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As a finance PhD student at Chicago Booth, you’ll join a community that encourages you to think independently.
Taking courses at Booth and in the university’s Kenneth C. Griffin Department of Economics, you will gain a solid foundation in all aspects of economics and finance--from the factors that determine asset prices to how firms and individuals make financial decisions. Following your coursework, you will develop your research in close collaboration with faculty and your fellow students. Reading groups and workshops with faculty, student-led brown-bag seminars, and conferences provide many opportunities to learn from others.
The Finance PhD Program also offers the Joint Program in Financial Economics , which is run by Chicago Booth and the Department of Economics in the Division of the Social Sciences at the University of Chicago.
Chicago Booth finance faculty are leading researchers who also build strong relationships with doctoral students, collaborate on new ideas, and connect students with powerful career opportunities.
Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Fama Faculty Fellow
Professor of Finance and Entrepreneurship
Leo Melamed Professor of Finance
Merton H. Miller Distinguished Service Professor of Finance
Robert R. McCormick Distinguished Service Professor of Finance
Neubauer Family Associate Professor of Finance and Fama Faculty Fellow
David Rockefeller Distinguished Service Professor The University of Chicago Departments of Economics, Statistics and the Booth School of Business
Joseph L. Gidwitz Professor of Finance
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance and Kessenich E.P. Faculty Director at the Polsky Center for Entrepreneurship and Innovation
Stevens Distinguished Service Professor of Economics and Finance
AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow
Professor of Finance and Fama Faculty Fellow
Fama Family Distinguished Service Professor of Finance
Assistant Professor of Finance and Cohen and Keenoy Faculty Scholar
Neubauer Family Professor of Finance and Kathryn and Grant Swick Faculty Scholar
Charles P. McQuaid Distinguished Service Professor of Finance and Robert King Steel Faculty Fellow
Katherine Dusak Miller Distinguished Service Professor of Finance
Bruce Lindsay Distinguished Service Professor of Economics and Public Policy
Assistant Professor of Finance and Fama Faculty Fellow
Deputy Dean for Faculty and Chicago Board of Trade Professor of Finance
Myron S. Scholes Distinguished Service Professor of Finance and Neubauer Faculty Director of the Davis Center
Associate Professor of Finance
Robert C. McCormack Distinguished Service Professor of Entrepreneurship and Finance
Professor of Economics and Finance
Graduates of the Stevens Doctoral Program go on to successful careers in prominent institutions of higher learning, leading financial institutions, government, and beyond.
Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance.
Assistant Professor of Business, Finance Division Columbia Business School, Columbia University Jane's research lies at the intersection of macroeconomics and finance. She is particularly interested in how financial intermediaries affect the real economy and how different types of financial institutions can contribute to financial instability. Her dissertation area is in financial economics.
The pages of Chicago Booth Review regularly highlight the research findings of finance faculty and PhD students.
Chicago Booth’s Eugene F. Fama describes the serendipitous events that led him to Chicago, and into his monumental career in academic finance.
It was a dramatic example of how White House communications on climate policy can affect asset prices, according to Washington University in St. Louis’s William Cassidy, a recent graduate of Booth’s PhD Program.
It’s become harder for many prospective borrowers to access capital. But private debt funds have stepped in to fill the gap, according to Joern Block (Trier University), Booth PhD candidate Young Soo Jang, Booth’s Steve Kaplan, and Trier’s Anna Schulze.
While go-betweens can benefit the broader economy by smoothing the flow of credit, there are now probably too many links in the credit chain, argue Zhiguo He and Jian Li (Booth PhD graduate).
Chicago Booth is home to several interdisciplinary research centers that offer funding for student work, host workshops and conferences, and foster a strong research community.
Fama-Miller Center for Research in Finance Tasked with pushing the boundaries of research in finance, the Fama-Miller Center provides institutional structure and support for researchers in the field.
Becker Friedman Institute for Economics Bringing together researchers from the entire Chicago economics community, the Becker Friedman Institute fosters novel insights on the world’s most difficult economic problems.
Center for Research in Security Prices CRSP maintains one of the world’s largest and most comprehensive stock market databases. Since 1963, it has been a valued resource for businesses, government, and scholars.
Kent A. Clark Center for Global Markets Enhancing the understanding of business and financial market globalization, the Clark Center positions Chicago Booth as a thought leader in the understanding of ever-changing markets and improves financial and economic decision-making around the world.
George J. Stigler Center for the Study of the Economy and the State Dedicated to examining issues at the intersection of politics and the economy, the Stigler Center supports research by PhD students and others who are interested in the political, economic, and cultural obstacles to better working markets.
Rustandy Center for Social Sector Innovation Committed to making the world more equitable and sustainable, the Rustandy Center works to solve complex social and environmental problems. The center’s student support includes fellowships, research funding, and networking opportunities.
For Itzhak Ben-David, PhD ’08, the PhD Program in Finance was an exploratory journey.
Video Transcript
Itzhak Ben-David, ’08: 00:03 For me, the PhD Program was an exploratory journey. It was about discovering what was interesting for me, what will be interesting for other economists. It was about discovering something new about the world. Much of the PhD Program experience is to explore and to wonder a bit and to just think and expose yourself to new ideas and new disciplines. Back then, this was 2006, I found a billboard that said, "If you buy this house, we're going to give you a free car or $20,000 in cash." And this seemed really odd to me. What I realized that was going on, that this was part of a borrower fraud and the idea was that seller and the buyer will agree on a higher price on a house and the lender would be under the impression that the collateral worth more than it really is.
Itzhak Ben-David, ’08: 00:58 So I started to investigate other parts of the real estate food chain. What I saw is that in many parts of this chain, there were incentives in place pushing the intermediaries or the different economic agents to inflate prices. It's not always a bubble, but oftentimes it points out behavior that is not consistent with our textbook behavior. I had the dream team of advisors, Toby Moskowitz, Dick Taylor, Steve Levitt, and Erik Hurst. Each one of them contributed in different way to my dissertation and brought different ideas, brought different aspects. There is no better place of doing research than in Booth. It's really a hub of academic activity. There is no important work that doesn't pass at Chicago before being published. It's really an intellectual home. When you meet people and you know that they are from Booth, you can see the difference in their thinking.
PhD students in finance study a wide range of topics, including the behavior and determinants of security prices, the financing and investment decisions of firms, corporate governance, and the management and regulation of financial institutions. They go on to careers at prestigious institutions, from Yale University to the International Monetary Fund.
Current Students
Rahul Chauhan Ching-Tse Chen Aditya Dhar Mihir Gandhi Huan (Bianca) He Jessica Li Edoardo Marchesi Rayhan Momin Lauren Mostrom Meichen Qian Francisco Ruela Sixun Tang Hui (Judy) Yue
Booth also offers joint degrees. Learn more about the current students in our Joint Program in Financial Economics .
The Stevens Doctoral Program at Chicago Booth is a full-time program. Students generally complete the majority of coursework and examination requirements within the first two years of studies and begin work on their dissertation during the third year. For details, see General Examination Requirements by Area in the Stevens Program Guidebook below.
Download the 2023-2024 Guidebook!
Digital Commons @ USF > Muma College of Business > School of Accountancy > Theses and Dissertations
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Title: | Statistical Methods in Finance |
Authors: | |
Advisors: | |
Contributors: | Operations Research and Financial Engineering Department |
Keywords: | |
Subjects: | |
Issue Date: | 2014 |
Publisher: | Princeton, NJ : Princeton University |
Abstract: | This dissertation focuses on statistical methods in finance, with an emphasis on the theories and applications of factor models. Past studies have generated fruitful results applying statistical techniques in various cross-sectional and time-series analyses, yet better econometric methods are always called for to deal with more involved financial economic settings. To start with, ultra-large data sets which contain high-dimensional variables are increasingly common in recent decades, and make the initial screening of factors both important and necessary. In Chapter 1, a nonparametric independence screening method is proposed for high-dimensional varying coefficient models, a broad class of models used to explore the dynamic impact of factors that evolves over time or with certain characteristics. Another challenge facing financial research is the search and interpretation of factors especially when the underlying process is more volatile. With the 2008 financial crisis included in the period of study, Chapter 2 identifies the risk factors of the volatility risk premium in financial markets, and provides insight into how investors hedge their downside risk and how market intermediates provide liquidity. Meanwhile, the way proxy for factors is chosen may also play an important role in financial studies. We analyze in Chapter 3 how our proposed statistic, the fraction of forecasts that miss on the same side, better measures the market surprise than traditional consensus error, and show its power in capital market event studies. Finally, conventional approaches may no longer be robust when some factors are unobserved, as in the case of risk adjusted fund evaluation. In Chapter 4, we propose a method to more precisely evaluate mutual fund performance in the presence of herding effects and latent factors, and the results improve our understanding of what fraction of fund managers are truly generating alphas. |
URI: | |
Alternate format: | The Mudd Manuscript Library retains one bound copy of each dissertation. Search for these copies in the |
Type of Material: | Academic dissertations (Ph.D.) |
Language: | en |
Appears in Collections: | |
File | Description | Size | Format | |
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Dai_princeton_0181D_10917.pdf | 2.5 MB | Adobe PDF |
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Theses/dissertations from 2023 2023.
Financial literacy and financial well-being: A mediation analysis of fintech services adoption among selected generation Z in Metro Manila , Justine Marie M. Abad, Domique John T. Hernandez, Nehemih D. Pabillon, and Arianne Mae M. Teves
The impact of CSR practices and reporting on firm performance: Evidence from selected ASEAN-5 banks , Sharina B. Ahmed, Dominique Margaret O. Co, Marby Christina Alyanna R. Macob, and Julianne Annika Y. Yu
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Behavioral finance and market efficiency: The responsiveness of the Philippine market during the COVID-19 pandemic , Greisa Eguia Alano, Arhen Richmond Payumo Nuguid, and Kenneth Gabriel Sanvictores Rojas
Sustainable finance: An analysis of the ASEAN-4 universal banking sector's sustainable growth rate (SGR) and its risk factors , Bianca Elise S. Alejandrino, Armandeep K. Bhuller, Arnel Jorge N. Francisco II, and Jean Christian C. Peralta
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An analysis of the effect and influence of macroeconomic factors on 10-year government bond Yields in the ASEAN-4 , Dan Joseph L. Andres, Ronnie-Lans T. Ayuyao, Nathan John N. Deypalan, and Jan Marcus C. Naguit
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A PLS-structural equation modelling of the role of financial inclusion, financial technology, financial stability, and bank competition on economic growth in ASEAN , Lou Marie Princess Dimalibot Chua, Richelyn May Pantig Chua, Kim Borja Fernandez, and Ericka Christian Ando Javate
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The impact of the COVID-19 pandemic on revenue diversification of selected banks in the ASEAN 5 countries , Alma Grace De Vera, Adrian Keith Deparene, Regina Sofia Ong, and Jonas Marvin Villar
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Behavioral factors influencing retail investors’ decision making during the COVID-19 pandemic: A study on the Philippine stock exchange , Justin Martin Meneses Jacaria, Ma. Isabel Anacleta San Jose Paredes, Matthew Jeremy Sacdalan Quismorio, and Gonzalo Philip Centennial Caligagan Exconde
Value investing and technical analysis in the Philippine Stock Exchange, investing in the five different sectors after the financial crisis of 2008 from the years 2010-2019 , Mathew Luis L. Marzan, James Ryan A. Sese, and Bryan Michael C. Yap
An analysis of the relationship between financial performance of Microfinance Institutions and the Sustainable Development Goals , Samuel Villacruz, Dallin Torio, Jing-Jing Go, and Carolyn Tan
The effect of ASEAN-4 stock market volatility on the Japanese yen as a safe haven asset from 2003 to 2019 , Angela Angie Wu Chen, Kymberlin Rae Chan Cua, and Shiela Camille Chua Lao
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Home > College of Business Administration > Kenneth G. Dixon School of Accounting > Accounting Student Scholarship and Creative Works > Accounting Graduate Theses and Dissertations
Theses/dissertations from 2023 2023.
Two Studies Examining the Effects of Industry Controversy on Accountability and Social and Environmental Accounting , Jacob Lennard
Three Papers Examining the Impact of Non-financial and Supplier Diversity Disclosures on Investors' Judgments and Decisions. , Andria Hill
Two Studies Examining The Effects of Tax Salience, Informational Justice, and Autonomy on Taxpayer Behaviors , Jason Schwebke
Two Studies Investigating Institutional Theory and Municipalities' Payments in Lieu of Taxes Programs in Nonprofit Organizations , Gregory Stone
Three Studies on Cybersecurity Disclosure and Assurance , Patricia Navarro Velez
System Justification Theory: Synthesizing and Applying its Theoretical Motivations in Behavioral Accounting Research , Wioleta Olczak
Two Studies Analyzing The Effects of Business Case and Paradoxical Cognitive Framing on Sustainability Decision Making , Nadra Pencle
Three Studies Examining the Potential for Relational Reasoning to Enhance Expertise in Complex Audit Domains , Matthew Holt
Three Studies Examining Auditors' Use of Data Analytics , Jared Koreff
Three Studies Examining the Effects of Business Analytics on Judgment and Decision Making in Accounting , Bradley Lang
Three Studies Examining The Effects of Informal Management Control Systems and Incentive Compensation Schemes on Employees' Performance , Kazeem Akinyele
Three Studies Examining Accountability in Auditing , Amy Donnelly
The Expansion of Financial Regulation to Include Humanitarian Issues:An Examination of the Development of Conflict Mineral Reporting Requirements Using Actor-Network Theory , Robert Tennant
Decision Making in Corporate Taxation , Bonnie Brown
Re-Thinking the Intentionality of Fraud: Constructing and Testing the Theory of Unintended Amoral Behavior to Explain Fraudulent Financial Reporting , Andrew Dill
Under-Researched Areas of Audit Quality: Inputs, Firms, and Institutions , Jared Eutsler
Three Studies Examining Nonprofessional Investors' Decision Making , Anis Triki
Three Studies Examining the Effects of Psychological Distance on Judgment and Decision Making in Accounting , Martin Weisner
Interactive Data Visualization In Accounting Contexts: Impact On User Attitudes, Information Processing, And Decision Outcomes , Oluwakemi Ajayi
The Impact Of Technology On Management Control: Degradation, Empowerment, Or Technology Dominance? , Joseph Canada
Regulation And The Auditing Profession , Alexey Lyubimov
The Diffusion Of Digital Dashboards: An Examination Of Dashboard Utilization And The Managerial Decision Environment , Jeffrey Reinking
Three Studies Of Stakeholder Influence In The Formation And Management Of Tax Policies , Jason Chen
An Examination Of Issues Related To Professional Skepticism In Auditing , Erin Burrell Nickell
More Than Money: Corporate Social Performance And Reporting And The Effect On Economic Performance , Kimberly A. Zahller
The Effects Of Risk And Trust On The Achievement Of Sustainable Competitive Advantage From B2b E-commerce Trading Relationships , Clark J. Hampton
Three Studies Related To The Institutionalization Of International Financial Reporting Standards. , Anna Alon
Three Studies Investigating The Legal Liability Implications Of The Sarbanes-oxley Act Of 2002 , Jillian Phillips
Understanding The Antecedents And Consequences Of Sales And Use Tax Policy: Evidence From Three Studies , Amy Hageman
Organizational Legitimacy And The Strategic Use Of Accounting Information: Three Studies Related To Social And Environmental Dis , Charles Cho
Finance And Accounting Outsourcing: Three Studies Related To The Ethical And Economic Dimensions Of Accounting Outsourcing , Renu V. Desai
Change In The Indian Accounting Profession: Three Studies Related To The Entry Of The Big Four Accounting Firms In India , Vikram G. Desai
Accounting Disclosure At The Organization-society Interface: A Meta-theory And Empirical Evidence , Jennifer Ching-Kuan Chen
Adaptive Self-regulation And Organizational Politics: Investigating The Effects In The Accounting Profession , Sharon Howell
The Public Policy Implications Of Audit Regulation: Three Studies Related To The Passage Of The Sarbanes-Oxley Act Of 2002 , Steven Thornburg
The role of performance plans in mitigating agency problems and improving corporate performance : an empirical examination , Sanjay Gupta
An Investigation of the Interpretation of Uncertainty Information Displays by Decision Makers , Lois S. Mahoney
The information content of accounting measures in relation to the cross-section of expected stock returns , Sekhar Anantharaman
Explaining mutual fund performance : the usefulness of corporate financial information , F. Lauren Detzel
An empirical study of user satisfaction with accounting information systems in a healthcare environment , Brian Lyle McGuire
Estimating loan losses using markov chains , Luis Betancourt
An investigation of firms choosing early adoption of sfas number 106: employers accounting for postretirement benefits other than pensions , Barbara Boyette Clevenger
An empirical comparison of traditional statistical techniques and neural networks in the auditing domain , Thomas John Hofferd
Decision maker weighting and usage of indicators of university service efforts and accomplishments , Barbara B. Ratti
Pattern perceptiveness and acquisition of accounting skills , L. Melissa Walters York
The effects of graphical distortion of accounting information on financial judgements , Deanna Oxender Burgess
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Palantir technologies inc (nyse:pltr) a bear case theory.
We came across a bearish thesis on Palantir Technologies Inc (PLTR) on ValueInvestorsClub by Wells. In this article, we will summarize the bears' thesis on PLTR. Palantir Technologies shares were trading at $21.40 when this thesis was published, vs. closing price of $31 on Aug 29.
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Palantir Technologies Inc., founded in 2003, has played a pivotal role in transforming how Western governments, especially the U.S., leverage data to enhance national security and operational efficiency. Known for its specialized software solutions, Palantir has been integral in high-profile operations, including the tracking of Osama bin Laden during Operation Neptune Spear and supporting the U.S. Army and Health and Human Services in various capacities. The company’s core products, Gotham and Foundry, are designed to integrate and analyze vast amounts of data from disparate sources, helping government and commercial clients make informed decisions. Palantir’s unique approach blends software with consulting services , embedding teams of engineers within clients’ organizations to tailor and optimize their technology solutions.
See Also 33 Most Important AI Companies You Should Pay Attention To
Despite Palantir’s success in the government sector, the company’s commercial business is showing signs of weakness. While the government segment continues to grow steadily, with recent revenue up 13% year-over-year, the commercial side is struggling to keep pace with the lofty expectations set by investors. The commercial segment, which includes clients like PG&E and Ferrari, grew 23% year-over-year, but this growth is slowing, particularly in the U.S., where it dropped from 70% to 40% in just one quarter. This deceleration is concerning, especially as Palantir faces increasing competition in the enterprise AI space. The launch of Palantir’s Artificial Intelligence Platform (AIP) in June 2023 initially boosted the company’s commercial business, but the momentum has since waned, with competitors rapidly catching up.
The broader market’s expectations for Palantir are high, with the company’s stock price reflecting an optimistic view of its future prospects. However, the commercial segment’s underperformance suggests that these expectations may not be met. Palantir’s technology, while innovative, is no longer as differentiated as it once was, particularly in the commercial space, where competitors like Microsoft, Databricks, and Snowflake are making significant strides in AI and data management.
Valuation is another concern. Palantir’s stock is currently trading at high multiples, with a price-to-revenue ratio of 15.6x and a price-to-free cash flow ratio of 54.5x. These valuations are difficult to justify, especially given the slowing growth in the commercial segment. When considering the company’s intrinsic value, even generous assumptions about future growth and margins suggest that the stock is overpriced by as much as 30%.
PLTR is not on our list of the 31 Most Popular Stocks Among Hedge Funds . As per our database, 45 hedge fund portfolios held PLTR at the end of the first quarter which was 44 in the previous quarter. While we acknowledge the potential of PLTR as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as PLTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock .
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Disclosure: None. This article is originally published at Insider Monkey .
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The purpose of this article is to evaluate the broader emerging markets equity market, with a specific look at the iShares MSCI Emerging Markets ETF (NYSEARCA: NYSEARCA: EEM ). This is a broad, passive ETF, with an objective "to track the investment results of an index composed of large- and mid-capitalization emerging market equities".
I cover US markets, non-US developed markets predominately, but I also consider emerging markets when the time is ripe. This includes through the use of vehicles such as EEM, although I have generally been put off by the sector (and this fund) for a while. In fact, my last review had a cautious outlook on the future prospects of EEM and I was proven right in hindsight:
Fund Performance (Seeking Alpha)
However, this was a long time ago and things do change, so I wanted to take another look at EEM to see if I should change my rating going forward.
After review, I do see a couple potential catalysts for emerging markets as a whole. But to me those are overshadowed by the risks facing this thematic idea. Further, I continue to see value in large-cap US stocks, so the idea of shifting positioning to favor a fund like EEM seems misplaced for the time being. As such, I am keeping the "hold" rating in place and will explain why in greater detail below.
One factor that is driving the markets - here and abroad - is the US central bank. The Fed has been patient on keeping rates steady but the time the market has been waiting (impatiently) for may finally be here. That is the beginning of a Fed rate cut cycle in the US, with a growing likelihood of a .50 basis point cut coming in the next few weeks:
Upcoming Fed Meeting Expectations (CME Group)
Of course, readers may wonder why this belongs in this article. After all, EEM holds emerging market equities, so who cares about the US Federal Reserve?
The answer lies in the fact that many emerging market countries (and companies) are heavily dependent on what is happening state-side. Often we hear that rising interest rates in the US are collectively bad for emerging markets. That is because much of their debt is priced in USD - so as the USD rises the cost of servicing that debt in local currency goes up. This challenges social spending and financial flexibility in those emerging economies and can often be a significant headwind.
So one might think that declining rates here would now be a tailwind. Kind of makes sense, doesn't it? While it may be on the surface, I have my concerns. One is the reason why rates are going to decline in the US. It is because of worries of high government spending, declining inflation, and a potential recession in 2025. The catch here is that if the US does enter into a recession, that could hit emerging markets particularly hard.
This is especially true of nations (many of them EM in regions like Latin America, the Middle East, and Asia) that rely on exporting goods like commodities. In fact, according to a report by the World Bank, roughly two-thirds of the emerging market and developing economies "heavily rely on commodities for export, fiscal revenue, and economic activity".
So why does this matter? Well because the past few years this has been a headwind for commodity-rich nations as prices (on average) have been on the decline:
Basket of Commodities (Average Price) (US Bank)
The point I am trying to convey here is that there are concerns are global economic activity and the future demand for many commodities. Perhaps items like gold and silver could be well as recessionary hedges, but exporting nations want to supply the world with items like oil, cooper, coffee beans, and a myriad of other commodities that rely on economic development and growth. To see the prices come down on these resources presents uncertainty for investors and especially for emerging market companies and governments.
This ties back to the potential Fed rate cuts. While lower rates in the US may be a benefit for global and emerging market firms, the reasons behind why cuts are needed balance that out as a potential positive catalyst. This is why I don't buy the "lower rates are good for funds like EEM" and remain cautious on my forward outlook.
Another reason for my neutral outlook on EEM has to do with the fund's overweight allocation to Chinese equities. With almost one-quarter of total assets invested in this single country, investors in EEM will want to be bullish on China before buying this particular product:
EEM Geographic Breakdown (iShares)
Broadly speaking, I have concerns over China’s economic recovery and geo-political tensions are not going away. In fact, they may be worsening, which puts strain on my forward outlook.
For example, the EU announced tariffs on imports of Chinese electric vehicles earlier this month. Fortunately, (for investors) the tariffs were not as high as were previously being considered, clocking in 9%, down from a proposed rate of nearly 21%, according to a press release from the European Commission.
So there is some good news that cooler heads prevailed a bit, but I don't think the trade battle is anywhere near over. In response to the EU's move, Canada is also considering a similar measure. And, of course, the US has already put in place steep tariffs on Chinese election vehicles.
The net result from all this is that China has some diplomacy problems. When I couple that with the ongoing housing crisis in that country that has investors rattled, I am reluctant to get behind investing in this territory. For perspective, consider that even the more optimistic scenarios still show Chinese residential property investment well off their prior levels:
Chinese Real Estate Investment (By Year) (IMF)
To emphasize this point, this reality has left big developers (think Evergrande and Country Garden as examples) on the brink financially. It has stalled investment in this sector and clouded future investment returns. When I see this ongoing backdrop and a rise in geo-political tensions with key trading partners like the US and EU, I can't get bullish on a fund like EEM that has so much Chinese exposure.
My next topic is a quick - but important - one. It has to do with EEM in isolation and nothing about the investment case for emerging market equities. Rather, this concerns the expense investors are paying for this particular fund. As a relatively passive ETF, an expense ratio of .70% just seems high to me on the surface:
Expense Ratio (EEM) (iShares)
Personally, this is quite high for most ETFs across the investment spectrum and makes me question why iShares has it this elevated.
But the good news is investors have plenty of choices out there. Popular emerging markets from other big names like Vanguard and Charles Schwab offer similar exposure for a fraction of the annual cost:
SCHE Expense Ratio (Charles Schwab)
VWO Expense Ratio (Vanguard)
Of course these funds are not identical, but they do hold many of the same top holdings (often very close in terms of percentage) and the country exposure is also very similar. So it stands to reason that even if one was bullish on emerging markets at the moment, EEM probably isn't the smartest way to play that idea.
Through this review I have certainly been fairly pessimistic. I don't see EEM as a buy right now and I stand by that call. But I also don't think it is fair to have it as an outright "sell" either. There are a couple of reasons for that.
One, EEM has performed very poorly over the past few years and could be due for a turnaround. While I don't personally see that playing out, tides do turn and the time to go short or sell-off this fund have probably passed. The disconnect between EEM and the S&P 500, for an example, tells me that a narrowing of the performance gap is certainly in the cards. So I don't think it pays too be overly bearish here.
Second, much is made over the valuation gap between emerging markets and the developed world. And that rings true today. For those looking for "value", which is probably a lot of us given how frothy the S&P 500 and NASDAQ 100 look, the a fund like EEM could have some merit:
EEM's Current P/E Ratio (iShares)
This offers a stark discount to the S&P 500 - which is the most common benchmark - and could interest some investors who may otherwise not have been interested.
But how "cheap" is cheap really? As I mentioned before China makes up a good chunk of this ETF, but it is by no means the other country represented. Other nations, such as Taiwan, India, South Korea, and Brazil are in the mix and worth considerable thought.
But there's the rub. While these nations may appear cheap compared to their developed market peers, they are actually trading (on average) at valuations above their own historical average. That is a key factor to keep in mind:
Current Valuations (By Country) (S&P Global)
I bring this up as a word of caution. We need to consider more than just a nation's relative valuation to the US. We should also consider its own trading history in isolation to give a fuller picture on how likely further gains are. In the examples given above, I would wait for a better opportunity to present itself.
EEM has been a loser long-term and I don't see a much brighter future ahead. There are plenty of risks for US investors when branching overseas and a fund heavy with China exposure is not on my radar for now. When I add in the mix that nations like India and Taiwan are trading at elevated valuations relative to their own history and that a fund like EEM is quite expensive to own, I am put-off from upgrading my view for now. Therefore, I am keeping the "hold" outlook in place and urge my followers to be very selective with any prospective positions at this time.
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This article was written by
I am a macro-focused investor with 15 years experience working in the Financial Services sector. I spent the first half of my life (and career) in New York, before relocating to North Carolina for graduate school and later employment - where I remain today. I have a Bachelors and MBA in Finance and I am a competitive tennis player (former Division I athlete).
I am a also contributing author for the investing group CEF/ETF Income Laboratory where I specialize in macro analysis. Features of CEF/ETF Income Laboratory include: managed income portfolios (targeting safe and reliable ~8% yields) making use of high-yield opportunities in the CEF and ETF fund space. These are geared toward both active and passive investors of all experience levels. The vast majority of holdings are also monthly-payers, for faster compounding and steady income streams. Other features include 24/7 chat, and trade alerts. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of QQQ, VOO, DIA, IAU either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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A finance thesis is an academic document that explores a specific topic within the field of finance in a detailed and comprehensive manner. It is a substantial piece of scholarly work typically required as part of an advanced degree program, such as a master's or a Ph.D. in finance or a related discipline.
600 Accounting and Finance Thesis Topics. Embarking on a thesis in accounting and finance is a pivotal step in a student's academic journey. This section provides a comprehensive list of accounting and finance thesis topics, each tailored to reflect the most current issues and anticipate future directions in the field.
Essays on Corporate Finance and Interstate Risk Sharing, Liu Hong. PDF. Essays on Networks and Corporate Finance, Tatiana Salikhova. Theses/Dissertations from 2018 PDF. Essays in Leveraged Capital Markets, Kenneth D. Ford. PDF. Essays in Networks of Finance and Experimental Finance: A Behavioral View, Weineng Xu. Theses/Dissertations from 2017 PDF
I f you're just starting out exploring potential research topics for your finance-related dissertation, thesis or research project, you've come to the right place. In this post, we'll help kickstart your research topic ideation process by providing a hearty list of finance-centric research topics and ideas.. PS - This is just the start… We know it's exciting to run through a list ...
Essays in Household Finance, Morteza Momeni. PDF. Essays on Race and Finance, Tian Qiu. Theses/Dissertations from 2020 PDF. Essays on Financial Institutions and Advisors, Joseph D. Farizo. PDF. Essays on Corporate Finance and Institutional Investors, Ang Li. Theses/Dissertations from 2019 PDF. ESSAYS ON INVESTMENTS, Michael Farrell. PDF
This blog has included the best dissertation topic in finance in MBA, accounting, and banking you can choose while writing a dissertation. Final Consideration and Conclusion Finance research papers and dissertations should be prepared in a way that answers the core question while also being relevant to the remainder of the study.
Opting for relevant finance thesis topics ensures that your research contributes to the existing body of knowledge and addresses contemporary issues in finance. Choosing a dissertation topic relevant to the industry can make a meaningful impact and advance understanding in your chosen area. 2. Personal Interest.
Theses from 2024. PDF. 2023 Community Bank Case Study Competition, Alivia Brewer. PDF. The Effects of Short-term Rentals on Communities and How to Legislate Them: An Expanded Literary Review, William Cherry. PDF. Accounting and Finance Internship Thesis, Peyton Fair. PDF. 2023 Community Bank Case Study Competition, Joseph Kelly.
COMMITTEE: ton, Daniel Greenwald ABSTRACT:This dissertation consists of three essays on financial economics, specifically focusing on the role of government banks in the aggregate economy and in the role of capital. tilization to determine leverage. The first essay shows the empirical relevance of state-owned banks nowadays and their.
Finance: Selected Doctoral Theses . TITLE: "Essays on Empirical Asset Pricing " -- Yixin Chen (2018) ... This thesis consists of three essays that theoretically and empirically investigate the asset pricing and macroeconomic implications of uncertainty shocks, propose new measures for model robustness, explain the joint ...
Assistant Professor of Finance UCLA Anderson School of Management, University of California, Los Angeles Shohini Kundu's research lies in financial intermediation and macroeconomics, security design and externalities of financial contracts, and emerging market finance. Her dissertation area is in finance. Shohini Kundu, MBA '20, PhD '21
Name of thesis ARTIFICIAL INTELLIGENCE IN FINANCE. Understanding how automation and machine learning is transforming the financial industry Language Instructor Eija Torkinlampi Pages 39 Supervisor Katarina Broman The main aim of this study was to examine the influence of artificial intelligence on modern world, especially in the field of finance.
Theses/Dissertations from 2009. PDF. Mitigating Escalation of Commitment: An Investigation of the Effects of Priming and Decision-Making Setting in Capital Project Continuation Decisions, Ann C. Dzuranin. PDF. Understanding and Improving Use-Tax Compliance: A Theory of Planned Behavior Approach, Christopher Robert Jones.
Statistics. Finance. Issue Date: 2014. Publisher: Princeton, NJ : Princeton University. Abstract: This dissertation focuses on statistical methods in finance, with an emphasis on the theories and applications of factor models. Past studies have generated fruitful results applying statistical techniques in various cross-sectional and time-series ...
"Essays in Finance and Financial Markets" Author: Jiaheng Yu (2023) Committee: Hui Chen (co-chair), David Thesmar (co-chair), Emil Verner Abstract: This thesis consists of three chapters. Chapter 1 studies the informational role of trade credit and the accounts receivable financing market. I
Theses/Dissertations from 2023. PDF. Financial literacy and financial well-being: A mediation analysis of fintech services adoption among selected generation Z in Metro Manila, Justine Marie M. Abad, Domique John T. Hernandez, Nehemih D. Pabillon, and Arianne Mae M. Teves. PDF.
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Remember that you write a thesis in finance, and not in mathematics. If you use less standard mathematical or statistical methods (say, you obtain model estimates through the Efficient Method of Moments method rather than OLS), it is a good idea to discuss them in the text, but to document the details of the
Before diving into the contents of this thesis, a brief overview of some of the technical terms used throughout this discussion is warranted. As the central topic of this thesis, we must first understand fintech. The term fintech describes the digitization of financial services and has become a central pillar of financial activity in the
The topics range from the stock market, banking, and risk management to healthcare finance topics. This dissertation provides the student with a degree of academic self-confidence and personal satisfaction in the finance field. Finance writing requires extensive research to create a persuasive paper in the end.
Finance And Accounting Outsourcing: Three Studies Related To The Ethical And Economic Dimensions Of Accounting Outsourcing, Renu V. Desai. PDF. Change In The Indian Accounting Profession: Three Studies Related To The Entry Of The Big Four Accounting Firms In India, Vikram G. Desai. Theses/Dissertations from 2005 PDF
Forgiving Medical Debt Won't Make Everyone Happier. by Rachel Layne. Medical debt not only hurts credit access, it can also harm one's mental health. But a study by Raymond Kluender finds that forgiving people's bills—even $170 million of debt—doesn't necessarily reduce stress, financial or otherwise. 16 Jul 2024.
ence Schmidt, Eric So Abstract:This thesis contains three chapters on househo. d finance and behavioral finance. The first chapter studies how to balance insurance and incentives in student loans with income-contingent repayment, which insure borrowers against income risk but also can red.
Palantir Technologies shares were trading at $21.40 when this thesis was published, vs. closing price of $31 on Aug 29. Palantir Technologies Inc., founded in 2003, has played a […]
Main Thesis / Background. The purpose of this article is to evaluate the broader emerging markets equity market, with a specific look at the iShares MSCI Emerging Markets ETF (NYSEARCA: NYSEARCA:EEM).