TY - JOUR T1 - Are Family Firms More Efficient? Revisiting the U-Shaped Curve of Firm Scale and Efficiency JF - Small Business Economics Y1 - 2023 A1 - Elston,Julie A1 - Zhang,Yingchao A1 - Chen,Ku-Hsieh A1 - Chen,Pei-Hwa KW - Finance KW - OSU-Cascades AB - This study applies a stochastic frontier model to examine the relationship between firm size and efficiency using a novel approach. The first novelty is that this study examines large and small firms separately to allow for heterogeneity between firm group sizes in terms of measuring the size-efficiency relationship. The second is that we use a modified frontier model which explicitly includes a family firm variable when measuring firm efficiency. Empirical results reveal that firms are in fact heterogeneous, with small-and-medium-sized enterprises (SMEs) exhibiting a U-shaped scale efficiency curve, while large enterprises (LE) exhibit an efficiency curve which is positive and linear. Robust results also confirm that family firms are relatively more efficient than non-family firms. In addition, while controlling for family firms does not appear to change the firm’s size-efficiency dynamics, failure to control for family firms leads to a bias in characterizing the nature of the firm’s production returns to scale. U2 - a U4 - 254543572992 ID - 254543572992 ER - TY - JOUR T1 - Corporate Reputation and Hedging Activities JF - Accounting and Finance Y1 - 2023 A1 - Deng,Junfang A1 - Yang,Jimmy KW - Accounting KW - Finance VL - 63 CP - S1 U2 - a U4 - 220996175872 ID - 220996175872 ER - TY - JOUR T1 - Intraday Momentum in the VIX Futures Market JF - Journal of Banking & Finance Y1 - 2023 A1 - Huang,Hong-Gia A1 - Tsai,Wei-Che A1 - Weng,Pei-Shih A1 - Yang,Jimmy KW - Finance VL - 148 U2 - a U4 - 219520659456 ID - 219520659456 ER - TY - HEAR T1 - Aggregate 52-week high, limited attention, and time-varying momentum profits Y1 - 2022 A1 - Hung,Weifeng A1 - Lin,Ching-Ting A1 - Yang,Jimmy KW - Finance JA - Research Seminar CY - Victoria, Canada U2 - c U4 - 233738010624 ID - 233738010624 ER - TY - JOUR T1 - Aggregate 52-week high, limited attention, and time-varying momentum profits JF - Journal of Banking & Finance Y1 - 2022 A1 - Hung,Weifeng A1 - Lin,Ching-Ting A1 - Yang,Jimmy KW - Finance VL - 141 U2 - a U4 - 233737533440 ID - 233737533440 ER - TY - HEAR T1 - Chinese Capital Structure: Theory and Evidence Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Meeting of the Academy of Finance CY - Chicago Il U2 - c U4 - 232941420544 ID - 232941420544 ER - TY - HEAR T1 - Chinese Capital Structure: Theory and Evidence Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - 35th Annual meeting of the Academy of Finance CY - Chicago U2 - c U4 - 254544160768 ID - 254544160768 ER - TY - JOUR T1 - Crash-Based Quantitative Trading Strategies: Perspective of Behavioral Finance JF - Finance Research Letters Y1 - 2022 A1 - Fang,Yan A1 - Yuan,Jie A1 - Yang,Jimmy A1 - Ying,Shangjun KW - Finance VL - 45 U2 - a U4 - 218946035712 ID - 218946035712 ER - TY - JOUR T1 - Does the tail risk index matter in forecasting downside risk? JF - International Journal of Finance and Economics Y1 - 2022 A1 - Hung,Jui-Cheng A1 - Liu,Hung-Chun A1 - Yang,Jimmy KW - Finance U2 - a U4 - 219521509376 ID - 219521509376 ER - TY - JOUR T1 - An Empirical Examination of Firm Growth in the MENA Region: Through the Lens of Gibrat's Law JF - Small Business Economics Y1 - 2022 A1 - Elston,Julie A1 - Weidinger,Alois Konrad KW - Finance KW - OSU-Cascades VL - 60 UR - https://www.springer.com/economics/microeconomics/journal/40812 CP - 1 U2 - a U4 - 254544275456 ID - 254544275456 ER - TY - HEAR T1 - Myths from Silicon Valley -Is Tech difference than Detroit? Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Recharging Austro-American Relations CY - Vienna, Austria. U2 - c U4 - 254544103424 ID - 254544103424 ER - TY - HEAR T1 - What Does Sustainable Growth look in the Technology Sector? Y1 - 2022 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - EUBA Conference “Sustainable Business Development Perspectives in 2022 CY - Slovakia U2 - c U4 - 254544123904 ID - 254544123904 ER - TY - HEAR T1 - Challenges and Opportunities of Research in Austria Y1 - 2021 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Realities of Life in Austria: U.S. Fulbright Scholars Orientation Program 2020-21 CY - Invited Online Webinar U2 - c U4 - 218336243712 ID - 218336243712 ER - TY - JOUR T1 - Destabilization and Consolidation: Conceptualizing, Measuring, and Validating the Dual Characteristics of Technology JF - Research Policy Y1 - 2021 A1 - Chen,Jiyao A1 - Shao,Rong A1 - Fan,Shaokun KW - BIS KW - Business Analytics KW - Finance KW - Strategy & Entrepreneurship VL - 50 CP - 1 U2 - a U4 - 162168494080 ID - 162168494080 ER - TY - JOUR T1 - Family control, external governance mechanisms, and dividend payouts JF - Quarterly Review of Economics and Finance Y1 - 2021 A1 - Teng,Chia-Chen A1 - Li,Shaomin A1 - Yang,Jimmy KW - Finance VL - 79 U2 - a U4 - 202763948032 ID - 202763948032 ER - TY - HEAR T1 - Fulbright in Austria Y1 - 2021 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - 70 Years of Bright Minds: 70th Anniversary Celebration CY - Webinar online U2 - c U4 - 232941268992 ID - 232941268992 ER - TY - JOUR T1 - Media exposure on corporate social irresponsibility and firm performance JF - Pacific-Basin Finance Journal Y1 - 2021 A1 - Teng,Chia-Chen A1 - Yang,Jimmy KW - Finance VL - 68 U2 - a U4 - 219521202176 ID - 219521202176 ER - TY - JOUR T1 - Public Information and Venture Capital Investment JF - Journal of Financial and Quantitative Analysis Y1 - 2021 A1 - Gibbons,Brian KW - Finance U2 - a U4 - 220656068608 ID - 220656068608 ER - TY - JOUR T1 - Share Pledging, Payout Policy, and the Value of Cash Holdings JF - Journal of Empirical Finance Y1 - 2021 A1 - Chou,Robin A1 - Wang,Yu-Chun A1 - Yang,Jimmy KW - Finance AB - Share pledging for insiders’ personal bank loans is associated with the agency problems of insider risk aversion and stock price crash risk. We examine the relation between insider share pledging and the value of cash holdings using the pledging data of listed firms in Taiwan. We find that the value of cash holdings is lower for pledging firms, especially for those that are relatively more risk averse. Pledging firms that repurchase shares have a higher marginal value of cash than those with other payout methods, likely due to the role of repurchases in reducing the stock price crash risk. Our results show how insiders’ personal financing incentives arising from share pledging would affect the value of cash holdings from the perspective of agency problems and payout policy. VL - 61 CP - March U2 - a U4 - 184512514048 ID - 184512514048 ER - TY - JOUR T1 - Technical expert CEOs and corporate innovation JF - Pacific-Basin Finance Journal Y1 - 2021 A1 - Ting,Hsiu-I A1 - Wang,Ming-Chun A1 - Yang,Jimmy A1 - Tuan,Kai-Wen KW - Finance VL - 68 U2 - a U4 - 233737959424 ID - 233737959424 ER - TY - JOUR T1 - Trader Positions in VIX Futures JF - Journal of Empirical Finance Y1 - 2021 A1 - Chen,Yu-Lun A1 - Yang,Jimmy KW - Finance AB - We investigate the dynamic changes in trader positions of market participants in the VIX futures markets. We find that in a low-VIX period, below the 23.81 threshold determined by our model, changes in VIX futures affect the trading decisions of dealers and leveraged fund managers, but in an opposite direction. During a high-VIX period, dealers and leveraged fund managers would then alter their trading strategies. We highlight the important role of exchange-traded products trading in hedging demand of dealers and show the impact on VIX futures. Trader positions are determinants of VIX futures prices, basis, and VIX premium. VL - 61 CP - March U2 - a U4 - 184512481280 ID - 184512481280 ER - TY - JOUR T1 - Trading activity and price discovery in Bitcoin futures markets JF - Journal of Empirical Finance Y1 - 2021 A1 - Hung,Jui-Cheng A1 - Liu,Hung-Chun A1 - Yang,Jimmy KW - Finance VL - 62 CP - June U2 - a U4 - 202763657216 ID - 202763657216 ER - TY - JOUR T1 - Analyst Information Acquisition via EDGAR JF - Management Science Y1 - 2020 A1 - Gibbons,Brian A1 - Iliev,Peter A1 - Kalodimos,Jonathan KW - Finance AB - We identify analysts’ information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts’ brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts’ attention to public information is driven by the demand for information and the analysts’ incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts’ forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts’ use of EDGAR is associated with longer and more informative analysis within recommendation reports. CY - INFORMS U2 - a U4 - 161327624192 ID - 161327624192 ER - TY - HEAR T1 - Austria's Research Opportunities Y1 - 2020 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Spotlight on Austria: Fulbright U.S. Scholar Opportunities CY - Online Webinar U2 - c U4 - 218336321536 ID - 218336321536 ER - TY - JOUR T1 - Earnings conference calls and institutional monitoring: Evidence from textual analysis JF - Journal of Financial Research Y1 - 2020 A1 - Berger,Dave A1 - Cao,Xueli A1 - Pukthuanthong,Kuntara KW - Finance U2 - a U4 - 144818911232 ID - 144818911232 ER - TY - JOUR T1 - Experimental Shareholder Activism: A Novel Approach to Organizational Research JF - Journal of Vocational Behavior Y1 - 2020 A1 - Kalodimos,Jonathan A1 - Leavitt,Keith KW - Finance KW - Management AB - Decision making processes and consequent policy decisions of top management teams often have tremendous impact on employee careers and wellbeing, but the difficulty of accessing executive decision making has made studying such processes especially difficult. Whereas scholars have often relied on their own professional networks to gather small samples of executives or leveraged proxy measures compiled from publicly-available documents, we propose and demonstrate an alternative approach which we term Experimental Shareholder Activism (ESA). ESA allows researchers to directly study executive leadership via the shareholder proposal process—under Rule 14a-8—by purchasing relatively small amounts of stock in a company, and experimentally manipulating features of shareholder proposals to elicit responses from key stakeholders within the company. This approach allows for the direct examination of executive decision making with the benefit of quasi-experimental design. We describe the method, identify vocational and career-relevant areas of inquiry best suited to ESA, and discuss manipulations readily embedded in shareholder proposals. We then provide a toolkit for scholars interested in studying executive decision making on employee career and Human Resource-related outcomes, and demonstrate the viability of such an approach via a pilot experiment. VL - 120 U2 - a U4 - 183677749248 ID - 183677749248 ER - TY - JOUR T1 - Governance Changes through Shareholder Initiatives: The Case of Proxy Access JF - Journal of Financial and Quantitative Analysis Y1 - 2020 A1 - Bhandari,Tara A1 - Iliev,Peter A1 - Kalodimos,Jonathan KW - Finance AB - We study a regulatory change that led to over 300 shareholder proposals to instate proxy access and more than 250 firms adopting proxy access from 2012 to 2016. The firms expected to benefit most from proxy access have the most positive market reaction to receiving a proposal, but adoptions are not concentrated at these firms. We find that proposing and voting shareholders do not discriminate between firms that would or would not benefit, and that management resists proxy access at the firms that stand to benefit most. This process results in the concentration of adoptions at large, already well-governed firms. U2 - a U4 - 127028414464 ID - 127028414464 ER - TY - JOUR T1 - Housing Price Dynamics, Mortgage Credit and Reverse Mortgage Demand: Theory and Empirical Evidence JF - Real Estate Economics Y1 - 2020 A1 - Chen,Kuo-Shing A1 - Yang,Jimmy KW - Finance VL - 48 CP - 2 U2 - a U4 - 144773152768 ID - 144773152768 ER - TY - HEAR T1 - Impact of Team Size on Technological Contributions: Unpacking Disruption and Development Y1 - 2020 A1 - Chen,Jiyao A1 - Shao,Rong A1 - Fan,Shaokun A1 - Li,Jiexun KW - BIS KW - Business Analytics KW - Finance KW - Strategy & Entrepreneurship JA - AOM Annual Meeting CY - Vancouver CA U2 - c U4 - 202782855168 ID - 202782855168 ER - TY - JOUR T1 - Improving the realized GARCH's volatility forecast for Bitcoin with jump-robust estimators JF - North American Journal of Economics and Finance Y1 - 2020 A1 - Hung,Jui-Cheng A1 - Liu,Hung-Chun A1 - Yang,Jimmy KW - Finance VL - 52 U2 - a U4 - 202763464704 ID - 202763464704 ER - TY - JOUR T1 - A new metric of market underreaction to earnings announcements: An empirical test JF - Asia-Pacific Journal of Financial Studies Y1 - 2020 A1 - Chung,Kee H A1 - Kim,Oliver A1 - Lim,Steve A1 - Yang,Sean KW - Finance U2 - a U4 - 181188927488 ID - 181188927488 ER - TY - HEAR T1 - "Passive Debt Ownership and Corporate Financial Policy" Y1 - 2020 A1 - Gibbons,Brian KW - Finance JA - Financial Management Association U2 - c U4 - 230634104832 ID - 230634104832 ER - TY - HEAR T1 - "Passive Debt Ownership and Corporate Financial Policy" Y1 - 2020 A1 - Gibbons,Brian KW - Finance JA - Southern Finance Association U2 - c U4 - 230634098688 ID - 230634098688 ER - TY - JOUR T1 - A rare move: the effects of switching from a closing call auction to a continuous trading JF - The Journal of Futures Markets Y1 - 2020 A1 - Chang,Ya-Kai A1 - Chou,Robin K A1 - Yang,Jimmy KW - Finance AB - This study investigates the effects of switching to a closing continuous trading (CCT) on market quality, while considering the trading behaviors of different types of traders. Investors become more patient in the period preceding the last trading phase, which reduces the bid–ask spread (BAS) in that period. We find an increase in the BAS and volatility during the last trading phase, due to diminishing investor patience. Market volatility and the closing pricing errors relate positively to the trading activities of foreign institutional investors. Overall, the introduction of the CCT worsens the market quality before the closing. VL - 40 CP - 3 U2 - a U4 - 127152922624 ID - 127152922624 ER - TY - JOUR T1 - An analytical measure of market underreactions to earnings surprises JF - International Review of Economics and Finance Y1 - 2019 A1 - Chung,Kee A1 - Kim,Olive A1 - Lim,Steve A1 - Yang,Sean KW - Finance VL - 64 U2 - a U4 - 167272583168 ID - 167272583168 ER - TY - JOUR T1 - Corporate Governance: What We Know And Don't Know JF - Journal of Industrial and Business Economics Y1 - 2019 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - The corporate governance literature provides a rich framework for examining the theoretical models and related mechanisms by which a firm is operated and controlled, but there are a number of challenges for future research that remain. This paper identifies some of the key studies and contributions of the existing corporate governance literature, while identifying several fruitful areas for research where our understanding of corporate governance is incomplete. For example, what is the relationship between corporate governance and corporate social responsibility, and how might this change in different institutional environments? Expanding standard models to include more nuanced factors within diverse and dynamic institutional environments is one challenge we face in modeling governance more comprehensively. In addition, as data becomes more easily available on smaller countries, transitional economies, and in frontier and emerging markets, we also need to expand our studies beyond the large Western country context. Future empirical work should undertake to better understand and examine the institutional structures, systems, mechanisms and incentives within understudied regions around the world. Beyond the notion of replication studies, careful cross-country studies would enable us to compare outcomes with existing studies and better inform us on fundamental differences (and similarities) between systems, contributing to our discussions on the limits of conversion between governance systems. UR - https://www.springer.com/economics/microeconomics/journal/40812 U2 - a U4 - 182875981824 ID - 182875981824 ER - TY - CHAP T1 - Dr. Audretsch: or How I Learned to Stop Worrying and Love Doing Small Business Research Y1 - 2019 A1 - Elston,Julie KW - Finance KW - OSU-Cascades U2 - d U4 - 202848339968 ID - 202848339968 ER - TY - JOUR T1 - Internationalization and Regional Entrepreneurship in China JF - Small Business Economics Y1 - 2019 A1 - Elston,Julie A1 - Weidinger,Alois KW - Accounting KW - Finance KW - OSU-Cascades AB - This study examines the importance of geographic location on the empirical link between internationalization and entrepreneurial intention. Integrating data from multiple sources to create a measure of internationalization intensity, this study directly contributes to the literature by revealing a significant and more complex relationship between internationalization and entrepreneurship than previously suggested in the literature. Specifically, while highly internationalized locations allow better access to resource markets they may also hinder entrepreneurship for several reasons, including the fact that these locations have higher competition for resources. Results provide direct empirical support to recent theories on the importance of within country comparative differences. U2 - a U4 - 50792673280 ID - 50792673280 ER - TY - JOUR T1 - Board members' influence on resource investments to start-ups and IPO outcomes: Does prior affiliation matter? JF - Pacific-Basin Finance Journal Y1 - 2018 A1 - Mathew,Prem A1 - Takahashi,Hidenori A1 - Yamakawa,Yasuhiro KW - Finance AB - Using data that contains career paths of start-up board members, we examine how their prior affiliations with various types of venture capital (VC) firms promote financial and human resource investments from the affiliated VC firm. We find that the likelihood of affiliation-based resource investments such as financing and board member engagement depends on the type of VC firms (e.g., bank-affiliated, corporate). Meanwhile, we find little evidence that affiliation-based resource investments lead to lower IPO costs and better post-IPO performances (i.e., return on assets, buy-and-hold abnormal returns, and failure rate). While prior affiliation could improve the inflow of resources, it might worsen screening and monitoring activities. VL - 49 UR - https://www.sciencedirect.com/science/article/pii/S0927538X17304468 CP - June 2018 U2 - a U4 - 162678636544 ID - 162678636544 ER - TY - HEAR T1 - Careers in Accounting Profession Y1 - 2018 A1 - Longo,Robert KW - Engagement KW - Finance JA - West Albany High School, Business Education CY - Albany, OR U2 - c U4 - 162892679168 ID - 162892679168 ER - TY - JOUR T1 - Chinese Lunar New Year Effect, Investor Sentiment, and Market Deregulation JF - Finance Research Letters Y1 - 2018 A1 - Teng,Chia-Chen A1 - Yang,Jimmy KW - Finance AB - This paper provides empirical evidence and a behavioral explanation for the Chinese Lunar New Year (CLNY) effect and investigates whether the holiday effect weakens after market deregulation. Using emotion proxies from literature, we find that positive emotion plays an important role in contributing to higher returns surrounding the CLNY. We also show that the CLNY effect weakens when foreign investors’ participation increases, suggesting that the market deregulation may have contributed to this diminishing calendar anomaly. VL - 27 UR - https://www.sciencedirect.com/science/article/pii/S1544612317305640 U2 - a U4 - 144773136384 ID - 144773136384 ER - TY - HEAR T1 - Development of Context-based Indices for Measuring Dynamic and Dualistic Nature of Innovation Y1 - 2018 A1 - Chen,Jiyao A1 - Shao,Rong A1 - Fan,Shaokun KW - BIS KW - Business Analytics KW - Finance KW - Strategy & Entrepreneurship JA - Academy of Management Annual Conference CY - Chicago, IL U2 - c U4 - 162437109760 ID - 162437109760 ER - TY - HEAR T1 - Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China Y1 - 2018 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Corporate Governance CY - Copenhagen U2 - c U4 - 182878932992 ID - 182878932992 ER - TY - HEAR T1 - An Examination of the Relationship Between Size and Growth of Listed Firms in the United Arab Emirates Y1 - 2018 A1 - Elston,Julie A1 - Weidinger,Alois A1 - Widmer,Melanie KW - Accounting KW - Finance KW - OSU-Cascades JA - 7th International Conference on Restructuring of the Global Economy (ROGE) CY - Oxford, UK U2 - c U4 - 182878883840 ID - 182878883840 ER - TY - JOUR T1 - Many analysts, one dataset: Making transparent how variations in analytical choices affect results JF - Advances in Methods and Practices in Psychological Science Y1 - 2018 A1 - Silberzahn,R A1 - Uhlmann,E A1 - Martin,D A1 - Anselmi,P A1 - Aust,F A1 - Awtrey,E A1 - Bahník,S A1 - Bai,F A1 - Bannard,C A1 - Bonnier,E A1 - Carlsson,R A1 - Cheung,F A1 - Christensen,G A1 - Clay,R A1 - Craig,M A1 - Rosa,A A1 - Dam,L A1 - Evans,M A1 - Cervantes,I A1 - Fong,N A1 - Gamez-Djokic,M A1 - Glenz,A A1 - Gordon-McKeon,S A1 - Heaton,T A1 - Eriksson,K A1 - Heene,M A1 - Mohr,A A1 - Högden,F A1 - Hui,K A1 - Johannesson,M A1 - Kalodimos,Jonathan A1 - Kaszubowski,E A1 - Kennedy,D A1 - Lei,R A1 - Lindsay,T A1 - Liverani,S A1 - Madan,C A1 - Molden,D A1 - Molleman,E A1 - Morey,R A1 - Mulder,L A1 - Nijstad,B A1 - Pope,B A1 - Pope,N A1 - Prenoveau,J A1 - Rink,F A1 - Robusto,E A1 - Roderique,H A1 - Sandberg,A A1 - Schlueter,E A1 - Schönbrodt,F A1 - Sherman,M A1 - Sommer,S A1 - Sotak,K A1 - Spain,S A1 - Spörlein,C A1 - Stafford,T A1 - Stefanutti,L A1 - Täuber,S A1 - Ullrich,J A1 - Vianello,M A1 - Wagenmakers,E A1 - Witkowiak,M A1 - Yoon,S A1 - Nosek,B KW - Finance U2 - a U4 - 162090280960 ID - 162090280960 ER - TY - JOUR T1 - The MAX Effect: Lottery Stocks with Price Limits and Limits to Arbitrage JF - Journal of Financial Markets Y1 - 2018 A1 - Hung,Weifeng A1 - Yang,Jimmy KW - Finance AB - We modify the Bali et al.’s (2011) MAX measure (maximum daily return over the prior month) when the observed returns are capped at the daily price limit to address the issue of homogeneous MAX across stocks. Our results indicate that the modified MAX measure can be a significant predictor of future stock returns. The modified MAX effect is not a manifestation of the idiosyncratic volatility effect. We also find that the modified MAX measure could be an alternative proxy for arbitrage risk. VL - 41 U2 - a U4 - 162670010368 ID - 162670010368 ER - TY - JOUR T1 - Product Market Characteristics and the Choice between IPOs and Acquisitions JF - Journal of Financial and Quantitative Analysis Y1 - 2018 A1 - He,Shan A1 - Chemmanur,T. A1 - He,J. A1 - Nandy,D. KW - Finance U2 - a U4 - 144799162368 ID - 144799162368 ER - TY - HEAR T1 - "Through Thick and Thin: Political Risk and the Interdependencies between MNCs and Host Countries" Y1 - 2018 A1 - Blouin,Jennifer A1 - Gibbons,Brian A1 - Wang,Clare A1 - Wellman,Laura KW - Finance JA - Financial Accounting and Reporting Section Midyear Conference U2 - c U4 - 230634094592 ID - 230634094592 ER - TY - HEAR T1 - "Through Thick and Thin: Political Risk and the Interdependencies between MNCs and Host Countries" Y1 - 2018 A1 - Blouin,Jennifer A1 - Gibbons,Brian A1 - Wang,Clare A1 - Wellman,Laura KW - Finance JA - Oxford University, Corporate Political Engagement in Europe and the US U2 - c U4 - 230634096640 ID - 230634096640 ER - TY - HEAR T1 - "Through Thick and Thin: Political Risk and the Interdependencies between MNCs and Host Countries" Y1 - 2018 A1 - Wang,Clare A1 - Gibbons,Brian A1 - Blouin,Jennifer A1 - Wellman,Laura KW - Finance JA - University of Colorado, Summer Accounting Research Conference U2 - c U4 - 230634102784 ID - 230634102784 ER - TY - ABST T1 - Disruption in Health Care Markets Y1 - 2017 A1 - Kalodimos,Jonathan KW - Finance UR - https://businessradio.wharton.upenn.edu/programs/the-business-of-health-care U2 - d U4 - 154845061120 ID - 154845061120 ER - TY - JOUR T1 - Internal Governance and Performance: Evidence From When External Discipline is Weak JF - Journal of Corporate Finance Y1 - 2017 A1 - Kalodimos,Jonathan KW - Finance AB - The effect of internal governance on performance is potentially economically significant but may be difficult to identify because of confounding external disciplinary mechanisms and the endogenous choice of internal governance. This study addresses those difficulties by using nonprofit hospitals as an economic environment with muted external disciplinary mechanisms and instrumenting for internal governance using governance spillovers of geographically local public firms. Using patient heart attack survival as a measure of performance, a one standard deviation increase in strength of internal governance reduces the probability of death by 0.89 percentage points after controlling for patient characteristics. VL - 43 UR - http://www.sciencedirect.com/science/article/pii/S0929119917300196 U2 - a U4 - 127028529152 ID - 127028529152 ER - TY - ABST T1 - Progress in Understanding Proxy Access and the Shareholder Proposal Process Y1 - 2017 A1 - Kalodimos,Jonathan A1 - Bhandari,Tara A1 - Iliev,Peter KW - Finance UR - https://corpgov.law.harvard.edu/2017/01/03/progress-in-understanding-proxy-access-and-the-shareholder-proposal-process/ U2 - d U4 - 138714636288 ID - 138714636288 ER - TY - JOUR T1 - Shareholder Rights in Mergers and Acquisitions: Are Appraisal Rights Being Abused? JF - Finance Research Letters Y1 - 2017 A1 - Kalodimos,Jonathan A1 - Lundberg,Clark KW - Finance AB - Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal rights and find the evidence is most consistent with appraisal rights functioning as recourse when the target firm is sold below fundamental value. U2 - a U4 - 138602024960 ID - 138602024960 ER - TY - HEAR T1 - "Through Thick and Thin: Political Risk and the Interdependencies between MNCs and Host Countries" Y1 - 2017 A1 - Blouin,Jennifer A1 - Gibbons,Brian A1 - Wang,Clare A1 - Wellman,Laura KW - Finance JA - University of Chicago, Global Issues in Accounting Conference U2 - c U4 - 230634100736 ID - 230634100736 ER - TY - JOUR T1 - Business Cultural Intelligence Quotient: A Five-Country Study JF - Thunderbird International Business Review Y1 - 2016 A1 - Elston,Julie A1 - Alon,Ilan KW - Finance KW - OSU-Cascades AB - Cultural intelligence (CI) has often been linked to performance at the individual, team and firm levels as a key factor in international business success. Using a new measure of CI, the business cultural intelligence quotient (BCIQ), our study provides empirical evidence on several key antecedents of CI using data onbusiness professionals across five diverse countries (Austria, Colombia, Greece, Spain and USA). The findings suggest that the most important factors leading to cultural intelligence, in order of importance, are: the number of countries that business practitioners have lived in for more than six months, their level of education and the number of languages spoken. We find that cultural intelligence varies across countries, suggesting that some countries have a higher propensity for cross-cultural business interactions. By teasing out the common antecedents of BCIQ among professionals, our findings may help with screening and training professionals for international assignments. Future research may examine the environmental (country-specific) factors associated with a higher propensity for cultural intelligence (such as immigration, cultural diversity, languages spoken, and international trade) to explain the effect of country of origin on cultural intelligence in the professional community. U2 - a U4 - 87627952128 ID - 87627952128 ER - TY - JOUR T1 - Corporate Governance and the Informational Efficiency of Prices JF - Financial Management Y1 - 2016 A1 - Lee,C. A1 - Chung,K. H. A1 - Yang,Sean KW - Finance VL - 45 CP - Spring 2016 U2 - a U4 - 132483514368 ID - 132483514368 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2016 A1 - Yang,Jimmy A1 - Lin,KC A1 - Johnson,Shane KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 144794304512 ID - 144794304512 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2016 A1 - Yang,Jimmy A1 - Lin,KC A1 - Johnson,Shane KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 144773222400 ID - 144773222400 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2016 A1 - Yang,Jimmy A1 - Lin,KC A1 - Johnson,Shane KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 144773206016 ID - 144773206016 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2016 A1 - Yang,Jimmy A1 - Lin,KC A1 - Johnson,Shane KW - Finance JA - Entrepreneurship Society Seminar CY - Taiwan U2 - c U4 - 144794408960 ID - 144794408960 ER - TY - JOUR T1 - The Effects of Executive, Firm, and Board Characteristics on Executive Exit JF - Financial Review Y1 - 2016 A1 - Becker-Blease,John KW - Finance AB - We estimate a hazard model of the probability of top corporate executives exiting their firms over the period 1996–2010. Our main findings are that: (1) female executives have greater likelihoods of exit than males, (2) the likelihood of exit increases with the independence of the board and decreases with the fraction of the board that is female and the average age of board members, and (3) a higher percentage of independent directors on the board lowers the probability of exit more for females than for males. Further, controlling for exit risk reduces the well-documented compensation differential between men and women. VL - 51 CP - 4 U2 - a U4 - 107214450688 ID - 107214450688 ER - TY - JOUR T1 - Evidence on the Dynamic Nature of Executive Compensation and Corporate Governance in China JF - International Journal of Corporate Governance Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 7 CP - 3 U2 - a U4 - 106814715904 ID - 106814715904 ER - TY - JOUR T1 - Fragility, stress, and market returns JF - Journal of Banking & Finance Y1 - 2016 A1 - Berger,Dave A1 - Pukthuanthong,Kuntara KW - Finance U2 - a U4 - 57419567104 ID - 57419567104 ER - TY - ABST T1 - A Gadfly's Perspective Y1 - 2016 A1 - Kalodimos,Jonathan KW - Finance UR - https://corpgov.law.harvard.edu/2016/09/21/a-gadflys-perspective/ U2 - d U4 - 133679271936 ID - 133679271936 ER - TY - JOUR T1 - Human Capital, Management Quality, and the Exit Decisions of Entrepreneurial Firms JF - Journal of Financial and Quantitative Analysis Y1 - 2016 A1 - He,Shan A1 - Lei,C. W. KW - Finance VL - 51 U2 - a U4 - 132486203392 ID - 132486203392 ER - TY - JOUR T1 - Institutional Trading, Information Production, and Corporate Spin-offs JF - Journal of Corporate Finance Y1 - 2016 A1 - He,Shan A1 - Chemmanur,T. J. KW - Finance VL - 38 U2 - a U4 - 132486158336 ID - 132486158336 ER - TY - HEAR T1 - Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China Y1 - 2016 A1 - Elston,Julie A1 - Weidinger,Alois KW - Finance KW - OSU-Cascades JA - 33rd Annual International Business Research Conference CY - Dubai U2 - c U4 - 126148700160 ID - 126148700160 ER - TY - HEAR T1 - Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - International Workshop on Entrepreneurship in China CY - China U2 - c U4 - 143265462272 ID - 143265462272 ER - TY - HEAR T1 - Internationalization, Geographic Location and Entrepreneurial Intention Y1 - 2016 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of International Business Annual onference CY - New Orleans, LA U2 - c U4 - 143265439744 ID - 143265439744 ER - TY - ABST T1 - Proposals Meant to Spark Nuanced Conversation about Stock Buybacks Y1 - 2016 A1 - Kalodimos,Jonathan KW - Finance U2 - d U4 - 129112414208 ID - 129112414208 ER - TY - HEAR T1 - Public versus Private Provision of Governance: The Case of Proxy Access Y1 - 2016 A1 - Kalodimos,Jonathan KW - Finance JA - SFS Cavalcade CY - Toronto, Ontario U2 - c U4 - 128932503552 ID - 128932503552 ER - TY - JOUR T1 - The role of informal capital on new venture formation and growth in China JF - Small Business Economics Y1 - 2016 A1 - Elston,Julie A1 - Chen,Sandy A1 - Weidinger,Alois KW - Accounting KW - Finance KW - OSU-Cascades KW - OSU-Cascades Hospitality Mgt AB - This study examines the nature and role of informal capital used by micro-firms in the dynamic emerging market of China. Using a unique source of data for 260 urban entrepreneurs, this study provides empirical evidence that entrepreneurs’ personal savings and family funding are important sources of start-up capital. However, household income is the most important funding source in driving firm growth over time. This research directly addresses the lacuna of studies on entrepreneurship in emerging economies and contributes to our understanding of the critical role informal capital plays in the Chinese entrepreneurial process. Overall findings suggest that informal capital is still predominantly used over formal capital sources for financing firm start-up, underscoring the slow transition in China from an emerging to a modern economy. VL - 46 CP - 1 U2 - a U4 - 50792955904 ID - 50792955904 ER - TY - HEAR T1 - On valuing human capital and relating it to macro variables Y1 - 2016 A1 - Berger,Dave A1 - Roll,Richard A1 - Pukthuanthong,Kuntara KW - Finance JA - Financial Management Association Annual Meeting CY - Las Vegas U2 - c U4 - 144819625984 ID - 144819625984 ER - TY - HEAR T1 - Anti-Takeover Provisions, Corporate Governance, and Firm Performance Y1 - 2015 A1 - He,Shan KW - Finance JA - Financial Management Association Annual Meeting 2015 CY - Orlando U2 - c U4 - 144799627264 ID - 144799627264 ER - TY - HEAR T1 - Closed-end fund IPOs, Sold not Bought Y1 - 2015 A1 - Shao,Rong KW - Finance JA - Financial Management Association (FMA) Conference CY - Las Vegas, NV U2 - c U4 - 144721954816 ID - 144721954816 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2015 A1 - Yang,Jimmy A1 - Lin,KC KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 127152746496 ID - 127152746496 ER - TY - HEAR T1 - The cost of corporate social irresponsibility Y1 - 2015 A1 - Yang,Jimmy A1 - Lin,KC KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 127152736256 ID - 127152736256 ER - TY - HEAR T1 - Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Academy of Management (EURAM) Conference CY - Warsaw, Poland U2 - c U4 - 106814851072 ID - 106814851072 ER - TY - HEAR T1 - Does Corporate Social Responsibility Attract the "Right" Investors Y1 - 2015 A1 - Becker-Blease,John KW - Finance JA - Social and Sustainable Finance and Impact Investing Conference CY - Oxford, England U2 - c U4 - 107214395392 ID - 107214395392 ER - TY - JOUR T1 - Does Director Affiliation Lead to Analyst Bias? JF - Applied Economics Y1 - 2015 A1 - Mathew,Prem A1 - Yildirim,H. Semih KW - Finance VL - 47 CP - 3 U2 - a U4 - 98447046656 ID - 98447046656 ER - TY - JOUR T1 - The Effect of Ownership Structure on the Price Earnings Ratio-Returns Anomaly JF - International Review of Financial Analysis Y1 - 2015 A1 - Houmes,Robert A1 - Chira,Inga KW - Finance U2 - a U4 - 103855190016 ID - 103855190016 ER - TY - HEAR T1 - Empirical Financial Studies and Policy Implications Y1 - 2015 A1 - Yang,Jimmy KW - Finance JA - 3rd Global Economy and Governance International Conference CY - Taipei U2 - c U4 - 127152842752 ID - 127152842752 ER - TY - HEAR T1 - A Hierarchy of Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Management Annual Meetings CY - Vancouver, BC, Canada U2 - c U4 - 106814875648 ID - 106814875648 ER - TY - HEAR T1 - A Hierarchy of Cultural Intelligence Antecedents Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Business (AIB) Bengaluru Conference CY - India U2 - c U4 - 106814861312 ID - 106814861312 ER - TY - HEAR T1 - Internal Governance and Performance: Evidence From When External Discipline is Weak Y1 - 2015 A1 - Kalodimos,Jonathan KW - Finance JA - Seminar Series CY - San Diego State University U2 - c U4 - 115023069184 ID - 115023069184 ER - TY - HEAR T1 - Measuring Cultural Intelligence Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - Abu Dhabi, UAE U2 - c U4 - 106814824448 ID - 106814824448 ER - TY - HEAR T1 - A model of price limits on individual stocks Y1 - 2015 A1 - Yang,Jimmy A1 - Luo,Yuchen KW - Finance JA - World Finance Conference CY - Buenos Aires U2 - c U4 - 127152861184 ID - 127152861184 ER - TY - HEAR T1 - A model of price limits on individual stocks Y1 - 2015 A1 - Yang,Jimmy A1 - Luo,Yuchen KW - Finance JA - Finance Seminar CY - Taiwan U2 - c U4 - 127152723968 ID - 127152723968 ER - TY - JOUR T1 - New venture legitimacy: the conditions for angel investors JF - Small Business Economics Y1 - 2015 A1 - Becker-Blease,John A1 - Sohl,Jeffrey KW - Finance AB - Favorable legitimacy judgments by potential resource providers are critical for the survival and growth of new ventures. We examine which aspects of a venture’s activities, structures, and outcomes, as conveyed by its narrative, are associated with legitimacy judgments by potential angel investors in a sample of 176 new venture proposals. We find that entrepreneurial ventures with quality top management teams, advisors, and developed products are viewed more favorably by angel investors and likely have better access to these investors. This research provides new insights into the establishment of legitimacy within the economically important angel capital market. VL - 45 CP - 4 U2 - a U4 - 117456082944 ID - 117456082944 ER - TY - ABST T1 - Public versus Private Provision of Governance: The Case of Proxy Access Y1 - 2015 A1 - Kalodimos,Jonathan A1 - Iliev,Peter A1 - Bhandari,Tara KW - Finance UR - http://clsbluesky.law.columbia.edu/2015/10/01/public-versus-private-provision-of-governance-the-case-of-proxy-access/ U2 - d U4 - 115408058368 ID - 115408058368 ER - TY - JOUR T1 - Reverse Stock Splits, Institutional Holdings, and Share Value JF - Financial Management Y1 - 2015 A1 - Chung,K. H. A1 - Yang,Sean KW - Finance VL - 44 CP - Spring 2015 U2 - a U4 - 132483401728 ID - 132483401728 ER - TY - HEAR T1 - The Role of Informal Capital in Growth in China Y1 - 2015 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - International Conference on Small Business (ICSB) World Conference on Entrepreneurship at a Global Crossroads CY - Dubai, UAE U2 - c U4 - 106814887936 ID - 106814887936 ER - TY - JOUR T1 - Sentiment Bubbles JF - Journal of Financial Markets Y1 - 2015 A1 - Berger,Dave A1 - Turtle,Harry KW - Finance AB - We examine cumulative changes in investor sentiment and find that these changes relate to extended periods of increasing overvaluation, followed by price corrections. The relation between sentiment and returns is path dependent—short-term increases in sentiment precede strong positive returns, while prolonged periods of increasing sentiment precede negative returns. Positive short-run returns are consistent with bubble dynamics and mitigate the backwards induction conundrum described by Abreu and Brunnermeier (2003). Our results hold for the market portfolio, and are especially strong for opaque portfolios with high levels of uncertainty, as well as portfolios with greater market frictions that limit arbitrage. VL - 23 U2 - a U4 - 57419835392 ID - 57419835392 ER - TY - JOUR T1 - Bad News and Bank Performance during the 2008 Financial Crisis JF - Applied Financial Economics Y1 - 2014 A1 - Chira,Inga KW - Finance AB - The paper investigates market reaction to negative reports published by analysts and auditors for a sample of investment, commercial, and savings banks during the 2008 financial crisis and compares the results to non-crisis periods. The results show that during 2008, analysts' downgrades and underperformance reports resulted in stronger negative returns than during non-crisis periods and that investment banks experienced the worst stock price declines. The market reaction to auditors’ issues and going concern flags is different during the crisis as well. In non-crisis periods no reaction to auditors’ bad news is reported, while during the crisis there is a negative and significant reaction for investment banks only. Overall, the type of bank, investment versus commercial, significantly contributes to explaining the variability in returns during the financial crisis. VL - 24 CP - 18 U2 - a U4 - 103855024128 ID - 103855024128 ER - TY - JOUR T1 - Daily Data is Bad for Beta: Opacity and Frequency-Dependent Betas JF - Review of Asset Pricing Studies Y1 - 2014 A1 - Kalodimos,Jonathan A1 - Gilbert,T. A1 - Hrdlicka,C. A1 - Siegel,S. KW - Finance U2 - a U4 - 109257807872 ID - 109257807872 ER - TY - HEAR T1 - Does a change in firm visibility affect value? Y1 - 2014 A1 - Becker-Blease,John A1 - Khoury,Ted A1 - Paul,Donna KW - Finance JA - SMS Annual International Conference CY - Madrid, Spain U2 - c U4 - 88226975744 ID - 88226975744 ER - TY - JOUR T1 - The Effect on Stockholder Wealth of Product Recalls and Government Action: The Case of Toyota's Accelerator Pedal Recall JF - Quarterly Review of Economics and Finance Y1 - 2014 A1 - Gokhale,Jayendra A1 - Brooks,Raymond A1 - Tremblay,Victor J KW - Finance AB - We analyze the effect of Toyota’s faulty accelerator pedal on stockholder wealth. Using the event study methodology, we show that a major recall in January of 2010 caused the company’s cumulative abnormal returns to fall by 19 percent. Continued concerns that Toyota was unable to identify and adequately fix the problem induced the National Highway Traffic Safety Administration to conduct its own investigation in March, 2010. The results of this government investigation exonerated the company and caused Toyota’s cumulative abnormal returns to rise by almost 9 percent. The Toyota case provides an opportunity to study a product recall with both company error and a government action that addressed concerns about the safety of the product. VL - 54 CP - November 2014 U2 - a U4 - 87876405248 ID - 87876405248 ER - TY - JOUR T1 - Executive Compensation and Agency Issues in Italy JF - International Journal of Corporate Governance Y1 - 2014 A1 - Elston,Julie A1 - Rondi,Laura A1 - Bhattacharyya,Nalanaksha KW - Finance KW - OSU-Cascades AB - From a theoretical perspective, we posit that that dividend policies may be relevant in resolving agency issues even in a governance environment dominated by family controlled firms. Earlier research has found that in more market based systems such as the US and Canada, dividends are in fact instrumental in solving agency issues. Prior empirical research has also found that dividends have a role in mitigating agency conflicts in a bank-dominated corporate environments like that in Germany (Elston and Goldberg, 2003). This paper extends the findings of earlier research by empirically investigating whether dividends retain their importance as the mechanism for resolving residual agency issues in a family controlled governance environment like Italy VL - 5 CP - 3/4 U2 - a U4 - 19827521537 ID - 19827521537 ER - TY - HEAR T1 - How Important is Governance? Evidence from Heart Attack Survival Y1 - 2014 A1 - Kalodimos,Jonathan KW - Finance JA - Southwestern Finance Association Annual Conference CY - Dallas, TX U2 - c U4 - 115023095808 ID - 115023095808 ER - TY - HEAR T1 - International Entrepreneurship Y1 - 2014 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - Vienna U2 - c U4 - 106814816256 ID - 106814816256 ER - TY - JOUR T1 - Risk Change during Crises: How do Purely Local Companies Differ from Cross-listed Firms? Evidence from the European Crisis of 2010-2012 JF - Journal of Economics and Business Y1 - 2014 A1 - Chira,Inga KW - Finance U2 - a U4 - 87630446592 ID - 87630446592 ER - TY - JOUR T1 - Special Dividend Distributions, Firm Characteristics, and Economic Conditions JF - Journal of Applied Finance: theory, practice, education Y1 - 2014 A1 - Chira,Inga KW - Finance U2 - a U4 - 87630465024 ID - 87630465024 ER - TY - JOUR T1 - What makes when-issued trading attractive to financial markets? JF - Financial Markets, Institutions and Instruments Y1 - 2014 A1 - Brooks,Raymond A1 - Kim,Yong H A1 - Yang,Jimmy KW - Finance AB - When-issued trading is the trading of securities prior to the actual issue of the security. When-issued trading is active around the world and in a variety of equity and bond markets. In this survey, we provide a general description of when-issued trading, analyze benefits and costs in various financial markets, present existing theoretical models and predictions, and synthesize empirical findings. We find that when-issued trading promotes price discovery, mitigates information asymmetry, provides convenience for trading ahead of the actual issue of the security, and in some markets reduces volatility. In addition, we offer policy implications and suggest directions for further research in this area. VL - 23 CP - 5 U2 - a U4 - 68819267584 ID - 68819267584 ER - TY - JOUR T1 - When-issued trading in the Indian IPO market JF - Journal of Financial Markets Y1 - 2014 A1 - Brooks,Raymond A1 - Mathew,Prem A1 - Yang,Jimmy KW - Finance VL - 19 U2 - a U4 - 53120905216 ID - 53120905216 ER - TY - HEAR T1 - Agency Problems and Cash Savings from Equity Issuance Y1 - 2013 A1 - Anthony,Andrea KW - Finance JA - FMA Doctoral Consortium CY - Chicago, IL U2 - c U4 - 107182733312 ID - 107182733312 ER - TY - JOUR T1 - Bank Exposure to Market Fear JF - Journal of Financial Stability Y1 - 2013 A1 - Chira,Inga A1 - Madura,I. A1 - Viale,A. KW - Finance VL - 9 CP - 4 U2 - a U4 - 84290600960 ID - 84290600960 ER - TY - HEAR T1 - Business Cultural Intelligence Quotient (BCIQ) Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of Management CY - Orlando, FL U2 - c U4 - 87627702272 ID - 87627702272 ER - TY - JOUR T1 - The choice between rights and underwritten equity offerings: Evidence from Chinese Stock Markets JF - Journal of Multinational Financial Management Y1 - 2013 A1 - Dang,Li A1 - Yang,Jimmy KW - Accounting KW - Finance AB - We study the choice and valuation effects of alternative flotation methods using a sample of Chinese firms that must meet the return on equity (ROE) thresholds set by the government to raise equity capital. The ROE requirement, although changed over time, seems to play an important role on the valuation and performance of seasoned equity offerings. The analysis of 219 rights and 75 underwritten offerings between 2000 and 2004 shows that Chinese firms that are not qualified for the flotation method with a higher ROE requirement suffer the most at announcement and experience significantly lower buy-and-hold abnormal returns than those that are qualified. Our results suggest that the freedom to choose their preferred flotation method may be valuable to firms that meet the higher ROE requirement. Finally, our probit models identify several determinants of the choice of flotation methods. VL - 23 CP - 3 U2 - a U4 - 2658564097 ID - 2658564097 ER - TY - HEAR T1 - Discussant Y1 - 2013 A1 - Anthony,Andrea KW - Finance JA - Financial Management Association Annual Meeting CY - Chicago, IL U2 - c U4 - 107182718976 ID - 107182718976 ER - TY - JOUR T1 - Is the diversification benefit of frontier markets realizable by mean-variance investors? The evidence of investable funds JF - Journal of Portfolio Management Y1 - 2013 A1 - Berger,Dave A1 - Pukthuanthong,Kuntara A1 - Yang,Jimmy KW - Finance VL - 39 U2 - a U4 - 53000775681 ID - 53000775681 ER - TY - JOUR T1 - Entrepreneurial motives and characteristics: An analysis of small restaurant owners JF - International Journal of Hospitality Management Y1 - 2013 A1 - Elston,Julie A1 - Chen,Sandy KW - Finance KW - OSU-Cascades KW - OSU-Cascades Hospitality Mgt VL - 35 U2 - a U4 - 172831225856 ID - 172831225856 ER - TY - JOUR T1 - Financial turbulence and Beta estimation JF - Applied Financial Economics Y1 - 2013 A1 - Berger,Dave KW - Finance AB - I use Mahalanobis distance based on investment opportunity variables to define turbulent periods within financial markets. The distance measure identifies periods of event-driven stress, and not necessarily low returns. CAPM betas estimated from normal sample periods explain vary little variation in cross-sectional returns. However, betas estimated from turbulent subperiods explain a large proportion of full-sample returns. Market betas for small and value portfolios increase during turbulent periods, indicating that the risk of these portfolios is greater than indicated by standard betas, and suggesting an explanation for these anomalies. VL - 23 U2 - a U4 - 31187142657 ID - 31187142657 ER - TY - CHAP T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Public Policy in the Entrepreneurial Society CY - London U2 - d U4 - 78753181696 ID - 78753181696 ER - TY - JOUR T1 - The Impact of Governance Characteristics on the Stock Price of Cross Listed Companies JF - Journal of Economics and Finance Y1 - 2013 A1 - Chira,Inga KW - Finance U2 - a U4 - 84290791424 ID - 84290791424 ER - TY - JOUR T1 - Impact of the Galleon Case on Informed Trading Before Merger Announcements JF - Journal of Financial Research Y1 - 2013 A1 - Chira,Inga A1 - Madura,J. KW - Finance VL - 36 CP - 3 U2 - a U4 - 84290693120 ID - 84290693120 ER - TY - HEAR T1 - International Entrepreneurship Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - “Practical Problems in Economics” CY - Bratislava, Slovakia. U2 - c U4 - 78753425408 ID - 78753425408 ER - TY - HEAR T1 - Measuring Risk Attitudes of High-Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - University Lecture CY - Vienna Austria U2 - c U4 - 87627829248 ID - 87627829248 ER - TY - HEAR T1 - Measuring the Impacts of Risk Attitudes and Entrepreneurship of US High Technology Entrepreneurs Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Fulbright Inter-Country invited lecture CY - Rome, Italy U2 - c U4 - 78753458176 ID - 78753458176 ER - TY - JOUR T1 - Reconsidering Price Limit Effectiveness JF - Journal of Financial Research Y1 - 2013 A1 - Kim,Kenneth A1 - Liu,Haixiao A1 - Yang,Jimmy KW - Finance AB - Most stock exchanges around the world impose daily price limits on stock prices. However, China is the only market that has experienced trading with and without price limits. We study China’s experience with price limits by comparing a subperiod with price limits to a subperiod without price limits. We provide three major sets of findings. First, we find price limits moderate transitory volatility and mitigates abnormal trading activity. Second, for poor performing stocks, a tighter price limit also appears helpful in moderating volatility and not hurtful. Finally, we find some evidence that price limits can facilitate market recovery following crashes. Many prior studies criticize price limits. Our study shows benefits of price limits. VL - 36 CP - 4 U2 - a U4 - 30702327809 ID - 30702327809 ER - TY - CHAP T1 - Risk Attitudes, Wealth and Sources of Entrepreneurial Start-Up Capital Y1 - 2013 A1 - Elston,Julie KW - Finance KW - OSU-Cascades CY - London U2 - d U4 - 87643951104 ID - 87643951104 ER - TY - JOUR T1 - Share Repurchases, Catering, and Dividend Substitution JF - Journal of Corporate Finance Y1 - 2013 A1 - Jiang,Z. A1 - Kim,K. A. A1 - Lie,E. A1 - Yang,Sean KW - Finance VL - 21 CP - June 2013 U2 - a U4 - 132483328000 ID - 132483328000 ER - TY - HEAR T1 - Untitled Y1 - 2013 A1 - He,Shan KW - Finance JA - Financial Intermediation Research Society (FIRS) Conference CY - Croatia U2 - c U4 - 144799715328 ID - 144799715328 ER - TY - JOUR T1 - Cross-sectional performance and investor sentiment in a multiple risk factor model JF - Journal of Banking & Finance Y1 - 2012 A1 - Berger,Dave A1 - Turtle,Harry J KW - Finance AB - The impact of investor sentiment on stock prices varies in the cross-section. We estimate sentiment sensitivities and find that sentiment-prone stocks exhibit the opaque characteristics hypothesized by Baker and Wurgler (2006). We then examine conditional alphas using investor sentiment as an information variable. Opaque stocks exhibit marginal performance that varies inversely with investor sentiment. Translucent stocks exhibit relatively little variability in performance across levels of sentiment. VL - 36 CP - 4 U2 - a U4 - 31187070977 ID - 31187070977 ER - TY - JOUR T1 - Emerging from bankruptcy with when-issued trading JF - Financial Review Y1 - 2012 A1 - Brooks,Raymond A1 - Yang,Jimmy KW - Finance AB - We examine the set of firms that emerged from Chapter 11 bankruptcy and traded on a when-issued basis prior to their official return to the regular way in NASDAQ, Amex, or NYSE. We find that this when-issued market is liquid and price efficient. The when-issued closing price is a good indicator of the first closing price in the regular way market. Emerging firms that have when-issued trading experience lower regular way volatility and smaller relative spreads than those without when-issued trading. Our probit regressions show that firm size is an important determinant of the adoption of when-issued trading. VL - 47 U2 - a U4 - 8582115329 ID - 8582115329 ER - TY - HEAR T1 - “Internationalization and Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China” Y1 - 2012 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business Conference CY - Washington DC U2 - c U4 - 50792708096 ID - 50792708096 ER - TY - JOUR T1 - Market fragility and international market crashes JF - Journal of Financial Economics Y1 - 2012 A1 - Berger,Dave A1 - Pukthuanthong,Kuntara KW - Finance AB - We extend the Pukthuanthong and Roll (2009) measure of integration to provide an estimate of systemic risk within international equity markets. Our measure indicates an increasing likelihood of market crashes. The conditional probability of market crashes increases substantially following increases of our risk measure. High levels of our risk measure indicate the probability of a global crash is greater than the probability of local crash. That is, conditional on high levels of systemic risk, the probability of a severe crash across multiple markets is larger than the probability of a crash within a smaller number of markets. VL - 105 CP - 3 U2 - a U4 - 33748656129 ID - 33748656129 ER - TY - HEAR T1 - “Regional Entrepreneurship: Empirical Evidence on the Formation of New Ventures in China” Y1 - 2012 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of Management Conference CY - Boston U2 - c U4 - 59340646400 ID - 59340646400 ER - TY - HEAR T1 - The Sources of Legitimacy for New Venture Angel Investors Y1 - 2012 A1 - Becker-Blease,John KW - Finance JA - European Foundation for Management Development CY - Maastrict U2 - c U4 - 56745467904 ID - 56745467904 ER - TY - CHAP T1 - Stakeholder-Focused Corporate Investment Y1 - 2012 A1 - Becker-Blease,John KW - Finance CP - 1 U2 - d U4 - 48705081344 ID - 48705081344 ER - TY - HEAR T1 - When-issued trading in the Indian IPO market Y1 - 2012 A1 - Mathew,Prem KW - Finance JA - Midwest Finance Association Conference CY - New Orleans U2 - c U4 - 49968719872 ID - 49968719872 ER - TY - HEAR T1 - When-issued trading in the Indian IPO market Y1 - 2012 A1 - Yang,Jimmy KW - Finance JA - Finance Seminar at National Chengchi University CY - Taiwan U2 - c U4 - 69888423936 ID - 69888423936 ER - TY - JOUR T1 - Can Undergraduate Students Make Optimal Decisions about Student Loans? JF - Journal of Economics and Finance Education Y1 - 2011 A1 - Chira,Inga A1 - Chiang,E. A1 - Houmes,R. KW - Finance VL - 11 CP - 1 U2 - a U4 - 84290875392 ID - 84290875392 ER - TY - HEAR T1 - The choice between rights and underwritten equity offerings: Evidence from Chinese stock markets Y1 - 2011 A1 - Yang,Jimmy KW - Finance JA - 2011 FMA Asian Conference CY - Queenstown, New Zealand U2 - c U4 - 53000245248 ID - 53000245248 ER - TY - JOUR T1 - Dividends, Executive Compensation, and Agency Costs: Empirical Evidence From Germany JF - Journal of Accounting and Finance Y1 - 2011 A1 - Elston,Julie A1 - Bhattacharyya,Nalanaksha KW - Finance KW - OSU-Cascades VL - 11 CP - 1 U2 - a U4 - 33797423105 ID - 33797423105 ER - TY - JOUR T1 - The Effect of Gender Diversity on Angel Group Investment JF - Entrepreneurship, Theory and Practice Y1 - 2011 A1 - Becker-Blease,John A1 - Sohl,Jeff KW - Finance AB - We examine the impact that gender diversity has on angel group investment behavior for a sample of 183 group-years between 2000 and 2006. Our evidence suggests that gender diversity is a significant predictor of group investment behavior, and that the proportion of women angels in the group has a negative though nonlinear effect on investment likelihood. These data are most consistent with a situational interpretation that women invest differently when they are in the small minority compared with other situations. These results have important implications for the availability of funds for women entrepreneurs and call for greater participation of women investors in the angel marketplace. VL - 35 CP - 4 U2 - a U4 - 13573113857 ID - 13573113857 ER - TY - JOUR T1 - Emerging market crises and US equity market returns JF - Global Finance Journal Y1 - 2011 A1 - Berger,Dave A1 - Turtle,Harry J KW - Finance AB - We find contagion effects are present in US small size portfolios during emerging market crises due to risk and liquidity concerns. Investors display flight from risk during emerging market crises, and as a result, safer larger stocks exhibit positive abnormal returns. We find little evidence of contagion in aggregate excess US market returns, indicating studies that focus on national aggregates may miss important within market dynamics during emerging market crises. The international dynamics that we document have important implications for investors, even when they may have limited global exposure. VL - 22 CP - 1 U2 - a U4 - 31303708673 ID - 31303708673 ER - TY - HEAR T1 - Entrepreneurship in China Y1 - 2011 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business Conference -SE CY - Orlando, FL U2 - c U4 - 50792548352 ID - 50792548352 ER - TY - JOUR T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs JF - Small Business Economics Y1 - 2011 A1 - Elston,Julie A1 - Audretsch,David B. KW - Finance KW - OSU-Cascades AB - This paper empirically examines the role of risk attitudes and wealth on financing choices for successful US entrepreneurs. Our approach uses both survey data and data from economics based field experiments, which enables us control for the risk attitudes of entrepreneurs. Empirical findings suggest that lower levels of wealth increase the probability of using a Small Business Innovation Research (SBIR) grant, but lower levels of wealth also reduce the probability of using loan financing. In addition results show that higher levels of risk aversion, but not wealth, increase the probability of financing firm start-ups with earnings from a second job. Overall, findings suggest that both wealth and risk attitudes may play an important role in the financing choice of entrepreneurs. VL - 36 CP - 2 U2 - a U4 - 8489404417 ID - 8489404417 ER - TY - JOUR T1 - Governance and Innovation JF - Journal of Corporate Finance Y1 - 2011 A1 - Becker-Blease,John KW - Finance VL - 17 CP - 4 U2 - a U4 - 17354657793 ID - 17354657793 ER - TY - JOUR T1 - International diversification with frontier markets JF - Journal of Financial Economics Y1 - 2011 A1 - Berger,Dave A1 - Pukthuanthong,Kuntara A1 - Yang,Jimmy KW - Finance AB - We provide an analysis of frontier market equities with respect to world market integration and diversification. Principal component results reveal that frontier markets exhibit low levels of integration. In contrast with developed and emerging markets, frontier markets offer no indication of increasing integration through time. Furthermore, individual frontier market countries do not exhibit consistent rates of changing integration. Structural break tests identify breakpoints in integration, as well as integration dynamics across countries. We show that frontier markets have low integration with the world market and thereby offer significant diversification benefits. VL - 101 CP - 1 U2 - a U4 - 30702147585 ID - 30702147585 ER - TY - JOUR T1 - Private Debt, Unused Credit Lines, and Seasoned Equity Offerings JF - Quarterly Review of Economics and Finance Y1 - 2011 A1 - Liu,Yang A1 - Yang,Jimmy KW - Finance AB - We study a sample of SEOs to examine the impact of private debt and unused credit lines on SEO underpricing and long-run stock and operating performance. We do not find significant effects of private debt financing on SEO underpricing and long-run stock underperformance. However, firms with more bank debt and unused lines of credit exhibit significantly better pre-issue operating performance. Changes in operating performance from the pre-issue year to the post-issue period are negatively related to the size of unused credit lines. Capital spending decreases with the size of unused credit lines in the year prior to SEOs, but increases following SEOs. Our overall evidence suggests that the post-issue operating performance we observed may be a result of overinvestment, which is enhanced by unused credit lines. VL - 51 CP - 4 U2 - a U4 - 2658560001 ID - 2658560001 ER - TY - HEAR T1 - Reconsidering Price Limit Effectiveness Y1 - 2011 A1 - Yang,Jimmy KW - Finance JA - 2011 Asian Finance Association meeting CY - Macao U2 - c U4 - 53000275968 ID - 53000275968 ER - TY - HEAR T1 - Reconsidering Price Limit Effectiveness Y1 - 2011 A1 - Yang,Jimmy KW - Finance JA - Finance seminar at University of New South Wales CY - Sydney, Australia U2 - c U4 - 53000314880 ID - 53000314880 ER - TY - JOUR T1 - Testing the CAPM across observed and fundamental returns JF - Applied Financial Economics Y1 - 2011 A1 - Berger,Dave KW - Finance AB - The CAPM describes a relationship between risk and expected forward-looking returns. Existing research tests the model using realized returns as the proxy for ex-ante expectations. However, recent studies cast doubt on the ability of ex-post observed returns to proxy for ex-ante expectations. Using an alternative specification to proxy for investor expectations, I test the CAPM in the context of pricing size and book/market equities. The results indicate that the CAPM retains additional merit with an improved measure of expectations. However, the value premium appears large and significant across both specifications of expected returns. VL - 21 CP - 9 U2 - a U4 - 10924781569 ID - 10924781569 ER - TY - JOUR T1 - The Valuation Effect of Accounting Standard 158 on Firms with High and Low Financial Risk JF - Atlantic Economic Journal Y1 - 2011 A1 - Houmes,B. A1 - Chira,Inga A1 - Boylan,B. KW - Finance VL - 39 CP - 1 U2 - a U4 - 84291035136 ID - 84291035136 ER - TY - HEAR T1 - Agency Costs, Dividends and Executive Compensation: Empirical Evidence from Germany Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Academy of International Business- Southeast USA CY - Tampa, FL U2 - c U4 - 29656944641 ID - 29656944641 ER - TY - HEAR T1 - DIVIDENDS, EXECUTIVE COMPENSATION, AND AGENCY COSTS: Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Meetings of the Academy of Finance CY - Chicago Il, USA U2 - c U4 - 21424404481 ID - 21424404481 ER - TY - JOUR T1 - Does Inclusion in a Smaller S&P Index Create Value? JF - Financial Review Y1 - 2010 A1 - Becker-Blease,John A1 - Paul,Donna KW - Finance AB - This study finds overall increases in equity value surrounding addition to the S&P SmallCap and MidCap indexes from 1996 to 2003 and investigates sources of the value gains. Following addition, there are significant increases in proxy variables for stock liquidity and investor recognition, and changes in these variables are impounded into the permanent component of announcement share price revisions. We also find that changes in capital investment intensity are increasing in changes in stock liquidity, consistent with a reduction in the cost of capital following index addition. VL - 45 CP - 2 U2 - a U4 - 13573095425 ID - 13573095425 ER - TY - JOUR T1 - Employees, Firm Size, and Profitability in U.S. Manufacturing Industries JF - Investment Management and Financial Innovations Y1 - 2010 A1 - Becker-Blease,John A1 - Kaen,Fred A1 - Etebari,Ahmad A1 - Baumann,Hans KW - Finance AB - This study examines the relation between firm size and profitability within 109 SIC four-digit manufacturing industries.  Depending on our measure of profitability, we find that profitability increases at a decreasing rate and eventually declines in up to 47 of our industries.   No relation between profitability and size is found in up to 52 of our industries.  These two categories account for 97 of our 109 industries.  Profitability continues to increase as firms become larger in up to 11 industries.   Hence, the relation between size and profitability is industry specific.  But, regardless of the shape of the size profitability function, we find that profitability is negatively correlated with the number of employees for firms of a given size measured in terms of total assets and sales.  VL - 7 CP - 2 U2 - a U4 - 29170927617 ID - 29170927617 ER - TY - HEAR T1 - Entrepreneurial Foresight and the Endogenous Choice of Market Intermediaries in Japanese IPOs Y1 - 2010 A1 - Khoury,Theodore A1 - Mathew,Prem A1 - Hibara,Nobuhiko KW - Entrepreneurship KW - Finance KW - Strategy & Entrepreneurship JA - Academy of Management Annual Meeting CY - Montreal, Canada U2 - c U4 - 22397325313 ID - 22397325313 ER - TY - HEAR T1 - Financing Entrepreneurship and Innovation Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Meeting Global Challenges: US-German Innovation Policy CY - Washington DC U2 - c U4 - 29657047041 ID - 29657047041 ER - TY - HEAR T1 - Firm Growth and Gibrat’s Law Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Colloquium for Young Scientists on Understanding Firm Growth CY - Stockholm Sweden U2 - c U4 - 29654937601 ID - 29654937601 ER - TY - JOUR T1 - The Impact of Gender on Voluntary and Involuntary Executive Departure JF - Economic Inquiry Y1 - 2010 A1 - Becker-Blease,John A1 - Elkinawy,Susan A1 - Stater,Mark KW - Finance AB - We examine the frequency and conditions of executive departure from S&P 1500 firms. Based upon published news reports, we find that female executives are more likely than male executives to depart their positions voluntarily and involuntarily in the presence of controls for firm performance, firm governance, and human capital. We also find that women are less likely than men to depart voluntarily as firm size increases or board size decreases but more likely to be dismissed as the board becomes more male dominated VL - 48 CP - 4 U2 - a U4 - 13572941825 ID - 13572941825 ER - TY - HEAR T1 - International diversification with frontier markets Y1 - 2010 A1 - Berger,Dave A1 - Pukthuanthong,Kuntara A1 - Yang,Jimmy KW - Finance JA - NTU Seminar CY - Taipei U2 - c U4 - 33400158209 ID - 33400158209 ER - TY - HEAR T1 - International Diversification with Frontier Markets Y1 - 2010 A1 - Berger,Dave A1 - Yang,Jimmy A1 - Pukthuanthong,Kuntara KW - Finance JA - Financial Management Association CY - New York, New York U2 - c U4 - 33700190209 ID - 33700190209 ER - TY - JOUR T1 - Investor perceptions and volatility within the risk-return tradeoff JF - Applied Financial Economics Y1 - 2010 A1 - Berger,Dave KW - Finance AB - Conditional asset pricing models within the risk-return literature describe a relation between expected risk and return for period t+1, with expectations formed during period t. Existing risk estimates in the literature are formed using backwards looking measures during period t, which are projected forward for period t+1. Evidence suggests ex post observations do not always correspond with conditional ex ante expectations. Using forward looking survey data, I compare measures of expected risk, with common estimates of risk in the literature. Supporting empirical research, I find a strong relation between forward looking investor risk perceptions and conditional risk estimates. VL - 20 CP - 13 U2 - a U4 - 16105814017 ID - 16105814017 ER - TY - HEAR T1 - Legitimacy and Angel Investment Y1 - 2010 A1 - Becker-Blease,John KW - Finance JA - The Institute for Small Business & Entrepreneurship CY - London, England U2 - c U4 - 33870034945 ID - 33870034945 ER - TY - JOUR T1 - Risk Attitudes, Wealth and Sources of Entrepreneurial Start-up Capital JF - Journal of Economic Behavior and Organization Y1 - 2010 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper empirically examines the role of risk attitudes and wealth on financing choices for successful US entrepreneurs. Our approach uses both survey data and data from economics based field experiments, which enables us control for the risk attitudes of entrepreneurs. Empirical findings suggest that lower levels of wealth increase the probability of using a Small Business Innovation Research (SBIR) grant, but lower levels of wealth also reduce the probability of using loan financing. In addition results show that higher levels of risk aversion, but not wealth, increase the probability of financing firm start-ups with earnings from a second job. Overall, findings suggest that both wealth and risk attitudes may play an important role in the financing choice of entrepreneurs. VL - 76 UR - www.elsevier.com/locate/jebo CP - 1 U2 - a U4 - 19827433473 ID - 19827433473 ER - TY - JOUR T1 - Venture Capital, Ownership Structure, Accounting Standards and IPO Underpricing: Evidence from Germany JF - Journal of Economics and Business Y1 - 2010 A1 - Elston,Julie A1 - Yang,Jimmy KW - Finance KW - OSU-Cascades AB - This study investigates the impact of venture capital (VC), ownership structure, and accounting standards on initial public offering (IPO) underpricing in Germany. Using data from Germany's Neuer Markt (NM), we test two key hypotheses regarding IPO underpricing; first, whether VC ownership and higher levels of post-IPO insider ownership result in lower underpricing, and second, whether additional information disclosure results in lower underpricing. Besides the standard underpricing measure, we also use a modified underpricing measure to better assess true entrepreneurial wealth loss. Robust findings indicate that none of these factors are significant in lowering IPO underpricing, which suggests the importance of examining standard theories within alternative institutional environments. Results are consistent with the stylized fact that Germany's NM firms had relatively minimal use of VC financing, which may point to not only a weaker role for venture capitalists in Germany but fewer incentives to reduce information asymmetry arising from outside ownership.

VL - 62 CP - Special Issue U2 - a U4 - 11894646785 ID - 11894646785 ER - TY - JOUR T1 - A censored stochastic volatility approach to the estimation of price limit moves JF - Journal of Empirical Finance Y1 - 2009 A1 - Hsieh,Ping-Hung A1 - Yang,Jimmy KW - Finance KW - Supply Chain AB - A censored stochastic volatility model is developed to reconstruct a return series censored by price limits, one popular form of market stabilization mechanisms. When price limits are reached, the observed prices are truncated and the equilibrium prices are unobservable, which makes further financial analyses difficult. The model offers theoretically sound estimates of censored returns and is demonstrated via simulations to outperform existing approaches with respect to the estimates of model parameters, unconditional means, and standard deviations. The algorithm is applied to model stock and futures returns and results are consistent with the simulation outcomes.

VL - 16 CP - 2 U2 - a U4 - 2658519041 ID - 2658519041 ER - TY - JOUR T1 - Corporate Governance and Capital Accumulation: Firm Level Evidence from Italy JF - Scottish Journal of Political Economy Y1 - 2009 A1 - Elston,Julie A1 - Rondi,Laura KW - Finance KW - OSU-Cascades AB - This study investigates the impact of investor protection on firm ownership and investment decisions in a model where investor protection is allowed to vary across firms. Using firm panel data for Italy, we construct firm level variables to capture the degree of investor protection which is specific to the firm and observable by outside shareholders. Empirical evidence indicates that the stronger the investor protections the lower the fraction of equity that is owned by insiders. Results also suggest that higher insider equity ownership is linked to a larger risk premium and higher costs of capital for the firm. Finally, our findings indicate that the magnitude of capital stock distortions is important when shareholder protection is weak and ownership concentration is high. VL - 56 CP - 6 U2 - a U4 - 8489428993 ID - 8489428993 ER - TY - CHAP T1 - Corporate Responsibility in Finance Y1 - 2009 A1 - Becker-Blease,John KW - Finance VL - 2009 CP - 1 U2 - d U4 - 17354780673 ID - 17354780673 ER - TY - HEAR T1 - Dividends, Executive Compensation, and Agency Costs Y1 - 2009 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Financial Management Symposium 2009 CY - Milan, Italy U2 - c U4 - 14042884097 ID - 14042884097 ER - TY - JOUR T1 - Effect of price limits: initial public offerings versus seasoned equities JF - International Review of Finance Y1 - 2009 A1 - Kim,Yong H. A1 - Yang,Jimmy KW - Finance AB - In this paper, we examine the effect of price limits on initial public offerings (IPOs) using Taiwanese data. On average, it takes 6.24 days for IPOs to reach their equilibrium prices in the presence of a 7% price limit. We compare IPOs with their industry- and size-matched seasoned equities (MSEs) and observe higher volatility levels on subsequent days for IPOs than for MSEs. However, the higher volatility decays within 2 days. Lower price limits interfere with trading and lead to higher trading activity on subsequent days for IPOs than for MSEs. We also observe delayed price discovery for both IPOs and MSEs. Overall, our results provide evidence about the effect of price limits on IPOs and generate important regulatory implications for countries imposing price limits on IPOs. VL - 9 CP - 3 U2 - a U4 - 649912320 ID - 649912320 ER - TY - JOUR T1 - The efficiency of international information flow: Evidence from the ETF and CEF Prices JF - International Review of Financial Analysis Y1 - 2009 A1 - Hughen,C. A1 - Mathew,Prem KW - Finance AB - While similar in their trading and organization, closed-end funds (CEFs) and exchange-traded funds (ETFs) differ in their liquidity and ease of arbitrage. We compare their price transmission dynamics using a sample of funds that invest in foreign securities and are most likely to show the deficiencies in the manner in which they process information. Our analysis shows that ETF returns are more closely related to their portfolio returns than CEF returns. However, both fund types underreact to portfolio returns but overreact to domestic stock market returns. A simple trading strategy using these results is profitable with roundtrip trading costs less than 1.38% for CEFs and 0.71% for ETFs. VL - 18 CP - 1-2 U2 - a U4 - 12547627009 ID - 12547627009 ER - TY - HEAR T1 - Emerging Market Contagion Y1 - 2009 A1 - Berger,Dave A1 - Turtle,H J KW - Finance JA - Midwest Finance Association CY - Chicago U2 - c U4 - 14167050241 ID - 14167050241 ER - TY - HEAR T1 - Financing the Entrepreneurial Decision: An Empirical Approach Using Experimental Data on US High Technology Entrepreneurs Y1 - 2009 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual Ringberg Conference CY - Germany U2 - c U4 - 13017993217 ID - 13017993217 ER - TY - HEAR T1 - Governance and Innovation Y1 - 2009 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Reno, NV U2 - c U4 - 22462296065 ID - 22462296065 ER - TY - HEAR T1 - Integration Of Stakeholderism/Sustainability Into The Finance Curriculum Y1 - 2009 A1 - Becker-Blease,John KW - Finance JA - Aspen Institute Business and Society in Practice U2 - c U4 - 27370934272 ID - 27370934272 ER - TY - JOUR T1 - The magnet effect of price limits: a logit approach JF - Journal of Empirical Finance Y1 - 2009 A1 - Hsieh,Ping-Hung A1 - Kim,Yong H A1 - Yang,Jimmy KW - Finance KW - Supply Chain AB - We investigate the magnet effect of price limits using transaction data from the Taiwan Stock Exchange. A logit model incorporates explanatory variables from microstructure literature and reveals that the conditional probability of a price increase (decrease) increases significantly when the price approaches the upper (lower) price limit, in support of the magnet effect. Our approach recognizes when the magnet effect starts to emerge and identifies possible determinants of magnet effect. The probability of information-based trading has a significant impact on the magnet effect for lower price limits.

VL - 16 CP - 5 U2 - a U4 - 2658545665 ID - 2658545665 ER - TY - JOUR T1 - Time variability in market risk aversion JF - Journal of Financial Research Y1 - 2009 A1 - Berger,Dave A1 - Turtle,Harry J KW - Finance AB - We adopt realized covariances to estimate the coefficient of risk aversion across portfolios and through time. Our approach yields second moments that are free from measurement error and not influenced by a specified model for expected returns. Supporting the permanent income hypothesis, we find risk aversion responds to consumption smoothing behavior. As income increases, or as the ratio of consumption-to-income falls, relative risk aversion decreases. We also document variation in risk aversion across portfolios: risk aversion is highest for small and value portfolios. VL - 32 UR - http://www.blackwellpublishing.com/journal.asp?ref=0270-2592 CP - 3 U2 - a U4 - 10695460865 ID - 10695460865 ER - TY - HEAR T1 - The Advisory Role of the Board of Directors Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Dallas, TX U2 - c U4 - 13572597761 ID - 13572597761 ER - TY - HEAR T1 - CEO Compensation and the Market for Corporate Control Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Dallas, TX U2 - c U4 - 13572642817 ID - 13572642817 ER - TY - CONF T1 - Confidence and Angel Investment: Does Sex Matter? T2 - Frontiers of Entrepreneurship Research Y1 - 2008 A1 - Becker-Blease,John A1 - Sohl,Jeff KW - Finance JA - Frontiers of Entrepreneurship Research CY - Boston, MA VL - 2008 U2 - b U4 - 17354749953 ID - 17354749953 ER - TY - HEAR T1 - Dividends and Agency Issues: Empirical Evidence From Germany Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Atlantic Schools of Business Conference CY - St. John's Newfoundland U2 - c U4 - 10095415297 ID - 10095415297 ER - TY - HEAR T1 - Dividends and Agency Issues: Empirical Evidence From Germany Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Atlantic Schools of Business Conference CY - St. John's Newfoundland U2 - c U4 - 11894775809 ID - 11894775809 ER - TY - JOUR T1 - Do Corporate Governance Attributes Affect Adverse Selection Costs? Evidence from Seasoned Equity Offerings JF - Review of Quantitative Finance and Accounting Y1 - 2008 A1 - Becker-Blease,John A1 - Irani,Afshad KW - Finance VL - 30 CP - 3 U2 - a U4 - 13572915201 ID - 13572915201 ER - TY - HEAR T1 - Do Men and Women Angels Invest Differently? Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Babson College Entrepreneurship Research Conference CY - Babson Park, MA U2 - c U4 - 13572626433 ID - 13572626433 ER - TY - JOUR T1 - The Effect of Price Limits on Intraday Volatility and Information Asymmetry JF - Pacific-Basin Finance Journal Y1 - 2008 A1 - Kim,Yong H. A1 - Yang,Jimmy KW - Finance AB - We investigate the effect of price limits on intra-day volatility and information asymmetry using transactions data from the Taiwan Stock Exchange. Proponents of price limits argue that they provide an opportunity for investors to reevaluate market information and make more rational trading decisions. We identify three different limit hits – closing, single, and consecutive – and hypothesize that only the consecutive limit hits are likely to provide such an opportunity, namely, to counter investor overreaction (volatility hypothesis) and to enhance information revelation (information asymmetry hypothesis). Our empirical evidence supports the volatility hypothesis. Our findings generate important policy implications for stock markets that have price limits. VL - 16 CP - 5 U2 - a U4 - 6360668161 ID - 6360668161 ER - TY - HEAR T1 - The Efficiency of International Information Flow: Evidence from the ETF and CEF Prices Y1 - 2008 A1 - Mathew,Prem A1 - Hughen,J Chris KW - Finance JA - Financial Management Association International CY - Dallas, Texas U2 - c U4 - 14217467905 ID - 14217467905 ER - TY - HEAR T1 - Emerging from Bankruptcy with When-Issued Trading Y1 - 2008 A1 - Brooks,Raymond A1 - Yang,Jimmy KW - Finance JA - Financial Management Association annual meeting CY - Dallas U2 - c U4 - 11894759425 ID - 11894759425 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2008 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - The Entrepreneurial Process CY - Jena Germany U2 - c U4 - 10095374337 ID - 10095374337 ER - TY - HEAR T1 - How Does Bunching Affect Bid-Ask Spread Component Estimation? Y1 - 2008 A1 - Mathew,Prem A1 - Michayluk,David KW - Finance JA - Financial Management Association International CY - Dallas, Texas U2 - c U4 - 14217410561 ID - 14217410561 ER - TY - HEAR T1 - The Impact of Accounting Standards and Ownership Structure on IPO Underpricing: Evidence from Germany's Neuer Markt Y1 - 2008 A1 - Yang,Jimmy A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Entrepreneurial Finance CY - Las Vegas, NV U2 - c U4 - 10095396865 ID - 10095396865 ER - TY - HEAR T1 - The impact of accounting standards and ownership structure on IPO underpricing: evidence from Germany’s Neuer Market Y1 - 2008 A1 - Yang,Jimmy A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Academy of Entrepreneurial Finance Conference CY - Las Vegas U2 - c U4 - 14184595457 ID - 14184595457 ER - TY - HEAR T1 - The Impact of Gender on Voluntary and Involuntary Executive Departure Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - California Corporate Finance Conference CY - Loyola, CA U2 - c U4 - 13572581377 ID - 13572581377 ER - TY - HEAR T1 - Incorporating Stakeholders into Corporate Finance Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Financial Education Association CY - Hilton Head, SC; U2 - c U4 - 13572675585 ID - 13572675585 ER - TY - HEAR T1 - Integrating stakeholderism into finance. Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Stakeholder Marketing Consortium CY - Boston, MA U2 - c U4 - 17582645249 ID - 17582645249 ER - TY - HEAR T1 - Integrating sustainability into finance discipline Y1 - 2008 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Dallas, TX U2 - c U4 - 17582630913 ID - 17582630913 ER - TY - JOUR T1 - Mergers and Acquisitions as a Response to the Deregulation of the Electric Power Industry: Value Creation or Value Destruction? JF - Journal of Regulatory Economics Y1 - 2008 A1 - Becker-Blease,John A1 - Goldberg,Larry A1 - Kaen,Fred R. KW - Finance VL - 33 CP - 1 U2 - a U4 - 13572874241 ID - 13572874241 ER - TY - JOUR T1 - Relative Performance of Trading Halts and Price Limits: Evidence from the Spanish Stock Exchange JF - International Review of Economics and Finance Y1 - 2008 A1 - Kim,Yong H. A1 - Yague,Jose A1 - Yang,Jimmy KW - Finance AB - We study the relative performance of trading halts and price limits using data from the Spanish Stock Exchange where both mechanisms have coexisted. According to our evidence, trading activity increases after either mechanism is triggered. Volatility stays the same after trading halts but increases after price limit hits. Our evidence also shows that the bid–ask spread is narrower after trading halts but wider after price limit hits. Information is efficiently reflected in stock prices once trading resumes after trading halts, but there is evidence of market overreaction for upper price limits. Our overall result may have important policy implications for financial markets in the world. VL - 17 CP - 2 U2 - a U4 - 649914368 ID - 649914368 ER - TY - HEAR T1 - Time Variability in Market Risk Aversion Y1 - 2008 A1 - Berger,Dave KW - Finance JA - Midwest Finance Association Annual Meeting U2 - c U4 - 10695579649 ID - 10695579649 ER - TY - JOUR T1 - The Value of Stability Ratings to the Canadian Income Trust Market JF - Applied Financial Economics Y1 - 2008 A1 - Neeliah-Chinniah,Priscilla A1 - Mathew,Prem A1 - Yildirim,Semih KW - Finance VL - 18 CP - 18 U2 - a U4 - 2718355457 ID - 2718355457 ER - TY - JOUR T1 - Angel Capital Access for Women-Entrepreneurs JF - Journal of Business Venturing Y1 - 2007 A1 - Becker-Blease,John A1 - Sohl,Jeff KW - Finance VL - 22 U2 - a U4 - 13572794369 ID - 13572794369 ER - TY - JOUR T1 - Are Foreign Issuers Complying with Regulation Fair Disclosure? JF - Journal of International Financial Markets, Institutions and Money Y1 - 2007 A1 - Mathew,Prem A1 - Michayluk,D. A1 - Kofman,P. KW - Finance VL - 17 CP - 3 U2 - a U4 - 648288256 ID - 648288256 ER - TY - HEAR T1 - Characterizing the Entrepreneur Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Central Busness Roundtable CY - Riverwalk Hotel U2 - c U4 - 2657712129 ID - 2657712129 ER - TY - HEAR T1 - The choice between rights and underwritten equity offerings: evidence from the Chinese Stock Markets Y1 - 2007 A1 - Dang,Li A1 - Yang,Jimmy KW - Accounting KW - Finance JA - Financial Management Association Meeting CY - Orlando U2 - c U4 - 8582137857 ID - 8582137857 ER - TY - HEAR T1 - Confidence and Angel Investors: Does Sex Matter? Y1 - 2007 A1 - Becker-Blease,John KW - Finance JA - Babson College Entrepreneurship Research Conference U2 - c U4 - 13576132609 ID - 13576132609 ER - TY - HEAR T1 - Do Men and Women Angels Invest Differently? Y1 - 2007 A1 - Becker-Blease,John KW - Finance JA - USASBE Conference CY - Dallas, TX U2 - c U4 - 13572620289 ID - 13572620289 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Research Brown Bag CY - OSU Cascades U2 - c U4 - 8487419905 ID - 8487419905 ER - TY - HEAR T1 - Financing Entrepreneurship Y1 - 2007 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Ringberg Conference on Strategic Entrepreneurship CY - Tegernsee Germany U2 - c U4 - 2657716225 ID - 2657716225 ER - TY - HEAR T1 - The Impact of Gender on Voluntary and Involuntary Executive Departure Y1 - 2007 A1 - Becker-Blease,John KW - Finance JA - American Society of Business & Behavioral Sciences CY - Las Vegas, NV U2 - c U4 - 13572569089 ID - 13572569089 ER - TY - HEAR T1 - The Magnet Effect of Price Limits: Evidence from Transactions Data Y1 - 2007 A1 - Hsieh,Ping-Hung A1 - Kim,Yong H. A1 - Yang,Jimmy KW - Finance KW - Supply Chain JA - Asian Finance Association Meeting CY - Hong Kong U2 - c U4 - 8582131713 ID - 8582131713 ER - TY - JOUR T1 - Media Reporting of Executive Resignations: Is There a Gender Difference? JF - Journal of Business and Behavioral Sciences Y1 - 2007 A1 - Becker-Blease,John A1 - Elkinawy,Susan A1 - Stater,Mark KW - Finance VL - 16 CP - 2 U2 - a U4 - 13572843521 ID - 13572843521 ER - TY - JOUR T1 - Shareholder Protection and the Cost of Capital: Evidence from German and Italian Firms JF - Statistica Applicata (Italian Journal of Applied Statistics) Y1 - 2007 A1 - Elston,Julie A1 - Rondi,Laura KW - Finance KW - OSU-Cascades AB - We investigate the interaction of investor protection, ownership concentration and firms’ financing and investment decisions in a model where investor protection is allowed to vary across firms. Using firm panel data for Italy, we construct firm level variables to capture the degree of investor protection which is specific to the firm and observable by outside shareholders. We find that the stronger the investor protections the lower the fraction of equity that is owned by insiders. We also find that the higher the insider equity ownership the higher the idiosyncratic risk premium in the cost of capital. Finally, our results indicate that the magnitude of capital stock distortions is quite important when shareholder protection is weak and ownership concentration is high. VL - 18 CP - 2 U2 - a U4 - 2477916161 ID - 2477916161 ER - TY - JOUR T1 - Teaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning JF - Journal of Economics and Finance Education Y1 - 2007 A1 - Brooks,Raymond A1 - Yang,Jimmy KW - Finance AB - The Dividend Growth Model is a standard pedagogical tool in pricing stocks where the dividend grows at a constant rate. However, few dividend policies conform to this restrictive pattern and therefore the model is often quickly discarded in finance classes. The constant growth assumption of a cash flow stream fits well with other financial problems such as saving for a college education or contributions to a pension plan. This paper presents a couple of applications for the Dividend Growth Model plus an extension to the model and belies the adage: you can’t teach an old dog new tricks. VL - 6 CP - 2 U2 - a U4 - 2658555905 ID - 2658555905 ER - TY - HEAR T1 - Time variability in market risk aversion Y1 - 2007 A1 - Berger,Dave KW - Finance JA - Financial Management Association Doctoral Consortium U2 - c U4 - 10695571457 ID - 10695571457 ER - TY - HEAR T1 - Untitled Y1 - 2007 A1 - Romero,Madeleine KW - Finance CY - Portland, OR U2 - c U4 - 27371020288 ID - 27371020288 ER - TY - HEAR T1 - Untitled Y1 - 2007 A1 - Yang,Jimmy KW - Finance U2 - c U4 - 27371028480 ID - 27371028480 ER - TY - HEAR T1 - Are banking relations beneficial to established firms? evidence from seasoned equity offerings Y1 - 2006 A1 - Yang,Jimmy A1 - Liu,Yang KW - Finance JA - Financial Management Association Meeting CY - Salt Lake City, Utah U2 - c U4 - 649936896 ID - 649936896 ER - TY - JOUR T1 - Can Institutional Change Impact High-Technology Firm Growth: Evidence from Germany's Neuer Markt JF - Journal of Productivity Analysis Y1 - 2006 A1 - Audretsch,David B. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - To facilitate the transformation of the German economy from the traditional manufacturing industries towards emerging new technologies, a new segment of the Frankfurt exchange was introduced in 1997 — the Neuer Markt. To examine whether the Neuer Markt was successful, we compare the relationship between firm size and growth for firms listed on the Neuer Markt and contrast the results with two benchmarks: (1) for German firms prior to the 1990s (to reflect the older traditional manufacturing sector) and (2) for the stylized results for the US. This study provides evidence that not only did many new firms obtain funding from the Neuer Markt; but that for the first time in recent history, Germany succeeded in enabling smaller firms to grow faster than larger firms. This suggests that the new policies were not only successful in promoting a new type of firm that otherwise might not exist, but in transforming the sources of growth and innovation within the German economy. VL - 25 CP - 1 U2 - a U4 - 650092544 ID - 650092544 ER - TY - HEAR T1 - Cooling-off effect of price limits: evidence from transactions data Y1 - 2006 A1 - Yang,Jimmy A1 - Kim,Yong H KW - Finance JA - Globalization and Economic Asymmetries Conference CY - Boston U2 - c U4 - 2658510849 ID - 2658510849 ER - TY - HEAR T1 - The Dynamics of International Information Flow: Evidence from Daily Country FUnds Y1 - 2006 A1 - Mathew,Prem A1 - Hughen,Chris KW - Finance JA - Academy of Financial Services CY - Salt Lake City, Utah U2 - c U4 - 2718386177 ID - 2718386177 ER - TY - HEAR T1 - The Dynamics of International Information Flow: Evidence from Daily Data on Country Funds Y1 - 2006 A1 - Mathew,Prem A1 - Hughen,Chris KW - Finance JA - Midwest Finance Association CY - Chicago U2 - c U4 - 2718427137 ID - 2718427137 ER - TY - JOUR T1 - An Examination of the Differential Impact of Regulation FD on Analysts' Forecast Accuracy JF - Financial Review Y1 - 2006 A1 - Findlay,S. A1 - Mathew,Prem KW - Finance AB - Regulation fair disclosure (FD) requires companies to publicly disseminate information, effectively preventing the selective pre-earnings announcement guidance to analysts common in the past. We investigate the effects of Regulation FD's reducing information disparity across analysts on their forecast accuracy. Proxies for private information, including brokerage size and analyst company-specific experience, lose their explanatory power for analysts' relative accuracy after Regulation FD. Analyst forecast accuracy declines overall, but analysts that are relatively less accurate (more accurate) before Regulation FD improve (deteriorate) after implementation. Our findings are consistent with selective guidance partially explaining variation in the forecasting accuracy of analysts before Regulation FD. VL - 41 CP - 1 U2 - a U4 - 648292352 ID - 648292352 ER - TY - JOUR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence JF - Journal of Economic Behavior and Organization Y1 - 2006 A1 - Chirinko,Robert S. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where powerful universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the advantages of a bank relation, empirical support is mixed. With a unique dataset and a focus on the fragility/sturdiness of inferences, this paper evaluates German bank influence in terms of three hypotheses: (1) do bank influenced firms enjoy lower finance costs? (No); (2) is bank influence a solution to control problems? (Yes); (3) do bank influenced firms have higher profitability? (No). VL - 59 CP - 1 U2 - a U4 - 650094592 ID - 650094592 ER - TY - HEAR T1 - Financing Entrpreneurship Y1 - 2006 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Max Planck Workshop on Entrepreneurship CY - Jena Germany U2 - c U4 - 2657728513 ID - 2657728513 ER - TY - HEAR T1 - The Impact of Gender on Voluntary and Involuntary Executive Departure Y1 - 2006 A1 - Becker-Blease,John KW - Finance JA - Southern Economics Association CY - Charleston, SC U2 - c U4 - 13572556801 ID - 13572556801 ER - TY - HEAR T1 - The magnet effect of price limits: evidence from transactions data Y1 - 2006 A1 - Yang,Jimmy A1 - Hsieh,Ping-Hung A1 - Kim,Yong H. KW - Finance KW - Supply Chain JA - Financial Management Association meeting CY - Salt Lake City, Utah U2 - c U4 - 649934848 ID - 649934848 ER - TY - HEAR T1 - The Magnet Effect of Price Limits: Evidence from Transactions Data Y1 - 2006 A1 - Hsieh,Ping-Hung A1 - Kim,Yong H. A1 - Yang,Jimmy KW - Finance KW - Supply Chain JA - National Joint Statistical Meetings CY - Seattle, Washington U2 - c U4 - 2722437121 ID - 2722437121 ER - TY - JOUR T1 - Stock Liquidity and Investment Opportunities: Evidence from Index Additions JF - Financial Management Y1 - 2006 A1 - Becker-Blease,John A1 - Paul,Donna KW - Finance VL - 35 CP - 3 U2 - a U4 - 13572726785 ID - 13572726785 ER - TY - HEAR T1 - Angel Capital and Women Entrepreneurs Y1 - 2005 A1 - Becker-Blease,John KW - Finance JA - Babson Entrepreneurship Research Conference CY - Boston, MA U2 - c U4 - 13576116225 ID - 13576116225 ER - TY - JOUR T1 - Is the Book-to-Market a Measure of Risk JF - Journal of Financial Research Y1 - 2005 A1 - Peterkort,Bob A1 - Nielsen,Jim KW - Finance AB - We develop a leverage-based alternative to traditional asset pricing models to investigate whether the book-to-market ratio acts as a proxy for risk. We argue that the book-to-market ratio should act as a proxy because of the expected relations between (1) financial risk and measures of capital structure based on the market value of equity and (2) asset risk and measures of capital structure based on the book value of equity. We find no relation between average stock returns and the book-to-market ratio in all-equity firms after controlling for firm size, and an inverse relation between average stock returns and the book-to-market ratio in firms with a negative book value of equity. VL - 28 CP - 4 U2 - a U4 - 649125888 ID - 649125888 ER - TY - HEAR T1 - The Dynamics of International Information Flow: Evidence from Daily Data on Country Funds Y1 - 2005 A1 - Mathew,Prem A1 - Hughen,Chris KW - Finance JA - Financial Management Association CY - Chicago U2 - c U4 - 2718445569 ID - 2718445569 ER - TY - JOUR T1 - The Effects of Market Inefficiencies on Trading Strategies for Country Funds JF - International Journal of Finance Y1 - 2005 A1 - Hughen ,J. Christopher A1 - Mathew,Prem A1 - Ragan,Kent P. KW - Finance AB - Economists disagree about how sensitive country fund prices are to U.S. market returns. We provide additional evidence on this issue through an examination of daily fund discounts. Fund shares provide significant average returns in the three days following large positive and negative discount changes. This finding suggests that large short-term changes in the relation between price and underlying value are not quickly mitigated in the market for country fund shares. Following large negative discount changes, the returns on fund shares and NAVs are of greater magnitude when the S&P 500 Index declines by more than 1%. This is consistent with negative changes in U.S. market sentiment affecting both country fund prices and NAVs in the short-term. Simple trading strategies that take advantage of large discount changes around big changes in the U.S. market appear generally profitable even after adjusting for transaction costs. The limited liquidity in country fund shares suggests that it may be difficult to implement such strategies. VL - 16 CP - 2 U2 - a U4 - 648286208 ID - 648286208 ER - TY - HEAR T1 - A NAV A DAY Keeps the Inefficiency Away? Fund Trading Strategies Using Daily Values Y1 - 2005 A1 - Mathew,Prem A1 - Hughen,Chris A1 - Ragan,Kent KW - Finance JA - Financial Management Association CY - Chicago U2 - c U4 - 2718496769 ID - 2718496769 ER - TY - JOUR T1 - A NAV a Day Keeps the Inefficiency Away? Fund Trading Strategies using Daily Values JF - Financial Services Review Y1 - 2005 A1 - Hughen,J. C. A1 - Mathew,Prem A1 - Ragan,K. KW - Finance AB - Previous research documents the value of closed-end fund trading rules based on the size of theweekly discount. The growing number of closed-end funds that provide daily net asset value data provides an opportunity to test the profitability of short-term fund trading strategies. We find that short-term trading strategies that purchase fund shares after large negative discount changes are profitable, on average, even when transaction costs are incorporated. However, strategies that short sell fund shares after large positive discount changes do not produce an average profit. The limited amount of trading in closed-end funds may make it difficult to achieve short-term profits from discount fluctuations. © 2005 Academy of Financial Services. All rights reserved. VL - 14 U2 - a U4 - 648290304 ID - 648290304 ER - TY - HEAR T1 - A NAV a Day Keeps the Inefficiency Away? Fund Trading Strategies using Daily Values Y1 - 2005 A1 - Mathew,Prem A1 - Hughen ,J. C. A1 - Ragan,K. KW - Finance JA - Academy of Finance Meeting U2 - c U4 - 648304640 ID - 648304640 ER - TY - HEAR T1 - Post-Deregulation Restructuring of the Electric Power Industry Y1 - 2005 A1 - Becker-Blease,John KW - Finance JA - Eastern Finance Association CY - Norfolk, VA U2 - c U4 - 13572444161 ID - 13572444161 ER - TY - HEAR T1 - The Value of Visibility Y1 - 2005 A1 - Becker-Blease,John KW - Finance JA - Washington State University CY - Pullman, WA U2 - c U4 - 13576187905 ID - 13576187905 ER - TY - HEAR T1 - The Value of Visibility Y1 - 2005 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Chicago, IL U2 - c U4 - 13572487169 ID - 13572487169 ER - TY - JOUR T1 - Bank Influence, Firm Performance and Survival JF - Corporate Ownership and Control Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 1 CP - 2 U2 - a U4 - 650098688 ID - 650098688 ER - TY - HEAR T1 - Cooling-off and magnet effects of price limits Y1 - 2004 A1 - Yang,Jimmy KW - Finance JA - Conference on the Theories and Practices of Securities and Financial Markets CY - Kaohsiung, Taiwan U2 - c U4 - 649916416 ID - 649916416 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Annual meetings of the European Association for Research in Industrial Economics CY - Berlin, Germany U2 - c U4 - 650158080 ID - 650158080 ER - TY - HEAR T1 - The effect of price limits: initial public offerings vs. seasoned equities Y1 - 2004 A1 - Yang,Jimmy A1 - Kim,Yong H. KW - Finance JA - Financial Management Association Annual Meeting CY - New Orleans LA U2 - c U4 - 649920512 ID - 649920512 ER - TY - HEAR T1 - The Effectiveness of VC Firm Involvement in the Japanese IPO Process Y1 - 2004 A1 - Mathew,Prem A1 - Hibara ,N. KW - Finance JA - Financial Management Association Meeting U2 - c U4 - 648302592 ID - 648302592 ER - TY - JOUR T1 - Grandstanding and Venture Capital Firms in Newly Established IPO Markets JF - Journal of Entrepreneurial Finance Y1 - 2004 A1 - Hibara,Nobuhiko A1 - Mathew,Prem KW - Finance AB - The grandstanding theory posits that young venture capital firms (VCs) will seek to build their reputations by taking ventures public early. In this study, we examine this theory in the Japanese IPO market. With the introduction of MOTHERS and NASDAQ Japan in 1999 and 2000, respectively, with the explicit intent of catering to smaller and younger companies, we are able to examine the influence of these new markets on grandstanding and the IPO process. We find that young lead VC-backed ventures go public at a younger age than mature lead VC-backed ventures and that young lead VC-backed ventures are more underpriced. However, we do not find that young lead VCs have relatively lower equity stakes at IPO. This latter finding is most likely a result of the introduction of the new markets. U2 - a U4 - 648294400 ID - 648294400 ER - TY - JOUR T1 - The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE JF - Review of Financial Economics Y1 - 2004 A1 - Brooks,Raymond A1 - Moulton,Jonathan KW - Finance AB - We investigate the impact that the opening batch has on trading for the remainder of the day and what impact the prior day's trading has on the subsequent day's open. Traders have an interest in these trading impacts as their trades may cluster around opening and closing time periods. We find that the larger the volume in the opening batches, the greater the volume across the day. We also find the prior day's volume being positively related to the subsequent day's opening volume. Combined, these results suggest a continuing pattern of trade volume rolling from one day to the next. Additionally, we find that the spread in the continuous market can be partially attributed to the price change in the opening batch. We also find evidence of opening trade price reversals. Combined with the absence of price reversals following the opening trade, we conclude that the opening process may be more efficient at handling information than the continuous market. VL - 13 CP - 4 U2 - a U4 - 644730880 ID - 644730880 ER - TY - HEAR T1 - Post-Deregulation Restructuring of the Electric Power Industry Y1 - 2004 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - New Orleans, LA U2 - c U4 - 13572425729 ID - 13572425729 ER - TY - HEAR T1 - Post-Deregulation Restructuring of the Electric Power Industry Y1 - 2004 A1 - Becker-Blease,John KW - Finance JA - European Financial Management Association CY - Bern, SW U2 - c U4 - 13572413441 ID - 13572413441 ER - TY - JOUR T1 - A Re-examination of Information Flow in Financial Markets: The Impact of Reg FD and Decimalization JF - Quarterly Journal of Finance and Accounting Y1 - 2004 A1 - Mathew,Prem A1 - Hughen,C. A1 - Ragan,K. KW - Finance AB - We investigate the impact of Regulation FD on information flow in the equities market. Our analysis indicates that information flow around earnings announcements, proxied by abnormal return volatility around those announcements, of U.S. stocks increased in the first effective quarter of Regulation FD (the fourth quarter of 2000). The information flow of ADRs, which are exempt from Regulation FD, does not change. This supports the inference that Regulation FD, not general market conditions, caused the increase in volatility, but Regulation FD did not have a persistent impact on information flow. A multivariate regression analysis shows that our results are robust to controls that include decimalization, which was implemented concurrently with Regulation FD and has reduced return volatility. Our comparison of return volatilities across firm size indicates that small firms temporarily had larger return volatilities, thus Regulation FD only temporarily had a differential impact on the information environment of small firms. VL - 43 CP - 1-2 U2 - a U4 - 648298496 ID - 648298496 ER - TY - HEAR T1 - Shareholder Protection and the Cost of Capital: Empirical Evidence from German and Italian Firms Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Summer Workshop Measurement Issues in Small Firm Performance CY - Jena Germany U2 - c U4 - 650168320 ID - 650168320 ER - TY - HEAR T1 - Valuation Differences under 3 Accounting Standards: Empirical Evidence from Germany's Neuer Markt Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Accounting and Economics at the European Institute for Advanced Studies in Management CY - Frankfurt, Germany U2 - c U4 - 650156032 ID - 650156032 ER - TY - HEAR T1 - Valuation Differences under 3 Accounting Standards: Empirical Evidence from Germany's Neuer Markt Y1 - 2004 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Summer Workshop Measurement Issues in Assessing Small Firm Performance CY - Jena, Germany U2 - c U4 - 650160128 ID - 650160128 ER - TY - JOUR T1 - What makes circuit breakers attractive to financial markets? A survey JF - Financial Markets, Institutions and Instruments Y1 - 2004 A1 - Kim,Yong H. A1 - Yang,Jimmy KW - Finance AB - After the stock market crash of October 1987, the Brady Report (1988) and several academic researchers suggested the imposition of "circuit breakers" to prevent the market from fluctuating excessively. Most financial markets in the world have imposed circuit breaker systems, in the form of price limits and trading halts, in an attempt to reduce excessive market volatility. Similar to any other regulations, circuit breakers have proponents and opponents. In this survey, we analyze the benefits and costs of each type of circuit breaker, provide existing theoretical models and predictions related to each type of circuit breaker, and present findings from empirical studies to justify or disqualify the existence of circuit breakers. In addition, we synthesize existing studies and offer directions for further research in this area. VL - 13 CP - 3 U2 - a U4 - 649910272 ID - 649910272 ER - TY - JOUR T1 - When-Issued Shares, Small Trades and the Variance of Returns around Stock Splits JF - Journal of Financial Research Y1 - 2004 A1 - Angel,James A1 - Brooks,Raymond A1 - Mathew,Prem KW - Finance AB - The increases in volatility after stock splits have long puzzled researchers. The usual suspects of discreteness and bid-ask spread do not provide a complete explanation. We provide new clues to solve this mystery by examining the trading of when-issued shares that are available before the split. When-issued trading permits noise traders to compete with a more homogenous set of traders, decreasing the volatility of the stock before the split. Following the split, these noise traders reunite in one market and volatility increases. Thus, the higher volatility after the ex date of a stock split is a function of the introduction of when-issued trading, the new lower price level after the split date, and the increased activity of small-volume traders around a stock split. VL - 27 CP - 3 U2 - a U4 - 644726784 ID - 644726784 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership in Germany Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Finance Association meetings U2 - c U4 - 650188800 ID - 650188800 ER - TY - HEAR T1 - Dividend Policy, Agency Costs and Institutional Ownership in Germany Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Florida Macro Users Group annual meetings CY - Tampa FL U2 - c U4 - 650170368 ID - 650170368 ER - TY - HEAR T1 - Does Inclusion in a Smaller S&P Index Create Value? Y1 - 2003 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - Denver, CO U2 - c U4 - 13572462593 ID - 13572462593 ER - TY - HEAR T1 - Does Inclusion in a Smaller S&P Index Create Value? Y1 - 2003 A1 - Becker-Blease,John KW - Finance JA - Northern Finance Association CY - Quebec City, Quebec U2 - c U4 - 13572478977 ID - 13572478977 ER - TY - JOUR T1 - Executive Compensation and Agency Costs in Germany JF - Journal of Banking & Finance Y1 - 2003 A1 - Elston,Julie A1 - Goldberg,Larry KW - Finance KW - OSU-Cascades AB - With the growth of international mergers like DaimlerChrysler, interest in executive compensation practices abroad, particularly in Germany, has increased. Using unique data sources for Germany, we find that similar to US firms, German firms also have agency problems caused by the separation of ownership from control, with ownership dispersion leading to higher compensation. In addition, there is evidence that bank influence has a negative impact on compensation. VL - 27 CP - 7 U2 - a U4 - 650104832 ID - 650104832 ER - TY - HEAR T1 - Finance, Profitability and Control: An Evaluation of German Bank Influence Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the University of San Diego CY - San Diego, CA U2 - c U4 - 650162176 ID - 650162176 ER - TY - JOUR T1 - Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data JF - Review of Economics and Statistics Y1 - 2003 A1 - Bond,Stephen A1 - Elston,Julie A1 - Mairesse,Jacques A1 - Mulkay,Benoit KW - Finance KW - OSU-Cascades AB - We construct company panel data sets for manufacturing firms in Belgium, France, Germany, and the United Kingdom, covering the period 1978-1989. These data sets are used to estimate empirical investment equations, and to investigate the role played by financial factors in each country. A robust finding is that cash flow and profits terms appear to be both statistically and quantitatively more significant in the United Kingdom than in the three continental European countries. This is consistent with the suggestion that financial constraints on investment may be relatively severe in the more market-oriented U.K. financial system. VL - 85 CP - 1 U2 - a U4 - 650096640 ID - 650096640 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Can Policy Make a Difference? Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at Geoge Mason University CY - Fairfax, VA U2 - c U4 - 650182656 ID - 650182656 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at California State University - Fullerton CY - Fullerton, CA U2 - c U4 - 650186752 ID - 650186752 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at Rensselaer Polytechnic Institute CY - Albany, NY U2 - c U4 - 650174464 ID - 650174464 ER - TY - HEAR T1 - Financing Technology Growth in the 21st Century: Germany in Transition Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at San Jose State University CY - TX U2 - c U4 - 650153984 ID - 650153984 ER - TY - JOUR T1 - How the Equity Market Responds to Unanticipated Events JF - Journal of Business Y1 - 2003 A1 - Brooks,Raymond A1 - Patel,Ajay A1 - Su,Tie KW - Finance AB - We examine the market reaction of prices, volume, spreads, and trading location when firms experience events that are totally unanticipated by the equity market in terms of both timing and content. We find that the response time is longer than previous studies have reported. Selling pressure, wider spreads, and higher volume remain significant for over an hour. We also find an immediate price reaction for overnight events; however, the market takes longer to react to events that occur when it is open. These findings may shed light on the efficacy of trading halts. VL - 76 CP - 1 U2 - a U4 - 644722688 ID - 644722688 ER - TY - HEAR T1 - Price limits and overreaction Y1 - 2003 A1 - Yang,Jimmy A1 - Kim,Yong H. KW - Finance JA - Financial Management Association Annual Meeting CY - Denver CO U2 - c U4 - 649930752 ID - 649930752 ER - TY - HEAR T1 - The relative performance between price limits and trading halts: Spanish evidence Y1 - 2003 A1 - Yang,Jimmy A1 - Kim,Yong H. A1 - Yague,Jose KW - Finance JA - Financial Management Association Annual Meeting CY - Denver CO U2 - c U4 - 649922560 ID - 649922560 ER - TY - HEAR T1 - The relative performance between price limits and trading halts: Spanish evidence Y1 - 2003 A1 - Yang,Jimmy A1 - Kim ,Yong H. A1 - Yague,Jose KW - Finance JA - Seminar at the CY - Corvallis, OR U2 - c U4 - 649924608 ID - 649924608 ER - TY - HEAR T1 - Stock Liquidity and Investment Opportunities Y1 - 2003 A1 - Becker-Blease,John KW - Finance JA - Washington State University CY - Pullman, WA U2 - c U4 - 13572386817 ID - 13572386817 ER - TY - HEAR T1 - Stock Liquidity and Investment Opportunities Y1 - 2003 A1 - Becker-Blease,John KW - Finance JA - Southern Finance Association CY - Charleston, SC U2 - c U4 - 13572362241 ID - 13572362241 ER - TY - HEAR T1 - Teaching an Old Dog New Tricks: Using the Dividend Growth Model in Financial Planning Problems Y1 - 2003 A1 - Brooks,Raymond KW - Finance JA - Annual Meeting of the Midwest Finance Association CY - St. Louis U2 - c U4 - 644737024 ID - 644737024 ER - TY - HEAR T1 - Untitled Y1 - 2003 A1 - Elston,Julie KW - Finance KW - OSU-Cascades U2 - c U4 - 27370983424 ID - 27370983424 ER - TY - HEAR T1 - "California Electricity Futures: The NYMEX Experience" Y1 - 2002 A1 - Moulton,Jonathan KW - Finance JA - Financial Management Association Annual Meeting U2 - c U4 - 648892416 ID - 648892416 ER - TY - HEAR T1 - Changing Policies and New Economic Growth: Germany in Transition Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the School for Policy and Environmental Economics, Institute for European Studies, Indiana University, CY - Bloomington IN U2 - c U4 - 650149888 ID - 650149888 ER - TY - HEAR T1 - Changing Policies and New Economic Growth: Germany in Transition Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the School of Public Policy, Pepperdine University CY - Malibu CA U2 - c U4 - 650172416 ID - 650172416 ER - TY - HEAR T1 - The Digital Economy? Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Orlando Technology Forum on the Digital Economy CY - Orlando FL U2 - c U4 - 650184704 ID - 650184704 ER - TY - JOUR T1 - Long-Horizon Seasoned Equity Performance in the Pacific Rim Financial Markets JF - Review of Financial Economics Y1 - 2002 A1 - Mathew,Prem KW - Finance AB - Previous studies of firms that issue seasoned equity in the US and Japan have found that these firms significantly underperform over the long-run subsequent to the issue. I offer further evidence of this by examining Japanese seasoned offerings (SEOs) from 1975 to 1992. I find similar results for firms issuing seasoned equity in Hong Kong. However, I also find that Korean SEOs generate insignificant abnormal returns over a 36-month period following the issue. These results suggest that the asymmetric information argument offered for the US and Japanese markets do not always hold, especially in markets where the regulatory and market structures vary greatly. Cross-sectional results suggest that younger firms tend to perform worse than older firms. VL - 11 CP - 4 U2 - a U4 - 648296448 ID - 648296448 ER - TY - HEAR T1 - A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Presentation at the American Economic Association CY - Atlanta, GA U2 - c U4 - 650180608 ID - 650180608 ER - TY - HEAR T1 - A Preliminary Examination of the Relationship Between Firm Size, Growth, and Liquidity in the Neuer Markt Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Meetings of the Western Economic Association CY - Seattle WA U2 - c U4 - 650164224 ID - 650164224 ER - TY - HEAR T1 - The relative performance between price limits and trading halts: Spanish evidence Y1 - 2002 A1 - Yang,Jimmy A1 - Kim,Yong H. A1 - Yague,Jose KW - Finance JA - Finance workshop at the University of Cincinnati U2 - c U4 - 649932800 ID - 649932800 ER - TY - HEAR T1 - Stock Liquidity and Investment Opportunities Y1 - 2002 A1 - Becker-Blease,John KW - Finance JA - Babson College CY - Babson Park, MA U2 - c U4 - 13572317185 ID - 13572317185 ER - TY - HEAR T1 - Stock Liquidity and Investment Opportunities Y1 - 2002 A1 - Becker-Blease,John KW - Finance JA - Financial Management Association CY - San Antonio, TX U2 - c U4 - 13572339713 ID - 13572339713 ER - TY - HEAR T1 - What's New About the New Economy? Y1 - 2002 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Business Women's Association Annual Awards Dinner CY - Winter Park FL U2 - c U4 - 650166272 ID - 650166272 ER - TY - JOUR T1 - Bank-firm relationships, financing and firm performance in Germany JF - Economic Letters Y1 - 2001 A1 - Agarwal,Rajshree A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Close bank”firm relationships that characterize the financial systems in Germany and Japan are often credited for reducing agency costs and increasing access to capital, thus improving the performance of firms. Critics of these banking systems cite the alternative possibility that conflicts of interests may also arise from both the banks' multiple roles with the firm, and the opportunity the banks have to use private information to shift risk or to otherwise participate in rent-seeking activities. We extend the empirical literature by systematically investigating the impact of bank-influence on the financing choices and performance of the firm. We find that bank-influenced firms in Germany do benefit from increased access to capital. There is, however, no evidence to support the hypothesis of either higher profitability or growth for bank-influenced firms. Results suggest that the interest payments to debt ratio is significantly higher for bank-influenced firms, which supports the hypothesis that German universal banks may engage in rent-seeking activities and provides evidence of a conflicting interests between creditors and shareholders. VL - 72 CP - 2 U2 - a U4 - 650100736 ID - 650100736 ER - TY - JOUR T1 - Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behavior in Germany JF - International Journal of Industrial Organization Y1 - 2001 A1 - Audretsch,David B. A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper examines the link between liquidity constraints and investment behavior for German firms of different sizes from 1970 to 1986. Results indicate that medium sized firms appear to be more liquidity constrained in their investment behavior than either the smallest or largest firms in the study, suggesting that the unique German infrastructure designed to assist the small firm has indeed succeeded in alleviating, to some degree, such liquidity constraints. Findings also support the hypothesis that the emerging competition and internationalism which characterized the German financial markets in the 1980s, have been improving access to capital for some groups of firms. VL - 20 CP - 1 U2 - a U4 - 650102784 ID - 650102784 ER - TY - HEAR T1 - Executive Compensation and Agency Costs in Germany Y1 - 2001 A1 - Elston,Julie A1 - Goldberg,Larry KW - Finance KW - OSU-Cascades JA - European Association for Research in Industrial Economics annual meeting CY - Dublin Ireland U2 - c U4 - 650190848 ID - 650190848 ER - TY - HEAR T1 - Growth of Neuer Markt Firms Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Financing the New Economy: A German-US Comparison CY - Washington DC U2 - c U4 - 650178560 ID - 650178560 ER - TY - HEAR T1 - The impact of price limits on initial public offerings: evidence from the Taiwan Stock Exchange Y1 - 2001 A1 - Yang,Jimmy A1 - Kim,Yong H. KW - Finance JA - Midwest Finance Association Annual Meeting CY - Cleveland OH U2 - c U4 - 649928704 ID - 649928704 ER - TY - HEAR T1 - The impact of price limits on initial public offerings: evidence from the Taiwan Stock Exchange Y1 - 2001 A1 - Yang,Jimmy A1 - Kim,Yong H. KW - Finance JA - Financial Management Association Annual Doctoral Student Seminar CY - Toronto, Canada U2 - c U4 - 649926656 ID - 649926656 ER - TY - HEAR T1 - The impact of price limits on initial public offerings: evidence from the Taiwan Stock Exchange Y1 - 2001 A1 - Yang,Jimmy A1 - Kim,Yong H. KW - Finance JA - Finance workshop at the University of Cincinnati U2 - c U4 - 649918464 ID - 649918464 ER - TY - HEAR T1 - The Neuer Markt: Real and Financial Factors, Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Joint seminar with the Wolfgang Goethe University and the Deutsche Bundesbank CY - Frankfurt, Germany U2 - c U4 - 650176512 ID - 650176512 ER - TY - JOUR T1 - The Performance of Firms Before and After They Adopt Accounting-Based Performance Plans JF - Quarterly Review of Economics and Finance Y1 - 2001 A1 - Brooks,Raymond A1 - May,Don O. A1 - Mishra,Chandra KW - Finance AB - This paper examines the long-run performance of firms before and after they adopt accounting-based performance plans. We test if the change in compensation policy is a response to a prior performance problem or is a signal to the market that firm performance will improve over current performance levels. Our findings are consistent with the signaling hypothesis. Stock prices increase at the announcement of the adoption of a performance plan apparently signaling previously private information regarding improved future performance. A related benefit of adoption may well be a better incentive-alignment contract for managers and shareholders but the strongest evidence points to a credible disclosure of future performance. VL - 41 CP - 2 U2 - a U4 - 644724736 ID - 644724736 ER - TY - JOUR T1 - Using Decision Trees to Manage Capital Budgeting Risk JF - Management Accounting Quarterly Y1 - 2001 A1 - Bailes,Jack A1 - Nielsen,Jim KW - Accounting KW - Finance AB - Forest products companies are particularly suited to using decision trees for capital budgeting because they must take environmental and social responsibilities into account as they pursue bottom line results. CP - Winter U2 - a U4 - 644462592 ID - 644462592 ER - TY - HEAR T1 - What's New About the New Economy Y1 - 2001 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Workshop on Financing the New Economy in Germany CY - Washington DC U2 - c U4 - 650151936 ID - 650151936 ER - TY - HEAR T1 - Finance for Sourcing Professionals Y1 - 2000 A1 - Johnson,Robert KW - Accounting KW - Finance KW - MBA JA - Training Program for Hewlett Packard CY - H-P sites in Corvallis, ; Dublin Ireland; Aguadilla Puerto Rico; and Singapore U2 - c U4 - 646932480 ID - 646932480 ER - TY - JOUR T1 - Information Conveyed by Seasoned Security Offerings: Evidence from Components of the Bid-Ask Spread JF - Review of Financial Economics Y1 - 2000 A1 - Brooks,Raymond A1 - Patel,Ajay KW - Finance AB - We examine the relationship between the degree of informational asymmetry surrounding a firm and the equity market's reaction to a firm's announcement to sell seasoned securities. We use the adverse-selection component of the bid”ask spread as a proxy for the informational asymmetry of a firm. For equity offers, we find that the greater the change in information asymmetry at announcement, the greater the decline in wealth. In addition, the largest decline in wealth for seasoned equity announcements is observed for firms with the largest level of pre-event adverse-selection components. For debt offers, the wealth decline is only significant for firms with the largest pre-event levels of asymmetric information. VL - 9 CP - 2 U2 - a U4 - 644728832 ID - 644728832 ER - TY - HEAR T1 - Instructional and presentation materials on Corporate Governance and Financial Performance Measures Y1 - 2000 A1 - Johnson,Robert KW - Accounting KW - Finance KW - MBA JA - Hewlett Packard Imaging & Printing Group Financial Analyst Convocation U2 - c U4 - 646934528 ID - 646934528 ER - TY - HEAR T1 - The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX Exchanges Y1 - 2000 A1 - Moulton,Jonathan KW - Finance JA - Eastern Finance Association Annual Meeting U2 - c U4 - 648894464 ID - 648894464 ER - TY - HEAR T1 - The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX Y1 - 2000 A1 - Brooks,Raymond A1 - Moulton,Jonathan KW - Finance JA - Annual Meeting of the Eastern Finance Association CY - Myrtle Beach U2 - c U4 - 644734976 ID - 644734976 ER - TY - JOUR T1 - A Statistical Assessment of Accounting-Based Performance Plans JF - World at Work Journal Y1 - 2000 A1 - Brooks,Raymond A1 - Mishra,Chandra KW - Finance VL - 9 CP - 2 U2 - a U4 - 644720640 ID - 644720640 ER - TY - HEAR T1 - Executive Compensation and Agency Costs Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Western Economic Association annual meeting CY - San Diego CA U2 - c U4 - 650192896 ID - 650192896 ER - TY - HEAR T1 - Funding Gaps in Germany Industry Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Funding Gap Controversies Conference Plenary Session CY - Warwick, England U2 - c U4 - 650194944 ID - 650194944 ER - TY - HEAR T1 - The Interaction between Opening Call Auctions and Ongoing Trade: Evidence from the NYSE and AMEX Y1 - 1999 A1 - Brooks,Raymond A1 - Moulton,Jonathan KW - Finance JA - Annual Meeting of the Financial Management Association CY - Orlando, FL U2 - c U4 - 644739072 ID - 644739072 ER - TY - JOUR T1 - Large Price Movements and Short-Lived Changes in Spreads, Volume, and Selling Pressure JF - Quarterly Review of Economics and Finance Y1 - 1999 A1 - Brooks,Raymond A1 - Park ,Jinwoo A1 - Su,Tie KW - Finance AB - In this paper we examine changes in dollar and relative bid-ask spreads of stocks following large price movements. We investigate large increases and decreases separately and link our results to current market microstructure theories on trading activities and spreads. We also look at changes in volume and selling pressure to interpret the changes in trading activity. Our results show that the market reacts differently to price increases and decreases. For large price decreases, trading increases on the sell side even when spreads have increased. For large price increases, trading increases on the buy side during a period of higher spreads. However, the increases in dollar spreads and price pressure are most pronounced at the end of trading day. Our results are consistent with microstructure models that link trading activities and costs to the level of asymmetric information. VL - 39 CP - 2 U2 - a U4 - 644732928 ID - 644732928 ER - TY - JOUR T1 - Market Linkages Between the US and Japan: An Application to the Fisheries Industry JF - Japan and the World Economy Y1 - 1999 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - Recent trends in globalization of Pacific Basin commodity markets raises important questions concerning the nature of market integration and price linkages. This paper examines this issue by testing for price linkages between the United States and Japan for two species whose exports from the U.S. to Japan have risen considerably over the past decade. Empirical results indicate segmentation of price linkages for sablefish but probable price linkages for some thornyhead markets. Findings suggest that markets for these species may be less sensitive to price changes in Japan than would be expected based on commodity flows. VL - 11 CP - 4 U2 - a U4 - 650117120 ID - 650117120 ER - TY - HEAR T1 - When-Issued Shares, Small Traders and the Variance of Returns around Stock Splits Y1 - 1999 A1 - Brooks,Raymond A1 - Angel,James J. A1 - Mathew,Prem KW - Finance JA - Annual Meeting of American Finance Association CY - New York, NY U2 - c U4 - 644741120 ID - 644741120 ER - TY - JOUR T1 - CEO Presentations to Financial Analysts: Much Ado About Nothing? JF - Financial Practice and Education Y1 - 1997 A1 - Brooks,Raymond A1 - Johnson,Marilyn F KW - Finance VL - 7 CP - 2 U2 - a U4 - 98051733504 ID - 98051733504 ER - TY - JOUR T1 - Financing the German Mittelstand JF - Small Business Economics Y1 - 1997 A1 - Audretsch,David A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper describes how the German Mittelstand, or small- and medium-sized enterprises, are financed in Germany. The role of the German Mittelstand, both in a static and in a dynamic framework, is described and contrasted with that of the same size group in other leading industrialised countries. We find that in general, the Mittelstand has played a mmore important role in Germany than in other industrialised nations, such as the United States or the United Kingdom. The traditional success of the German Mittelstand is partly attributable to a system of finance that is richly layered by complementary institutions designed to meet the financial needs of both large and smaller enterprises. However, we find evidence that even under the German system of finance liquidity constraints exist and are greater for smaller firms. The German system of finance moreover seems particularly deficient in the channeling of funds to new firm startups in the newer industries. VL - 9 CP - 2 U2 - a U4 - 650119168 ID - 650119168 ER - TY - JOUR T1 - The Individual Investor and the Weekend Effect: A Reexamination with Intraday Data JF - Quarterly Review of Economics and Finance Y1 - 1997 A1 - Brooks,Raymond A1 - Kim,Hongshik KW - Finance VL - 37 CP - 3 U2 - a U4 - 98051678208 ID - 98051678208 ER - TY - JOUR T1 - A Simple Cost Reduction Strategy for Liquidity Traders: Trade at the Opening JF - Journal of Financial and Quantitative Analysis Y1 - 1997 A1 - Brooks,Raymond A1 - Su,Tie KW - Finance VL - 32 CP - 4 U2 - a U4 - 98051776512 ID - 98051776512 ER - TY - JOUR T1 - Changes in Asymmetric Information at Earnings and Dividend Announcements JF - Journal of Business Finance and Accounting Y1 - 1996 A1 - Brooks,Raymond KW - Finance VL - 23 CP - 3 U2 - a U4 - 98051538944 ID - 98051538944 ER - TY - JOUR T1 - Dividend policy and investment: Theory and evidence from US panel data JF - Managerial and Decision Economics Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades AB - This paper examines the importance of dividend policy and liquidity constraints in the context of the firm's investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm's dividend payment, liquidity constraints remain an important determinant of firm investment behavior. VL - 17 CP - 3 U2 - a U4 - 650121216 ID - 650121216 ER - TY - HEAR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - Financial Institutions Workshop CY - Pasadena CA U2 - c U4 - 650196992 ID - 650196992 ER - TY - HEAR T1 - Finance, Control and Profitability: An Evaluation of German Bank Influence Y1 - 1996 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - American Economic Association Meetings CY - San Francisco CA U2 - c U4 - 650199040 ID - 650199040 ER - TY - JOUR T1 - Le Financement de la Mittelstand Allemande JF - Revue Internationale : Petite et Moyenne Enterprise (PME) Y1 - 1996 A1 - Audretsch,David A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 8 CP - 3-4 U2 - a U4 - 650123264 ID - 650123264 ER - TY - JOUR T1 - Performance of Stoll's Spread Component Estimator: Evidence from Simultaions, Time-Series, and Cross-Sectional Data JF - Journal of Financial Research Y1 - 1996 A1 - Brooks,Raymond A1 - Masson,Jean KW - Finance VL - 29 CP - 4 U2 - a U4 - 98051616768 ID - 98051616768 ER - TY - JOUR T1 - Banks, Finance and Investment in German: A Review Article JF - Small Business Economics Y1 - 1995 A1 - Elston,Julie KW - Finance KW - OSU-Cascades VL - 7 CP - 6 U2 - a U4 - 650125312 ID - 650125312 ER - TY - JOUR T1 - A Bias in Closing Prices: The Case of the When Issued Anomaly JF - Journal of Financial and Quantitative Analysis Y1 - 1995 A1 - Brooks,Raymond A1 - Chiou,Shur-Nuann KW - Finance VL - 30 CP - 3 U2 - a U4 - 98051483648 ID - 98051483648 ER - TY - JOUR T1 - Bank Affiliations and Firm Capital Investment in Germany JF - IFO Studien: Zeitschrift fur Empirische Wirtschaftsforschung Y1 - 1994 A1 - Elston,Julie A1 - Albach,Horst KW - Finance KW - OSU-Cascades VL - 1 U2 - a U4 - 650127360 ID - 650127360 ER - TY - JOUR T1 - Bid-Ask Spread Components Around Anticipated Announcements JF - Journal of Financial Research Y1 - 1994 A1 - Brooks,Raymond KW - Finance VL - 27 CP - 3 U2 - a U4 - 98051393536 ID - 98051393536 ER - TY - JOUR T1 - Dividen Predicting Using Put-Call Parity JF - International Review of Economics and Finance Y1 - 1994 A1 - Brooks,Raymond KW - Finance VL - 3 CP - 4 U2 - a U4 - 98051321856 ID - 98051321856 ER - TY - HEAR T1 - Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on firm Investment Behavior in Germany Y1 - 1994 A1 - Elston,Julie KW - Finance KW - OSU-Cascades JA - European Association for Research in Industrial Economics Conference annual meetings CY - Chania, Greece U2 - c U4 - 650201088 ID - 650201088 ER -