Digital Commons Network^™

2013 Q4 Market Pulse Report, Craig R. Everett

Pepperdine Market Pulse Report

The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.

News From The Crest (December 2013), Crest Associates

News from the Crest

Heidi Bernard, Executive Director

Rhea Neckers, Editor

Operationalizing A Behavioral Finance Risk Model: A Theoretical And Empirical Framework, Rassoul Yazdipour, William P. Neace

The Journal of Entrepreneurial Finance

To keep up with the rather fast-growing interest in the discipline of Behavioral Finance and Economics caused in part by the new realities of the post-200S world, and the realities prevailing over three decades before and leading up to that year- there is a discernible need for the production of new generations of testable and yet more realistic models and theories as guides for financial and economic decision makers everywhere. The present work is one such attempt in that direction. This writing first improves upon a recently developed, and real-life-inspired, Behavioral Finance Risk Model (Yazdipour, 2011) and then offers a …

Sb Ipos And Ipo Anomalies: An Empirical Analysis Of The Small Firm Uniqueness Hypothesis, James C. Brau, C. Troy Carpenter

The Journal of Entrepreneurial Finance

The purpose of this paper is to provide a direct test of the small-firm uniqueness hypothesis advanced by Ang (1991). We do this by using the 5B-IPO program of the SEC as our instrument to define a small firm. Having identified small firms, we test the three IPO anomalies to see if small firms differ from large firms along these dimensions. We find that 5B IPOs experience the three anomalies; however, they do so in disparate ways than mainline IPOs do. In sum, we provide support for the small firm uniqueness hypothesis.

Bank Loans To Newly Public Firms, Sherrill Shaffer, Tatyana Sokolyk

The Journal of Entrepreneurial Finance

Prior studies have shown that newly public firms exhibit a high degree of uncertainty and asymmetric information, with few reliable sources of information. These findings suggest that investors could benefit if some independent party is able to assess the quality of a newly public firm. Since other studies have found that banks can reduce information asymmetry about firms that borrow, we examine whether banks provide information about the quality of newly public firms. We find that bank lending is consistently associated with positive long-term outcomes-newly public firms that borrow experience significantly smaller decreases in operating performance and better long-term stock …

A Robust Valuation Model For Entrepreneurial Ventures, Haim Kedar-Levy

The Journal of Entrepreneurial Finance

Pro forma estimation of financial statements often builds on constant ratios to sales revenue. While constant ratios may be relevant for established firms operating in predictable industries, they yield noninformative and possibly misleading information when applied to new firms, and particularly to technology ventures. Because new firms grow and change rapidly, a robust analysis should be based on intimate familiarity with the specific firm's business plan. This paper presents an alternative approach that links the firm's budget, as derived from its business plan, to pro forma financial statements, and to valuation models. The resulting estimated firm value is less sensitive …

Unintended Consequences Of Cigarette Taxation And Regulation, Angela Hawken, Jonathan D. Kulick, James Prieger

School of Public Policy Working Papers

Tobacco smoking harms health. Taxes and regulations can reduce that harm. But evasion reduces the efficacy of taxes and regulations and creates harms of its own in the form of illicit markets. Enforcement can reduce evasion but creates additional harms, including incarceration and violence. Peter Reu-ter has pointed out that a flat ban on cigarettes would be likely to generate illicit-market harms similar to the harms of existing illicit drug markets. Taxes and regulations can be thought of as “lesser prohibitions,” subject to the same sorts of risks. Minimizing total harm means minimizing the sum of abuse harms and control …

Naalj Membership Application And Questionnaire, Tiffany Bacon

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Legal Summaries , Emily Edwards

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Exhausted? Video Game Companies And The Battle Against Allowing The Resale Of Software Licenses, Alice J. Won

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Brand Name Or Generic? A Case Note On Caraco Pharmaceutical Laboratories V. Novo Nordisck , Michael Vincent Ruocco

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

A Channel Worth Changing? The Individual Regional Sports Network: Proliferation, Profits, Parity, And The Potential Administrative And Antitrust Issues That Could Follow, Stephen Dixon

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Raising The Standard: Judulang V. Holder Condemns The Use Of Arbitrary And Capricious Policies When Determining Eligibility For The Section 212(C) Waiver, Adjoa Anim-Appiah

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

“Appropriate” Decisions Under The Individuals With Disabilities Education Act, Perry A. Zirkel

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Adjudicative Remedies For Denials Of Fape Under The Idea, Perry A. Zirkel

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Civil Justice Reform In Social Security Adjudications, Jeffrey S. Wolfe

Journal of the National Association of Administrative Law Judiciary

Part I of this Article explores the actions of the Social Security Administration over time, both as related directly to the role of the administrative law judge in the case management process and to the agency's management of the backlog crisis generally, examining the cultural environment of bureaucratic management that has, despite the passage of decades, failed to remedy a persistent animus between the agency and its cadre of administrative law judges to the public detriment. Part II next examines the core attributes of the managerial judge and contrasts this in Part III with the agency's handling of the backlog …

Fundamental Fairness, Judicial Efficiency And Uniformity: Revisiting The Administrative Procedure Act, Daniel F. Solomon

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Statement Of The Association Of Administrative Law Judges: Committee On Ways And Means, Subcommittee On Social Security, D. Randall Frye

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Let Us Reason Together: The Role Of Process In Effective Mediation, Howard W. Cummins

Journal of the National Association of Administrative Law Judiciary

No abstract provided.

Herod The Great's Message Through Year 3 Coin, Elizabeth Chau

Featured Research

King Herod the Great was a half Jewish client king who struggled with appeasing Roman rulers and yet avoiding conflict with the Jews. In the investigation of a coin from year 3 of King Herod’s reign I have found that Herod was aware of Jewish customs and respected their customs through the lack of Pagan symbols. Additionally, the Greek lettering and the symbolism on the coin illustrates Herod’s Hellenistic reign. In my observations of the coin King Herod’s Hellenistic reign was characterized by his great value of power and yet respect of Jewish culture while at the same time pleasing …

Ancient Marcus Aurelius Coin, Tawni Gurney, Andrew Hirsch

Featured Research

Upon glancing at coins, people generally overlook their historical aspect of the coins and simply look at their monetary value. In our seminar class, however, we were interested in so much more than money when it came to studying our particular coin. We wanted to know what this particular coin could tell us about the history of the time when it was minted. We deciphered what was on the coin and researched the significance of each aspect. We also studied similar coins to confirm our interpretations. We compared the writings on the coins and the images themselves. Additionally, we photographed …

Judea Captured, Jessica Baity, Jimmy Yang

Featured Research

This coin is a part of the “Judea Captured” collection minted in Caesarea. Through thorough imaging and the decoding of Greek inscriptions we believe that we can prove the significance of the coin in correlation to the First Jewish War in battle against the Romans. We believe that it celebrates the victory of the Romans during the First Jewish War (66 – 69 AD) , under the Emperor Vespasian (68 – 79 AD). But the question does arise about the significance of certain symbols; especially the palm tree and crown made of palm leaves and how they relate to the …

Coinage During The Bar Kochba Rebellion, Jonathan Allen, Robbie Robles

Featured Research

This is a coin that Jews used during the Bar Kochba Rebellion, The dates of the
Bar Kochba are from 132-135 A.D. The rebellion was started in response to the
rule of Emperor Hadrian, who was insensitive to Jewish Traditions and started
banning Jewish religious practices. In response, Jews began minting their own
coins to honor their religious rituals and the leaders of the rebellion.

Late Hasmonean Coinage: A Snapshot Of Alexander Jannaeus's Rule, Timothy Schaefer, Christopher Huang

Featured Research

Like other late Hasmonean rulers, Alexander walked the line between outright Hellenization and traditional Judaism. He did this to please other powerful rulers while keeping his power over his domestic people. We can see this clash of Hebrew and Greek influences in his coinage.

News From The Crest (November 2013), Crest Associates

News from the Crest

Heidi Bernard, Executive Director

Rhea Neckers, Editor

The Impact Of Research And Development On Economic Growth And Productivity In The Us States, Luisa Blanco, James Prieger, Ji Gu

School of Public Policy Working Papers

We estimate the impact of R&D on TFP and output in the private sector at the state level in the US from 1963 to 2007. R&D has a large effect on both output and TFP at the state level in the long run. The R&D elasticity in a state averages 0.056 to 0.143, implying returns to state GDP from R&D spending of 83% to 213%. There are also positive R&D spillovers, with 77% of the total returns accruing to other states. The R&D elasticities are either stable or increase slightly after 1993. The effects of R&D are dependent on the …

The Use Of Propaganda On An Augustan Denarius, Jens Ibsen, Melissa Miller

Featured Research

This coin is a silver denarius minted in Lugdunum (now Lyon), most likely under the reign of Augustus, the first emperor of Rome. There are factors which point to a possibility of the coin being a restitution issue minted under either Trajan or Hadrian, such as its pristine condition, which implies a lack of use, and the similarity of symbols employed on this denarius and denarii of Trajan’s era. The coin is a prime example of Augustus’ use of propaganda inserted into Roman daily life to sell the idea of empire to a Roman people who ardently defended a long-standing …

History Through A Coin: Valerian, Dido, And The Founding Of Carthage, Jack Miller, Brittany Piwowar

Featured Research

The coin dating from 270 AD depicts on its obverse side the Roman Emperor Valerian, the first Emperor to be captured as a prisoner of war. On the reverse side is a unique scene of the goddess Dido sacrificing at the Temple of Hercules before setting off to found Carthage from Tyre, the city in which the coin was minted. Like all individually minted coins, this piece is very unique and may be a re-strike of a previously issued coin.

Program: Featured Lecture, "We Shall Assemble On The Mountain.", John Mark Hicks

William M. Green Distinguished Christian Lecture Program

Program for the Thirty-Fourth Annual William M. Green Distinguished Christian Lecture Program with featured lecturer Dr. John Mark Hicks, Professor of Theology, Lipscomb University.

News From The Crest (October 2013), Crest Associates

News from the Crest

Heidi Bernard, Executive Director

Rhea Neckers, Editor