Finance and Financial Management Commons^™

Have Capital Market Anomalies Attenuated In The Recent Era Of High Liquidity And Trading Activity?, Tarun Chordia, Avanidhar Subrahmanyam, Qing Tong

Research Collection Lee Kong Chian School Of Business

We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in anomaly-based trading strategy profits in recent years. Overall, our work indicates that policies to stimulate liquidity and ameliorate trading costs improve capital market efficiency.

Going Global, Steven D. Dolvin

All Chapters

For diversification reasons, most investors should consider investing internationally. However, many investors have limited knowledge about how to do so or about how to determine how much exposure to have internationally. Click here for a recent WSJ article that provides some guidance on these issues.

Comparing And Contrasting The Us And German Banking System With Emphasis On The Financial Crisis In 2008, Sarah K. Gleissle

Honors College Theses

This thesis will compare and contrast the Financial Systems of the United States and Germany, the structure, institutions and regulations. Furthermore, we investigated the impacts that the Financial Crisis in 2008 had on Financial Systems, the outcomes and effects. First, we looked at both Systems and the structures more closely, and compared them to each other. Next we looked at the regulations and regulatory agencies in both countries and the work they do. We realized that the different competitive natures the banking systems are under influence their businesses and business decisions.

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.

Two Essays On Corporate Finance, Qiancheng Zheng

USF Tampa Graduate Theses and Dissertations

ABSTRACT

In the first essay titled "The Value of Strategic Alliances in Acquisitions and IPOs," I investigate how firms' strategic alliance experience affects their valuations as acquisition targets or in IPOs. I propose that strategic alliance experience serves as a valuable signaling device for target and IPO firms, particularly those with more intangible assets and greater opacity. The results show that takeover targets with alliance experience receive higher premiums than those without such experience. More recent alliance experience as well as alliance experience in the same industry also contributes to a larger target gain. Similarly, IPO firms that have alliance …

2014 Q2 Market Pulse Report, Craig R. Everett

Pepperdine Market Pulse Report

The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.

Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, Sue Thomson

OECD Programme for International Student Assessment (PISA) Australia

This report reveals that Australia is in the top five in the world’s first international assessment of young people’s financial literacy. Conducted in 2012 as part of the Programme for International Student Assessment (PISA) of the OECD with support from the Australian Securities and Investments Commission as the Australian Government agency responsible for financial literacy, the supplementary PISA financial literacy assessment measured 15-year-olds’ knowledge of personal finances and ability to apply it to financial problems. A total of 29 000 students from 18 countries and economies participated in the assessment, including approximately 3300 Australian students from 768 schools. According to …

User Experiences: Shared Services In Government Financial Management, Nauri D. Ahmed

Faculty Publications and Presentations

No abstract provided.

Editor's Note, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

Wall Street Ready: The Whitman School’S Orange Value Fund Immerses Students In The World Of Finance And Teaches Them How To Capitalize On The Experience, Denise Jochem-Robertson

Syracuse University Magazine

No abstract provided.

Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, Robert Simons

Program monitoring and evaluation

In May 2013, the Australian Securities and Investments Commission (ASIC) commissioned the Australian Council for Educational Research (ACER) to conduct an independent evaluation of its implementation of the Helping Our Kids Understand Finances (HOKUF) initiative. The purpose was to conduct an independent evidence-based assessment of whether ASIC implemented the HOKUF initiative in a way that met the following key criteria: 1) Appropriate – the extent to which the program developed by ASIC was useful and ‘fit for purpose’ in supporting the delivery of the consumer and financial literacy content aligned to the Australian Curriculum. 2) Effective − the extent to …

Behavioral Finance: Factors Influencing Angel Investor Decisions, Robert C. Forrester

Dissertations, Theses and Capstone Projects (Full IR Collection)

Angel investors are individual investors who invest in high-risk projects without the assistance of professional portfolio advisors and are an important source of early-stage entrepreneurial financing. When providing financing, an angel must decide how much time to spend on due diligence, the amount of wealth invested, and the degree of post-investment interaction with entrepreneurs. As they are individual investors, angels may be particularly influenced by behavioral factors. In order to provide insight into the investment decisions of angel investors this dissertation examines angel investor and deal characteristics including demographics, experience, perception of the management team, the source that led the …

A Domino Effect From Fairness To Online Customer Loyalty, Tuyet Mai Nguyen, Phong Tuan Nham

DLSU Business & Economics Review

Distributive fairness, procedural fairness, and interactional fairness are often researched together in many previous studies. However, in order to explore the power of fairness, the second-order fairness needs to be created to find the way to customer loyalty. An online survey was developed and distributed in Vietnam. Seven hundred fifty-eight questionnaires were completed and analyzed using a two-step methodology (including confirmatory factor analysis and structural equation modeling). The results of the study showed that there is the domino effect to customer loyalty, which departs from fairness, with trust and customer satisfaction as two mediators.

The Philippine Cybercrime Prevention Act Of 2012: To Protect Or Destroy?, James Keith C. Heffron

DLSU Business & Economics Review

Relatively new breeds of technology-related felonies called “cybercrimes” have proven to be a bane to different sectors of society, especially to business. The glaring damaging effects that it has caused to different business industries cannot anymore be ignored. However, is the Philippines adequately protected? Are its present laws sufficient to tackle the prongs of this blight? On the contrary, are these laws too myopically focused on eliminating cybercrime that certain freedoms have been overlooked, or worse, compromised? The aim of this paper is to essentially give an overview of the current protection and its effects on our basic rights. A …

Decomposition Analysis Of Income Inequality In Eastern Visayas, Philippines, Moises Neil V. Seriño

DLSU Business & Economics Review

This study aimed to explore and decompose income inequality in Eastern Visayas, Philippines into the following factors: location (urban-rural), age, educational attainment, and sources of income using expenditure and income approach for 2000 and 2006. Inequality in the region remains high but tends to diminish mildly. Using decomposition analysis, results revealed that inequality is mostly explained by the within-group inequality component. When decomposing inequality by income source, results showed that total inequality is largely influenced by wage income while income from agricultural sector contributed the least share to total inequality. In addition, an increase in wage income will further aggravate …

Board Interlock Networks And The Use Of Relative Performance Evaluation, Qian Hao, Nan Hu, Ling Liu, Lee J. Yao

Research Collection School Of Computing and Information Systems

Purpose - The purpose of this paper is to explore how networks of boards of directors affect relative performance evaluation (RPE) in chief executive officer (CEO) compensation. Design/methodology/approach - In this study, the authors propose that an interlocking network is an important inter-corporate setting, which has a bearing on whether boards decide to use RPE in CEO compensation. They adopt four typical graph measures to depict the centrality/position of each board in the interlock network: degree, betweenness, eigenvector and closeness, and study their impacts on RPE use. Findings - The authors find that firms that have more connected board members …

Precarious Work Undermines Decent Work: The Unionized Hotel Workers’ Experience, Divina M. Edralin

DLSU Business & Economics Review

This paper determined the drivers and impact of precarious work on the hotel workers and their unions. Based on the proposition that precarious work undermines decent work, a descriptive study with the use of the survey method among 93 respondents from 12 unionized hotels was undertaken. Results showed that the main reason that drives the hotel management to resort to precarious work practices is to lower expenses or costs for salaries and benefits and increase profit. Precarious work has also significantly weakened the union as an organization since their membership continues to decline and their source of fund is reduced. …

Linking Property Rights And Capital Accumulation In The Philippines, Mark Anthony M. Velasco

DLSU Business & Economics Review

This study investigates the link between property rights and capital accumulation in the context of poverty alleviation in the Philippines. Property rights are represented by the provision of land titles to those informal settlers while capital accumulation is concretely manifested through access to credit. The study focuses on explaining how provisions of land titles to the poor affect their access to credit and therefore improvement in life conditions. A former community of informal settlers in the City of Taguig, Philippines was chosen in the study to shed evidence using a case study design. Remarkably, the results signify notable relationship between …

Converlogical Management Theory: Towards The Development Of The Communicative Competence Of An Organization, Marife C. Posadas

DLSU Business & Economics Review

Management practice has been evolving from a very rigid and behavioristic practice into something more flexible and humanistic. Critical Management Studies (CMS) is, partly, inspiring such move. In the same vein, I attempted to combine and “mutually animate” Management by Objective (MBO) popularized by great management guru Peter Drucker and the Theory of Communicative Action (TCA) by Jurgen Habermas. The result of which is a novel management theory called “Converlogical” (Conversational/Dialogical) Management Theory. I used concept analysis and deductive approach on various materials to build the theory. The whole MBO process was animated by embedding the validity claims of Habermas’ …

The Mediate Effect Of Employee Engagement On The Relationship Between Perceived Employer Branding And Discretionary Effort, Burawat Piyachat, Kuntonbutr Chanongkorn, Mechinda Panisa

DLSU Business & Economics Review

The purpose of this study is to test the relationships among employer branding, employee engagement, and discretionary effort via the effect of employee expectation. A survey was conducted with 1,349 current employees working in Thai petroleum industry. The results indicated that there were strong positive relationships between employer branding and employee engagement, employee engagement and discretionary effort, employer branding and discretionary effort, employer branding and employee expectation, and employee expectation and employee engagement. The results further indicated that there was a partial effect of employer branding on employee engagement through employee expectation, while there was also a partial effect of …