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Examine (i) the impact of investor sentiment on stock market returns, and (ii) the impact of investor sentiment on stock market returns conditional on economic conditions. Discuss potential limitations of your work.

Empirical methods in accounting and finance

FoMLSS Accounting, Finance and Economics

AFE6014-B: Empirical Methods in Accounting and Finance

TYPE OF ASSESSMENT: Individual Assessed Coursework

(3,000 words maximum excluding tables, figures, and references)

• Failure to submit your coursework by this deadline will result in a mark of 0%
• The assignment must be submitted in electronic format to the ‘Turnitin’ drop-box in the Canvas site for this module
• You are advised to plan your work carefully and back-up your work. Computing problems will NOT be accepted as reasons for non-submission
• Along with the main report, you also need to submit the original data set and screenshots of results from SPSS or EViews

Individual Assessed Coursework Brief
Under the revised assessment requirements due to COVID-19, this module will be assessed via a written assessed coursework.

This is an individual assignment containing seven different requirements.

Along with the main report, you also need to submit the original dataset and screenshots of results from SPSS or EViews.
The written report should not exceed 3,000 words.

Excessive assignments will be penalised according to section 9.13 of Regulation 9 Regulation Governing Postgraduate Taught Awards: “Assessed work which exceeds a specified maximum permitted length will be subject to a penalty deduction of marks equivalent to the percentage of additional words over the limit.

The limit excludes bibliographies, diagrams and tables, footnotes, tables of contents and appendices of data.”

Introduction
Behavior financial theories highlight investor sentiment in influencing stock prices, despite the traditional ones positing that stock prices are the discounted future cash flows and arbitrage leaves little space for investor sentiment (Fama, 1965). De Long et al. (1990) argue that sentiment investors trading together brings systematic risk into stock markets. The risk originated from the stochastic shifts in investor sentiment imposes arbitrage limits on rational investors, impeding them from trading against noise investors. As a result, the mispricing caused by sentiment investors is persistent. Baker and Wurgler (2006) state two routes whereby investor sentiment can bring persistent impact on stock prices: (i) uninformed demand shocks, and (ii) limits on arbitrage. Uninformed demand shocks naturally persist in that irrational investors’ misbeliefs could be further strengthened by others ‘joining on the bandwagon’ (Brown and Cliff, 2005, p. 407). Limits on arbitrage demotivate arbitrageurs from relieving the impact of investor sentiment since they are commonly subject to relatively restricted investment horizons and can hardly accurately forecast how the impact will persist. Therefore, one can observe that high levels of optimism (pessimism) would cause high (low) concurrent returns, and given the mean-reversion property, overpricing (underpricing) would be corrected and followed by low (high) subsequent returns. The theoretical analysis is supported by evidence drawn from the US market (Brown and Cliff, 2005) as well as international markets (Schmeling, 2009; Bathia and Bredin, 2013).
In line with the above-mentioned points, please prepare a report with a specific emphasis on the following seven requirements:

Required:
1. Discuss the rationale behind the cross-sectional impact of investor sentiment on stock returns. [10 marks]
2. Discuss the impact of investor sentiment on stock returns conditional on economic conditions. [10 marks]
3. Suppose that you decide to extend the evidence on the impact of investor sentiment on stock returns to one emerging market. Select a market and motivate your selection. [8 marks]
4. Critically review related literature and evaluate survey-based investor sentiment proxies and market-based investor sentiment proxies. [15 marks]
5. Find two proxies for investor sentiment in your selected market, and elaborate motivation for your selection. [12 marks]
6. Present descriptive statistics of (i) market returns of the selected market and (ii) investor sentiment. [15 marks]
7. Examine (i) the impact of investor sentiment on stock market returns, and (ii) the impact of investor sentiment on stock market returns conditional on economic conditions. Discuss potential limitations of your work. [30 marks]

While attempting requirements 1–7 you should follow academic writing style format relying on journal articles. Failing to do so will lead to a FAIL in this module.

Guideline coverage of issues/answers expectations:
Requirement 1:
1. Discuss the rationale behind the cross-sectional impact of investor sentiment on stock returns.

Requirement 2:
1. Discuss the impact of investor sentiment on stock returns conditional on economic conditions.

Requirement 3:
1. Select one emerging market.
2. Motivate your selection.

Requirement 4:
1. Assess merits and flaws of survey-based investor sentiment proxies.
2. Assess merits and flaws of market-based investor sentiment proxies.

Requirement 5:
1. Find two proxies for your selected market.
2. Motivate your selection.

Requirement 6:
1. Present descriptive statistics of market returns and two series of investor sentiment.
2. Interpret.

Requirement 7:
1. Examine the relation between market returns and investor sentiment.
2. Examine the relation between market returns and investor sentiment across different economic conditions.
3. Discuss limitations of your analysis.

Along with the main report, you also need to submit the original dataset and screenshots of results from SPSS or EViews.

Write a critical review on why an understanding of national cultures is important in strategic management? Existing and actual literature can be taken from peer-reviewed research publications.

Culture and its Impact on Strategy

Assignment Brief
Task 1
Write a critical review on why an understanding of national cultures is important in strategic management?
Existing and actual literature can be taken from peer-reviewed research publications. (2-3 papers only)

This task will reflect the level of understanding of the student on how to analyze and evaluate literature and demonstrate through this task that they can identify knowledge gaps.

Marks assigned – 50
Word Count- 800-1000
Task 2

Students to develop the following statement: “Company Culture Is Everyone’s responsibility”. Shared responsibility involves different people and functions within the organization playing different roles in developing and maintaining the culture.

This task requires understanding the values, practices, and beliefs shared by the members of a group and how this can lead to a successful culturally diverse company.

After developing the statement, the student will have to elaborate how changes can be made to improve cultural awareness in all levels to make it the responsibility of everyone.
Marks assigned – 50
Word Count- 700

What stands in the way of more, and more effective cross-border expansion then is a more integrative approach of tapping into and leveraging diversity by sharing, building on and diffusing local best practices at a global scale.

Strategy Development in Cross Border and Global Organisations

Assignment
Despite perceived increases in cross-border activities, the actual level of globalization remains limited and much of its potential untapped.

This is partly due to the persistent ethnocentric nature of how multinationals are managed and how, by extension, they go about leading cross-border activities.

What stands in the way of more, and more effective cross-border expansion then is a more integrative approach of tapping into and leveraging diversity by sharing, building on and diffusing local best practices at a global scale.

AN INTEGRATIVE APPROACH TO CROSS-BORDER EXPANSION:

THE ROLE OF GLOBAL LEADERSHIP
B. SEBASTIAN REICHE

In light of the provided analysis, consider any cross border or global organization and explain what challenges are posed to strategists in executing cross border activities.

Provide suggestive strategies to overcome the barriers in successful implementation of strategies in this organization.

Identify appropriate techniques and resources to build cross functional relationships and critically evaluate communications role in delivering value to a range of stakeholders.

Strategic Communication

Prepare an individual report based on the organisation of your choice, which focuses on the practical application of communication tools and, develop a relevant marketing communications plan. 2500 words

• Undertake a review of your chosen organisation’s current approach to integrated communications received by a range of stakeholders.

• Design and evaluate an integrated marketing communications mix relevant to the scenario for integrated communications assignment.

• Identify appropriate techniques and resources to build cross functional relationships and critically evaluate communications role in delivering value to a range of stakeholders.

Identify and review, from a critical perspective, the use and application of resources and capabilities as contributory aspects of strategic implementation of WWN.

Strategy Direction & Planning in Cross Border and Global Organisations

What strategic vision, mission, statements and objectives support the transformation of Water Water Nowhere to Water Water Everywhere, with sufficient clean to drink and use in commercial entities? You have a green field to write these aspects of the strategy and this should be undertaken as a group of senior managers. (20 marks)

Produce a contextual brief from which Water Water Nowhere would need to draw upon in order to implement the proposed strategy in part one. (20 marks)

Identify and review, from a critical perspective, the use and application of resources and capabilities as contributory aspects of strategic implementation of WWN. (20 marks)

Propose and recommend at strategy which WWN should adopt in order to address issues identified in the contextual analysis . (25 marks)

Remaining 15 marks are for referencing and presentation.

Describe a character in fiction, a historicaL figure, or a creative work (as in art, music, science, etc.) that has had an influence on you, and explain that influence.

Any title you choose

IIIParchment Exchang…
Square Dashboard
Apply As a Freshma…
Supplemental In’

Document and submit it as part of the online application.

This personal essay helps us become acquainted with you as a person and student, apart from courses, grades, test scores, and other objective data. It will also demonstrate your ability to organize your thoughts and express yourself.

Discuss any challenges the student may face or errors that may be made during these activities. How will you use students’ errors as an opportunity for learning?

Part A
Return to the Virtual Field Experiences from Week 1, titled Voices in the Field: Diversity in Ms. Ramos’s Class (VF1) and Ms. Ramos’s Class: Virtual Field Experience (MR1).

(videos have been uploaded)Select three children and describe what you think their learning strengths and multiple intelligences are based on your observations.

Use specific examples from the videos and support your analysis with information from the resources.

Use the time reference method discussed in Week 1 to support your responses.

Part A recommended minimum length is 1page.

Part B

Review the following second-grade Common Core standard in literacy: English Language Arts Standards » Reading: Literature » Grade 2 » 2

Recount stories, including fables and folktales from diverse cultures, and determine their central message, lesson, or moral.

Select any two multiple intelligences. For each intelligence selected:

Describe the intelligence and propose an activity that would allow students with strengths in this area to show they have achieved this second-grade standard.

Reflect on how two different activities might allow students to use their strengths to master the same standard. (At least one of these strategies should support or expand learner expression in speaking, writing, or other media.)

Discuss any challenges the student may face or errors that may be made during these activities. How will you use students’ errors as an opportunity for learning?

Discuss the technology tools (if any) that would support this activity.

Support your analysis with information from the resources.

Part B recommended minimum length is 3 pages.

Discuss the role of different commercial, labor, and property regimes in North America in the colonial period and nineteenth century.

Module 2

In this learning module, students will explore and compare the colonial and national histories of the three countries that emerge in North America.

Learning Objectives

After completing this learning unit, each course participant should be able to:

Identify the colonial holdings of different European powers on the North American continent.

Compare and contrast the features of emerging North American nations in the nineteenth century.

Discuss the role of different commercial, labor, and property regimes in North America in the colonial period and nineteenth century.

Apply comparative critical analysis reading skills to peer-reviewed articles and textbooks.

Assigned Readings for Module 2:

We continue with Brescia and Super, North America, but from now on we will be jumping around, reading parts of chapters (usually in about 5 page chunks) that take the material by topic chronologically.

We start Sparks, have one book chapter (pdf provided) and three articles in the Library collection.

There is also a film. For those of you using the Kindle or other electronic version of Brescia and Super, the blue section headings are to guide you.

While the e-book link issue is being resolved, you can find chapters 3-9 of Brescia and Super here (Links to an external site.).

Brescia and Super, 89-100 Chapter 5 sections “Colonial Configurations,” “Early Diplomacy,” “War” and “A New Era”; Chapter 5 “Manifest Destiny and Beyond,” “Civil War in the United States,” & “Expansion Modified;”
109-19 Chapter 6 sections “Problems of Definition,” “Early Interactions,” “Mexican Conquest,” “Quebec Trade,” “English Policies,” Post-Colonial Relations in NA “United States”, and “Canada”;

129-133 Chapter 7 “Early Immigration,” “New France,” English Colonies,” “Slavery,” and “Movement in the North”;

149-154 Chapter 8 Colonial and Rural Labor “Labor and Conquest,” “Labor in the Northern Forests,” “Labor Along the Seaboard, “The Other Side of Rural Labor” and “Continued Rural Arrangements”

167-172 Chapter 9 “Early Patterns of Trade,” “Mercantilism,” “Early National Goals,” and “Liberalization of Trade”

187-196 Chapter 10 “European Background,” “Orthodoxy in New Spain,” “Catholicism in the North,” “Religious Pluralism in British Colonies,” “The Church in Post-Colonial America”, “Mexican Issues,” “Canadian Differences,” and “Revivalism in the United States”

203-209 Chapter 11 “Bedrock Features,” “Economic Structures,” and “Reform”

Richard Salvucci, “Some Thoughts on the Economic History of Early Colonial Mexico,” History Compass 2010 8(7): 626–635.
Philip McMichael, “Slavery in Capitalism: The Rise and Demise of the U.S. Ante-Bellum Cotton Culture,” Theory and Society 1991 20(3): 321-349.
Beverly Tomek, “A Nation Built on Capitalism and Torture: Two New Histories of Slavery’s Centrality to the Making, Expansion, and Success of the U.S.” WorkingUSA. 2015 (18,1):137-142.
R.E. Ommer, “’All the Fish of the Post’: Resource Property Rights and Development in a Nineteenth Century Inshore Fishery,” Acadiensis 1981 10(1): 107-23. Excerpted inWatkins and Grant, Canadian Economic History [pdf] Ommer.pdf
Sparks, 1-82 Chapters 1 and 2

Film: Textiles: Birth of an American Industry

By Thursdayy, everyone post your Intrigue Journal to the Discussion Board, and then by Friday post a comment on a peer’s Intrigue Journal.
By Friday, everyone complete the activities (4 comments and a “Takeaway” slide) in VoiceThread 3, and by Saturday comment on a peer’s VT “Takeaway” slide before hitting SUBMIT ASSIGNMENT.

Which primary value does the court’s decision show it prefers” Which primary value does Weed Chevrolet probably prefer?

M5D1: Case Problem on Emery v. Weed

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Read Emery v. Weed (Links to an external site.) and respond to the following critical thinking and ethical decision-making questions:

Is the court’s decision consistent with your common sense belief about whether risk of loss had passed?

Explain how the court used the UCC to reach its conclusion.

Which primary value does the court’s decision show it prefers” Which primary value does Weed Chevrolet probably prefer?
Post a thorough response to each question.

Again, it is important to realize that this is not a law class per se so don’t be intimidated by reading and analyzing a case.

You are not being held to standards that would apply if this were a law school or paralegal class.

When you analyze a case and its holding you are technically considered to be briefing the case, but you can think of it in terms of just performing an IRAC analysis.

Consult the Discussion Posting Guide for information about writing your discussion posts.

It is recommended that you write your post in a document first.

Check your work and correct any spelling or grammatical errors.

When you are ready to make your initial post, click on “Reply.” Then copy/paste the text into the message field, and click “Post Reply.”

To respond to a peer, click “Reply” beneath her or his post and continue as with an initial post.

Evaluation

This discussion will be graded using the discussion board.

review this , located on the page within the Start Here module of the course, prior to beginning your work to ensure your participation meets the criteria in place for this discussion.

All discussions combined are worth 20% of your final course grade.

Keep the following points in mind:

The responses to questions are exhaustive and complete.
Accurate and adequate references have been made to specific laws.

Suppose you are the bank manager who decided to keep a freeze on the Isaacses’ funds for four years. If your actions are guided by the public disclosure test, would you have behaved differently?

M6D1: Case Problem on The Twin City Bank v. Kenneth Isaacs

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Read The Twin City Bank v. Kenneth Isaacs’ judgement (Links to an external site.)and respond to the following critical thinking and ethical decision-making questions:

The judge uses North Shore Bank to make analogies with the Isaacses’ case.

Do you think this analogy is effective?
Suppose you are the bank manager who decided to keep a freeze on the Isaacses’ funds for four years. If your actions are guided by the public disclosure test, would you have behaved differently?

Post a thorough response to each question.

Again it is important to realize that this is not a law class per se so don’t be intimidated by reading and analyzing a case.