Finance and Financial Management Commons^™

Institutional Dual-Holders And Corporate Disclosures: A Natural Experiment, Lin Cheng, Qiang Cheng, Liwei Weng, Mark Yuzhi Yan

Research Collection School Of Accountancy

This study examines the impact of the presence of institutional dual-holders, whose portfolios hold both loans and equity securities of the same firms, on those firms' voluntary disclosures. Using mergers between institutional shareholders and lenders to the same firms as exogenous shocks to identify firms with institutional dual-holders that have high relative equity ownership, we document that such firms are less likely to provide management forecasts and disclose fewer voluntary 8-K items. In cross-sectional analyses, we find that the reduction in voluntary disclosures is more pronounced when institutional dual-holders have higher board representation and when firms have lower litigation risk. …

Exploring How The High Or Low Of Firm Transparency And Speed Of Adjustment In Its Capital Structure Relates To The Implied Cost Of Capital Of A Firm, Yung Chee Leong

Dissertations and Theses Collection (Open Access)

This dissertation tackles a core challenge in corporate finance — how firms can optimise both their capital structure decisions and the way those decisions are communicated to investors. It shows that while financial responsiveness (SOA) and transparency each help lower a firm’s implied cost of capital (ICC), the most meaningful reduction occurs when both are present and working together. For CFOs, the research offers a practical way to connect capital structure planning with communication strategy to improve market understanding and reduce financing costs. For investors and analysts, it introduces the idea of a transparency–SOA alignment measure to better assess firm …

Essays On Empirical Asset Pricing, Ruxue Gong

Dissertations and Theses Collection (Open Access)

The dissertation consists of three chapters on behavioral finance, arbitrage activities, cryptocurrencies and ETFs. The first chapter examines the existence and trading behavior of triangular arbitrageurs in cryptocurrency markets. Using a novel account-level orderbook dataset from an Indian cryptocurrency exchange, we document persistent price deviations between USD- and INRquoted token pairs, and use the triangular arbitrage opportunities to identify arbitrageurs and noise traders. Our results show that arbitrageurs significantly outperform noise traders on their holding-based returns, after adjusting for market returns and trading fees. However, arbitrageurs are not immune to behavioral biases when making trading decisions. Using a composite behavioral …

Adaptive Volatility Forecasting Models, Jeffrey K. Tan

Master's Theses

In finance, risk is often quantified by volatility, and computing accurate volatility forecasts — while vital to financial decision making — remains one of the most challenging tasks in financial modeling. This thesis, motivated in part by the Black-Scholes-Merton Model and its limitations, adopts a statistical approach to volatility forecasting. The two main models of interest are the Exponential Weighted Moving Average (EWMA) model and the GARCH(1,1) model. Specifically, this work expands upon a potential adaptive lambda algorithm for EWMA models first proposed by Bernard Bollen (2014), and this work also utilizes the Momentum of Predictability (MoP) to generate adaptive …

On Sgx’S Voyage To Corporate Sustainability: Exploring Emerging Topics In Multi-Industry Corpora, Xinwen Ni, Min Bin Lin, Simon J.D. Schillebeeckx, Wolfgang Karl Hardle

Research Collection Lee Kong Chian School Of Business

Topic modeling and LDA (Latent Dirichlet Allocation) have proven valuable in various fields as an innovative approach to studying areas of interest and identifying topics in a dynamic content. The underlying assumption is that techniques like LDA can swiftly capture emerging topics in textual documents compared to other categorization tools. These unsupervised approaches have been used to identify new industries and technological domains. However, our study on the nascent topic of “sustainability” within the corpora of SGX-listed companies highlights clear limitations in employing techniques like LDA on sparse data. The dynamic LDA approach, also called DTM (Dynamic Topic Modelling),based on …

How Do Institutional Investors Facilitate Reporting Comparability? Evidence From Common Institutional Ownership In The United States, Xuanbo Li, Yun Lou, Rencheng Wang, Kaitang Zhou

Research Collection School Of Accountancy

We examine how common institutional investors (CIIs) facilitate the financial reporting comparability (FRC) of US firms. Common ownership increases FRC of firms that are directly owned by CIIs (via a direct effect) and has positive spillover effects on other firms in the same industry. We find spillover effects in two types of firms: (1) those that are commonly owned by different institutional investors but are connected through common firms, and (2) those that do not have any common ownership. These results suggest that the effect of common ownership goes beyond commonly owned firms and extends to non-commonly owned firms. Furthermore, …

Capacity Investment In The Presence Of Correlated Demand And Production Resource Uncertainties And Its Implications For Financial Hedging, Onur Boyabatli, Guiyun Feng

Research Collection Lee Kong Chian School Of Business

In manufacturing firms, besides demand uncertainty, capacity investment decisions may also be subject to uncertainty in the availability of a production resource (e.g., budget or commodity component) which may become constraining for manufacturing. When the production resource uncertainty is tied to a financial index (e.g., asset or commodity price), the firm can enter into financial hedging contracts at the time of capacity investment to engineer this uncertainty. Our paper characterizes the optimal capacity investment and hedging decisions and examines how production resource uncertainty impacts the firm’s decisions, profitability, and the value of hedging. We identify three key drivers of these …

The Pricing Of Green Bonds And The Determinants Of The Green Bond Premium In The Asia-Pacific And European Markets, Parath Wongaree, Chiyachantana N. Chiraphol, Kuan Yong David Ding, Pattarawan Prasarnphanich, Wasin Siwasarit

Research Collection Lee Kong Chian School Of Business

This study examines the sources of capital for sustainable development and investigates the existence of a green bond premium in both primary and secondary bond markets across the Asia-Pacific and European regions. Utilizing the robust Coarsened Exact Matching (CEM) method in conjunction with the Synthetic Minority Oversampling Technique (SMOTE), our analysis reveals a significant disparity in yields between green bonds and conventional bonds within the Asia-Pacific markets, indicating the existence of a green bond premium. In contrast, this distinction is not observed in Europe. These findings suggest that investors in the Asia-Pacific region display a willingness to accept lower yields …

Unlocking The Power Of Socio-Knowledge Association For Enterprise Risk Identification In Stock Market, Zhenghao Liu, Keng Siau, Shaochen Yang, Feicheng Ma

Research Collection School Of Computing and Information Systems

Potential risk signals reflected in supply chain and equity connections between enterprises and social connections between investors are becoming crucial to identifying enterprise risks in addition to basic financial indicators. Traditional risk management systems face challenges in adapting to these complexities, highlighting the need for a proactive paradigm shift in risk management. Leveraging graph models such as social networks and knowledge graphs offers a promising approach to identifying and managing potential associated risks effectively. To bridge existing research gaps, a novel risk identification framework driven by social-knowledge graphs has been proposed, integrating graph deep learning and reinforcement learning techniques guided …

Why Does My Transaction Fail? A First Look At Failed Transactions On The Solana Blockchain, Xiaoye Zheng, Zhiyuan Wan, David Lo, Difan Xie, Xiaohu Yang

Research Collection School Of Computing and Information Systems

Solana is an emerging blockchain platform, recognized for its high throughput and low transaction costs, positioning it as a preferred infrastructure for Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and other Web 3.0 applications. In the Solana ecosystem, transaction initiators submit various instructions to interact with a diverse range of Solana smart contracts, among which are decentralized exchanges (DEXs) that utilize automated market makers (AMMs), allowing users to trade cryptocurrencies directly on the blockchain without the need for intermediaries. Despite the high throughput and low transaction costs of Solana, the advantages have exposed Solana to bot spamming for financial exploitation, resulting …

Linear Mixed Model For The Surface Roughness Prediction In Hard Turning Operation, Prithbey Raj Dey, David Lee Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

Surface machining using hard turning is an intricate operation due to the influence of multiple machining parameters, their non-linear interactions, and the inherent variability introduced by different experimental trials. This study proposes a Linear Mixed Model (LMM) for predicting surface roughness, effectively addressing the challenges in traditional linear models, posed by the influencing factors, non-linearity, and interactions. The LMM incorporates variability from both fixed effects, such as cutting parameters (feed rate, depth of cut, and cutting speed), and random effects arising from tool wear across experimental runs. As a result, it provides a more comprehensive understanding of how these factors …

The Prospect Of Geospatial Analysis In The Prediction Of Surface Quality In Machining, Prithbey Raj Dey, David Lee Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

This research underscores the prospect of geospatial analysis in machining operations to enhance precise prediction and robustness, offering a comprehensive framework of spatial modeling for advanced manufacturing processes. Geospatial analysis not only provides accurate predictions but also estimates the uncertainty associated with these predictions, offering valuable insights for process optimization. The surface quality in the machining processes is expressed by the estimation of the average surface roughness. While machining parameters are extensively analyzed for their influence on surface quality, the roughness profile parameters are inadequately explored. This work integrates these underexplored parameters into geospatial predictive models and evaluates their impact …

A System Of Systems (Sos) Meta-Architecture Approach To Design Digital Platform-Based Domestic Worker Distribution System, Prithbey Raj Dey, Cihan H. Dagli, David Lee Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

In this research, a System of Systems (SoS) meta-architecture is conceptualized to design a digital platform-based system framework for the distribution of domestic workers to boost the crowd-sourced economy. While an Object Process Methodology (OPM) is used to articulate the relationships between the objects and functions, a Design Structure Matrix (DSM) has been applied to address the interactions between individual components to categorize them into subsystems to create the SoS architecture. This SoS architecture incorporates several Key Performance Attributes (KPAs) and Key Performance Parameters (KPPs) to systematically evaluate the meta-architectures. The Analytical Hierarchical Process (AHP), Pugh’s Evaluation Matrix, and Technique …

Blockchain-Based Ai-Assisted Cyber-Physical Systems For Robust And Reliable Machining Processes, Prithbey Raj Dey, David Lee Enke

Engineering Management and Systems Engineering Faculty Research & Creative Works

This study demonstrates the prospects of Blockchain-based Cyber-Physical Systems (CPS) to establish a scalable framework for designing a secured, automated, and traceable modeling in machining processes. Machining operations like turning, being inherently complex, rely on different types of explanatory parameters such as feed rate, depth of cut, cutting speed, tools, and environmental factors. All of these variables significantly influence key response variables like surface quality, tool wear, cutting forces, and energy consumption. The proposed Blockchain-based framework, designed using the Object-Process Methodology (OPM) systems modeling language, enables the reliable exchange of comparative data streams within a unified data analytics platform. By …

Rooted Resilience: Preventative Care For Your Personal Finances, Seth Thompson Cfp®, Ricp®, Aep®, Ea

Metro Denver Dental Society Articulator Magazine

In this article Mr. Seth Thompson outlines key strategies to build financial resilience, including establishing a comprehensive financial plan, maintaining an emergency fund, diversifying investments and staying disciplined during market swings. It also highlights the importance of avoiding emotional decisions, leveraging market opportunities and partnering with a qualified financial advisor to stay aligned with long-term goals.

Nebraska Farm Finances In 2024: A Year Of Modest Recovery And Growing Financial Pressure, Tina N. Barrett

Cornhusker Economics

Nebraska Farm Finances in 2024: A Year of Modest Recovery and Growing Financial Pressure by Tina N. Barrett (Cornhusker Economics, May 21, 2025)

Section headers:

Net Income Recovery Falls Short of Historical Highs

Household Spending Steady Amid Income Fluctuations

Rising Debt and Shifting Balance Sheets

Liquidity Pressures Worsen

Interest Costs Add to Financial Strain

Capital Purchases Shift: Less Equipment, More Land

Crop Enterprise Analysis: Losses Mount Despite Input Savings

Crop Enterprise Analysis: Losses Mount Despite Input Savings

Striking The Balance: The Relationship Between Government Funding And Nonprofit Financial Health, Mehrnoush Jamshidi

Dissertations

ABSTRACT

The nonprofit sector plays a vital role in society, partnering with the government to provide essential services across various fields, including education, healthcare, social services, arts and culture, and environmental protection. Salamon (1987) highlighted the cooperative relationship between nonprofits and the government, where nonprofits contribute expertise and community-based knowledge, while the government offers financial stability. Through this partnership, the government helps address “voluntary failures,” such as philanthropic insufficiency, particularism, and paternalism, which can limit a nonprofit’s ability to serve the public effectively. Given this close working relationship, understanding the financial health of nonprofits is crucial for ensuring …

Risky Business For The Almighty Roi: Alternative Assets In Higher Education Endowments, Clayton Ellis

Education Policy and Leadership Theses and Dissertations

Higher education institutions (HEI) are heavily reliant on alternative revenue streams to mitigate rising operational costs. One alternative revenue source is the endowment, an aggegation of assets invested to support the institutional objectives of an HEI through generated income. Before the 21^st century, institutions have typically sought after more conservative investment strategies via traditional asset classes like bonds and equities. The growing financial obligations to educate students has led endowment managers to make a shift in their investment strategies towards alternative assets classes – private equity, venture capital, secondaries – in order to gain advantage in generating alpha (α) …

Entire Volume Journal Of Banking And Financial Economics 2025, 1(23)

Journal of Banking and Financial Economics

Entire Volume Journal of Banking and Financial Economics 2025, 1(23)

Ethics In The Age Of Digital Trading: Rethinking Responsibility In Modern Investing, Kennedy Solomon, Melissa Fitzpatrick

Honors Thesis

The rise of digital trading platforms such as Robinhood has transformed retail investing into an accessible activity for the general public. While these platforms claim to democratize investing through commission-free trading and intuitive interfaces, their gamified designs and aggressive marketing raise significant ethical concerns. This paper explores how such apps target inexperienced users, encouraging potentially reckless financial behavior under the guise of empowerment.

Strategic Audit: Wells Fargo & Company, Nathan Q. Gaughan

Honors Program: Senior Projects (Public)

No abstract provided.

The Well-Kept Wallet: Your Pathway To Financial Literacy, Lily M. Martin

Honors Theses

The Well-Kept Wallet: Your Pathway to Financial Literacy is an educational program created to engage young students ages kindergarten to college in age-appropriate financial literacy skills-building. In total, I gave 40 presentations to classrooms and community organizations, sharing essential financial literacy information. This paper discusses my reflections on giving these presentations, including what I learned throughout the process and the student’s reactions.

In addition, I completed a survey of University of Mississippi freshmen in an EDHE course to better understand the financial literacy of Ole Miss students in reference to nationwide results of a financial literacy survey conducted by the …

Exploring Key Accounting Trends Through Case Studies, Catherine D. Tisue

Honors Theses

This thesis explores topics related to financial accounting and the accounting field through the analysis of case studies. Included are six different case studies ranging from the military industrial complex situations governments are facing to environmentally sustainable practices that could benefit financial reporting. These cases were put together through extensive analysis and problem solving to thoroughly determine the reasons these topics affect our industry. The case studies were written with the supervision of Dr. Victoria Dickinson while in the Honors Accountancy 420 Independent Study course.

These case studies explore a range of topics that all contribute to my understanding of …

Assessing Leadership In Business: A Critical Investigation Of Ray Dalio, Johan Gomez Hernandez

Honors Scholar Theses

Understanding what makes an effective leader remains a key point in the study of business leadership and company success. This paper offers a critical assessment of Ray Dalio's leadership at Bridgewater Associates, diving into both his strengths and shortcomings of his unconventional approach. Examining his leadership through established frameworks, Dalio’s success can be attributed to his clear vision-setting, culture of intellectual rigor, and rooted transparency. At the same time, it highlights points where his leadership style can be improved, especially in aspects such as employee recognition and the balance between high performance expectations and emotional intelligence.

A Century Of Currency And Forms Of Exchange In Five Global Powers, Hannah A. Rodriguez-Rodriguez

Honors College Theses

This research is a collective explanation of a century of history and of the forms of currency, forms of payment, and security features on financial devices in the top five global powers in 2025, according to GDP. It highlights the implications for fraud, security, economics, and politics as well as compares the forms of payment and exchange used in each country.

The Influence Of Money In Politics, Aminata Dieng

Undergraduate Research Symposium Podium Presentations

Money plays a powerful role in shaping political outcomes by significantly influencing who gets elected and which policies are prioritized. Campaign financing, which includes donations from individuals, corporations, and Political Action Committees (PACs), often determines a candidate's visibility, resources, and ability to compete effectively. Those with greater financial backing tend to dominate media coverage and reach more voters, which can tip the scales in elections.

Banking On Black: Black Banking And Financial Institutions In Historic Westside, Las Vegas, Drewmel Darby

Undergraduate Research Symposium Podium Presentations

Guiding Questions and Topic Interest:

• What happened to the attempts to establish a black-owned bank on the Westside? Why did they fail?

• In what ways did the black community engage with financial institutions?

• How did black Las Vegans view their fiscal autonomy post-integration of Las Vegas in the 1960s?

• How does understanding the community’s history with banking better our understanding of it’s condition in the present?

High Stakes & High Heels: The Economic Potential Of Merging Gambling With Gentlemens Clubs, Anthony Hernandez, Tony Nohmy

Undergraduate Research Symposium Podium Presentations

Purpose:

• Vegas used to be “Vegas”
• Gambling Hotspot
• Lost the “magic”
• On Property Gentlemen’s Clubs
• Similar to property exclusive restaurants or nightclubs

The Role Of Money In Elections, Brandon Nabbefeld

Undergraduate Research Symposium Posters

What if your vote mattered less than a millionaire’s donation? In every election cycle, billions of dollars flow into campaign war chests but what does that mean? Let’s follow the money and see who is truly influencing our elections. Money plays a powerful role in shaping electoral outcomes and public policy in democratic systems. In the United States, campaign funding has become increasingly dominated by large donations. This is because in 2010, Citizens United v. FEC decision opened the doors for unlimited independent political spending, sparking widespread concerns about fairness, transparency, and the influence of wealthy donors in politics.

How Does Contemporary Business Culture Contribute To Unethical Behavior Within The Finance Industry?, Adeline Mcquillan

Honors Projects in Finance

This thesis examines how contemporary business culture contributes to unethical behavior within the financial industry, specifically focusing on the role of leadership style, codes of conduct, competitive pressures, and regulatory environments in shaping ethical decision-making. A survey was administered to 60 participants, with 32 complete responses retained for analysis. The responses were used to examine trends across demographics and asses the relationship between the identified factors and unethical behavior. Multiple regression analysis evaluated how leadership style, competition, regulation, and codes of conduct impact unethical behavior scores. The results indicated that leadership style and regulatory environment were significantly associated with unethical …