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Full-Text Articles in Finance and Financial Management
Taxing Audit Markets And Reputation: An Examination Of The U.S. Tax Shelter Controversy, John Incardona, Yezen Kannan, Ronald Premuroso, Julia L. Higgs, Ivy Huang
Taxing Audit Markets And Reputation: An Examination Of The U.S. Tax Shelter Controversy, John Incardona, Yezen Kannan, Ronald Premuroso, Julia L. Higgs, Ivy Huang
Accounting and Finance Faculty Publications
From 2002 to 2007, the nation’s largest CPA firms faced allegations of illegal activity related to the sale of tax shelters: EY, KPMG and PwC paid fines; KPMG was investigated by a federal grand jury; and EY faced a criminal inquiry. These shelter events occurred shortly after the 2002 collapse of Arthur Andersen, when policy makers were concerned about audit market concentration. This is the first paper to provide a chronological summary of how the tax shelter controversy started and ended. We investigate the stock market reaction to tax shelter news developments between 2003 and 2005 to make inferences about …
Is Manager Gender Important In The Performance Of Mutual Funds?, Steven Welch, Yunqing Wang
Is Manager Gender Important In The Performance Of Mutual Funds?, Steven Welch, Yunqing Wang
Accounting and Finance Faculty Publications
We investigate whether there are differences in characteristics and performance of mutual funds caused by the manager’s gender. Through examining a large sample of U.S. domestic equity mutual fund, we find some evidence that suggests female managers have a lower risk tolerance than males. This leads to the observation that females tend to hold a higher total number of assets (stocks) and fewer assets in their top 10 holdings than do male managers. We then analyze performance within funds over time in order to evaluate the impact of changes in management’s gender composition on funds’ performance. We find some evidence …
Which Students Trade The Most? – Five Years Of Evidence From Simulations In An Introductory Investments Course, Steven Welch
Which Students Trade The Most? – Five Years Of Evidence From Simulations In An Introductory Investments Course, Steven Welch
Accounting and Finance Faculty Publications
In investment literature, overconfidence among male investors has been shown bytheir relatively high trading frequency in spite of the evidence that more trading reduces returns by way of transactions costs. In this study, given the assumption that modern, college-educated students taking an investments class should be better educated than the average investor, we posit that female and male students should not have a significant difference between them in (over)confidence, and therefore, trading frequency. We also introduce a new concept of whether domestic or international students trade more frequently, and posit some possible explanations for the results.
Offering A 'Menu' Of Software And Case Study Options For The Group Project For Students Enrolled In The Introductory Ais Course: An Experimental Application Study, Ronald Premuroso, Tara Kirkham
Offering A 'Menu' Of Software And Case Study Options For The Group Project For Students Enrolled In The Introductory Ais Course: An Experimental Application Study, Ronald Premuroso, Tara Kirkham
Accounting and Finance Faculty Publications
Instructors teaching the introductory accounting information systems (AIS) course generally include some type of group project to reinforce the principles emphasized in this course. One of the challenges facing AIS instructors is which type(s) of group project(s) potentially improve the students’ overall course learning experience, while at the same time addressing future career student objectives. If the AIS instructor has a mix of students with such differing career goals when teaching the AIS course, it is important for the instructor to consider possibly offering a variety of project choices for the group project. We test offering a ‘menu’ of software …
Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch
Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch
Accounting and Finance Faculty Publications
In a liberal arts setting, there are no “schools” or “colleges” in which to neatly group a capstone experience. We have developed a course meant to address a capstone experience, while being true to a focus within our particular major. In this paper, an effort to create a course designed as a capstone experience specific to the finance discipline using an active learning strategy is reviewed. The primary method of instruction is with case studies. However, only the first part of the course is taught using the traditional case teaching method. Most of the rest of the course is taught …
On Performance & Tracking Error In Exchange-Traded Funds And Index Mutual Funds, Steven Welch
On Performance & Tracking Error In Exchange-Traded Funds And Index Mutual Funds, Steven Welch
Accounting and Finance Faculty Publications
Using daily data, we find abnormal returns associated with the ETFs are higher than the alphas of the index funds in most cases. This result is in contrast to previous results that conclude that index funds tend to have higher alphas than ETFs. The results are much more prevalent in funds that follow the S&P 500 than funds that do not. One explanation for the difference in results is the more comprehensive sample of ETFs analyzed here. When looking at the components of abnormal returns, several regressions were performed. We find that market concentration, turnover, and no load are at …