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Overinvestment of free cash flow in emerging market firms: An empirical analysis
Get PDFFree cash flow overinvestment stemming from agency conflicts and moderators of this relationship have been empirically confirmed in several studies for developed markets. Research on emerging market firms has however produced less coherent results. While it can be argued that these incongruities are a consequence of the samples analyzed and the methodologies applied, they might also be rooted in the theoretical underpinnings: Agency theory originates from developed market research, consequently assuming an institutional environment as well as firm characteristics different from those observed in emerging market companies.
This study empirically evaluates the investment behavior of a sample of emerging market firms with a methodology that specifically allows a test of the agency-based explanation of excess investment. The findings support overinvestment as a function of free cash flow, thereby confirming the free cash flow hypothesis in emerging market firms. Additionally, the results propose that this relationship can be negatively moderated by corporate governance mechanisms as well as ownership concentration; suggesting (similar to developed market firms) a principal -agent conflict motivated overinvestment. Debt as a “traditional” way to mend this agency problem can however not be confirmed. Furthermore, the study provides empirical evidence for a moderating effect of the institutional environment on the free cash flow overinvestment relationship via its interaction with firm characteristics. This proposes that the two are interrelated and that agency theory might not be invariant to the specific institutional setting. (Author abstract)Hruban, N. (2018). Overinvestment of free cash flow in emerging market firms: An empirical analysis. Retrieved from http://academicarchive.snhu.eduDoctor of Philosophy (Ph.D.)International BusinessSchool of Busines
Emigration from the Hungarian Banat, 1900-1920
Get PDFThe early Twentieth century represented peak emigration years for Hungary and the Hungarian Banat. The research of this paper uses a social lens to convey the historical context of the period in relationship to emigration from the region. Between 1900 and 1920 the outflow of minority populations was due to nationalization tension, economic factors, conscription, social unrest and a lack of equity in state rights based in minority status. Peak emigration years were 1905-1907 and this is accounted for by increased social discontent coupled with marketing of shipping lines and agents. Minorities left in higher percentages than ethnic Hungarians and the effect was to increase the Hungarian population to the majority. Emigration ended with the advent of World War I (WWI). Post WWI, new minorities were created due to the partitioning of the Banat, but immigration nearly halted due to the 1924 United States Immigration Act. (Author abstract)Winters, K. (2018). Emigration from the Hungarian Banat, 1900-1920. Retrieved from http://academicarchive.snhu.eduMaster ArtsHistoryCollege of Online and Continuing Educatio
“If That’s Art Then I’m a Hottentot!”: American art’s divorce from the American people
Get PDFIn the second half of the twentieth-century American Art experienced significant changes. Despite the rapid development of modernism in Europe, American Artists continued in a very representative style of painting. After World War II and with the advent of the Cold War came the rise of the Abstract Expressionist artists like Jackson Pollock, Mark Rothko, and Robert Motherwell. These artists painted in a new style that was not at all representative and was not understood by large segments of the American population. This new style of American Art was called Abstract Expressionism and it came to dominate the international art scene and change the direction of American Art.
During the Great Depression many American were out of work and the WPA’s Federal Arts Project, paid many artists just to paint. These WPA artists benefitted from the opportunity to be paid by the government to work without regard to marketability, patron expectations or even personal financial needs. Following World War II America was left with significant wealth while Europe was struggling to recover physically and economically. Paris was unable to maintain its reputation as the artistic cultural center, relinquishing that status to New York City which had become a vibrant and supportive artistic community that the Abstract Expressionist could continue benefit from. Additionally, Abstract Expressionism enjoyed the unique benefit of the political situation created by the Cold War years following WWII. Abstract Expressionism was covertly supported by the Central Intelligence Agency to be used as a Cold War weapon to combat communist ideology and demonstrate the freedom of expression possible under democracy.
Yet despite these advantages, many Americans did not exhibit an appreciation for the work of these new artists. There were protests to exhibitions, public sculptures and government funding of the arts. There was also much criticism, both from recognized scholars and the general public. These changes in American Art produced a significant shift in the public’s attention away from contemporary art and towards more traditional styles of painting. This shift resulted in a dramatic split in the culture of the American people that remains to this day. (Author abstract)Loraditch, T.F. (2018). “If That’s Art Then I’m a Hottentot!”: American art’s divorce from the American people. Retrieved from http://academicarchive.snhu.eduMaster ArtsHistoryCollege of Online and Continuing Educatio
Twaze
No full textDidier William is originally from Port-au-prince Haiti. He received his BFA in painting from The Maryland Institute College of Art and an MFA in painting and printmaking from Yale University School of Art. His work has been exhibited at the Bronx Museum of Art, The Museum of Latin American Art in Long Beach, The Fraenkel Gallery, Frederick and Freiser Gallery, and Gallery Schuster in Berlin. He was an artist in residence at the Marie Walsh Sharpe Art Foundation in Brooklyn, NY and has taught at Yale School of Art, Vassar College, Columbia University, SUNY Purchase and The Pennsylvania Academy of the Fine Arts. He is currently Assistant Professor of Expanded Print at Mason Gross School of the Arts at Rutgers University
Trans-Appalachian America and the National Road
No full textFollowing the Revolutionary War, the British ceded the Northwest Territory to the United States. This territory was the land north and west of the Ohio River to the Mississippi. The territory corresponds to the states of Ohio, Indiana, Illinois, Michigan, Wisconsin and an eastern portion of Minnesota. With Britain controlling the Great Lakes to the north and Spain to the south and west, this remained a landlocked territory whose only access to the eastern seaboard was over rugged mountain trails. In 1784, George Washington wrote of the need to link the western territory to the eastern states. He proposed an improved road to link an eastern river with the Ohio. Washington’s vision was accomplished as Congress enacted legislation during the Jefferson Administration for this infrastructure project. In 1811, work began at Fort Cumberland on the Potomac River in Maryland. The road conquered the mountains and reached the Ohio River in 1818. Originally known as the Cumberland Road, the National Road was eventually extended to Columbus, Ohio, Indianapolis, Indiana and finally Vandalia, Illinois in 1837. The federal funding and oversight of the road faced challenges from narrow readings of constitutional authority. Proponents of the road resorted to alarmist rhetoric, portraying the road as necessary, even vital, to prevent the nation becoming divided and separated by the mountainous terrain. This paper will evaluate the alarmist rhetoric in relation to the potential threats of disunion. Primary and secondary sources will be used in an ethnographical analysis of western culture and nationalism to demonstrate that the western settlers were patriots. The threat of disunion was used to justify federal control and funding for the National Road.Master ArtsHistoryCollege of Online and Continuing Educatio
Immigrant Women in the Making of Irish America
No full textAs a result of the Great Hunger, nearly 1.8 people emigrated from Ireland, and the resultant diaspora changed the face of the great cities where they arrived. The Irish were the first large immigrant group to emigrate to New York, and their arrival challenged the infrastructure and permanently changed the demography of the city. As such, the Irish are integral to immigration studies and New York City history, for they set the stage for the many ethnicities that followed in their footsteps. An important element in immigration studies is the process of assimilation that groups undergo as they transition from the old land to the new. This walking history tour introduces students to the idea of acculturation through the immigrant experience of the Irish Catholic women who emigrated in the middle of the nineteenth century. Through the use of illustrated newspapers, personal correspondence, city directories and bank records students learn of the nativist hostility that the Irish faced, and the strategies that they used to survive in their hostile new world. The tour ultimately exposes that while religious animosity threatened the Irish in America, it was this commitment to religion and to each other that enabled them to not only assimilate, but to thrive in New York.Master ArtsHistoryCollege of Online and Continuing Educatio
The Evils of Bolshevism
No full textIn recent months, Russia has been the focus of many investigation and has been the topic of choice of the United States and its media. It is believed that a reinvigorated and bolstered Russia is now making itself known once more as key power player on the world stage. By utilizing modern day social media as modern-day propaganda tool and with limited invasions of neighboring former republics. Russia is now making a power play to influence elections, economies and its neighbors once more . Not more than a century ago, Russia and its Bolsheviks would feel this same type of invigoration when it attempted to spread unwanted Marxism throughout Central and Eastern Europe. Led by Lenin, Trotsky and later Stalin, these men would push a deadly agenda that had no bounds. Their agenda was simple, they wanted countries, societies and the church to be reformed so they could control all features of the individuals who rested in their Bolshevik and now imperialist path.
The goal of the paper is to look back at its beginnings and reflect upon how Russia used propaganda, violence, pandemics and an economic crisis to push their unwanted Bolshevik outline. It will track how certain countries would be infiltrated by disheartened soldiers who had lost faith in their current leaders and their countries. It will look at its usages of media to push its schema. All these factors will be looked at with multiple lenses to see of Russia of yesteryear is now mirroring Russia of today. By looking at the past maybe we can see some clues of the future.Master ArtsHistoryCollege of Online and Continuing Educatio
Words and Weddings: Shifts in the Vocabulary of Marriage and Literature
No full textLiterature abounds with versions of courtship leading to marriage. By exploring the morphology and usage of words associated with matrimony, changes in grammar, as well as mining Greek, Elizabethan, Shakespearean, Romantic, and Victorian works, changes occurred in what marriage meant to society, and what words were used to describe marriage. Identifying patterns, alongside interdisciplinary applications, and the heavy use of New Historicism, shows how the institution of marriage –the modern ones based on relationships, versus mere family ties, rank, and “business-like” arrangements of old - resulted in an evolution that could only have come about with societal changes allowing that relearning.Master ArtsHistoryCollege of Online and Continuing Educatio
The predictable past: The York County race riots
Get PDFYork County, much like the rest of the nation, experienced political and societal strife during the Civil Rights Movement. Certain locations received national media attention due to the events that occurred. Although York did not receive media coverage to the extent that other locations did, York and its citizens were impacted by previous events that directly led to its predictable past: the race riots. The race riots became a predictable and inevitable future due to the consistent racial unrest, societal and political limitations, gang violence, and the questionable tactics used by the York City Police Department. The United States continues to address racism today and York is no stranger to this problem either. However, York’s location makes it particularly unique. York is a county within Pennsylvania, which is considered a part of the North and was a Union state during the Civil War. It borders the Mason-Dixon Line, which separated the Union from the Confederacy. Although this border separated slave states from free states, it is clear that ideals, values, and principles easily passed over this line, which greatly influenced the history of York, Pennsylvania. This examination seeks to detail how York’s location, historical racial events, societal limitations, and inaction caused the race riots in York County to become a matter of when, rather than a matter of if. In order to achieve this goal, a thesis and curriculum workshop were created to foster a greater understanding of those events. The thesis includes the research information, while the curriculum workshop, located in the appendix, seeks to educate students on local racial history. Students will complete specific activities led by an educator within the classroom, while also having the opportunity to schedule a walking tour with the York Historical Society. With this understanding, residents in and outside of York County will gain a new perspective that illuminates how societal and cultural obstacles impacted the history of York County, Pennsylvania. (Author abstract)Wisman, K. (2018). The predictable past: The York County race riots. Retrieved from https://academicarchive.snhu.eduMaster ArtsHistoryCollege of Online and Continuing Educatio
Academic catalog fall 2018 campus degree programs
No full textThe SNHU University College and College of Engineering, Technology, and Aeronautics catalog includes the academic calendar, admission and financial aid information, an overview of tuition and expenses, different types of academic support services, academic program descriptions, standards and regulations, and information about non-academic on-campus features such as athletics and residence life