CGN: Finance (Topic)最新文献

{"title":"The Economics of Law Enforcement: Quasi-Experimental Evidence from Corporate Takeover Law","authors":"Gishan Dissanaike, W. Drobetz, Paul P. Momtaz, Jörg Rocholl","doi":"10.2139/ssrn.3698764","DOIUrl":"https://doi.org/10.2139/ssrn.3698764","url":null,"abstract":"This paper examines the impact of takeover law enforcement on corporate acquisitions. We use the European Takeover Directive as a natural experiment, which harmonizes takeover law across countries, while leaving its enforcement to the discretion of individual countries. We exploit this heterogeneity in enforcement quality across countries in a difference-in-differences-in-differences model, while employing an overall inductive research approach, following Karpoff and Whittry’s (2018) recommendation. We find that acquirer returns increase in countries with improvements in takeover law, driven by better target selection and lower cost of financing. The increase in acquirer returns is lower in weak enforcement jurisdictions, which we identify by developing a novel Takeover Law Enforcement Index (TLEI). The findings show that takeover law can mitigate agency conflicts, but its true value depends on its enforcement. Our results are robust to a number of robustness tests.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125856382","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}

{"title":"Incremental Sharpe and Other Performance Ratios","authors":"E. Benhamou, B. Guez","doi":"10.2139/ssrn.3213265","DOIUrl":"https://doi.org/10.2139/ssrn.3213265","url":null,"abstract":"We present a new methodology of computing incremental contribution for performance ratios for portfolio like Sharpe, Treynor, Calmar or Sterling ratios. Using Euler's homogeneous function theorem, we are able to decompose these performance ratios as a linear combination of individual modified performance ratios. This allows understanding the drivers of these performance ratios as well as deriving a condition for a new asset to provide incremental performance for the portfolio. We provide various numerical examples of this performance ratio decomposition.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122795062","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}

{"title":"The Legal Regulation of U.S. Crowdfunding: An Organically Evolving Patchwork","authors":"Joan Macleod Heminway","doi":"10.2139/SSRN.3061552","DOIUrl":"https://doi.org/10.2139/SSRN.3061552","url":null,"abstract":"The legal regulation of crowdfunding in the United States is neither well calibrated nor holistic. With the exception of specific securities regulation legislation, the regulation of crowdfunding under U.S. law exists as an extension of principles of pre-existing regulation to a specific new and continually changing Internet-based financing space. As a result, while some common consumer protection objectives can be identified, the legal regulatory approach to crowdfunding did not develop through deliberate, rational choice based on coherent public policy objectives. Instead, it arose and evolved by necessity in response to the spontaneous and natural origination and development of crowdfunding as a socioeconomic phenomenon. \u0000As a general matter, U.S. law regulates crowdfunding based on the deemed nature of the financial interest of the funder. Some funders expect nothing back in return for their contribution to a crowdfunding campaign; others expect a good, service, or possible financial return. Each of these funding interests is governed by distinct rules operating, most prominently, to protect the funder from certain elements of risk. Regulation of these various types of offering also may have the objective of fostering or encouraging that particular type of financial instrument or method of financing. Accordingly, it is important to identify various types of crowdfunding in the United States based on the nature of the applicable funding interest and the various manners in which crowdfunding is engaged to best understand how crowdfunding is regulated under U.S. law. \u0000This report, written in anticipation of the The XXth International Congress of the International Academy of Comparative Law (to be held in 2018 in Fukuoka, Japan), begins by identifying and defining types of crowdfunding that engage U.S. legal regulation. It continues by briefly describing the legal regulation applicable to each type. This represents the bulk of the report. Finally, before concluding, the report highlights a few additional legal regulatory risks and considerations in U.S. crowdfunding.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126351025","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}

{"title":"Modelling Sector-Level Asset Prices","authors":"D. Tulloch, I. Diaz‐Rainey, I. M. Premachandra","doi":"10.2139/ssrn.3038712","DOIUrl":"https://doi.org/10.2139/ssrn.3038712","url":null,"abstract":"We present a modelling approach for sector asset pricing studies that incorporates sector-level risk factors, subgroup portfolios, and structural breakpoint tests that are better at isolating the time-varying nature and the firm-specific component of returns. Our results show considerable subsector heterogeneity, while the asset pricing model using local risk factors and inductive structural breaks results in a superior model ( R 2 of 80.42% relative to R 2 of 68.79% of “conventional” models). Finally, we show that some of the variances of residuals, normally assumed to be the firm-specific component of returns, can be attributed to the changing relationship between sector returns and risk factors.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"617 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123325639","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}

{"title":"Fiat and Chrysler: Gaining on Global Automakers?","authors":"Robert E. Spekman, Jacki Fritz","doi":"10.1108/CASE.DARDEN.2016.000117","DOIUrl":"https://doi.org/10.1108/CASE.DARDEN.2016.000117","url":null,"abstract":"This case examines the formation of an alliance between Fiat and Chrysler during the height of the financial crisis as a mechanism to save Chrysler from liquidation. The case traces the events leading up to the alliance, discusses the early stage issues with which the partners have to deal, addresses some of the governance issues, and examines the past merger between Chrysler and Daimler that ended in a failure. The case presents a normative approach to alliance management and conjectures about the success of the Fiat-Chrysler alliance. We address whether Chrysler is a suitable partner and whether there is a strong enough rationale for the alliance and whether the two partners are compatible. Finally, the case explores the lessons learned and the cautions that might derail the alliance.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"97 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122780464","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}

{"title":"Ethical Perspective of the Financial Sector","authors":"Ligia Catherine Arias-Barrera","doi":"10.2139/ssrn.3018242","DOIUrl":"https://doi.org/10.2139/ssrn.3018242","url":null,"abstract":"In recent years misconduct issues have often arisen across markets and systematically important banks. As a result, there has been a notorious and exacerbated crisis of public confidence in the financial sector. It causes customers of financial services to be deterred from using the system and thus compounding the problem of stability even further. Hence, policymakers and supervisors are called upon re-thinking priorities when regulating financial business, turning to areas such as culture, conduct, integrity, and ethics, as means to guarantee the integrity of the entire financial industry. Traditionally, it has been argued that the key element to rule conduct in the financial sector is the coordination between macro and micro prudential policies, aiming at restoring public confidence and protecting market stability. The proposition is that today’s micro-prudential regulation, which is focused on individual institutions and instruments, must be strengthened and supplemented by macro-prudential regulation of the financial system. The reason is that macro-prudential regulation recognises the risks to the entire financial system, and seeks to fix the mismatch between risk-taking and risk capacity within firms, specially the highly interconnected firms. This paper proposes that such integration between macro and micro-prudential policies is complemented by means of designing and implementing a coherent risk-based approach to regulation and supervision that lies on three areas: i. comprehends the multiple dimensions of conduct risk and how it is perceived by regulators and regulated firms and individuals, ii. considers the psychological elements of the decision making process, and how human judgements about risks are affected by external factors, and iii. the two previous elements contribute to build a concept of “conduct risk” and how it could be better managed by prioritising conduct of business rules, as one of the pillars of the risk-based approach to regulation. The argument put forward here is that risk-based regimes facilitate the identification, management and mitigation of conduct risk in financial markets. Conduct risk defined as a type of operational risk that involves the actions and omissions of financial institutions and individuals within, regarded as misconduct, unethical and corrupt practices.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130178592","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}

{"title":"The Quality of Corporate Governance and the Length it Takes To Remove a Poor-Performing CEO","authors":"T. Mukherjee, H. Nguyen","doi":"10.2139/ssrn.2154669","DOIUrl":"https://doi.org/10.2139/ssrn.2154669","url":null,"abstract":"In this paper, we investigate the effects of internal corporate governance on the length it takes to remove a CEO after the initial sign of poor firm performance. We find that firms that have a better quality of internal corporate governance are quicker to remove poor-performing CEOs. This result persists after controlling for other factors that might influence the CEO removal decision.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130807736","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}

{"title":"Leverage: Operating, Financial and Total (Slides)","authors":"Ignacio Vélez-Pareja","doi":"10.2139/ssrn.1641494","DOIUrl":"https://doi.org/10.2139/ssrn.1641494","url":null,"abstract":"This is a course material (slides in pdf format) for Financial Analysis and Control already in SSRN. In these slides I present a detailed explanation of different measurements of leverage commonly used in financial management. We introduce some examples in the slides and they serve more as quick review for the written material of the main chapter than a summarized (bulleted) guide for conducting a lecture. However, I use them as a guide for my lectures.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121090751","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}

{"title":"Engineering Economy Special Problems in Investment Decision Methods (Slides)","authors":"Ignacio Vélez-Pareja","doi":"10.2139/SSRN.1747305","DOIUrl":"https://doi.org/10.2139/SSRN.1747305","url":null,"abstract":"This is a course material (slides in pdf format) from the book Investment Decision Making. For Firm and Project Valuation. The book is originally in Spanish and is untitled as Decisiones de inversion. Para la valoracion financiera de proyectos y empresas.Chapter Four includes the study of different problems when working with the typical methods for financial decision making. This includes non constant discount rates, uneven periods, and the solution of contradictions among methods: Net Present Value, Internal Rate of Return and Profitability Ratio or Benefit Cost Ratio. For solving the inconsistencies the Weighted Internal rate of Return and the expanded Benefit Cost Ratio are proposed.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131394416","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}

{"title":"Motor City: A Disruptive Business Model (B)","authors":"Edward D. Hess","doi":"10.1515/9780804777568-036","DOIUrl":"https://doi.org/10.1515/9780804777568-036","url":null,"abstract":"This case is appropriate for teaching entrepreneurship, finance, marketing, ethics and strategy courses. It raises issues about matching the pace of growth with available cash flow and whether or not the absentee owner should guarantee bank financing or bring in a private equity partner that would own a majority of the company and control the board.","PeriodicalId":403916,"journal":{"name":"CGN: Finance (Topic)","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123440713","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}