Finance Commons^™

Working Capital Management And Economic Policy Uncertainty, Jacob Kplorla Tandoh

Electronic Theses and Dissertations

In the aftermath of the financial crisis, Ernst and Young (2009) working capital report note that the leading 2,000 corporations in the US and Europe can extract an up to US$1 trillion if they manage their working capital efficiently. While the existing literature documents the effects of working capital management on firm performance, there is a dearth of research between economic uncertainty and working capital management. We attempt to fill this gap by examining the effect of the economic policy uncertainty on firms’ ability to manage their working capital. For this study, with over 80,000 US firm-year observation over the …

Parents’ Perceived Financial Behaviors Impact On College Students’ Financial Behaviors, Naomi Saxon

Masters Theses

The purpose of this study was to explore the relationship between traditional-aged college students and their parents perceived financial behaviors. It utilized Dew and Xiao’s Financial Management Behavior Scale (FMBS) (2011). Past research indicated that there is a positive impact between a parent’s involvement in students’ academic endeavors, however little research explored the relationship between their impact on a young adults’ financial behaviors. Students’ were asked a series of questions from the FMBS rating their actual financial behaviors. These results were compared to their perception of their parent’s financial behaviors in the following categories: money management, credit management, savings management, …

Saudi Stock Market Reaction To Different Major Events, Ahmed Aljarba

CGU Theses & Dissertations

This study implements event study analyses to investigate participants’ reactions to nine different, important events impacting the Saudi Arabian stock market. It analyzes the dynamics of security prices in the Saudi Arabian stock market during the first five days surrounding the event dates. I tested the significance of abnormal returns and cumulative abnormal returns of all the 20 sectors during the (-5,+5) days event window. I found that the market participants react both positively and negatively to different events examined in the study, which was reflected in both the positive and negative cumulative average abnormal returns. The results could be …

Optimal Execution In Cryptocurrency Markets, Ethan Kurz

CMC Senior Theses

The purpose of this paper is to study the Almgren and Chriss model on the optimal execution of large block orders both on the NYSE and in cryptocurrency exchanges. Their model minimizes execution costs, which include linear temporary and permanent price impacts. We focus on how the stock market microstructure differs from a cryptocurrency exchange microstructure and what that means for how the model functions. Once the model and microstructures are explained, we examine how the Almgren-Chriss model functions with stocks from the NYSE, looking at specifically selling a large number of shares. We then investigate how a large "wholesale" …

K-Means Stock Clustering Analysis Based On Historical Price Movements And Financial Ratios, Shu Bin

CMC Senior Theses

The 2015 article Creating Diversified Portfolios Using Cluster Analysis proposes an algorithm that uses the Sharpe ratio and results from K-means clustering conducted on companies' historical financial ratios to generate stock market portfolios. This project seeks to evaluate the performance of the portfolio-building algorithm during the beginning period of the COVID-19 recession. S&P 500 companies' historical stock price movement and their historical return on assets and asset turnover ratios are used as dissimilarity metrics for K-means clustering. After clustering, stock with the highest Sharpe ratio from each cluster is picked to become a part of the portfolio. The economic and …

Another Look At The Relationship Between Portfolio Returns And Market Multiples, Marlena Akhbari, M. Fall Aininan, James E. Larsen

Finance and Financial Services Faculty Publication

No abstract provided.

Environmental Governance For Whom? Examining The Political, Institutional, Fiscal, And Legal Determinants Of State Environmental Agency Budget Policy In The Us, Andrew R. Duggan

Theses and Dissertations

Budgets are a prospective tool of governance, and appropriations are a planning vehicle reflecting: bureaucracies’ values, complex interactions, collective preferences, political influences, and available resources. Research spanning 30 years finds that environmental pollution is a key determinant of environmental budgets in the US, though myriad factors, actors, and subsystems are important to consider. Due to federalism and devolution of responsibilities and authorities, environmental governance falls largely to the states. While the dynamics that shape state environmental budget policy have received scholarly interest, theoretically-driven examinations of environmental appropriations remain limited within the public budgeting and environmental policy literature.

Using panel data …

King Leopold's Bonds And The Odious Debts Mystery, Joseph Blocher, Mitu Gulati, Kim Oosterlinck

Faculty Scholarship

In 1898, in the wake of the Spanish-American war, Spain ceded the colony of Cuba to the United States. In keeping with the law of state succession, the Spanish demanded that the U.S. also take on Spanish debts that had been backed by Cuban revenues. The Americans refused, arguing that some of those debts had been utilized for purposes adverse to the interests of the Cuban people. This, some argue, was the birth of the doctrine of “odious debts”; a doctrine providing that debts incurred by a non-representative government and utilized for purposes adverse to the population do not need …

Systemic Review Of Personal Finance Articles In Family And Consumer Sciences Journals, Lorna Saboe-Wounded Head

Consumer Sciences Faculty Publications

The purpose of this article is to report the results of a systematic review of personal finance articles published from 2009 to 2019 in seven family and consumer sciences journals. Articles included in the review addressed personal finance topics. The qualitative analysis examined categorizations and themes. Published most often were articles on the topics of financial education, financial literacy, and investing/saving. Research articles were predominately on the topic of financial literacy, programs were most often on the topic of financial education. A limited number of articles reported on research results or program impact for minority groups.

Underpricing In The Fintech Industry Compared To Non-Fintech Ipos, Kelsey A. Goss

Honors Undergraduate Theses

In this thesis, I investigate the amount of underpricing in FinTech companies compared to non-FinTech companies. Both data sets contain thirty companies spanning from 1993 to 2018. Each FinTech company is matched to a non-FinTech company by year and comparatively similar revenue. Prior research explores underpricing on different industries, but it hasn’t yet explored underpricing in the FinTech segment. The variables considered in this paper are offer price, close price, shares offered, number of banks involved, fees per share, and money left on the table. I find some evidence that the average amount of underpricing in both dollars and by …

The Economic Determinants Of American Professional Sports Franchise Valuations, Ryan Flora

Mahurin Honors College Capstone Experience/Thesis Projects

This thesis seeks to analyze the impact of regional identities on American professional sports team valuations. Regional identities are classified as any name of a team that is not tied directly to the city that they reside in. For example, the Carolina Panthers have a regional identity because they are not based out of “Carolina”, they are based out of Charlotte, North Carolina. Another example would be the Arizona Cardinals, whose name encompasses the whole state of Arizona rather than Phoenix, the city they are based out of. The leagues that will be involved in this study are the National …

Libor Manipulation And The Transition To Sofr, Seth Taylor-Brill

CMC Senior Theses

With the London Interbank Offer Rate (LIBOR) likely to disappear at the end of 2021 due to its manipulation during the 2008 financial crisis, the financial industry must decide what to do about legacy contracts tied to LIBOR and must select a new interest rank benchmark regime going forwards. This paper provides insight into those questions by first contributing to the existing literature aimed at measuring the extent of LIBOR manipulation and then by developing a model to explain the LIBOR-SOFR spread. This paper analyzes banks’ LIBOR submissions from 2006 to 2008 to identify bank collusion to strategically increase or …

Education Tax Credits: A Different Trajectory For Federal Funding Of Higher Education And Remediation For Effectual Policymaking, Anna C. Bartel

Journal of Student Financial Aid

Education tax credits provide federal financial aid to a wide expanse of American taxpayers; however, little research or analysis has been done on these costly programs. There has been little evidence of its link to college enrollment growth. This descriptive paper outlines the establishment of education tax credits, their original intent, and the lack of evidence of effectual federal policy over the past two decades. Thus, the purpose of this article is to assess how the federal government has reached an $18.9 billion annual expenditure for education tax credits with little to show in returns on investment. Further, this paper …

Asset Portfolio Maturity Changes During The Financial Crisis: Evidence From U.S. Banks, Thomas W. Secrest

Finance and Economics

This paper determines if the maturity structure of commercial banks' asset portfolios changed as a result of the financial crisis of the late 2000s and whether any changes in the portfolios may be homogeneous across bank size. A proxy for the maturity of rate-sensitive assets is constructed, and it is found that significant changes did begin to occur during the third quarter of 2008. The maturity structure of assets of relatively small banks gradually began to increase before leveling off six years later. The maturity of larger bank asset portfolios had been falling and continued to decrease for three more …

Employee Satisfaction And Stock Performance, Michael Snyder

Undergraduate Honors Thesis Collection

This study aims to explore the previously documented relationship between employee satisfaction and superior stock returns. Previous research suggests that firms with higher employee satisfaction also deliver superior stock returns. Furthermore, previous research has established a logical connection from employee satisfaction to superior stock performance. This study constructed an equally-weighted portfolio of the publicly traded companies on Fortune’s “100 Best Companies to Work For” list. This performance was compared to the performance of the S&P 500 on a total return basis for the calendar years 2015, 2016, 2017, 2018, and 2019. The study also collected fundamental data related to each …

Market Structures In Production Economics, Devin Garcia, Levent Kutlu, Robin C. Sickles

School of Economics and Finance Faculty Publications

Our chapter begins by discussing the structure-conduct-performance (SCP) paradigm, which is an early descriptive literature that provided many of the stylized facts about market behaviors. This is followed by a discussion of the bounds approach, which concentrates on making predictions that can hold across a broad range of industries and is achieved by aiming conclusions based on minimal assumptions. We then briefly talk about commonly used fundamental market structures and illustrate how different combinations of various standard concepts are combined to describe market structures. As dynamic en and markets with product differentiation play important roles in defining market structures, we …

An Introduction To Copulas, Yifan Guo, Geng Zhang

Capstone Showcase

Copulas are the mathematical functions that connect the distribution functions of univariate random variables to form multivariate distributions. We define copulas, present some of their key properties, and provide examples of their applications.

Does Racial Discrimination Exist In The Nba?, Logan Kendall

Williams Honors College, Honors Research Projects

This paper aims to examines the affect of race on compensation for NBA players. Based on prior research, I pose the hypothesis that racial discrimination does exist in the NBA with there being a premium for white players. A second hypothesis I present based on the previous research is that the premium for white players exist for only some groups of players and for other groups there with not exist discrimination based on player race. By using career data from every player who played in the 2019-2020 NBA season and their 2019-2020 salaries, a few different models where ran. The …

Culture Of Countries And Country-Index Crash Risk, Jason Petri

Williams Honors College, Honors Research Projects

Previously crash- risk studies have focused on assessing at the firm level the likelihood of a firm’s equity to crash (a rapid decline in value), apart from the dynamics of its respective country-level market. In this study, however, I examine the determinants of an overall countrylevel equity crash apart from the dynamics of the global market. I will argue that this is a very different focus of analysis that will provide valuable information to both investors and policy makers. Expansion of credit and subsequent equity-market bubbles and crashes are of particular concern to foreign direct investors (FDI), as country-level equity …

Asset Pricing Under Randomized Solvable Diffusions, Hiromichi Kato

Theses and Dissertations (Comprehensive)

By employing a randomization procedure on the geometric Brownian motion (GBM) model, we construct our new pricing models with stochastic volatility exhibiting symmetric smiles in the log-forward moneyness, and admitting simple closed-form analytical expressions for European-style option prices. We assume that there are no infinitesimal correlations between the underlying asset prices and their volatility, and the integrated squared volatility processes are random variables with well-known probability density functions. Under some regularity conditions, closed-form expressions are obtained by taking the expectation of option prices under diffusion models over the integrated squared volatility process, which relate to the Bayesian framework in the …

Working Capital Efficiency And Firm Profitability: Narrative Literature Review, Nufazil Ahangar

Library Philosophy and Practice (e-journal)

The purpose of this paper is to review research on working capital efficiency and firm profitability and suggest agenda for future research. Using narrative literature review method, the present study reviews 339 journal articles. Detailed narrative review reveals that working capital efficiency and firm profitability phenomenon reveals that results are equivocal.

Narrative Literature Review On Target Cash Conversion Cycle, Speed Of Adjustment And Determinants, Nufazil Ahangar

Library Philosophy and Practice (e-journal)

The purpose of this paper is to review research on target cash conversion cycle, speed of adjustment and determinants of CCC and suggest agenda for future research. Using narrative literature review method, the present study reviews 339 journal articles. Detailed narrative review reveals that target cash conversion cycle, speed of adjustment and determinants of CCC phenomenon are not fully explored and need the attention of researchers.

Impact Of Bank Competition On Bank Stability In China, Hanyang Liu

Chulalongkorn University Theses and Dissertations (Chula ETD)

This study investigates the impact of bank competition on bank stability of China over the 2006–2019 period. We use unbalanced panel data from 38 Chinese commercial banks. We employ the natural logarithm of the Z-score to measure bank stability, and the NPL ratio to measure bank credit risk. Meanwhile, the competition was measured through Panzar-Rosse H-statistic. The study uses both the linear and non-linear regression models and investigates effect of the interest rate liberalization in China. The results show that the degree of bank competition in China is on a rise trend. More competition has caused a decrease in stability …

Financial Development And Economic Growth, Chiau-Jiun Jiang

Dissertations and Theses

This paper purposes to discuss the relationship between the financial development and economic growth. In the past, most studies related to the influence of financial development on economic growth used cross-sectional analysis or time series analysis. However, the cross-sectional analysis cannot explain the long-term trend of the time series, and the time series is unable to explain the multiple samples of the cross-section. Based on Arellano and Bond (1991), and Arellano and Bover (1995), this paper utilizes the panel data model to discuss financial development and economic growth. The results point out that bank credit in total GDP and capitalization …

Financial Development In Developing Countries, Obinna Franklin Ezeibekwe

Masters Theses

What are the economic, political, institutional, socio-cultural, and geographical determinants of financial development in developing countries? This paper uses the two-way fixed effects (with clustered standard errors) and annual panel data from 1980 to 2018 for 69 developing countries in sub-Saharan Africa, Middle East and North Africa, East and South Asia, Latin America, and the Caribbean to address this question. The principal component analysis is employed to construct a financial development index based on three financial development indicators. This study builds on previous studies by introducing new potential determinants of financial development, such as the perception of corruption, and by …

The Experience Of The Local Control Accountability Plan, Angela Carter Pascual

University of the Pacific Theses and Dissertations

In 2013 the California Legislation passed a new K-12 School accountability mandate.

The Local Control Accountability Plan was sought to increase the educational equity for targeted student groups in addition to allowing school districts to mine a diverse set of local school data to develop goals in the 8 priority areas that speak to the needs of their local students. A requirement of the LCAP was that school districts include a diverse set of stakeholders to work in a collaborative manner to develop, critique, and refine local goals. Stakeholder groups are required to consist of district-level administrators, teachers, staff, students, …

Stock Prices, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2020, January 05). [Handwritten folder label identifying contents as "Stock prices, 1/7": (1) P/E ratios theory and actual dynamics; (2) Tobin's Q]. Unpublished manuscript note. New School for Social Research.
• Shaikh, A. (ca. 2020). [Computer-generated graph: QNFstaroverQNF, nominal, 1949–2018; data source: GraphQNFstaroverQNF, Q data annual 2020.xlsx; QstarNF/QNF nominal mean = 0.929]. Unpublished research chart. New School for Social Research.
• Shaikh, A. (ca. 2020). [Computer-generated graph: Qstar/Q, nominal and real, 1949–2018; data source: GraphQstaroverQ, Q data annual 2020.xlsx; Qstar/Q nominal mean = 1.108, real mean = 0.700]. Unpublished research chart. New School for Social Research.
• Shaikh, …

A Study Of The Benefits And Barriers Of Thai Smes With Bot Policy Supporting Smes, Laksika Junyakhajorn

Chulalongkorn University Theses and Dissertations (Chula ETD)

This qualitative and descriptive study aims to determine from the perspective of SMEs owner towards the policies in order to see the benefits and obstacles of Thai SMEs with BOT policies on supporting SMEs. The in-depth interviews were conducted with 10 SMEs owners in Thailand and some interview questions generating to deeper discussion. The thematic analysis was used to analyze the interviews. The study showed that some company characteristics data i.e., company age, company size, and business sectors had a significant effect on perspectives towards the policies supporting SMEs. However, the demographic characteristics of owner did not relatively affect the …

Does The Policy Rate Have A Significant Effect On The Npl Level Of Smes During The Past 17 Years (2002-2019) In Thailand?, Anekphong Tupan

Chulalongkorn University Theses and Dissertations (Chula ETD)

During the post “Tom Yum Kung Crisis”, the bank of Thailand used monetary policy interest rate as a financial instrument. To keep economic growth and stability by raising, maintaining, or lowering the policy interest rate, under a flexible inflation targeting framework to achieve inflation. The determination of monetary policy interest rate is influencing the cost of SMEs operating through the credit channel. Consequently, the purpose of this research is to explore the relationship between the determination of monetary policy interest rate and Non-performing Loans (NPLs) in the SME sector. The OLS regression is used to analyze the cause and effect …

Marketing And Strategy Analysis: A Case Study Of Pana Coffee Company, Sulida Intarawichien

Chulalongkorn University Theses and Dissertations (Chula ETD)

Coffee business is extremely growth in last few years. Pana coffee company is a brand-new coffee business company. The company has been established for 4 years. There are lots of organization management that company needed to solid and make the strength on to go further in several years. One of the important managements in organization is marketing management which effect on brand and positioning of brand in market. So, the marketing strategies of company needed the improvement to compete and survive in the global growth business. This study aims to analyze organization resources by using SWOT analysis and 5P’s Marketing …