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Corporate Finance

2009

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Articles 31 - 37 of 37

Full-Text Articles in Finance and Financial Management

Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Patrick D. Primeaux Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D. Jan 2009

Special Edition Of Journal Of Business Ethics, Patrick Flanagan, Marilynn P. Fleckenstein Ph.D., Patrick D. Primeaux Ph.D., Victoria Shoaf Ph.D., Patricia Werhane Ph.D.

Patrick Flanagan

Niagara Falls, New York was home to the 13th Annual Vincentian International Conference Promoting Business Ethics sponsored by DePaul University (Chicago, IL), Niagara University (Niagara, NY), and St. John’s University (New York, NY), the three American universities sponsored by the Congregation of the Mission (the Vincentians). Conferences in the past had specific themes and corresponding paper presentations focused on a particular topic. This one intentionally did not have a central organizing subject matter to allow for greater diversity. Leaders from the academic and corporate sectors, representing 30 countries, submitted excellent papers on a broad range of ethical issues. This rich …


Quality Assurance In Auditing: A Recent Development In Professional Practice, Joseph Femi Adebisi Phd Jan 2009

Quality Assurance In Auditing: A Recent Development In Professional Practice, Joseph Femi Adebisi Phd

Joseph Femi Adebisi PhD

No abstract provided.


Neoliberalism And The Global Financial Crisis, Sharon Beder Jan 2009

Neoliberalism And The Global Financial Crisis, Sharon Beder

Faculty of Arts - Papers (Archive)

The new right advocated policies that aided the accumulation of profits and wealth in fewer hands with the argument that it would promote investment, thereby creating more jobs and more prosperity for all. However financial markets provide opportunities for investment without creating jobs and, as the global financial crisis has revealed, speculative investment feeds an ephemeral prosperity that can be wiped out in a short time period. Inequities resulting from new right policies – including the deregulation of labour markets and the reduction of government spending – reduced consumer demand which had to be propped up with consumer credit and …


The Case Against Exempting Smaller Reporting Companies From Sarbanes-Oxley Section 404: Why Market-Based Solutions Are Likely To Harm Ordinary Investors, John Orcutt Jan 2009

The Case Against Exempting Smaller Reporting Companies From Sarbanes-Oxley Section 404: Why Market-Based Solutions Are Likely To Harm Ordinary Investors, John Orcutt

Law Faculty Scholarship

Section 404 is arguably the most controversial provision of Sarbanes-Oxley (“SOX”). The controversy focuses on whether Section 404’s substantial compliance costs exceed the statute’s benefits, with no consensus on Section 404’s cost-effectiveness. If Section 404 turns out to be cost-ineffective, the companies that are most threatened are smaller companies, as cost-ineffective regulations tend to disproportionately harm smaller companies. This Article considers whether Congress and the SEC should exempt smaller reporting companies from Section 404 compliance, as that would allow for a market-based resolution to the uncertain value of Section 404 for smaller reporting companies. Smaller reporting companies would be relieved …


Does Size Matter In The Hedge Fund Industry?, Song Wee Melvyn Teo Jan 2009

Does Size Matter In The Hedge Fund Industry?, Song Wee Melvyn Teo

Research Collection Lee Kong Chian School Of Business

We document a negative and convex relationship between hedge fund size and future risk-adjusted returns. Small hedge funds outperform large hedge funds by 3.65 percent per year after adjusting for risk. This over performance is not driven by fund age, leverage, serial correlation, or self-selection biases. The capacity constraints manifest across various investment styles and regions. In particular, they are strongest for funds managed by multiple principals who trade small, illiquid securities, suggesting that the observed diseconomies can be traced to price impact and hierarchy costs (Stein, 2002). While investors direct disproportionately more capital to smaller funds, they do not …


Bankruptcy Boundary Games, David A. Skeel Jr. Jan 2009

Bankruptcy Boundary Games, David A. Skeel Jr.

All Faculty Scholarship

For the past several decades, Congress has steadily expanded the exclusion of securities market operations from core bankruptcy protections. This Article focuses on three of the most important of these issues: the exclusion of brokerage firms from Chapter 11; the protection of settlement payments from avoidance as preferences or fraudulent conveyances; and the exemption of derivatives from the automatic stay and other basic bankruptcy provisions. In Parts I, II and III of the Article, I consider each of the issues in turn, showing that each has had serious unintended consequences. Both Drexel Burnham and Lehman Brothers evaded the brokerage exclusion, …


Hdtv Division Of Global Electronics, Inc., Alan J. Kirkpatrick, Leonard K. Gashugi Jan 2009

Hdtv Division Of Global Electronics, Inc., Alan J. Kirkpatrick, Leonard K. Gashugi

Faculty Publications

CASE DESCRIPTION: The primary objective of this case is to describe realistic capital budgeting issues within a large organization. The case illustrates ways that staff inside a corporate finance department (and in related departments) position themselves in the capital planning process. The case also stresses steps that a large firm can take to leverage its size to gain the maximum benefit of investment projects. Further,, the case demonstrates sensitivity analyses in the capital budgeting process, and the resulting internal rates of return. We suggest the case be used to follow the related case “HDTV Systems”, which shows the firm as …