Finance and Financial Management Commons^™

The Effects Of Financial Vulnerability On The Prosocial Behavior Of Medical Staff At Pet Hospitals, Guoxing Xu

Dissertations and Theses Collection (Open Access)

The coronavirus disease 2019 (COVID-19) pandemic has fundamentally disrupted business operations, causing widespread financial strain and uncertainty for employees, and research shows that financial vulnerability – the sense of insecurity regarding one’s economic resources – has reached unprecedented levels among workers. But while conventional wisdom might suggest that financial stress leads to decreased work performance, a critical gap exists in understanding how financial vulnerability influences employee behavior in service-oriented environments.

Therefore, this study investigated the relationship between financial vulnerability and employee behavior within the context of pet hospitals in China, examining how organizational factors moderate this relationship. Data were collected …

Research On The Impact Investment Evaluation System For Photovoltaic Power Generation Projects, Shumeng Tong

Dissertations and Theses Collection (Open Access)

This study aims to put forward a more comprehensive and scientific impact of photovoltaic power generation project investment evaluation system, in order to make up for the inadequacy of existing research, for photovoltaic power generation project investment decision-making to provide a more powerful support. The conclusions and contributions of this study are as follows.

（1）Build impact of photovoltaic power generation project investment evaluation system, can comprehensively reflect more interests related subject of value, makes up for the traditional investment evaluation tend to focus on economic benefit analysis of the defects.

（2）The impact investment evaluation system of this study highlights the …

The Impact Of Eva Performance Evaluation System On Market Value Management Of State-Owned Listed Companies, Xiaohua Cai

Dissertations and Theses Collection (Open Access)

Against the backdrop of intensifying global economic competition and the deepening reform of state-owned enterprises (SOEs), improving the operational efficiency of central state-owned enterprises has become a core issue in China’s pursuit of high-quality economic development. Meanwhile, as market-oriented reforms advance and capital markets open further in both directions, central state-owned enterprises’ market value management has increasingly emerged as a pivotal mechanism connecting national strategies with market value, necessitating the establishment of an institutional framework that balances value creation and value realization. In 2009, the State-owned Assets Supervision and Administration Commission of the State Council introduced the Economic Value Added …

Analyzing Stability Of Estimates At Completion For Long Duration Development Efforts, Bradley Vuu, Jonathan D. Ritschel, Brandon M. Lucas, Edward D. White

Faculty Publications

Defense program managers utilize Earned Value Management (EVM) methodologies to measure, report, and predict the cost and schedule performance of their programs. Previous research conducted by Christensen (1996) and Kim et al. (2019) has shown varied results in the stability of EVM Estimates at Completion (EACs). Stability is defined as a 10% or less deviation from the final EAC at a specified percent completion point of the program. The Christensen (1996) and Kim et al. (2019) studies also noted that program-specific factors, such as phase, can impact the accuracy of EVM metrics. This study builds upon those works by assessing …

Capital Formation, The Sec, And Accredited Investors, Neal F. Newman, Lawrence J. Trautman, Brian Elzweig

Faculty Scholarship

Protecting the investing public, while simultaneously facilitating the efficient flow of capital needed by all new and growing businesses continues as a primary responsibility of the U.S. Securities and Exchange Commission (SEC). Enhancing the capital formation process is a necessary step in the creation of jobs and growth of any economy. Central to the SEC’s regulatory schematic is the proposition that some particularly sophisticated and wealthy investors require less protection than those with less knowledge, experience, and resources. During December 2023, for just the third time, the SEC staff issued a report examining the status of the natural person accredited …

Covid-19 And Investors' Trading Behavior: Evidence From The New Zealand Equity Market, Finn West Wilkinson, Marinela Adriana Finta, Olena Onishchenko

Research Collection Lee Kong Chian School Of Business

This paper examines the trading behavior of retail and institutional investors during the COVID-19 pandemic in New Zealand. Using transaction-level data, it compares how retail and institutional investors trade over the government announcements, lockdown, and reopening periods. Retail and institutional investors' trading intensifies around government announcements, which facilitates attenuating illiquidity during the lockdown. Nevertheless, while retail trading is substantially more prominent during the lockdown than over the control and reopening periods, institutional investors do not trade significantly more per se or on announcements during the lockdown but trade less during the reopening. Their trading also relates to contemporaneous returns, and …

Do Bank Ceos Learn From Crisis Experiences?, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

Does the early-career exposure of bank CEOs to the 1980s savings and loans (S&L) crisis affect the outcomes of banks they subsequently managed? We measure the S&L crisis exposure by the bank failure rate in the states where CEOs worked during the S&L crisis. Armed with this measure, we find that banks managed by CEOs with higher S&L crisis exposure took on less risk and that these banks better survived the financial crisis of 2008. In particular, CEOs adjusted risk attitudes in areas causing the S&L crisis: their more intense crisis experience reduced banks’ interest rate risk, exposure to risky …

Decarbonising Digital Infrastructure And Urban Sustainability In The Case Of Data Centres, Felicia H. M. Liu, Karen P. Y. Lai, Bertrand Seah, Winston T. L. Chow

Research Collection College of Integrative Studies

This paper critically assesses the complex interplay between urban transitions of digitisation and sustainability. Building on a mixed-method research design, we unpack the challenges of decarbonising digital infrastructure while attending to urban sustainability goals in a land- and water-scarce country facing significant physical climate risks. We identify transferrable lessons on the economic, technological, and environmental synergies and trade-offs behind data centre development and argue that stewarding the global data centre sector towards sustainability requires an ecosystem-wide approach. We identify implementation gaps across five key dimensions: technological innovation, policy and regulation, finance, infrastructure, and people. We find that the progress and …

Sustainability Reporting On Nonprofit Organizations: A Perception Study On The Level Of Indicator’S Adequacy In Social Action Entities, Ainhoa Saitua Iribar, Javier Corral Lage, Noemi Peña Miguel, Izaskun Ipiñazar Petralanda

Journal of Nonprofit Innovation

The information reported by Nonprofit Organizations (NPO) is a fundamental signal to obtain financing of donors and also legitimacy of its activities in a stakeholder approach. But nowadays, companies and other types of entities are more obliged to provide information on their sustainability performance and risks. By means of a survey in a region of Spain, the purpose of this study is to select the main indicators that apply to Social Action Entities from the Third Sector (SAETS) to hold them accountable for the impact of their activity in social, environmental, and good governance terms. The results will contribute to …

Valuing Small Business: Applying Wacc To Ipo Data, Joshua Tyler Stevenson

Undergraduate Theses

This study explores how the weighted average cost of capital (WACC) can be used to value small businesses by applying to model to IPO data. Small businesses differ greatly from the publicly traded companies WACC is normally used for, so using the model presents some challenges. By applying the model to small firms that underwent the initial public offering process, this study was able to determine that WACC may be a useful valuation tool if some adjustments are made for the industries being analyzed.

Operationalising The Loss And Damage Fund For Sids Under The Cop30 Implementation Agenda, Alicia Ramdal

COP30

COP28 marked the formal operationalisation of the Loss and Damage Fund, however, its current structure remains inadequate to meet the urgent needs of SIDS which face recurring climate driven losses in the absence of timely and predictable finance. From the perspective of the Alliance of Small Island States (AOSIS), this paper examines the post-GST implementation gap and argues that the Fund's weak and fragmented operationalisation is a critical barrier to delivering the GST commitment to provide "timely and adequate support" to vulnerable countries. For SIDS, the credibility of COP30 and the Paris Agreement framework will hinge on embedding a delivery …

The Effects Of Conventional And Unconventional Monetary Policy Shocks On The Stock Market, Sajjadur Rahman

All Faculty Scholarship (Archived)

This paper applies weekly data to investigate the effects of the conventional and unconventional monetary policy shocks on US stock returns, using a multivariate structural VAR model that considers transmission mechanisms in channeling the effects of these shocks into the stock market. We identify both types of policy shocks using high and low volatility in the relevant policy variables. Our empirical results suggest that the interest rate channel, not the bank lending channel, plays a major role in the process of transmission and the US stock market responds less to the conventional monetary policy than the unconventional one. We estimate …

Indiana Bond Bank: Financing Road Infrastructure And Equipment, Marisa Weimer, Jacob Blasdel, Ron Mangus

Purdue Road School

Learn how the Indiana Bond Bank can support your community’s road projects through innovative financing solutions. This session will explore project and equipment financing options, fuel price protection strategies, and other resources designed to help municipalities fund road infrastructure improvements, maintenance, and expansions. Discover how to make the most of these financial tools to keep your community’s roads safe, reliable, and well-maintained.

Capital Spending Patterns: Urban, Rural, And Critical Access Hospitals, 2011-2022, Carlo Mendez

MUSC Theses and Dissertations

This study examined the organizational, operational, and financial characteristics of rural critical access, rural non-critical access, and urban hospitals. The objective was to assess hospital capital spending, an important indicator of financial reinvestment within an organization.

In 2022, critical access hospitals allocated 6.2% of total expenses to capital spending, compared to 5.8% for rural non-critical access and 6.5% for urban. In 2011, these figures were 8.4%, 7.2%, and 7.2%, respectively. Regression-adjusted results revealed that from 2011 to 2022, each additional year contributed to a 2.6% decrease in capital expenses relative to total expenses across all hospitals. Critical access hospitals spent …

In The Eye Of The Storm: Investor Sentiment And Audit Quality In Korean Financial Reporting, Antonios Persakis, Georgios Kolias

Economic and Business Review

Background and objective: We investigate whether financial reporting quality is associated with economic policy uncertainty and examine the moderating roles of investor sentiment and audit quality during periods of high uncertainty.

Methods: This study focuses on firms listed on the Korea Stock Exchange over the period 1998–2021. We employ a dynamic panel-data model and utilize the Arellano–Bover/Blundell–Bond system estimator, a two-step generalized method of moments estimator that leverages instrumental variables to mitigate the issue of endogeneity.

Results: The empirical result provides support for the hypothesis suggesting that Korean economic policy uncertainty is positively associated with financial reporting quality, indicating that …

Intelligent Turning Cyber-Physical Systems Modeling Using Sysml, Prithbey Raj Dey, David Lee Enke, Mario F. Buchely

Engineering Management and Systems Engineering Faculty Research & Creative Works

Cyber-Physical Systems (CPS) support industrial automation that incorporates people, hardware, signal, computation, and control using networking to achieve desired results. The complex automated CPS design demands a standard and comprehensive approach to appropriately identify the system requirements, define the architecture, and model the relationships among the software and hardware components. Systems Modeling Language (SysML) provides the capability for a comprehensive modeling to capture the desired design requirements in the systems architecture. SysML enables performance estimation of the model by analyzing constraints while identifying interactions among the components through various behavioral diagrams. In this paper, SysML is applied to the design …

Equity Fund Monthly Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Are Environmentally Sensitive Firms More Likely To Release Corporate Environmental Disclosures? Evidence From Environmental Risk Management, Chune Young Chung, Incheol Kim, Rong Yang

Finance Faculty Publications

This study examines the environmental risk management practices of US firms operating in environmentally sensitive industries. Using two proxy variables for ex ante environmental policy risk—firm-level toxic chemical emissions and climate-related keywords in annual financial statements—we demonstrate that firms facing high ex ante environmental policy risk tend to increase the frequency and length of their voluntary sustainability reports. Additionally, we find that proactive sustainability disclosures significantly mitigate firm-level systematic risk (beta) and associated litigation risk. This risk reduction is more pronounced among firms with substantial green innovations and stronger corporate governance practices. Overall, this study highlights the causes and consequences …

Fixed Income Fund Report, March 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Research On The Influence Of The Quantity And Quality Of Young Talents On Regional Economic Development, Jinzhao Liu

Dissertations and Theses Collection (Open Access)

This study focuses on the critical impact of both the quantity and quality of young talent on regional, particularly urban, economic development in terms of pace and quality. The paper examines how educated and innovative youth serve as catalysts for economic progress, driving innovation and entrepreneurship in urban areas. Through an examination of economic growth theories and innovation-driven development models, the research employs a Cobb-Douglas production function for empirical analysis, revealing the significant positive influence of high-quality young populations on regional GDP growth.

Concurrently, case studies of Zhongguancun and Suzhou's textile industry demonstrate the transformative power of young talent in …

Forgive Me Not? Racial And Institutional Disparities In The Paycheck Protection Program Loan Forgiveness, Vladimir Kotomin, Wyatt Frere, Ruby Morr

Faculty Publications – Finance, Insurance, and Law

Existing research establishes that minority borrowers, particularly Black small business owners, faced significant challenges in accessing funds from the Paycheck Protection Program (PPP), especially in its early stages. We find that institutional and racial disparities persist during the PPP loan forgiveness stage. Controlling for various loan- and borrower-level characteristics, we demonstrate that relationship lenders – community banks, credit unions, and farm credit institutions – are associated with higher rates of PPP loan forgiveness. In contrast, automated lenders – fintechs and fintech banks – exhibit the lowest forgiveness rates. Black borrowers experience the poorest outcomes, except for loans issued by non-depository …

Accuracy Of Time Phasing Missile And Munition Using The Continuous Distribution Function, Joseph Zobler

Theses and Dissertations

Accurate cost and schedule estimates are crucial for maintaining the U.S. military’s technological and operational superiority, ensuring efficient resource allocation and timely development of advanced defense systems. This research examines S-curve models for time-phasing non-recurring Research, Development, Test, and Evaluation (RDT&E) expenditures in missile and munition acquisition programs. This research evaluates the commonly used 60/40 rule, which assumes 60% of expenditures occur by 50% of the schedule, for its accuracy using Cost Assessment Data Enterprise (CADE) and Earned Value Management Central Repository (EVM-CR) data from 21 missile and munition development programs.

Greening Brown Sectors Through Transition Finance, Hao Liang, Yongheng Sun, Tianhao Yao

Asian Management Insights

Financing not-so-green industries’ environmental transition could really move the climate needle. Directing capital away from carbon-intensive sectors and only financing green sectors may fail to achieve green transition targets. Transition finance plays a critical role in addressing climate challenges. Research suggests that the transition finance logic works and has promising potential.

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Dissertations and Theses Collection (Open Access)

I investigate how firms respond to reduced private equity buyout activity in their home states by exploiting the state-by-state adoption of laws that increase the cost of buyouts. I find evidence suggestive of reduced firm efficiency. The firms also become less likely to go bankrupt or to relocate to other states. These findings suggest that the firms' managers may be starting to enjoy the quiet life. I also find a reduction in layoffs. Overall, the results indicate a trade-off: Whereas reduced private equity buyout activity increases managerial entrenchment, it also lowers firm exits and strengthens employees' job security.

Research On The Mechanism Of China's Stock Market And The Efficiency Of Factor-Based Stock Selection Strategies, Huaixiang Xing

Dissertations and Theses Collection (Open Access)

Based on the data of 4280 firms listed on China's A-share market from 2010 to 2023, this paper constructs 20 market factors and 4 financial factors to systematically study multi factor stock selection strategies in China's stock market. Furthermore, this article analyzes the impact of China's capital market mechanisms on stock selection strategies, which include margin trading and securities lending mechanism, Mainland-Hong Kong Stock Connect mechanism, analyst coverage mechanism, and information disclosure mechanism. The main conclusions are as follows:

Firstly, this paper reveals that 12 market factors, including size, price, and liquidity are all effective pricing factors, and the strategy …

The Influence Of Venture Capitalists’ Value-Added Service On Capital Financing Outcome: A Research On Chinese Biotech Startups, Hao-Yu Huang

Dissertations and Theses Collection (Open Access)

China’s biotechnology sector has undergone rapid evolution, driven by government policy, capital market reform, and growing global demand for pharmaceutical innovation. Venture capitalists (VCs) have played an increasingly pivotal role not only as financiers but also as strategic partners offering value-added services (VAS). These interventions include operational mentorship, regulatory navigation, talent pipeline facilitation, and strategic repositioning. However, the extent to which such non-financial support influences financing outcomes across startup development stages remains underexplored—particularly in the context of China's unique institutional and industrial environment.

This dissertation examines how VC post-investment interventions affect the financing success of biotech startups in China. Drawing …

Study On Sustainable Development Of Energy Innovation, Maoli Guo

Dissertations and Theses Collection (Open Access)

Energy innovation and sustainable development play significant roles in the economic development and technological progress of a country. This paper first reviews the measurement methods of energy efficiency in existing literature, selects evaluation indicators based on the influencing factors of energy system performance, and proposes an energy efficiency evaluation method combining the Malmquist index and the Data Envelopment Analysis (DEA) model to evaluate and test the performance of energy sustainable development in each province of China from 2005 to 2021.

The study finds that, firstly, the energy efficiency in China has generally shown an upward trend, but there are significant …

Analysis On Factors For The Success Of China's Industrial Parks -- "Crown Model" And Its Empirical Research, Ming Qiu

Dissertations and Theses Collection (Open Access)

Since the reform and opening-up policy, China has systematically promoted the development and construction of economic and technological development zones, high-tech industrial development zones, and various types of industry-focused functional parks by drawing on successful international models and integrating them with China’s context. This has been carried out from the central government to local governments to foster the clustering of regional industries, facilitate industrial upgrading, drive large-scale employment, increase GDP, generate continuous tax revenue, and accelerate urbanization. These efforts have been pivotal in transforming local economies and enhancing China’s competitive advantage in the global market. The author, with 20 years …

Knowledge Judgment, Managerial Decision-Making, And Firm Performance: From The Perspective Of Entrepreneurial Spirit Reconfiguration In Second-Generation Family Businesses, Xinhua Li

Dissertations and Theses Collection (Open Access)

Since the reform and opening up, Chinese family businesses, as the main body of the private economy, have played a significant role in the development of the national economy. As the first - generation entrepreneurs are entering their later years, inter - generational succession has become an important issue. This doctoral thesis focuses on the dynamic reshaping process of the entrepreneurial spirit of the second - generation entrepreneurs in family businesses and explores how it affects the improvement of corporate performance. Based on the cutting - edge theories of Austrian economics, this study constructs a research framework of "knowledge judgment …

Advancing Defense Software Cost Estimation Through Regression, Probabilistic, And Machine Learning Models, Stephen D. Chatterton

Theses and Dissertations

Accurately estimating software costs is critical for effective project management within the Department of Defense (DoD), where early decisions shape resource allocation and risk management. This work evaluates regression-based Cost Estimating Relationships (CERs), probabilistic models, and machine learning techniques to address limitations of traditional estimation methods. Using records from two DoD repositories, the analysis applied Ordinary Least Squares (OLS) regression, Multinomial Logistic Regression (MLR), Random Forest, and neural networks to model and classify software costs, with key predictors including Source Lines of Code (SLOC), Equivalent Source Lines of Code (ESLOC), and programming hours. The findings highlight strengths and trade-offs of …