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Finance and Financial Management Commons™
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Articles 1 - 19 of 19
Full-Text Articles in Finance and Financial Management
Feeling The Heat? Fear Of Failure And Performance, Alberto Chong, Marco Chong
Feeling The Heat? Fear Of Failure And Performance, Alberto Chong, Marco Chong
CSLF Working Papers
Using a new, objective measure, we study the role of fear of failure in performance and find that it is positively linked with the latter, a finding that tends to contradict the conventional wisdom in both psychology and behavioral economics. We use individual data from the nationally syndicated television show MasterChef for the years 2010 to 2020 and exploit situations in which contestants are on the verge of being dropped from competition. Using ordinary least squares, we show that extreme fear of failure is associated with an increase of two to four positions in the final placement of the competition.
Glass Ceiling, Michael Samuel, Samir Nagar
Glass Ceiling, Michael Samuel, Samir Nagar
Georgia State Undergraduate Research Conference
No abstract provided.
How Company Scandals Affect Other Firm’S Risk Perceptions, Sunmi Hirata, Martin Grace, Manuela Rincon
How Company Scandals Affect Other Firm’S Risk Perceptions, Sunmi Hirata, Martin Grace, Manuela Rincon
Georgia State Undergraduate Research Conference
No abstract provided.
Sec Risk Factors: A Structural Topic Model (Stm) Approach, Kelli A. Duncan, Brandon Vi Trieu
Sec Risk Factors: A Structural Topic Model (Stm) Approach, Kelli A. Duncan, Brandon Vi Trieu
Georgia State Undergraduate Research Conference
No abstract provided.
Risk, Governance, And Readability: An Examination Of Corporate Risk Discussions, Rwanda Smith
Risk, Governance, And Readability: An Examination Of Corporate Risk Discussions, Rwanda Smith
Georgia State Undergraduate Research Conference
No abstract provided.
The Effects Of Risk Based Capital Requirement On Credit Allocations In The Us, Dita Aisyah
The Effects Of Risk Based Capital Requirement On Credit Allocations In The Us, Dita Aisyah
Georgia State Undergraduate Research Conference
No abstract provided.
Portfolio Analysis Of Hedge Funds, Corey Davis, Brian Burch
Portfolio Analysis Of Hedge Funds, Corey Davis, Brian Burch
Georgia State Undergraduate Research Conference
No abstract provided.
Agency Problems In Target-Date Funds, Vallapuzha Sandhya
Agency Problems In Target-Date Funds, Vallapuzha Sandhya
Finance Dissertations
Target-Date Funds (TDFs) facilitate retirement planning by varying asset allocation over time with the goal of reducing portfolio risk. We explore potential agency problems in TDFs by examining their return performance and flow-performance relation. We find that TDFs under-perform balanced funds (BFs) which are also approved as a default option along with TDFs in 401(k) plans with automatic enrollment. We show that the under-performance is driven by TDFs that have a fund-of-fund structure and constituent funds with high expense ratios or poor performance within the fund family. Additionally, we discover an absence of flow-performance relation in TDFs while BFs exhibit …
An Empirical Analysis Of The Determinants Of Project Finance: Cash Flow Volatility And Correlation, Zinat S. Alam
An Empirical Analysis Of The Determinants Of Project Finance: Cash Flow Volatility And Correlation, Zinat S. Alam
Finance Dissertations
This paper investigates the effect of correlation and volatilities of firm and project cash flows on the choice of project finance. I use a pure-play approach to measure unobservable project cash flows for a sample of 440 US and non-US firms that invested in 577 projects from 1990 to 2008 and find evidence that the probability of project finance is increasing in cash flow volatility difference between firm and project cash flows. The likelihood of the project finance is greater when volatilities are different and the correlation between firm and project cash flows is high. I also find that firms …
Transparency, Risk, And Managerial Actions, Gwendolyn Pennywell
Transparency, Risk, And Managerial Actions, Gwendolyn Pennywell
Finance Dissertations
I investigate the relation between firm risk and firm transparency over the period 1992-2006 and find that the level of firm transparency and the level of firm risk are negatively related. I also find that higher CEO pay-performance sensitivity (delta) works to mitigate this inverse relationship. This result is consistent with Hermalin and Weisbach (2007) who suggest that managers reduce risk to protect their pay and performance evaluations under higher levels of firm transparency. I further find that firms in high technology industries are more likely to increase risk relative to firms in other industries when transparency is high. Finally, …
Essay 1: 'An Examination Of The Efficiency, Foreclosure, And Collusion Rationales For Vertical Takeovers' Essay 2: 'Determinants Of Firm Vertical Boundaries And Implications For Internal Capital Markets', Jaideep Ranjal Shenoy
Essay 1: 'An Examination Of The Efficiency, Foreclosure, And Collusion Rationales For Vertical Takeovers' Essay 2: 'Determinants Of Firm Vertical Boundaries And Implications For Internal Capital Markets', Jaideep Ranjal Shenoy
Finance Dissertations
Essay 1: An Examination of the Efficiency, Foreclosure, and Collusion Rationales for Vertical Takeovers We investigate the efficiency, foreclosure, and collusion rationales for vertical integration using a large sample of vertical takeovers. The efficiency rationale posits that vertical integration prevents future holdup between non-integrated suppliers and customers. In contrast, the foreclosure and collusion rationales suggest that vertical integration harms competition. To distinguish between these hypotheses, we examine the wealth effects of the merging firms, acquirer rivals, target rivals, and corporate customers on announcement of vertical takeovers. Our univariate and cross-sectional results suggest that firms alter their vertical boundaries in a …
Ceo Risk Taking And Firm Policies: Evidence From Ceo Employment History, Lingling Wang
Ceo Risk Taking And Firm Policies: Evidence From Ceo Employment History, Lingling Wang
Finance Dissertations
I propose that CEO employment history is an observable characteristic that reveals the CEO’s unobservable risk-taking preferences. I hypothesize that CEOs that change employers more frequently (mobile CEOs) have a propensity to bear risk and implement riskier firm policies. Using a sample of S&P 1500 CEOs, I find that firms are more likely to hire mobile CEOs when the firm’s prior risk is high, firm-specific human capital is less important, the prior CEO turnover is forced, the prior CEO has a shorter tenure and the board is smaller and has fewer insiders. Mobile CEOs increase financial leverage, invest more in …
Managerial Incentives And The Choice Between Public And Private Debt, Costanza Meneghetti
Managerial Incentives And The Choice Between Public And Private Debt, Costanza Meneghetti
Finance Dissertations
This paper proposes that managerial incentive compensation affects the firm choice between public and bank debt. To motivate the case I analyze a simple model with complete and perfect information that implies a positive relation between managers’ incentive compensation and preference toward bank debt. Using firm-level data over the period 1992-2005, I empirically examine the relation between managerial incentives and financing decisions. Specifically, I examine whether managers whose compensation is tied to firm performance choose bank over public debt as a commitment mechanism to reduce the cost of debt. Consistent with a monitoring role of banks, I find that the …
Two Essays On Managerial Behaviors In The Mutual Fund Industry Essay 1: A Life-Cycle Analysis Of Performance And Growth In U.S. Mutual Funds Essay 2: Can Mutual Fund Window-Dressing Promote Fund Flows?, Leng Ling
Finance Dissertations
ABSTRACT TWO ESSAYS ON MANAGERIAL BEHAVIORS IN THE MUTUAL FUND INDUSTRY LENG LING ESSAY 1: DOES MUTUAL FUND WINDOW-DRESSING PROMOTE FUND FLOWS? I investigate the effectiveness of window-dressing as a potential strategy to be used by mutual fund managers to promote fund flows. Using a rank gap measure as a proxy for the likelihood that window-dressing has occurred, I find that fund investors as whole punish those managers who are suspected to have engaged in window-dressing. That is, I find a negative relation between the window-dressing measure and net fund flows in subsequent quarters after controlling for fund performance, size, …
Model Uncertainty And Mutual Fund Investing, Yee Cheng Loon
Model Uncertainty And Mutual Fund Investing, Yee Cheng Loon
Finance Dissertations
Yee Cheng Loon’s dissertation abstract Model uncertainty exists in the mutual fund literature. Researchers employ a variety of models to estimate risk-adjusted return, suggesting a lack of consensus as to which model is correct. Model uncertainty makes it difficult to draw clear inference about mutual fund performance persistence. We explicitly account for model uncertainty by using Bayesian model averaging techniques to estimate a fund’s risk-adjusted return. Our approach produces the Bayesian model averaged (BMA) alpha, which is a weighted combination of alphas from individual models. Using BMA alphas, we find evidence of performance persistence in a large sample of US …
Cross-Sectional Differences Between Topic 1: Money Market Mutual Funds And Their Role In The Mutual Fund Families. Topic 2: Innovations In Financial Products. Conventional Mutual Funds Versus Exchange Traded Funds., Anna Agapova
Finance Dissertations
The first essay examines cross-sectional differences between money market mutual funds (MMMFs), in the context of the sponsoring fund family. While extant studies have shown that fund family characteristics impact the management of open-end equity mutual funds, results of this study’s analysis find that fund family characteristics also affect the management of MMMF assets, contributing to differences in the maturity of the fund’s holdings, expenses, and realized returns. I find that an MMMF is not simply a transitional account with a short-term low-risk investment objective, but rather, a critical role player within the fund family. Differences in maturity, yield, and …
What Drives Firms To Diversity?, Rong Guo
What Drives Firms To Diversity?, Rong Guo
Finance Dissertations
WHAT DRIVES FIRMS TO DIVERSITY? By RONG GUO Committee Chair: Dr. Omesh Kini Major Department: Finance This paper examines whether corporate governance structures, serving as proxies for agency costs, can explain firms’ decision to diversify. Specifically, it has been hypothesized that firms with worse corporate governance structures are more likely to diversify. The extant literature usually compares the governance characteristics of multi-segment firms to those of single segment firms to address this issue. However, different governance characteristics may simply reflect differences in firm characteristics of diversified firms and focused firms. Furthermore, industry factors may affect both the propensity of firms …
Managerial Incentives And Takeover Wealth Gains, Ebru Reis
Managerial Incentives And Takeover Wealth Gains, Ebru Reis
Finance Dissertations
ABSTRACT MANAGERIAL INCENTIVES AND TAKEOVER WEALTH GAINS By EBRU REIS DECEMBER 5, 2006 Committee Chair: Dr. Jayant R. Kale Major Department: Finance This study examines the relationship between managerial equity incentives and takeover wealth gains both for target and acquirer firms. Although there is some research about the effect of acquirer managers’ incentives on acquirer wealth gains, this paper is one of the first to investigate the effect of target managers’ incentives on the wealth effects of target firms in corporate takeovers. In addition, prior research has focused on the alignment effect of equity incentives in takeovers. However, takeovers provide …
Do Mutual Fund Managers Have Superior Skills? An Analysis Of The Portfolio Deviations From A Benchmark, Jean-Francois Guimond
Do Mutual Fund Managers Have Superior Skills? An Analysis Of The Portfolio Deviations From A Benchmark, Jean-Francois Guimond
Finance Dissertations
By construction, actively managed portfolios must differ from passively managed ones. Consequently, the manager’s problem can be viewed as selecting how to deviate from a passive portfolio composition. The purpose of this study is to see if we can infer the presence of superior skills through the analysis of the portfolio deviations from a benchmark. Based on the Black-Litterman approach, we hypothesize that positive signals should lead to an increase in weight, from which should follow that the largest deviations from a benchmark weight reveal the presence of superior skills. More precisely, this study looks at the subsequent performance of …