Doctor of Organization Development & Change (D.O.D.C.), Bowling Green State University, 2024, Organization Development

This qualitative study employed a socio-technical framework as a lens to investigate the banking experiences of low-income and higher-income individuals, shedding light on the nuances of their interactions with traditional banks. Using comparative deductive thematic analysis, semi-structured interviews were conducted with 18 participants, equally divided between low-income and higher-income groups. The study revealed disparities in banking experiences, with low-income community members facing less favorable outcomes in specific areas. The findings have significant practical implications for enhancing community relations, refining banking operations, and improving financial education, particularly in low-income communities. This research lays the groundwork for future studies to explore bank employees' perspectives and expand on the current findings, ultimately contributing to a more comprehensive understanding of the interactions between individuals and banking institutions. By illuminating the lived experiences of diverse community members, this study informs strategies for more inclusive and equitable banking products and services

Committee: Steven Cady Ph.D. (Committee Chair); Hee Soon Lee Ph.D. (Other); Carol Gorelick Ed.D. (Committee Member); Jeanelle Sears Ph.D. (Committee Member) Subjects: Banking; Business Administration; Comparative; Finance; Management; Organizational Behavior

Doctor of Philosophy (Ph.D.), Bowling Green State University, 2024, Media and Communication

The World Bank classifies the Lebanese economic crisis as one of the 10 worst such crises globally since the 19th century—and possibly one of the top three. Azma fawq ‘azma [crisis upon crisis] includes financial collapse, inability to care for 1.5 million refugees, the highest number of refugees per capita in the world, the devastation of the COVID-19 pandemic on an already fragile healthcare system, and the catastrophic explosion in Beirut, one of the worst non-nuclear explosions in human history, that killed 218 people, injured 7,000, and left 300,000 unhoused. Due to unprecedented levels of inflation, the Lebanese pound has lost 90% of its value, food prices have risen 500%, and 80% of the population lives in poverty. These crises have transformed Lebanon from a beacon of success to a failed state. Given the severe lack of organizational communication research in the Mashreq (Middle East), this dissertation is of particular importance as it fills a critical gap in research. The dissertation takes an interdisciplinary approach to examine how NGOs mobilize support, provide services, and engage in interorganizational collaboration to support citizens, residents, and asylum seekers struggling to survive in Lebanon. The triangulated methodological approach includes policy analysis, two phases of field research in Lebanon, and in-depth interviews with leaders, administrators, employees, and volunteers representing 52 NGOs. Interview respondents (n = 64) provided first-hand experiences, insights, and assessments of NGOs' efforts to combat intersecting crises, reflected on the complexity of these crises, and highlighted the need for economic and political reform to assuage the feelings of being trapped in the azma fawq ‘azma. Emergent themes include the importance of collective identity through interorganizational collaboration, the benefits of group cohesion in providing support and services, a sense of purpose that has expanded alongside the crises, a continuing (open full item for complete abstract)

Committee: Lara Martin Lengel Ph.D. (Committee Chair); Lori Brusman Lovins Ph.D. (Committee Member); Terry Rentner Ph.D. (Committee Member); Ellen Gorsevski Ph.D. (Committee Member) Subjects: Area Planning and Development; Banking; Communication; Economics; Management; Middle Eastern Studies; Minority and Ethnic Groups; Near Eastern Studies; Organization Theory; Organizational Behavior; Peace Studies; Political Science; Regional Studies; Rhetoric; Sustainability

Doctor of Business Administration (D.B.A.), Franklin University, 2023, Business Administration

This qualitative study examined the relationship between organizational systems' components within the foster care system and the financial independence of former foster youth. The research explored the perspectives of former foster youth to gain insights into the effectiveness of organizational components in promoting financial literacy and advocating for financial independence. The study focused on the foster care system in Ohio. Data collection involved interviewing former foster youth to understand their experiences and gather narratives related to financial independence. The study employed a qualitative methodology to explore the experiences of foster care alumni within the Ohio foster care system. The researcher aimed to understand the participants' perspectives, meanings, attitudes, and beliefs regarding their time in foster care. The data collection instrument used in this study was a semi-structured interview protocol consisting of 27 researcher-developed open-ended interview questions. The study used convenience and snowball sampling methods to select participants. Data collected involved interviewing 13 voluntary participants that met specific criteria as Ohio foster care alumni. The researcher also collected demographic data through an anonymous online pre-interview survey to supplement the qualitative data. The findings highlighted four significant themes: Support from Organizational Systems' Components, Learning from Life Experiences, Self-Sufficiency, and Being Debt-Free. These themes underscored the role of foster parents, independent living programs, and social workers in providing financial literacy support. Participants' life experiences influenced their financial mindset and fostered their self-sufficiency. Some participants expressed the importance of being debt-free as a significant achievement.

Committee: Susan Campbell (Committee Chair); Gayle DeGennaro (Committee Member); Lori Salgado (Committee Member) Subjects: Banking; Education Finance; Finance; Teaching

Master of Arts, Miami University, 2022, Economics

This paper examines the 1970s and 1980s deregulation of interstate banking restriction as a possible cause for the Great Moderation. Characterized by its abrupt drop in volatility at the national level, I disaggregate the Moderation and recognize the importance of explaining the role of interstate business cycle correlations in the reduction of aggregate volatility. Using empirical methods, I demonstrate two items: a series of disaggregated structural breaks to the volatility of state business cycles occurring before the U.S. aggregate, and suggestive evidence supporting the theory that an integrated banking system can reduce volatility by allowing for state and regional shocks to be smoothed across a more interconnected national economy. I establish the former by use of a cumulative sum of squared residuals test, which is common in the literature of the Great Moderation. Furthermore, I establish the latter by implementing a more novel Synthetic Difference-in-Differences approach.

Committee: Jonathan Wolff (Committee Chair); David Lindequist (Committee Member); Nam Vu (Committee Member) Subjects: Banking; Economics

Doctor of Philosophy, The Ohio State University, 2022, Economics

My research revolves around financial institutions. In this essay, I aim to further our understandings of the internal workings of financial intermediaries, how they interact in financial networks, and how they affect monetary policy and the macroeconomy. In the first chapter, James Peck and I study a bank run model where the depositors can choose how much to deposit. In the many years and many published articles following the bank runs paper of Diamond and Dybvig (1983), only a few papers have modeled the decision of whether to deposit, much less the decision of how much to deposit. The questions we address here are, how does the opportunity for consumers to invest outside the banking system- in investments that do not provide liquidity insurance- (1) affect the nature of the final allocation, (2) affect the nature of the optimal deposit contract, and (3) affect the fragility of the banking system? We extend the Diamond and Dybvig (1983) model so to incorporate sequential service constraint and the opportunity of outside investments and show that under certain conditions the equilibrium entails partial deposits, thus arguing for the optimality of limited banking. One might think that when depositors are allowed to invest a fraction of their endowments outside the banking system, they would be hedging against the risk of a run occurring, but losing out on some of the services provided by banks. Thus, one might think that this would improve the stability of the financial system at the expense of lost efficiency. However, we show that the opposite could be true, with reduced stability (runs more likely) but higher efficiency! In the second chapter, I study the strategic behavior of heterogeneous banks in a network and its implications on the stability of the financial system. I construct a model alas Allen and Gale (2000) wherein banks differ in whether they are hit by an uninsurable excess liquidity demand. I show that in such a framework banks that are alr (open full item for complete abstract)

Committee: James Peck (Advisor); Sanjay Chugh (Committee Member); Kyle Dempsey (Committee Member) Subjects: Banking; Economic Theory; Economics; Finance

Doctor of Philosophy (PhD), Ohio University, 2021, Industrial and Systems Engineering (Engineering and Technology)

Transportation and logistics of valuable items (e.g., banknotes and coins, credit cards, securities, gold, jewelry, safes, and special pharmaceutical items like vaccines) are generally exposed to the risk of robbery and armored car heist. An inherent problem in designing supply chain networks for the transportation of valuables is to mitigate the risk while decrease the total cost by appropriate configuration of facility location and routing. In this research, the vehicle routing problem for the transportation of valuables is developed in several directions. From the modeling side, the risk mitigation approach that encompasses both the amount/number of valuables carried by a vehicle and the traveltime of a route is considered to minimize the risk of robbery and generate safe routes. The utilized risk function relaxes a pre-defined parameter of the risk threshold. Furthermore, the risk-minimizing problem is developed by incorporating various real-world characteristics and constraints into the model. At the expense of adding solution complexity, such formulation offers a more realistic model applicable to real situations.The model is extended from different angles, such as developing risk modeling by considering the vulnerability component and diversified arrival time using the multigraph network, and demand forecasting using an extensive evaluation of statistical and machine learning model. From the methodology side, multiple exact and metaheuristic methodologies are utilized and evaluated on several small to medium-sized instances and a case study. The augmented 휖-constraint 2 is used to solve the small instances of the problem. While solvable on small-sized instances, it poses computational challenges when applied to a large-scale rich problem. Therefore, five metaheuristics, namely, non-dominated sorting genetic algorithms (NSGAII and NSGAIII), strength of Pareto evolutionary algorithm 2 (SPEA2), indicator-based evolutionary algorithm (IBEA), and archived multi (open full item for complete abstract)

Committee: Gary Weckman (Advisor); Tao Yuan (Committee Member); Saeed Ghanbartehrani (Committee Member); Ashly Metcalf (Committee Member); Ehsan Ardjmand (Committee Member) Subjects: Banking; Industrial Engineering; Management; Statistics; Transportation; Transportation Planning

Doctor of Philosophy, University of Akron, 2021, Engineering

Lean Management Systems (LMS) and Continuous Improvement (CI) program deployments are increasingly becoming an important strategy for many organizations for gaining competitive advantage. Such deployments promise success to organizations of any nature and size. Significant resources in the form of employee time, external consultants and training programs are spent on LMS/CI deployments by a vast number of companies every year. Yet despite the long history and evolution of CI methodology, ease of concepts and application, high amount of time and resources spent and furthermore proliferation of such deployments - the adoption and ultimately the success of such programs is highly variable. While many research papers and companies claim to have realized hundreds of millions in economic benefits from Lean deployments, just as many report to not even recover the cost of deployment. Researchers conclude that a complete systems approach to successfully deploy Lean methodology for long-term sustained gains is not widely understood or practiced. For this reason, in this research I present the design work of a new way to approach Lean/CI deployment methodology utilizing first-principles. The need for the new approach to deploying Lean/CI was engendered due to a mandate from the Senior Leadership Team (SLT) at the organization. The SLT desired a holistic approach that would align better to Company's Lean principles (first principles), show financial impact and bring about behavioral cultural change. This research presents the new approach - from First-Principles for the methodology, design criterion from SLT, to the design of the methodology, and then the application of the methodology to different businesses in the company. In essence, the research shows how any organization can build its own LMS utilizing first- principles to fit their own needs rather than copy pasting fragmented components offered by expensive consultants or snippets from literature – neither of w (open full item for complete abstract)

Committee: Shengyong Wang (Advisor); Asoke Dey (Committee Member); Xiaosheng Gao (Committee Member); Ping Yi (Committee Member); Chen Ling (Committee Member) Subjects: Banking; Engineering; Industrial Engineering; Management; Mechanical Engineering; Systems Design; Systems Science

Doctor of Philosophy, The Ohio State University, 2020, Business Administration

This dissertation contains three essays aimed toward understanding the causes and consequences of firms' demand for debt finance. The first chapter studies how the currency mix of multinational firms' debt responds to relative changes in country-level interest rates. According to the principle of interest rate parity, firms should not respond at all. Relative movements in interest rates should be accompanied by movements in exchange rates that exactly offset the benefits of borrowing in low-rate currencies. However, I find that firms rebalance their debt away from currencies where interest rates rise, and toward currencies where interest rates fall. I examine five reasons why firms might behave this way, and find evidence against three reasons and in support of two. I also find that firms adjust the currency structure of their debt when they have better access to foreign capital markets and more financial flexibility. Finally, declines in foreign policy rates boost investment for firms with the best foreign-market access, but the incremental investment may not occur in the country where rates fall. The second and third chapters show that patterns in local firms' demand for bank finance influence the behavior of individual banks and the structure of the banking industry. Many studies find that bank industrial organization helps structure nonfinancial industries via the credit supply, but these chapters argue that causality also runs in the other direction. The second chapter examines changes in demand for bank finance around the replacement of locally-owned establishments by large national corporations that borrow in bond markets and from money-center institutions rather than from small local banks. This chapter specifically studies the effects of Walmart's entry into a market. I show that Walmart's entry decision is strongly influenced by potential sites' distance from Walmart headquarters in Bentonville, Arkansas, and I take this geographical cha (open full item for complete abstract)

Committee: Isil Erel (Committee Co-Chair); Michael Weisbach (Committee Co-Chair); Ye Li (Committee Member); Jack Liebersohn (Committee Member) Subjects: Banking; Finance

Bachelor of Arts, Walsh University, 2020, Honors

Many believe that capitalism is inherently immoral, a system designed by the rich, for the rich. Events like the 2008 financial crisis seem to point to a conclusion of this sort as well. However, delving deeper into the roots of capitalism and its founder, Adam Smith, paint a different picture, with different intentions. The Theory of Moral Sentiments predates and provides the foundation for the Wealth of Nations. In both the timing of the books, and in their content, morality is clearly shown to be the bedrock upon which capitalism was built. Having proved this, one must then look to the 2008 crisis through the previously constructed lens, and evaluate the actions that led up to it. If they were immoral, as this thesis claims them to be, then the theory that morality is the basis of capitalism is given practical application.

Committee: Bradley Beach (Advisor) Subjects: Banking; Economic Theory; Economics; Finance; Philosophy

Doctor of Management, Case Western Reserve University, 2011, Weatherhead School of Management

Using mixed methods research we have gained insights into how successful banks continuously adapt to changing circumstances by adopting a higher level of collective mindfulness and absorptive capacity (ACAP), which positively influences firm performance. We found that surprises within the banking sector stemmed from an inability to anticipate and detect early warning signals. Semi-structured interviews with 23 high ranking U.S. banking executives yielded over 50 narrative accounts of decisions gone awry and revealed that bankers are not skilled in detecting and managing the unexpected. In addition, a quantitative survey of 165 bank CEOs revealed that absorptive capacity (ACAP) enhanced a bank's performance during the 2007-2009 financial crisis. We demonstrated the multi-dimensional mediated structure of ACAP and that risk, operating and learning orientations positively affect ACAP and subsequent firm performance.

Committee: Richard Boland, Ph.D. (Advisor); Kalle Lyytinen, Ph.D. (Advisor) Subjects: Banking; Management

Doctor of Philosophy, Case Western Reserve University, 2019, Mathematics

The normal distribution for financial modeling is frequently encountered, but it is not a good model when the data behavior is skewed and has fat-tailed properties. It is often wrong to employ distributions which have symmetric and rapidly decreasing tail properties. The properties of the α-stable distribution are important to statisticians for modeling the data for skewness and fat tails. In order to obtain a well-defined model for pricing options, the mean, variance, and exponential moments of the return distribution often cannot be considered. For this reason, tempered stable distributions have been proposed for financial modeling. Other modifications for Brownian-type processes are obtained via the introduction of a time-changed Brownian model. This extension is related to replacement of the real-time in Brownian systems by a non-decreasing L evy process (called subordinator). In this thesis, we analyze a process related to a subordinated Brownian motion which is called a normal tempered subordinator and also is described as a Brownian motion with drift driven by a tempered stable subordinator. We compare the main statistical analysis of the TSB (Subordinate tempered stable process to Brownian motion) process and diffusive process. In this work, we mention the two techniques of a parameter's estimation procedures and validate them. In order to show the usefulness of theoretical results, we analyze the system using the real stock data.

Committee: Wojbor Woyczynski (Advisor) Subjects: Banking; Finance; Mathematics; Statistics

Doctor of Philosophy, The Ohio State University, 2019, Accounting and MIS

I provide evidence that initiating PCAOB oversight of the broker-dealer industry improves the accounting quality at the affiliated commercial bank when the entities have shared bank holding company ownership. The spillover effect within an entity in this setting is interesting due to the significance of high-quality accounting in the banking industry, along with the conflict of interest debate regarding providing both commercial and investment banking services. Using loan-loss provision validity, earnings persistence, and cash-flow predictability as proxies for accounting quality, I find an improvement in accounting quality at commercial banks with broker-dealer affiliates after the PCAOB inspection initiation of broker-dealer audits. The auditor variation across entities in the sample and within the same entity provide cross-sectional variation to draw inferences regarding the mechanism by which the improvements to accounting quality occurs. I provide evidence that the mechanism for this change is an improvement in the audit process.

Committee: Anne Beatty (Committee Chair); Darren Roulstone (Committee Member); Xue Wang (Committee Member); Amy Sheneman (Committee Member) Subjects: Accounting; Banking

Master of Arts, Miami University, 2017, Economics

Investment professionals have been using traditional multiples such as EV/Revenue, EV/EBITDA, and Price/Earnings to determine the value of firms. However, as technology firms have become more prominent, EV/MAUs is a new multiple utilized when valuing user based technology firms. In the following paper, I explore whether MAUs explains movements within traditional multiples in order to motivate using EV/MAUs as a valid multiple. After showing it significantly explains movements in this multiple, I run an empirical analysis showing that EV/MAUs is a better estimator than all traditional multiples except EV/Revenue and should be used in applications of multiple analysis within the technology space going forward.

Committee: Thomas Boulton (Advisor); David Shrider (Committee Member); Jing Li (Committee Member) Subjects: Banking; Finance

Artium Baccalaureus (AB), Ohio University, 2017, Political Science

This thesis will take a case study approach to apply the theory of Quiet Politics to the 2008 Great Recession and the Occupy Wall Street Movement.

Committee: DeLysa Burnier Dr. (Advisor) Subjects: Banking; Finance; Organizational Behavior; Political Science; Public Administration

Doctor of Philosophy, The Ohio State University, 2016, Accounting and Management Information Systems

This paper examines how bank regulators and external auditors affect financial reporting decisions. Both groups serve an important role in the financial reporting process given their access to internal bank information, but they have different objectives and incentives affecting their influence on financial reporting. To provide insight into their roles, I examine loan loss provision timeliness, an accounting choice associated with significant managerial discretion, important economic consequences, and a potential conflict between regulators and auditors. Using a matched sample and control group, I find that external audits and greater regulatory scrutiny are each positively associated with loan loss provision timeliness. However, I further show that in the presence of greater regulatory scrutiny, audited banks recognize less timely loan losses relative to unaudited banks. Together, these results suggest that the objectives and incentives of regulators and auditors may differentially influence financial reporting outcomes.

Committee: Anne Beatty (Advisor); Darren Roulstone (Committee Member); Xue Wang (Committee Member); Haiwen Zhang (Committee Member) Subjects: Accounting; Banking

Doctor of Philosophy, Case Western Reserve University, 2016, Management

A review of financial system stress measures reveals not only the absence of theory on financial stress, but also the absence of search for theory. To remedy this gap, this study conducts a rigorous investigation of the empirical validity and dynamic properties of financial stress measurement in the context of financial system complexity. We provide and validate four contributions to literature. First, we establish the relevance and comparative quality of macro-level stress measurement for the financial system relative to alternative measures of system conditions. Second, we establish theoretical foundations for measuring financial stress across multiple units of analysis. This measure builds on the understanding of stress origins and drivers and incorporates price, quantity, and behavioral variables to explain the pattern of apparently irrational choices of financial agents. At the macro-level, stress is supported empirically by hypotheses of association between behavioral aspects of heterogeneous financial agents and overall financial system stress. At the micro-level, we apply abductive inference to the empirical results to propose a new theoretical stress measure for heterogeneous agents and instruments. Defining financial stress theoretically allows continual measurement of financial stress at the level of the various heterogeneous partitions of the financial system (e.g. agents and instruments) as these partitions evolve through structural changes and financial innovations. Third, we build a theory of stress transmission across micro-level of sectoral agents to the macro-level of the financial system. This theory describes a process of stress transmission across financial intermediaries and the process by which its agent stress escalates to the financial system. Fourth, we examine the process by which unusual conditions in the financial markets manifest as critical states of financial system stress.

Committee: Kalle Lyytinen (Committee Chair); Lucia Alessi (Committee Member); Agostino Capponi (Committee Member); Myong-Hun Chang (Committee Member); Corinne Coen (Committee Member) Subjects: Banking; Economics; Finance; Management

Master of Arts, Miami University, 2014, Economics

The free-banking era provides a unique time period to study bank market structure. Using data from historical maps and the Inter-University Consortium for Political and Social Research Censuses of the United States, I build upon previous research to investigate the relationship between railroads and antebellum banks from 1854-60. I first use simple ordinary least squares models to estimate the equilibrium relationships between railroads and balance sheet composition. I then estimate an endogenous market structure model that relates railroads to unobserved bank profitability through the number of observed banks. I find that railroads increased bank lending but reduced bank leverage (as related to banknotes), suggesting that railroads caused banks to shift their business emphases. My results further indicate that railroads had a net negative effect on banking profitability. I conclude that reduced bank leverage, as opposed to increased banking activity through lending, increased antebellum bank stability.

Committee: Charles Moul Dr. (Advisor); William Even Dr. (Committee Member); Gregory Niemesh Dr. (Committee Member) Subjects: Banking; Economic History; Economics

PHD, Kent State University, 2014, College of Business and Entrepreneurship, Ambassador Crawford / Department of Finance

Marcus (1984) model posits that the charter value acts as a buffer to the risk taking behavior predicted by the Merton (1977) option based model. The traditional charter value hypothesis establishes the inverse relationship between the charter value and bank risk taking giving a rise to the so-called disciplinary role of bank charter value (Keeley, 1990). Unprecedented government assistance programs to the banking industry that followed the 2008 financial crisis renewed interest in the risk taking incentives and moral hazard effects of the government safety net. Despite its importance, the question about the disciplining effect of bank charter values and impact of government bailouts on bank risk taking has not received a definitive answer in recent literature. In my dissertation, I directly test the impact of charter value on equity vega within the option based framework using a sample of U.S. based depository institutions from 1995 to 2012. My dissertation makes several contributions to the literature. First, using simulations of Marcus (1984) model, I demonstrate that the relationship between charter value and risk taking is non-monotonic and is dependent on business cycles and interest rate regimes. Second, using several alternative proxies of charter values, I empirically confirm a non-monotonic relationship between the charter value and equity vega. I show that the charter value plays a disciplinary role only for institutions with high charter values while the opposite is true for the institutions with low charter values. My findings call into question the traditional charter value hypothesis. Third, I introduce the impact of bailouts using simulation and then empirically test my hypotheses of the effects of the Troubled Assets Relief Program (TARP) on the disciplining role of charter value. For the first time in the literature, using option based framework, I show that the impact of TARP on bank risk taking is non-monotonic: it increases risk taking incent (open full item for complete abstract)

Committee: John H. Thornton (Committee Chair); Andrei Shynkevich (Committee Member); Eric Johnson (Committee Member) Subjects: Banking; Finance

Doctor of Philosophy, The Ohio State University, 2014, Accounting and MIS

This paper investigates the effects of the requirement under the Dodd-Frank Act that all large bank holding companies create a stand-alone, board-level risk committee. In addressing this issue I focus on banks that had not voluntarily created such a committee prior to the legislation, as these are the banks that will be most affected by the new rule. I demonstrate an estimation method that makes it possible to draw inferences about the potential impact of a new rule before the rule is implemented. I find that requiring large banks to maintain a risk committee would have increased capital ratios during the global financial crisis, but would have decreased capital ratios during more stable economic conditions. The time varying nature of the results highlights the importance of estimating the effect of proposed policy changes over multiple states of the economy. This paper contributes to the literature by investigating the effects of a relatively understudied aspect of board structure, the presence of a risk committee, and by providing an identification strategy that can be used to investigate standard setting and regulatory changes before the changes are put in place.

Committee: Anne Beatty (Committee Chair); Darren Roulstone (Committee Member); Douglas Schroeder (Committee Member); Andrew Van Buskirk (Committee Member) Subjects: Accounting; Banking; Finance

Master of Arts (MA), Ohio University, 2014, Latin American Studies (International Studies)

The Brazilian economy is one of the fastest growing economies in the world and is currently the sixth largest. A contributing factor to recent growth is the reconstruction of the economy specifically privatization of the banking sector during the 1980s. My analysis will examine the effects of privatization of the banking system on the Brazilian economy and present hypotheses regarding future options and outcomes for Brazil's banks and economy. This study seeks to judge the effects of banking system changes on the Brazilian economy from the early 1980s through 2012. In the end, I will show that privatization appears to be too drastic for the Brazilian situation. However, after some time the economy eventually adjusted proving that changes in the banking sector occurred too quickly and resulting in extreme ups and downs in the market.

Committee: Andrew Fodor (Advisor) Subjects: Banking; Economics; Latin American Studies