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The Fall Of The 10-K Report: Measuring The Impact Of Accounting Ratios On Financial Performance, Matthew Daruty 2019 Claremont Colleges

The Fall Of The 10-K Report: Measuring The Impact Of Accounting Ratios On Financial Performance, Matthew Daruty

CMC Senior Theses

The annual 10-K report has historically been the most important aspect in assessing the position of a publicly held company. However, as the flow of information has increased with the dawn of new technologies, less and less attention has been paid to these audited financial statements. In order to assess if investors are still reacting to the information contained in the annual report, this paper examines the relationship between accounting ratios and stock price in banks traded on United States stock exchanges. By examining accounting ratios instead of simply looking at Earnings Per Share, new information was revealed regarding what ...


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 ...


Policy, Aggregate Productivity And Misallocation, Guowen Chen 2019 University of Kentucky

Policy, Aggregate Productivity And Misallocation, Guowen Chen

Theses and Dissertations--Economics

This dissertation explores the effects of factors such as industrial policy and listing on the stock market on manufacturing firms’ profitability and productivity.

The second chapter investigates the effect of industrial policies on misallocation using a rich data-set of Chinese firms. Using a difference-in-difference approach, I provide evidence that government policies (i.e. the 10th Five Year Plan) favoring particular industries lead to increased misallocation (i.e., an increase in the dispersion of revenue productivity across firms in four-digit industries). Moreover, the differential changes between industries supported and not supported by the 10th Five Year Plan are quantitatively ...


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 ...


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 ...


Estimation Of Multivariate Asset Models With Jumps, Angela Loregian, Laura Ballotta, Gianluca Gianluca Fusai, MARCOS FABRICIO PEREZ 2019 ARPM

Estimation Of Multivariate Asset Models With Jumps, Angela Loregian, Laura Ballotta, Gianluca Gianluca Fusai, Marcos Fabricio Perez

Business Faculty Publications

We propose a consistent and computationally efficient two-step methodology for the estimation of multidimensional non-Gaussian asset models built using Levy processes. The proposed framework allows for dependence between assets and different tail behaviors and jump structures for each asset. Our procedure can be applied to portfolios with a large number of assets as it is immune to estimation dimensionality problems. Simulations show good finite sample properties and significant efficiency gains. This method is especially relevant for risk management purposes such as, for example, the computation of portfolio Value at Risk and intra-horizon Value at Risk, as we show in detail ...


If The Shoe Fits: A Historical Exploration Of Gender Bias In The U.S. Sneaker Industry, Rodney M. Miller Jr 2019 Bard College

If The Shoe Fits: A Historical Exploration Of Gender Bias In The U.S. Sneaker Industry, Rodney M. Miller Jr

Senior Projects Spring 2019

In its short history, which barely spans 100 years, sneakers have quickly become a polarizing and captivating commodity, gaining the attention of consumers, fashion houses and major retailers everywhere. Unfortunately, the sneaker industry also has a history of implicit, unconscious bias towards women. A thorough examination of the history of sneakers has discovered three major social movements that can be identified as the key contributors to the growth of the sneaker industry: (1) physical activity, (2) professional sports, and (3) Hip-Hop—the culture not the music genre. Upon further examination, it became evident that each of these social factors have ...


Democratization Of Finance In China: The Role Of Internet Finance In China’S Economic Transformation, Shuying Han 2019 Bard College

Democratization Of Finance In China: The Role Of Internet Finance In China’S Economic Transformation, Shuying Han

Senior Projects Spring 2019

Democratization of finance in China is both effective and risky. This is a comprehensive study of the benefits and risks associated with China’s Inclusive Finance Policy and the rapid development of Chinese internet financial industry. Through a retrospective of the emergence of finance, this study will introduce the concept of democratization of finance and evaluate its development in China. The author further examines the approach of Inclusive Finance and Internet-based financial industry and their contributions to the overall financial industry. In addition, this study will also explore the role of Internet-based financial industry to Chinese economy in the context ...


Examination Of United States Housing Data And The Racial Wealth Gap Case Study Of Westchester County, Ny, Ezekiel Nana Demasio 2019 Bard College

Examination Of United States Housing Data And The Racial Wealth Gap Case Study Of Westchester County, Ny, Ezekiel Nana Demasio

Senior Projects Spring 2019

Senior Project submitted to The Division of Social Studies of Bard College.


Value(S) Based Diversification: Environmental, Social, And Governance Investing Sub-Issue Preferences Mapping Through Forced Trade-Offs, Sophia Justine Logan 2019 Bard College

Value(S) Based Diversification: Environmental, Social, And Governance Investing Sub-Issue Preferences Mapping Through Forced Trade-Offs, Sophia Justine Logan

Senior Projects Spring 2019

Using empirical evidence on consumer preferences for environmental, social, and governance (ESG) investing issues, this author builds upon the economic literature that agents have pro-social inclinations. Evidence from the study shows that ESG preferences are nuanced and heterogeneous, unlike the assumptions in academia and the financial services world today of homogenous preferences across ESG issue categories. This author employs the relatively new methodology of MaxDiff to analyze preferences by forcing trade-offs. A survey with 1,000 respondents was administered to create a rank ordering of ESG issue preferences. The project finds that the highest ranked issues fall within the “social ...


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 ...


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 ...


Regulations, Governance, And Resolution Of Non-Performing Loan: Evidence From An Emerging Economy, Abu S. Amin, Mahmood Osman Iman, Mahfuja Malik 2019 Sacred Heart University

Regulations, Governance, And Resolution Of Non-Performing Loan: Evidence From An Emerging Economy, Abu S. Amin, Mahmood Osman Iman, Mahfuja Malik

WCBT Faculty Publications

How do banks resolve a severe bad loan problem in a capital-constrained, low-income economy when a government bailout is not an option? We address this question by examining new evidence from a sharp decline in bad loan ratios in a panel of conventional commercial banks in Bangladesh. On the aggregate level, the bad loan ratio in this market has dropped from 41% in 1999 to only 10% in 2012. We find that at a micro level, this dramatic improvement is associated with bank management quality and internal governance that were substantially enhanced during a decade of large-scale regulatory reforms. The ...


The Effect Of Us Monetary Policy Shocks On Cryptocurrency Returns, Jisung Kim 2019 University of Colorado, Boulder

The Effect Of Us Monetary Policy Shocks On Cryptocurrency Returns, Jisung Kim

Undergraduate Honors Theses

I explore the effect of US monetary policy shocks on the returns of digital assets since the creation of Bitcoin. A pool of 100 cryptocurrencies are separated into three categories. The monetary policy shocks are measured with two different futures contracts, Fed fund futures and 10-Year bond futures, around a FOMC meeting announcement. With the use of a panel fixed effect model, I find that changes to both futures prices around FOMC meeting have differing effects on the returns of digital assets. In particular, my results suggest that digital assets with deeper integration of blockchain, like digital assets under the ...


Sources Of Financial Education And Use Of Alternative Financial Services, Stefan Ignatovski 2019 Walden University

Sources Of Financial Education And Use Of Alternative Financial Services, Stefan Ignatovski

Walden Dissertations and Doctoral Studies

As the lending practices of the alternative financial services (AFS) industry harm many consumers and consumers' access and use of traditional credit are restricted, the use of AFS is a growing concern. The financial education of consumers determines their financial behavior, which may be inadequate to make effective financial decisions regarding high-cost borrowings. The purpose of this quantitative study was to examine if and to what extent the sources of financial education is related to the use and frequency of use of AFSs among U.S. consumers. The theory of planned behavior and the transtheoretical model of change shaped the ...


The World Predictive Power Of U.S. Equity Market Skewness Risk, Jian CHEN, Fuwei JIANG, Shuyu XUE, Jiaquan YAO 2019 Singapore Management University

The World Predictive Power Of U.S. Equity Market Skewness Risk, Jian Chen, Fuwei Jiang, Shuyu Xue, Jiaquan Yao

Research Collection Lee Kong Chian School Of Business

This study investigates the cross-country impact of U.S. equity market skewness risk. We find that a large decrease in the U.S. market skewness significantly predicts higher future returns on international equity markets. The predictability remains significant after controlling for a set of U.S. and local forecasting variables. Furthermore, we find strong predictability in- an out-of-sample setting and the predictability delivers a large economic value. The U.S. market skewness also forecasts U.S. economic recessions and international market conditions, consistent with the international three-moment capital asset pricing model (three-moment CAPM) and the intertemporal capital asset pricing model ...


Strategies For Providing Loans To Small Businesses, Linda Faye Evans 2019 Walden University

Strategies For Providing Loans To Small Businesses, Linda Faye Evans

Walden Dissertations and Doctoral Studies

Between 2007 and 2013, the number of loans banks provided to small and medium-sized enterprises (SMEs) declined. The purpose of this single case study was to explore the strategies that senior bank lending officers used to improve lending to SMEs. The sample size consisted of 4 senior small business lending officers who have in lending for 5 or more year in Houston, Texas. The conceptual framework used was agency theory. Data were collected using semistructured interviews with 4 senior bank lending officers from a bank in the Houston, Texas area, a review of documents from lending officers, and other artifacts ...


Accounts Receivable Management Strategies To Ensure Timely Payments In Rural Clinics, Anthony N. Medel 2019 Walden University

Accounts Receivable Management Strategies To Ensure Timely Payments In Rural Clinics, Anthony N. Medel

Walden Dissertations and Doctoral Studies

Healthcare business leaders in a rural clinic setting can enhance profitability by implementing strategies to ensure timely payments. The purpose of this multiple case study was to examine strategies applied by healthcare leaders in rural clinics to improve profitability. The population included 10 rural clinic managers and billing staff from 5 rural clinics in the southwestern region of the United States. The conceptual framework for this study was Wernerfelt's resource-based value theory. Implementing Yin's multiple-step data analysis process, data from semistructured interviews were transcribed, coded, and analyzed to identify strategies used by rural clinic managers and billing staff ...


Implications Of Non-Tangible Assets And Macroeconomic Parameters On Long-Term Stock Performance, Leo Rajan Pereira 2019 Walden University

Implications Of Non-Tangible Assets And Macroeconomic Parameters On Long-Term Stock Performance, Leo Rajan Pereira

Walden Dissertations and Doctoral Studies

A rational long-horizon stock investment decision is a complex process due to uncertainty in supply and demand, competitive advantage, macroeconomic parameters and various perspectives of investors. Today, the '€˜non-tangible assets'€™ (NTA) that include goodwill and intangible assets are a significant part of corporate assets, but their role in stock performance has not well studied. The purpose of this research is to empirically analyze the implications of NTA and of gross domestic product (GDP) of the United States on the stock price. According to the efficient market hypothesis, stock price reflects all relevant information. The research question focused on the extent ...


The Effect Of Corporate Social Responsibility On Firm Value And Performance, Jennifer E. Maxey 2019 University of Central Florida

The Effect Of Corporate Social Responsibility On Firm Value And Performance, Jennifer E. Maxey

Honors Undergraduate Theses

In this thesis, I test the effects of corporate social responsibility (CSR) on firm valuation and performance from the financial crisis of 2007 to year 2013. Prior research on CSR suggests that CSR is related to firm performance, but the results have not been consistent. My study focuses on the time period following the crisis since trust between firms and stakeholders may be more important following a negative shock. The components of CSR are broken out into environmental, human rights, diversity, community impact, employee relations, product, and corporate governance. I find evidence that at least some measures of firm performance ...


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