Corporate Strategy, Analyst Coverage, And The Uniqueness Discount, 2011 University of Oklahoma College of Law
Corporate Strategy, Analyst Coverage, And The Uniqueness Discount, Lubomir Litov, Todd Zenger, Patrick Moreton
Lubomir P. Litov
No abstract provided.
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, 2011 Illinois Wesleyan University
The Impact Of Internet-Based Services On Credit Unions: A Propensity Score Matching Approach, Elisabeta Pana, Sascha Vitzthum, David Willis
Elisabeta Pana
Credit unions focus their profit and capital management on the tradeoff between providing immediate financial benefits to members and augmenting their institutional well-being through capital accumulation. In this study, we investigate the changes in benefits to credit union members via the interest-rate spread around the adoptions of internet-based services for the period of 2000–2009. Using the propensity score matching method, we show that adopters offer a less favorable interest-rate spread to their members than non-adopters. However, we find evidence that early adopters have a lower degree of market power in dealing with their members than late adopters and offer interest-rate …
Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, 2011 Bond University
Governance-Default Risk Relationship And The Demand For Intermediated And Non-Intermediated Debt, Safdar Khan
Safdar Khan
No abstract provided.
Fundamentals Of Investments: Valuation And Management, 2011 Butler University
Fundamentals Of Investments: Valuation And Management, Steven Dolvin, Bradford Jordan, Thomas Miller
Steven D. Dolvin
Qep And Bank Liquidity Creation: Evidence From Japan, 2011 Illinois Wesleyan University
Qep And Bank Liquidity Creation: Evidence From Japan, Elisabeta Pana
Elisabeta Pana
The 2001-2006 Japanese quantitative easing policy (QEP) represents the most prominent example of unconventional monetary policy used prior to the recent financial crisis. This paper contributes to the current debate over the effectiveness of Japan’s QEP by documenting the changes in absolute amount of liquidity created by Japanese banks during the period of 2001-2007. Using the liquidity creation measure developed by Berger and Bouwman (2009), we document the impact of macroeconomic factors and bank characteristic on liquidity creation. The analysis is conducted in a multivariate dynamic panel regression framework using a dataset comprised of 120 Japanese banks containing balance sheet …
The Effects Of Uncertainty And Corporate Governance On Firms’ Demand For Liquidity, 2011 University of Massachusetts, Boston
The Effects Of Uncertainty And Corporate Governance On Firms’ Demand For Liquidity, Atreya Chakraborty
Atreya Chakraborty
We find that US corporations’ demand for liquidity is sensitive to two important factors: uncertainty facing the firm and the quality of corporate governance. Following prior research, we find that both factors have important influences on firms’ cash holdings. Our results also indicate that the interactions between uncertainty and governance measures are significant. From a policy perspective, these new findings indicate that both governance and the nature of uncertainty may play an important role in managing liquidity risks. Policy recommendations may not only be limited to changes in financial policy but may also include changes in corporate governance.
Firm Location And Corporate Debt, 2011 Marquette University
Firm Location And Corporate Debt, Matteo P. Arena, Michaël Dewally
Matteo P. Arena
This study examines the influence of a firm’s geographical location on corporate debt and provides evidence that the higher cost of collecting information on firms distant from urban areas has significant implications on a wide array of corporate debt characteristics. We find that rural firms face higher debt yield spreads and attract smaller and less prestigious bank syndicates than urban firms. Rural firms attempt to reduce their informational disadvantage by relying more on relationship banking. Our results on the effect of location on corporate debt are robust to the inclusion of an extensive set of firm and issue characteristics.
Territorial Tax System Reform And Corporate Financial Policies, 2011 Marquette University
Territorial Tax System Reform And Corporate Financial Policies, Matteo Arena, George Kutner
Matteo P. Arena
We examine the effect of a permanent change to a country corporate income repatriation tax system on corporate financial policies. In 2009 Japan and the U.K. switched from a worldwide to a territorial system for the taxation of repatriated foreign earnings. The new system effectively reduced the tax liabilities of most multinational firms when repatriating earnings. We find that after the change firms accumulate less cash, pay out larger amounts through dividends and share repurchases, and invest less abroad. We do not find that the tax system change has significantly affected domestic investments even when controlling for capital constraints.
Business And Non-Profit Organizations Facing Increased Competition And Growing Customers' Demands (Vol. 11), 2011 Adam Nalepka
Business And Non-Profit Organizations Facing Increased Competition And Growing Customers' Demands (Vol. 11), Anna Ujwary-Gil
Anna Ujwary-Gil
The monograph focuses attention on the description and analysis of new phenomena and processes for commercial and non-commercial organizations. Valid conditions are pointed out for the functioning of both commercial and non-commercial organizations and an attempt is made to explain their impact on these organizations. The analysis also examines the strategies used by organizations in the face of fierce competition and increasing consumer demands in their effort to gain and maintain a competitive edge. This case study below is segmented into four areas of interest: • commercial and non-commercial organizations as an object of research, • commercial and non-commercial organizations …
Information Projection: Model And Applications, 2011 London School of Economics and Political Science
Information Projection: Model And Applications, Kristof Madarasz
Kristof Madarasz
Ownership Structure And Earnings Management: Evidence From The Casablanca Stock Exchange, 2011 American University in Cairo
Ownership Structure And Earnings Management: Evidence From The Casablanca Stock Exchange, Omar Farooq, Hind El Jai
Omar Farooq
Does poor legal protection of minority shareholders provide enough incentives for majority shareholders to expropriate minority shareholders and hide their unscrupulous behavior through accounting manipulations? This paper attempts to study the effect of ownership structure (ownership of the largest shareholder and identity of the largest shareholder) on earnings management in Morocco. Using annual estimates of discretionary accruals, we document that the presence of institutions as the largest shareholder has a negative impact on earnings management. Our results show that firms with foreign or local institutions as the largest shareholders engage in significantly lower earnings management than other firms. Our results …
Analyzing Earnings Management For Cross-Listed Firms And Interaction Between Two Futures Exchanges, 2011 University of New Orleans
Analyzing Earnings Management For Cross-Listed Firms And Interaction Between Two Futures Exchanges, Chia-Sheng Chen
University of New Orleans Theses and Dissertations
The first essay examines the impact of investor protection, market monitoring, and liquidity on the firm-level and country-level earnings management using a sample of 432 firms from 34 countries cross-listed in the U.S. The major findings are as follows: First, cross-listed firms from countries with strong legal system, strong outside investor rights, more institutional investors, and higher financial transparency are less likely to engage in earnings management. In addition, in countries with strong investor protection or market monitoring, the level of earnings management is more pronounced for illiquid firms as compared to liquid firms. Second, cross-listed firms following IFRS have …
Fund-Management Gender Composition: The Impact On Risk And Performance Of Mutual Funds And Hedge Funds, 2011 Fordham University
Fund-Management Gender Composition: The Impact On Risk And Performance Of Mutual Funds And Hedge Funds, Angela Luongo
Fordham Business Student Research Journal
This paper examines gender differences in fund managers’ risk tolerance and performance. We explore these differences in both the universe of U.S. mutual funds and hedge funds using risk and performance metrics that cover one-year, three-year, and five-year horizons. We find that funds managed by women outperform those managed by men with less risky portfolios. The outperformance persists after adjusting for risk. Overall, the results indicate that female fund managers are severely underrepresented despite their quality performance. A workgroup comprised more equally of male and female managers is likely to lead to greater stability in the financial markets due to …
A Network Based Theory Of Foreign Market Entry Mode And Post-Entry Performance, 2011 Sacred Heart University
A Network Based Theory Of Foreign Market Entry Mode And Post-Entry Performance, Jing'an Tang, Ben S. Liu
WCBT Faculty Publications
Foreign market entry through equity investment has been extensively studied and various theoretical lenses have been used. Most previous research also focuses attention on either the entry mode selection decision or the topic of post-entry performance, but rarely both. We build on existing research by developing a model of foreign market entry and post-entry performance that uses network theory and organizational ecology to provide a fuller explanation of this complex and critical multinational enterprise strategic behaviour. Four pairs of total eight propositions were developed and justified based on extent literature and sound logical reasoning. By focusing on both entry mode …
Corporate Philanthropy And Corporate Financial Performance: The Roles Of Social Response And Political Access, 2011 Singapore Management University
Corporate Philanthropy And Corporate Financial Performance: The Roles Of Social Response And Political Access, Heli Wang, Cuili Qian
Research Collection Lee Kong Chian School Of Business
Corporate philanthropy is expected to positively affect firm financial performance because it helps firms gain sociopolitical legitimacy, which enables them to elicit positive stakeholder responses and to gain political access. The positive philanthropy-performance relationship is stronger for firms with greater public visibility and for those with better past performance, as philanthropy by these firms gains more positive stakeholder responses. Firms that are not government-owned or politically well connected were shown to benefit more from philanthropy, as gaining political resources is more critical for such firms. Empirical analyses using data on Chinese firms listed on stock exchanges from 2001 to 2006 …
Patterns Of Capital Structure And Dividend Policy In Pakistani Corporate Sector And Their Impact On Organization Performance, 2011 UIMS-PMAS-University of Arid Agriculture Rawalpindi
Patterns Of Capital Structure And Dividend Policy In Pakistani Corporate Sector And Their Impact On Organization Performance, Ahmed Imran Hunjra, Muhammad Bilal, Haroon Shafi, Ikram Ullah, Kashif Ur Rehman
Ahmed Imran Hunjra (PhD)
The purpose of this study is to determine the patterns of capital structure decisions and dividend policy as well as their level of application in Pakistani corporate sector and also to check the impact of capital structure and dividend policy on organization performance. A total of ninety one questionnaires were distributed in different companies but seventy three filled were received and sixty one were processed for analysis. The potential respondents were finance executives and financial analysts of the companies. The study concludes that capital structure decisions are being properly practiced while dividend policy is a major concern in most of …
Determinants Of Business Success Of Small And Medium Enterprises, 2011 UIMS-PMAS-University of Arid Agriculture Rawalpindi
Determinants Of Business Success Of Small And Medium Enterprises, Javed Mahmood Jasra, Muhammad Asif Khan, Ahmed Imran Hunjra, Rana Aziz Ur Rehman, Rauf I. Azam
Ahmed Imran Hunjra (PhD)
The small and medium enterprises (SMEs) play critical role in the development of the country. The success of SMEs depends on number of factors. This study examines the role of key factors in the success of SMEs in Pakistan. The study also investigates the relationship between SMEs success and its determinants. Target population of the study was SMEs operating in different lines of business from service to manufacturing. Sample size of this study was 520 small and medium lines of businesses. Responses of the subjects were collected through questionnaires. SPSS software is used for analysis. This study concludes that there …
Determinants Of Short Term Investment Decision Making, 2011 Iqra University, Islamabad Campus
Determinants Of Short Term Investment Decision Making, Muhammad Naeem Akhtar, Ahmed Imran Hunjra, Kashif Ur Rehman
Ahmed Imran Hunjra (PhD)
This study examines the impact of financial literacy, accounting information, openness to experience and information asymmetry on the short-term investment decision making of the stock market investors. For this purpose 23 item questionnaire was developed and distributed among 185 stock market investors through non-probability sampling. The results indicate that all these factors have a significant effect on the short-term investment decision making. Results also indicate that individual investors with higher educational qualifications have more intentions for short-term investments as compared to the investors with other qualifications.
How To Navigate Public Accounting Recruitment, 2011 Utah State University
How To Navigate Public Accounting Recruitment, Jill Heather Aoki
Undergraduate Honors Capstone Projects
For many accounting graduates, public accounting is an excellent place to start a career. However, recruitment at accounting firms is highly competitive. The majority of personnel are hired through internships, and competition for these positions is fierce. The process usually spans over multiple years and involves participating in leadership seminars, attending social events, and much more in addition to interviewing. Successful placement requires not only exceptional academic achievements but also strong relationships with personnel at the firm. One primary differentiator among the numerous public accounting firms is their people and culture. Other factors include local clients and specializations. Thus, candidates …
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, 2011 UIMS-PMAS-University of Arid Agriculture Rawalpindi
Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf I. Azam, Iram Batool, Rabia Imran, Ahmed Imran Hunjra, Muhammad Irfan Chani
Ahmed Imran Hunjra (PhD)
The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen’s co-integration test is used to check the stability of long run equilibrium relationship between the variables used in the study. The results indicate that is long run stable equilibrium relationship between economic growth and the …