42 Institutions 404 Full-Text Articles 306 Authors 102,421 Downloads
Recent Articles in Corporate Finance
Adapting To The New Shareholder-Centric Reality, Edward B. Rock University of Pennsylvania Law School
Adapting To The New Shareholder-Centric Reality, Edward B. Rock
After more than eighty years of sustained attention, the master problem of U.S. corporate law—the separation of ownership and control—has mostly been brought under control. This resolution has occurred more through changes in market and corporate practices than through changes in the law. This Article explores how corporate law and practice are adapting to the new shareholder-centric reality that has emerged.
Because solving the shareholder–manager agency cost problem aggravates shareholder–creditor agency costs, I focus on implications for creditors. After considering how debt contracts, compensation arrangements, and governance structures can work together to limit shareholder–creditor ...
Trade Liberalization, Economic Crises, And Growth, Rod Falvey, Neil Foster, David Greenaway Bond University
Trade Liberalization, Economic Crises, And Growth, Rod Falvey, Neil Foster, David Greenaway
Many economic reforms are undertaken during an economic crisis, but is a crisis a good time to undertake trade reform? We investigate whether an economic crisis at the time of trade liberalization affects a country's subsequent growth performance. We employ threshold regression techniques on five crisis indicators to identify the "crisis values" and to estimate the differential growth effects in the crisis and non-crisis regimes. Although trade liberalization in both crisis and non-crisis periods raises subsequent growth, we find that an internal crisis implies a lower acceleration and an external crisis a higher acceleration relative to the non-crisis regime.
Does Adopting Good Corporate Governance Impact The Cost Of Intermediated And Non-Intermediated Debt?, Husam Aldamen, Keith Duncan Bond University
Does Adopting Good Corporate Governance Impact The Cost Of Intermediated And Non-Intermediated Debt?, Husam Aldamen, Keith Duncan
This study examines the impact of good corporate governance practices on the reported cost of debt for Australian listed companies. Prior research has established that governance lowers the cost of non-intermediated debt (Sengupta, 1998; Bhojraj and Sengupta, 2003; Ashbaugh-Skaife, 2006). We extend this analysis to the Australian corporate debt market which is dominated by intermediated or privately held debt. Our findings are consistent with the prior work and shows that increased corporate governance lowers cost of debt. However, when we split the sample companies into intermediated and non-intermediated debt sub-samples, we find this result only holds for the non-intermediated debt ...
Social Entrepreneurship And Wealth-Building Plans: Creative Strategies For Working Class Americans, Wayne R. Curtis Antioch University
Teaching Federal Corporate Law, Verity Winship University of Maryland Francis King Carey School of Law
Teaching Federal Corporate Law, Verity Winship
Journal of Business & Technology Law
No abstract provided.
Strengthening Financial Reporting: An Essay On Expanding The Auditor’S Opinion Letter, James D. Cox Duke Law
Strengthening Financial Reporting: An Essay On Expanding The Auditor’S Opinion Letter, James D. Cox
Users of financial statements, foremost of which are investors, have a voracious appetite for information that better enables them to assess the financial position and performance of the reporting firm. Even though financial statements purport to address their needs, because the statements, which are prepared by the firm’s managers, conceal a range of managerial estimates, assumptions, judgments, and choices, investors are deprived of the most fundamental kernel of information they seek, namely the overall quality of the financial reports themselves. In this Article, the author sets forth several modest steps that would enhance the overall quality of financial reporting ...
Volume 2, Issue 1 Fordham University
Volume 2, Issue 1
Fordham Business Student Research Journal
"Special Purpose Acquisition Companies" - Matt Collins
"Underwriting Syndicates in BRIC Countries: Determinants of Syndicate Size and Member Selection" - Johnny Keaney and Daniel Sawyer
"Do Shareholders Penalize Bank Boards and Management for the Financial Crisis?" - Bryan James Matis
Does “Good” Corporate Governance Help In A Crisis? The Impact Of Country- And Firm-Level Governance Mechanisms In The European Financial Crisis, Marc van Essen, Peter-Jan Engelen, Michael Carney University of South Carolina
Does “Good” Corporate Governance Help In A Crisis? The Impact Of Country- And Firm-Level Governance Mechanisms In The European Financial Crisis, Marc Van Essen, Peter-Jan Engelen, Michael Carney
Marc van Essen
Hierarchical linear modeling shows that 25 percent of the heterogeneity in firm performance is among countries, indicating the importance of including country-level institutions in our analyses. In the context of the crisis we find that the general quality of the legal system and creditor rights protection are positively related to firm performance but protection for equity investors is not. Contrary to good governance prescriptions, we find that board characteristics associated with vigilant monitoring perform worse in a financial crisis. In a crisis, CEO duality is associated with better performance and the number of board subcommittees has a negative impact. Board ...
Common Sense And Civic Virtue: Institutional Investors, Responsible Ownership, And The Democratic Ideal, Marcy Murninghan University of Massachusetts Boston
Common Sense And Civic Virtue: Institutional Investors, Responsible Ownership, And The Democratic Ideal, Marcy Murninghan
New England Journal of Public Policy
On matters of governance, the people’s good is the highest law, as Cicero said two millennia ago. Unfortunately, these days personal greed has trumped the people’s good, enflaming the current governance crisis affecting our public, nonprofit, and private spheres. The spate of corporate governance scandals over the past several years jeopardizes equity investments, harms beneficiaries, and weakens global capital markets. The remedy is not just more laws and regulation but revitalization of the system of corporate checks and balances that already exists. To get better corporate governance, corporate shareowners, especially institutional investors, need to assert their rights and ...
A Statistical Analysis Of Public Sector Corruption And Economic Growth, Kaycea Campbell Claremont Colleges
A Statistical Analysis Of Public Sector Corruption And Economic Growth, Kaycea Campbell
LUX: A Journal of Transdisciplinary Writing and Research from Claremont Graduate University
This study reports on the results of a statistical analysis in which the relationship between the independent variable of corruption, as measured by the World Bank, and the dependent variable of economic growth, as measured by percentage of GDP growth per year, was examined. The purpose of this study is to apply empirical methods to the debate on corruption and growth, in which neoclassical theory predicts that corruption retards growth but in which other models, such as Lewis growth and the Kuznets Curve, suggest that corruption may actually speed up growth in underdeveloped countries. The main finding of the study ...
The Potential Cost And Value Of Erm, Michelle M. Harner University of Maryland Francis King Carey School of Law
The Potential Cost And Value Of Erm, Michelle M. Harner
The concept of enterprise risk managment (ERM) as a holistic approach to managing a company's risk profile has tremendous appeal. However, companies are frequently skeptical about its value and whether the results will justify the cost, effort, and challenges of implementing a meaningful ERM process. This report considers some of those concerns and highlights the governance, compliance, and cultural value of ERM.
Industry Comparison Of Executive Compensation And Equity Considerations, Louis Chan University of New Hampshire
Industry Comparison Of Executive Compensation And Equity Considerations, Louis Chan
No abstract provided.
A Comparative Study Of Governing Board Composition And Financial Performace Measures In New Hampshire Hospitals, Heather C. Brooks University of New Hampshire
A Comparative Study Of Governing Board Composition And Financial Performace Measures In New Hampshire Hospitals, Heather C. Brooks
No abstract provided.
Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill Liberty University
Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill
Faculty Publications and Presentations
The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional ...
The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill Liberty University
The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill
Faculty Publications and Presentations
This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms ...
Nonprofit Funding Agencies’ Review Of Grant Recipients, Siobain McIlvain Johnson & Wales University
Nonprofit Funding Agencies’ Review Of Grant Recipients, Siobain Mcilvain
Honors Theses - Providence Campus
Nonprofits need to be just as responsible as public corporations. Nonprofit funding agencies have the responsibility for evaluating the organizations they fund to make sure that they are operating with high integrity, maintaining strong internal controls, remaining financially stable, and overall being good stewards of the funds received. This paper will explain the criteria that a funding agency should follow in order to affect this process, as well as how a recipient nonprofit will benefit from following the criteria.
Training And Development Guide For A Culinary Department In A Private University, Kimberly Rosenbaum University of Nevada, Las Vegas
Training And Development Guide For A Culinary Department In A Private University, Kimberly Rosenbaum
UNLV Theses/Dissertations/Professional Papers/Capstones
In an online study of the Council of Hotel and Restaurant Trainers (CHART), 53% of respondents reported their budgets for training were being carefully looked at. From this scrutiny, training budgets in the past 18 months have significantly decreased (Bertra, 2009, p. 1). Slashed training budgets have become another sign of the recessionary times, forcing operators to direct their funds to customer service, hoping to set them apart in the competitive environment known as hospitality (Bertra, 2009, p. 1).
Teaching Amidst Transformation: Integrating Global Perspectives On The Financial Crisis Into The Classroom, Shruti Rana University of Maryland Francis King Carey School of Law
Teaching Amidst Transformation: Integrating Global Perspectives On The Financial Crisis Into The Classroom, Shruti Rana
Teaching during tumultuous times requires creativity, but the lessons that emerge during times of crisis can also enrich classroom discussion by underscoring different perspectives and potential solutions to traditional classroom problems. This essay describes some methods for using examples from the recent financial crisis in the classroom, with the aim of enhancing comparative analyses and tying traditional financial concepts to broader themes stemming from the financial crisis.
Ownership Structure And Monitoring Around Secondary Offerings, Joshua Tyler White University of Tennessee, Knoxville
Ownership Structure And Monitoring Around Secondary Offerings, Joshua Tyler White
Secondary offerings represent a unique setting to examine investors’ perception of the value of monitoring intensity around changes in block ownership. I find blockholders present at 97% of firms with a secondary offering over 1998-2006. These blockholders participate in 87% of secondary offerings and offer the majority of secondary shares in 75% of these offerings. Using a unique, hand-collected dataset of ownership structure, I empirically test two hypotheses explaining secondary offering announcement returns and underpricing based on seller heterogeneities: the information hypothesis and the monitoring hypothesis. The results largely support the monitoring hypothesis. Secondary offerings by close, active monitors who ...
A Natural Experiment: Asset Manager Liability, Cally Jordan Georgetown University Law Center
A Natural Experiment: Asset Manager Liability, Cally Jordan
Faculty Papers & Publications
It is a natural experiment: two highly integrated national economies, sharing a vast continent, a common language and hundreds of years of common experience. They are bound by a free trade agreement which has fostered strong trade flows in goods, services and capital. Yet, in important respects, the structural characteristics of their financial institutions, and the regulatory framework in which they operate, are different, so different in fact, that one country has been crippled for several years now by the global financial crisis and the other has emerged virtually unscathed. The countries, of course, are Canada and the United States ...
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The Corporate Social Responsibility Debate, Zachary Cheers
Whole Foods Market ™ Case Study: Leadership And Employee Retention, Kristin Pearson
Neoliberalism And The Global Financial Crisis, Sharon Beder
How Capital Structure Adjusts Dynamically During Financial Crises, Mohamed Ariff, H. Taufiq, Mohamad Shamsher, Hassan Taufiq
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