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Articles 1 - 30 of 30
Full-Text Articles in Portfolio and Security Analysis
Full Call Auction And Market Liquidity: Lessons From Idx, Columbanus Teto, Zaäfri Ananto Husodo
Full Call Auction And Market Liquidity: Lessons From Idx, Columbanus Teto, Zaäfri Ananto Husodo
Jurnal Akuntansi dan Keuangan Indonesia
Background: This study investigates the impact of the Full Call Auction mechanism implemented by the Indonesia Stock Exchange in 2024 on stocks listed under the Special Monitoring Board. The research aims to evaluate how the FCA affects market liquidity, particularly bid-ask spreads and trading volume, within the financial sector stocks. Methods: Employing a heterogeneous Difference-in-Differences approach, the analysis compares stock-level liquidity indicators before and after the FCA implementation. Findings: While overall treatment effects appear statistically insignificant, subgroup analysis reveals that stocks with longer exposure to the FCA exhibit significantly wider bid-ask spread and persistent reductions in trading volume. These findings …
The Elements Necessary For A Successful Startup, Ciaran Mcgurran
The Elements Necessary For A Successful Startup, Ciaran Mcgurran
Faculty Curated Undergraduate Works
This paper seeks to uncover what really goes into a startup company to get it off the ground, keep it afloat and growing, and mitigate competition through a case study focus on a software-aided investment-strategy building company. Through an interview of the founder and CEO of the case company as well as first-hand experience working in the company, this paper will seek to gain an understanding of the necessary elements and planning that must go into a startup company for it to have success. Additional online texts also provide supplementary general information on startups and how the planning process is …
A Transaction Cost Perspective On Option Anomalies, James O'Donovan, Gloria Yang Yu
A Transaction Cost Perspective On Option Anomalies, James O'Donovan, Gloria Yang Yu
Research Collection Lee Kong Chian School Of Business
We examine the impact of transaction costs on the profitability of long-short portfolios of delta-hedged option returns. Of the 24 portfolio sort variables studied, 17 generate positive and significant gross returns, but none remain profitable after accounting for trading costs. We propose a cost-mitigation approach that restores profitability to 7 key portfolios. Furthermore, we demonstrate that the choice of delta-hedging frequency has a first-order impact on transaction costs. Our findings underscore the central role of implementation costs in shaping the investment opportunity set in equity–option markets, highlighting the need to account for transaction costs when evaluating option-based strategies.
Unpacking Alpha In Innovation-Driven Etfs: A Comparative Study Of Artificial Intelligence And Blockchain Funds, Davinder K. Malhotra
Unpacking Alpha In Innovation-Driven Etfs: A Comparative Study Of Artificial Intelligence And Blockchain Funds, Davinder K. Malhotra
School of Business Faculty Papers
This paper evaluates the performance and portfolio role of Artificial Intelligence (AI) and Blockchain exchange-traded funds (ETFs) based on monthly returns from 2010 to 2025. The findings show that both AI and Blockchain ETFs generate positive alpha and high standalone returns but also display considerable drawdown risk. Their weak correlations with each other and with broad indices highlight diversification benefits, particularly when combined with U.S. benchmarks. Portfolio optimization reveals that Global Minimum Variance (GMV) and Tangency portfolios ascribe lower weights to these ETFs, while Risk Parity portfolios have a more balanced exposure, helping to diversify risks. Efficient frontier analysis highlights …
The Cannabis Conundrum: Persistent Negative Alphas And Portfolio Risks, Davinder K. Malhotra, Sheetal Gupta
The Cannabis Conundrum: Persistent Negative Alphas And Portfolio Risks, Davinder K. Malhotra, Sheetal Gupta
School of Business Faculty Papers
This study investigates whether publicly listed cannabis shares provide enough risk-adjusted returns to warrant their incorporation into diversified portfolios. An equally weighted portfolio of cannabis companies is constructed using monthly data from January 2015 to December 2024. Risk-adjusted performance is assessed using the Sharpe, Sortino, and Omega ratios and compared to the Russell 3000 Index and the FTSE All-World ex-US Index. In addition, we estimate both unconditional and conditional Fama–French five-factor model enhanced by momentum. The findings indicate that cannabis stocks persistently underperform U.S. and global benchmarks in both absolute and risk-adjusted metrics. Downside risk is elevated because cannabis portfolios …
The Effect Of Disaggregated Country Risk On Foreign Portfolio Investment Flows In South Africa, Paul-Francois Muzindutsi, Tristan Kyle Govender, Nokwanda Nkwanyana, Sanelisiwe Zulu, Nondumiso Myeni, Sinegugu Khuzwayo, Fikile Dube
The Effect Of Disaggregated Country Risk On Foreign Portfolio Investment Flows In South Africa, Paul-Francois Muzindutsi, Tristan Kyle Govender, Nokwanda Nkwanyana, Sanelisiwe Zulu, Nondumiso Myeni, Sinegugu Khuzwayo, Fikile Dube
Economic and Business Review
This study explores the relationship between disaggregated country risk and foreign portfolio investment (FPI) flows in South Africa, focusing on both the long-run and short-run effects of economic, financial, and political country risk measures on net foreign purchases of shares (NFPS) and net foreign purchases of bonds (NFPB) during the period from 1995 to 2019. We employed autoregressive distributed lag (ARDL) and nonlinear autoregressive distributed lag (NARDL) models to assess the relationships between the variables. The results indicate that all disaggregated country risk measures have a long-run effect on NFPS and NFPB, and the impacts of these risks are asymmetric. …
Risk Premia-Return Spillovers Among Commodity-Us Equity Markets, Marinela Adriana Finta
Risk Premia-Return Spillovers Among Commodity-Us Equity Markets, Marinela Adriana Finta
Sim Kee Boon Institute for Financial Economics
This study examines the risk premia-return spillovers of eight commodities (corn, soybean, wheat, copper, silver, gold, oil, and natural gas) and the U.S. equity market from 2008 to 2016. We define volatility, skewness, and kurtosis risk premia as the difference between implied and realized moments. Our results reveal an increasing trend in cross-market and cross-moment spillovers until mid-2012, with various announcements explaining these effects. Moreover, we document substantial cross-energy and cross-metal spillovers to the equity market and cross-return spillovers to risk premia. Higher-order risk premia also exhibit the highest effects on returns. In addition, we underline the prominent influence of …
Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C. B. Phillips, Shuping Shi
Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C. B. Phillips, Shuping Shi
Research Collection School Of Economics
The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background, this study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called Magnificent Seven (Mag-7) individual stocks during the AI boom, spanning the period from January 2017 to January 2025. We apply the real-time PSY bubble detection methodology of Phillips et …
Falling Short In The Digital Age: Evaluating The Performance Of Data Center Etfs, Davinder K. Malhotra, Ivar Kirkhorn, Frank Ragone
Falling Short In The Digital Age: Evaluating The Performance Of Data Center Etfs, Davinder K. Malhotra, Ivar Kirkhorn, Frank Ragone
School of Business Faculty Papers
This study evaluates the performance of U.S. data center Exchange-Traded Funds (ETFs) relative to major equity and technology benchmarks, using monthly returns from January 2000 through December 2024, with particular emphasis on the COVID-19 period and the subsequent post-vaccine era. Data center ETFs have not provided better risk-adjusted returns even though they are often advertised as access points to the digital economy. Digital infrastructure demand increased through the pandemic but did not improve the performance of these funds which stayed weak across both traditional and conditional multi-factor asset pricing models. These ETFs struggle with asset selection and market timing proficiency, …
Hospitality In Crisis: Evaluating The Downside Risks And Market Sensitivity Of Hospitality Reits, Davinder K. Malhotra, Raymond Poteau
Hospitality In Crisis: Evaluating The Downside Risks And Market Sensitivity Of Hospitality Reits, Davinder K. Malhotra, Raymond Poteau
School of Business Faculty Papers
This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical …
Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun
Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun
Research Collection Lee Kong Chian School Of Business
We model two methods of executing segregated retail orders: brokers’ routing,whereby brokers allocate orders using the market maker’s overall performance, andorder-by-order auctions, where market makers bid on individual orders, a recent U.S.Securities and Exchange Commission proposal. Order-by-order auctions improve al-locative efficiency, but face a winner’s curse reducing retail investor welfare, partic-ularly when liquidity is limited. Additional market participants competing for retailorders fail to improve total efficiency and investor welfare when entrants possess in-formation superior to incumbent wholesalers. Our results hold when new entrants are less informed or the information structure differs. We also examine the cross-subsidization of brokers’ routing.
The Startup Ecosystem In Southern Nevada: Growth, Energy, And Emerging Entrepreneurship In 2025, Len Jessup, Sean Curry
The Startup Ecosystem In Southern Nevada: Growth, Energy, And Emerging Entrepreneurship In 2025, Len Jessup, Sean Curry
Policy Briefs and Reports
The startup ecosystem in Southern Nevada has undergone significant transformation during the past decade, evolving from a fragmented and nascent environment into a dynamic and increasingly coordinated landscape. This study examines the growth of the Southern Nevada startup ecosystem, analyzing key components such as funding sources, incubators, accelerators, and public-private collaborations. Utilizing both quantitative and qualitative data, including investment trends, economic impact reports, and interviews with over 100 stakeholders, this policy brief provides a comprehensive assessment of the strengths and gaps within the ecosystem. Key findings indicate that while the region has made substantial progress, particularly in fostering early-stage investments …
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Individual Or Team Analyst Reports? The Organization Of Analyst Research Activities, Xia Chen, Ning Jia, Dan Wang
Research Collection School Of Accountancy
Given the importance of research resource allocation within brokerage firms, we examine key factors that influence the issuance of individual vs. team analyst reports. Using a comprehensive sample of analyst reports from China for the 2008-2021 period, we find that this decision is influenced by (1) the brokerage firm's client interests, whereby firms held by the brokerage firm's mutual fund clients and firms that are the brokerage firm's underwriting clients receive more team than individual reports from the brokerage firm, and (2) the nature of corporate events, whereby routine events receive more team reports and nonroutine events receive more individual …
The Gender Effects Of Covid: Evidence From Equity Analysts, Frank Weikai Li, Baolian Wang
The Gender Effects Of Covid: Evidence From Equity Analysts, Frank Weikai Li, Baolian Wang
Research Collection Lee Kong Chian School Of Business
We use COVID-19 and sell-side analysts as an experiment to study the effects of gender on labor productivity. We find that the forecast accuracy of female analysts declined more than that of male analysts, especially when schools were closed and among analysts who were more likely to have young children, were inexperienced, were busier, or lived in southern states of the US. Relative to male analysts, females also reduced their forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency. Relative to pre pandemic, female analysts’ careers were more negatively affected than male analysts’. …
U.S. Options Exchange-Traded Funds: Performance Dynamics And Managerial Expertise, Elroi Hadad, Davinder K. Malhotra, Robert Mcleod
U.S. Options Exchange-Traded Funds: Performance Dynamics And Managerial Expertise, Elroi Hadad, Davinder K. Malhotra, Robert Mcleod
School of Business Faculty Papers
This study examines the performance dynamics of U.S. options exchange-traded funds (ETFs), whose investment strategy involves options contracts. Analyzing monthly returns data from February 2014 to April 2023, we evaluate the risk-adjusted performance, volatility, and market sensitivity of U.S. options ETFs relative to U.S. and global equities. Using Carhart's four-factor model, we find that U.S. options ETFs yield lower monthly returns than those of U.S. equities but outperform global equities, suggesting potential diversification benefits. While U.S. options ETFs underperformed during the COVID-19 pandemic, they demonstrated resilience thereafter, offering higher rewards for downside risk. We also find that managerial expertise may …
Mortgage Default Classification Modeling For Variable Analysis, Brendan R. Goggins
Mortgage Default Classification Modeling For Variable Analysis, Brendan R. Goggins
Honors College Theses
The financial crisis of the early 2000’s is a prime example of the severe consequences that mortgage default and borrower insolvency can have on economies at large. Mortgage default specifically is a prime case with the popularization of mortgage backed securities and the commonality of this loan structure. Multiple hypotheses and models have been formed to understand the reasons, causes, and consequences of mortgage default. This paper uses both machine learning and statistical classification models to inform an understanding of the variables most significant and impactful to the default outcome of mortgages. Consideration is given to both loan-level microeconomic variables …
Fixed Income Fund Report, April 2025, Archway Investment Fund
Fixed Income Fund Report, April 2025, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Covid-19 And Investors' Trading Behavior: Evidence From The New Zealand Equity Market, Finn West Wilkinson, Marinela Adriana Finta, Olena Onishchenko
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 …
Fixed Income Fund Report, March 2025, Archway Investment Fund
Fixed Income Fund Report, March 2025, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Fixed Income Fund Report, February 2025, Archway Investment Fund
Fixed Income Fund Report, February 2025, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Is Carbon Risk Priced In The Cross Section Of Corporate Bond Returns?, Tinghua Duan, Frank Weikai Li, Quan Wen
Is Carbon Risk Priced In The Cross Section Of Corporate Bond Returns?, Tinghua Duan, Frank Weikai Li, Quan Wen
Research Collection Lee Kong Chian School Of Business
This article examines the pricing of a firm’s carbon risk in the corporate bond market. Contrary to the “carbon risk premium” hypothesis, bonds of more carbon-intensive firms earn significantly lower returns. This effect cannot be explained by a comprehensive list of bond characteristics and exposure to known risk factors. Investigating sources of the low carbon alpha, we find the underperformance of bonds issued by carbon-intensive firms cannot be fully explained by divestment from institutional investors. Instead, our evidence is most consistent with investor underreaction to the predictability of carbon intensity for firm cash-flow news, creditworthiness, and environmental incidents.
Fixed Income Fund Report, January 2025, Archway Investment Fund
Fixed Income Fund Report, January 2025, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Selling Trust: The Evolution Of Relationship Selling In The Investment Industry, Kaden N. Kroslak, Frederik Beuk
Selling Trust: The Evolution Of Relationship Selling In The Investment Industry, Kaden N. Kroslak, Frederik Beuk
Williams Honors College, Honors Research Projects
This honors research project examines how relationship selling in the investment industry, especially within registered investment advisory firms, has evolved over time. Advisor-client relationships are being shaped by technology, analytics, regulations, and a frenzy of information. This literature review explores whether the stated factors of technology, credibility, regulations, information access, and fiduciary duty, caused change in how investment advisors create, maintain, and grow client relationships within the context of trust. The project styling, in form of a literature review analyzes peer-reviewed studies on financial technology, artificial intelligence, psychological approaches, and regulatory systems. The outcome is a paper which helps fill …
Deconstructing The Greenium: Exploring Mispricing In The Green Bond Market, Koto Yamada
Deconstructing The Greenium: Exploring Mispricing In The Green Bond Market, Koto Yamada
Honors Theses
This paper investigates the sources and conditions under which the greenium – a yield discount observed for green bonds relative to comparable conventional bonds – appears in global fixed income markets. Using a dataset of over 26,000 bonds issued between 2012 and 2024 across 37 countries and 5,400 firms, I find that the existence of the greenium is highly context-dependent, shaped by factors such as issuer reputation, institutional trust, and green capital allocation across sectors. Repeat green issuers receive yield discounts of up to 57 basis points, particularly in the EU and Nordic countries, where strong climate policies and disclosure …
Betting Against All Betas: Do Fama-French-Carhart Factors Share The Beta Anomaly?, Kevin Jiang
Betting Against All Betas: Do Fama-French-Carhart Factors Share The Beta Anomaly?, Kevin Jiang
CMC Senior Theses
Frazzini and Pedersen’s (2013) Betting Against Beta is an investment strategy that exploits a well-documented anomaly in the Capital Asset Pricing Model. This anomaly is called the beta anomaly, which states that the model overestimates the risk-adjusted returns of high-beta assets and underestimates the risk-adjusted returns of low-beta assets. According to the beta anomaly, betas and alphas should be negatively correlated. Frazzini and Pedersen prove that an investor is able to generate positive abnormal returns by holding a long position in low-beta assets and a short position in high-beta assets. They also show that their Betting Against Beta factor delivers …
Taking Stock: Investigating The Relationship Between Stock-Based Compensation And Share Price Performance In Public Software Companies, Ethan Choi
CMC Senior Theses
There has been considerable debate around the practice of compensating employees and executives using stock-based compensation (“SBC”). Studies point to a myriad of both benefits and drawbacks of SBC; while in practice, firms with high SBC intensity have harmed shareholders through share count dilution. One industry in particular has drawn sharp investor criticism for its SBC intensity: software. Despite the software sector’s growing importance to the economy and influence in the public markets, no academic literature has analyzed the impacts of SBC on software companies specifically. Filling the gap, investor literature has sought to examine this topic in the context …
National And Regional Bank Deposits And Their Relationship To The Stock Market, Joseph Zhong
National And Regional Bank Deposits And Their Relationship To The Stock Market, Joseph Zhong
CMC Senior Theses
Institutional investors started using bank deposits as a Leading Economic Indicator to predict stock market returns. I find that bank deposits lead stock market returns by 2 weeks at the national level. Examining the mechanism through which bank deposits affect stock market returns, existing literature postulates the Bank Deposit Lending Channel: increased bank deposits increase financial liquidity, powering and leading stock market returns. I do not find evidence for the Bank Deposit Lending Channel. In my regional analysis, I find that bank deposit behavior differs drastically between US regions. In general, regional bank deposits still lead stock market returns. In …
The Public Face Of Private Credit: Performance Dynamics In Business Development Companies, Russell Kuan
The Public Face Of Private Credit: Performance Dynamics In Business Development Companies, Russell Kuan
CMC Senior Theses
This study examines the performance dynamics of public Business Development Companies (BDCs) – a unique and growing component of the private credit market that bridges public and private financing. Publicly traded BDCs provide critical capital to underserved middle-market firms, while giving investors access to private credit opportunities. Using a hand-pulled dataset derived from 10-K filings and supplemental sources, this research identifies the key financial and operational factors driving BDC performance, with a focus on senior secured loan allocations, portfolio yield, and leverage strategies. The findings reveal that portfolio yield and senior secured loan allocations are significant predictors of total returns …
Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes
Optimizing Bitcoin Allocation: Predictability Of Bitcoin Portfolio Weights Through Macroeconomic Variables, Kirby Baynes
CMC Senior Theses
This thesis examines whether Bitcoin is a beneficial asset in a diversified, mean-variance optimized portfolio and whether its portfolio weights can be reliably predicted using macroeconomic variables. Using data from December 2013 to February 2025, the analysis applies rolling-window portfolio optimization and OLS regressions with Newey-West standard errors to test the relationship between Bitcoin allocations and a set of macroeconomic indicators. Results show that Bitcoin receives non-zero weights across portfolios and that its optimal allocation is sensitive to variables such as changes in the Credit Spread and Yield Curve. These variables were statistically significant in several models and produced meaningful …
Ethical Imperatives For Rational Paternalism In Advisor-Client Relationships, Igor A. Zey
Ethical Imperatives For Rational Paternalism In Advisor-Client Relationships, Igor A. Zey
Antioch University Dissertations & Theses
This study seeks to understand the role of ethics and rational paternalism in the practice of financial advising. A significant amount of research examines the effects of rational paternalism on the governmental and institutional levels. Very little research has addressed the issues associated with rational paternalistic behavior by advisors toward their clients. Investopedia (2013) focuses on advisors’ ethics and moral responsibilities, underscoring the ethical standards clients should expect from their financial advisors. However, practically none of the literature examines the ethics, morals, and practical aspects of individual paternalism. In response, this study examines the concept of rational paternalism in advisor-client …