Oxford Handbook: Institutional Investors In Corporate Governance, 2014 University of Pennsylvania Law School
Oxford Handbook: Institutional Investors In Corporate Governance, Edward B. Rock
This chapter of the Oxford Handbook on Corporate Law and Governance examines the role of institutional investors in corporate governance and the role of regulation in encouraging institutional investors to become active stewards. I approach these topics through asking what lessons we can draw from the U.S. experience for the E.U.’s 2014 proposed amendments to the Shareholder Rights Directive.
I begin by defining the institutional investor category, and summarizing the growth of institutional investors’ equity holdings over time. I then briefly survey how institutional investors themselves are governed and how they organize share voting. This leads me ...
Engaging Students In Financial And Economic Literacy With Free Resources, 2014 Dordt College
Engaging Students In Financial And Economic Literacy With Free Resources, Erica Vonk, Ed Starkenburg, Art Attema
Presentation covers opportunities to engage 3rd-12th grade students in hands-on financial and economic materials that meet Iowa's content requirements. This session will introduce you to the Dordt College Center for Economic Education, the services available and free resources available to teachers.
Shu Announces New Master’S In Finance And Investment Management Degree, 2014 Sacred Heart University
Shu Announces New Master’S In Finance And Investment Management Degree, Kwamie Dunbar
Sacred Heart University’s John F. Welch College of Business will be launching a new master’s in finance and investment management degree in the fall of 2015. Kwamie Dunbar, assistant professor of finance, is the interim director of the new program.
Accounting For Financial Instruments: Difficulties With Fair Value Measurement And Reporting, 2014 University of New Hampshire
Accounting For Financial Instruments: Difficulties With Fair Value Measurement And Reporting, Lindsey T. Byrne
No abstract provided.
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, 2014 University of Pennsylvania Law School
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr.
There are two principal ways in which a firm that is owed money payable in the future but needs the money now may use its rights to payment (“receivables”) to obtain the needed financing. It might sell its receivables, or it might borrow and use the receivables as collateral to secure the loan. Different legal consequences follow depending on whether the transaction is a true sale or is a security interest that secures an obligation (a “SISO”).
These legal consequences are particularly salient when the firm enters bankruptcy. If the transaction is a sale, then the buyer can collect the ...
Diversification Benefits Of Reit Preferred And Common Stock: New Evidence From A Utility Based Framework, 2014 Cornell University School of Hotel Administration
Diversification Benefits Of Reit Preferred And Common Stock: New Evidence From A Utility Based Framework, Walter I. Boudry, Jan A. Deroos, Andrey D. Ukhov
We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis using data from 1992 to 2012. We examine optimal mean-variance portfolios of investors with different levels of risk aversion given access to different classes of assets and establish two main results. First, REIT preferred and common stock provides significant diversification benefits to investors. REIT common stock helps low risk aversion investors attain portfolios with higher returns, while REIT preferred stock helps high risk aversion ...
Harmonizing Choice-Of-Law Rules For International Insolvency Cases: Virtual Territoriality, Virtual Universalism, And The Problem Of Local Interests, 2014 University of Pennsylvania Law School
Harmonizing Choice-Of-Law Rules For International Insolvency Cases: Virtual Territoriality, Virtual Universalism, And The Problem Of Local Interests, Charles W. Mooney Jr.
This paper explores the potential content and feasibility of a set of harmonized choice of law rules (HICOL Rules) that would apply in insolvency proceedings. It contemplates a main insolvency proceeding opened in a debtor’s center of main interests (“COMI”) and the existence of (or possibility of opening) one or more non-main (or secondary) proceedings. It also contemplates the possibility that an insolvency representative in a main or non-main proceeding may seek and be granted recognition in another state under the UNCITRAL Model Law on Cross-Border Insolvency (codified as Chapter 15 of the Bankruptcy Code in the U.S ...
Moneygrams: Recalled Childhood Memories About Money And Adult Money Pathology, 2014 Kansas State University Libraries
Moneygrams: Recalled Childhood Memories About Money And Adult Money Pathology, Adrian Furnham, Sophie Von Stumm, Rebecca Milner
Journal of Financial Therapy
In this study 512 adults completed two questionnaires. One questionnaire was devised specifically for this study concerning childhood memories of parental beliefs and behaviours with respect to money (i.e moneygrams)/ The second questionnaire established a measure of “money pathology” (Forman, 1987). The moneygram questionnaire was based on clinical cases and idiographic studies on money pathology. Around a fifth of the items showed significant sex differences. Factor analysis highlighted one clear factor, namely “money secrecy” - which was associated with greater levels of spending money pathology in adulthood. In women, but not in men, higher family money secrecy was significantly associated ...
The Importance Of Executive Effort, 2014 University of Tennessee, Knoxville
The Importance Of Executive Effort, Lee Edward Biggerstaff
Agency theory stipulates that managerial effort is important to shareholders and costly for managers to provide. Executives may provide sub-optimal levels of effort because shareholders cannot easily observe the day-to-day actions of managers and therefore have difficulties properly monitoring the effort provided by firm management. Researchers also face the challenge of measuring executive effort. In this dissertation, I use an observable measure of leisure consumption to proxy for the effort provided by executives to study the impact of executive effort on firm outcomes.
In the first essay, I focus on Chief Executive Officers (“CEOs”) and the impact of their effort ...
The Roles Boards Play In Ceo Succession Planning, 2014 University of Tennessee, Knoxville
The Roles Boards Play In Ceo Succession Planning, Yi Li Rivolta
A lack of CEO succession planning increases business risk as disruption is more likely during a CEO transition. One difficulty of examining the importance of CEO succession planning is that the planning process is difficult to observe and evaluate. The main purposes of this dissertation are two-fold. First is to investigate whether CEO succession planning matters by comparing disruption costs in firms with planned departure and those with unexpected CEO departures due to death and illness. The second purpose is to investigate whether inside or outside directors improve organizational resiliency using the context of sudden CEO departures when CEO succession ...
Project Finance Y Las Alianzas Público Privadas, 2014 SelectedWorks
Project Finance Y Las Alianzas Público Privadas, Francisco Carlos Ruiz Diaz
Francisco Carlos Ruiz Diaz
Paraguay necesita reducir el déficit de infraestructura en los próximos años. Para ello es necesario una gran cantidad de recursos financieros, pero el Gobierno posee actualmente dos limitaciones importantes. Por un lado la Ley de Responsabilidad Fiscal (LRF) establece que el déficit no debe superar el 1,5% del PIB, restringiendo así la capacidad del Estado de financiar la inversión a través de préstamos. La segunda es que los recursos ordinarios del Tesoro son insuficientes para financiar la inversión, y el aumento significativo de estos solo será posible con una reforma tributaria. En este contexto aparece una tercera opción de ...
New York Stock Exchange, 2014 Purdue University
New York Stock Exchange, Bert Chapman
Libraries Faculty and Staff Scholarship and Research
Provides a historical overview of the origins and early development of the New York Stock Exchange.
Behavioral Finance: Factors Influencing Angel Investor Decisions, 2014 Kennesaw State University
Behavioral Finance: Factors Influencing Angel Investor Decisions, Robert C. Forrester
Dissertations, Theses and Capstone Projects
Angel investors are individual investors who invest in high-risk projects without the assistance of professional portfolio advisors and are an important source of early-stage entrepreneurial financing. When providing financing, an angel must decide how much time to spend on due diligence, the amount of wealth invested, and the degree of post-investment interaction with entrepreneurs. As they are individual investors, angels may be particularly influenced by behavioral factors. In order to provide insight into the investment decisions of angel investors this dissertation examines angel investor and deal characteristics including demographics, experience, perception of the management team, the source that led the ...
Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, 2014 Australian Council for Educational Research
Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, Sue Thomson
OECD Programme for International Student Assessment (PISA Australia)
This report reveals that Australia is in the top five in the world’s first international assessment of young people’s financial literacy. Conducted in 2012 as part of the Programme for International Student Assessment (PISA) of the OECD with support from the Australian Securities and Investments Commission as the Australian Government agency responsible for financial literacy, the supplementary PISA financial literacy assessment measured 15-year-olds’ knowledge of personal finances and ability to apply it to financial problems. A total of 29 000 students from 18 countries and economies participated in the assessment, including approximately 3300 Australian students from 768 schools ...
Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, 2014 Australian Council for Educational Research
Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, Robert Simons
Policy Analysis and Program Evaluation
In May 2013, the Australian Securities and Investments Commission (ASIC) commissioned the Australian Council for Educational Research (ACER) to conduct an independent evaluation of its implementation of the Helping Our Kids Understand Finances (HOKUF) initiative. The purpose was to conduct an independent evidence-based assessment of whether ASIC implemented the HOKUF initiative in a way that met the following key criteria: 1) Appropriate – the extent to which the program developed by ASIC was useful and ‘fit for purpose’ in supporting the delivery of the consumer and financial literacy content aligned to the Australian Curriculum. 2) Effective − the extent to which the ...
Retail Islamic Financial Services In North America: The (Upper) Michigan Connection, Brian A. Zinser
Brian A Zinser
The purpose of this paper is to explore how a small remote Midwestern bank reformulated itself into a major marketer of retail Islamic financial services in the United States and in fluenced Islamic financial services marketing in North America. The paper is based on a review of existing literature and a case study of how University Bank, now based in Ann Arbor, Michigan, has become the leading provider of Islamic financial services in the United States. University Bank whose principals are Roman Catholic identified the Muslim market in Southeast Michigan as measurable, differentiable, accessible and sub-stantial. As part of the ...
Dynamics Of Derivatives Usage And Firm’S Value, 2014 SelectedWorks
Dynamics Of Derivatives Usage And Firm’S Value, Dr. Naveed Iqbal Chaudhry, Mian Saqib Mehmood, Asif Mehmood
Mian Saqib Mehmood
The corporate derivative usage has grown rapidly over the recent decade and firm’s increasingly using derivatives to hedge their risk in order to handle the volatility of interest rate and foreign exchange. The empirical research on the valuation effect of derivative on firm still remains debated. This study seeks to investigate the valuation effect of derivative usage on Pakistani non-financial firms listed in Karachi Stock Exchange. The empirical analysis was performed by using the data of 75 non-financial firms listed in Karachi Stock Exchange over the period 2007-2011. This study uses secondary data derived from financial statement of the ...
A Burning Question: Does Arson Increase When Local House Prices Decline?, 2014 SelectedWorks
A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
Michael D Eriksen
We construct panel data on house prices and the determined cause of 4.6 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual cause of fire as accidental, we also examine how decreases in local house prices are associated with changes in the total number of fires and the probability of determined causes of accidental fires. For the sample period, our results suggest that declines in local house prices coincided with increases in the ...
What Are Analysts Really Good At, 2014 Singapore Management University
What Are Analysts Really Good At, Ohad Kadan, Madureira Leonardo, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their recommendations. A ‘buy’ for some brokers means the stock is expected to outperform its industry, while for other brokers it means the stock is expected to outperform the market, or some absolute return. We use these benchmarks to analyze the role of stock picking, industry picking, and market timing in the investment value of stock recommendations. Analysis of the relation between analysts’ recommendations and their forecasts suggests that analysts abide by their benchmarks. We find strong evidence that the investment value of stock recommendations stems from stock picking within a particular industry ...
Bridging Generation Y: A Commentary On The Financial Development Of Young Adults In The New Millennium, 2014 Western Oregon University
Bridging Generation Y: A Commentary On The Financial Development Of Young Adults In The New Millennium, Sheridan R. Bailey
Honors Senior Theses/Projects
In this thesis, I will explore beneficial financial literacy standards that should be applied to Generation Y students and will attempt to explain why all of them are truly vital for financial survival or overall well-being in this new Millennium. Through this commentary, I will develop a pyramid containing six fundamental rules that will assist with one’s financial future. Thirdly, I will create a basic website that will act as a technological module to help with the overall education of the site’s viewers; on it, there will be the six rules formatted as a pyramid and a compilation ...