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Full-Text Articles in Business
The Cascade Effect On Lending Conditions: Evidence From The Syndicated Loan Market, Wei-Shao Wu, H H Chang, Sandy Suardi, Yuanchen Chang
The Cascade Effect On Lending Conditions: Evidence From The Syndicated Loan Market, Wei-Shao Wu, H H Chang, Sandy Suardi, Yuanchen Chang
Sandy Suardi
This paper investigates, both theoretically and empirically, how interactions among potential lenders may influence contract terms via informational cascade in the syndicated loan market. Our model shows that the ex-post observed interest rate is higher and the probability of syndication failure is lower when potential lenders can only observe the decisions of their predecessors versus when they can freely communicate with each other. Empirical tests confirm the model's predictions and the existence of a cascade effect on lending conditions. Using relational distance to proxy for the segmentation of communication, we find that relational distance is positively related to the loan …
Factor Reversal In Euro Zone Stock Returns: Evidence From The Crisis Period, Hsin-I Chou, Jing Zhao, Sandy Suardi
Factor Reversal In Euro Zone Stock Returns: Evidence From The Crisis Period, Hsin-I Chou, Jing Zhao, Sandy Suardi
Sandy Suardi
The adoption of the euro led to a shift in importance from country to industry effects in euro zone stock returns. For the first time, this paper shows that country effects have regained importance in the recent spate of crises. This euro-wide factor reversal is driven by countries with poor economic fundamentals, comprising Portugal, Italy, Ireland, Greece, and Spain (PIIGS). The results imply that a more traditional country portfolio approach provides greater diversification benefits during crisis periods and the minimum-variance frontier of industry portfolios in PIIGS countries can be improved by adjusting country weights.
Dynamic Effects Of Trade And Output Volatility On The Trade-Growth Nexus: Evidence From Singapore, Renuka Mahadevan, Sandy Suardi
Dynamic Effects Of Trade And Output Volatility On The Trade-Growth Nexus: Evidence From Singapore, Renuka Mahadevan, Sandy Suardi
Sandy Suardi
Purpose - This paper seeks to revisit the highly debated trade‐growth hypothesis by considering the effects of trade and output volatility on the relationship between trade and economic growth. Design/methodology/approach - The relationship is modeled by testing for the existence of output and trade (export and imports separately) using the conditional variances of the variables and then specifying an autoregressive conditional heteroskedastic (ARCH) process in a vector error correction model. Findings - Using Singapore as a case study, the paper finds the two‐way relationship between export growth and trade‐adjusted GDP growth is robust even after controlling for the effects of …
Predicting Short-Term Interest Rates Using Bayesian Model Averaging: Evidence From Weekly And High Frequency Data, Chew Lian Chua, Sandy Suardi, Sarantis Tsiaplias
Predicting Short-Term Interest Rates Using Bayesian Model Averaging: Evidence From Weekly And High Frequency Data, Chew Lian Chua, Sandy Suardi, Sarantis Tsiaplias
Sandy Suardi
This paper examines the forecasting performance of Bayesian model averaging (BMA) for a set of single factor models of short-term interest rates. Using weekly and high frequency data for the one-month Eurodollar rate, BMA produces predictive likelihoods that are considerably better than those associated with the majority of the short-rate models, but marginally worse than those of the best model in each dataset. We also find that BMA forecasts based on recent predictive likelihoods are preferred to those based on the marginal likelihood of the entire dataset.
Central Bank Intervention, Threshold Effects And Asymmetric Volatility: Evidence From The Japanese Yen-Us Dollar Foreign Exchange Market, Sandy Suardi
Sandy Suardi
Recent empirical evidence of nonlinearities in the time series behaviour of exchange rates suggests that a linear model of the exchange rate may yield invalid inference when used to assess the effectiveness of central bank intervention. Using a double threshold GARCH model of the Japanese yen-US dollar exchange rates, we find that interventions by the Bank of Japan and the Federal Reserve are more effective in changing the direction of the exchange rate movements and reducing its volatility level in a regime when the exchange rates are severely misaligned. There is also evidence in such a regime for a negative …
The Effect Of Pretest Method On Error Detection Rates: Experimental Evidence, Nina Reynolds, Adamantios Diamantopoulos
The Effect Of Pretest Method On Error Detection Rates: Experimental Evidence, Nina Reynolds, Adamantios Diamantopoulos
Nina Reynolds
Although pretesting is an essential part of the questionnaire design process, the range of methodological work on pretesting issues is limited. The present paper concentrates on the effect of the pretest survey method on error detection by contrasting respondents who are interviewed personally with those who receive an impersonal survey method. The interaction between survey method and respondent knowledge of the questionnaire topic is also considered. The findings show that the pretest method does have an effect on the error detection rate of respondents; however, the hypothesised interaction between method and knowledge was not unequivocally supported. The detailed results illustrate …
Coaching And Well-Being: A Brief Review Of Existing Evidence, Relevant Theory And Implications For Practitioners, Gordon Spence, Anthony Grant
Coaching And Well-Being: A Brief Review Of Existing Evidence, Relevant Theory And Implications For Practitioners, Gordon Spence, Anthony Grant
Gordon B Spence
THIS chapter is about coaching and its influence on human functioning and well-being. The chapter is presented in two sections. In the first section coaching is defined and accompanied by a brief description of its essential practices, along with a review of what is currently known empirically about its impact on human functioning and well-being. Having reviewed some evidence that supports the efficacy of coaching, the second section will focus on the important question: Why does coaching work? In proposing an answer to this question we will draw upon self-determination theory (SDT; Deci & Ryan, 1985), a metatheory of human …
Complex And Diverse Roles Performed By Non-Executive Directors In The Context Of The Implementation Of The Non-Regulatory Codes Of Corporate Governance: Evidence From Small And Medium Firms In The Uk, H Gunathilake, Palli Mulla K A Chandrakumara
Complex And Diverse Roles Performed By Non-Executive Directors In The Context Of The Implementation Of The Non-Regulatory Codes Of Corporate Governance: Evidence From Small And Medium Firms In The Uk, H Gunathilake, Palli Mulla K A Chandrakumara
Anil Chandrakumara
This study aims to address two interrelated issues. (1) What is the role of nonexecutive directors (NEDs) of public companies listed in the Alternative Investment Market (AIM) in the UK? (2) Whether AIM listed companies accept the principles and provisions of the Combined Code of Corporate Governance (CCCG)? And, if so, to what extent? The findings indicate that the nature of task of NEDs of AMI listed firms is characterised by multiplicity of tasks and task variation by the type of chair. This study contributes to fill the knowledge gap in the literature with regard to the role of NEDs …
Further Development Of Evidence-Based Coaching: Lessons From The Rise And Fall Of The Human Potential Movement, Gordon Spence
Further Development Of Evidence-Based Coaching: Lessons From The Rise And Fall Of The Human Potential Movement, Gordon Spence
Gordon B Spence
Although several authors have argued for the development of an evidence-based approach to coaching practice, few attempts have been made to draw support for these arguments by examining events of the recent past. This paper seeks to learn some lessons from history by exploring events surrounding the rise and fall of the human potential movement (HPM), which occurred between the 1940s and 1970s. The demise of the HPM is of relevance to the coaching industry because it powerfully illustrates how the promise and potential of innovative practices can be easily lost when its practitioners become disconnected from theoretically sound rationales …
Coaching With Self-Determination Theory In Mind: Using Theory To Advance Evidence-Based Coaching Practice, Gordon Spence, Lindsay Oades
Coaching With Self-Determination Theory In Mind: Using Theory To Advance Evidence-Based Coaching Practice, Gordon Spence, Lindsay Oades
Gordon B Spence
The scholarly coaching literature has advanced considerably in the past decade. However, a review of the existing knowledge base suggests that coaching practice and research remains relatively uninformed by relevant psychological theory. In this paper it will be argued that Self-Determination Theory (SDT; Deci & Ryan, 1985) presents as a useful theoretical framework for coaching as it can help understand coaching practice at both macro and micro levels. The utility of SDT as a theoretical framework for coaching is explored, with particular attention given to the role that coaching would appear to play in the satisfaction of three basic psychological …
Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara
Capital Structure And Its Implications: Empirical Evidence From An Emerging Market In South Asia, Athula Manawaduge, Anura De Zoysa, Palli Mulla K A Chandrakumara
Anil Chandrakumara
Using panel data regression analysis for a sample of 171 companies, this paper examines the implications of capital structure of corporate entities in an emerging market, Sri Lanka. The results demonstrate that most of the Sri Lankan firms finance their operations with short-term debt capital as against the long-term debt capital. It provides strong evidence to indicate that debt capital has a negative impact on firm performance. The study also found a significant negative relationship between tangibility and performance indicating inefficient utilization of non-current assets. The negative performance implications associated with over-utilization of short-term debts and the under-utilization non-current assets …
An Empirical Analysis Of Sustainability Of Trade Deficit: Evidence From South Asian Countries, Reetu Verma, Nelson Perera
An Empirical Analysis Of Sustainability Of Trade Deficit: Evidence From South Asian Countries, Reetu Verma, Nelson Perera
Nelson Perera
In this paper, the long-run relationship between Sri Lankan exports and imports during the period 1950 to 2006 is examined using unit root tests and cointegration techniques that allow for an endogenously determined structural break. The results failed to support the existence of a long-run equilibrium between exports and imports in Sri Lanka. This finding questions the effectiveness of Sri Lanka’s current long-term macroeconomic policies and suggests that Sri Lanka is in violation of its international budget constraint.
The Defensive Expansion Approach To Multinational Banking: Evidence To Date, Barry Williams
The Defensive Expansion Approach To Multinational Banking: Evidence To Date, Barry Williams
Barry Williams
This paper integrates the defensive expansion hypothesis in multinational banking with the internalisation approach to the multinational enterprise. This framework is then used to structure a review of the literature to date regarding the proposition that multinational banks follow their clients abroad, otherwise called the defensive expansion hypothesis. Both theoretical and empirical issues relevant to the study of the defensive expansion hypothesis are canvassed. The paper concludes that the defensive expansion hypothesis is best modelled using firm level data, and that investment measures are a preferred proxy for following clients. Furthermore, studies considering the defensive expansion hypothesis should control for …