Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 4 of 4
Full-Text Articles in Business
Analysis Of Business Week Hot-Growth Stocks: Momentum And Fundamental Investment Approaches, Susana Yu, Sang Hoon Kim
Analysis Of Business Week Hot-Growth Stocks: Momentum And Fundamental Investment Approaches, Susana Yu, Sang Hoon Kim
Department of Accounting and Finance Faculty Scholarship and Creative Works
This paper extends Bauman et al's (2002) study, and investigates the risk-adjusted returns for the first-timers and repeaters of the Business Week hot-growth stocks. Chan et al's (1996) short-term 6-month momentum model provides significant returns for the first-timers as well as for stocks that had already appeared on the list at least once, the repeaters. On the other hand, Mohanram's (2005) fundamental model provides significant returns for the repeaters only. A portfolio formed by purchasing the repeaters and short selling the first-timers generates significant returns in 10 out of 12 months after publication. We conclude that profitable long/short portfolios can …
The Effects Of Etf Splits On Returns, Liquidity, And Individual Investors, Susana Yu, Gwendolyn Webb
The Effects Of Etf Splits On Returns, Liquidity, And Individual Investors, Susana Yu, Gwendolyn Webb
Department of Accounting and Finance Faculty Scholarship and Creative Works
Purpose – The purpose of this paper is to extend the literature on the effects of stock splits from mutual funds splits and the QQQ split to 20 exchange traded funds (ETFs) that span a wide variety of indexes. The split sample is compared to a non-split control sample with similar characteristics between 2000 and 2006. The objectives of this study are to investigate whether the results are different between the split sample and the control sample; and whether these results are similar to other investment vehicles in the existing literature. Design/methodology/approach – The paper examines stock excess returns, total …
The Influence Of Managerial Incentives On The Resolution Of Financial Distress, Dong-Kyoon Kim, Chuck C.Y. Kwok
The Influence Of Managerial Incentives On The Resolution Of Financial Distress, Dong-Kyoon Kim, Chuck C.Y. Kwok
Department of Accounting and Finance Faculty Scholarship and Creative Works
This study investigates the influence of managerial incentives on the resolution of financial distress. Our model predicts that when creditors and equityholders prefer different resolution methods, the likelihood of choosing Chapter 11 over private renegotiation is related to the ownership structure of the distressed firm. Empirical test results using a sample of 81 voluntary Chapter 11 firms and 65 private workout firms support the model's prediction. We show that managerial ownership is positively related to the incidence of Chapter 11 filing when there is conflict between equityholders and creditors over the choice between Chapter 11 and a private renegotiation. Consistent …
Corporate Ownership Structure And Innovation: Evidence From Taiwan's Electronics Industry, Chen Lung Chin, Yu Ju Chen, Gary Kleinman, Picheng Lee
Corporate Ownership Structure And Innovation: Evidence From Taiwan's Electronics Industry, Chen Lung Chin, Yu Ju Chen, Gary Kleinman, Picheng Lee
Department of Accounting and Finance Faculty Scholarship and Creative Works
The agency problem of listed companies in East Asia is closely related to their typically concentrated ownership structures. Tight control creates an entrenchment problem that allows the controlling owners' self-interested behaviors to go unchallenged internally by the boards of directors or externally by takeover markets. The primary objective of this paper is to explore the association between the ownership and control structure and innovation. The ownership and control structure is measured first as the divergence between the ultimate owner's voting rights and the ultimate owner's cash flow rights, and second by the presence of ultimately controlling shareholder's family member as …