{"id":210,"date":"2017-04-12T10:38:20","date_gmt":"2017-04-12T14:38:20","guid":{"rendered":"https:\/\/sites.krieger.jhu.edu\/iae\/?page_id=210"},"modified":"2022-06-15T12:13:11","modified_gmt":"2022-06-15T16:13:11","slug":"studies-in-applied-finance","status":"publish","type":"page","link":"https:\/\/sites.krieger.jhu.edu\/iae\/working-papers\/studies-in-applied-finance\/","title":{"rendered":"Studies in Applied Finance"},"content":{"rendered":"<p>The\u00a0<em>Studies in Applied Finance<\/em>\u00a0series is under the general direction of Prof. Steve H. Hanke (<a href=\"mailto:hanke@jhu.edu)\">hanke@jhu.edu)<\/a>, Founder and Co-Director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise, and Dr. Christopher Culp (<a href=\"mailto:christopher.culp@jhu.edu\">christopher.culp@jhu.edu<\/a>) and Dr. Hesam Motlagh (<a href=\"mailto:hnekoor1@jhu.edu\">hnekoor1@jhu.edu<\/a>), Fellows at the Institute for Applied Economics, Global Health, and Study of Business Enterprise.<\/p>\n<p><strong>Disclaimer:<\/strong>\u00a0The working papers dealing with the analysis of securities are primarily student reports for academic purposes and are not specific recommendations to buy or sell a stock. Potential investors should consult a qualified investment advisor before making any investment.<\/p>\n<p><strong>2020 Investment Studies: No. 28<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.dropbox.com\/s\/bqmcisvxrujfimz\/INVESTMENT%20THESIS%20FOR%20CONSTELLATION%20BRANDS%2C%20INC.%28NYSE-%20STZ%29.pdf?dl=0\">SAF\/No.28\/January 2020: &#8220;Investment Thesis for Constellation Brands, Inc. (NYSE: STZ)&#8221; by Cecilia Bao<\/a>\n<ul>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2020\/01\/Investment-Thesis-for-Constellation-Brands-Inc.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>2019 Investment Studies: No. 26<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2019\/04\/Nanotronics_Final.pdf\">SAF\/No.26\/April 2019: &#8220;Probabilistic Valuation of Nanotronics&#8221; by Carlos Gomez, Hesam N. Motlagh, and Steve H. Hanke<\/a><\/li>\n<\/ul>\n<p><strong>2018 Investment Studies: No. 21-25<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/06\/SAF-No.25-June-2018-Micron-Technologies-Inc.-Kenneth-Blackmon-FINAL.pdf\">SAF\/No.25\/June 2018: &#8220;Investment Thesis for Micron Technology, Inc. (NASDAQ: MU)&#8221; by Kenneth-Von Blackmon<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PepsiCo-Final-Draft_HNM_SHH_MBW.pdf\"><br \/>\n<\/a><a href=\"https:\/\/www.dropbox.com\/s\/a51sj8nfbwqh18m\/MICRON_PDCF%20Model.xlsx?dl=0\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/04\/SAF-No23-April-2018-Agilent-Technologies-Peter-J.-Boutros.pdf\">SAF\/No.23\/April 2018: &#8220;Investment Thesis for Agilent Technologies, Inc. (NASDAQ: A)&#8221; by Peter J. Boutros<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PepsiCo-Final-Draft_HNM_SHH_MBW.pdf\"><br \/>\n<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/04\/BoutrosPeter_A_20171222a__AS-SUBMITTED.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/03\/SAF-No22-March-2018-FSLR-Andrew-Timmons.pdf\">SAF\/No.22\/March 2018: &#8220;Investment Thesis for First Solar, Inc. (NASDAQ: FSLR)&#8221; by Andrew Timmons\u00a0<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PepsiCo-Final-Draft_HNM_SHH_MBW.pdf\"><br \/>\n<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/03\/FSLR-Model.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/03\/SAF-No21-March-2018-COST-Arshad-Amin-Ajani.pdf\">SAF\/No.21\/March 2018: &#8220;Investment Thesis for Costco Wholesale Corporation (NASDAQ: COST)&#8221; by Arshad Amin Ajani\u00a0<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PepsiCo-Final-Draft_HNM_SHH_MBW.pdf\"><br \/>\n<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2018\/03\/COST_vf.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<\/ul>\n<p><strong>2017 Investment Studies: No. 13-20<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/A_Subramanya_AMG_Report.pdf\">SAF\/No.20\/July 2017: &#8220;Investment Thesis for Advanced Metallurgical Group (AEX: AMG)&#8221; by Anshul Subramanya<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PepsiCo-Final-Draft_HNM_SHH_MBW.pdf\">SAF\/No.19\/June 2017: &#8220;Investment Thesis for PepsiCo, Inc. (NYSE: PEP)&#8221; by\u00a0Maria Bel\u00e9n Wu<br \/>\n<\/a><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Maria-Wu-PepsiCo-final-MC.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/jscholarship.library.jhu.edu\/bitstream\/handle\/1774.2\/40913\/Biogen_RAS.pdf\">SAF\/No.18\/June 2017: &#8220;Investment Thesis for Biogen, Inc. (NASDAQ: BIIB)&#8221; by Alex Serafini<\/a><br \/>\n<a href=\"https:\/\/jscholarship.library.jhu.edu\/bitstream\/handle\/1774.2\/40913\/Biogen%20Model%20Data.xlsx?sequence=2&amp;isAllowed=y\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/jscholarship.library.jhu.edu\/bitstream\/handle\/1774.2\/40620\/TRIP_AAA_Final.pdf\">SAF\/No.17\/June 2017: &#8220;Investment Thesis for TripAdvisor, Inc. (NASDAQ: TRIP)&#8221; by Arshad Ajani<\/a><\/li>\n<li><a href=\"https:\/\/jscholarship.library.jhu.edu\/bitstream\/handle\/1774.2\/40611\/ATVI_Ravan.pdf\">SAF\/No.16\/April 2017: &#8220;Investment Thesis for Activision Blizzard, Inc. (NASDAQ: ATVI)&#8221; by Andrew Ravan<\/a><br \/>\n<a href=\"https:\/\/jscholarship.library.jhu.edu\/bitstream\/handle\/1774.2\/40611\/ATVI_Model_Ravan.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PGNiG_Hanke_Motlagh_Subramanya.pdf\">SAF\/No.15\/March 2017: &#8220;Investment Thesis for Polskie G\u00f3rnictwo Naftowe I Gazownictwo (WSE: PGN)&#8221; by Steve H. Hanke, Hesam Motlagh, and Anshul Subramanya<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/PGNiG_Model.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Kite_Pharma_Samantha_Semenkow.pdf\">SAF\/No.14\/March 2017: &#8220;Investment Thesis for Kite Pharma, Inc. (NASDAQ: KITE)&#8221; by Samantha Semenkow<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Kite_Pharma_NPV_Model_Samantha_Semenkow.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/CMG-Investment-Thesis-Final.pdf\">SAF\/No.13\/February 2017: &#8220;Investment Thesis for Chipotle Mexican Grill, Inc. (NYSE: CMG)&#8221; by Alex Mabie<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/CMG-Data-v8.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<\/ul>\n<p><strong>2016 Investment Studies: No. 1-12<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/IBM_Krishnan.pdf\">SAF\/No.12\/November 2016: &#8220;Investment Thesis for International Business Machines Corp. (NYSE: IBM)&#8221; by Shiv Krishnan<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/IBM_Krishnan.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/William_Hua_Aldeyra.pdf\">SAF\/No.10\/July 2016: &#8220;Investment Thesis for Aldeyra Therapeutics, Inc. (NASDAQ: ALDX)&#8221; by William Hua<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/William_Hua_Aldeyra.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/GILD_SJJ_Final.pdf\">SAF\/No.9\/July 2016: &#8220;Investment Thesis for Gilead Sciences, Inc. (NYSE: GILD)&#8221; by Stephen Johannesson<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Stephen_Johannesson_Gilead.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/WHR_Ashley.pdf\">SAF\/No.8\/July 2016: &#8220;Investment Thesis for Whirlpool Corp. (NYSE: WHR)&#8221; by Ashley Canezin<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Ashley_Canezin_Whirpool.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Phil_Prokos_AdvancedMetallurgy.pdf\">SAF\/No.7\/July 2016: &#8220;Investment Thesis for AMG Advanced Metallurgical Group (EuroNext: AMG)&#8221; by Philip Prokos<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Phil_Prokos_AdvancedMetallurgy.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Bushnell_PPC_July_1.pdf\">SAF\/No.6\/July 2016: &#8220;Investment Thesis for Pilgrim&#8217;s Pride, Corp. (NYSE: PPC)&#8221; by Charles Bushnell<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Charles_Bushnell_PilgrimsPride.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Tu-Nguyen-GALT.pdf\">SAF\/No.5\/June 2016: &#8220;Investment Thesis for Galectin Therapeutics, Inc. (NYSE: GALT)&#8221; by Tu Nguyen<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Tu_Nguyen_GalectinTherapeutics.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/www.dropbox.com\/s\/sjsbrl9p2dme86f\/Kumar.INTC_.pdf?dl=0\">SAF\/No.4\/June 2016: &#8220;Investment Thesis for Intel Corporation (NYSE: INTC)&#8221; by Vinitha Kumar<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Kumar.Intel_.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/www.dropbox.com\/s\/xghgkt4xnoxx961\/Charles_Jie_Honeywell.pdf?dl=0\">SAF\/No.3\/June 2016: &#8220;Investment Thesis for Honeywell International, Inc. (NYSE: HON)&#8221; by Charles Jie<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Charles_Jie_Honeywell.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Gui_Hubner_GameStop.pdf\">SAF\/No.2\/June 2016: &#8220;Investment Thesis for GameStop Corp. (NYSE: GME)&#8221; by Gui Hubner<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/Gui_Hubner_GameStop.xlsx\">Accompanying Spreadsheets<\/a><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/James_Shin_Mohawk.pdf\">SAF\/No.1\/April 2016: &#8220;Investment Thesis for Mohawk Industries, Inc. (NYSE: MHK)&#8221; by James Shin<\/a><br \/>\n<a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2017\/04\/James_Shin_Mohawk.xlsx\">Accompanying Spreadsheets\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 x\u00a0<\/a><\/li>\n<\/ul>\n<h4>Other Financial Economics Studies<\/h4>\n<ul>\n<li class=\"li1\"><span class=\"s1\"><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2020\/03\/On-the-Quest-for-the-Holy-Grail-of-Diversification-2.pdf\"><span class=\"s2\">SAF\/No. 29\/March 2020: &#8220;On the Quest for the Holy Grail of Diversification&#8221; by Hesam N. Motlagh and Steve H. Hanke<\/span><\/a><\/span><\/li>\n<li><a href=\"https:\/\/sites.krieger.jhu.edu\/iae\/files\/2019\/09\/AvM-Bitcoin-as-an-Alternative-Asset-Class.pdf\">SAF\/No. 27\/September 2019: &#8220;An Economic Assessment Of Risks In Bitcoin As An Alternative Asset Class&#8221; by Andria van der Merwe<\/a><\/li>\n<li><a href=\"https:\/\/www.dropbox.com\/s\/zeichgor58h5xp0\/SAF-No24-A_Review_of_the_Academic_Literature_on_the_causes_and_Evolution_of_the_Credit_Crisis_Christopher-Culp-April-2018-1.pdf?dl=0\">SAF\/No.24\/April 2018: &#8220;A Review of the Academic Literature on the Causes and Evolution of the Credit Crisis&#8221; by Christopher L. Culp<\/a><\/li>\n<li><a href=\"https:\/\/www.dropbox.com\/s\/1uce6pv0zfm49ty\/Single-Name-CDS-Literature-Review.pdf?dl=0\">SAF\/No.11\/September 2016: &#8220;Single-name Credit Default Swaps: A Review of the Empirical Academic Literature&#8221; by Christopher L. Culp, Andria van der Merwe, and Bettina J. St\u00e4rkle<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Studies in Applied Finance\u00a0series is under the general direction of Prof. Steve H. Hanke (hanke@jhu.edu), Founder and Co-Director of the Institute for Applied Economics, Global Health, and Study of Business Enterprise, and Dr. Christopher Culp (christopher.culp@jhu.edu) and Dr. Hesam Motlagh (hnekoor1@jhu.edu), Fellows at the Institute for Applied Economics, Global Health, and Study of Business Enterprise. 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