Finance and Financial Management Commons^™

2025 Private Capital Markets Report, Craig R. Everett

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital in today’s economic …

The Effect Of Disaggregated Country Risk On Foreign Portfolio Investment Flows In South Africa, Paul-Francois Muzindutsi, Tristan Kyle Govender, Nokwanda Nkwanyana, Sanelisiwe Zulu, Nondumiso Myeni, Sinegugu Khuzwayo, Fikile Dube

Economic and Business Review

This study explores the relationship between disaggregated country risk and foreign portfolio investment (FPI) flows in South Africa, focusing on both the long-run and short-run effects of economic, financial, and political country risk measures on net foreign purchases of shares (NFPS) and net foreign purchases of bonds (NFPB) during the period from 1995 to 2019. We employed autoregressive distributed lag (ARDL) and nonlinear autoregressive distributed lag (NARDL) models to assess the relationships between the variables. The results indicate that all disaggregated country risk measures have a long-run effect on NFPS and NFPB, and the impacts of these risks are asymmetric. …

Analisis Dampak Kebijakan Insentif Fiskal Terhadap Tingkat Komponen Dalam Negeri (Tkdn) Industri Manufaktur Di Indonesia, Muhammad Muhammad, Riyanto Riyanto

Jurnal Kebijakan Ekonomi

Over the last decade, the manufacturing sector's contribution to Indonesia's economy has declined. In 2010, it was 29.10% of GDP, but by 2022, it had dropped to 19.14%. Employment in the sector also fell, from 14.91% of the workforce in 2010 to 13.80% in 2022. To reverse this trend, the government introduced a policy to boost the Domestic Component Level (DCL) in manufacturing. By offering fiscal incentives to industries meeting certain DCL targets, the government aims to drive economic growth and job creation. A study using BPS data from 2008-2019 shows that this policy raised DCL by 23.5%.

Politisasi Anggaran Bantuan Keuangan Oleh Petahana Pada Pilkada Serentak Di Indonesia, Austin Nalsalina Sinaga

Jurnal Kebijakan Ekonomi

This study aims to inquire the Political Budget Cycle (PBC) by examining the relationship between the presence of an incumbent during the simultaneous district/city level elections in 2015, 2017, 2018, 2020 and village financial assistant. Using the village financial assistant data in 2013-2021, this study conducts a random effect model. The results showed that the existence of an incumbent is significantly correlated with an increase in village financial assistant in one or two years prior to election. Meanwhile, in the election year, there is no significant relationship between variables. The PBC took place in the years prior to election.

[Abstract For] Modeling Private Equity Waterfalls: Incentives, Performance Measurement, And Excel Implementation, Tom Arnold, Summer Liu, Cassandra D. Marshall

Finance Faculty Publications

KEY TAKEAWAYS:

Using Excel’s =LAMBDA and =MAKEARRAY functions allows for the creation of user-defined functions for generating waterfall calculations for a private equity deal, without needing VBA or macro programming.

The three primary waterfall functions determine the waterfall distributions and related performance metrics, including internal rates of return (IRRs) and multiples of invested capital (MOICs), both with and without carried interest.

Copying the cell that uses a waterfall function from the source file to a new file automatically transfers the function and its related intermediate functions. As a result, these functions can be used immediately in other models.

Measuring Return And Volatility Interactions Across Gcc Equity Indices And Cryptocurrencies, Yasmin Sudan

Theses and Dissertations

This research is examining how volatility travels between major cryptocurrencies and Gulf stock markets. Using daily data for six GCC equity indices (ADX, BAX, DFMGI, KSE, QE, TASI) and five leading cryptocurrencies (Bitcoin, Ethereum, XRP, Dash, Monero) from 2017–2022. Our methodology contains a three-step framework consists of a univariate Garch (1,1) to assess the volatility of each asset. A bivariant BEKK Garch to measure shocks transmission and volatility transmission from cryptocurrencies to Gulf stock market. The last step is using the DCC Garch model to model the time varying correlation. We also split the sample before and after January 2020 …

Risk Premia-Return Spillovers Among Commodity-Us Equity Markets, Marinela Adriana Finta

Sim Kee Boon Institute for Financial Economics

This study examines the risk premia-return spillovers of eight commodities (corn, soybean, wheat, copper, silver, gold, oil, and natural gas) and the U.S. equity market from 2008 to 2016. We define volatility, skewness, and kurtosis risk premia as the difference between implied and realized moments. Our results reveal an increasing trend in cross-market and cross-moment spillovers until mid-2012, with various announcements explaining these effects. Moreover, we document substantial cross-energy and cross-metal spillovers to the equity market and cross-return spillovers to risk premia. Higher-order risk premia also exhibit the highest effects on returns. In addition, we underline the prominent influence of …

Equity Fund Monthly Report, September 2025, Archway Investment Fund

Archway Investment Fund

No abstract provided.

Applying The Synergy Of Experience Accounting And Service Dominant Logic To Rank Customer Experiences In The Mainstream Cruising, Ganna Demydyuk, Mats Carlbäck

Journal of Global Hospitality and Tourism

This study analyzes how service-related experiences influence customer satisfaction and perceived value for money in the cruise industry. By integrating Service-Dominant Logic (S-D-L) and Experience Accounting (EA), it aims to support the development of customer-centric performance systems for managerial decision making in the all-inclusive hospitality sector. This is the first empirical study to merge data from three perspectives in service-for-service exchanges: customer review ratings from online platforms, ship-level operational characteristics, and financial metrics from corporate reports. This integrated approach allows for a holistic evaluation of the service ecosystem and cocreation of value onboard cruise ships. A quantitative analysis was conducted …

Regulatory Impacts On Us Hazardous Waste Exports, Xiaofan Ji, Mengyu Wang, Tianyi Zhang

Sim Kee Boon Institute for Financial Economics

This paper examines the impact of key domestic and international regulations on US hazardous waste exports, focusing on shifts in export destinations and waste types from 2002 to 2023. Since 2005, OECD countries and US Trade Agreement Partners have become primary destinations for US hazardous waste, with significant surges after 2018 and a notable decline in 2022. An analysis of the regulatory landscape reveals that, while international frameworks such as the Basel Convention of 2021 have had a relatively limited impact on reducing US hazardous waste exports, domestic policies—particularly those in California—have more directly influenced export behaviors. Additionally, the US …

The Dark Side Of Ceo Inside Debt: Evidence From Stock Price Crash Risk, Amir Gholami, Ahmed M. Elnahas

Finance Faculty Publications

Despite being thought of as a governance mechanism, CEO inside debt seems to distort firms' information environment. Our results indicate that CEO inside debt alters managerial orientation and incentives in a way that increases stock price crash risk. Our results are robust after addressing endogeneity using the instrumental variable (IV) approach, a difference-in-differences test based on the implementation of Internal Revenue Code Section 409 A Final Regulations, and Oster's omitted variable diagnostic test, and selection bias using the propensity score matching (PSM) and Entropy balancing (EB) approaches. The results are stronger for firms that are poorly governed, operate in less …

Impact Of Aigc Application On E-Commerce: A Study In The Scenario Of Product Display And Recommendation, Ya Shen

Dissertations and Theses Collection (Open Access)

Artificial Intelligence Generated Content is widely expected to enhance efficiency and lower operation cost for e-commerce. This study aims to investigate on how AIGC technology would impact on the online shopping behavior and conversion rate, specifically in the scenario of product display and recommendations.

Experiment 1 is to evaluate which scenario would have better efficiency on e-commerce platforms when using AIGC. Using an A/B testing methodology, the effects of AIGC application were measured among key factors of six product display and recommendation scenario on Vipshop.com. Results show that AIGC application on model image has the greatest impact, increasing CTR by …

Managing Rumors On Electronic Interaction Platforms: How Management Responses Affect Investor Reaction, Runyu Wang, Zili Zhang, Keng Siau, Ziqiong Zhang

Research Collection School Of Computing and Information Systems

This study investigates how listed firms respond to investors’ rumor-related inquiries and examines the impact of these responses on investor reactions, as indicated by subsequent daily abnormal stock returns (ARs). Using a unique dataset of question-and-answer (Q&A) interactions from China’s major e-interaction platforms, established by the stock exchanges, our study provides insights into regulated firm-investor communications in a structured Q&A setting. Unlike informal social media channels, these platforms enable official responses from firm representatives, typically board secretaries, under direct regulatory oversight. By analyzing rumor-related Q&A pairs with regression models and several robustness checks, we find that firms can benefit from …

Do Companies’ Green Credentials Enhance Trade Credit Provisions? Global Evidence, Rashid Zaman, Nader Atawnah, Deepa Banigidadmath, Muhammad Nadeem, Jia Liu

Research outputs 2022 to 2026

We investigate the impact of corporate renewable energy (RE) adoption on suppliers’ trade credit provisions. Using a global sample of 30 countries, we establish that firms engaging in higher RE consumption secure increased trade credit. Our results remain robust to a variety of sensitivity tests and after accounting for potential endogeneity concerns using the Paris Agreement and companies switching to green energy as exogenous shocks. Our channel analysis reveals that RE take-up mitigates companies’ environmental risk (proxied by environmental violation fines, media coverage of environmental controversies, GHG emissions, and environmental policy stringency). Additional tests reveal that the relationship between RE …

Does Fintech Matter For Rigidity And Risk Aversion Among Incumbent Firms?, Kwaku Alex Gyan, Peter Galvin, Peter Adjei-Bamfo

Research outputs 2022 to 2026

Incumbent firms tend to seek less growth opportunities and are more risk-averse based on their core rigidities – premised on a behaviour of prioritising efficiency associated with improving existing processes. Recently, some firms have adopted FinTech to reduce core rigidity and advance their agility towards risk-taking. However, available research has not fully deconstructed FinTech's effect on the rigidity-risk relationship. We examine this observation among incumbent traditional financial services firms in Australia using both logit regression and fixed effect ordinary least squares. Our findings indicate that FinTech's impact on rigidity could be directional and counterproductive. While predictive FinTech (i.e., algorithmic routines …

Esg News, Future Cash Flows, And Firm Value, Francois Derrien, Philipp Krüger, Augustin Landier, Tianhao Yao

Research Collection Lee Kong Chian School Of Business

We investigate the expected consequences of negative environmental, social, and governance (ESG) news on firms' future profits. After learning about negative ESG news, analysts significantly downgrade their forecasts at short and longer horizons. Negative ESG news affects forecasts more strongly at longer horizons than other types of negative corporate news. The negative revisions of earnings forecasts following negative ESG news largely reflect expectations of lower future sales, rather than higher future costs. Quantitatively, forecast revisions can explain most of the negative impacts of ESG news on firm value. Analysts are correct to revise forecasts downward following negative ESG news.

Banking On Incumbents: How Do Fintech Start-Ups Benefit From Collaborations, Theodor Florian Cojoianu, Pia Helbing, Vladimir Pazitka, Dariusz Wojcik, Beiyun Xiao

Research Collection College of Integrative Studies

We investigate whether collaborations with established incumbents bolster innovation and access to capital for FinTech start-ups. Collaborations increase patent applications and raise both short-and long-term citations. Collaborations with finance incumbents stimulate finance and technology citations and boost both short-and long-horizon venture capital fundraising. These effects persist after addressing endogeneity and conducting additional robustness tests. Theoretically, our findings test the resource based theory in the FinTech ecosystem and enrich the open innovation literature by showing that, despite power asymmetries, FinTech start-ups can sustain innovative momentum and capture innovation gains via collaborations with incumbents. Collaborations function as credible signals that confer capital …

In Crypto We Trust: A Cross-National Comparison Of Factors Affecting Trust In Cryptocurrencies, Arif Perdana, W. Eric Lee, Chu Yeong Lim, Gary Pan, Poh Sun Seow

Research Collection School Of Accountancy

Background: Trust in cryptocurrencies is a complex and evolving construct influenced by technological, economic, and social factors. Unlike traditional information systems that rely on institutional trust, cryptocurrency users often depend on underlying technology and community insights. Despite growing interest, existing research has primarily focused on narrow aspects of trust, with limited cross-national perspectives and comprehensive models.

Method: This study investigates how geographic differences impact user trust in cryptocurrencies by surveying 644 respondents from China, Germany, and the USA. Drawing on established trust formation theories, it utilizes a comprehensive model encompassing technological, economic, and social factors.

Results: Our analysis reveals multiple …

Effects Of Research And Development Subsidies On Research And Development Investment And Firm Performance: Evidence From High-Tech Firms In China, Hanqi Ye, Moau Yong Toh

International Journal of Management, Finance and Accounting

Over the past decade, the Chinese government has actively promoting research and development (R&D) in high-tech industries to foster scientific and technological innovation and address economic slowdown. Against this backdrop, this study explores how the interaction between government R&D subsidies and R&D investment influences the performance of high-tech firms in China. Specifically, it investigates (i) the relationship between government R&D subsidies and firm performance, (ii) the relationship between government R&D subsidies and R&D investment, and (iii) the mediating role of R&D investment in the relationship between government R&D subsidies and firm performance. Analysing 773 listed high-tech firms from 2018 to …

A Critical Review Of Theory Of Planned Behavior In Knowledge Payment, Tang Yunlong, Anusuyah Subbarao, Aaron Aw Teik Hong

International Journal of Management, Finance and Accounting

The Theory of Planned Behavior (TPB) is a widely applied theoretical framework for predicting individual intentions and behaviors. However, its application in the knowledge payment domain remains limited. Existing studies primarily focus on TPB’s three core constructs while overlooking emerging factors. Additionally, most studies rely on quantitative methods, particularly cross-sectional surveys, lacking longitudinal and experimental research, which may result in an incomplete understanding of consumer knowledge payment behavior. This study utilizes a Systematic Literature Review (SLR) methodology to thoroughly examine the current research based on the TPB within the domain of knowledge payment. A systematic search method was employed to …