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Differential Impact of Investor Sentiment on the Capital Asset Pricing Model and Discounted Cash Flows Model Estimates of the Rate of Return on Equity
Get PDFTraditional asset pricing models such as Capital Asset Pricing Model (CAPM) and Discounted Cash Flow (DCF) have been used widely in academics and practice due to their simplicity and popularity. The CAPM is a prescriptive model that describes the relationship between a stock’s required return and risk relative to the movements in the market, while the DCF is a descriptive model that measures the realized rate of return on a stock based on the market price of the stock, which in turn incorporates investor perceptions about the stock and the market. In an ideal, efficient market where investors behave rationally, we should not see much of a difference between stock returns estimated from these two models. However, because investor perceptions affect the DCF estimate of returns, changes in investor confidence without accompanying changes in firm risk can affect the DCF estimate without changing the CAPM estimate. High growth firm returns are more likely to incorporate changes in investor perception because more of their value is generated from realization of future growth opportunities. In this research, I study whether investor sentiment affects the DCF estimate of stock return more than the CAPM estimate, and whether this impact is more pronounced for high growth firms. I find results consistent with this hypothesis. I find that investor sentiment causes a divergence between the CAPM and DCF estimates of stock returns, and this divergence is higher for high growth firms compared to low growth firms. My findings suggest that high growth firm stock prices are more prone to distortions due to hype or investor pessimism
Financial Regulation, Banking, and Sovereign Debt
Get PDFThe dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government\u27s choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events
The Piñata
No full textIn this paper I will discuss the making of the short film, The Piñata, from its inception to its path of being submitted to festivals. I will discuss the steps taken to complete the processes of development, pre-production, production, and post-production. In each section of this document I will relay the decisions I made during my experience being the producer, writer, director, editor, and casting director of The Piñata
Character, Leadership, and Community: A Case Study of a New Orleans Youth Program
Get PDFYouth outreach programs use innovative and community-based activities to fill in gaps of education, provide creative outlets, create access to opportunities, and empower youth.1 This research investigates, records, and compares the ways in which staff and youth participants perceive the experience at a New Orleans youth program. The purpose of the research is to provide insight towards potential program improvement. The participants of this study are from Compassion Outreach of America’s summer program Project Reach NOLA in the Upper Ninth Ward of New Orleans, Louisiana. There are twenty-nine participants, between the ages of fourteen and fifty years old. The participants are directors, staff members, and youth enrolled in the program. The mixed-methods utilized are: focus groups, interviews, surveys, and observation. The study emphasizes the inclusion of participant voices and their positioned expertise.
“I Almost Hope I Get Hit Again Soon”: The Wartime Service and Medical History of Leon C. Standifer, WWII American Infantryman
Get PDFThe American GI’s experience in hospital during World War II is absent from official military histories, most scholarly works, and even many oral history collections. Utilizing the papers of WWII infantryman, Leon Standifer, this thesis offers the reader a rare glimpse of WWII military hospital life and chronicles one soldier’s journey from willing obedience to subversive action.
This thesis compares the stated goals and procedures of the US Army medical department to the experience of Leon Standifer, an infantryman who served in northern France during the last year of the war and the American occupation of Bavaria, whose service was marked by several periods of protracted hospitalization. Over the course of five hospitalizations, during which Standifer was treated for bullet wounds, trench foot, and pneumonia, he consistently wrote letters to his family describing his experience.
A careful reading of Standifer’s wartime correspondence in conjunction with his published and unpublished writings, secondary source material, and military records, suggest that while isolated in the hospital, after killing and experiencing the death of his comrades, Standifer lost his desire to fight. He began to make calculated decisions based on his knowledge of the military medical system in an attempt to ensure his survival and control the remainder of his military service
Dr. Tichenor’s ‘Lost Cause’: The Rise of New Orleans’s Confederate Culture during the Gilded Age
Get PDFServing three times as president of the Cavalry Association, Camp Nine of the United Confederate Veterans (UCV), George Tichenor was instrumental in forging Lost Cause ideology into a potent social force in New Orleans. Though more widely remembered in New Orleans for his antiseptic invention, his support of Confederate monuments, Confederate activism, and his wife Margret’s role as vice-president of a chapter of the Daughters of the Confederacy (UDC) are lesser known aspects of Tichenor’s life in New Orleans. This paper examines the cultural changes taking place in New Orleans that allowed Tichenor to become a leader of the Lost Cause movement that transformed New Orleans, with a focus on social networking via the United Confederate Veterans and the collaborative nature of their work with the UDC in New Orleans, a collaboration that opened a cultural and societal pathway for Lost Cause ideology to permeate Southern cities and influence national thinking on how to interpret the history of the Civil War
Pricing of Idiosyncratic Risk in an Intermediary Asset Pricing Model
Get PDFStandard asset pricing theories suggest that only systematic risk is priced. Empirical studies report a relationship between idiosyncratic volatility or risk (IVOL) and asset price. The most common explanation for this anomaly is that households under-diversify creating a Bad Model problem. This paper uses an Intermediary Asset Pricing Model (IAPM) as a way to control for under-diversification in evaluating the relationship between IVOL and asset price. We find that IVOL premia is lower in an IAPM. Our findings indicate that under-diversification can explain the anomaly partially
New Bruises
Get PDFThe following manuscript is a collection of poetry based on experiences. Religious hypocrisy and abuse thread throughout the collection with both first hand experiences and fictional ones. It is divided into three parts: the hometown, the bodily abuse, and then, finally, the religion
Hand-built Ceramics at 810 Royal and Intercultural Trade in French Colonial New Orleans
Get PDFWhile trade relations between French colonists and indigenous peoples in New Orleans are well documented, there have been few in depth studies utilizing archaeological sites in the city to illuminate the ways in which such relations shaped the day to day lives of the peoples involved. This work has attempted to elucidate trade practices between these groups by utilizing archaeological data uncovered at 810 Royal Street during excavations from 2015 through 2018. A collection of hand-built ceramics typically associated with indigenous peoples found in French colonial contexts on the site may help explicate the nature of trade occurring within the city and the ways in which this trade was reflective of larger patterns of urban colonial adaptation and creolization. This work seeks to illuminate the motivations behind such trade and the ways in which economic motives and individual self-interests drove colonists to undermine the original French designs for the city