Research Methods in Finance Individual research project

Research Methods in Finance

University of Edinburgh Business School Quantitative Research Methods in Finance Individual research project

***Please read this brief carefully***

The individual research project contributes 50% to the total mark. In this project, you must collect the data for the industries assigned to you, conduct empirical analysis in Stata, and report, interpret and discuss the estimation results in relation to the research questions.

You are required to submit two files: (1) a final report (in MS word format) and (2) a zip file containing the data files and a single do file.1

Name the zip file “” and the do file as “”. For instance, if your exam ID is B12345678, the zip file should be named as “” and the do file as “”. The do file should be self-explanatory as to which lines display the output for a particular question. The original raw data files plus the Stata do file should be included in the zip file.

An example of code organization in a do file is as follows (note that “*” is the sign for “comment-out” in Stata):


*Question 1 – Summary Statistics

*************************** Code here


*Question 2 – Correlation Analysis

**************************** Code here

In the final report, when reporting the estimation results, you must use screenshots or images of the direct Stata outputs. Each image (table) should show the Stata command and its output. These tables are not included in your word count. An example is shown below:

The word count for the final report is max 1,500 words.2 The word count excludes all words in tables (except Table 6, which is included in the word count), figures, the Appendix (if any) and the references section. State the word count after answering each question.

In the final report, you should use Times New Roman 11 point font on A4 pages with 2.54 cm margins on each side.

Please make sure that there are no names or other identifying information in any of the files submitted so that anonymity can be maintained during the marking.

The deadline for submitting your assignment is 2pm 1st of May. The coursework submission should be made electronically to Learn via the submission portal.

The assessed project must be entirely your own work. Severe penalties will be imposed on students who are found guilty of plagiarism. You may find the suggested readings helpful in understanding the context and background of the research questions tested. Please remember to reference your sources using an appropriate citation system (such as the Harvard or APA style). The report will lose marks for poor referencing. More information about referencing can be found here.

Your data allocation

Based on the last digit in the student number, each student has been assigned four industries to analyse and a corresponding dependent variable (Tobin’s Q or ROA). The industries are defined under the Fama-French 12-industry classification. The definitions of the industries can be found here. Hence, your sample will consist of all available firms in the four industries assigned to you. The Fama-French 12-industry variable in the provided dataset is FF12.

Table 1A. Assigned Fama-French industries

Fama-French 12 industries (the industry number in parentheses)Student numbers ending in
Non Durable (1) + Durable (2) + Shops (9) + Finance (11)1
Durable (2) + Manufacturing (3) + Shops (9) + Finance (11)2
Manufacturing (3) + Energy (4) + Shops (9) + Finance (11)3
Energy (4) + Chemicals (5) + Shops (9) + Finance (11)4
Chemicals (5) + Business Equipment (6) + Shops (9) + Finance (11)5
Business Equipment (6) + Telecom (7) + Shops (9) + Finance (11)6
Telecom (7) + Utilities (8) + Shops (9) + Finance (11)7
Utilities (8) + Shops (9) + Health care (10) + Finance (11)8
Shops (9) + Health care (10) + Finance (11) + Others (12)9
Others (12) + Non Durable (1) + Shops (9) + Finance (11)0

Table 1B. Assigned dependent variable

Dependent variables                                                                        Student numbers ending in Performance                                                                                     1, 3, 5, 7, 9

You will lose marks for going beyond the word limit.


ESG practices have received increasing attention from policymakers and practitioners around the world over the last ten years. There are both arguments in favour and against a positive effect of ESG practices on firm outcomes such as performance, risk, layout policies, gender pay-gap, etc. Some empirical studies find a positive effect (Gillan et al. 2010; Lins et al. 2017, Liang and Renneboog 2017; Iliev and Roth 2020), while others find a negative or no relationship (Di Giuli and Kostovetsky 2014; Buchanan et al. 2018; Hsu et al. 2018).

In this project, you will address a research question examining whether ESG has an effect on one of the following variables: (1) a firm’s stock market performance OR (b) a firm’s accounting performance.

Part A.


Using appropriate data sources (e.g. Compustat, CRSP, Refinitiv, Sustainalytics and BoardEx), download data (see above) for your assigned industries for the period 2010-2019.

Answer the following questions for your four assigned industries.

  1. Summary Statistics: Obtain a final sample by excluding any missing observations in all the variables you will use in the regression analysis. Compute any appropriate ratios and perform the functional form transformations of the variables that you will use in the subsequent statistical analysis. Winsorize the variables at the 1st and 99th percentiles for variables taking on both positive and negative values, and at the 99th percentile for variables that only take on positive values. Report two tables showing the summary statistics before and after winsorization for all the variables – raw and transformed, including the number of observations, mean, standard deviation, median, minimum and maximum.

(Label this table: Table 1a – Summary Statistics before Winsorization and Table 1b – Summary Statistics after Winsorization)

[10 marks; max. 0 words]

  • Pairwise Correlations: Report a correlation matrix for all the variables you will use in the regression analysis (after winsorization).

(Label this table: Table 2 – Correlation Matrix)

[5 marks; max. 0 words]

  • You want to assess whether firms with better ESG practices have an effect on performance. Based on a strong literature review and data availability, choose a variable that proxies for ESG practices and two relevant control variables. One of the control variables should be used as a dummy variable, so make a sensible choice. Control for firm size and add time dummies. Using all these variables run a firm-fixed effects regression and include this table in your project. Label this table: Table 3: Fixed Effects. This table does not count towards the word count. Make sure all the variables are fully defined at the end or beginning of the table in the form of table notes.

[10 marks; max. 0 words]

  • Run the same regression as in task 3 above but report clustered standard errors. Label this table: Table 4: Fixed Effects with Clustered Std Errors. This table does not count towards the word count. Clearly explain your rationale for choosing this clustering and write down the STATA command used to make these calculations.

[10 marks; max. 60 words]

  • Add an interaction term involving your ESG proxy and your chosen dummy variable to the regression reported in Table 4. Label this table: Table 5: Interaction Effects. This table does not count towards the word count. Carry out an analysis using the margins command showing the marginal effect of your dummy variable when the ESG variable is at its 25th and 75th percentiles. Are these marginal effect statistically significant (answer Yes or No for each effect)? Illustrate the economic magnitude of the variables involving your interaction. Make sure to include relevant tables and plots that may add value to your answer.

[10 marks; max. 200 words]

  • Compare the results of the models in Table 3, Table 4 and Table 5: the magnitudes and significance of the coefficients. Come up with at least two plausible explanations for the differences between the estimates involving ESG in tables 4 and 5.

[10 marks; max. 200 words]

  • Give an example of an unobserved omitted variable that could lead to your ESG estimated coefficient being biased. Spell out in detail the mechanism through which the bias works.

[10 marks; max. 200 words]

Part B

In your regression analysis you are using a cleaned reduced dataset and the reader is therefore not aware of the steps undertaken to reach this final sample. In this part of the project you will assess whether the sample you used in your regressions is representative of the population and how the undertaken data management decisions (e.g. dropping missing observations) that were taken could potentially affect the inference you carried out in the first part of the project.

  • Complete the following table

[10 marks; max. 0 words]

Sample RequirementsUnique FirmsFirm-years
Number of raw annual firm observations, 2010-2019  
Less observations:  
No dependent variable information  
No ESG information  
Missing control variable X1  
Missing Control Variable X2  
Final Sample  
  • Based on the table above, explain whether the sample you used in Part A is likely to lead to unbiased estimations. Justify your answer.

[15 marks; max. 200 words]

  • List your references (at least 5 references). These have to be different to the ones listed in the section Scenario.

[5 marks; max. 240 words]

  • Add a table of variable definitions. Label this table: Table 6: Variable Definitions. Make sure that every variable used in every table and regression is clearly defined. Label the variables consistently throughout the project.

[5 marks; max. 400 words]

Order Now

Get expert help for Research Methods in Finance and many more. 24X7 help, plag free solution. Order online now!

Universal Assignment (October 2, 2023) Research Methods in Finance Individual research project. Retrieved from
"Research Methods in Finance Individual research project." Universal Assignment - October 2, 2023,
Universal Assignment May 6, 2023 Research Methods in Finance Individual research project., viewed October 2, 2023,<>
Universal Assignment - Research Methods in Finance Individual research project. [Internet]. [Accessed October 2, 2023]. Available from:
"Research Methods in Finance Individual research project." Universal Assignment - Accessed October 2, 2023.
"Research Methods in Finance Individual research project." Universal Assignment [Online]. Available: [Accessed: October 2, 2023]

Please note along with our service, we will provide you with the following deliverables:

Please do not hesitate to put forward any queries regarding the service provision.

We look forward to having you on board with us.


Get 90%* Discount on Assignment Help

Most Frequent Questions & Answers

Universal Assignment Services is the best place to get help in your all kind of assignment help. We have 172+ experts available, who can help you to get HD+ grades. We also provide Free Plag report, Free Revisions,Best Price in the industry guaranteed.

We provide all kinds of assignmednt help, Report writing, Essay Writing, Dissertations, Thesis writing, Research Proposal, Research Report, Home work help, Question Answers help, Case studies, mathematical and Statistical tasks, Website development, Android application, Resume/CV writing, SOP(Statement of Purpose) Writing, Blog/Article, Poster making and so on.

We are available round the clock, 24X7, 365 days. You can appach us to our Whatsapp number +1 (613)778 8542 or email to . We provide Free revision policy, if you need and revisions to be done on the task, we will do the same for you as soon as possible.

We provide services mainly to all major institutes and Universities in Australia, Canada, China, Malaysia, India, South Africa, New Zealand, Singapore, the United Arab Emirates, the United Kingdom, and the United States.

We provide lucrative discounts from 28% to 70% as per the wordcount, Technicality, Deadline and the number of your previous assignments done with us.

After your assignment request our team will check and update you the best suitable service for you alongwith the charges for the task. After confirmation and payment team will start the work and provide the task as per the deadline.

Yes, we will provide Plagirism free task and a free turnitin report along with the task without any extra cost.

No, if the main requirement is same, you don’t have to pay any additional amount. But it there is a additional requirement, then you have to pay the balance amount in order to get the revised solution.

The Fees are as minimum as $10 per page(1 page=250 words) and in case of a big task, we provide huge discounts.

We accept all the major Credit and Debit Cards for the payment. We do accept Paypal also.

Popular Assignments

Foundations of Communication Assessment 2 Instructions

Discussion task (Total grade – 10%)   Process Work (Steps to complete the task) Answer on the Assessment 2 Submission Document – Do not upload this instruction document. Requirements (important elements to include) lastname_firstname_studentID_COMS_Assess 2_semester_year. Process for Assessment discussion tasks NOTE: If you do not participate in the class discussions then

Read More »

Assessment Two Dos and Don’ts (Internal)

Do: Read the assessment instructions carefully Read the marking rubric carefully Understand the question – break it down Conduct research – record the reference details Read the topic materials about communication theories, forms and factors and refer to them Contribute to the discussions in class or no marks for the

Read More »

Unpacking the Question: Assessment Two

Studying at university requires you to become familiar with strategies to un-pack or breakdown a variety of assessment questions/tasks throughout your studies.  Task Example of integrating the discussion, research and theories. In the group discussion my group members (name them) stated that an advertisement for a beauty product would most

Read More »

MGMT0001 Introduction to Commerce Assessment

MGMT0001 Introduction to Commerce Assessment 2 (worth 30%) Due date:                  2:00pm (AWST) Friday 15th September 2023 Submission:              Via Turnitin assessment submission link (see ‘Assessment 2’ folder in ‘Assessments’ section of Blackboard). Additional Instructions: Part A (42 marks) Nathan is a well-known chef with years of experience cooking various cuisines. After

Read More »

ACCT5011: Accounting Systems in the Digital Age

Practical Assignment Guide, Semester 2, 2023 Due Date for Submission: Monday 11th September 2023 at 5.00 PM Please note that the Folio Assignment for ACCT5011 Accounting Systems in the Digital Age is an individual assessment task worth 30% of your total marks in the unit. Please refer to the online

Read More »

EC229- Review session

Assume two cities, A and B, that can’t trade between them. Each city produces its own coconuts for its local market. If suddenly trade is possible then: D) As we saw in class, the new price will be somewhere between the original price 𝑃_𝐴,𝑃_𝐵. Hence it is impossible for consumers

Read More »

Computing Theory COSC

Computing Theory COSC 1107/1105 Assignment 1: Fundamentals Assessment Type Individual assignment. Submit online via Canvas → As- signments → Assignment 1. Marks awarded for meeting re- quirements as closely as possible. Clarifications/updates may be made via announcements/relevant discussion forums. Due Date Week 6, Sunday 27th August 2023, 11:59pm Marks 125

Read More »

BE279 Applied Statistics and Forecasting

Strategy, Operations, & Entrepreneurship Group Essex Business School Module Code BE279 Module Title Applied Statistics and Forecasting Assessment Type Individual Report (2,000 word) Academic Year 2022/23, Spring Term Submission Deadline Refer to FASER Task Specific Guidance Please note that: Module Learning Outcomes On successful completion of the module, students will

Read More »

Learning Design Tool: Little Learners Level 1 sounds

Learning Design Tool: Little Learners Level 1 sounds. Prepared by Sara Hart Date 30th August, 2023 (feel free to leave this date as it is the AT2 due date) Brief description of Learning Design   Chooseit Maker: Create, edit and play personalised learning activities that can be used in your

Read More »


HUMN1041 PEOPLE, PLACE AND SOCIAL DIFFERENCE ASSIGNMENT 1 TEMPLATE This assignment is made up of three (3) parts, plus a reference list and appendix. Marks are allocated for each section, as follows: – 1 mark Please ensure that you provide your answers in this template, and provide a Reference list

Read More »

Model 3 Launch in Australia

Client Information Company Name Tesla Contact Name   Email   Phone Number   Address Level 14, 15 Blue St. North Sydney, NSW 2060 Australia Ad link & image Project Information Project Title Model 3 Launch in Australia Project Description (100 words) Highlight the uniqueness of the car. Show the superior

Read More »

MKT10009 Marketing and the Consumer Experience

School of Business, Law and Entrepreneurship Assessment Task – Assignment 2  MKT10009 Marketing and the Consumer Experience Semester 2, 2023. Assessment Type Analytical Report Associated Unit Learning Outcomes (ULO’s) 2, 3, 4 Group or Individual task Individual Value (%) 25% Due Date Monday 20th September at 10:00 AET – Enterthis

Read More »

ASSIGNMENT – 1st Evaluation

ASSIGNMENT – 1st Evaluation Date of Submission- 4TH SEP 2023 25 MARKS COMPARATIVE PUBLIC LAW Q. You are the new Central Minister for Urban Development who is keen to make major Indian cities as smart cities. You visit different countries like USA, UK, European Countries, Japan and other developed countries

Read More »

Corporate & Financial Due Diligence Report

[Name of the company] Note: Students should keep in mind that application of legal provisions (including Securities Regulations) and analysis of the same is important. Merely putting the facts and figures won’t fetch even a decent mark. Note: Students should only mention the broad area of business. This part should

Read More »

ECON1000 S2 2023 – Marking Guidance and FAQs on GTP

Students will be marked on the extent to which they specifically answer the question and provide clear, logical, well-reasoned and sufficient explanations. Here is a summary breakdown of how marks are allocated in this GTP: Part 1 [15 marks] §  Providing relevant observations from the information provided in the articles

Read More »

ECON1000 S2 2023 – GTP Brief

ECON1000 S2 2023 – GTP Brief A.  Context and Overview The Game Theory Presentation (GTP) is worth 30% of the final mark. GTP is a ‘take-home’ exercise with a set of tasks to do. The GTP is based on Lecture Topics: L1 and L2. You will have twenty (21) days

Read More »

Order #35042 Human Rights Research Essay

Draft due 26th Aug 2,500 words (excluding references and bibliography) Instructions: Structure: Title – The Tigray War: A Critical Analysis of What the Future Holds for Human Rights in the Region What can be done to ensure human rights violations will cease and be prosecuted? Expand on different actors and

Read More »

PMC1000: Applied Pathology

Assessment Task Sheet: Poster Presentation Date: Thursday 31st August 2023 | Weighting: 30% Assessment Task 2 You are required to develop a handout style resource (pamphlet or brochure) on a selected pathological condition which is aimed at first year student paramedics. You will need to use high quality peer reviewed

Read More »

Detailed Information: Reflective Assignment

Indigenous Peoples, Law and Justice Detailed Information: Reflective Assignment Due Date:                   Tuesday 5th September 2023 at 4:00 pm (AWST). Marks:                       30% of the total marks for this unit. Assignment:              The assignment will comprise two questions. Students must answer all parts of both questions. Examinable topics: The cultural immersion exercise and/or

Read More »

Indigenous Peoples, Law and Justice

Indigenous Peoples, Law and Justice Reflective Assignment Questions Instructions: The assignment comprises two questions. Students must answer all parts of both questions. Question 1: The proposed Referendum Question is asking Australians whether the Voice should be established. What is meant by the Voice? In May 2019, Professor Anne Twomey, an

Read More »

Cultural immersion activity

Context of Carrolup To support fellow Australian and truth telling. Third space = a spiritual an mental place, meeting point of many cultures all over the world to communicate and feel safe to merge thought and aspects of everyone’s individual culture to create a sense of what they want the

Read More »

High-Fidelity Mockup Design for a Employer / Company  Review Platform

Demo Task: High-Fidelity Mockup Design for a Employer / Company  Review Platform Project Overview: You are tasked with designing high-fidelity mockups for a  Employer / Company  review platform that serves both employers and employees/users. The platform’s goal is to provide a space where employees can share their experiences and opinions

Read More »


ASSESSMENT COVER SHEET (Please ensure this cover sheet is completed and attached on top of each assessment) QUALIFICATION CODE AND TITLE:  Certificate IV in Commercial Cookery UNIT CODE: BSBSUS401               TITLE: IMPLEMENT AND MONITOR ENVIRONMENTALLY SUSTAINABLE WORK PRACTICES               Student Number   Student Name   Assessor Name   Assessment Name and

Read More »

Data Analysis and Findings

Qualitative data analysis technique called thematic analysis includes reading the data collection and looking for patterns in the meaning of the data to determine the theme. Making sense of the data is an active reflexive process in which the researcher’s personal experience is important. On Instagram, though, any company can

Read More »

PHE5STL: Systems Thinking and Leadership

Assessment 2: Complex problem briefing paper instructions and submission link PHE5STL: Systems Thinking and Leadership Assessment 2: Complex, or messy, problem briefing paper Assignment type Briefing paper/policy advising paper Weighting 20% Word count / length 1,500 words Note: The word count does not included references however does include in-text citations

Read More »

Assessment 1 Week-6: UML Modelling for a shopping mall

Assessment 1(    ) Information and Rubric Subject Code  ICT505 Subject Name  Software Development Assessment Number and Title  Assessment 1 Week-6: UML Modelling for a shopping mall Assessment Type Lab Activity Length / Duration  45 Minutes Weighting %  10% Total Marks  100 Submission Online Submission Due Date Week-6 (Sunday 23:59) Mode

Read More »

The Geopolitical, Economic and Legal Environment  

Faculty of Business and Law Assignment Brief Mode E and R Regulations Module Title: The Geopolitical, Economic and Legal Environment     Assignment Number 2 Module Code: 7010SSL   Assignment Title Macro Analysis Report Module Leader: Dr. Bentil Oduro   Assignment Credits 10           Release Date:

Read More »

Paragraph Template: TEEL Structure

 With this example from the discussion board, you can see Courtney answered the question with all four elements very clearly. This gives a coherent answer using different kinds of information and academic integrity. Bias is a natural behaviour of tendency to be in favour or against something in particular. From

Read More »

Choosing the Perfect Event Theme

Choosing the Perfect Event Theme Theme selection is crucial to creating a memorable and meaningful graduation celebration for the class. This selection should reflect their accomplishments and identities. Graduation marks the end of a long period of hard work, commitment, and personal growth.  Therefore, choosing a theme that effectively captures

Read More »

Can't Find Your Assignment?

Open chat
Free Assistance
Universal Assignment
Hello 👋
How can we help you?