Finance and Financial Management Commons^™

Research On The Impact Of Venture Capital On The Operating Performance Of Startups, Ziqiang Sun

Dissertations and Theses Collection (Open Access)

Venture capital can not only realize its own capital appreciation, but also promote the development of startups and boost the development of high-tech industries; therefore, it has obvious positive externalities. With the development of venture capital in China, the impact of venture capital on the operating performance of startups gradually attracts widespread attention.

This paper investigates the impact of venture capital on the operating performance of startups and conducts an in-depth discussion on the problem formulation, empirical relationship, cause and effect analysis, and countermeasure suggestions. The main research contents include:

The first part is the introduction, which analyzes the research …

Corporate Social Responsibility And Sustainable Finance: A Review Of The Literature, Hao Liang, Luc Renneboog

Research Collection Lee Kong Chian School Of Business

Corporate Social Responsibility (CSR) refers to the incorporation of Environmental, Social, and Governance (ESG) considerations into corporate management, financial decision making, and investors’ portfolio decisions. Socially responsible firms are expected to internalize the externalities (e.g. pollution) they create, and are willing to be accountable to shareholders as well as a broader group of stakeholders (employees, customers, suppliers, local communities,…). Over the past two decades, various rating agencies developed firm-level measures of ESG performance, which are widely used in the literature. A problem for past and a challenge for future research is that these ratings show inconsistencies, which depend on the …

Do Short Sellers Use Textual Information? Evidence From Annual Reports, Hung Wan Kot, Frank Weikai Li, Ming Liu, K.C. John Wei

Research Collection Lee Kong Chian School Of Business

We examine short-sellers’ use of textual information in annual reports for shorting activities. We find that more uncertainty and negative words in annual reports are associated with greater abnormal shorting volume. Short selling motivated by textual information negatively predicts stock price reaction around the filing date of 10-K reports. We further provide some evidence that textual information used by short-sellers are related to revisions of analysts’ earnings forecasts, changes in firm fundamentals, and increasing crash risk subsequently. Our results suggest that textual information in annual reports forms an important part of short-sellers’ information advantage.

Freedom Indices And Capital Asset Pricing Model: Malaysian Evidence Influence Policy?, Tay Lee Ying, Devinaga Rasiah, Lai Ming Ming

International Journal of Management, Finance and Accounting

Human rights and fundamental freedoms such as economic, political, and press freedoms vary widely from country to country. It creates opportunity and risk in investment decisions. Thus, this study is carried out to examine if the explanatory power of the model for capital asset pricing could be improved when these human rights movement indices are included in the model. The sample for this study comprises of 495 stocks listed in Bursa Malaysia, covering the sampling period from 2003 to 2013. The model applied in this study employed the pooled ordinary least square regression estimation. In addition, the robustness of the …

The Nexus Of Female Labour Force Participation, Economic Growth, Education And Fertility Rate: Empirical Evidence In Malaysia, Goh Han Hwa, Vishalini Macharagai, Thai Siew Bee, Teh Boon Heng, Ong Tze San

International Journal of Management, Finance and Accounting

Malaysia, a fast-growing developing country in Asia, has envisioned Shared Prosperity Vision 2030 to become a developed economy with highincome via sustainable and inclusive economic growth by the year 2030. To accomplish this vision, femalelabour participation isneeded as the femalepopulation constitutesalmost half of Malaysia’s total population. However, female labour participation rate iswaylower than Malaysia’s overall labour force participation rate.The relatively low female labour participation rate can be a barrier to Malaysia’s economic development and thus the realization of its goal of a high income nation.Therefore, this paper makes an attempt to examine empirically the long-run causal association amongfemale labour force …

Ua3/10/3 Convocation, Timothy Caboni

WKU Administration Documents

Convocation speech given by WKU president Timothy Caboni regarding COVID-19, diversity, student recruitment, enrollment, retention and graduation; budget, and economic growth.

Does Debt Matter? Empirical Analysis Of Sovereign Debt Default, Juan Pablo Espinosa

Doctor of Business Administration Dissertations

Sovereign debt default can have significant economic, social, and reputational costs. For this reason, policy makers across the globe are constantly trying to balance fiscal policy and economic growth. Many of them, however, are still unable to do so and fall into sovereign debt default. This research paper looks at 52 sample countries from 1980 to 2018 and examines whether sovereign debt default can be explained by the gap between GDP growth and interest rates and/or debt-to-GDP levels. Through a series of empirical analysis, I find that if GDP growth is higher than interest rates, risk of default is typically …

Artificial Intelligence Create Value To Investors, Jing-Yang Huang

Marriott Student Review

Artificial intelligence provides personalized assistance and solves tedious tasks in our daily lives. One of the applications of this technology is about investing. This article summarizes some basic knowledge of artificial intelligence and how it assists investors to create value.

Skbi Big 5 Survey 2020 August, Singapore Management University

Sim Kee Boon Institute for Financial Economics

The COVID-19 pandemic led to whopping downward revisions to 2020 real GDP growth among the Big5 economies, on average greater than 7%-points (ranging from roughly 3.5%-points for China to more than 10%-points for India). The forecast revisions to headline inflation were less sizable and more uneven, perhaps because of the confluence of supply and demand influences. The 2021 median GDP forecast is expected to turn positive overall, with a balanced risk assessment for most of the Big5 (but a coin toss in IN and US), but the growth reversal is likely to be highly uneven. While China regains its prior …

Risk Control System Construction Of China’S Equity Crowdfunding Platforms: A Comparative Study On The Differences Between Equity Crowdfunding And Traditional Venture Capital Investment, Wentao Bai

Dissertations and Theses Collection (Open Access)

Equity crowdfunding is a new type of public financing activity realized by Internet technology with small single investments funds, which is different from traditional venture capital. It greatly solves the equity investment problem of middle-class people and the difficulties of small and medium-sized enterprises and start-ups in financing. It is also conducive to the construction of multi-level capital market, and the healthy development of national financial system. Due to the advantages of equity crowdfunding, the global equity crowdfunding market has developed rapidly in recent years. Unfortunately, China's formal legislation on equity crowdfunding has not been introduced yet. Each platform can …

Corporate Cash Holdings, Firm Performance, And Ceo Compensation, Dhruba Banjade

Finance and Real Estate Dissertations - Archive

The dissertation consists of three essays. The first essay investigates the relationship between corporate cash holdings and firm performance in new and old economy firms. Results show that firm performance increases when they maintain cash balances at or slightly above a certain level (optimum level). However, their performance degrades if they hold cash at levels beyond the optimum. Furthermore, I find that new economy firms hold more cash relative to their old economy counterparts. Corporate governance and balanced board structure also impact cash holdings and firm performance. I find that as institutional ownership increases, firm performance increases due to better …

Contemporary Investment Strategies And Comparison Applications Of Bitcoin, William Gregg Vi, Thanh Nguyen

University of South Carolina Upstate Student Research Journal

Bitcoin is an effective component to any investor's portfolio. The purpose of this research paper was to study the capabilities Bitcoin has to investors and anyone interested in learning more about cryptocurrencies. What are the strategic applications of Bitcoin and why should it be used over other types of assets? Bitcoin offers diversification capabilities to commodities, equities, bonds, the U.S. dollar, and most stock market indices. It can offer hedging capabilities against the U.S. dollar, Ethereum, stock market indices, and commodity uncertainty. The Financial Times Stock Exchange 100 (FTSE100) is an example of an index that Bitcoin can hedge against. …

Mutual Funds: Governance And Holdings, Jason Morrison

Finance and Real Estate Dissertations - Archive

In this dissertation I examine the role of governance and holdings within the mutual funds industry to determine if active managed fund strategies are affecting fund flows and increasing returns. My first two essays focus on dividend juicing and the results of this strategy and the types of boards of directors that would allow this strategy to be implemented. My third essay focuses on the concentration of holdings and the effect on the overall fund performance. I use hand collected data on the governance characteristics of the board of directors as well as the economic data and holdings of the …

The Effect Of Investor Sentiment On Earnings Management, Lin Chen

Finance and Real Estate Dissertations - Archive

The association between investor sentiment and corporate reporting decisions/outcomes has been recently examined in the accounting and finance literature. As an important outcome of corporate reporting decisions, earnings management (EM) may be affected by investor sentiment. In this dissertation, I examine two research questions. The first is whether investor sentiment is associated with the propensity of firms’ engaging in the two primary forms of EM: accrual earnings management (AEM) and real earnings management (REM). The second question is whether firms’ internal governance strength and external audit quality would moderate the association between investor sentiment and AEM as well as REM. …

The Effects Of Mifid Ii On Sell-Side Analysts, Buy-Side Analysts, And Firms, Bingxu Fang, Ole-Kristian Hope, Zhongwei Huang, Rucsandra Moldovan

Research Collection School Of Accountancy

This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. Employing difference-in-differences matched-sample research designs with firm fixed effects, we find a decrease in the number of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individual analyst forecasts are more accurate and stock recommendations garner greater market reactions. In addition, sell-side analysts seem to cater more to the buy-side after MiFID II by providing industry recommendations along with …

Crisis Regulations: The Unexpected Consequences Of Floating Nav For Money Market Funds, Kyle D. Allen, Drew B. Winters

Finance Faculty Publications and Presentations

From the inception of money market funds (MMFs), all MMFs reported a fixed $1 NAV (Net Asset Value). In July 2014, the Securities and Exchange Commission (SEC) issued new regulations for MMFs that require Prime institutional MMFs to report floating NAVs. The SEC did not expect a significant impact on the MMF industry from requiring floating NAVs for Prime institutional funds. We find that over 70% of the assets under management in Prime MMFs left Prime funds with over half the Prime funds closing. We find that more than half of the Prime retail MMFs (which are not required to …

Capturing Hedge Fund Risk Factor Exposures: Hedge Fund Return Replication With Etfs, Jun Duanmu, Yongjia Li, Alexey Malakhov

Finance Faculty Publications and Presentations

We develop a new factor selection methodology of spanning the space of hedge fund risk factors with all available exchange traded funds (ETFs). We demonstrate the efficacy of the methodology with out-of-sample individual hedge fund return replication by ETF clone portfolios. This is consistent with our interpretation of ETF returns as proxies to risk factors driving hedge fund returns. We further consider portfolios of “cloneable” and “noncloneable” hedge funds, defined as top and bottom in-sample R² matches, and demonstrate that our ETF clone portfolios slightly outperform cloneable hedge funds out of sample.

The Effects Of Ceo Dismissal Risk And Skills On Risky Corporate Decisions And Ceo Compensation, Son T. Dang

Theses and Dissertations in Business Administration

This dissertation consists of three distinct essays on the effects of CEO dismissal risk on M&A megadeal decisions, the association between CEO compensation and generalist managerial ability in the presence of CEO dismissal risk, and the alignment of the initial compensation of new CEOs following CEO dismissals with their managerial ability.

In Essay 1, I study the link between CEO dismissal risk and risky M&A decisions and find that higher-dismissal-risk CEOs engage in more M&A megadeals than their counterparts. Such megadeal transactions lead to lower acquirer post-M&A abnormal returns, suggesting that risky investment decisions are driven by CEOs’ career concerns. …

What Drives The Declining Wealth Effect Of Subsequent Share Repurchase Announcements?, David K. Ding, Hardjo Koerniadi, Chandrasekhar Krishnamurti

Research Collection Lee Kong Chian School Of Business

Recent academic studies document that open market share repurchase announcements in the United States generate significantly lower returns than those reported in earlier studies. We find that the lower announcement return is associated with an increasing number of subsequent announcements in the more recent periods. Although the announcement period return from the initial announcement is positive, subsequent announcement returns are significantly decreasing. Further, we find that the decreasing returns of subsequent announcements are attributed to firms with negative past repurchase announcement returns. Our multivariate regression test results are consistent with the notion that the decreasing subsequent repurchase announcement returns are …

Financial Technology And Inclusion In Asean, David Fernandez, Marc Rakotomalala

Research Collection Lee Kong Chian School Of Business

Financial technology (FinTech) has the potential to be a positive, game-changing force for boosting financial inclusion in ASEAN, as mobile money and greater access to basic financial services have the capacity to improve the economic well-being of households. Indeed, technology has been shown to drive broader increases in economic growth, which itself interacts positively with financial inclusion. In a more direct way, new, specific fintech developments globally and in ASEAN itself can be beneficial for financial inclusion. In this paper, we look at financial inclusion and technology, and how cooperative efforts between ASEAN policymakers, the private sector, and their broader …