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Articles 31 - 60 of 68
Full-Text Articles in Finance and Financial Management
Fraud Prevention In Nigeria: Applying The Forensic Accounting Tool By Prof. Benjamin, Professor Ben C Osisioma
Fraud Prevention In Nigeria: Applying The Forensic Accounting Tool By Prof. Benjamin, Professor Ben C Osisioma
Prof Ben Chuka Osisioma
The spate of global scandals and corporate misadventures that began with the energy giant, Enron in the years 2000 to 2002, the Asian Financial Crisis of 1997/98, and the global Financial Meltdown of 2008, rocked the accountancy profession and sharply drew attention to the need for the profession to re-invent itself and re-define its focus in the new millennium. Accounting practitioners world-wide, have tested the limits of creative accounting, and the verdict of the marketplace is that the era of sharp and unwholesome practices are over for good. Part of the professional response to challenge of this era, is the …
Territorial Tax System Reform And Corporate Financial Policies, Matteo Arena, George Kutner
Territorial Tax System Reform And Corporate Financial Policies, Matteo Arena, George Kutner
Matteo P. Arena
We examine the effect of a permanent change to a country corporate income repatriation tax system on corporate financial policies. In 2009 Japan and the U.K. switched from a worldwide to a territorial system for the taxation of repatriated foreign earnings. The new system effectively reduced the tax liabilities of most multinational firms when repatriating earnings. We find that after the change firms accumulate less cash, pay out larger amounts through dividends and share repurchases, and invest less abroad. We do not find that the tax system change has significantly affected domestic investments even when controlling for capital constraints.
Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib
Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib
Arindam Bandopadhyaya
The financial services industry is a key sector of the U.S. economy. It is a noteworthy contributor to the overall gross domestic product and is an important component of the gross state product for many states. With the downturn in the economy at the beginning of this decade and the accompanying declines in stock market values, the industry has been hit hard. Asset management firms have experienced sharp decreases in their assets under management; banks and insurance companies have had to refocus their operations and have become increasingly vulnerable to acquisition. As evidence grows stronger that it is unlikely that …
Curriculum Vitae, Karen Ahmed
Neoliberalism And The Global Financial Crisis, Sharon Beder
Neoliberalism And The Global Financial Crisis, Sharon Beder
Sharon Beder
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 …
Executive Compensation: The Role Of Shari’A Compliance, William Marty Martin, Karen Hunt Ahmed
Executive Compensation: The Role Of Shari’A Compliance, William Marty Martin, Karen Hunt Ahmed
Karen Hunt Ahmed
Abstract Purpose The purpose of this paper is to illuminate issues surrounding executive compensation as it relates to current understandings of Islamic business law. Methodology We review the emerging bodies of literature in the fields of executive compensation and opinions of stock options under Shari’a law. Findings It appears that the trend in offering employee stock options as part of a Shari’a compliant compensation package is acceptable in most cases, yet because of its close association with the more problematic idea of derivative transactions, the company must be vigilant in obtaining the approval from its Shari’a Standards Board before offering …
Executive Compensation: The Role Of Shari’A Compliance, William Marty Martin, Karen Hunt Ahmed
Executive Compensation: The Role Of Shari’A Compliance, William Marty Martin, Karen Hunt Ahmed
William Marty Martin
Abstract Purpose The purpose of this paper is to illuminate issues surrounding executive compensation as it relates to current understandings of Islamic business law. Methodology We review the emerging bodies of literature in the fields of executive compensation and opinions of stock options under Shari’a law. Findings It appears that the trend in offering employee stock options as part of a Shari’a compliant compensation package is acceptable in most cases, yet because of its close association with the more problematic idea of derivative transactions, the company must be vigilant in obtaining the approval from its Shari’a Standards Board before offering …
Resume, Karen Hunt Ahmed
Improving Financial Information Literacy In Introduction To Financial Accounting, Anne Kelly, Teresa Williams, Brad S. Matthies, J. Burdeane Orris
Improving Financial Information Literacy In Introduction To Financial Accounting, Anne Kelly, Teresa Williams, Brad S. Matthies, J. Burdeane Orris
Teresa Williams
The motivation for this study came from a desire to improve teaching of the use of accounting information for decision making. The information literacy standards and related performance indicators guided the development of a semester-long case study by accounting faculty and academic business librarians. Their collaboration yielded a series of instruction modules and related student exercises leading up to a group activity involving the evaluation of a company as a potential investment for retirement savings. Students enrolled in two sections of an introductory accounting course volunteered to participate in this study. They provided information about their knowledge before and after …
Improving Financial Information Literacy In Introduction To Financial Accounting, Anne Kelly, Teresa Williams, Brad S. Matthies, J. Burdeane Orris
Improving Financial Information Literacy In Introduction To Financial Accounting, Anne Kelly, Teresa Williams, Brad S. Matthies, J. Burdeane Orris
Anne Kelly
The motivation for this study came from a desire to improve teaching of the use of accounting information for decision making. The information literacy standards and related performance indicators guided the development of a semester-long case study by accounting faculty and academic business librarians. Their collaboration yielded a series of instruction modules and related student exercises leading up to a group activity involving the evaluation of a company as a potential investment for retirement savings. Students enrolled in two sections of an introductory accounting course volunteered to participate in this study. They provided information about their knowledge before and after …
Ownership, Bank Organization And Retail Lending In A Low Income Area, Paola Bongini, Laura Nieri, Maria Luisa Di Battista, Simone Rossi
Ownership, Bank Organization And Retail Lending In A Low Income Area, Paola Bongini, Laura Nieri, Maria Luisa Di Battista, Simone Rossi
Paola Bongini
The focus of this study is on the organizational features of banks operating in the South of Italy, namely major Italian banking groups and local independent banks. In our opinion, in order to evaluate the allocative and operational efficiency of the Southern Italian banking system, the issue to be addressed relates to the potential heterogeneous behavior between banks which are “truly local” – i.e. those banks whose real decisional centres are located in the Southern regions – with respect to those banks operating in the South but which have their decisional centres located in the Centre-North of the country (“outer …
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos
Michael Diathesopoulos
In this paper, we will analyse the issue of concurrence between competition and sector rules and the relation between parallel concepts within the two different legal frameworks. We will firstly examine Third Party Access in relation to essential facilities doctrine and refusal of access and we will identify the common points and objectives of these concepts and the extent to which they provide a context to each other’s implementation. Second, we will focus on how Commission uses sector regulation and objectives as a context within the process of implementation of competition law in the energy sector and third, we will …
Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles
Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles
Steven D. Dolvin
We examine Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) that went public between 1986 and 2004. Consistent with previous studies, we find that REIT IPOs are associated with lower levels of underpricing relative to traditional issues. We also find that REITs are associated with smaller file price revisions. Both findings are potentially attributable to the lower level of uncertainty associated with pricing REITs. In contrast, using an alternative measure of issuance costs that incorporates the share retention decision by preexisting owners, we find no significant difference between REIT and non-REIT issues, suggesting the results of previous studies …
Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles
Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles
Steven D. Dolvin
We examine Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) that went public between 1986 and 2004. Consistent with previous studies, we find that REIT IPOs are associated with lower levels of underpricing relative to traditional issues. We also find that REITs are associated with smaller file price revisions. Both findings are potentially attributable to the lower level of uncertainty associated with pricing REITs. In contrast, using an alternative measure of issuance costs that incorporates the share retention decision by preexisting owners, we find no significant difference between REIT and non-REIT issues, suggesting the results of previous studies …
The 'New Responsibility Paradigm': Implications For Strategic Competitiveness, Art Stewart
The 'New Responsibility Paradigm': Implications For Strategic Competitiveness, Art Stewart
Art Stewart
No abstract provided.
Market Efficiency At The Derby: A Real Horse Race, Steven D. Dolvin, Mark K. Pyles
Market Efficiency At The Derby: A Real Horse Race, Steven D. Dolvin, Mark K. Pyles
Steven D. Dolvin
Using race data from each Kentucky Derby from 1920 to 2005, we examine whether the horse wagering market is efficient. Most prior studies in this arena test potential betting strategies that rely on posted odds, generally finding that it is extremely difficult to devise and implement any consistently successful wager (i.e., market efficiency). We extend these studies by examining underlying determinants of posted race odds, specifically focusing on the experience of auxiliary members (e.g., jockey, breeder and trainer) associated with each entrant. We find that past Derby experience is an important determinant of posted odds and that the odds-making system …
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
Steven D. Dolvin
We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
William Rieber
We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
William K. Templeton
We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …
The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian
The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian
Dr Craig C Julian
Traces the economic development of Thailand since 1945, referring to relevant research, and analyses the reasons why it was the first Southeast Asian country to collapse in the 1997 economic crisis: large current account deficits, excessive external debt, a collapse in the property sector, exchange rate mismanagement and political instability. Considers its future prospects and shows statistics on economic growth and inflation for the world as a whole and various countries and groups within it.
Managing Medical Bills On The Brink Of Bankruptcy, Melissa B. Jacoby, Mirya Holman
Managing Medical Bills On The Brink Of Bankruptcy, Melissa B. Jacoby, Mirya Holman
Melissa B. Jacoby
This paper presents original empirical evidence on financial interactions between medical providers and their patients who go bankrupt. We use a nationally representative sample of people who filed for bankruptcy in 2007 to compare two popular but hotly contested methods of measuring medical burden. By applying both methods to the same filers, we find that nearly four out of five respondents had some financial obligation for medical care not covered by insurance in the two years prior to filing as measured by the survey method. The court record method paints a different picture, with only half of the cases containing …
Was There A “Small-Bank” Anomaly In The Great Crisis Of 2007-09?, Paola Bongini, Giovanni Ferri, Punziana Lacitignola
Was There A “Small-Bank” Anomaly In The Great Crisis Of 2007-09?, Paola Bongini, Giovanni Ferri, Punziana Lacitignola
Paola Bongini
Drawing on a large set of listed banks from Europe, the US and Japan we start noticing that smaller-sized banks suffered less than larger banks in conjunction with the unfolding of the Great Crisis of 2007-09. Was this a small-bank anomaly analogous to the classic small firm effect? We conjecture that what seems to be a small bank anomaly might, in fact, signal a generalized market reassessment of the banking business model and tested whether stock markets penalized less the banks that kept more rooted to the traditional “originate-to-hold” (OTH) model while forgoing the opportunities disclosed by the “originate-to-distribute” (OTD) …
Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser
Restarting Securitization Markets: Policy Proposals And Pitfalls, John Kiff, Andy Jobst, Jodi Scarlata, Michael Kisser
John Kiff
This chapter tracks the rise and fall of securitization markets, and evaluates the various initiatives aimed at restarting them on a sounder footing, focusing on the markets for securities not backed by governments or government-sponsored enterprises. The analysis attempts to discern how securitization can positively contribute to financial stability and sustainable economic growth. While most of the current proposals are unambiguously positive for securitization markets and financial stability, some proposals—such as those designed to improve the alignment of securitizer and investor interests and accounting changes that will result in more securitized assets remaining on balance sheets—may be combined in ways …
Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand (Working Paper), James J. Forest, Paul Turner
Alternative Estimators Of Cointegrating Parameters In Models With Non-Stationary Data: An Application To Us Export Demand (Working Paper), James J. Forest, Paul Turner
James J Forest
This paper presents Monte Carlo simulations which compare the empirical performance of two alternative single equation estimators of the equilibrium parameters in a dynamic relationship. The estimators considered are Stock and Watson’s dynamic ordinary least squares (DOLS) estimator and Bewley’s transformation of the general autoregressive distributed lag model. The results indicate that the Bewley transformation produces a lower mean-square error as well as superior serial correlation properties even with lower truncation lags for the lagged variables included in the estimation equation. An application is then provided which examines the nature of the equilibrium relationship between aggregate US exports, world trade …
Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson
Intensified Regulatory Scrutiny And Bank Distress In New York City During The Great Depression,” With Patrick Van Horn, Gary Richardson
Gary Richardson
Bank distress peaked in New York City, at the center of the United States money market, in July and August 1931, when the banking crisis peaked in Germany and before Britain abandoned the gold standard. This article tests competing theories about the causes of New York’s banking crisis. The cause appears to have been intensified regulatory scrutiny, which was a delayed reaction to the failure of the Bank of United States, rather than the exposure of money center banks to events overseas.
Solid Waste Management Through The Application Of Advanced Technologies, Praveen Jha Dr
Solid Waste Management Through The Application Of Advanced Technologies, Praveen Jha Dr
Praveen Jha Dr
State-of-art long term plan for Solid Waste Management (SWM) including collection, transportation and disposal of Solid Waste (SW), as well as for monitoring of SWM, by generating integrated solution could be generated through the application of advanced technologies so that the policy interventions may prove to be highly successful and cost-effective. Currently, SWM plans are either non-existent or are riddled with serious problems and limitations. SWM plans are extremely expensive. Long term planning could be done for collection, transportation and disposal of SW in such a manner that Waste Collection Points, transportation routes, schedules regarding transportation, loading, unloading, stoppage etc, …
What Does Islamic Finance Want To Be When It Grows Up?, Karen Hunt Ahmed
What Does Islamic Finance Want To Be When It Grows Up?, Karen Hunt Ahmed
Karen Hunt Ahmed
No abstract provided.
Where Is Islamic Finance Going? Ethical Investment Strategies, Karen Hunt Ahmed
Where Is Islamic Finance Going? Ethical Investment Strategies, Karen Hunt Ahmed
Karen Hunt Ahmed
No abstract provided.
"Islamic Banking And Finance: Moral Beliefs And Business Practices At Work", Karen Hunt Ahmed
"Islamic Banking And Finance: Moral Beliefs And Business Practices At Work", Karen Hunt Ahmed
Karen Hunt Ahmed
The religion of Islam has existed for 1400 years but Islamic economic theory and its financial institutions emerged as an industry only in the 1970s. Islamic financial institutions (IFIs) are designed to help Muslims conduct business internationally while simultaneously upholding traditional Islamic values related to trade finance and currency movement. The basis for their existence is the Islamic moral prohibition on charging interest—interest is a central component of capitalist banking—yet IFIs conduct billions of dollars of business annually in the world economy and the de facto Islamic banking transaction is—in most cases—virtually identical to a capitalist banking transaction. Business practices …
Chicago Islamic Microfinance Project, Karen Hunt Ahmed, Cynthia Shawamreh
Chicago Islamic Microfinance Project, Karen Hunt Ahmed, Cynthia Shawamreh
Karen Hunt Ahmed
No abstract provided.