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Full-Text Articles in Business

Book Review Of: Meezan Bank’S Guide To Islamic Banking By Muhammad Imran Ashraf Usmani, Javed A. Ansari Jan 2010

Book Review Of: Meezan Bank’S Guide To Islamic Banking By Muhammad Imran Ashraf Usmani, Javed A. Ansari

Business Review

Islamic banking has been seriously effected by the financial crisis of 2007- 2010. The impending collapse of financial institutions in the Gulf, specially in Dubai and the growing threat of sovereign debt repudiation and default by oil exporting countries has had a particularly severe impact on global Islamic finance growth. Forecasts for Islamic finance transactions have been revised downwards several times during 2009 and riskiness and illiquidity of leading Islamic finance institution are perceived as having increased due to the growing instability of the Gulf economies.

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Dual-Track Versus Single-Track Sell-Outs: An Empirical Analysis Of Competing Harvest Strategies, James C. Brau, Ninon K. Sutton, Nile W. Hatch Jan 2010

Dual-Track Versus Single-Track Sell-Outs: An Empirical Analysis Of Competing Harvest Strategies, James C. Brau, Ninon K. Sutton, Nile W. Hatch

Faculty Publications

We investigate two non-traditional harvest strategies for selling a privately-held company. Dual-track private firms file for an IPO while also courting acquirers. These firms withdraw the IPO to be taken over. Dual-track public firms complete an IPO and are taken over shortly thereafter. Examining 679 takeovers from 1995–2004, we find private dual-track sell-outs earn a 22–26% higher premium and dual-track public sell-outs earn an 18–21% higher premium than single-track sell-outs. Larger, VC-backed, prestigious underwritten, and bubble-year firms have a higher propensity to take the dual-track path. The implication is that entrepreneurs may increase their harvest value by using a dual-track …

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Regulatory Reform And Convergence In Banking: The Case Of China, James C. Brau, Drew Dahl, Hongjing Zhang, Mingming Zhou Jan 2010

Regulatory Reform And Convergence In Banking: The Case Of China, James C. Brau, Drew Dahl, Hongjing Zhang, Mingming Zhou

Faculty Publications

We examine the effect of regulatory reform on the asset allocation and capitalization of Chinese banks, 2002 to 2007, a period following China’s entry into the World Trade Organization (WTO). Our empirical evidence rejects the hypothesis that banks in the Big Four, majority state, majority private, and majority foreign categories have common targeted levels of loans and capital in relation to assets. With respect to rates of adjustment towards those targets, our evidence is mixed. Domestic banks exhibit convergence in behavior toward each other but remain distinct from majority foreign banks. Overall, our findings provide evidence that, while the structure …

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Do Analyst Earnings Beta Explain Growth Anomaly?, Sophie Phuong Thanh Doan Jan 2010

Do Analyst Earnings Beta Explain Growth Anomaly?, Sophie Phuong Thanh Doan

Dissertations and Theses Collection (Open Access)

Using a measure of cashflow risk derived from analyst forecasts, I find that cashflow risk offers a partial explanation for the value – growth anomaly. In particular, the lowest asset growth portfolio has a higher earnings beta than the highest asset growth portfolio. Approximately cashflow risk measured by earnings beta carries a significant positive risk premium of 1.24% with a t-value of 3.51.

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Auditor Choice, Audit Fees And Internal Governance In Family Firms, Shaohua He Jan 2010

Auditor Choice, Audit Fees And Internal Governance In Family Firms, Shaohua He

Lingnan Theses

I study the role of auditing in mitigating agency concerns in family firms. Family firms face less severe agency problems due to the separation of ownership and control (Type 1) but more severe agency problems between controlling and noncontrolling shareholders (Type 2). As family firms make up a large part of most free enterprise economies it is important to examine these two agency problems with respect to auditor choice and audit effort. I find that family firms are more likely to choose a specialist auditor than nonfamily firms, consistent with the argument that family firms need to signal their non-expropriating …

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Is The Special Purpose Vehicles Act Responsible For The Decline In Npl Ratios?, Stephanie L. Chan, Andrew Adrian Y. Pua Jan 2010

Is The Special Purpose Vehicles Act Responsible For The Decline In Npl Ratios?, Stephanie L. Chan, Andrew Adrian Y. Pua

DLSU Business & Economics Review

This study aimed to determine if the SPV Act was actually responsible for the marked decline in NPL ratios this past four years. Using aggregated data for the entire Philippine Banking System, segregated according to type of bank, results suggest that the SPV Act was not responsible for the decline in the NPL ratios but may be attributed to a downward trend in the loan to asset ratio where values are getting closer to the interval for which NPL ratios are at a minimum, economic sluggishness as measured by deviations from the long run trend of macroeconomic variables, and seasonal …

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A Comparative Analysis Of The Entrepreneurial Styles Of Second, Third, And Fourth Generation Overseas Chinese And Filipinos In The Philippines, Gerley Q. Po Jan 2010

A Comparative Analysis Of The Entrepreneurial Styles Of Second, Third, And Fourth Generation Overseas Chinese And Filipinos In The Philippines, Gerley Q. Po

DLSU Business & Economics Review

This study used the multiple case study research approach and presents a comparative analysis of the similarities and differences in entrepreneurship styles among second, third and fourth generation overseas Chinese and Filipinos in the Philippines. Specifically, it aimed to compare the entrepreneurs’ entrepreneurial characteristics, leadership styles, and value orientation. The results indicate that the two groups are heterogeneous even though they operate business in the same country. However, slowly, the influence of Filipino culture is seen in the fourth generation overseas Chinese. The study hopes to provide new generation of entrepreneurs insights on entrepreneurial styles that need to change to …

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Human Resource Management Practices: Drivers For Stimulating Corporate Entrepreneurship In Large Companies In The Philippines, Divina M. Edralin Jan 2010

Human Resource Management Practices: Drivers For Stimulating Corporate Entrepreneurship In Large Companies In The Philippines, Divina M. Edralin

DLSU Business & Economics Review

Leading companies in the Philippines have realized that nurturing an entrepreneurial culture through the implementation of various strategic human resource management (HRM) practices will enhance their firm’s ability to gain competitive advantage and achieve superior performance. This study attempted to determine the degree to which various HRM practices stimulate corporate entrepreneurship and which HRM function is the most significant driver of corporate entrepreneurship (CE) in large companies in the Philippines. Findings reveal that the companies are extensively implementing different practices related to HRM functions that cultivate CE. Employee relations, training and development, and recruitment and selection HRM functions are found …

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Nigeria’S Debt Overhang (1960-2005): A Critical Revisit, Solomon A. Adebola Jan 2010

Nigeria’S Debt Overhang (1960-2005): A Critical Revisit, Solomon A. Adebola

DLSU Business & Economics Review

A general global trend up to the 1980’s has been for nations to rely substantially on external loans and aids for economic sustenance and technological development. This is particularly true for less developed countries (LDC). Unfortunately for these LDCs, their debts have gone beyond the countries’ capacity to repay. The debts have, for many such developing countries, been on a perpetual geometrical increase. Such countries have ended up with a debt overhang, with its detrimental impacts on the countries’ economic growth and social development. This research note gives a treatise on the theoretical framework of a debt overhang, and a …

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Exploratory Market Survey Of Tuba In Tacloban City, Arturo Pacho Jan 2010

Exploratory Market Survey Of Tuba In Tacloban City, Arturo Pacho

DLSU Business & Economics Review

This research note explores the market condition of tuba in Tacloban City in the Philippines. It examined the market viability of tuba as a source of income for small retailers as well as coconut farmers. To determine whether there is any commercial value to tuba, and to what extent, a survey was made on the type of tuba sold, the price it is sold for, the quantity sold, the age of tuba, and the source of tuba. This report provides basic information as to the commercial value of tuba to small store retailers in the city.

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Why Do Firms Go Public?, James C. Brau Jan 2010

Why Do Firms Go Public?, James C. Brau

Faculty Publications

Why entrepreneurs choose to conduct an IPO has received relatively little attention when compared to other IPO topics such as initial underpricing and the long-run performance of IPOs. In this chapter, I summarize, analyze, and expand the current discussion on why firms go public. I begin by discussing the theoretical underpinnings and testable hypotheses offered thus far in the academic literature. I then discuss the empirical evidence for (and against) each of these potential explanations after presenting the intuition behind them. I focus on two types of empirical research: a) large-sample publicly-available financial and stock data and b) proprietary surveydata. …

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Micro-Ipos: An Analysis Of The Small Corporate Offering Registration (Scor) Procedure With National Data, James C. Brau, Gardner Gee Jan 2010

Micro-Ipos: An Analysis Of The Small Corporate Offering Registration (Scor) Procedure With National Data, James C. Brau, Gardner Gee

Faculty Publications

In this study we examine every Small Corporate Offering Registration available from the United States. Using 339 micro-IPOs from 33 states, we find support for the relevance of (1) offering marketing mechanisms and expenses; (2) geographic characteristics; (3) offering characteristics; (4) ownership and governance characteristics; (5) business characteristics; (6) firm marketing mechanisms; and (7) signaling factors.

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Changing Careers -- Six Options For Becoming A Cpa, Elizabeth V, Grace, T. G. Black Jan 2010

Changing Careers -- Six Options For Becoming A Cpa, Elizabeth V, Grace, T. G. Black

Faculty Publications

No abstract provided.

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Analysis Of The Relation Of Corn And Soybeans Futures And Etf Prices., Stoyu Ivanov Jan 2010

Analysis Of The Relation Of Corn And Soybeans Futures And Etf Prices., Stoyu Ivanov

Faculty Publications

In this study I examine the relation between corn and soybeans exchange traded funds and their respective futures contracts. Considering that the exchange traded funds for these commodities track an index based on a basket of the futures instruments a natural link exists between exchange traded funds and futures contracts. This is the first study, to the best of my knowledge, to examine this relation by using cointegration methodology and provide a Vector Error Correction Model of the relation between these two prices.

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The Regulation Of Consumer Financial Products: An Introductory Essay With Four Case Studies, John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian, Peter Tufano Jan 2010

The Regulation Of Consumer Financial Products: An Introductory Essay With Four Case Studies, John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian, Peter Tufano

Faculty Publications

The recent financial crisis has led many to question how well businesses deliver consumer financial services and how well regulatory institutions address problems in consumer financial markets. In response, the Obama administration proposed a new agency to oversee consumer financial services, and the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act embraced the Administration’s proposal by creating the Bureau of Consumer Financial Protection. Other regulatory reforms have been advanced, and in some cases adopted, in recent years, at both the federal and state level. In this paper, we provide an overview of consumer financial markets, detailing the purposes …

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Discretionary Deletions From The S&P 500 Index: Evidence On Forecasted And Realized Earnings., Stoyu Ivanov Jan 2010

Discretionary Deletions From The S&P 500 Index: Evidence On Forecasted And Realized Earnings., Stoyu Ivanov

Faculty Publications

The literature in the area of index changes finds evidence that index changes are information free events. However, Denis, McConnell, Ovtchinnikov and Yu (2003) find evidence contrary to this theory. This study extends the work of Denis, McConnell, Ovtchinnikov and Yu (2003) in an attempt to complete the assessment of the information hypothesis of index changes. Denis, McConnell, Ovtchinnikov and Yu (2003) address only index additions and do not examine index deletions in their study. Our contribution is in filling this void in the literature by examining forecasted and realized earnings of firms discretionary deleted from the S&P 500 index …

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Esops And Corporate Officers' Compensation., Stoyu Ivanov Jan 2010

Esops And Corporate Officers' Compensation., Stoyu Ivanov

Faculty Publications

In the literature two major hypotheses have been developed for Employee Stock Ownership Plans used as a takeover defense, the management entrenchment and shareholder interest hypotheses, with the existing research not finding conclusive evidence for either one. In this paper we provide evidence that the entrenchmenthypothesis is not supported by finding that Employee Stock Ownership Plan firms pay less to their managers than non-Employee Stock Ownership Plan firms. If managers were truly entrenched they would have been able to expropriate wealth from the existing shareholders, which appears not to be the case for Employee Stock Ownership Plan firms.

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The Regulation Of Consumer Financial Products: An Introductory Essay With A Case Study On Payday Lending, John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian, Peter Tufano Jan 2010

The Regulation Of Consumer Financial Products: An Introductory Essay With A Case Study On Payday Lending, John Y. Campbell, Howell E. Jackson, Brigitte C. Madrian, Peter Tufano

Faculty Publications

The recent financial crisis has led many to question how well businesses deliver consumer financial services and how well regulatory institutions address problems in consumer financial markets. In response, the Obama administration has proposed creating a new Consumer Financial Protection Agency. Other regulatory reforms have been advanced, and in some cases adopted, in recent years, at both the federal and state level. In this paper, we provide an overview of consumer financial markets, detailing the purposes they serve, the extent to which they suffer from market failures or other deficiencies, and how they are currently regulated. To illustrate our analytical …

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Strategic Financial Management: Evidence From Seasoned Equity Offerings, Michael Barclay, Fangjian Fu, Clifford Smith Jan 2010

Strategic Financial Management: Evidence From Seasoned Equity Offerings, Michael Barclay, Fangjian Fu, Clifford Smith

Research Collection Lee Kong Chian School Of Business

Extant theories of capital structure assume myopic financial managers. So they have hard time to explain the financing behavior of seasoned equity offering (SEO) firms. In contrast with the pecking order theory, SEO firms typically are financially healthy companies with significant cash balances, low leverage, and unused debt capacity. At odds with the tradeoff theory, SEOs often move firms away from, rather than closer to, their target leverage ratios. SEOs appear to be driven by capital needs associated with large investment projects rather than by market timing considerations. Firms issue debt following the SEO to finance investment further and to …

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Pakistan’S Experience With The International Monetary Fund (Imf) 2000 – 2004, Ishrat Husain Jan 2010

Pakistan’S Experience With The International Monetary Fund (Imf) 2000 – 2004, Ishrat Husain

Business Review

Pakistan’s relationship with the International Monetary Fund during the 2000 – 2004 period was quite unique and distinctive. Unlike the earlier eight agreements that were concluded with the IMF during 1988-99 and were never implemented beyond the first tranche release it was only in this period that two successive agreements – a nine month Stand-by Arrangement (SBA) in the year 2000 followed by a three year Poverty Reduction and Growth Facility (PRGF) were successfully completed. All the sixteen reviews by IMF staff were completed and eleven successive tranches were drawn on time without any extension or interruption 1 . The …

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Financial Market Development And Capital Structure Pattern In Pakistan: An Aggregate Level Analysis, Mohammed Nishat Jan 2010

Financial Market Development And Capital Structure Pattern In Pakistan: An Aggregate Level Analysis, Mohammed Nishat

Business Review

This study empirically identifies the factors that explain the capital structure choice pattern of listed companies during 1964–2000. Three measures of debt (total debt ratio, long term book debt ration, and long term market debt ratio) are explained by a set of independent fundamental variables such as growth of firm, size of firm, tangible asset, profitability, earning variability, market to book ratio, and reforms. The analysis is also done to identify any capital structure pattern prevail across various industries in Pakistan. Most of the results are consistent with theory and similar to other empirical studies. The growth and profitability of …

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A Stakeholder Identity Orientation Approach To Corporate Social Performance In Family Firms, John B. Bingham, W. Gibb Dyer Jr., Isaac Smith, Gregory L. Adams Jan 2010

A Stakeholder Identity Orientation Approach To Corporate Social Performance In Family Firms, John B. Bingham, W. Gibb Dyer Jr., Isaac Smith, Gregory L. Adams

Faculty Publications

Extending the dialogue on corporate social performance (CSP) as descriptive stakeholder management (Clarkson, Acad Manage Rev 20:92, 1995), we examine differences in CSP activity between family and nonfamily firms. We argue that CSP activity can be explained by the firm’s identity orientation toward stakeholders (Brickson, Admin Sci Quart 50:576, 2005; Acad Manage Rev 32:864, 2007). Specifically, individualistic, relational, or collectivistic identity orientations can describe a firm’s level of CSP activity toward certain stakeholders. Family firms, we suggest, adopt a more relational orientation toward their stakeholders than nonfamily firms, and thus engage in higher levels of CSP. Further, we invoke collectivistic …

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Operational Risk In Trading Platforms, M. Thulasidas Jan 2010

Operational Risk In Trading Platforms, M. Thulasidas

Research Collection School Of Computing and Information Systems

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people, and systems, or from external events. A trading platform is a system, and therefore comes under the umbrella definition of operational risk.

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Kajian Aplikasi Akad Mudarabah Di Pt. Asuransi Takaful Umum Jakarta, Indonesia., Marhadi . Jan 2010

Kajian Aplikasi Akad Mudarabah Di Pt. Asuransi Takaful Umum Jakarta, Indonesia., Marhadi .

Student Works (2010-2019)

This disertation discourses the contract of mudarabah and its application in the general takaful at PT. Asuransi Takaful Umum Jakarta,Indonesia. The study focuses on the application, profit calculation and some relevant issues in general takaful product. The takaful company itself in form of annual report and also from interviews with the respective officers. It was found from the study that Asuransi Takaful Umum has appliced the mud}a>rabah contract in accordance with the shariah requirement which is to uphold justice, ensure mutual benefits and to avoid riba>, gharar ,maysir and dishonesty.

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Could Decision Trees Help Improve Farm Service Agency Lending Decisions?, Benjamin P. Foster, Jozef Zurada, Douglas K. Barney Jan 2010

Could Decision Trees Help Improve Farm Service Agency Lending Decisions?, Benjamin P. Foster, Jozef Zurada, Douglas K. Barney

Faculty and Staff Scholarship

This study examines whether a statistically derived decision tree could serve as a means to improve U.S.A. Farm Service Agency lending decisions. The study is a substantial extension and reanalysis of an earlier work by Barney, Graves and Johnson, (1999). Results indicate that a decision tree could be a valuable tool for Farm Service Agency employees in their lending decisions. The decision tree provides as good or better predictive accuracy than neural networks and logistic regression models at reasonable cutoff levels of Type II to Type I costs of lending. The decision tree also meets the transparency criteria for Farm …

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Financial Management Practices: Associations With Financial Well-Being And Risky Investment Among Families In Malaysia., Husniyah Abd. Rahim Jan 2010

Financial Management Practices: Associations With Financial Well-Being And Risky Investment Among Families In Malaysia., Husniyah Abd. Rahim

Student Works (2010-2019)

Financial management practices predicting good financial well-being and participation in risky assets among families were identified in this study. It also seeks to find out other factors predicting financial well-being and participation in risky assets. Associations of time horizon with risk preference, and risk preference with financial management practices, differences in financial management practices among the main ethnicities in Malaysia and among families residing in urban and rural areas were also determined. The moderating roles of self-worth between financial management practices and financial well-being of families, and between financial management practices and risky investment by families were explored. Quota sampling …

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Two Essays On Analyst Bias And Management Entrenchment, Bahar Ulupinar Jan 2010

Two Essays On Analyst Bias And Management Entrenchment, Bahar Ulupinar

LSU Doctoral Dissertations

This dissertation examines the interactions of corporate governance on analyst behavior. Analyst bias is well documented in the previous literature. However, the relationship between managerial entrenchment and analyst bias has not been explored. In my first essay, I hypothesize that while analysts strike a balance between personal reputation and revenue generation for their employers, entrenched managers of covered firms are more likely to induce analysts’ collaboration using management access and underwriting businesses. My hypothesis suggests that managerial entrenchment is a potential source of analyst bias. Consistent with my hypothesis, using the G-Index as a proxy for managerial entrenchment, I show …

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Essays On The Effect Of Financial Institution’S Dual Holdings Of Debt And Equity Securities, Jiun-Lin Chen Jan 2010

Essays On The Effect Of Financial Institution’S Dual Holdings Of Debt And Equity Securities, Jiun-Lin Chen

LSU Doctoral Dissertations

This dissertation analyzes the effects on the stock markets when institutional investors hold their client firms’ stocks. The first essay examines the trading impact around earnings announcements and the second essay studies the effect on stock liquidity. In the first essay, we find that relationship institutions (that have lent/underwritten and hold shares of clients) support their clients when these client firms have negative earnings shocks. Their support not only mitigates the negative abnormal return around earnings announcements but also reduces the post-earnings-announcement-drift, thus, earnings momentum profits. In the second essay, we find that client firms held by relationship institutions suffer …

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The Impact Of Employer Matching On Savings Plan Participation Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian Jan 2010

The Impact Of Employer Matching On Savings Plan Participation Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

Companies have used a variety of approaches to encourage participation in employer- sponsored savings plans. The most common approach, the provision of an employer matching contribution, is now offered by the vast majority of large fi rms (Profi t Sharing Council of America 2006). Even with a match, however, savings plan participation rates are often surprisingly low (Choi, Laibson, and Madrian 2005), and empirical studies of matching contributions’ effect on plan participation have uniformly found relatively small effects (Andrews 1992; Papke and Poterba 1995; Papke 1995; Bassett, Fleming, and Rodrigues 1998; Kusko, Poterba, and Wilcox 1998; Choi et al. 2002; …

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Public Policy And Saving For Retirement: The “Autosave” Features Of The Pension Protection Act Of 2006, John Beshears, James Choi, David Laibson, Brigitte C. Madrian, Brian Weller Jan 2010

Public Policy And Saving For Retirement: The “Autosave” Features Of The Pension Protection Act Of 2006, John Beshears, James Choi, David Laibson, Brigitte C. Madrian, Brian Weller

Faculty Publications

On August 17, 2006, President Bush signed the Pension Protection Act of 2006 (PPA) into law, following its passage by both houses of Congress in a strong showing of bipartisan support.1 This law, heralded by some as the most sweeping piece of pension reform legislation since the Employee Retirement Income and Security Act of 1974 (ERISA), contains many different pension reform provisions.2 In this paper, we focus on a subset of measures within the PPA adopted specifically to promote better savings outcomes in defined contribution savings plans.

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