Disproportional Ownership Structure And Ipo Long-Run Performance Of Entrepreneurial Firm In China,
2013
Singapore Management University
Disproportional Ownership Structure And Ipo Long-Run Performance Of Entrepreneurial Firm In China, Jerry X. Cao, Gary Gang Tian, Vincent Tang, Xiaoming Wang
Research Collection Lee Kong Chian School Of Business
This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one share one vote structure outperform those with ownership control wedge by 30% for 3 years post-IPO in either buy-and-hold or cumulative monthly returns. Entrepreneurial firms with excess ownership control wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that entrepreneurial firms need to improve corporate governance such as disproportional ownership structure to better safeguard …
What Are Analysts Really Good At?,
2013
Washington University in St. Louis
What Are Analysts Really Good At?, Ohad Kadan, Leonardo Madureira, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their stock recommendations. For example, a ‘buy’ for some brokers means the stock is expected to outperform its peers in the same sector (“industry benchmarkers”), while for other brokers it means the stock is expected to outperform the market (“market benchmarkers”), or just some absolute return (“total benchmarkers”). We use these benchmarks to analyze the role of stock picking, industry picking and market timing in contributing to the performance of stock recommendations. We are able to do so given that different benchmarks suggest the use of different sets of abilities. Analysis of the …
Firm Strategy And The Internet In U.S. Commercial Banking,
2013
Nanyang Technological University
Firm Strategy And The Internet In U.S. Commercial Banking, Kim Huat Goh, Robert J. Kauffman
Research Collection School Of Computing and Information Systems
As information technology (IT) becomes more accessible, sustaining any competitive advantage from it becomes challenging. This has caused some critics to dismiss IT as a less valuable resource. We argue that, in addition to being able to generate strategic advantage, IT should also be viewed as a strategic necessity that prevents competitive disadvantage in rapidly changing business environments. We test a set of hypotheses on strategic advantage and strategic necessity in the context of Internet banking investments among the entire population of the United States Federal Deposit Insurance Corporation (FDIC) banks from 2003 to 2005. We seek to understand whether …
The Impact Of Us Political Pressure On The Rmb Exchange Rate,
2013
Claremont Graduate University
The Impact Of Us Political Pressure On The Rmb Exchange Rate, Wenjie Zhang
LUX: A Journal of Transdisciplinary Writing and Research from Claremont Graduate University
The US-China game of Renminbi (RMB)/US Dollar exchange rate has aroused increasing attention recently. From the US perspective, appreciation of RMB exchange rate could reduce the US-China trade deficit, boost the US economy and thus lower the unemployment rate (Cheng and Zhang, 2012). Therefore it is crucial for the US government to figure out whether there is an influence from US political pressure on RMB flexibility and the most effective way to accelerate the appreciation of RMB exchange rate. Aminian et al (2008) believed that US political pressure may be one of the causes for the appreciation of RMB exchange …
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis,
2013
Singapore Management University
Loan Loss Reserves, Regulatory Capital, And Bank Failures: Evidence From The Recent Economic Crisis, Jeffrey Ng, Sugata Roychowdhury
Research Collection School Of Accountancy
No abstract provided.
Floating Rate Notes,
2013
Butler University
Floating Rate Notes, Steven D. Dolvin
All Chapters
As interest rates rise, bond prices fall. Given historically low interest rates, many investors are concerned about bond prices, particularly since the loose monetary policy being implemented by the Fed may trigger inflation and therefore higher future interest rates. To hedge away this interest rate risk, some investors have used inflation protected securities. The Treasury, however, just launched another alternative -- floating rate notes. The interest paid on these notes rise as market rates rise, thereby also protecting the bond's price. See article here, WSJ.
Systems And Methods Of Derivative Strategy Selection And Composition,
2013
University of Nebraska - Lincoln
Systems And Methods Of Derivative Strategy Selection And Composition, Greg Hammond
Department of Finance: Faculty Publications
A method and apparatus of selecting derivative strategies, where candidate derivative strategies are selected from a set of essentially all possible derivative strategies available for an underlying, based upon a user's market sentiment for an underlying, to perform favorably under the foreseen conditions being most appropriate to the user's strategic intent and the choices afforded by the relevant markets.
Timing Matters -- Dollar Weighted Returns.,
2013
Butler University
Timing Matters -- Dollar Weighted Returns., Steven D. Dolvin
All Chapters
While a mutual fund manager may make good decisions that result in a positive return, if investors time cash flows incorrectly, they will end up with lower (even negative) returns. This illustrates the difference between time weighted and dollar weighted returns. Unfortunately, the average investor succumbs to human nature, buying high and selling low, instead of the opposite. See a good summary article here, WSJ.
Health Promotions 2.0: The Future Of Wellness Programs In America,
2013
ShapeUp
Health Promotions 2.0: The Future Of Wellness Programs In America, Rajiv Kumar
Center for Policy Research
In no small part because of technology, the way we live and work is being transformed. I believe that those of us who are interested in health policy can play an important role in guiding that transformation. I submit to you that unhealthy living is a social issue; that conditions such as obesity and diabetes are social diseases and that their prevalence is a social problem. If we have a social problem, then we need a social solution. I believe part of that solution can be found in the worksite health promotion and wellness programs that have taken root across …
Institutional Trading Frictions,
2013
Singapore Management University
Institutional Trading Frictions, Chiraphol New Chiyachantana, Pankaj K. Jain
Research Collection Lee Kong Chian School Of Business
We propose and empirically examine a comprehensive measure of institutional trading frictions to include the dimensions of price impact, quantity of execution, return dynamics, speed of execution or order splitting, and trading commissions. Our empirical analysis reveals that various hidden components of institutional trading frictions such as adverse selection and clean-up costs are persistent and could add significantly to previously measured directly observable components of transaction costs. Our simultaneous system of equations accounts for the endogeniety in institutional order aggressiveness based on potentially superior information as well as order splitting strategies in the implementation stage to reduce transaction costs. Order …
An Epidemiological Approach To Opinion And Price-Volume Dynamics,
2013
Singapore Management University
An Epidemiological Approach To Opinion And Price-Volume Dynamics, Dong Hong, Harrison G. Hong, Andrei Ungureanu
Research Collection Lee Kong Chian School Of Business
We develop a simple and tractable model of opinions and price-volume dynamics based on a word-of-mouth communication process widely used in epidemiology. Risk-averse investors have different opinions depending on whether they heard the news from a friend. Opinions initially diverge and then converge over time as news spreads, which leads to price adjustment and trading volume. News released to many leads to an expected difusion rate (the change in the fraction of investors with the news) that declines with time. But news initially released to few leads to an expected diffusion rate that initially increases in time and only then …
Covered Calls,
2013
Butler University
Covered Calls, Steven D. Dolvin
All Chapters
A Covered Call is created by purchasing stock and simultaneously writing a call on that stock. The position limits upside, as the stock will be called away if the price rises above the exercise price. But, the premium from selling the call provides extra income, which is the primary reason for executing such a strategy. See the article here, WSJ.
Retirement Planning -- Start Early,
2013
Butler University
Retirement Planning -- Start Early, Steven D. Dolvin
All Chapters
Many people are not prepared for retirement. Older workers do not have enough money saved, and younger workers are not starting soon enough. See some survey results here, WSJ. You should also take the quiz to see where you stand.
Bankruptcy In Utah,
2013
Brigham Young University
Bankruptcy In Utah, Ryan Wilson, Rebecca Wilson, Dr. Ned Hill
Journal of Undergraduate Research
In this study, we analyzed 100 randomly selected Chapter 7 and Chapter 13 bankruptcy cases filed in 2002 in the U.S. Bankruptcy Court of Utah. In addition to these cases, we personally interviewed five local bankruptcy attorneys and court officers addressing the issue of Utah’s high bankruptcy rate. We also researched national statistics and other previous research with the purpose of identifying who in Utah is filing for bankruptcy and what factors are leading to these bankruptcies.
Insider Trading In Taiwan,
2013
Brigham Young University
Insider Trading In Taiwan, Gabby Hsin-Yo Wang, Dr. Michael J. Pinegar
Journal of Undergraduate Research
Insider trading has been a much-rumored phenomenon in Taiwan. In a newspaper article headlined Bitter Fruit of Stock Investment, the author states, “…Taiwan has a stock market culture which is — on the surface at least — quite egalitarian in its nature. Insider trading? Everyone is doing it.” Ironically, very little government action has been taken to track down insider traders, and the academia has been reluctant to search for evidence of insider trading in Taiwan in fear that such a sensitive research would result in serious ramifications.
The January Effect: An Empirical Test Of The Existence Of A Stock Market Anomaly,
2013
Brigham Young University
The January Effect: An Empirical Test Of The Existence Of A Stock Market Anomaly, T. Lance Toler, Dr. Steven R. Thorley
Journal of Undergraduate Research
The idea of capitalism is based on the theory of an efficient market, or of an “invisible hand” that works tirelessly to distribute resources in the most efficient way. The stock market version of this idea is called the Efficient Market Hypothesis. This idea claims that all available information is absorbed immediately into the prices of stocks. Stock market anomalies, or any predictable patterns for high or low stock prices, therefore, should not exist. If any anomalies appear to be persistent, this suggests the market is not completely efficient.
Changing Tick Sizes?,
2013
Butler University
Changing Tick Sizes?, Steven D. Dolvin
All Chapters
In 2001, exchanges began listing stock prices in penny increments, as opposed to fractions such as 1/8th or 1/16th of a dollar. The change was intended to simplify pricing and reduce bid-ask spreads. Recently, however, there has been an increasing call to move to higher increments (such as nickel or dime pricing). The rationale is that such a move would promote trading and reduce volatility. It doesn't hurt that it would also allow trading firms to generate more profit. See article here, WSJ.
Investigation Of Learning Style Preferences Of Business Students,
2013
University of Texas at Tyler
Investigation Of Learning Style Preferences Of Business Students, Chen Wu, Dominick E. Fazarro
Online Journal for Workforce Education and Development
This study investigates learning style preferences of college business majors. We find they prefer the Structure learning style as defined by the Dunn and Dunn Learning Style Model (1978). Modification of instructional techniques to suit this preference generates a marginal significant increase in the performance of students in the experimental group relative to the control group as measured by their Final Course Grade Average (FCGA).
Hedge Fund Managers Who Eschew Asset Gathering,
2013
Singapore Management University
Hedge Fund Managers Who Eschew Asset Gathering, Melvyn Teo
Research Collection BNP Paribas Hedge Fund Centre
Fund managers may eschew financial rewards for the non-pecuniary benefits from investment management. They may be highly focused on leaving a legacy of stellar returns when they retire and prefer to preserve their ability to generate those returns by staying small. Others may prefer to run small firms so as to devote more of their time and energy into investment activities as opposed to managing people. We empirically zero in on such managers by focusing on funds that have delivered superior returns but do not take advantage of their stellar performance track records to grow capital aggressively. We find that …
Efinancial Health Synergy And Prevention Science,
2013
Dyson College of Arts and Sciences, Pace University
Efinancial Health Synergy And Prevention Science, Nan Taylor
Cornerstone 1 Reports : Expansion and Enhancements of the Thinkfinity Platform
No abstract provided.
