Open Access. Powered by Scholars. Published by Universities.®

Business Commons™

Open Access. Powered by Scholars. Published by Universities.®

Finance and Financial Management

Institution
Keyword
Publication Year
Publication
Publication Type
File Type

Articles 3751 - 3780 of 8610

Full-Text Articles in Business

How Informative Is Floating Nav When Securities Trade Infrequently?, Kyle D. Allen, George D. Cashman, Drew B. Winters Feb 2016

How Informative Is Floating Nav When Securities Trade Infrequently?, Kyle D. Allen, George D. Cashman, Drew B. Winters

Finance Faculty Research and Publications

We examine if a floating net asset value (NAV) increases the transparency of risk for investors. Using closed-income fixed income funds we find little evidence that a floating NAV helps investors better understand the value and risk of a fund when a fund's assets trade infrequently. This potentially informs the debate regarding the adoption of a floating NAV in the money market industry. Our results suggest that it is unlikely that the benefits of floating NAV will outweigh the costs.

Go to article

Serving More Segments And Offering More Products: What Are The Costs And Where Are The Profits?, Cathy A. Enz, Gordon Potter, Judy A. Siguaw Jan 2016

Serving More Segments And Offering More Products: What Are The Costs And Where Are The Profits?, Cathy A. Enz, Gordon Potter, Judy A. Siguaw

Gordon Potter

Making more money involves more than targeting new customer segments and offering new services.

Go to article

Achieving Financial Stability Through Financial Market Integration With Asia, Ahmed Khalid, Asif Saeed Jan 2016

Achieving Financial Stability Through Financial Market Integration With Asia, Ahmed Khalid, Asif Saeed

Ahmed Khalid

Extract; The White Paper on Australia in the Asian Century (Department of the Prime Minister and Cabinet ) [DPMC], 2012) correctly indicated that Asia’s extraordinary recent economic performance as well as the future economic outlook cannot be overlooked when planning Australia’s future economic prospects. It is strategically and geographically important for Australia to integrate itself with Asia, in order to achieve and maintain sustainable economic growth. The Asian success story emphasises the important role of the financial market development and integration in providing financial stability to the region. This is especially true in the aftermath of the Asian Financial Crisis …

Go to article

Mutual Fund Fees Continue To Fall, Steven D. Dolvin Jan 2016

Mutual Fund Fees Continue To Fall, Steven D. Dolvin

All Chapters

Passive funds have historically outperformed active funds, and much of this difference is likely driven by the lower fees charged by passive funds. A discusses the impact on both investors and the industry.

Go to article

In Equations We Trust? Formula Learning Effects On The Exponential Growth Bias, Bryan Foltice, Thomas Langer Jan 2016

In Equations We Trust? Formula Learning Effects On The Exponential Growth Bias, Bryan Foltice, Thomas Langer

Scholarship and Professional Work - Business

This paper evaluates the possible benefits and drawbacks of the formal formula learning of compound growth as it pertains to eliminating, or at least reducing, the exponential growth bias in various household savings and debt decisions. In our main experimental study, we determine if the ability to calculate the simple compound savings formula only assists in its direct area of application with an available calculator, or if this knowledge extends into similar exponentially-based savings and debt decisions when either a calculator is prohibited or when the formula is unknown. In the process of tackling this research question, we develop a …

Go to article

Assessing Accountability In U.S. Public Education, Anne Kelly, J. Orris Jan 2016

Assessing Accountability In U.S. Public Education, Anne Kelly, J. Orris

Anne Kelly

Public education accountability rests almost exclusively with schools rather than governments. This paper explores its three dimensions: economy, efficiency, and effectiveness. Performance indicators of these dimensions were developed which facilitated testing of significant differences in means over time using analysis of variance. Only salary and wage expenditures per instruction personnel exhibited greater economy. Instructional equipment per pupil was related to increased efficiency. Several indicators suggested enhanced effectiveness. Student/teacher ratio declined and top performers in public schools improved in achievement. Graduation rate, an indicator of achievement and participation, significantly rose in recent years. In summary, several effectiveness indicators revealed encouraging trends …

Go to article

Off The Rack Versus Savile Row: The Value Of Custom Tailoring For Equity Investors, Steven Dolvin, John Gonas Jan 2016

Off The Rack Versus Savile Row: The Value Of Custom Tailoring For Equity Investors, Steven Dolvin, John Gonas

Steven D. Dolvin

eparately managed accounts (SMAs) generally carry a higher fee structure than standard mutual funds, but managers tout the ability to customize accounts as being worthy of this higher cost. This customization may increase returns, or it may simply allow for more personalized tax management or control over other unique circumstances. • Very little research exists on the relative return benefit of SMAs compared with actively managed mutual funds. We fill this gap by examining firms that offer concurrently managed funds-SMAs as well as matching mutual funds run by the same manager(s) and following the same general strategy. • We find …

Go to article

David Bowie: Finance Genius?, Steven D. Dolvin Jan 2016

David Bowie: Finance Genius?, Steven D. Dolvin

All Chapters

Famous musician David Bowie just passed away. While most people remember him for his music, he is also famous in the finance area. Bowie was among the first to offer an asset-backed security, which in his case was based on future royalties from his songs. In recognition, this type of asset is often referred to as a "Bowie-bond." See article here, Bloomberg.

Go to article

China Suspends Circuit Breakers, Steven D. Dolvin Jan 2016

China Suspends Circuit Breakers, Steven D. Dolvin

All Chapters

Circuit breakers are designed to slow down (or even halt) panicked selling. However, Chinese authorities recently suspended their newly implemented circuit breakers, as they seemed to be increasing panic (as opposed to reducing it). See article here, Finance Asia.

Go to article

Mutual Fund Fees, Steven D. Dolvin Jan 2016

Mutual Fund Fees, Steven D. Dolvin

All Chapters

As we all know, fees impact net returns. For mutual funds, aside from any load, the two primary fees charged are management fees and 12b-1 fees. The management fees are easy to understand. The 12b-1 fees, however, are not. They are designed to cover distribution costs, but this is a broad term. In reality, much of this fee is used to pay brokers/advisors for directing client business to the funds. As a recent article (Investment News) suggests, the SEC may begin to limit such payouts.

Go to article

Public Finance And Tax Equity In The Arabian Gulf Monarchies, Timothy Mathews Jan 2016

Public Finance And Tax Equity In The Arabian Gulf Monarchies, Timothy Mathews

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This study examines notions of public finance equity in the six Arabian Gulf monarchies of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Because of unique characteristics of government expenditures and revenues in these monarchies, many of the standard concepts of public finance (such as the Benefits Principle, Ability-to-Pay Principle, Vertical Equity, and Horizontal Equity) do not provide relevant insights. Consequently, four innovative notions of equity are reviewed and discussed: Within Group Horizontal Equity; Within Group Vertical Equity; Favored Group Horizontal Equity; and Favored Group Vertical Equity. Finally, these four conceptions of equity are applied to a …

Go to article

Designing Ca/Cm To Fit Not-For-Profit Organizations, Deniz Appelbaum, Stephen Kozlowski, Miklos A. Vasarhelyi, Joel White Jan 2016

Designing Ca/Cm To Fit Not-For-Profit Organizations, Deniz Appelbaum, Stephen Kozlowski, Miklos A. Vasarhelyi, Joel White

Department of Accounting and Finance Faculty Scholarship and Creative Works

Purpose – The purpose of this project is to undertake continuous auditing and monitoring (CA/CM) implementations working with small-to-medium-sized (SME) not-for-profit (NFP) organizations of varying sizes, business purposes and levels of technical sophistication. Design/methodology/approach – This paper discusses a project using a case study approach with an SME NFP entity. Findings – The findings support the discussions in the literature regarding CA/CM adoption in organizations, particularly regarding its implementation benefits and challenges. Research limitations/implications – The project is not complete in that additional case studies could possibly offer additional applicability to the findings. Practical implications – This case study illustrates …

Go to article

Mutual Funds’ Soft Dollar Arrangements: Determinants, Impact On Shareholder Wealth, And Relation To Governance, Yaman Ö. Erzurumlu, Vladimir Kotomin Jan 2016

Mutual Funds’ Soft Dollar Arrangements: Determinants, Impact On Shareholder Wealth, And Relation To Governance, Yaman Ö. Erzurumlu, Vladimir Kotomin

Faculty Publications - Finance, Insurance, and Law

Mutual fund advisers either expense the cost of research and other services or pay for them with soft dollars. This study is the first to use actual soft dollar and total brokerage commission figures for a large number of funds and to examine how soft dollars are linked to mutual fund governance. Employing a survivorship bias-free sample of actively managed US mutual funds, we find that higher soft dollar and total brokerage commissions are associated with higher advisory fees but not with higher risk-adjusted fund returns. These findings suggest that mutual fund shareholders, on average, do not benefit from the …

Go to article

Risk Management In The Venture Capital Industry: Managing Risk In Portfolio Companies, Dorian Proksch, Wiebke Stranz, Andreas Pinkwart, Michael Schefczyk Jan 2016

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 …

Go to article

Cultural Influnces On Risk Tolerance And Portfolio Creation, Mark K. Pyles, Yongping Li, Shifang Wu, Steven D. Dolvin Jan 2016

Cultural Influnces On Risk Tolerance And Portfolio Creation, Mark K. Pyles, Yongping Li, Shifang Wu, Steven D. Dolvin

Scholarship and Professional Work - Business

We extend existing research that examines the impact of culture on risk tolerance. Using surveys completed by Chinese and American students, we find, consistent with previous studies, that Chinese students perceive themselves as more risk tolerant. However, we find that Chinese students are less consistent in matching their perceived tolerance levels with actual scores from a standard risk tolerance assessment. Further, we also examine mock portfolios created by the respondents and find no evidence that Chinese students create portfolios that are riskier than their American counterparts. Our findings suggest that differences in risk tolerance are at least partially a product …

Go to article

Banco Solidario S.A.: The Recovery Strategy, 2000–2004, Karina Caballero, Mauricio A. Melgarejo, Enrique Ogliastri Jan 2016

Banco Solidario S.A.: The Recovery Strategy, 2000–2004, Karina Caballero, Mauricio A. Melgarejo, Enrique Ogliastri

Scholarship and Professional Work - Business

Five years passed since, in April, 2000, Kurt Koenigsfest took over as the Chief Executive Officer at Banco Solidario S.A. (BancoSol), in La Paz, Bolivia. BancoSol had become the top Latin American bank specializing in providing microbusiness services. Since its beginning in 1992, BancoSol achieved excellent results and became an international reference in the microcredit area. In mid-2000, external and internal factors caused its performance to deteriorate. Kurt and his management team set and implemented a strategy that led the bank to be rated as the best financial institution in the Bolivian financial system in 2004. The time had come …

Go to article

Taca, Pedro Raventos, Mauricio A. Melgarejo Jan 2016

Taca, Pedro Raventos, Mauricio A. Melgarejo

Scholarship and Professional Work - Business

The airline industry is energy intensive, has high fixed costs and its demand is very sensitive to the economic cycle. After the industry worldwide undergoes deregulation, starting with the United States in 1978, two distinct business models develop. Traditional carriers operate hub and spoke networks, offer onboard service and engage in price discrimination, whereas low cost carriers operate point to point, charge for all services and have simple tariffs. TACA begins operations in Central America in 1931 and, by 1943, has a footprint that extends from the United States to Argentina. In 1998–2001 TACA faces increased competition and a significant …

Go to article

2015-2016 Financial Summary, Morehead State University. Budget & Financial Planning Office. Jan 2016

2015-2016 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

2015-2016 Financial Summary of Morehead State University.

Go to article

The Bid-Ask Spread In The Danish Stock Market: Evidence From The 1990s, Torben Voetmann Jan 2016

The Bid-Ask Spread In The Danish Stock Market: Evidence From The 1990s, Torben Voetmann

Finance

This paper investigates the cost components of bid-ask spreads around earnings announcements on the small Danish stock market in the 1990s. The results indicate that negative earnings surprises convey pricing information, suggesting the existence of significant information asymmetry between market makers and informed traders. Negative earnings surprises resulted in an increase in adverse-selection cost and trading volume while inventory-holding and order-processing costs decreased, leading to a combined decrease in the realized spread. The change in the realized spread is significant, while the change in the quoted bid-ask spread is negligible. Overall, the results suggest that informed traders’ ability to assess …

Go to article

Should I Invest In Art?, Alexandra Eldridge Jan 2016

Should I Invest In Art?, Alexandra Eldridge

MA Projects

One of the more interesting ways to consider the perennial is art a good investment? question is by looking at the various ways that the art market does or does not behave like other markets. When comparing art as an asset class to more traditional assets, we first need to ask ourselves – are the two even comparable? This article explores the idiosyncrasies of the art world, compares the claims people make regarding art's investment potential to the available research studies, discusses some non-monetary motives for buying, and may even have an answer for the nagging art-as-investment question.

Go to article

Ipo Performance And Trading Around Lock-Up Expiration, Yuchen Wang Jan 2016

Ipo Performance And Trading Around Lock-Up Expiration, Yuchen Wang

Dissertations and Theses Collection (Open Access)

During the lock-up period, company insiders are prohibited from selling their shares for a set period immediately after initial public offerings (IPOs), usually 180 days. This strict prohibition limits the borrowing of securities by short sellers within this period. Therefore, upon reaching the lock-up expiry date, the short-sale constraint may be loosened and new investors may rush into the stock market, which affects asset price and stock return. This thesis focuses on the IPOs’ performance during the lock-up period and the reasons for the unusual performance. The first section commences by questioning the role of the short seller and its …

Go to article

Using Option Theory To Determine Optimal Ira Investment, Treba Marsh, Todd A. Brown, Mary Fischer Jan 2016

Using Option Theory To Determine Optimal Ira Investment, Treba Marsh, Todd A. Brown, Mary Fischer

Faculty Publications

Given the current uncertain economic trends, the decision to contribute to a personal retirement account can be a financial challenge taking a great deal of courage. Using the option theory, this paper presents arguments to justify the optimal contribution to maximize an IRA investment return.

Go to article

Rodeo In The Classroom: Activity Based Costing Simulation, Nikki Shoemaker, Marie Kelly Jan 2016

Rodeo In The Classroom: Activity Based Costing Simulation, Nikki Shoemaker, Marie Kelly

Faculty Publications

This paper describes a classroom Activity Based Costing simulation called Rodeo in the Classroom. This simulation has been used in several introductory managerial accounting and cost accounting courses in order to help students understand the difference in the application of overhead between Job Order Costing and Activity Based Costing methods. Each student is assigned their own rodeo simulation and must calculate its cost using specific cost drivers. To verify their calculations, students with the same rodeos are grouped together to compare costs. Final rodeo costs are presented to the class where differences in cost allocations and reasons for these differences …

Go to article

Ipo Firms' Voluntary Compliance With Sox 404 As Evidence On The Value Relevance Of Internal Control Quality, Qianyun Huang, Kimberly Gleason, Leonard Rosenthal, Deborah Smith Jan 2016

Ipo Firms' Voluntary Compliance With Sox 404 As Evidence On The Value Relevance Of Internal Control Quality, Qianyun Huang, Kimberly Gleason, Leonard Rosenthal, Deborah Smith

Business Faculty Publications

Newly public firms are not required to comply with SOX 404 for their initial public offerings. This provides a unique setting in which to investigate the benefits of voluntary disclosure with SOX 404 and the value of information revealed as a consequence of compliance. We investigate whether voluntary compliance with SOX 404, either fully or partially, impacts the perceived risk of firms conducting IPOs on the first day of trading (reflected in underpricing) or following the IPO. Our results indicate that neither full compliance with SOX 404 at the time of the IPO, nor a managerial discussion of internal controls …

Go to article

Analysis Of The Factors Impacting Etfs Net Fund Flow Changes, Stoyu Ivanov Jan 2016

Analysis Of The Factors Impacting Etfs Net Fund Flow Changes, Stoyu Ivanov

Faculty Publications

PurposeThe purpose of this study is to identify the factors that impact the exchange-traded funds net fund flow changes on a daily basis.Design/methodology/approachA total of 1,212 different exchange-traded funds with a proprietary daily net fund flow data and logistic regressions were studied because the majority of the 1,212 exchange-traded funds have mostly zero daily net fund flow changes.FindingsIt was documented that in the period December 22, 2005 to July 28, 2010 autocorrelation at the daily frequency is not universally present for the 1,212 exchange-traded funds that we study, despite the fact that this is the case in the monthly data …

Go to article

Study Of Reit Etf Beta, Stoyu Ivanov Jan 2016

Study Of Reit Etf Beta, Stoyu Ivanov

Faculty Publications

PurposeThe aim of this study is to examine real estate investment trust exchange-traded funds (REIT ETFs) and test for the existence of the “asymmetric beta puzzle” phenomenon in these financial instruments that are relatively new and are gaining popularity. The “asymmetric beta puzzle” phenomenon is used to identify the hedging and diversification benefits of a financial instrument. “Asymmetric beta puzzle” exists when betas in declining markets are higher than betas in advancing markets.Design/methodology/approachTo study 14 REIT ETFs by using monthly and daily Center for Research in Security Prices (CRSP) data. Capital asset pricing model (CAPM) and Fama–French three-factor model were …

Go to article

Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo Jan 2016

Conduit Bond Financing Of Local Governments—Perspective From The U.S. And China, Zihe Guo

Theses and Dissertations--Public Policy and Administration

As an alternative way to issue bonds, conduit financing has been widely used by local governments and nonprofit organizations. Conduit financing allows one entity to issue debt on behalf of single or multiple borrowers. In the state of California in the U.S., a local agency is allowed to issue municipal bonds in compliance with law, but can also borrow through a joint powers agency (JPA). In this case, the JPA serves as a conduit. Conduit financing is preferred by local agencies in certain circumstances because it is more convenient or fixed issuance costs can be split between several conduit borrowers …

Go to article

An Analysis Of The Relationship Between Security Information Technology Enhancements And Computer Security Breaches And Incidents, Linda Betz Jan 2016

An Analysis Of The Relationship Between Security Information Technology Enhancements And Computer Security Breaches And Incidents, Linda Betz

CCE Theses and Dissertations

Financial services institutions maintain large amounts of data that include both intellectual property and personally identifiable information for employees and customers. Due to the potential damage to individuals, government regulators hold institutions accountable for ensuring that personal data are protected and require reporting of data security breaches. No company wants a data breach, but finding a security incident or breach early in the attack cycle may decrease the damage or data loss a company experiences. In multiple high profile data breaches reported in major news stories over the past few years, there is a pattern of the adversary being inside …

Go to article

Three Essays On Asset Pricing In Security And Housing Markets, Minrong Zheng Jan 2016

Three Essays On Asset Pricing In Security And Housing Markets, Minrong Zheng

Electronic Theses and Dissertations

In my first essay, I investigate the relationship between IPO long-run underperformance (Ritter, 1991) and the idiosyncratic risk puzzle (Ang, Hodrick, Xing and Zhang, 2006), the phenomenon of abnormally low returns for stocks with high idiosyncratic risk. I show that IPO long-run underperformance is in fact a manifestation of the surprisingly low returns for high idiosyncratic risk stocks. IPO underperformance disappears after I control for the idiosyncratic risk. Specifically, the underperformance of IPO firms only presents following the months in which they are classified into the highest idiosyncratic risk quintile. On the other hand, I find that the idiosyncratic risk …

Go to article

Understanding The Global In Global Finance And Regulation, Lawrence G. Baxter Jan 2016

Understanding The Global In Global Finance And Regulation, Lawrence G. Baxter

Faculty Scholarship

No abstract provided.

Go to article

First Prev Next Last