Duration Dependence In Bull And Bear Stock Markets,
2011
Cleveland State University
Duration Dependence In Bull And Bear Stock Markets, Haigang Zhou, Steven E. Rigdon
Business Faculty Publications
No abstract provided.
The Performance Of Venture Capital Funds And Vc-Backed Ipos: An Evidence From China,
2011
Singapore Management University
The Performance Of Venture Capital Funds And Vc-Backed Ipos: An Evidence From China, Weng Hong Lou
Dissertations and Theses Collection (Open Access)
This study is divided into three parts based on the listed companies on the Small and Medium Enterprise Board on the Shenzhen Stock Exchange in China. The first part is to study the investment performance of Venture Capital Funds. I found that the investment return in terms of investment multiple and annual rate of return is better than those in the US market, and also the VC investment portfolios outperform the public equity market. Furthermore, I compare the performance of non VC-backed IPOs and non VC-backed IPOs by using the Buy-and Hold Abnormal Return and Wealth Relatives. Both measurements show …
Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination,
2011
Idaho State University
Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination, Gregory Murphy, Neil M. Tocher
New England Journal of Entrepreneurship
Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are …
The Opaqueness Of Fair Value Assets And Systematic Risk In The Banking Industry,
2011
University of Arkansas, Fayetteville
The Opaqueness Of Fair Value Assets And Systematic Risk In The Banking Industry, Jody Wayne Bland
Inquiry: The University of Arkansas Undergraduate Research Journal
Opacity has economy-wide implications. A lack of information, whether from non-disclosure or complexity of business, creates uncertainty that even the most sophisticated of investors must face. In this paper, I analyze the relationship between opacity and the systematic risk of bank holding companies. Specifically, I find that investments in opaque assets required to be reported at fair value significantly affect the levels of financial institutions’ systematic risk. Furthermore, I provide evidence that firm investments in opaque assets contribute to systematic risk to an even greater degree during times of financial crisis.
The Sec Staff's "Cybersecurity Disclosure" Guidance: Will It Help Investors Or Cyber-Thieves More?,
2011
Indiana University Maurer School of Law
The Sec Staff's "Cybersecurity Disclosure" Guidance: Will It Help Investors Or Cyber-Thieves More?, Sarah Jane Hughes, Roland L. Trope
Articles by Maurer Faculty
No abstract provided.
Analyzing The Effects Of Credit Rating Changes, The Recent Financial Crisis And Other Variables On Firms' Debt Levels,
2011
Claremont McKenna College
Analyzing The Effects Of Credit Rating Changes, The Recent Financial Crisis And Other Variables On Firms' Debt Levels, Sean M. Wasserman
CMC Senior Theses
This paper utilizes a sample of firms over the years 2000–2009 to test the effects of credit rating changes, the financial crisis, interest rates, and other variables on short-term, long-term, and total debt levels on the balance sheet. Each independent variable was created using a one year lag in order to run the regressions. The values of these variables from the previous year are being analyzed to see if they can predict debt levels for the following year. The results of this paper suggest that levels of long-term and total debt are somewhat reliant on and are positively correlated with …
The Importance Of Being Known: Relationship Banking And Credit Limits,
2011
University of Massachusetts, Boston
The Importance Of Being Known: Relationship Banking And Credit Limits, Atreya Chakraborty
Accounting and Finance Faculty Publication Series
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 …
Determinants Of Corporate Cash Holdings,
2011
Claremont McKenna College
Determinants Of Corporate Cash Holdings, Yun Lai (William) Li
CMC Senior Theses
The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency costs and transactional motives to give the reader an overview of the costs and benefits of holding cash. This provides the foundation for the precautionary motives for companies today to keep cash as …
Rivera Custom Cabinetry: Financial Statement Analysis Using Excel,
2011
Sacred Heart University
Rivera Custom Cabinetry: Financial Statement Analysis Using Excel, Benoit Boyer, Bridget Lyons
WCBT Faculty Publications
This case illustrates the impact of various business transactions on a firm’s financial statements. The case objective is to highlight how business transactions affect financial statements and to illustrate the links between financial statements and key ratios. The case was developed and piloted as a final project in an introductory accounting class and as an accounting review in a corporate finance course. In each part of the case, students are asked to show the impact of a business transaction on the firm’s balance sheet and income statement. The cash flow statement and financial ratios calculate automatically. Part 1 of the …
The Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting,
2011
Sacred Heart University
The Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting, Karen Cascini, Alan Delfavero
WCBT Faculty Publications
The accounting industry is in a state of continuous change. In the United States, the historical cost principle has traditionally been the foundation of accounting. Until recently, assets and liabilities have been required to be recorded at their acquisition prices, with the exception of designated financial assets and financial liabilities. However, the Financial Accounting Standards Board (FASB) has now created accounting standards that are distant from the cost principle. Statement of Financial Accounting Standards No. 157: Fair Value Measurements, issued in September 2006 (FAS157, now codified as ASC 820) and Statement of Financial Accounting Standards No. 159: The Fair Value …
Giving State Tax Incentives To Corporations: How Much Is Too Much?,
2011
University of South Carolina
Giving State Tax Incentives To Corporations: How Much Is Too Much?, Kathleen E. Mcdavid
South Carolina Journal of International Law and Business
No abstract provided.
What Influences The Changes In Reit Ceo Compensation? Evidence From Panel Data,
2011
Old Dominion University
What Influences The Changes In Reit Ceo Compensation? Evidence From Panel Data, John M. Griffith, Mohammad Najand, H. Shelton Weeks
Finance Faculty Publications
This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power.
Do Ceos And Principal Financial Officers Take A "Bath" Separately Or Together?: An Investigation Of Discretionary Accruals Surrounding Appointments Of New Ceos And Pfos,
2011
University of Richmond
Do Ceos And Principal Financial Officers Take A "Bath" Separately Or Together?: An Investigation Of Discretionary Accruals Surrounding Appointments Of New Ceos And Pfos, Marshall A. Geiger, David S. North
Accounting Faculty Publications
This study presents the first targeted examination of changes in financial reporting surrounding the appointment of both new CEOs and Principal Financial Officers (PFOs). We identify companies that appoint new CEOs and PFOs in the period 1995 to 2002 and find that the change in discretionary accruals is negative and significant in the year of hire (from t-1 to t) for firms appointing a new CEO or both a new CEO and PFO (i.e., the "big bath"), but not for firms appointing only a new PFO. We also find that firms appointing both executives in the same year report significant …
Why 'Democracy' And 'Drifter' Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers,
2011
Singapore Management University
Why 'Democracy' And 'Drifter' Firms Can Have Abnormal Returns: The Joint Importance Of Corporate Governance And Abnormal Accruals In Separating Winners From Losers, Koon Boon Kee
Research Collection School Of Accountancy
No abstract provided.
Economic Development Incentives And The Legal And Economic Issues Of Open Versus Sealed Bids,
2011
University of South Carolina
Economic Development Incentives And The Legal And Economic Issues Of Open Versus Sealed Bids, Sherry L. Jarrell, J. Neal Robbins, Gary L. Shoesmith, Brendan A. Fox
South Carolina Journal of International Law and Business
No abstract provided.
Extreme Market Risk - An Extreme Value Theory Approach,
2011
Edith Cowan University
Extreme Market Risk - An Extreme Value Theory Approach, David E. Allen, Abhay K. Singh, Robert J. Powell
Research outputs 2011
The phenomenon of the occurrence of rare yet extreme events, “Black Swans” in Taleb’s terminology, seems to be more apparent in financial markets around the globe. This means there is not only a need to design proper risk modelling techniques which can predict the probability of risky events in normal market conditions but also a requirement for tools which can assess the probabilities of rare financial events; like the recent Global Financial Crisis (2007-2008). An obvious candidate, when dealing with extreme financial events and the quantification of extreme market risk is Extreme Value Theory (EVT). This proves to be a …
Evaluating Extremal Dependence In Stock Markets Using Extreme Value Theory,
2011
Edith Cowan University
Evaluating Extremal Dependence In Stock Markets Using Extreme Value Theory, Abhay K. Singh, David E. Allen, Robert J. Powell
Research outputs 2011
Estimation of tail dependence between financial assets plays a vital role in various aspects of financial risk modelling including portfolio theory and hedging amongst others. Extreme Value Theory (EVT) that provides well established methods for univariate and multivariate tail distributions which are useful for forecasting financial risk or modelling the tail dependence of risky assets. This paper uses nonparametric measures based on bivariate EVT to investigate asymptotic dependence and estimate the degree of tail dependence of the ASX-All Ordinaries daily returns with four other international markets, viz., the S&P-500, Nikkei-225, DAX-30 and Heng-Seng for both right and left tails of …
Value At Risk Estimation Using Extreme Value Theory,
2011
Edith Cowan University
Value At Risk Estimation Using Extreme Value Theory, Abhay K. Singh, David E. Allen, Robert J. Powell
Research outputs 2011
A common assumption in quantitative financial risk modelling is the distributional assumption of normality in the asset’s return series, which makes modelling easy but proves to be inefficient if the data exhibit extreme tails. When dealing with extreme financial events like the Global Financial Crisis of 2007-2008 while quantifying extreme market risk, Extreme Value Theory (EVT) proves to be a natural statistical modelling technique of interest. Extreme Value Theory provides well established statistical models for the computation of extreme risk measures like the Return Level, Value at Risk and Expected Shortfall. In this paper we apply Univariate Extreme Value Theory …
How Green Are Climate Change Issues?: An Auditor's Perspective,
2011
Edith Cowan University
How Green Are Climate Change Issues?: An Auditor's Perspective, Maya Purushothaman, Ross Taplin
Research outputs 2011
Climate change and carbon emissions have become an important issue for companies, not only if companies are to maintain legitimacy as good corporate citizens but also financially with the regulation of carbon emissions and the impending introduction of the Australian Emission Trading Scheme (AETS). This paper investigates the role of financial auditors in the climate change debate. Content analysis of the websites of fifteen large auditors in Australia reveals different reactions to this issue, from reacting to proposed legislation to proposing initiatives proactively and providing guidelines for companies. Analysis of the websites from a random sample of companies audited by …
Comparing Australian And Us Corporate Default Risk Using Quantile Regression,
2011
Edith Cowan University
Comparing Australian And Us Corporate Default Risk Using Quantile Regression, David E. Allen, Akhmad R. Kramadibrata, Robert J. Powell, Abhay K. Singh
Research outputs 2011
The severe bank stresses of the Global Financial Crisis (GFC) have underlined the importance of understanding and measuring extreme credit risk. The Australian economy is widely considered to have fared much better than the US and most other major world economies. This paper applies quantile regression and Monte Carlo simulation to the Merton structural credit model to investigate the impact of extreme asset value fluctuations on default probabilities of Australian companies in comparison to the USA. Quantile regression allows modelling of the extreme quantiles of a distribution which allows measurement of capital and PDs at the most extreme points of …
