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A Business Trust For Partnerships? Early Conceptions Of Company-Related Assets In Legal Literature, And Antwerp Forensic And Commercial Practice (Later Sixteenth-Early Seventeenth Century), Dave De ruysscher 2015 Vrije Universiteit Brussel

A Business Trust For Partnerships? Early Conceptions Of Company-Related Assets In Legal Literature, And Antwerp Forensic And Commercial Practice (Later Sixteenth-Early Seventeenth Century), Dave De Ruysscher

Dave De ruysscher

The Antwerp example demonstrates that in the early modern period entity shielding for partnerships existed in some form by law, and that it was devised in doctrine and the practice of courts rather than in legislation. The affectation of assets for the business venture that did not entail limited liability nonetheless allowed for some separation of personal from partnership-related assets. This innovation, which was devised in doctrine in the early 1600s, was important in a mercantile context in which partnerships with open goals and with active partners or directors engaged in diverse business activities. Yet, according to an older rule ...


Institutional Shareholding And Information Content Of Dividend Surprises: Re-Examining The Dynamics In Dividend-Reappearance Era, Abu S. Amin, Shantanu Dutta, Samir Saadi, Premal P. Vora 2015 Sacred Heart University

Institutional Shareholding And Information Content Of Dividend Surprises: Re-Examining The Dynamics In Dividend-Reappearance Era, Abu S. Amin, Shantanu Dutta, Samir Saadi, Premal P. Vora

WCOB Faculty Publications

We examine the role of institutional investors’ investment horizon on the information content associated with dividend announcement surprises in the “dividend-reappearance era”. We find that the presence of institutional investors negatively affects the announcement period cumulative abnormal return (CAR), which suggests that institutional investors reduce information content of dividend announcements. This result is primarily driven by the fact that institutional investors, especially the not-short-horizon investors, do not prefer dividend surprises – which leads to lower announcement period CAR. We do not find support for institutional investors’ informed trading argument. Our study reveals that in order to understand the dynamics between institutional ...


Corporate Payout Policy: The Prevalence Of Stock Repurchase Programs And Earnings Per Share, Gram W. Leahy 2015 University of Redlands

Corporate Payout Policy: The Prevalence Of Stock Repurchase Programs And Earnings Per Share, Gram W. Leahy

Undergraduate Honors Theses

The goal of this research is to determine the nature of stock repurchase programs and their susceptibility to manipulation. Through the analysis of five companies known to implement buybacks (Walmart, Pfizer, Boeing, Wells Fargo, Microsoft) in five different industries, for multiple years, the research will include examination of specific variables to attempt to understand the underlying reasons for repurchase programs; what really is taking place when companies buy back their own shares, especially because the motives can vary drastically. As earnings per share is the most widely followed valuation, there is concern that it is not the most accurate for ...


Tax Havens As The Solution To A High Us Corporate Tax Rate, Adam Soriano 2015 University of Redlands

Tax Havens As The Solution To A High Us Corporate Tax Rate, Adam Soriano

Undergraduate Honors Theses

There is been much press in recent years about US corporations moving overseas in order to avoid paying US taxes. This has resulted in a loss of tax revenue for the United States. This paper will discuss in detail the offshore tax avoidance techniques used by corporations--specifically transfer pricing and tax inversion--that have been successful in making corporations more profitable. It will then provide the perspectives of an auditor, enterprise, and user on these schemes, and suggest some possible solutions. Finally, it will present original research on the effectiveness and profitability of tax inversions with regard to income tax expense ...


What's In Your Leadership Toolbox?, Barbara M. Tarasovich, Bridget M. Lyons 2015 Sacred Heart University

What's In Your Leadership Toolbox?, Barbara M. Tarasovich, Bridget M. Lyons

WCOB Faculty Publications

Senior finance executives play a pivotal role in achieving corporate strategic vision, fostering growth, and enhancing return on invested capital. But their role is becoming more and more complex. In addition to traditional functions, they and their finance teams must now do financial modeling, integrate data analytics, handle strategies for cyber security and complicated risk management, and more. To find out what capabilities must today's financial leaders have to be successful, the authors interviewed CFOs and human resources (HR) executives and identified the key required competencies. They identified six competencies frequently named by finance and HR executives that they ...


Splitting Specified Foreign Sourced Income Between Tax Exempt And Taxable Portions: An Optimal Solution (Part 3 Of 3), Teng Aun KHOO, Clement Kai Guan TAN 2015 Singapore Management University

Splitting Specified Foreign Sourced Income Between Tax Exempt And Taxable Portions: An Optimal Solution (Part 3 Of 3), Teng Aun Khoo, Clement Kai Guan Tan

Research Collection School Of Accountancy

No abstract provided.


Suppliers, Investors, And Equity Market Liberalizations, Martin Strieborny 2015 Lund University

Suppliers, Investors, And Equity Market Liberalizations, Martin Strieborny

Martin Strieborny

Existing research about the impact of equity market liberalizations on the real economy emphasizes the transmission channel working via industries dependent on external investors. This paper shows that financial liberalization also promotes industries dependent on a different corporate stakeholder - suppliers. Results from panel-data and event-study estimations confirm that equity market liberalizations boost output growth particularly in suppliers-dependent industries that require a high share of specialized inputs in their production process. Apart from improving firms-investors relationships, financial openness thus plays an important role also in facilitating direct interactions among agents in the real economy.


Are The Parents To Blame? Predicting Franchisee Failure, Ilan Alon, Michèle Boulanger, Everlyne Misati, Melih Madanoglu 2015 Rollins College

Are The Parents To Blame? Predicting Franchisee Failure, Ilan Alon, Michèle Boulanger, Everlyne Misati, Melih Madanoglu

Faculty Publications

The Small Business Administration (SBA) supports franchising by backing up loans issued by regular lending organizations. However, the SBA does not directly consider firm strategies as part of its lending process. To appreciate how franchisor characteristics influence franchisee failure, we developed a heuristic model using the methodology and power of predictive analytics. We use multi-year data from the World Franchising Council’s surveys on franchisors’ characteristics and from the SBA on franchisee loan defaults. The data cover 271 diverse US franchise chains that are present in both databases. Our model predicts potential defaults of SBA-backed loans issued to American franchisees ...


Confronting The Peppercorn Settlement In Merger Litigation: An Empirical Analysis And A Proposal For Reform, Jill Fisch, Sean J. Griffith, Steven M. Davidoff 2015 University of Pennsylvania

Confronting The Peppercorn Settlement In Merger Litigation: An Empirical Analysis And A Proposal For Reform, Jill Fisch, Sean J. Griffith, Steven M. Davidoff

Faculty Scholarship

Shareholder litigation challenging corporate mergers is ubiquitous, with the likelihood of a shareholder suit exceeding 90%. The value of this litigation, however, is questionable. The vast majority of merger cases settle for nothing more than supplemental disclosures in the merger proxy statement. The attorneys that bring these lawsuits are compensated for their efforts with a court-awarded fee. This leads critics to charge that merger litigation benefits only the lawyers who bring the claims, not the shareholders they represent. In response, defenders of merger litigation argue that the lawsuits serve a useful oversight function and that the improved disclosures that result ...


From Chrysler And General Motors To Detroit, David A. Skeel Jr. 2015 University of Pennsylvania Law School

From Chrysler And General Motors To Detroit, David A. Skeel Jr.

Faculty Scholarship

In the past five years, three of the most remarkable bankruptcy cases in American history have come out of Detroit: the bankruptcies of Chrysler and General Motors in 2009, and of Detroit itself in 2012. The principal objective of this Article is simply to show that the Grand Bargain at the heart of the Detroit bankruptcy is the direct offspring of the bankruptcy sale transactions that were used to restructure Chrysler and GM. The proponents of Detroit’s “Grand Bargain” never would have dreamed up the transaction were it not for the federal government-engineered carmaker bankruptcies. The Article’s second ...


The (Il)Legitimacy Of Bankruptcies For The Benefit Of Secured Creditors, Charles W. Mooney Jr. 2015 University of Pennsylvania Law School

The (Il)Legitimacy Of Bankruptcies For The Benefit Of Secured Creditors, Charles W. Mooney Jr.

Faculty Scholarship

This paper explores the legitimacy—or illegitimacy—of filing and maintaining a case under the Bankruptcy Code when the sole or principal beneficiary or beneficiaries of the case would be a secured creditor or secured creditors. In the situation posited here, the application of the usual distributional priority rules would not produce any distribution for the general, unsecured creditors of the debtor. In the prototypical case virtually all of the assets of the debtor would be subject to secured claims securing obligations that exceed the value of the collateral, i.e., the secured creditor would be undersecured and there would ...


4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci 2014 Touro College Jacob D. Fuchsberg Law Center

4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci

Touro Law Review

No abstract provided.


The Impact Of Independent Directors On The Cash Conversion Cycle Of American Manufacturing Firms, John Obradovich, Amarjit Gill, Nahum Biger 2014 Liberty University

The Impact Of Independent Directors On The Cash Conversion Cycle Of American Manufacturing Firms, John Obradovich, Amarjit Gill, Nahum Biger

Faculty Publications and Presentations

This study examined the impact of independent directors on the cash conversion cycle of American manufacturing firms. A sample of 189 American manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of five years (from 2009–2013) was used. The findings indicate that the presence of independent directors on the board of directors shortens the inventory period and cash conversion cycle of manufacturing firms. The study contributes to the literature on the factors that shorten the cash conversion cycle of the firm. The results may be used by financial managers and operations managers.


A Study On R&D Tax Incentives: Final Report, Bas Straathof, Elina Gaillard Ladinska, Henk LM Kox, Remco Mocking, CAPP/CASE/CEPII/ETLA/IFO/IFS/IHS 2014 CPB Netherlands Bureau for Economic Policy Research

A Study On R&D Tax Incentives: Final Report, Bas Straathof, Elina Gaillard Ladinska, Henk Lm Kox, Remco Mocking, Capp/Case/Cepii/Etla/Ifo/Ifs/Ihs

Henk LM Kox

The report gives an overview of R&D tax incentives in the EU Member States, Canada, Israel, Japan, Norway and the United States, analyzing them in the context of the framework of the Europe 2020 strategy. According to the report, 26 EU Member States currently have some type of fiscal encouragement for R&D. The same type of tax incentives is also offered by the OECD countries analyzed in this report. The report also observes that some countries are more similar with respect to their policies than others. The most similar pairs of countries were Denmark and Norway, Portugal and ...


"Trapped Cash" In The Technology Sector: Accounting Disclosures Of Permanently Reinvested Foreign Earnings & Foreign Cash Levels, Russell P. Engel, Bridget M. Lyons 2014 Southern Connecticut State University

"Trapped Cash" In The Technology Sector: Accounting Disclosures Of Permanently Reinvested Foreign Earnings & Foreign Cash Levels, Russell P. Engel, Bridget M. Lyons

WCOB Faculty Publications

Permanently reinvested earnings in foreign subsidiaries and cash balances held outside the United States have increased dramatically in the technology sector over the past five years. These values, as well as related unrecognized deferred tax liabilities, are significant to investors, regulators and others. We examine disclosures of the largest technology firms over the 2007 to 2013 period and find that, as a group, the firms have increased the information provided but by fiscal 2013 only four of the ten firms disclosed both foreign held cash and an estimate of the unrecognized deferred tax liability related to permanently reinvested earnings.


Nepali Corporate Culture Of Giving: Investigating Practices Of Corporate Social Responsibility, Taylor Knoop 2014 SIT Study Abroad

Nepali Corporate Culture Of Giving: Investigating Practices Of Corporate Social Responsibility, Taylor Knoop

Independent Study Project (ISP) Collection

The purpose of this research is to explore corporate Nepal’s definition of corporate social responsibility (CSR), how these definitions influence corporations’ activities and the motivation and rationale behind giving. Multiple factors are impacting the practice of CSR, such the historical influence, personality of industry sector, post-conflict recovery efforts, and trust and transparency in giving. However, corporations’ definition of CSR contradicts the type and level of activities they engage in. The rhetoric is often stronger than the action undertaken, although there is slight trend towards a more incorporated social responsible business model, particularly in the financial and tourism industries. The ...


Two Essays On Governance At The National And Corporate Level, Laura Savory Miller 2014 Nova Southeastern University

Two Essays On Governance At The National And Corporate Level, Laura Savory Miller

H. Wayne Huizenga School of Business and Entrepreneurship ETDs

ESSAY 1
We examine the effect of governance environment on the composition of a country's external capital structure, specifically foreign equity investment. In addition to the absolute quality of the host country's governance environment, we consider the host country's governance quality relative to that of the source (investor) country. Unlike previous studies, which utilize country totals, we examine foreign investment positions between pairs of individual countries. Our sample includes 3,891 bilateral investment positions among 49 source countries and 69 host countries for years 2009 through 2011. We find that relative governance, rather than absolute governance, plays ...


Have We Solved The Idiosyncratic Volatility Puzzle?, Roger Loh, Kewei Hou 2014 Singapore Management University

Have We Solved The Idiosyncratic Volatility Puzzle?, Roger Loh, Kewei Hou

Research Collection Lee Kong Chian School Of Business

We propose a simple methodology to evaluate a large number of potential explanations for the negative relation between idiosyncratic volatility and subsequent stock returns (the idiosyncratic volatility puzzle). We find that surprisingly many existing explanations explain less than 10% of the puzzle. On the other hand, explanations based on investors’ lottery preferences, short-term return reversal, and earnings shocks show greater promise in explaining the puzzle. Together they account for 60-80% of the negative idiosyncratic volatility-return relation. Our methodology can be applied to evaluate competing explanations for a broad range of topics in asset pricing and corporate finance.


International City/County Management Association 1999 Revenue Estimation Survey Revisited, Benjamin Bond 2014 University of Nevada, Las Vegas

International City/County Management Association 1999 Revenue Estimation Survey Revisited, Benjamin Bond

UNLV Theses/Dissertations/Professional Papers/Capstones

In 1899 the National Municipal League declared that it was the duty of the Mayor to submit to the Council the annual budget of current expenses of the city, for almost as long, the budgeting process has been researched (Hou, 2006). Researching budgets is important and needed but comparatively little attention has been paid to revenue forecasts or to those responsible for the generation of revenue forecasts. Professional public administrators responsible for generating revenue forecasts have largely been overlooked in research. Judging by the lack of scholarly material available in academic journals, it appears the political process in which budget ...


Empirical Studies On Interest Rate Derivatives, Xudong Sun 2014 University of Nevada, Las Vegas

Empirical Studies On Interest Rate Derivatives, Xudong Sun

UNLV Theses/Dissertations/Professional Papers/Capstones

Interest rate models are the building blocks of financial market and the

interest rate derivatives market is the largest derivatives market in the

world. In this dissertation, we shall focus on numerical pricing of interest

rate derivatives, estimating model parameters by Kalman filter, and studying

various models empirically.

We shall propose a front-fixing finite element method to price the American

put option under the quadratic term structure framework and compare it with a

trinomial tree method and common finite element method. Numerical test results

show the superiority of our front-fixing finite element method in the aspects

of computing the option ...


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