Weather Effects On Thai Government Bond Returns, Anya Khanthavit

DLSU Business & Economics Review

This study proposed a state-space model that allows time-varying weather effects on asset returns. It resolves the model misspecification of the unrealistic, fixed effect assumption commonly made by previous weather studies. The model was applied to examine the weather effects on Thai government bond returns from July 2, 2001, to December 30, 2015. Kalman filtering was used in the estimation. The study found that the weather effects were time-varying. They were wandering in the early sample period but disappearing in the later period. The effects were not co-integrated with the market’s inefficiency levels.

Financing Method And Abnormal Returns In Corporate Mergers And Acquisitions, Patrick Thomas

CMC Senior Theses

This study analyzes the impact of merger and acquisition financing method on buyer cumulative abnormal returns. The model builds on findings in previous literature by including deal structure variables, company variables, industry variables, time variables, and post-acquisition announcement return data from 2000 to 2018. The analysis does not find a statistically significant relationship between cash plus debt/stock financing and cumulative abnormal returns. However, significant coefficients for buyer and target industry suggest that deal structure varies and ultimately effects cumulative abnormal returns within specific industries. Additionally, significant results for buyer profitability and time variables provide insight on how the financial market …

Are Cds Auctions The Tail Wagging The Dog? An Empirical Study Of Corporate Bond Return Volatility At The Time Of Default, Jennifer Mace

CMC Senior Theses

Over the past decade, numerous engineered credit events and cases of market participants manipulating bond prices to influence Credit Default Swap (CDS) auction payouts have occurred. These cases have become increasingly common, and the CFTC has stated they may constitute market manipulation and undermine not only the CDS market but also the credit derivative and default markets. Although there is a plethora of news and media coverage on publicized cases, there is no previous empirical research on evidence of these practices. This paper is motivated by the desire to determine if there is indirect evidence of bond price manipulation around …