Equity Trading Evaluation Strategies In Switzerland After The European Mifid Ii,
2018
Walden University
Equity Trading Evaluation Strategies In Switzerland After The European Mifid Ii, Linn Kristina Karstadt
Walden Dissertations and Doctoral Studies
Swiss bank traders are affected by technological and regulatory challenges, which may affect their broker voting process and may result in a change of trading and evaluation behavior in 2018. Compounded challenges exist when broker evaluation strategies are not effective or Markets in Financial Instruments Directive (MiFID) II compliant. This qualitative, single case study, built on efficient capital market hypothesis and innovative disruption theory, was focused on effective broker evaluation strategies after MiFID II in Switzerland. The sample consisted of 4 buy-side traders, who shared their unique perspectives. Methodological triangulation was achieved through semistructured interviews, a review of the institution's …
Association Of Insider Trading Patterns With Earnings Management Citations From 2002-2012,
2018
Walden University
Association Of Insider Trading Patterns With Earnings Management Citations From 2002-2012, Anne-Mary Emuobonuvie Nash-Haruna
Walden Dissertations and Doctoral Studies
Insider trading and earnings management (EM) have traditionally been associated with fraud and corporate scandals. Corporations involved in fraudulent financial reporting or earnings manipulations were assumed to have used insider trading patterns to manipulate earnings, thereby concealing information from investors. The purpose of this quantitative, non-experimental study was to examine the association between insider trading patterns and EM citations among a randomly selected sample of publicly traded companies. The research question pertained to the association between the number of EM citations and whether a firm exhibited patterns of insider trading among publicly traded firms. The theoretical framework was based on …
Strategies That Chinese Small And Medium-Sized Enterprises Use To Attract Venture Capital,
2018
Walden University
Strategies That Chinese Small And Medium-Sized Enterprises Use To Attract Venture Capital, Chenjiazi Zhong
Walden Dissertations and Doctoral Studies
Small and medium-sized enterprises (SMEs) contribute to China's economic growth and help maintain social stability. However, SME business leaders have cited access to finance as an obstacle of SMEs' survival and success. The purpose of this multiple case study was to identify main strategies SME entrepreneurs and business leaders used to attract venture capital (VC) investments to achieve financial sustainability and business expansion. Data were collected from a purposive sample of 23 entrepreneurs and leaders from 4 SMEs in China and an analysis of organizational artifacts. The resource-based view theory served as the primary conceptual framework. The data analysis process …
Corporate Governance Implementation In The Nigerian Banking Industry,
2018
Walden University
Corporate Governance Implementation In The Nigerian Banking Industry, David Nkata Bassey
Walden Dissertations and Doctoral Studies
The increasing level of fraud, the collapse of banks, and the loss of confidence in the Nigerian banking industry have been attributed to poor corporate governance. The problem of this study was effective implementation of corporate governance in Nigeria where multiple regulations are in place. The purpose of this qualitative single case study was to understand how corporate governance is implemented in the Nigerian banking industry in the face of a multiplicity of regulations. The research question investigated how Nigerian bank managers implement corporate governance regulations in the face of a multiplicity of regulations. The conceptual framework was grounded in …
Nigerian Banks' Compliance With The Code Of Corporate Governance,
2018
Walden University
Nigerian Banks' Compliance With The Code Of Corporate Governance, Aderonke Alberta Tayo-Tiwo
Walden Dissertations and Doctoral Studies
Frequent incidences of bank failures in Nigeria resulting in enormous losses of investments and jobs have raised questions about the level of banks' compliance with the code of corporate governance. This single exploratory case study shifted attention from the banks to the regulators of banks in Nigeria, the Central Bank of Nigeria (CBN), to find out the problems they may be encountering in getting the banks to be fully compliant. Purposeful sampling was used to select 25 senior participants who were directly involved with the monitoring of banks from CBN. The agency theory served as the conceptual framework. The sources …
The Impact Of Mass And Active Shooting Incidents On Residential Real Estate Values,
2018
University of Mississippi. Sally McDonnell Barksdale Honors College
The Impact Of Mass And Active Shooting Incidents On Residential Real Estate Values, Claire Sherman
Honors Theses
Gun control as a response to gun violence is currently at the forefront of political debate in the United States. The foundation of this paper revolves around crime and real estate supported by background literature detailing external effects on real estate prices to set up the framework for the research on mass shootings and residential real estate values. The findings in this paper are based on 73 events involving mass shootings in the United States from 1996 to 2015. I find that the effect of mass shooting events plays a significant role in the decline in real estate values following …
Biotech Fever: Market Overreaction To Fda Clinical Trials,
2018
University of Northern Iowa
Biotech Fever: Market Overreaction To Fda Clinical Trials, Ethan J. Hugstad
Honors Program Theses
Picture this: someone buys the stock of a firm that is about to announce the results of a drug’s FDA clinical trial the next day. They go to bed that night, imagining the potential of their newly owned business to finally cure a disease that has impacted so many families. They wake up the next morning to find that the firm has lost half of its market value because the drug failed. This is the stark reality that many small investors face: the unpredictability of price movements in response to nonfinancial information being released to the public.
Strategies For Reducing Corporate Accountants' Turnover Through Implementing Workplace Flexibility,
2018
Walden University
Strategies For Reducing Corporate Accountants' Turnover Through Implementing Workplace Flexibility, Elizabeth Nwoseh-Streeter
Walden Dissertations and Doctoral Studies
Flexibility in the workplace is no longer perceived as a benefit to employees but as a requirement for organizations to remain competitive. Financial compensation alone may be insufficient to encourage employee retention. The purpose of this qualitative, single case study was to explore the strategies that corporate accounting and finance leaders implement to promote workplace flexibility for increasing accountants' retention. The conceptual framework for this study was Karasek's demand control support framework. The research sample consisted of 6 corporate accounting and finance leaders who had a history of successfully implementing a workplace flexibility program. Data analysis consisted of compiling the …
Does The Market Believe White Knights And Hostile Bidders Are Acting In Their Shareholders' Interest?,
2018
Old Dominion University
Does The Market Believe White Knights And Hostile Bidders Are Acting In Their Shareholders' Interest?, John M. Griffith, Mohammad Najand, Jiancheng Shen
Finance Faculty Publications
This study examines why white knights suffer significant losses while their rival hostile bidders experience significant abnormal gains. We address two research questions: 1) Does the market believe that white knights and hostile bidders are acting in their shareholders' interest? 2) Does Tobin's q explain why white knights suffer significant losses and hostile bidders experience significant gains upon the announcement of their bids? The results show that hostile bidders are value-maximizing investors and white knights are not acting in their shareholders' interest. Instead, white knights suffered significant reductions in value and historically have not maximized the wealth of investors
Neighborhood Effects On Speculative Behavior,
2018
Brigham Young University - Provo
Neighborhood Effects On Speculative Behavior, Todd Mitton, Keith Vorkink, Ian Wright
Faculty Publications
Speculative behavior plays a key role in numerous markets, but little is known about its causes. We test for neighborhood effects on speculative behavior using daily lottery sales data from 20 states in the U.S. In a sample of 160,000 retailers, lottery sales in a census block increase by $0.26, on average, for each $1 increase in neighboring blocks. We test whether this correlation is attributable to contextual effects, correlated effects, or endogenous effects. Our analysis suggests that social interaction is an important cause of speculative behavior.
Sunrise Presentations: A Study In Valuing And Divesting A Small Business,
2018
Brigham Young University - Provo
Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West
Faculty Publications
Sarah Barnett has decided to go back to school to earn an MBA. For several years she has run a graphic design business. Sarah has unexpectedly been accepted into the MBA program with a scholarship a year earlier than she planned. Classes begin in two weeks and the school she is attending does not allow first year MBAs to work outside of the school curriculum. Sarah has decided to divest her business and now must consider several options to do so. She is most concerned about making sure her customers continue to receive outstanding service, and secondarily concerned about selling …
Regulating Complacency: Human Limitations And Legal Efficacy,
2018
Duke Law School
Regulating Complacency: Human Limitations And Legal Efficacy, Steven L. Schwarcz
Faculty Scholarship
This Article examines how insights into limited human rationality can improve financial regulation. The Article identifies four categories of limitations—herd behavior, cognitive biases, overreliance on heuristics, and a proclivity to panic—that undermine the perfect-market regulatory assumptions that parties have full information and will act in their rational self-interest. The Article then analyzes how insights into these limitations can be used to correct resulting market failures. Requiring more robust disclosure and due diligence, for example, can help to reduce reliance on misleading information cascades that motivate herd behavior. Debiasing through law, such as requiring more specific, poignant, and concrete disclosure of …
Mutual Fund Performance And Persistence Evaluationevidence From Thai Local And Foreign Luxembourg Ucits,
2018
Faculty of Commerce and Accountancy
Mutual Fund Performance And Persistence Evaluationevidence From Thai Local And Foreign Luxembourg Ucits, Bruno Fourquin
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper aims to compare the performance and persistence of equity Mutual Funds between Luxembourg equity UCITS (Undertakings for Collective Investment in Transferable Securities) and Thai equity Funds that are investing a minimum of 90% of their total portfolio in Thai equity market during a 5 years period (May 2013- April 2018). The tests are conducted via (i) static or unconditional measures including the Sharpe, Treynor, Jensen ratios; (ii) dynamic or conditional measures using Treynor-Mazuy, K. Shukla and Gregory B. van Inwegen indicators; (iii) control - robustness measures with Brown and Goetzmann, Murthi et al. performance persistence indices. The paper …
Volume Components And Return Predictability In Abnormal Trading Events,
2018
Faculty of Commerce and Accountancy
Volume Components And Return Predictability In Abnormal Trading Events, Jetarin Charoenpornpoj
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper examines return predictability of three types of trading volumes include total volumes, buy volumes and sell volumes in Thailand's stock market between 2012 to 2018. To measure predictability ability, we sort securities into group base on the level of trading volumes and type of volumes. We test and confirm that buy volumes and sell volumes can predict return one day after the abnormal trading event. Abnormal high buy volumes can predict positive next day return of that security while abnormal high sell volumes can predict negative next day return. In addition, we test and found that positive return …
Why Stock Distribution Announcement Causes Abnormal Return,
2018
Faculty of Commerce and Accountancy
Why Stock Distribution Announcement Causes Abnormal Return, Napas Chailapakul
Chulalongkorn University Theses and Dissertations (Chula ETD)
This research investigated empirically why stock distribution announcement causes abnormal return. For stock split companies, the evidences support that liquidity improvement could be the first possible reason of occurrence of abnormal return during announcement date. The main groups of investors who increase their trading activity are retail and foreign investors. This study also presents another reason that is the occurrence of abnormal return during effective date. It is possible that this abnormal return comes from the increasing of buying demand flow during effective date. However, this study does not discover the evidence which support those two reasons in stock dividend …
Essay On The Stickiness Of Selling, General, And Administrative Cost,
2018
Faculty of Commerce and Accountancy
Essay On The Stickiness Of Selling, General, And Administrative Cost, Phattraphol Anekpong
Chulalongkorn University Theses and Dissertations (Chula ETD)
This paper provided evidences that costs management is affected by many factors and investors can use this knowledge to analyze the firm's cost management practices. Selling, General, and Administrative Costs (SG&A) appears to be sticky and showed that costs management is asymmetric. The cost stickiness occurs when the SG&A costs decrease by smaller percentage with revenue decrease compare to SG&A costs increase with revenue increase. This paper explored various factors that might have influence on the stickiness of SG&A costs using linear regression. Factors such as managerial ownership and ownership concentration are found to decrease cost stickiness in different periods. …
The Effects Of Increased Transparency On Market Liquidity : Empirical Evidence From Thai Bond Market,
2018
Faculty of Commerce and Accountancy
The Effects Of Increased Transparency On Market Liquidity : Empirical Evidence From Thai Bond Market, Tanamard Patana-Anek
Chulalongkorn University Theses and Dissertations (Chula ETD)
To increase transparency, Thai Bond Market Association (ThaiBMA) issues the notification of disclosure of transaction information and control for post-trade deferred publication. Dealers are required to report all required trading information to ThaiBMA within 30 minutes after execution for public dissemination. The rules are issued for improved the market efficiency and increased customer activity. Moreover, ThaiBMA issues the penalty for Late Transaction to punish dealer. However, increasing transparency leads to an improvement on market liquidity. This paper examines the effect of post-trade transparency on market liquidity in the Thai bond market, measured by bid-offer quoted in terms of their yield …
Mergers And Acquistion : The Effect Of Announcement Date On Abmormal Return In Asia,
2018
Faculty of Commerce and Accountancy
Mergers And Acquistion : The Effect Of Announcement Date On Abmormal Return In Asia, Theedanai Snguanwongchai
Chulalongkorn University Theses and Dissertations (Chula ETD)
Merger and acquisition (M&A) is an ideal option to reduce business's risk of investment, gain stronger market penetration and wealth maximization. In this study, event study was performed to see the effect of abnormal return from M&A on Asian countries, including Indonesia, Thailand, Malaysia, Hong Kong and Singapore with sampling period between 2010 to 2017. From the result of the test, it was found that M&A creates positive value for acquirer firms in Asia. The semi strong form of Efficient Market Hypothesis (EMH) was examined by looking at the leakage of information prior to the announcement and market's reaction after …
The Impact Of Advertising Share Of Voice On The Idiosyncratic Risk Of The Firm,
2018
Singapore Management University
The Impact Of Advertising Share Of Voice On The Idiosyncratic Risk Of The Firm, Sungkyun Moon, Kapil R. Tuli, Anirban Mukherjee
Research Collection Lee Kong Chian School Of Business
Integrating literature in marketing, finance and accounting, this study examines the impact ofa firms’ advertising share of voice (ASOV) on investors’ uncertainty about its future financialperformance, i.e., firms’ idiosyncratic risk. Drawing on signaling theory, authors propose that ASOV serves as a signal for investors such that higher ASOV reduces idiosyncratic risk. Consistent with this argument, analysis of 2,777 publicly listed firms over a two-decade period (1995-2014) shows that ASOV has a significant negative effect on idiosyncratic risk.In addition, consistent with the argument that ASOV is a more credible signal when firmshave higher cash flows; authors find that the negative impact …
Scarcity In The Twenty-First Century: How The Resource Nexus Affects Management,
2018
Singapore Management University
Scarcity In The Twenty-First Century: How The Resource Nexus Affects Management, Simon J. D. Schillebeeckx, Mark Workman, Charles Dean
Research Collection Lee Kong Chian School Of Business
Since theadvent of the 21st century and especially since the food andfinancial crisis in 2008, concerns about natural resource availability haveresurfaced. While scarcity concerns date back hundreds of years and arefoundational to economics, how scarcity is interpreted or framed has evolved significantlyin the last two centuries. In this chapter, we recount the evolving scarcity discourseand specifically address the most recent iteration that centres on the idea ofa resource nexus. While significant attention to the nexus has been paid bypolicy-makers and scholars interested in especially water, management scholarshave so far remained absent from these debates. Given recent calls to address grand …
