This research advances four theoretical approaches in an attempt to relate the banking activities to the real economic activities. It starts with the Schumpeter’s circular flow of creditary production that argues that the banks start the production cycle for offering the credits that enable...

This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when...

This study utilized an ex post facto design to examine the relationship between student persistence and receipt of financial aid in the non-traditional student population at a Southwestern Connecticut community-technical college. The sample population size was 739 and consisted of matriculated...

The first paper studies the relationship between institutional ownership, board structure and earnings management, and in particular investigates whether board structure and activist institutional ownership as it is characterized in the literature have an impact on earnings management. For this,...

This dissertation examines whether insiders manage quarterly earnings in connection with their SEC Rule 10b5-1 plan stock sales. Prior research provides evidence of competing incentives regarding the timing of insider stock sales. For example, insiders can (1) sell after they have managed...

The access to credit and financial services play a critical role in fostering economic growth and maintaining economic stability. The ability to obtain credit at a fair price and terms has remained one of the most powerful determinants of economic opportunity, income generation, wealth creation...

This dissertation consists of three essays covering corporate governance, agency costs and asset pricing. The recent spate of corporate governance scandals has led to the emergence of several commercial governance rating agencies which rate firms on their strength of governance mechanisms. In...

In this dissertation we focus on two points in the study of financial statistics, volatility estimation and option pricing. In the first chapter we briefly introduce the relevant terms and concepts as well as a general literature review for the diffusion and GARCH model and realized volatility....

The arbitrage-free term structure model of Heath, Jarrow and Morton is one of the standard tools for the theoretical analysis of fixed income securities and their associated derivatives. A specific HJM model is fully determined by a choice of volatility structure. This is attributed to the...