Open Access. Powered by Scholars. Published by Universities.®

Corporate Finance Commons

Open Access. Powered by Scholars. Published by Universities.®

632 Full-Text Articles 538 Authors 290,148 Downloads 58 Institutions

All Articles in Corporate Finance

Faceted Search

632 full-text articles. Page 1 of 17.

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 SelectedWorks

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 a some separation of personal from partnership-related goods. This innovation, which was set forth in doctrine in the early 1600s, was important in a mercantile context in which partnerships having open goals and with active partners or directors engaged in diverse business activities. Yet, according to an ...


Suppliers, Investors, And Equity Market Liberalizations, Martin Strieborny 2014 SelectedWorks

Suppliers, Investors, And Equity Market Liberalizations, Martin Strieborny

Martin Strieborny

Existing research on the impact of equity market liberalizations on real economy emphasizes the transmission channel working via industries dependent on external investors. This paper shows that financial liberalization also promotes industries where firms are 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. If anything, this new channel from financial liberalization to real economy seems empirically even more robust than the well-established channel working via industries dependent on external finance.


From Chrysler And General Motors To Detroit, David A. Skeel Jr. 2014 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. 2014 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 ...


Federal Reserve's Monetary Policies, Asad Choudhry 2014 Stephen F. Austin State University

Federal Reserve's Monetary Policies, Asad Choudhry

Undergraduate Research Conference

No abstract provided.


The Importance Of Executive Effort, Lee Edward Biggerstaff 2014 University of Tennessee, Knoxville

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 2014 SelectedWorks

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 ...


The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch 2014 University of Pennsylvania Law School

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, in part because widespread redemption demands during the days following the Lehman bankruptcy led to a freeze in the credit markets. The response has been to deem MMFs a component of the nefarious shadow banking industry and to target them for regulatory reform.


Determining the appropriate approach to MMF reform has proven difficult. Banks regulators prefer a requirement that MMFs trade at a ...


Project Finance: Transactional Evidence From Australia, Michael Regan 2014 Bond University

Project Finance: Transactional Evidence From Australia, Michael Regan

Public Infrastructure Bulletin

The international project finance market is experiencing a period of significant change. The new Basel III capital adequacy rules will make it harder for banks to provide long-term project finance, and alternative sources of finance such as the shadow banking sector, fund managers, sovereign wealth funds, and institutional investors will take time to bridge the financing gap. In the meantime, it is difficult to source project finance for tenors beyond seven years, risk premiums are higher, and finance is difficult to source. Recent innovations in the form of the European Investment Bank’s Project Bond Initiative, and the ASEAN Infrastructure ...


Impact Of The Ceo Effect On Premiums In Mergers And Acquisitions, Caitlin Duncan 2014 University of Connecticut

Impact Of The Ceo Effect On Premiums In Mergers And Acquisitions, Caitlin Duncan

Honors Scholar Theses

The rationale behind a merger or acquisition is to improve the financial performance of the acquiring firm. Many factors go into the the valuation of a company and consequently the premium paid.

This paper will examine what impact upper management, specifically the CEO, has on the valuation of a company during mergers and acquisitions. This impact, called the CEO effect, will be central to the paper. Different valuation methods of this effect, as well as firm valuations, will be analyzed and considered. Specifically, how the CEO effect affects the premium paid by the acquiring firm will be the main focus ...


Lattice Methods For The Valuation Of Options With Regime Switching, Atul Sancheti 2014 University of Nevada, Las Vegas

Lattice Methods For The Valuation Of Options With Regime Switching, Atul Sancheti

UNLV Theses/Dissertations/Professional Papers/Capstones

In this thesis, we have developed two numerical methods for evaluating option prices under the regime switching model of stock price processes: the Finite Difference lattice method and the Monte Carlo lattice method.

The Finite Difference lattice method is based on the explicit finite difference scheme for parabolic problems. The Monte Carlo lattice method is based on the simulation of the Markov chain. The advantage of these methods is their flexibility to compute the option prices for any given stock price at any given time. Numerical examples are presented to examine these methods. It has been shown that the proposed ...


Politically Connected Analysts, Michael B. McDonald 2014 University of Tennessee, Knoxville

Politically Connected Analysts, Michael B. Mcdonald

Doctoral Dissertations

This dissertation examines politically-connected equity analysts, i.e., analysts that make large political donations. I find that these big donor analysts make more accurate earnings forecasts than other small donor and non-donor analysts, and the accuracy of these forecasts decreases after a big donor analyst ceases his donations. These analysts become more accurate after they become large political donors, suggesting their enhanced performance derives from an advantage gained via their political activity. These results are stronger when (i) the analyst works or lives in the state represented by the benefiting politician, and (ii) the benefiting politician serves on a Congressional ...


Do Market Anomalies Add Up?, Larissa C. Steinfeldt 2014 East Tennessee State University

Do Market Anomalies Add Up?, Larissa C. Steinfeldt

Undergraduate Honors Theses

This is a study about abnormal characteristics in the stock market and how to successfully use them in personal portfolios. Market anomalies are unexpected excess returns that occur in relation to certain variables. Five commonly known market anomalies (market cap, price-earnings ratio, price-book value, momentum, volatility) are tested to give evidence for their presence. Existing variables are then combined in different portfolios in order to observe whether they generate greater excess returns combined rather than individually. This study will also reveal whether long-term holding is possible and how the anomalies react in bullish and bearish markets.


The Nature Of Lessons Learned From Argentina’S 2001 Financial Crisis, Emma Van Wagenberg 2014 Syracuse University

The Nature Of Lessons Learned From Argentina’S 2001 Financial Crisis, Emma Van Wagenberg

Syracuse University Honors Program Capstone Projects

This paper makes the argument that though Argentina’s 2001 financial crisis was influenced by several factors, it is the 1991 Convertibility Plan that most strongly pushed the nation to the point of needing outside financial assistance. Its implementation led to and worked in combination with a multitude of unexpected factors. Together, these created economic conditions that chipped away at the stability of Argentina’s economy.

Given the nature of this project, information was gathered solely through research in texts published by both supporters and critics of organizations like the International Monetary Fund. In my readings, I found that there ...


Corporate Headquarters Relocations Announcements: Their Incidence Ratios, Industry Distribution, And Shareholder Wealth Effects, Bartholomew H. Rhoades 2014 University of Tennessee, Knoxville

Corporate Headquarters Relocations Announcements: Their Incidence Ratios, Industry Distribution, And Shareholder Wealth Effects, Bartholomew H. Rhoades

University of Tennessee Honors Thesis Projects

No abstract provided.


2008 Stock Market Collapse: A Financial Institution Perspective, Will Pickerign 2014 Iowa State University

2008 Stock Market Collapse: A Financial Institution Perspective, Will Pickerign

Symposium on Undergraduate Research and Creative Expression

This presentation consists of a fully detailed analysis of financial institution's role in the stock market crash of 2008. The presentation will remind us of the setting of the economy and financial industry before the crash, note key financial institutions related to the market fall, highlight past financial activities by institutions that resulted in the crash, examine financial institution's reaction to the crash, detail the current state of financial institutions, prepare us for the future of financial institutions, and summarize the presentation in a conclusion.


Trapped Cash: When Is A Dollar Not Worth A Dollar?, Russell Engel, Bridget Lyons 2014 Sacred Heart University

Trapped Cash: When Is A Dollar Not Worth A Dollar?, Russell Engel, Bridget Lyons

Business Faculty Publications

During 2013 the concept of “trapped cash” garnered heightened attention as reports of Dell, Apple and other firms holding massive cash levels outside the US surfaced. So called “trapped cash” refers to cash and liquid investments held by subsidiaries located outside the United States. Firms with overseas subsidiaries located in jurisdictions where the tax rate is lower than the rates in the US can reduce taxes by attributing profits to foreign locales. But bringing the cash back to the US subjects the funds to the US corporate tax rate, less credit for foreign income taxes paid.

The House Ways and ...


Incentivizing Credit Rating Agencies Under The Issuer Pay Model Through A Mandatory Compensation Competition, Robert J. Rhee 2014 University of Maryland Francis King Carey School of Law

Incentivizing Credit Rating Agencies Under The Issuer Pay Model Through A Mandatory Compensation Competition, Robert J. Rhee

Faculty Scholarship

Credit rating agencies are important institutions of the global capital markets. If they had performed properly, the financial crisis of 2008-2009 would not have occurred. This article offers the simplest fix proposed thus far, and it is contrarian. This Article accepts the central role of rating agencies in the regulation of bond investments, the realities of a duopoly, and the issuer-pay model of compensation. The status quo is the baseline. The role of regulation should be to create the conditions necessary to induce competition. This article proposes that a small, recurring portion of revenue earned by the largest rating agencies ...


Two Essays On Stock Repurchases And Insider Trading, Noel Pavel Nangatie Jeutang 2014 University of Nebraska - Lincoln

Two Essays On Stock Repurchases And Insider Trading, Noel Pavel Nangatie Jeutang

Dissertations and Theses from the College of Business Administration

The first essay examines how the outcome of prior repurchasing activity influences future repurchasing decisions. We find strong evidence that future decisions to repurchase equity are negatively influenced by poorly timed past repurchases. Specifically, we show that the past losses on stock repurchases reduce the propensity to engage in additional repurchases in the future. We find almost no evidence that past gains on repurchases positively or negatively influence future repurchasing activity. These results are robust to various firm characteristics, estimation and sampling methods. Further analyses show that losses on past repurchases influence dividend policy. We show that the dividend-repurchase substitution ...


Fannie Mae And Freddie Mac: What's Next?, Zachary D. Porter 2014 The University of Maine

Fannie Mae And Freddie Mac: What's Next?, Zachary D. Porter

Honors College

The purpose of this research was to explore the mortgage market in the United States and determine an effective plan of action moving forward. The US experienced a major housing crisis in 2007-2008. As a result, the market has been under significant scrutiny. At the heart of this debate are the two major lending institutions, Fannie Mae and Freddie Mac. The crisis has caused many politicians to call for an overhaul of the US mortgage market, a phasing out of the two agencies, and a shift in the market toward the private sector. A bipartisan proposal in March 2014 addressed ...


Digital Commons powered by bepress