Essays On The Tax Policy And Insider Trading,
2017
University of South Florida
Essays On The Tax Policy And Insider Trading, Han Shi
USF Tampa Graduate Theses and Dissertations
In the first essay I examine the relation between firm advertising and tax aggressiveness. Advertising increases firm visibility in both the product and the financial market. While investors would appreciate more tax savings, they are aware of the negative impact of tax aggressiveness on consumers’ views of the firm and hence its competitive positions in the product market. We find that firms that spend more on advertising have fewer tax sheltering activities, lower book-tax differences, and higher cash effective tax rates. Specifically, an increase of 1% on Advertisingi,t (ADVGPi,t), the firm pays an additional tax of $0.70 …
Engineering Change Orders And Their Impact On Dod Acquisition Contracts,
2017
Air Force Institute of Technology
Engineering Change Orders And Their Impact On Dod Acquisition Contracts, Ian S. Cordell
Theses and Dissertations
Cost growth is a problem DoD wide. Cost Estimators attempt to remedy this problem by accounting for uncertainty in the estimates they complete. They use tools such as Engineering Change Orders (ECO’s) to account for the uncertainty, by applying a percentage to the final amount estimated. The following research gives the acquisition community a more precise tool to predict whether a DoD Acquisition Contract will have an Engineering Change Order, which can then be used also during programmatic cost estimating, and also a method for predicting the proper amount of ECO to apply when certain variables are present. The study …
A Cost Benefit Analysis Of Emerging Led Water Purification Systems In Expeditionary Environments,
2017
Air Force Institute of Technology
A Cost Benefit Analysis Of Emerging Led Water Purification Systems In Expeditionary Environments, Alicia D. Binggeli
Theses and Dissertations
The Air Force is a rapid mobile force responsible for national defense and reaction to calls for humanitarian aid across the globe. Rapid Global Mobility is a major tenant of the Air Force strategy. It provides the nation its global reach, underpins its role as a global power, and ensures that tomorrow, just as today, the United States can respond quickly and decisively to unexpected challenges to its interests. The ability to produce or acquire potable water is an essential piece of this tenant. Reverse Osmosis Water Purifications Units (ROWPUs), the workhorse for all military units, provide all the necessary …
A Longitudinal Study And Color Rating System Of Acquisition Cost Growth,
2017
Air Force Institute of Technology
A Longitudinal Study And Color Rating System Of Acquisition Cost Growth, Cory N. D'Amico
Theses and Dissertations
different angles have been looked at to try and discover how to better estimate cost, what causes cost growth, and how to mitigate it. This research addresses this through examining cost growth from a longitudinal perspective, evaluating cost growth factors at major program reviews, and assessing the cost growth by applying color rating metrics. The results of this analysis show that breaking cost growth into longitudinal segments of a programs lifecycle allows the true behavior of cost growth to be seen, when it can often be masked in the traditional approach of evaluating lifecycle cost growth. Additionally, when applying the …
Using Multiple And Logistic Regression To Estimate The Median Will-Cost And Probability Of Cost And Schedule Overrun For Program Managers,
2017
Air Force Institute of Technology
Using Multiple And Logistic Regression To Estimate The Median Will-Cost And Probability Of Cost And Schedule Overrun For Program Managers, Ryan C. Trudelle
Theses and Dissertations
The main concern of a program manager is to manage the cost, schedule, and performance triad of a program. Historically, programs tend to meet the performance aspect at the expense of cost or schedule, or both. This research gives the acquisition community a set of tools that enables them to impartially analyze the cost and schedule of their programs, helping to mitigate these issues. Five regression models encompass this toolset; one to estimate the median program cost and four to identify the probability of realizing a given overrun. The cost model explains 81% of the variation in program acquisition using …
The Impact Of Government Loan Expansion On Post-Graduation Outcomes: A Longitudinal Study,
2017
Brigham Young University
The Impact Of Government Loan Expansion On Post-Graduation Outcomes: A Longitudinal Study, Mark Johnson, Taylor Nadauld
Journal of Undergraduate Research
The availability of higher education is linked to more affluent and prosperous societies. In the United States, policy makers have attempted to make post-secondary education readily available through grants and loans. In the past two decades student loans have exploded to become the second largest segment of consumer debt nationally. The effect that higher loan balances has on students has not been examined extensively. We perform a statistical analysis to demonstrate that when the government increases the supply for federal loans, students take on more credit to pay off more expensive forms of credit. All other effects of loans on …
Investment Bank Expertise In Cross-Border Mergers And Acquisitions,
2017
Marquette University
Investment Bank Expertise In Cross-Border Mergers And Acquisitions, Matteo P. Arena, Michael Dewally
Finance Faculty Research and Publications
We study the influence of country expertise of investment banks in facilitating cross‐border merger deals by analyzing a large international sample of merger and acquisition (M&A) deals. We provide evidence that the geographical proximity, cultural affinity, and local experience of investment banks advising bidding firms on cross‐border M&A deals significantly increase the probability of completion of the deal, significantly decrease the time required to complete the deal, and significantly increase the operating performance of the acquiring firm after the deal. Our results are robust to firm, deal, country‐specific factors, and endogeneity concerns.
What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective.,
2017
Long Island University
What Is The Impact Of Private And Public R&D On Clean Technology Firms’ Performance? An International Perspective., Carol M. Boyer, Catherine Boulatoff
Faculty of Finance Publications
Research and Development (R&D) has often been cited as key to promote the development of clean technologies in both the short and long run. Robust economic performance for clean technology firms may occur in countries in which research and development is conducted by governments as well as by businesses. The goal of this paper is to examine how private and public R&D affects firm profitability. Utilizing an international data set of clean technology firms, this study finds performance of clean technology firms to be quite favorable when compared to firms in the MSCI World index. The study examines how different …
Adapting And Evolving To Grow In The High-Tech Industry,
2017
Singapore Management University
Adapting And Evolving To Grow In The High-Tech Industry, Singapore Management University
Perspectives@SMU
MatchMove started as a gaming platform; it’s now a flourishing enterprise payment solutions company
2017 Q1 Private Capital Access Index Report,
2017
Pepperdine University
2017 Q1 Private Capital Access Index Report, Craig R. Everett
Pepperdine Private Capital Access Report
The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.
Understanding Precautionary Cash At Home And Abroad,
2017
University of Maryland
Understanding Precautionary Cash At Home And Abroad, Michael W. Faulkender, Kristine W. Hankins, Mitchell A. Petersen
Institute for the Study of Free Enterprise Working Papers
In the presence of market frictions, it is optimal for firms to stockpile cash to fund investment projects which may arise in the future. Prior work has documented that firms’ precautionary savings motives predict variation in the size of firms’ cash stockpiles. The dramatic run-up in cash stockpiles raises the question of why these precautionary motives have increased. In the presence of repatriation taxes, foreign and domestic cash are imperfect substitutes. We show that although precautionary motives explain variation in the level of cash held domestically, they provide little explanatory power for the level of foreign cash. Multinational firms’ foreign …
Let's Listen To Sarma: Developing An Index Of Financial Inclusion For Nigeria.,
2017
Central Bank of Nigeria
Let's Listen To Sarma: Developing An Index Of Financial Inclusion For Nigeria., Baba N. Yaaba
Bullion
The National Financial inclusion Strategy of the Central Bank of Nigeria was designed to reduce the percentage of adult Nigerians excluded from financial services from 46.3 per cent as at 2070 to 20.0 per cent by 2020. As a component of the policy tool kit, the strategy makes provision for annual data gathering to measure progress in financial inclusion drive of the Bank. This approach and others recognised by the CBN are mostly survey based, hence occasional and expensive. ln order to facilitate cross-country comparison, this study adopted Sarma (2008, 2012) to compute a composite index for financial inclusion for …
Counterfeiting The Naira Notes: Issues, Trends And Measurements.,
2017
Central Bank of Nigeria
Counterfeiting The Naira Notes: Issues, Trends And Measurements., Kingsley Imandojemu
Bullion
Currency counterfeiting is o worldwide phenomenon of great importance to currency management and monetary policy execution. This has resulted in transatlantic corporation and synergy in combating the malaise in addition to the efforts of the monetary authorities towards ensuring that banknotes are not susceptible to counterfeiting. Notwithstanding the zero currency counterfeit stance of the Central Bank of Nigeria, the menace remain unabated. The paper through the lens of available literature, identified issues and trends that undermine the effort of the Central Bank of Nigeria geared towards ensuring that banknotes are not susceptible to counterfeiting and also developed methodological framework for …
Using Financial Statement Variables To Predict Stock Prices: Lessons From The 2007-2009 Financial Crisis,
2017
Jacksonville State University
Using Financial Statement Variables To Predict Stock Prices: Lessons From The 2007-2009 Financial Crisis, Benjamin B. Boozer Jr., Lenn H. Rainwater, S. Keith Lowe
Research, Publications & Creative Work
This analysis considers balance sheet, income statement, and cash flow account ratios in measuring the impact of the 2007-2009 financial crisis on the stock prices of American companies. Fourteen companies that trade on S & P 500 were selected for the model and data gathered for the ten years of the analysis, 2004-2013. Results indicate a mixed relationship on the predictive power of financial statement analysis on stock prices before and after the financial crisis. Size of the company and sales were both strong predictors. Liquidity has a small impact through net working capital, but the post intervention counter variable …
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World,
2017
William & Mary Law School
Rethinking Corporate Governance For A Bondholder Financed, Systemically Risky World, Steven L. Schwarcz
William & Mary Law Review
This Article makes two arguments that, combined, demonstrate an important synergy: first, including bondholders in corporate governance could help to reduce systemic risk because bondholders are more risk averse than shareholders; second, corporate governance should include bondholders because bonds now dwarf equity as a source of corporate financing and bond prices are increasingly tied to firm performance.
Sensation-Seeking Hedge Funds,
2017
New York University
Sensation-Seeking Hedge Funds, Stephen Brown, Yan Lu, Sugata Ray, Melvyn Teo
Research Collection Lee Kong Chian School Of Business
Using a novel dataset of hedge fund manager automobile purchases, we show that, motivated by sensation seeking, hedge fund managers often take risk for personal and non-pecuniary reasons. In line with the sensation seeking view, managers who own powerful sports cars take on more investment risk but do not deliver higher returns, resulting in lower Sharpe ratios. Moreover, funds managed by performance car owners exhibit higher operational risk and are more likely to fail. Performance car owners demonstrate other attributes associated with sensation seeking, such as a preference for lottery-like stocks, unconventional strategies, and active trading.
Corporate Employee-Engagement And Merger Outcomes,
2017
Singapore Management University
Corporate Employee-Engagement And Merger Outcomes, Hao Liang, Luc Renneboog, Cara Vansteenkiste
Research Collection Lee Kong Chian School Of Business
Extending the theories of employee incentives and inalienability of human capital, we investigate the link between a firm’s engagement in employee issues and the returns to shareholders around mergers and acquisitions (M&As) and analyze an international sample of 4,565 M&A deals from 48 countries. We find that stronger employee-engagement — especially in terms of monetary benefits — by the acquiring firm is positively related to shareholder returns in domestic deals, but this positive effect is attenuated in cross-border deals, whereas workforce diversity, training and development, or health and safety do not affect shareholder value. The attenuating effect of cross-border deals …
Practice Of Finance Bus 430x,
2017
University of Rhode Island
Practice Of Finance Bus 430x, Andrée Rathemacher
Library Impact Statements
No abstract provided.
Corporate Investment And Stock Liquidity: Evidence On The Price Impact Of Trade,
2017
Cleveland State University
Corporate Investment And Stock Liquidity: Evidence On The Price Impact Of Trade, Moonsoo Kang, Wei Wang, Chanyoung Eom
Business Faculty Publications
We document that corporate investment contributes to stock liquidity. This study demonstrates a positive relationship between abnormal corporate investment and stock liquidity in the cross-section.Moreover, stock liquidity
improves more apparently for firms with financial constraints. Our robustness check confirms that the
existing regularities cannot explain the current finding. This analysis suggests that corporate investment decreases
the risk of a firm and that a change in the risk affects the behavior of a market maker, leading to an increase
in stock liquidity.
The Role Of Islamic Finance In Economic Development,
2017
Lingnan University
The Role Of Islamic Finance In Economic Development, Nora Khan
Lingnan Journal of Banking, Finance and Economics
Islamic financial institutions have been growing rapidly in the past few years. Islamic finance refers to investments that are permissible in accordance with Sharia, the Islamic law. Sharia law views money as a measuring tool for value and not an “asset” itself. “It does not permit receipt and payment of riba(interest), gharar(excessive uncertainty), maysir(gambling), short sales or financing activities that it considers harmful to society” (IMF website). Interest, a form of income from money, is therefore prohibited. For example, the income obtained from banks must come from the gain or loss of the enterprises they underwrite and not from interest …
