Finance Commons^™

Determining Fair Market Value For Duke’S Sporting Goods Store, Michael Goldman, Daniel A. Rascher

Sport Management

Shelley Valdez is a recent finance team hire at Duke’s Sporting Goods Store. She has 1 week to identify, gather, and analyze relevant information to calculate the financial value of the business, using the income and market approaches. She has also been asked to consider Duke’s liquidation value, and comment on the strategic options these calculations point to, before a board meeting of the owners next week.

How Financial Resources Affect Older Adults' Social Life, Hyunsook Kang, Lisa Mize, Jennifer Newquist

School of Human Sciences Research Showcase

No abstract provided.

The Yuan Goes Global, Singapore Management University

Research@SMU: Connecting the Dots

Professor Chow Hwee Kwan studies how Asian countries manage their currencies, and the impact of these policies on their economies.

See the paper: Is the Renminbi East Asia’s dominant reference currency? A reconsideration

The Viability Of Profit-Loss Sharing Models To Finance Small And Medium Enterprises: The Case Of Saudi Arabia, Alhanoof Alghamdi

Electronic Theses and Dissertations

This study aims to explore the role of profit-loss sharing (PLS) models to alleviate access to finance for small and medium enterprises in Saudi Arabia, in the light of the stringent requirements of traditional financial institutions, to ensure the growth and development of the SME sector. A central question of this study is the extent to which Islamic banks can adopt profit-loss sharing modes to finance SMEs. The main results present the barriers preventing Islamic banks from the application of profit-loss sharing that increase incidence of agency problems for such institutions. High asymmetry of information and the nature of Islamic …

دراسة الاسس الفلسفية والنظرية للاقتصاد والاستهلاك في ظل الفكر اليوناني, صادق علي الطعان

Muthanna Journal of Administrative and Economics Sciences

الغرض من البحث توضيح المسار الاقتصادي للحضارة اليونانية ولاسيما في القرنين الرابع والخامس قبل الميلاد لكونها أسهمت في نضوج الدولة المدنية المعاصرة بما طرحه اعظم الفلاسفة في ذلك الوقت، وتمكنهم من صياغة مفهوم لعلم الاقتصاد وانحسرت تسميته بعلم الاقتصاد المنزلي المتعلق في كيف يمكن للأسرة تدبير أمورها وتلبية حاجاتها المتعددة ، وكانت ابرز الاطروحات تتعلق في الكيفية التي تدرج بها المجتمع القبلي الى المجتمع المدني بأسس اقتصادية جديدة من جانب، ومن جانب اخر ثبتت تلك الفلسفة دعائم كثير من المفاهيم النظرية والعملية في عالم اليوم تمثلت في توضيح معنى الملكية في ضوء تغيرات اسس الداخل والخارج ونمت معها الحاجة الماسة …

How Has The Valuation Of Technology Ipos Changed Since The Dot-Com Bubble?, Andrew Rush

Honors Undergraduate Theses

In my paper, I extended Aggarwal, Bhagat and Rangan’s “The Impact of Fundamentals on IPO Valuation”. I examine IPO valuations over three time periods: 2002-2006, 2007-2011 and 2012-2016. In these time periods, I analyze the first day returns these firms experience along with testing the significance of four variables on their valuations: Total Assets, Previous Year’s Sales, Previous Year’s R&D Expense, and Sales-to-Assets Multiple. The results point to a shift in valuation tactics from valuing in line with investors’ expectations in the early years to undervaluing them in more recent years. Also, Sales and R&D have statistical significance for firm’s …

Does Lowering The Interest Rate Stimulate Economic Growth? An Analysis Of Current Macroeconomic Policy, Tomas Araujo

Honors Undergraduate Theses

The effectiveness of monetary policy moving forward from the subprime mortgage crisis has come into question by academics and economists from around the world. The unconventional monetary policy tools implemented have left central banks in a tough spot in terms of an exit from these policies in an environment where economic growth and inflation targets still have not been reached ten years after the onset of the recession. One of the main criticisms by economists is the prolonged easy monetary policy implemented by central banks, which have left interest rates at near zero levels since the recession and are just …

The Impact Of Public Educational Investments And Education Spillovers On The Economic Growth Of States: Are State Educational Investments Affecting Earnings And Employment?, Carla J. Nietfeld

Theses and Dissertations--Economics

The first chapter provides an introduction to my investigation of the impact of state-level educational investments in public K-12 education on future labor markets, specifically earnings and employment. In Chapter 2, the current literature supporting this investigation is examined while I offer a hole in the literature that I intend to fill. Then, in Chapter 3 I present a two-period, balanced-budget theoretical model in which I relate educational investments, mobility, and future earnings. This theoretical model is then implemented in Chapter 4 using state-level data and again in Chapter 5 using individual-level data.

Chapter 4 examines the impact of state-level …

دور الروابط التنظيمية والمجتمعية في تعزيز قراري المشاركة والأداء دراسة تحليلية لآراء عينة من العاملين في مديرية توزيع كهرباء الديوانية, عامر علي حسين العطوي

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الحالي إلى اختبار دور الروابط التنظيمية والمجتمعية في تعزيز قراري المشاركة والأداء في عينة من العاملين في مديرية توزيع كهرباء الديوانية بلغ عددها (100) فرد. وتفترض الدراسة ان الروابط التنظيمية والمجتمعية تزيد من مستوى الأداء الوظيفي ومستوى سلوك المواطنة التنظيمية، كما تفترض الدراسة ان ارتفاع الروابط التنظيمية والمجتمعية يقلل من نوايا العاملين في ترك العمل. وقد استخدم الاستبيان كأداة قياس رئيسة لجمع بيانات البحث والتي تم تصميمها بالاعتماد على مقاييس جاهزة في الدراسات السابقة. وقد استخدم البحث عدد من الوسائل الإحصائية المناسبة مثل المتوسط الحسابي والانحراف المعياري ومعامل الارتباط البسيط. وقد أظهرت نتائج الدراسة صحة اغلب الفرضيات وفي …

Performance Of The Producer Accumulator In Corn And Soybean Commodity Markets, Chad Te Slaa

Electronic Theses and Dissertations

This research quantifies risk reduction and performance of the producer accumulator contract in corn and soybean markets. To quantify performance, we use three alternative theoretical pricing models to estimate historical producer accumulator contract specifications in corn and soybean markets. We then compare the performance of the producer accumulator to eight alternative agricultural marketing strategy portfolios that are also used in new generation grain contracts. The performance measures we compare are: average bushel price that would be received by the producer, daily portfolio risk, and the Sharpe ratio. The period we examine performance was between 2008 and 2017. We investigate performance …

The S&P 500© Is Not A Leading Indicator For Us Gdp Over Policy-Relevant Time Frames, William D. Campbell Sr.

Masters Theses

Simply, we find S&P 500© returns are no longer a statistically meaningful leading indicator for growth in "real" per capita GDP. Technically, we find the SP500 fails to Granger cause real per capita GDP over policy relevant time frames while confirming nominal (non-inflation adjusted) SP500 quarterly returns continue to Granger cause one-period ahead quarterly growth in inflation adjusted (real) US Per-Capita GDP over very long (and perhaps less meaningful from fiscal and monetary perspectives) time frames. In addition, we identify a likely transition period when the SP500 switched from a leading indicator to a lagging indicator. Therefore, in keeping with …

Three Essays On Private Market Interactions, Jonathan Daigle

Electronic Theses and Dissertations

The first study addresses why insurers, whom traditionally invest in relatively safe assets, choose to invest in private equity (PE). Using insurer financial disclosures, we test theories relating how risk shifting, managerial discretion, underinvestment, asset liability matching, regulation, home bias, and reaching for yield affect PE investment. Results indicate risk¬ shifting and managerial discretion by stock insurers does not factor into the PE investment decision. In addition, results confirm home bias positively influences PE investment while underinvestment, asset liability matching, and regulation deter PE investment. Finally, insurers have not increased their PE allocation due to low-yield interest rate environments. The …

Epic: A Real Property Investment And Management Company, James E. Larsen

Finance and Financial Services Faculty Publication

No abstract provided.

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.

Australian Real Estate Stock Reactions To Firb Regulation Changes, Henry Wei

CMC Senior Theses

This study analyzes the share price reactions to real estate development and building/construction materials corporations in relation to FIRB rule changes. It appears companies as a whole were indifferent to the rule changes; however individual securities returns were wildly different. These findings suggest that the FIRB rule changes had a mixed effect on different corporations possibly based on their exposure to the Australian real estate market.

Order Execution Quality In Equity Options Markets, Todd Gardner Griffith

Electronic Theses and Dissertations

In Part 1, we examine the effects of an order cancellation fee on limit order behavior and execution quality on the NASDAQ OMX PHLX. We find that the cancellation fee is effective in reducing the rate at which limit orders are submitted and subsequently deleted. Order volume declines, however, the remaining displayed orders appear to constitute more genuine liquidity, as the duration of canceled orders lengthens. The reduction in order cancellation activity is associated with lower effective spreads and higher order fill rates. We also find that differences in trading venues and option characteristics are important determinants of order cancellations …

Does Fundamental Analysis Lead To A Rudimentary Momentum Strategy For The Inexperienced Investor? Evidence From A Student Investment Fund, Nicholas J. Lillie

CMC Senior Theses

Using the Student Investment Fund at Claremont McKenna College as a proxy for inexperienced investors, I demonstrate that inexperienced investors using fundamental analysis produce momentum-like buying patterns. The results show that the Student Investment Fund is on average buying stocks that outperform Carhart’s four-factor asset pricing model in the year before purchase. As a result, the Student Investment Fund has, on average, underperformed the S&P500 by .48% per year since 1996. My thesis explores why the Student Investment Fund may have adopted momentum-like purchasing patterns and what steps can be taken to remedy it.

Are Donald Trump And Hillary Clinton Controlling The Stock Market? An Analysis Of The 2016 Presidential Election's Impact On Stock Market Volatility, Julia Tambone

Scripps Senior Theses

Hillary Clinton and Donald Trump ran highly controversial campaigns in the 2016 Presidential Election, which then leaves us with the question of what impact is this having on the current economy? Prior analysis of political influence on the stock market tells us that isolating political impact on the stock market is nearly impossible. However, there are clearly defined 4-year cycles in stock prices that seem to correspond with election years. In this paper, I create my own index of stocks in the four major U.S. industries and measure both day-to-day and intraday volatility in stock prices across three comparable time …

اطار مقترح لتطبيق الموازنة الصفرية لتطوير الاداء المالي (دراسة تحليلية لآراء عينة من دوائر محافظة المثنى ), حيدر عباس عبد

Muthanna Journal of Administrative and Economics Sciences

سعت هذه الدراسة الى بيان مدى الاستفادة من تطبيق نظام الموازنة الصفرية كأحد أدوات الرقابة على الاداء المالي للوحدات الحكومية الخدمية التي تطبق النظام المحاسبي الحكومي في معالجة الازمات المالية التي يمر بها البلد حالياً وذلك من خلال التطبيق على عينة من دوائر محافظة المثنى (جامعة المثنى ,دائرة الصحة , ومديرية التربية). وقد هدفت الدراسة تحديد مدى توفر متطلبات تطبيق الموازنة الصفرية في الوحدات الحكومية وبيان أثر تطبيق الموازنة الصفرية في تحسين الاداء المالي في الوحدات الحكومية عينة البحث تجاه تطبيق الموازنة الصفرية واهميتها ومحاولة وضع اطار مقترح لتطبيق الموازنة الصفرية ، ولتحقيق أهداف الدراسة لقد صمم الباحث استمارة استبانة …

The Real Estate And Stock Market During The Great Depression: Construction Permit Growth As A Leading Economic Indicator For Stock Returns, Will Cresap

CMC Senior Theses

The 1929 stock market crash on Black Thursday, followed by the subsequent four-year period of extreme economic downturn, signifies an extremely profound piece of U.S. history. During this time, global economic productivity – measured by GDP – decreased while the U.S. unemployment rate increased staggeringly. Leveraging construction permits as a forward-looking measure of economic activity, I empirically evaluate the effect of construction permits – specifically, the lagged growth rate of monthly construction permits – and lagged monthly stock returns on monthly Standard & Poor's 500 (S&P 500) stock returns. Lagged construction permit returns and lagged stock returns provide early indications …