DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)最新文献

Simple Bankruptcy Prediction 简单破产预测

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2021-10-01 DOI: 10.2139/ssrn.3934674

J. B. Heaton

引用次数: 0

On the Voluntary Disclosure of Redundant Information 论冗余信息的自愿披露

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2021-08-24 DOI: 10.2139/ssrn.3910693

Snehal Banerjee, Bradyn Breon-Drish, Ron Kaniel, Ilan Kremer

引用次数: 0

The Value of Being Responsible in a Crisis: An Analysis of the European Market 危机中责任的价值:对欧洲市场的分析

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2021-04-12 DOI: 10.2139/ssrn.3827895

Dina Ghanma, Ioannis Oikonomou, Lisa Schopohl, Simone Varotto

{"title":"The Value of Being Responsible in a Crisis: An Analysis of the European Market","authors":"Dina Ghanma, Ioannis Oikonomou, Lisa Schopohl, Simone Varotto","doi":"10.2139/ssrn.3827895","DOIUrl":"https://doi.org/10.2139/ssrn.3827895","url":null,"abstract":"In the Subprime Crisis of 2008/9, European firms with high Corporate Social Responsibility (CSR) scores had stock returns 1.8 to 2.6 percentage points higher than those with lower scores. This is believed to be the effect of social capital – an asset which becomes incrementally valuable during crises of trust. However, during the subsequent Sovereign Debt Crisis in 2011, we find the opposite to hold true. European firms with high CSR scores had stock returns which were roughly 1.6 percentage points lower than the returns of low CSR firms. We observe that the drastic change in the market response to CSR scores may be the result of the scores becoming a proxy for ESG “controversies” which could lead to legal disputes and fines. We find that using a new measure of social responsibility based on firms’ efforts to avoid controversies surrounding sustainability and conduct issues eliminates the return penalty previously observed with raw CSR scores. We conclude that European market participants have not ceased to value social capital in their investment decision making following the Subprime Crisis. Rather, in considering ESG measures beyond raw CSR scores, they have become shrewder in assessing true firm commitment to investment in social capital and are managing their portfolios accordingly.","PeriodicalId":192282,"journal":{"name":"DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122188559","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Competitive Effects of Horizontal Mergers With Asymmetric Firms 非对称企业横向兼并的竞争效应

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2021-04-10 DOI: 10.2139/ssrn.3823744

Cuong Hung Vuong, E. Baranes

引用次数: 1

Optimal Design of Limited Partnership Agreements 有限合伙协议的优化设计

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2021-03-30 DOI: 10.2139/ssrn.3816030

M. Rezaei

引用次数: 0

Resource Allocation in the Brain and the Capital Asset Pricing Model 大脑中的资源配置与资本资产定价模型

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2020-07-13 DOI: 10.2139/ssrn.3591086

Hammad Siddiqi, A. Murphy

{"title":"Resource Allocation in the Brain and the Capital Asset Pricing Model","authors":"Hammad Siddiqi, A. Murphy","doi":"10.2139/ssrn.3591086","DOIUrl":"https://doi.org/10.2139/ssrn.3591086","url":null,"abstract":"What happens when information reaches the human brain? In economics, a black-box approach to information processing in the brain is generally taken with an implicit assumption that information, once it reaches the brain, is accurately processed. In sharp contrast, research in brain sciences has established that when information reaches the brain, a mental template or schema (neural substrate of knowledge) is first activated, which influences information absorption. Schemas are created through a resource intensive process in which finite brain resources are allocated to different tasks, with resource allocation in the brain having an impact on the structure of schemas. In this article, we explore the implications of this richer view from brain sciences for the capital asset pricing model (CAPM). We show that two versions of CAPM arise depending on how the brain resources are allocated in schema creation. In one version, the relationship between beta and expected returns is flat along with value and size effects. In the second version, the relationship between beta and expected return is strongly positive with an implied risk-free rate which could be negative. The two version CAPM provides a unified explanation for a series of empirical findings including high-alpha-of-low-beta, size and value effect as well as strongly positive relationship between beta and average stock returns at specific times such as on macroeconomic announcement days, and at market open. As certain morbidities, such as autism, are thought to be associated with lack of schemas that attenuate information, a laboratory experiment with high functioning autism sufferers might be our best bet at observing the classical CAPM in its full glory.","PeriodicalId":192282,"journal":{"name":"DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130993838","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

A Cautionary Note on Niu and Zeng (2018) 关于牛、曾的警示(2018)

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2019-11-08 DOI: 10.2139/ssrn.3510655

Ji Cao, M. Rieger

引用次数: 1

Budgeting in International Humanitarian Organizations 国际人道主义组织的预算编制

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2019-10-04 DOI: 10.2139/ssrn.3464619

Milad Keshvari Fard, I. Ljubić, Felix Papier

{"title":"Budgeting in International Humanitarian Organizations","authors":"Milad Keshvari Fard, I. Ljubić, Felix Papier","doi":"10.2139/ssrn.3464619","DOIUrl":"https://doi.org/10.2139/ssrn.3464619","url":null,"abstract":"Problem definition: International humanitarian organizations (IHOs) prepare a detailed annual allocation plan for operations that are conducted in the countries they serve. The annual plan is strongly affected by the available financial budget. The budget of IHOs is derived from donations, which are typically limited, uncertain, and to a large extent earmarked for specific countries or programs. These factors, together with the specific utility function of IHOs, render budgeting for IHOs a challenging managerial problem. In this paper, we develop an approach to optimize budget allocation plans for each country of operations. Academic/practical relevance: The current research provides a better understanding of the budgeting problem in IHOs given the increasing interest of the operations management community for nonprofit operations. Methodology: We model the problem as a two-stage stochastic optimization model with a concave utility function and identify a number of analytical properties for the problem. We develop an efficient generalized Benders decomposition algorithm as well as a fast heuristic. Results: Using data from the International Committee of the Red Cross, our results indicate 21.3% improvement in the IHO’s utility by adopting stochastic programming instead of the expected value solution. Moreover, our solution approach is computationally more efficient than other approaches. Managerial implications: Our analysis highlights the importance of nonearmarked donations for the overall performance of IHOs. We also find that putting pressure on IHOs to fulfill the targeted missions (e.g., by donors or media) results in lower beneficiaries’ welfare. Moreover, the IHOs benefit from negative correlation among donations. Finally, our findings indicate that, if donors allow the IHO to allocate unused earmarked donations to other delegations, the performance of the IHO improves significantly.","PeriodicalId":192282,"journal":{"name":"DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132447819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 8

A Case Study on the Downfall of Kingfisher Airlines 翠鸟航空公司倒闭案例分析

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2019-06-30 DOI: 10.18231/J.JMRA.2019.014

CMA(Dr.) Ashok Panigrahi, Antra Sinha, A. Garg, Astha Mehta

{"title":"A Case Study on the Downfall of Kingfisher Airlines","authors":"CMA(Dr.) Ashok Panigrahi, Antra Sinha, A. Garg, Astha Mehta","doi":"10.18231/J.JMRA.2019.014","DOIUrl":"https://doi.org/10.18231/J.JMRA.2019.014","url":null,"abstract":"Kingfisher Airlines Ltd. was owned by biggest liquor tycoon of India with an ambition to become an industry leader. Growing share in aviation market, wide number of destinations and numerous awards, depicted a very attractive and innovative picture for the company. Kingfisher airlines achieved success in gaining customer satisfaction by offering great and comfortable flying experience to its passengers. However, in the Indian aviation sector, Kingfisher Airlines had a short but lasting impression. \u0000By the end of 2011, Kingfisher Airlines suffered a huge financial crisis. Kingfisher Airlines, UB Holdings Ltd. was provided loan by many private and public sector banks in India, considering the reputation of its CMD. He was unable to repay loans to many public sector banks, however private banks recovered all loans. \u0000This paper describes the downfall of Kingfisher Airlines and the study of financial condition of United Breweries Holdings. Here, we have tried to understand the business of Kingfisher Airlines and studied the role of banks in extending loans and recovery attempts. Moreover, we have attempted to emphasize the reasons behind the financial failure of the company from the point of view of mistakes in strategic decision making. \u0000 \u0000Keywords: Kingfisher airlines, Vijay Mallya, Aviation industry, Bankrupt.","PeriodicalId":192282,"journal":{"name":"DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122594661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Audit fees and Corporate Innovation 审计费用与企业创新

DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic) Pub Date : 2019-05-27 DOI: 10.2139/ssrn.3625360

H. Kim, B. Lee, Seungwon Lee, Sungjin Park

{"title":"Audit fees and Corporate Innovation","authors":"H. Kim, B. Lee, Seungwon Lee, Sungjin Park","doi":"10.2139/ssrn.3625360","DOIUrl":"https://doi.org/10.2139/ssrn.3625360","url":null,"abstract":"Purpose - Investigates the extent to which a client’s innovative effort affects the level of audit effort and whether the innovative-effort efficiency can attenuate the demand for greater audit effort associated with a client’s risky research-and-development (R&D) investments. \u0000 \u0000Design/methodology/approach - We treat R&D expenditure as an input measure and the patent obtained/cited in a given year as an output measure of a firm’s innovative effort. We estimate innovation efficiency as the number of patents granted to a firm in a given year, scaled by its R&D capital. As a proxy for audit effort, we use audit fees. Combining firm-year observations for fiscal years 2000 to 2010 from Compustat, patent data from the United States Patent and Trademark Office, and Audit Analytics provided a sample of 11,646 observations from 2,051 unique firms. \u0000 \u0000Findings - Results confirm that a client firm’s strategic emphasis on corporate innovations may require greater audit effort. However, we find evidence that the efficiency of a firm’s innovative effort can attenuate the demand for heightened audit effort against risky innovative efforts, implying that the external auditor’s role is not necessarily detrimental to corporate innovation, which suggests that the efficiency of a firm’s innovation effort lowers the client business risk perceived by an auditor related to corporate innovation. \u0000 \u0000Originality/value - Contributes to a stream of literature identifying facilitators and impediments to corporate innovation. Our findings also complement an emerging body of literature on the effect of a firm’s business strategies on the auditor’s decision. Prior studies have not considered the input‒output conversion of a firm’s R&D expenditure as something that the firm values. By using the number of patents obtained and cited as an output measure of a firm’s innovative effort, we extend understanding of the influence of a firm’s business strategies on the level of audit effort.","PeriodicalId":192282,"journal":{"name":"DecisionSciRN: Institutional Financial Decision-Making (Sub-Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128682653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2