Finance and Financial Management Commons^™

Textual Analysis And Machine Leaning: Crack Unstructured Data In Finance And Accounting, Li Guo, Feng Shi, Jun Tu

Research Collection Lee Kong Chian School Of Business

In finance and accounting, relative to quantitative methods traditionally used, textual analysis becomes popular recently despite of its substantially less precise manner. In an overview of the literature, we describe various methods used in textual analysis, especially machine learning. By comparing their classification performance, we find that neural network outperforms many other machine learning techniques in classifying news category. Moreover, we highlight that there are many challenges left for future development of textual analysis, such as identifying multiple objects within one single document.

Asset Pricing With Financial Bubble Risk, Ji Hyung Lee, Peter C. B. Phillips

Research Collection School Of Economics

This paper characterizes systematic risk stemming from the possible occurrence of price bubbles and measures the impact of this additional risk factor on asset prices. Historical stock market behavior and recent empirical experience have led economists and policy makers to acknowledge that price bubbles in financial markets do occur and need to be accounted for in risk analysis. New econometric tools for analyzing mildly explosive behavior (Phillips and Magdalinos, 2007; Phillips et al., 2011) have made it possible to detect the presence of bubbles in data and to date stamp their origination and collapse, providing empirical confirmation of such episodes …

Will Analysts Learn From Other Analysts Who Possess Superior Private Information, Hangyuan Shi

Lingnan Theses

Based on a valuable testing venue in China where listed companies are required to disclose corporate site visit records of financial analyst to the public, this study examines whether analysts will learn from visiting analysts' forecasts that contain superior private information. I find that visiting forecasts tend to attract more analysts to issue forecasts in their aftermath than the prior forecasts issued by the same analysts but without conducting corporate site visit (non-visiting forecasts). The following effect is weaker when the visiting forecasts are more informative. In addition, other analysts’ forecasts following the visiting forecasts tend to move closer to …

Tipping The Scales: Is Right-To-Work Legislation On The Path To Prosperity?, Jessica Canada

Mahurin Honors College Capstone Experience/Thesis Projects

With West Virginia having just become the twenty-sixth state to pass right-to-work (RTW) legislation, the U.S. labor relations movement is at a tipping point. Other policy makers are closely watching the recent revival of RTW laws that has occurred over the last five years and are analyzing relevant studies to determine whether passing legislation that would outlaw union shops in their states might be worth a second look.

With this paper I intend to examine one of the dominant arguments against enacting RTW legislation in a state, which is that this legislation results in a greater degree of state-level income …

Two Essays In Corporate Finance, Youngha Ki

LSU New Orleans Theses and Dissertations

For more than a decade, to reduce the agency problem, various ways have been examined on how to align the interest of manager with shareholders. Evidence and empirical findings are conflicting on the agency problem. Recently, deferred compensation as one incentive compensation draws the attention as a means to incentivize CEOs to make them work for the firm. However, it is still not evident if deferred compensation has effect on aligning CEOs with the firm’s goal possibly due to the issue on data. Therefore, the first essay investigates if deferred compensation has the effect on the agency problem and on …

B.E.I.B. And Financial Inclusion In Northwest Cameroon, Kareen Ngendape Atchala

Capstone Collection

The Bee Effect Initiative Bank uses an integrated approach to foster financial inclusion in the North West region of Cameroon. This paper has several services under three main themes; economic wellbeing, capacity building, and insurance. Its theory of change and objectives while seeking to make profit centers on creating social change. The mechanics in the paper seek to evoke sustainable economic change in cross sectors- savings, credit, capacity building, and insurance with ROSCAs as target clientele.

How Does Fintech Drive, Singapore Management University

Perspectives@SMU

Banks could learn from fintech companies’ use of unstructured data to extend financial services to do good and turn a profit

Working With Fintech, Singapore Management University

Perspectives@SMU

The rise of financial technology in China has transformed how businesses operate, as Japan eases into it amidst existing cultural and institutional norms

2016 Q3 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Systemic Risk In Financial Networks, Peng-Chu Chen

Open Access Dissertations

This thesis extends the literature of systemic risk in financial networks in two directions.

First, we develop a majorization-based tool to compare financial networks in terms of systemic losses with a focus on the implications of liability concentration. Specifically, we quantify liability concentration by applying the majorization order to the liability matrix that captures the interconnectedness of banks in a financial network. We develop notions of balancing and unbalancing networks to bring out the qualitatively different implications of liability concentration on the system's loss profile. An empirical analysis of the network formed by the banking sectors of eight representative European …

Errors Spell Checkers Do Not Correct And Style Sheet: 5 Years Later, Charles J. Higgins

Finance Faculty Works

This updated listing of words that are often confused by spell checkers is the most downloaded article among my works and those at my university. After 5 years, it has been frequently revised and added to with more than a thousand new words.

In Fair Value We Trust, Or Not, Joyce Tang, Nick Leong, Pan, Gary, Keng Kevin Ow Yong, Chu Yeong Lim, Tee Yong Jeffrey Ng

Research Collection School Of Accountancy

The objective of financial reporting is to provide financial information that is useful to existing and potential investors, lenders and other creditors (IASB’s Conceptual Framework ED/2015/3). General purpose financial reports provide information about the financial position of a reporting entity, as well as information about the effects of transactions and other events that will change a reporting entity’s economic resources and claims (para 1.12 ED/2015/3). Investor confidence and trust in the financial statements is a crucial component for financial markets to function smoothly. This report presents the attitudes and concerns of over 700 respondents toward fair value accounting. The survey …

Newsvendor Models With Monte Carlo Sampling, Ijeoma W. Ekwegh

Electronic Theses and Dissertations

Newsvendor Models with Monte Carlo Sampling by Ijeoma Winifred Ekwegh The newsvendor model is used in solving inventory problems in which demand is random. In this thesis, we will focus on a method of using Monte Carlo sampling to estimate the order quantity that will either maximizes revenue or minimizes cost given that demand is uncertain. Given data, the Monte Carlo approach will be used in sampling data over scenarios and also estimating the probability density function. A bootstrapping process yields an empirical distribution for the order quantity that will maximize the expected profit. Finally, this method will be used …

Capital Structure And Political Risk In Asia-Pacific Real Estate Markets, George D. Cashman, David M. Harrison, Michael J. Seiler

Finance Faculty Research and Publications

This study investigates the determinants of capital structure decisions by real estate firms, with a specific focus on the impact of political risk on leverage. Using a sample of Asia-Pacific REITs and listed property trusts, we find those firms with properties located in countries characterized by relatively high degrees of political risk, such as political instability, and/or greater uncertainty in the ability to repatriate and monetize profits from international investment activities, employ less debt than their counterparts operating in more politically stable environments. This core finding remains robust to alternative sample selection criteria including the division of the sample into …

Profit Based Simulation Model For The Rail Transportation Industry, Mark Patrick Doran

Engineering Management & Systems Engineering Theses & Dissertations

Schedules often conflict in the rail transportation industry. Operations managers assign resources and make scheduling decisions with no visibility of the revenue, cost, and profitability characteristics of the route they are manipulating. Transit speed decisions focus on ensuring trains safely reach their destination on time with little regard given to the actual service needs of the customer. Although all customers want on-time deliveries, few actually pay a premium to garner this level of preferential treatment. Operating in this type of environment results in decisions that severely erode profits.

In this dissertation, a simulation model referred to as the Rail Profit …

The Timeliness Of State And Local Governments By Gasb: An Evaluation Of Efficacy Of Financial Reports, Achraf Seyam, Alexander Hinners, Lauren Freire, Victor Parbat

Publications and Research

In March 2011, the Governmental Accounting Standards Board (GASB) issued a research brief titled “The Timeliness of Financial Reporting by State and Local Governments Compared with the Needs of Users.” This study formally exposed an apparent gap between the time-of-issuance of governmental financial reports and their usefulness according to a large and diverse group of survey participants. According to the GASB in the aforementioned report, nearly a quarter of the government entities take longer than six months to issue their annual reports, with many evidencing release times of a year or more. Comparatively, the users surveyed indicated that report usefulness …

Desha, Joseph, 1768-1842 (Sc 3030), Manuscripts & Folklife Archives

Manuscript Collection Finding Aids

Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 3030. Letter, 28 April 1830, of Joseph Desha, Cynthiana, Kentucky, to Adam Beatty, Washington, Kentucky. In response to Beatty’s inquiry, the former Kentucky governor writes that, despite facing personal financial loss, he is unable to advise on current debt relief measures directing Beatty to accept payments to “the Bank,” presumably the Bank of Kentucky, in discounted notes of the Bank of the Commonwealth.

The Impact Of Rural Pensions In China On Labor Migration, Karen Eggleson, Ang Sun, Zhaoguo Zhan

Faculty Articles

We study the impact of China’s new rural pension program on promoting migration of labor by applying a regression discontinuity analysis to this new pension program. The results reveal a perceptible difference in labor migration among adult children whose parents are just above and below the age of pension eligibility: The adult children with a parent just attaining the pension-eligible age are more likely to be labor migrants compared with those with a parent just below the pension-eligible age. We also find that with a pension-eligible parent, the adult children are more likely to have off-farm jobs. These abrupt changes …

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Economics and Finance Faculty Publications

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …

A Case Study In The Use And Potential Misuse Of Non-Gaap Financial Measures, Benoit Boyer, Ralph Lim, Bridget M. Lyons

WCBT Faculty Publications

Firms reporting under US GAAP are allowed to supplement financial information with non-GAAP measures. We examined 6 Firms in the chemical industry and looked at what information was presented (Dow, Du Pont, Monsanto, FMC, PPG, Praxair). We use the 2014 Annual Report so that we would have comparable data for all companies. For 2 firms we looked at numbers presented in Cap IQ and in Bloomberg and compared them to the numbers presented by the company (Dow and Du Pont). The numbers reported by the firms and the analysts differed greatly.

Do Government Linked Companies Hold More Cash?, Chenxi Liu, Kian Leong Nelson Yap, Sili Zhou

Research Collection Yong Pung How School Of Law

In this paper, we investigate the cash holings of government linked corporations (GLCs) in Singapore, with different levels of Temasek Holdings ownership. We find evidence that Temasek owned public firms hold on average substantially more cash than otherwise similar public firms listed on SGX. This result is robust to different measures of Temasek ownership. We also show that when GLCs have excess cash, they do not spend it on capital expenditure, acquisition, dividends or share repurchase. Instead, they hoard these excess cash leading to an accumulation of cash. In addition, we show that Temasek firms are on average more profitable, …

Impact Of Dividend Policy On Stock Prices: Evidence From Pakistan, Shahid Iqbal, Faisal Abbas, Bilal Aziz University Of Engineering And Technology, Lahore, Pakistan

Business Review

We study the impact of dividend yields and payout ratios on stock prices using an econometric model that also includes control variables such as debt leverage rates, earnings per share, total assets and asset growth. Relevant data for Pakistani companies are compiled from a variety of sources for the period 2001-2014. Econometric results show that dividend yields are negatively correlated and dividend payout ratios positively correlated with stock prices.

The Impact Of Nasd Rule 2711 And Nyse Rule 472 On Analyst Behavior: The Strategic Timing Of Recommendations Issued On Weekends, Yi Dong, Nan Hu

Research Collection School Of Computing and Information Systems

Amendments to NASD Rule 2711 and NYSE Rule 472, enacted in May 2002, mandate that sell-side analysts disclose the distribution of their security recommendations by buy, hold and sell category. This regulation enhances the transparency of analysts' information and mitigates the long-recognized optimistic bias in their recommendations. However, we find that analysts are more likely to issue sell recommendations or downgrade revisions on weekends when investors have limited attention after these rule changes. This pattern is more pronounced for prestigious analysts, who are more likely to influence stock prices. Market reaction tests reveal an incomplete immediate response and a greater …

Two Essays On Ceo Inside Debt Holding In Relation To Firm Payout Policy And Financial Reporting, Asligul Erkan

Finance Theses & Dissertations

This dissertation is a thorough examination of CEO inside debt holding, and consists of two essays. The first essay focuses on the relationship between CEO inside debt and firm payout policy. Previous studies document that higher CEO inside debt is associated with lower firm payout which is explained by CEO’s motivation to preserve cash either in order not to default on debt obligations or in order to keep cash available for his future pension benefits. This study investigates how do excess cash, overinvestment risk, and firm-specific information asymmetry affect this negative relationship, and examines net payout to shareholders as well …

Robust Median Reversion Strategy For Online Portfolio Selection, Dingjiang Huang, Junlong Zhou, Bin Li, Hoi, Steven C. H., Shuigeng Zhou

Research Collection School Of Computing and Information Systems

On-line portfolio selection has been attracting increasing interests from artificial intelligence community in recent decades. Mean reversion, as one most frequent pattern in financial markets, plays an important role in some state-of-the-art strategies. Though successful in certain datasets, existing mean reversion strategies do not fully consider noises and outliers in the data, leading to estimation error and thus non-optimal portfolios, which results in poor performance in practice. To overcome the limitation, we propose to exploit the reversion phenomenon by robust L1-median estimator, and design a novel on-line portfolio selection strategy named "Robust Median Reversion" (RMR), which makes optimal portfolios based …

Two Essays On Shareholder Base, Firm Behavior, And Firm Value, Yi Jian

Finance Theses & Dissertations

Most companies spend significant time and attention to managing their shareholder base out of the belief that significant stock market benefits can be reaped if they can identify and attract the right shareholders. Consistent with the opinion of practitioners, many financial economists suggest that the shareholder base is an important determinant of firm value and corporate policies (Lins and Warnock 2004; Brav, Graham, Harvey, and Michaley 2005; Bodnaruk and Ostberg 2013). Despite the importance of the shareholder base, research on the topic has been scant. What’s more, previous studies have reported conflicting results regarding the effect of the shareholder base …

2015-2016 Operating Budget: Form Bor-10, Salaries Of Non-Classified Employees; Form Bor-11, Salaries Of Classified Employees, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University System Board and System Administration Operating Budget-Supplemental Documents Fiscal Year Ending June 30, 2016.

Financial Soundness Indicators And Macroeconomic Variables: An Empirical Investigation Of The Dynamic Linkages, Baba N. Yaaba

Bullion

The Financial soundness indicators compiled for Nigeria within the context of IMFs Financial Sector Assessment Programme has been proven to be capable of pre-empting financial crisis. Analysts, however, considered it imperative to further explore the characteristics of the indicators, particularly their relationship with other macroeconomic variables to enhance the understanding of its dynamics so as to improve on its usefulness. This study, as a maiden attempt, applies Autoregressive Distributed Lag (ARDL) approach to investigate the dynamic linkages between the indicators and selected macroeconomic variables covering the period 2007 Q1 to 2015 Q4. The results indicate that macroeconomic events dictate the …

Exploring The Impact Of Information And Communication Technology (Ict) On Intermediation Market Structure In The Microfinance Industry, Frederick Riggins, David Weber

The African Journal of Information Systems

The microfinance industry provides financial services to the world’s poor in hopes of moving individuals and families out of poverty. In 2013 there were 4.7 million active microfinance borrowers in Africa. This represents a smaller percentage of the population compared to other regions of the world, indicating the potential for rapid growth of microfinance in Africa. However, microfinance is maturing, in part due to the adoption of information and communication technologies (ICTs). This research examines how ICTs are changing the microfinance industry given recent advancements in mobile banking, Internet usage, and connectivity. By examining the microfinance market structure, we determine …

Two Essays On Lottery-Type Stocks, Yun Meng

USF Tampa Graduate Theses and Dissertations

In the first essay titled “Monthly Cyclicality in Retail Investors’ Liquidity and Lottery-type Stocks at the Turn of the Month”, we find that the well-documented underperformance of lottery stocks masks a within-month cyclical pattern. Demand for lottery stocks increases at the turn of the month especially in areas whose demographic profile resembles that of the typical lottery-ticket buyers (i.e., gamblers) driving their prices higher at the turn of the month. This effect is particularly pronounced among firms located in areas whose demographic profile resembles that of the typical lottery-ticket buyer and propelled by the within-month cyclicality of local investors’ personal …