Banks' Survival During The Financial Crisis: The Role Of Regulatory Reporting Quality,
2012
Singapore Management University
Banks' Survival During The Financial Crisis: The Role Of Regulatory Reporting Quality, Jeffrey Ng, Tjomme O. Rusticus
Research Collection School Of Accountancy
In this paper, we investigate the effect of bank transparency before the crisis on bank stability during the financial crisis that erupted in 2008. Using a large sample of private and public commercial banks in the United States, we find that transparency enhances stability. We use two measures of transparency. We develop a new measure of financial reporting transparency based on loan loss provision estimation errors. We corroborate our findings using a second measure based on the incidence of accounting restatements. We show that lower transparency before the crisis is associated with higher non-performing loans and lower profitability at the …
Nonprofit Funding Agencies’ Review Of Grant Recipients,
2012
Johnson & Wales University - Providence
Nonprofit Funding Agencies’ Review Of Grant Recipients, Siobain Mcilvain
Honors Theses - Providence Campus
Nonprofits need to be just as responsible as public corporations. Nonprofit funding agencies have the responsibility for evaluating the organizations they fund to make sure that they are operating with high integrity, maintaining strong internal controls, remaining financially stable, and overall being good stewards of the funds received. This paper will explain the criteria that a funding agency should follow in order to affect this process, as well as how a recipient nonprofit will benefit from following the criteria.
Is Tech M&A Value-Additive?,
2012
Princeton University
Is Tech M&A Value-Additive?, Ani Deshmukh
Undergraduate Economic Review
Given rising M&A deal volume across all high-tech subsectors, the ability to measure post-acquisition performance becomes critical. Despite this growth, the relevant academic literature is severely lacking (Kohers and Kohers 2000). Using an event-study approach, I find that acquirers and targets both realize statistically significant day-0 abnormal returns (1.23% [p<0.1] and 8.1% [p<0.01], respectively). As positive stock returns signal positive growth prospects in a semi-strong efficient market, AR regressions found that firms' technological relatedness, deal financing, purchase price premiums, and the relative book to market ratio, explained most variance. Overall, high-tech transactions are value-additive for both targets and acquirers.
A Research Proposal: How Can The United States Postal Service Respond And Recover From A Decade Of Decline?,
2012
Johnson & Wales University - Providence
A Research Proposal: How Can The United States Postal Service Respond And Recover From A Decade Of Decline?, Victoria E. Ayers
MBA Student Scholarship
The purpose of this proposal is to identify the various financial struggles the United States Postal Service is currently facing. The interpretation of the related literature reveals some of the issues which the Postal Service is currently facing. Through the analysis of articles addressing the present and past volumes of mail and the recent usage of postal facilities it is evident that there is still a need for the USPS to survive. This proposal examines the current actions taken to save the United States Postal Service from their financial turmoil and also presents the results of past actions. It is …
Building The Cfo Function: Roles And Responsibilities,
2012
Singapore Management University
Building The Cfo Function: Roles And Responsibilities, Andrew Lee, Tracey Zhang
Research Collection School Of Accountancy
In May 2012, the Singapore CFO Institute, in collaboration with the School of Accountancy at Singapore Management University (SMU), embarked on this study with the objective of achieving a better understanding of the CFO function in today’s modern corporation. The study aims to answer a fundamental question – what do CFOs actually do? We examined several facets to this question: the key roles and responsibilities of CFOs; how those responsibilities are structured; whether those roles have changed in importance over time; what roles occupy the most of the CFOs’ attention and time; and what factors are challenging or enhancing the …
Building The Cfo Function: Roles And Responsibilities,
2012
Singapore Management University
Building The Cfo Function: Roles And Responsibilities, Andrew Lee
Research Collection School Of Accountancy
No abstract provided.
Can Us Economic Variables Predict Chinese Stock Market?,
2012
Singapore Management University
Can Us Economic Variables Predict Chinese Stock Market?, Jeremy Goh, Fuwei Jiang, Jun Tu, Yuchen Wang
Research Collection Lee Kong Chian School Of Business
In the last few decades, we observed a significant increase in global economic activities and these activities may have an impact on both China's economy and stock market. Given the potential impact, we empirically examine whether US economic variables are leading indicators of the Chinese stock market. Prior to China joining the World Trade Organization (WTO) in the end of 2001, we find no statistical relationship between US economic variables and the Chinese stock market returns. However, we find US economic variables have statistically significant predictive power for periods after China's admission into the WTO. In addition, we show that …
2012 Q3 Market Pulse Report,
2012
Pepperdine University
2012 Q3 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.
Social Networks And Risk Taking: Evidence From Corporate Control Activities,
2012
Singapore Management University
Social Networks And Risk Taking: Evidence From Corporate Control Activities, Yen Teik Lee
Research Collection Lee Kong Chian School Of Business
This paper investigates the impact of social ties between the Chief Executive Officer (CEO) andboard members on corporate risk-taking in mergers and acquisitions (M&As) and on shareholdervalue. Using a measure of CEO-director connections in a large sample of U.S. firms from 2000 to2010, we document that boardroom connections lower firm acquisitiveness. If connected CEOsundertake M&As, they are less likely to choose focus acquisitions, and more likely to pay in stock.CEO-board connections do not enhance firm value in M&As. Higher levels of boardroomconnection are associated with lower announcement returns and lower subsequent return on assets.Our results are robust to alternative explanations …
A Comparative Study Of Governing Board Composition And Financial Performace Measures In New Hampshire Hospitals,
2012
University of New Hampshire - Main Campus
A Comparative Study Of Governing Board Composition And Financial Performace Measures In New Hampshire Hospitals, Heather C. Brooks
Honors Theses and Capstones
No abstract provided.
Sgx Listing Rule 1207(10): Challenges And Opportunities For Caes,
2012
Singapore Management University
Sgx Listing Rule 1207(10): Challenges And Opportunities For Caes, See Liang Foo
Research Collection School Of Accountancy
No abstract provided.
Raising The Bar,
2012
Singapore Management University
Raising The Bar, Jiwei Wang
Research Collection School Of Accountancy
No abstract provided.
Industry Comparison Of Executive Compensation And Equity Considerations,
2012
University of New Hampshire - Main Campus
Industry Comparison Of Executive Compensation And Equity Considerations, Louis Chan
Honors Theses and Capstones
No abstract provided.
Analysts' Industry Expertise,
2012
Washington University in St Louis
Analysts' Industry Expertise, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Industry expertise is an important aspect of sell-side research. We explore this aspect using a novel dataset of industry recommendations, which are often issued by strategy analysts. We study sell-side analysts' ability to rank industries relative to each other (across-industry expertise), and how it relates to analysts' ability to rank firms in a particular industry (within-industry expertise). We find that analysts express more optimism towards industries with higher levels of investment, past profitability, and past returns. Analysts exhibit across-industry expertise, as portfolios based on industry recommendations generate abnormal returns over both short and long horizons, beyond what would be explained …
Training And Development Guide For A Culinary Department In A Private University,
2012
University of Nevada, Las Vegas
Training And Development Guide For A Culinary Department In A Private University, Kimberly Rosenbaum
UNLV Theses, Dissertations, Professional Papers, and Capstones
In an online study of the Council of Hotel and Restaurant Trainers (CHART), 53% of respondents reported their budgets for training were being carefully looked at. From this scrutiny, training budgets in the past 18 months have significantly decreased (Bertra, 2009, p. 1). Slashed training budgets have become another sign of the recessionary times, forcing operators to direct their funds to customer service, hoping to set them apart in the competitive environment known as hospitality (Bertra, 2009, p. 1).
The Impact Of Related Party Sales By Listed Chinese Firms On Earnings Informativeness And Analysts Forecasts,
2012
Singapore Management University
The Impact Of Related Party Sales By Listed Chinese Firms On Earnings Informativeness And Analysts Forecasts, Jiwei Wang, Hongqi Yuan
Research Collection School Of Accountancy
Using a random sample of 140 of China's listed firms, we show an adverse impact of related party (RP) sales of goods and services on the usefulness of accounting earnings to investors and on the quality of earnings forecasts by financial analysts. Consistent with the contention that RP sales may violate the arm's-length assumption of regular transactions and consequently impair the representational faithfulness and verifiability of accounting data, we find that earnings of firms engaged in RP sales are at least 33% less informative after controlling for factors known to affect earnings informativeness. We also find that financial analysts are …
Political Connections And Corporate Diversification In Emerging Economies: Evidence From China,
2012
Singapore Management University
Political Connections And Corporate Diversification In Emerging Economies: Evidence From China, Weiwen Li, Ai He, Hailin Lan, Daphne W. Yiu
Research Collection Lee Kong Chian School Of Business
Drawing upon the resource-based view, this study examines how political connections affect corporate diversification in an emerging economy. Data from a sample of 1,280 Chinese public firms over 2002-2005 show a strong positive relationship between political connections and corporate diversification. We also find that the positive relationship between political connections and corporate diversification is moderated by the level of state ownership in firms and the level of regional institutional development. Theoretical and managerial implications are discussed.
Sell-Order Liquidity And The Cross-Section Of Expected Stock Returns,
2012
Singapore Management University
Sell-Order Liquidity And The Cross-Section Of Expected Stock Returns, Michael Brennan, Tarun Chordia, Avanidhar Subrahmanyam, Qing Tong
Research Collection Lee Kong Chian School Of Business
We estimate buy- and sell-order illiquidity measures (lambdas) for a comprehensive sample of NYSE stocks. We show that sell-order liquidity is priced more strongly than buy-order liquidity in the cross-section of equity returns. Indeed, our analysis indicates that the liquidity premium in equities emanates predominantly from the sell-order side. We also find that the average difference between sell and buy lambdas is generally positive throughout our sample period. Both buy and sell lambdas are significantly positively correlated with measures of funding liquidity such as the TED spread as well option implied volatility.
Credit Risk Dynamics In Response To Changes In The Federal Funds Target: The Implication For Firm Short-Term Debt,
2012
Sacred Heart University
Credit Risk Dynamics In Response To Changes In The Federal Funds Target: The Implication For Firm Short-Term Debt, Kwamie Dunbar, Abu S. Amin
WCBT Faculty Publications
The recent credit crisis has raised a number of interesting questions regarding the role of the Federal Reserve Bank and the effectiveness of its expected and unexpected interventions in financial markets, especiallyduring the crisis, given its mandate. This paper reviews and evaluates the impact of expected and unexpected changes in the federal funds rate target on credit risk premia. The paper's main innovation is the use of an ACH-VAR (autoregressive conditional hazard VAR) model to generate the Fed's expected and unexpected monetary policy shocks which are then used to determine the effects of a Federal Reserve policy change on counterparty …
A Natural Experiment: Asset Manager Liability,
2012
Melbourne Law School
A Natural Experiment: Asset Manager Liability, Cally Jordan
Faculty Papers & Publications
It is a natural experiment: two highly integrated national economies, sharing a vast continent, a common language and hundreds of years of common experience. They are bound by a free trade agreement which has fostered strong trade flows in goods, services and capital. Yet, in important respects, the structural characteristics of their financial institutions, and the regulatory framework in which they operate, are different, so different in fact, that one country has been crippled for several years now by the global financial crisis and the other has emerged virtually unscathed. The countries, of course, are Canada and the United States. …
