More than 700 students submitted over 300 individual and team research projects to present at the annual Stander Symposium on April 22, 2021. Students chose to share their research in a variety of ways: downloadable posters and papers; live presentations on Zoom; recorded presentations; and safe-distance live presentations from front porches and other locations on campus. Browse the gallery below or search for specific research projects using the search function at the top left of the screen.
This gallery contains projects from the 2021 Stander Symposium by students, faculty and staff in the School of Business Administration
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A 3 Factor Portfolio Weighting Model for Select Stocks in the Consumer Discretionary Sector: An Empirical Analysis from 2009-2019
In this study we developed a 3 factor Portfolio weighting model for a concentrated portfolio of consumer discretionary stocks. The principal factors are sales growth(SG), gross operating profit (GOP), and short term(one-year) price momentum. The Period of analysis was 2009-2019. The factor weights for sales growth and gross operating profits are the slope coefficients from time trend univariate regressions with SG and GOP the Y-variables(in Logs) and time as the x-variable. The original shares held in each stock is adjusted yearly based on the short term price momentum in each stock. We test the hypothesis that the 3 factor weighting model generates excess returns over the S&P 500 broad market index for the period 2009-2019. Two factor weighting models are evaluated: (1) constant shares model, (2) adjusted shares model.
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Accounting for Community's Charity Pitch Competition
Join Master of Professional Accountancy students in ACC 703 - Accounting for Community as they use their hearts and minds to pitch a not-for-profit organization to potential donors. This course project requires students to identify an existing not-for-profit organization that they believe has a persuasive mission and to analyze the organization and its programs to explain why donors should financially support the organization. At least $1,000 is on the line. Winning organizations will be announced after Stander. Each pitch and corresponding audience questions will be approximately 12 minutes. Four pitch presentations will occur each hour, with a brief break prior to 2:00 and 3:00. You are welcome to join any time!
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A Kurtosis Based Portfolio Factor Weighting Model for 5 Glamour Stocks: An Empirical Analysis 2009-2019
Glamour stocks like MasterCard, Apple, Amazon, Netflix, and Google have enjoyed tremendous returns over the last several years as investors can't seem to buy enough of their shares. In this study we examine the relative performance of each stock when it is portfolio weighted by the fourth moment of its return distribution around its mean i.e., kurtosis (k). Beginning in 2009, we calculate the 12 month K for each of the 5 glamour stocks and assign a weight (the higher the k the higher the weight) that determines the shares invested in each stock (The overall initial investment is $1,000,000). The original shares are adjusted each year based on the yearly changes in the k values. The 5 stock portfolio returns are compared to the S&P 500 index as well as an equal weighted portfolio of the 5 stocks. The hypothesis that we test are; (1. The cumulative returns of the k weighted 5 stock portfolio outperform SPY cumulative returns and 2. The cumulative return of the k weighted 5 stock portfolio outperform the equally weighted 5 stock portfolio. 3. Returns to each of the 5 stocks are directly related to k i.e. the higher the k, the higher the returns on both an annual and cumulative basis.
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Analysis of the Evolution of Scope Management and Needs Identification in Agile Methodologies
The research I have conducted to date has been formed around a basic understanding of the projectmanagement environment: Identifying stakeholders, identifying metrics, and analyzing specific aspects ofagile development. This has led to a variety of questions around scope management such as “How doscope changes impact the velocity throughout the course of a project?”, “What factors help determine theoverall viability of adopting different scope measures?”, and “What are the roles of project owners andmanagers in facilitating scope changes in project cycles?” This research encompasses a review ofprevious literature, an analysis of structured project progression, and semi-structured interviews in orderto investigate the evolution of scope management and needs identification in agile methodologies.
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A Three Factor Portfolio Weighting Model for Select Stocks in the Healthcare Sector: Empirical Analysis, 2009-2019
In this study we look at impact the of revenue growth, operating profit and relative price momentum on the return performance of the top ten stocks (by market value) in the S&P 500 Healthcare Sector over the period 2009-2019. We develop a 3 factor portfolio weighting model and compare the performance of this model to the broad market index S&P 500. Using time trend regressions with revenue growth and operating profits as the Y variables and time as the X variable, we take the slope coefficients from the regressions as the original weights for our model. We use the yearly relative price momentum to adjust the weights annually. We test the hypothesis that combined, revenue, growth, and operating profits are priced-in risk factors i.e, they generate excess returns over the market.
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A Two-Factor Portfolio Model for 6 SPDR Sectors with Industrial Production the “State” Economic Variable: An Empirical Analysis 2009-2019
In this study, I follow the Stephen Ross/Robert Merton approach and develop a portfolio factor weighting model for 6 SPDR sectors using the "State" economic variable Industrial Production as my principal factor loading. The 6 SPDR sectors making up my portfolio are: (1) Consumer Staples, (2) Consumer Discretionary, (3) Healthcare, (4) Industrials, (5) Information Technology, and (6) Utilities. I test two hypotheses: (1) the 6 SPDR sector Industrial Production factor weighting model generates excess returns over the broad market index S&P 500 i.e. it is a priced-in risk factor. (2) It has persistence in excess returns over a long period of time. The period of analysis is 2009-2019, a long-term bull market for U.S. equities.
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A Two-Factor Portfolio Weighting Model for 6 SPDR Sectors with Consumer Credit the "State" Economic Variable: An Empirical Analysis 2009-2019
The first objective of this study is to test the hypothesis that the state economic variable U.S. consumer credit is a priced in risk factor in the U.S. equity market. A second objective is to determine if a consumer credit derived factor weighted portfolio model shows persistence in generating excess returns over the broad market index S&P 500 over a long period of time. The period of analysis is 2009-2019. The actual factor weights are long and short term price momentum for the 6 SPDR sector ETFs: (1) Consumer Staples, (2) Consumer Discretionary, (3) Industrials, (4) Healthcare, (5) Information Technology, and (6) Financials. Two portfolio models are evaluated: (1) constant share model and (2) adjustable shares model.
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A Two Factor Portfolio Weighting Model with Wages and Salaries as the State Economic Variable: An Empirical Analysis 2009-2019
In this study I develop a five SPDR sector portfolio with the principal factor U.S wages and salaries. I use three measures of wages and salaries: (1) Wages and Salaries-Private (WS-P) (2) Wages and Salaries-Goods (WS-G) and (3) Wages and Salaries-Services (WS-S). The SPDR sectors included in my portfolio weighting model are (1) Consumer Staples, (2) Consumer Discretionary, (3) Industrials, (4) Healthcare, and (5) Information Technology. Using monthly data over the 2009-2019 time period, I regress Wages and Salaries on the Price Index for each SPDR sector to obtain a long-term measure of sector price momentum (the regression slope coefficients). The long-term price momentum becomes the original sector portfolio weight which in turn determines the beginning shares held in a sector. After the first year, the original shares are adjusted up or down based on the yearly changes in each sector's price index. I test two hypotheses: (1) The five SPDR sector portfolio outperforms the S&P 500 over the 2009-2019 time period i.e, the state economic variable is a priced in risk factor. (2) The five SPDR sector portfolio shows persistence in excess returns over the S&P 500.
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COVID-19 and Size/Style Investments
In mid February 2020, the U.S. Equity market experienced a sharp decline in stock prices due to the Covid-19 pandemic. Near the end of March, the stock market had an initial rebound and has continued an upward trend throughout the remainder of 2020 and into 2021 as Covid-19 vaccines plus fiscal stimulus packages have given investors renewed hope the the economy and equity markets will continue to normalize.In this study, my objective is to analyze the returns during the initial decline and rebound period for a number of size/style investment indexes offered to investors by Willshire. Size is identified as large and small while style is identified as value and growth. The size/style investment indexes are also dimensionalised by market value weighting and price weighting. I test the following hypotheses: (1) Large cap indexes outperform small cap indexes on the downswing, while small cap indexes outperform large cap indexes in the upswing period. (2) Value outperforms growth in the downswing while growth outperforms value in the upswing. (3) Market value weighted indexes outperform price weighted indexes in the downswing and price weighted indexes outperform market weighted indexes in the upswing.
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COVID-19, Volatility and S&P 500 Sector Returns
In this study I look at the relationship between stock market volatility (measured by the VIX) and 5 S&P Sector ETF's over the early stages of the COVID-19 pandemic in the United States. The 5 SPDR sectors are Consumer Discretionary (XLY), Consumer Staples (XLP), Industrials (XLI), Healthcare (XLV), and Information Technology (XLK). I use uni-variate regression analysis to specify the linear relationship between the sector price indexes (Y) and VIX (X). Both a down swing (from mid February to late March) and an upswing (from late March to mid summer) periods are modeled. I test the following hypotheses: (1) There is an inverse relationship between sector price indexes and the VIX, (2) During the down swing period, the growth sectors XLY and XLK showed the sharpest declines in their price indexes and (3) during the upswing period the growth sectors, XLY and XLK showed the largest increases in their price indexes.
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Empirical Research Presentations in Economics
Four years of coursework culminate in a written and oral presentation of an empirical research project during the senior capstone course. Students apply economic theory and econometric techniques to analyze data in order to answer an original research question.
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Flyer Consulting: Past, Present and Future
Flyer Consulting shares the past, present, and future of their organization. In this Stander Symposium keynote they feature past clients, current projects, and future initiatives. Audience members will have the opportunity to hear from the management team, project leads, and intern class, as well as learn about ways to get involved in the future.
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Flyer Enterprises Presentation
Flyer Enterprises is one of the largest completely student-run corporations in the world. We operate 10 divisions at the University of Dayton ranging from coffee and smoothies to e-commerce. Flyer Enterprises provides a competitive advantage for our employees by offering unparalleled, hands-on learning opportunities that expand beyond the classroom. Join us to talk with members of the executive team about current and future plans for the company, and learn how we serve our community For Flyers, By Flyers.
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Long Term Inflation Trends and the 2008 Recession; An Empirical Analysis 2001-2019
In this study, we look at inflation trends pre and post the 2008 "great" recession to determine if there was a recession effect on inflation. The following measures of inflation are used in the study: (1) CIP-ALL, (2) CPI- Less Food and Energy, (3) Personal Consumption Expenditures (PCE), (4) Employment Cost Index (ECI). We test several hypothesis; (1) inflation rates post 2008 recession are lower than inflation rates pre 2008 recession, (2) CPI inflation measures trend higher than PCE measures, (3) ECI cost inflation measures post 2008 rend lower than pre 2008 measures, (4) lower demand poll inflation measures (e.g. CPI-ALL) post 2008 recession are partly due to lower cost push inflation measures (ECI) post 2008 recession.
