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Articles 1 - 5 of 5
Full-Text Articles in Business Intelligence
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Corporate Governance Roles Of Information Quality And Corporate Takeovers, Jing Li, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
We examine the corporate governance roles of information quality and the takeover market with asymmetric information regarding the value of the target firm. Increasing information quality improves the takeover efficiency however, a highly efficient takeover market also discourages the manager from exerting effort. We find that perfect information quality is not optimal for either current shareholders’ expected payoff maximization or expected firm value maximization. Furthermore, current shareholders prefer a lower level of information quality than the level that maximizes expected firm value, because of a misalignment between current shareholders’ value and total firm value. We also analyze the impact of …
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Portfolio Risk-Return Analysis: The Case Of The Automotive Industry In The Czech Republic, Florin Aliu, Drahomira Pavelkova, Bruce Dehning
Accounting Faculty Articles and Research
Risk has always been the concern of managers and shareholders as a part of decision-making processes. Managers tend to control unsystematic risk mostly while trying to minimize the exposure to systematic (market) risk. The paper aims to assess the risk level and risk-return tradeoffs for the companies operating in Czech automotive industry. A diversification formula and calculation of returns using return-on-equity were employed on the yearly basis from 2005 till 2014. The returns and risk calculations were conducted on the portfolio of auto manufacturers, followed by the portfolio of auto suppliers, while the third one was performed for suppliers and …
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Innovators And Imitators In Product-Market Competition And Accounting Reporting, Carlos Corona, Lin Nan, Ran Zhao
Accounting Faculty Articles and Research
In this study, we examine firms’ investments in explorative initiatives and their choices of capitalization method in a product-market competition setting. Since the capitalization of exploration expenditures may contain information on whether a firm’s exploration investment is successful, financial reports may reveal important information to competitors, and thus may have real consequences in product-market competition. In our paper, we identify two driving forces that induce firms to choose different capitalization methods: an information-spillover effect and a preempting effect. We also find that enforcing an accounting method that requires firms to capitalize expenditures of only successful explorations may increase or decrease …
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg
Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg
Business Faculty Articles and Research
The pricing of equity in six European emerging capital markets is analysed using both the conventional CAPM and a ‘conditional’ CAPM wherein up and down markets are separated. International influences on the stock markets are also analysed. The empirical evidence from a sample of 1,131 firms from the six markets indicates that there exists a significant relationship between beta and returns when up and down markets are separated. The international CAPM performs well in some markets that have become increasingly integrated with the world market. The general implication of the analysis is that beta can be a useful risk-measure for …
Experiential Learning Process: Exploring Teaching And Learning Of Strategic Management Framework Through The Winter Survival Exercise, Maheshkumar P. Joshi, Elizabeth B. Davis, Ravi Kathuria, C. Ken Weidner Ii
Experiential Learning Process: Exploring Teaching And Learning Of Strategic Management Framework Through The Winter Survival Exercise, Maheshkumar P. Joshi, Elizabeth B. Davis, Ravi Kathuria, C. Ken Weidner Ii
Business Faculty Articles and Research
This article examines an attempt to introduce experiential learning methods in a business strategy course. In organizational behavior and industrial/organizational psychology, experiential teaching methods have been so widely adopted that some authors have suggested dropping the distinction between experiential and traditional teaching. Although intuitively appealing, experiential methods have not yet become popular among professors teaching strategy to traditional-age undergraduate students. It seems that heavy reliance on case-based teaching has resulted in a lack of emphasis on experiential learning tools for strategic management. In this study, the Winter Survival Exercise was used to introduce, concisely and effectively, the strategic management framework …