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Pass-Through Valuation, Robert M. Hull, David P. Price 2015 Washburn University

Pass-Through Valuation, Robert M. Hull, David P. Price

The Journal of Entrepreneurial Finance

Noted scholars argue that (1) economic models of capital taxation have been inadequately adapted to owner-managed enterprises and (2) capital structure researchers have used the wrong models while also improperly measuring key variables. Thus, a model that can overcome these problems should be of interest to academics when teaching capital structure theory and practitioners when determining optimal debt levels. This paper contributes to capital structure practice by using a model that is adaptable to owner-managed enterprises like pass-throughs while also containing relevant variables that are measurable. This paper should be valuable to academics and practitioners in the following ways. First ...


The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes 2015 University of San Francisco

The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes

Master's Theses

This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country’s level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a ...


The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr. 2015 University of Pennsylvania Law School

The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr.

Faculty Scholarship

This Essay is Part Two of a two-part essay series that outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty-six Contracting States (fifty-eight of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

This Part of the Essay explores whether an investor-state dispute settlement ...


Theory And Experiments Exploring Behavioral, Financial, And Public Economics, Matthew John McMahon 2015 University of Tennessee - Knoxville

Theory And Experiments Exploring Behavioral, Financial, And Public Economics, Matthew John Mcmahon

Doctoral Dissertations

I study three questions which relate to one another only in that each explores facets of economics. First, I theoretically examine the conditions under which introducing an impure public good decreases total public provision. I introduce a central planner who can tax the private good to correct this and identify the market characteristics that typify this scenario. Second, I test the two standard competing dividend puzzle hypotheses using a laboratory experiment. Evidence from the lab, including variables unobservable in the field, reinforces empirical work supporting the outcome model over the substitute. Last, I obscure from dictators information regarding recipients' income ...


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 ...


Audit Committees And Financial Reporting Quality In Singapore, Kwong Sin LEONG, Jiwei WANG, Themin SUWARDY, Yuanto KUSNADI 2015 Singapore Management University

Audit Committees And Financial Reporting Quality In Singapore, Kwong Sin Leong, Jiwei Wang, Themin Suwardy, Yuanto Kusnadi

Research Collection School Of Accountancy

No abstract provided.


The Discreet Trader, Seth Wing 2015 Bryant University

The Discreet Trader, Seth Wing

Honors Projects in Finance

This paper examines insider trading, specifically trades by corporate insiders around quarterly earnings announcements. Announcements were broken up into three categories: earnings above analyst expectations, earnings below expectations, and earnings in line with expectations. Trade data was collected from the thirty companies of the Dow Jones Industrial Average from 2012-’13. The trades were sorted by purchases and sales by date and analyzed with the earnings report of which the trades were made. Only trades in the interval from twenty days before the announcement date to twenty days after the announcement date were considered. The prediction was that corporate insiders ...


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 ...


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.


Re-Investment Allowance, Investment Tax Credit, And The Reality Of Corporate Cash Flow In Nigeria, Daibi W. Dagogo 2015 Rivers State University of Science and Technology

Re-Investment Allowance, Investment Tax Credit, And The Reality Of Corporate Cash Flow In Nigeria, Daibi W. Dagogo

Daibi W Dagogo

This study examines the influences of tax incentives on cash flow of manufacturing corporations in Nigeria. To do this, research questions were raised, hypotheses were formulated, sixty (60) quoted manufacturing companies in Nigeria constituted the sample of this study and secondary data from Nigeria Stock Exchange fact book were complemented with ordinal data collected via questionnaire. The stated hypotheses were statistically tested with paired t-test of two means from the same sample. T-test was eventually used because of the ordinal data, which might not satisfy the condition of normal distribution. Our findings revealed that tax incentives significantly increased the mean ...


Does Increased Board Independence Reduce Earnings Management? Evidence From The Recent Regulatory Reform, Xia CHEN, Qiang CHENG, Xin WANG 2015 Singapore Management University

Does Increased Board Independence Reduce Earnings Management? Evidence From The Recent Regulatory Reform, Xia Chen, Qiang Cheng, Xin Wang

Research Collection School Of Accountancy

We examine whether recent regulatory reforms requiring majority board independence reduce the extent of earnings management. Firms that did not have a majority of independent directors before the reforms (referred to as noncompliant firms) are required to increase their board independence. We find that, while noncompliant firms on average do not experience a significant decrease in earnings management after the reforms compared to other firms, noncompliant firms with low information acquisition cost experience a significant reduction in earnings management. The results are similar when we examine audit committee independence and when we use alternative proxies for information acquisition cost and ...


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 ...


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.


The Impact Of The Agency Environment On Management’S Long-Term Focus, Sterling Zhenrui HUANG, Jeffrey Tee Yong NG, Sugata ROYCHOWDHURY, Ewa SLETTEN 2015 Singapore Management University

The Impact Of The Agency Environment On Management’S Long-Term Focus, Sterling Zhenrui Huang, Jeffrey Tee Yong Ng, Sugata Roychowdhury, Ewa Sletten

Research Collection School Of Accountancy

The 1991 Credit Lyonnais court ruling expanded the fiduciary duties of managers towards debtholders in near-insolvent Delaware firms. Differences-in-differences tests reveal that innovation efficiency increased among all Delaware firms following the ruling. Further, Delaware firms close to (far from) insolvency reduced (expanded) their R&D expenditures and innovation output. Both sets of firms exhibit a reduced focus on meeting myopic earnings goals, and a shift from transient towards dedicated institutional owners. We conclude that expanding fiduciary duties towards debtholders motivated a longer-term focus at Delaware firms and, as evidenced by improvements in Tobin’s Q and solvency, benefited both shareholders ...


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 ...


Two Essays On Corporate Finance, Soohyung Kim 2015 University of Kentucky

Two Essays On Corporate Finance, Soohyung Kim

Theses and Dissertations--Finance and Quantitative Methods

This dissertation consists of two essays on corporate finance. The first essay investigates the relationship between dual-class shares and firm’s risk-taking. While costs associated with dual-class shares are widely documented, the benefits are seldom studied in the literature. We attempt to fill this gap and find that dual-class firms tend to have fewer business segments, higher volatilities in their cash flows, earnings, and investment opportunities compared to propensity-matched single-class firms. Business segments within a dual-class firm are also more positively correlated in their cash flows, earnings, or investment opportunities than those in single-class firms. The results are consistent with ...


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