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

Finance and Financial Management Commons

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

5759 Full-Text Articles 4514 Authors 1810380 Downloads 166 Institutions

All Articles in Finance and Financial Management

Faceted Search

5759 full-text articles. Page 1 of 162.

Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos 2017 Ursinus College

Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos

Business and Economics Faculty Publications

Illinois had a dismal free banking experience, with over 80% of its free banks failing by the start of the Civil War. Researchers agree that a dramatic change in bond prices was the catalyst, and some have shown that the riskiest banks, ex ante, were the most likely to fail. This study examines how Illinois free banks adjusted their portfolios in the face of increased political and financial risks prior to Abraham Lincoln’s election as president. Lincoln’s nomination in May 1860 and the Democratic Party schism in June 1860 raised the likelihood of secession and the potential for ...


What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff 2017 Dalhousie University

What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff

Faculty of Business Publications

Research and Development (R&D) has often been cited as key to promote the development of clean technologies in both the short and long run. Robust economic performance for clean technology firms may occur in countries in which research and development is conducted by governments as well as by businesses. The goal of this paper is to examine how private and public R&D affects firm profitability. Utilizing an international data set of clean technology firms, this study finds performance of clean technology firms to be quite favorable when compared to firms in the MSCI World index. The study examines ...


What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff 2017 Long Island University

What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff

Faculty of Finance Publications

Research and Development (R&D) has often been cited as key to promote the development of clean technologies in both the short and long run. Robust economic performance for clean technology firms may occur in countries in which research and development is conducted by governments as well as by businesses. The goal of this paper is to examine how private and public R&D affects firm profitability. Utilizing an international data set of clean technology firms, this study finds performance of clean technology firms to be quite favorable when compared to firms in the MSCI World index. The study examines ...


A System Dynamics Approach To Assessing Public Policy Impact On The Sustainable Growth Rate Of New Ventures, Jeff W. Trailer, Kuau Garsson 2017 California State University - Chico

A System Dynamics Approach To Assessing Public Policy Impact On The Sustainable Growth Rate Of New Ventures, Jeff W. Trailer, Kuau Garsson

Jeff Trailer

The growth of firms is fundamentally based on self-reinforcing feedback loops, one of the most important of which involves cash flow. When profit margin is positive, sales generate cash, which may then be reinvested to finance the operating cash cycle. We analyze simulations of a sustainable growth model of a generic new venture to assess the importance of taxes, and regulatory costs in determining growth. The results suggest that new ventures are particularly vulnerable to public policy effects, since their working capital resource levels are minimal, and they have few options to raise external funds necessary to fuel their initial ...


The Role Of Islamic Finance In Economic Development, Nora KHAN 2017 Lingnan University

The Role Of Islamic Finance In Economic Development, Nora Khan

Lingnan Journal of Banking, Finance and Economics

Islamic financial institutions have been growing rapidly in the past few years. Islamic finance refers to investments that are permissible in accordance with Sharia, the Islamic law. Sharia law views money as a measuring tool for value and not an “asset” itself. “It does not permit receipt and payment of riba(interest), gharar(excessive uncertainty), maysir(gambling), short sales or financing activities that it considers harmful to society” (IMF website). Interest, a form of income from money, is therefore prohibited. For example, the income obtained from banks must come from the gain or loss of the enterprises they underwrite and ...


Fdi And Manufacturing Industry In Asia, Luyi JIN 2017 Lingnan University

Fdi And Manufacturing Industry In Asia, Luyi Jin

Lingnan Journal of Banking, Finance and Economics

The study finds that China’s manufacturing still maintained a growth level from 2003 to 2013. However, the growth has been declining. The rapid development of ASEAN economies led to the rise of the emerging manufacturing countries which have slowly adjusted and found their own advantages in challenging China.

The main conclusions of this paper are twofold. First, China will soon lose her low labor cost competitive advantage and needs to look for new strategy or industrial upgrades. Second, the current pattern of international division of labor will last for a fairly long period that developing countries will continue to ...


An Empirical Analysis Of The Phillips Curve : A Time Series Exploration Of Hong Kong, Dong WANG 2017 Lingnan University

An Empirical Analysis Of The Phillips Curve : A Time Series Exploration Of Hong Kong, Dong Wang

Lingnan Journal of Banking, Finance and Economics

This paper examines the stationarity and cointegration of inflation and unemployment variables of Hong Kong in a period prior to and after the return of Hong Kong’s sovereignty to China on July 1, 1997. The paper separately introduces two ARDL and error correlation models for the long-run and short-run dynamics relationships between inflation and unemployment variables for these two periods after an identification of cointegration. The key findings of this paper include the negative relationship observed between inflation and unemployment in Hong Kong during this time period. Moreover, prior inflation has a significantly negative effect on the current inflation ...


Portfolio Recallocation And Exchange Rate Dynamics, King Chun WONG 2017 Lingnan University

Portfolio Recallocation And Exchange Rate Dynamics, King Chun Wong

Lingnan Journal of Banking, Finance and Economics

This empirical paper aims to review a previous literature entitles “Portfolio Reallocation and Exchange Rate Dynamics”. The literature stated that including financial market structure can provide a micro-foundation to complement other macro-based models for exchange rate dynamics which typically are meaningful for the medium and long terms but not satisfactory for the short run. The model in the literature offers another way to look at exchange rate dynamics that is significant in the short run and more practical in nature. Undoubtedly, many investors in the financial market, such as traders, dealers, fund managers, and speculators who adjust their portfolio components ...


How Do Cdos And Cdss Influence The Crisis Of 2008, Martin BUFFET 2017 Lingnan University

How Do Cdos And Cdss Influence The Crisis Of 2008, Martin Buffet

Lingnan Journal of Banking, Finance and Economics

Everybody has heard about the “subprime” crisis but do we really know how it occurred and why this phenomenon had such an impact on our economies. One aspect of the answer to this question lies in the trade of credit default swaps (CDSs). These financial products led to less transparency in the markets and to a very collectively vulnerable financial system. This created a vicious circle that had not been anticipated by our financial regulators. In this paper, we will discuss how it occurred and what could have been done to avoid, or at lease reduce, the impact of these ...


The Study Of Enhanced Performance Measurement Of Mutual Funds In Asia Pacific Market, Juzhen LI 2017 Lingnan University

The Study Of Enhanced Performance Measurement Of Mutual Funds In Asia Pacific Market, Juzhen Li

Lingnan Journal of Banking, Finance and Economics

This empirical paper will compare the result by running Costa and Jakob's models (2010) using mutual funds in Asia Pacific market excluding Japan. Costa and Jakob's paper, Enhanced Performance Measurement of Mutual Funds: Running the Benchmark Index through the Hurdles, is highly related to this empirical paper and is generally based on Carhart's four-factor model (Carhart, 1997) with US securities market data. Apart from the comparison between Asia Pacific market excluding Japan and US market, further research on auxiliary and heteroscedasticity will also be conducted.


Why Trade Credit Financing Is More Important Than Developing Large Customer Relationships For Video Game Suppliers, Jocelyn D. Evans, Dominique G. Outlaw 2017 College of Charleston

Why Trade Credit Financing Is More Important Than Developing Large Customer Relationships For Video Game Suppliers, Jocelyn D. Evans, Dominique G. Outlaw

The Journal of Entrepreneurial Finance

Trade credit extended to suppliers in the video game industry does not serve as a commitment device for large customers in determining which vendors to make relationship-specific investments in. Suppliers of video games are better off investing in relationships with trade creditors than seeking out large customers. The costs of large customer relationships are lower sales growth and less long-term debt leverage. Also, large customers don’t form relationships with suppliers in this industry, which has high research and development expenditures nor do they facilitate economic viability with regard to continued independent operational performance or listing on a stock exchange.


Preventing Identity Theft, Christine Jensen 2017 Utah State University Extension

Preventing Identity Theft, Christine Jensen

Christine Jensen

Identity theft is becoming more common and is a very serious crime. Victims of identity theft can spend months or years and a lot of hard earned money cleaning up the mess thieves have made of their good name and credit record.


Estate Planning Basics: A Vocabulary, Barbara Rowe, Christine Jensen 2017 Selected Works

Estate Planning Basics: A Vocabulary, Barbara Rowe, Christine Jensen

Christine Jensen

No abstract provided.


The Evolution Of Financing Structure In U.S. Startups, Carmen Cotei, Joseph Farhat 2017 University of Hartford

The Evolution Of Financing Structure In U.S. Startups, Carmen Cotei, Joseph Farhat

The Journal of Entrepreneurial Finance

In this article we examine how startup businesses finance their operations over time. We employ the Latent growth modeling technique to test the financial growth cycle theory developed by Berger and Udell (1998). The data used in this study is the Kauffman Firm Survey, the largest longitudinal data set comprised of a random sample of U.S. startups launched in 2004 and surveyed annually through 2011. Consistent with the predictions of financial growth cycle theory, in the startup stage, entrepreneurs rely on initial insider capital sources such as personal savings, financing offered by friends and family, quasi-equity, and personal debt ...


Transparency In Financial Markets And Institutions: A Catholic Social Thought Perspecitve, Bridget Lyons, Lucjan T. Orlowski 2017 Sacred Heart University

Transparency In Financial Markets And Institutions: A Catholic Social Thought Perspecitve, Bridget Lyons, Lucjan T. Orlowski

Lucjan T. Orlowski

We argue that transparency, or information disclosure by public and private sector institutions should be viewed as an important component of the Catholic Social Thought process. A higher degree of transparency by a single institution denotes revealing a greater magnitude of truthful information that leads to optimization of actions by other individuals and institutions, thus ultimately, to maximization of social welfare. Based on the precepts of Catholic Social Thought, more detailed and unbiased information allows individuals to make more truthful observations of reality that subsequently rationalize their judgment and actions. This is particularly relevant for financial markets and institutions that ...


Transparency In Financial Markets And Institutions: A Catholic Social Thought Perspecitve, Bridget Lyons, Lucjan T. Orlowski 2017 Sacred Heart University

Transparency In Financial Markets And Institutions: A Catholic Social Thought Perspecitve, Bridget Lyons, Lucjan T. Orlowski

Bridget Lyons

We argue that transparency, or information disclosure by public and private sector institutions should be viewed as an important component of the Catholic Social Thought process. A higher degree of transparency by a single institution denotes revealing a greater magnitude of truthful information that leads to optimization of actions by other individuals and institutions, thus ultimately, to maximization of social welfare. Based on the precepts of Catholic Social Thought, more detailed and unbiased information allows individuals to make more truthful observations of reality that subsequently rationalize their judgment and actions. This is particularly relevant for financial markets and institutions that ...


When The Going Gets Tough, The Tough Get Going, Antti Fredriksson, Daniela Maresch, Matthias Fink, Andrea Moro 2017 University of Turku, School of Economics

When The Going Gets Tough, The Tough Get Going, Antti Fredriksson, Daniela Maresch, Matthias Fink, Andrea Moro

The Journal of Entrepreneurial Finance

A bank’s lending decision is affected by the amount of information it can access and by its capability to manage this information. The latter aspect implies that the bank has to decide whether borrowers should be managed in a local branch of the bank or in its headquarters. By looking at a sample of Finnish banks, the present research investigates a bank’s capability to extract profitability from both locally and centrally managed firms. We find that banks are able to properly discriminate between firms: those which should be managed by loan managers with expert knowledge in the bank ...


News Management Around Equity Private Placements, HSIAO-CHEN LIANG, WOAN-YUH JANG 2017 National Taiwan University of Science and Technology

News Management Around Equity Private Placements, Hsiao-Chen Liang, Woan-Yuh Jang

The Journal of Entrepreneurial Finance

Private placement is the sale of securities to a limited number of qualified institutions or high-wealth investors. Although private placement is favorable for firms raising capital, it is relatively easy for managers to exploit it to benefit specific investors. Using a sample of Taiwanese private placements covering 2006 to 2010, we use both quantitative and qualitative variables to examine the determinants of the valence and tenor of media coverage around private placement announcements and study whether managers strategically perform news management. The results show that issuers will engage in news management around private placement announcements to facilitate the issue process ...


Start-Up Funding Via Equity Crowdfunding In Germany – A Qualitative Analysis Of Success Factors, Martin Angerer, Alexander Brem, Sascha Kraus, Andreas Peter 2017 University of Liechtenstein

Start-Up Funding Via Equity Crowdfunding In Germany – A Qualitative Analysis Of Success Factors, Martin Angerer, Alexander Brem, Sascha Kraus, Andreas Peter

The Journal of Entrepreneurial Finance

Entrepreneurs often struggle to find sufficient funding for their start-ups. A relatively new way for companies to attract capital is via an internet platform, locating investors who in return receive something in return for their ventures. Equity crowdfunding is one of several types of crowdfunding, and is also known as crowdinvesting in the German-speaking realm. This article predominantly advances the scientific knowledge regarding the success factors of equity crowdfunding for German start-ups. The study conducted nine qualitative interviews with start-ups and crowdinvesting platforms. Its first result is that German start-ups select crowdinvesting because (1) it is a funding opportunity and ...


Be Wary When Giving Investment Advice To Clients, Jamie Patrick Hopkins 2017 The American College of Financial Services

Be Wary When Giving Investment Advice To Clients, Jamie Patrick Hopkins

Faculty Publications

In April 2016, the Department of Labor (DOL) finalized its long-awaited conflict of interest rule and related prohibited transaction exemptions, expanding the definition of "fiduciary advice" under the Employee Retirement Income Security Act of 1974 (ERISA) and The Internal Revenue Code. While the new rules were primarily developed in an attempt to further regulate the advice provided by professionals in the financial services industry with respect to individual retirement accounts, the newly expanded definition of "investment advice" will inevitably cover advice commonly provided by estate planners.


Digital Commons powered by bepress