Newman/Martoma: The Insider Trading Law's Impasse And The Promise Of Congressional Action,
2020
Partner at the law firm White & Case LLP
Newman/Martoma: The Insider Trading Law's Impasse And The Promise Of Congressional Action, Tai H. Park
Fordham Journal of Corporate & Financial Law
The prohibition against insider trading is a judge-made law that has evolved for over fifty years, and has reached a critical impasse in two recent decisions in the Second Circuit Court of Appeals: United States v. Newman and United States v. Martoma. Judges of the Second Circuit are sharply divided over what conduct constitutes improper trading on material nonpublic information (“MNPI”), leaving the law in profound disarray. At bottom, the disagreement stems from a decades-old split within the judiciary about how to (1) ensure a fair securities marketplace, while (2) enabling institutional analysts to probe for corporate information in furtherance …
Multilateral Transparency For Security Markets Through Dlt,
2020
Professor, Faculty of Law, Chinese University of Hong Kong, Executive Director, Centre for Financial Regulation and Economic Development
Multilateral Transparency For Security Markets Through Dlt, David C. Donald, Mahdi H. Miraz
Fordham Journal of Corporate & Financial Law
For decades, changing technology and policy choices have worked to fragment securities markets, rendering them so dark that neither ownership nor real-time price of securities are generally visible to all parties multilaterally. The policies in the U.S. National Market System and the EU Market in Financial Instruments Directive— together with universal adoption of the indirect holding system— have pushed Western securities markets into a corner from which escape to full transparency has seemed either impossible or prohibitively expensive. Although the reader has a right to skepticism given the exaggerated promises surrounding blockchain in recent years, we demonstrate in this paper …
The Layers Of Digital Financial Innovation: Charting A Regulatory Response,
2020
Fordham Law School
The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell
Fordham Journal of Corporate & Financial Law
The increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is …
Three Essays On Entry Barriers And Incentives In Labor Markets,
2020
University of Kentucky
Three Essays On Entry Barriers And Incentives In Labor Markets, Samuel Ingram
Theses and Dissertations--Economics
Occupational choice at the margin depends on both the incentives for entry and barriers to entry. The primary entry barrier determined by regulation is an occupational license. These are government laws determining the minimum qualifications to enter an occupation including education, testing, fees, and background checks. These regulations are currently enforced on 25% of the US labor market. The laws are crafted to protect consumers from unsafe goods and services but also have important consequences in labor market outcomes. The consequences may include fewer workers entering the profession, changes to which workers enter the profession, and altering competition, all of …
Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress,
2020
University of Kentucky
Stress And Cancer Treatment: How A Family’S Adaptability And Cohesion Affects Financial Stress, Emily Marie Johnson
Theses and Dissertations--Family Sciences
According to the American Cancer Society (2019), it is estimated that 1,762,450 new cancer diagnoses occurred in 2019 in the United States. Currently, cancer remains one of the leading causes of death worldwide (American Cancer Society, 2019). As cancer affects the family, roles within the family will shift (e.g., transitioning to a caregiving relationship), causing each family member to adapt. With the costs of cancer steadily increasing, this potentially leaves a devastating impact on the family. When considering family function in terms of Family Systems, John Rolland created the Family Systems Illness Model to explain how families adapt to an …
Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences,
2020
Saint Mary's College of California
Smaller Drawdowns, Higher Average And Risk-Adjusted Returns For Equity Portfolios, Using Options And Power-Log Optimization Based On A Behavioral Model Of Investor Preferences, Jivendra K. Kale, Tee Lim
School of Economics and Business Administration Faculty Works
No abstract provided.
Determinants Of Tax Morale Using Structural Equation Model (Sem),
2020
Central Mindanao University, Philippines
Determinants Of Tax Morale Using Structural Equation Model (Sem), Raymond S. Pacaldo, Rodiel C. Ferrer
DLSU Business & Economics Review
This paper analyzes the impact of tax enforcement, trust in government, and demographic characteristics on the tax morale of firms in the Philippines. From the database of Business Environment and Enterprise Performance Survey (BEEPS), 864 firms were taken and analyzed using partial least squares on the structural equation of modeling (PLS-SEM). In the analysis, only trust in government, organizational form, and firm location provided a significant impact to tax morale. Thus, firms pay taxes religiously when the government acts trustworthily. On the other hand, sole proprietorship and Metro Manila firms exhibited lower tax morale as compared to corporations and outside …
Effect Of Moderating Variables: Financial Leverage And Dividend Payout Of Publicly-Listed Property Sector Of The Philippines,
2020
De La Salle University, Manila, Philippines
Effect Of Moderating Variables: Financial Leverage And Dividend Payout Of Publicly-Listed Property Sector Of The Philippines, Cynthia P. Cudia, Harrison Kendrick L. Chun, Tristan Dranel M. Papa, Raveena S. Tahilramani, Althea R. Tan
DLSU Business & Economics Review
Various studies on the relationship between financial leverage and dividend payout have been conducted; however, different factors affecting this relationship remain unexplored. This study aimed to identify the effect of different firm-specific moderating variables on the relationship between financial leverage and dividend payout of Philippine publicly-listed companies under the property sector for the years 2012–2016. These firm-specific variables were classified into two categories—company profile and financial condition. By employing multiple regression with the interaction model, the results of this study found that business risk has a significant effect on the relationship between financial leverage and dividend payout. Similarly, firm size …
Insider Trading In Family Firms: Evidence From Thailand,
2020
Faculty of Commerce and Accountancy
Insider Trading In Family Firms: Evidence From Thailand, Paweenon Pramukkiattiyos
Chulalongkorn University Theses and Dissertations (Chula ETD)
This study examines the profitability of corporate insider trading in Thailand's stock market and whether the abnormal return depends on the company's characteristics and insider characteristics. The result shows that there is a significant abnormal return on corporate insider trading transactions. The difference in ownership structure is also important, with the results supporting that insider trading by family firms is more profitable than non-family firms. Moreover, the finding indicates that the trading of CEOs has more valuable information about the company's prospects than other insiders.
The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand,
2020
Faculty of Commerce and Accountancy
The Magnet Effect Of Price Limits: Evidence From High-Frequency Data On The Stock Exchange Of Thailand, Wongwarit Boonyasitphawee
Chulalongkorn University Theses and Dissertations (Chula ETD)
Commonly, daily prices limits are widely used for stabilizing stock markets and decrease volatility during overreaction period. However, regulators may not notice that instead of stopping panic sell or overbought, the daily price limits generate a magnet effect, which cause the price to accelerate to the price limits and increase the overall volatility. This research investigates the magnet effect of price limits using high frequency from the Stock Exchange of Thailand. Using AR(2)-GARCH(2,2) as a base model for each stock’s 5-mins returns to capture the effect. The empirical results present evidence of the strong ceiling magnet effect at all conditions, …
Nigerian Women Entrepreneurs’ Strategies For Financial Inclusion: A Generic Qualitative Inquiry,
2020
Walden University
Nigerian Women Entrepreneurs’ Strategies For Financial Inclusion: A Generic Qualitative Inquiry, Oluwatoyin Madein
Walden Dissertations and Doctoral Studies
Women in Nigeria are approximately 50% of the population and operate significantly in the micro, small, and medium enterprises. Women entrepreneurs in Nigeria are experiencing business failure, early exit, stagnant growth, and low return on investment due to inadequate finance. This study’s specific management problem is that many women entrepreneurs in Nigeria lack strategies to develop financial literacy and access to external loans for business sustainability. Using the concepts of financial inclusion and financial exclusion, the purpose of this qualitative inquiry was to explore the strategies women entrepreneurs use and whether they have the required experience and knowledge of financial …
Factors Affecting Electronic Banking Adoption In Barbados,
2020
Walden University
Factors Affecting Electronic Banking Adoption In Barbados, Jacqueline Delores Bend
Walden Dissertations and Doctoral Studies
The low rate of customers' adoption of electronic banking services affects retail banks' profitability. The operating cost for a financial transaction performed by bank tellers averages US$1.07 compared to US$0.01 using electronic banking channels. It is paramount for retail banking leaders to understand the factors influencing customer adoption of electronic banking to sustain competitive advantage. Grounded in the technology acceptance model framework, the purpose of this quantitative correlational study was to examine the relationship between perceived usefulness (PU), perceived ease of use (PEOU), and customer adoption of electronic banking in Barbados. The validated technology acceptance model survey instrument was used …
Strategies To Integrate Technological Innovations For Caribbean Small- And Medium-Sized Enterprises,
2020
Walden University
Strategies To Integrate Technological Innovations For Caribbean Small- And Medium-Sized Enterprises, Deborah J. Mahabir-Yearwood
Walden Dissertations and Doctoral Studies
Up to 59% of managers in small and medium sized enterprises (SMEs) fail to integrate technological innovation (TI) strategies. Restricted access to sophisticated technology, limited capital, and discontinuous collaborations between SMEs and government organizations hamper the successful integration of TI by managers of Caribbean SMEs. Managers of SMEs in the Caribbean region must exploit strategies for improved efficiencies in operational capacity, continuous development in business profits and growth, and surviving hyper-competition. Grounded by the theories of diffusion of innovation and adopter-based instrumentalist, the purpose of this qualitative multiple case study was to explore strategies that 4 operation managers of SMEs …
Parents’ Perceptions Of Financial Technology To Support Financial Socialization And Literacy Levels,
2020
Walden University
Parents’ Perceptions Of Financial Technology To Support Financial Socialization And Literacy Levels, Patricia M. Page
Walden Dissertations and Doctoral Studies
The current generation of emerging adults are ill-equipped to navigate the evolving financial landscape, which can further exacerbate socioeconomic inequality. Extant research rooted in Gudmunson and Danes’ family financial socialization theory and Brown et al.’s situated cognition theory, which served as the conceptual framework for this study, acknowledged the long-standing influence of parents and authentic learning opportunities on child(ren)’s financial literacy and well-being. This study’s research questions explored parents’ experience with, and perceptions of, a family-managed virtual bank and prepaid debit card service designed for children ages Pre-K through college. The basic qualitative approach and semistructured interviews provided context to …
Enterprise Resource Planning Implementation In Higher Education: Cost Containment Strategies,
2020
Walden University
Enterprise Resource Planning Implementation In Higher Education: Cost Containment Strategies, Tysha K. Tolefree
Walden Dissertations and Doctoral Studies
Lack of effective cost containment strategies to support enterprise resource planning (ERP) system implementations within higher education institutions (HEIs) result in budget overruns 50% of the time. Grounded in Gartnerâs IT cost containment techniques, the purpose of this qualitative multiple case study was to explore strategies HEI project directors use to support a successful ERP implementation on time and within budget. The participants comprised 5 project directors and managers from HEIs and another public organization in the state of Washington. Data were collected from semistructured interviews, archival data, and organization documents. Thematic analysis was used to analyze the data, and …
How Access To Finances Affects Gender Inequality Across Cultures,
2020
The University of Akron
How Access To Finances Affects Gender Inequality Across Cultures, Allison Muntin
Williams Honors College, Honors Research Projects
While many studies of financial inclusion have been undertaken, very few discuss the inclusion of women. Financial inclusion plays a large role in unlocking resources for the disadvantaged, resulting in higher economic growth and development. The economic opportunity allows individuals and businesses to have a greater contribution to society as a whole, enhancing all aspects of the economy. This paper furthers the conversation of women’s access to financial institution accounts across cultures and what underlying factors play a key role. The results indicate that the female demographic has fewer financial institution accounts in comparison to men when: (i) a country’s …
Essays On Financial Institutions And Advisors,
2020
University of Kentucky
Essays On Financial Institutions And Advisors, Joseph D. Farizo
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I examine how index funds vote their proxies on firms in its index that their family does not hold in its actively managed funds. For a given proxy proposal at a given point in time, I find that an index fund is more likely to oppose management on shares its family does not hold in its active funds than on shares its family does hold in its active funds. I further demonstrate that index fund governance has positive effects on the probability a proposal passes and on shareholder value. In my second chapter coauthored with Will …
Essays On Corporate Finance And Institutional Investors,
2020
University of Kentucky
Essays On Corporate Finance And Institutional Investors, Ang Li
Theses and Dissertations--Finance and Quantitative Methods
The dissertation consists of three chapters spanning two areas of finance: corporate finance and institutional investors. In the first chapter, “Board Gender Diversity, Firm Culture, and Female Inventors”, I study how employee's Research and Development (R&D) activity is affected by firm culture. Using board gender diversity as a proxy for female-friendly culture, I find that a greater representation of women in the boardroom is associated with increased productivity and innovation output by female inventors relative to male inventors. Female inventors file more highly cited patents and less uncited patents. The effect is driven by female directors with R&D or high-tech …
A Business Plan For The Fitzgerald Institute,
2020
The University of Akron
A Business Plan For The Fitzgerald Institute, Elaine M. King, Matthew G. Deibel, Matthew J. Bulgrin, Alex Skeen, Stephanie N. Kieke
Williams Honors College, Honors Research Projects
This piece seeks to develop a business strategy for the University of Akron's Fitzgerald Institute for Entrepreneurship. The recommendations given were developed utilizing research on entrepreneurial education and the desires of students at the university.
Culture Of Countries And Country-Index Crash Risk,
2020
The University of Akron
Culture Of Countries And Country-Index Crash Risk, Jason Petri
Williams Honors College, Honors Research Projects
Previously crash- risk studies have focused on assessing at the firm level the likelihood of a firm’s equity to crash (a rapid decline in value), apart from the dynamics of its respective country-level market. In this study, however, I examine the determinants of an overall countrylevel equity crash apart from the dynamics of the global market. I will argue that this is a very different focus of analysis that will provide valuable information to both investors and policy makers. Expansion of credit and subsequent equity-market bubbles and crashes are of particular concern to foreign direct investors (FDI), as country-level equity …
