Finance and Financial Management Commons^™

Analysis Of The Factors Impacting Etfs Net Fund Flow Changes, Stoyu Ivanov

Faculty Publications

PurposeThe purpose of this study is to identify the factors that impact the exchange-traded funds net fund flow changes on a daily basis.Design/methodology/approachA total of 1,212 different exchange-traded funds with a proprietary daily net fund flow data and logistic regressions were studied because the majority of the 1,212 exchange-traded funds have mostly zero daily net fund flow changes.FindingsIt was documented that in the period December 22, 2005 to July 28, 2010 autocorrelation at the daily frequency is not universally present for the 1,212 exchange-traded funds that we study, despite the fact that this is the case in the monthly data …

The Impact Of Authentic, Ethical, Transformational Leadership On Leader Effectiveness, Mary Kay Copeland

Business Faculty/Staff Publications

Authentic, ethical and transformational leadership in 21st century business leaders is needed. This research posits that ethical, authentic and transformational leaders are more effective, that there are incremental improvements in a leader’s effectiveness for each of these leadership qualities, and that transformational leadership moderates the impact of the leader’s authentic and ethical leadership on the leader’s outcomes. Analysis shows that authentic, ethical and transformational leadership behaviors make incremental independent contributions to explain leader effectiveness. The study did not find support for transformational leadership as a moderator of the relationships between authentic and ethical leadership behaviors and a leader’s effectiveness.

Ipo Firms' Voluntary Compliance With Sox 404 As Evidence On The Value Relevance Of Internal Control Quality, Qianyun Huang, Kimberly Gleason, Leonard Rosenthal, Deborah Smith

Business Faculty Publications

Newly public firms are not required to comply with SOX 404 for their initial public offerings. This provides a unique setting in which to investigate the benefits of voluntary disclosure with SOX 404 and the value of information revealed as a consequence of compliance. We investigate whether voluntary compliance with SOX 404, either fully or partially, impacts the perceived risk of firms conducting IPOs on the first day of trading (reflected in underpricing) or following the IPO. Our results indicate that neither full compliance with SOX 404 at the time of the IPO, nor a managerial discussion of internal controls …

A Case Study Exploration Of Blue-Collar Worker Retirement Plan Investment Decisions, Mark Griffin, Steven Tippins

International Journal of Applied Management and Technology

The finances of blue-collar workers were the most acutely impacted as these workers lost their jobs during the Great Recession of 2007 through 2009. The literature revealed a minimal understanding of how blue-collar workers allocated funds for their retirement, and what their investments might be when they invested. To address this problem, the current qualitative study addressed (a) how blue-collar workers chose to invest or not invest for retirement and (b) how blue-collar workers diversified their portfolio if they chose to invest. Theoretical foundations of the study were based on regret theory and prospect theory. A nonrandom purposeful sample of …

Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk

The Journal of Entrepreneurial Finance

Managing risk is one of the main activities of venture capital companies. Despite the fact that this topic is of high practical relevance, only little research was published on risk management performed by venture capital companies in their ventures. Hence, we conducted a structured literature review which was the basis for developing five hypotheses concerning measures to decrease failure risk in venture capital-backed ventures. We tested these hypotheses with an empirical data set of 93 venture capital-backed ventures in Germany using original deal data from nine different venture capital funds using a structural equation model. We showed that the experience …

2015-2016 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

2015-2016 Financial Summary of Morehead State University.

Atm Services : Transforming The Customer Value Proposition, Colm Mckiernan

Theses

Managing risk has always been to the fore, in the CIT (Cash-in-Transit) industry. An accelerated rate of change and increasing market risks, now face the sector. ATM (automated teller machine) servicing is an important market segment for CIT firms. Despite turbulence in the banking industry since the recent financial crisis, the ATM market has remained resilient. The desire for new levels of bank branch automation has been driving technology development in the ATM industry.

The author undertook qualitative research to determine how the customer value proposition for ATM services could evolve. ATMs are an important component of the overall cash …

Assessing The Level And Impact Of Financial Literacy On African Americans, Robert A. Amoah

Walden Dissertations and Doctoral Studies

Individuals are faced with making important economic decisions regarding retirement, savings, investing, and insurance. Across the globe, developed and emerging economies are experiencing growth in the sophistication of financial markets and products. Individuals require a greater degree of financial literacy to understand and explore these sophisticated and emerging financial markets and products. A review of literature revealed African Americans, however, lack the decision-making tools to function in the financial world. The purpose of this study was to assess the extent to which African Americans have financial knowledge. The sample size was 382 African Americans residing in Columbus, Ohio. The study …

Relationship Between Working Capital Management, Policies, And Profitability Of Small Manufacturing Firms, Zelealem Tadesse Temtime

Walden Dissertations and Doctoral Studies

Working capital optimization, as an act of balancing liquidity and profitability, presents significant challenges when small businesses lack managerial expertise and access to affordable capital and credit facilities. To remain successful through efficient utilization of working capital, small business leaders need to understand the association between working capital management (WCM), working capital policy (WCP), and business profitability (PFT). Anchored in the cash conversion cycle theory, the purpose of this correlational study was to examine the relationship between WCM, WCP, and PFT. The study employed a retrospective secondary analysis of financial data from 2004 to 2013 from a random sample of …

Valuing Commercial Finance Companies, David Earle Coit

Walden Dissertations and Doctoral Studies

Stakeholders are increasingly insistent that companies increase firm value. The problem is that stakeholders of financial services firms are unable to accurately determine firm value. The purpose of this correlational study was to examine the accuracy of 4 valuation models in predicting the market value of equity of commercial finance companies. Study participating companies were 8 listed U.S. or Canadian commercial finance companies. The theoretical constructs of the study included the accuracy of valuation models, modern portfolio theory, and the correlation of book value of equity to market value of equity. Financial information on participating companies obtained from public filings …

Sustaining Dental Practices Longer Than 5 Years, David Gagner

Walden Dissertations and Doctoral Studies

Dentists graduate dental school ready to practice dentistry, but 85% do not feel prepared by the dental school to open and manage the operations of a general dental practice. General systems theory grounded this multisite case study. The research provides information on 3 solo practitioner dental practices that sustained beyond 5 years in the Washington, DC suburbs. At each operating practice, the dentist who owned the practice and 1 employee that also worked at the practice during the first 5 years were interviewed. The dentist provided marketing documents used during the first 5 years of the practice operations. Data triangulation …

Strategies Agency Managers Use To Retain Recruiting Staff, Andrew Edward Borg

Walden Dissertations and Doctoral Studies

The high rate of employee turnover in the staffing industry is costly and impedes sustainability of employment agencies. The focus of this qualitative single case study explored strategies that 10 human resource managers (HRMs) and 5 HR directors used to retain recruiting staff at one regional recruiting agency in the southeastern region of the United States. The target population and research site were selected because of prior success in employee retention strategies. The conceptual framework grounding this study was sustainability theory. Methodological triangulation was achieved with semistructured interviews and focus group data. Data were thematically analyzed using Atlas.ti7, and all …

Informational Efficiency And The Reaction To Terrorism: A Financial Perspective, Nicholas Roland

Honors Undergraduate Theses

The purpose of this study is to measure the message terror organizations hope to convey using the financial markets as a proxy of measurement to determine patterns within the marketplace and the effects on the terrorists’ ability to deliver a desired message due to the increased use of digital devices and access to instantaneous news, seen over the past decade. Using death count, geographic location, and event type, this study identified 109 attacks between 1985 and 2015 to be analyzed against 5 market indices and 5 securities. Measuring the effects within a 10-day sample window from the time of the …

A Strategic Marketing And Financial Analysis Of Toys R Us, Ethan S. Thomison

Lewis Honors College Capstone Collection

The following is a strategic marketing and financial analysis concerning the highly dynamic operations of Toys R Us.

Understanding The Global In Global Finance And Regulation, Lawrence G. Baxter

Faculty Scholarship

No abstract provided.

An Analysis Of The Relationship Between Security Information Technology Enhancements And Computer Security Breaches And Incidents, Linda Betz

CCAC Theses and Dissertations

Financial services institutions maintain large amounts of data that include both intellectual property and personally identifiable information for employees and customers. Due to the potential damage to individuals, government regulators hold institutions accountable for ensuring that personal data are protected and require reporting of data security breaches. No company wants a data breach, but finding a security incident or breach early in the attack cycle may decrease the damage or data loss a company experiences. In multiple high profile data breaches reported in major news stories over the past few years, there is a pattern of the adversary being inside …

Acquisitions Of Bankrupt And Distressed Firms, Elena Precourt, Henry Oppenheimer

Accounting Department Faculty Journal Articles

In this paper we focus on acquisitions of bankrupt firms and firms that recently emerged from Chapter 11 and compare these firms with acquired distressed firms to determine whether or not transaction timing plays a role in the outcomes of the mergers. We analyze deal premiums (or lack thereof) and evaluate post-merger operating cash flows to determine whether or not timing of the transactions impacts their effectiveness and success. We also evaluate targets and their acquirers’ stock price reactions to the announcements of acquisitions. We find that distressed targets sell their assets at a premium or at a discount smaller …

Should I Invest In Art?, Alexandra Eldridge

MA Projects

One of the more interesting ways to consider the perennial is art a good investment? question is by looking at the various ways that the art market does or does not behave like other markets. When comparing art as an asset class to more traditional assets, we first need to ask ourselves – are the two even comparable? This article explores the idiosyncrasies of the art world, compares the claims people make regarding art's investment potential to the available research studies, discusses some non-monetary motives for buying, and may even have an answer for the nagging art-as-investment question.

Comparative Efficiency Study Between Islamic And Traditional Banks, Mohamed Rashwan, Heba Ehab

Business Administration

Islamic banking caught attention due to its resilience to the significant shocks that hit the economy in late 2008. This research aims to evaluate the efficiency of a sample of 66 banks including both Islamic and traditional banks in various countries ranging from Egypt, Pakistan, Bangladesh, Saudi Arabia, Kuwait, Qatar, Iraq, Emirates, Sudan, Turkey, Bahrain and Jordan throughout 2009-2014. This research aims at identifying which banking regime proves to be more efficient and its significance using Financial Ratio Analysis (FRA), composed of cost efficiency, revenue efficiency and profit efficiency ratios along with the One-way ANOVA test. The impact of efficiency …

Micro-Loans: A Socially Responsible Corporate Investment, Olivia D. Marshall

Senior Honors Theses

This thesis seeks to examine the socially responsible actions of corporations across America in the funding of micro-financing endeavors both of foreign and domestic intent as a means to alleviate poverty. Micro-loans are examined in light of the history of corporate social responsibility and the magnitude of impoverishment across the globe. The overarching purpose of this paper stands to prove that funding micro-loans is a sufficient means of acting socially responsible for corporations nationwide as a sustainable solution to poverty.

Corporate Social Responsibility And Financial Performance Of Banks In The United States, Waidi Alani Gbadamosi

Walden Dissertations and Doctoral Studies

Corporate social responsibility has evolved as a business strategy, but the business worth of voluntary social conduct has not been well understood. The contradictory research findings mean that social performance is not maximized, which constrains economic growth and sustainable development. Grounded by stakeholder theory, this correlational study was aimed at examining the effect of social responsibility factors on the market-based Fama-French cost of capital. Within a sample of 71 United States banks, the publicly available ethical ratings, financial data, and stock market data were analyzed using multiple regression models. Contrary to the positive effect of social conduct on financial performance …

Disciplining Corporate Boards And Debtholders Through Targeted Proxy Access, Michelle M. Harner

Indiana Law Journal

Corporate directors committed to a failed business strategy or unduly influenced by the company’s debtholders need a dissenting voice—they need shareholder nominees on the board. This Article examines the biases, conflicts, and external factors that impact board decisions, particularly when a company faces financial distress. It challenges the conventional wisdom that debt disciplines management, and it sug-gests that, in certain circumstances, the company would benefit from having the shareholders’ perspective more actively represented on the board. To that end, the Article proposes a bylaw that would give shareholders the ability to nominate direc-tors upon the occurrence of predefined events. Such …

The Islamic Banking And Economic Growth Nexus: A Panel Var Analysis For Organization Of Islamic Cooperation (Oic) Countries, Duygu Zirek, Fusun Celebi, M. Kabir Hassan

Department of Accounting and Finance Faculty Scholarship and Creative Works

In this paper, we investigate the impact of Islamic banking variables on economic growth in a panel setting for 14 member countries of the Organization of Islamic Countries during 1999-2011 period. We examine the short-run effects as well as long-run effects by employing the Panel VAR method. We find a positive and significant relationship between Islamic finance and economic growth. This relationship is robust with regard to several macroeconomic control variables such as capital stock, unemployment, inflation, and government expenditure. We show that an increase in the share of Islamic deposits, assets, and loans in total banking instruments results in …

Cultural Influnces On Risk Tolerance And Portfolio Creation, Mark K. Pyles, Yongping Li, Shifang Wu, Steven D. Dolvin

Scholarship and Professional Work - Business

We extend existing research that examines the impact of culture on risk tolerance. Using surveys completed by Chinese and American students, we find, consistent with previous studies, that Chinese students perceive themselves as more risk tolerant. However, we find that Chinese students are less consistent in matching their perceived tolerance levels with actual scores from a standard risk tolerance assessment. Further, we also examine mock portfolios created by the respondents and find no evidence that Chinese students create portfolios that are riskier than their American counterparts. Our findings suggest that differences in risk tolerance are at least partially a product …

Banco Solidario S.A.: The Recovery Strategy, 2000–2004, Karina Caballero, Mauricio A. Melgarejo, Enrique Ogliastri

Scholarship and Professional Work - Business

Five years passed since, in April, 2000, Kurt Koenigsfest took over as the Chief Executive Officer at Banco Solidario S.A. (BancoSol), in La Paz, Bolivia. BancoSol had become the top Latin American bank specializing in providing microbusiness services. Since its beginning in 1992, BancoSol achieved excellent results and became an international reference in the microcredit area. In mid-2000, external and internal factors caused its performance to deteriorate. Kurt and his management team set and implemented a strategy that led the bank to be rated as the best financial institution in the Bolivian financial system in 2004. The time had come …

Taca, Pedro Raventos, Mauricio A. Melgarejo

Scholarship and Professional Work - Business

The airline industry is energy intensive, has high fixed costs and its demand is very sensitive to the economic cycle. After the industry worldwide undergoes deregulation, starting with the United States in 1978, two distinct business models develop. Traditional carriers operate hub and spoke networks, offer onboard service and engage in price discrimination, whereas low cost carriers operate point to point, charge for all services and have simple tariffs. TACA begins operations in Central America in 1931 and, by 1943, has a footprint that extends from the United States to Argentina. In 1998–2001 TACA faces increased competition and a significant …

The Value Of Connections In Turbulent Times: Evidence From The United States, Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak, Todd Mitton

Faculty Publications

The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a prior connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner’s confirmation might be derailed by tax issues. Personal connections to top executive branch officials can matter greatly even in a country with strong overall institutions, at least during a time of acute financial crisis and heightened policy discretion.

Automatically Defined Templates For Improved Prediction Of Non-Stationary, Nonlinear Time Series In Genetic Programming, David Moskowitz

CCAC Theses and Dissertations

Soft methods of artificial intelligence are often used in the prediction of non-deterministic time series that cannot be modeled using standard econometric methods. These series, such as occur in finance, often undergo changes to their underlying data generation process resulting in inaccurate approximations or requiring additional human judgment and input in the process, hindering the potential for automated solutions.

Genetic programming (GP) is a class of nature-inspired algorithms that aims to evolve a population of computer programs to solve a target problem. GP has been applied to time series prediction in finance and other domains. However, most GP-based approaches to …

Event Risk : Three Essays Exploring Nonprofit Organizations' Finances After The September 11 Attacks, Santiago Guerrero

Legacy Theses & Dissertations (2009 - 2024)

The three essays of this dissertation explore the experience of nonprofit organizations after the September 11 attacks to gain a better understanding of one specific type of risk nonprofit organizations face— “event risk” — which I broadly define as the risk of a negative impact on the operations of a nonprofit organization as a result of unexpected events. Essay One finds that overall nonprofit sector revenues were not reduced after the September 11 attacks and identifies characteristics of the revenue mix that make nonprofit organizations less susceptible to event risk. Essay Two identifies characteristics of nonprofit organizations’ financial conditions that …

Agents Of Change: The Role Of Foreign Financial Institutions In China’S Financial Transformation Since The Early 1990s, Anton Malkin

Theses and Dissertations (Comprehensive)

What role have foreign financial institutions (FFIs) played in China’s financial evolution since the early 1990s? My research finds that FFIs, which include foreign commercial and investment banks, as well as private equity (PE) firms, have played a role in China’s financial evolution in three respects. First, US financial institutions have leveraged their influence in the US government, their ties to other business groups, and mobilized connections with the Chinese elite, to help China to join the World Trade Organization in 2001. This outcome created a relatively open formal, legal environment to foreign actors—helping in the cause of liberalizing China’s …