Spacs: Is It For Real Estate?,
2022
Singapore Management University
Spacs: Is It For Real Estate?, Melvyn Teo, Ronald Tan, Indran Thana, Yin Mei Lock
Perspectives@SMU
SPACs are gaining popularity but investors should do their homework
The Choice Of Peers For Relative Performance Evaluation In Executive Compensation,
2022
Ivey Business School, Western University
The Choice Of Peers For Relative Performance Evaluation In Executive Compensation, Zhichuan Li, John Bizjak, Swaminathan Kalpathy, Brian Young
Business Publications
Relative performance (RPE) awards have become an important component of executive compensation. We examine whether RPE awards, particularly the peer group, are structured in a manner consistent with economic theory. For RPE awards using a custom peer group, we find that the custom group is significantly more effective than four plausible alternative peer groups at filtering out common shocks, lowering the cost of compensation, and increasing managerial incentives. For RPE awards using a market index, we find some evidence that firms could have selected a custom set of peers with better filtering properties at a lower cost with similar incentives. …
When The Social Networks And Internet Come To The Rescue Of Entrepreneurs: The Problematic Of Crowdfunding In Africa,
2022
University of Dschang, Cameroon
When The Social Networks And Internet Come To The Rescue Of Entrepreneurs: The Problematic Of Crowdfunding In Africa, Omenguele Rene Guy, Mbouolang Yimpi Cedric
The Journal of Entrepreneurial Finance
Since 2007, crowdfunding platforms have abounded on the web. It is estimated at 2.5 billion dollars the potential of the crowdfunding market in sub-Saharan Africa by 2025. The objective of this paper is to make an inventory of Crowdfunding activities in Africa, region with a most restrictive access to bank loan by SMEs, start-ups and young entrepreneurs. It appears from the economic and socio-cultural realities that Africa is a region with more potential catalyst for crowdfunding industry takeoff. However, there are many factors which are presented in this study as potential inhibitors of African CF market competiveness. This study has …
Islamic Profit And Loss Sharing Contracting Versus Regular Equity In Entrepreneurial Finance: Risk Sharing And Managerial Incentives,
2022
University of Kiel
Islamic Profit And Loss Sharing Contracting Versus Regular Equity In Entrepreneurial Finance: Risk Sharing And Managerial Incentives, Abdulali Hadizada, Peter Nippel
The Journal of Entrepreneurial Finance
An entrepreneur shares business risk with the investors providing capital for her firm. Risk sharing is per se beneficial, but also results in an agency problem from diminished incentives for the entrepreneur. This classical trade-off depends on the financial contracting between the entrepreneur and the financier. As an alternative to debt or equity, we consider musharaka financing, an Islamic profit and loss sharing contract. First, we show that debt is inferior to equity or musharaka even though debt financing ensures first best efforts in our model. Whether financing with equity or by use of musharaka results in higher utility for …
Impact Of Ceo Overconfidence On Corporate Financing Decision With Mediating Role Of Risk Perception,
2022
International Islamic University Islamabad, Pakistan
Impact Of Ceo Overconfidence On Corporate Financing Decision With Mediating Role Of Risk Perception, Amina Batool, Tahira Awan, Sumayya Chughtai
Business Review
The purpose of this paper is to investigate the impact of managerial (Chief Executive Officer) overconfidence on corporate financing decision with the mediating role of risk perception. This study indicates that psychological factors and biases affect the decision making of human beings including top management. The research design of this research work is causal and primary data has been used to test the results of this study. Among all the companies listed on Pakistan Stock Exchange, researchers have selected top executives of 200 companies as a sample. E-Questionnaire has been used to collect the required data through LinkedIn and other …
Role Of Organizational Capital At Different Phases Of Business’S Life Cycle: A Study Of Psx Companies,
2022
Department of Commerce, University of Gujrat
Role Of Organizational Capital At Different Phases Of Business’S Life Cycle: A Study Of Psx Companies, Zahid Bashir, Ghulam Ali Bhatti, Sobia Arshad
Business Review
The goal of this study was to examine the association between Business Life Cycle phases and organizational capital using PSX index companies. Mainly, the study investigates the relationship of organizational capital phases during different phases of the life cycle and comparison with high and low organizational capital. To fulfill this objective data has been collected of 56 companies of PSX index companies with yearly observations ranging from 2011-2020. For estimation, a multinomial logistic model was used due to categories of the dependent variable. The results indicate that organizational capital is positively significant at the maturity phase but negatively significant at …
Internal Corporate Governance And Bank Risk Taking Behavior: Evidence From Developed And Emerging Economies,
2022
Iqra University
Internal Corporate Governance And Bank Risk Taking Behavior: Evidence From Developed And Emerging Economies, Ghulam Subhani, Shumaila Zeb
Business Review
The study aims to evaluate the impact of board structure and ownership structure on bank risk taking behavior in developed and emerging countries. To fulfill this objective, the study used annual data of 100 large commercial banks for the period 2006-2017 from twelve countries. Zscore is used as the main proxy of bank risk taking behavior. Internal corporate governance is measured by board size, board independence, CEO power, gender diversity, state ownership and foreign ownership. The study controls the issues of endogeneity by applying a two-step generalized method of moments (GMM) econometric approach. The main findings of the study indicate …
The Way Digitalization Is Impacting International Financial Markets: Stock Price Synchronicity,
2022
Old Dominion University
The Way Digitalization Is Impacting International Financial Markets: Stock Price Synchronicity, Chen Chen, M. Mahdi Moeini Gharagozloo, Layla Darougar, Lei Shi
Finance Faculty Publications
This paper investigates whether and how the development level of a country's digital economy affects stock price synchronicity. The results indicate that countries with high levels of digital economy development exhibit low stock price synchronicity. Additionally, by decomposing stock price synchronicity into systematic and firm‐specific stock return variations, we find that systematic (firm‐specific) variations of stock returns decrease (increase) with the level of a country's digitalization. These findings shed light on the future trend of stock price synchronicity in financial markets around the world and support the information‐based interpretation of stock price synchronicity.
Are Ceos To Blame For Corporate Failure? Evidence From Chapter 11 Filings,
2022
Old Dominion University
Are Ceos To Blame For Corporate Failure? Evidence From Chapter 11 Filings, Rajib Chowdhury, John A. Doukas
Finance Faculty Publications
This study examines whether chief executive officers (CEOs) are to blame for corporate failures. Using alternative CEO managerial ability measures, we document that high-ability (low-ability) CEOs are less (more) likely to be associated with bankruptcy. We also find that reorganized firms run by high-ability incumbent CEOs experience improved financial performance after filing for Chapter 11. Firms that hire high-ability CEOs with bankruptcy experience also realize improved financial performance. Our evidence indicates that the likelihood of corporate bankruptcy is unrelated to the presence of high-ability managers and that bankruptcy does not adversely affect the post-bankruptcy careers of high-ability CEOs.
Mathematical Modeling For A Multiproduct Manufacturing System Featuring Postponement, External Suppliers, Overtime, And Scrap,
2022
Chaoyang University of Technology
Mathematical Modeling For A Multiproduct Manufacturing System Featuring Postponement, External Suppliers, Overtime, And Scrap, Yuan Shyi P. Chiu, Jian Hua Lian, Victoria Chiu, Yunsen Wang, Hsiao Chun Wu
Department of Accounting and Finance Faculty Scholarship and Creative Works
Manufacturing firms operating in today’s competitive global markets must continuously find the appropriate manufacturing scheme and strategies to effectively meet customer needs for various types of quality of merchandise under the constraints of short order lead-time and limited in-house capacity. Inspired by the offering of a decision-making model to aid smooth manufacturers’ operations, this study builds an analytical model to expose the influence of the outsourcing of common parts, postponement policies, overtime options, and random scrapped items on the optimal replenishment decision and various crucial system performance indices of the multiproduct problem. A two-stage fabrication scheme is presented to handle …
Minimization Of Multiproduct Fabrication Cost Featuring Rework, Commonality, External Provider, And Postponement,
2022
Chaoyang University of Technology
Minimization Of Multiproduct Fabrication Cost Featuring Rework, Commonality, External Provider, And Postponement, Peng Cheng Sung, Chia Ming Lai, Yunsen Wang, Yuan Shyi P. Chiu
Department of Accounting and Finance Faculty Scholarship and Creative Works
This study presents a multiproduct fabrication cost-minimization model featuring external providers, commonality, rework, and postponement in the supply chain environment. Customers’ requirements simultaneously emphasize quality, variety, and fast response time in current markets. To satisfy customer needs, most manufacturers in various industries (e.g., clothing, household goods, automotive, etc.) plan their multiproduct fabrication by incorporating a postponement strategy, rework process, and an outsourcing option. Motivated by the viewpoints above, this study offers a decision support system to address customers’ external expectations while optimizing internal operating expenses and machine utilization. We propose a single-machine, two-stage delayed differentiation system under a rotation cycle …
Financial Capacity And The Demand For Audit Quality,
2022
Singapore Management University
Financial Capacity And The Demand For Audit Quality, Chee Yeow Lim, Gerald J. Lobo, Pingui Rao, Heng Yue
Research Collection School Of Accountancy
Prior research documents that financial capacity could be positively or negatively associated with the demand for audit quality. We re-examine this relation using changes in local real estate prices as exogenous shocks to corporate financial capacity. Using auditor size, auditor industry specialisation, and auditor fees as measures of audit quality, we find robust evidence that an increase (decrease) in financial capacity significantly reduces (increases) the demand for audit quality, and that this relation is more pronounced when firms are more financially constrained, when external monitoring by institutional investors and financial analysts is weaker, and when there is more negative news …
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting,
2022
Singapore Management University
Audit Adjustments Matter: What They Reveal About Companies' Financial Reporting, Themin Suwardy, Chu Yeong Lim
Research Collection School Of Accountancy
This study investigates the characteristics, nature and extent of proposed audit adjustments to the financial statements of listed companies in Singapore. Data was gathered from the 2018 to 2020 financial statements of 412 companies, along with views of close to 280 audit committee chairs and heads of finance (or similar designations) on the effectiveness of their companies’ finance function.
Postmaterialism And Corporate Tax Avoidance,
2022
Singapore Management University
Postmaterialism And Corporate Tax Avoidance, Yujia Cui, Jiwei Wang, Kangtao Ye
Research Collection School Of Accountancy
This paper explores how postmaterialism culture influences corporate tax avoidance behavior. Using a proprietary dataset of China tax audits, we find that firms owned by investors from countries with higher postmaterialism values are less likely to engage in tax avoidance behavior in China. In addition, we find some evidence that the negative association between postmaterialism and tax avoidance is more pronounced when tax enforcement is stronger, indicating that national culture and formal institutions act as complements. To check the external validity of our main results, we further use a cross-country sample from 21 countries over 22 years. The evidence from …
Turning The Covid-19 Pandemic Into An Opportunity For Digital Disruption In The E-Commerce Industry: A Case Study Of Digital Commerce Intelligence Pte Ltd,
2022
Singapore Management University
Turning The Covid-19 Pandemic Into An Opportunity For Digital Disruption In The E-Commerce Industry: A Case Study Of Digital Commerce Intelligence Pte Ltd, Yuanto Kusnadi, Gary Pan
Research Collection School Of Accountancy
No abstract provided.
Balance Sheet Strength: A Retrospective Analysis Of Corporate Liquidity And Solvency And Firm Stock Returns,
2022
Claremont Colleges
Balance Sheet Strength: A Retrospective Analysis Of Corporate Liquidity And Solvency And Firm Stock Returns, Andrew Wraith
CMC Senior Theses
The onset COVID-19 Pandemic caused rippling effects throughout the global economy. Social distancing and stay at home orders shifted consumer demand, as the firmwide impact of these same policies led to supply chain shortages. The COVID-19 Pandemic induced a recession in 2020 that was unique from all others in US history. Throughout the beginning months of the Pandemic, firms rushed to raise debt, equity, and lines of credit, as public financing markets experienced increased volatility. How did the markets adapt to this sudden change? I examine the effect on stock returns of firmwide Balance Sheet strength as it changed throughout …
An Analysis Of Impacts Of Covid-19 On Salary Cap Allocation And Performance In The National Football League,
2022
Claremont Colleges
An Analysis Of Impacts Of Covid-19 On Salary Cap Allocation And Performance In The National Football League, Abai Houser
CMC Senior Theses
Professional sports are one of the most successful industries in the world. The live spectacle and in-person nature make sporting events a unique and individual experience. COVID-19 shifted how athletic events were operated, financed, and viewed, thereby changing leagues as well. The National Football League was one of the last sports to start its season during 2019 and 2020, setting the stage as the only league to not isolate its players in a safe operating space. This paper studies the effects of COVID-19 on the salary cap management of teams after the pandemic. The findings suggest that financial metrics analyzed …
Securing The Overnight Rates: A Study Of Alternative Reference Rates In Illiquid Overnight Tri-Party Repo Markets,
2022
Claremont Colleges
Securing The Overnight Rates: A Study Of Alternative Reference Rates In Illiquid Overnight Tri-Party Repo Markets, Michael Murphy
CMC Senior Theses
Since 2011, the London Interbank Offer Rate (LIBOR) has been on the way out for practitioners and researchers alike due to its manipulation in key bank quotes during the Great Financial Crisis (GFC). This paper intends to examine key rates being introduced as LIBOR substitutes, such as SOFR, BSBY, and Ameribor. Specific to its concern, the paper will back test these rates during times of illiquidity in both their respective markets and the broader financial markets to determine which rates will be able to sustain an abnormal drop in transaction volumes. Furthermore, this paper will try to determine whether a …
Evaluating The Impact Of Streaming Service Subscriber Acquisition Strategies In India On Firm Value: An Event Study Analysis,
2022
Claremont McKenna College
Evaluating The Impact Of Streaming Service Subscriber Acquisition Strategies In India On Firm Value: An Event Study Analysis, Ajitha Anand
CMC Senior Theses
For streaming service providers who are reaching a plateau in subscriber growth in the western market, India presents a rich opportunity for subscriber acquisition. However, the three major streaming service providers, Netflix, Amazon Prime Video, and Disney+Hotstar, have faced challenges growing and sustaining a strong subscriber base in India. This thesis offers three contributions. First, I explain and categorize the approaches of these providers from 2016 to 2022. Second, using event study methodology and the Fama-French Five factor model, I estimate the effect of India-related SVOD press releases on firm returns. Third, I estimate the impact that each firm’s announcements …
The Sec’S Climate Disclosure Rule: Critiquing The Critics,
2022
Emory University School of Law
The Sec’S Climate Disclosure Rule: Critiquing The Critics, George S. Georgiev
Faculty Articles
Climate change is an existential phenomenon, which entails a wide variety of physical risks as well as sizeable but underappreciated economic risks. In March 2022, the U.S. Securities and Exchange Commission (SEC) moved to address some of the information gaps related to the effects of climate change on firms by proposing a rule that requires public companies to report detailed and standardized information about important climate-related matters for the benefit of investors and markets. Though the rule proposal was welcomed by many market participants, it was also met with a level of opposition that was unusual in both its intensity …
