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Articles 6301 - 6330 of 9385

Full-Text Articles in Business

Board Connections And M&A Transactions, Ye Cai, Merih Sevilir Feb 2012

Board Connections And M&A Transactions, Ye Cai, Merih Sevilir

Finance

We examine M&A transactions between firms with current board connections and find that acquirers obtain higher announcement returns in transactions with a first-degree connection where the acquirer and the target share a common director. Acquirer returns are also higher in transactions with a second-degree connection where one acquirer director and one target director serve on the same third board. Our results suggest that first-degree connections benefit acquirers with lower takeover premiums while second-degree connections benefit acquirers with greater value creation. Overall, we provide new evidence that board connectedness plays important roles in corporate investments and leads to greater value creation.

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The Party's Over: The Role Of Earnings Guidance In Resolving Sentiment-Driven Overvaluation, Nicholas Seybert, Holly I. Yang Feb 2012

The Party's Over: The Role Of Earnings Guidance In Resolving Sentiment-Driven Overvaluation, Nicholas Seybert, Holly I. Yang

Research Collection School Of Accountancy

This paper shows that an important link between investor sentiment and firm over valuation is optimistic earnings expectations, and that management earnings guidance helps resolve sentiment-driven overvaluation. Using previously identified firm characteristics, we find that most of the negative returns to uncertain firms in months following high-sentiment periods fall within the three-day window around the issuance of management earnings guidance. Comparisons of guidance months to nonguidance months show that guidance issuance affects the magnitude and not just the daily distribution of negative returns. There is also some evidence of negative returns around earnings announcements for firms that previously issued guidance, …

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An Improved Test For Statistical Arbitrage, Robert Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka Feb 2012

An Improved Test For Statistical Arbitrage, Robert Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka

Research Collection Lee Kong Chian School Of Business

We improve upon the power of the statistical arbitrage test in Hogan, Jarrow, Teo, and Warachka (2004). Our methodology also allows for the evaluation of return anomalies under weaker assumptions. We then compare strategies based on their convergence rates to arbitrage and identify strategies whose probability of a loss declines to zero most rapidly. These strategies are preferred by investors with finite horizons or limited capital. After controlling for market frictions and examining convergence rates to arbitrage, we find that momentum and value strategies offer the most desirable trading opportunities.

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2012 Private Capital Markets Report, John K. Paglia Jan 2012

2012 Private Capital Markets Report, John K. Paglia

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital in today’s economic …

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Staffing And Recruiting Considerations For Financial Education Programs (Chapter Three Of Student Financial Literacy), Ryan E. Halley, Dorothy B. Durband, Sonya L. Britt Jan 2012

Staffing And Recruiting Considerations For Financial Education Programs (Chapter Three Of Student Financial Literacy), Ryan E. Halley, Dorothy B. Durband, Sonya L. Britt

Faculty Publications - College of Business

A financial education program is only as good as the people who staff it. In order to get the right people on staff, careful attention must be paid to the strategy and execution of recruiting and hiring. Underlying the strategy is the determination of which staff positions are needed and how the roles will be defined. Various questions need to be addressed, such as: What financial resources are available? What types of services is the program planning to offer? What is the level of counselor content expertise? What is the type and size of facility where counseling will take place? …

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2011-2012 Revised Operating Budget: Southern University At Shreveport, Southern University System. Office Of Finance & Administration. Jan 2012

2011-2012 Revised Operating Budget: Southern University At Shreveport, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport 2011-2012 Revised Operating Budget and FY 2013-2013 Budget Request.

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

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

All Southern University System Budgets

The 2012-2013 Southern University System Administration & Board of Supervisors Budget Request.

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Financial Literacy And Numerical Ability: Keys To Better Mortgage Outcomes, Singapore Management University Jan 2012

Financial Literacy And Numerical Ability: Keys To Better Mortgage Outcomes, Singapore Management University

Perspectives@SMU

While mortgage credit expansion had lead to a rapid increase of home ownership in the US, the reversal of home prices beginning in 2006 resulted in a substantial increase in mortgage delinquencies and an explosion in outright defaults. Its devastating impact on the associated mortgage backed securities led the US and the world to its worst financial and macroeconomic crisis since the Great Depression, with its deleterious effects still felt today.

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Risk Management In A Volatile Market, Knowledge@Smu Jan 2012

Risk Management In A Volatile Market, Knowledge@Smu

Knowledge@SMU

The September 2008 collapse of Lehman Brothers was the 9/11 on Wall Street. Since then, the global risk landscape has changed and swings in the equity markets have become more volatile Now, a study of statistically significant changes in global financial risks and sharp increases in conditional Value-at-Risk after September 2008 has suggested a technically superior technique for effective risk management.

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Medical Identity Theft, Whitney Walters, Axton Betz Jan 2012

Medical Identity Theft, Whitney Walters, Axton Betz

Faculty Research & Creative Activity until 2018 (FCS)

The purpose of this position paper is to provide in formation on medical identity theft. Secondary purposes of this paper are to describe signs of victimization, consequences of victimization, and how to recover from medical identity theft. An additional secondary purpose is to describe how individuals can protect themselves from becoming victims of medical identity theft. More robust public policy need to be developed. And, more educators in the fields of consumer education, business and finance along with those from economics and family services need to develop detailed lessons and programs on medical identity theft and its effects on the …

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Indiana State University Financial Report 2012, Indiana State University Jan 2012

Indiana State University Financial Report 2012, Indiana State University

Financial Reports

No abstract provided.

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Enterprise, Not Aid, For Social Change, Kim Tan Jan 2012

Enterprise, Not Aid, For Social Change, Kim Tan

Social Space

A wind of change is blowing through the world of aid and philanthropy. The old formula of aid and compassion doesn’t work anymore. In its place, Kim Tanproposes a new model based on enterprise and financial capital.

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Beating Market Expectations, Analysts’ Forecasts Dispersion And The Pricing Of Credit Default Swaps, Mauricio A. Melgarejo Jan 2012

Beating Market Expectations, Analysts’ Forecasts Dispersion And The Pricing Of Credit Default Swaps, Mauricio A. Melgarejo

Scholarship and Professional Work - Business

The purpose of this paper is to study the impact of beating analysts’ forecasts and the impact of analysts’ forecast dispersion on the pricing of firms’ credit default swaps (CDSs). CDS premium is the compensation required by investors for bearing firms’ credit default risk. Sell-side analysts collect market, industry and firm information and provide important information in the form of stock recommendations, stock price targets and accounting number forecasts. For that reason, the information contained in their forecasts may provide additional information to investors to price CDSs. My results show that firms that beat analysts’ earnings and revenue forecasts, and …

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Analysis Of Firm Risk Around S&P 500 Index Changes., Stoyu Ivanov Jan 2012

Analysis Of Firm Risk Around S&P 500 Index Changes., Stoyu Ivanov

Faculty Publications

In this study we extend the work of Vijh (1994), barberis, Schleifer and Wurgler (2005), Denis, McConnell, Ovtchinnikov and Yu (2003) and Geppert, Ivanov and Karel (2011) by examining the effect of the addition to or deletion from the S&P 500 Index on the firm's Fama - French four factor model loadings before and after the event. We find that added to and deleted from the S&p 500 Index firms experience unique sensitivity to the small cap minus Big cap (SMB) and momentum (UMD) factors. this finding and robustness tests indicate that addition to and deletion from the S&P 500 …

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Analysis Of Bank Performance In California And The Rest Of The Twelfth Federal Reserve District, Stoyu Ivanov Jan 2012

Analysis Of Bank Performance In California And The Rest Of The Twelfth Federal Reserve District, Stoyu Ivanov

Faculty Publications

In this study I examine the performance and sensitivity of performance to macro factors of banks headquartered in California and banks headquartered in the rest of the states in the Twelfth Federal Reserve District. I find that prior to the financial crisis which started in the fourth quarter of 2007 the non-California banks outperformed California banks; however, towards the end of the financial crisis California banks outperformed non-California banks. I also find higher macro factor sensitivities of non-California banks indicating more macro risk carried by these institutions. The higher risk explains the superior performance in expansions and underperformance in recessions …

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Reit Etfs Performance During The Financial Crisis., Stoyu Ivanov Jan 2012

Reit Etfs Performance During The Financial Crisis., Stoyu Ivanov

Faculty Publications

In this study the “disintegration hypothesis” is tested. It is examined whether the Vanguard Real Estate Investment Trust and iShares Dow Jones US Real Estate Index Fund exchange traded funds disintegrate from their underlying indexes during the recent financial crisis. Failure to support the “disintegration hypothesis” of the exchange traded fund and underlying index is found. It is also found that the Vanguard Real Estate Investment Trust exchange traded fund is consistently cointegrated with its underlying index the MSCI US REITs Index, before, during and after the financial crisis. It is also found that the iShares Dow Jones US Real …

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The Odd Quarter Research Report, First Quarter, Volume 1, Issue 1, Bryant University, Archway Investment Fund Jan 2012

The Odd Quarter Research Report, First Quarter, Volume 1, Issue 1, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

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Ua94/5/4 Student/Alumni Personal Papers Bowling Green Business University W.A. Whitlow, Wku Archives Jan 2012

Ua94/5/4 Student/Alumni Personal Papers Bowling Green Business University W.A. Whitlow, Wku Archives

WKU Archives Collection Inventories

Accounting books created by W.A. Whitlow for courses taken at the Bowling Green Business University.

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Housing Issues And Solutions For The Residents On The Pine Ridge Reservation, South Dakota, Dana Tell, Axton Betz Jan 2012

Housing Issues And Solutions For The Residents On The Pine Ridge Reservation, South Dakota, Dana Tell, Axton Betz

Faculty Research & Creative Activity until 2018 (FCS)

This position paper details the poor housing and living conditions of American Indians in Pine Ridge Reservation and proposes some solutions to the problems. These include training for home upkeep and repair and owner education classes.

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Imports, Unionization And Racial Age Discrimination In The Us, Jacqueline Agesa, Richard U. Agesa Jan 2012

Imports, Unionization And Racial Age Discrimination In The Us, Jacqueline Agesa, Richard U. Agesa

Economics Faculty Research

Past studies of the relationship between competition and racial wages find that domestic competition reduces racial wage discrimination of nonunion workers. This article examines the effects of foreign competition on racial wages of union and nonunion workers utilizing an empirical model which allows for cluster-adjusted SEs by industry. Such a procedure allows independence of observations across industries but not within industries, thereby not overstating the significance of industry invariant controls. In this analysis, clustered SEs prevent the overstatement of the significance of imports as a means to reduce earnings discrimination. We find evidence of a wage premium for nonunion white …

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Economic Deregulation And Corporate Dividend Policy, Xinghua Gao Jan 2012

Economic Deregulation And Corporate Dividend Policy, Xinghua Gao

Wayne State University Dissertations

I investigate the evolution of corporate dividend policy in response to the changing operating environment induced by economic deregulation from the 1970s-1990s. Specifically, I examine the impact of deregulation on the firm's propensity to pay dividends, dividend payout ratio, the sensitivity of corporate dividend policy to current and past earnings, changes in the information content of dividends, and changes in corporate financing behavior along the deregulation process. Empirical results reveal that economic deregulation per se does not have significant impacts on firms' propensity to pay dividends. However, it seems that firms reduce dividend payout along the deregulation process and adjust …

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A Crisis Of Confidence: Understanding Money Markets During The Financial Crisis, Mark D. Griffiths, Vladimir Kotomin, Drew B. Winters Jan 2012

A Crisis Of Confidence: Understanding Money Markets During The Financial Crisis, Mark D. Griffiths, Vladimir Kotomin, Drew B. Winters

Faculty Publications – Finance, Insurance, and Law

The money markets are at the heart of the recent financial crisis and are the subject of substantial news coverage. However, much of what was reported showed a lack of understanding of money markets in general and, a specific lack of understanding as to why the financial crisis unfolded as it did in these markets. The purpose of this paper is to discuss what actually happened and why. Specifically, we discuss: (1) the economic role of the money markets, (2) the institutional features of the money markets central to the financial crisis and, (3) what actually happened in the various …

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2011-2012 Financial Summary, Morehead State University. Budget & Financial Planning Office. Jan 2012

2011-2012 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

2011-2012 Financial Summary of Morehead State University.

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Comparing Market-Based And Financial Statement-Based Stock Valuation Models: Implications For Growth Expectations And Differences Across Time Periods, Jacqualyn Ann Fouse Jan 2012

Comparing Market-Based And Financial Statement-Based Stock Valuation Models: Implications For Growth Expectations And Differences Across Time Periods, Jacqualyn Ann Fouse

Finance and Real Estate Dissertations - Archive

The value of a share of common stock in a publicly-listed company should be equal to the present value of the future cash flows the company is forecast to produce, andultimately pay out to its stockholders. Expectations for these flows may incorporate information that goes beyond current earnings discounted into perpetuity as per the Dividend Discount Model (DDM). By comparing a market-based valuation model with a financial statement-based valuation model this paper seeks to find evidence of information embedded in market valuations that may not be captured in financial statement-based valuations. The analysis endeavors first to identify a component of …

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Essays On Option Market Information Content, Market Segmentation And Fear, Mishuk Anwar Chowdhury Jan 2012

Essays On Option Market Information Content, Market Segmentation And Fear, Mishuk Anwar Chowdhury

Finance and Real Estate Dissertations - Archive

This dissertation consists of three essays. The first essay tests whether stock returns can be predicted using divergence from put-call parity. Using a robust methodology that controls for the early exercise premium of American put and call options, the study shows that stocks with upside divergence from put-call parity outperform stocks with downside divergence from put-call parity. Predictability is persistent over multiple holding periods and divergence is also predictive of tail events. The second essay examines segmentation of equity and option markets in the presence of information asymmetry. The study uses the slope of the implied volatility skew as a …

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Threshold Effects In Volatility Spillovers: The Case Of Equity, Bond And Foreign Exchange Markets, Arun Prasath Narayanasamy Jan 2012

Threshold Effects In Volatility Spillovers: The Case Of Equity, Bond And Foreign Exchange Markets, Arun Prasath Narayanasamy

Finance and Real Estate Dissertations - Archive

Most research on volatility spillovers across countries and various asset class returns model volatility as conditional variance and assume a linear relationship in spillovers. The risk measured as conditional variance is modeled as a function of own past innovations and own past conditional variances and fails to include lagged conditional variances from other assets. In this dissertation, for a bivariate set up, I estimate the conditional variance of the second country either as a GARCH (1, 1) or DCC (1, 1) type process. Using the estimated conditional variances, the non-linear or threshold parameter is computed by maximizing the log likelihood …

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Measurement Issues In The Capital Asset Pricing Model & Size Effect And Duration, Yongho Seo Jan 2012

Measurement Issues In The Capital Asset Pricing Model & Size Effect And Duration, Yongho Seo

Finance and Real Estate Dissertations - Archive

It has been observed that the value of an asset's beta varies with the frequency of the data used to generate the value, a phenomenon hereafter referred to as "time scale", or simply "scale". If the scale effect is strong enough, then ignoring this phenomenon calls into question studies that rely on comparing beta values. The most notable of these studies is the classification of stocks as "aggressive" or "defensive". I show that such a categorization varies substantially when comparing betas estimated using monthly data versus annual data. Contrary to other studies, betas do not vary monotonically as data scale …

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Penny Stocks, Market Microstructure, And Analyst Forecasts, Julio AndréS Rivas-Aguilar Jan 2012

Penny Stocks, Market Microstructure, And Analyst Forecasts, Julio AndréS Rivas-Aguilar

Finance and Real Estate Dissertations - Archive

The first essay of this dissertation deals with the relationship between previous earnings, earnings forecasts, and future returns. I found that stocks with the worst previous earnings and the worst earnings forecasts outperform the ones with more optimistic outlooks. Value stocks also tend to outperform glamour stocks. I also found that previous earnings are the dominating factor in determining subsequent returns. The second essay deals with the Bid-Ask Spread (BAS) behavior of penny stocks throughout trading sessions. I ran the analysis by using different days of the week, months of the year, and analyst coverage. Finally, I regressed the minute-to-minute …

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Hedging Effectiveness Under Conditions Of Asymmetry, Jim Hanly, John Cotter Jan 2012

Hedging Effectiveness Under Conditions Of Asymmetry, Jim Hanly, John Cotter

Articles

We examine whether hedging effectiveness is affected by asymmetry in the return distribution by applying tail specific metrics, for example, Value at Risk, to compare the hedging effectiveness of short and long hedgers. Comparisons are applied to a number of hedging strategies including OLS, and both symmetric and asymmetric GARCH models. We apply our analysis to a dataset consisting of S&P500 index cash and futures containing symmetric and asymmetric return distributions chosen ex-post. Our findings show that asymmetry reduces out-of-sample hedging performance and that significant differences occur in hedging performance between short and long hedgers.

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Financial Literacy And Numerical Ability: Keys To Better Mortgage Outcomes, Knowledge@Smu Jan 2012

Financial Literacy And Numerical Ability: Keys To Better Mortgage Outcomes, Knowledge@Smu

Knowledge@SMU

The US mortgage crisis and its dire after effects have highlighted the criticality of financial literacy. And while most people would have picked up fundamental mathematical principles in schools, not everyone appreciates how arithmetic translates within the complex world of finance. Yet, given what has transpired with the subprime crisis, is it important for borrowers to appreciate complicated financial concepts before taking up a loan? A study of the US mortgage market, presented at a SMU School of Economics Seminar Series, provides some clues as it uncovers links between basic numerical skills and financial fate.

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