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Full-Text Articles in Finance and Financial Management
Laborem Exercens And The Subjective Dimension Of Work In Economics And Finance, Geoffrey Frieson
Laborem Exercens And The Subjective Dimension Of Work In Economics And Finance, Geoffrey Frieson
Department of Finance: Faculty Publications
The objective dimension of work involves the person acting on external objects through the process of economic production. But because persons tend toward self-realization, and because work is an integral part of this process, the person is also the subject of work. The subjective dimension of work involves work as a creative process operating on the person performing the work. In the encyclical Laborem Exercens, John Paul II argues that the subjective dimension of work is primary and that the primary basis of the value of work is the subject: man himself. This does not mean that the economic …
Human Flourishing And The Self-Limiting Assumptions Of Modern Finance, Geoffrey Friesen
Human Flourishing And The Self-Limiting Assumptions Of Modern Finance, Geoffrey Friesen
Department of Finance: Faculty Publications
Current models in Finance make strong, self-limiting assumptions about the nature of human utility, human relationships, human flourishing, and human growth. These assumptions facilitate tractable solutions to financial problems but ignore subjective determinants of human well-being and value creation within the firm. The philosophical and theological traditions of Catholic teaching, as well as evidence on human flourishing from model social science, call us beyond these models. This paper focuses on three specific areas where a “disconnect” exists between Catholic teaching and current Finance models, highlights the relevance of Catholic teaching, and sketches a framework for more fully integrating human flourishing …
The Effect Of Unsuccessful Past Repurchases On Future Repurchasing Decisions, Geoffrey C. Friesen, Noel Pavel Jeutang, Emre Unlu
The Effect Of Unsuccessful Past Repurchases On Future Repurchasing Decisions, Geoffrey C. Friesen, Noel Pavel Jeutang, Emre Unlu
Department of Finance: Faculty Publications
We find that managers are less likely to repurchase stocks when they lose money on past stock repurchases but find no robust evidence that past gains on repurchases influence future repurchasing activity. This asymmetric sensitivity is strongest for young CEOs and those with the shortest tenure. Also, future repurchases are more sensitive to past repurchase losses for CEOs whose previous lifetime experience with the stock market is unfavorable. The sensitivity of future repurchases to past losses costs firms, on average, about 3.7% per year. When this cost is decomposed into systematic and idiosyncratic components, we find that nearly half (1.8%) …