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Articles 31 - 60 of 88
Full-Text Articles in Corporate Finance
Pass-Through Valuation, Robert M. Hull, David P. Price
Pass-Through Valuation, Robert M. Hull, David P. Price
The Journal of Entrepreneurial Finance
Noted scholars argue that (1) economic models of capital taxation have been inadequately adapted to owner-managed enterprises and (2) capital structure researchers have used the wrong models while also improperly measuring key variables. Thus, a model that can overcome these problems should be of interest to academics when teaching capital structure theory and practitioners when determining optimal debt levels. This paper contributes to capital structure practice by using a model that is adaptable to owner-managed enterprises like pass-throughs while also containing relevant variables that are measurable. This paper should be valuable to academics and practitioners in the following ways. First, …
Opaque Financial Reporting Due To Unemployment Concerns, Jeffrey Ng, Tharindra Ranasinghe, Guifeng Shi, Holly I. Yang
Opaque Financial Reporting Due To Unemployment Concerns, Jeffrey Ng, Tharindra Ranasinghe, Guifeng Shi, Holly I. Yang
Research Collection School Of Accountancy
This paper examines the link between rank-and-file employees’ unemployment concerns and financial reporting opacity. Following Agrawal and Matsa (JFE, 2013), we use exogenous variations in state unemployment insurance benefits to capture changes to unemployment concerns. We find that when unemployment concerns are lower, there is less opaque financial reporting. This relation is stronger when workers face higher unemployment risk, labor union participation is high, and executives have higher equity incentives. Using Tobin’s Q to capture firm value, we also find that the economic rationale to engage in opaque financial reporting reduces when unemployment benefits are high. Our findings suggest that …
Data And Analytics In Corporate Real Estate: Do You Have The Right Talent?, Clarence Goh
Data And Analytics In Corporate Real Estate: Do You Have The Right Talent?, Clarence Goh
Research Collection School Of Accountancy
Is the lack of suitable data and analytics talent in your corporate real estate (CRE) team preventing you from contributing to the wider business strategy?
Fair Value Hierarchy Measures: Post-Implementation Evidence On Ifrs 7, Pearl Tan
Fair Value Hierarchy Measures: Post-Implementation Evidence On Ifrs 7, Pearl Tan
Research Collection School Of Accountancy
Using a balance sheet valuation model, this study examines if information on the fair value hierarchy of on-balance sheet financial assets and financial liabilities are incorporated in the market’s valuation of companies’ equities in Singapore. The results of the study show significant associations between as-reported Level 1 and Level 2 fair value measures of financial assets and market values. However, the results are not significant for Level 3 fair value measures of financial assets and each of the three levels of fair value measures of financial liabilities. The results also show that returns are more positively associated with as-reported gains …
The Determinants And Consequences Of Disclosure Committee Adoption, Lyle Roy Schmardebeck
The Determinants And Consequences Of Disclosure Committee Adoption, Lyle Roy Schmardebeck
Graduate Theses and Dissertations
After the passage of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission recommended that companies voluntarily adopt disclosure committees to aid in preparing company disclosures. In this paper, I investigate the determinants and consequences of disclosure committee adoption. I find that companies with material weaknesses in internal controls over financial reporting and less readable 10-K filings are more likely to adopt disclosure committees. In consequences analyses, using a propensity score matched control sample and a difference-in-differences research design, I find that 10-K filings are longer and less readable after disclosure committee adoption. However, consistent with institutional theory, I …
Home Away From Home: Geography Of Information And Local Investors, Gennaro Bernile, Alok Kumar, Johan Sulaeman
Home Away From Home: Geography Of Information And Local Investors, Gennaro Bernile, Alok Kumar, Johan Sulaeman
Research Collection Lee Kong Chian School Of Business
We develop a 10K-based measure of spatial variation in the availability of value-relevant information that reflects the multi-dimensional nature of firm location. Spatially distributed information generates location-based information asymmetries that affect institutional portfolio decisions and performance. Institutions overweigh firms with greater local economic exposure and earn superior returns on corresponding trades, even for firms not headquartered locally. These patterns are stronger among harder-to-value stocks. Consistent with local informational advantage, local investor performance increases with the local exposure of individual stock holdings and her portfolio as a whole, and more so when her portfolio is more heavily tilted toward local stocks.
Customer's Short Positions And Supplier's Investment Decisions, Xia Chen, Guojin Gong, Shuqing Luo
Customer's Short Positions And Supplier's Investment Decisions, Xia Chen, Guojin Gong, Shuqing Luo
Research Collection School Of Accountancy
Short interest contains valuable information about a firm’s business fundamentals. We investigate whether such information affects business partners’ real investment decisions in the supply-chain setting. We predict and find that a supplier’s future investments (including inventory, R&D, and tangible asset investments) decrease with its customer’s current short interest. This negative relation is stronger when the supplier faces greater difficulty in assessing its customer’s business fundamentals and when short interest is more likely to indicate longlasting deterioration in the customer’s fundamentals. Additional analysis does not support the alternative explanation that the supplier adjusts investments in response to unfavorable information obtained via …
Why Do U.S. Firms Invest Less Over Time?, Fangjian Fu, Sheng Huang, Rong Wang
Why Do U.S. Firms Invest Less Over Time?, Fangjian Fu, Sheng Huang, Rong Wang
Research Collection Lee Kong Chian School Of Business
The ratio of capital expenditure to total assets of U.S. firms decreases by more than half from 1980 to 2012. The decline in capital investment is pervasive; it has occurred for firms in most industries and is robust to firms of different sizes, investment opportunities, profitability, accesses to external financing, and expenses on R&D or acquisitions. Existing theories of corporate investment fall short in explaining the decline trend. The decline is also not explained by time variation in firm characteristics, industry composition, and public listing cohorts, or by corporate lifecycle. Our further evidence suggests that it is related to the …
Density Forecast Evaluation For Dependent Financial Data: Theory And Applications, Aurobindo Ghosh, Anil K. Bera
Density Forecast Evaluation For Dependent Financial Data: Theory And Applications, Aurobindo Ghosh, Anil K. Bera
Research Collection Lee Kong Chian School Of Business
In this paper, we propose a formal test for density forecast evaluation in presence of dependent data. Apart from accepting or rejecting the tested model, our smooth test identifies the possible sources (such as the location, scale and shape of the distribution) of rejection, thereby helping in revising the initial model. We also propose how to augment the smooth test to investigate explicit forms of dependence in the data within the same test framework. An extensive application to S&P 500 returns indicate capturing time-varying volatility and non-gaussianity significantly improve the performance of the model. Although we are dealing with index …
The Persistence Of Long-Run Abnormal Returns Following Stock Repurchases And Offerings, Fangjian Fu, Sheng Huang
The Persistence Of Long-Run Abnormal Returns Following Stock Repurchases And Offerings, Fangjian Fu, Sheng Huang
Research Collection Lee Kong Chian School Of Business
The long-run abnormal returns following both stock repurchases and seasoned equity offerings disappear for the events in 2003–2012. The disappearance is associated with the changing market environment: increased institutional investment, decreased trading costs, improved liquidity, and enhanced regulations on corporate governance and information disclosure. In response to the more efficient pricing of stocks, firms become less opportunistic in stock repurchases and offerings. Recent events of stock repurchases and offerings are motivated more by business-operating reasons than to exploit mispricing. Both external market factors and internal firm factors contribute to the disappearance of the postevent abnormal returns. Our findings on the …
Does Increased Board Independence Reduce Earnings Management? Evidence From Recent Regulatory Reforms, Qiang Cheng, Xia Chen, Xin Wang
Does Increased Board Independence Reduce Earnings Management? Evidence From Recent Regulatory Reforms, Qiang Cheng, Xia Chen, Xin Wang
Research Collection School Of Accountancy
In this paper, we examine whether recent regulatory reforms requiring majority board independence are effective in reducing earnings management. Firms that did not have a majority of independent directors prior to the reforms (referred to as non-compliance firms) are required to increase their board independence. We find that overall, compared to the other firms, noncompliance firms do not experience a significant decrease in the extent of earnings management from prior to the reforms to afterwards. However, we find that non-compliance firms with low information acquisition cost experience a significant reduction in earnings management compared with the other firms. The results …
Does Increased Board Independence Reduce Earnings Management? Evidence From The Recent Regulatory Reform, Xia Chen, Qiang Cheng, Xin Wang
Does Increased Board Independence Reduce Earnings Management? Evidence From The Recent Regulatory Reform, Xia Chen, Qiang Cheng, Xin Wang
Research Collection School Of Accountancy
We examine whether recent regulatory reforms requiring majority board independence reduce the extent of earnings management. Firms that did not have a majority of independent directors before the reforms (referred to as noncompliant firms) are required to increase their board independence. We find that, while noncompliant firms on average do not experience a significant decrease in earnings management after the reforms compared to other firms, noncompliant firms with low information acquisition cost experience a significant reduction in earnings management. The results are similar when we examine audit committee independence and when we use alternative proxies for information acquisition cost and …
When Everyone Misses On The Same Side: Debiased Earnings Surprises And Stock Returns, Chin-Han Chiang, Wei Dai, Jianqing Fan, Harrison Hong, Jun Tu
When Everyone Misses On The Same Side: Debiased Earnings Surprises And Stock Returns, Chin-Han Chiang, Wei Dai, Jianqing Fan, Harrison Hong, Jun Tu
Research Collection Lee Kong Chian School Of Business
In event studies of capital market efficiency, an earnings surprise has historically been measured by the consensus error, defined as earnings minus the consensus or average of professional forecasts. The rationale is that the consensus is an accurate measure of the market’s expectation of earnings. But since forecasts can be biased due to conflicts of interest and some investors can see through these conflicts, this rationale is flawed and the consensus error a biased measure of an earnings surprise. We show that the fraction of forecasts that miss on the same side (FOM), by ignoring the size of the misses, …
The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes
Master's Theses
This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country’s level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a higher value …
2015 Q1 Market Pulse Report, Craig R. Everett
2015 Q1 Market Pulse Report, Craig R. Everett
Pepperdine Market Pulse Report
The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.
Essays On The Impact Of Institutional Investors On Firms' Liquidity And Payout Policy, Munira Ismail
Essays On The Impact Of Institutional Investors On Firms' Liquidity And Payout Policy, Munira Ismail
LSU New Orleans Theses and Dissertations
This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is “Impact of Institutional Investors on Firms’ Financial Constraint and Liquidity”. We can find ample evidences in existing literature which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors’ literature by examining institutional investors’ role in mitigating financial constraint …
What Happens When A Stock Is Added To The Nasdaq-100 Index? What Doesn’T Happen?, Susana Yu, Gwendolyn Webb, Kishore Tandon
What Happens When A Stock Is Added To The Nasdaq-100 Index? What Doesn’T Happen?, Susana Yu, Gwendolyn Webb, Kishore Tandon
Department of Accounting and Finance Faculty Scholarship and Creative Works
Purpose – Prior research on additions to the S&P 500 and the smaller MidCap 400 and SmallCap 600 indexes reach different conclusions regarding the key variables that explain the cross-section of announcement period abnormal returns. Most notable in this regard is that liquidity measures, long thought to be of importance, do not appear to explain abnormal returns of the S&P 500 when other factors are controlled for. By contrast, they do appear to matter for additions to the smaller stock indexes. To explore this difference, the purpose of this paper is to analyze the abnormal returns upon announcement that a …
2015 Q2 Private Capital Access Index Report, Craig R. Everett
2015 Q2 Private Capital Access Index Report, Craig R. Everett
Pepperdine Private Capital Access Report
The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and mediumsized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.
Kinder Morgan’S Master Limited Partnership Reorganization, Brett Doyel
Kinder Morgan’S Master Limited Partnership Reorganization, Brett Doyel
Finance Undergraduate Honors Theses
The main objective of this paper is to investigate the reorganization of Kinder Morgan’s (KMI) master limited partnership (MLP) structure. In October 2014, four publicly traded companies – Kinder Morgan, Inc. (NYSE: KMI), Kinder Morgan Energy Partners, L.P. (NYSE: KMP), Kinder Morgan Management, LLC (NYSE: KMR), and El Paso Pipeline Partners, L.P. (NYSE: EPB) – were merged under the Kinder Morgan, Inc. name. This study analyzes the consolidation of KMI through the use of qualitative and quantitative research. The qualitative research involves the study of the company’s 10-K reports, earnings call transcripts, and energy sector reports. The quantitative research includes …
Inflation Targeting And Dollarization In Bolivia, Hugo Vaca Pereira Rocha
Inflation Targeting And Dollarization In Bolivia, Hugo Vaca Pereira Rocha
Economics Undergraduate Honors Theses
This thesis attempts to test the effectiveness of the IT regime as a nominal anchor (reference for monetary policy) to the Bolivian Central Bank through the use of the Taylor rule. In order to use the Taylor Rule, it will be necessary to collect data from the monetary aggregates, interest rates (preferably US interest rates since the boliviano is pegged to the US dollar), and Bolivian Central Bank international reserves. Depending upon the results of the coefficients found it would be possible to make some initial conclusions. The reason why this amount of data will be required is that this …
An Investigation Of Credit Borrower Concentration, Heng Yue, Pingui Rao, Jigao Zhu
An Investigation Of Credit Borrower Concentration, Heng Yue, Pingui Rao, Jigao Zhu
Research Collection School Of Accountancy
Credit borrower concentration arises when a bank or financial institution lends a large amount of its funds to a few large borrowers. We find that borrower concentration is positively related to non-performing loans and negatively related to financial performance. We also find that the voting power of bank’s controlling shareholder is positively related to the borrower concentration. The evidence is consistent with the view that controlling shareholders divert resources away from banks by extending a high volume of loans to a few related parties, which leads to high borrower concentration. Further evidence indicates that some seemingly unrelated large borrowers, as …
Investment, Duration, And Exit Strategies For Corporate And Independent Venture Capital-Backed Start-Ups, Bing Guo, Yun Lou, David Perez-Castrillo
Investment, Duration, And Exit Strategies For Corporate And Independent Venture Capital-Backed Start-Ups, Bing Guo, Yun Lou, David Perez-Castrillo
Research Collection School Of Accountancy
We propose a model of investment, duration, and exit strategies for start-ups backed by venture capital (VC) funds that accounts for the high level of uncertainty, the asymmetry of information between insiders and outsiders, and the discount rate. Our analysis predicts that start-ups backed by corporate VC funds remain for a longer period of time before exiting and receive larger investment amounts than those financed by independent VC funds. Although a longer duration leads to a higher likelihood of an exit through an acquisition, a larger investment increases the probability of an IPO exit. These predictions find strong empirical support.
Corporate Tax Aggressiveness And Managerial Rent Extraction: Evidence From Insider Trading, Sung Gon Chung, Beng Wee Goh, Kiat Bee Jimmy Lee, Terry J. Shevlin
Corporate Tax Aggressiveness And Managerial Rent Extraction: Evidence From Insider Trading, Sung Gon Chung, Beng Wee Goh, Kiat Bee Jimmy Lee, Terry J. Shevlin
Research Collection School Of Accountancy
Recent studies argue that aggressive forms of tax avoidance can be used to facilitate managerial rent extraction from shareholders (e.g., Desai 2004; Desai and Dharmapala 2006; Desai et al. 2007). Despite this agency view of tax avoidance receiving increasing attention in the literature, there is limited empirical evidence that managers actually extract rents generated from tax avoidance activities. In this paper, we examine the association between corporate tax aggressiveness and managerial rent extraction in the form of insider trading profitability. We document that, on average, insider purchase profitability, but not sale profitability, is significantly higher in more tax aggressive firms. …
The Discreet Trader, Seth Wing
The Discreet Trader, Seth Wing
Honors Projects in Finance
This paper examines insider trading, specifically trades by corporate insiders around quarterly earnings announcements. Announcements were broken up into three categories: earnings above analyst expectations, earnings below expectations, and earnings in line with expectations. Trade data was collected from the thirty companies of the Dow Jones Industrial Average from 2012-’13. The trades were sorted by purchases and sales by date and analyzed with the earnings report of which the trades were made. Only trades in the interval from twenty days before the announcement date to twenty days after the announcement date were considered. The prediction was that corporate insiders would …
Internal Control And Operational Efficiency, Qiang Cheng, Beng Wee Goh, Jae Bum Kim
Internal Control And Operational Efficiency, Qiang Cheng, Beng Wee Goh, Jae Bum Kim
Research Collection School Of Accountancy
In this study, we examine whether and how internal control over financial reporting affects firm operational efficiency. We find that operational efficiency, derived from the frontier analysis, is significantly lower among firms with material weaknesses in internal control relative to firms without such weaknesses. We document some evidence suggesting that effective internal control leads to greater operational efficiency through reducing the likelihood of misappropriation of corporate resources and through enhancing the quality of internal reports for decision making. We also document that smaller firms benefit more from having effective internal control in terms of operational efficiency. In addition, we find …
Institutional Shareholding And Information Content Of Dividend Surprises: Re-Examining The Dynamics In Dividend-Reappearance Era, Abu S. Amin, Shantanu Dutta, Samir Saadi, Premal P. Vora
Institutional Shareholding And Information Content Of Dividend Surprises: Re-Examining The Dynamics In Dividend-Reappearance Era, Abu S. Amin, Shantanu Dutta, Samir Saadi, Premal P. Vora
WCBT Faculty Publications
We examine the role of institutional investors’ investment horizon on the information content associated with dividend announcement surprises in the “dividend-reappearance era”. We find that the presence of institutional investors negatively affects the announcement period cumulative abnormal return (CAR), which suggests that institutional investors reduce information content of dividend announcements. This result is primarily driven by the fact that institutional investors, especially the not-short-horizon investors, do not prefer dividend surprises – which leads to lower announcement period CAR. We do not find support for institutional investors’ informed trading argument. Our study reveals that in order to understand the dynamics between …
International Venture Capital Firms Syndication And Performance: A Social Network Perspective, Amir Pezeshkan
International Venture Capital Firms Syndication And Performance: A Social Network Perspective, Amir Pezeshkan
Theses and Dissertations in Business Administration
Despite a growing body of research on venture capital firms, the process by which venture capital firms invest across borders remains unclear. This three-essay dissertation integrates the literature on venture capital firms, social network theory, and international alliances to examine following research questions: 1) How do network characteristics (i.e., structure and composition) of the international venture capital firms and their potential partners impact their syndication behavior? 2) What configurations of the ventures' and the international venture capital firms' attributes is associated with syndication in emerging markets? and 3) Does the host country influence the international venture capital firms' syndication behavior …
Audit Committees And Financial Reporting Quality In Singapore, Kwong Sin Leong, Jiwei Wang, Themin Suwardy, Yuanto Kusnadi
Audit Committees And Financial Reporting Quality In Singapore, Kwong Sin Leong, Jiwei Wang, Themin Suwardy, Yuanto Kusnadi
Research Collection School Of Accountancy
No abstract provided.
Two Essays On Managerial Horizon, Cash Holdings And Earnings Management, Sanjib Guha
Two Essays On Managerial Horizon, Cash Holdings And Earnings Management, Sanjib Guha
Theses and Dissertations in Business Administration
U.S. corporations are now sitting on an enormous stockpile of cash. Academicians and practitioners alike have tried to understand the reasons why companies are holding on to so much cash. Numerous studies have explored the various motives for holding cash. Many researchers have tried to correlate excess cash holding with particular firm characteristics. This dissertation analyzes the correlations that exist between excess cash holding and some measurable managerial characteristics. This dissertation examines if managerial horizon has any impact on excess cash holding. It also examines if managerial horizon and excess cash has any impact on firm value. Four different measures …
Financial Health And Corporate Performance Of Listed Manufacturing Companies In Hong Kong And Singapore – A Comparative Study Of The Two Asian Tigers, Foo S.L.
Research Collection School Of Accountancy
Hong Kong and Singapore are two leading economies in Asia Pacific. This study examines the relationship between the financial health, as measured by the Altman Z-Score, and corporate performance, as measured by the Return on Equity (ROE), of listed manufacturing companies in these two markets. A linear regression was conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a fourteen-year period are also analyzed. The analysis covers the period from 2000 to 2013(inclusive) and yielded a statistically positive correlation between ROE and the Z-Score for both markets. Singapore and Hong Kong …