Dissertations / Theses: 'Finance and Financial Management'

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Borden, Lynne, and DenYelle Baete Kenyon. "Family Financial Management -- Interventions Following a Disaster." College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/157199.

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Sievert, Kristin E. "Control and management tasks within family financial management systems." Online version, 1998. http://www.uwstout.edu/lib/thesis/1998/1998sievertk.pdf.

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Styles, Mikala. "A Financial Epidemic: How Financial Literacy Affects College Students’ Financial Management Practices and the Debt Crisis in America." Digital Commons @ East Tennessee State University, 2018. https://dc.etsu.edu/honors/444.

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Debt levels are rising significantly in America. More and more people are accumulating debt in the forms of mortgages, student loans, credit cards, and car loans. Basic financial principles such as saving, budgeting, investing, and paying bills are not being utilized consistently by the average individual. This is because of financial illiteracy. The vast majority of Americans do not have the basic knowledge and understanding of these financial concepts to adequately put them into practice in their daily lives. This study focuses on the levels of college students’ financial literacy, how that pertains to the rising debt crisis, and explores potential solutions to these problems.

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Kolasinski, Adam. "Essays in corporate finance and financial institutions." Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37112.

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Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2006.
"June, 2006."
Includes bibliographical references.
Chi: Subsidiary Debt, Capital Structure, and Internal Capital Markets I investigate external subsidiary debt financing and its implications for internal capital markets. I find that firms tend to finance business segments with subsidiary debt when those segments have better investment opportunities than the rest of the firm, and such debt tends to be parent-guaranteed. I also find that having such debt outstanding significantly reduces the effect of a segment's cash flow on the capital expenditures of other segments. These findings suggest that firms use subsidiary debt to protect their stronger segments from the underfunding or "poaching" problems modeled in theories of internal capital markets. In addition, I find that firms use subsidiary debt for reasons related to traditional capital structure concerns. Ch2: Is the Chinese Wall too High? I test whether new regulatory restrictions on cooperation between analysts and investment bankers adversely affect equity research coverage. Contrary to the hypothesis, I find that firms engaging in SEO's enjoy just as large an increase in analyst coverage in the post-regulatory period as they do in the pre-regulatory period.
(cont.) In addition, while I find that analyst coverage in the post regulatory period significantly declines for new IPOs, it declines by an equal amount for a control group of comparable firms that pay no such fees. Making the identifying assumption that any adverse consequences of the new restrictions should be larger for IPO's, I conclude that the restrictions have no adverse impact on analyst coverage. Ch3: Investment Banking and Analyst Objectivity' This chapter uncovers evidence that conflicts of interest arising from M&A advisory relations influence analysts' recommendations, corroborating regulators' and practitioners' suspicions on a topic not previously examined in the academic literature. In addition, the M&A context allows us to disentangle the conflict of interest effect from selection bias. We find that analysts affiliated with acquirer advisors upgrade acquirer stocks around M&A deals, even around all-cash deals, wherein selection bias is unlikely. Also consistent with conflict of interest, but not selection bias, target-affiliated analysts publish optimistic reports about acquirers after, but not before, the exchange ratio of an all-stock deal is set.
by Adam C. Kolasinski.
Ph.D.

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Nguyen, Vinh Huy L. "Institutional Investors, Insiders and the Firm." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2637.

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This dissertation is comprised of three chapters that focus on three topics related to institutional investors’ and registered insiders’ trading activities around corporate announcements. The purpose of the research is to provide more insights into the trading behavior of institutions and insiders around corporate events when they are influenced by the anticipation and arrival of new information. Data samples are stratified, regression models are estimated, and control variables are added to ensure the results are significant and robust. The first chapter discusses the information signaling hypothesis around share repurchase announcements. I examine if institutions can trade profitability around the announcement time using signals from insiders and the firm. I find that only transient institutional investors are able to adjust their portfolios to take advantage of the post-announcement price run-up. The second chapter explores the relationship between information asymmetry and the information acquisition process. It appears that institutions prefer using lower cost, small, round lot, 100-share multiples when they can acquire information in advance of the event as in earnings announcements. The last chapter looks at if the information hierarchy hypothesis holds true at the very top of the corporate pyramid. I find that CEO trades are largely ignored and president net purchases have positive effects on merger post-announcement returns. In summary, institutions, insiders, and the firm play important roles in the information dissemination and acquisition process. Hence, their decisions have profound effects on their complicated, interconnected relationships.

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Alhabashi, Khaled. "Financing for small and medium enterprises : the role of Islamic financial institutions in Kuwait." Thesis, University of Gloucestershire, 2015. http://eprints.glos.ac.uk/3428/.

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Small and medium enterprises (SMEs) play a vital role in the growth of the economy and have become a major concern for government and policy makers in developed, as well as in developing countries. Given the stated importance of SMEs in generating economic growth in Kuwait, it is essential that SMEs have access to sources of finance. However, access to finance is one of the major constraints to SME development, and is frequently mentioned in the entrepreneurship literature. This study aims to evaluate how Islamic financial institutions can support SMEs in Kuwait. The study adopts a qualitative approach that was articulated through a case study design. The case here is the phenomenon of SME financing as enacted by two organisational forms. This research uses two comparative cases; the cases are formed around the nature of the financing organisations in Kuwait and the interaction of SME owners with these organisations. Twenty face-to-face semi-structured interviews were conducted with members of three different groups: SME owner-managers, managers of financial institutions, and Sharia board members to explore their opinions and perceptions with regard to the role of Islamic finance for SMEs. The main findings indicate that, in Kuwait, access to finance remains a principal challenge for SMEs. Furthermore, collateral is one of the main problems they face when obtaining finance from Islamic banks. The findings suggested that without government support, the banks would not be able to finance SMEs, and therefore, specialised SME finance institutions were more compatible than other Islamic banks with small and medium enterprises. In addition, the study showed that Islamic finance instruments were more suitable than commercial instruments. It also showed that integrating zakat, charity, waqf, and qard hassan would be helpful to the SME sector in Kuwait. The findings add to the understanding of the role of Islamic finance and contribute to knowledge about SME development, using Islamic finance methods, in Kuwait. This could encourage the government to adopt related policies in order to improve access to finance for SMEs.

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Berger, David G. "Essays in financial economics." Pullman, Wash. : Washington State University, 2008. http://www.dissertations.wsu.edu/Dissertations/Fall2008/d_berger_082508.pdf.

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Zhang, Kefan 1957. "Factors affecting financial resources management behaviors." Thesis, The University of Arizona, 1989. http://hdl.handle.net/10150/277107.

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This study was carried out with the purpose of discovering what factors are predictive of money management behavior; Plan, Implement, and Evaluative Feedback. The data used in this study was subset data collected during 1988, under the NC-167 project entitled "Family Resource Utilization as a Factor in Determining Economic Well Being of Rural Families". Three hundred and seven financial managers in families from Arizona completed and returned the questionnaire used in this study. It was found that (1) the power money attitude, the inadequacy money attitude, and gender were predictor variables of plan behavior; (2) the inadequacy money attitude and age were predictor variables of evaluative feedback.

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McLaren, Joseph Ignatius. "The interface between financial management and marketing management in South African businesses." Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1021111.

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This study investigates the interface between financial and marketing management in South African businesses by investigating the financial and marketing-management processes. This process orientation highlighted important interactions between the two functions. A critical analysis of secondary resources produced a clear theoretical foundation on which the development of the proposed interface framework was based. The critical literature analysis indicates four steps in the financial management process, namely, financial analysis, financial decision-making, financial planning and financial control (independent variables) and five steps in the marketing management process, namely, understanding the marketplace as well as customer needs and wants, designing a customer-driven marketing strategy, constructing an integrated marketing programme, building profitable relationships and capturing value from customers in the form of profits and customer equity. These steps were used to derive a proposed theoretical framework that shows how the steps in the financial-management process relate to those in the marketing-management process. The framework also indicates the perceptions of managers on the interface between the two functions. The perceptions on the interface include aspects such as the level of communication between the two departments, the understanding of each other‟s function and the flow of information between the two departments. From this framework, the six hypotheses were formulated to test the proposed relationships. The focus of the study is on the interface between financial management and marketing management; therefore, the population of this study comprised of financial and marketing managers in South Africa. The primary data relating to the interface between financial management and marketing management was acquired by means of an on-line web-based survey. Descriptive statistics was used to present, analyse and interpret the results of the data analysis. Various inferential statistical techniques (T-tests and chi-squared tests) were employed to determine whether respondents‟ perceptions of the items in the measuring instrument differed as result of whether they were employed in the finance or marketing sections of the business. Correlations (Pearson Product Moment correlations) were calculated for the purpose of investigating the relationships between the financial and marketing management variables used in this study. Factor analysis showed that financial management consisted of four factors that corresponded with the steps in the process, and marketing management produced five factors that related to the steps in the marketing management process. Lastly, statistical tests (MANOVA) were conducted to determine whether the perceptions of respondents, with regard to the financial and marketing management variables, were influenced by selected demographic variables. The results of the empirical study indicated positive relationships between all the variables in the framework. The marketing management factors, namely, mix and profit, reported the lowest correlations compared to the financial management factors. It was also found that financial and marketing managers had different perceptions of the steps in the financial-management process but that they did not have different views of the steps in the marketing-management process. Furthermore, financial and marketing managers had different opinions about the long-term perspective of the business as well as conflicting views with regard to the flow of information from finance to marketing. Financial managers were of the opinion that marketing managers did not understand financial methods and procedures and were unable to specify their requirements to finance. The proposed framework could be seen as the start of marketing theory development on finance interaction as it showed that interface relationships could be further explored.

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Liao, Chuan. "Essays in International Financial Management." The Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1264946797.

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Horrocks, Amanda Marie. "Financial Management Practices and Conflict Management Styles of Couples in Great Marriages." DigitalCommons@USU, 2010. https://digitalcommons.usu.edu/etd/733.

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This study presents findings on the financial management practices and degrees of conflict of couples in great marriages. Qualitative data from a national sample of couples in great marriages were collected using a 31-page questionnaire. Of the 81 couples who responded, 40 fit the criteria for this study in that they discussed their level of agreement about financial issues in marriage. Their responses were coded to discover which financial topics are pervasive and whether or not couples agreed over these topics. Responses about conflict were also analyzed to determine the degree of agreement between spouses in different categories. Findings from this research suggest that even couples in great marriages disagree over different financial topics to varying degrees of agreement. Implications of the research are also discussed.

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Hatzilambros, Constantin. "Determinants of the cost of credit for project finance debt in Africa." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/22839.

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This study investigates the characteristics of project finance transactions and establishes the cost determinants for non-recourse project finance in Africa within the energy, oil and gas, mining and infrastructure sectors. Essentially, this thesis will be investigating what the main cost determinants are which lenders use to price the risk in project finance transactions. Project finance risks such as market, operational, sponsor, political / regulatory and environmental risks are investigated. A loan transaction database is used to fit these risks to determine the relevant loan parameters available in the database, employing a regression model is used to obtain which loan parameters, and, in turn, risks, lenders price into the cost of the loans. The database represents non-recourse project finance transactions throughout Africa from 1995 to 2015 and was filtered down 89 loan entries that contained the most important loan parameters. Empirical results suggest that secured loans are priced in a different category to unsecured loans, increasing the All-In credit-spread by 196.94 bps (P-value < 0.1%) if the loan parameter is moved from an unsecured to a secured loan. Political / regulatory risk, which had a 27.697 bps increase in the All-in Credit-spread (P-value < 2.3%). This can be attributed to being a result of a country's risk ranking, which was found to be the most significant pricing determinant for non-recourse loans on the African continent.

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Ngobeni, Sonia Nokuthula. "Challenges of financial management in Mopani District Schools, Limpopo Province." Thesis, University of Limpopo, 2015. http://hdl.handle.net/10386/1687.

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Thesis (MPA.) -- University of Limpopo, 2015
When the ANC-led government took power in 1994, it made commitment to redress the imbalances of the past by providing capacity building of SGBs on financial management skills. The government enacted the South African School Act (SASA) no. 84 of 1996 as one of the policies aimed at improving the quality of education. The SASA, Section 19 directs the Head of Department(HOD) to provide introductory training to the SGBs to enable them to perform their financial functions. Despite some strides made by the democratic government on capacity building of SGBs, the findings of these study revealed that schools’ financial management remains a very serious challenge to some schools. The aim of this study was to examine the financial management challenges of the Mopani District Schools in the Limpopo Province. The SASA mandates SGBs to account on the management of public funds in schools. Qualitative and quantitative methods were used in this research study. The literature review reveals that SGB members are ill-equipped for their financial roles because they are inadequately trained. The literature review also shows that the SGBs can make informed decisions if they are adequately trained and conversant with the language used in finance policies and finance documents. The study found that; some SGB members have not been subjected to training in financial management. Some only have primary school education and the language used in the financial documents and financial transactions makes it difficult for them to perform their financial responsibilities. Some budgets are only developed for compliance with departmental directive but not realistic because of the lack of SGB capacity. Budget implementation is a challenge hence schools incur expenditure not budgeted for. Some schools do not have internal control. The recommendations briefly outline the findings of this study that and change the status quo if implemented.

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Fleifel, Bilal A. "Risk management in Islamic banking and finance the Arab Finance House example /." View electronic thesis (PDF), 2009. http://dl.uncw.edu/etd/2009-3/fleifelb/bilalfleifel.pdf.

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Borden, Lynne, and DenYelle Baete Kenyon. "Family Financial Management -- Planning for the Future." College of Agriculture and Life Sciences, University of Arizona (Tucson, AZ), 2004. http://hdl.handle.net/10150/156897.

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Joka, Monalisa Phumla Portia. "An investigation into the financial management competencies of teachers in Port Elizabeth." Thesis, Nelson Mandela Metropolitan University, 2006. http://hdl.handle.net/10948/526.

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The media and the Government have voiced their feelings against micro-lenders, which they refer to as “abomashonisa”. The cry has been that they enslave the poor making their lives unbearable. The fact of the matter is that it is not only the poor who find themselves slaves to the micro-lenders. The educated with better paying jobs than the poor, including teachers are also micro-lending clients. This prompted the researcher to investigate the financial management competencies of teachers. Although teachers are better paid than the poor, the manner in which they conduct their financial affairs will determine whether they live like the poor or not. Even for the poor, poor financial management skills is one of the important factors that cause them to be enslaved by micro-lenders. To meet the dissertation’s aims a literature study focusing on the origin and the development of micro-lending in South Africa and the financial management acumen of teachers in South Africa, was conducted. An empirical study was then undertaken to investigate the financial management competencies of teachers in Port Elizabeth. Based on the information obtained from the literature study and the results from the empirical survey, various recommendations and conclusions were made.

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Weiss, Susan F. "Implications of Executive Succession Upon Financial Risk and Performance." ScholarWorks, 2011. https://scholarworks.waldenu.edu/dissertations/958.

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Executive replacements have historically created fluctuations in the market value of a company and precipitated inappropriate investor reaction. However, the direction and statistical significance of relationships between executive turnover, market value, financial risk, and investor reaction among a census of highly performing firms was previously unexplored. The purpose of this study was to determine the extent of the relationship between CEO turnover and indicators of company performance. Theoretical foundation for this study was the efficient markets hypothesis. Hypotheses tests were designed to support an ex-post facto research methodology for pre-post comparison of volatility of financial metrics, which are indicators of market value (market value added), investor reaction (Tobin's q), risk (beta), executive performance (economic value added and return on assets), and turnover frequency given CEO succession. Statistically significant differences in firm risk emerged from comparisons of highly performing firms exemplified in the foundational leadership text Good to Great. Approximately 45 % of firms sampled did not experience volatility of financial metrics, which supported the presence of a leadership legacy, or strategic management behavior which minimized financial risk. Contrary to prior studies, financial metrics sampled within an interval immediately surrounding the succession event were less indicative of significant financial risk as compared to metrics sampled over the entire tenure of executives. Implications for positive social change include reducing investor risk in selection of equity holdings; capital fairly directed to entities results in benefits for society including job creation, economic stimulus, safer retirement accounts, and corporate sustainability.

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Watson, Sarah. "Management in the financial services : emotional labour and gender." Thesis, University of Plymouth, 2001. http://hdl.handle.net/10026.1/364.

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This thesis examines the development of management in financial services and its implications on managers' activities and socialisation. The thesis uses gender and emotional labour as the main themes for the discussion of management in the financial services. The thesis reports on two ethnographic case studies within two UK retail banks. Analyses are based on data derived from interviews, observations and documents. Both the literature and data suggest that management in the service sector centres around the management of organisational cultures. Managers must disseminate the organisational values in order to extract excellent customer service from the front-line staff. Managers themselves are acculturated into the organisation and its values, in order to more easily acculturate their staff. The data indicates that although management appears to have been feminised, masculine values still dominate. Managers are socialised into organisational cultures in which human relations rhetoric looms large and both male and female managers employ 'feminine' management styles. Confusingly however, male managers' skills seem to be valued more and male-dominated business areas receive greater kudos. A disjunction between rhetoric and reality is thus evident. In addition, both management and emotional labour are presented as gendered in sociological literature. The data indicates that although management styles and practices are perceived to be gendered, there is little evidence to support the stereotypes. Both men and women can be seen to be performing emotional labour too, but it is the expectations of others and their different life experiences that can lead to gender differences in the way that emotional labour is displayed.

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Neis, Eric. "Three essays in financial economics." Diss., Restricted to subscribing institutions, 2006. http://proquest.umi.com/pqdweb?did=1158520261&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.

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Mithi, Vivien N. "Local government finance under Zambia's 2016 constitution." University of the Western Cape, 2018. http://hdl.handle.net/11394/6179.

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Magister Philosophiae - MPhil (Law)
When Zambia got its independence in 1964, there was neither a constitutional reference to local government nor constitutional provisions for local government finance. However, the new Zambian government inherited a relatively stable local government finance system. One year after Independence, councils operated under a new effected Local Government Act of 1965. The period 1965 to 1973 was a period of great success for local government, as it continued to enjoy stable and strong fiscal resources. Councils raised adequate own revenues from sources such as local electricity, water, housing and motor vehicle licensing. Local government also received adequate grants from the central government which were targeted for the development of each Council.

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Stenner, A. "Local financial management in a primary school : The Cambridgeshire scheme." Thesis, University of East Anglia, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.378566.

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Gulthawatvichai, Sarist. "Insights into irrational financial trading behaviour : evidence from the UK financial spread-trading markets." Thesis, University of Southampton, 2015. https://eprints.soton.ac.uk/375592/.

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Mwangi, George. "Relationship between Firm Performance and CEO's Stock Options in U.S. Pharmaceutical Companies." Thesis, Walden University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10245104.

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The CEO’s compensation policy is one of the most important factors in an organization’s success. CEO’s stock options are awarded to align the interests of the CEO with the interests of the firms’ stakeholders. However, lack of understanding of the relationship between firm performance and a CEO’s stock options could threaten the alignment of a CEO’s interests with those of the stakeholders. Grounded in agency theory, the purpose of this correlation study was to examine the relationship between return on equity, return on investment, total annual revenues, and CEOs’ stock options awards, while controlling for firm size, age of CEO, and CEO tenure. Archival data from 99 U.S. pharmaceutical companies were analyzed using hierarchical linear regression. The results of the hierarchical regression analysis indicated a significant predictive model F(6, 262) = 42.065, p < 0.05, R² = .343. However, in the final model, only firm size and CEO tenure were significant. In addition, there was no significant relationship between return on equity, return on investments, and annual revenues to CEOs’ stock options. The implications for positive social change include the potential for policy makers to utilize findings in furthering dialogue related to income inequality and feeling of unfair distribution of valuable resources in the society. Pharmaceutical business leaders might affect social change by structuring CEOs’ compensation based on firm performance, encouraging innovation, and improving employment opportunities in the society.

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Lau, Nam-hoi Skovon, and 劉南凱. "The financial management of hotel operation in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1997. http://hub.hku.hk/bib/B31268079.

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Coit, David Earle. "Valuing Commercial Finance Companies." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2147.

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Stakeholders are increasingly insistent that companies increase firm value. The problem is that stakeholders of financial services firms are unable to accurately determine firm value. The purpose of this correlational study was to examine the accuracy of 4 valuation models in predicting the market value of equity of commercial finance companies. Study participating companies were 8 listed U.S. or Canadian commercial finance companies. The theoretical constructs of the study included the accuracy of valuation models, modern portfolio theory, and the correlation of book value of equity to market value of equity. Financial information on participating companies obtained from public filings were input data in 4 valuation models. Multiple regression analysis of valuation model results and book value of equity (the predictor variables) were used to determine the accuracy of the models in predicting the market value of equity (response variable). The findings of the study showed that all 4 valuation models in combination with the book value of equity were statistically significant predictors of the market value of equity of the participating companies at the p < .05 level. However, the dividend discount model (DDM) and residual income model (RIM) were statistically more accurate without the combination of book value of equity (p = .000 and p = .000, respectively) than the discounted cash flow and risk-adjusted discounted cash flow valuation models (p = .371 and p = .904, respectively). The results of this study contribute to positive social change by providing business leaders an ability to measure the effectiveness of their actions in creating firm value. Corporate social responsibility activities correlate to value creation for firms that engage in promoting employee welfare and other stakeholder welfare.

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Laird-Smith, James. "Market Betas on the JSE: Factor selection, estimation and empirical evaluation." Master's thesis, University of Cape Town, 2017. http://hdl.handle.net/11427/25364.

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This paper examines the nature and significance of market betas on the Johannesburg Stock Exchange (JSE). The identity of market betas is determined by means of Principal Component Analysis (PCA) performed on the returns of the FTSE/JSE Africa Index Series. A scree test shows two factors necessary for inclusion in the appropriate Arbitrage Pricing Theory (APT) model. Based on the promax rotated factor loadings, it is argued that the Financials (J580) and Basic Materials (J510) indices ought be used as the appropriate observable index proxies for the first and second factors respectively. Regarding the estimation of beta, this paper makes the case for the use of Reduced Major Axis (RMA) regression over the traditional Ordinary Least Squares (OLS) approach. A number of characteristics are assessed when arriving at this conclusion. Importantly, it is shown that the traditional OLS regression method chronically underestimates the magnitude of the beta parameter whereas RMA regression does not. In addition, it is shown that, while OLS beta values are more stable in absolute terms than RMA beta values, the RMA values are more stable when adjusted for their magnitude. This paper does not make use of a thin trading filter to narrow the sample of stocks for empirical evaluation. Instead, an examination is made of the significance of beta values at the point at which they are estimated. This is accomplished by means of a rolling window of regressions. It is shown that, while most stocks do exhibit betas which are consistently significant over their listing period, many stocks do not. Some stock returns result in almost no significant beta values while some others exhibit beta values which are significant for only a portion of their listing period. It is shown that a median beta p-value value of 5% is an appropriate 'significance filter' for limiting the sample of stocks to only those significant for the majority of their listing period. Using only these stocks, an empirical evaluation of beta is conducted using portfolios sorted on both OLS and RMA beta values. It is found that neither beta measure explains the cross-section of returns in the case of resource stocks. However, in the case of non-resource stocks the results show a clear divergence between the methods. In the case of OLS sorted portfolios, the results show a negative relationship between beta and returns. This surprising and counterintuitive result has also been arrived at by other researchers and is the opposite of what the APT would predict. However, in the case of RMA sorted portfolios, this pattern reverses itself, showing a positive relationship between beta and returns. For some holding periods, this is shown to be significant, providing evidence in support of the APT. As a result it is demonstrated that OLS regression not only underestimates the magnitude of beta, but that it distorts the results of empirical tests. On this basis it is argued that RMA regression ought replace OLS regression as the preferred method of beta estimation for the JSE.

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Milinkovich, Steven M. "Analysis of perceived financial conditions of US Navy enlisted personnel." Thesis, Monterey, Calif. : Springfield, Va. : Naval Postgraduate School ; Available from National Technical Information Service, 2006. http://library.nps.navy.mil/uhtbin/hyperion/06Mar%5FMilinkovich.pdf.

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Ford, Neil Spencer Zimmon Nicholas Waldon. "A data-based Financial Management Information System (FMIS) for Administrative Sciences Department." Monterey, California : Naval Postgraduate School, 1990. http://handle.dtic.mil/100.2/ADA241958.

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Thesis (M.S. in Financial Management)--Naval Postgraduate School, December 1990.
Thesis Advisor(s): Liao, Shu. Second Reader: Bui, Tung. "December 1990." Description based on title screen as viewed on March 30, 2010. Author(s) subject terms: Financial Management Information System, DBase IV, Data-Based Management System. Includes bibliographical references (p. 111). Also available in print.

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Milly, Kwagala. "Management and performance indicators of micro-finance institutions in Uganda." Thesis, Nelson Mandela Metropolitan University, 2011. http://hdl.handle.net/10948/1641.

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The purpose of this study is to examine how the management of micro-finance institutions in Uganda has affected the performance indicators of these institutions, and whether or not the management of these institutions is responsible for their failure. The need to carry out this study arose as micro-finance institutions in Uganda failed to attain their planned performance indicators, to such a degree that most of them closed down. Although at their inception there was considerable entrepreneurial activity supported by a highly favourable government policy environment, their closure soon after establishment raised concern as to what caused them to fail. This study was encouraged by the observation that most of these institutions failed to realise their performance indicators as planned, but the underlying cause was not clear. Thus, the study focuses on establishing stakeholder perceptions of the management of the micro-finance institutions, and the relationship between their management (planning, implementation of planned programmes, and control) and their performance indicators, following the rationale of the functional and contingency paradigms of the concept of management. The study examines the way management dealt with these institutions‟ internal and external environments to influence their ability to realise their planned performance. The study is conducted using positivistic research methodology. This involved a collection of quantitative data from a sample of 454 respondents, including 64 managers, 177 employees, and 213 clients. Structured questionnaires were used to collect the data, and purposive and convenience sampling were applied to select the respondents. The respondents were selected from 56 randomly selected micro-finance institutions operating in Central Uganda and representing 75 percent of the country‟s operational institutions by December 2009. The data were analysed using the narrative, chi-square test, the ANOVA, factor analysis, and correlation and regression methods of analysis aided by the SPSS programme. The findings show that 79.2 percent of stakeholders (managers, employees, and clients) perceived that the management of their institutions was not conducted well in terms of planning, plan implementation, and control. Eighty-one (81) percent of both managers and employees and 83.4 percent of clients held the perception that the institutions failed xvi to achieve their performance indicators as planned. Furthermore, 81.7 percent of both managers and employees described their institutions‟ internal environment as largely defined by unsatisfactory supervision, and 66.9 percent of them revealed that their institutions‟ external environment was defined by family relations. These relations adversely affected the ownership, decision-making, employee recruitment, and deployment in the institutions. The findings also show that there were significant positive but weak relationships between management (planning, implementation, control, and dealing with the internal environment and the impact of the external environment) and the performance indicators of the institutions. The management of the institutions realised only 24.8 percent of their predicted performance indicators. Of the 13 null hypotheses that were formulated for this study, seven were rejected and the alternative hypotheses were accepted, while six were accepted. All the dimensions of the management of the micro-finance institutions in Uganda need to be developed if the performance of the institutions is to be improved and sustained to desired levels. It is suggested that large performance improvements will be realised by ameliorating all the dimensions of the institutions' management, while placing more emphasis on improving the following dimensions: the organisation of the institutions; the managing of their internal environment and the impact of their external environment; the conduct of their internal concurrent control; and the planning of their performance indicators and marketing, involving all the stakeholders, in particular the managers, employees, clients, Government, and the Uganda Micro-finance Forum, where necessary. Further research is recommended into other factors affecting the performance indicators of the institutions, since none of the management functions had explained them properly.

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Schuster, Joel D. "Business aircraft investment and financial performance." Thesis, Capella University, 2015. http://pqdtopen.proquest.com/#viewpdf?dispub=3714060.

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This research was an attempt to replicate, yet expand previous empirically supported, qualitative gray literature research conducted by NEXA (2010). The primary difference between this study and the NEXA study is adding significance testing in a quantitative study, to substantiate previously reported positive organizational financial performance associated with business aircraft investment. The outcome contradicted the previous study by providing evidence there were no significant differences in financial performance between those companies that own business aircraft and those companies that do not. The sampling populations were collected from publicly available data through a Federal Aviation Administration (FAA) aircraft registry and Securities and Exchange Commission (SEC) / Edgar database for the Standard and Poor’s (S&P) 600 Small Capitalization (SmallCap) Index funds.

The research utilized the Andersen (2001) Utilization strategies, Benefits, and shareholder Value (UBV) conceptual framework. The dependent variables of Earnings Before Income Tax, Depreciation and Ammoritization (EBITDA), Revenue Growth, Return on Equity (ROE), and Return on Assets (ROA) financial indicators and ratios were applied to test the significant differences between the independent variables of companies that own business aircraft versus companies that do not own business aircraft. The breadth of associated costs when contemplating investment in business aircraft goes well beynd the initial cost of the aircraft itself and was not covered in this study. Depending on the strategic objective and intended use of a business aircraft, ownership involves an additional and significant investment in infrastructure and back office support, segregated by direct and indirect costs.

In order to help define the future roles of business aircraft, the industry as a whole must create a synchronous and performance based public face that emphasizes the broad collection of the multi-dimensional and positive, technological, economic, and regulatory, political, and social dynamic contributions. Moreover, with financial indicators demonstrating positive value, productivity, and performance separation between business aircraft ownership from non-ownership, coupled with the internal as well as external drivers influencing financial results, the public face of business aviation and its aircraft should be one of the top investment decisions for future sustainability and competitive advantage.

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Bedendo, Mascia. "Density forecasting in financial risk modelling." Thesis, University of Warwick, 2003. http://wrap.warwick.ac.uk/2661/.

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As a result of an increasingly stringent regulation aimed at monitoring financial risk exposures, nowadays the risk measurement systems play a crucial role in all banks. In this thesis we tackle a variety of problems, related to density forecasting, which are fundamental to market risk managers. The computation of risk measures (e.g. Value-at-Risk) for any portfolio of financial assets requires the generation of density forecasts for the driving risk factors. Appropriate testing procedures must then be identified for an accurate appraisal of these forecasts. We start our research by assessing whether option-implied densities, which constitute the most obvious forecasts of the distribution of the underlying asset at expiry, do actually represent unbiased forecasts. We first extract densities from options on currency and equity index futures, by means of both traditional and original specifications. We then appraise them, via rigorous density forecast evaluation tools, and we find evidence of the presence of biases. In the second part of the thesis, we focus on modelling the dynamics of the volatility curve, in order to measure the vega risk exposure for various delta-hedged option portfolios. We propose to use a linear Kalman filter approach, which gives more precise forecasts of the vega risk exposure than alternative, well-established models. In the third part, we derive a continuous time model for the dynamics of equity index returns from a data set of 5-minute returns. A model inferred from high-frequency typical of risk measures calculations. The last part of our work deals with evaluating density forecasts of the joint distribution of the risk factors. We find that, given certain specifications for the multivariate density forecast, a goodness-of-fit procedure based on the Empirical Characteristic Function displays good statistical properties in detecting misspecifications of different nature in the forecasts.

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Isaac, Dominic Ugochukwu. "Human Resources Management Professionals' Experience with Online Degree Holders in Recruitment." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7231.

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Online degree holders in Nigeria have poor acceptability during recruitment and promotion decisions because of reliability and legality perceptions of online degrees. There is little knowledge about how human resource (HR) managers identify employability skills in online degree holders. Guided by Bills's screening conceptual framework, the purpose of this case study was to explore how Nigerian recruiters identify employability skills in online degree holders. The participants for this study consisted of 2 participants from each of 10 sectors covering the government and nongovernmental organizations; participants had at least 5 years' experience in working with online degree holders. Data were collected through semistructured interviews with 20 participants. Yin's 5-step data analysis process was used with triangulation and member checking to analyze the findings. The findings of this research indicate that, contrary to earlier suggestions of low rating and poor acceptability of online degrees, HR experts in Nigeria have a high regard for the employability skills in online degree holders. The study produced 4 major findings: the possession of relevant skills by online degree holders, degree type does not form the determinant factor in recruitment, discovery strategies, and going beyond mere perception. The findings of this study may bring about positive social change toward policy changes in Nigeria regarding the adoption of online education. The results of the study can lead to positive recommendations for online degree holders, seekers of online degrees, online higher institutions, employers, and public policy makers.

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YANG, Jingyu. "Management earnings forecast decisions in a regulated regime : evidence from China." Digital Commons @ Lingnan University, 2015. https://commons.ln.edu.hk/fin_etd/11.

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Since 2000, China has required publicly listed firms to issue management earnings forecasts when they expect extreme changes in earnings or are likely to become loss-making. This study examines managers’ forecast decisions under this unique regulatory environment. I find an increase over time in the proportion of firms issuing voluntary earnings forecasts when they do not expect extreme changes in their earnings or losses. I also find an improvement in the quality—in terms of the precision, accuracy and bias—of both mandatory and voluntary forecasts over time. Further detailed analysis shows that the introduction of the regulation on management earnings forecasts is one of the underlying forces driving firms’ decisions to provide voluntary earnings forecasts. Specifically, I find that a firm is more likely to issue a voluntary forecast if the firm was required by regulation to issue an earnings forecast in the previous year. Peer pressure also explains firms’ decisions to issue voluntary forecasts. I then investigate the reasons underlying the improvement in the quality of management earnings forecasts. I find that learning effects and peer pressure are the driving forces behind the improvement. Specifically, I find that the forecasts issued by more experienced firms are more specific, accurate and conservative. Furthermore, the quality of a firm’s forecast is positively related to the quality of its peer firms. Overall, my results show that requiring some listed firms to issue management earnings forecasts in China might have built up a momentum that has promoted the issuance of voluntary forecasts and improved the quality of forecasts over time.

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Acker, Enrico. "The personal financial management attitudes and practices of South African rugby players." Thesis, Nelson Mandela Metropolitan University, 2016. http://hdl.handle.net/10948/11363.

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When rugby became professional in 1995, both the game and the social and financial position of the players changed (Basson, 2003). Players started to train full-time and earned annual salaries (Goldman& Johns, 2009). Due to the transition from amateur to professional status, rugby players needed to make adequate personal financial management decisions. The purpose of this study is to investigate the personal financial management attitudes and practices of South African rugby players. Previous research about personal financial management largely focussed on the general public, and did not focus on South African rugby players. Rugby is a professional sport where players earn money from a young age. It is expected of rugby players to make adequate personal financial decisions from as early as 19 years old. The literature review provided an overview of personal financial management and a discussion on the various components that should be included in personal financial management. A framework for this study was developed. The framework used these components as the base for the personal financial attitudes and practices and how it relates to the demographics of the respondents. Three hypotheses were also formulated based on the literature overview and framework. The objectives of this study were achieved by adopting a quantitative research methodology. A convenience sample of 132 rugby players was drawn for this study. Rugby players from NMMU Madibaz, Eastern Province Rugby Union (EP), South Western Districts Rugby Union (SWD) and Sharks Rugby Union participated in this study. The results of the empirical survey showed that respondents have positive attitudes towards the importance of budgeting, retirement planning, risk management, debt management and investment and the importance of employing a financial planner. On the other hand the personal financial management practices of the respondents in this study can be described as weak. From the results of the empirical survey it is clear that the respondents have weak practices towards the majority of the personal financial management practices. Only one of the three hypotheses was accepted namely that there is a relationship between the demographics of rugby players and their personal financial practices. There is no relationship between personal financial management attitudes and personal financial management practices of South African rugby players and that there is also no relationship between demographic variables and personal financial management attitudes of South African rugby players. This study has provided insight into the personal financial management attitudes and practices of South African rugby players. Valuable information was obtained that could help to address the personal financial management needs of rugby players.

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Mulusa, Lucky Mabenga. "The financial sustainability of South Africa's National Development Finance Institutions." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/6096.

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Thesis (MDF (Development Finance))--Stellenbosch University, 2008.
ENGLISH ABSTRACT: Development Finance Institutions (DFIs) in South Africa can enhance their role as prime vehicles for the Government to achieve the social objectives of meeting the millennium goals. This can be achieved by ensuring that higher ratios of resources available to the DFIs are applied to development lending and that such DFls stay financially sustainable. DFls have served as conduits for channelling credit to priority sectors, often at concession terms, and have directed their strategies towards achieving social and economic goals that are believed to be neglected by market forces. The absence of structured monitoring and evaluation mechanisms for both impact assessment and the application of resources make it impossible to ensure that these DFIs exist to achieve the mandates for which they were created. The perception of market failure, however, justifies the allocations of scarce public resources to DFIs. DFIs are expected to be catalysts in financial intermediation, extending long-term credit and contributing to economic development through the removal of bottlenecks associated with credit shortage within communities of the Historically Disadvantaged Individuals (HDI). The application of scarce resources, however, calls for a financially sustainable DFI sector so that there may be a sustained provision of credit to the targeted sectors, in order to achieve optimum use and allocation of state resources. The government, through the ASGISA initiative, recognises the role the DFIs can play in halving poverty and unemployment by 2014, due to the labour intensive nature of the targeted priority sectors, such as agriculture. The performance of most of these DFIs, in terms of mandate achievement and financial sustainability, has not been well balanced, as evidenced by the past and present prevalence of the use of govemment guarantees including recapitalisation and future anticipated requests for such facilities. This study was initiated in response to the anticipated growth in the number of DFIs likely to seek either government guarantees or recapitalisation or both. At present, no mechanism is in place for the National Treasury (NT) to detect financial distress of any DFI long before it occurs, so that intervention measures can be put in place.
AFRIKAANSE OPSOMMING: Ontwikkelingsfinansiering Instellings (OFIs) in Suid Afrika kan hulle rolle versterk as primere voertuie om die sosiale doelwitte van die millennium te bereik. Hierdie doelwitte kan bereik word deur te verseker dat die hoer beskikbare verhouding en middele by die OFIs aangewend word vir ontwikkelingslenings en dat hierdie OFIs finansieel volhoubaar bly. "OFIs het as wee gedien vir die kanalisering van krediet aan prioriteit sektore, dikwels teen konsessionere terme, en het hulle strategies gerig om sosiale en ekonomiese doelwitte te bereik wat geglo is deur markkragte negelaar is. Die nie bestaan van gestruktureede monitering- en evaluasiemeganismes vir beide impak evaluasie en aanwending van hulpbronne maak dit onmoontlik om te verseker dat hierdie OFIs bestaan om die mandate waarvoor hulle geskep is te bereik. Die persepsie van mark versuim regverdig nietemin die allokasie van skaars openbare hulpbronne aan OFIs. Daar word van OFIs verwag om kataliste te wees van finansiele intermediasie, die verskaffing van langtermyn krediet en om by te dra tot ekonomise ontwikkeling deur van bottelnekke weg te neem wat geassosieer word met krediettekorte binne gemeenskappe van Voorheen Benadeelde Individue (VBI). Die aanwending van skaars hulpbronne vra nietemin vir 'n finansiele volhoubare OFI sektor, sodat die volgehoue voorsiening van krediet aan geteikende sektore plaasvind, om die optimum gebruik en allokasie en staatshulpbronne te verseker. Die regering, deur die ASGISA inisatief, erken die rol wat OFIs kan speel in die halvering van armoede en werkloosheid teen 2014, as gevolg van die arbeidsintensiewe aard van die geteikende sektore, soos byvoorbeeld landbou. Die prestasie van hierdie OFIs in terme van die bereiking van mandate en finansiele volhoubaarheid was nie goed gebalanseerd nie, soos bewys word deur die oorgewig van die gebruik in die verlede en huidiglik van regerings waarborge, insluitend herkapitalisasie en toekomstige versoeke vir sodanige fasiliteite. Die studie was geinisieer in reaksie tot die verwagte groei in die getal OFIs wat waarskynlike staastwaarborge of herkapitalisasie of beide gaan vra. Huidiglik is daar geen meganisme in plek vir die Nasionale Tesourie (NT) om die finansiele nood van enige OFI te identifiseer voordat dit plaasvind en om daardeur intervensie maatreels in plek te sit nie.

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Malhotra, Jatin Ravikant. "Two Essays in Financial Economics." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/td/1529.

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In the first chapter of this dissertation, I examine the relationship between hedging and diversification effects on CEO compensation in the Real Estate Investment Trust (REIT) industry. The REIT industry is suitable for this investigation for various reasons; primarily being that the REIT sample represents a relatively clean sample to study the effects of diversification and hedging on compensations. I find a positive and significant relationship between the interaction variable which reflects the effects of both hedging and diversification and CEO pay-for-performance sensitivity. This is consistent with the notion that managers are in a better position to manage firm risk if they use all the available tools and instruments, including hedging and diversification. I also find a positive and significant relationship between hedging and CEO pay-for-performance sensitivity, indicating that CEO compensation is more short term oriented because hedging is a relatively short term risk reduction strategy. The second chapter of this dissertation examines the relative contribution of regular and e-mini futures market to price discovery of EUR/USD futures contracts on the CME, using intraday data in 2010. The relative contribution to price discovery is estimated using the information share approach proposed by Hasbrouck (1995) and Gonzalo and Granger (1995). Empirical findings indicate that regular futures market accounts for approximately 66.5% of price discovery in the EURO/USD market. This study also examines if the regular future’s information share (IS) can be explained by the positioning of commercial and non-commercial traders. The results support the conclusion that the IS of regular futures can be better explained by non-commercial traders (speculators) than commercial traders (hedgers).

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Strong, Scott R. "Measuring coaching effectiveness in the financial services industry." Thesis, Indiana Wesleyan University, 2014. http://pqdtopen.proquest.com/#viewpdf?dispub=3645202.

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This mixed methods study was to examine coaches who provided coaching for leaders to improve employee career development, defined as the individual's involvement and satisfaction with the organization in achieving his or her goals (Harter, Schmidt, & Haynes, 2002). The purpose is to determine if these coaches are able to be evaluated through assessments to determine who is more effective in coaching leaders in the financial services industry, and to determine the overall effectiveness in working with leaders to determine a non-traditional return on investment that an organization can use to measure coaching. One way to measure a coaching outcome is by goal achievement (Spence, 2007). The individual will be able to determine if measureable progress is being made toward goal achievement, which allows for earlier assessment of whether or not coaching is successful. This study was implemented to find out earlier if the coaching is working and to develop a more systemic way to assist high potential executives rather than leaving it up to each individual coach. The research creates a survey instrument and pilots its use in a financial services organization to evaluate the effectiveness of the questionnaire set created to conduct this study.

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Alexander-Joseph, Dawn Theona. "Strategies and Processes for Implementing Financial Analysis for Business Success." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/3968.

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The early failure of startup businesses is a concern for many local communities, including the Virgin Islands, with about half of startups failing within the first 5 years of their life cycle. Besides the social and economic impact on communities, these failures have a personal effect on small business owners. Grounded in decision-making theory and the theory of financial management, the purpose of this single case study was to explore strategies and processes Virgin Islands retail business managers use to implement financial analysis for decision making to help sustain their operations. Data were collected using company records and semistructured interviews with 7 retail managers, who had developed successful financial analysis strategies. Keywords and narrative segments from the collected data were analyzed using methodological triangulation by integrating the findings from the review of company records and the semistructured interviews. Emergent themes from interviews and company records revealed 5 themes, including selection and retention of personnel, implementation of growth and development strategies, and the monitoring and evaluation of financial data, that contributed to business success. With the implementation of the results suggested by participants, retail managers may improve their profit margins beyond the first 5 years of operation, contributing to the increases in tax revenues within the Virgin Islands, and they may improve their ability to make sound financial decisions for continued business success.

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Njoku, George Chibuzo. "The Impact of Corporate Governance on Working Capital Management in Nigerian Organizations." ScholarWorks, 2017. https://scholarworks.waldenu.edu/dissertations/4395.

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Many Nigerian firms have faced working capital management (WCM) inconsistencies, which have remained a source of tremendous concern in the face of high competition. In this study, the research problem explored was how inefficient working capital policies are still negatively affecting shareholders' wealth several years after the economic crisis, constraining sustainable development. The purpose of this quantitative research study was to examine how corporate governance has affected WCM within Nigerian organizations. The research question was about how corporate governance practices expand WCM efficiency. A random sample of 89 Nigerian organizations was used, and publicly available ethical ratings and financial information data on the companies involved were obtained. This quantitative study utilized a multiple regression methodology to determine the extent to which CEO duality, CEO tenure, board size (BS), and an audit committee (AC) can predict WCM performance. The findings specifically determined that board size and audit committee size were significantly related to WCM, while CEO tenure and CEO duality were not related to WCM. The results were consistent with previous studies suggesting that the impact of corporate governance in Nigerian organizations relates to WCM. The results of this study may help Nigerian organizations adopt and operate an appropriate corporate governance structure that will enhance their organizational effectiveness, aid business managers in allocating resources, and allow them to continue their corporate social responsibility missions of providing services to their communities and transforming society.

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Rodriguez, Jodonnis. "Essays on the Effect of Board Gender Diversity on Firm Risk, Performance, and Institutions' Ownership Preferences." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2615.

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This dissertation examines the effect of gender diversity on firm risk and financial performance, and on the stock ownership preferences of institutional investors. For the firm risk and financial performance analysis, we use U.S. firms listed on the S&P 500 and NSE-listed Indian companies. The two samples provide our study with the ability to study gender diversity in a developed and emerging market with distinct economic frameworks, cultural traditions, and legal environments. Our empirical tests show that firms with more gender diversity are less risky and have higher financial performance than firms with less gender influence. These results are consistent with the notion that the addition of female directors increases the collective intelligence of the board and, thus, leads to higher quality deliberations and decision-making. The results are robust to propensity score matching which help control for endogeneity. Additionally, the results are robust to various measures of firm risk, financial performance, legal environments, industry and time fixed effects, and clustered standard errors. Furthermore, this dissertation examines the ownership preferences of institutional investors, a group of investors known for their ability to acquire private information and analyze publicly-disclosed information quickly. Researchers find that firms with female directors tend to disclose more firm-specific information and tend to serve on monitoring-related committees. As higher disclosure and more monitoring decreases institutional investors’ incentive to collect and profit from private information, we hypothesize that they will invest less in gender diverse firms. For our empirical tests we use the data on US firms. We find that institutional investors tend to hold less shares in firms with more gender diversity. These results are robust to industry and time fixed effects, heteroscedasticity, and serial correlation.

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Eckhardt, Brian A. "Show Me the Money: Performance Evaluation of Professional Stock Recommendations." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1275.

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This paper applies a short-term event study methodology to analyze the performance of common stock recommendations made by the Wall Street Journal’s Ahead of the Tape, CNBC’s Mad Money and Value Investors Club. The results suggest that a portfolio that replicates the long and short recommendations from Value Investors Club earns significant abnormal returns. These returns persist even after accounting for trading costs, the bid-ask spread and stock loans. Abnormal returns to Mad Money’s positive endorsements are also significant for the two days after announcement, but are erased by transaction costs. Across all three sources, abnormal returns rarely correspond with abnormal trading volume, an unexpected dichotomy that invites further research.

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Li, Qianru. "Three Essays on Stock Market Volatility." DigitalCommons@USU, 2008. https://digitalcommons.usu.edu/etd/308.

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Volatility is inherently unobservable, and thus the selection of models and their definition is crucial in financial research. This dissertation attempts to check the role of investor sentiment and forecast Value-at-Risk (VaR) of the stock market using both parametric and nonparametric approaches. In the first essay, based on daily return data of three stock indices and four individual stocks from January 1988 to December 2006, the role of day-of-the-week, as well as investor sentiment, is examined using two approaches: linear regression to test investor sentiment effect on stock returns and Logit regression to test the investor sentiment effect on market direction. The results indicate that there is a significant positive role of investor sentiment in the market. However, the outcome also shows that the role of the day-of-the-week effect varies among stocks Based on the results presented in the first essay, in the second paper investor sentiment effect was included in both mean and conditional variance equations of GARCH models. By comparing augmented GARCH models considering investor sentiment effect with traditional GARCH models, the result demonstrated that aug-mented GARCH models are signifiantly better than traditional GARCH models where AIC, BIC, log-likelihood, and out-of-sample VaR forecasting were employed. The research indicates that a significant role of investor sentiment in forecasting conditional mean and conditional volatility and the accuracy of GARCH models is improved by accounting for investor sentiment effect. Compared with the first and second essays employing a parametric method to analyze the stock market, the third paper adopts a nonparametric approach to estimate the conditional probability distribution of asset returns. It is evident that the exact conditional mean and conditional variance is inherently unobservable for time series. In practice, conditional variance is often achieved from different parametric models, such as GARCH, EGARCH, IGARCH, etc., by assuming di®erent distributions such as normal, student's t, or skewed t. Therefore, the accuracy of forecasting strongly depends on the distribution assumption. The nonparametric method avoids the need for a distribution assumption by using a neural network to estimate the potentially nonlinear relationship between VaR and returns. Our results show that the neural network approach outperforms traditional GARCH models. (96 pages)

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Gerrans, Paul. "The use and usefulness of managed fund ratings in Australia." Thesis, Edith Cowan University, Research Online, Perth, Western Australia, 2002. https://ro.ecu.edu.au/theses/759.

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Managed fund ratings have become an increasingly available piece of information to guide choice of managed funds. From the perspective of modem portfolio theory and specifically within the efficient markets paradigm, the value of such information is questionable. No profitable relationship should be able to be demonstrated between a fund rating and its subsequent performance. This thesis investigates the relationship between fund ratings and subsequent performance using Morningstar ratings, the most prominent Australian rating provider, for two of the largest and most important groups of managed funds. A positive relationship between a fund's star rating, its quantitative and qualitative components, or quantitative sub-components and subsequent performance is the: least supported relationship. Four major rating companies compete for the attention of individual investors and financial advisers, two key target markets of managed fund rating suppliers. A survey of a sample of informed individual investors from the Australian Shareholder Association demonstrates that a consumer behaviour framework may better explain the role of ratings to individual investors. Ratings act as both an information source and selection criteria. A survey of a sample of financial advisers from the Financial Planning Association confirms that ratings are used by advisers, primarily to help satisfy 'reasonable basis' tests imposed on financial advisers when making recommendations to investors. For groups in each sample a link between a rating and subsequent performance was the main purpose they used a rating. The largest group of both samples reported that they considered the main purpose of a rating was to identify well managed/administered funds. The construction of ratings in Australia provides a contrast with overseas counterparts in the significance attached to qualitative or "forward-looking" components. Each rating company strongly promote their ability in making these qualitative assessments and seek to articulate the difference in their ratings to users. The importance attached to the range of possible inputs to ratings varies by identifiable clusters of individual investors and financial advisers. The largest cluster in each sample considers historical performance inputs more importantly than the rating suppliers. The smallest cluster in each sample considers the forward-looking inputs as the most important. This is in contrast with the rating suppliers who emphasise these inputs. Further there appears to be a lack of discrimination in the choice of rating to rely on given the reported importance attached to various inputs and the corresponding importance given them by the various rating suppliers.

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Roman, Allan Donovan. "Financial Reporting and the Public Finance Management Act (PFMA) in the Western Cape." Thesis, University of the Western Cape, 2008. http://etd.uwc.ac.za/index.php?module=etd&action=viewtitle&id=gen8Srv25Nme4_3069_1273450909.

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The study focused on financial reporting in the public sector with the view to understanding the impact of the present financial management system in South Africa is adding value to the measurable outcomes-based objective process as required by the Public Finance Management Act (PFMA). The study determines the role of the Medium-Term Expenditure Framework (MTEF) in financial reporting, in relation to the business plan (strategy) and measurable outcomes and results of the Department of Community Safety. The primary objective of this study was to perform an assessment of financial reporting and its effectiveness in terms of the PFMA as the legislative framework and the MTEF as a financial management tool. The secondary objectives were to: (1) to provide a theoretical perspective of public financial management and reporting in government
(2) to provide an
verview of policies, legislation and strategies
(3) to record and develop a case study of financial reporting in the Western Cape Provincial Government within the Department of Community Safety (WCPG)
(4) to present the research findings on financial management, and (5), to apply the theoretical framework to the case study in order to develop findings.

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Asenova, Darinka. "Risk management in private finance initiative projects : the role of financial services providers." Thesis, Glasgow Caledonian University, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.289427.

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Hammon, Mat. "Attitudes about alternate financial planning for churches." Online full text .pdf document, available to Fuller patrons only, 2001. http://www.tren.com.

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Adhikari, Hari Prasad. "Essays on Corporate Finance." Scholar Commons, 2014. https://scholarcommons.usf.edu/etd/5165.

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We compare acquisition activity, method of payment choice, and the long-run value implications of acquisitions by newly public single-class and dual-class US companies. Our results show that dual-class IPO firms make relatively more acquisitions in innovative industries and are less likely to pay with stock as compared to single-class IPO firms. We provide evidence that the reluctance of dual-class firms to pay with stock is not related to the insiders' cash-flow rights but it is significantly positively related to the insiders' voting rights and wedge between the insiders' voting rights and cash-flow rights. We also find that acquiring dual-class IPOs perform better in the long-run than acquiring single-class IPO firms, and the better performance is mainly due to acquisitions in innovative industries. The results suggest that insiders of dual-class IPOs try to retain control during subsequent M&A activities. The governance structure in such firms allows them to make investments in high risk projects that enhance shareholder value in the long-run. Next, we examine the acquisition performance of family and non-family firms in the S&P 500 universe. Using style-adjusted and market-adjusted buy-and-hold returns (BHAR) and controlling for firm and merger characteristics, we find that the post-merger performance of family firms is significantly better than that of non-family firms. In particular, the mean one-year style-adjusted buy-and hold abnormal return is around 18% higher for family acquirers than for non-family acquirers. Further, contrary to the argument that founding family members make value-destroying diversifying acquisitions to minimize the risk of their personal portfolio, we do not find that family firms lose value in diversifying acquisitions. This result is consistent with Stein's model (1997) showing that diversification helps to reduce the cost of capital of the firm.

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Aina, Adebunmi Yetunde. "Financial management decision-making processes in public primary schools." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/65455.

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The South African Schools Act 84 of 1996 prescribes how schools should manage their finances and involve their stakeholders in financial management decision-making. The relevant literature reveals that principals in many schools situated in township and rural areas play a dominant role in the financial management of their schools which is contrary to the prescriptions of the South African Schools Act. This study aimed to identify financial management decision-making processes utilized in fee-paying public primary schools, the factors that influence financial management decision-making and the role and influence of individual stakeholders in financial management decision-making. The study followed a qualitative research approach with a multiple case study research design. Five fee-paying public primary schools were purposively selected. Participants included governing body chairpersons, principals and financial managers of the schools. Data was collected by means of semi-structured interviews and document analysis. The findings from the data suggest that financial management decision-making processes utilized in fee-paying public primary schools are: needs analysis, budget drafting and procurement processes. The study also reveals that members of school governing bodies (SGB) in fee-paying schools situated in affluence areas are educated professionals who, as required by the South African School Act, exert a strong influence in financial management decision-making in schools.
Dissertation (MEd)--University of Pretoria, 2017.
Education Management and Policy Studies
MEd
Unrestricted

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Hadori, Yunus Richard J. "External financial reporting in Indonesia and its implications for accounting development." Thesis, University of Hull, 1992. http://hydra.hull.ac.uk/resources/hull:5347.

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The objective of this research is to explore the area of financial accounting, international accounting, and accounting technology transfer, with emphasis on accounting for developing countries, specifically Indonesia. Confining itself to external financial reporting, the study explores the influence of environmental aspects on accounting standards and practices, institutionally and technically. Analysis of the role and needs of preparers, users, auditors and government agencies, and of the interaction between institutional and technical aspects, conducted to ascertain their implications for accounting development in Indonesia. The empirical research was conducted using hypotheses as catalysts, to test the characteristics, general opinions and attitudes of the interested parties toward accounting standards and practices, accounting education and development of the accounting profession. The findings of the research suggest that accounting technology cannot be successfully transferred from a developed to a developing country without considering the influence of environment, particularly the role of government. Indonesia, heavily influenced by the US accounting, needs to improve its accounting system in order to make it appropriate for its own environment. Many deficiencies were found in the areas of accounting theory, accounting standards and practice, accounting rules and regulations, accounting education, professional accounting and the role of government. In order to improve the existing conditions, it must be recognised that those aspects are closely related, and that the only way to develop the role of accounting is to adopt an integrated approach. The study provides a series of recommendations, based upon the findings of the empirical research, which should provide a useful starting point towards such an approach.

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Amoah, Robert A. "Assessing the Level and Impact of Financial Literacy on African Americans." ScholarWorks, 2016. https://scholarworks.waldenu.edu/dissertations/2307.

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Individuals are faced with making important economic decisions regarding retirement, savings, investing, and insurance. Across the globe, developed and emerging economies are experiencing growth in the sophistication of financial markets and products. Individuals require a greater degree of financial literacy to understand and explore these sophisticated and emerging financial markets and products. A review of literature revealed African Americans, however, lack the decision-making tools to function in the financial world. The purpose of this study was to assess the extent to which African Americans have financial knowledge. The sample size was 382 African Americans residing in Columbus, Ohio. The study was based on the planned behavior theory, self-determination theory, and transtheoretical theory, all of which emphasize autonomy and competency. Data were collected utilizing the Jump-$tart Coalition survey instrument for measuring financial knowledge. Survey questions focused on personal finance topics including income, money management, savings and investment, and spending and credit. Data were analyzed using t test and ANOVA. On average, participants demonstrated a lower knowledge level of personal finance. Results (M = 45%) were compared with the Jump-$tart Coalition national average (M = 48%). Results however, indicated that, formal financial education has a positive impact on knowledge of personal finance. There was significant knowledge difference (t = 12.921, p = .00) between participants who took courses in finance and economics and participants who did not. This study has positive social change implications in that it could lead to improvement in economic well-being of African Americans as well as the health of the nation's economy.

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Dissertations / Theses on the topic 'Finance and Financial Management'

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