Finance and Financial Management Commons^™

Project Financial Distress: Early Signs And Ways To Overcome, Dimitrios V. Siskos

Dimitrios V. Siskos

Financial distress is a hot topic these days in finance and the project’s health is very important for investors as well as management. Investors posit money in those projects which are financially healthy as the risk of default is minimized for them, while management must be able to identify causes of distress which can be controlled by taking different measures (Khurshid, 2013). However, the fact that many projects encounter financial distress requires further investigation. This paper deals with the elements of project financial distress as its major signs and sources as well as it suggests ways to eliminate the consequences. …

Impact Of Life-Cycle Costs Threshold Criteria In The Alternate Design Pavement Bidding Practices Of Public Transportation Agencies, Ilker Karaca, Douglas Gransberg, Ashley F. Buss

Ilker Karaca

This paper proposes a model that enables Department of Transportation (DOT) policy makers to quantify the expected volume of projects that will qualify for letting in their alternate design/alternate bid (ADAB) pavement bidding programs. Current guidance on alternate bidding recommends a fixed percentage as the life cycle cost (LCC) threshold criterion to determine whether pavement selection decisions should be made through ADAB bidding practices. The paper’s analysis shows that the fixed LCC threshold percentage approach may have considerable shortcomings. Instead, a dynamic threshold value is proposed that can subsequently be calibrated by agencies, based on the desired size of their …

2018 Atrs Global Airport Performance Benchmarking Award Winners, Tae Oum, Chunyan Yu

Chunyan Yu

The ATRS Global Airport Benchmarking Project measures and compares the performance of several important aspects of airport operations: Productivity and efficiency, unit costs and cost competitiveness, financial results and airport charges. The report also examines the relationships between various performance measures and airport characteristics as well as management strategies in order to provide a better understanding of observed differences in airport performance. The 2018 report includes 204 airports and 24 airport groups of various sizes and ownership forms in Asia Pacific, Europe and North America. This presentation highlights the top efficiency award winners.

Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill

John Obradovich

The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional …

The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill

John Obradovich

This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms. …

Between Kinship And Commerce: Fiduciaries And The Institutional Logics Of Family Firms, Elisabeth Brooke Harrington, Vanessa Strike

Brooke Harrington

The Integrity Of Financial Analysts: Evidence From Asymmetric Responses To Earnings Surprises, Rui Lu, Wenxuan Hou, Henry Oppenheimer, Ting Zhang

Ting Zhang

This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings surprises, affiliated analysts are more reluctant than unaffiliated analysts to downgrade stock recommendations in response to negative earnings surprises. The evidence implies that conflicts of interest undermine the integrity of financial analysts. We further examine the effects of reputation concern and the Global Research Analyst Settlement as informal and formal mechanisms, on restoring analysts’ integrity. The results show that the positive bias in …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Ting Zhang

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

An Analysis Of Risk-Taking Behavior For Public Defined Benefit Pension Plans, Nancy Mohan, Ting Zhang

Nancy Mohan

This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded and have lower investment returns in the previous years, consistent with the risk transfer hypothesis. Furthermore, pension funds in states facing fiscal constraints allocate more assets to equity and have higher betas. There also appears to be a herding effect in that CalPERS equity allocation or beta is mimicked by other pension funds. Finally, our results suggest that government accounting standards strongly affect pension fund …

The Impact Of Institutional Arrangements On Educational Efficiency, Trevor Collier

Trevor Collier

Per-pupil expenditures on education in the United States have grown immensely in recent decades, yet student achievement has been stagnant. An abundance of research has sought to solve this enigma, much of it centered on the incentive structure facing administrators. Some recent papers use TIMSS data to analyze the relationship between institutional arrangements—that typically do not vary within a single country—and student achievement. Similarly, we utilize TIMSS 1999 to determine if there is an indirect relationship between institutional arrangements and student achievement, via a relationship with school efficiency. Our results show that the specified link between institutional arrangements and student …

Teacher Qualifications And Student Achievement: A Panel Data Of Analysis, Trevor Collier

Trevor Collier

Recent academic research suggests that teacher quality plays an important role in student achievement: however, empirical research on the efficacy of policies requiring teachers to obtain certain degrees is inconclusive, particularly in elementary education. This paper models a panel data production function with fixed effects using the Early Childhood Longitudinal Study (ECLS-K) to asses the relationship between different undergraduate and graduate majors and elementary student test scores. Specifcally, we aim to discern if there is a difference in teacher efficacy within the different education related majors (e.g. early childhood education and elementary education) and between education and non-education related majors.

Tobin, James, Tony Caporale

Tony Caporale

James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …

Covered Interest Rate Parity: The Usd And Cny, Kimberly D. Scott

Kimberly D Scott

One of many tests of international finance is a test termed Covered Interest Rate Parity (CIRP). This theorem posits that exchange rate forward premiums (discounts) are offset by the respective interest rate differential between two currencies (Bhargava, Dania, & Malhotra, 2011). To briefly describe another theorem of interest rate parity is the Uncovered Interest Rate Parity (UIRP). This theorem posits that a return on an uncovered foreign currency deposit should be equal to the return on a similar domestic deposit despite the national market the foreign deposit is located.

Xinhua_Daxin_Global_Financial&Economic_Report, Guo Changlei Luc, 新华大鑫 新华大宗 新华社

Luc Changlei Guo

文章是新华社新华大鑫（新华大宗036号综合会员单位）全球金融研究报告。This article is written by the Global Financial and Economic Research Center which is sponsored by Xinhua Daxin of Xinhua New Agency. Xinhua Daxin is the No.36 member of Xinhua Bulk Commodity Exchange Center.

Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai

Mohammed Sani Abdulai

In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …

Financial Institutions And The Taxi-Cab Industry: An Exploratory Study In Canada, Amarjit Gill, Nahum Biger, Leo Paul Dana, John D D. Obradovich, Ansari Mohamed

Leo- Paul Dana

A current challenge taxi-cab owner/operators face in Canada is the lack of financing for taxi-cabs. This article examines business opportunities and lending risk; it also provides risk management strategies for financial institutions to manage the risk of lending to the taxi-cab industry. Members of the boards of directors and shareholders from the Canadian taxi-cab industry, and lenders from financial institutions that do not provide financing to taxi-cab owner/operators, were interviewed. Board members and shareholders were asked about their perceptions regarding business opportunity, risk, and their willingness to provide collateral for taxi-cab loans. Lenders of financial institutions were asked about their …

Padipoker.Com Agent Judi Poker Situs Poker Online Teraman Dan Terpercaya Indonesia, Di Rosie

di rosie

Data Peserta Kontes SEO 855Online: NAMA: Yanurizca Kusworo EMAIL: yuditakusworo@gmail.com BANK: BCA 0331859655 a/n Yanurizca Kusworo PADIPOKER.com Agent Judi Poker Situs Poker Online Teraman Dan Terpercaya Indonesia adalah pemimpin dunia dalam game online dan taruhan olahraga dengan lebih dari 450.000 klien di 100 negara di seluruh dunia. Perusahaan ini resmi didirikan di Swedia pada tahun 2006 dan saat ini berlisensi melalui Malta. Betsafe menawarkan beberapa produk dan layanan game yang berbeda, tetapi banyak pelanggan telah menyatakan bahwa Sportsbook nya adalah kepala di antara mereka. Perusahaan mengambil taruhan pada berbagai olahraga, dan taruhan individu dapat dibuat untuk sesedikit 10 sen. PADIPOKER.com …

Project Finance: Transactional Evidence From Australia, Michael Regan

Michael Regan

The international project finance market is experiencing a period of significant change. The new Basel III capital adequacy rules will make it harder for banks to provide long-term project finance, and alternative sources of finance such as the shadow banking sector, fund managers, sovereign wealth funds, and institutional investors will take time to bridge the financing gap. In the meantime, it is difficult to source project finance for tenors beyond seven years, risk premiums are higher, and finance is difficult to source. Recent innovations in the form of the European Investment Bank’s Project Bond Initiative, and the ASEAN Infrastructure Fund …

The Impact Of Political Events On Financial Market Volatility: Evidence Using A Markov Switching Process, Ahmed M. Khalid, Gulasekaran Rajaguru

Gulasekaran Rajaguru

This paper investigates the impact of political shocks (positive and negative) on financial markets. Using data from Pakistan for the period January 1999 to September 2006, we link ‘a’ political event to the financial market volatility. We use high frequency data from three indicators (currency, stock and money market) of the financial market for empirical estimation. We employ a Markov Switching process to identify the low and high volatility regimes in Pakistan’s financial market and then link these regimes to certain political events. We use data on daily observations of exchange rates, stock prices and interest rates to perform empirical …

Introduction, Noel Gaston, Ahmed M. Khalid

Ahmed Khalid

Extract: Globalization is very much part of the modern vernacular. Arguably, it was first used by McLuhan and Fiore (1968) when they introduced the concept of the ‘global village’. Globalization is characterized by the growth of the international trade of goods and services, the growth in foreign direct investment (FDI) as well as the political and social linkages that accompany growing economic integration. Outwardly, the driving forces seem to be the decline in administrative barriers to trade, sharp falls in the costs of transportation and communication, fragmentation of production processes and the development in information and communication technologies (ICT). Arguably, …

Financial Performance Of Axis Bank And Kotak Mahindra Bank In The Post Reform Era: Analysis On Camel Model, Kishore Meghani

kishore meghani

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is analyses that the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the …

Las Alianzas Público Privadas ¿Interés General Versus Interés Particular?, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

La economía lleva 238 como ciencia, pero los economistas siguen sin ponerse de acuerdo respecto al rol del Estado en los asuntos económicos. Por un lado, los defensores del liberalismo económico sostienen que el rol del Estado en los asuntos económicos debe ser marginal. Por otra parte, los defensores del intervencionismo creen que el Estado debe ingresar al ruedo económico para velar por el interés general. Interés general versus individualismo ¿Una discusión sin posibilidad de acuerdo? En los años setenta surgió una poderosa herramienta que logró sintetizar el pensamiento liberal y el intervencionista: la Asociación Público-Privada (APP).

Business And Non-Profit Organizations Facing Increased Competition And Growing Customers’ Demands Vol. 13, Anna Ujwary-Gil

Anna Ujwary-Gil

We are happy to present the next volume of this regularly published scientific monograph. The 13th volume brings an analysis of current phenomena and processes taking place in business and non-profit organizations. It points at new conditions in which organizations are established and then function. It also provides an attempt at explaining what determines the way organizations function in a dynamic market. The book also analyzes strategies applied by the surveyed organizations in order to achieve and maintain competitive advantage in the world of increased competition and growing customers’ demands. The book is divided into the following thematic sections which …

Types Of Governance, Financial Policy And The Financial Performance Of Micro-Family-Owned Businesses In Canada, Amarjit Gill, Alan B. Flaschner, Susan Mann, Leo Paul Dana

Leo- Paul Dana

The purpose of this study is to examine the impact of type of governance on financial policy and financial performance of micro-family-owned businesses in Canada. This study utilised survey research (a non-experimental field study design). Micro-family-business owners from Western Canada were asked about their beliefs, perceptions and feelings regarding type of governance, financial policy and financial performance. The findings of this study indicate that type of governance positively impacts financial policy. The results also show that both type of governance and financial policy positively impact the financial performance of the micro-family-owned businesses in Canada. This study contributes to the literature …

10 Razões Para Um Negócio Ter Sucesso, Ivan F. Rodriguez

Ivan F Rodriguez

A experiência e habilidades dos gestores de topo. Mais de metade dos negócios fracassados estão diretamente relacionados à incompetência gerencial.

10 Reasons Business Succeed, Ivan F. Rodriguez

Ivan F Rodriguez

The experience and skills of the top managers. Over half of business failures are directly related to managerial incompetence.

Not All Risk Is Born Equal: The Behavioral Agency Model & Firm Efficacy, Geoffrey P. Martin Dr, Nathan T. Washburn Dr, Marianna Makri Dr

Geoffrey P Martin

We examine the relationship between agent (CEO) risk bearing and the quality of executive risk taking outcomes, by examining the contingency effect of CEO perceived firm efficacy. In doing so, we extend the behavioral agency model (BAM) beyond predictions of risk magnitude to examining how CEO risk taking outcomes differ qualitatively in response to risk bearing. We argue that CEO risk bearing (due to stock options or cash compensation) will positively influence performance outcomes in the presence of higher perceived firm efficacy. However, this positive influence reverses when efficacy is lower. We demonstrate the utility of firm efficacy in exploring …

Accountability In The Church, Professor Ben C Osisioma

Prof Ben Chuka Osisioma

Traditionally, accountability is the obligation to give a reckoning or explanation for one’s actions and responsibilities to a higher authority. However, for the purpose of this paper, we define accountability as the processes through which an organisation makes a commitment to respond to and balance the needs of stakeholders in its decision making processes and activities, and delivers against this commitment. In the church setting accountability involves managing the resources God has entrusted us with, organising for service and mission, and providing programmes to carry out the church’s mandate. The goal is to help people grow in Christ and learn …

Is It Time To Dump Your Vendor Management System?, Rihaz Z. Chughatta

Rihaz Z Chughatta

Most companies today have either implemented, or are exploring, some form of a Vendor Management System (VMS) to consolidate their external suppliers. Companies that sell a VMS point out that this system allows a Customer to get the most cost-effective solution for their needs within a certain category of suppliers; the “when suppliers compete, you win” mentality prevails. Some of the VMS even have performance metrics by which suppliers are measured and then rated in the system; thus making the case that not only does a VMS provide the most cost-effective, but also the best performing and most efficient solution …

Innovation, Proximity, And Knowledge Gatekeepers –Is Proximity A Necessity For Learning And Innovation?, Deogratias Harorimana Dr

Dr Deogratias Harorimana

Organisational desire for innovation and growth can be best achieved when they are in proximity. Geographical or technological proximity represent network structure in which a focal organisation is embedded, which has structural, cognitive and relational dimensions. Proximity influences innovation indirectly by its influence on agents’ ability to exchange and combine knowledge in four related ways: by giving access to exchange partners that provide opportunities for learning, increasing the anticipation of value, increasing the motivation to exchange, and by giving access to resources necessary for committing exchanges.