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The Impact Of Independent Directors On The Cash Conversion Cycle Of American Manufacturing Firms, John Obradovich, Amarjit Gill, Nahum Biger 2019 Liberty University

The Impact Of Independent Directors On The Cash Conversion Cycle Of American Manufacturing Firms, John Obradovich, Amarjit Gill, Nahum Biger

John Obradovich

This study examined the impact of independent directors on the cash conversion cycle of American manufacturing firms. A sample of 189 American manufacturing firms listed on the New York Stock Exchange (NYSE) for a period of five years (from 2009–2013) was used. The findings indicate that the presence of independent directors on the board of directors shortens the inventory period and cash conversion cycle of manufacturing firms. The study contributes to the literature on the factors that shorten the cash conversion cycle of the firm. The results may be used by financial managers and operations managers.


Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill 2019 Liberty University

Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill

John Obradovich

The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional ...


The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill 2019 Liberty University

The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill

John Obradovich

This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms ...


Use Advances In Data Science And Computing Power To Invest In Stock Market, Mustafa A. Sakarwala, Anthony Tanaydin 2019 Southern Methodist University

Use Advances In Data Science And Computing Power To Invest In Stock Market, Mustafa A. Sakarwala, Anthony Tanaydin

SMU Data Science Review

As part of its overseeing of capital markets, the Securities and Exchange Commission (SEC) requires firms with publicly traded shares to issue periodic reports to shareholders. These SEC filings are part of the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (EDGAR), a large online database. Financial services and banking industry have armies of analysts that are dedicated to rushing over, analyzing, and attempting to quantify qualitative data from this SEC mandated reporting. We sought to prototype a predictive model to render consistent judgments on a company's prospects, based on the written textual sections of public earnings releases ...


Poison Pills And Their Effect On Shareholder Return, Katherine G. Fowlkes 2019 University of Tennessee Knoxville

Poison Pills And Their Effect On Shareholder Return, Katherine G. Fowlkes

Chancellor’s Honors Program Projects

No abstract provided.


The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen 2019 Utah State University

The Performance Of Military Defense Contracted Companies After September 11th, 2001: The Case Of Politically Connected Companies, Derek J. Larsen

All Graduate Plan B and other Reports

This paper examines the effect that the terrorist attacks on September 11th, 2001 had on the stock prices of companies within the military defense industry. In addition, this paper studies the effect of the defense firms’ political engagement (through lobbying activities) and how this affected the stock price response to the terrorist attacks. Our study finds that the cumulative abnormal returns of these companies are positively significant and that companies who lobbied experienced higher returns relative to those who did not lobby.


Essays On Bank Acquisitions And Systemic Risk, Farindokht Vaghefi 2019 The Graduate Center, City University of New York

Essays On Bank Acquisitions And Systemic Risk, Farindokht Vaghefi

All Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters on bank acquisitions and systemic risk.

Chapter 1: This chapter explores whether bank acquisitions are associated with systemic risk-shifting. Acquisitions can form larger and more diversified firms and, as such, increase the correlation of the acquirer's investment with other banks and subsequently the probability of their joint failure. This can be beneficial for the acquirer due to (implicit) government ``too-many-to-fail'' guarantees. I find that bank acquisitions on average lead to an increase in acquires' systemic risk, which is in turn associated with an increase in firm value for non-distressed acquisitions. Interestingly, congruent with ...


The Futurist, Ryan Stenquist 2019 Brigham Young University Marriott School

The Futurist, Ryan Stenquist

Marriott Student Review

Ubiquitous self-driving cars, robot workers, and massive political shifts may seem far away and irrelevant to our day to day lifestyles. However, Mr. Schenker proves that these changes are fast-approaching and come as timely responses to the problems and opportunities of today.


Poison Pills And Their Effect On Shareholder Return, Katherine G. Fowlkes 2019 University of Tennessee Knoxville

Poison Pills And Their Effect On Shareholder Return, Katherine G. Fowlkes

EURēCA: Exhibition of Undergraduate Research and Creative Achievement

The purpose of this study is to determine whether more recent poison pill data supports the Shareholder Maximization Theory or the Management Entrenchment Theory. In sum, this is an event study in which I will explore whether the stock price for a company goes abnormally up or down immediately following a poison pill announcement. I examine the cumulative abnormal returns of 28 companies within the following event windows: the event itself and the following day (0;+1), periods of three (- 1; +1), five (-2; +2) and seven (-3; +3) days, and longer periods of pre-adoption (-15; -4) and post-adoption (+4 ...


Iposs, Executive Compensation, And Firm Performance, Nancy Lopez Rodriguez 2019 Kansas State University

Iposs, Executive Compensation, And Firm Performance, Nancy Lopez Rodriguez

Kansas State University Undergraduate Research Conference

IPOs, Executive Compensation, and Firm Performance

Nancy Lopez-Rodriguez, Dr. Ansley Chua

Department of Finance

College of Business Administration

Most businesses in the United States have had the chance to become public through initial public offerings, or IPOs. IPOs allow for some of the stock of a private company to be sold to the public. These IPOs generally bring in more capital to a business so the question of whether there is a specific determinant in executive compensation between males and females during these IPOs and if this has an impact on firm performance arises. The purpose of this research is ...


Can Banks Placate Knowledgeable Depositors By Offering Higher Interest Rates During A Banking Crisis?, Glenn Boyle, Roger D. Stover, Amrit Tiwana, Oleksandr Zhylyevskyy 2019 University of Canterbury

Can Banks Placate Knowledgeable Depositors By Offering Higher Interest Rates During A Banking Crisis?, Glenn Boyle, Roger D. Stover, Amrit Tiwana, Oleksandr Zhylyevskyy

Oleksandr Zhylyevskyy

Using a conjoint analysis of 417 finance professionals from six countries, we find no evidence that higher interest rates cause knowledgeable depositors to moderate their withdrawals during a banking crisis. In fact, intended withdrawals are positively correlated with expected interest rate changes. After accounting for endogeneity, this relationship disappears, consistent with the attractiveness of higher returns being offset by increased doubts about bank solvency. The withdrawal decisions of finance professionals are also independent of their personal characteristics, but they appear to place considerable store on deposit insurance generosity and the presence of a formal insurance fund.


Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah 2019 University of Pennsylvania

Hedge Funds In The Periphery: An Analysis Of Structures Influencing Fund Behavior In The Icelandic And Cypriot Financial Crises, Jameson K. Mah

Undergraduate Economic Review

Hedge funds are often viewed from a positive or negative lens in the public and academic forum. However, both of these perspectives neglect structuralist factors. This paper analyzes the effect of these antecedent economic, political, and legal structures. I argue that these structures are at the root of hedge fund behavior, particularly during financial crises. The financial crises of two peripheral countries, Iceland and Cyprus, are used as case studies to illustrate how hedge fund involvement diverges as a result of structural factors.


Lessons Learned: Thomas C. Baxter, Jr., Esq., Alec Buchholtz, Rosalind Z. Wiggins 2019 Yale University

Lessons Learned: Thomas C. Baxter, Jr., Esq., Alec Buchholtz, Rosalind Z. Wiggins

Journal of Financial Crises

Baxter, who was General Counsel of the Federal Reserve Bank of New York during the crisis, gives us his take on how best to prepare for future crises.


The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy H: The Global Contagion, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

When Lehman Brothers filed for bankruptcy on September 15, 2008, it was the largest such filing in U.S. history and a huge shock to the world’s financial markets, which were already stressed from the deflated housing bubble and questions about subprime mortgages. Lehman was the fourth-largest U.S. investment bank with assets of $639 billion and its operations spread across the globe. Lehman’s clients and counterparties began to disclose millions of dollars of potential losses as they accounted for their exposures. But the impact of Lehman’s demise was felt well beyond its counterparties. Concern regarding its ...


The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick 2019 Yale University

The Lehman Brothers Bankruptcy C: Managing The Balance Sheet Through The Use Of Repo 105, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The Lehman Brothers court-appointed bankruptcy examiner produced a 2,200-page report detailing possible claims that the estate might pursue. The most surprising revelation of the report was that during its last year Lehman had relied heavily on an unusual financing transaction—Repo 105. The examiner concluded that Lehman’s aggressive use of Repo 105 transactions enabled it to remove up to $50 billion of assets from its balance sheet at quarter-end and to manipulate its leverage ratio so that it could report more favorable results. This case considers in-depth Lehman’s questionable use of Repo 105 transactions and its impact.


2019 Private Capital Markets Report, Craig R. Everett 2019 Pepperdine University

2019 Private Capital Markets Report, Craig R. Everett

Pepperdine Private Capital Markets Report

The Pepperdine private cost of capital survey was originally launched in 2007 and is the first comprehensive and simultaneous investigation of the major private capital market segments. This year’s survey specifically examined the behavior of senior lenders, asset‐based lenders, mezzanine funds, private equity groups, venture capital firms, angel investors, privately‐held businesses, investment bankers, business brokers, limited partners, and business appraisers. The Pepperdine survey investigated, for each private capital market segment, the important benchmarks that must be met in order to qualify for capital, how much capital is typically accessible, what the required returns are for extending capital ...


The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon 2019 University of Pennsylvania Law School

The New Titans Of Wall Street: A Theoretical Framework For Passive Investors, Jill E. Fisch, Asaf Hamdani, Steven Davidoff Solomon

Faculty Scholarship at Penn Law

Passive investors — ETFs and index funds — are the most important development in modern day capital markets, dictating trillions of dollars in capital flows and increasingly owning much of corporate America. Neither the business model of passive funds, nor the way that they engage with their portfolio companies, however, is well understood, and misperceptions of both have led some commentators to call for passive investors to be subject to increased regulation and even disenfranchisement. Specifically, this literature takes a narrow view both of the market in which passive investors compete to manage customer funds and of passive investors’ participation in the ...


Activist Investors: A Corporate Social Responsibility Perspective On Hedge Fund Activism And The Need For Focus On All Stakeholders, Lucy Marie Ankenbauer 2019 University of Nebraska - Lincoln

Activist Investors: A Corporate Social Responsibility Perspective On Hedge Fund Activism And The Need For Focus On All Stakeholders, Lucy Marie Ankenbauer

Honors Theses, University of Nebraska-Lincoln

Corporate social responsibility (CSR) can result in distinctly different visions when instituted under the enlightened stakeholder theory or the shareholder maximization theory. The critical variation between these two theories is the principal party that businesses consider when instituting strategic decisions. Firms following the enlightened stakeholder theory will base decisions on all the various stakeholders of the company and develop policies which increase long-term firm value. Companies pursuing shareholder value maximization will consider all strategies through the eyes of the stockholders and how these individuals will be affected. Neither theory is more valid than the other, since many factors must be ...


Do Corporate Site Visits Impact Stock Prices?, Qiang CHENG, Fei DU, Brian Yutao WANG, Xin WANG 2019 Singapore Management University

Do Corporate Site Visits Impact Stock Prices?, Qiang Cheng, Fei Du, Brian Yutao Wang, Xin Wang

Research Collection School Of Accountancy

We examine the stock price impact of corporate site visits using a unique dataset of site visits to listed firms in China. Our main findings are as follows. First, the market reaction around corporate site visits is statistically and economically significant and is stronger for group visits, visits conducted by mutual fund managers, visits covering accounting and finance topics, visits to firms with poor information environments, and visits to manufacturing firms. Second, the stock returns around site visits are positively associated with firms’ future performance. Third, the changes in visiting funds’ holdings are more predictive of firms’ future performance than ...


Corporate Tax Aggressiveness And Insider Trading, Sung Gon CHUNG, Beng Wee GOH, Kiat Bee Jimmy LEE, Terry SHEVLIN 2019 Singapore Management University

Corporate Tax Aggressiveness And Insider Trading, Sung Gon Chung, Beng Wee Goh, Kiat Bee Jimmy Lee, Terry Shevlin

Research Collection School Of Accountancy

We examine the association between corporate tax aggressiveness and theprofitability of insider trading under the assumption that insider tradingprofits reflect managerial opportunism. We document that insider purchaseprofitability, but not sales profitability, is significantly higher on average inmore tax aggressive firms. We also find that the positive association between taxaggressiveness and insider purchase profitability is attenuated for firms withmore effective monitoring and is accentuated for firms with a more opaqueinformation environment.In addition, we provide empirical evidence that tax aggressiveness issignificantly associated with greater insider sales volume in the fiscal yearprior to a stock price crash. Finally, we find that the ...


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