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Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination, Gregory Murphy, Neil M. Tocher 2011 Idaho State University

Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination, Gregory Murphy, Neil M. Tocher

New England Journal of Entrepreneurship

Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are …


How Green Are Climate Change Issues?: An Auditor's Perspective, Maya Purushothaman, Ross Taplin 2011 Edith Cowan University

How Green Are Climate Change Issues?: An Auditor's Perspective, Maya Purushothaman, Ross Taplin

Research outputs 2011

Climate change and carbon emissions have become an important issue for companies, not only if companies are to maintain legitimacy as good corporate citizens but also financially with the regulation of carbon emissions and the impending introduction of the Australian Emission Trading Scheme (AETS). This paper investigates the role of financial auditors in the climate change debate. Content analysis of the websites of fifteen large auditors in Australia reveals different reactions to this issue, from reacting to proposed legislation to proposing initiatives proactively and providing guidelines for companies. Analysis of the websites from a random sample of companies audited by …


Evaluating Extremal Dependence In Stock Markets Using Extreme Value Theory, Abhay K. Singh, David E. Allen, Robert J. Powell 2011 Edith Cowan University

Evaluating Extremal Dependence In Stock Markets Using Extreme Value Theory, Abhay K. Singh, David E. Allen, Robert J. Powell

Research outputs 2011

Estimation of tail dependence between financial assets plays a vital role in various aspects of financial risk modelling including portfolio theory and hedging amongst others. Extreme Value Theory (EVT) that provides well established methods for univariate and multivariate tail distributions which are useful for forecasting financial risk or modelling the tail dependence of risky assets. This paper uses nonparametric measures based on bivariate EVT to investigate asymptotic dependence and estimate the degree of tail dependence of the ASX-All Ordinaries daily returns with four other international markets, viz., the S&P-500, Nikkei-225, DAX-30 and Heng-Seng for both right and left tails of …


Rivera Custom Cabinetry: Financial Statement Analysis Using Excel, Benoit Boyer, Bridget Lyons 2011 Sacred Heart University

Rivera Custom Cabinetry: Financial Statement Analysis Using Excel, Benoit Boyer, Bridget Lyons

WCBT Faculty Publications

This case illustrates the impact of various business transactions on a firm’s financial statements. The case objective is to highlight how business transactions affect financial statements and to illustrate the links between financial statements and key ratios. The case was developed and piloted as a final project in an introductory accounting class and as an accounting review in a corporate finance course. In each part of the case, students are asked to show the impact of a business transaction on the firm’s balance sheet and income statement. The cash flow statement and financial ratios calculate automatically. Part 1 of the …


Why 'Democracy' And 'Drifter' Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers, Koon Boon KEE 2011 Singapore Management University

Why 'Democracy' And 'Drifter' Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers, Koon Boon Kee

Research Collection School Of Accountancy

No abstract provided.


Internal Control Weakness And Bank Loan Contracting: Evidence From Sox Section 404 Disclosures, Jeong-Bon KIM, Byron Y. SONG, Liandong ZHANG 2011 Singapore Management University

Internal Control Weakness And Bank Loan Contracting: Evidence From Sox Section 404 Disclosures, Jeong-Bon Kim, Byron Y. Song, Liandong Zhang

Research Collection School Of Accountancy

Using a sample of borrowing firms that disclosed internal control weaknesses (ICW) under Section 404 of the Sarbanes-Oxley Act, this study compares various features of loan contracts between firms with ICW and those without ICW. Our results show the following. First, the loan spread is higher for ICW firms than for non-ICW firms by about 28 basis points, after controlling for other known determinants of loan contract terms. Second, firms with more severe, company-level ICW pay significantly higher loan rates than those with less severe, account-level ICW. Third, lenders impose tighter nonprice terms on firms with ICW than on those …


The Opaqueness Of Fair Value Assets And Systematic Risk In The Banking Industry, Jody Wayne Bland 2011 University of Arkansas, Fayetteville

The Opaqueness Of Fair Value Assets And Systematic Risk In The Banking Industry, Jody Wayne Bland

Inquiry: The University of Arkansas Undergraduate Research Journal

Opacity has economy-wide implications. A lack of information, whether from non-disclosure or complexity of business, creates uncertainty that even the most sophisticated of investors must face. In this paper, I analyze the relationship between opacity and the systematic risk of bank holding companies. Specifically, I find that investments in opaque assets required to be reported at fair value significantly affect the levels of financial institutions’ systematic risk. Furthermore, I provide evidence that firm investments in opaque assets contribute to systematic risk to an even greater degree during times of financial crisis.


The Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting, Karen Cascini, Alan DelFavero 2011 Sacred Heart University

The Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting, Karen Cascini, Alan Delfavero

WCBT Faculty Publications

The accounting industry is in a state of continuous change. In the United States, the historical cost principle has traditionally been the foundation of accounting. Until recently, assets and liabilities have been required to be recorded at their acquisition prices, with the exception of designated financial assets and financial liabilities. However, the Financial Accounting Standards Board (FASB) has now created accounting standards that are distant from the cost principle. Statement of Financial Accounting Standards No. 157: Fair Value Measurements, issued in September 2006 (FAS157, now codified as ASC 820) and Statement of Financial Accounting Standards No. 159: The Fair Value …


Giving State Tax Incentives To Corporations: How Much Is Too Much?, Kathleen E. McDavid 2011 University of South Carolina

Giving State Tax Incentives To Corporations: How Much Is Too Much?, Kathleen E. Mcdavid

South Carolina Journal of International Law and Business

No abstract provided.


The Sec Staff's "Cybersecurity Disclosure" Guidance: Will It Help Investors Or Cyber-Thieves More?, Sarah Jane Hughes, Roland L. Trope 2011 Indiana University Maurer School of Law

The Sec Staff's "Cybersecurity Disclosure" Guidance: Will It Help Investors Or Cyber-Thieves More?, Sarah Jane Hughes, Roland L. Trope

Articles by Maurer Faculty

No abstract provided.


The Performance Of Venture Capital Funds And Vc-Backed Ipos: An Evidence From China, Weng Hong LOU 2011 Singapore Management University

The Performance Of Venture Capital Funds And Vc-Backed Ipos: An Evidence From China, Weng Hong Lou

Dissertations and Theses Collection (Open Access)

This study is divided into three parts based on the listed companies on the Small and Medium Enterprise Board on the Shenzhen Stock Exchange in China. The first part is to study the investment performance of Venture Capital Funds. I found that the investment return in terms of investment multiple and annual rate of return is better than those in the US market, and also the VC investment portfolios outperform the public equity market. Furthermore, I compare the performance of non VC-backed IPOs and non VC-backed IPOs by using the Buy-and Hold Abnormal Return and Wealth Relatives. Both measurements show …


Don’T Burst The Bubble: An Analysis Of The First-Time Homebuyer Credit And Its Use As An Economic Policy Tool, Sarah J. Webber 2011 University of Dayton

Don’T Burst The Bubble: An Analysis Of The First-Time Homebuyer Credit And Its Use As An Economic Policy Tool, Sarah J. Webber

Accounting Faculty Publications

In 2008, faced with a looming real estate crisis, Congress hastily acted to stabilize the economy by offering a first-time homebuyer credit. This tax credit was trumpeted as a solution to the excess inventory of homes for sale and to stop the free-fall in home values. The credit, however, failed to deliver on its promises. By analyzing the first-time homebuyer credit, its creation, its implementation and its economic impact, this Article concludes that, when compared to alternative policy solutions, Congress erred in using the tax code to implement a first-time homebuyer credit.


What Influences The Changes In Reit Ceo Compensation? Evidence From Panel Data, John M. Griffith, Mohammad Najand, H. Shelton Weeks 2011 Old Dominion University

What Influences The Changes In Reit Ceo Compensation? Evidence From Panel Data, John M. Griffith, Mohammad Najand, H. Shelton Weeks

Finance Faculty Publications

This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.


At The Conjunction Of Love And Money: Comment On Julie A. Nelson, Does Profit-Seeking Rule Out Love? Evidence (Or Not) From Economics And Law, William W. Bratton 2011 University of Pennsylvania Carey Law School

At The Conjunction Of Love And Money: Comment On Julie A. Nelson, Does Profit-Seeking Rule Out Love? Evidence (Or Not) From Economics And Law, William W. Bratton

All Faculty Scholarship

No abstract provided.


The Political Economy Of Fraud On The Market, William W. Bratton, Michael L. Wachter 2011 University of Pennsylvania Carey Law School

The Political Economy Of Fraud On The Market, William W. Bratton, Michael L. Wachter

All Faculty Scholarship

No abstract provided.


Inside-Out Corporate Governance, David A. Skeel Jr., Vijit Chahar, Alexander Clark, Mia Howard, Bijun Huang, Federico Lasconi, A.G. Leventhal, Matthew Makover, Randi Milgrim, David Payne, Romy Rahme, Nikki Sachdeva, Zachary Scott 2011 University of Pennsylvania Carey Law School

Inside-Out Corporate Governance, David A. Skeel Jr., Vijit Chahar, Alexander Clark, Mia Howard, Bijun Huang, Federico Lasconi, A.G. Leventhal, Matthew Makover, Randi Milgrim, David Payne, Romy Rahme, Nikki Sachdeva, Zachary Scott

All Faculty Scholarship

Until late in the twentieth century, internal corporate governance—that is, decision making by the principal constituencies of the firm—was clearly distinct from outside oversight by regulators, auditors and credit rating agencies, and markets. With the 1980s takeover wave and hedge funds’ and equity funds’ more recent involvement in corporate governance, the distinction between inside and outside governance has eroded. The tools of inside governance are now routinely employed by governance outsiders, intertwining the two traditional modes of governance. We argue in this Article that the shift has created a new governance paradigm, which we call inside-out corporate governance.

Using the …


The Model Business Corporation Act At Sixty: Shareholders And Their Influence, Lisa Fairfax 2011 University of Pennsylvania Carey Law School

The Model Business Corporation Act At Sixty: Shareholders And Their Influence, Lisa Fairfax

All Faculty Scholarship

In the sixty years since the Committee on Corporate Laws (Committee) promulgated the Model Business Corporation Act (MBCA), there have been significant changes in corporate law and corporate governance. One such change has been an increase in shareholder activism aimed at enhancing shareholders’ voting power and influence over corporate affairs. Such increased shareholder activism (along with its potential for increase in shareholder power) has sparked considerable debate. Advocates of increasing shareholder power insist that augmenting shareholders’ voting rights and influence over corporate affairs is vital not only for ensuring board and managerial accountability, but also for curbing fraud and other …


Determinants Of Corporate Cash Holdings, Yun Lai (William) Li 2011 Claremont McKenna College

Determinants Of Corporate Cash Holdings, Yun Lai (William) Li

CMC Senior Theses

The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency costs and transactional motives to give the reader an overview of the costs and benefits of holding cash. This provides the foundation for the precautionary motives for companies today to keep cash as …


Analyzing The Effects Of Credit Rating Changes, The Recent Financial Crisis And Other Variables On Firms' Debt Levels, Sean M. Wasserman 2011 Claremont McKenna College

Analyzing The Effects Of Credit Rating Changes, The Recent Financial Crisis And Other Variables On Firms' Debt Levels, Sean M. Wasserman

CMC Senior Theses

This paper utilizes a sample of firms over the years 2000–2009 to test the effects of credit rating changes, the financial crisis, interest rates, and other variables on short-term, long-term, and total debt levels on the balance sheet. Each independent variable was created using a one year lag in order to run the regressions. The values of these variables from the previous year are being analyzed to see if they can predict debt levels for the following year. The results of this paper suggest that levels of long-term and total debt are somewhat reliant on and are positively correlated with …


Women’S Decision Making: A Contextual Assessment, Safdar Khan 2010 Bond University

Women’S Decision Making: A Contextual Assessment, Safdar Khan

Safdar Khan

No abstract provided.


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