Digital Commons Network^™

Do Banks Monitor Corporate Decisions? Evidence From Bank Financing Of Mergers & Acquisitions, Sheng Huang, Anand Srinivasan, Ruichang Lu

Research Collection Lee Kong Chian School Of Business

We examine whether banks, in providing nancing for the deals, monitor rms mergers and acquisitions to the extent that will bene t acquirers shareholders. Incon- sistent with the conventional theoretical argument, we do not nd that bank- nanced deals are associated with better stock or accounting performance than bond- nanced deals or deals paid with internal cash. There is strong evidence instead that banks tighten up the loan contract terms in nancing the deals, such as cutting short the loan maturity and imposing higher collateral requirement and more covenant restrictions. However, bank- nanced deals are more likely to be terminated …

Fuelling The Asian Growth Engine: Talent Challenges, Strategies And Trends, Mario Ferraro, Catherine Mudford, Karina Kuok, Saumya Sindhwani, Rebecca Siow

Research Collection Lee Kong Chian School Of Business

The emerging economies of Asia are increasingly playing a critical role in the global arena, even as there is continuing turmoil and uncertainty in other parts of the world due to economic, financial and political upheavals. While Asian economies are undoubtedly impacted by global headwinds, most of them have been buffered by their sound economic and policy fundamentals, healthy domestic demand and continued inflow of Foreign Direct Investment (FDI). Meanwhile, Asia is undergoing its own transformation: many countries in Asia are experiencing greater economic prosperity and rising affluence, translating into higher demand for goods and services. As businesses flock to …

Common Ownership And Equality Of Autonomy, Anna Di Robilant

Faculty Scholarship

In recent years, common ownership has enjoyed unprecedented favour among policy-makers and citizens in the United States, Canada, and Europe. Conservation land trusts, affordable-housing co-operatives, community gardens, and neighborhood-managed parks are spreading throughout major cities. Normatively, these common-ownership regimes are seen as yielding a variety of benefits, such as a communitarian ethos in the efficient use of scarce resources, or greater freedom to interact and create in new ways. The design of common-ownership regimes, however, requires difficult trade-offs. Most importantly, successful achievement of the goals of common-ownership regimes requires the limitation of individual co-owners’ ability to freely use the common …

Neuropsychological Outcomes In Adults Commencing Highly Active Anti-Retroviral Treatment In South Africa: A Prospective Study, Ja Joska, J Westgarth-Taylor, J Hoare, Kgf Thomas, Et Al

Peninsula Medical School

BACKGROUND: Infection with HIV may result in significant neuropsychological impairment, especially in late stage disease. To date, there have been no cohort studies of the impact of highly active anti-retroviral treatment (HAART) in South Africa where clade C HIV is predominant. METHODS: Participants in the current study were recruited from a larger study of HIV-associated neurocognitive disorders (HAND) and included a group of individuals commencing HAART (n = 82). Baseline and one-year neuropsychological function was assessed using a detailed battery, and summary global deficit scores (GDS) obtained. Associations with change in GDS were calculated. RESULTS: Participants had a median CD4 …

Grand Theft Auto Loans: Repossession And Demographic Realities In Title Lending, Nathalie Martin

Faculty Scholarship

This Article analyzes empirical data on one of America's fastest growing credit products, the title loan. A title loan is a high-interest, deeply oversecured, consumer loan, in which the consumer uses an unencumbered automobile as collateral for a non-purchase money loan. Title loans are made based solely on equity in a car. If a customer has insufficient income to pay the payments under the loan, typically interest-only payments at 300% per annum or more, the lender repossesses the vehicle, many of which have GPS trackers installed for this purpose. Not surprisingly, the repossession rates for title loans are higher than …

Exchanging Information Without Intellectual Property, Michael J. Burstein

Articles

Contracting over information is notoriously difficult. Nearly fifty years ago, Kenneth Arrow articulated a “fundamental paradox” that arises when two parties try to exchange information. To complete such a transaction, the buyer of information must be able to place a value on the information. But once the seller discloses the information, the buyer can take it without paying. The conventional solution to this disclosure paradox is intellectual property. If the information is protected by a patent or a copyright then the seller can disclose the information free in the knowledge that the buyer can be enjoined against making, using, or …

Intraday Price Discovery In Emerging Equity Market: Analysis Of Set50 Index, Set 50 Index Futures And Thaidex Set50 (Tdex), Chiraphol New Chiyachantana, Julaluck Choochuay, Tanakorn Likitapiwat

Research Collection Lee Kong Chian School Of Business

This study employs Vector Error Correction Model (VECM), information share and conditional information share methods to investigate price discovery in SET50 Index (cash index), SET50 Index Futures (futures index) and ThaiDex SET50 (exchange traded fund). Our findings indicate that there exists a long run relationship among three markets and a multi-market trading of derivatives markets and its underlying asset helps improve price efficiency. With respect to the degree of price formation process, SET50 Index Futures contributes most in price discovery process, followed by SET50 Index and ThaiDex SET50.

The Effectiveness Of Trading Halts And Investor Trading Performance, Nareerat Taechapiroontong, Charlie Charoenwong, Chiyachantana N. Chiraphol, Radchda Lurang

Research Collection Lee Kong Chian School Of Business

This paper examines the effectiveness of trading halts and the trading performance of different types of investors or traders during halts in an Asian emerging equity market. We use trade-by-trade data flagged by types of traders between January 1999 and December 2007. The results suggest that trading halts improve the efficiency of the market by reducing the information asymmetry and stabilizing the market. Trading halts serve as devices to facilitate a price discovery process by giving investors opportunity to adjust their trading interests and reaction to the material information. Our findings show that return and volatility tend to revert to …

Inquiry-Based Science Education As Multiple Outcome Interdisciplinary Research And Learning (Moirl), Allan Feldman, Angela M. Chapman, Vanessa Vernaza-Hernández, Dilek Ozalp, Fayez Alshehri

Teaching and Learning Faculty Publications

The article provides the basis for a model of inquiry-based science education in which K-12 teachers’ and pupils’ engage in authentic science experiences as participants of a scientific research project, which we refer to as Multiple Outcome Interdisciplinary Research and Learning (MOIRL). We provide the basis for the model for inquiry based science education (IBSE) by first describing how the model came about through our 10 years of research on how people learn to do science in research groups. We then turn to the literature on the relationship among scientific inquiry, inquiry learning and MOIRL. As our case studies of …

Multiple-Project Financing With Informed Trading, Salvatore Cantale, Dmitry Lukin

The Journal of Entrepreneurial Finance

The paper presents an adverse selection-based explanation of the fact that some entrepreneurs choose to finance multiple projects together by issuing a single security and other entrepreneurs decide to finance each project separately. We consider the financing problem of an entrepreneur who has access to two investment projects and needs to raise external financing to undertake these projects in the presence of asymmetric information. The entrepreneur has private information about the quality of the projects and can choose either to finance the projects together by issuing a single security, or to finance the projects separately by issuing two securities, each …

Reassessing The Practical And Theoretical Influence Of Entrepreneurship Through Acquisition, Richard A. Hunt, Bret Fund

The Journal of Entrepreneurial Finance

This paper presents a long overdue reassessment of entrepreneurship through acquisition (ETA). Traditionally considered simply a niche occurrence of small company leveraged buyouts (LBO), ETA is actually a meaningful contributor to a nation’s entrepreneurial capacity and business revitalization. Scholarly understanding of ETA has been severely limited by three factors: the paucity of data related to entrepreneurial acquisitions, the tendency to equate entrepreneurship primarily with new venture creation, and the reliance upon explanatory models for buyouts that are grounded in narrowly conceived notions of 1980s-era, large-scale, hyper-leveraged LBOs. Prior efforts to conceptualize all buyouts based on the large LBO model and …

Trust And The Demand For Personal Collateral In Sme - Bank Relationships, Andrea Moro, Mike R. Lucas, Devendra Kodwani

The Journal of Entrepreneurial Finance

Previous research on relationship lending has paid very little attention to the role of trust. Trust might be ex-pected to reduce agency costs, perceived credit risk and thus the request for personal collateral. Trustworthiness is associated with three attributes of SME owner/managers’: ability, benevolence and integrity. We hypothe-sised that loan managers’ assessment of the trustworthiness of owner/managers is negatively associated with the personal collateral demanded by banks. Using the quantitative and qualitative data about 457 SMEs-bank rela-tionships in North East Italy, we tested this hypothesis. The results show that trust has a minor role in reducing the request of collateral.

Measuring The Effect Of Bankruptcy Laws On Entrepreneurship Across Countries, Douglas J. Cumming

The Journal of Entrepreneurial Finance

Two recent papers examine the impact of corporate bankruptcy laws on new business start-ups in 29 countries over 1990 - 2008 (Peng et al., 2010; Lee et al., 2010). In this commentary, I briefly point out two significant issues which future researchers might want to consider. First, several countries in the data examined had changed their personal and corporate bankruptcy laws over the years studied. It is statistically inappropriate and inaccurate to treat bankruptcy laws as time invariant, as in Peng et al. (2010) and Lee et al. (2010), particularly in view of the dramatic changes in bankruptcy laws over …

The Debt Structure Of Smes: An Optimization Model, Andrea Moro, Mike R. Lucas, Uwe G. Grimm

The Journal of Entrepreneurial Finance

The existing finance literature is inadequate with respect to its coverage of the debt structure of small and medi-um sized enterprises (SMEs). In addition, the role of trust in accessing finance for such enterprises is under-investigated. This paper presents a mathematical model for optimizing the debt structure of SMEs that, since SMEs are often equity constrained, focuses on optimizing debt structure by minimizing its cost. The model is then extended by incorporating the level of trust that suppliers and bank managers have in the enterprise. The extended model, suggests that the higher the level of trust that bank managers and …

Swift Follow-Up Observations Of Candidate Gravitational-Wave Transient Events, P. A. Evans, J. K. Fridriksson, N. Gehrels, J. Homan, J. P. Osborne, M. Siegel, A. Beardmore, P. Handbauer, J. Gelbord, J. A. Kennea, M. Smith, Q. Zhu, J. Aasi, J. Abadie, B. P. Abbott, R. Abbott, T. D. Abbott, M. Abernathy, T. Accadia, F. Acernese, C. Adams, T. Adams, P. Addesso, R. Adhikari, C. Affeldt, M. Agathos, K. Agatsuma, P. Ajith, B. Allen, A. Allocca, E. Amador Ceron, Tiffany Z. Summerscales

Faculty Publications

We present the first multi-wavelength follow-up observations of two candidate gravitational-wave (GW) transient events recorded by LIGO and Virgo in their 2009-2010 science run. The events were selected with low latency by the network of GW detectors (within less than 10 minutes) and their candidate sky locations were observed by the Swift observatory (within 12 hr). Image transient detection was used to analyze the collected electromagnetic data, which were found to be consistent with background. Off-line analysis of the GW data alone has also established that the selected GW events show no evidence of an astrophysical origin; one of them …

Participatory Methods In Sociolinguistic Sign Language Survey: A Case Study In El Salvador, Julia Ciupek-Reed

Theses and Dissertations

This thesis describes a three-week sociolinguistic survey of El Salvador's Deaf community that was carried out in June and July 2009. The survey utilized various traditional tools that have been used in previous sign language surveys, as well as some new tools derived from participatory research methodology. Results from the various tools were analyzed to form conclusions about the language community and its goals for language development. El Salvador's Deaf community uses Salvadoran Sign Language (LESSA) most commonly, but various subgroups also use American Sign Language (ASL), and Costa Rican Sign Language (LESCO), as well as switching between language varieties …

When Dna Won't Work, Rick Visser, Greg Hampikian

Biology Faculty Publications and Presentations

Within the criminal justice system, DNA (deoxyribonucleic acid) evidence has often been heralded as the gold standard of forensic science. In a 2009 U.S. Supreme Court decision, Chief Justice Roberts wrote that "DNA testing has an unparalleled ability both to exonerate the wrongly convicted and to identify the guilty. It has the potential to significantly improve both the criminal justice system and police investigative practices." The phrases “unparalleled ability” and “significantly improve” reflect the high standard that DNA has attained in both forensic science and the entire criminal justice system.

Forensic DNA technology has a major advantage over other forensic …

Going Rogue: Stop The Beach Renourishment As An Object Of Morbid Fascination, Mary Doyle, Stephen J. Schnably

UC Law Journal

Scholarly response to the Supreme Court’s decision in Stop the Beach Renourishment, Inc. v. Florida Department of Environmental Protection has focused on the plurality’s strong advocacy of a judicial takings doctrine. We take a different tack. While the concept of judicial takings is worthy of serious attention, it is wrong to treat the plurality opinion as an ordinary object of analysis. It is, instead, the emanation of a Court going rogue. Three basic symptoms of the pathology stand out. First, sleight of hand: The plurality opinion purports to be about an institutional issue—can a state court commit a taking?—while slipping …

Ghost Tiger Beetle (Cicindela Lepida): Species Conservation Assessment, Melissa J. Panella

Nebraska Game and Parks Commission: Publications

The primary goal in development of at-risk species conservation assessments is to compile biological and ecological information that may assist conservation practitioners in making decisions regarding the conservation of species of interest. The Nebraska Natural Legacy Project recognizes the ghost tiger beetle, a.k.a. white tiger beetle, (Cicindela lepida) as a Tier I at-risk species of high conservation priority. Some general management recommendations are made here regarding ghost tiger beetles; however, conservation practitioners will need to use professional judgment to make specific management decisions based on objectives, location, and a multitude of variables. This resource was designed to share available knowledge …

A Cultural Perspective On Intergroup Relations And Social Identity, James H. Liu

Online Readings in Psychology and Culture

Violent instances of intergroup conflict in recent memory have usually involved cultural groups, but theory and research on the psychology of intergroup relations is largely culture free. The two most prominent theories, realistic group conflict theory (RGCT) and social identity/self-categorization theory (SIT/SCT) provide fundamental insight into basic processes in intergroup relations: (1) that behavior in intergroup situations is qualitatively different than that involved in interpersonal situations (including transformations of the self and relationships with others), (2) competition over material resources is the driver for intergroup conflict, but psychological identification with a group is sufficient to produce ingroup favoritism, and (3) …

A Shell-Neutral Modeling Approach Yields Sustainable Oyster Harvest Estimates: A Retrospective Analysis Of The Louisiana State Primary Seed Grounds, Thomas M. Soniat, John M. Klinck, Eric N. Powell, Nathan Cooper, Mahdi Abdelguerfi, Eileen E. Hofmann, Janak Dahal, Shengru Tu, John Finigan, Benjamin S. Eberline, Jerome F.La Peyre, Megan K.La Peyre, Fareed Qaddoura

Faculty Publications

A numerical model is presented that defines a sustainability criterion as no net loss of shell, and calculates a sustainable harvest of seed (<75 >mm) and sack or market oysters (≥75 mm). Stock assessments of the Primary State Seed Grounds conducted east of the Mississippi from 2009 to 2011 show a general trend toward decreasing abundance of sack and seed oysters. Retrospective simulations provide estimates of annual sustainable harvests. Comparisons of simulated sustainable harvests with actual harvests show a trend toward unsustainable harvests toward the end of the time series. Stock assessments combined with shell-neutral models can be used to …

Funding Health-Related Vr Services: The Potential Impact Of The Affordable Care Act On The Use Of Private Health Insurance And Medicaid To Pay For Health-Related Vr Services, Robert Silverstein

All Institute for Community Inclusion Publications

One of the myriad of issues affecting the administration of the vocational rehabilitation (VR) program by State VR agencies under Title I of the Rehabilitation Act is how to maximize access to and use of all available funding sources to pay for VR services and supports for VR applicants and clients. In March 2010, Congress passed and the President signed into law the "Affordable Care Act" (ACA). 1 On June 28, 2012, the United States Supreme Court upheld all of the provisions of the ACA, with the exception of provisions mandating Medicaid expansion. The Supreme Court held that if a …

Introduction: Making The Link Between Transitional Justice And Conflict-Related Sexual Violence, Margot Wallström

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

Dealing With The Past In A Post-Conflict Society: Does The Participation Of Women Matter? Insights From Northern Ireland, Catherine O'Rourke

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

Doubly Protected And Doubly Discriminated: The Paradox Of Women With Disabilities After Conflict, Kathleen Cornelsen

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

Reparations For Conflict-Related Sexual And Reproductive Violence: A Decalogue, Ruth Rubio-Marín

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

Do You Hear What I Hear?: The Right Of Prospective Parents To Use Pgd To Intentionally Implant An Embryo Containing The Gene For Deafness, Sarah Aviles

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

Gender And The Charles Taylor Case At The Special Court For Sierra Leone, Valerie Oosterveld

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

"Actual Results May Vary": Toward Fiercer National Regulation Of Digitally Manipulated Cosmetics Advertisements, Jason Rea

William & Mary Journal of Race, Gender, and Social Justice

No abstract provided.

The National Elder Economic Security Standard Index, Gerontology Institute, University Of Massachusetts Boston

Gerontology Institute Publications

The Elder Economic Security Standard Index (Elder Index) is a new tool for use by policy makers, older adults, family caregivers, service providers, aging advocates, and the public at large. Developed by the Gerontology Institute at the University of Massachusetts Boston and Wider Opportunities for Women (WOW), the Elder Index is a measure of income that older adults require to maintain their independence in the community and meet their daily costs of living, including affordable and appropriate housing and health care. The development and use of the Elder Index promotes a measure of income that respects the autonomy goals of …