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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 ...


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.


Private Equity In Family Firms: Drivers Of The Willingness To Cede Control, Marisa Henn, Prof. Dr. Eva Lutz 2017 Heinrich Heine University Duesseldorf

Private Equity In Family Firms: Drivers Of The Willingness To Cede Control, Marisa Henn, Prof. Dr. Eva Lutz

The Journal of Entrepreneurial Finance

Our aim is to empirically examine how reasons for using private equity (PE) and prior experience with PE affect the willingness of privately held firms to cede company control. Based on a questionnaire entailing 75 privately held firms backed by PE, we show that family firms cede less control than non-family firms when entering a PE transaction. However, if firms seek funds due to challenges related to ownership changes, the difference between family firms and non-family firms decreases. Moreover, we find that family firms sell more company shares if they are run by a PE-experienced manager.


Returns To Tilapia Fish Farming In Ghana – Implications For Tilapia Pooled Investment Vehicles, Kwami Adanu, Mawufemor Adanu 2017 GIMPA Business School, Ghana

Returns To Tilapia Fish Farming In Ghana – Implications For Tilapia Pooled Investment Vehicles, Kwami Adanu, Mawufemor Adanu

The Journal of Entrepreneurial Finance

In Ghana, the private sector’s response to financing constraints associated with aquaculture investment has been to employ Pooled Investment Vehicles (PIVs). Unfortunately, several of these PIVs faced insolvency with huge losses to investors as returns promised investors turn out to be unrealizable. The premise of this study is that such insolvency problems occur mainly because of the lack of reliable data on likely returns and risk associated with Tilapia farm investments. This study improves on the “single value” profitability estimates of previous studies by performing Value at Risk (VaR) analyses on estimated farm-level returns, and 5,000 Monte Carlo ...


Risk Appetites And Empirical Survival Pattern Of Small And Medium Enterprises In Nigeria, Joshua S. Adeyele Dr., Osazee G. Omorokunwa Dr. 2017 University of Benin

Risk Appetites And Empirical Survival Pattern Of Small And Medium Enterprises In Nigeria, Joshua S. Adeyele Dr., Osazee G. Omorokunwa Dr.

The Journal of Entrepreneurial Finance

ABSTRACT

Small and medium enterprises (SMEs) are vital to economic growth and development of a nation. However, many of them fail in the first five years of incorporation due to their exposures to risk financing and strategies employed to meet customers’ need during business shutdown. Hence, this study is designed to verify how SMEs’ risk financing affect their continuity, and to model their survival patterns in context of risk financing and risk management approach employed by the operators. Two hundred and nine copies of valid questionnaire distributed to the respondents were filled and returned. Cramer’s V and multiple regressions ...


Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk 2017 HHL Leipzig Graduate School of Management

Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk

The Journal of Entrepreneurial Finance

Managing risk is one of the main activities of venture capital companies. Despite the fact that this topic is of high practical relevance, only little research was published on risk management performed by venture capital companies in their ventures. Hence, we conducted a structured literature review which was the basis for developing five hypotheses concerning measures to decrease failure risk in venture capital-backed ventures. We tested these hypotheses with an empirical data set of 93 venture capital-backed ventures in Germany using original deal data from nine different venture capital funds using a structural equation model. We showed that the experience ...


Capital Markets Financing For Agricultural Business Development In Tanzania; A Case Of Cocoa Farming In Kyela And Rungwe Districts, Godfrey Frank Molela 2017 The University of Dodoma

Capital Markets Financing For Agricultural Business Development In Tanzania; A Case Of Cocoa Farming In Kyela And Rungwe Districts, Godfrey Frank Molela

The Journal of Entrepreneurial Finance

This study tries to explore the financing opportunity for smallholder cocoa farmers available at capital markets through enterprise growth market (EGM) financing window. The research findings from 122 cocoa farmers revealed that, in average a single cocoa farmer needed Tshs. 551,808.12 per acre as capital investment in a given season. At the time of data collection the cocoa prices at London and New York futures markets were Tshs. 6,266.75/Kg and Tshs. 6,148.62/Kg respectively at prevailed rates which were far above the production cost. In this case the envisaged gross margin was sufficient ...


Information Asymmetry And Adverse Wealth Effects Of Crowdfunding, Fathali Firoozi, Abol Jalilvand, Donald Lien 2017 University of Texas at San Antonio

Information Asymmetry And Adverse Wealth Effects Of Crowdfunding, Fathali Firoozi, Abol Jalilvand, Donald Lien

The Journal of Entrepreneurial Finance

The Jumpstart Our Business Startups (JOBS) Act of 2012 in the U.S. expanded the capital markets so that entrepreneurs can appeal directly to non-traditional small crowd investors for investment funds. The final rules and forms of the JOBS Act became effective in May 16, 2016. Existing literature is thus relatively small but contains ample praises for expected positive consequences of the new crowdfunding laws for the capital markets and for the crowd in general but has only limited analysis on the prospect of adverse wealth effects of crowdfunding for the crowd investors. A limited number of existing studies have ...


Baker Hughes: Greasing The Wheels In Kazakhstan (Fcpa Violations And Implementation Of A Corporate Ethics And Anti-Corruption Compliance Program, Mark Holtzblatt, Norbert Tschakert 2017 Cleveland State University

Baker Hughes: Greasing The Wheels In Kazakhstan (Fcpa Violations And Implementation Of A Corporate Ethics And Anti-Corruption Compliance Program, Mark Holtzblatt, Norbert Tschakert

Mark Holtzblatt

This case discusses the Foreign Corrupt Practices Act (FCPA) violations of Texas-based Baker Hughes, in connection with its oil service operations in Kazakhstan. You will assume the position of a newly assigned audit committee member who is trying to understand Baker Hughes’ FCPA violations related to its Kazakhstan operations. Your investigation will involve the examination of the SEC court complaint, press releases, government and company publications and 10-K annual reports. Baker Hughes’ FCPA experiences illustrate the corruption risks and difficulties that multinational corporations encounter in conducting international business. The subsequent creation of a new Baker Hughes Code of Conduct, FCPA ...


Capital Structure Deviation And Speed Of Adjustment, Tarun Mukherjee, Wei Wang 2017 University of New Orleans

Capital Structure Deviation And Speed Of Adjustment, Tarun Mukherjee, Wei Wang

Wei Wang

As a firm deviates from its target leverage, marginal bankruptcy costs change at a faster speed than marginal tax shield. This renders the speed of adjustment (SOA) of capital structure an increasing function of the starting deviation from the target. Adopting a bootstrapping-based estimation, we confirm the existence of such heterogeneity in SOA that is statistically significant and economically nontrivial. Typically, if Firm A is one standard deviation (about 17%) and Firm B is two standard deviations away from their leverage targets, then B’s SOA is 41% greater than that of A, and the half life of B’s ...


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