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Articles 1 - 13 of 13
Full-Text Articles in Business
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Li-Anne Woo
Emerging market mutual funds are a rapidly growing mutual fund category. This growth is most likely due to their impressive realized returns, although their returns may be quite volatile. This study reports on emerging market mutual funds' characteristics and performance relative to domestic and international equity mutual funds and also details the significant growth in these funds. We further consider the investment allocations of the three categories of funds among developing versus mature markets. Our results suggest that the superior performance of emerging market mutual funds more than adequately compensates for their higher risk, and thus provides a sound justification …
What Do Options Have To Do With It?: Inclusion Of Options Market Indicators In Bid-Ask Spread Decomposition, David Michayluk, Laurie Prather, Li-Anne Woo, Henry Yip
What Do Options Have To Do With It?: Inclusion Of Options Market Indicators In Bid-Ask Spread Decomposition, David Michayluk, Laurie Prather, Li-Anne Woo, Henry Yip
Li-Anne Woo
This paper develops a cross-market model to extend Huang and Stoll (1997) by utilizing information from trade flows in the options market. Empirical tests reveal a significant increase in the estimated adverse information component, which stays consistent irrespective of the degree of option leverage. Further, intraday variation in stock bid-ask spread components is affected by the stock trade size and the extent of imbalance in information-based option trades. Including the options market information in decomposition of the stock bid-ask spread enhances the quality of its estimation.
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Emerging Market Mutual Funds: Recent Trends In Performance, Expenses, Composition And Growth, Will Bertin, Laurie Prather, Li-Anne Woo
Laurie Prather
Emerging market mutual funds are a rapidly growing mutual fund category. This growth is most likely due to their impressive realized returns, although their returns may be quite volatile. This study reports on emerging market mutual funds' characteristics and performance relative to domestic and international equity mutual funds and also details the significant growth in these funds. We further consider the investment allocations of the three categories of funds among developing versus mature markets. Our results suggest that the superior performance of emerging market mutual funds more than adequately compensates for their higher risk, and thus provides a sound justification …
Post-Keynesian Money Endogeneity Evidence In G-7 Economics, Zatul Badarudin, Mohamed Ariff, Ahmed Khalid
Post-Keynesian Money Endogeneity Evidence In G-7 Economics, Zatul Badarudin, Mohamed Ariff, Ahmed Khalid
Ahmed Khalid
This study is a methodological evaluation of studies on importance and performance measurement, and importance–performance analysis (IPA) which has gained widespread acceptance in the hospitality and tourism research. A synthesis of IPA literature on conceptual and measurement issues is presented with a view to identifying and mitigating potential validity concerns.
Style Drift Analysis Of Hedge Funds, Lin Xu, Thomas Henker, Julia Henker
Style Drift Analysis Of Hedge Funds, Lin Xu, Thomas Henker, Julia Henker
Thomas Henker
It is well established in the literature that mutual fund managers are susceptible to style drift. However, less is understood regarding the existence of the style behaviours in a closely linked alternative investment vehicle class – hedge funds. We investigate the existence of style drift within the hedge fund industry and examine the relationship between style drift and both stages of the funds’ lives and the past returns. There are two key contributions made in this study. Firstly, we consider fund risk return profiles directly, rather than classifying funds by their self-described strategies. Secondly, we implement a K-Means clustering algorithm …
Coordination Costs And Research Joint Ventures, Rodney Falvey, Joanna Poyago-Theotoky, Khemarat Teerasuwannajak
Coordination Costs And Research Joint Ventures, Rodney Falvey, Joanna Poyago-Theotoky, Khemarat Teerasuwannajak
Rodney Falvey
We consider a simple oligopoly model where firms engage in cost-reducing R&D and compare two R&D regimes: R&D competition and R&D cooperation in the form of a research joint venture (RJV). We introduce coordination costs for the RJV and examine how these affect the equilibrium outcomes. We find that the performance of the RJV in comparison to R&D competition is sensitive to the level of coordination costs. Although the RJV may no longer conduct a unit of R&D at a lower cost compared to an independent firm in the non-cooperative R&D regime, RJV members can still make savings on their …
Endowment Differences And The Composition Of Intra-Industry Trade, Manuel Cabral, Rodney Falvey, Chris Milner
Endowment Differences And The Composition Of Intra-Industry Trade, Manuel Cabral, Rodney Falvey, Chris Milner
Rodney Falvey
The empirical relationship between differences in endowments and different types of trade is investigated in this paper. Although net trade (NT) and vertical intra-industry trade (IIT) are both broadly viewed as reflecting endowment differences, we suggest that there will be systematic differences in the way their shares of trade adjust as endowment differences become larger. Empirical evidence for European Union trade with its 52 major trading partners confirms this. The share of horizontal IIT (net trade) decreases (increases) for all increases in absolute endowment differences, but the share of vertical IIT can both increase and decrease with increases in endowment …
Insolvency Administration As A Strategic Response To Financial Distress, James Routledge, David Morrison
Insolvency Administration As A Strategic Response To Financial Distress, James Routledge, David Morrison
James Routledge
This study considers whether the strategic decision to enter voluntary administration (VA) rather than to trade the company’s business for a protracted period of declining performance is systematically related to the effective monitoring of management decision-making. Analysis that tests the association between strategic entry into VA and the likelihood that a company will reorganize in VA is also presented. We find about half of the companies in our sample entered VA as a strategic choice. The likelihood of strategic entry to VA increased with the proportion of independent board directors, the existence of an audit committee and a dual CEO/chair …
The Impact Of State Anti-Predatory Lending Laws: Policy Implications And Insights, Raphael Bostic, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
The Impact Of State Anti-Predatory Lending Laws: Policy Implications And Insights, Raphael Bostic, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
Patricia A. McCoy
The subprime mortgage market, which consists of high-cost loans designed for borrowers with weak credit, has grown tremendously over the past ten years. Between 1993 and 2005, the subprime market experienced an average annual growth rate of 26 percent. As this market emerged, so did allegations that subprime loans contained predatory features or were the result of predatory sales practices.3 In the worst cases, brokers deceived borrowers about the meaning of loan terms or falsely promised to assist them in obtaining future refinance loans with better terms. In other situations, borrowers entered into loans with low teaser rates, not aware …
State And Local Anti-Predatory Lending Laws: The Effect Of Legal Enforcement Mechanisms, Raphael Bostic, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
State And Local Anti-Predatory Lending Laws: The Effect Of Legal Enforcement Mechanisms, Raphael Bostic, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
Patricia A. McCoy
Subprime mortgage lending has grown rapidly in recent years and with it, so have concerns about predatory lending. In response to evidence of predatory lending, most states have enacted new laws or expanded existing laws to address abuses in the subprime home loan market. The effect of these statutes is a matter of debate. This paper seeks to improve the understanding of this increasingly important issue and pays particular attention to the role that legal enforcement mechanisms play in this context. The results of the analysis are consistent with the view that anti-predatory lending laws influence subprime lending markets and …
Mortgage Product Substitution And State Anti-Predatory Lending Laws: Better Loans And Better Borrowers?, Raphael Bostic, Souphala Chomsisengphet, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
Mortgage Product Substitution And State Anti-Predatory Lending Laws: Better Loans And Better Borrowers?, Raphael Bostic, Souphala Chomsisengphet, Kathleen Engel, Patricia Mccoy, Anthony Pennington-Cross, Susan Wachter
Patricia A. McCoy
Mounting foreclosures and recent disclosures of abusive lending practices have led many states to adopt new anti-predatory lending laws. Researchers have examined the impact of such laws on credit flows and the cost of credit. This research extends the literature by examining if the market responded to these laws by substituting different mortgage products for those restricted by antipredatory lending provisions. The evidence indicates that the new laws were effective in restricting loans with targeted characteristics and that the market substituted other product types to maintain affordability in the face of these restrictions.
Political Connections As An Agreement Device, Xiaping Jerry Cao, Sheng Huang, Qigui Liu, Gary Tian
Political Connections As An Agreement Device, Xiaping Jerry Cao, Sheng Huang, Qigui Liu, Gary Tian
Qigui Liu
No abstract provided.
Political Connections As An Agreement Device, Xiaping Jerry Cao, Sheng Huang, Qigui Liu, Gary Tian
Political Connections As An Agreement Device, Xiaping Jerry Cao, Sheng Huang, Qigui Liu, Gary Tian
Qigui Liu
No abstract provided.