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Full-Text Articles in Finance and Financial Management

Dentistry And The Law - Understanding ‘Rollover Equity’ When Selling Your Practice, Daniel Schulte Jd Sep 2026

Dentistry And The Law - Understanding ‘Rollover Equity’ When Selling Your Practice, Daniel Schulte Jd

The Journal of the Michigan Dental Association

Daniel J. Schulte, MDA Legal Counsel, addresses the legal and tax implications of 'rollover equity' when dentists sell their practices to private equity-backed buyers. The article outlines typical shareholder and buy-sell agreement restrictions, noting how equity is often subject to vesting and employment covenants. Schulte explains the critical importance of making an Internal Revenue Code Section 83(b) election within 30 days of closing. Failing to file this election results in taxation at high ordinary income rates as the stock vests, whereas a timely election accelerates tax payments but secures lower capital gains tax rates upon eventual sale.

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Bank Stability Under Global Risk Uncertainty: The Interplay Of Internal Characteristics And External Regulatory Environment, Erfan Rachmadi, Bowo Setiyono, Bimo Saktiawan, Muizzuddin Muizzuddin Jun 2026

Bank Stability Under Global Risk Uncertainty: The Interplay Of Internal Characteristics And External Regulatory Environment, Erfan Rachmadi, Bowo Setiyono, Bimo Saktiawan, Muizzuddin Muizzuddin

Bulletin of Monetary Economics and Banking

This study examines the impact of global political and climate uncertainty on bank stability, utilizing panel data from 604 banks across 40 countries during the period 2011–2022. Through fixed effects and difference GMM methodologies, the analysis reveals that both geopolitical and climate risks adversely affect bank stability. Notably, tightening governance creates a ‘regulatory compliance paradox’ which leads to lower climate readiness and bank stability. We also identified that capital buffers matter in enhancing bank readiness to face geopolitical and climate uncertainty. However, efficiency plays a dual role. In times of geopolitical risk, it is necessary, but we also can’t achieve …

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Ultras: Rethinking Tax Policy For Digital Assets, Lauren Liedel Apr 2026

Ultras: Rethinking Tax Policy For Digital Assets, Lauren Liedel

The Journal of Business, Entrepreneurship & the Law

This comment examines the challenges current federal tax policy faces in addressing the rapidly expanding and volatile digital asset market. The author argues that the Internal Revenue Service’s (IRS) current "piecemeal" approach to defining taxable events—such as mining and staking—creates significant uncertainty for taxpayers and leads to strategic litigation. To resolve these issues, the article proposes the adoption of Unliquidated Tax Reserve Accounts (ULTRAs) as an alternative reporting framework. By utilizing blockchain's inherent capability to track notional interests, ULTRAs allow the IRS to account for economic activity while offering taxpayers the flexibility to defer actual payment until the assets are …

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What Are The Factors Affecting The Financial Sustainability Of Social Enterprises In Egypt?, Mina Atta Ghaly Feb 2026

What Are The Factors Affecting The Financial Sustainability Of Social Enterprises In Egypt?, Mina Atta Ghaly

Theses and Dissertations

This thesis investigates what factors affect the financial sustainability of social enterprises (SEs) in Egypt, situating them within a constrained MSME, legal and sectoral context marked by informality, weak innovation and recurrent shocks. Drawing on global and Egyptian literature, it identifies ten candidate factors—business model, financial management, founders’ skills and mindset, revenue structure, sector and mission, legal framework and innovative finance, capacity building, investment mechanisms and “the right investor”, adaptability to shocks, and ecosystem conditions—and integrates them into an extended Social Enterprise Model Canvas. Using a qualitative, exploratory design with semi‑structured interviews of social enterprise founders, incubators/accelerators, investors and experts, …

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The Impact Of Central Bank Digital Currencies News On Bank Stability: Evidence From Asean-5 Countries, Firman Hidayat, Raditya Sukmana, Masrizal Masrizal, Rahmat Heru Setianto Feb 2026

The Impact Of Central Bank Digital Currencies News On Bank Stability: Evidence From Asean-5 Countries, Firman Hidayat, Raditya Sukmana, Masrizal Masrizal, Rahmat Heru Setianto

Bulletin of Monetary Economics and Banking

This study constructs an index reflecting Central Bank Digital Currency (CBDC) news coverage and evaluates its impact on bank stability. The CBDC Attention Index (CBDCAI) is formulated based on more than 533 Reuters Digital News Report articles from 2019 to 2023. Employing the System Generalized Method of Moments (GMM) approach with data from 92 banks across ASEAN-5 nations, and implementing quantile regression for robustness checks, the findings demonstrate a significant relationship between the CBDCAI and bank stability, alongside variables such as bank size and capitalization. These results offer valuable guidance for central banks, especially within the ASEAN-5 region, as they …

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Usaid Grant Recipient Data Fy2002-2025, Susan Turner Haynes Jan 2026

Usaid Grant Recipient Data Fy2002-2025, Susan Turner Haynes

Faculty Works

Grant recipient data from USAID from fiscal years 2002-2025.

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Does Bidder Complexity Affect Market Reactions To M&A Decisions?, Rajib Chowdhury, John A. Doukas Jan 2026

Does Bidder Complexity Affect Market Reactions To M&A Decisions?, Rajib Chowdhury, John A. Doukas

Finance Faculty Publications

We examine whether and how bidder complexity influences investor reactions to merger and acquisition (M&A) announcements. Using an established measure of complexity, we find a significant positive relationship between acquiring firm complexity and cumulative abnormal returns (CAR). This suggests that investors perceive more complex firms as capable and value-enhancing participants in M&A activities. The association is particularly strong for bidders with high operating risk, greater R&D intensity, and larger firm size. We also find that complex bidders tend to offer higher takeover premiums. Overall, our study contributes to the literature by demonstrating that bidder complexity is an important determinant of …

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Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan Dec 2025

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

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Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble Dec 2025

Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble

Honors College Theses

This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …

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One Size Does Not Fit All: Contract Design In Fintech Lending, Jianfeng Hu, Changcheng Song, Gloria Yang Yu Dec 2025

One Size Does Not Fit All: Contract Design In Fintech Lending, Jianfeng Hu, Changcheng Song, Gloria Yang Yu

Research Collection Lee Kong Chian School Of Business

Many fintech lenders rely on standardized contract terms to support scale and operational speed. This paper examines whether modest tailoring of loan contracts can improve credit market outcomes. We conduct a randomized field experiment with a large fintech lender that varies loan due dates relative to borrowers' salary paydays. Synchronizing repayment schedules with income cycles reduces delinquency by 29.1% in the experiment and 15.7% in the administrative data. Effects concentrate among liquidity-constrained borrowers: young, low-income, and low-creditlimit individuals. Tailored repayment timing generates substantial economic benefits: borrowers save on overdue penalties, lenders accelerate cash flows, and improved repayment increases future credit …

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Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray Nov 2025

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

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Rightsizing Regulations To Foster Innovation And A Healthy Business Environment: Insights From Elite Executives, Brian Charles Mulligan, Nelson Granados Oct 2025

Rightsizing Regulations To Foster Innovation And A Healthy Business Environment: Insights From Elite Executives, Brian Charles Mulligan, Nelson Granados

Engaged Management ReView

This study examines insights from business executives on how TRAILS—that is, taxes, regulations, assessments, interventions, litigation, and subsidies—influence entrepreneurial behavior and firm performance. Using an applied constructivist grounded theory design, we conducted 17 in-depth interviews to identify how top business executives view the effects of regulations on business performance. We adopt the premise that the right level and set of regulations lead to a healthier business environment. We find that right-sized TRAILS catalyze entrepreneurial dynamism, whereas wrong-sized TRAILS impose hidden opportunity costs, stifle innovation, and erode institutional trust. Crucially, the study reveals the vital role of the government as …

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Ppp Dataset, Susan Turner Haynes Sep 2025

Ppp Dataset, Susan Turner Haynes

Faculty Works

During the COVID-19 pandemic, 11.5 million U.S. businesses applied for relief from the federal government. Collectively, these entities received just under 800 billion dollars. It was one of the largest fiscal intervention policies directed at businesses in American history. Though substantial scholarly and public attention has gone toward investigating participant fraud, other participant behavior has been less examined. This includes the relatively small number of individuals and businesses (128,304) that chose to repay their forgivable government loans. This dataset is used to investigate this question, with variables testing hypotheses relating to altruism, patriotism, and self-interest. Results are analyzed in the …

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Minority Day Hearing On American Innovation And The Future Of Digital Assets: From Blueprint To A Functional Framework, Hilary J. Allen Jul 2025

Minority Day Hearing On American Innovation And The Future Of Digital Assets: From Blueprint To A Functional Framework, Hilary J. Allen

Legislative Testimony & Comments

When we hear from the crypto industry that existing regulation is incompatible with their technology, that is a misdirection. It is entirely possible for a blockchain-based technology business to comply with existing investor protection and financial stability regulation. However, for many crypto businesses, it may be true that existing regulation is incompatible with the economics of their business model, especially if their business model depends on doing things that we have learned, over the years, tend to harm people. But we have little to lose as a society from limiting the profitability of this kind of business model; unfortunately, the …

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Lessons Learned: Vincenzo La Via, Mercedes Cardona Jun 2025

Lessons Learned: Vincenzo La Via, Mercedes Cardona

Journal of Financial Crises

Vincenzo La Via joined the World Bank Group in 2005 as chief financial officer, in charge of financial reporting, accounting, strategic planning and budgeting, credit risk, corporate finance, market risk, liquidity and asset management, and product development. During his tenure, La Via took part in the bank’s response to the Global Financial Crisis (GFC) and the subsequent European Sovereign Debt Crisis. He left the bank in 2012 to become director general of the Treasury in the Italian Ministry of Economy and Finance as the Italian government took on reform of the banking sector. He left the public sector in 2019 …

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Lessons Learned: Luis Jácome, Mercedes Cardona Jun 2025

Lessons Learned: Luis Jácome, Mercedes Cardona

Journal of Financial Crises

Luis Jácome was appointed president of the board of Ecuador’s central bank in 1998 by newly elected President Jamil Mahuad. He and other members of the board resigned in 1999 in protest against a number of crisis-intervention measures they saw as threatening the bank’s independence to set monetary policy. Since the 1970s, Ecuador’s economy had experienced a period of growth fueled by oil exports, but by the mid-1990s the economy was reeling from a series of shocks, among them: a sharp drop in the price of oil, the effects of severe flooding on the country’s agricultural production, and the cost …

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Lessons Learned: Benoît Cœuré, Mercedes Cardona Jun 2025

Lessons Learned: Benoît Cœuré, Mercedes Cardona

Journal of Financial Crises

Benoît Cœuré held several positions in the French Treasury in the years leading to the Global Financial Crisis (GFC). He was an economic adviser to the director general of the French Treasury from 1997–2002, deputy chief executive and chief executive of the French debt management office from 2002–2007, and assistant secretary for multilateral affairs, trade, and development from 2007–2009. He served as chief economist and deputy director general in 2009–2011. He joined the European Central Bank (ECB) during the European Sovereign debt Crisis and was responsible for market operations, market infrastructure supervision and European and international relations as a member …

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Lessons Learned: Miguel Carcaño, Mercedes Cardona Jun 2025

Lessons Learned: Miguel Carcaño, Mercedes Cardona

Journal of Financial Crises

During the Global Financial Crisis (GFC), Miguel Carcaño served as head of the Spanish Treasury’s Fund for Orderly Bank Restructuring, the authority in charge of managing the restructuring process of the country’s credit institutions. The fund, known today as the Spanish Executive Resolution Authority, is integrated into the European network led by the Single Resolution Board (SRB) of the European Union’s banking union. Carcaño has held a number of posts within the SRB and in 2022 became head of the Single Resolution Fund, the SRB’s emergency fund, which serves as backstop for institutions across the banking union’s 21 countries.

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Lessons Learned: Ignazio Angeloni, Mercedes Cardona Jun 2025

Lessons Learned: Ignazio Angeloni, Mercedes Cardona

Journal of Financial Crises

Ignazio Angeloni was an adviser on financial integration, financial stability, and monetary policy to the Executive Board of the European Central Bank during the European Sovereign Debt Crisis and later became director general of financial stability. He coordinated the preparations for establishing the Single Supervisory Mechanism (SSM), a component of the European banking union. The SSM was created to address macroprudential gaps identified during the Global Financial Crisis and the Sovereign Debt Crisis. Angeloni has advocated in his academic papers for completing the work of the SSM by establishing a regional deposit insurance scheme that would backstop the work of …

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Lessons Learned: Mark Branson, Mercedes Cardona Jun 2025

Lessons Learned: Mark Branson, Mercedes Cardona

Journal of Financial Crises

Mark Branson joined the Swiss Financial Market Supervisory Authority (FINMA) as head of the banking division in 2010, during the European Sovereign Debt Crisis. He became deputy director of FINMA in 2013 and was named director a year later. Although Switzerland is not a member of the European Union (EU) or its banking union, the nation participates in bilateral agreements that govern trade with the EU, its largest trading partner. In the wake of the Global Financial Crisis (GFC), it enacted a number of regulations to improve oversight of the financial sector. Branson left FINMA in 2021 to become head …

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How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina Jun 2025

How Us Bank Regulation Failed Svb And Its Supervisors, Greg Feldberg, Carey K. Mott, Jill Cetina

Journal of Financial Crises

It is well known that Silicon Valley Bank (SVB) failed in March 2023 because of a toxic combination of uninsured deposits and underwater securities. This article argues that the bank’s failure could have been avoided if SVB had been subject to two global standards established by the Basel Committee on Banking Supervision. First, the interest-rate risk in the banking book (IRR-BB) standard, never fully implemented in the United States, would have identified the bank’s extremely risky asset-liability management strategy and required remedial action 10 quarters before it failed. Second, the liquidity coverage ratio (LCR), from which US regulators had exempted …

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Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold Jun 2025

Emergency Liquidity Assistance And Monetary Financing In The European Union: A Case Study In Fiscal Cooperation?, Vincient Arnold

Journal of Financial Crises

In the European Union (EU), primary EU treaty law prohibits central banks from engaging in monetary financing, which includes lending to insolvent firms. This legal prohibition exists alongside, and in parallel to, various regulatory provisions of the Eurosystem. As a result, EU Member State central banks face unique legal limitations when acting in their roles as lenders of last resort, providing emergency liquidity assistance (ELA). In practice, European central banks—both members of the Eurosystem and not—lend to firms of questionable solvency with some frequency, often creatively employing fiscal guarantees to limit their balance sheet exposure and shift the lending risk …

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United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden Jun 2025

United States: Rhode Island Limited Bank Holiday, 1991, Ayodeji George, Sophia Alden

Journal of Financial Crises

In 1990, the Rhode Island Share and Deposit Indemnity Corporation (RISDIC) was a private mutual deposit insurance corporation funded by member institutions. Late that year, after the failures of two of its insured institutions in July and October, other RISDIC member institutions faced large depositor withdrawals, as concerns began to focus on the financial health of RISDIC itself. RISDIC had maintained inadequate reserves, and on December 31, 1990, it found itself lacking the resources to cover depositor withdrawals from member institutions. RISDIC leadership requested a state-appointed conservator, which meant that all its member institutions no longer had the deposit insurance …

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United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija Jun 2025

United States: Reserve Primary Fund Suspension, 2008, Anmol Makhija

Journal of Financial Crises

In 2008, the Reserve Primary Fund was the world’s third-largest money market fund with $62.5 billion in assets. Following Lehman Brothers’ bankruptcy filing on September 15, the Primary Fund’s $785 million position in Lehman debt securities was underwater, and the fund faced severe redemption pressures from investors. In just two days, redemption requests surpassed $40 billion. Owing to the fund’s inability to liquidate assets at or above par value in the frozen markets and the inability of its sponsor, the Reserve Management Company, Inc. (RMCI), to support investors, the Reserve announced on September 16 that the Primary Fund had “broken …

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India: Yes Bank Moratorium, 2020, Salil Gupta Jun 2025

India: Yes Bank Moratorium, 2020, Salil Gupta

Journal of Financial Crises

By December 2019, Yes Bank’s capital levels had dropped below the Reserve Bank of India’s (RBI) mandated threshold, as the bank was facing a combination of deposit withdrawals, losses from extraordinary credit provisions, and overexposure to stressed sectors. On March 5, 2020, India’s Ministry of Finance (MoF) and the RBI placed Yes Bank under a 30-day moratorium that restricted most banking functions and limited deposit withdrawals to INR 50,000 per person (USD 663). The purpose of this moratorium was to allow the RBI time to design a plan of reconstruction or amalgamation for Yes Bank to allow depositors limited access …

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United States: National Bank Holiday, 1933, Ayodeji George Jun 2025

United States: National Bank Holiday, 1933, Ayodeji George

Journal of Financial Crises

By mid-February 1933, the United States was in the depths of the Great Depression and the banking system faced sustained depositor runs and currency hoarding. On February 14, the governor of Michigan declared a holiday for all banks and trusts in the state. There followed a wave of declared bank holidays and bank runs across the country. The public withdrew $1.8 billion in gold and currency from banks in February and early March, with nearly two-thirds of those withdrawals occurring in the week ended Friday, March 3. By that date, 25 of 48 states had implemented bank holidays or restricted …

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Greece: National Bank Holiday, 2015, Stella Schaefer-Brown Jun 2025

Greece: National Bank Holiday, 2015, Stella Schaefer-Brown

Journal of Financial Crises

In December 2014, deposit outflows from Greek banks intensified owing to political uncertainty following the announcement of a snap presidential election and a subsequent crash of the Greek stock market. This led to a liquidity crisis in the first half of 2015. Intensifying political uncertainty, worsening liquidity, and volatility in the macroeconomic and financial markets environment peaked in the first half of 2015. The crisis was exacerbated by a February decision by the European Central Bank (ECB) that made it difficult for Greek banks to continue borrowing from its monetary policy-related liquidity programs. On June 28, 2015, the ECB announced …

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Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown Jun 2025

Cyprus: National Bank Holiday, 2013, Stella Schaefer-Brown

Journal of Financial Crises

The Greek government debt crisis was especially hard on the two largest Cypriot banks. Bank of Cyprus (BoC) and Laiki Bank lost EUR 1.8 billion and EUR 2.3 billion, respectively, on their Greek government bonds after the European Union (EU) decision in October 2011 to haircut the bonds. Over the next year, Laiki Bank faced severe liquidity problems from depositor withdrawals, the Central Bank of Cyprus (CBC) extended to it significant emergency liquidity assistance, and the government owned 84% of the bank after injecting EUR 1.8 billion. The Cypriot economy also suffered negative effects and in March 2013, authorities negotiated …

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Ecuador: National Bank Holiday, 1999, Bailey Decker Jun 2025

Ecuador: National Bank Holiday, 1999, Bailey Decker

Journal of Financial Crises

After a series of exogenous shocks hit Ecuador’s economy in 1997 and 1998, foreign creditors reduced external credit lines to the country, draining liquidity. The newly created Deposit Guarantee Agency (Agencia de Garantía de Depósitos, AGD) administered deposit insurance and a new blanket guarantee and had the authority to resolve failing banks. Despite these actions, bank runs continued. After depositors reportedly withdrew USD 400 million from banks over a two-week period, on Monday, March 8, 1999, one hour before banks were supposed to open, the bank superintendent declared a surprise bank holiday effective that day; banks reopened a week later …

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Argentina: National Bank Holidays, 2001, Owen Heaphy Jun 2025

Argentina: National Bank Holidays, 2001, Owen Heaphy

Journal of Financial Crises

Starting in 1991, Argentina operated a currency board regime under which the central bank guaranteed a one-to-one peg of the Argentine peso to the US dollar. But in 2001, markets became increasingly concerned that the central bank would be unable to maintain the peg and would allow the peso to devalue against the dollar. At that time, more than two-thirds of Argentine bank deposits were denominated in dollars. Throughout 2001, depositors withdrew funds from banks; by November, peso deposits had declined by more than one-third and dollar deposits had fallen by one-tenth. On November 28, 2001, the systemwide banking run …

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