Ua1b Climbing To Greater Heights, The Wku Strategic Plan 2018-2028, 2018 Western Kentucky University
Ua1b Climbing To Greater Heights, The Wku Strategic Plan 2018-2028, Wku Strategic Planning Committee
WKU Archives Records
WKU strategic plan for 2018 through 2028.
The Relationship Between Sports Sponsorship And Corporate Financial Returns In South Africa, 2018 University of San Francisco
The Relationship Between Sports Sponsorship And Corporate Financial Returns In South Africa, Michael Goldman, Julian Blake, Sonja Fourie
Sponsorship is a major contributor to income in the South African sports arena, and is a critical component allowing sports unions to remain financially viable and sustainable. Sports sponsoring companies, however, have long questioned the financial returns generated from these ventures. The purpose of this paper is to understand whether financial returns of companies with sports sponsorship in South Africa are significantly different to those without. This research was conducted on Johannesburg Stock Exchange (JSE) listed companies that sponsored sport consistently between 2000 and 2015 for a period of two years. A quantitative methodology was employed whereby share price ...
The New Bond Workouts, 2018 University of Pennsylvania Law School
The New Bond Workouts, William W. Bratton, Adam J. Levitin
Faculty Scholarship at Penn Law
Bond workouts are a famously dysfunctional method of debt restructuring, ridden with opportunistic and coercive behavior by bondholders and bond issuers. Yet since 2008 bond workouts have quietly started to work. A cognizable portion of the restructuring market has shifted from bankruptcy court to out-of-court workouts by way of exchange offers made only to large institutional investors. The new workouts feature a battery of strong-arm tactics by bond issuers, and aggrieved bondholders have complained in court. The result has been a new, broad reading of the primary law governing workouts, section 316(b) of the Trust Indenture Act of 1939 ...
Foreword: Bankruptcy’S New And Old Frontiers, 2018 University of Pennsylvania Law School
Foreword: Bankruptcy’S New And Old Frontiers, William W. Bratton, David A. Skeel Jr.
Faculty Scholarship at Penn Law
This Symposium marks the fortieth anniversary of the enactment of the 1978 Bankruptcy Code (the “1978 Code” or the “Code”) with an extended look at seismic changes that currently are reshaping Chapter 11 reorganization. Today’s typical Chapter 11 case looks radically different than did the typical case in the Code’s early years. In those days, Chapter 11 afforded debtors a cozy haven. Most everything that mattered occurred within the context of the formal proceeding, where the debtor enjoyed agenda control, a leisurely timetable, and judicial solicitude. The safe haven steadily disappeared over time, displaced by a range of ...
Does The Market Believe White Knights And Hostile Bidders Are Acting In Their Shareholders' Interest?, 2018 Old Dominion University
Does The Market Believe White Knights And Hostile Bidders Are Acting In Their Shareholders' Interest?, John M. Griffith, Mohammad Najand, Jiancheng Shen
Finance Faculty Publications
This study examines why white knights suffer significant losses while their rival hostile bidders experience significant abnormal gains. We address two research questions: 1) Does the market believe that white knights and hostile bidders are acting in their shareholders' interest? 2) Does Tobin's q explain why white knights suffer significant losses and hostile bidders experience significant gains upon the announcement of their bids? The results show that hostile bidders are value-maximizing investors and white knights are not acting in their shareholders' interest. Instead, white knights suffered significant reductions in value and historically have not maximized the wealth of investors
Worth Watching?: Assessing The Financial And Operational Health Of Netflix, 2018 Assumption College
Worth Watching?: Assessing The Financial And Operational Health Of Netflix, Dominick Ciejka
No abstract provided.
The Road Ahead For Chinese Soes, 2018 Bard College
The Road Ahead For Chinese Soes, Jingyu Mao
Senior Projects Spring 2018
Many Chinese State Owned Enterprises are facing problems of over-capacity and inefficient productivity. These problems have contributed to the slowdown of Chinese economic growth. Some people believe that this is the time for SOEs to improve their productivity and financial system in order to be more efficient to support future Chinese economic growth. However, the central government has decided to not reform the current SOE system and continue funding SOEs in order to let them play an important role in the "Belt and Road Initiative." Many people think that this is a way to vindicate SOEs, or to excuse the ...
The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, 2018 University of Pennsylvania Law School
The Modigliani-Miller Theorem At 60: The Long-Overlooked Legal Applications Of Finance’S Foundational Theorem, Michael S. Knoll
Faculty Scholarship at Penn Law
2018 marks the 60th anniversary of the publication of Franco Modigliani and Merton Miller’s The Cost of Capital, Corporation Finance, and the Theory of Investment. Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm’s value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a framework that can be extremely useful to legal academics, practicing attorneys and judges.
The Efficacy Of Financial Futures As A Hedging Tool In Electricity Markets, 2018 Dublin Institute of Technology
The Efficacy Of Financial Futures As A Hedging Tool In Electricity Markets, Jim Hanly, Lucia Morales, Damien Cassells
Abstract This paper estimates and applies a risk management strategy for electricity spot exposures using futures hedging. We apply our approach to three of the most actively traded European electricity markets, Nordpool, APXUK and Phelix. We compare both optimal hedging strategies and the hedging effectiveness of these markets for two hedging horizons, weekly and monthly using both Variance and Value at Risk (VaR). Our key finding is that electricity futures can effectively manage risk only for specific time periods when using hedging strategies that have been very successful in financial and other commodity markets. More generally they are ineffective as ...
Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, 2018 Claremont Colleges
Is The Accruals Anomaly More Persistent In Firms With Weak Internal Controls?, Kanishk Kapur
CMC Senior Theses
In 1996, Sloan identified the accruals anomaly, in which the negative relationship between the accruals component of current earnings and subsequent stock returns can be exploited to generate excess returns. One would expect the accruals anomaly to dissipate and ultimately disappear as investors take advantage of the now-public information. However, nearly two decades later, it persists as one of the most prominent and contentious anomalies; its magnitude of current and future excess returns still remain controversial. The main reason for its persistence is that extreme accrual firms possess characteristics that are unappealing to most investors. These characteristics, which include insufficient ...
Nonperforming Loans: Asset Pricing And Determinants Of Profitability, 2018 Claremont Colleges
Nonperforming Loans: Asset Pricing And Determinants Of Profitability, Tyler Wheetley Amaya
CMC Senior Theses
I formally analyze the role of nonperforming loan (NPL) characteristics in explaining NPL profit outcomes compared to the current pricing model for NPLs. I expected that factors included in the current NPL model would not be statistically significant in determining profit outcomes as those factors were considered in determining the purchase price of the asset. Surprisingly, I find that interest rates are statistically significant and negatively correlated with IRR. This is surprising because interest rates are considered in the current NPL pricing model. The results suggest that greater weight should be given to interest rates in determining the purchase price ...
The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, 2018 Claremont McKenna College
The Effect Of Mandatory Adoption Of Ifrs On Transparency For Investors, Crystal Anderson
CMC Senior Theses
This paper examines the effect of the mandatory adoption of the International Financial Reporting Standards (IFRS) on transparency for investors by measuring the increase in earnings management during the post-adoption period of IFRS. One sign of earnings management is current year earnings being only slightly higher than the previous year’s earnings. An increase in earnings management means a decrease in accounting quality and a decrease of transparency for investors. By comparing firms that mandatorily adopted IFRS to similar benchmark firms in terms of strength of legal enforcement, book-to-market ratios, market values and net incomes, I am able to run ...
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, 2018 Claremont Colleges
You Can Run But You Can’T Hide: The Advance Of Shareholder Activism, Kendall Greenberg
CMC Senior Theses
Shareholder activism has exploded in popularity since the turn of the century, due in large part to impressive relative returns generated by its major participants. The result has thus been a surge in assets invested in the category, to in excess of $170 billion today up from less than $3 billion in 2000 (Inglis 2015; Romito 2015). This influx of capital, in absolute dollars and pace of growth, has caused many to wonder whether activists truly create shareholder value and, if so, if the value generated is sustainable. Numerous studies of activist interventions prior to 2009 reveal significant stock price ...
Corporate Short-Termism And Intertemporal Choice, 2018 University of Florida Levin School of Law
Corporate Short-Termism And Intertemporal Choice, Robert J. Rhee
Washington University Law Review
This paper presents an intertemporal model of short-termism. Critics have portrayed short-termism in broad brushstrokes as the bane of corporate governance. But short-termism does not have a self-evident, efficiency-based normative value. A simple application of a well-accepted asset valuation theory shows that short-termism is not per se inefficient. If profitable enough, a short-term strategy would be better than a long-term strategy. This intuition is a mathematical and financial fact. The model presented here is tested in a case study of Air Products and Chemicals, Inc. v. Airgas, Inc., a prominent and legally significant Delaware hostile takeover battle. Short-termism was a ...
China's "Mercantilist" Government Subsidies, The Cost Of Debt And Firm Performance, 2018 Singapore Management University
China's "Mercantilist" Government Subsidies, The Cost Of Debt And Firm Performance, Chu Yeong Lim, Jiwei Wang, Cheng (Colin) Zeng
Research Collection School Of Accountancy
China has been adopting a “mercantilist” policy by lavishing massive government subsidies on Chinese firms. Using hand-collected subsidy data on Chinese listed companies, we find that firms receiving more subsidies tend to have a lower cost of debt. However, such firms fail to have superior financial performance. Instead, firms with more subsidies tend to be overstaffed, which demonstrates higher social performance. These results are mainly driven by non-tax-based subsidies rather than tax-based subsidies. Overall, our results suggest that the Chinese government uses non-tax-based subsidies to achieve its social policy objectives at the expense of firms’ profitability.
Play To Win Or Don't Play At All: The Financial Returns To Making The Cut, 2018 Brigham Young University
Play To Win Or Don't Play At All: The Financial Returns To Making The Cut, Ben William Lewis, W. Chad Carlos
All Faculty Publications
Despite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. Using a regression discontinuity design, we address this limitation by examining how investors responded to firms that were just barely included or excluded from the 100 Best Corporate Citizens list. Our findings indicate that marginal firms that were included experience negative abnormal returns compared to marginal firms that were excluded. We highlight new areas of inquiry for scholarship on rankings and provide a more nuanced perspective on ...
Exploring The Relationship Between Executive Compensation And Corporate Mergers And Acquisitions, 2018 University of Windsor
Exploring The Relationship Between Executive Compensation And Corporate Mergers And Acquisitions, Akiva Stern
Corporate Governance is one of the most important aspects of corporate life. The role requires individuals to have a moderate, if not excellent command of not only the industry they are operating within, but the basic tenants of many disciplines including law and finance. It is therefore important to not only view how these disciplines contribute to their knowledge individually, but also how they might work together to provide a better insight into governing a company on a day-to-day basis.
A predominant decision that often comes under scrutiny is the relationship between executive compensation and M&A Activity. This paper ...
Will Delaware Be Different? An Empirical Study Of Tc Heartland And The Shift To Defendant Choice Of Venue, Ofer Eldar, Neel U. Sukhatme
Why do some venues evolve into litigation havens while others do not? Venues might compete for litigation for various reasons, such as enhancing their judges’ prestige and increasing revenues for the local bar. This competition is framed by the party that chooses the venue. Whether plaintiffs or defendants primarily choose venue is crucial because, we argue, the two scenarios are not symmetrical.
The Supreme Court’s recent decision in TC Heartland v. Kraft Foods illustrates this dynamic. There, the Court effectively shifted venue choice in many patent infringement cases from plaintiffs to corporate defendants. We use TC Heartland to empirically ...
Cryptocurrency Fraud: A Look Into The Frontier Of Fraud, 2018 Georgia Southern University
Cryptocurrency Fraud: A Look Into The Frontier Of Fraud, Stafford C. Baum
University Honors Program Theses
This research project was conducted to look into what sort of frauds can be committed to steal unsuspecting investors’ cryptocurrencies. The inspiration for this research came in the form of the fact that millions of dollars are lost to cryptocurrency fraud each day, and many of these frauds are successful due to the public’s naivete towards the dangers of investing in cryptocurrencies. After researching many different cryptocurrency fraud cases, the frauds could be categorized into four major categories. These categories include Ponzi schemes, fake initial coin offering schemes, pump and dump schemes as well as cryptocurrency theft.
The Myth Of The Ideal Investor, 2018 Duke Law School
The Myth Of The Ideal Investor, Elisabeth De Fontenay
Critiques of specific investor behavior often assume an ideal investor against which all others should be compared. This ideal investor figures prominently in the heated debates over the impact of investor time horizons on firm value. In much of the commentary, the ideal is a longterm investor that actively monitors management, but the specifics are typically left vague. That is no coincidence. The various characteristics that we might wish for in such an investor cannot peacefully coexist in practice.
If the ideal investor remains illusory, which of the real-world investor types should we champion instead? The answer, I argue, is ...