Finance and Financial Management Commons^™

Business Process Automation And Managerial Accounting: An Sap Plug And Play Module (Final Report), Picheng Lee, Principal Investigator, Christian N. Mady, Rudy Jacob, Chu-Hua Kuei

Cornerstone 3 Reports : Interdisciplinary Informatics

The primary aim of our project is to develop an Enterprise Resource Planning (ERP) platform that enables students at Pace to understand how different interdisciplinary areas in cross-unit and/or cross-enterprise decision making are related. ERP can help us do this since it allows a firm to automate and integrate its business processes, share common data and practices across the entire enterprise, and provide and access information in a real-time environment.

The Archway Investment Fund Semi Annual Report, December 2010, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

The Effect Of Taxes On Multinational Debt Location, Matteo P. Arena, Andrew H. Roper

Finance Faculty Research and Publications

We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms' marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or …

Attitudes Toward Immediate Annuities, Devon K. Robb

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

Retirement security for Americans is one of the most critical public policy and personal financial issues and will be for decades in the future. Individuals that retire today can live an additional 30 or even 40 years with less secure income as corporations shift to defined contribution plans to fund retirement. Based on the life cycle savings hypothesis, immediate annuities should be appealing to retirees because they insure against the risks of outliving retirement assets by converting funds into a lifelong stream of income. However, research has found that retirees are reluctant to annuitize their wealth. This study examined the …

An Analysis Of Reverse Mortgage Clients At The Utah State University Family Life Center Housing And Financial Counseling Services, Cindy R. Stokes

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The purposes of this study were to describe and categorize the types of clients seeking reverse mortgage counseling, and to document the growth in demand for reverse mortgage counseling from one counseling center: The USU Family Life Center - Housing and Financial Counseling Services (FLC HFC). A second purpose was to gain a better understanding of the reasons why more senior Americans are seeking reverse mortgages. A third purpose was to gain a better understanding of the retirement preparedness of current seniors seeking reverse mortgages, which could lead to improved counseling services, early retirement intervention awareness, and encourage increased pre-retirement …

How Purchasing Departments Can Take Advantage Of The Sluggish Economy To Achieve Strategic Opportunities Through Best Practices, Peter O'Reilly

Publications

Presentation objectives:

• What is a Strategic Best Practice and Why is it Important to a Purchasing Department?

The Malarkey Of Money Transfers: Overlooking E-Bay Whilst The Hawaladars Are Hunted, David M. Cook, Timothy Smith

Australian Counter Terrorism Conference

Informal Money Transfer systems represent one of several persistent loopholes in the fight against the War on Terror. Terrorist groups and criminal networks continue to use the Hawala system, as well as other informal transfer systems, to escape the regulatory and administrative control of formal international banking transactions. In an age where global financial regulation is underpinned by international agreement through Basel and others, the ongoing use of IVTs in Australia is cause for increasing concern. Yet Hawala is only half of the informal equation. E-bay and its associated bedfellows outstrip Hawala transfers through the same commercial imperative that drives …

Agenda: 2010 World Energy Justice Conference: Emerging Solutions For The Energy Poor: Technological, Entrepreneurial And Institutional Challenges, University Of Colorado Boulder. Center For Energy & Environmental Security, Colorado Journal Of International Environmental Law And Policy

2010 World Energy Justice Conference (November 5)

This conference is a sequel to the 2009 World Energy Justice Conference (WEJC 2009) which began examining ways of mainstreaming safe, clean, and efficient energy for the world's Energy Poor (EP). The EP number two and a half billion people living on less than $1-2 a day who have no access to modern energy services. WEJC 2010 more fully develops these themes. WEJC 2010 will explore how the next round of global warming meetings in Cancun could design new flexibility mechanisms that give credits, for example, for the reduction of black carbon by the adoption of cookstoves, and embrace small …

Private Banking In Asia: Going Beyond Trust And Confidence, Knowledge@Smu

Knowledge@SMU

Asia's private banking industry is expected to expand in the near future, and all signs point to greater competition amongst existing markets and wealth management entities. The nature of the financial service, however, remains rather interpersonal. Private bankers work almost exclusively with sophisticated, high net worth individuals. Long term survival, for them, means sticking with high value clients over the long haul, over and above sticking it out with the institutes that back those financial services. What might this spell for the market? SMU's Ang Ser-Keng asked industry experts through a series of interviews.

Developing A Culturally Responsive Classroom Collaborative Of Faculty, Students, And Institution, Paul J. Colbert

MBA Faculty Conference Papers & Journal Articles

Culture is integral to the learning process. It is the organization and way of life within the community of students and teachers and directs the way they communicate, interact, and approach teaching and learning. Although founded in particular values and principles, the academy, like most organizations, is impacted day-to-day by its culture. Yet, the traditional higher education institution has not been designed to operate within a racially or ethnically diverse student population. The social, political, economic, and cultural forces that support the institution influence the teaching and learning environments. To better address cultural diversity in the classroom, faculty must first …

Culvert Material Cost Comparison, New England Environmental Finance Center

Economics and Finance

The following tables provide a detailed look at the role that culvert material and culvert diameter play in the overall cost of a culvert replacement project. Table 1 displays the cost per foot purchase price arranged by diameter size for the various culvert materials that are currently available. Table 2 displays the average additional culvert pipe material cost (increased cost to upsize minus original in-kind replacement cost) that would be incurred when upsizing a given diameter of culvert with a 50 foot length by factors of: 200%, 250% and 300%.

Share Price Performance Surrounding Share Buyback Event In Malaysia., Lim Keng Tee

Student Works (2010-2019)

Since 1997 Asian financial crisis, companies listed in Bursa Malaysia are allowed to repurchase its share. Since then share buyback has become a common tools for the companies to signal undervaluation of share price and to sustain share price. This paper studies the CAR surrounding share buyback event over a sampling period from 2006 until 2009 for companies listed in FBM Top 100 index. The result shows that cumulative abnormal return subsequent a share buyback event is 0.26% and 0.53% for CAR (0, 2) and CAR (0, 20) respectively that signifies positive share price performance after share buyback. This paper …

A Study On The Determinants Of Behavioral Intention Towards Using Mobile Banking Services In Malaysia., Ang Gim Wah

Student Works (2010-2019)

The mobile and wireless market continues to grow at a rapid pace globally, and is considered one of the fastest growing markets in the world. The popularity of mobile communication has transformed electronic banking (wired environment) into mobile banking (wireless environment). This trend contributes the anticipated growth of mobile financial solutions as many financial institutions are very excited about the great potential of mobile banking with its large pool of users. Location and time will no longer constrain people from completing their banking transactions using mobile banking services. Therefore, the objective of this study is to examine the extent of …

The Initial And Aftermarket Performance Of Ipos In An Emerging Market : The Case Of Malaysian Stock Exchange., Ricky Wong Baan Wahh

Student Works (2010-2019)

The study of initial public offering (IPO) underpricing and its post-listing underperformance has been one of those issues that are never laid to rest. The ongoing quest for the reasons behind IPO underpricing and its subsequent poor post-listing returns is what motivates this paper to study these anomalous market behaviours in an emerging market setting such as Malaysia. The primary purpose of this paper is to analyze the existence and magnitude of the underpricing phenomenon and post listing performance of IPOs listed in Bursa Malaysia from 1998 to 2008. Moreover, this study aims to provide an insight primarily into the …

Independent Financial Adviser : Key Factors For Engagement In Malaysia., Wan Azrul Wan Zainal Abidin

Student Works (2010-2019)

This study aims to investigate the key factors for engagement of the Independent Financial Adviser (IFA) in Malaysia. The objective of this study is to identify the key factor for the Malaysian public to engage the service of an IFA and their preference for the delivery of service by the IFA. This is in accordance to the initiative of the Malaysian Financial Sector Master Plan (FSMP) introduced in 2001. The finding of this research is important to the Malaysian consumer and the IFA since they would be able to mutually benefit from the understanding of how each fits into the …

Would Position Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh

Research Collection School Of Computing and Information Systems

On May 6, 2010, the US equity markets experienced a brief but highly unusual drop in prices across a number of stocks and indices. The Dow Jones Industrial Average (DJIA) fell by approximately 9% in a matter of minutes, and several stocks were traded down sharply before recovering a short time later. Earlier research by Lee, Cheng and Koh (2010) identified the conditions under which a “flash crash” can be triggered by systematic traders running highly similar trading strategies, especially when they are “crowding out” other liquidity providers in the market. The authors contend that the events of May 6, …

Do Foreign Institutions Improve Stock Liquity?, Chi Shen Wei

Research Collection Lee Kong Chian School Of Business

This paper examines whether capital flows by foreign institutions improve liquidity in domestic markets. I find that stocks with increased foreign institutional ownership subsequently experience higher liquidity. However, it is difficult to interpret this evidence as a causal relation because institutions tend to self-select into more liquid stocks. To solve this problem, I exploit the 2003 US dividend tax cut as a natural experiment. The results from a 2SLS (IV) regression confirm that liquidity improved more in dividend-paying stocks located in US tax-treaty countries compared to similar stocks located in non-treaty countries. These patterns are consistent with the notion that …

Bayesian Analysis Of Structural Credit Risk Models With Microstructure Noises, Shirley J. Huang, Jun Yu

Research Collection Lee Kong Chian School Of Business

In this paper a Markov chain Monte Carlo (MCMC) technique is developed for the Bayesian analysis of structural credit risk models with microstructure noises. The technique is based on the general Bayesian approach with posterior computations performed by Gibbs sampling. Simulations from the Markov chain, whose stationary distribution converges to the posterior distribution, enable exact finite sample inferences of model parameters. The exact inferences can easily be extended to latent state variables and any nonlinear transformation of state variables and parameters, facilitating practical credit risk applications. In addition, the comparison of alternative models can be based on devian information criterion …

The Disparity Between Long-Term And Short-Term Forecasted Earnings Growth, Zhi Da, Mitch Warachka

Business Faculty Articles and Research

We find the disparity between long-term and short-term analyst forecasted earnings growth is a robust predictor of future returns and long-term analyst forecast errors. After adjusting for industry characteristics, stocks whose long-term earnings growth forecasts are far above or far below their implied short-term forecasts for earnings growth have negative and positive subsequent risk-adjusted returns along with downward and upward revisions in long-term forecasted earnings growth, respectively. Additional results indicate that investor inattention toward firm-level changes in long-term earnings growth is responsible for these risk-adjusted returns.

Hedge Funds And Analyst Optimism, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

We find that analysts are more likely to issue favorable recommendations for stocks predominantly owned hedge funds. Moreover, these optimistic recommendations translate into poorer stock performance over the next three to six months. Hedge funds take advantage of these flattering reports by concurrently offloading their stock holdings. Our results suggest that analysts are reluctant to downgrade stocks held by their most important clients.