Finance Commons^™

دوافع ووسائل تبني الإدارة لممارسات إدارة الأرباح المحاسبية وسبل الحد منها دراسة تطبيقية لعينة من الشركات العراقية, ناظم شعلان جبار

Muthanna Journal of Administrative and Economics Sciences

المستخلص: نظرا للأهمية التي يمثلها صافي الربح بالنسبة للأطراف ذات العلاقة بالمؤسسة تلجأ الادارة الى ممارسة نوع من التأثير المتعمد والتلاعب بالأرباح المعلنة من خلال استخدام أساليب حقيقية أو محاسبية سواء كانت في اطار المعايير والمبادئ المحاسبية أو خارجها وذلك سعيا منها وراء تحقيق أهداف ورغبات معينة, لذلك فان اعتماد الأطراف ذات المصلحة على رقم الربح المحاسبي وحدة دون الأخذ بعين الاعتبار العوامل الأخرى التي تؤدي الى تخفيض مستوى جودة الأرباح من شأنه أن يؤدي الى اتخاذ قرارات غير عقلانية بسبب وجود تحيز في قياس الدخل من طرف الادارة, وبالرغم من الدور الذي يمكن أن تلعبه المعايير المحاسبية في الحد …

Brokers And Investment Advisors, Nathaniel Phillip Graham

Theses and Dissertations--Finance and Quantitative Methods

Brokers and investment advisors are a large and important part of the financial industry. Using a novel data set that includes the majority of the financial advisory industry, in this dissertation I document the size of the financial advisory industry and the prevalence of customer complaints in the industry, which I use as a proxy for misconduct. I then test for two potential drivers of advisors’ misconduct: professional standards in the form of fiduciary responsibilities and influence from social networks. I find that variation in fiduciary duties—specifically fiduciary versus suitability standards— does not appear to affect advisors’ propensity for misconduct. …

In Search Of Financial Literacy: A Qualitative Analysis Of Student Money Management Centers In The U.S., Jenny E. Cotton

College of Graduate Studies: Theses & Dissertations

Financial stress and obligations have been identified as the number one reason students leave college. In an effort to address this, colleges and universities have begun to reevaluate their role and responsibility as it pertains to financial education. This has led some institutions to create student money management centers. These centers serve as a resource for students to receive financial counseling and education.

This research explores how administrators within college money management centers perceive and meet the needs of college students on issues of personal finance. Charmaz’ Constructivist Grounded Theory (2006) approach to qualitative research was utilized as the theoretical …

What Is The Impact Of Interest Rate Levels On Banks’ Openness To Risk?, Nathalie Schmidt

Dissertations and Theses

This research paper deals with the impact of interest rate levels on banks’ openness to risk. There are several interest rates in the economy, which have different impacts of banks profit situations. This makes it necessary for banks to come up with the right strategy to ensure financial profitability. This research paper intends to find out the correlation between interest rate levels and risk behavior. An all-time low interest rate level characterizes the current situation in the economy. This situation deals as the focus of this research project. It makes business for financial institutions much harder compared to high interest …

Study Of Reit Etf Beta, Stoyu Ivanov

Faculty Publications

PurposeThe aim of this study is to examine real estate investment trust exchange-traded funds (REIT ETFs) and test for the existence of the “asymmetric beta puzzle” phenomenon in these financial instruments that are relatively new and are gaining popularity. The “asymmetric beta puzzle” phenomenon is used to identify the hedging and diversification benefits of a financial instrument. “Asymmetric beta puzzle” exists when betas in declining markets are higher than betas in advancing markets.Design/methodology/approachTo study 14 REIT ETFs by using monthly and daily Center for Research in Security Prices (CRSP) data. Capital asset pricing model (CAPM) and Fama–French three-factor model were …

The Impact Of Government Intervention On The Stabilization Of Domestic Financial Markets And On U.S. Banks’ Asset Composition, Peter V. Egly, Diego Escobari, David W. Johnk

School of Economics and Finance Faculty Publications

The 2007–2009 financial crisis that evolved from various factors including the housing boom, aggressive lending activity, financial innovation, and increased access to money and capital markets prompted unprecedented U.S. government intervention in the financial sector. We examine changes in banks’ balance sheet composition associated with U.S. government intervention during the crisis. We find that the initial round of quantitative easing positively impacts bank liquidity across all bank samples. Our results show a positive impact of repurchase agreement market rates on bank liquidity for small and medium banks. We conclude that banks have become more liquid in the post-crisis period, especially …

Do U.S. Firms Fly Higher When Bypassing The U.S. Capital Markets? An Investigation Of The Short-Term Performance Of Foreign Ipos, Robert N. Killins, Peter V. Egly

School of Economics and Finance Faculty Publications

This paper investigates the performance of U.S. firms that partake in a foreign IPO – bypassing their domestic exchanges and raising their equity in a foreign market. The globalization of equity markets along with the increased regulations to financial markets in the U.S. has potentially led to the U.S. losing its title as the premier listing market. Using a sample of 77 U.S. based firms that totally bypassed the U.S. equity markets in their capital(equity) raising activities we are able to investigate the performance of this unique sample of firms. This investigation contributes to the literature by finding that U.S. …

The Use Of Catastrophe Bonds As A Means Of Economic Development In Emerging Economies, Lauren Mattucci

Honors Theses and Capstones

Catastrophe bonds offer a way for entities located in natural disaster prone regions to safely and efficiently transfer the risk of insuring property to the financial markets and subsequently, create a financially attractive environment for insurers and investors. The opportunity for investors to utilize modeled loss analytical platforms such as those created by AIR, Risk Management Solutions, and EQECAT, could be used to bridge the growing gap in emerging economies between economic losses created by natural disasters and insured losses. Bridging this insurance gap in emerging economies could have positive global implications for the insurance industry, global trade, foreign direct …

دور جودة التدقيق الخارجي في زيادة فاعلية عملية الفحص الضريبي, فرقد فيصل جدعان

Muthanna Journal of Administrative and Economics Sciences

تعد دراسة الفحص الضريبي ذات أهمية بالغة لغرض ترصين العمل الضريبي وإقامته على أسس علمية وفنية دقيقة وتحقيق العدالة الضريبية، والفحص الضريبي هو دراسة وتحليل وتقييم التقارير المالية وحسابات الشركة بهدف التأكد من صحة صافي الربح. ولزيادة كفاءة عملية الفحص الضريبي وتحقيق العدالة الضريبية وإضفاء الثقة والمصداقية في التقارير المالية يتطلب ان تتم عملية التدقيق الخارجي بجودة عالية لذلك يهدف هذا البحث الى:- 1- التعرف على مفهوم واهداف وانواع الفحص الضريبي والعوامل المؤثرة في فاعليته. 2- تسليط الضوء على مفهوم واهمية جودة التدقيق الخارجي والعوامل المؤثرة عليه.3- بيان دور جودة التدقيق الخارجي في زيادة فاعلية عملية الفحص الضريبي وأختتم البحث …

Ipo Performance And Trading Around Lock-Up Expiration, Yuchen Wang

Dissertations and Theses Collection (Open Access)

During the lock-up period, company insiders are prohibited from selling their shares for a set period immediately after initial public offerings (IPOs), usually 180 days. This strict prohibition limits the borrowing of securities by short sellers within this period. Therefore, upon reaching the lock-up expiry date, the short-sale constraint may be loosened and new investors may rush into the stock market, which affects asset price and stock return. This thesis focuses on the IPOs’ performance during the lock-up period and the reasons for the unusual performance. The first section commences by questioning the role of the short seller and its …

The Sovereign-Debt Listing Puzzle, Elisabeth De Fontenay, Josefin Meyer, Mitu Gulati

Faculty Scholarship

The claim that stock exchanges perform certification and monitoring roles in securities offerings is pervasive in the legal and financial literatures. This article tests the validity of this “bonding hypothesis” in the sovereign-bond market—one of the oldest and largest securities markets in the world. Using data on sovereign-bond listings for the entire post-World War II period, we provide the first comprehensive report on sovereigns’ historical listing patterns. We then test whether a sovereign bond issue’s listing jurisdiction affects its yield at issuance, as the bonding hypothesis would predict. We find little evidence of bonding in today’s sovereign-debt market. Instead, we …

Shadow Banking And Regulation In China And Other Developing Countries, Steven L. Schwarcz

Faculty Scholarship

The rapid but largely unregulated growth in shadow banking in developing countries such as China can jeopardize financial stability. This article discusses that growth and argues that a regulatory balance is needed to help protect financial stability while preserving shadow banking as an important channel of alternative funding. The article also analyzes how that regulation could be designed.

The Liquidity Crisis, Investor Sentiment, And Reit Returns And Volatility, Daniel Huerta, Peter V. Egly, Diego Escobari

School of Economics and Finance Faculty Publications

The real estate investment trust (REIT) industry experienced a liquidity crisis resulting from reduced access to credit commitments as banks were restoring their balance sheets during the 2007–2009 financial crisis. Employing generalized autoregressive conditional heteroscedasticity (GARCH) models, we examine the impact of the liquidity crisis and investor sentiment on REIT returns and volatility over the December 2001 to February 2013 period. We find that the liquidity crisis negatively impacts REIT returns and helps explain increases in volatility; this finding is robust to multiple specifications. We show that investor sentiment is a significant factor in the REIT return-generating process with institutional …

Determinants Of Firm Innovation In Indonesia: The Role Of Institutions And Access To Finance, Edo Mahendra, Ubaidillah Zuhdi, Ratnawati Muyanto

Economics and Finance in Indonesia

This paper investigates the determinants of firm innovation in Indonesia. Using quality of local regulations index constructed by the Indonesia's Regional Autonomy Watch (KPPOD) as measure of institutions, We found that better institutional quality at the local level was associated with more innovation and that firms experiencing major obstacle in access to finance were less likely to innovate. Access to finance is more critical for small and medium enterprises (SMEs) whereas institutional quality is more important for large firms. The positive impact of better institutions on innovation is asymmetrically distributed. Better local institutional quality disproportionately benefited non-constrained firms.

Unequal Impact Of Price Changes In Indonesia, Ruly Pratikno, Mohamad Ikhsan

Economics and Finance in Indonesia

The main idea of this study is to determine the impact of relative inflation on poverty incidents and to investigate whether inflation inequality has occurred in Indonesia. Interesting results were found at regional level. Firstly, Jakarta had different poverty response with respect to price increases. Processed food and transportation inflation were more imperative for the poor in Jakarta. Secondly, the poor in province with low poverty figures were more prone to inflation. In general, the results show that food inflation has the major adverse impact on the poor. Moreover, we found that inflation in Indonesia has not been pro-poor.

Oil Exploration Economics: Empirical Evidence From Indonesian Geological Basins, Hari Patria, Vid Adrison

Economics and Finance in Indonesia

Oil exploration has been subject to economic research for decades. Earlier studies of exploration models are mostly discussed the behavior of exploration at the macro-level analysis such as field, firm, region, and continental. This paper then focuses on the geological and economic factors that determine the well-drilling decision at the micro-level using disaggregated panel data of 32 geological basins in Indonesia over the period of 2004-2013. This study shows that the number of drilled wells is determined significantly by the lag of success rate, lag of discovery size, lag of global oil price, and regional location of geological basin.

Managing Productivity In The Infrastructure Sector: A Case Study From Indonesia, Eric R. W. Knight

Economics and Finance in Indonesia

This paper considers the nature of assessing productivity and effectiveness in infrastructure investment in the context of governments increasing investment in new infrastructure. Taking the case of energy infrastructure investment within Indonesia, this paper makes three contributions: (i) develops a model for assessing infrastructure productivity based on landscape, regime and niche-level changes, (ii) suggests the interconnection between these levels based on sequencing multi-level changes over time, and (iii) shows the role of supply and demand side initiatives in enabling new infrastructure investment is evaluated.

Two Essays In Finance And Economics: “Investment Opportunities In Commodity And Stock Markets For G7 Countries” And “Global And Local Factors Affecting Sovereign Yield Spreads”, Selma Izadi

LSU New Orleans Theses and Dissertations

In chapter 1, I investigate the return links and dynamic conditional correlations between the equity and commodity returns for G7 countries from 2000:01 to 2014:10. The commodity futures include BCOM Index which contains the futures and spot price of 22 commodities, Brent and Crude oil futures, gold and silver futures, Wheat, Corn and Soybean futures and CRB index. The finding indicates that during the full sample period GOLD, WHEAT and CORN have the smallest dynamic conditional correlations with all the Equity indexes. In addition, the correlations between the GOLD/Equity pairs are negative during the financial crisis. This fact indicates the …

Hyperbolic Memory Discounting And The Political Business Cycle, T. Scott Findley

Economics and Finance Faculty Publications

The vintage political business cycle framework of Nordhaus (1975) represents the idea that the macroeconomic business cycle is manipulated opportunistically by an incumbent government to achieve re-election. A key assumption in this prototypical framework is that voters discount their memories about unemployment and inflation at a constant rate. Yet starting with Ebbinghaus (1885) and Jost (1897), a large body of research in psychology documents an empirical regularity that has come to be known as Jost's Second Law of Forgetting-individuals discount recent memories at a higher rate compared to the rate at which they discount older memories. I find that incorporating …

Inflationary Dynamics In Guatemala, Thomas M. Fullerton Jr., Miguel Martinez, Wm. Doyle Smith, Adam G. Walke

Departmental Papers (E & F)

Short-run price dynamics for Guatemala are analyzed using a linear transfer function methodology. This approach has previously been employed for other national economies such as the United States, Mexico, Colombia, Ecuador, and Nigeria. The data for this study range from 1960 to 2010. Inflation is measured using the consumer price index. Explanatory variables include the monetary base, real output, interest rates, and the exchange rate. All of the estimated coefficients exhibit the arithmetic signs hypothesized by the theoretical model. Almost all of the parameter estimates satisfy the 5-percent significance criterion and all exhibit economically plausible magnitudes. Estimation results indicate that …