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Series

2013

Risk

Articles 1 - 8 of 8

Full-Text Articles in Business

The Performance Of Listed Hedge Fund Firms, Lin Sun, Melvyn Teo Jul 2013

The Performance Of Listed Hedge Fund Firms, Lin Sun, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

We examine the impact of fund management company listing on hedge fund performance. We find that hedge funds managed by listed firms underperform those managed by unlisted firms by 1.89 per annum after adjusting for risk. Using an event study framework, we show that hedge fund performance deteriorates from 10.32 percent per year in the 36-month pre-listing window to 2.16 percent per year in the 36-month post-listing window. Over the same period, firm assets under management effectively double from US$1.54bn to US$3.04bn. There is no evidence to suggest that funds managed by listed firms are better able to manage operational …

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Shipwreck With Speculator Early Modern Representations Of Risk And Gambling, David J. Hart Jun 2013

Shipwreck With Speculator Early Modern Representations Of Risk And Gambling, David J. Hart

Occasional Papers

Charles Cotton’s Compleat Gamester, one of the best known manuals accompanying a virtual pandemic of gambling fever across early modern Europe, likens gaming to shipwreck since there are “but few Casts at Dice betwixt a rich man and a beggar,” “but few inches between [living] and drowning.” This conjunction of shipwreck and gaming recurs in early modern literature and constitutes a rhetorical topos in the sense of philosopher Hans Blumenberg. I examine several instances of this conjunction (e.g. in Cardano’s autobiography, Shakespeare’s The Tempest, Spinoza’s Theological-Political Treatise, and Joseph de la Vega’s Confusion de Confusiones) and suggest that the conjunction …

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Income Inequality And Stock Pricing In The U.S. Market, Minh T. Nguyen May 2013

Income Inequality And Stock Pricing In The U.S. Market, Minh T. Nguyen

Lawrence University Honors Projects

In this research, the effect of income inequality as measured by the share of national income going to the wealthiest 10% of the nation in the U.S. is assessed for its significance at explaining stock returns in the U.S from 1927 to 2012. Income inequality has always been an important economic indicator and it has the potential to become one of the fundamental sources of risk that affect stock prices. By utilizing the Fama-French three-factor model, this research obtains the inequality beta coefficient, and the inequality risk premium. In turn, the findings of this research suggest the existence of a …

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Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies Reaction In 2009 And 2010, Violet C. Rogers, Jack R. Ethridge Jan 2013

Enterprise Risk Management In The Oil And Gas Industry: An Analysis Of Selected Fortune 500 Oil And Gas Companies Reaction In 2009 And 2010, Violet C. Rogers, Jack R. Ethridge

Faculty Publications

In 2009, four of the top ten Fortune 500 companies were classified within the oil and gas industry. Organizations of this size typically have an advanced Enterprise Risk Management system in place to mitigate risk and to achieve their corporations' objectives. The companies and the article utilize the Enterprise Risk Management Integrated Framework developed by the Committee of Sponsoring Organizations (COSO) as a guide to organize their risk management and reporting. The authors used the framework to analyze reporting years 2009 and 2010 for Fortune 500 oil and gas companies. After gathering and examining information from 2009 and 2010 annual …

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A More Realistic Approach To Directors' Duties, Michelle M. Harner Jan 2013

A More Realistic Approach To Directors' Duties, Michelle M. Harner

Faculty Scholarship

Expectations for what fiduciary duties can achieve in the corporate context are unrealistic. This segment of the law—and the alleged deficiencies therein—are blamed for corporate scandals, securities fraud, failed business plans, and even a company's insolvency. Risk is, however, inherent in business, and human beings are flawed. Fiduciary duty law cannot change these basic facts. To the extent we think it can, we will continue to be disappointed and frustrated. This essay considers recasting (and to a greater extent codifying) directors’ duties in a positive frame to help foster better director oversight. It does not suggest that codifying greater clarity …

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The Law And Economics Of Liability Insurance: A Theoretical And Empirical Review, Tom Baker, Peter Siegelman Jan 2013

The Law And Economics Of Liability Insurance: A Theoretical And Empirical Review, Tom Baker, Peter Siegelman

All Faculty Scholarship

We survey the theoretical and empirical literature on the law and economics of liability insurance. The canonical Shavell model predicts that, despite the presence of some ex ante moral hazard (care-reduction by insureds), liability insurance will generally raise welfare because its risk-spreading gains will likely be larger than its adverse effects on precautionary activities. We discuss the numerous features of liability insurance contracts that are designed to reduce ex ante moral hazard, and examine the evidence of their effects. Most studies conclude that these features work reasonably well, so that liability insurance probably does not generate substantial ex ante moral …

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The Factors That Influence Merchants’ Likeliness To Continue Business: A Study Of Georgetown, South Carolina, Monica B. Fine, Paul Clark Jan 2013

The Factors That Influence Merchants’ Likeliness To Continue Business: A Study Of Georgetown, South Carolina, Monica B. Fine, Paul Clark

Association of Marketing Theory and Practice Proceedings 2013

Loss of businesses to surrounding areas has escalated in the past decade, promoting an examination of factors causing business defection from the city of Georgetown, South Carolina. Kotler (1969) warned that customer retention is more important than identifying new prospects. If the customer’s satisfaction levels fall below completely satisfied, there is a risk of customer defection. This issue is important because the “purpose of a business is to create and keep customers” (Kotler 1969, p. 2). Therefore, understanding what dissatisfies a customer is just as important as understanding what satisfies a customer. The degree to which cities are vulnerable to …

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Using Exploratory Factor Analysis To Identify Star Players’ Effects On The Branding Process Of Professional Sports Teams, N. David Pifer, Jennifer Y. Mak, Won-Yul Bae, Jarrod Schenewark Jan 2013

Using Exploratory Factor Analysis To Identify Star Players’ Effects On The Branding Process Of Professional Sports Teams, N. David Pifer, Jennifer Y. Mak, Won-Yul Bae, Jarrod Schenewark

Association of Marketing Theory and Practice Proceedings 2013

Given the extremely competitive nature of professional sports and the high levels of risk associated with exorbitant player salaries, it is important for management to examine the specific effects that star players can have on a sport franchise’s brand. Gladden and Milne (1999) provided an early framework for examining the relationship between marquee athletes and a team’s brand by developing a model to assess brand equity in professional sport. This model, based largely on previous work by Aaker (1991), listed the star player as a product-related antecedent capable of generating brand equity that could bring about national media exposure, merchandise …

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