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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.


Fintech Projects And Initial Coin Offerings: A Research Note, Andrea Moro, Dao Wang 2019 Cranfield University

Fintech Projects And Initial Coin Offerings: A Research Note, Andrea Moro, Dao Wang

The Journal of Entrepreneurial Finance

We explore the determinants of success of Initial Coin Offerings (ICO) defined as whether the ICO was successful in raising the funds. We look at financial and technical information disclosed by the ICO as well as the information disclosed by third parties about the ICO and the level of legal protection granted. We discover that even if both hard information (financial and technical) and soft information (social media and legal protection) matter, nevertheless a more relevant role is played by the technical information. Based on our analysis, we identify areas that need further investigation in the context of ICOs.


Plastic Bags And Bamboo Stools, Grace R. Bithell 2019 Brigham Young University, Provo

Plastic Bags And Bamboo Stools, Grace R. Bithell

Marriott Student Review

This paper conducts a critical analyses of microfinance institutions. It gives an overview of the complexities of credit in developing countries and shows how microfinance fits into the equations. It discussed the successes and failures of microenterprises in trying to alleviate poverty. It also delves into best practices pertaining to lending to the poor and how microfinance is impacted by culture in developing nations.


Research Summary: Does Front-Loading Taxation Increase Savings? Evidence From Roth 401(K) Introductions, Parker Gardner 2019 Brigham Young University

Research Summary: Does Front-Loading Taxation Increase Savings? Evidence From Roth 401(K) Introductions, Parker Gardner

Marriott Student Review

Can taxing retirement savings upfront increase buying power in retirement? BYU Marriott School of Management Dean Brigitte Madrian and fellow researches examine the impact of Roth 401(k)s on retirement savings and find that the introduction of Roth 401(k)s does not impact the dollar amount invested into 401(k)s.


Crowdfunding Challenges For New Charity Organizations, Katherine M. Lowe 2019 Brigham Young University, EMPA

Crowdfunding Challenges For New Charity Organizations, Katherine M. Lowe

Marriott Student Review

A look into the complicated and competitive world of nonprofit fundraising in the modern world. With a special emphasis on the struggles new nonprofits face in differentiating their services and attracting donors through online crowdfunding.


The Impact Of Geographic And Cultural Dispersion On Information Opacity, George D. Cashman, David M. Harrison, Michael J. Seiler, Hainan Sheng 2019 Marquette University

The Impact Of Geographic And Cultural Dispersion On Information Opacity, George D. Cashman, David M. Harrison, Michael J. Seiler, Hainan Sheng

Hainan Sheng

This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm’s investments and its headquarters, on the firm’s information environment. Specifically, using a sample of publicly traded real estate companies across the Asia-Pacific region, we examine how intrafirm geographic and cultural distance impacts a firm’s capital acquisition costs. As a consequence of both the heavily regulated operating environment faced by these firms, as well as the capital intensive nature of this industry, funding costs should be of pronounced importance to firms within this sector. Consistent with this paradigm, we ...


Does Industry-Specific Expertise Improve Board Functioning? Evidence From Forced Bank Ceo Turnovers, Zhongdong Chen 2019 University of Tennessee

Does Industry-Specific Expertise Improve Board Functioning? Evidence From Forced Bank Ceo Turnovers, Zhongdong Chen

Zhongdong "Ronnie" Chen

This study investigates whether independent directors’ expertise in the industry in which the firm operates improves board functioning. To assess the quality of board functioning, I examine firm performance following a CEO turnover. Using a sample of 173 bank CEO turnovers from 1995 to 2010, I find that the market responds more favorably to forced CEO turnover decisions when they are made by a board with more independent financial industry experts. I document that following a forced bank CEO turnover, improvements in bank performance are positively related to independent financial industry expertise on the board, while bank-risk taking is negatively ...


Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher 2019 St. Mary's University School of Law

Regulating Retirement: Understanding The Impact Of New Best Interest And Fiduciary Standards On Retail Investors, Michael Lichtmacher

St. Mary's Law Journal

Abstract forthcoming


The Relationship Between Investment And Internal Cash Flows In Vc-Backed Smes: Does Firm Size Matter?, Zélia Silva Serrasqueiro, Filipe Sardo, Elisabete Félix 2019 Management and Economics Department, University of Beira Interior

The Relationship Between Investment And Internal Cash Flows In Vc-Backed Smes: Does Firm Size Matter?, Zélia Silva Serrasqueiro, Filipe Sardo, Elisabete Félix

The Journal of Entrepreneurial Finance

Using panel data models and two research sub-samples composed of smaller and larger VC-backed, this study seeks to analyze the relationship between investment and internal cash flows. The results indicate that the investment sensitivity to internal cash flows is greater in larger than in the smaller VC-backed SMEs.

Debt is more important for smaller than for larger VC-backed SME investment. The moderation effect of VC ownership reduces the magnitudes of the positive impact of cash flows and debt as well as the negative effect of growth opportunities on investment in both smaller and larger VC-backed SMEs.


Economic Provenance: The Financial Analysis Of Art Historical Records, Amy C. Whitaker 2019 New York University

Economic Provenance: The Financial Analysis Of Art Historical Records, Amy C. Whitaker

Journal of Contemporary Archival Studies

The Leo Castelli Gallery launched pivotal mid-twentieth-century artistic careers, including those of Jasper Johns and Robert Rauschenberg. Although well-studied for its artistic impact, the Castelli archives—as well as those of other gallery artists such as Frank Stella and early collectors such as Burton and Emily Hall Tremaine—include a curious trove of artists’ financial records and related correspondence. This paper argues that these records form an “economic provenance” that is important both to both art market analysis and art history. This economic context is sometimes overlooked because of the contested relationship between art and markets. In this context, the ...


Your Community Gets A B- : Analysis Of The Specific And Curious Realm Of Airport Bond Ratings, Richard R. Hawkins, Stephen A. LeMay, Peter M. Ralston 2019 University of West Florida

Your Community Gets A B- : Analysis Of The Specific And Curious Realm Of Airport Bond Ratings, Richard R. Hawkins, Stephen A. Lemay, Peter M. Ralston

Peter Ralston

Commercial airports are publicly-owned transportation infrastructure, usually funded with bonds. The bond rating decision for these entities thus has important ramifications for bond investors, issuers, airport managers, and even the communities the airports serve, but the rating decision process is not well understood. This paper discusses a simulation of the rating process in two decision environments, including a downgrade. The effect of information framing in an environment of incomplete data is examined using amateur evaluators. Amateur evaluators were utilized to understand how people with limited financial analysis skills would respond when presented with incomplete information and a primed scenario. The ...


Thinking Finance - The Comic Book, Dimitrios V. Siskos 2019 Embry-Riddle Aeronautical University

Thinking Finance - The Comic Book, Dimitrios V. Siskos

Dimitrios V. Siskos

Thinking financially results in the best possible outcome and establishes a secure foundation for the future as an independent man. In contrast, thinking emotionally leads to short-sighted financial decisions and usually, deep regrets. However, thinking financially is not pleasant for the people around us. This comic book presents a guy, whose dream is to become an accountant. When he finally succeeds in this, he realizes that thinking financially may be effective for his boss but it is irritating for everyone else, even for his family.


Project Financial Distress: Early Signs And Ways To Overcome, Dimitrios V. Siskos 2019 Embry-Riddle Aeronautical University

Project Financial Distress: Early Signs And Ways To Overcome, Dimitrios V. Siskos

Dimitrios V. Siskos

Financial distress is a hot topic these days in finance and the project’s health is very important for investors as well as management. Investors posit money in those projects which are financially healthy as the risk of default is minimized for them, while management must be able to identify causes of distress which can be controlled by taking different measures (Khurshid, 2013). However, the fact that many projects encounter financial distress requires further investigation. This paper deals with the elements of project financial distress as its major signs and sources as well as it suggests ways to eliminate the ...


What Is The Role Of Basel Iii In Creating Sufficient Risk Management In Banking Sector?, Dimitrios V. Siskos 2019 Embry-Riddle Aeronautical University

What Is The Role Of Basel Iii In Creating Sufficient Risk Management In Banking Sector?, Dimitrios V. Siskos

Dimitrios V. Siskos

This paper attempts to investigate the reasons that lead bankers into establishing Basel III agreement and, second, to examine whether it would be able to bring about prudent risk behavior among banks. Basel III was the third set of regulations, following Basel I and Basel II, and was developed in response to the financial crisis. The measures developed by the Basel Committee on Banking Supervision aimed to reinforce banks liquidity, to protect the banking sector from systemic risks, as well as to solidify the regulation. Although most of the fundamental problems, that were responsible for the global financial crisis, had ...


Nonprofit Reputation And Bitcoin Use, Crystal A. Evans, Abigail B. Schneider 2019 Assistant Professor, Anderson College of Business, Regis University

Nonprofit Reputation And Bitcoin Use, Crystal A. Evans, Abigail B. Schneider

Journal of Ideology

In recent years, cryptocurrencies, digital assets used as mediums of exchange that use cryptography to secure the creation and exchange of the currency, have gained in popularity. One cryptocurrency in particular, Bitcoin, has received a considerable amount of attention in the media. As the general public’s awareness of Bitcoin increases, one must consider the impact that aligning a nonprofit with such a currency could have. The present research uses three studies to examine the impact that advertising the nonprofits’ alignment with Bitcoin has on perceived effectiveness as well as potential donors’ attitudes toward investing nonprofits’ assets in the currency ...


Volatility Timing Under Low-Volatility Strategy, Poh Ling NEO, Chyng Wen TEE 2019 Singapore Management University

Volatility Timing Under Low-Volatility Strategy, Poh Ling Neo, Chyng Wen Tee

Research Collection Lee Kong Chian School Of Business

The authors devise a volatility timing strategy based on statistical tests on the slope of the volatility decile portfolio return profile. Superior performance is obtained, with a 30% increase in Sharpe ratio and an order of magnitude improvement on cumulated wealth. The profitability of the volatility timing strategy can be attributed to holding a diversified portfolio during bear markets, while holding a concentrated growth portfolio during bull markets.


Essays On New Keynesian Term Premium Model With Financial Risks, Weiguo Fu 2019 The Graduate Center, City University of New York

Essays On New Keynesian Term Premium Model With Financial Risks, Weiguo Fu

All Dissertations, Theses, and Capstone Projects

This dissertation studies the modeling of U.S. Treasury (UST) yield curve term premia under the New Keynesian (NK) framework. Loosely speaking, term premium is the difference between a government bond’s yield for a specific tenor and the average of the expected short rates up to that tenor. The dissertation is divided into three chapters. The first chapter proposes a New Keynesianism-based macro-finance model estimated by a one-step full information maximum likelihood (FIML) method. The second chapter shows that the one-step FIML method may produce estimation biases, which result in biased expected short rates and term premia. The chapter ...


Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic ...


Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is ...


Jpmorgan Chase London Whale F: Required Securities Disclosures, Arwin G. Zeissler, Giulio Girardi, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale F: Required Securities Disclosures, Arwin G. Zeissler, Giulio Girardi, Andrew Metrick

Journal of Financial Crises

On April 13, 2012, JPMorgan Chase (JPM) Chief Financial Officer Douglas Braunstein took part in a conference call to discuss the bank’s first quarter 2012 earnings. Coming just a week after media reports first questioned the risks taken by JPM derivatives trader Bruno Iksil, Braunstein made a series of assertions about the trades. On May 10, JPM finalized its first quarter financial results, which included some disclosures regarding Iksil’s trading that were substantially different from Braunstein’s statements of April 13. At issue is whether the regulatory filings on April 13 and May 10, as well as verbal ...


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