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Technological Innovation And The Gics: A Discussion Of Classification Needs In A Disrupted World, Madison Leann Moats 2019 University of Tennessee, Knoxville

Technological Innovation And The Gics: A Discussion Of Classification Needs In A Disrupted World, Madison Leann Moats

Chancellor’s Honors Program Projects

No abstract provided.


Analyst Career Concerns, Effort Allocation, And Firms Information Environment, Jarrad HARFORD, Feng JIANG, Rong WANG, Fei XIE 2019 University of Washington

Analyst Career Concerns, Effort Allocation, And Firms Information Environment, Jarrad Harford, Feng Jiang, Rong Wang, Fei Xie

Research Collection Lee Kong Chian School Of Business

Analysts strategically allocate more effort to portfolio firms that are relatively more important to their careers. Thus, the other firms the analysts cover indirectly affect a firm’s information environment. Controlling for analyst and firm characteristics, we find that an analyst makes more accurate, frequent, and informative earnings forecasts and recommendations for firms ranked higher within her portfolio based on proxies for importance to institutions. A firm’s relative rank widely varies across analysts, but its information environment improves when a larger proportion of analysts consider it to be relatively important. Analysts experience more favorable career outcomes when strategically allocating ...


2018 Atrs Global Airport Performance Benchmarking Award Winners, Tae Oum, Chunyan Yu 2019 University of British Columbia

2018 Atrs Global Airport Performance Benchmarking Award Winners, Tae Oum, Chunyan Yu

Chunyan Yu

The ATRS Global Airport Benchmarking Project measures and compares the performance of several important aspects of airport operations: Productivity and efficiency, unit costs and cost competitiveness, financial results and airport charges. The report also examines the relationships between various performance measures and airport characteristics as well as management strategies in order to provide a better understanding of observed differences in airport performance. The 2018 report includes 204 airports and 24 airport groups of various sizes and ownership forms in Asia Pacific, Europe and North America. This presentation highlights the top efficiency award winners.


Exchange-Traded Funds: The Unknown Investment Opportunity, Thomas K. Leisher 2019 Wittenberg University

Exchange-Traded Funds: The Unknown Investment Opportunity, Thomas K. Leisher

Undergraduate Economic Review

Actively managed mutual funds are some of the most invested in investment vehicles in the modern era. However, it is a great misunderstanding of their performance relative to their passively managed exchange-traded funds. Actively managed mutual funds fail to outperform their respective benchmarks due to a variety of reasons including market efficiency, timing, and tax consequences. These findings hold true in both the long-term and short-term for equities and fixed income funds. A self-conducted survey was also conducted in order to find the knowledge and opinions of college students on ETFs and mutual funds.


Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill 2019 Liberty University

Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill

John Obradovich

The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional ...


The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill 2019 Liberty University

The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill

John Obradovich

This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms ...


Financial Institutions And The Taxi-Cab Industry: An Exploratory Study In Canada, John D. Obradovich, Amarjit Gill, Nahum Biger, Leo-Paul Dana, Ansari Mohamed 2019 Liberty University

Financial Institutions And The Taxi-Cab Industry: An Exploratory Study In Canada, John D. Obradovich, Amarjit Gill, Nahum Biger, Leo-Paul Dana, Ansari Mohamed

John Obradovich

A current challenge taxicab owner/operators face in Canada is the lack of financing for taxicabs. This article examines business opportunities and lending risk; it also provides risk management strategies for financial institutions to manage the risk of lending to the taxi-cab industry. Members of the boards of directors and shareholders from the Canadian taxicab industry, and lenders from financial institutions that do not provide financing to taxicab owner/operators, were interviewed. Board members and shareholders were asked about their perceptions regarding business opportunity, risk, and their willingness to provide collateral for taxicab loans. Lenders of financial institutions were asked ...


Promoter Ownership And Working Capital Management Efficiency Of Indian Manufacturing Firms, John D. Obradovich 2019 Liberty University

Promoter Ownership And Working Capital Management Efficiency Of Indian Manufacturing Firms, John D. Obradovich

John Obradovich

Poor cash flow leads to insolvency of the firm. One of the most important factors that lead to poor cash flow is the inefficiency of working capital management. This study investigates relationships between promoter ownership and working capital management efficiency of Indian manufacturing firms. A sample of 151 manufacturing firms was selected from Top 500 Companies listed on the Bombay Stock Exchange (BSE) for a period of five years (from 2010-2014). Results indicate that changes in promoter ownership play a role in changing working capital management efficiency of Indian manufacturing firms by reducing their cash conversion cycle and by improving ...


Time Series Analysis: Forecasting Treasury Bill Interest Rates, Nadine P. Innes 2019 Murray State University

Time Series Analysis: Forecasting Treasury Bill Interest Rates, Nadine P. Innes

Honors College Theses

A Treasury Bill is a short-term investment typically with a maturity date of 12 months or less that is backed by the Treasury Department of the United States government. Rates of return for Treasury Bills are constantly changing over time due to the constant change of demand from borrowers and supply from lenders. This study seeks to forecast treasury bill rates that mature in 3 months. Since actuaries employ their knowledge of mathematics and statistical methods to analyze the likelihood of future events and their possible financial repercussions, having a projection of future treasury bill rates can provide guidance to ...


Is Bitcoin Reminiscent Of Past Bubbles?, Jessica L. Leath 2019 University of Tennessee at Chattanooga

Is Bitcoin Reminiscent Of Past Bubbles?, Jessica L. Leath

Honors Theses

Bitcoin, an open-source decentralized peer-to-peer payment system, has made an unprecedented rise to notoriety in the last decade. In 2018, Bitcoin reported its worst year in history with depreciation of more than 70% from its year opening price. Consequently, the narrative of a bubble that surrounded Bitcoin was amplified by this news. The purpose of this paper is to analyze the presence of a bubble within Bitcoin by comparing its price volatility and the psychological factors that influence its price formation to that of two historic bubbles, the Dotcom Bubble and the Tulip Mania.


Revitalizing The Street Of Dreams: A North 24th Street Case Study, Tiffany Hunter 2019 University of Nebraska at Omaha

Revitalizing The Street Of Dreams: A North 24th Street Case Study, Tiffany Hunter

Theses/Capstones/Creative Projects

The purpose of this study is to analyze the North 24th Street corridor in Omaha, Nebraska, to highlight the benefits of investing in commercial real estate development, propose tools for financing new development or redevelopment projects, and to suggest methods of building a coherent development plan to avoid gentrification. Commercial development provides the following: quality business space, accessible jobs for an underemployed populace, additional tax revenue, and a reduction in community detriments such as crime, empty lots, and low property values. The North 24th Street corridor has economic potential, as it is less than one mile from downtown ...


Predictive Distributions Via Filtered Historical Simulation For Financial Risk Management, Tyson Clark 2019 Utah State University

Predictive Distributions Via Filtered Historical Simulation For Financial Risk Management, Tyson Clark

All Graduate Plan B and other Reports

Filtered historical simulation with an underlying GARCH process can be used as a valuable tool in VaR analysis, as it derives risk estimates that are sensitive to the distributional properties of the historical data of the produced predictive density. I examine the applications to risk analysis that filtered historical simulation can provide, as well as an interpretation of the predictive density as a poor man’s Bayesian posterior distribution. The predictive density allows us to make associated probabilistic statements regarding the results for VaR analysis, giving greater measurement of risk and the ability to maintain the optimal level of risk ...


The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen 2019 Utah State University

The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen

All Graduate Plan B and other Reports

This paper examines the effect that the terrorist attacks on September 11th, 2001 had on the stock prices of companies within the military defense industry. In addition, this paper studies the effect of the defense firms’ political engagement (through lobbying activities) and how this affected the stock price response to the terrorist attacks. Our study finds that the cumulative abnormal returns of these companies are positively significant and that companies who lobbied experienced higher returns relative to those who did not lobby.


The Stock Return Changes Of Chinese Adr Before And After Trump's Election And Imposed Tariff On Chinese Goods, Suyao Liu 2019 Utah State University

The Stock Return Changes Of Chinese Adr Before And After Trump's Election And Imposed Tariff On Chinese Goods, Suyao Liu

All Graduate Plan B and other Reports

This study examines the stock return changes of Chinese ADR company likely be affected by Trump’s election on November 9, 2016, the signing of tariff Chinese goods bill on March 8, 2018, and the tariff bill takes into act on March 23, 2018. The results show that, relative to the entire market, the stock prices of Chinese ADR companies underperform. Our analysis provides evidence that it’s hard to find that these three events would affect a particular industry of Chinese ADR the most.


The Impact Of Decreasing Defined Benefit Plans On Employee Turnover, Melissa Claire Gregory 2019 University of Tennessee, Knoxville

The Impact Of Decreasing Defined Benefit Plans On Employee Turnover, Melissa Claire Gregory

Chancellor’s Honors Program Projects

No abstract provided.


Small Data, Small Steps: Lessons From Assessing The Investment Studio, Jiaxin LOW 2019 Singapore Management University

Small Data, Small Steps: Lessons From Assessing The Investment Studio, Jiaxin Low

Research Collection Library

Singapore Management University’s (SMU) Li Ka Shing Library was renovated in 2014. During the renovation, the Investment Studio was created within the library to house high-end financial databases such as Bloomberg and Thomson Reuters (now Refinitiv). Usage of the space was assessed using quantitative and qualitative data, comparing the first academic terms across two academic years, 2017 and 2018. The data provided evidence to support anecdotal evidence and library staff’s knowledge and observation. The assessment resulted recommendations for further action. It also provided opportunity to engage with users and stakeholders of this unique space.


Essays On Bank Acquisitions And Systemic Risk, Farindokht Vaghefi 2019 The Graduate Center, City University of New York

Essays On Bank Acquisitions And Systemic Risk, Farindokht Vaghefi

All Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters on bank acquisitions and systemic risk.

Chapter 1: This chapter explores whether bank acquisitions are associated with systemic risk-shifting. Acquisitions can form larger and more diversified firms and, as such, increase the correlation of the acquirer's investment with other banks and subsequently the probability of their joint failure. This can be beneficial for the acquirer due to (implicit) government ``too-many-to-fail'' guarantees. I find that bank acquisitions on average lead to an increase in acquires' systemic risk, which is in turn associated with an increase in firm value for non-distressed acquisitions. Interestingly, congruent with ...


Impact Of The Global Financial Crisis On Developing And Advanced Countries' Reserve Holdings, Nora Derian 2019 University at Albany, State University of New York

Impact Of The Global Financial Crisis On Developing And Advanced Countries' Reserve Holdings, Nora Derian

Financial Analyst

Analyzing reserve holdings as a percentage of GDP, and more importantly changes in the holdings, can indicate a lot about the financial health of an economy. In this paper, we observe the cross-cultural differences between emerging and advanced economies as a result of the global financial crisis of 2008. It is apparent that countries hold reserves for various reasons, primarily for insurance and to attract future investment, and that they are more crucial to emerging economies than developed.


The Relationship Between Manager Tenure And Corporate Bond Mutual Fund Performance, Matthew Mottes 2019 University at Albany, State University of New York

The Relationship Between Manager Tenure And Corporate Bond Mutual Fund Performance, Matthew Mottes

Financial Analyst

This paper analyzes the relationship between manager tenure and performance in corporate bond mutual funds, using a sample from Morningstar of 665 funds from 2002-2017. Based on a univariate portfolio analysis and panel regressions, the results show a significant positive relationship between average manager tenure and corporate bond performance generally, regardless of whether performance is measured by raw monthly returns or Fama and French’s (1993) five-factor alpha. However, in the crisis periods, this paper documents a significant negative relationship between average manager tenure and fund performance.


Predictability Of Mid-To-Long Term Price Direction Following Price Shocks Unassociated With Regularly Scheduled Earnings Calls In Domestic Equity Markets, Noah Braden 2019 Bellarmine University

Predictability Of Mid-To-Long Term Price Direction Following Price Shocks Unassociated With Regularly Scheduled Earnings Calls In Domestic Equity Markets, Noah Braden

Undergraduate Theses

This thesis examines the question of whether a company’s stock classification as either growth or value, as indicated by its trailing twelve-month price-to-equity (TTM P/E) ratio or price-to-tangible-book value (TTM PTBV) ratio, has an impact on the price retracement toward, or continued divergence from the previous fair market value of the stock subsequent to a market-moving event uncorrelated with a 10-K or 10-Q filing by the company of interest. The categorization of growth versus value is non-binary and dependent on each firm’s TTM P/E ratio and TTM PTBV ratio (in a secondary model), with a higher ...


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