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Finance and Financial Management Commons™

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2018

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Articles 391 - 420 of 420

Full-Text Articles in Finance and Financial Management

Impact Of Mortgage Characteristics On Retail Mortgage Transaction Completion Time, Kareem Atalla Tannous Jan 2018

Impact Of Mortgage Characteristics On Retail Mortgage Transaction Completion Time, Kareem Atalla Tannous

Walden Dissertations and Doctoral Studies

In the mortgage industry, many mortgage lenders cannot manage mortgage workflow systems while meeting and exceeding organizational objectives. Organizations with an above-industry average turnaround time (ATT) to complete a retail mortgage transaction (RMT) from origination to funding experience revenue losses. Grounded in the proposition that mortgage loan purpose (MLP), mortgage loan type (MLT), and subject property type (SPT) impact ATT to complete an RMT, the purpose of this causal-comparative study was to assess the impact of MLP, MLT, and SPT on ATT to complete an RMT. Using archival data records (N = 146) from a selected mortgage institution in the …

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Incorporating Stakeholder Input Into Financial Decision Making In California School Districts, Leann R. Nowlin Jan 2018

Incorporating Stakeholder Input Into Financial Decision Making In California School Districts, Leann R. Nowlin

Walden Dissertations and Doctoral Studies

As of June 2013, all California public school districts are required to incorporate stakeholder input into their operational goals and expenditures to increase stakeholder trust. Trust is a belief by one party in a transaction that the other party in the transaction will act in a way that is fair and in the interest of both parties. The problem is that no guidance or direction relative to the methods or extent to which stakeholder input should be gathered and incorporated was provided within the new regulations. Lawmakers and stakeholders had no insight into the effectiveness or level of school district …

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Leadership Strategies To Improve Employee Performance In The Insurance Industry, Momodou K. Sonko Jan 2018

Leadership Strategies To Improve Employee Performance In The Insurance Industry, Momodou K. Sonko

Walden Dissertations and Doctoral Studies

Lack of performance improvement strategies contributes to poor employee performance and increases the potential for business failure. Some insurance business leaders lack strategies to improve employee performance. The purpose of this case study was to explore strategies that successful insurance business leaders use to improve employee performance. The classical management and transformational leadership theories served as the conceptual frameworks for this study. Using a semistructured interview technique, 9 purposefully-selected insurance senior managers in Atlanta, Georgia were interviewed on how they successfully improved employee performance. Through open coding and thematic analysis, 4 themes emerged: goal setting and performance review; effective communication; …

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Strategies For Residential Real Estate Professionals To Mitigate Declining Sales, Raven Cornelius Jan 2018

Strategies For Residential Real Estate Professionals To Mitigate Declining Sales, Raven Cornelius

Walden Dissertations and Doctoral Studies

Real estate sales significantly declined during and after the 2008 mortgage crisis. In the United States, real estate sales dropped 35% after the mortgage crisis. Guided by the attention, interest, desire, and action (AIDA) model, the purpose of this multiple case study was to explore the strategies successful residential real estate organization managers use to mitigate sales decline in a postrecession environment. Three residential real estate organization managers in Southern Maryland and Northern Virginia participated in semistructured interviews. These participants are currently selling homes, worked in the real estate market before the 2008 mortgage crisis, and developed successful strategies to …

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Multifactor Capital Asset Pricing Model In The Jordanian Stock Market, Mohammad Kamel Elshqirat Jan 2018

Multifactor Capital Asset Pricing Model In The Jordanian Stock Market, Mohammad Kamel Elshqirat

Walden Dissertations and Doctoral Studies

A valid and accurate capital asset pricing model (CAPM) may help investors and mutual funds managers in determining expected returns and thus, may increase profits which can be reflected on the community resources. The problem is that the traditional CAPM does not accurately predict the expected rate of return. A more accurate model is needed to help investors in determining the intrinsic price of the financial asset they want to sell or buy. The purpose of this study was to examine the validity of the single-factor CAPM and then develop and test the validity of a multifactor CAPM in the …

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Strategies To Minimize Direct Care Worker Shortages, Eric Ik Iloabachie Jan 2018

Strategies To Minimize Direct Care Worker Shortages, Eric Ik Iloabachie

Walden Dissertations and Doctoral Studies

There is a worldwide shortage of direct care workers who help older adults in their own homes. The purpose of this multiple case study was to explore strategies that owners of home health care businesses can use to retain adequate direct care workers for their businesses. Five home care agency owners from Wake County, North Carolina, participated. Each owner had successfully implemented strategies to ensure adequate caregivers to sustain the business. Human relations theory was used to address the business problem. Data collection involved interviewing the 5 owners of home care agency businesses in their offices. Through a process of …

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Compliance Strategies To Reduce The Risks Of Money Laundering And Terrorist Financing, Cassandra Nottage Jan 2018

Compliance Strategies To Reduce The Risks Of Money Laundering And Terrorist Financing, Cassandra Nottage

Walden Dissertations and Doctoral Studies

Ineffective compliance programs expose banking and trust companies to increased risk of money laundering (ML) and terrorist financing (TF). Using risk management theory, the purpose of this multiple case study was to explore compliance strategies that Bahamian bank and trust company managers use to reduce ML/TF risks. Study participants comprised 7 senior risk and compliance managers experienced in risk strategy development and implementation. Semistructured interview data were triangulated with data collected from internal policy and procedural documents, publicly available papers of the Financial Action Task Force on Money Laundering (FATF), the Basel Committee on Banking Supervision (BCBS), and the Central …

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Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West Jan 2018

Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West

The Journal of Entrepreneurial Finance

Sarah Barnett has decided to go back to school to earn an MBA. For several years she has run a graphic design business. Sarah has unexpectedly been accepted into the MBA program with a scholarship a year earlier than she planned. Classes begin in two weeks and the school she is attending does not allow first year MBAs to work outside of the school curriculum. Sarah has decided to divest her business and now must consider several options to do so. She is most concerned about making sure her customers continue to receive outstanding service, and secondarily concerned about selling …

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Scarcity In The Twenty-First Century: How The Resource Nexus Affects Management, Simon J. D. Schillebeeckx, Mark Workman, Charles Dean Jan 2018

Scarcity In The Twenty-First Century: How The Resource Nexus Affects Management, Simon J. D. Schillebeeckx, Mark Workman, Charles Dean

Research Collection Lee Kong Chian School Of Business

Since theadvent of the 21st century and especially since the food andfinancial crisis in 2008, concerns about natural resource availability haveresurfaced. While scarcity concerns date back hundreds of years and arefoundational to economics, how scarcity is interpreted or framed has evolved significantlyin the last two centuries. In this chapter, we recount the evolving scarcity discourseand specifically address the most recent iteration that centres on the idea ofa resource nexus. While significant attention to the nexus has been paid bypolicy-makers and scholars interested in especially water, management scholarshave so far remained absent from these debates. Given recent calls to address grand …

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Big-Box Stores And Urban Land Prices: Friend Or Foe?, Barrett A. Slade Jan 2018

Big-Box Stores And Urban Land Prices: Friend Or Foe?, Barrett A. Slade

Faculty Publications

This study examined the effect of a new Walmart store on nearby U.S. urban land prices and found that, within one quarter mile of a new Walmart store locale, land prices increased by almost 39% over the four-year development time period. Supercenters and commercial land sales were instrumental in driving the positive price effects. Robustness tests found a positive land price effect with other big-box stores, suggesting that the land price effect was not limited to Walmart stores, but in fact, was a big-box store effect.

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Private Equity Indices Based On Secondary Market Transactions, Brian Boyer, Taylor D. Nadauld, Keith Vorkink, Michael S. Weisbach Jan 2018

Private Equity Indices Based On Secondary Market Transactions, Brian Boyer, Taylor D. Nadauld, Keith Vorkink, Michael S. Weisbach

Faculty Publications

Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund’s final distribution. We propose a new approach to evaluating performance using actual prices paid for limited partner shares of funds in secondary markets. We construct indices of buyout and venture capital performance using a proprietary database of secondary market prices between 2006 and 2017. These transaction-based indices exhibit significantly higher betas and volatilities, and lower alphas than NAV-based indices built from Preqin and obtained from Burgiss. There are a number …

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Monthly Payment Targeting And The Demand For Maturity, Bronson Argyle, Taylor Nadauld, Christopher Palmer Jan 2018

Monthly Payment Targeting And The Demand For Maturity, Bronson Argyle, Taylor Nadauld, Christopher Palmer

Faculty Publications

We provide evidence of mental accounting in the market for consumer installment debt and argue that increases in credit supply have been an important contributor in the recent rise in auto debt through a demand-for-maturity channel. Since the Great Recession, auto debt has grown faster than any other category of U.S. consumer credit and now eclipses credit cards in total debt outstanding. Simultaneously, auto-loan maturities have increased such that more than half of 2016 auto-loan originations had a term of over 65 months. We document three phenomena we jointly refer to as monthly payment targeting using data from millions of …

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The Capitalization Of Consumer Financing Into Durable Goods Prices, Bronson Argyle, Taylor Nadauld, Christopher Palmer, Ryan Pratt Jan 2018

The Capitalization Of Consumer Financing Into Durable Goods Prices, Bronson Argyle, Taylor Nadauld, Christopher Palmer, Ryan Pratt

Faculty Publications

Using loan-level data on millions of used-car transactions across hundreds of lenders, we study the consumer response to exogenous variation in credit terms. Borrowers offered shorter maturity decrease expenditures enough to o set 60-90% of the monthly payment increase. Most of this is driven by shifting toward lower quality cars, but affected borrowers are able to o set 20-30% of a monthly payment shock by negotiating lower prices for equivalent cars. Our results suggest that durable goods prices adjust to reflect credit terms even at the individual level, with one year of additional loan maturity increasing a given car’s price …

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Behavioral Household Finance, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian Jan 2018

Behavioral Household Finance, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

This chapter provides an overview of household finance. The first part summarizes key facts regarding household financial behavior, emphasizing empirical regularities that are inconsistent with the standard classical economic model and discussing extensions of the classical model and explanations grounded in behavioral economics that can account for the observed patterns. This part covers five topics: consumption and savings, borrowing, payments, asset allocation, and insurance. The second part addresses interventions that firms, governments, and other parties deploy to shape household financial outcomes: education and information, peer effects and social influence, product design, advice and disclosure, choice architecture, and interventions that directly …

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Neighborhood Effects On Speculative Behavior, Todd Mitton, Keith Vorkink, Ian Wright Jan 2018

Neighborhood Effects On Speculative Behavior, Todd Mitton, Keith Vorkink, Ian Wright

Faculty Publications

Speculative behavior plays a key role in numerous markets, but little is known about its causes. We test for neighborhood effects on speculative behavior using daily lottery sales data from 20 states in the U.S. In a sample of 160,000 retailers, lottery sales in a census block increase by $0.26, on average, for each $1 increase in neighboring blocks. We test whether this correlation is attributable to contextual effects, correlated effects, or endogenous effects. Our analysis suggests that social interaction is an important cause of speculative behavior.

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Get In Line: Chapter 11 Restructuring In Crowded Bankruptcy Courts, Benjamin Iverson Jan 2018

Get In Line: Chapter 11 Restructuring In Crowded Bankruptcy Courts, Benjamin Iverson

Faculty Publications

Bankruptcy costs depend not only on the laws that govern financial distress but also on the ability of the court to rehabilitate distressed firms. This paper tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. Using the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act as an exogenous shock to caseloads, I find that commercial banks report lower charge-offs on business lending when court caseloads decline, suggesting that the costs of financial distress are lower in less-congested courts. Further, court caseload affects how restructuring takes place. Less-busy bankruptcy judges liquidate fewer small …

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Trade Creditors' Information Advantage, Victoria Ivashina, Benjamin Iverson Jan 2018

Trade Creditors' Information Advantage, Victoria Ivashina, Benjamin Iverson

Faculty Publications

Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors’ decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these creditors sell ahead of less informed suppliers and other creditors. This result is especially pronounced for more opaque distressed firms, when trade creditors’ information advantage is likely largest. This evidence shows that suppliers that extend significant amounts of trade credit hold private information about their trade partners. Trade creditors who are geographically closer or in similar industries …

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Potential Vs. Realized Savings Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian Jan 2018

Potential Vs. Realized Savings Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

Employer adoption of automatic enrollment can dramatically increase retirement savings plan participation. However, many savings plan participants withdraw some, or even all, of their accumulated balances prior to reaching retirement. The extent to which individuals’ preretirement withdrawal decisions, sometimes months or even years after they have been automatically enrolled, offset the increased savings induced by automatic enrollment is an open question. We explore this issue by studying the evolution of retirement savings outcomes over time for the employees at a large firm that introduced automatic enrollment in 2005. Comparing employees hired in the 12 months after the introduction of automatic …

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Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West Jan 2018

Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West

Faculty Publications

Sarah Barnett has decided to go back to school to earn an MBA. For several years she has run a graphic design business. Sarah has unexpectedly been accepted into the MBA program with a scholarship a year earlier than she planned. Classes begin in two weeks and the school she is attending does not allow first year MBAs to work outside of the school curriculum. Sarah has decided to divest her business and now must consider several options to do so. She is most concerned about making sure her customers continue to receive outstanding service, and secondarily concerned about selling …

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Public Ownership And The Local Economy, Jess Cornaggia, Matthew Gustafson, Jason Kotter, Kevin Pisciotta Jan 2018

Public Ownership And The Local Economy, Jess Cornaggia, Matthew Gustafson, Jason Kotter, Kevin Pisciotta

Faculty Publications

We provide evidence that a firm’s transition from private to public ownership stunts local economic growth, especially in less populated and poorer areas. After accounting for endogeneity in the ownership decision, areas hosting companies that go public experience muted growth in employment, establishments, population, and wages, relative to areas where firms file to go public and remain private. Establishment-level analyses reveal that transitioning to public ownership causes firms to geographically diversify their establishments and employee base. These findings are consistent with public ownership reducing a firm’s reliance on local agglomeration economies, to the detriment of the local community.

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Credit Supply And The Rise In College Tuition: Evidence From The Expansion In Federal Student Aid Programs, David O. Lucca, Taylor Nadauld, Karen Shen Jan 2018

Credit Supply And The Rise In College Tuition: Evidence From The Expansion In Federal Student Aid Programs, David O. Lucca, Taylor Nadauld, Karen Shen

Faculty Publications

We study the link between the student credit expansion of the past 15 years and the contemporaneous rise in college tuition. To disentangle simultaneity issues, we analyze the effects of increases in federal student loan caps using detailed student-level financial data. We find a pass-through effect on tuition of changes in subsidized loan maximums of about 60 cents on the dollar and of about 20 cents on the dollar for unsubsidized federal loans. The effect is most pronounced for more expensive degrees and degrees offered by for-profit and 2-year institutions.

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The Contributors, Marites Tiongco Jan 2018

The Contributors, Marites Tiongco

DLSU Business & Economics Review

No abstract provided.

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Is A Regional Credit Rating Agency For The Asean Feasible?, Tereso S. Tullao Jr, Christopher James R. Cabuay,, Daniel S. Hofileña Jan 2018

Is A Regional Credit Rating Agency For The Asean Feasible?, Tereso S. Tullao Jr, Christopher James R. Cabuay,, Daniel S. Hofileña

DLSU Business & Economics Review

In the spirit of deepening the bond markets of the ASEAN+3 region, as well as addressing the inadequacies put forth by the underrating of bonds by global credit rating agencies (GCRAs) and their lack of recognition of domestic CRAs’ (DCRAs) ratings, we look into the feasibility of a regional CRA (RCRA). Establishing an RCRA is faced with hurdles related to institutional and reputational constraints, mechanisms of information exchange, compatibility of financial reports, operational limitations, governance structure, and regulatory frameworks. In this light, we provide a brief discussion on potential alternatives such as the credit ratings initiative of the National University …

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Ownership Structure And Stock Return Asymmetries In Asean-5 Stock Markets: A Firm-Level Analysis, Sorasart Sukcharoensin, Pariyada Sukcharoensin Jan 2018

Ownership Structure And Stock Return Asymmetries In Asean-5 Stock Markets: A Firm-Level Analysis, Sorasart Sukcharoensin, Pariyada Sukcharoensin

DLSU Business & Economics Review

This paper explores the relationship between ownership structure and the skewness in the stock return distribution among ASEAN-5 equity markets, including Indonesia, Malaysia, the Philippines, Singapore, and Thailand during 2007–2015. This study adds to the existing literatures that ownership structure can explain skewness of the stock returns. The empirical results reveal that stock returns in ASEAN-5 markets present asymmetric distribution. Further, by employing firm-level data, the results show that ownership structure, cumulative daily stock returns, firm size, and market-to-book ratio significantly affect future skewness of the stock returns.

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Regime-Switching Business Cycle Synchronization In The Asean, Yuthana Sethapramote, Athakrit Thepmongkol Jan 2018

Regime-Switching Business Cycle Synchronization In The Asean, Yuthana Sethapramote, Athakrit Thepmongkol

DLSU Business & Economics Review

This paper investigates patterns of business cycle synchronization and analyzes the underlying common factors in six ASEAN countries, that is, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Two important findings result. First, according to resulting regime probabilities calculated from the Markov-switching model, Singapore is not synchronized with other ASEAN members, while Indonesia, Malaysia, and the Philippines are highly correlated. Second, according to the principal component analysis, we find that the world’s import value growth, the output growth of China, and the capital flow of Singapore are most likely to account for 88% of variation in probabilities of the ASEAN …

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Compliance Theory: A Case Study Approach In Understanding Organizational Commitment, Nelson J. Celis Jan 2018

Compliance Theory: A Case Study Approach In Understanding Organizational Commitment, Nelson J. Celis

DLSU Business & Economics Review

The Electronic Commerce (e-Commerce) Act of 2000 or Republic Act (RA) No. 8792 mandates all government agencies to transact business and perform government functions using electronic documents within two years from the date of its effectivity in June 2000. Unfortunately, only a handful of government agencies were ready to implement the said law in the year 2002 despite the availability of applicable information technology (IT) resources and appropriated budget. After 17 years, there is considerable improvement in the compliance with the said law, though there are still non-compliances of government offices that could not manage to be at par with …

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Predictors Of Humanistic Sustainability Hrm Practices, Ana Liza Asis-Castro, Divina M. Edralin Jan 2018

Predictors Of Humanistic Sustainability Hrm Practices, Ana Liza Asis-Castro, Divina M. Edralin

DLSU Business & Economics Review

We determined and compared the degree of implementation of humanistic sustainability human resource management (HRM) practices. We analyzed which among the firm demographics, such as the number of years of operation, size, and type of ownership, is its significant predictor. Based on the Motivations of Humanistic “Sustain Ability” framework where the HRM practices were rooted, we used the descriptive, correlational, and causal research designs to analyze the 137 samples responses of various companies who participated in the survey. Our results showed that Philippine companies were moderately implementing humanistic sustainability HRM practices. It also indicated that those that were registered as …

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Analysis Of Food Demand Elasticity Of Rice For The Poor In Aceh, Indonesia: An Almost Ideal Demand System Approach, -- Suriani, Diana Sapha A.H, Cut Zakia Rizki Jan 2018

Analysis Of Food Demand Elasticity Of Rice For The Poor In Aceh, Indonesia: An Almost Ideal Demand System Approach, -- Suriani, Diana Sapha A.H, Cut Zakia Rizki

DLSU Business & Economics Review

The purpose of this study is to empirically explore the effect of rice for the poor (Raskin) or subsidized rice consumption on the food demands elasticity of poor households. The study utilizes the primary data collected in 2015 based on the purposive sampling method for establishing the homogeneity characteristics of Raskin beneficiary’s households. An Almost Ideal Demand System approach is adopted to measure the proportion of food commodities expenditure of the poor and the demand elasticity as well as their responses to the income elasticity. Additionally, the correlation analysis is utilized to investigate the relationship between the selected socioeconomic variables …

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Do Nonparametric Measures Of Extreme Equity Risk Change The Parametric Ordinal Ranking? Evidence From Asia, Robert J. Powell, Duc H. Vo., Thach N. Pham Jan 2018

Do Nonparametric Measures Of Extreme Equity Risk Change The Parametric Ordinal Ranking? Evidence From Asia, Robert J. Powell, Duc H. Vo., Thach N. Pham

Research outputs 2014 to 2021

There has been much discussion in the literature about how central measures of equity risk such as standard deviation fail to account for extreme tail risk of equities. Similarly, parametric measures of value at risk (VaR) may also fail to account for extreme risk as they assume a normal distribution which is often not the case in practice. Nonparametric measures of extreme risk such as nonparametric VaR and conditional value at risk (CVaR) have often been found to overcome this problem by measuring actual tail risk without applying any predetermined assumptions. However, this article argues that it is not just …

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Singapore Approach To Develop And Regulate Fintech, Sai Fan Pei Jan 2018

Singapore Approach To Develop And Regulate Fintech, Sai Fan Pei

Research Collection Lee Kong Chian School Of Business

This paper starts with a brief introduction of the recent organizational support established by The Monetary Authority of Singapore (MAS) to promote the fast developing FinTech (financial technology) sector. Basing on its existing “balanced” approach in promoting financial development and ensuring a safe and sound financial sector, and in sync with its objective to harness technology to improve the efficiency of the financial markets, the paper elaborates on the insights of MAS' policy intent in regulating the FinTech sector. The paper then focuses on MAS' proposed “Regulatory Sandbox” – an innovative regulatory framework which helps to strike a good balance …

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