Frog In The Pan: Continuous Information And Momentum, 2012 Singapore Management University
Frog In The Pan: Continuous Information And Momentum, Zhi Da, G. Gurun, Mitchell Craig Warachka
Research Collection Lee Kong Chian School Of Business
We develop and test a frog-in-the-pan hypothesis that predicts investors are less attentive to information arriving continuously in small amounts than to information with the same cumulative stock price implications arriving in large amounts at discrete timepoints. Intuitively, we hypothesize that a series of gradual frequent changes attracts less attention than infrequent dramatic changes. Consistent with our frog-in-the-pan hypothesis, we find strong evidence that continuous information induces stronger and more persistent return continuation. Over a six-month holding period, momentum decreases monotonically from 8.86% for stocks with continuous information during their formation period to 2.91% for stocks with discrete information. Higher …
Transaction Consistency And The New Finance In Bankruptcy, 2012 University of Pennsylvania Carey Law School
Transaction Consistency And The New Finance In Bankruptcy, David A. Skeel Jr., Thomas Jackson
All Faculty Scholarship
Prior to the enactment of the Dodd-Frank Act last summer, derivatives and repurchase agreements (“repos”) were largely unregulated outside of bankruptcy, and also were exempted from core bankruptcy provisions such as the automatic stay, which prevents creditors from seizing collateral or attempting to collect what they are owed. The Dodd-Frank Act now extensively regulates derivatives outside of bankruptcy, but it left their special treatment in bankruptcy completely untouched.
There is a gap in the debate over this special treatment. To date, neither scholars nor the derivatives industry have fully analyzed the key counterfactual: what would happen if derivatives and repos …
Can An Old Dog Learn New Tricks? Applying Traditional Corporate Law Principles To New Social Enterprise Legislation, 2012 Georgetown University Law Center
Can An Old Dog Learn New Tricks? Applying Traditional Corporate Law Principles To New Social Enterprise Legislation, Alicia E. Plerhoples
Georgetown Law Faculty Publications and Other Works
Seven U.S. states have recently adopted the benefit corporation or the flexible purpose corporation—two novel corporate forms intended to house social enterprises, i.e., those ventures that pursue social and environmental missions along with profits. And yet, these corporate forms are not viable or sustainable if they do not attract social entrepreneurs or social investors due to the lack of understanding and inquiry into how traditional corporate law principles will be applied to them. This article begins this necessary examination. As a first approach, this article assesses shareholder primacy and the shareholder wealth maximization norm in the context of the sale …
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, 2011 Illinois Wesleyan University
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis
Elisabeta Pana
Credit unions focus their profit and capital management on the tradeoff between providing immediate financial benefits to members and augmenting their institutional well-being through capital accumulation. In this study, we investigate the changes in benefits to credit union members via the interest-rate spread around the adoptions of internet-based services for the period of 2000–2009. Using the propensity score matching method, we show that adopters offer a less favorable interest-rate spread to their members than non-adopters. However, we find evidence that early adopters have a lower degree of market power in dealing with their members than late adopters and offer interest-rate …
Qep And Bank Liquidity Creation: Evidence From Japan, 2011 Illinois Wesleyan University
Qep And Bank Liquidity Creation: Evidence From Japan, Elisabeta Pana
Elisabeta Pana
The 2001-2006 Japanese quantitative easing policy (QEP) represents the most prominent example of unconventional monetary policy used prior to the recent financial crisis. This paper contributes to the current debate over the effectiveness of Japan’s QEP by documenting the changes in absolute amount of liquidity created by Japanese banks during the period of 2001-2007. Using the liquidity creation measure developed by Berger and Bouwman (2009), we document the impact of macroeconomic factors and bank characteristic on liquidity creation. The analysis is conducted in a multivariate dynamic panel regression framework using a dataset comprised of 120 Japanese banks containing balance sheet …
Modeling Dependence Using Skew T Copulas: Bayesian Inference And Applications, 2011 Melbourne Business School
Modeling Dependence Using Skew T Copulas: Bayesian Inference And Applications, Michael S. Smith, Quan Gan, Robert Kohn
Michael Stanley Smith
[THIS IS AN AUGUST 2010 REVISION THAT REPLACES ALL PREVIOUS VERSIONS.]
We construct a copula from the skew t distribution of Sahu, Dey & Branco (2003). This copula can capture asymmetric and extreme dependence between variables, and is one of the few copulas that can do so and still be used in high dimensions effectively. However, it is difficult to estimate the copula model by maximum likelihood when the multivariate dimension is high, or when some or all of the marginal distributions are discrete-valued, or when the parameters in the marginal distributions and copula are estimated jointly. We therefore propose …
Charting Your Financial Goals, 2011 Singapore Management University
Charting Your Financial Goals, Benedict Koh
Research Collection Lee Kong Chian School Of Business
Every one of us has financial goals but not many of us know how to go about achieving them. We often lack investment knowledge or expertise to design an investment plan that optimises our savings. Consequently, we adopt the default approach of leaving all our savings in bank deposits. By doing so, we have already made an asset allocation decision, one that is very conservative. Over time, we soon realise that this conservative investment plan is simply not working as our savings are not compounding fast enough to keep up with inflation. We need to invest more wisely so that …
A Multiechelon Inventory Problem With Secondary Market Sales, 2011 Singapore Management University
A Multiechelon Inventory Problem With Secondary Market Sales, Alexandar Angelus
Research Collection Lee Kong Chian School Of Business
We consider a finite-horizon, multiechelon inventory system in which the surplus of stock can be sold (i.e., disposed) in the secondary markets at each stage in the system. What are called nested echelon order-up-to policies are shown to be optimal for jointly managing inventory replenishments and secondary market sales. Under a general restriction on model parameters, we establish that it is optimal not to both sell off excess stock and replenish inventory. Secondary market sales complicate the structure of the system, so that the classical Clark and Scarf echelon reformulation no longer allows for the decomposition of the objective function …
The Effect Of Information Quality On Liquidity Risk, 2011 Singapore Management University
The Effect Of Information Quality On Liquidity Risk, Jeffrey Ng
Research Collection School Of Accountancy
I investigate whether information quality affects the cost of equity capital through liquidity risk. Liquidity risk is the sensitivity of stock returns to unexpected changes in market liquidity; recent asset pricing literature has emphasized the importance of this systematic risk. I find that higher information quality is associated with lower liquidity risk and that the reduction in cost of capital due to this association is economically significant. I also find that the negative association between information quality and liquidity risk is stronger in times of large shocks to market liquidity.
What Is Behind The Asset Growth And Investment Growth Anomalies?, 2011 Singapore Management University
What Is Behind The Asset Growth And Investment Growth Anomalies?, Fangjian Fu
Research Collection Lee Kong Chian School Of Business
Existing studies show that firm asset and investment growth predict cross-sectional stock returns. Firms that shrink their assets or investments subsequently earn higher returns than firms that expand their assets or investments. I show that the superior returns of the low asset and investment growth portfolios are due to the omission of delisting returns in CRSP monthly stock return file and that the poor returns of the high asset and investment growth portfolios are largely driven by the subsample of firms that have issued large amounts of debt or equity in the previous year. Controlling for the effects of the …
Spend Your Money On Income Generating Activities Rather Than Liabilities, 2011 Regent University College, Ghana and University of Leicester, UK
Spend Your Money On Income Generating Activities Rather Than Liabilities, George E. Ekeha
George E Ekeha
Many at times as I walk around town, in the cities and the country sides I try to observe how we live our lives in Ghana. In my previous article, I highlight some very important resources that we are endowed with in this country. We all know that those are just but few and we are proud that we have more resources than some of our neighbours in the Sub-Saharan African countries. One of these resources is the human capital. We can be proud of ourselves to have people who think about the necessity of peace in order to enhance …
Savings Habits Of African Women, The Case Of Ghanaian Market Women, 2011 Regent University College, Ghana and University of Leicester, UK
Savings Habits Of African Women, The Case Of Ghanaian Market Women, George E. Ekeha
George E Ekeha
Recent economic developments in Africa have led to increased educational opportunities and new jobs for the millions of people living in the continent. Specifically, the development changes have had a significant impact on the female population in the member countries as more and more women continue to gain access to training and education and obtain the skills and qualifications needed to enter into the workforce. Due to these recent developments, women in Africa have been able to gain more control over their own finances. As a result, women entrepreneurs in most African countries have become increasingly important drivers of growth …
Cover & Front Matter, 2011 University of South Florida
Hizbollah–Syrian Intelligence Affairs: A Marriage Of Convenience, 2011 College of Coastal Georgia
Hizbollah–Syrian Intelligence Affairs: A Marriage Of Convenience, Carl Anthony Wege
Journal of Strategic Security
Since the 1980s, Hizbollah has emerged as the guardian of Lebanon's Shi'a and a stalking horse for Iran. Syria, though allied with Tehran, seeks to manage Hizbollah's freedom of action in Lebanon and is eyed cautiously in Damascus. Hizbollah has managed to maintain independence from these Syrian efforts because of both Lebanese Shi'a religious élan and the protection given Hizbollah by its Shi'a allies in Iran.
"The Rising: Ireland: Easter 1916," Fearghal Mcgarry (New York: Oxford University Press, 2010) And "Guerrilla Warfare In The Irish War Of Independence, 1919-1921," Joseph Mckenna (Jefferson, Nc And London: Mcfarland & Company, Inc., Publishers, 2011), 2011 American Public University
"The Rising: Ireland: Easter 1916," Fearghal Mcgarry (New York: Oxford University Press, 2010) And "Guerrilla Warfare In The Irish War Of Independence, 1919-1921," Joseph Mckenna (Jefferson, Nc And London: Mcfarland & Company, Inc., Publishers, 2011), Edward J. Hagerty
Journal of Strategic Security
No abstract provided.
"Terrorism And Homeland Security: Perspectives, Thoughts, And Opinions," Edited By Dale L. June (Boca Raton, Fl: Crc Press, 2011), 2011 University of South Florida
"Terrorism And Homeland Security: Perspectives, Thoughts, And Opinions," Edited By Dale L. June (Boca Raton, Fl: Crc Press, 2011), Mark J. Roberts
Journal of Strategic Security
No abstract provided.
"Area 51: An Uncensored History Of America's Top Secret Military Base," Annie Jacobsen (New York: Little, Brown And Company, 2011), 2011 Henley-Putnam University
"Area 51: An Uncensored History Of America's Top Secret Military Base," Annie Jacobsen (New York: Little, Brown And Company, 2011), Edward M. Roche
Journal of Strategic Security
No abstract provided.
Mitigating The Exploitation Of U.S. Borders By Jihadists And Criminal Organizations, 2011 Information and Infrastructure Technologies
Mitigating The Exploitation Of U.S. Borders By Jihadists And Criminal Organizations, Todd Steinmetz
Journal of Strategic Security
Following the events of September 11, 2001, the U.S. Government began improving security in large population centers and near potential highvalue terrorist targets. Included in these efforts was the development of a more robust border security program, with an emphasis on reducing the threat of terrorist infiltration at America's borders. However, nearly a decade after 9/11, terrorism and organized crime continue to pose significant threats to the United States. As many of these threats emanate from other nations, improved border security helps mitigate these threats. This article summarizes known terrorist activity along the U.S. northern and southern borders, and highlights …
Extraordinary Rendition And U.S. Counterterrorism Policy, 2011 The George Washington University
Extraordinary Rendition And U.S. Counterterrorism Policy, Mark J. Murray
Journal of Strategic Security
This article examines the United States Government policy of extraordinary rendition as a response to terrorism. The paper provides a working definition of the term, outlines why it has become controversial, and uses case studies to examine success and failures of extraordinary rendition in practice. The paper concludes with lessons learned—more specifically, policy amendments—that are necessary to keep extraordinary rendition as a viable tool for the Obama Administration and mitigate political fallout against the United States from both its allies and enemies. This paper argues that extraordinary rendition provides flexibility to policymakers to detain terrorists in cases where an attack …
Buy Off And Buy In: Flipping The Farc, 2011 University of Denver
Buy Off And Buy In: Flipping The Farc, Joel K. Day Ii
Journal of Strategic Security
The election of President Juan Manuel Santos in Columbia marks a new era in Columbian security policy. administration has failed to implementInstead of focusing on a solely military solution to conflict with Revolutionary Armed Forces of Colombia (FARC), as his predecessor did, Santos has committed to a multifaceted effort to resolve the dispute. In spite of this hope, the Santos many critical non-military policy proposals. Like Santos, the scholarly community has ignored important comparative studies of counterterrorism. This essay attempts to fill a gap in the literature by framing a discussion of FARC in light of new advances in counter-insurgency …