Finance and Financial Management Commons^™

Grades Matter In Performance: Morningstar Stewardship Grades And Mutual Fund Performance, Aurobindo Ghosh, Jeremy Goh, Wee Seng Ng

Research Collection Lee Kong Chian School Of Business

Investors in mutual funds have the unenviable task of disentangling two mutually confounding effects. First, to fathom the future performance of the funds based on current evidence, and second, to assess how well the mutual fund managers will steward their investments under uncertain economic conditions. We corroborate the dependence of weighted risk-adjusted returns (viz. the Star Ratings) on corporate governance score (viz. Stewardship Grade) accounting for fund specific characteristics. We document Stewardship scores Granger cause Star Rating. We propose an objective data-driven corporate governance score based on the components of Stewardship Grade. Both the static and dynamic fixed-effects models show …

The Impact Of Switching To International Financial Reporting Standards On United States Businesses, Ashley Harper, Linda Leatherbury, Ana Machuca, Jodee Phillips

Faculty Publications and Presentations

There has been controversy brewing among accounting professionals regarding the impact of switching to International Financial Reporting Standards (IFRS) on United States corporations as deemed to converge in the near future (Deming, 2005). The viewpoint presented in this paper is that the United States should conform to the international standards primarily because a single set of standards creates uniformity and comparability for stakeholders regardless of their geographic location. This paper addresses the potential advantages and disadvantages of moving to a global set of standards as well as how the Financial Accounting Standards Board (FASB) will need to work with the …

"Alternative" Alternative Investments, Steven D. Dolvin

All Chapters

Typical Alternative Investments include such categories as commodities and real estate. However, some investors have branched out into more esoteric assets such as cars and collectibles. As such, there is a growing category of managers offering such funds. See the article here, Wall Street Journal.

Is China’S Outward Investment In Oil A Global Security Concern?, Ilan Alon, Aleh Cherp

Faculty Publications

The dramatic increase in investment by Chinese SOEs in overseas oil assets is primarily driven by energy security concerns. Whether such investment will benefit or harm energy security of other countries is hotly contested. On one hand, this investment can supplement the overall lack of investment in the sector, benefiting all consumers. On the other hand, it may exacerbate environmental and political problems associated with fossil fuels.

The Convergence Of Multinational Standards And Practices In International Financial Reporting, Ashley Harper, Linda Leatherbury, Ana Machuca, Jodee Phillips

Faculty Publications and Presentations

The International Financial Reporting Standards (IFRS) is pending a move to incorporate a single set of accounting standards across International borders. The definitive decision for uniting the standards appears to be stalemated. The pending move by the United States to adopt financial reporting practices set forth by the IFRS to encompass a single set of reporting standards bears both advantages and disadvantages for multinational corporations. This paper examines some of the difficulties that can arise by using a single set of standards and addresses two significant studies regarding converging reporting standards. The paper concludes by discussing issues that could potentially …

Apple: Head And Shoulders, Steven D. Dolvin

All Chapters

In technical analysis, traders look for patterns in stock prices, which they then use to determine buy/sell decisions. One such pattern is the "head and shoulders," which, as the name suggests, is two small peaks, with a larger one in the middle. Such a pattern is often considered bearish, particularly if the price breaks through the "neckline." Unfortunately (or not, depending on your view of technical analysis), Apple's share price recently exhibited this pattern. See the article here, Yahoo.

2012-2013 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 2012-2013 Fiscal Year Operating Budget of the Southern University Law Center.

Asian Hedge Funds In A Risk-On, Risk-Off World, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

We analyze the performance of Asia-focused and Asia-based funds in risk-on and risk-off periods between 2002 and 2011. We find that Asian hedge funds, like their US and European counterparts, deliver equity-like payoffs with bond-like risk. They generate returns that are roughly in line with the equity markets in risk-on and neutral states of the world. While their returns do not dominate those of US Treasuries in risk-off situations, they generally outperform the equity market by a significant margin. Indeed, their risk-adjusted returns in riskoff states are on par if not higher than their risk-adjusted returns in risk-on states. Of …

2012-2013 Operating Budget, Southern University And A&M College. Office Of Finance & Administration.

All Southern University System Budgets

2012-2013 Operating Budget of the Southern University Baton Rouge Campus.

2012-2013 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

No abstract provided.

2012-2013 Operating Budget: Subr Agricultural Extension And Research Programs, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

2012-2013 Operating Budget of the SUBR Agricultural Research and Extension Center.

2012-2013 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University System, Board and System Administration higher Education Revised Operating Fund Budget 2012-2013. Fiscal Year Ending June 30, 2013.

2012-2013 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport Operating Budget 2012-2013.

2012 Q3 Market Pulse Report, John K. Paglia

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.

Sustainable Water Management On Brownfields Sites, Ryan Fenwick, New England Environmental Finance Center

Sustainable Communities Capacity Building

This practice guide was developed by the Environmental Finance Center Network (EFCN) through the Capacity Building for Sustainable Communities program funded by the US Department of Housing and Urban Development and the US Environmental Protection Agency. Through a cooperative agreement with HUD, EFCN is providing capacity building and technical assistance to recipients of grants from the federal Partnership for Sustainable Communities, an interagency collaboration that aims to help towns, cities, and regions develop in more economically, environmentally, and socially sustainable ways.

Drinking Water Resource Directory, New England Environmental Finance Center

Sustainable Communities Capacity Building

This document is intended to help local and regional planning agencies, and their constituent water utilities, integrate drinking water infrastructure planning and investments into plans for sustainable development. Resources listed here provide guidance on making land use decisions that protect water resources, setting adequate and sustainable drinking water rates, controlling water loss, funding water infrastructure projects, and managing water utilities.

The directory was developed by the Environmental Finance Center Network through the Capacity Building for Sustainable Communities program funded by the U.S. Department of Housing and Urban Development and the Environmental Protection Agency. Through this program, EFCN is providing capacity …

(Wp 2012-01) Territorial Tax System Reform And Corporate Financial Policies, Matteo P. Arena, George Kutner

Department of Finance Working Papers

We examine the effect of a permanent change to a country income repatriation tax system on a set of corporate financial policies. In 2009 Japan and UK switched from a worldwide system to a territorial system for the taxation of earnings repatriated by their multinational firms. Due to the relatively high corporate tax rate in Japan and UK, the new system effectively reduced the tax liabilities of most multinational firms when repatriating earnings. We find that after the change Japanese and UK firms accumulate less cash, pay out larger amounts to shareholders through dividends and share repurchases, and invest less …

A Comparative Study Of Governing Board Composition And Financial Performace Measures In New Hampshire Hospitals, Heather C. Brooks

Honors Theses and Capstones

No abstract provided.

Industry Comparison Of Executive Compensation And Equity Considerations, Louis Chan

Honors Theses and Capstones

No abstract provided.

Changing And/Or Funding Opeb Promises: A Typology Of Local Government Responses To Gasb 45 And The Realization Of Opeb Liabilities, Juita-Elena Yusuf, Thomas Musumeci

School of Public Service Faculty Publications

GASB Statement No. 45 addresses how governmental units account for employees' other post-employment benefits (OPEB), requiring government employers to replace OPEB reporting on a pay-as-you-go basis with an accounting of the cost of current and future benefits. This requirement and the resulting OPEB liability may prompt government employers to reconsider key questions regarding their OPEB provision. The size of the OPEB liability depends on both the benefit promises made to employees and the assets to fund these promises. We propose a typology that defines four approaches for governments to respond to GASB 45 and their OPEB liabilities. These approaches represent …