Corporate Finance Commons^™

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

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 ...

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.

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 ...

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

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

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

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.

The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch

Faculty Scholarship

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.

Determining ...

Pokerstar88.Com Agen Texas Poker Dan Domino Online Indonesia Terpercaya - Seo L0v3r, Di Rosie

di rosie

Pokerstar88.com Agen Texas Poker Dan Domino Online Indonesia Terpercaya - Kebanyakan permainan judi memiliki sejarah yang teka-teki dibungkus dalam sebuah teka-teki dan misteri. Subjek baik menarik dan sulit dipahami, namun sejarawan terus mencoba untuk menelusuri asal-usul berbagai macam permainan, terutama poker, yang merupakan favorit abadi. Meskipun upaya terbaik mereka, namun, tepatnya tanggal dan tempat lahir poker tetap samar-samar, dengan Mesir, Jerman, Prancis, dan Inggris yang dikutip oleh sejarawan poker yang berbeda mungkin negara asal.

Kebanyakan orang setuju, bagaimanapun, poker yang berasal dari Prancis, di mana ia dimulai sebagai permainan populer disebut "poque." Ketika poque cinta Prancis datang ke Amerika Serikat ...

Regulation By Hypothetical, Mehrsa Baradaran

Scholarly Works

A new paradigm is afoot in banking regulation—and it involves a turn toward the more speculative. Previous regulatory instruments have included geographic restrictions, activity restrictions, disclosure mandates, capital requirements, and risk management oversight to ensure the safety of the banking system. This Article describes and contextualizes these regulatory tools and shows how and why they were formed to deal with industry change. The financial crisis of 2008 exposed the shortcomings in each of these regimes. In important ways, the Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) departs from these past regimes and proposes something new: Call ...

The Impact Of Mergers And Acquisition Premiums On Financial Performance, Barbara M. Tarasovich

WCOB Faculty Publications

The purpose of this paper was to examine why so many M&A (Mergers and Acquisitions) continue to take place at steep premiums in spite of lower returns to shareholders. The pharmaceutical and biotechnology industries present a unique opportunity to investigate the financial impact on acquiring companies and of acquisition premiums. This paper empirically examines if post-merger financial performance is correlated to acquisition premiums. The paper analyzes M&A in the pharmaceutical and biotechnology industries with effective dates between January 1, 1998, and December 31, 2005 The analysis showed that acquisition premiums are positively related to long term under performance ...

Audit Committee Composition And Effectiveness: A Review Of Post-Sox Literature, Mahfuja Malik

WCOB Faculty Publications

The Sarbanes–Oxley act (SOX) was enacted to strengthen corporate governance practices in the United States; since SOX enactment, the audit committee has received increasing emphasis in accounting research. The main objective of this study is to review and synthesize the growing volume of audit committee literature in the post-SOX era. While summarizing the post-SOX literature, this study also focuses on selected pre-SOX studies to compare the research issues and findings of pre- and post-SOX literature and to show how governance reforms shape the literature’s domain. The extant audit committee literature reflects an enormous body of knowledge. Pre-SOX literature ...

Drivers’ Growth Of Islamic Banking Industry: Lesson From Malaysia, Yagoub Elryah Dr.

Yagoub Elryah

Numerous studies focus on the Islamic banking performance, banks’ growth. There are, however, very little is known about the drivers’ growth of Islamic banking. The paper attempted to fill this gap. To achieve the objectives of the study, we considered government financial strategies for Islamic banking in Malaysia (Master Plan financial services 2000-2010 and Blueprint financial sector plan 2011-2020), reviews various scholarly writings on the development of Islamic banking industry, and the strategic plans of selected banks. In this context, we explored the drivers’ growth Islamic banking industry in Malaysia for the period 2002-2012. The findings of the study revealed ...

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.

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 ...

Federal Reserve's Monetary Policies, Asad Choudhry

Undergraduate Research Conference

No abstract provided.

The Importance Of Executive Effort, Lee Edward Biggerstaff

Doctoral Dissertations

Agency theory stipulates that managerial effort is important to shareholders and costly for managers to provide. Executives may provide sub-optimal levels of effort because shareholders cannot easily observe the day-to-day actions of managers and therefore have difficulties properly monitoring the effort provided by firm management. Researchers also face the challenge of measuring executive effort. In this dissertation, I use an observable measure of leisure consumption to proxy for the effort provided by executives to study the impact of executive effort on firm outcomes.

In the first essay, I focus on Chief Executive Officers (“CEOs”) and the impact of their effort ...

Financial Performance Of Axis Bank And Kotak Mahindra Bank In The Post Reform Era: Analysis On Camel Model, Kishore Meghani

kishore meghani

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of ...

Resolution Of Bad Loan Problem: Bank-Level Evidence From A Low-Income Country, Abu S. Amin, Lucy Chernykh, Mahmood Osman Imam

WCOB Faculty Publications

How do banks resolve a severe bad loan problem in a capital-constrained, low income country when a government bailout is not an option? We address this question by examining new evidence of a sharp decline in bad loan ratios in a panel of domestic banks in Bangladesh. On the aggregate level, the share of nonperforming loans in this market has dropped six fold, from above 41% in 1999 to below 7% in 2010. Notably, this dramatic improvement did not involve the creation of any centralized asset management facilities but relied on the bank management and governance reforms. We find that ...