Finance and Financial Management Commons^™

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

This paper evaluates hedge funds that grant favorable redemption terms to investors. Within this group of purportedly liquid funds, high net inflow funds subsequently outperform low net inflow funds by 4.79 percent per year after adjusting for risk. The return impact of fund flows is stronger when funds embrace liquidity risk, when market liquidity is low, and when funding liquidity, as measured by the TED spread, aggregate hedge fund flows, and prime broker stock returns, is tight. In keeping with an agency explanation, funds with strong incentives to raise capital, low manager option deltas, and no manager capital co-invested are …

A "Glittering" Bubble: Where Is Gold, At A Record High, Heading Next?, Knowledge@Smu

Knowledge@SMU

Since 2000, the price of gold has surged more than four times to an all time high of more than US$1,400. Is it purely speculative demand that is driving this unprecedented, multi-year surge, or are there other factors at play? With gold at such a high level, is it time for investors to bet that it will drop? Tarun K. Tandon, CEO of FLS Corporation, shares his thoughts at a recent International Trading Institute@SMU seminar.

After The Year Of Two Halves: Outlook, Risks And Opportunities For 2011, Knowledge@Smu

Knowledge@SMU

The post-Lehman Brothers recovery in global financial markets may not have been as reassuring as investors hoped. Meanwhile, conflicts and natural disasters continue to cloud the overall outlook. Through it all, which are the sectors and asset classes to watch in 2011? Senior portfolio fund manager Ong Guat Cheng shares her personal take at SMU's Centre for Asset Securitisation and Management in Asia.

Divining The Merits And Pitfalls Of Dividends, Knowledge@Smu

Knowledge@SMU

Capital gains on stock investments are not always a given, but many companies make it a point to give their shareholders a steady flow of returns that do not require a sell. While such payouts are not as exciting as hitting that 'multi-bagger', here’s something more certain: over time, patient shareholders have more to reap. In 'The Little Book of Big Dividends', author Charles Carlson draws readers' attention to the merits and red flags of investing for dividends.

Big Bank, Small Country: Switzerland, The Financial Crisis And The European Union, Justin Thomas Schubert

Inquiry Journal 2011

No abstract provided.

Stock Exchanges In The Middle East: Risky Business Or Smart Investing?, Jed A. Haddad

Honors Projects in Finance

The goal of any investor is to obtain the highest possible return for his or her money. However for years, the debate has continued; stocks, bonds, mutual funds; which of these financial instruments will produce the greatest gain to give the investor the highest profit? Historically, stocks have been known to provide investors with high returns. With the world becoming increasingly globalized, international markets have proven to offer investors more options to help diversify their portfolios. The Middle East has been known as a region of recent economic growth and stability. Three prominent examples of such are Kuwait, Israel, and …

Getting The Sharks To Bite In Your Ocean: A Look At Regional Differences In Funding Components In China And The United States, Jennifer Ashley Schwall

Honors Projects in Finance

This study explores the relationship between a venture capital firm’s geographic region and the investment traits that it values. This study’s results will help determine whether venture capital firms, by geographic region, emphasize certain investment traits over others when funding new companies.

The study examines three regions (the East Coast of the United States, the West Coast of the United States and China, specifically Beijing and Shanghai). By surveying available firms in each region, I collected data on which funding components, or investment traits, the sampled respondents valued. To increase the usefulness of my findings, I held constant the stage …

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge funds that grant favorable redemption terms to investors. Within this group of purportedly liquid funds, high net inflow funds subsequently outperform low net inflow funds by 4.79% per year after adjusting for risk. The return impact of fund flows is stronger when funds embrace liquidity risk, when market liquidity is low, and when funding liquidity, as measured by the Treasury-Eurodollar spread, aggregate hedge fund flows, and prime broker stock returns, is tight. In keeping with an agency explanation, funds with strong incentives to raise capital, low manager option deltas, and no manager capital co-invested are more …

Shared Appreciation Mortgages—Sams Or Scams In The Foreclosure Crisis, Phoebe A. Hathorn

Honors Capstones

No abstract provided.

Equity Incentives And Earnings Management: Evidence From The Banking Industry, Qiang Cheng, Terry Warfield, Minlei Ye

Research Collection School Of Accountancy

We examine the relationship between equity incentives and earnings management in the banking industry. By focusing on this regulated industry and using industry-specific earnings management proxies, we provide evidence on the impact of regulation on earnings management arising from chief executive officers' equity incentives. We find that bank managers with high equity incentives are more likely to manage earnings, but only when capital ratios are closer to the minimums required by regulators. This finding indicates that, in the banking industry, potential regulatory intervention induces, rather than mitigates, earnings management arising from equity incentives.

The Corporate Choice Between Public Debt, Bank Loans, Traditional Private Debt Placements, And 144a Debt Issues, Matteo P. Arena

Finance Faculty Research and Publications

The main purpose of this study is to examine the determinants of the corporate choice between different forms of debt financing. By analyzing the most comprehensive sample of U.S. corporate debt issues to date, I find that firms that issue 144A debt have significantly lower credit quality and higher information asymmetry than firms that issue traditional non-bank private debt. Further, the study shows that traditional private placements, rather than bank loans, are the favorite private debt source for firms with good credit quality. I also show that the firm characteristics of traditional private debt issuers have significantly changed after 1990 …

Refund Anticipation Loan, Ann House

All Current Publications

This fact sheet defines a refund anticipation loan and gives the benefits to considering other options.

Confidence Weighted Mean Reversion Strategy For On-Line Portfolio Selection, Bin Li, Steven C. H. Hoi, Peilin Zhao, Vivek Gopalkrishnan

Research Collection School Of Computing and Information Systems

On-line portfolio selection has been attracting increasing attention from the data mining and machine learning communities. All existing on-line portfolio selection strategies focus on the first order information of a portfolio vector, though the second order information may also be beneficial to a strategy. Moreover, empirical evidences show that the stock price relatives may follow the mean reversion property, which has not been fully exploited by existing strategies. This article proposes a novel on-line portfolio selection strategy named ``Confidence Weighted Mean Reversion'' (CWMR). Inspired by the mean reversion principle in finance and confidence weighted online learning technique in machine learning, …

Redefining Capitalism: The Changing Role Of The Federal Reserve Throughout The Financial Crisis (2006–2010), Chris Celi

Inquiry Journal 2011

No abstract provided.

Government Ownership And Corporate Performance : A Comparative Analysis Of Malaysian And Singaporean Listed Companies., Nazrul Hisyam Ab Razak

Student Works (2010-2019)

This study investigates whether government involvement in companies in the Malaysian and Singaporean business environments leads to better performance. The motivation to undertake this study –to compare the performance of GLCs with Non-GLCs – came from the idea that managers probably perform differently in the presence (or absence) of government involvement because of the different control mechanisms and incentives in place within these companies. Consequently, this study aims to determine whether government ownership of companies in Malaysia and Singapore leads to better company performance. The significance of this study is to examine how Malaysian GLCs can learn from a developed …

Exploring The Feasibility Of Converting The Mardi Gras Hotel And Casino Into A Casino Boutique Hotel, Patrick Brennan

UNLV Theses, Dissertations, Professional Papers, and Capstones

Introduction:

The topic of my Professional Paper will be the feasibility study of renovating the Mardi Gras Hotel and Casino in Las Vegas, Nevada. Currently the Mardi Gras is operating as a Best Western and is looking to expand into the boutique hotel market. With the maturation of the Las Vegas hotel market, it is vital to think forward in new methods of design and marketing to attract the next generation of convention attendees and visiting tourist.

Purpose:

The purpose of this study is to determine the feasibility of converting the Mardi Gras hotel and casino into a destination casino …

Identify Key Business Strategies To Target The Mass Market In Macau, Chia-Li Chen

UNLV Theses, Dissertations, Professional Papers, and Capstones

Statement of Purpose:

The purpose of this paper is to examine Macau’s present gaming environment and identify factors that will contribute to the success of a mass gaming market in Macau. The study intends to provide economic justification and tourism policy considerations which support the growth of Macau’s mass gaming market by taking advantage of the booming Chinese economy and the fast growing popularity of gaming in China. In addition, this study will examine literature supporting Macau’s transformation from a simpler gamblers’ destination into a Las Vegas style international gaming, entertainment, and tourism destination, as well as arguments for sustaining …

Sustainability’S Correlation To Profit, Cheryl Annissa Drummond

UNLV Theses, Dissertations, Professional Papers, and Capstones

Sustainability and its correlation to profits in hospitality institutions is the subject of this paper. The lack of knowledge about sustainability and the benefits of sustainable practices are discussed. The evaluation of a GreenSeal (2010) Bronze certification G46-Restaurant audit is also examined. Research includes the review of industry experts’ findings on the subject and the social costs and benefits are evaluated based on the goal of economic, ecological, and social sustainability.

Controlling Labor Costs In Restaurant Management: A Review Of The Internal-Marketing Concept As A Method For Enhancing Operating Efficiency, Scott Yandrasevich

UNLV Theses, Dissertations, Professional Papers, and Capstones

Restaurants experience many challenges, including economic uncertainty, competition, demographic shifts in target markets, changes in employee work habits, and such financial considerations as maintaining adequate cash flow. Controlling costs in the restaurant business is essential to the success or failure of the establishment. In the hospitality industry, labor costs are very high; in fact, they amount to approximately 45% of operating costs. The goal of this review is to promote further research into identifying the specific criteria that govern the relationship between the use of labor resources and the goal of operating efficiency, mainly with a focus on internal marketing …

Ua3/9 201 Advanced Practice Doctorates & Budget Reductions, Wku President's Office, Gary Ransdell

WKU Administration Documents

Memo entitled 1) 2011 General Assembly / Action on Advanced Practice Doctorates / Doctor of Physical Therapy at WKU; and 2) Budget Reductions for 2011-2012 issued by President Gary Ransdell to faculty and staff. Gives detailed budget reductions by department.