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Full-Text Articles in Finance and Financial Management

Institutionalization Of Software Product Line: An Empirical Investigation Of Key Organizational Factors, Faheem Ahmed, Luiz Capretz, Shahbaz Sheikh Feb 2013

Institutionalization Of Software Product Line: An Empirical Investigation Of Key Organizational Factors, Faheem Ahmed, Luiz Capretz, Shahbaz Sheikh

Luiz Fernando Capretz

A good fit between the person and the organization is essential in a better organizational performance. This is even more crucial in case of institutionalization of a software product line practice within an organization. Employees’ participation, organizational behavior and management contemplation play a vital role in successfully institutionalizing software product lines in a company. Organizational dimension has been weighted as one of the critical dimensions in software product line theory and practice. A comprehensive empirical investigation to study the impact of some organizational factors on the performance of software product line practice is presented in this work. This is the …

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The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis Dec 2011

The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis

Elisabeta Pana

Credit unions focus their profit and capital management on the tradeoff between providing immediate financial benefits to members and augmenting their institutional well-being through capital accumulation. In this study, we investigate the changes in benefits to credit union members via the interest-rate spread around the adoptions of internet-based services for the period of 2000–2009. Using the propensity score matching method, we show that adopters offer a less favorable interest-rate spread to their members than non-adopters. However, we find evidence that early adopters have a lower degree of market power in dealing with their members than late adopters and offer interest-rate …

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Gfc: Origin, Consequence And Cost, Mohamed Ariff, Ahmed Khalid Nov 2011

Gfc: Origin, Consequence And Cost, Mohamed Ariff, Ahmed Khalid

Ahmed Khalid

No abstract provided.

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Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana Dec 2010

Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana

Elisabeta Pana

We study a sample of publicly traded firms that expand by acquiring other firms in pure, stock-for-stock mergers. After these mergers, we find that the diversification premium decreases for the acquiring firm due to having added a target firm trading at a discount. Furthermore, the acquiring firm experiences a decrease in investment opportunities and a decrease in leverage. This is an effect confined only to non-diversifying mergers. Our results indicate that the acquirer’s investment efficiency at the firm level remains unchanged after the merger.

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The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query Nov 2010

The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query

Elisabeta Pana

Using 189 commercial bank mergers between 1997 and 2004, we document a positive impact of the merger activity on bank liquidity creation. Consistent with the deposit insurance hypothesis, we find that banks with higher levels of deposit insurance create higher levels of liquidity around mergers. Furthermore, we document that the level of equity capital explains the change in liquidity creation around mergers for the sample of large acquirers. We show that for the sample of small acquirers there is a negative relationship between the level of economic growth and changes in liquidity creation around mergers.

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Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven Dolvin, Bradford Jordan Jun 2010

Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven Dolvin, Bradford Jordan

Steven D. Dolvin

IPO underpricing has been extensively studied; however, its impact on the wealth of preexisting shareholders has not been closely examined. We address the question of whether or not periods of high underpricing adversely affect preexisting shareholders. We find that high levels of underpricing are associated with increased share retention, which effectively offsets much of the potential cost. Overall, we find that the percentage of shareholder wealth lost is surprisingly stable over time, unlike underpricing itself. We also find that many factors known to be related to underpricing are not significant determinants of the cost of going public to preexisting owners.

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Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana Dec 2009

Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana

Elisabeta Pana

This study examines the survival of small banks with commercial real estate concentrations over the 2006-2009 period. Using data on 4646 banks, I document that commercial real estate loan concentrations increase the hazard of disappearance. The analysis of bank-specific factors reveals that bank capitalization, liquidity, and asset quality play a significant role on bank survival. I also find evidence that small banks in the Pacific Southwest and South Atlantic regions are less likely to survive as separate entities.

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Poison Pill Redemption: Evidence From The Commercial Banking Industry, Elisabeta Pana Dec 2007

Poison Pill Redemption: Evidence From The Commercial Banking Industry, Elisabeta Pana

Elisabeta Pana

No abstract provided.

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The Market Premium For The Option To Close: Evidence From Australian Gold Mining Firms, Simone Kelly Aug 2004

The Market Premium For The Option To Close: Evidence From Australian Gold Mining Firms, Simone Kelly

Simone Kelly

This paper assesses whether the market valuation of gold mining firms contain a premium for the option to close. Tests of whether observed market values incorporate operating flexibility is central to our understanding of the processes that drive market values and has implications for the relevance and suitability of known theoretical pricing frameworks. This paper assesses the relevancy of the option to close for mining firm valuation. This is achieved by examining 41 Australian gold mining firms listed on the Australian Stock Exchange from 1987 to 1994 that are actively engaged in gold mining extraction and production. A pooled cross-sectional …

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