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.
Cross-Border Mergers And Acquisitions In Emerging Markets After The 2007 Economic Crisis.,
2011
Universiti Malaya
Cross-Border Mergers And Acquisitions In Emerging Markets After The 2007 Economic Crisis., Amani John Mayage
Student Works (2010-2019)
This paper reviews the cross-border mergers and acquisitions (CBMA) activities during the period 2000-2010 of the four Southeast Asian countries most impacted by the 1997 Asian Financial Crisis namely, Indonesia, Malaysia, Philippines, and Indonesia. The selection of case of study was based on economic development categories. The selected countries are categorized as emerging markets within the ASEAN countries; and both are representative of the impact of the 1997 economic crisis. Due to these factors Singapore and Korea have been excluded. After the 1997 economic crisis that impacted most South East Asia countries, Indonesia, Malaysia, Philippines and Thailand introduced various measures …
Non Interest Income In Bank Diversification : Evidence From Malaysia.,
2011
Universiti Malaya
Non Interest Income In Bank Diversification : Evidence From Malaysia., Sasongko Yudho Prakoso
Student Works (2010-2019)
This study uses the aggregate data in analyzing revenue volatility in the banking institutions. It uses the individual bank data in analyzing the determinants of non interest income and determinants of bank performance. The result shows that the volatility of revenue is reduced after the time of banking crisis in 1998 due to the relatively stable condition of non interest income stream. The bank size, bank risk, bank funding strategy, macro economy and stock market contribute significant relationship to the non interest based income generating activities. The diversification through non interest based activities shows negative relationship to the bank performance.
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.
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 …
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 …
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 …
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 …
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 …
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 …
Survival Of The Fittest: Contagion As A Determinant Of Canadian And Australian Bank Risk,
2011
Edith Cowan University
Survival Of The Fittest: Contagion As A Determinant Of Canadian And Australian Bank Risk, David E. Allen, Ray R. Boffey, Robert J. Powell
Research outputs 2011
The relative success of Australian and Canadian banks in weathering the Global Financial Crisis (GFC) has been noted by a number of commentators. Their earnings, capital levels and credit ratings have all been a source of envy for regulators of banks in Europe, America and the United Kingdom. The G-20 and the European Union have tried to identify the features of the Canadian and Australian financial systems which have underpinned this success in order to use them in shaping a revised international regulatory framework. Despite this perceived success, the impaired assets (also known as non-performing loans) of banks in both …
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 …
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 …
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.
Internal Control Weakness And Bank Loan Contracting: Evidence From Sox Section 404 Disclosures,
2011
Singapore Management University
Internal Control Weakness And Bank Loan Contracting: Evidence From Sox Section 404 Disclosures, Jeong-Bon Kim, Byron Y. Song, Liandong Zhang
Research Collection School Of Accountancy
Using a sample of borrowing firms that disclosed internal control weaknesses (ICW) under Section 404 of the Sarbanes-Oxley Act, this study compares various features of loan contracts between firms with ICW and those without ICW. Our results show the following. First, the loan spread is higher for ICW firms than for non-ICW firms by about 28 basis points, after controlling for other known determinants of loan contract terms. Second, firms with more severe, company-level ICW pay significantly higher loan rates than those with less severe, account-level ICW. Third, lenders impose tighter nonprice terms on firms with ICW than on those …
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.
Corporate Governance, Ownership Structures And Internet Financial Reporting In Malaysia.,
2011
Universiti Malaya
Corporate Governance, Ownership Structures And Internet Financial Reporting In Malaysia., Yap Kiew Heong
Student Works (2010-2019)
This study looks at the Internet financial disclosure in light of transparency reform following the 1997 financial crisis. The researcher examined the relationship between corporate governance (CG) mechanisms, ownership structures, Internet visibility and the Internet financial reporting (IFR) of Malaysian listed companies. Second, the researcher sought the views of preparers regarding IFR practices. In the first phase of the study, the researcher examined the contents of listed companies’ Web sites by adapting the richer and more comprehensive disclosures/attributes index from FASB (2000). This study used agency theory and institutional theory to develop hypotheses on factors influencing IFR. Multiple regression analysis …
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 …
