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Articles 1 - 30 of 67
Full-Text Articles in Business
Institutionalization Of Software Product Line: An Empirical Investigation Of Key Organizational Factors, Faheem Ahmed, Luiz Capretz, Shahbaz Sheikh
Institutionalization Of Software Product Line: An Empirical Investigation Of Key Organizational Factors, Faheem Ahmed, Luiz Capretz, Shahbaz Sheikh
Luiz Fernando Capretz
A good fit between the person and the organization is essential in a better organizational performance. This is even more crucial in case of institutionalization of a software product line practice within an organization. Employees’ participation, organizational behavior and management contemplation play a vital role in successfully institutionalizing software product lines in a company. Organizational dimension has been weighted as one of the critical dimensions in software product line theory and practice. A comprehensive empirical investigation to study the impact of some organizational factors on the performance of software product line practice is presented in this work. This is the …
Auditing Management Assertions: The Impact Of Sas No. 106, Deborah S. Archambeault
Auditing Management Assertions: The Impact Of Sas No. 106, Deborah S. Archambeault
Accounting Faculty Publications
The Auditing Standards Board (ASB) of the AICPA recently issued eight new statements on auditing standards (SASs), which are effective for audits of financial statement periods beginning on or after Dec. 15, 2006. Included within this new set of audit standards is SAS No. 106: Audit Evidence, which provides guidance on the use of management assertions in obtaining audit evidence.
The Association Between Audit Fees And Auditors' Opinions On Internal Control Weakness Under Section 404 Of The Sox, Jong-Hag Choi, Jeong-Bon Kim, Soo Young Kwon, Yoonseok Zang
The Association Between Audit Fees And Auditors' Opinions On Internal Control Weakness Under Section 404 Of The Sox, Jong-Hag Choi, Jeong-Bon Kim, Soo Young Kwon, Yoonseok Zang
Research Collection School Of Accountancy
The Section 404 of Sarbanes-Oxley Act (SOX) requires top management toestablish, maintain, and regularly evaluate the effectiveness of the internal controlover financial reporting (ICOFR), and obtain an auditor’s attestation. In this paper, weidentify 232 firms that received “Ineffective” audit opinion on the effectiveness ofICOFR due to one or more material weakness in internal control (WIC). We examinethe association between audit fees and the WIC for pre- and post-SOX period. Wefind that highly levered clients with the WIC paid greater audit fees even in the preSOXperiod and continuously paid the high fees in post-SOX period, whereas theloss-making clients with WIC paid …
Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi
Japanese Corporate Governance: Structural Change And Financial Performance, Asli M. Colpan, Toru Yoshikawa, Takashi Hikino, Hiroaki Miyoshi
Research Collection Lee Kong Chian School Of Business
This paper analyzes institutional and legal changes related to corporate governance and their impact on financial performance in Japan since the second half of the 1990s. We attempt to address two issues systematically: (1) how much the governance reforms of Japanese firms transformed the conventional system of alliance capitalism and managerial control; and (2) what economic outcomes those governance changes have yielded. As the Commercial Code and other legal and institutional frameworks were revised, Japanese firms experienced shifts in terms of stock ownership, corporate control and managerial organizations. Our empirical results show that the influence of new ownership composition and …
Information Opacity, Credit Risk, And The Design Of Loan Contracts For Private Firms, Lucy Ackert, Rongbing Huang, Gabriel G. Ramirez
Information Opacity, Credit Risk, And The Design Of Loan Contracts For Private Firms, Lucy Ackert, Rongbing Huang, Gabriel G. Ramirez
Faculty and Research Publications
This paper examines the structure and cost of a large sample of bank loans to private firms. Compared to public firms, private firms are more informationally opaque and riskier. The results suggest that the design of a loan to a private firm is significantly different from that to a public firm. Bank loans to private firms are more likely to be by a sole lender, collateralized, and have sweep covenants than loans to public firms. The cost of borrowing is higher for a private firm than for a public firm, even after holding constant firm and loan characteristics.
The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter
The Short And Puzzling Life Of The “Implicit Minority Discount” In Delaware Appraisal Law, Lawrence A. Hamermesh, Michael L. Wachter
All Faculty Scholarship
The “implicit minority discount,” or IMD, is a fairly new concept in Delaware appraisal law. A review of the case law discussing the concept, however, reveals that it has emerged haphazardly and has not been fully tested against principles that are generally accepted in the financial community. While control share blocks are valued at a premium because of the particular rights and opportunities associated with control, these are elements of value that cannot fairly be viewed as belonging either to the corporation or its shareholders. In corporations with widely dispersed share holdings, the firm is subject to agency costs that …
Monitoring: Which Institutions Matter?, Xia Chen, Jarrad Harford, Kai Li
Monitoring: Which Institutions Matter?, Xia Chen, Jarrad Harford, Kai Li
Research Collection School Of Accountancy
Within a cost–benefit framework, we hypothesize that independent institutions with long-term investments will specialize in monitoring and influencing efforts rather than trading. Other institutions will not monitor. Using acquisition decisions to reveal monitoring, we show that only concentrated holdings by independent long-term institutions are related to post-merger performance. Further, the presence of these institutions makes withdrawal of bad bids more likely. These institutions make long-term portfolio adjustments rather than trading for short-term gain and only sell in advance of very bad outcomes. Examining total institutional holdings or even concentrated holdings by other types of institutions masks important variation in the …
Legal Systems And Earnings Quality: The Role Of Auditor Industry Specialization, Chee Yeow Lim, Soo Young Kwon, Patricia Mui Siang Tan
Legal Systems And Earnings Quality: The Role Of Auditor Industry Specialization, Chee Yeow Lim, Soo Young Kwon, Patricia Mui Siang Tan
Research Collection School Of Accountancy
This paper extends prior studies in auditor industry specialization to an international setting and examines if the impact of industry specialist auditors on earnings quality is dependent on the legal environments. Using data for 28 countries over 20 industries from 1993 to 2003, we find that clients of industry specialist auditors have lower discretionary current accruals and higher earnings response coefficients than clients of nonspecialist auditors. In addition, we find that the impact of auditor industry specialization on earnings quality increases as the legal environment weakens. Collectively, the results suggest that the benefits from engaging the services of industry specialist …
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
The Ubit: Leveling An Uneven Playing Field Or Tilting A Level One?, Michael S. Knoll
All Faculty Scholarship
After grateful alumni acquired the Mueller Spaghetti Company on behalf of New York University, and the courts held that the university did not have to pay tax on the pasta maker’s income, Mueller’s competitors cried foul. Congress responded to their pleas and enacted the unrelated business income tax (UBIT). The UBIT subjects an otherwise tax-exempt entity, such as a charitable institution or a religious organization, to tax on its income from a trade or business that is not substantially related to the organization’s tax-exempt purpose. The UBIT is widely viewed as leveling the playing field between taxable for-profit businesses and …
Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven Francis Orpurt, Yoonseok Zang
Do Direct Cash Flow Disclosures Help Predict Future Operating Cash Flows And Earnings?, Steven Francis Orpurt, Yoonseok Zang
Research Collection School Of Accountancy
Motivated by recent FASB, IASB and CFA Institute comments, we extend the scant literature on direct method cash flow disclosures by exploring their predictive ability. A primary stated purpose of the direct method is to better forecast future operating performance. To test this purpose, we use a FERC (future ERC) methodology, finding that firms voluntarily producing direct method statements reflect more information about future earnings in their current stock returns than other firms. Supporting our FERC analysis, we document that substantial articulation errors exist when direct method cash flow components are estimated from either indirect method cash flow statements or …
Are Us Family Firms Subject To Agency Problems? Evidence From Ceo Turnover And Firm Valuation, Xia Chen, Zhonglan Dai
Are Us Family Firms Subject To Agency Problems? Evidence From Ceo Turnover And Firm Valuation, Xia Chen, Zhonglan Dai
Research Collection School Of Accountancy
This paper investigates the impact of the founding family's presence in US public firms on the extent of agency problems related to CEO turnover decisions and on firm valuations after poor performance. In particular, we focus on three types of US public firms: family CEO firms, professional CEO family firms (family firms managed by a hired CEO outside the founding family), and non-family firms. We hypothesize that, the agency problem arising from the expropriation of small shareholders by large shareholders in family CEO firms and the agency problem arising from the separation of ownership and control in non-family firms, lead …
The Size Of Venture Capital And Private Equity Fund Portfolios, Gennaro Bernile, Douglas Cumming, Evgeny Lyandres
The Size Of Venture Capital And Private Equity Fund Portfolios, Gennaro Bernile, Douglas Cumming, Evgeny Lyandres
Research Collection Lee Kong Chian School Of Business
We propose a model that examines the optimal size of venture capital and private equity fund portfolios. The relationship between a VC and entrepreneurs is characterized by double-sided moral hazard, which causes the VC to trade off larger portfolios against lower values of portfolio companies. We analyze the structural relations between the VC's optimal portfolio structure and entrepreneurs' and VC's productivities, their disutilities of effort, the value of a successful project, and the required initial investment in a venture. We also test the model's predictions using a small proprietary dataset collected through a survey targeted to VC and private equity …
Exploring The Role That Forecast Surprise And Forecast Error Play In Determining Management Forecast Precision, Jong-Hag Choi, Linda Myers, Yoonseok Zang, David Ziebart
Exploring The Role That Forecast Surprise And Forecast Error Play In Determining Management Forecast Precision, Jong-Hag Choi, Linda Myers, Yoonseok Zang, David Ziebart
Research Collection School Of Accountancy
No abstract provided.
Auditor Locality, Audit Quality And Audit Pricing, Jong-Hag Choi, Jeong-Bon Kim, Aini Qiu, Yoonseok Zang
Auditor Locality, Audit Quality And Audit Pricing, Jong-Hag Choi, Jeong-Bon Kim, Aini Qiu, Yoonseok Zang
Research Collection School Of Accountancy
No abstract provided.
Alternative Measures Of Corporate Liquidity, Ralph Lim
Alternative Measures Of Corporate Liquidity, Ralph Lim
WCBT Faculty Publications
The study has shown that perhaps management, securities analysts and other interested parties should consider using adjusted liquidity ratios to better analyze firms in the industries such as defense/aerospace.
Ex Post Valuation Correction And Motives Of Merger And Acquisition Decisions, Hien T. Nguyen
Ex Post Valuation Correction And Motives Of Merger And Acquisition Decisions, Hien T. Nguyen
Theses and Dissertations in Business Administration
This study seeks to decipher the motives of mergers and acquisitions and identify the source of value creation or destruction. The existing literature on corporate mergers and acquisitions generally agrees on four primary motives of merger and acquisition decisions: (1) market timing, (2) response to industry shocks, (3) agency cost and hubris, and (4) synergy. In studying the motives behind acquisition decisions, prior studies have used incomparable methodologies and measures, which often lead to inconclusive debates. In this study, we address the possibility that there could be multiple motives behind a merger. Instead of using a multitude of methodologies to …
Pengaruh Stuktur Modal Terhadap Produktivitas Aktiva, Kinerja Keuangan Dan Nilai Perusahaan, Teddy Chandra
Pengaruh Stuktur Modal Terhadap Produktivitas Aktiva, Kinerja Keuangan Dan Nilai Perusahaan, Teddy Chandra
Teddy Chandra
This article was aimed at investigating the effects of corporate strategy on capital structure, assets productivity, financial performance, and firm’s value. The research was an explanatory study. Data were collected by observation and literature study. Go public companies registered at Jakarta Stock Exchange were taken as samples through purposive sampling. Data were analyzed by using structural equation modeling (SEM) with the help of software SPSS and AMOS. The result showed that : 1) Capital Structure had negative effects on assets productivity both in main board companies and development board companies. In other words, the increase of capital structure would adversely …
Systematic Share Price Fluctuations After Bankruptcy Filings And The Investors Who Drive Them, Mark C. Dawkins, Nilabhra Bhattacharya, Linda Smith Bamber
Systematic Share Price Fluctuations After Bankruptcy Filings And The Investors Who Drive Them, Mark C. Dawkins, Nilabhra Bhattacharya, Linda Smith Bamber
Research Collection School Of Accountancy
Beginning in the 1990s, firms often continue to trade on the major national exchanges after Chapter 11 bankruptcy filings. For bankruptcies filed from 1993-2003, we find that the more negative the filing period price reaction, the more favorable the immediate post- filing returns, on average. This reversal is not attributable to bid-ask bounce, it holds after controlling for other factors associated with post-filing returns, and it appears more attributable to the activities of large traders than to small traders. Supplementary tests reveal that the pattern of post-filing returns differs significantly for bankruptcies filed in bull versus bear markets. Bankruptcies filed …
Bonding To The Improved Disclosure Environment In The Us: Firms Listing Choices And Their Capital Market Consequences, Ole-Kristian Hope, Tony Kang, Yoonseok Zang
Bonding To The Improved Disclosure Environment In The Us: Firms Listing Choices And Their Capital Market Consequences, Ole-Kristian Hope, Tony Kang, Yoonseok Zang
Research Collection School Of Accountancy
This paper examines whether the current reporting and disclosure requirements for foreign registrants in the United States affect foreign firms' decisions to list on a U.S. exchange. We find that while firms from a weak disclosure environment are more likely to cross-list and either trade over-the-counter or be placed privately among institutional investors, they are less likely to list on an exchange in which firms are required to comply with U.S. GAAP. This is consistent with the idea that the decrease in the potential private control benefits accruing to managers discourages them from listing on an organized exchange. We further …
Segundo Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Segundo Congreso Nacional De Organismos Públicos Autónomos, Bruno L. Costantini García
Bruno L. Costantini García
Memorias del Segundo Congreso Nacional de Organismos Públicos Autónomos. "Autonomía, Profesionalización, Control y Transparencia"
Hedge Funds In Corporate Governance And Corporate Control, Marcel Kahan, Edward B. Rock
Hedge Funds In Corporate Governance And Corporate Control, Marcel Kahan, Edward B. Rock
All Faculty Scholarship
Hedge funds have become critical players in both corporate governance and corporate control. In this article, we document and examine the nature of hedge fund activism, how and why it differs from activism by traditional institutional investors, and its implications for corporate governance and regulatory reform. We argue that hedge fund activism differs from activism by traditional institutions in several ways: it is directed at significant changes in individual companies (rather than small, systemic changes), it entails higher costs, and it is strategic and ex ante (rather than intermittent and ex post). The reasons for these differences may lie in …
Who Trades On Pro Forma Earnings Information?, Nilabhra Bhattacharya, Erv Black, Ted Christensen, Rick Mergenthaler
Who Trades On Pro Forma Earnings Information?, Nilabhra Bhattacharya, Erv Black, Ted Christensen, Rick Mergenthaler
Research Collection School Of Accountancy
In recent years, many companies have emphasized adjusted‐GAAP earnings numbers in their quarterly press releases. While managers use different names to describe these nonstandard earnings metrics, the financial press frequently refers to them as “pro forma” earnings. Managers and other advocates of pro forma reporting argue that these disclosures provide a clearer picture of companies' core earnings. On the other hand, regulators, policymakers, and the financial press often allege that managers' pro forma earnings disclosures are opportunistic attempts to mislead investors. Recent evidence suggests that while many pro forma earnings disclosures are altruistically motivated, some may represent managers' attempts to …
Examining The Performance Of Competition Policy Enforcement Agencies: A Cross-Country Comparison, A. E. Rodriguez, Lesley A. Denardis
Examining The Performance Of Competition Policy Enforcement Agencies: A Cross-Country Comparison, A. E. Rodriguez, Lesley A. Denardis
Political Science & Global Affairs Faculty Publications
An examination of a cross-section of 102 nations reveals marked differences in the performance of their competition policy enforcement agencies. Likely explanatory factors considered include gross domestic product per capita, the intensity of competition, physical size, the level of corruption, national experience with a modern antitrust law and whether the common law prevails. Competition policy agencies operate poorly in jurisdictions characterized by corruption and poor competitive intensity. In fact, differences in levels of corruption and variations in the intensity of competition account for approximately 78 percent of the observed variance in agency performance. Group characteristics, however, vary by region and …
The Effect Of Financial Hedging On The Incentives For Corporate Diversification: The Role Of Stakeholder Firm-Specific Investments, Sonya Seongyeon Lim, Heli Wang
The Effect Of Financial Hedging On The Incentives For Corporate Diversification: The Role Of Stakeholder Firm-Specific Investments, Sonya Seongyeon Lim, Heli Wang
Research Collection Lee Kong Chian School Of Business
Financial hedging and corporate diversification are often considered substitutive means of risk management, implying that rapid development of financial hedging markets will yield less need for firms to manage risk through costly diversification. Building on a stakeholder-based view of risk management, we show that financial hedging and corporate diversification are more often complementary than substitutive. Financial hedging reduces a firm’s systematic risk, encouraging firm-specific investment by stakeholders. Larger firmspecific investment loads excessive idiosyncratic risk on the stakeholders, increasing the benefits of reducing idiosyncratic risk through diversification. Therefore, financial hedging can increase a firm’s incentives to manage risk through diversification.
Comprehensive Income, Future Earnings, And Market Mispricing, Jong-Hag Choi, Somnath Das, Yoonseok Zang
Comprehensive Income, Future Earnings, And Market Mispricing, Jong-Hag Choi, Somnath Das, Yoonseok Zang
Research Collection School Of Accountancy
No abstract provided.
Termination Risk And Managerial Risk Taking, Atreya Chakraborty, Shahbaz A. Sheikh, Narayanana Subramanian
Termination Risk And Managerial Risk Taking, Atreya Chakraborty, Shahbaz A. Sheikh, Narayanana Subramanian
Atreya Chakraborty
We test the hypothesis that managers who face a high termination risk make less risky investments than the managers who face a low termination risk. A 10% increase in our measure of termination risk is associated with a 5%–23% decline in stock returns volatility for the median firm in our sample. We also find that for CEOs who are more likely to be fired in the event of investment failure, the inhibiting effect of termination risk appears to offset the positive effect of convexity of managerial compensation on managerial risk taking. These results are robust to alternative definitions of forced …
Repricing And Executive Turnover, Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
Repricing And Executive Turnover, Narayanan Subramanian, Atreya Chakraborty, Shahbaz Sheikh
Atreya Chakraborty
We examine whether the threat of executive turnover faced by a firm affects its decision to reprice stock options held by its executives. We estimate a model of voluntary turnover among top executives and show that the predicted turnover from this model is positively related to the probability of repricing. The relationship is robust to the inclusion of several known determinants of repricing. Our results are consistent with a model in which a tight labor market makes executives hard to replace, forcing firms to reprice stock options when they go underwater.
America’S Bad Bet: How The Unlawful Internet Gambling Enforcement Act Of 2006 Will Hurt The House, Peterpaul Shaker J.D.
America’S Bad Bet: How The Unlawful Internet Gambling Enforcement Act Of 2006 Will Hurt The House, Peterpaul Shaker J.D.
Fordham Journal of Corporate & Financial Law
No abstract provided.
Capital Gains, Dividends, And Taxes: Market Reactions To Tax Changes, Mark Foster, Larry White, Michael T. Young
Capital Gains, Dividends, And Taxes: Market Reactions To Tax Changes, Mark Foster, Larry White, Michael T. Young
All Faculty Scholarship for the College of Business
The purpose of this study is to examine the effect of a capital gains tax reduction on the stock price of firms that have not historically paid a dividend. If markets are semi-strong-form efficient, one would expect that the market price would have already adjusted prior to the day the announcement was made, assuming no new information was included in the announcement. If markets have not already incorporated the information, there would be a possibility for abnormal returns from investing in the stocks on the date of the announcement. This paper studies the returns from companies prior to, and subsequent …
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Scholarship and Professional Work - Business
Previous studies find that firms with prior debt, particularly publicly rated, have lower information asymmetry and experience a lower opportunity cost of going public, as measured by underpricing. Subsequent research suggests that underpricing may be an inaccurate measure of indirect issuance costs. Thus, we replicate and extend existing studies to examine whether previously issued debt reduces the true opportunity cost of issuance. We find that private debt issues have little effect; however, firms with public debt (particularly rated) have both significantly lower levels of underpricing and lower issuance opportunity costs, as well as narrower filing ranges and smaller price revisions, …