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Full-Text Articles in Corporate Finance

Cyber-Assets At Risk (Car): The Cost Of Personally Identifiable Information Data Breaches, Omer Ilker Poyraz, Sarah Bouazzaoui, Omer Keskin, Michael Mcshane, Ariel Pinto Jan 2020

Cyber-Assets At Risk (Car): The Cost Of Personally Identifiable Information Data Breaches, Omer Ilker Poyraz, Sarah Bouazzaoui, Omer Keskin, Michael Mcshane, Ariel Pinto

Engineering Management & Systems Engineering Faculty Publications

Severe financial consequences of data breaches enforce organizations to reconsider their cybersecurity investment. Although attack frequency and trends seem similar per industry, the impact of a data breach may exponentially increase depending on the type of information and the amount of the stolen data. Also, governments develop and improve laws and regulations to protect the privacy of individuals. Therefore, a failure of data security may yield severe penalties and class-action lawsuits, which can significantly increase the expenses than before. The monetary impact of a data breach is a new field of study that requires more sophisticated research and analysis. There …

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Google Search Sentiment And Sector Etf Performance, Andrew J. Williamson Jan 2020

Google Search Sentiment And Sector Etf Performance, Andrew J. Williamson

Honors Theses

This paper utilizes data from Google searches in an attempt to utilize online investor sentiment as a predictor of sector exchange traded fund (ETF) performance. The paper tests the assumptions of the Efficient Market Hypothesis that all known information about a stock is incorporated into the price of the stock. With the emergence of ETFs as a popular form of investment for casual investors, there is a possibility that these investors may use Google as a way to collect information about potential stock picks. Thus, this paper investigates the association between online search interest and excess ETF returns by collecting …

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Armor Holdings Inc.: An Application Of The Foreign Corrupt Practices Act, Fatima Alali, Silvia Romero Jan 2020

Armor Holdings Inc.: An Application Of The Foreign Corrupt Practices Act, Fatima Alali, Silvia Romero

Department of Accounting and Finance Faculty Scholarship and Creative Works

The U.S. Foreign Corrupt Practices Act (FCPA) has gained significant popularity in recent years across borders due to the increased investigation and penalties under the law. The following case is a real-life case that highlights the main provisions of the FCPA. Using cases in teaching an auditing or ethics course is much needed to develop students’ professional judgment, critical and analytical thinking skills and communication skills. Presently, there are a few cases that address the Foreign Corrupt Practices Act and its effect on financial reporting and auditor responsibilities about illegal acts. The Armor Holdings case is interesting and information is …

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Mathematical Modelling For Multiproduct Epq Problem Featuring Delayed Differentiation, Expedited Rate, And Scrap, Singa Wang Chiu, Jia Ning Lin, Yunsen Wang, Hong Dar Lin Jan 2020

Mathematical Modelling For Multiproduct Epq Problem Featuring Delayed Differentiation, Expedited Rate, And Scrap, Singa Wang Chiu, Jia Ning Lin, Yunsen Wang, Hong Dar Lin

Department of Accounting and Finance Faculty Scholarship and Creative Works

The client requirements of present-day markets emphasize product quality, variety, and rapid response. To gain competitive advantages in marketplaces and meet customer needs, manufacturers today seek the most economical and fastest fabrication schemes and strategies to produce their various goods, especially when commonality exists within these multiple end products. Inspired by the above viewpoints, this study uses a mathematical modelling approach for solving a multiproduct economic production quantity (EPQ) problem featuring scrap, delayed differentiation, and expedited rate on the fabrication of the common part. We build a two-stage multiproduct fabrication scheme. Stage one uses an accelerated rate to produce all …

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Analysis Of Jamie Dimon: Impact Of Leadership And Culture At J.P. Morgan Chase & Co., Abigail Elisabeth Chapman Jan 2020

Analysis Of Jamie Dimon: Impact Of Leadership And Culture At J.P. Morgan Chase & Co., Abigail Elisabeth Chapman

Honors Theses and Capstones

Jamie Dimon is one of Wall Street’s most effective and intelligent leaders who has transformed J.P. Morgan Chase into one of the largest and most well-respected banks in the world. To understand why this is, it’s important to analyze Dimon’s leadership style and how this has impacted the performance of J.P. Morgan. This paper investigates the performance of J.P. Morgan Chase under Dimon, how his character embodies both a Transformative and Transactional leadership style, and how his leadership has transformed the culture and performance of J.P. Morgan today.

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The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell Jan 2020

The Layers Of Digital Financial Innovation: Charting A Regulatory Response, Teresa Rodriguez De Las Heras Ballell

Fordham Journal of Corporate & Financial Law

The increasing penetration of digital technologies in financial markets is evidenced by promising adoption rates among users, expanding presence of fintech firms and bigtech providing techfin services, and the growing use of fintech solutions by incumbents. The increasingly popular term "fintech" captures the accelerated transformation of contemporary financial markets driven and enabled by technology, and encapsulates its multifarious potential impact on services, market structures, and business models. This Article first aims to devise and propose an analytical framework to understand the digital challenges to financial regulation based on the "layers of digital financial innovation" theory. Accordingly, digital innovation (fintech) is …

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Underpricing In The Fintech Industry Compared To Non-Fintech Ipos, Kelsey A. Goss Jan 2020

Underpricing In The Fintech Industry Compared To Non-Fintech Ipos, Kelsey A. Goss

Honors Undergraduate Theses

In this thesis, I investigate the amount of underpricing in FinTech companies compared to non-FinTech companies. Both data sets contain thirty companies spanning from 1993 to 2018. Each FinTech company is matched to a non-FinTech company by year and comparatively similar revenue. Prior research explores underpricing on different industries, but it hasn’t yet explored underpricing in the FinTech segment. The variables considered in this paper are offer price, close price, shares offered, number of banks involved, fees per share, and money left on the table. I find some evidence that the average amount of underpricing in both dollars and by …

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The Impact Of California Senate Bill 826 On Employee Perspectives And Stock Performance On California Tech Firms, Kimberly M. Kaneshina Jan 2020

The Impact Of California Senate Bill 826 On Employee Perspectives And Stock Performance On California Tech Firms, Kimberly M. Kaneshina

Scripps Senior Theses

On September 30, 2018, California Senate Bill 826 (CA SB 826) was passed. This Bill requires a quota for women to serve on California headquartered and public corporate boards. This study focuses on California tech firms, which I define as firms that are reliant on technology to create their main product or platform; but, are not aerospace or telecommunication firms. My thesis is a two-part analysis: exploring employees’, who worked at companies that were impacted by this Bill, perspectives, as well as, discovering if there is a relationship between percentage of female directors and stock price performance. Most employees were …

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Essays On Financial Institutions And Advisors, Joseph D. Farizo Jan 2020

Essays On Financial Institutions And Advisors, Joseph D. Farizo

Theses and Dissertations--Finance and Quantitative Methods

In my first chapter, I examine how index funds vote their proxies on firms in its index that their family does not hold in its actively managed funds. For a given proxy proposal at a given point in time, I find that an index fund is more likely to oppose management on shares its family does not hold in its active funds than on shares its family does hold in its active funds. I further demonstrate that index fund governance has positive effects on the probability a proposal passes and on shareholder value. In my second chapter coauthored with Will …

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Essays On Corporate Finance And Institutional Investors, Ang Li Jan 2020

Essays On Corporate Finance And Institutional Investors, Ang Li

Theses and Dissertations--Finance and Quantitative Methods

The dissertation consists of three chapters spanning two areas of finance: corporate finance and institutional investors. In the first chapter, “Board Gender Diversity, Firm Culture, and Female Inventors”, I study how employee's Research and Development (R&D) activity is affected by firm culture. Using board gender diversity as a proxy for female-friendly culture, I find that a greater representation of women in the boardroom is associated with increased productivity and innovation output by female inventors relative to male inventors. Female inventors file more highly cited patents and less uncited patents. The effect is driven by female directors with R&D or high-tech …

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Information Externalities And Voluntary Disclosure: Evidence From A Major Customer’S Earnings Announcement, Young Jun Cho, Yongtae Kim, Yoonseok Zang Jan 2020

Information Externalities And Voluntary Disclosure: Evidence From A Major Customer’S Earnings Announcement, Young Jun Cho, Yongtae Kim, Yoonseok Zang

Research Collection School Of Accountancy

We examine the relation between information externalities along the supply chain and voluntary disclosure. Information transfers from a major customer's earnings announcement (EA) can substitute for its supplier's disclosure. Conversely, if the customer's EA increases uncertainties regarding the supplier's future prospects, it can increase the demand for disclosure. After controlling for information incorporated in supplier returns, we find that the supplier is more likely to issue earnings guidance after the customer's EA when the EA news deviates more from the market's expectation. The positive effect of the customer's news on earnings guidance is weaker when common investors, supply-chain analysts, or …

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Initial Public Offerings And Pricing Anomalies, Hon Wei Leow Jan 2020

Initial Public Offerings And Pricing Anomalies, Hon Wei Leow

Student Works (2020-2029)

Initial Public Offering (IPO) is a form of fundraising through the stock market of which has evolved as an essential platform to study the performance of newly issued shares. In the case of an emerging market like Malaysia, the pricing anomalies that measure the performance of initial return and flipping activity of IPO remain an interesting subject. During the period of Global Financial Crisis (GFC) in 2008-09, it is believed that the market sentiment will affect the initial return of new IPO and oversubscription will be negative, and hence firms will be unwilling to do the new listing on the …

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Political Ideology Of The Board And Ceo Dismissal Following Financial Misconduct, Uisung Park, Warren Boeker, David Gomulya Jan 2020

Political Ideology Of The Board And Ceo Dismissal Following Financial Misconduct, Uisung Park, Warren Boeker, David Gomulya

Research Collection Lee Kong Chian School Of Business

Why do some boards refuse to take serious action against CEOs who have committed financial misconduct? Past work has directed attention to the antecedents of misconduct while largely overlooking this question. The relatively few studies to examine it have typically revolved around the capacity of boards to take action, or their relationships to their CEOs. This study instead examines how the beliefs and values held by board members can influence their actions following financial misconduct. Focusing on political ideology, we argue and find that politically conservative boards are more likely to respond by dismissing the CEO than are liberal boards. …

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Essays On Risk Management Of Insurance Companies, Olga Kanj Jan 2020

Essays On Risk Management Of Insurance Companies, Olga Kanj

Theses and Dissertations (Comprehensive)

This dissertation examines the risk management of insurance companies. It consists of three essays, which study the risk management of property and casualty (P/C) insurance companies. The first essay examines the impact of board diversity on firms’ risk-taking strategies using Canadian P/C insurance companies. The findings show that board ethnic diversity significantly decreases company risk as measured by reinsurance, asset risk, and leverage risk. Ethnic background values of the board members could be the reason behind this effect, board members with ethnic backgrounds from countries with high (low) Uncertainty Avoidance Index (UAI) decrease (increase) the risk. Results also show that …

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Superseding Money Judgments In Texas: Four Proposed Reforms To Help The Business Litigant And To Further Improve The Texas Civil Justice System, James Holmes Jan 2020

Superseding Money Judgments In Texas: Four Proposed Reforms To Help The Business Litigant And To Further Improve The Texas Civil Justice System, James Holmes

St. Mary's Law Journal

Abstract forthcoming.

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Indenture Trustee Duties: The Pre-Default Puzzle, Steven L. Schwarcz Jan 2020

Indenture Trustee Duties: The Pre-Default Puzzle, Steven L. Schwarcz

Faculty Scholarship

This Article addresses a topic at the intersection of finance, agency, contract, and trust law: the pre-default duties of an indenture trustee for bondholders. The existing scholarship on indenture trustee duties focuses on the post-default scenario, when the indenture trustee is required to act as a prudent person in like circumstances on behalf of the bondholders. No prior scholarship addresses an indenture trustee’s predefault duties. It is critical to try to define those duties because activist investors in the $42-trillion-plus bond market increasingly are making pre-default demands on indenture trustees, requiring them to know how to respond.

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Modelling Cross-Market Linkages Between Global Markets And China’S A-, B- And H-Shares, Thi Tuan Anh Do Jan 2020

Modelling Cross-Market Linkages Between Global Markets And China’S A-, B- And H-Shares, Thi Tuan Anh Do

Theses: Doctorates and Masters

One of the biggest challenges in quantifying joint risk and forming effective policies in financial management and investment strategies is to fully understand the characteristics of market associations in low and high volatility periods. Market interdependence, therefore, is a hot topic that has received interest from academics and industry experts, especially since the Asian Financial Crisis in 1997. China, being the world’s second-largest economy, has been the centre of many studies investigating stock market dependencies. While China has three major share types, namely A-, B- and H-shares, with different market players, market characteristics and operating efficiency, the number of studies …

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Vega, Capital Ratios, And Real Estate Lending, Muna Alsheikh Dec 2019

Vega, Capital Ratios, And Real Estate Lending, Muna Alsheikh

Doctor of Business Administration Dissertations

The 2007 financial crisis revealed how excessive bank risk threatens financial system stability. This paper studies two aspects of the risk-taking incentives of banks– CEO compensation and capital. The vega of a bank executive’s equity compensation measures how compensation changes relative to the banks’ stock volatility. If CEO compensation vega is high, I expect the CEO to take more risk in areas where he exercises control. Conversely, if regulators demand that banks invest their own capital to encourage conservative behavior, then I expect risk-taking to be lower. This paper confirms that higher vega and lower capital ratios are associated with …

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How Social Media Communications Can Mitigate Negative Impacts Of Corporate Social Irresponsibility On Corporate Financial Performance?, Saad A. Alhoqail, Hyun Young Cho, Kristopher Floyd Dec 2019

How Social Media Communications Can Mitigate Negative Impacts Of Corporate Social Irresponsibility On Corporate Financial Performance?, Saad A. Alhoqail, Hyun Young Cho, Kristopher Floyd

Business Faculty Articles and Research

Previous research on corporate social responsibility (CSR) has focused on corporate reputation (CR) and corporate financial performance (CFP), showing a high correlation between both. While most researchers primarily focus on CSR, our research examines the other side of the coin; corporate social irresponsibility (CSI) and provides findings that counter previous thought. We contribute to the existing literature by showing that CSI has a non-significant impact on corporate financial performance, as measured by market value, while concurrently being negatively correlated to corporate reputation. Further, we show social media, as measured by the Social Media Sustainability Index (SMSI), a measure studied infrequently …

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A Learning Curve Of The Market: Chasing Alpha Of Socially Responsible Firms, Zhichuan Li, Jun Wang, Dylan Minor, Chongyu Dang Dec 2019

A Learning Curve Of The Market: Chasing Alpha Of Socially Responsible Firms, Zhichuan Li, Jun Wang, Dylan Minor, Chongyu Dang

Business Publications

This paper explores stock market reactions to corporate social performance. We find that a value-weighted portfolio based on the list of “100 Best CSR companies in the world”, published by Reputation Institute, yields statistically significant annual abnormal returns of 1.63% and 1.26%, by controlling for Carhart four factors and Fama-French five factors, respectively (2.39% and 1.84% respectively for an equal-weighted portfolio). Moreover, such abnormal returns decrease as time goes, especially after the inaugural publication of the CSR lists in 2013. The paper also indicates that companies with better social performance are more likely to have positive earnings surprises, and that …

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Microfinance Institutions’ Criteria On Small Business Financing In Cameroon, Serge Messomo Elle Dec 2019

Microfinance Institutions’ Criteria On Small Business Financing In Cameroon, Serge Messomo Elle

The Journal of Entrepreneurial Finance

This study uses MFIs as a unit of analysis to examine the factors of human, financial and social capital that increase the financing of microenterprises’ identification of opportunities and exploitation in Cameroon .To attain this objective, a questionnaire was used to collect data from 207 MFIs and analyzed using descriptive and multiple linear regression models. The results revealed that when it concerns the financing of opportunity identification, only human capital variables of Prior knowledge and Business training increase the financing of microenterprises by MFIs in Cameroon. Regarding the opportunity exploitation on the contrary, accumulated business knowledge, business skills and customer …

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Chief Financial Officer Demographic Characteristics And Fraudulent Financial Reporting In China, Jinghui Sun, Pamela Kent, Baolei Qi, Jiwei Wang Dec 2019

Chief Financial Officer Demographic Characteristics And Fraudulent Financial Reporting In China, Jinghui Sun, Pamela Kent, Baolei Qi, Jiwei Wang

Research Collection School Of Accountancy

We investigate whether management's cognitions, values and perceptions are associated with fraud for 18 863 firm-years for Chinese listed firms from 2000 to 2014. Demographic characteristics of the chief financial officer (CFO) are used as proxies for management's cognitions, values and perceptions. We find that fraudulent financial reporting is higher when CFOs are younger, male, and have lower education backgrounds. An analysis of inflated earnings, fictitious assets, material omissions and other material misstatements provide similar results, with the exception that CFOs with higher education levels are associated with more inflated earnings. Accounting and Finance

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Peer Effects Of Corporate Social Responsibility, Jie Cao, Hao Liang, Xintong Zhan Dec 2019

Peer Effects Of Corporate Social Responsibility, Jie Cao, Hao Liang, Xintong Zhan

Research Collection Lee Kong Chian School Of Business

We investigate how firms react to their product-market peers' commitment to and adoption of corporate social responsibility (CSR) using a regression discontinuity design approach. Relying on the passage or failure of CSR proposals by a narrow margin of votes during shareholder meetings, we find the passage of a close-call CSR proposal and its implementation are followed by the adoption of similar CSR practices by peer firms. In addition, peers that have greater difficulty in catching up with the voting firm in CSR experience significantly lower stock returns around the passage, consistent with the notion that the spillover effect of the …

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Corporate Governance And Institutional Investors: Proxy Voting Behavior After The Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について), Mari Yamauchi, Toru Yoshikawa Dec 2019

Corporate Governance And Institutional Investors: Proxy Voting Behavior After The Stewardship Code (コーポレートガバナンスと機関投資家―スチュワードシップコード改訂後の議決権行使の状況について), Mari Yamauchi, Toru Yoshikawa

Research Collection Lee Kong Chian School Of Business

本稿では，日本版スチュワードシップコードの改訂により始まった機関投資家 による議決権行使の結果について，投資家のタイプごとに分析し，どのような投 資家がどのような会社提案議案についてより多くの反対票を投じているかについ て検討した。先行研究に従えば，資産運用会社のように投資先企業とアームズレ ングスの関係を持つ投資家は，保険会社のように投資先企業とビジネス上の関係 を持つ投資家と比較すると，会社側提案に対して異議を唱える可能性が高いとさ れる。また，株式持ち合いなど日本的背景を考慮すると，日本においては，外資 系投資家の方が国内の投資家に比べて，会社提案に対して反対票を投じる可能性 が高いことも予想される。2018年度の議決権行使の結果を分析したところ，ほぼ 先行研究と同じ結果が得られ，業種で分類した場合，資産運用会社の方が生損保 のような保険会社より反対票の比率が高いこと，資本国籍で分類すると，外資投 資家の方が買収防衛策の導入や退任役員への退職慰労金の支給など特定の項目に ついて，日系の投資家に比べて反対率が高いことが確認された。

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Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …

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Ireland And Iceland In Crisis B: Decreasing Loan Loss Provisions In Ireland, Arwin G. Zeissler, Andrew Metrick Nov 2019

Ireland And Iceland In Crisis B: Decreasing Loan Loss Provisions In Ireland, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

All public companies in the European Union, including Ireland’s major banks, were required to adopt IAS 39 for their annual accounting periods beginning on or after January 1, 2005. Under the “incurred loss” model of IAS 39, banks could set aside reserves for loan losses only when objective evidence existed that a loan was impaired, not in anticipation of future losses. As a result, Irish banks saw their aggregate reserve for bad loans drop from 1.2% of loan balances at the end of 2000 to only 0.4% by 2006-07, just before the collapse of the banking industry caused loan losses …

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Supporting The Changing Practices Of Teaching In Business At Queens College, City University Of New York, James Tasato Mellone, Edward F. Wall Iii, Qiong Xu Nov 2019

Supporting The Changing Practices Of Teaching In Business At Queens College, City University Of New York, James Tasato Mellone, Edward F. Wall Iii, Qiong Xu

Publications and Research

This investigation sheds light on the teaching practices of Queens College (QC) faculty in Business. It identifies the Business faculty’s teaching support needs in order to develop ideas for improving Library services to them. This report is the result of research conducted under the guidance of Ithaka S+R, and in accordance with Office of Regulatory Compliance procedures at QC. Using a grounded theory approach to qualitative research, the investigators conducted in-person audio-recorded semi-structured interviews of seven full-time QC faculty who teach Business courses. Evidence derived from the transcribed interviews informed analysis of the current state of QC’s Business teaching experience, …

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That Could Have Been Me: Director Deaths, Mortality Salience And Ceo Prosocial Behavior, Guoli Chen, Craig Crossland, Sterling Huang Nov 2019

That Could Have Been Me: Director Deaths, Mortality Salience And Ceo Prosocial Behavior, Guoli Chen, Craig Crossland, Sterling Huang

Research Collection School Of Accountancy

Mortality salience—the awareness of the inevitability of death—is often traumatic. However, it can also be associated with a range of positive, self-transcendent cognitive responses, such as a greater desire to help others, contribute to society, and make a more meaningful contribution in one’s life and career. In this study, we provide evidence of a link between chief executive officer (CEO) mortality salience—triggered by the death of a director at the same firm—and a subsequent increase in firm-level prosocial behavior or corporate social responsibility (CSR). We further show that this core relationship is amplified in situations where the death of the …

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The Business Case For Industrial Safety: Revealing The Comprehensive Value Of Ergonomic Investments For Manufacturing Enterprises In Industry 4.0, Shane Stan Oct 2019

The Business Case For Industrial Safety: Revealing The Comprehensive Value Of Ergonomic Investments For Manufacturing Enterprises In Industry 4.0, Shane Stan

Honors Program: Senior Projects (Public)

How can today’s manufacturing enterprises construct, implement, and optimize modern safety initiatives in a manner that will present maximum return on investment and facilitate enterprise growth? Furthermore, how can these manufacturers assure individual ergonomic investments become part of a larger strategy to facilitate organizational change in safety? This work addresses these questions by placing industrial ergonomics in a business improvement context which comprehensively presents the financial returns and growth opportunities poised by modern safety initiatives. Additionally, to further strengthen the business case for industrial safety, an ergonomic action planning framework is established to guide the creation of holistic safety programs …

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Accounting-Based Compensation And Debt Contracts, Zhi Li, Lingling Wang, Karen Wruck Oct 2019

Accounting-Based Compensation And Debt Contracts, Zhi Li, Lingling Wang, Karen Wruck

Business Faculty Articles and Research

We examine how accounting‐based compensation plans influence a firm's contracts with its creditors. After granting long‐term accounting‐based compensation plans (LTAPs) to CEOs, firms pay lower spreads and have fewer restrictive covenants in new bank loans. Mechanisms leading to lower borrowing cost include improvements in debt repayment ability, reduced shareholder‐debtholder conflicts, and reduced risk‐taking incentives. Creditors view LTAPs as a substitute for monitoring, adjust covenant design based on LTAP features, and value plans with concave performance‐payout functions and reasonable performance targets. A firm's credit rating improves and CDS spread declines after LTAP grants, suggesting that LTAPs help reduce firms' credit risk.

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