The Equity-Financing Channel, The Catering Channel, And Corporate Investment: International Evidence, 2017 Singapore Management University
The Equity-Financing Channel, The Catering Channel, And Corporate Investment: International Evidence, Yuanto Kusnadi, John K. C. Wei
Research Collection School Of Accountancy
We examine how stock market mispricing affects corporate investment in an internationalsetting. We find that investment is more sensitive to stock prices for equity-dependent firms thanfor non-equity-dependent firms in our international sample. Investment is also more sensitive tostock prices for firms located in countries with more developed capital markets (i.e., lower costsof raising capital), higher share turnover (i.e., shorter shareholder horizons), and higher R&Dintensity (i.e., more opaque assets). More importantly, the positive relation between equitydependence and the sensitivity of investment to stock prices is more pronounced for firmslocated in these same countries. These findings are consistent with the equity-financinghypothesis and …
Hedge Fund Franchises, 2017 PI Asset Management
Hedge Fund Franchises, William Fung, David Hsieh, Narayan Y. Naik, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Duplicate, see https://ink.library.smu.edu.sg/lkcsb_research/5964/. We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects, first funds outperform follow-on funds, after adjusting for risk. The multiple-product growth strategy hurts investors while benefiting hedge fund firms; multiple-product firms underperform single-product firms but harvest greater fee revenues. Investors respond to this growth strategy by redeeming from first funds of firms with follow-on funds that do poorly. Moreover, skilled investors allocate …
Factors Driving Financial Inclusion And Financial Performance In Fintech New Ventures: An Empirical Study, 2017 Singapore Management University
Factors Driving Financial Inclusion And Financial Performance In Fintech New Ventures: An Empirical Study, Miguel Angel Soriano
Dissertations and Theses Collection (Open Access)
Financial inclusion, or providing access to and active use of affordable financial products to the 2 billion unbanked adults globally, can facilitate individual prosperity, reduce poverty and increase economic development. Digital technologies such as mobile phones, cloud computing, data analytics and blockchain are one of the biggest enablers of financial inclusion by making it economically possible to serve these individuals. This dissertation examined the role of digital technologies in financial inclusion from the perspective of new financial technology (Fintech) ventures serving the unbanked and underbanked. Supported by strategy management theories, I identified key factors that impact the success of these …
The Money Mentors Program: Increasing Financial Literacy In Utah Youths, 2017 Utah State University
The Money Mentors Program: Increasing Financial Literacy In Utah Youths, Zurishaddai A. Garcia, Dave Francis, Amanda Christensen, Stacey S. Macarthur, Margie Memmott, Paul A. Hill
All Current Publications
Utah 4-H and Fidelity Investments collaborated on a program for increasing the financial literacy of teens and children. The collaboration resulted in positive impacts for both Extension and Utah youths. Extension benefited through partnership with a corporation that provided content expertise, volunteers, and funding for a financial literacy program. Youths benefited from improved financial literacy. A Teens Reaching Youth (TRY) team approach was used for the training of 81 teens, who then taught 530 youths statewide. The curriculum addressed research-based financial concepts through activities and technologies that were interactive, appealing, and engaging. The program development and implementation processes may serve …
Performance Evaluation And Risk Management: Time Series Bootstrap Analysis Of The Mutual Funds And Banking Sectors, 2017 University of Arkansas, Fayetteville
Performance Evaluation And Risk Management: Time Series Bootstrap Analysis Of The Mutual Funds And Banking Sectors, Lifa Huang
Graduate Theses and Dissertations
The Financial Services Modernization Act of 1999, also known as the Gramm–Leach–Bliley Act (“Act”), repealed a regulatory proscription in the Glass–Steagall Act of 1933 that prohibited commercial bank holding companies (BHCs) from underwriting most bonds, equities, and insurance policies. After the passage of the Act in November 1999, BHCs that converted to financial holding companies (FHCs) were allowed to engage in securities underwriting without restrictions. The first paper examines whether the removal of barriers to securities underwriting had an adverse impact on the overall stability of the financial sector, and thereby, contributed indirectly to the financial crisis of 2008. The …
Clogged Intermediation: Were Home Buyers Crowded Out?, 2017 Singapore Management University
Clogged Intermediation: Were Home Buyers Crowded Out?, Hyunsoo Choi, Hyun-Soo Choi, Jung-Eun Kim
Research Collection Lee Kong Chian School Of Business
Post-crisis policy interventions significantly increased the demand for mortgage refinancing, but could this surge in refinancing applications have crowded out the supply of credit to home buyers? In this paper, we examine two frictions that hamper financial intermediation and result in banks' substitution of home purchase loans for refinance loans: The risk capacity channel through which banks with limited risk appetites prefer safer loans over riskier loans, and the operating capacity channel through which banks with limited operating capacities prefer applications that require less screening time. We find that following the recent financial crisis, banks facing these capacity constraints indeed …
Clogged Intermediation: Were Home Buyers Crowded Out?, 2017 Singapore Management University
Clogged Intermediation: Were Home Buyers Crowded Out?, Hyunsoo Choi, Hyun-Soo Choi, Jung-Eun Kim
Research Collection Lee Kong Chian School Of Business
Post-crisis policy interventions significantly increased the demand for mortgage refinancing, but could this surge in refinancing applications have crowded out the supply of credit to home buyers? In this paper, we examine two frictions that hamper financial intermediation and result in banks' substitution of home purchase loans for refinance loans: The risk capacity channel through which banks with limited risk appetites prefer safer loans over riskier loans, and the operating capacity channel through which banks with limited operating capacities prefer applications that require less screening time. We find that following the recent financial crisis, banks facing these capacity constraints indeed …
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, November 28, 2017, 2017 Ursinus College
Dr. Harold C. Smith Fund Of Ursinus College Official Prospectus, November 28, 2017, Johnathan Myers, Benjamin R. Klybor, Isaac Abrams, Daan Slaats, Parker Wolf, Sam Sjosten, Christian D'Ascenzo, Jonathan Guba, Joseph Heasley, Thomas Kelly, Brendan Werner, Scott Deacle
Ursinus Student-Managed Investment Fund Prospectus
This prospectus contains investment strategy and performance for the following stocks in the managed fund: Garmin Ltd., Masimo, Micron Technology, Stoneridge and WalMart Stores, Inc.
Do Investors Value Comparative Ads? The Effects Of Comparative Advertising On Stock Returns, 2017 Tarleton State University
Do Investors Value Comparative Ads? The Effects Of Comparative Advertising On Stock Returns, Tommy Hsu
Atlantic Marketing Journal
Comparative advertising has been more widely used in the United States. However, based on research that has been done in the past, the effectiveness of comparative advertising is still a controversial argument even though it is generally believed that comparative advertising is more effective than non-comparative advertising. Previous studies have been mainly focusing on the effects on consumer behavior. This study tries to fill the research gap to emphasize on the effects from investors’ perspectives. Therefore, the effect of comparative advertising on stock returns is investigated. Also, since many American firms are doing business in other countries and begin advertising …
A High-Tech Start-Up’S Debt Financing Strategy: Implications For Valuing Soft Information, 2017 Berry College
A High-Tech Start-Up’S Debt Financing Strategy: Implications For Valuing Soft Information, Hyunsung D. Kang
The Journal of Entrepreneurial Finance
How does entrepreneurial financing differ from traditional financing? This study sheds new light on this central question of entrepreneurial finance literature by exploring the distinctive role of soft information in a high-tech start-up’s debt financing. Entrepreneurial investors can obtain soft information from strong relationships with potential investees and use the information to evaluate and select promising investees. Using a dataset on 683 SBA 7(a) loan activities involved with information technology based start-ups, this study provides empirical evidence that high-tech start-ups tend to experience a lower rate of default if they are located close to the lending banks and the lending …
Multi-Step Tokenization Of Automated Clearing House Payment Transactions, 2017 University of South Florida
Multi-Step Tokenization Of Automated Clearing House Payment Transactions, Privin Alexander
USF Tampa Graduate Theses and Dissertations
Since its beginnings in 1974, the Automated Clearing House (ACH) network has grown into one of the largest, safest, and most efficient payment systems in the world. An ACH transaction is an electronic funds transfer between bank accounts using a batch processing system.
Currently, the ACH Network moves almost $43 trillion and 25 billion electronic financial transactions each year. With the increasing movement toward an electronic, interconnected and mobile infrastructure, it is critical that electronic payments work safely and efficiently for all users. ACH transactions carry sensitive data, such as a consumer's name, account number, tax identification number, account holder …
Mortgage Losses: Loss On Sale And Holding Costs, 2017 Kean University
Mortgage Losses: Loss On Sale And Holding Costs, Ben Le, Anthony Pennington-Cross
Finance Faculty Research and Publications
No abstract provided.
Using Appreciative Inquiry As A Framework To Enhance The Patient Experience, 2017 Harvard Medical School
Using Appreciative Inquiry As A Framework To Enhance The Patient Experience, Kerry Moorer Mba, Schawan Kunupakaphun, Elilzabeth Delgado, Matthew Moody, Christina Wolf Msn, Rn, Cnl, Karen Moore Rn, Ms, Fache, Pracha Eamranond Md, Mph
Patient Experience Journal
The following case depicts the journey of a non-profit hospital in an under-served community and its attempts to turn around suffering patient experience. The Hospital turned to the theories of Appreciative Inquiry and the power of a strengths-based approach to create a framework to support the patient experience initiatives. Hospital leadership led the formation of a Patient Experience Team to implement ten initiatives in order increase the top box score in the domain of willingness to recommend the hospital, as that was selected as a global measure of success for the overall improvement project.
Profitability Ratios In The Early Stages Of A Startup, 2017 University of Vaasa
Profitability Ratios In The Early Stages Of A Startup, Erkki K. Laitinen
The Journal of Entrepreneurial Finance
This study develops a mathematical framework to analyze the time series of profitability ratios in the early stages of a startup. It is assumed that the expenditure of the startup grows at a steady rate and generates a proportionally identical flow of revenue in each period. The profitability in terms of the internal rate of return (IRR) and the lag structure of revenue flows are assumed constant over time in describing the adjustment process towards the steady state. The startup is assumed to expense in each period a constant part of periodic expenditure and beginning-of-the-period assets. The adjustment processes of …
Faculty Focus: Mark Frigo Named Ezerski Chair, 2017 DePaul University
Faculty Focus: Mark Frigo Named Ezerski Chair
Business Exchange
Accountancy Professor Mark L. Frigo has been named Ezerski Endowed Chair in the School of Accountancy and Management Information Systems, which recognizes accountancy faculty excellence. Prior to joining DePaul, Frigo led a successful career in corporate financial analysis and management consulting at KMPG, among other accomplishments.
Big Data And Analytics In The Modern Audit Engagement: Research Needs, 2017 Montclair State University
Big Data And Analytics In The Modern Audit Engagement: Research Needs, Deniz Appelbaum, Alexander Kogan, Miklos A. Vasarhelyi
Department of Accounting and Finance Faculty Scholarship and Creative Works
Modern audit engagements often involve examination of clients that are using Big Data and analytics to remain competitive and relevant in today’s business environment. Client systems now are integrated with the cloud, the Internet of Things, and external data sources such as social media. Furthermore, many engagement clients are now integrating this Big Data with new and complex business analytical approaches to generate intelligence for decision making. This scenario provides almost limitless opportunities and the urgency for the external auditor to utilize advanced analytics. This paper first positions the need for the external audit profession to move toward Big Data …
The Chicago Plan: How Sustainable Is Debt Being Funded?, 2017 Singapore Management University
The Chicago Plan: How Sustainable Is Debt Being Funded?, Deepika Deshpande
Asian Management Insights
The World Debt Clock is ticking away. The real problem is not how the debt is funded but whether it is sustainable.
Shareholder Coordination, Information Diffusion And Stock Returns, 2017 University of South Florida
Shareholder Coordination, Information Diffusion And Stock Returns, Christos Pantzalis, Bin Wang
Finance Faculty Research and Publications
We show that the quality of information-sharing networks linking firms’ institutional investors has stock return predictability implications. We find that firms with high shareholder coordination experience less local comovement and less post-earnings announcement drift, consistent with the notion that information-sharing networks facilitate information diffusion and improve stock price efficiency. In support of the view that coordination acts as an information diffusion channel, we document that the stock return performance of firms with high shareholder coordination leads that of firms with low shareholder coordination.
Dissecting Arbitrage Costs, 2017 Hong Kong Baptist University
Dissecting Arbitrage Costs, F. Y. Eric Lam, Chishen Wei, K. C John Wei
Research Collection Lee Kong Chian School Of Business
This paper systematically examines the impact of nine popular arbitrage costs measures on cross-sectional mispricing based on ten well-known and robust anomalies. We show that binding arbitrage barriers slowly change over time. In early years with few publications documenting return anomalies, arbitrage costs have tiny impact even though mispricing is present. As anomalies become more widely known, arbitrage costs impact mispricing substantially. Arbitrage risk, ambiguity of fundamental value, round-trip broker’s commission plus bid-ask spreads, and stock loan supply are binding on arbitrageurs. Only arbitrage risk is binding if larger cap stocks are emphasized. In recent years when market quality improves …
The Flow Of Funds In Asean, 2017 Singapore Management University
The Flow Of Funds In Asean, Philip C. Zerrillo
Research Collection Lee Kong Chian School Of Business
In his novel, Memoirs of a Geisha, Arthur Golden wrote, “Water can carve its way even through stone. And when trapped, water makes a new path.” Something similar seems to be happening with the flow of funds in ASEAN.