Finance and Financial Management Commons^™

Uruguayan Non-Performing Portfolio Purchase Scheme, Sean Fulmer

Journal of Financial Crises

As the Latin American sovereign debt crisis spread through the continent during the early 1980s, foreign investors began to abandon Uruguay out of fear that it would devalue its currency like Argentina did in March 1981. Five small- to medium-sized commercial banks in Uruguay faced solvency crises as a result. Although the Central Bank of Uruguay (CBU) decided that a full, direct intervention into the failed banks was not necessary due to their size, the CBU arranged for the sale of the banks to foreign financial institutions, while assuming the non-performing portfolios of the failed banks to facilitate the transaction. …

Spain: Deposit Guarantee Fund Asset Management, Manuel León Hoyos

Journal of Financial Crises

The global oil shock in 1973-74 occurred at a time when Spain was embarking on a liberalization of its financial system that resulted in many new entrants, particularly small- and medium-sized institutions. The banking crisis that followed from 1977-85 affected 52 of the country’s 110 banks, most of them of small- and medium-sized, that comprised over 20% of bank deposits. Spain established the Deposit Guarantee Fund in November 1977 to provide limited deposit insurance, and, in March 1978, established a Banking Corporation to take control of and reorganize troubled banks. However, because the Banking Corporation lacked the legal authority to …

Broad-Based Asset Management Programs, Christian M. Mcnamara, Greg Feldberg, Mallory Dreyer, Andrew Metrick

Journal of Financial Crises

Dealing with high levels of nonperforming assets (NPAs) on bank balance sheets is one of the most challenging aspects of financial crisis management. High levels of NPAs can interfere with both bank profitability and general economic growth by increasing uncertainty about bank solvency and therefore funding costs, tying up resources and attention, and inhibiting new lending. One potential solution to the NPA problem is a centralized, government-driven effort to remove these assets from troubled institutions and then manage and sell them. Though such broad-based asset management (BBAM) programs existed even earlier in history, they appear to have become more common …

أثر القدرة على استقطاب مختلف أشكال التمويل على ريادة المشروعات الصغيرة, زياد جلال الدماغ استاذ مساعد

Journal of Al-Azhar University – Gaza (Humanities)

الملخص:

يسعى البحث إلى دراسة أثر القدرة على استقطاب مختلف أشكال التمويل على ريادة المشروعات الصغيرة، وقد استخدم الباحث المنهج الوصفي التحليلي في إجراء البحث، وتم تطبيق الاستبانة كأداة لجمع المعلومات على عينة عشوائية مكونة من (128) مفردة موزعة على ملاك المشروعات الصغيرة، وقد توصل الباحث إلى نتائج وتوصيات من أهمها : ضرورة العمل على توجيه رواد الأعمال نحو بناء التنظيمي السليم للمشروع، وتأهيل وتدريب الموارد البشرية في التعامل مع أساليب التكنولوجيا بهدف توظيفهم في الأساليب التمويل التقنية الحديثة مثل حاضنات الأعمال ومنصات التمويل الجماعي، وتعزيز التوصل والتشبيك مع المؤسسات المانحة من أجل الحصول على التمويل اللازم، وتيسير ضمانات الممولين …

Ten Years Of Jurnal Akuntansi Dan Keuangan Indonesia: A Bibliometric Study, Irman Firmansyah

Jurnal Akuntansi dan Keuangan Indonesia

This study aims to map articles in the Jurnal Akuntansi dan Keuangan Indonesia (JAKI) published by the Faculty of Economics and Business, Universitas Indonesia, for ten years (2011 to 2020). This study deployed a bibliometric analysis as an investigative method. The data were analyzed with R biblioshiny analytical framework. The findings revealed that JAKI was considerably consistent in publishing articles every period. JAKI publishes six articles each number and two publication numbers annually. In particular, there were 120 articles gained from 2011 to 2020. Based on the analysed articles, the most frequently emerging word from unigrams was …

The Impact Of Management Control On Public Sector Organizations In Indonesia, Reny Maharani

Jurnal Akuntansi dan Keuangan Indonesia

Using motivation crowding and self-determination theories, this study examines the relationship between elements of management control, intrinsic and extrinsic motivation, and the performance of public sector organizations in Indonesia. We used the Structural Equation Model (SEM) with a survey method on 187 employees of district/city governments in Indonesia to see if results, action, personnel, and cultural controls have an effect on employee motivation. Our study provides empirical evidence that motivation is influenced not only by results control, but also by other control elements such as action control and personnel control. This study also provides empirical evidence that intrinsic and extrinsic …

The Digital Banking Profitability Challenges: Are They Different Between Conventional And Islamic Banks?, Patria Yunita

Jurnal Akuntansi dan Keuangan Indonesia

This study aims to analyze the digital banking industry in uncertain global financial conditions. This analysis used binary logistic regression models, to predict the Indonesia commercial digital banking profitability performances in new normal life based on the analysis of digital banking performances in the second wave of global financial crisis 2017. The probability of bank profitability improvement as dependent variable. The Liquidity Risk, Bank Size, Bank Portfolio Risk, and E-Money transactions as independent variables. Fintech and Bank Type are used as control variables. The analysis period is 2015-2019, based on the time when the rapid progress of digital banking technology …

Do Sharia And Non-Sharia Listing Securities Investors Respond Differently To Tax Avoidance?, Puspita Ghaniy Anggraini, Putri Werdina Ciptaning Ayu, Arfah Habib Saragih, Muhammad Try Dharsana

Jurnal Akuntansi dan Keuangan Indonesia

This study empirically tests the behavior of Sharia and non-Sharia securities investors towards corporate tax avoidance. If Sharia securities investors make investment decisions considering Sharia principles, corporate tax avoidance should be viewed as a bad practice which is contradictory to Sharia principles and it is intolerable for this type of investors. Using companies from the financial industry for the period of 2007-2018, the final sample comprises 378 observations for Sharia securities and 167 observations for non-Sharia securities. This secondary data research is conducted by applying moderated regression analysis to test the hypothesis. This study finds that the market responses regarding …

مبادئ الحوكمة وعلاقتها بتحقيق التنمية الاجتماعية المستدامة في منظمات العمل التنموي بقطاع غزة, حسن السعدوني استاذ مساعد, اياد عبد الجواد الدريملي

Journal of Al-Azhar University – Gaza (Humanities)

الملخص:

هدفت الدراسة إلى إبراز علاقة تطبيق مبادئ الحوكمة على تحقيق التنمية الاجتماعية المستدامة، من وجهة نظر العاملين في منظمات العمل التنموي الأهلي في قطاع غزة. وقد استخدمت الدراسة المنهج الوصفي التحليلي لتحقيق اهداف الدراسة، وتم الاعتماد على أداة الاستبانة، حيث تم توزيع 150 استبانة على كل من الإدارة العليا والوسطى داخل المنظمات الاهلية العاملة في المجال التنموي، وقد تم استرداد 122 استبانة استخدمت لأغراض التحليل.

وقد توصلت الدراسة إلى مجموعة من النتائج منها: وجود علاقة ارتباط إيجابية قوية بين الحوكمة، والتنمية الاجتماعية المستدامة في المنظمات الأهلية العاملة في المجال التنموي بقطاع غزة، كما أظهرت النتائج أن أكثر ابعاد الحوكمة …

Blaine Amendments And The Judiciary: An Analysis Of Government Aid To Religious Schools, Dustin A. Robinson

USF Tampa Graduate Theses and Dissertations

First introduced in 1875, Blaine Amendments restrict private, parochial schools from utilizing publicly acquired funds. While the federally proposed Blaine Amendment died on the Senate floor, 37 states have adopted constitutional language that limits and/or bars religious schools from receiving public funds. Fraught with bigotry and labeled as discriminatory, such measures have not gone without challenge and the judicial system has delivered numerous decisions on funding public and private schools. However, jurisprudence reveals significant shifts in court decisions over time. Through analysis of Supreme Court cases from Everson v. Board of Education (1947) to Espinoza v. Montana (2020), this work …

Trading The Days Vs. Days Of Trading: An Empirical Literature Survey On Calendar Anomalies Across Markets, Mariam Ashraf Kiryakos

Theses and Dissertations

This thesis provides a comprehensive theoretical and empirical review of over five decades of research on two of the most examined calendar anomalies: the day-of-the-week and weekend effect. The expansive literature is classified into five different phases to demonstrate and review the evolution of research on these two seasonal anomalies. It also reconciles empirically the seemingly contradicting evidence documented by prior studies by adopting the lens of Adaptive Market Hypothesis (AMH) and conducting a cross-market analysis on the two calendar anomalies using the headline stock market indices of the ten largest economies by GDP as of 2019. The main methodology …

Learning In Serial Mergers: Evidence From A Global Sample, Vivek K. Pandey, Ninon K. Sutton, Tanja Steigner

Accounting, Finance, Information Systems, and Business-Law Faculty Publications and Presentations

Do frequent acquirers learn from their experience in serial mergers? A recent stream of literature has proposed that the generally observed declining investor response (CARs) to successive acquisitions by frequent acquirers may be evidence of learning, rather than the result of commonly attributed causes such as managerial hubris or empire-building. We examine the learning hypothesis on a global scale, using a sample of 13,326 publicly listed acquiring firms representing 72 nations conducting 27,305 acquisitions over the period 1984 through 2014. Our results provide evidence of acquirer learning on a global scale in the valuation of private targets. In contrast, we …

Should Synergy Alone Be Accepted As Justification For Premia Paid In M&A?, Sebastian Araguas

University Honors Theses

Synergy is often used by management as justification to pay, and oftentimes overpay, for acquisitions. This paper explores the phenomenon of synergy being used as justification for overpayment in various M&A transactions, and the impact it has on value for shareholders. Current methods of valuation are compiled, summarized, and examined for potential areas of conflict, challenges with post merger integration are explored, and real world examples of improper integration and overpayment are examined. We find that the current methods of valuation leave room for error based on hubris and personal interest, that the realization of synergy is often much more …

Business-Finance Pac Minutes June 15,2021, Meghan Jennings

PAC Minutes

No abstract provided.

Professional Financial Services Pac Minutes- June 15,2021, Meghan Jennings

PAC Minutes

No abstract provided.

An Examination Of The Determinants Of Optimal Corporate Credit Hegde: Perspectives From Firms Listed In Djia30 And Nasdaq100, Dina Rofael

Theses and Dissertations

Raising number of corporate defaults could threaten the financial stability, thus modelling credit risk is a key ingredient of financial stability analysis. This paper tries to answer a specific question regarding the drivers of this risk: idiosyncratic risk (industry-specific or firm-specific) and/or systematic risk (macro-economic specific). As a first step, the paper estimates the optimal hedge ratio based on the interest coverage ratio, that acts as a measure for the probability of default. Against this background, the paper applies one of the fundamental-based models of credit risk, known as hybrid model after estimating the proposed indicator variable. The suggested model …

Stock Market Manipulation Detection Using Continuous Wavelet Transform & Machine Learning Classification, Sarah Youssef

Theses and Dissertations

Stock market manipulation detection is important for both investors and regulators. Being able to detect stock manipulation and preventing it gives investors the confidence in the market fairness and integrity. It also helps maintaining liquidity of the stocks and market efficiency. Implementing data mining algorithms in manipulation detection is a relatively recent technique but in the past few years there has been an increasing interest in it's applications in this domain. The benefit of monitoring manipulative trade behavior is that it can be implemented on live feed of stock data, which saves a lot of time in detecting stock price …

An Intelligent Market Cycle Detection System, Michael Azer

Theses and Dissertations

The detection of stock market cycles has attracted the attention of finance scholars and market practitioners. Accurately identifying the direction of a market can significantly increase the returns of investors. Despite this importance, conventional methodologies in the literature have predominantly attempted to evaluate the effect of subsets of factors as precedents to stock market cycles and with little agreement on what constitutes critical factors. There seems to be a lack in the literature for a comprehensive study that examines a multitude of factors at the same time on the S&P500 as the laboratory. Factors are categorized into: political events, economic …

Overview Of Hybrid Financial Instruments And Investment Leverage Enablers For Cultural Heritage Adaptive Reuse, Tracy Pickerill

Articles

Cultural heritage adaptive reuse investment strategies involve long-term, sometimes perpetual, investment horizons, which necessitate the integration of sustainable funding mechanisms. In order to achieve participatory circular human prosperity, the sustainable finance movement must re-evaluate investment leverage approaches including value creation models, the design of hybrid financial instruments, analytical decision-making frameworks,collaborative social enterprise structures, impact performance metrics and evolving mindsets.

In the context of this overview of financial and non-financial instruments, cultural heritage adaptive reuse activities include:

• Adaptive reuse of cultural built heritage structures

• Energy retrofit of cultural built heritage structures

• Protection and management of natural eco-systems;

• …

Corporate Governance And Disclosure: Purpose, Scope, And Limitations, Wm Dennis Huber, James A. Digabriele

Department of Accounting and Finance Faculty Scholarship and Creative Works

Corporate governance has been the subject of dozens, if not hundreds, of books and articles in legal, accounting, finance, and economic literature since at least 1932. Disclosure has also been the subject of dozens, if not hundreds, of books and articles in legal, accounting, finance, and economic literature, but interest in the subject is a more recent phenomenon. It is important therefore to understand the purpose, scope, limitations, and meaning of corporate governance. It is equally important to understand the purpose, scope, and limitations of the effective transparency of information, i.e., disclosure, for publicly listed companies, including what information is …

Corporate Social Responsibility And Information Flow, Gary Chen, Bin Wang, Xiaohong Wang

Finance Faculty Research and Publications

We find that a firm's greater commitment to corporate social responsibility (CSR) increases firm- specific information incorporated into stock prices. We further show that information searches increase around major disclosure events for firms that are more socially responsible, as observed through requests for newly released annual (10-K) filings on EDGAR and company ticker searches on Google around earnings announcements. Using alternative empirical specifications, we establish a robust and positive relation between CSR and stock price informativeness. Our results are consistent with the ethical and reputational view that a commitment to CSR encourages information acquisition and facilitates information flow into stock …

The Pricing Of Initial Public Offering And Market Efficiency, Chiyachantana N. Chiraphol

Research Collection Lee Kong Chian School Of Business

This study investigates long-run performance of Thai initial public offerings (IPOs). To examine the longrun performance of Thai IPOs, we compute buy-and-hold abnormal returns and cumulative abnormal returns for two years after the IPOs. We find strong evidence of long run underpricing in Thai market. Specifically, the average buy-and-hold abnormal returns and cumulative abnormal returns are 64.5% and 18.4% respectively. However, our multi-variate analysis does not indicate a strong relation between long-run underperformance and firm-specific factors, such as firm size, firm age, investment banker reputation and firm profitability.

Analyst Teams, Bingxu Fang, Ole-Kristian Hope

Research Collection School Of Accountancy

This paper examines the impact of teamwork on sell-side analysts’ performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most prior research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued by teams. Analyst teams also cover more firms, issue earnings forecasts more frequently, and issue less stale forecasts. Analysts working in teams are more likely to be …

On Financial Quotient: Theory And Empirical Analysis, Gang Sun

Dissertations and Theses Collection (Open Access)

Financial Quotient (FQ) has become a common topic of concern in the global academic, business and social communities, but at this stage, academic research on FQ and its education are still immature, theoretical depth and empirical support basis are shortage, and influence factors of FQ and the degree of influence of each factor have not been systematically studied. Therefore, there is a large gap between research and practice.

The purpose of this Paper is to construct a set of scientific and reasonable FQ index for individuals, to find factors that can influence or predict personal financial quotient (PFQ), and to …

Essays On Green Finance, Elsa Allman

Dissertations, Theses, and Capstone Projects

Chapter 1: Pricing Climate Change Risk in Corporate Bonds

Using a firm’s geographic footprint to measure its exposure to sea level rise (SLR), I find that corporate bonds bear a climate risk premium upon issuance. A one standard deviation increase in firms’ SLR exposure is associated with a 7 basis point premium, representing a 3% increase in average yield spread. This effect is more pronounced for geographically concentrated firms, within industries vulnerable to extreme weather conditions, and after the Paris Agreement. I do not find evidence that credit rating agencies account for SLR exposure at bond issuance. Results are robust …

Essays On Behavioral Finance And Household Finance, Chih-Ching Hung

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that span behavioral and household finance. Chapter 1 is the introduction. Chapter 2 to 4 are the main content. Lastly, chapter 5 concludes.

Chapter 2: I show that daily aggregate retail attention to firms (ARA) strongly and negatively predicts the one-week ahead market returns, whereas aggregate institutional attention (AIA) positively predicts market returns around scheduled major news announcements. Results are robust in out-of-sample tests and the effect of ARA is causal. The patterns are consistent with attention-induced retail buying which generates a transitory price pressure that quickly reverts and an increased institutional attention preceding …

Cross-Sectional Variation Of Stock Options Behavior, Meng Tian

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that examine the cross-sectional behaviors of option implied volatility skew and option risk premiums/returns as well as their term structures, using the structural factor model approach as well as the machine learning techniques.

Chapter 1: The introduction discusses the motivation of this dissertation, interlinks and the main findings of the three chapters.

Chapter 2: The slope of the option implied volatility plot against the strike reflects the risk-neutral skewness of the underlying security's conditional return distribution. We identify two principal risk sources that contribute to the cross-sectional variation of individual stock options' implied volatility …

Essays On How Cultural Factors Affect The Sentiment And Behavior Of Financial Market Participants, Runze Wu

Dissertations, Theses, and Capstone Projects

The aim of this dissertation is to explore how cultural factors influence the sentiment and behavior of financial market participants. This dissertation consists of three chapters that encompass sports events, cultural dimensions, institutional investors, financial analysts, and earnings announcements. Chapter 1 is the introduction, Chapter 2 to 4 are the main content, and Chapter 5 concludes.

In Chapter 2, I construct the Sports Mood Index (SMI) of 49 metropolitan areas in USA and Canada based on the performance of Big 4 professional sports teams and build the firm-level SMI based on institutional investors’ holdings as a proxy for investors’ mood. …

Essays On Investor Sentiment, Media, And Trading, Changyun Zhou

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that span investor sentiment, media and trading.

Chapter 1: I introduce a direct cross-border sentiment measure of foreign investors and find such foreign sentiment generates significant economic effects on market-level prices. It predicts significant return reversals in the destination markets both in-sample and out-of-sample. This foreign sentiment is unique and distinct from local sentiments in either origin or destination markets. Instrumental-variable and event-based analyses support a large causal effect of cross-border sentiment with, e.g., a multiplier of 4-5. Capital flows contain an important foreign sentiment component, and a residual component positively predicting returns. …

Central Counterparty Exposure In Stressed Markets, Wenqian Huang, Albert J. Menkveld, Shihao Yu

Research Collection Lee Kong Chian School Of Business

Time is valuable, particularly in stressed markets. Because central counterparties (CCPs) have become systemically important, we need to understand the dynamics of their exposure toward clearing members at high frequencies. We track such exposure and decompose it, yielding the following insights. The composition of CCP exposure is fundamentally different in the tails. At extreme levels or during rapid increases, there is elevated crowding. This is the result of clearing members all concentrating their positions on a single security or a particular portfolio, which is desirable if motivated by hedging but worrying if due to speculation.