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Full-Text Articles in Finance and Financial Management

Are They Different? Ceos Made In Ceo Factories, Ye Cai, Merih Sevilir, Jun Yang Jun 2015

Are They Different? Ceos Made In Ceo Factories, Ye Cai, Merih Sevilir, Jun Yang

Finance

We examine the employment histories of CEOs at large US companies and find that a disproportionately large number of CEOs are originated from a small number of high-profile firms that are praised for their superior abilities in training and developing corporate leaders, referred to as CEO factories. Specifically, 20.5% of all CEOs appointed at the S&P 1500 firms from 1992 to 2010 came from 36 CEO factories. CEOs originated from those CEO factories are referred to as factory CEOs. Appointments of factory CEOs are associated with significantly larger announcement returns than the appointments of CEOs without work experiences at a …

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Do Entrepreneurs Make Good Vcs?, Ye Cai, Merih Sevilir, Xuan Tian Jun 2015

Do Entrepreneurs Make Good Vcs?, Ye Cai, Merih Sevilir, Xuan Tian

Finance

Using hand-collected data on the backgrounds of venture capitalists (VCs), we show that in a typical venture capital firm in our sample, 13.9% of VCs have been entrepreneurs before becoming a VC, referred to as entrepreneur VCs. Both OLS and 2SLS analyses suggest that venture capital firms employing a greater fraction of entrepreneur VCs have better performance. In addition, the positive effect of entrepreneur VCs on venture capital firm performance is stronger for smaller and younger venture capital firms, and venture capital firms specializing in high-tech industries and in early-stage investments. We further explore performance implications of VCs with prior …

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Target Date Funds: Benefits And Disadvantages, Steven D. Dolvin Jun 2015

Target Date Funds: Benefits And Disadvantages, Steven D. Dolvin

All Chapters

Target date (i.e., lifecycle) funds are increasing in popularity, particularly among unsophisticated investors. These funds provide key benefits, as they automatically rebalance through time and also generally limit return chasing. Given the dollar cost averaging effect, the result may also be a higher (dollar-weighted) average return. On the downside, the target date funds may choose underlying funds in each category that benefit the fund family more than the investor. However, for most investors, the benefits would generally outweigh the potential disadvantages. See article here, WSJ.

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Learning From The Past: A Comparative Analysis Of The Influences Of The Great Depression On The Recent Financial Crisis., Shirish Bade Shrestha Jun 2015

Learning From The Past: A Comparative Analysis Of The Influences Of The Great Depression On The Recent Financial Crisis., Shirish Bade Shrestha

Honors Theses

The Great Depression and the recent financial crisis are events that have changed the lives of many American and global citizens. In hopes of preventing similar mistakes in the future, we should study, analyze, and learn from these past events. This investigation attempts to do just that through a rigorous study of the past Great Depression and recent financial crisis. We will explore the two events separately, analyze their similarities and differences and then discuss what we have learned from the Great Depression and see how that knowledge has been used to combat the recent financial crisis. The Great Depression …

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Will High-Frequency Trading Practices Transform The Financial Markets In The Asia Pacific Region?, Robert John Kauffman, Yuzhou Hu, Dan Ma Jun 2015

Will High-Frequency Trading Practices Transform The Financial Markets In The Asia Pacific Region?, Robert John Kauffman, Yuzhou Hu, Dan Ma

Research Collection School Of Computing and Information Systems

High-frequency trading (HFT) practices in the global financial markets involve the use of information and communication technologies (ICT), especially the capabilities of high-speed networks, rapid computation, and algorithmic detection of changing information and prices that create opportunities for computers to effect low-latency trades that can be accomplished in milliseconds. HFT practices exist because a variety of new technologies have made them possible, and because financial market infrastructure capabilities have also been changing so rapidly. The U.S. markets, such as the National Association for Securities Dealers Automated Quote (NASDAQ) market and the New York Stock Exchange (NYSE), have maintained relevance and …

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The Invisible Hand Of Short Selling: Does Short Selling Discipline Earnings Management?, Massimo Massa, Bohui Zhang, Hong Zhang Jun 2015

The Invisible Hand Of Short Selling: Does Short Selling Discipline Earnings Management?, Massimo Massa, Bohui Zhang, Hong Zhang

Research Collection Lee Kong Chian School Of Business

We hypothesize that short selling has a disciplining role vis-a-vis firm managers that forces them to reduce earnings management. Using firm-level short-selling data for thirty-three countries collected over a sample period from 2002 to 2009, we document a significantly negative relationship between the threat of short selling and earnings management. Tests based on instrumental variable and exogenous regulatory experiments offer evidence of a causal link between short selling and earnings management. Our findings suggest that short selling functions as an external governance mechanism to discipline managers.

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Buying Insurance The D-I-Y Way, Benedict Koh Jun 2015

Buying Insurance The D-I-Y Way, Benedict Koh

Research Collection Lee Kong Chian School Of Business

Singaporeans face two key risks in life: dying too young and living too long. The latter risk, commonly known as longevity risk, has been the key focus of the Central Provident Fund Advisory Panel's recent deliberation and recommendations. By saving the Basic Minimum Sum and purchasing a life annuity, Singaporeans can hedge the risk of outliving their lifetime savings.

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The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes May 2015

The Relevance Of Economic, Institutional And Cultural Determinants For Venture Capital Investments. A Us-Europe Comparison., Nadja Benes

Master's Theses

This study analyzes the determinants of early-stage VC investments by identifying characteristics in the economic, institutional, as well as cultural framework that could explain the diverging levels of early-stage VC investments across countries. Data was assembled for 16 countries during the period from 1995 until 2013. The results indicate that countries that are more open to trade are associated with higher levels in early-stage venture capital. A higher unemployment rate negatively affects a country’s level of early-stage VC funds. Higher R&D expenditures as a proxy for the technological and innovation capacity in a country as well as a higher value …

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2015 Q1 Market Pulse Report, Craig R. Everett May 2015

2015 Q1 Market Pulse Report, Craig R. Everett

Pepperdine Market Pulse Report

The quarterly IBBA and M&A Source Market Pulse Survey was created to gain an accurate understanding of the market conditions for businesses being sold in Main Street (values $0-$2MM) and the lower middle market (values $2MM -$50MM). The national survey was conducted with the intent of providing a valuable resource to business owners and their advisors. The IBBA and M&A Source present the Market Pulse Survey with the support of the Pepperdine Private Capital Markets Project and the Graziado School of Business and Management at Pepperdine University.

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Volatility And Risk Management In European Electricity Futures Markets, Jim Hanly, Lucia Morales May 2015

Volatility And Risk Management In European Electricity Futures Markets, Jim Hanly, Lucia Morales

Articles

This paper estimates and applies a risk management strategy for electricity spot exposures using futures hedging. We apply our approach to three of the most actively traded European electricity markets, Nordpool, APXUK and Phelix. We compare both optimal hedging strategies and the hedging effectiveness of these markets for two hedging horizons, weekly and monthly using both Variance and Value at Risk (VaR). We find significant differences in both the Optimal Hedge Ratios (OHR’s) and the hedging effectiveness of the different electricity markets. Better performance is found for the Nordpool market while the poorest performer in hedging terms is Phelix. However …

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Estimating The Short-Run Supply Curve Of Higher Education, Carter Davis, Taylor Nadauld May 2015

Estimating The Short-Run Supply Curve Of Higher Education, Carter Davis, Taylor Nadauld

Journal of Undergraduate Research

The original project that I set out to research with this ORCA grant was to investigate how the real estate bubble spread leading up to the financial crisis, using an incredible 90 gigabyte dataset of mortgage information. Two unfortunate events occurred during the course of this project: the external hard drive that stored the data was lost and a programming error on my part destroyed the data on the BYU supercomputer. Dr. Nadauld and I were devastated. Instead of investigating how bubbles spread, I set out to estimate the slope of the supply curve of higher education. Dr. Nadauld and …

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Two Essays In Financial Economics, Kyle J. Putnam May 2015

Two Essays In Financial Economics, Kyle J. Putnam

LSU New Orleans Theses and Dissertations

The following dissertation contains two distinct empirical essays which contribute to the overall field of Financial Economics. Chapter 1, entitled “The Determinants of Dynamic Dependence: An Analysis of Commodity Futures and Equity Markets,” examines the determinants of the dynamic equity-commodity return correlations between five commodity futures sub-sectors (energy, foods and fibers, grains and oilseeds, livestock, and precious metals) and a value-weighted equity market index (S&P 500). The study utilizes the traditional DCC model, as well as three time-varying copulas: (i) the normal copula, (ii) the student’s t copula, and (iii) the rotated-gumbel copula as dependence measures. Subsequently, the determinants of …

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China Cuts Interest Rates, Steven D. Dolvin May 2015

China Cuts Interest Rates, Steven D. Dolvin

All Chapters

In an attempt to spur growth, the People's Bank of China (i.e., the Chinese central bank) recently cut interest rates. As a result, the Chinese stock market rose another 3 percent. See article here, Yahoo.

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What Happens When A Stock Is Added To The Nasdaq-100 Index? What Doesn’T Happen?, Susana Yu, Gwendolyn Webb, Kishore Tandon May 2015

What Happens When A Stock Is Added To The Nasdaq-100 Index? What Doesn’T Happen?, Susana Yu, Gwendolyn Webb, Kishore Tandon

Department of Accounting and Finance Faculty Scholarship and Creative Works

Purpose – Prior research on additions to the S&P 500 and the smaller MidCap 400 and SmallCap 600 indexes reach different conclusions regarding the key variables that explain the cross-section of announcement period abnormal returns. Most notable in this regard is that liquidity measures, long thought to be of importance, do not appear to explain abnormal returns of the S&P 500 when other factors are controlled for. By contrast, they do appear to matter for additions to the smaller stock indexes. To explore this difference, the purpose of this paper is to analyze the abnormal returns upon announcement that a …

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The Effects Of Quantitative Easing In The United States: Implications For Future Central Bank Policy Makers, Matthew Q. Rubino May 2015

The Effects Of Quantitative Easing In The United States: Implications For Future Central Bank Policy Makers, Matthew Q. Rubino

Senior Honors Projects, 2010-2019

The purpose of this thesis is to examine the effects of the Federal Reserve’s recent bond buying programs, specifically Quantitative Easing 1, Quantitative Easing 2, Operation Twist (or the Fed’s Maturity Extension Program), and Quantitative Easing 3. In this study, I provide a picture of the economic landscape leading up to the deployment of the programs, an overview of quantitative easing including each program’s respective objectives, and how and why the Fed decided to implement the programs. Using empirical analysis, I measure each program’s effectiveness by applying four models including a yield curve model, an inflation model, a money supply …

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How To Decrease The Amortization Bias: Experience Vs. Rules, Bryan Foltice May 2015

How To Decrease The Amortization Bias: Experience Vs. Rules, Bryan Foltice

Scholarship and Professional Work - Business

We conduct an experimental study that tests the effectiveness of de-biasing a certain form of exponential growth bias found in household finance debt decisions, called the amortization bias. We provide 251 bachelor students at a German university with a short tutorial based on one of three learning methods: experiential learning, learning a simple “I Owe More” debt rule-of-thumb, as well as learning an extended, but more accurate version of the “I Owe More” debt rule. Immediately after completing these tutorials, we retest for the amortization bias and find a significant bias improvement in all three treatments. More importantly, after confronting …

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Exponential Growth Bias Matters: Evidence And Implications For Financial Decision Making Of College Students In The U.S.A., Bryan Foltice, Thomas Langer May 2015

Exponential Growth Bias Matters: Evidence And Implications For Financial Decision Making Of College Students In The U.S.A., Bryan Foltice, Thomas Langer

Scholarship and Professional Work - Business

This paper tests the exponential growth bias of undergraduate students at a top-level university in the United States and explores the potential drivers of this bias. We find that bias matters, even for college students, in making savings and debt decisions. In this sample, we observe that the individuals who have already taken on debt are more biased, while those who have experience with savings products are less biased. Moreover, those classified as possessing an awareness of compound growth as well as an ability to consistently calculate the compound savings equation are significantly less biased in different savings treatments than …

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The Rising Power Of The Renminbi As A Trade Currency In The Asean Countries, Brian Cheung May 2015

The Rising Power Of The Renminbi As A Trade Currency In The Asean Countries, Brian Cheung

Renée Crown University Honors Thesis Projects - All

This paper looks at the renminbi as a trade settlement currency in the countries that make up the Association of Southeast Asian Nations. The paper first looks at the trade picture in ASEAN, and how the old trade dynamics with the United States were broken down during the 1997 Asian financial crisis. In the ensuing power vacuum, China started to replace the United States as a trade partner, growing today to become even larger of a trade partner than the U.S ever was. The following section explores the role of the growth of the renminbi in use as a trade …

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2015 Q2 Private Capital Access Index Report, Craig R. Everett May 2015

2015 Q2 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 mediumsized businesses for financing needs, the level of accessibility of private capital, and the transparency and efficiency of private financing markets.

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Battle Of The Sexes, Steven D. Dolvin May 2015

Battle Of The Sexes, Steven D. Dolvin

All Chapters

As this recent WSJ article points out, men and women approach investing differently. The best investors may be those who are able to capture the "best of both worlds."

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Fintech, Financial Inclusion, And Poverty, Singapore Management University May 2015

Fintech, Financial Inclusion, And Poverty, Singapore Management University

Perspectives@SMU

The mobile phone could solve the problem of the global unbanked, but it will not eradicate global poverty

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P2p Lending In China, Singapore Management University May 2015

P2p Lending In China, Singapore Management University

Perspectives@SMU

P2P lending platforms in China help meet unmet investment and business needs but regulation is needed

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Cars For A Cause, Lauren Pagani May 2015

Cars For A Cause, Lauren Pagani

Senior Honors Projects

Cars for a Cause is a car show, ranging from modern European, Japanese, muscle, track-ready and a variety of other cars, which is intended to raise money for the charitable organization, The Alzheimer’s Association, which helps to find a cure for Alzheimer’s and Dementia. According to The Alzheimer’s Association, approximately 5.3 million Americans are affected by this disease making it the sixth leading cause of death in the United States. By hosting an event tied to this horrific disease that affects a large number of individuals and their families, the hope is to generate a larger crowd of event-goers that …

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Government Shutdown: A Test Of Market Effeciency, Jessica H. Woodard May 2015

Government Shutdown: A Test Of Market Effeciency, Jessica H. Woodard

Theses & Honors Papers

How does the market react to a government shutdown? Can investors earn above normal returns by acting on this type of information? How efficient is the market in reacting to the announcement of this type of event? This event study tests market efficiency theory by analyzing the impact of two recent US Government shutdowns on the risk adjusted stock price returns of a sample of 50 firms. This study used the standard risk adjusted event study methodology found in the finance literature. Evidence confirms the significant and consistent negative reaction of the risk adjusted returns for the two 50 firm …

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Investor Reaction In Stock Market Crashes And Post-Crash Market Reversals., Daniel Folkinshteyn, Gulser Meric, Ilhan Meric May 2015

Investor Reaction In Stock Market Crashes And Post-Crash Market Reversals., Daniel Folkinshteyn, Gulser Meric, Ilhan Meric

Rohrer College of Business Departmental Research

We study investor overreaction using data for five major stock market crashes during the 1987-2008 period. We find some evidence of investor overreaction in all five stock market crashes. The prices of stocks investors bid down more than the average during crashes tend to increase more than the average in post-crash market reversals. In line with CAPM, we find that high beta stocks lose more value in crashes and gain more value in post-crash market reversals relative to low beta stocks. We further find that smaller firms and those with a low market-to-book ratio lose more value in stock market …

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An Epistemological And Pattern Analysis Of Empirical Data That Influences Emergency Loan Need Among Graduate Students, Efosa C. Idemudia, R. Ferguson May 2015

An Epistemological And Pattern Analysis Of Empirical Data That Influences Emergency Loan Need Among Graduate Students, Efosa C. Idemudia, R. Ferguson

Faculty Publications - The LeMoyne Smith School of Business

This analysis studies closely education affordability through the epistemology of emergency loan need that signals economic challenges on the horizon for domestic and international students seeking a post graduate credential at any cost. Prior studies have been very helpful; however, to the best of our knowledge there is not a comprehensive study that has investigated the comparison of small vs. large emergency student loans taken out by graduate students. Also, to the best of our knowledge and to date there are no studies that have investigated the patterns and relationships among ethnicity, gender, marital status, degree type, and college awarded …

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Inverse Etfs And Market Quality, Darren J. Woodward May 2015

Inverse Etfs And Market Quality, Darren J. Woodward

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Is financial innovation good or bad? Finance research analyzes data in an attempt to answer this and many other questions. This paper seeks to determine at least a partial answer to this question for one particular financial innovation, the inverse ETF. We look at how the introduction of the first inverse ETF affects the market quality of the component stocks. We find that volatility and illiquidity of the component stocks decreases relative to the rest of the market, on average, after the introduction of the first inverse ETF. We also find that short selling increases in the component stocks relative …

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The Corporate Social Responsibility And Financial Performance Debate, Andrew K. Nunn May 2015

The Corporate Social Responsibility And Financial Performance Debate, Andrew K. Nunn

Finance Undergraduate Honors Theses

Much controversy surrounds the theoretical link between corporate social responsibility (CSR) and financial performance. Many different empirical studies have reached conclusions that this link is either positive, neutral, negative, or non-existent. In this paper, a thorough literature review is conducted seeking an explanation for the contradiction and disagreement present in current literature on the subject. Six key factors causing this contradiction were highlighted and examined in the review. A comprehensive understanding of the contradiction in this field will help researchers avoid historic pitfalls in future research, and may eventually lead to a definitive understanding of the financial implications of CSR. …

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Best Strategic Practices For Small And Medium-Sized Procurement Organizations, Peter O'Reilly May 2015

Best Strategic Practices For Small And Medium-Sized Procurement Organizations, Peter O'Reilly

Publications

Presentation discusses best practices, goals and objective, and strategies, and for small and medium-sized procurement organizations.

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Is America Still Free?, Connor P. Daigle May 2015

Is America Still Free?, Connor P. Daigle

Senior Honors Projects

If we take a moment and observe our current societal landscape, we may be intrigued by what we find. If we paint a broad brush over the 21st century, we are engaged in war in the Middle East, we have allowed our politicians to purchase their seats in office, and have overcome two large economic downturns. The economic issues are the collapse of Enron, the world’s largest energy supplier, and the housing market collapse of 2008. How many know what actually created the housing bubble? How many know about Enron? How many American Citizens understand how our current society …

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