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2017

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Articles 31 - 39 of 39

Full-Text Articles in Portfolio and Security Analysis

The Archway Investment Fund, Annual Report 2017, Bryant University, Archway Investment Fund Jan 2017

The Archway Investment Fund, Annual Report 2017, Bryant University, Archway Investment Fund

Archway Investment Fund

The Archway Investment Fund, led by professor Asli Ascioglu, is a series of two classes, consisting of a semester focused on Securities Analysis, and a semester of Portfolio Management. The students begin as Securities Analysts, where they gain a foundational knowledge for investment management and financial analysis.

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Stock Returns And Industrial Production: A Sectoral Analysis, Griffin Lazarus Jan 2017

Stock Returns And Industrial Production: A Sectoral Analysis, Griffin Lazarus

CMC Senior Theses

This paper analyzes the relationship between stock returns and future industrial production growth rates from 1926-1940. It replicates the work of Fama (1990) and Schwert (1990) with the intent to see if the relationship continues to hold using sector data. Furthermore, this paper focuses on the 1926-1940 sample period to explore how the relationship is affected by the stock market crash of 1929. It is expected that the relation will be weak for the industry sectors experiencing strong growth prior to the crash. The results indicate that the relationship between stock returns and future industrial production growth rates persists on …

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Ipo Ready? Illuminating The Dark Box Of Private Equity, Tyler Gregory Cornellier Jan 2017

Ipo Ready? Illuminating The Dark Box Of Private Equity, Tyler Gregory Cornellier

Honors Theses and Capstones

The use of public equity data can help combat the challenges private equity funds currently face regarding data availability. The goal is to create a model to provide guidance to both investors and entrepreneurs in the decision-making process. The data gathered would provide insight on how close a private company is to a successful Initial Public Offering (IPO). The idea is that a model, showing the average financial metrics of companies within certain industries during an IPO, can provide new perceptiveness as to how the private company is performing.

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The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, Tania Salomon Jan 2017

The Risk-Return Characteristics And Diversification Benefits Of Fine Wine Investment, Tania Salomon

CMC Senior Theses

This thesis evaluates the risk-return characteristics and diversification benefits of fine wine investment. It compares the historical performance of wine to that of equity, fixed income, real estate, and commodities. I calculate the correlation, volatility, and expected returns of these assets to examine whether adding wine to a portfolio increases its risk-adjusted return. I do this through the Markowitz portfolio optimization technique. The findings suggest that wine has a low correlation with traditional assets, providing diversification benefits. My results also show that adding wine to a portfolio increases its risk-adjusted return only when there is an allocation constraint of 0 …

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Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning Jan 2017

Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning

Accounting Faculty Articles and Research

Risk has always been the concern of managers and shareholders as a part of decision-making processes. Managers tend to control unsystematic risk mostly while trying to minimize the exposure to systematic (market) risk. The paper aims to assess the risk level and risk-return tradeoffs for the companies operating in Czech automotive industry. A diversification formula and calculation of returns using return-on-equity were employed on the yearly basis from 2005 till 2014. The returns and risk calculations were conducted on the portfolio of auto manufacturers, followed by the portfolio of auto suppliers, while the third one was performed for suppliers and …

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Using Accounting Information To Forecast Market Performance, Tyler Atanasov Jan 2017

Using Accounting Information To Forecast Market Performance, Tyler Atanasov

Williams Honors College, Honors Research Projects

This study examines how accounting information can be used to forecast market performance of stocks. We used the specific accounting information of earnings-to-price and book-to-market value ratios, in relation to a stocks 5-year holding period return to determine market performance. The most current, quarterly data with a longer sample period than previous studies was used. First, portfolios of stocks were formed based on the value of each stocks ratio. Next, univariate tests were then run on each ratio’s portfolios to determine if there was statistical significance in the differences among the portfolios returns. Lastly, we determined that investors could earn …

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Is Silence The Answer?, Gator Adams Jan 2017

Is Silence The Answer?, Gator Adams

CMC Senior Theses

This study examines the relationship between company management guidance, and ex-ante crash risk over the duration of 2008(Jan 2006-Dec 2009) financial crisis using the implied volatility skew, which is based upon ex-ante volatility implied by the pricing model developed by Black-Scholes (1973). The study finds that over the duration of this crisis period, management guidance decreases with a rise in ex-ante crash risk. Further, the study provides evidence on the relationship of management guidance and earnings volatility, and how that is affected by a firm's industry product concentration based on the Herfindahl-Hirschman Index (HHI) score.

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Capital Structure And Profitability Of Firms In The Corporate Sector Of Pakistan, Sana Tauseef, Heman Das Lohano Jan 2017

Capital Structure And Profitability Of Firms In The Corporate Sector Of Pakistan, Sana Tauseef, Heman Das Lohano

Business Review

We examine the impact of debt ratios on returns on equity based on panel data for 179 companies from the non-financial corporate sector of Pakistan for the years 2000 to 2015. The least squares fixed effects estimator reveals that the debt ratio has a significant positive effect on return on equity up to an optimal debt level of 40 percent beyond which it has a significant negative effect.

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Realizing Edgar: Eliminating Information Asymmetries Through Artificial Intelligence Analysis Of Sec Filings, Ryan H. Giarusso Jan 2017

Realizing Edgar: Eliminating Information Asymmetries Through Artificial Intelligence Analysis Of Sec Filings, Ryan H. Giarusso

Honors Program Theses

The U.S. Securities and Exchange Commission (SEC) maintains a publicly-accessible database of all required filings of all publicly traded companies. Known as EDGAR (Electronic Data Gathering, Analysis, and Retrieval), this database contains documents ranging from annual reports of major companies to personal disclosures of senior managers. However, the common user and particularly the retail investor are overwhelmed by the deluge of information, not empowered. EDGAR as it currently functions entrenches the information asymmetry between these retail investors and the large financial institutions with which they often trade. With substantial research staffs and budgets coupled to an industry standard of “playing …

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