Management Sciences and Quantitative Methods Commons^™

Performance Implications Of Fortune 500 Companies' Self-Interest In Corporate Social Responsibility Activities, Peter M. Neeves

Walden Dissertations and Doctoral Studies

Numerous prior studies examining the relationship between Corporate Social Responsibility (CSR) and corporate financial performance have produced mixed results. Consumers expect alignment between corporation's CSR and business activities, yet a paucity of research examines the nature of CSR activities as related to corporate financial performance. Corporate leaders lack direction as to what CSR activities are most impactful. CSR is grounded in stakeholder theory, ethical work climate, and servant leadership theories. The relationship between self-interest in CSR activities, an index of alignment between business activities and CSR activities, and financial performance as measured by return on assets (ROA), return on equity …

Profitable Momentum Trading Strategies For Individual Investors, Bryan Foltice, Thomas Langer

Scholarship and Professional Work - Business

For nearly three decades, scientific studies have explored momentum investing strategies and observed stable excess returns in various financial markets. However, the trading strategies typically analyzed in such research are not accessible to individual investors due to short selling constraints, nor are they profitable due to high trading costs. Incorporating these constraints, we explore a simplified momentum trading strategy that only exploits excess returns from topside momentum for a small number of individual stocks. Building on US data from the New York Stock Exchange from July 1991 to December 2010, we analyze whether such a simplified momentum strategy outperforms the …

A Quantitative Study Of Multilayered Market Systems And Small And Medium-Sized Enterprises, Mukhail Hamza

Walden Dissertations and Doctoral Studies

Small and medium-sized enterprises (SMEs) account for approximately 50% of the world's gross domestic product. However, these economic agents suffer from inadequate access to liquid funds to finance their operations. The liquidity gap has led to early bankruptcy and liquidation, stagnant growth and development, and fewer employment opportunities. The problem under study was the effect of funding limitations on SMEs' business operations and growth. The purpose was to examine the impact of multilayered capital systems as alternative funding for SME growth. This study was informed by Gilbrat's law and the theory of financial exclusion. The research questions addressed the use …

A Cross-Regional Comparison Of Fabricated Metals' Manufacturing Sector Resiliency, Linda Ann Holt

Walden Dissertations and Doctoral Studies

Fabricated metals' manufacturing sector employment in the United States declined following the onset of the 2008 recession. Premium compensation and benefits afforded to employees within the manufacturing sector amplified the negative effects of recessionary job losses. Using the regional macroeconomic complex adaptive systems (CAS) framework, the purpose of this study was to examine the geographic distribution of job losses, recovery rates, and adaptive behavior after the recession for the fabricated metals manufacturing sector by measuring and comparing effects in 50 East North Central division MSAs and 50 South Atlantic division MSAs in the United States. Independent sample t tests compared …

Nursing Staff Participation In Chart Audits Increases Documentation Compliance, Susan Elaine Nelson

Walden Dissertations and Doctoral Studies

Clinical documentation is an essential quality element that is often not adequately completed. Current data demonstrate that 32% of home health claims do not meet the requirements for federal reimbursement. Rogers's diffusion of innovation was used as a conceptual framework to guide this quality improvement project which determined whether home health nurses with education and chart audit experience demonstrate increased documentation compliance relative to nurses with education only. After completing a 1-hour education program on documentation, a convenience sample of home health nurses (n = 8) was divided between a chart-audit group (n = 4) and a no-chart-audit group (n …

Examining The Relationship Between Selected Ratios And Market Capitalization Of An Ipo, Michael Wayne Donaldson

Walden Dissertations and Doctoral Studies

This study examined the relationship between return on equity (ROE) and return on assets (ROA), the business sector, and long-term performance of new firms 5 years after the initial public offer (IPO) date. IPOs have a high rate of delisting from stock exchanges, and understanding possible predictors of long-term performance will benefit business owners and investors. The purpose of this study was to determine if ROE and ROA are predictors of long-term performance of IPOs on U.S. stock exchanges. The research question examined whether there is a statically significant relationship between the ROE, ROA, business sector, and market capitalization of …

Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai

Walden Dissertations and Doctoral Studies

In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …

Incumbent Decisions About Succession Transitions In Family Firms: A Conceptual Model, Britta Boyd, Isabel C. Botero, Tomasz A. Fediuk

Management Faculty Publications

In the family business literature, succession research has focused on the family member as they enter the leadership role or on the different issues that affect the succession process. Although researchers have acknowledged that succession in family businesses is “punctuated” by decision making events, less attention has been given to understanding how incumbents make decisions about ownership and management transitions. In an effort to continue to understand the succession process it is important to understand how incumbents make decisions about the type of transitions they intend to engage in (i.e., intra-family succession, out of family succession, or no succession). Building …

Modelling Risk Management In Banks: Examining Why Banks Fail?, Daniel Onyebuchi Okehi

Walden Dissertations and Doctoral Studies

The persistent bank failures in the Nigerian financial system have been a major concern of the government, depositors, shareholders, and the general public because of the important roles banks play in the economy. The aim of this research was to determine why there have been persistent bank failures in Nigeria and to investigate whether ineffective risk management in banks, coupled with poor corporate governance practices and nonadherence to regulations (independent variables), play a significant role in the banks' performance(dependent variable). The variables were operationalized by taking VaR as the proxy for risk management, having CRO as proxy for ERM , …

Sustainable Revenue Generation System For Nonprofit Institutions Of Higher Education, Graig Arcuri

Walden Dissertations and Doctoral Studies

Social and individual spending on higher education has outpaced social and individual economic growth, resulting in nonprofit institutions of higher education (NIHEs) growing increasingly dependent upon unsustainable governmental subsidies and tuition increases. The purpose of this study was to examine the interactions among components of the nonprofit university system, existing revenue generation methods, and sustainability of revenue generation, thereby generating a new sustainable revenue theory for nonprofit universities within the United States. This qualitative grounded theory study used a multiphase design incorporating data from the literature review, historical documents, and phone interviews from a theoretical sampling of 10 NIHEs. Participants …

Women In The Workforce: An In-Depth Analysis Of Gender Roles And Compensation Inequity In The Modern Workplace, Rebecca L. Ziman

Honors Theses and Capstones

This paper explores the increase in participation and education of American women in the workforce with a special focus on women in business and accounting roles. The paper then goes on to discuss the wage gap between genders, how to remedy inequality in the workplace, and highlights several reasons why pursing a solution to gender inequality is beneficial for both the employee and the company.

Quantifying Expertise In Private Equity, Singapore Management University

Perspectives@SMU

Just how much is expert knowledge worth in running a private equity fund?

The Use Of Financial Statements To Predict The Stock Market Effects Of Systemic Crises, Mohammad Yahia Almakrami

CGU Theses & Dissertations

The financial crisis of 2007-2009 had divesting effects around the globe. Many financial institutions and government officials failed to see the build up of problems predicting the crisis and hence failed to take actions to keep the crisis from breaking out. Thus, it is important to see if the emerging problems could have been identified in advance in order to develop types of analysis that could help us avoid future crises. A full investigation of such possibilities will require many different studies taking different approaches. This dissertation contributes to that collective effort by investigating the extent to which balance sheet …

An Easy Method To Introduce Mirr Into Introductory Finance Classes, Tom Arnold, Terry D. Nixon

Finance Faculty Publications

In this paper, the modified internal rate of return (MIRR) is demonstrated to be a holding period return calculation that is not dependent on knowing a project's internal rate of return (IRR) nor the process for finding the IRR. Further, the MIRR calculation can be directly connected to the calculation of the profitability index (PI) and the net present value (NPV) if project cash flows are discounted using a firm's weighted average cost of capital. This connection to the PI and NPV allows for an intuitively appealing presentation of the MIRR calculation.

Financial Services Innovation: Local Strategy, Management, And Change – A Field Investigation, Ann-Catherine Nave

Pursuit - The Journal of Undergraduate Research at The University of Tennessee

This study examines the innovation sources and processes of regional financial services firms through inductive field research. Innovation in these firms, and presumably other financial services firms and other smaller organizations, originate primarily out of three sources, the drive for efficiency, the external environment, and strategic, ambidextrous management. Successfully innovative firms balance the short-term need for efficiency improvements with the long-term desire to grow primarily through visionary, yet adaptive, leadership.

Underwriting Syndicates In Bric Countries: Determinants Of Syndicate Size And Member Selection

Fordham Business Student Research Journal

The process of startup firms raising capital through equity markets by issuing shares to the public is a strong sign of financial growth and innovation. Going public requires the issuing firm to share information with potential investors and requires financial institutions to underwrite the effort, typically through a syndicate. The underwriting syndicate is a coalition of competing banks that serve as intermediaries between the firm and the investors. In emerging nations, this process is compounded by the differences in the maturity of the financial markets and the economic environment. The growth and significance of capital markets in the BRIC (Brazil, …

F.A.C.E.S. (Faculty Academic Community Education Showcase): Professional Growth Experiences In A Career University, Paul J. Colbert, Ph.D.

MBA Faculty Conference Papers & Journal Articles

Institutes of higher education exist for the purpose of developing, fostering, nurturing, and stimulating the intellectual growth and development of students. The core values of a college education provide students conceptual and practical educational opportunities that focus on improving their skills and knowledge. These skills and knowledge translate into purposeful, real-life learning experiences. However, in the academic community, learning is not restricted to students. Faculty, too, must be supported and provided opportunities for personal and professional growth and development. Although professional development is not a novel concept in the education profession, schools often take up the gauntlet, but fall short …

Extending The Arnold-Eisemann Algorithm For Pro Forma Circularity With A Specific Mix Of New Debt And New Equity, Tom Arnold

Finance Faculty Publications

Arnold and Eisemann (2008) developed an algorithm that calculates the value of long-term debt when long-term debt is considered the "plug" or "slack" term within a pro forma analysis. In this paper, the algorithm is presented in a slightly different form and adjusted for the use of a target mix of new debt and new stock.

Fund-Management Gender Composition: The Impact On Risk And Performance Of Mutual Funds And Hedge Funds, Angela Luongo

Fordham Business Student Research Journal

This paper examines gender differences in fund managers’ risk tolerance and performance. We explore these differences in both the universe of U.S. mutual funds and hedge funds using risk and performance metrics that cover one-year, three-year, and five-year horizons. We find that funds managed by women outperform those managed by men with less risky portfolios. The outperformance persists after adjusting for risk. Overall, the results indicate that female fund managers are severely underrepresented despite their quality performance. A workgroup comprised more equally of male and female managers is likely to lead to greater stability in the financial markets due to …

Asset Performance Evaluation With Mean-Variance Ratio, Zhidong Bai, Kok Fai Phoon, Keyan Wang, Wing-Keung Wong

Research Collection Lee Kong Chian School Of Business

Bai, et al. (2011c) develop the mean-variance-ratio (MVR) statistic to test the performance among assets for small samples. They provide theoretical reasoning to use MVR and prove that our proposed statistic is uniformly most powerful unbiased. In this paper we illustrate the superiority of our proposed test over the Sharpe ratio (SR) test by applying both tests to analyze the performance of Commodity Trading Advisors (CTAs). Our findings show that while the SR test concludes most of the CTA funds being analyzed as being indistinguishable in their performance, our proposed statistics show that some funds outperform the others. On the …

Alternate Models For Forecasting Hedge Fund Returns, Michael A. Holden

Senior Honors Projects

Alternate Models for Forecasting Hedge Fund Returns

Michael Holden

Faculty Sponsor: Gordon Dash, Finance and Decision Sciences

Investors have always wanted to improve the efficiency of modeling realized volatility to maximize directional trading returns and substantially improve profitability. As proposed, this honors project will provide evidence from hedge fund returns that a Radial-Basis Function (RBF) artificial neural network (ANN), specifically the Kajiji-4 RBF-ANN dominates other forecast methods in producing one-period ahead change-of-direction when forecasting the expected returns of various hedge fund indexes.

I began this project by collecting historical economic data in monthly increments to serve as the dependent variables. …

Bond Volatility Transmissions Between United States And European Markets, Seth Kulman

Senior Honors Projects

Bond Volatility Transmissions Between United States and European Markets

Seth Kulman

Faculty Sponsor: Gordon Dash, Finance and Decision Sciences

Recent events have illustrated the degree of connection between the world’s economies.  Economic events occurring in one country are felt in countless others, most vividly demonstrated by the onset of a worldwide recession following the financial collapse in the United States.  Volatility no longer stays contained within one local economy.

The purpose of this study is to examine volatility spillovers between the United States and European bond markets.  To identify volatility effects in a given country, we will be using a …

The Myth Of Endless Accumulation: A Feminist Inquiry Into Globalization, Growth, And Social Change, Martha Freymann Miser

Antioch University Dissertations & Theses

This theoretical dissertation examines the concept of growth and its core assumption—that the continual accumulation of wealth is both socially wise and ecologically sustainable. The study challenges and offers alternatives to the myth of endless accumulation, suggesting new directions for leadership and social change. The central question posed in this inquiry: Can we craft a more ethical form of capitalism? To answer this question, the study examines conventional and critical globalization studies; feminist scholarship on standpoint, political economy, and power; and the Enlightenment notions of progress and modernism, drawing on a number of works, including Aristotle on the three intelligences, …

Leadership Development In Financial Institutions In South Dakota: A Slow Growth State, Stan Wayne Vinson

Antioch University Dissertations & Theses

This dissertation asks the question, “What are the challenges of developing a leadership program in community banks in South Dakota, a slow growth environment?” The research looks at the intersection of leadership development, transformational leadership, and context—against a backdrop of community banking, corporate social responsibility, and demographic trends in South Dakota. The objective of the study is to provide theoretical and practical understanding of leadership development activities in South Dakota community banks. Using quantitative methods, seven hypotheses were created and tested using insights gained from reviewed literature and informational interviews that framed the study. The hypotheses were built looking to …

Aligning Financial Strategy With Customer Categorization Based On Environmental Scanning, Timothy Osita Anyiwe

Walden Dissertations and Doctoral Studies

Inadequate environmental scanning, poor financial strategy, and misaligned customer focus are responsible for 79% of retail profitability losses. The purpose of the qualitative study using a multiple-case study design was to explore the strategies needed to align financial strategy with customer-oriented processes in the retail industry. The research question involved understanding trends and operational risks influencing the establishment of financial alignment strategies. Porter's five forces model of customer influence, Pearce's environmental and economic factors affecting society values, and Albright's strategic planning of environmental influence served as the theoretical foundations for the study. 30 executives, managers, and team leaders in 2 …

Church Leaders' Financial Coping Strategies During A Recession, Cecil Williams

Walden Dissertations and Doctoral Studies

An economic recession can disproportionately affect the financial stability of churches because their income relies primarily on voluntary contributions. The purpose of this phenomenological study, framed by servant leadership theory, was to explore lived experiences and perceptions related to church leaders' strategies for coping with the economic downturn in 2008. A purposive sample of 20 church leaders from Tennessee was recruited to explore the changes that have been made in church operational strategies in order to cope with the recession. The interview data were iteratively examined by using keywords, phrases, and concepts and were coded into categories, which led to …

Relative Pricing Of Publicly Traded U.S. Electric Utility Companies, Nicholas Stephen Jewczyn

Walden Dissertations and Doctoral Studies

In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative …

Developing A Culturally Responsive Classroom Collaborative Of Faculty, Students, And Institution, Paul J. Colbert

MBA Faculty Conference Papers & Journal Articles

Culture is integral to the learning process. It is the organization and way of life within the community of students and teachers and directs the way they communicate, interact, and approach teaching and learning. Although founded in particular values and principles, the academy, like most organizations, is impacted day-to-day by its culture. Yet, the traditional higher education institution has not been designed to operate within a racially or ethnically diverse student population. The social, political, economic, and cultural forces that support the institution influence the teaching and learning environments. To better address cultural diversity in the classroom, faculty must first …

Application Of The Fractional Diffusion Equation For Predicting Market Behaviour, Jonathan Blackledge

Articles

Most Financial modelling system rely on an underlying hypothesis known as the Eficient Market Hypothesi (EMH) including the famous BlackScholes formula for placing an option. However, the EMH has a fundamental flaw: it is based on the assumption that economic processes are normally distributed and it has long been known that this is not the case. This fundamental assumption leads to a number of shortcomings associated with using the EMH to analyse financial data which includes failure to predict the future volatility of a market share value. This paper introduces a new financial risk assessment model based on Levy statistics …

Index-Exciting Caviar: A New Empirical Time-Varying Risk Model, Dashan Huang, Baimin Yu, Zudi Lu, Sergio Focardi, Frank Fabozzi, Masao Fukushima

Research Collection Lee Kong Chian School Of Business

Instead of assuming the distribution of return series, Engle and Manganelli (2004) propose a new Value-at-Risk (VaR) modeling approach, Conditional Autoregressive Value-at-Risk (CAViaR), to directly compute the quantile of an individual asset's returns which performs better in many cases than those that invert a return distribution. In this paper we explore more flexible CAViaR models that allow VaR prediction to depend upon a richer information set involving returns on an index. Specifically, we formulate a time-varying CAViaR model whose parameters vary according to the evolution of the index. The empirical evidence reported in this paper suggests that our time-varying CAViaR …