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Full-Text Articles in Business
Market Risk And Market-Implied Inflation Expectations, Lucjan T. Orlowski, Carolyne Cebrian Soper
Market Risk And Market-Implied Inflation Expectations, Lucjan T. Orlowski, Carolyne Cebrian Soper
WCBT Faculty Publications
We examine interactions between market risk and market-implied inflation expectations. We argue that these interactions are asymmetric and varied in time. Specifically, market risk becomes elevated by expectations of either very low or high expected inflation. Market risk does not react to expectations of moderate, stable inflation. In our analysis, market risk is proxied by VIX and market-implied inflation expectations are reflected by five- and ten-year breakeven inflation. We use daily data for 5 and 10 year breakeven inflation and VIX for the sample period January 3, 2003 – January 24, 2019 for empirical testing. We employ asymptotic VAR, multiple …
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
WCBT Faculty Publications
To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home-country public law enforcement reduces the degree of IPO underpricing. In particular, the criminal sanction for violations of securities laws is the most significant factor in reducing underpricing. The evidence shows that even when a non-U.S. firm meets sophisticated U.S. regulations and goes public in a U.S. exchange, the degree of underpricing is still influenced …
Climate Change: A Call To Action, Kathy K. Dhanda
Climate Change: A Call To Action, Kathy K. Dhanda
WCBT Faculty Publications
On Dec 15, 2018, in the town of Katowice, Poland, diplomats from 200 countries adopted a detailed set of rules to uphold and implement the Paris Agreement, the international treaty drafted by United Nations Framework Convention on Climate Change (UNFCCC) to reduce greenhouse gas emissions. This deal will require every country to track its emissions and climate policies by following a uniform set of standards. Furthermore, countries are to cut their emissions ahead of the next round of talks in 2020. Climate change is a complicated problem, one that will not be solved by national governments alone. A lot of …
Managing The Business Of Soccer: A Conceptual Framework, Sten Söderman, James Santomier
Managing The Business Of Soccer: A Conceptual Framework, Sten Söderman, James Santomier
WCBT Faculty Publications
In recent years soccer (i.e., European football) has experienced rapid globalization, primarily due to increased integration of sponsorship agreements, foreign investment, private equity, digital media technologies and effective executive leadership. Manchester United, Liverpool, Paris Saint-Germain, and other high-level European soccer clubs are now owned or managed by investors, with the ostensible objective of generating ancillary benefits or significant profits. Historically, however, the ownership of unprofitable and often relegated soccer clubs was overwhelmingly in the hands of wealthy sport enthusiasts as sole proprietors. Given the recent and often dramatic changes in the business of soccer, the primary purpose of this chapter …