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Articles 1 - 24 of 24
Full-Text Articles in Finance and Financial Management
Regulation Of Securities Offerings In California: Is It Time For A Change After A Century Of Merit Regulation?, Neal H. Brockmeyer
Regulation Of Securities Offerings In California: Is It Time For A Change After A Century Of Merit Regulation?, Neal H. Brockmeyer
Loyola of Los Angeles Law Review
The California securities law originated in 1913 from a populist movement that embodied a paternalistic attitude toward the protection of investors. It was characterized by the registration of offerings of securities with few exemptions and exclusions, a qualitative review of the merits of those offerings and an administrator with broad authority to implement and enforce the law. While the California securities law is still based on merit review, exclusions and exemptions have been added and expanded over the years by the California legislature and securities regulators. More recently, Congress has preempted state registration and merit review of various securities and …
Beyond A Tube Of Red Lipstick: An Economic Valuation Of Estee Lauder And The Beauty Industry, Aisea Odencrantz, David Offenberg
Beyond A Tube Of Red Lipstick: An Economic Valuation Of Estee Lauder And The Beauty Industry, Aisea Odencrantz, David Offenberg
Honors Thesis
The current valuation of the beauty industry is approximately $532 billion, yet this industry is not commonly suggested by investment professionals as a way to add diversification into their investors’ portfolios. The current craze of the market is technology and fossil fuels, but the beauty industry has remained a major player in consumer spending patterns throughout time. Through examining the historical financial statements of the publicly-traded cosmetic conglomerate Estēe Lauder, as well as several of its competitors, I modeled the future valuation of Estēe Lauder using the Discounted Free Cash Flow and Comparable Firm Multiples models. This analysis demonstrated how …
An Investigation Of Personal Financial Literacy Education, James R. Penner, Joshua D. Spizman
An Investigation Of Personal Financial Literacy Education, James R. Penner, Joshua D. Spizman
Honors Thesis
A lack of financial literacy for many people in the United States is a prominent problem that has largely gone unaddressed, but one that can have devastating results. Currently, 43% of student loan borrowers are not making payments and 33% of American adults have $0 saved for retirement (Pascarella 2-4). These alarming statistics amid a strong economic environment highlight the negative affects a lack of financial literacy can have. Higher education at LMU is geared towards providing students an education of the whole person to enable them to become better people. This research investigates whether or not LMU prepares students …
Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure
Financial Repression In China: Short-Term Growth But Long-Term Crisis, Guangdong Xu, Michael Faure
Loyola of Los Angeles International and Comparative Law Review
No abstract provided.
On Saving Money, Charles J. Higgins
On Saving Money, Charles J. Higgins
Finance Faculty Works
In the consideration to save more money, whether for retirement or say for travel, many focus on the less important activities and ignore some of the more important ones.
Errors Spell Checkers Do Not Correct And Style Sheet: 5 Years Later, Charles J. Higgins
Errors Spell Checkers Do Not Correct And Style Sheet: 5 Years Later, Charles J. Higgins
Finance Faculty Works
This updated listing of words that are often confused by spell checkers is the most downloaded article among my works and those at my university. After 5 years, it has been frequently revised and added to with more than a thousand new words.
The Benefits Of Global Diversification, David J. Tassone
The Benefits Of Global Diversification, David J. Tassone
Honors Thesis
International diversification reduces total risk to a portfolio by adding uncorrelated assets and brings higher long-term returns. In this study, the research looks to see if any single country index or continent index consistently outperforms a diversified value-weighted global market index. In order to value-weight the global index, the study uses the International Monetary Fund’s voting shares of each country and equates each voting share to each country or continent’s stake within the value-weighted global market index. To correct for currency exchange, the study uses iShares and other ETFs denoted in the United States Dollar. The value-weighted global market index …
Financial Crises And Government Regulation, Yusef Trad
Financial Crises And Government Regulation, Yusef Trad
Honors Thesis
In the midst of turmoil, regulation is “a rule or directive made and maintained by an authority” to maintain order. More often than not, the authoritative figure that imposes and upholds regulatory standards, following its introduction to the specific industry or firm, is the government of the respective country or region. However, politicians, like the rest of us, are unable to predict when a crisis will occur and what appropriate regulation should be imposed to prevent that crisis. Thus, an inevitable concern with regulation is the fact that it is unable to thwart an unforeseeable future crisis but is instead …
What’S Wrong With Peg?, Charles J. Higgins
What’S Wrong With Peg?, Charles J. Higgins
Finance Faculty Works
PEG is a newer investment ratio measure of a security’s PE ratio divided by the firm’s growth rate as a percentage. It is examined and contrasted with other investment valuation measures. PEG is shown to be problematic in terms of its units of measure, in what it purports to appropriately determine, and it is non monotonic for relatively profitable firms and is only slightly indicative of correct security selection for relatively unprofitable firms.
Travel Safety: Time Versus Distance, Charles J. Higgins
Travel Safety: Time Versus Distance, Charles J. Higgins
Finance Faculty Works
No abstract provided.
How Do Acquirers Choose Between Mergers And Tender Offers?, David Offenberg, Christo Pirinsky
How Do Acquirers Choose Between Mergers And Tender Offers?, David Offenberg, Christo Pirinsky
Finance Faculty Works
Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in more competitive environments and deals with fewer external impediments on execution are more likely to be structured as tender offers. Tender offers also require higher premiums than mergers. Finally, the rivals of the bidding firm realize significantly lower announcement returns and subsequent operating performance in tender offers than in mergers.
On Maximizing Annualized Option Returns, Charles J. Higgins
On Maximizing Annualized Option Returns, Charles J. Higgins
Finance Faculty Works
While options do generally demonstrate an increase in prices as time increases, an annualized return of their excess premiums exhibit other characteristics including a lower return on options farther out of the money, that as the exercise price is farther out of the money that the expiration with the greatest annualized return is longer in time, and more interestingly that for underlying securities having larger standard deviations the greatest annualized option returns are found with options having shorter expirations.
An After Tax Valuation Of Debt Instruments, Charles J. Higgins
An After Tax Valuation Of Debt Instruments, Charles J. Higgins
Finance Faculty Works
The net present value of any loan at is own discount rate is shown to be zero in both pre tax and after tax worlds. This allows separation from any investment net present value analysis. Further, it simplifies the analysis and it is argued is appropriate even in weighted average cost of capital scenarios wherein the cost of capital equal to its own after tax discount rate and remains a zero in terms of its own net present value.
The Case Against Stock Picking, Charles J. Higgins
The Case Against Stock Picking, Charles J. Higgins
Finance Faculty Works
This paper brings together various topics in finance--the Capital Asset Pricing Model, Portfolio Theory, the empirical evidence, and the Efficient Market Hypothesis--to address whether individual security selection--Stock Picking--is or is not a meritorious venture.
Investor Protection And Cash Holdings: Evidence From U.S. Cross-Listing, Ying Huang, Susan Elkinawy, Pankaj K. Jain
Investor Protection And Cash Holdings: Evidence From U.S. Cross-Listing, Ying Huang, Susan Elkinawy, Pankaj K. Jain
Finance Faculty Works
This paper examines (i) whether the level of firms’ cash holdings differ depending on the strength of investor protection, (ii) whether excess cash holdings are valued more with better investor protection, and (iii) whether cross-listed firms that improve investor protection through “bonding” hold relatively more cash than non-cross-listed firms. We analyze 1405 ADR firms and their corresponding matched firms from 39 different countries and document that ADR firms have significantly higher cash holdings relative to their non-cross-listed peers, especially in recent years. The increase in cash holdings is much higher for emerging market firms because of their transition from particularly …
In Defense Of The Traditional Ira, Charles J. Higgins
In Defense Of The Traditional Ira, Charles J. Higgins
Finance Faculty Works
No abstract provided.
The Hidden Meaning In Those Letters And Numbers, Charles J. Higgins
The Hidden Meaning In Those Letters And Numbers, Charles J. Higgins
Finance Faculty Works
No abstract provided.
On Collecting Social Security Benefits After Age 66, Charles J. Higgins
On Collecting Social Security Benefits After Age 66, Charles J. Higgins
Finance Faculty Works
For those with expectations of a normal longevity, electing to collect Social Security benefits at or after age 66 is currently recognized as appropriate. However, the question of postponing starting payments after the age of 66 is more problematic. This article will show that discounting the various payment elections becomes moot after a 6 percent discount rate.
Errors Spell Checkers Do Not Correct And Style Sheet, Charles J. Higgins
Errors Spell Checkers Do Not Correct And Style Sheet, Charles J. Higgins
Finance Faculty Works
The article focuses on errors that are not corrected by spell checkers in writing programs and communication devices. It is said that spell checkers may change a written word to an unintended one, as well as may provide autocompletion. A list of words that spell checkers and auto completion programs may confuse is provided. Several words in which writing programs can do little to correct notational styles are also listed.
Lesser Known Option Trading Strategies, Charles J. Higgins
Lesser Known Option Trading Strategies, Charles J. Higgins
Finance Faculty Works
Options are bought to hedge (insure) or to speculate on securities. This article examines instead the sale of options in a conservative approach (in lieu of limit orders) and in an aggressive approach (in lieu of margin interest expense). Many know that an investor can use options to increase or decrease risk. This article will explore aspects of options that are lesser known in terms of option level approvals, option use in lieu of limit orders, and no interest expense versions of speculative leverage
Regenerative Patterning In Swarm Robots: Mutual Benefits Of Research In Robotics And Stem Cell Biology, Michael Rubenstein, Ying Sai, Cheng-Ming Chuong, Wei-Min Shen
Regenerative Patterning In Swarm Robots: Mutual Benefits Of Research In Robotics And Stem Cell Biology, Michael Rubenstein, Ying Sai, Cheng-Ming Chuong, Wei-Min Shen
Finance Faculty Works
This paper presents a novel perspective of Robotic Stem Cells (RSCs), defined as the basic non-biological elements with stem cell like properties that can self-reorganize to repair damage to their swarming organization. "Self" here means that the elements can autonomously decide and execute their actions without requiring any preset triggers, commands, or help from external sources. We develop this concept for two purposes. One is to develop a new theory for self-organization and self-assembly of multi-robots systems that can detect and recover from unforeseen errors or attacks. This self-healing and self-regeneration is used to minimize the compromise of overall function …
Using Technology To Support Pedagogy In An Or/Ms Course, Kala Seal, Zbigniew Przasnyski
Using Technology To Support Pedagogy In An Or/Ms Course, Kala Seal, Zbigniew Przasnyski
Finance Faculty Works
We tried several methods to improve pedagogy in a graduate introductory OR/MS course. We developed digital video instruction modules, animations, computer-based tutorials, and a course Web site and used Web-based feedback, virtual classrooms, and collaborative learning methods to support students' learning. We learned that the course Web site, Web-based feedback, virtual classrooms, and some collaborative learning methods are easy to develop and implement and provide immediate returns. Others, such as digital video instructions, animations, and real-time collaborative computing, need more time but may provide better pedagogic benefits in the long run. The benefits from all the efforts accumulate over time. …
Spreadsheets And Or/Ms Models: An End-User Perspective, Linda Leon, Zbigniew Przasnyski, Kala Seal
Spreadsheets And Or/Ms Models: An End-User Perspective, Linda Leon, Zbigniew Przasnyski, Kala Seal
Finance Faculty Works
In 1986, Bodily stated that practitioners could use spreadsheets to model management science/operations research (OR/MS) problems. We surveyed OR practitioners to determine the extent of implementation of these OR/MS problems in a spreadsheet environment and found that end users are solving OR/MS problems using spreadsheets across many functional areas of business, though in varying degrees. Some areas show higher use than others and spreadsheet models are being used to implement various OR tools in a pattern very similar to their use in the nonspreadsheet environment.
A Markovian Model For The Valuation Of Human Assets Acquired By An Organizational Purchase, Eric G. Flamholtz, George T. Geis, Richard J. Perle
A Markovian Model For The Valuation Of Human Assets Acquired By An Organizational Purchase, Eric G. Flamholtz, George T. Geis, Richard J. Perle
Finance Faculty Works
A corporation acquires the assets and liabilities of a securities brokerage firm for a price in excess of net book value. A Markov analysis is used in conjunction with human resource accounting to value a pool of account executives employed by the brokerage firm. The tax implications of imputing a portion of the purchase price premium to the pool of human assets (as opposed to goodwill) are discussed.