2015 Q1 Private Capital Access Index Report,
2015
Pepperdine University
2015 Q1 Private Capital Access Index Report, Craig R. Everett
Pepperdine Private Capital Access Report
The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and mediumsized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.
Momentum Life Cycle Around The World,
2015
Singapore Management University
Momentum Life Cycle Around The World, Frank Weikai Li, K. C. John Wei
Research Collection Lee Kong Chian School Of Business
The momentum life cycle (MLC) hypothesis first proposed by Lee and Swaminathan (2000) applies also to global markets. Early-stage strategies significantly outperform the late-stage and conventional strategies in most countries. Individualism culture is positively associated with late-stage but unrelated to early-stage momentum profitability, suggesting that early- and late-stage momentums are driven by different underlying mechanisms. Consistent with Stein’s (2009) model that arbitrageurs could amplify mispricing, we find that late-stage momentum profits are more pronounced in countries with lower limits to arbitrage. Furthermore, we find that the MLC also applies to exchange traded funds in the United States.
Isca Pre-Budget Survey Findings 2015: Insights From The Accounting And Business Community,
2015
Singapore Management University
Isca Pre-Budget Survey Findings 2015: Insights From The Accounting And Business Community, Clarence Goh
Research Collection School Of Accountancy
Recent forecasts by the International Monetary Fund (IMF) estimate that the global economy will grow by 3.8% in 2015. While this represents an improvement from the 3.3% growth forecasted for 2014, growth in 2015 is expected to be hampered by persistent weakness in the Eurozone and slowdowns in major emerging markets.
An Anatomy Of State Control In The Globalization Of State-Owned Enterprises,
2015
Singapore Management University
An Anatomy Of State Control In The Globalization Of State-Owned Enterprises, Hao Liang, Bing Ren, Sunny Li Sun
Research Collection Lee Kong Chian School Of Business
Integrating agency theory with institutional analysis in international business, we propose a state-control perspective to analyze government-control mechanisms in emerging economies’ globalization of state-owned enterprises (SOEs). We identify two types of state control that influence SOEs’ globalization decisions and the degree of globalization: state ownership control and executives’ political connections, both of which are contingent upon the home country’s evolving institutional environments. Using a two-step corporate globalization decision model and 17,272 firm-year observations of non-financial, Chinese-listed companies, we find a strong impact of both types of state control on SOEs’ globalization, although the impacts differ between the periods before and …
2015 Private Capital Markets Report,
2015
Pepperdine University
2015 Private Capital Markets Report, Craig R. Everett
Pepperdine Private Capital Markets Report
The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey deployed in October 2014, specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending …
Lost Opportunities: The Underuse Of Tax Whistleblowers,
2015
University of Dayton
Lost Opportunities: The Underuse Of Tax Whistleblowers, Sarah J. Webber, Karie Davis-Nozemack
Accounting Faculty Publications
Legal literature on whistleblower programs often assumes an agency’s ability to effectively use a whistleblower tip. This article challenges that assumption in the context of tax enforcement by exposing the Internal Revenue Service’s dismal performance. The article uses Fourth Amendment jurisprudence, taxpayer privacy law, as well as whistleblower and tax enforcement literature to propose a new approach to using information from tax whistleblowers.
Are The Parents To Blame? Predicting Franchisee Failure,
2015
Rollins College
Are The Parents To Blame? Predicting Franchisee Failure, Ilan Alon, Michèle Boulanger, Everlyne Misati, Melih Madanoglu
Faculty Publications
The Small Business Administration (SBA) supports franchising by backing up loans issued by regular lending organizations. However, the SBA does not directly consider firm strategies as part of its lending process. To appreciate how franchisor characteristics influence franchisee failure, we developed a heuristic model using the methodology and power of predictive analytics. We use multi-year data from the World Franchising Council’s surveys on franchisors’ characteristics and from the SBA on franchisee loan defaults. The data cover 271 diverse US franchise chains that are present in both databases. Our model predicts potential defaults of SBA-backed loans issued to American franchisees and …
What Do Institutional Investors Know And Act On Before Almost Everyone Else: Evidence From Corporate Bankruptcies,
2015
Bryant University
What Do Institutional Investors Know And Act On Before Almost Everyone Else: Evidence From Corporate Bankruptcies, Elena Precourt, Henry Oppenheimer
Accounting Department Faculty Journal Articles
We analyze investment behavior of institutional managers who hold and trade shares of firms that file for bankruptcy. We find that during the five-year period preceding a bankruptcy filing, institutional investors (except those managing investment companies) are net buyers with a positive abnormal net number of shares traded during the period. Institutional managers start to sell shares of bankrupt firms sooner in some firms than in others; these earlier sales are of smaller firms with weaker operating performance, and lower equity risk. We do not find evidence that institutional stockholders trade strategically and avoid material price declines before they occur.
Financial Resources And Technology To Transition To 450mm Semiconductor Wafer,
2015
Walden University
Financial Resources And Technology To Transition To 450mm Semiconductor Wafer, Thomas Earl Pastore
2010-2016 Archived Posters
Financial models that can be applied by management to build giant wafer foundries to manufacture low cost semiconductor products are demonstrated. This advanced semiconductor technology will likely drive a new frontier called the Internet of Everything, an expected $14 trillion market that will likely contribute to global positive social change.
Modeling Risk Management In Banks: Examining Why Banks Fail,
2015
Walden University
Modeling Risk Management In Banks: Examining Why Banks Fail, Daniel O. Okehi
2010-2016 Archived Posters
The aim of this research was to determine why there have been persistent bank failures in Nigeria and to investigate whether ineffective risk management in banks, coupled with poor corporate governance practices and nonadherence to regulations (independent variables), play a significant role in the banks' performance(dependent variable).
Mission Impracticable: The Impossibility Of Commercial Impracticability,
2015
Southern Illinois University School of Law
Mission Impracticable: The Impossibility Of Commercial Impracticability, Jennifer Camero
The University of New Hampshire Law Review
[Excerpt] “Residents of Chicago’s Streeterville neighborhood certainly cannot forget the recent financial crisis thanks to a gaping hole in their midst. That hole is to be the home of the Spire, the tallest building in the Northern Hemisphere, at 2,000 feet high with 1,194 residences ranging in price from $750,000 for a studio to $40 million for the penthouse. The developer, Shelbourne Development Group, Inc., began construction in 2007 using its own funds. It also obtained “starter” funds from Bank of America via a loan agreement that required Shelbourne to demonstrate proof of a construction loan by November 1, 2008. …
Determinants Of Capital Structure Of Service And Manufacturing Sectors Of Pakistani Companies Listed In Karachi Stock Exchange,
2015
Isra University, Hyderabad. Pakistan
Determinants Of Capital Structure Of Service And Manufacturing Sectors Of Pakistani Companies Listed In Karachi Stock Exchange, Zahid Ali Channar, Manisha Bai Maheshwari, Piribhat Abbasi
Business Review
Capital structure alludes to how an organization finances its operations whether through shareholders equity, debt or a blending of both. This study was aimed to find out the determinants of capital structure in Manufacturing and Service Sectors of Pakistan and examine which capital structure theory (Trade off theory or Pecking order theory) is relevant in Pakistani context. For study secondary data was collected from financial statements of 30 Companies and then data was analyzed through Correlation and Multi Regression analysis. Results showed that leverage has negative significant relationship with tangibility in both sectors which conformed Pecking order theory is followed …
Investcorp,
2015
University of Richmond
Investcorp, Jeremy Kappes, Haynes King, Jamie Mattioli, Prasad Vaze, Timothy Kyle Benusa, Sam Gottwald, Thomas Arnold, Jeffrey S. Harrison
Robins Case Network
Investcorp is a publicly traded global alternative asset management company headquartered in Manama, Bahrain. It manages a huge hedge fund, along with other assets. The case describes Investcorp’s history, investment strategies, and major competitors. The company has a highly aggressive growth strategy, but it is also facing the retirement of its CEO.
Active Cds Trading And Managers’ Voluntary Disclosure,
2015
Singapore Management University
Active Cds Trading And Managers’ Voluntary Disclosure, Jae Bum Kim, Pervin K. Shroff, Dushyantk Umar Vyas, Regina Wittenberg Moerman
Research Collection School Of Accountancy
No abstract provided.
Do Internal Funds Play An Important Role In Financing Decisions For Constrained Firms?,
2015
Claremont McKenna College
Do Internal Funds Play An Important Role In Financing Decisions For Constrained Firms?, Barun Roychowdhury
CMC Senior Theses
In this paper, I discuss the importance of internal funds for corporate investment among financially constrained firms. I use the paper ‘Financing Constraints and Corporate Investments’ by Fazzari, Hubbard and Petersen.as a base for my framework. I focus on a specific paper refuting their findings and their response in order to fully understand the benefits and costs of the framework. I then apply the original framework to a recent sample that covers the Great Recession to see the results of the initial paper are still valid today and if the recent recession and elongated recovery had an even more adverse …
Two Essays On Corporate Finance,
2015
University of Kentucky
Two Essays On Corporate Finance, Soohyung Kim
Theses and Dissertations--Finance and Quantitative Methods
This dissertation consists of two essays on corporate finance. The first essay investigates the relationship between dual-class shares and firm’s risk-taking. While costs associated with dual-class shares are widely documented, the benefits are seldom studied in the literature. We attempt to fill this gap and find that dual-class firms tend to have fewer business segments, higher volatilities in their cash flows, earnings, and investment opportunities compared to propensity-matched single-class firms. Business segments within a dual-class firm are also more positively correlated in their cash flows, earnings, or investment opportunities than those in single-class firms. The results are consistent with the …
Short Selling Pressure, Stock Price Behavior, And Management Forecast Precision: Evidence From A Natural Experiment,
2015
Arizona State University
Short Selling Pressure, Stock Price Behavior, And Management Forecast Precision: Evidence From A Natural Experiment, Yinghua Li, Liandong Zhang
Research Collection School Of Accountancy
Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers' voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in response to increased short selling pressure, managers also reduce the readability (or increase the fuzziness) of bad news annual reports. Overall, our results suggest that maintaining …
Three Essays On Remittances, Institutions, And Economic Development,
2015
West Virginia University
Three Essays On Remittances, Institutions, And Economic Development, Durga Gautam
Graduate Theses, Dissertations, and Problem Reports (ETD)
Does the inflow of remittances affect the quality of institutions in the recipient countries? This question is important because economists have stressed that good economic institutions, particularly those in the public sector, are instrumental for economic development and growth. The literature on remittances, however, does not document a thorough analysis and compelling evidence of the relationship between these private financial transfers and institutional quality. Unlike other kinds of international capital flows, remittances inflows are not mediated by the government of recipient countries. Remittances are not taxed directly and so are not a source of revenue for the government. Then a …
Corporate Risk-Taking And Public Duty,
2015
Duke Law School
Corporate Risk-Taking And Public Duty, Steven L. Schwarcz
Faculty Scholarship
No abstract provided.
Brief Of Corporate Law Professors As Amici Curie In Support Of Respondents,
2015
Duke Law School
Brief Of Corporate Law Professors As Amici Curie In Support Of Respondents, John C. Coates, Lucian A. Bebchuk, Bernard S. Black, John C. Coffee, James D. Cox, Ronald J. Gilson, Jeffrey N. Gordon, Lawrence Hamermesh, Henry B. Hansmann, Robert J. Jackson Jr., Marcel Kahan, Vikramaditya S. Khanna, Michael Klausner, Reinier H. Kraakman, Donald C. Langevoort, Brian Jm Quinn, Edward B. Rock, Mark J. Roe, Helen S. Scott
Faculty Scholarship
The Supreme Court has looked to the rights of corporate shareholders in determining the rights of union members and non-members to control political spending, and vice versa. The Court sometimes assumes that if shareholders disapprove of corporate political expression, they can easily sell their shares or exercise control over corporate spending. This assumption is mistaken. Because of how capital is saved and invested, most individual shareholders cannot obtain full information about corporate political activities, even after the fact, nor can they prevent their savings from being used to speak in ways with which they disagree. Individual shareholders have no “opt …
