Open Access. Powered by Scholars. Published by Universities.®

Finance Commons

Open Access. Powered by Scholars. Published by Universities.®

2,461 Full-Text Articles 2,312 Authors 873,113 Downloads 162 Institutions

All Articles in Finance

Faceted Search

2,461 full-text articles. Page 1 of 71.

The Impact Of Immigration On Financial Markets, Jesse Baker 2019 Utah State University

The Impact Of Immigration On Financial Markets, Jesse Baker

All Graduate Plan B and other Reports

This paper studies the impact of immigration policy on financial markets. I estimate the cumulative abnormal returns surrounding two events the effective start date of the Immigration Act of 1990 and the implementation of the Temporary Protected Status (TPS) of Nicaragua and Honduras in 1999. Focusing on agriculture, construction, and manufacturing firms, I find that the CARs surrounding the events are indeed positive and significant, suggesting that the market anticipated growth among industries that are likely to hire Central American immigrants.


Socioeconomic Influences On Property Crime Rates: A Study In Virginia's Counties, Mary Passley 2019 University of Lynchburg

Socioeconomic Influences On Property Crime Rates: A Study In Virginia's Counties, Mary Passley

Student Scholar Showcase

Most research on factors and causes of crime, whether property or violent crime, focuses on individuals’ behavior or their surrounding environment. In this research, I explore the idea of socioeconomic factors correlated to property crime. I conducted a retrospective design to fully explore United States Census data and crime data gathered by the Bureau of Justice Statistics to discover statistically significant variables connected to property crime. Significant findings were shown by average people per house and retail sales per capita in all counties. Additional significant findings were percent employment change and percent with high school degree or higher in low ...


Duratable Enterprises Inc., Spencer D. Evans, Hal B. Heaton 2019 Brigham Young University

Duratable Enterprises Inc., Spencer D. Evans, Hal B. Heaton

The Journal of Entrepreneurial Finance

In late 2017, DuraTable received a number of unsolicited inquiries regarding its interest in selling out in a going private transaction, mostly from private equity firms. Since the chairman of the board and founder, Gary Reynolds, was approaching retirement age and the largest single shareholder who had provided the seed capital to start the company was over 80 years old, Mr. Reynolds was willing to consider a sale and provided information to four or five of them to prepare bids. DuraTable was a closely held company with relatively few individuals holding the vast majority of shares. As such, DuraTable’s ...


The Evolution Of State Higher Education Public Funding Policy, Angela Rogers 2019 University of South Carolina

The Evolution Of State Higher Education Public Funding Policy, Angela Rogers

Senior Theses

In the past several decades, public colleges and universities have increasingly struggled to fund all of the programs demanded of them as states slowly drain funding from their coffers. This discussion will examine different policies and frameworks that have been used by states to determine funding for their public institutions. Different factors that will be considered include political relationships, governance structures, and accountability models. The political trend of “free college” will also be considered. Then, the discussion will narrow to South Carolina funding policy, how it has changed over the years, and what the current challenges are. A policy proposal ...


Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah 2019 University of Pennsylvania

Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah

Undergraduate Economic Review

Hedge funds are often viewed from a positive or negative lens in the public and academic forum. However, both of these perspectives neglect structuralist factors. This paper analyzes the effect of these antecedent economic, political, and legal structures. I argue that these structures are at the root of hedge fund behavior, particularly during financial crises. The financial crises of two peripheral countries, Iceland and Cyprus, are used as case studies to illustrate how hedge fund involvement diverges as a result of structural factors.


The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy D: The Role Of Ernst & Young, Rosalind Z. Wiggins, Rosalind L. Bennett, Andrew Metrick

Journal of Financial Crises

For many years prior to its demise, Lehman Brothers employed Ernst & Young (EY) as the firm’s independent auditors to review its financial statements and express an opinion as to whether they fairly represented the company’s financial position. EY was supposed to try to detect fraud, determine whether a matter should be publicly disclosed, and communicate certain issues to Lehman’s Board audit committee. After Lehman filed for bankruptcy, it was discovered that the firm had employed questionable accounting with regard to an unorthodox financing transaction, Repo 105, which it used to make its results appear better than they ...


The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick 2019 Yale Program on Financial Stability, Yale School of Management

The Lehman Brothers Bankruptcy A: Overview, Rosalind Z. Wiggins, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

On September 15, 2008, Lehman Brothers Holdings, Inc., the fourth-largest U.S. investment bank, sought Chapter 11 protection, initiating the largest bankruptcy proceeding in U.S. history. The demise of the 164-year old firm was a seminal event in the global financial crisis. Under the direction of its long-time Chief Executive Officer Richard Fuld, Lehman had been very successful pursuing a high-leverage, high-risk business model that required it to daily raise billions of dollars to fund its operations. Beginning in 2006, Lehman began to invest aggressively in real-estate-related assets and soon had significant exposures to housing and subprime mortgages, just ...


The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon 2019 University of Pennsylvania Law School

The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

Passive investors — ETFs and index funds — are the most important development in modern day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporate America. Neither the business model of passive funds, nor the way that they engage with their portfolio companies, however, is well understood, and misperceptions of both have led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. Specifically, this literature takes a narrow view both of the market in which passive investors compete to manage customer funds and of passive investors’ participation in the ...


Accounting Education In Greece During The Gfc (2009-2016), Dimitrios V. Siskos 2019 Embry-Riddle Aeronautical University

Accounting Education In Greece During The Gfc (2009-2016), Dimitrios V. Siskos

Publications

The structure of accounting education in Greece, and in the world, is facing nowadays many significant challenges since the global financial crisis has left behind many critical educational burdens. At the same time, there is an increase in accounting omissions and malpractices of ethics both in the public and in the private sector of Greece. These undoubtedly contributed to massive unemployment, high poverty rate, crime and other social ills experienced in the country. This motivated the study on restructuring accounting education by devising a new educational framework that can be applied to Greek universities and colleges with the purpose of ...


Option Strangles: An Analysis Of Selling Equity Insurance, Clemens Kownatzki, Hisam Sabouni 2019 Pepperdine University

Option Strangles: An Analysis Of Selling Equity Insurance, Clemens Kownatzki, Hisam Sabouni

Graziadio Working Paper Series

Our results suggest, selling SPY strangles are generally profitable across a variety of widths. However, the payoff profile of a short option strangle exposes the contract seller to a potential for unlimited losses. Our evidence on maximum drawdowns indicates that losses on some positions can be the equivalent of the profits gained on approximately forty prior positions. This payoff profile has given rise to the metaphor of selling option contracts as the equivalent of “picking up nickels in front of a steam roller.” The goal of our paper is to analyze the full return characteristics of option strangles and to ...


Making Consumer Finance Work, Natasha Sarin 2019 University of Pennsylvania Law School

Making Consumer Finance Work, Natasha Sarin

Faculty Scholarship at Penn Law

The financial crisis exposed major faultlines in banking and financial markets more broadly. Policymakers responded with far-reaching regulation that created a new agency—the CFPB—and changed the structure and function of these markets.

Consumer advocates cheered reforms as welfare-enhancing, while the financial sector declared that consumers would be harmed by interventions. With a decade of data now available, this Article presents the first empirical examination of the successes and failures of the consumer finance reform agenda. Specifically, I marshal data from every zip code and bank in the United States to test the efficacy of three of the most ...


Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr. 2019 University of Pennsylvania Law School

Global Standards For Securities Holding Infrastructures: A Soft Law/Fintech Model For Reform, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

Intermediaries such as stockbrokers and banks are ubiquitous in global securities markets, playing essential roles in markets, including trading, settling trades, and post-settlement holding of securities. This essay focuses in particular on the roles of intermediaries in securities holding systems. It proposes an IOSCO-led “soft-law-to-hard-law” approach to the development of Global Standards for reforms to these holding systems. States would be expected to adopt “hard law” reforms through statutory and regulatory adjustments to securities holding systems. The reforms would embrace not only important standards of a functional and regulatory nature, but also holistic standards relating to the private law, insolvency ...


Actual And Self-Assessed Financial Literacy Among Employees Of A South African University, Gizelle D. Willows 2019 The University of Cape Town

Actual And Self-Assessed Financial Literacy Among Employees Of A South African University, Gizelle D. Willows

Numeracy

This study examines the level of financial literacy and self-assessed financial literacy amongst members of a South African tertiary institution’s retirement fund. Based on surveys of the fund’s members, I employ descriptive statistics and multivariate regression analyses to examine differences in financial literacy within and across groups. The results show that, despite working for an employer implementing many best practices identified by financial literacy advocates, respondents from all demographic subgroups possess relatively low levels of financial knowledge. Men, White respondents, and those with a higher cost of employment or higher educational attainment were more likely to have a ...


Circadian Variations And Risky Decision Making, Sana Sra 2019 Claremont Colleges

Circadian Variations And Risky Decision Making, Sana Sra

Scripps Senior Theses

Over the past decades, decision making under risk has garnered a great amount of attention both in the field of economics and psychology. Although state-dependent variabilities of risk taking are well-documented, little is known about the effects of a person’s preferred time of day, or chronotype, in risky decision making. Under circumstances of circadian mismatch (e.g., when an “early bird” makes decisions in the evening), research suggests that decision making may reflect a greater reliance on heuristics, such as using stereotypes in social judgments. However, the effects of circadian mismatch on heuristics in risky decision making are relatively ...


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

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 ...


An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina 2019 The University of Akron

An Examination Of The Stock Market's Effect On Economic Inequality, Nicholas Golina

Williams Honors College, Honors Research Projects

The economic literature on economic inequality has shown that it can negatively impact aggregate demand because it indicates a higher concentration of wealth in the hands of the top 10% as opposed to the poor and middle class, who are more likely to consume. The literature has identified many factors that can lead to increasing inequality. The stock market could be one of those factors since it can either create an upward redistributive effect towards the top 10% or redistributive effect towards the middle class. This paper tested the effect of the stock market on inequality. This study contributes to ...


Leveraged Buyouts: The Predictive Power Of Target Firm Characteristics, Yutao (James) Jiang 2019 Claremont McKenna College

Leveraged Buyouts: The Predictive Power Of Target Firm Characteristics, Yutao (James) Jiang

CMC Senior Theses

This paper utilizes a hazard model to predict the probability of leveraged buyout transactions for public firms. Rather than testing specific hypotheses, this paper incorporates all plausible predictors identified in existing literature to better delineate the effects of different characteristics. Largely confirming past results, I find that LBO transactions are more likely to occur for companies with more stable cash flows, less market visibility, lower market valuation, lower ownership concentration and lower costs of financial distress. By including LBO transactions from 1980 to September 2018, I find preliminary evidence that since the financial crisis of 2008 – 2009, private equity firms ...


Modeling Returns On Carbon Emission Allowances: An Application To Rggi, James Keneally 2019 Claremont Colleges

Modeling Returns On Carbon Emission Allowances: An Application To Rggi, James Keneally

CMC Senior Theses

This thesis attempts to model the returns on Regional Greenhouse Gas Initiative (RGGI) allowances using logged monthly returns from 2011-2018. This asset, shown to be a useful diversifier in portfolios, has been identified by previous literature to behave similarly to commodities. I used auto-regressive, GARCH, and Markov regime switching models to analyze the returns because the returns displayed changing volatility. These models were comparatively analyzed both in and out-of-sample. In this limited data analysis, the Markov model outperformed both alternatives in-sample. The Markov and Garch models displayed similar predictive power out-of-sample, however neither were particularly effective.


The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed 2019 University of Massachusetts Amherst

The Political Economy Of Accumulation In South Africa: Resource Extraction, Financialization, And Capital Flight As Barriers To Investment And Employment Growth, Seeraj Mohamed

Doctoral Dissertations

This dissertation uses a heterodox economics approach to explain poor levels of accumulation in South Africa. This approach to investment theory and models recognizes that many institutions are shaped to help people create stability in a world of fundamental uncertainty and irreversibility. Therefore, this dissertation examines the system of accumulation that developed in South Africa and its evolution. This approach to investment recognizes that beliefs and biases of people running institutions influence investment outcomes and shape ‘path dependence’.

The corporations that grew to dominate the South African economy were formed during colonialism and apartheid. They grew around a core of ...


The Effects Of Natural Resource Dependence And Democracy On The Incremental Budgeting Theory And Punctuated Equilibrium Within A Budgetary Context, Barrak Ghanim Algharabali 2019 University of Kentucky

The Effects Of Natural Resource Dependence And Democracy On The Incremental Budgeting Theory And Punctuated Equilibrium Within A Budgetary Context, Barrak Ghanim Algharabali

Theses and Dissertations--Public Policy and Administration

I contribute to the literature by providing additional factors that could affect the incremental budgeting theory and punctuated equilibrium theory (PET) within a budgetary context. Because of the fluctuation in the price of natural resources, I argue that dependence on natural resources could lead to less stable budgets than ones not dependent on natural resources. I also argue that democracy is another source that leads to stability in the budget, relative to countries that are not democratic. I theorize that countries with no democracy and heavy dependence on natural resources will have budgets with more volatility than the rest of ...


Digital Commons powered by bepress