Corporate Finance Commons^™

The Promised Land Is On The Horizon: The Fix Crowdfunding Act Will Implement Small Changes That Could Make A Big Impact On Investors And Businesses Alike, Michaela Smith

The Journal of Business, Entrepreneurship & the Law

No abstract provided.

Implementing A Portable Reciprocity Passport To Crowdfund Real Estate Across Borders, Raymond Tran

The Journal of Business, Entrepreneurship & the Law

No abstract provided.

Failed Anti-Activist Legislation: The Curious Case Of The Brokaw Act, Alon Brav, J.B. Heaton, Jonathan Zandberg

The Journal of Business, Entrepreneurship & the Law

The Brokaw Act was proposed legislation aimed at “financial abuses being carried out by activist hedge funds who promote short-term gains at the expense of long-term growth . . . .” Sponsoring Senators named it after a small town in Wisconsin that, according to the Act’s sponsors, was decimated by the actions of a hedge fund activist in shutting down the local paper mill with a loss of hundreds of jobs. The Brokaw Act represented the first attempt at federal legislation aimed at restricting hedge fund activism. Since then, new and similar bipartisan proposals have appeared as have threats of …

Innovation, Ownership And Ipo Underpricing, Roman Bohdan

LSU New Orleans Theses and Dissertations

This dissertation consists of two empirical essays. The first chapter titled: “Hedge Fund Activism and Dual Ownership of U.S. Multinationals”. Harford, Wang & Zhang (2017) conclude that holding high cash balances abroad to avoid US taxes causes internal capital markets and investments distortions. We posit that hedge funds target MNCs with more severe internal capital and agency problems. We demonstrate that upon acquiring dual ownership in these firms, hedge funds reduce internal capital problems and improve investment, especially innovation, efficiencies. To further reduce agency costs of foreign cash holdings, hedge funds engage dual firms in focused acquisitions. These improvements are …

Essays On Capital Structure Of Nations, Giovanni Perez

LSU New Orleans Theses and Dissertations

No abstract provided.

Impact Of Labor Protection Laws On The Operating And Financial Risks Of Firms: The Case Of China, Yuxin Huang

LSU New Orleans Theses and Dissertations

A debate exists regarding the effect of labor protection laws on labor costs. Whether labor protection laws increase or decrease labor costs has implications for risk exposure of affected firms. If the labor costs go up, all else the same, the firm’s breakeven point goes up. Facing increased business risk, the firm must resort to strategies that inhibit the risk exposure, especially if the higher labor costs cannot be transferred, without adverse consequences, to consumers. The strategies include reigning in, if at all possible, operating leverage and financial leverage. Conversely, if the labor costs decrease, a firm’s business risk declines, …

Ford Motor Company's Financial Analysis, Azbayar Enkhbayar

Dissertations, Theses, and Projects

The goals and objectives of this financial report are to value the common stock of Ford Motor Company and provide a recommendation to buy, sell, or hold. Quantitative and qualitative data about Ford Motor Company, its competitors, and the markets it operates in were analyzed for this report. A discounted cash flow model was used to forecast future free cash flows. The model estimated Ford’s common stock to be fairly valued at USD 9.81 per share. This is slightly higher than the current price of $9.41 and a hold recommendation is made.

Analysis Of Cyberoptics Corporation, Laura Benson

Dissertations, Theses, and Projects

This analysis looks at CyberOptics, a Minnesota based company with segments in metrology, semiconductors, and surface mount technology. The goal of the project is to determine an appropriate valuation given recent financial data, and give an opinion on whether to buy, hold, or sell given a closing stock date.

Discussion Of The Potential Of Blockchain In Finance, Andrew Kincaid

Finance Undergraduate Honors Theses

This paper analyzes the current application of blockchain technology to demonstrate its disruptive potential has across different financial industries. This paper analyzes the potential difficulties that blockchain technology must face and overcome to realize this potential. Blockchain is currently in a stage in its development where there has not been enough research done to provide empirical answers to its benefits or added costs; however, there have been many early innovations that have helped propel blockchain forward. Blockchain in corporate finance is primarily used in corporate governance where blockchain has the ability to increase transparency and reduce possible corruption. Blockchain has …

Defining 'Diversity' In Corporate Governance: A Global Survey, Askhaya Kamalnath

Journal of Legislation

This Article explores the connotation of the term “diversity” in the corporate governance sphere and the utility of such a connotation. To explore what the term has come to mean, this Article conducts a comparative analysis of how the term is used in the corporate governance context in the U.S., U.K., Australia, Canada, India, and Malaysia. Based on this analysis, this Article argues that the push for “diversity” (in the way it has come to be understood) on company boards needs to be re-examined and recommends that the SEC needs to define the term in accordance with its policy goals.

Corporate Income Tax And Manufacturing Sector Performance In Nigeria: A Panel Data Analysis, Ogudu George Nwoge, Kingsley Imandojemu, Akinlosotu Nathaniel Toyosi

Bullion

The study examined the impact of corporate income tax on the performance of the manufacturing sector in Nigeria from 2013 – 2017. The ex-post facto research design was adopted for this study. The population of this study covered all the 23 registered manufacturing firms dealing with consumable foods in Nigeria. The sample of five manufacturing firms, dealing with consumable foods in Nigeria which represent 35% of the quoted manufacturing firms on the Nigerian Stock Exchange (NSE) market was selected for the study. This study made use of the fixed and random effect regression technique. The result showed that company income …

Societal Trust And Corporate Tax Avoidance, Kiridaran Kanagaretnam, Jimmy Lee, Chee Yeow Lim, Gerald Lobo

Research Collection School Of Accountancy

Using aninternational sample of firms from 25 countries and a country-level index for societal trust, we document that societal trust is negatively associated with tax avoidance, even after controlling for other institutional determinants, such as home country legal institutions and tax system characteristics.We explore the effects of two country-level institutional characteristics—strength of lega linstitutions and capital market pressure—on the relation between societal trust and tax avoidance. We find that the relation between trust and tax avoidance is less pronounced when legal institutions in a country are stronger and is more pronounced when capital market pressure is stronger. Finally, we examine …

Dual-Class Shares In Singapore – Where Ideology Meets Pragmatism, Pey Woan Lee

Research Collection Yong Pung How School Of Law

This article seeks to understand the rationale for and potential implications of the introduction of dual class shares (DCS) in Singapore. It does so by first considering the theoretical as well as evidential arguments for and against the use of DCS, followed by a survey on the reception (or otherwise) of such structures in four common law jurisdictions with vibrant capital markets, viz., Canada, the United States, United Kingdom and Hong Kong. It observes that the chief argument cited by business founders to justify the use of DCS structures is the desire to enhance a firm’s long-term profitability by shielding …

Cryptocurrency Fraud: A Look Into The Frontier Of Fraud, Stafford C. Baum

Honors College Theses

This research project was conducted to look into what sort of frauds can be committed to steal unsuspecting investors’ cryptocurrencies. The inspiration for this research came in the form of the fact that millions of dollars are lost to cryptocurrency fraud each day, and many of these frauds are successful due to the public’s naivete towards the dangers of investing in cryptocurrencies. After researching many different cryptocurrency fraud cases, the frauds could be categorized into four major categories. These categories include Ponzi schemes, fake initial coin offering schemes, pump and dump schemes as well as cryptocurrency theft.

Don's Column: Revised Conceptual Framework For Financial Reporting (Part 2), Pearl Hock-Neo Tan

Research Collection School Of Accountancy

Fresh Perspectives in Recognition, Measurement and Disclosures

Studying The Relationship Between Performance And Z-Scores For Manufacturing Firms In Singapore, See Liang Foo, Shaakalya Pathak

Research Collection School Of Accountancy

Singapore is a key leading economy in the Asia Pacific region. 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 this market. A linear regression has been conducted between these variables to determine the magnitude and direction of their relationships. The trends of Z-Scores over a five-year period have also been analysed.The analysis covers the period from 2013 to 2017 (inclusive) and yields a statistically positive correlation between ROE and the Z-Score for the market. Singapore registered relatively …

Impact Of Airplane Crashes On Firm's Credit Risk Under The Creditgrades Model, Alexandros Bougias

Undergraduate Economic Review

The paper examines the impact of airplane accidents with 40 or more fatalities, on airline's firm credit risk. The sample contains 20 airplane crashes for the period 2000-2017. The analysis proposes the CreditGrades model introduced by Finger et al. (2002) , which is an extension of the first passage time model of Black and Cox (1976). The study concludes that airplane accidents lead to a statistically significant increase in airline's Probability of Default. The results are both significant and robust under the t-Test and the non-parametric Wilcoxon Signed-rank test.

2018 Q4 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 Pepperdine Graziadio Business School, in partnership with 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 medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

Ceo Compensation After Harvester Director Departure, Victor Jarosiewicz

Finance Department Faculty Journal Articles

I examine the effects of board member departures on CEO compensation using a sample of high growth IPO firms. Agency theory predicts that a reduction in board monitoring by harvester directors (VCs and private equity investors) will result in an increase in CEO pay. I find that departures of the last harvester director on a board result in an immediate and lasting increase in CEO equity compensation, while prior departures by other harvester directors are not significant. The results hold even when controlling for other governance mechanisms such as CEO wealth, CEO turnover, board composition, and external blockholder ownership.

How To Reduce The Tax Bill Of A Multinational Technology Company?, Dimitrios V. Siskos

Publications

It is said that nothing in this world is certain except for death and taxes. For those with clever accountants, however, the latter can be kept to a minimum. Particularly, companies seek to minimize their tax liability through "tax planning", adopting deductions, rebates, exemptions and other “legal” tools that the domestic tax system provides to them. However, while tax planning is considered to be quite logical in the terms of making profit, there is a grey area between this and "tax avoidance”. This paper suggests a legitimate tax plan for a multinational technology company that minimizes its tax obligations1, without …

Gender Performativity And Hegemonic Masculinity In Investment Management, Corina Sheerin, Prof. Margaret Linehan

Dept of Applied Social Science

Purpose

Through an examination of the everyday organisational and social practices, this paper aims to consider gender performativity and hegemonic masculinity within front office investment management. At the core of this research is the need to understand the interactions between gender, power and patriarchy.

Design/methodology/approach

An interpretivist philosophical stance underpins the study. A theory-building approach using 19 semi-structured interviews with investment management employees based in Ireland was undertaken.

Findings

The findings highlight a sector in which gender is performed in line with sectoral expectations, which place men in positions of dominance with hegemonic masculinity inherent. The organisational structures and daily …

Don’S Column: Singapore Corporate Tax Rate: Is It Really A Flat Rate?, Teng Aun Khoo, Clement Tan Kai Guan

Research Collection School Of Accountancy

As there is only one corporate tax rate (CTR) in Singapore, it may appear that the Singapore CTR is a single flat rate, currently 17%. However, after taking into account the availability of the partial tax exemption (PTE)scheme, the start-up tax exemption (SUTE) scheme and the corporate income tax rebate (CITR) in Singapore, all of which have an effect of lowering a company’s tax payable, the seemingly flat Singapore CTR is not what it seems to be. Instead, it translates to various progressive tax rates for different tiers of normal chargeable income (NCI).

Don's Column: Revised Conceptual Framework For Financial Reporting (Part 1), Pearl Hock-Neo Tan

Research Collection School Of Accountancy

In March 2018, the International Accounting Standards Board (IASB) issued the revised Conceptual Framework for Financial Reporting (CF 2018) after five years of deliberation since the Discussion Paper was first issued. CF 2018 is immediately applicable to the IASB and International Financial Reporting Standards (IFRS) Interpretations Committee.

New Factors Wanted: Evidence From A Simple Specification Test, Ai He, Dashan Huang, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

In this paper, we examine the pricing errors (PEs) of three kinds of factor models: a) six well known ones– the CAPM, the Fama-French three-factor model, the Carhart four-factor model, the Fama-French five-factor model, the Hou-Xue-Zhang Q-factor model, and the Stambaugh-Yuan mispricing-factor model; b) principal component factors of sixty-two anomalies; c) extracted statistical factors. We find that there is a systematic PE reversal pattern. A spread portfolio that buys stocks in the bottom PE decile and sells stocks in the top PE decile earns significant abnormal returns across all the models, implying that none of them is adequate in explaining …

Identifying Ineffective Monitors From Securities Class Action Lawsuits, Chi Shen Wei, Lei Zhang

Research Collection Lee Kong Chian School Of Business

We identify “ineffective” institutional monitors based on the prevalence of occurrences of securities class-action lawsuits in their overall portfolio. We find that firms with a higher representation of such institutional investors among the firms’ large shareholders have a greater likelihood of future litigation and experience more negative market reactions upon such litigation filings. These firms exhibit other unfavorable governance outcomes including poorer acquisitions and lower CEO turnover-performance sensitivity. We find suggestive evidence that ineffective monitoring may be a result of higher operational risk.

Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero

Doctoral Dissertations (DBA)

This event study examines the short-run effect of stock buyback announcements on stock price and credit default swaps (CDS) exclusively for mega capitalization S&P 100 companies. The research sample consists of 53 S&P 100 companies and includes 133 buyback announcement events occurring between September 2011 and May 2018. The study utilizes the market model to estimate expected returns and to compute abnormal returns (AR) for equity and abnormal change (AC) in CDS. Based on an initial analysis, it’s determined that there is a statistically significant AR and cumulative abnormal return (CAR) for stock price, and a significant AC in CDS, …

Reflective Practice Series: Selected Instructional Models Using Synchronous Video Conferencing Software, Martin W. Sivula

MBA Faculty Conference Papers & Journal Articles

With the vast array of resources available to instructors, one would think that instruction and teaching would yield success for all learners. Now, well into the 21^st century has much changed in the classroom? Certainly, movable desks and chairs, advanced audio and visual equipment, and a plethora of all types of technologies which might be able to enhance training and education. Over the last several decades research on individualized instruction, cognitive science, educational psychology, and multimedia instruction (to name a few) have permeated the literature on instruction. With all the research and the vast array of studies on improving …

Essays On Innovation, Analyst Coverage, And Corporate Finance, Yang Liu

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that encompass corporate innovation, analyst coverage, public firm disclosure, and institutional investors.

Addressing Infrastructure Gap Via Public-Private Partnership In Nigeria, Chiedu Ndubisi

Bullion

This paper is arranged in nine Sections. It commenced by examining the issue of the nature of infrastructure and the implication for financing. It also looked at the catalytic role of infrastructure on economic growth and development, including the debilitating implication of its negligence by policy makers. next, the paper attempted at establishing the nexus between infrastructure and economic growth and development.

Leveling The Playing Field Between Large And Small Institutions: Evidence From The Sec’S Xbrl Mandate, Nilabhra Bhattacharya, Young Jun Cho, Jae B. Kim

Research Collection School Of Accountancy

We investigate how XBRL adoption affects smaller institutions’ access to financial statement information relative to their larger counterparts. We examine three aspects of trading responsiveness: abnormal trading volume, response speed to 10-K information, and decision to trade immediately following the 10-K filing. With regard to all three aspects of trading responsiveness, we find that small institutions’ responsiveness to 10-K news increases significantly more relative to the change experienced by large institutions from the pre- to post-XBRL periods. We further document that small institutions’ stock picking skills in the 10-K filing period increase more compared to those of large institutions following …