Common Sense And Civic Virtue: Institutional Investors, Responsible Ownership, And The Democratic Ideal,
2013
The Lighthouse Investment Group
Common Sense And Civic Virtue: Institutional Investors, Responsible Ownership, And The Democratic Ideal, Marcy Murninghan
New England Journal of Public Policy
On matters of governance, the people’s good is the highest law, as Cicero said two millennia ago. Unfortunately, these days personal greed has trumped the people’s good, enflaming the current governance crisis affecting our public, nonprofit, and private spheres. The spate of corporate governance scandals over the past several years jeopardizes equity investments, harms beneficiaries, and weakens global capital markets. The remedy is not just more laws and regulation but revitalization of the system of corporate checks and balances that already exists. To get better corporate governance, corporate shareowners, especially institutional investors, need to assert their rights and responsibilities more …
Conceptions Of Corporate Purpose In Post-Crisis Financial Firms,
2013
University of Georgia School of Law
Conceptions Of Corporate Purpose In Post-Crisis Financial Firms, Christopher M. Bruner
Scholarly Works
American "populism" has had a major impact on the development of U.S. corporate governance throughout its history. Specifically, appeals to the perceived interests of average working people have exerted enormous social and political influence over prevailing conceptions of corporate purpose - the aims toward which society expects corporate decision-making to be directed. This article assesses the impact of American populism upon prevailing conceptions of corporate purpose - contrasting its unique expression in the context of financial firms with that arising in other contexts - and then examines its impact upon corporategovernance reforms enacted in the wake of the financial and …
2013 Q1 Market Pulse Report,
2013
Pepperdine University
2013 Q1 Market Pulse Report, John K. Paglia
Pepperdine Market Pulse Report
The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.
Pcaob Inspection Reports And Audit Quality,
2013
University of Colorado, Boulder
Pcaob Inspection Reports And Audit Quality, Katherine A. Gunny, Tracey Chunqi Zhang
Research Collection School Of Accountancy
With the creation of the Public Company Accounting Oversight Board (PCAOB), audit firm oversight shifted away from self-regulation to independent regulation. The inspections program is the central feature of the PCAOB. We examine whether PCAOB inspections are able to distinguish actual audit quality (as opposed to perceived) during the period inspected to better understand this important regulatory tool. We use three measures that proxy for actual audit quality: abnormal accruals, restatements, and the propensity to issue a going concern opinion. For triennially inspected auditors, we find that PCAOB inspections are associated with lower audit quality when the reports are seriously …
The Potential Cost And Value Of Erm,
2013
University of Maryland Francis King Carey School of Law
The Potential Cost And Value Of Erm, Michelle M. Harner
Faculty Scholarship
The concept of enterprise risk managment (ERM) as a holistic approach to managing a company's risk profile has tremendous appeal. However, companies are frequently skeptical about its value and whether the results will justify the cost, effort, and challenges of implementing a meaningful ERM process. This report considers some of those concerns and highlights the governance, compliance, and cultural value of ERM.
Corporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa,
2013
Liberty University
Corporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill
Faculty Publications and Presentations
The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional …
The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms,
2013
Liberty University
The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill
Faculty Publications and Presentations
This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms. …
The Importance Of Information Integrity: In A Data-Driven World, Unreliable And Inaccurate Information Can Lead To Bad Decision-Making,
2013
University of Dayton
The Importance Of Information Integrity: In A Data-Driven World, Unreliable And Inaccurate Information Can Lead To Bad Decision-Making, Sridhar Ramamoorti, Madhavan K. Nayar
Accounting Faculty Publications
What is information integrity? It is the trustworthiness and dependability of information. The credibility of information depends on whether we are getting it from sources we can trust. After all, the value of information to the decision-maker and problem-solver consists first in its integrity, and then in its usefulness and usability. Why? Because, even the best chef knows that you can't make a good omelet out of bad eggs! Consider the emerging trend of big data (see" Big Data" on page 34). According to IBM, people create 2.5 quintillion bytes of data every day (a quintillion is 1 followed by …
Why The Sec Is Delaying Adoption Of International Financial Reporting Standards,
2013
Berkeley College
Why The Sec Is Delaying Adoption Of International Financial Reporting Standards, Clemense Ehoff Jr., Dov Fischer
All Faculty Scholarship for the College of Business
In 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) formally began a process to converge Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The SEC has repeatedly delayed its decision on whether to adopt International Financial Reporting Standards as the financial reporting system for U.S. public companies, continue with the convergence project, or reject IFRS altogether. This paper will examine several key reports issued by the SEC and the Financial Accounting Foundation to gain further insight into 1) why the SEC has repeatedly delayed its decision, and 2) what the SEC …
Director Ownership, Governance, And Performance,
2013
University of Colorado at Boulder
Director Ownership, Governance, And Performance, Sanjai Bhagat, Brian Bolton
Business Faculty Publications and Presentations
We study the impact of the Sarbanes-Oxley Act on the relationship between corporate governance and company performance. We consider 5 measures of corporate governance during the period 1998–2007. We find a significant negative relationship between board independence and operating performance during the pre-2002 period, but a positive and significant relationship during the post-2002 period. Our most important contribution is a proposal of a governance measure, namely, dollar ownership of the board members, that is simple, intuitive, less prone to measurement error, and not subject to the problem of weighting a multitude of governance provisions in constructing a governance index.
2013 Private Capital Markets Report,
2013
Pepperdine University
2013 Private Capital Markets Report, John K. Paglia
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 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 capital in today’s economic …
A Case Study On Risk Management: Lessons From The Collapse Of Amaranth Advisors Llc,
2013
University of San Francisco
A Case Study On Risk Management: Lessons From The Collapse Of Amaranth Advisors Llc, Ludwig B. Chincarini
Finance
No abstract provided.
Corporate Governance: The Role Of Independent Directors,
2013
Singapore Management University
Corporate Governance: The Role Of Independent Directors, Singapore Management University
Perspectives@SMU
Companies in Singapore may now have to spend more time and resources to look for independent directors for their firms after the recent revised Corporate Governance Code, but the efforts will be worth it, said Jeremy Goh, associate professor of finance at SMU at a panel discussion during the 3rd Singapore Corporate Governance Week.
Chinese Outward Direct Investment Research: Theoretical Integration And Recommendations,
2013
Cleveland State University
Chinese Outward Direct Investment Research: Theoretical Integration And Recommendations, Ping Deng
Business Faculty Publications
This article reports a detailed analysis of 138 peer-reviewed articles in 41 journals published in the last 12 years (2001–2012) that focus on Chinese outward foreign direct investment from a theoretical advancement perspective. It assesses how the topic has been explored both conceptually and empirically and identifies the substantive contributions to the literature using a thematic analysis. The article argues that research on the international expansion of Chinese multinational corporations offers a unique opportunity to extend and develop extant theorizing in four primary research streams: the latecomer perspective; Chinese state and government influences; the dynamics of firms and institutions; and …
Performance Prediction Of Commodity Prices Using Foreign Exchange Futures,
2013
Walden University
Performance Prediction Of Commodity Prices Using Foreign Exchange Futures, Yisa Ajao
2010-2016 Archived Posters
In an experimental quantitative research design, data from the Futures Market for commodities and foreign exchange futures covering 1986-2011 were obtained and addressed. A General Regression Neural Network was overlaid on this data to deduce a time-series prediction model for wheat prices. Performance prediction error was only 4.42%.
Lead-Lag Relationship In Spot And Future Market: Evidence From Pakistani Stock Market Kse-100 Index,
2013
Abdul Wali Khan University, Mardan
Lead-Lag Relationship In Spot And Future Market: Evidence From Pakistani Stock Market Kse-100 Index, Hamid Ullah, Attaullah Shah
Business Review
This paper has investigated the Efficient Market Hypothesis (EMH) through the concept of lead-lag relationship of the future market prices and spot market prices in the context of Pakistani stock market. The study has used data of randomly selected one hundred and forty firms listed on the Karachi stock exchange from January 1995 to March 2012. Spot and future indexes have been developed from the closing prices through the Price-Weighted index method. First stationarity of the data has been checked through AugmentedDicky Fuller test then GARCH (1,1) model has estimated for both the spot and future index returns in order …
Lucky Cement: A Price Leader In The Karachi Stock Exchange Due To Their Marketing Breakthrough In To The South Asian Markets,
2013
Institute of Business Administration, Karachi
Lucky Cement: A Price Leader In The Karachi Stock Exchange Due To Their Marketing Breakthrough In To The South Asian Markets, Aman U. Saiyed, Muhammad Asadullah
Business Review
Cement is one of the most significant commodities in the area of physical development of infrastructure. As the South Asian economies develop and more and more demands are made on the infrastructure, cement will emerge as the key marketable commodity in this part of the world. In the past 10 years the cement industry in Pakistan added capacity at a rapid pace. They made large profits on the back of high demand. Lately, they have experienced decline in sales and profits. To avoid the volatility of the domestic markets, some cement manufacturers have looked overseas. Lucky Cement Limited, as one …
Market Strategy From Microsoft Acquiring Nokia,
2013
Parkland College
Market Strategy From Microsoft Acquiring Nokia, Weiting Li
A with Honors Projects
Discusses the reason why Microsoft wants to acquire Nokia and the business strategy the company will use to expand its international market.
Analysis Of Reits And Reit Etfs Cointegration During The Flash Crash.,
2013
San Jose State University
Analysis Of Reits And Reit Etfs Cointegration During The Flash Crash., Stoyu Ivanov
Faculty Publications
In this study I revisit the “disintegration hypothesis” of financial assets around a major crisis event. I examine whether the Vanguard Real Estate Investment Trust and iShares Dow Jones US Real Estate Index Fund exchange traded funds disintegrate from the ten largest Real Estate Investment Trusts during the 14:45 Flash Crash on May 6, 2010. I find that six of the ten largest REITs are not cointegrated with the Vanguard Real Estate Investment Trust prior to the Flash Crash and that five of the ten largest REITs are not cointegrated with iShares Dow Jones US Real Estate Index Fund prior …
Analysis Of The Effects Of Pre-Announcement Of S&P 500 Index Changes.,
2013
San Jose State University
Analysis Of The Effects Of Pre-Announcement Of S&P 500 Index Changes., Stoyu Ivanov
Faculty Publications
In this study we attempt to answer the question – does the start of pre-announcing of S&P 500 index changes in October 1989 have an effect on the trading pattern of added or deleted firms? We document that prior to October 1989 the excess returns of added or deleted firms follow a white noise process around the event, whereas after the start of pre-announcing the excess returns can be described as nonstationary. This indicates significant excess profits to be captured around the addition or deletion event after S&P started pre-announcing changes in October 1989 but not prior to that date.
