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2022

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Articles 4861 - 4890 of 6804

Full-Text Articles in Business

Bela Real Estate Company, Dallin G. Broussard Mar 2022

Bela Real Estate Company, Dallin G. Broussard

Honors Capstones

No abstract provided.

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Implementation Critical Success Factors And Accounting Standard Codification Topic 606 Implementation Dynamics: A Correlational Study, Charles Tafon Mar 2022

Implementation Critical Success Factors And Accounting Standard Codification Topic 606 Implementation Dynamics: A Correlational Study, Charles Tafon

Doctoral Dissertations and Projects

This study examined implementation critical success factors and ASC 606 implementation dynamics. The study argued organizational dynamics that strengthen change responsiveness, absorptive capability, and organizational implementation context enhance ASC 606 implementation outcomes. The study was a timely response to outcries from the accounting scholarly and professional communities on the disturbing state of inertia and lackadaisical approach towards ASC 606 implementation that could possibly jeopardize its application. The study investigated relationships between implementation critical success factors and ASC 606 implementation outcomes to gain insights into mechanisms most likely to cause a change in implementation outcomes. The study adopted the ex post …

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Exploring The Covid-19 Pandemic Impact On Hawai'ian Small Businesses, Farrel Anthony Blake Mar 2022

Exploring The Covid-19 Pandemic Impact On Hawai'ian Small Businesses, Farrel Anthony Blake

Doctoral Dissertations and Projects

The COVID-19 pandemic has a profound and devastating impact on small businesses across the globe, especially and noticeable in the state of Hawai’i. The virus outbreak has disrupted the operations of all small business industries. This qualitative case study addressed the general problem of how the COVID-19 pandemic impacted Hawai’ian small businesses. The research provided a detailed understanding of the COVID-19 pandemic by focusing on key research questions to comprehend the problem statement. The case study findings provided an understanding of how small business owners and managers managed to remain sustainable since the start of the pandemic outbreak. Collectively, 15 …

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Substance Abuse's Impact On Public Accounting, William Dennis Holmes Mar 2022

Substance Abuse's Impact On Public Accounting, William Dennis Holmes

Doctoral Dissertations and Projects

A case study was performed to determine best practices for handling substance use disorder (SUD) when the problem occurs in business. SUD is a common problem that affects most businesses. The problem can result in high costs to businesses and is often difficult to navigate. The problem identified in the study was investigated by answering the primary research questions established in the planning stages of the study. An exhaustive literature review was performed on the topic, and common themes were discovered during a review of the literature. After the planning stage, the researcher performed a case study. Interviews of 23 …

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Enhancing Success Through Leadership, Wendy T. Jewell Mar 2022

Enhancing Success Through Leadership, Wendy T. Jewell

Doctoral Dissertations and Projects

This study sought to obtain a better understanding of how leaders influence the culture of the organization to enhance performance. A post-positive qualitative research case study was conducted at a state agency in the Commonwealth of Virginia. During this study, 13 semi-structured interviews were conducted with agency employees who participated on a project to implement a smart phone fuel application. This fuel application automated specific manual processes related to their fuel management program. While the fuel application project implementation was finishing, the interviews were conducted. During these interviews, participants provided their perspectives on leadership, communication, empowerment, project outcomes, lessons learned, …

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Impact Of Restrictive Red Blood Cell Transfusion Strategy On Thrombosis-Related Events: A Meta-Analysis And Systematic Review, Mairehaba Maimaitiming, Chenxiao Zhang, Jingui Xie, Zhichao Zheng, Haidong Luo, Oon Cheong Ooi Mar 2022

Impact Of Restrictive Red Blood Cell Transfusion Strategy On Thrombosis-Related Events: A Meta-Analysis And Systematic Review, Mairehaba Maimaitiming, Chenxiao Zhang, Jingui Xie, Zhichao Zheng, Haidong Luo, Oon Cheong Ooi

Research Collection Lee Kong Chian School Of Business

Background and Objectives There is an ongoing controversy regarding the risks of restrictive and liberal red blood cell (RBC) transfusion strategies. This meta-analysis assessed whether transfusion at a lower threshold was superior to transfusion at a higher threshold, with regard to thrombosis-related events, that is, whether these outcomes can benefit from a restrictive transfusion strategy is debated. Materials and Methods We searched PubMed, Cochrane Central Register of Controlled Trials and Scopus from inception up to 31 July 2021. We included randomized controlled trials (RCTs) in any clinical setting that evaluated the effects of restrictive versus liberal RBC transfusion in adults. …

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Forced Moves And Home Maintenance: The Amplifying Effects Of Mortgage Payment Burden On Underwater Homeowners, John Harding, Li Jing, Stuart Rosenthal, Xirui Zhang Mar 2022

Forced Moves And Home Maintenance: The Amplifying Effects Of Mortgage Payment Burden On Underwater Homeowners, John Harding, Li Jing, Stuart Rosenthal, Xirui Zhang

Research Collection School Of Economics

Although the adverse effect of high loan to value ratios (LTV) on mortgage default is known, the potential amplifying effect of high payment-to-income (PTI) ratios that can force families out of their homes has received limited attention. High PTI and LTV can also add to default costs by discouraging home maintenance. Using the 1985-2013 AHS panel, we show that high PTI prompts families to move and especially so for households with LTV above 120%. This lends support for policies like HAMP and HARP that seek to reduce forced moves and mortgage default by lowering mortgage payment burden for financially stressed …

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The Economy Of Time, The Rationalisation Of Resources: Discipline, Desire And Deferred Value In The Playing Of Gacha Games, Orlando Woods Mar 2022

The Economy Of Time, The Rationalisation Of Resources: Discipline, Desire And Deferred Value In The Playing Of Gacha Games, Orlando Woods

Research Collection School of Social Sciences

This paper offers a counterpoint to existing research that explores the associations between gacha games and gambling. Whilst existing research tends to advance a view that playing these games is equivalent to gambling, I contend that such assertions rest on analyses that focus almost exclusively on investing money in the game. Moreover, they tend to view the game as separate from the structuring forces of everyday life. Arguing that players are embedded within a double structural frame that moderates the extent of seemingly ‘irrational’ playing behaviours, I reinterpret grinding as a form of temporal investment that is motivated by more …

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The Resilience Of Diversified Clusters: Reconfiguring Commodity Networks In Rural China During The Covid-19 Pandemic, Zhanping Hu, Qian Forrest Zhang Mar 2022

The Resilience Of Diversified Clusters: Reconfiguring Commodity Networks In Rural China During The Covid-19 Pandemic, Zhanping Hu, Qian Forrest Zhang

Research Collection School of Social Sciences

We conceptualize typical rural communities in China as diversified economic clusters. In normal times, economic actors in these communities rarely cooperate with each other, but are integrated into separate commodity chains. These “diversified clusters”, however, show resilience and flexibility when an external shock—the COVID-19 pandemic—disrupts the spatial connections throughout the existing commodity chains. In this study, we use primary field data collected from one typical rural community in Northern China to show how economic diversity, aided by social networks and space-shrinking technologies, allowed for the vertical commodity chains to be reconfigured temporarily into localized horizontal commodity networks to cope with …

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Ai-Based Innovation In B2b Marketing: An Interdisciplinary Framework Incorporating Academic And Practitioner Perspectives, Maria Petrescu, Anjala S. Krishen, Sheen Kachen, John T. Gironda Mar 2022

Ai-Based Innovation In B2b Marketing: An Interdisciplinary Framework Incorporating Academic And Practitioner Perspectives, Maria Petrescu, Anjala S. Krishen, Sheen Kachen, John T. Gironda

Publications

Artificial intelligence (AI) rests at the frontier of technology, service, and industry. AI research is helping to reconfigure innovative businesses in the consumer marketplace. This paper addresses existing literature on AI and presents an emergent B2B marketing framework for AI innovation as a cycle of the critical elements identified in cross-functional studies that represent both academic and practitioner strategic orientations. We contextualize the prevalence of AI-based innovation themes by utilizing bibliometric and semantic content analysis methods across two studies and drawing data from two distinct sources, academics, and industry practitioners. Our findings reveal four key analytical components: (1) IT tools …

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Coordinated Delivery To Shopping Malls With Limited Docking Capacity, Ruidian Song, Hoong Chuin Lau, Xue Luo, Lei Zhao Mar 2022

Coordinated Delivery To Shopping Malls With Limited Docking Capacity, Ruidian Song, Hoong Chuin Lau, Xue Luo, Lei Zhao

Research Collection School Of Computing and Information Systems

Shopping malls are densely located in major cities such as Singapore and Hong Kong. Tenants in these shopping malls generate a large number of freight orders to their contracted logistics service providers, who independently plan their own delivery schedules. These uncoordinated deliveries and limited docking capacity jointly cause congestion at the shopping malls. A delivery coordination platform centrally plans the vehicle routes for the logistics service providers and simultaneously schedules the dock time slots at the shopping malls for the delivery orders. Vehicle routing and dock scheduling decisions need to be made jointly against the backdrop of travel time and …

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A User-Generated Content Analysis On The Quality Of Restaurants Using The Tourqual Model, Tiago S. Mondo, Andre R. C. Perinotto, Valerio Souza-Neto Mar 2022

A User-Generated Content Analysis On The Quality Of Restaurants Using The Tourqual Model, Tiago S. Mondo, Andre R. C. Perinotto, Valerio Souza-Neto

Journal of Global Business Insights

The restaurant market is becoming more competitive, and businesses are challenged to differentiate themselves in this sector in terms of quality of services. This research aimed to identify the specific indicators for measuring the quality of restaurant service in Brazil. Based on a quantitative paradigm, we adopted a user-generated content analysis with a sample of 1,143,631 customer reviews from 35,611 restaurants in seven Brazilian cities available on the TripAdvisor platform. We collected and registered the data in text and analyzed the results with the support of T-LAB software. Moreover, we adopted TOURQUAL Protocol (Mondo, 2014) to identify the main requirements …

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Impact Of Country Of Origin And National Identity On Air Travel Purchase Decisions For Prospective Buyers: The Case Of American Travelers, Talha Harcar, Ersem Karadag Mar 2022

Impact Of Country Of Origin And National Identity On Air Travel Purchase Decisions For Prospective Buyers: The Case Of American Travelers, Talha Harcar, Ersem Karadag

Journal of Global Business Insights

This study focuses on how the concept of country of origin (COO) and national loyalty affect purchasing decisions of prospective travelers when purchasing airline tickets. The objectives of this study are to understand: (a) the relationship between demographic structures of travelers and their national loyalty status, (b) the relationship between national loyalty and national airline perceptions, (c) the construction and analysis of the measurement of national airline preference scale, and (d) testing the relationship between national loyalty, national airline perception, and preferences of foreign airlines. Data collected from 136 people residing and employed in three districts of Pennsylvania. The study …

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Re-Architecting The Firm For Increased Value: How Business Models Are Adapting To The New Ai Environment, Gozde Turktarhan, David S. Aleong, Chandra Aleong Mar 2022

Re-Architecting The Firm For Increased Value: How Business Models Are Adapting To The New Ai Environment, Gozde Turktarhan, David S. Aleong, Chandra Aleong

Journal of Global Business Insights

This paper is an examination of how technology, specifically artificial intelligence (AI), brings about changes in business models, with corresponding impacts on the fields of economics and business. Concepts such as value creation and competitive advantage have cascading effects on organizational culture and the functional framework of a firm. Data creation, management, and curation using media platforms enable enhanced scalability and logistics management such that the firm can be re-architected around a digital core. Organizational structure with functions such as marketing and human resource management are integral links in the automated value network anticipating and responding to customers’ needs while …

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Many Flowers Make A Bouquet: A Recipe For Women Entrepreneurs In Smes, Karam Zaki, Hany Shared Mar 2022

Many Flowers Make A Bouquet: A Recipe For Women Entrepreneurs In Smes, Karam Zaki, Hany Shared

Journal of Global Business Insights

Women’s participation and activation of their role in societies are central goals among the UN’s global aims. This research accomplished the following objectives: first, expands the existing knowledge of women’s intentions and their startup desirability for small projects; second, explores the perceived outcomes; and third, develops an action plan based on the current constraints women face when leading small and medium-sized enterprise (SME) projects. Data were collected from an online questionnaire of 433 entrepreneurs based in Saudi Arabia (26.3% university staff, 23.1% project starters, 22.9% bank loan holders, 16.2% university students, and 11.5% leaders). The partial least squares path modeling …

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Co-Occurrence Network Analysis (Cna) As An Alternative Tool To Assess Survey-Based Research Models In Hospitality And Tourism Research, Mehmet A. Koseoglu, John A. Parnell, Hasan E. Arici Mar 2022

Co-Occurrence Network Analysis (Cna) As An Alternative Tool To Assess Survey-Based Research Models In Hospitality And Tourism Research, Mehmet A. Koseoglu, John A. Parnell, Hasan E. Arici

Journal of Global Business Insights

Hospitality and tourism (H&T) researchers employ structural equation modeling (SEM) and other multivariate techniques to test their models with survey data. These approaches assess relationships among constructs and model fit, but they do not highlight the most influential survey items or links among them. Other challenges include method-specific requirements for appropriate data, the best indices to identify optimal models, minimum sample sizes, missing data, and interpreting the results from complex models. Co-occurrence network analysis (CNA) can mitigate these limitations. This study validates CNA in the H&T field with a survey dataset that assesses market strategy, nonmarket strategy (NMS), organizational values, …

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Student Perceptions Of Teaching Excellence: A Comparison Of A Public And Private University, Stephen L. Baglione, Louis A. Tucci, Patrick Woock Mar 2022

Student Perceptions Of Teaching Excellence: A Comparison Of A Public And Private University, Stephen L. Baglione, Louis A. Tucci, Patrick Woock

Journal of Global Business Insights

The purpose of the study was to examine student perceptions of teaching excellence at different types of higher education institutions. The pressure to publish, larger class sizes, globalization, technological innovation greater accountability for learning, and justification of a college degree’s worth make teaching excellence more difficult to attain. A byproduct of this pressure is an increased emphasis on student evaluations. Using two conjoint studies from a large public and a medium-size private university, assignments, exams, and grading were identified as the most important components for students in assessing teaching excellence. The least important was the faculty-student interaction, which may be …

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The Impact Of Disruptive Physician Behavior On Support Staff And Patients: A Quantitative Secondary Analysis, Michael C. Marino Mar 2022

The Impact Of Disruptive Physician Behavior On Support Staff And Patients: A Quantitative Secondary Analysis, Michael C. Marino

Electronic Theses and Dissertations

In this quantitative secondary analysis, the purpose was to examine the nature of disruptive physician behavior (DPB) from the support staff and patient perspectives. Healthcare staffing shortages existed prior to the global pandemic and have increased, creating importance for employee retention and recruitment. I wanted to understand the impact of physician behavior on staff turnover rates in a private oncology practice, its effect on patient satisfaction rates, and to compare these rates of physicians that display DPB with physicians that do not display this behavior in a private hematology oncology community outpatient setting in the Southwest United States. To answer …

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The Effects Of Conflict Type And Conflict Expression Intensity On Conflict Management, Gergana Todorova, Kenneth T. Goh, Laurie Weingart Mar 2022

The Effects Of Conflict Type And Conflict Expression Intensity On Conflict Management, Gergana Todorova, Kenneth T. Goh, Laurie Weingart

Research Collection Lee Kong Chian School Of Business

Purpose: This paper aims to add to the current knowledge about conflict management by examining the relationships between conflict type, conflict expression intensity and the use of the conflict management approach. Design/methodology/approach: The authors test theory-based hypotheses using a field study of new product development teams in an interdisciplinary Masters program (Study 1) and an experimental vignette study (Study 2). Findings: Results show that people are more likely to respond to task conflict and conflicts expressed with less intensity using collectivistic conflict management approaches (i.e. problem-solving, compromising and yielding), and to relationship conflicts and conflicts expressed with higher intensity through …

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It's So Boring - Or Is It? Examining The Role Of Mindfulness For Work Performance And Attitudes In Monotonous Jobs, Andreas Wihler, Ute R. Hulsheger, Jochen Reb, Jochen I. Menges Mar 2022

It's So Boring - Or Is It? Examining The Role Of Mindfulness For Work Performance And Attitudes In Monotonous Jobs, Andreas Wihler, Ute R. Hulsheger, Jochen Reb, Jochen I. Menges

Research Collection Lee Kong Chian School Of Business

We examine the role of employee mindfulness in the context of highly monotonous work conditions. Integrating research on task monotony with theorizing on mindfulness, we hypothesized that mindfulness is negatively associated with the extent to which employees feel generally bored by their jobs. We further hypothesized that this lower employee boredom would relate to downstream outcomes in the form of job attitudes (job satisfaction and turnover intentions) and task performance. We examined both objective task performance quality and quantity to shed light on the complexity of the mindfulness-task performance relation, which has so far mostly been investigated using subjective supervisor …

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Human-Algorithm Collaboration Works Best If Humans Lead (Because It Is Fair!), David De Cremer, Jack Mcguire Mar 2022

Human-Algorithm Collaboration Works Best If Humans Lead (Because It Is Fair!), David De Cremer, Jack Mcguire

Research Collection Lee Kong Chian School Of Business

Autonomous algorithms are increasingly being used by organizations to reach ever increasing heights of organizational efficiency. The emerging business model of today therefore appears to be one where autonomous algorithms are gradually expanding their occupation into becoming a leading decision-maker, and humans by default become increasingly more subordinate to such decisions. We address the question of whether this business perspective is consistent with the sort of collaboration employees want to have with algorithms at work. We explored this question by investigating in what way humans preferred to collaborate with algorithms when making decisions. Using two experimental studies (Study 1, n …

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Insider Sales Under The Threat Of Short Sellers: New Hypothesis And New Tests, Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, Yi Zhou Mar 2022

Insider Sales Under The Threat Of Short Sellers: New Hypothesis And New Tests, Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, Yi Zhou

Research Collection School Of Accountancy

Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chinese and Hong Kong stock exchanges. Overall, our findings suggest that short sellers play a disciplinary role in opportunistic insider selling.

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Does The Dna Of Business Schools Need To Change?, Arnoud Cyriel Leo De Meyer Mar 2022

Does The Dna Of Business Schools Need To Change?, Arnoud Cyriel Leo De Meyer

Research Collection Lee Kong Chian School Of Business

The causes, effects and consequences concern corporate governance and organisational management as much as political conflict, environmental sustainability and foreign diplomacy. In Business Schools on an Innovation Mission, a report released by the Association to Advance Collegiate Schools of Business in May 2010, management and leadership were clearly positioned, side-by-side with science and technology, as vital components to the innovation value chain. The business world exists as an eco-system of business, government, NGOs and non-profits, each interlocking. To be truly a "School for Business" it is also important to build strong relationships and strategic partnerships with the business world. In …

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It’S So Boring – Or Is It? Examining The Role Of Mindfulness For Work Performance And Attitudes In Monotonous Jobs, Andreas Wihler, Ute R. Hülsheger, Jochen Reb, Jochen I. Menges Mar 2022

It’S So Boring – Or Is It? Examining The Role Of Mindfulness For Work Performance And Attitudes In Monotonous Jobs, Andreas Wihler, Ute R. Hülsheger, Jochen Reb, Jochen I. Menges

Research Collection Lee Kong Chian School Of Business

We examine the role of employee mindfulness in the context of highly monotonous work conditions. Integrating research on task monotony with theorizing on mindfulness, we hypothesized that mindfulness is negatively associated with the extent to which employees feel generally bored by their jobs. We further hypothesized that this lower employee boredom would relate to downstream outcomes in the form of job attitudes (job satisfaction and turnover intentions) and task performance. We examined both objective task performance quality and quantity to shed light on the complexity of the mindfulness–task performance relation, which has so far mostly been investigated using subjective supervisor …

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Expected Return, Volume, And Mispricing, Yufeng Han, Dashan Huang, Dayong Huang, Guofu Zhou Mar 2022

Expected Return, Volume, And Mispricing, Yufeng Han, Dashan Huang, Dayong Huang, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We find that expected return is related to trading volume positively among underpriced stocks but negatively among overpriced stocks. As such, trading volume amplifies mispricing. Our results are robust to alternative mispricing and trading volume measures, alternative portfolio formation methods, and controlling for variables that are known to have amplification effects on mispricing. By attributing trading volume to investor disagreement, we show that our results are consistent with the recent theoretical model of Atmaz and Basak (2018) in that investor disagreement predicts stock returns conditional on expectation bias.

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Scaled Pca: A New Approach To Dimension Reduction, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou Mar 2022

Scaled Pca: A New Approach To Dimension Reduction, Dashan Huang, Fuwei Jiang, Kunpeng Li, Guoshi Tong, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

This paper proposes a novel supervised learning technique for forecasting: scaled principal component analysis (sPCA). The sPCA improves the traditional principal component analysis (PCA) by scaling each predictor with its predictive slope on the target to be forecasted. Unlike the PCA that maximizes the common variation of the predictors, the sPCA assigns more weight to those predictors with stronger forecasting power. In a general factor framework, we show that, under some appropriate conditions on data, the sPCA forecast beats the PCA forecast, and when these conditions break down, extensive simulations indicate that the sPCA still has a large chance to …

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Mapping Consumer's Cross-Device Usage For Online Search: Mobile- Vs. Pc-Based Search In The Purchase Decision Process, Sangman Han, Jin K. Han, Il Im, Sung In Jung, Jung Won Lee Mar 2022

Mapping Consumer's Cross-Device Usage For Online Search: Mobile- Vs. Pc-Based Search In The Purchase Decision Process, Sangman Han, Jin K. Han, Il Im, Sung In Jung, Jung Won Lee

Research Collection Lee Kong Chian School Of Business

The ubiquity of both mobile devices and PC’s has enabled the modern-day consumer to engage in cross-platform online searches as a new norm. The accumulated knowledge on cross-device search behavior to date, however, emanates largely from industry reports and at an aggregate level. To better understand the individual consumer’s purchase decision process, we set out to investigate contingencies of what (subject of search), how (device of choice), and when (stage in the buying decision). To this end, we utilize a panel data consisting of clickstream from mobile and PC searches, coupled with entropy-based metric to chart the breadth and depth …

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On The Test Accuracy And Effective Control Of The Covid-19 Pandemic: A Case Study In Singapore, Guang Cheng, Sarah Yini Gao, Yancheng Yuan, Chenxiao Zhang, Zhichao Zheng Mar 2022

On The Test Accuracy And Effective Control Of The Covid-19 Pandemic: A Case Study In Singapore, Guang Cheng, Sarah Yini Gao, Yancheng Yuan, Chenxiao Zhang, Zhichao Zheng

Research Collection Lee Kong Chian School Of Business

This study examines the impact of coronavirus disease 2019 (COVID-19) test accuracy (i.e., sensitivity and specificity) on the progression of the pandemic under two scenarios of limited and unlimited test capacity. We extend the classic susceptible–exposed–infectious–recovered model to incorporate test accuracy and compare the progression of the pandemic under various sensitivities and specificities. We find that high-sensitivity tests effectively reduce the total number of infections only with sufficient testing capacity. Nevertheless, with limited test capacity and a relatively high cross-infection rate, the total number of infected cases may increase when sensitivity is above a certain threshold. Despite the potential for …

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Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam Mar 2022

Financial Intermediaries And Contagion In Market Efficiency: The Case Of Etfs, Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam

Research Collection Lee Kong Chian School Of Business

Capital constraints of financial intermediaries can affect liquidity provision. We investigate whether these constraints spillover and consequently cause contagion in the degree of market efficiency across assets managed by a common intermediary. Specifically, we provide evidence of strong comovement in pricing gaps between ETFs and their constituents for ETFs served by the same lead market maker (LMM). The effects are stronger for ETFs that are more illiquid and volatile, when the underlying constituents of the ETFs are more costly to arbitrage, and for LMMs with more constrained capital. Using extreme disruptions in debt markets during COVID-19 as an experiment, we …

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How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo Mar 2022

How Do Firms Respond To Reduced Private Equity Buyout Activity?, Yi-Hsin Lo

Research Collection Lee Kong Chian School Of Business

This paper presents new evidence on the economic role of private equity buyouts by exploiting the staggered adoption of the constructive fraud provision by U.S. state courts. The law unintentionally shifts the credit default risk borne by existing unsecured creditors of the buyout target to the selling shareholders and lenders in the form of ex-post litigation risk, thereby discouraging buyout activity. Using a difference-in-differences framework, I find that firms raise less capital, reduce payouts and investments, and form alliances with employees. Firms also avoid positive NPV projects that carry too much risk. These findings are consistent with managers enjoying a …

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