Do Private Firms Benefit From Trading In The Private Securities Market?, 2018 California State University, East Bay
Do Private Firms Benefit From Trading In The Private Securities Market?, Robert Loveland, Eric Fricke, Sinan Goktan
The Journal of Entrepreneurial Finance
The trading of private securities has recently gained greater visibility and importance with the advent of organized, private security exchanges. This paper uses data on IPO firms that list on the SharesPost private securities exchange platform to examine the potential benefits of a listing. Specifically, we test whether a listing reduces IPO underpricing or enables liquidity provision to firm employees. Controlling for endogeneity, we find no evidence that a pre-IPO listing on SharesPost lessens IPO underpricing. However, we also find that SharesPost-listed companies are able to pay their employees less in cash and more in stock and stock options than ...
Productivity And The California Global Warming Solutions Act: An Examination Of Cost Of Compliance Utilizing Plant Level Data In The Portland Cement And Manufacturing Industry, 2018 Liberty University
Productivity And The California Global Warming Solutions Act: An Examination Of Cost Of Compliance Utilizing Plant Level Data In The Portland Cement And Manufacturing Industry, Richard Ardito
Doctoral Dissertations and Projects
This dissertation examined the effect of California environmental regulation, AB32 on the Portland Cement Mining and Manufacturing industry which was directly targeted by the legislation. The researcher examined the effect of productivity on the Portland Cement industry operating within California by comparing changes specific labor and fuel use productivity measures to changes in the same measures for organizations operating outside of California. These differences were examined using an independent sample t-test to determine if any changes were statistically significant. The results showed statistically significant increases in productivity for direct labor, total employee labor, and combustible fuel use when analyzed to ...
Determinants Of Public Health Expenditure Growth In Tanzania: An Application Of Bayesian Model, 2018 University of Zambia
Determinants Of Public Health Expenditure Growth In Tanzania: An Application Of Bayesian Model, Abel A. Kinyondo, Mwoya Byaro, Charles Michello, Patrick Musonda
Abel Alfred Kinyondo
Taking The Stress Out Of Money, 2018 Dordt College
Taking The Stress Out Of Money, Kayt E. Frisch
Faculty Work Comprehensive List
"Here’s a secret: budgeting doesn’t have to be anxiety-inducing. In fact, it shouldn’t be, at least not according to Jesse Mecham in his new book You Need A Budget."
Posting about family finanaces from In All Things - an online journal for critical reflection on faith, culture, art, and every ordinary-yet-graced square inch of God’s creation.
Economic Fundamentals, Capital Expenditures Asset Dispositions, 2018 Pennsylvania State University
Economic Fundamentals, Capital Expenditures Asset Dispositions, Brent Ambrose, Eva Steiner
Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect.
How Does Human Capital Matter? Evidence From Venture Capital, 2018 University of Hong Kong
How Does Human Capital Matter? Evidence From Venture Capital, Lifeng Gu, Ruidi Huang, Yifei Mao, Xuan Tian
We investigate the effects of human capital mobility on venture capital (VC) investment and outcomes. To establish causality, we use a difference-in-differences approach that relies on plausibly exogenous variations generated by states' staggered recognition of the inevitable disclosure doctrine (IDD). We _find that a reduction in human capital mobility reduces VCs' investment propensity and successful exit. Further analysis shows that the effects are more pronounced in industries with more high-skilled workers, in industries with higher patenting intensity, and in earlier-stage VC investment. To mitigate the adverse effect of the IDD, VCs stage finance startups more and are more likely to ...
The Role Of Human Capital: Evidence From Patent Generation, 2018 University of Pennsylvania
The Role Of Human Capital: Evidence From Patent Generation, Tong Liu, Yifei Mao, Xuan Tian
Firms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation in innovation performance but much less in innovation style. Inventors contribute more when they are better networked, in firms with higher inventor mobility, and in industries in which innovation is more difficult. Additional tests suggest that our main findings are unlikely driven by inventors’ endogenous moving. This paper highlights the importance of human capital in enhancing firm innovation and sheds new light on the theory of the firm.
Public Market Institutions In Venture Capital: Value Creation For Entrepreneurial Firms, 2018 University of Hong Kong
Public Market Institutions In Venture Capital: Value Creation For Entrepreneurial Firms, Shiyang Huang, Yifei Mao, Cong (Roman) Wang, Dexin Zhou
Institutions that traditionally focus on the public equity market are making an increasing number of venture capital (VC) investments in the private market. Examining these investments, we find that an institution-backed entrepreneurial firm is more likely to have a successful exit, either through an IPO or through an acquisition. Meanwhile, these institution-backed entrepreneurial firms tend to be more mature, require higher amount of financing and attract more reputable VC investors. Our baseline results continue to hold in a propensity score matching analysis. Furthermore, there is a strong positive association between prior public equity market performance of an institution and successful ...
Option-Implied Systematic Disaster Concern, 2018 Cornell University School of Hotel Administration
Option-Implied Systematic Disaster Concern, Fang Liu Ph.D
The covariation of option-implied disaster concern of the market index and individual stocks allows me to estimate the conditional and systematic disaster concern of stocks with respect to the market. The estimated conditional and systematic disaster concern variables can be interpreted in terms of the risk-neutral conditional disaster probabilities, and they strongly predict future realizations of stock-level disasters and stock returns in different market states. This suggests that the comovement of option prices between stocks and the market index carries forward-looking information on their joint tail distributions.
A Forward-Looking Factor Model For Volatility: Estimation And Implications For Predicting Disasters, 2018 Washington University in St. Louis
A Forward-Looking Factor Model For Volatility: Estimation And Implications For Predicting Disasters, Ohad Kadan, Fang Liu Ph.D, Xiaoxiao Tang
We show that any factor structure for stock returns can be naturally translated into a factor structure for return volatility. We use this structure to propose a methodology for estimating forward-looking variances and covariances of both factors and individual assets from option prices at a high frequency. We implement the model empirically and show that our forward-looking volatility estimates provide useful predictions of rare disasters for both factors and individual stocks.
The Impact Of Sustainability Reporting On Firm Profitability, 2018 Westminster College, Salt Lake City
The Impact Of Sustainability Reporting On Firm Profitability, Lancee L. Whetman
Undergraduate Economic Review
Using a hand-collected representative sample of 95 publicly traded American firms from various sectors in 2015-2016, I examine how corporate sustainability reporting affects the financial performance of firms. I find a positive and significant effect of sustainability reporting on a firm’s return on equity, return on assets, and profit margin in the subsequent year. However, this relationship is found only for firms with low institutional ownership. These results suggest that sustainability reporting would be a worthwhile use of corporate resources for this subset of firms. Further, corporate sustainability reporting is shown to be an effective substitute for monitoring by ...
Cracking Shells: The Panama Papers & Looking To The European Union's Anti-Money Laundering Directive As A Framework For Implementing A Multilateral Agreement To Combat The Harmful Effects Of Shell Companies, 2018 Texas A&M University School of Law
Cracking Shells: The Panama Papers & Looking To The European Union's Anti-Money Laundering Directive As A Framework For Implementing A Multilateral Agreement To Combat The Harmful Effects Of Shell Companies, Nicholas Vail
Texas A&M Law Review
In early 2016, the International Consortium of Investigative Journalists released a report detailing thousands of leaked documents demonstrating how a Panamanian law firm had, for years, helped wealthy clients conceal their financial activities through the use of offshore shell companies. The Panama Papers, as the leaked documents came to be known, directed renewed attention at the use of shell companies. Shell companies are used by the world’s wealthy and powerful to lower their taxes, but are also used by tax evaders, criminal organizations, and terrorists. While much of the renewed attention has been directed at offshore tax havens such ...
Incorporating Stakeholder Input Into Financial Decision Making In California School Districts, 2018 Walden University
Incorporating Stakeholder Input Into Financial Decision Making In California School Districts, Leann R. Nowlin
Walden Dissertations and Doctoral Studies
As of June 2013, all California public school districts are required to incorporate stakeholder input into their operational goals and expenditures to increase stakeholder trust. Trust is a belief by one party in a transaction that the other party in the transaction will act in a way that is fair and in the interest of both parties. The problem is that no guidance or direction relative to the methods or extent to which stakeholder input should be gathered and incorporated was provided within the new regulations. Lawmakers and stakeholders had no insight into the effectiveness or level of school district ...
A Smart Beta Approach To Fama-French And Profitability, 2018 Claremont McKenna College
A Smart Beta Approach To Fama-French And Profitability, Joseph Malgesini
CMC Senior Theses
The Fama and French five-factor model is molded into a smart beta investment strategy with strong exposure to the profitability factor. This constructed portfolio outperforms the market significantly despite an unintentional negative correlation with profitability that can be attributed to the intra-factor return correlations. The second portfolio, constructed by investing directly in profitability as represented by gross profit over total assets, outperforms both the market and the first portfolio.
The Effects Of Positive And Negative Environmental Responsibility On Financial Performance, 2018 Claremont McKenna College
The Effects Of Positive And Negative Environmental Responsibility On Financial Performance, Anna Gurr
CMC Senior Theses
As environmental responsibility (ER) gains momentum in the corporate and stakeholder world, it is imperative to understand the relationship between ER and financial performance. While there is prior research looking at this relationship, this study provides further insight into the specific effects of negative and positive ER. In addition, it looks over the years 2008-2011 having implications for companies about the effects of their ER even through financial hardships. This study uses a widely respected corporate social responsibility database, in which ER scores were separated from. In this study, 287 firms in the S&P 500 are examined through times-series ...
Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, 2018 University of Pennsylvania
Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew
Penn Wharton Public Policy Initiative
One of the key features of the Dodd-Frank Act is that it imposes specific and costly regulatory requirements on banks that cross the threshold of having more than $10 billion in total assets. Anecdotal accounts have suggested that this threshold has led to increased consolidation in the banking industry. This brief provides new statistical evidence of that phenomenon. Banks that approach the $10 billion threshold are significantly more likely to engage in an acquisition, pay more for that acquisition, and acquire bigger target banks than similar banking institutions did prior to Dodd-Frank. To the extent that policymakers are concerned with ...
Chief Executive Officers' Compensation And Firms' Performance In The U.S. Banking Industry, 2018 Walden University
Chief Executive Officers' Compensation And Firms' Performance In The U.S. Banking Industry, Xin Li
Walden Dissertations and Doctoral Studies
The growth rate of chief executive officers' (CEOs) compensation has dramatically outpaced average employees' pay increases. Scholars have not been able to reach a consensus on whether the financial performance of firms has a positive influence on CEOs' compensation. Also, boards of directors lack a clear understanding of the relationship between financial performance of firms and CEOs' incentive compensation in the U.S. banking industry. The purpose of this correlational study was to examine the predictive relationship between financial performance of firms (measured by return on equity [ROE] and annual revenue) and CEOs' total compensation in the U.S. banking ...
Robust Measures Of Earnings Surprises, 2018 Singapore Management University
Robust Measures Of Earnings Surprises, Jun Tu, Chin-Han Chiang, Jianqing Fan, Harrison Hong, Jun Tu
Research Collection Lee Kong Chian School Of Business
Event studies of market efficiency measure an earnings surprise with the consensuserror (CE), defined as earnings minus the average of professional forecasts. Even if asubset of forecasts can be biased, the ideal but difficult to estimate parameter-dependentalternative to CE is a nonlinear filter of individual errors that adjusts for bias. We showthat CE is a poor parameter-free approximation for this ideal measure. The fractionof misses on the same side (FOM), by discarding the magnitude of misses, offers a farbetterapproximation. FOM performs particularly well against CE in predicting thereturns of US stocks, where bias is potentially large, than that of international ...
Microfinance: Combating World Poverty One Small Business At A Time, 2018 Liberty University
Microfinance: Combating World Poverty One Small Business At A Time, Alison Basney
Senior Honors Theses
Poverty is a major problem that reaches millions of people around the world. Although many organizations and individuals work daily to combat this, much of the work done to reduce poverty lacks sustainability and serves only to remedy to the effects of poverty, rather than create a solution to the causes of poverty. Microfinance can be very basically defined as the provision of banking to the impoverished who would not otherwise have access to these services. This purpose of this thesis is to show that microfinance is the ideal solution to the poverty problem by using research and evidence from ...
Employee Turnover At Community Banks, 2018 Walden University
Employee Turnover At Community Banks, Cheryl J. Johnson
Walden Dissertations and Doctoral Studies
Some community bank managers do not possess the skills needed to retain employees, which increases employee turnover and decreases their competitive advantage. The purpose of this explanatory case study was to explore strategies community bank managers use to minimize employee turnover for their organization. The population consisted of 4 community bank managers in the Central Florida area who had at least 1-year of managerial experience evaluating employee retention. The conceptual framework was the jobs characteristics theory of Hackman and Oldham. Data were collected from semistructured face-to-face interviews and business documentation. Methodological triangulation was appropriate to validate the creditability and interpretation ...