Finance and Financial Management Commons^™

Capital Structure In The Family Firm: Exploring The Relationship Between Financial Sources And Family Dynamics, Diego G. Velez

Doctor of Business Administration Dissertations

How a company structures its capital greatly affects its strategic options and its strategic decisions according to contemporary thinking. However, while there is ample literature on how publicly held companies’ capital should be structured, less is known about private companies. Additionally, one or more members of a single family typically own the majority of private companies, and unlike public companies, family dynamics influence these firms’ non-financial and financial goals and strategic decisions. This overlap of family dynamics into the business arena complicates conventional approaches or at least makes conventional approaches more difficult to apply.

This dissertation focuses on privately held, …

The World Of Finance In Russia, Matthew Thomas

Honors Theses

Russia is currently in an economic crisis the likes of which the Russian people are unfortunately familiar with in their turbulent past. Economic sanctions, paired with a global downturn in oil prices, have stalled any progress that had been occurring after the 2008 global economic meltdown. The Central Bank of Russia, which was founded after the fall of the USSR in the early 1990s, was quick to respond to the sanctions and domestic economic issues by laying out an Anti-Crisis plan along with the aid of the rest of the government. They raised interest rates to over 20%, passed legislation …

Winning And Other Determinants Of Revenue In North America's Major Professional Sports Leagues, John Charles Bradbury

Faculty Articles

This study investigates recent determinants of revenue in North America’s four major professional sports leagues. Estimates reveal that revenue is positively associated with winning in baseball (MLB), basketball (NBA), and hockey (NHL), but not in football (NFL). The returns to winning are not diminishing as commonly assumed, which casts doubt on the uncertainty of outcome hypothesis, and differences across leagues are consistent with revenue sharing arrangements. Estimates also indicate a strong negative relationship between stadium age and revenue, which is consistent with observed rapid replacement of sports stadiums. The results have several important implications for economic models of sports leagues.

2016 Q4 Private Capital Access Index Report, Craig R. Everett

Pepperdine Private Capital Access Report

The Pepperdine Private Capital Access Index (PCA) is a quarterly indicator produced by the Graziadio School of Business and Management at Pepperdine University, and with the support of Dun & Bradstreet. The index is designed to measure the demand for, activity, and health of the private capital markets. The purpose of the PCA Index is to gauge the demand of small and medium sized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

International Construction Measurement Standard, Charles Mitchell

Other Resources

The International Construction Measurement Standard Coalition (the Coalition) was formed on 17 June 2015 after meeting at the International Monetary Fund in Washington DC, USA. The Coalition, comprising the organisations listed below at the date of publication, aims to bring about consistency in construction cost reporting standards internationally. This is achieved by the creation and adoption of this ICMS, an agreed international standard for the structuring and presentation of cost reports. ICMS sets out a structure for describing construction costs in terms of project scope, attributes and values descriptors. This document setting out the provisions of ICMS is the first …

Cash Flow News, Discount Rate News, And Momentum, Umut Celiker, Nuri Volkan Kayacetin, Raman Kumar, Gokhan Sonaer

Business Faculty Publications

We examine the effect of aggregate cash flow news and discount rate news on momentum returns. We find that momentum profits are higher following aggregate positive cash flow news, even in down markets or low sentiment periods. This finding expands on the evidence in Cooper et al. (2004) that momentum is significant only when past market returns are non-negative and in Antoniou et al. (2013) that momentum is weaker when sentiment is pessimistic. We find that the higher momentum profits during aggregate positive cash flow news periods are primarily driven by the losers continuing to underperform in subsequent periods. Our …

A Bankable Future, Jonathan Henry Chang

Asian Management Insights

Efforts to promote financialinclusion in Cambodia arepaying dividends economically,and unlocking opportunity.

Valuation Uncertainty, Market Sentiment And The Informativeness Of Institutional Trades, Lisa Yang, Jeremy Goh, Chiraphol N. Chiyachantana

Research Collection Lee Kong Chian School Of Business

Prior studies indicate that institutional investors are informed, in the sense that their trades predict price changes. In this study we show that return predictive ability of institutions arises (after controlling for size, book-to-market, and momentum) mainly from institutional sales of hard-to-value stocks during periods of positive market sentiment. These results support the notion that these stocks tend to be overvalued during periods of bullish market sentiment, and institutions contribute to market efficiency by identifying and trading on these overpriced stocks.

Days To Cover And Stock Returns, Harrison G. Hong, Frank Weikai Li, Sophie X. Ni, Jose A. Scheinkman, Philip Yan

Research Collection Lee Kong Chian School Of Business

A crowded trade emerges when speculators' positions are large relative to the asset's liquidity, making exit difficult. We study this problem of recent regulatory concern by focusing on short-selling. We show that days to cover (DTC), the ratio of short interest to trading volume, measures the costliness of exiting crowded trades. Crowding is an important concern as short-sellers avoid illiquid stocks, which we establish using an instrumental-variables strategy involving staggered stock market decimalization reforms. Arbitrageurs require a premium to enter into such trades as a strategy shorting high DTC stocks and buying low DTC stocks generates a 1.2% monthly return. …

Decimalization, Ipo Aftermath, And Liquidity, Charlie Charoenwong, David K. Ding, Tiong Yang Thong

Research Collection Lee Kong Chian School Of Business

We investigate the effect of decimalization on the aftermarket trading of NYSE-listed IPOs. We find that the relation between bid–ask spread and underpricing becomes negative post-decimalization, suggesting that benefits from the increased price competition accrue more to hot IPOs. The quoted depth is generally smaller post-decimalization due to a higher probability of front running, which aggravates the cost of adverse selection and limit order submission. We show that underwriters continue to provide price support but are only willing to cover the initial short position, if profitable to do so. Decimal pricing does not affect the flipping strategy of institutions for …

Knowledge Will Set You Free: Financial Awareness And Inclusion In The Bottom Of The Pyramid, Aurobindo Ghosh

Research Collection Lee Kong Chian School Of Business

In this project, we explored whether financial literacy and economic awareness alleviates financial exclusion for the general population, particularly the financially underserved sections of the population in Ho Chi Minh City (HCMC) in Vietnam. We overcame the problem of identifying the financially excluded by looking at multiple measures of financial inclusion including frequency of bank use, access to borrowing for business, having a regular savings plan and having some insurance for possible future unfavorable outcomes. Using an innovative principal component (PCA) based method we identified a single score factor that can be construed as an overall measure of the degree …

State Ownership And Corporate Innovation Efficiency, Jerry X. Cao, Douglas J. Cumming, Sili Zhou, Lu Zhou

Research Collection Lee Kong Chian School Of Business

The conventional wisdom is that state ownership may hinder patenting through reduced incentives and pronounced agency problems associated with state-owned enterprises (SOEs). Empirical evidence from a variety of contexts, including the U.S., Europe, and China, is consistent with this view, including evidence that shows that reductions in state ownership are associated with an increase in patent counts. In this paper, we investigate the innovative efficiency of Chinese SOEs. Innovative efficiency refers to patents/R&D expenditure, and not patent counts. The data indicate that SOEs, and especially central government SOEs, are substantially more innovatively efficient than non-SOEs. The relative innovative efficiency of …

Stranded Assets: A Climate Risk, Ben Caldecott, Elizabeth Harnett, Theodor Florian Cojoianu, Irem Kok, Alexander Pfeiffer

Research Collection College of Integrative Studies

Over the last few years, the topic of "stranded assets" resulting from environment-related risk factors has loomed larger. These factors include the effects of physical climate change as well as societal and regulatory responses to climate change. Despite the increasing prominence of these stranded assets as a topic of significant interest to academics, governments, financial institutions, and corporations, there has been little work specifically looking at this issue in Latin America and the Caribbean (LAC). This is a significant omission, given the region's exposure to environment-related risk factors, the presence of extensive fossil fuel resources that may become "unburnable" given …

Bank Of Kentucky (Sc 3063), Manuscripts & Folklife Archives

Manuscript Collection Finding Aids

Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 3063. Certificate for 100 shares of stock in the Bank of Kentucky, issued to May Humphreys on 1 February 1858. Signed by Virgil McKnight, President, and S. H. Bullen, Cashier.

How The Great Recession Affected Casino Staffing In Nevada Casinos, Toni Repetti

UNLV Gaming Research & Review Journal

In service based industries, as revenue increases so does the need for employees to provide that service, but no known academic research has been conducted on what the most efficient level of that service should be for casinos. In Nevada casinos, significant results show that for each 1% increase in gaming revenue, casino employees increase 0.80%, salaries and wages increase 0.91%, and total payroll increases 0.95%. During fiscal years 2008 – 2010, what many consider the most significant recession to date for Nevada casinos, gaming divisions significantly decreased employees 11.6%, salaries and wages 8.7%, and total payroll 8.8% beyond that …

Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

Using bivariate GARCH models of stock portfolio returns and risk, we find that bank and thrift holding companies that relied the most on Federal Home Loan Bank (FHLB) advances exhibited less total risk and market risk than those that relied on them the least between 2001 and 2012. When we control for differences in holding company size, stock trading volume, residential mortgage lending, and holding company type (bank vs. thrift), the most FHLB-reliant holding companies sustain the aforesaid risk advantages except during the crisis of 2007–2009, when they exhibit greater idiosyncratic risk. The latter finding suggests that investors perceived the …

Apprisen Financial Coaching Program: Changing Financial Behaviors, Sharon Miller

Learning Showcase 2016: A Celebration of Discovery, Transformation and Success

No abstract provided.

Louisville Bridge Company - Louisville, Kentucky (Sc 3057), Manuscripts & Folklife Archives

Manuscript Collection Finding Aids

Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 3057. Certificate no. 1653 dated 21 August 1890 for ten shares of stock in the Louisville Bridge Company, issued to J. S. Bell. The certificate is endorsed by Bell and bears a cancellation stamp of 4 April 1896. Includes an engraving of the bridge spanning the Ohio River and the canal at Louisville, Kentucky.

2017-2018 Budget Request, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University System Board and System Administration Budget Request 2017-2018, Fiscal Year Ending June 30, 2018.

Banking And The Third Industrial Revolution, Singapore Management University

Perspectives@SMU

Banks should leverage on the computer’s power to create value

Acquisitions And Regulatory Arbitrage By Captive Finance Companies, Deborah Smith, Mina Glambosky, Kimberly Gleason, K. Bryan Menk

Business Faculty Publications

Captive finance firms play an important role as financial intermediaries. Yet, they receive little attention in financial research. Recently, finance companies have grown by engaging in acquisition activities. Given their unique characteristics, finance companies may be more capable of extracting gains from acquisitions than other firms. We explain their advantages, and assess the market response and long-term valuation of finance companies that engage in acquisitions. Our results indicate that acquisitions by captive finance firms are wealth enhancing in the short term and the long term. However, the market reacts negatively when flexible captive financing firms acquire highly regulated depository institutions.

Notes With Interest: Department Of Finance Newsletter, N05, Fall 2016, University Of Northern Iowa. Department Of Finance.

Department of Finance Newsletter

News about the activities of the Department of Finance

A Roadmap For Reducing Gun Violence In America, Daniel Webster

Center for Policy Research

How do you reduce gun violence in America? It seems rather daunting. I’m going to take you through some key things I think we can do to have far less gun violence in America

On Saving Money, Charles J. Higgins

Finance Faculty Works

In the consideration to save more money, whether for retirement or say for travel, many focus on the less important activities and ignore some of the more important ones.

The Price Contagion Effects Of Financial Reporting Fraud And Reputational Losses: Evidence From The Individual Audit Partner Level, Ferdinand A. Gul, Chee Yeow Lim, Kun Wang, Yanping Xu

Research Collection School Of Accountancy

This study investigates the existence of price contagion effects for the low-quality audits of individual audit partners and the associated reputational losses in China. Low-quality partners are identified as those whose clients have been sanctioned by regulators for financial reporting fraud. Our evidence shows that sanctions induce a significant stock price decline among the contagion firms that share common low-quality partners and common low-quality audit firms; however, the decline is greater for the former. We also find that the price contagion effects of low-quality partners are more pronounced for firms located in regions with weak institutional development and less pronounced …

The Intersection Of Theory And Action

Business Exchange

Ray Whittington, dean of the Driehaus College of Business, discusses the various ways that the university expresses its synergistic relationships with Chicago financial institutions and the benefits to DePaul alumni, students and the larger community.

Faculty Focus: Hongjun Yan Challenges Students To See Financial Decision-Making From A Fresh Perspective

Business Exchange

Chair and Director of Richard H. Driehaus Center for Behavioral Finance Hongjun Yan found himself drawn to alternative theories of behavioral finance when he was studying finance. His scholarly work probes how asset pricing is affected by market imprefections and "bounded rationality," and he relishes challenging a new generation of business students to question conventional thinking.

Political Turnovers, Ownership, And Corporate Investment In China, Jerry X. Cao, Julio Brandon, Tiecheng Leng, Sili Zhou

Research Collection Lee Kong Chian School Of Business

We examine the impact of political influence and ownership on corporate investment by exploiting the unique way provincial leaders are promoted in China. The tournament-style promotion system creates incentives for new governors to exert influence over investment in the early years of their term. We find a divergence in investment rates between state owned enterprises (SOEs) and private firms following political turnover. SOEs increase investment by 6.0% following the turnover while investment rates for private firms decline, suggesting that the political influence exerted over SOEs may crowd out private investment.

Drivers Behind The Monitoring Effectiveness Of Global Institutional Investors: Evidence From Earnings Management, Incheol Kim, Steve Miller, Hong Wan, Bin Wang

Finance Faculty Research and Publications

This paper studies the drivers behind the monitoring effectiveness of institutional investors in curbing earnings management in an international setting. We identify three distinct drivers and propose two competing hypotheses: the hometown advantage hypothesis predicts that because of proximity to monitoring information, domestic institutions have a comparative advantage over foreign institutions in deterring earnings management, whereas the global investor hypothesis predicts that foreign institutions have a comparative advantage because of their proclivity toward activism and ability to deploy superior monitoring technologies. Consistent with the hometown advantage hypothesis, in aggregate, domestic, but not foreign, institutional ownership is associated with less earnings …

Territorial Tax System Reform And The Financial Behavior Of Multinational Firms, Jing Xing, Stephen Bond, Giorgia Maffini

Research Collection School Of Economics

We investigate whether the move from the worldwide tax system to the territorial tax system in Japan in 2009 affects the financial behavior of overseas affiliates of Japanese multinational companies. The reform substantially reduces the tax costs of profit repatriation in the form of dividends for Japanese overseas affiliates. We use this reform as a quasi-natural experiment to investigate whether and how the tax system affects multinationals’ cash holding and financing policies. Findings from our study sheds some light on possible outcomes of similar tax reforms in countries such as the United States. Based on a sample of Japanese overseas …