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.

<p>This thesis has two major objectives. The first objective is to analyze the aggregate financial assets and financial flows, and as well their sectoral composition, in the Egyptian economy over the period 1952 through 1970. To pursue this study a Gross Financial Stocks Interrelation Matrix, the stock equivalent of the extended version of the lending/borrowing matrix was formulated for Egypt at eight points in time between 1952 and 1970. Our motivation for undertaking this study is based on the lack of literature analysing the financial flows of the non-financial sectors in Egypt. The literature on the financial structure of the Egyptian economy was limited to the institutions and assets of the financial sector. An interesting finding of this study is that the assumption of control over the economy by the Egyptian government in 1961 did not have much impact on the structure and the size of the financial flows. The second objective of the thesis is to prevent a technique of financial planning which is designed to aid in contolling the amount of high powered money issues by the central bank and thus the money supply prevailing in Egypt. in this respect, it was found that reasonable degree of accuracy in forecasting sectoral financial assets can be achieved by using naive forecast models. This means that, even in the absence of sophisticated econometric models of the Egyptian economy, a reasonable degree of accuracy in planning monetary aggregates can still be achieved.</p> / Doctor of Philosophy (PhD)

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The Hedge fund industry has grown significantly over the past 20 years, and is considered by many to be a part of the optimal portfolio. Using a Market Model, l created the optimal Markowitz portfolio over different business cycles to determine which hedge fund strategies are a part of the optimal portfolio. I determined that Distressed Credit Fixed Income hedge funds are optimal during bull markets, with no strategy being optimal during bear markets.

In 2007, the United States suffered what is known as the "Subprime Mortgage Crisis". This took an enormous toll on the United States Economy. However, nearby country, Canada did not experience this situation. The objective of this thesis is to determine why such different outcomes were seen in order for future economic stability. This research will examine mortgage processes, mortgage management, foreclosures on mortgages of both countries. It will then paint the economic picture that each country faced in 2007, while providing an explanation as to why the United States fared much worse than Canada during this time.

The growth rate of chief executive officers' (CEOs) compensation has dramatically outpaced average employees' pay increases. Scholars have not been able to reach a consensus on whether the financial performance of firms has a positive influence on CEOs' compensation. Also, boards of directors lack a clear understanding of the relationship between financial performance of firms and CEOs' incentive compensation in the U.S. banking industry. The purpose of this correlational study was to examine the predictive relationship between financial performance of firms (measured by return on equity [ROE] and annual revenue) and CEOs' total compensation in the U.S. banking industry. According to agency theory, which was the theoretical framework for this study, failing to understand such a relationship could cause a misalignment between CEOs' compensation and the performance of firms. Hence, the research question was, does a predictive relationship exist between ROE, annual revenues of firms, and CEOs' total compensation? Archival data from publicly traded U.S. banking firms were collected and analyzed. Multiple regression techniques were used to identify a statistically significant predictive model, F (2, 121) = 95.691, p < .000, R2 = .613. Changes in annual revenue were found to be significantly more sensitive than changes of ROE relative to the impact on changes in CEOs' total compensation. This study may contribute to positive social change by raising individuals' awareness of the importance of maintaining CEOs' equitable compensation. Additionally, compensation committees of banking firms can use the findings from this study to evaluate their compensation strategies and make necessary adjustments.

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.

This study uses real estate data and a distress index to test the success of the “Opportunity Zone” program in California. Part of the Tax Cuts and Jobs Act that was passed on December 22, 2017, this program offers sizable tax incentives to investors who reinvest their capital gains into distressed neighborhoods across the country. I analyze changes in home values and monthly rents to determine if designated opportunity zones have seen increased investment as a result of the program. Additionally, I use a distress index to examine whether this tax program has merely encouraged investment into already- gentrifying areas or if its benefits have extended to the most distressed and low-income communities. My study concludes that within California, opportunity zone real estate has successfully seen a boost in investment and that this increased investment has extended to even the most distressed areas in the state.

Some community bank managers do not possess the skills needed to retain employees, which increases employee turnover and decreases their competitive advantage. The purpose of this explanatory case study was to explore strategies community bank managers use to minimize employee turnover for their organization. The population consisted of 4 community bank managers in the Central Florida area who had at least 1-year of managerial experience evaluating employee retention. The conceptual framework was the jobs characteristics theory of Hackman and Oldham. Data were collected from semistructured face-to-face interviews and business documentation. Methodological triangulation was appropriate to validate the creditability and interpretation of the data. Three themes derived from analysis of coded of words and phrases: (a) employee compensation, (b) open communication, and (c) opportunities for growth and development. The implication of social change includes the potential for business managers to improve employee motivation and job satisfaction by implementing strategies to retain employees and reduce employee turnover for their organization leading to better customer service. The results from this study may also strengthen community wealth and knowledge by improving the standard of living for returning customers because of quality customer satisfaction.

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.