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Selected Works

2011

Discipline
Institution
Keyword
Publication
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Articles 91 - 101 of 101

Full-Text Articles in Finance and Financial Management

The Role Of Pension Funds In A Global Economy (In Italian), Paola Bongini, Gregorio Impavido Dec 2010

The Role Of Pension Funds In A Global Economy (In Italian), Paola Bongini, Gregorio Impavido

Paola Bongini

No abstract provided.

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Economic Co-Optimization Of Enhanced Oil Recovery And Carbon Sequestration, Andrew Leach, Charles Mason, Klaas Van 'T Veld Dec 2010

Economic Co-Optimization Of Enhanced Oil Recovery And Carbon Sequestration, Andrew Leach, Charles Mason, Klaas Van 'T Veld

Charles F Mason

In this paper, we present an economic analysis of CO2-enhanced oil recovery (EOR). This technique entails injection of CO2 into mature oil fields in a manner that reduces the oil’s viscosity, thereby enhancing the rate of extraction. As part of this process, significant quantities of CO2 remain sequestered in the reservoir. If CO2 emissions are regulated, oil producers using EOR should therefore be able to earn revenues from sequestration as well as from oil production. We develop a theoretical framework that analyzes the dynamic co-optimization of oil extraction and CO2 sequestration, through the producer’s choice of the fraction of CO2 …

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Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana Dec 2010

Firm Value And Investment Policy Around Stock For Stock Mergers, Adel Bino, Elisabeta Pana

Elisabeta Pana

We study a sample of publicly traded firms that expand by acquiring other firms in pure, stock-for-stock mergers. After these mergers, we find that the diversification premium decreases for the acquiring firm due to having added a target firm trading at a discount. Furthermore, the acquiring firm experiences a decrease in investment opportunities and a decrease in leverage. This is an effect confined only to non-diversifying mergers. Our results indicate that the acquirer’s investment efficiency at the firm level remains unchanged after the merger.

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Finding A Jewel: Identity And Gendered Space In Islamic Finance, Karen Ahmed Dec 2010

Finding A Jewel: Identity And Gendered Space In Islamic Finance, Karen Ahmed

Karen Hunt Ahmed

In this article, I explore how globalization discourses practices work together to form the identities of female Islamic bankers working in the first stand-alone women’s Islamic bank in Dubai, United Arab Emirates. An Islamic bank interacts with the individual by providing a discursive and physical space in which the subject can shape and respond to her desire to identify and engage with the debates in the global Muslim community about morality, practice and the role of Islam in every day life. Global financial systems and local gender practices are embodied in these buildings in a kind of financial purdah: building …

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Impact Of Initial Public Offering Coalition On Deal Completion, Kevin Boeh, Colette Southam Dec 2010

Impact Of Initial Public Offering Coalition On Deal Completion, Kevin Boeh, Colette Southam

Colette Southam

Measures of underwriter and top management team prestige have been shown to signal the underlying quality of a company in an initial public offering (IPO). We extend these measures to include the entire coalition (i.e., managers, board, venture capitalists (VCs), underwriters, auditors, and both sets of lawyers) and surprisingly find VCs to have the highest explanatory power in predicting IPO outcomes (completion or withdrawal). Companies with deep management and a separation of the CEO/chair role are more likely to hire prestigious underwriters and successfully complete IPOs. Although companies with prestigious VCs are more likely to have prestigious underwriters, companies with …

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Sheep And Their Herders: Testing The Myth Of Rational Voters – A Latvian Case Study, Daniel Brou, Kirk Collins, Brent Mckenzie Dec 2010

Sheep And Their Herders: Testing The Myth Of Rational Voters – A Latvian Case Study, Daniel Brou, Kirk Collins, Brent Mckenzie

Daniel Brou

Through the use of a simple behavioural political economy model, we cast doubt on the assumption that voters behave in predictable ways dependent on their expected support for government policies. We show that under certain conditions an unfavourable (i.e. welfare reducing) policy may result, even with well-informed, welfare maximising voters. While true that voter behaviour may align with government policies, this alignment has more to do with a perceived lack of influence, rather than policy support. The case of Latvia's accession to the European Union is used as a case study to evaluate the government's policy in terms of voting …

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Falling Short: Has The Sec’S Quest To Control Market Manipulation And Abusive Short-Selling Come To An End Or Has It Really Just Begun?, Richard Ramirez Dec 2010

Falling Short: Has The Sec’S Quest To Control Market Manipulation And Abusive Short-Selling Come To An End Or Has It Really Just Begun?, Richard Ramirez

Richard E. Ramirez, J.D. | CFCS

No abstract provided.

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Ownership, Bank Organization And Retail Lending In A Low Income Area, Paola Bongini, Laura Nieri, Maria Luisa Di Battista, Simone Rossi Dec 2010

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 …

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The Importance Of Being Known: Relationship Banking And Credit Limits, Atreya Chakraborty Dec 2010

The Importance Of Being Known: Relationship Banking And Credit Limits, Atreya Chakraborty

Atreya Chakraborty

This paper measures the importance of bank-firm relationships in obtaining higher credit “limits.” We use data from a relatively unused section of the National Survey of Small Business Finance (NSSBF, 1993) on credit limits, credit sources, and contract terms for firms with lines of credit from multiple banks. This lets us isolate the credit limit that each bank provides the same firm, eliminating the need to control for often immeasurable, unreliable, or firm-specific “soft” information. For a median Line of Credit (LOC) of $250,000, we find that a bank with a five-year information advantage provides a LOC limit that is …

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Ownership, Bank Organization And Retail Lending In A Low Income Area, Paola Bongini, Laura Nieri, Maria Luisa Di Battista, Simone Rossi Dec 2010

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 …

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Yes, Dividends Are Disappearing: Worldwide Evidence, Ali M. Fatemi, Recep Bildik Dec 2010

Yes, Dividends Are Disappearing: Worldwide Evidence, Ali M. Fatemi, Recep Bildik

Ali M Fatemi

This study examines the patterns in payout policies worldwide. Utilizing data from a sample of more than 17,000 companies from 33 different countries, we find evidence in support of a significant worldwide decline in the propensity to pay dividends. Most of the decline is due to the payout policies of smaller and less profitable firms with comparatively more investment opportunities. We find that larger firms, those with higher profitability, and firms with low growth opportunities have a greater propensity to pay dividends. The proportion of dividend payers varies substantially across industries as well. However, the proportion of firms paying dividends …

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