Bankruptcy Stigma: A Socio-Legal Study,
2014
University of Denver
Bankruptcy Stigma: A Socio-Legal Study, Michael D. Sousa
Electronic Theses and Dissertations
For as long as the institution of bankruptcy has existed, legal commentators have debated whether it is appropriate for debtors to experience some social stigma upon filing for personal bankruptcy--that is, whether it serves the goals of bankruptcy law for debtors to feel shame. While this issue has been extensively discussed as a theoretical matter, to date no legal commentator or scholar has examined the question as an empirical matter: do debtors in fact associate feelings of shame with filing for bankruptcy, and, if so, why (or why not)? This article, for the first time, undertakes precisely this inquiry. Specifically, …
Flight To Quality For Large Financial Institutions,
2014
Bryant University
Flight To Quality For Large Financial Institutions, A. Can Inci, Hsi Li, Joseph Mccarthy
Finance Department Faculty Journal Articles
Local correlation analysis is used to investigate flight to quality among large financial institutions before, during, and after the financial crisis of 2008-2009. While standard correlation captures general overall linear association, local correlation analysis more accurately captures changes in the associations in response to changing market conditions. Using raw, market-adjusted, and industry-adjusted stock returns of individual banks, we investigate the performance of troubled banks and the change in investing behavior. Investors react to noisy information from the financial difficulties encountered by banking institutions. This reaction results in flight to quality. While the traditional Pearson correlations capture general overall linear association, …
Nova Southeastern University 2014 Annual Report,
2014
Nova Southeastern University
Nova Southeastern University 2014 Annual Report, Nova Southeastern University
NSU Annual Reports
No abstract provided.
Two Essays On Insider Trading And Option Grants Around The Filing Of Influential Patents,
2014
Louisiana Tech University
Two Essays On Insider Trading And Option Grants Around The Filing Of Influential Patents, Liu Pan
Doctoral Dissertations
Research documents that insiders, who have access to private information, appear to trade with profits before major corporate events like mergers, bankruptcy, dividend announcements, and future cash flow news (see, e.g., Seyhun, 1990; Seyhun and Bradley, 1997; John and Lang, 1991; Jiang and Zaman, 2010). Another recent stream of studies find that the size and quality of a firm's patent portfolio are positively related to the firm's future stock returns (Hirshleifer, Hsu, and Li, 2012; Pandit, Wasley, and Zach, 2011). However, there is little systematic evidence on whether insiders act opportunistically when they possess private information about the firm's patent …
Two Essays On Insider Trading And Option Grants Around The Filing Of Influential Patents,
2014
Louisiana Tech University
Two Essays On Insider Trading And Option Grants Around The Filing Of Influential Patents, Liu Pan
Doctoral Dissertations
Research documents that insiders, who have access to private information, appear to trade with profits before major corporate events like mergers, bankruptcy, dividend announcements, and future cash flow news (see, e.g., Seyhun, 1990; Seyhun and Bradley, 1997; John and Lang, 1991; Jiang and Zaman, 2010). Another recent stream of studies find that the size and quality of a firm's patent portfolio are positively related to the firm's future stock returns (Hirshleifer, Hsu, and Li, 2012; Pandit, Wasley, and Zach, 2011). However, there is little systematic evidence on whether insiders act opportunistically when they possess private information about the firm's patent …
الإبداع المحاسبي من خلال معايير المحاسبة الدولية,
2014
كلية العلوم الاقتصادية وعلوم التسيير– جامعة قسنطينه
الإبداع المحاسبي من خلال معايير المحاسبة الدولية, بوهرين فتيحة, مرازقة صالح
Muthanna Journal of Administrative and Economics Sciences
أصبح مفهوم الإبداع المحاسبي محل إهتمام كبيرجدا من قبل الباحثين المهتمين بميادين المعرفة المالية والمحاسبية وكذالك من قبل المحاسبين والمراجعين ’وقد أزداد هذا الإهتمام نتيجة للأزمة المالية العالمية الأخيرة والتي أدت إلى انهيار عدة شركات كانت رائدة في مجال عملها نتيجة لنقص الشفافية في عرض البيانات المحاسبية المتعلقة خاصة بالتدفقات المالية والتلاعب المقصود بالحسابات و من أجل التحكم في النشاط الإقتصادي والتدفقات المالية الناتجة عنه عملت الهيئات المهتمة بالعمل المحاسبي والمالي على وضع معايير التقارير المالية الدولية من أجل تحسين عملية العرض، التقييم التسجيل و الإفصاح المحاسبي. و عليه موضوعنا سيتناول معايير التقارير المالية كشكل للإبداع المحاسبي مركزين على عرض …
Mergers & Abenomics: The Determinants Of M&A In Japan's New Economy,
2014
Claremont McKenna College
Mergers & Abenomics: The Determinants Of M&A In Japan's New Economy, Ethan S. Hallberg
CMC Senior Theses
This paper investigates the influence of various macroeconomic variables on Japan’s merger and acquisition (M&A) activity, both in terms of total deal value and total number of deals. Looking at monthly data from June 1997 to December 2013, I use econometric time-series analysis to find that: First, total deal value per month is not well explained by our macroeconomic variables, but about half of the variation in number of deals per month can be explained by our dataset. Second, the most important determinant in the total number of deals per month during our period is the level of national debt, …
Determinants Of Public Funding For Professional Athletic Venues,
2014
Claremont McKenna College
Determinants Of Public Funding For Professional Athletic Venues, John K. Holland
CMC Senior Theses
This paper examines the financing of professional athletic venues and why certain franchises are able to obtain high percentages of overall stadium funding from the public. Existing literature shows the negligible effect of new athletic venues on the local economy and per capita income, and therefore the benefits from such a project are largely intangible. I use an ordinary least squares regression and show that the more successful a team is the less public funding they tend to receive. I also find that broad city statistics do not represent the specific areas that policy makers consider when making decisions about …
Bitcoin: Is Cryptocurrency Viable?,
2014
Claremont McKenna College
Bitcoin: Is Cryptocurrency Viable?, Austin Hill
CMC Senior Theses
Bitcoin, a virtual currency invented in 2009, was created as a peer-to-peer currency that eliminated the need for a third party authority, such as banks or government, to be involved in monetary transactions. Having no intrinsic value but carrying no government guarantees relegates bitcoin and its competitors to the perpetual role of investment opportunity, deriving value not from a practical use, but from a nominal, dollar value. This will continue to be the case until the U.S. Government sanctions virtual currency as a viable store of value. Because the dollar plays such a large role in the world’s economy, other …
The Rise Of Private Equity In China: A Case Study Of Successful And Failed Foreign Private Equity Investments,
2014
Claremont McKenna College
The Rise Of Private Equity In China: A Case Study Of Successful And Failed Foreign Private Equity Investments, June Kim
CMC Senior Theses
China's transition from a planned economy to a market economy has brought about remarkably rapid economic growth. Year after year, China boasted of double-digit growth rates since the early 1990s. Attracted by China's so-called "economic miracle," foreign investors began entering the Chinese market hoping to benefit from the country's vast array of financial opportunities. Private equity, particularly a leveraged buyout, was an unfamiliar concept in China until late 1990s. Now China has become the most attractive destination among emerging markets for private equity investment. Global private equity firms are currently raising billions of dollars for funds focusing on China because …
Words Worth Price And Value,
2014
Technological University Dublin
Words Worth Price And Value, Tom Dunne
Articles
TOM DUNNE explains the terms used in relation to the valuation of property, and the need for common understanding among all parties using those terms. -
Global Expansion Of National Securities Laws: Extraterritoriality And Jurisdictional Conflicts,
2014
Columbia University Law School
Global Expansion Of National Securities Laws: Extraterritoriality And Jurisdictional Conflicts, Junsun Park
The University of New Hampshire Law Review
[Excerpt] “As securities fraud has grown increasingly transnational, it has become necessary to expand the reach of anti-fraud provisions to persons and entities participating in global securities markets. So far, however, no single antifraud provision exists to govern the entire global marketplace. Although each country strives to combat international securities fraud by using its own regulatory regime, problems can develop when extraterritorial application of national securities laws leads to regulatory overlapping or conflicts. In light of these problems, it is necessary to set forth clear guidelines for determining whether national securities laws can apply extraterritorially and, if so, how far …
Three Essays On Diversification Strategy, Diversification Performance, And Corporate Misconduct,
2014
University of Mississippi
Three Essays On Diversification Strategy, Diversification Performance, And Corporate Misconduct, Brandon Charles Lee Morris
Electronic Theses and Dissertations
The first essay investigates the relationship between diversification strategy and firm performance in the U.S. property-liability insurance industry. Prior literature has evaluated the effect of total diversification on insurer performance; however, there is an absence of evidence on the effect of diversification strategy for multi-line insurers. Theory suggests that related diversifiers should benefit from economies of scope while unrelated diversifiers should benefit from uncorrelated earnings streams. We test for the net effect of diversification strategy and find that relatedness negatively impacts accounting performance. However, we find that the relatedness penalty is confined to stock insurers while mutual insurers' profitability appears …
Food Imports Under Foreign Exchange Constraints In The Cfa’S Franc Zone Of Sub-Saharan Africa (Ssa),
2014
University of Kentucky
Food Imports Under Foreign Exchange Constraints In The Cfa’S Franc Zone Of Sub-Saharan Africa (Ssa), Seydina Ousmane Sene
Theses and Dissertations--Agricultural Economics
To respond to the high imported food prices in their domestic markets, net food importing countries in the Communauté Financière Africaine (CFA) zone[1] are adjusting their import tariffs and homologate domestic prices of imported commodities such as rice, wheat, maize, and sugar. This research uses a multivariate specification of error correction model (VECM) of estimation to investigate the link between food imports, world price index of rice, wheat, maize and sugar, real effective exchange rates, domestic food production, GDP, and trade openness in the short and long run. The data are on each homogenous commodity from 1969 to 2012. …
The Effect On Stockholder’S Wealth On Critical Systems Failure And Remedy: The Boeing 787 Case,
2014
Embry-Riddle Aeronautical University
The Effect On Stockholder’S Wealth On Critical Systems Failure And Remedy: The Boeing 787 Case, Jayendra Gokhale, Sunder Raghavan, Victor J. Tremblay
Accounting, Economics, Finance, and Information Sciences - Daytona Beach
In this paper we analyze the effect of Boeing Dreamliner 787’s battery problems on stockholder wealth. Using the event study methodology, we show that the recall in January of 2013 initially caused the company’s cumulative abnormal returns to fall by almost 4% in four trading days after the recall. This was followed by an announcement by two major airlines to ground all of the 787 Dreamliner jets. The FAA also ordered all US airlines to ground their 787s and announced an investigation to review all critical systems of 787s. However within four months of the investigation, FAA approved Boeing’s revisions …
The Choice Of Airport, Airline, And Departure Date And Time: Estimating The Demand For Flights,
2014
The University of Texas Rio Grande Valley
The Choice Of Airport, Airline, And Departure Date And Time: Estimating The Demand For Flights, Diego Escobari, Cristhian Mellado
Economics and Finance Faculty Publications
This chapter estimates the demand for flights in an international air travel market using a unique dataset with detailed information not only on flight choices but also on contemporaneous prices and characteristics of all the alternative non-booked flights. The estimation strategy employs a simple discrete choice random utility model that we use to analyze how choices and its response to prices depend on the departing airport, the identity of the carrier, and the departure date and time. The results show that a 10% increase in prices in a 100-seat aircraft throughout a 100-period selling season decreases quantity demanded by 7.7 …
Ceo Networks And Bank Risk Taking,
2014
The University of Texas Rio Grande Valley
Ceo Networks And Bank Risk Taking, Dave Jackson, Fang Fang
Economics and Finance Faculty Publications
We investigate the impact of CEO networks on bank risk during the recent financial crisis and test whether CEO networks have a bearing on CEO insider trading at the onset of the crisis. We construct a unique dataset of CEO networks based on 97 bank CEOs' social ties, which allows us to assign a Social Network (SN) score to each CEO. Our results provide evidence that CEO networks in 2006, the year prior to the financial crisis, are related to bank risk-taking ex post during the financial crisis. We also find that after controlling for bank and other CEO characteristics, …
Mexico Consensus Economic Forecast, Volume 17, Number 1,
2014
University of Texas at El Paso
Mexico Consensus Economic Forecast, Volume 17, Number 1, Thomas M. Fullerton Jr., Adam G. Walke
Departmental Papers (E & F)
No abstract provided.
The Deadweight Loss Of Equity-Based Compensation,
2014
Claremont McKenna College
The Deadweight Loss Of Equity-Based Compensation, Jessica Pence
CMC Senior Theses
In order to maximize shareholder value, firms attempt to align the incentives of the executives with those of the shareholders by giving them equity as a portion of their compensation package. The terms associated with this equity compensation forces the executives to hold undiversified portfolios, resulting in a sizeable deadweight loss. This paper uses the formula developed by Meulbroek (2001)1 to calculate the dollar value of this deadweight loss, in order to quantify the costs associated with equity-based compensation. We find that the 56 executives in our data set have a combined deadweight loss of $70 billion, and that on …
دور المعلومات المحاسبية التحليلية في تؤييد الموازنة,
2014
الكلية التقنية الإدارية كوفة
دور المعلومات المحاسبية التحليلية في تؤييد الموازنة, أسماء مهدي الهاشمي
Muthanna Journal of Administrative and Economics Sciences
من أهنم المقومنات لعملينة انننادة بنناي العنرا فني المرحلننة الراهننة هنو تخةيةنات الموازنننة العامنة لتنفين الم ناري الإسننتاماريةوم نناري البنننت التحتيننة التنني نانننت الكايننر منن الإهمننال وفننعت التخةيةننات لفتننرات طويلننة ومننا يميننز النظننام الحننالي و ننودالحكومات المحلية والتي تتولت نملية تخطيط وتنفي الم اري م واق الحا ات المحلية الملحنة لم تمعاتانا والتني ينباني ا تعكنساستراتي ياتاا في الاستفادة م الموارد المخةةنة لانا وإسنتخداماا الاسنتخدام اأمانل وخن ل السننوات الامنا المافنية خةةنتالكاير م اأموال لموازنات الحكومات المحلية لمحافظات العرا المختلفة لإن از الم اري اأساسية لتؤهينل البننت التحتينة ال زمنةللعرا لفتح ابوابه نلت مةرانياا للم اري الإستامارية التي بدورها اساسية …
