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Full-Text Articles in Business
Cash Holdings Of S&P Firms Over The Past Decade, Mary Fischer, Treba Marsh, Todd A. Brown
Cash Holdings Of S&P Firms Over The Past Decade, Mary Fischer, Treba Marsh, Todd A. Brown
Faculty Publications
Over the past decade, financial research suggests US firms hold a significant amount of cash. This growing amount of cash has attracted attention from economists, the business press and government. A firm’s cash balance could well indicate the firm elects to hold cash rather than invest in suboptimal investments. There are trade-offs between holding too much cash and holding too little. This exploratory study attempts to find financial relationships that explain the cash held by S&P 100 firms over the decade from fiscal year 2002 to 2011.
Analysis Of The Relation Between The Spiders Spot And Option Implied Volatility., Stoyu Ivanov
Analysis Of The Relation Between The Spiders Spot And Option Implied Volatility., Stoyu Ivanov
Faculty Publications
In this study we use spectral analysis on SPY (Spiders) options to examine the relation between option spot and implied volatility for this exchange trade fund. We attempt to address the question is there a relation between the option spot and implied volatility or option implied volatility has no relation with the spot exchange trade fund volatility. We find that this relation does exist for SPY at-the-money call and put options and the in-the-money call and out-of-the-money put options. Using two spectral statistics – the coherence and the phase statistics, we find that the SPY option implied volatility and spot …
An Empirical Examination Of Negative Economic Value Added Firms., Stoyu Ivanov, Kenneth Leong, Janis Zaima
An Empirical Examination Of Negative Economic Value Added Firms., Stoyu Ivanov, Kenneth Leong, Janis Zaima
Faculty Publications
Economic value-added or EVA is a common metric that quantifies the value of the firm. However, recent studies that examine portfolio investment strategies using EVA suggest that portfolios formed with negative EVA earn relatively higher returns compared to some positive EVA firms. This study investigates whether firms with current negative EVAs perform well in the future. A sample of firms with negative EVAs in 2003 is identified, then four portfolios are formed by ranking firms from the most negative to the least negative EVAs. The returns of the four portfolios are tracked from 2004 through 2009 and correlated to four …
Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov
Performance Analysis Of Banks Headquartered In Hollywood Versus Silicon Valley., Stoyu Ivanov
Faculty Publications
In this study we examine the performance of banks headquartered in Hollywood and banks headquartered in Silicon Valley in the period - first quarter 2008 until second quarter 2012, which includes the period of the Great Recession - December 2007 to June 2009. We find that during the financial crisis both Silicon Valley and Hollywood banks suffered but Silicon Valley banks much less than Hollywood banks. After the recession, banks in both regions improved performance again Silicon Valley banks recovering faster. We also find that the level of deposits, the leverage ratio and total loan chargeoffs consistently play a role …