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Articles 1 - 30 of 35
Full-Text Articles in Business
Convenience In The Mutual Fund Industry, George D. Cashman
Convenience In The Mutual Fund Industry, George D. Cashman
Finance Faculty Research and Publications
Abstract
I examine the role of convenience in the mutual fund industry. I find that investors pay more for relatively convenient funds, and that the flows to convenient funds are less responsive to performance. These findings suggest that investors do not evaluate mutual funds independently, but rather that investors select a primary fund, likely based on beliefs about managerial ability, and then select funds which are relatively convenient to this primary fund.
Highlights
► I find that investors pay a significant premium to invest in convenient mutual funds. ► I find that the flows to convenient funds are indifferent to …
Going Overboard? On Busy Directors And Firm Value, George D. Cashman, Stuart L. Gillan, Chulhee Jun
Going Overboard? On Busy Directors And Firm Value, George D. Cashman, Stuart L. Gillan, Chulhee Jun
Finance Faculty Research and Publications
Abstract
The literature disagrees on the link between so-called busy boards (where many independent directors hold multiple board seats) and firm performance. Some argue that busyness certifies a director’s ability and that such directors are value enhancing. Others argue that “over-boarded” directors are ineffective and detract from firm value. We find evidence that (1) the disparate results in prior work stem from differences in both sample composition and empirical design, (2) on balance the results suggest a negative association between board busyness and firm performance, and (3) the inclusion of firm fixed effects dramatically affects the conclusions drawn from, and …
A Comprehensive Location-Allocation Method For Specialized Healthcare Services, Siddhartha S. Syam, Murray J. Côté
A Comprehensive Location-Allocation Method For Specialized Healthcare Services, Siddhartha S. Syam, Murray J. Côté
Management Faculty Research and Publications
This paper focuses on the development, solution, and application of a location-allocation model for specialized health care services such as the treatment and rehabilitation necessary for strokes or traumatic brain injuries. The model is based on our experience with the Department of Veterans Affairs’ integrated service networks. The model minimizes the total cost borne by the health system and its patients and incorporates admission acuity levels, service proportion requirements, and admission retention rates. A common resource constraint is introduced at the facility level since treatment of multiple acuity levels involves the pooling of common resources. Realistic instances of the model …
Investors Do Respond To Poor Mutual Fund Performance: Evidence From Inflows And Outflows, George D. Cashman, Daniel N. Deli, Federico Nardari, Sriram V. Villupuram
Investors Do Respond To Poor Mutual Fund Performance: Evidence From Inflows And Outflows, George D. Cashman, Daniel N. Deli, Federico Nardari, Sriram V. Villupuram
Finance Faculty Research and Publications
Abstract
We examine the relation between mutual fund performance and gross flows for a large sample of actively managed U.S. mutual funds. Unlike previous studies that have only examined periods of generally increasing net flows, our sample includes periods of both increasing and decreasing net flows. We find that outflows are related to performance, with investors withdrawing money from poor performers. We also find that outflows and inflows respond asymmetrically to performance, outflows increase more aggressively following poor performance, and inflows increase more aggressively following good performance. Additionally, we find a symmetric performance net flow relation.
(Wp 2012-01) Territorial Tax System Reform And Corporate Financial Policies, Matteo Arena, George Kutner
(Wp 2012-01) Territorial Tax System Reform And Corporate Financial Policies, Matteo Arena, George Kutner
Department of Finance Working Papers
We examine the effect of a permanent change to a country income repatriation tax system on a set of corporate financial policies. In 2009 Japan and UK switched from a worldwide system to a territorial system for the taxation of earnings repatriated by their multinational firms. Due to the relatively high corporate tax rate in Japan and UK, the new system effectively reduced the tax liabilities of most multinational firms when repatriating earnings. We find that after the change Japanese and UK firms accumulate less cash, pay out larger amounts to shareholders through dividends and share repurchases, and invest less …
Roles And Responsibilities Of Nonprofit Boards: The Peace Case, Patrick Kennelly
Roles And Responsibilities Of Nonprofit Boards: The Peace Case, Patrick Kennelly
Professional Projects
This exploratory study identifies the levels of importance and fulfillment of board roles and responsibilities by nonprofit peacemaking organization board members and executive directors. It suggests a three-component framework for understanding board governance. By employing purposive non-probability sampling, this study used board governance instruments, developed by Inglis, Alexander, and Weaver’s (1999), to identify a three-component framework: strategic activities, resource planning, and evaluations for nonprofit organizations whose mission is peacemaking. It examines the relevance of the framework suggested by Inglis, Alexander, and Weaver’s (1999) for nonprofit peacemaking organizations. The results of this study can be used by nonprofit peacemaking organizations to …
The Dual Basis For Subordinate's Perception Of Change, Anthony Senger
The Dual Basis For Subordinate's Perception Of Change, Anthony Senger
Professional Projects
Psychological research has shown that perception often works in a dual-basis in which a person examines a subject and weighs the subject against an ideal and non-ideal scale, independently. There have been few studies though, that have tried to apply this mechanism as a component of the dynamics involved in Leadership Studies, Organizational Behavior, or Change Management. If the mechanism is active in subordinates, then leaders can make better-informed decisions regarding their organizations, based on an understanding that reaction to both their actions and to changes that they enact are based not only on perceived ideal characteristics, but also non-ideal …
Exploring Firm Characteristics That Differentiate Leaders From Followers In Industry Merger Waves: A Competitive Dynamics Perspective, Jerayr (John) Haleblian, Gerry Mcnamara, Kalin Kolev, Bernadine J. Dykes
Exploring Firm Characteristics That Differentiate Leaders From Followers In Industry Merger Waves: A Competitive Dynamics Perspective, Jerayr (John) Haleblian, Gerry Mcnamara, Kalin Kolev, Bernadine J. Dykes
Management Faculty Research and Publications
Research in strategic management has shown that the timing of firm participation in a merger wave matters, as early movers have been shown to outperform later ones. However, while the consequences of the timing of action within a merger wave have been assessed, the causes that drive these timing effects remain unknown. We draw on the competitive dynamics perspective to investigate firm-level factors that influence the large-scale strategic behavior of leading or following within industry merger waves. We develop hypotheses based on the competitive dynamics argument that the awareness-motivation-capability of firms will influence the timing of competitive action. Consistent with …
Mortgage Product Substitution And State Anti-Predatory Lending Laws: Better Loans And Better Borrowers?, Raphael W. Bostic, Souphala Chomsisengphet, Kathleen C. Engel, Patricia A. Mccoy, Anthony Pennington-Cross, Susan M. Wachter
Mortgage Product Substitution And State Anti-Predatory Lending Laws: Better Loans And Better Borrowers?, Raphael W. Bostic, Souphala Chomsisengphet, Kathleen C. Engel, Patricia A. Mccoy, Anthony Pennington-Cross, Susan M. Wachter
Finance Faculty Research and Publications
Mounting foreclosures and disclosures of abusive lending practices led many states to adopt new anti-predatory lending (APL) laws. Researchers have examined the impact of such laws on credit flows and the cost of credit. This research extends the literature by examining whether the market responded to these laws by substituting different mortgage products for those restricted by APL provisions. The evidence indicates that the laws were effective in restricting loans with targeted characteristics, and that the market substituted other product types to maintain access to credit and affordability in the face of these restrictions. The laws reduced the involvement of …
Retail Analytics And Behavioral Operations: A Recipe For Superior Performance, Mark Barratt, Nicole Dehoratius
Retail Analytics And Behavioral Operations: A Recipe For Superior Performance, Mark Barratt, Nicole Dehoratius
Management Faculty Research and Publications
No abstract provided.
Relationship Of Facebook Usage To Team Identification, Caitlin Moyer
Relationship Of Facebook Usage To Team Identification, Caitlin Moyer
Master's Theses (2009 -)
This study examines the relationship of Facebook usage with sports team identification using Wann's (2006c) "Team Identification-Social Psychological Health Model" to help identify individuals' needs, or motives, for connecting with the team via Facebook as well as with the team itself. To the extent that the team's Facebook presence is believed to fulfill certain needs for an individual, connecting with a team via Facebook was expected to result in higher levels of team identification with that team. Thus, by determining the uses and gratifications that individuals glean from connecting with the team via the social networking site, marketers may be …
Implications Of Being A Highly Rated Organization: Evidence From Four-Star Rated Nonprofits, Qianhua Ling, Daniel G. Neely
Implications Of Being A Highly Rated Organization: Evidence From Four-Star Rated Nonprofits, Qianhua Ling, Daniel G. Neely
Accounting Faculty Research and Publications
This study examines a group of nonprofits rated four stars by Charity Navigator. The purpose is to determine whether this select group of charities exhibits characteristics associated with top charitable organizations, or whether the four-star rating achieved is limited to the more narrow financial metrics employed in the methodology utilized by Charity Navigator. This study finds that organizations rated four stars by Charity Navigator show a lower level of excess cash holdings, report a lower level of compensation expenses and exhibit lower sensitivity of compensation to performance. Financially, these organizations are less vulnerable than their lower rated peers. The results …
Anthropology Of Family Business: Ten Desiderata. In Proceedings, United States Association For Small Business And Entrepreneurship, 27th Annual Conference, Alex Stewart
Management Faculty Research and Publications
For anthropology to realize its potential for contributing to family business, what would it be like? I would emphasize 10 desiderata. These are: (1) familiarity with relevant ethnographies; (2) knowledge about kinship studies; (3) focus on important questions; (4) alertness to sources of solidarity and of conflict; (5) knowledge about human variation and possibilities; (6) attention to wider contexts; (7) systematic comparison; (8) attention to lived experiences; (9) cross-disciplinarity; and (10) methodological soundness. For these 10 properties, I outline key elements, suggest readings, and argue for their importance by considering the consequences if they were not included.
Foreword: Why Become A Business Anthropologist?, Alex Stewart
Foreword: Why Become A Business Anthropologist?, Alex Stewart
Management Faculty Research and Publications
No abstract provided.
Qualitative Study Of The Relationship Between The Employee Engagement Of Certain Employees And The Emotional Intelligence Of Their Respective Leaders, Ann Kulow
Professional Projects
The purpose of this ethnographic qualitative study was to explore the relationships between an employee’s engagement and the emotional and social intelligence of the employee’s manager. The participants were certain employees of a Midwest manufacturer who were chosen by purposeful, criterion sampling. Direct reports of the chosen and consenting leaders were asked to complete a survey designed to measure the employee’s assessment of the social and emotional intelligence of their leaders. A total of 42 reports and 21 managers participated in this portion of the study. The emotional intelligence survey results were coded, reviewed and compared with the engagement survey …
Overcoming Obstacles: Women Entrepreneurs Taking The Lead In Nonprofit Businesses, Theresa Kedinger
Overcoming Obstacles: Women Entrepreneurs Taking The Lead In Nonprofit Businesses, Theresa Kedinger
Professional Projects
Few theoretical models clarify the ways in which a learning experience contributes to entrepreneurial behavior or directly pursuing entrepreneurism. The purpose of this research is to better recognize how women use values, motivations, and desires, through learning experiences, to start a nonprofit organization. Results reveal that, in order to increase the likelihood of females becoming entrepreneurs, they must put themselves in positions where they can have many different experiences. They must be willing to establish networks, overcome societal barriers as well as self-imposed barriers, and reflect upon the experiences they find themselves in, whether they are positive or negative. Such …
Ex Ante Severance Agreements And Timely Disclosures Of Bad News, Qianhua Ling
Ex Ante Severance Agreements And Timely Disclosures Of Bad News, Qianhua Ling
Accounting Faculty Research and Publications
This study explores the puzzle of CEO severance agreements by examining the association between the existence of ex ante severance agreements and the timeliness of bad news disclosures. Classifying severance agreements by type and the way boards grant them, this article documents a positive association between the timeliness of bad news disclosures and the existence of an ex ante single-trigger severance agreement, especially when it is granted alone. This association remains positive in the CEO’s last year of tenure where performance is poor. Further analyses show that this association is stronger among CEOs with a high-variable pay structure than among …
Firm Location And Corporate Debt, Matteo Arena, Michael Dewally
Firm Location And Corporate Debt, Matteo Arena, Michael Dewally
Finance Faculty Research and Publications
This study examines the influence of a firm’s geographical location on corporate debt and provides evidence that the higher cost of collecting information on firms distant from urban areas has significant implications on a wide array of corporate debt characteristics. We find that rural firms face higher debt yield spreads and attract smaller and less prestigious bank syndicates than urban firms. Rural firms attempt to reduce their informational disadvantage by relying more on relationship banking. Our results on the effect of location on corporate debt are robust to the inclusion of an extensive set of firm and issue characteristics.
Marketing To The Base Of The Pyramid: A Corporate Responsibility Approach With Case Inspired Strategies, Nicholas Santos, Gene R. Laczniak
Marketing To The Base Of The Pyramid: A Corporate Responsibility Approach With Case Inspired Strategies, Nicholas Santos, Gene R. Laczniak
Marketing Faculty Research and Publications
The economic and political outcomes of market globalization continue to be complex. As international corporations engage developing markets, they increasingly find consumers who lack market sophistication, meaningful purchasing options and economic leverage. Such conditions are ripe for the exploitation of these market segments but also can be mitigated by enlightened managers willing to thoughtfully consider their ethical and professional obligations to vulnerable consumers. This paper builds on a normative ethical framework, labeled the integrative justice model (IJM) for impoverished markets that was introduced in the marketing and public policy literature. Specifically, the paper will extend the normative ethics of the …
Why Can’T A Family Business Be More Like A Nonfamily Business? Modes Of Professionalization In Family Firms, Alex Stewart, Michael A. Hitt
Why Can’T A Family Business Be More Like A Nonfamily Business? Modes Of Professionalization In Family Firms, Alex Stewart, Michael A. Hitt
Management Faculty Research and Publications
The authors survey arguments that family firms should behave more like nonfamily firms and “professionalize.” Despite the apparent advantages of this transition, many family firms fail to do so or do so only partially. The authors reflect on why this might be so, and the range of possible modes of professionalization. They derive six ideal types: (a) minimally professional family firms; (b) wealth dispensing, private family firms; (c) entrepreneurially operated family firms; (d) entrepreneurial family business groups; (e) pseudoprofessional, public family firms; and (f) hybrid professional family firms. The authors conclude with suggestions for further research that is attentive to …
The Foreign Corrupt Practices Act: An Examination Of Cases And Enforcement Actions, Michael Akers, Brittany Zeske
The Foreign Corrupt Practices Act: An Examination Of Cases And Enforcement Actions, Michael Akers, Brittany Zeske
Accounting Faculty Research and Publications
No abstract provided.
The Standard Auditor's Report: Preparer, User, And Student Reactions To The Pcaob Concept Release, Don E. Giacomino, Michael D. Akers
The Standard Auditor's Report: Preparer, User, And Student Reactions To The Pcaob Concept Release, Don E. Giacomino, Michael D. Akers
Accounting Faculty Research and Publications
Concerns about the usefulness of the Standard Audit Report (SAR) have been expressed by investors and other users of corporate financial statement for several decades. During 2011 the Public Company Accounting Oversight Board (PCAOB) reacted to those concerns by issuing Concept Release on Possible Revisions to the PCAOB Standards Related to PCAOB Standards (“Release”). This article provides a description of the SAR, a short history (timetable) of the pressures (surveys) to improve the SAR and events that have led to the eventual Release by the PCAOB. Feedback (comment letters and surveys) from professionals and professional organizations regarding the “Release” are …
Foundations In Wisconsin: A Directory [31st Ed. 2012], Mary C. Frenn, Anne M. Carpenter, Nathan Lunsford, Sarah Martin, Jakob K. Rinderknecht, Claire Seigworth, Joseph Torchedlo
Foundations In Wisconsin: A Directory [31st Ed. 2012], Mary C. Frenn, Anne M. Carpenter, Nathan Lunsford, Sarah Martin, Jakob K. Rinderknecht, Claire Seigworth, Joseph Torchedlo
Foundations in Wisconsin: A Directory
The 2012 release of Foundations in Wisconsin marks the 31st edition of the print directory and the twelfth year of the online version. The directory is designed as a research tool for grantseekers interested in locating information on private, corporate, and community foundations registered in Wisconsin. Each entry in this new edition has been updated or reviewed to provide the most current information available. Most of the data was drawn from IRS 990-PF tax returns filed by the foundations. Additional information was obtained from surveys, foundation Web sites, annual reports, and newsletters.
Fortunately, Wisconsin foundations are rebounding from the recent …
The Information Technology Workforce: A Comparison Of Critical Skills Of Client And Service Providers, Information Systems Management, Stephen Hawks, Kate Kaiser, Tim Goles, Christine V. Bullen, Judith C. Simon, Cynthia M. Beath, Kevin P. Gallagher, Keith Frampton
The Information Technology Workforce: A Comparison Of Critical Skills Of Client And Service Providers, Information Systems Management, Stephen Hawks, Kate Kaiser, Tim Goles, Christine V. Bullen, Judith C. Simon, Cynthia M. Beath, Kevin P. Gallagher, Keith Frampton
Marketing Faculty Research and Publications
In this article the authors explore similarities and differences in skill needs of IT service providers and the firms that providers service (clients). The results show that providers and clients are more similar than different with regard to desired skills. Client firms emphasize technical skills for new hires more than providers do despite saying that these are the skills they would outsource to providers. The results have implications for organizations’ recruiting and retention, for individuals’ career development, and for educational programs.
Distinctive Imperatives For Mission Driven Teaching In Catholic Business Schools, Gene R. Laczniak, Patrick E. Murphy, Wolfgang Grassl
Distinctive Imperatives For Mission Driven Teaching In Catholic Business Schools, Gene R. Laczniak, Patrick E. Murphy, Wolfgang Grassl
Marketing Faculty Research and Publications
We contend that there are distinct and socially beneficial perspectives, rooted in the Catholic Intellectual Tradition (CIT) and Catholic Social Teaching (CST), which can help nurture future managers to be more attuned to the societal and ethical impacts resulting from their marketing decisions. In this paper, we briefly review several of these themes and illustrate how such messages can be integrated into the marketing instruction that takes place inside of business schools at Catholic universities.
Stakeholder Theory And Marketing: Moving From A Firm-Centric To A Societal Perspective, Gene R. Laczniak, Patrick E. Murphy
Stakeholder Theory And Marketing: Moving From A Firm-Centric To A Societal Perspective, Gene R. Laczniak, Patrick E. Murphy
Marketing Faculty Research and Publications
This essay is inspired by the ideas and research examined in the special section on “Stakeholder Marketing” of the Journal of Public Policy & Marketing in 2010. The authors argue that stakeholder marketing is slowly coalescing with the broader thinking that has occurred in the stakeholder management and ethics literature streams during the past quarter century. However, the predominant view of stakeholders that many marketers advocate is still primarily pragmatic and company centric. The position advanced herein is that stronger forms of stakeholder marketing that reflect more normative, macro/societal, and network-focused orientations are necessary. The authors briefly explain and justify …
Designing Effective Forecasting Decision Support Systems: Aligning Task Complexity And Technology Support, Monica Adya, Edward J. Lusk
Designing Effective Forecasting Decision Support Systems: Aligning Task Complexity And Technology Support, Monica Adya, Edward J. Lusk
Management Faculty Research and Publications
No abstract provided.
Aging, Retirement And Human Resources Management: A Strategic Approach, Barbara L. Rau, Gary A. Adams
Aging, Retirement And Human Resources Management: A Strategic Approach, Barbara L. Rau, Gary A. Adams
Management Faculty Research and Publications
This chapter introduces the organizational view of retirement by exploring the relationship between organizational strategy and human resource management decisions regarding retirement. The authors begin with an overview of organizational strategy and discuss two methods used to plan for an aging and retiring workforce. Several key human resource decisions related to retirement are then addressed. In the pre-retirement phase, the role of HR In helping employees to prepare for retirement Is discussed, focusing primarily on financial planning and other retirement-related benefits. Next, human resource decisions pertaining to managing a retirement-ready workforce are discussed, addressing specifically the issues of knowledge transfer …
Creating Value Through Mergers And Acquisitions: Challenges And Opportunities, Michael A. Hitt, David R. King, Hema Krishnan, Marianna Makri, Mario Schijven, Katsuhiko Shimizu, Hong Zhu
Creating Value Through Mergers And Acquisitions: Challenges And Opportunities, Michael A. Hitt, David R. King, Hema Krishnan, Marianna Makri, Mario Schijven, Katsuhiko Shimizu, Hong Zhu
Management Faculty Research and Publications
No abstract provided.
Does Information Technology Investment Influences Firm’S Market Value? The Case Of Non-Publicly Traded Healthcare Firms, Rajiv Kohli, Sarv Devaraj, Terence T. Ow
Does Information Technology Investment Influences Firm’S Market Value? The Case Of Non-Publicly Traded Healthcare Firms, Rajiv Kohli, Sarv Devaraj, Terence T. Ow
Management Faculty Research and Publications
Managers make informed information technology investment decisions when they are able to quantify how IT contributes to firm performance. While financial accounting measures inform IT’s influence on retrospective firm performance, senior managers expect evidence of how IT influences prospective measures such as the firm’s market value. We examine the efficacy of IT’s influence on firm value combined with measures of financial performance for non-publicly traded (NPT) hospitals that lack conventional market-based measures. We gathered actual sale transactions for NPT hospitals in the United States to derive the q ratio, a measure of market value. Our findings indicate that the influence …