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Articles 1 - 30 of 52

Full-Text Articles in Behavioral Economics

What Drives Merger Waves? A Study Of The Seven Historical Merger Waves In The U.S., Katherine Ching Jan 2019

What Drives Merger Waves? A Study Of The Seven Historical Merger Waves In The U.S., Katherine Ching

Scripps Senior Theses

Historically, merger and acquisition (or M&A) activity has occurred in cyclical patterns, forming what are known as “merger waves.” To date, there have been a total of seven waves. Though it is widely acknowledged that merger waves exist, there is no consensus on what drives these waves. Through both qualitative and quantitative analysis, this paper aims to determine the causes of merger waves and looks at those causes through two different lenses: the neoclassical view, which states that economic shocks cause merger waves, and the behavioral view, which states that increases in merger activity are due to managerial behavior ...


Is Silence The Answer?, Gator Adams Jan 2017

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.


Informational Efficiency And The Reaction To Terrorism: A Financial Perspective, Nicholas Roland Jan 2016

Informational Efficiency And The Reaction To Terrorism: A Financial Perspective, Nicholas Roland

Honors Undergraduate Theses

The purpose of this study is to measure the message terror organizations hope to convey using the financial markets as a proxy of measurement to determine patterns within the marketplace and the effects on the terrorists’ ability to deliver a desired message due to the increased use of digital devices and access to instantaneous news, seen over the past decade. Using death count, geographic location, and event type, this study identified 109 attacks between 1985 and 2015 to be analyzed against 5 market indices and 5 securities. Measuring the effects within a 10-day sample window from the time of the ...


Behavioral Finance: Its History And Its Future, Robert Christopher Hammond Nov 2015

Behavioral Finance: Its History And Its Future, Robert Christopher Hammond

Selected Honors Theses

The field of behavioral finance has attempted to explain a litany of biases, heuristics, and

inefficiencies present in financial markets since its creation in the 1980’s. This paper is structured as a comprehensive literature review of behavioral finance, and includes both the seminal works as well as more recent papers. The various subtopics of behavioral finance will also be analyzed, which include loss aversion, corporate finance, and momentum/contrarian investing. Finally, this paper will draw unique conclusions across behavioral finance and hypothesize about what topics within behavioral finance are likely to yield the most interesting research in the near ...


Theory And Experiments Exploring Behavioral, Financial, And Public Economics, Matthew John Mcmahon May 2015

Theory And Experiments Exploring Behavioral, Financial, And Public Economics, Matthew John Mcmahon

Doctoral Dissertations

I study three questions which relate to one another only in that each explores facets of economics. First, I theoretically examine the conditions under which introducing an impure public good decreases total public provision. I introduce a central planner who can tax the private good to correct this and identify the market characteristics that typify this scenario. Second, I test the two standard competing dividend puzzle hypotheses using a laboratory experiment. Evidence from the lab, including variables unobservable in the field, reinforces empirical work supporting the outcome model over the substitute. Last, I obscure from dictators information regarding recipients' income ...


The Discreet Trader, Seth Wing Apr 2015

The Discreet Trader, Seth Wing

Honors Projects in Finance

This paper examines insider trading, specifically trades by corporate insiders around quarterly earnings announcements. Announcements were broken up into three categories: earnings above analyst expectations, earnings below expectations, and earnings in line with expectations. Trade data was collected from the thirty companies of the Dow Jones Industrial Average from 2012-’13. The trades were sorted by purchases and sales by date and analyzed with the earnings report of which the trades were made. Only trades in the interval from twenty days before the announcement date to twenty days after the announcement date were considered. The prediction was that corporate insiders ...


Stewardship In The Interests Of Systemic Stakeholders: Re-Conceptualizing The Means And Ends Of Anglo-American Corporate Governance In The Wake Of The Global Financial Crisis, Zhong Xing Tan Jan 2014

Stewardship In The Interests Of Systemic Stakeholders: Re-Conceptualizing The Means And Ends Of Anglo-American Corporate Governance In The Wake Of The Global Financial Crisis, Zhong Xing Tan

Journal of Business & Technology Law

No abstract provided.


Finding Profitability Of Technical Trading Rules In Emerging Market Exchange Traded Funds, Austin P. Hallett Jan 2012

Finding Profitability Of Technical Trading Rules In Emerging Market Exchange Traded Funds, Austin P. Hallett

CMC Senior Theses

This thesis further investigates the effectiveness of 15 variable moving average strategies that mimic the trading rules used in the study by Brock, Lakonishok, and LeBaron (1992). Instead of applying these strategies to developed markets, unique characteristics of emerging markets offer opportunity to investors that warrant further research. Before transaction costs, all 15 variable moving average strategies outperform the naïve benchmark strategy of buying and holding different emerging market ETF's over the volatile period of 858 trading days. However, the variable moving averages perform poorly in the "bubble" market cycle. In fact, sell signals become more unprofitable than buy ...


Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Safdar Khan Dec 2011

Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Safdar Khan

Safdar Khan

No abstract provided.


Information Projection: Model And Applications, Kristof Madarasz Dec 2011

Information Projection: Model And Applications, Kristof Madarasz

Kristof Madarasz

People exaggerate the extent to which their information is shared with others. This paper introduces the concept of such information projection and provides a simple but widely applicable model. The key application describes a novel agency conflict in a frictionless learning environment. When monitoring with ex post information, biased evaluators exaggerate how much experts could have known ex ante and underestimate experts on average. Experts, to defend their reputations, are too eager to base predictions on ex ante information that substitutes for the information jurors independently learn ex post and too reluctant to base predictions on ex ante information that ...


Women’S Decision Making: A Contextual Assessment, Safdar Khan Dec 2010

Women’S Decision Making: A Contextual Assessment, Safdar Khan

Safdar Khan

No abstract provided.


Media Attention & Executive Pay In The Netherlands, Jordan Otten Apr 2010

Media Attention & Executive Pay In The Netherlands, Jordan Otten

Jordan Otten

This report is centered around three research questions on newspaper coverage and executive compensation in The Netherlands. 1) How has the coverage developed over the years? 2) How selective are newspapers in their coverage? And 3) What are the influences of newspaper coverage on executive compensation?

Based on the articles that have appeared in the period 1998- mid 2009, it can be concluded that the attention by newspapers is not only of the most recent years. Newspapers do not systematically focus on the better or worse performing companies and do also not focus on the higher or highest paid executives ...


Quarterly Gdp Estimates For Selected South Asian Economies, Safdar Khan Dec 2008

Quarterly Gdp Estimates For Selected South Asian Economies, Safdar Khan

Safdar Khan

No abstract provided.


Analysis Of Kiren Sales Corporation’S Survey Data, Safdar Khan Dec 2008

Analysis Of Kiren Sales Corporation’S Survey Data, Safdar Khan

Safdar Khan

No abstract provided.


Financial Sector Reforms And Banking Sector Soundness: A Multivariate Evaluation, Safdar Khan Dec 2008

Financial Sector Reforms And Banking Sector Soundness: A Multivariate Evaluation, Safdar Khan

Safdar Khan

No abstract provided.


Inflation Dynamics: A Structural Estimation, Safdar Khan Dec 2008

Inflation Dynamics: A Structural Estimation, Safdar Khan

Safdar Khan

No abstract provided.


A Small Open Economy Dsge Model For Pakistan, Safdar Khan Dec 2008

A Small Open Economy Dsge Model For Pakistan, Safdar Khan

Safdar Khan

No abstract provided.


Exchange Rate Of Japan, Singapore And Hong Kong: A Time Series Analysis, Safdar Khan Dec 2008

Exchange Rate Of Japan, Singapore And Hong Kong: A Time Series Analysis, Safdar Khan

Safdar Khan

No abstract provided.


Financial Reforms And Efficiency Of Banking Sector Of Pakistan: A Survey Of Empirical Literature, Safdar Khan Dec 2008

Financial Reforms And Efficiency Of Banking Sector Of Pakistan: A Survey Of Empirical Literature, Safdar Khan

Safdar Khan

No abstract provided.


Is Marketing Research The Cure For Norton Healthcare Kosair Children’S Hospital’S Ailments?, Safdar Khan Dec 2008

Is Marketing Research The Cure For Norton Healthcare Kosair Children’S Hospital’S Ailments?, Safdar Khan

Safdar Khan

No abstract provided.


Pre-Test Assessment, Thomas Berry Jun 2008

Pre-Test Assessment, Thomas Berry

Publications – Dreihaus College of Business

Pre-tests are a non-graded assessment tool used to determine pre-existing subject knowledge. Typically pre-tests are administered prior to a course to determine knowledge baseline, but here they are used to test students prior to topical material coverage throughout the course. While counterintuitive, the pre-tests cover material the student is not expected to know, but serve as a motivational tool and a road map for the students, resulting in improved course performance.


Pre-Test Assessment, Thomas D. Berry May 2008

Pre-Test Assessment, Thomas D. Berry

Thomas D Berry

Pre-tests are a non-graded assessment tool used to determine pre-existing subject knowledge. Typically pre-tests are administered prior to a course to determine knowledge baseline, but here they are used to test students prior to topical material coverage throughout the course. While counterintuitive, the pre-tests cover material the student is not expected to know, but serve as a motivational tool and a road map for the students, resulting in improved course performance.


Does Volatility In Government Borrowing Leads To Higher Inflation? Evidence From Pakistan, Safdar Khan Dec 2007

Does Volatility In Government Borrowing Leads To Higher Inflation? Evidence From Pakistan, Safdar Khan

Safdar Khan

No abstract provided.


An Analysis Of Pakistan’S Vulnerability To Crisis, Safdar Khan Dec 2007

An Analysis Of Pakistan’S Vulnerability To Crisis, Safdar Khan

Safdar Khan

No abstract provided.


A Note On Sustained Economic Growth For Pakistan, Safdar Khan Dec 2007

A Note On Sustained Economic Growth For Pakistan, Safdar Khan

Safdar Khan

No abstract provided.


Estimating Output Gap For Pakistan Economy: Structural And Statistical Approaches, Safdar Khan Dec 2007

Estimating Output Gap For Pakistan Economy: Structural And Statistical Approaches, Safdar Khan

Safdar Khan

No abstract provided.


Beyond The Dichotomous Worlds Hypothesis: Towards A Plurality Of Corporate Governance Logics, Jordan Otten Jan 2007

Beyond The Dichotomous Worlds Hypothesis: Towards A Plurality Of Corporate Governance Logics, Jordan Otten

Jordan Otten

The dichotomous worlds hypothesis holds that corporate governance systems worldwide are either based on the Anglo-American shareholder model or the Eurasian stakeholder model. We suggest a more fine-grained classification, based on five corporate governance logics –socially constructed, historical patterns of material practices, assumptions, values, beliefs, and rules by which all parties involved in economic productive activities structure their material interdependencies and provide meaning to the social reality of corporate life. These logics are discovered through a content analysis of the corporate governance reform codes of 38 countries.


Theories On Executive Pay: A Literature Overview And Critical Assessment, Jordan Otten Jan 2007

Theories On Executive Pay: A Literature Overview And Critical Assessment, Jordan Otten

Jordan Otten

Executive pay is a major issue in the corporate governance debate. As well in practice as in theory debate still exists how executive pay levels and structures can be explained. This paper provides an overview of 16 theories that have been used in the literature to explain the phenomenon. The theories can be classified into three types of approaches; 1) the value approach; 2) the agency approach; and 3) the symbolic approach. A critical assessment of the theories shows that the dominant use in the literature of the perfect contracting approach of agency theory neglects: 1) the socially determined symbolic ...


Inflation Monitor, Muhammad Arby, Fida Hussain, Safdar Khan May 2006

Inflation Monitor, Muhammad Arby, Fida Hussain, Safdar Khan

Safdar Khan

Extract:
Although inflationary pressures persisted in the economy for the second year in a row, the headline inflation fell to 7.6 percent year-on-year in June 2006 that was 1 percentage point less than inflation in corresponding month last year.1 The inflation containment was more visible in the last six months of FY06 as compared to first six months (Jul 05 to Dec 05): the average CPI inflation during the first half of the year was 8.4 percent which declined to 7.4 percent in the second half primarily due to fall in food inflation. Inflation measured by ...


Dynamics Of Energy Consumption, Safdar Khan Dec 2005

Dynamics Of Energy Consumption, Safdar Khan

Safdar Khan

Extract:
Dynamics of Energy Consumption Pakistan has been facing severe imbalances in energy demand and supply for the last couple of decades. During early 1980s domestic supply of energy was fulfilling almost 86 percent of total domestic energy demand; a gap of 14 percent was being filled by imports. However, the demand – supply gap started increasing since then and reached to almost 47 percent by the year 2000 (see Figure S2.1).