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strategic planning and analysis
(854 results)-
White Papers
Inspiring Innovation In The Silicon Valley Housing Market
Jan 2008
Deep in the gloom of today's declining housing market, few investors see any reason for optimism. But an ACT team focused on affordable housing in the Bay area found a silver lining amidst the...
Provided by Stanford University
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White Papers
The Inexplicable Vitality Of Pension Funds
Feb 2008
Despite promises of returns on pension plans, the fact is that with these investments, the loss column is outweighing the profits. Yet, judging by the rate of investment in these plans, the lack...
Provided by IESE School Of Business
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White Papers
Should Managers Provide Forecasts Of Earnings?
Sep 2009
Despite the risk of manipulation, management forecasts of earnings in investor communications are beneficial, says a University of Michigan researcher. In a new study commissioned by the...
Provided by University of Michigan (Ross)
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White Papers
A New Benchmark For High-Performance Investment
Jan 2008
Equity indices play an important role in passive and active portfolio management. In the vast majority of cases, the assets in these benchmarks are weighted by market capitalization. There have...
Provided by IESE School Of Business
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White Papers
Faulty Judgment In Valuation
Jan 2008
Financial experts tend to agree that book value is not a good determinant of share value, especially in the case of well-established companies whose future direction seems assured. However,...
Provided by IESE School Of Business
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White Papers
Black Swans, A Wild Goose Chase
Jan 2009
From the Black Monday of October 19, 1987, to the September 11 attacks: When the seemingly impossible comes to pass, has a massive impact and seems to be predictable in retrospect, then we have...
Provided by IESE School Of Business
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White Papers
Hedge Fund Manager's Alma Mater Matters
Aug 2007
Hedge fund investors seeking superior performance are well-advised to select younger, well-educated fund managers who are highly devoted to their jobs, says a University of Michigan business...
Provided by University of Michigan (Ross)
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White Papers
India's New Stock Market Story And Its' Next Trillion Dollar Opportunity'
Apr 2009
If there's one thing Raamdeo Agrawal has learned over 22 years as an investor, it's that the stock markets "always come up with a story every four or five years." Soya processing and leasing...
Provided by University of Pennsylvania (Wharton)
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White Papers
Directors And Professors Treat Market Risk Differently
Jan 2008
In "Market Risk Premium Used: Survey 2008," IESE Prof. Pablo Fernández put three simple questions to 424 business executives and professors, mostly Spaniards. What market risk premium does your...
Provided by IESE School Of Business
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White Papers
Do Financial Counseling Mandates Improve Mortgage Choice And Performance?
Jun 2009
The paper explores the effects of mandatory third-party review of mortgage contracts on the terms, availability, and performance of mortgage credit. Study is based on a legislative experiment in...
Provided by Ohio State University (Fisher)
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White Papers
Shareholder Vs. Stakeholder: Two Approaches To Corporate Governance
Jan 2008
In countries with an Anglo-Saxon legal tradition, such as the United States, United Kingdom, Canada and Australia, corporate governance typically focuses on the firm's outside investors, mainly...
Provided by IESE School Of Business
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White Papers
Control Motivations And Capital Structure Decisions
Sep 2009
This paper investigates the use of leverage as one channel through which control-motivated blockholders can defend their corporate control. Such blockholders face a trade-off between raising...
Provided by Indiana University
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White Papers
Corporate Financial And Investment Policies When Future Financing Is Not Frictionless
Sep 2008
The paper studies a model in which future financing constraints lead firms to have a preference for investments with shorter payback periods, investments with less risk, and investments that...
Provided by Ohio State University (Fisher)
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White Papers
The Impact Of Changes In Bank Ownership Structure On The Allocation Of Capital
Jul 2007
A new wave of bank privatizations has significantly changed the ownership structure of banking systems around the world. This paper explores how these changes affect the efficiency of capital...
Provided by Ohio State University (Fisher)
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White Papers
Why Do U.S. Firms Hold So Much More Cash Than They Used To?
Oct 2009
The average cash-to-assets ratio for U.S. industrial firms more than double from 1980 to 2006. A measure of the economic importance of this increase is that at the end of the sample period, the...
Provided by Ohio State University (Fisher)
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White Papers
Interbank Market Liquidity And Central Bank Intervention
Jun 2008
Interbank markets are among the most important in the financial system. They are the focus of central banks' implementation of monetary policy and have a significant effect on the whole economy....
Provided by University of Pennsylvania (Wharton)
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White Papers
Bad Loans, Suffering Banks
Jun 2009
Investors and regulators continue to sort out the mess from the subprime mortgage meltdown that helped freeze credit markets and shrink the economy. The true health of some banks is still in...
Provided by University of Michigan (Ross)
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White Papers
Thriving In The Midst Of Financial Distress? An Analysis Of Firms Exposed To Asbestos Litigation
Jul 2008
Asbestos litigation is one of the most important mass tort litigations in the history of the United States. The paper analyze a comprehensive sample of 270 firms that were exposed to an...
Provided by Ohio State University (Fisher)
-
White Papers
Momentum And Long-Run Risks
Nov 2007
The paper models the cross section of equity securities inside a long-run risks economy of Bansal and Yaron (2004). Consistent with the implications of the model, it shows a new empirical stylized...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Emerging From The Economic Abyss
Apr 2009
Keeping up with the current economic crisis and its daily twists and turns can be a bit daunting. But three of the Ross School's thought leaders recently offered Executive MBA alumni some clarity...
Provided by University of Michigan (Ross)
-
White Papers
Commodity Market Capital Flow And Asset Return Predictability
Feb 2010
The paper establishes several new findings on the relation between capital flow in commodity markets and asset returns. Capital flowing into commodity markets, as measured by high open-interest...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Latin America: Land Of Opportunity
Dec 2009
Latin America remains a healthy economic region despite ongoing market turmoil in the U.S. It has an appetite for people who can lead by example, influence a diverse group of customers and...
Provided by University of Michigan (Ross)
-
White Papers
Diving Into Dark Pools
Jun 2010
This paper examines unique data on dark pool activity for a large cross-section of US stocks in 2009. Dark pool activity is concentrated in large firms, stocks with high share volume, high price,...
Provided by Ohio State University (Fisher)
-
White Papers
When Firms Go Private: Signs Are Obvious
Sep 2007
Many factors that drive public companies to go private are evident throughout their public life - even at their Initial Public Offering (IPO), say researchers at the University of Michigan's Ross...
Provided by University of Michigan (Ross)
-
White Papers
Demographics And Industry Returns
Dec 2007
How do investors respond to predictable shifts in profitability? The paper considers how demographic shifts affect profits and returns across industries. Cohort size fluctuations produce...
Provided by Emory University (Goizueta)
-
White Papers
Investment Needed In Nonprofit Policy Work
Aug 2008
Nonprofits can do a lot more to help shape the public policies that affect their work and constituents. Working to fix flawed policies at the root of social problems is a key role nonprofits...
Provided by Stanford University
-
White Papers
Pecking Over Finance
Dec 2009
One of the biggest decisions for any chief financial officer is finding the optimal capital structure for the firm. Is the company best served by issuing stocks? Or is it best to raise capital via...
Provided by University of Michigan (Ross)
-
White Papers
Stock Market: Small Firms Pack A Big Punch
Jan 2008
Size apparently matters when it comes to creating value for shareholders. This is one of the conclusions to be drawn from "IBEX 35: 1992-2007. Rentabilidad y creación de valor" ("IBEX 35,...
Provided by IESE School Of Business
-
White Papers
Measuring The Impact Of The Business Cycle On Your Industry
Jan 2008
The ability to make plans based on forecasts of a business cycle, using publicly available information, is essential now more than ever. Information on the exposure and intensity of exposure of a...
Provided by IESE School Of Business
-
White Papers
The First Step Of The Capital Flow From Institutions To Entrepreneurs
May 2009
The authors of this paper contribute to the knowledge about the capital flow from institutional investors, via Venture Capital (VC) funds as intermediaries, to their final destination,...
Provided by IESE School Of Business
-
White Papers
Investor Relations, Firm Visibility, And Investor Following
Jun 2010
The authors of this paper examine the key actions and outcomes of Investor Relations (IR) programs. Through interviews with IR professionals, we learn that attracting institutional investors in a...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Persistence Of Outstanding Performance And Shareholder Value Among Diversified Firms
Jul 2008
The research domain that attempts to study the relationship between diversification and performance has not yet reached definitive and interpretable findings, and recent studies challenge the...
Provided by IESE School Of Business
-
White Papers
Loose Standards, Sluggish Economy Make For Mortgage Muddle
Jul 2008
The soaring number of "For sale" signs on the nation's front lawns due to foreclosures can be blamed on two culprits: looser mortgage underwriting standards and a weakening of local economies. The...
Provided by University of Michigan (Ross)
-
White Papers
2008: A Good Year For The Stock Market?
Jan 2008
The year 2008 started out rather harshly for Spain's Mercado Continuo. A new paper by IESE Prof. Pablo Fernández and research assistant Vicente J. Bermejo highlights this situation. In their...
Provided by IESE School Of Business
-
White Papers
Companies Show Clever Currency Moves
Apr 2010
There's always been a bit of a mystery in the currency markets as to whether it's possible to predict price changes. Unlike stocks and bonds, currencies generally move on macroeconomic - not...
Provided by University of Michigan (Ross)
-
White Papers
Price Efficiency And Short Selling
Jan 2008
This paper investigates the effect of short-sale constraints on price efficiency. The authors use a unique global dataset on equity lending collected from several custodians from January 2004 to...
Provided by IESE School Of Business
-
White Papers
The European M&A Industry: Trends, Patterns And Shortcomings
Sep 2008
This paper provides a comprehensive overview of the process of European mergers and acquisitions. The authors of this paper characterize the main features of M&A activity in Europe in the period...
Provided by IESE School Of Business
-
White Papers
Expected Returns And Liquidity Risk: Does Entrepreneurial Income Matter?
Nov 2007
This paper studies the effects of jointly incorporating liquidity risk and non-tradeable wealth in a single asset pricing equation. First, the author proposes an overlapping-generations model with...
Provided by IESE School Of Business
-
White Papers
Herd Behavior In Stock Markets: Variable And Cyclical
Dec 2008
This paper uses the cross-sectional variance of the betas to study herd behavior towards market index in major developed and emerging financial markets (categorized as developed group, Asian...
Provided by IESE School Of Business
-
White Papers
Tax Rebates Not A Quick Fix For The Economy
Jan 2009
Using the U-M/Reuters Survey of Consumers, Slemrod and colleague Matthew Shapiro asked more than 2,500 Americans what they did with their 2008 federal income tax rebates, which accounted for more...
Provided by University of Michigan (Ross)
-
Podcasts
PeopleSoft Workforce Communications: Lower Workforce Costs and Improve Employee Engagement. (PODCAST)
Oct 2010
PeopleSoft Workforce Communications is a comprehensive solution for planning and delivering HR programs and surveys to the workforce for the purpose of workforce alignment to organizational and...
Provided by Oracle
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White Papers
How Does FDI In East Asia Affect Performance At Home?: Evidence From Electrical Machinery Manufacturing Firms
Sep 2008
This paper pinpoints the impact of Japanese electronic machinery FDIs on productivity at home. The analysis is based on the activity level of firms and not on their ready-made level. For example,...
Provided by Research Institute of Economy, Trade and Industry (RIETI)
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White Papers
Rapid Growth In Transition Economies: Growth-Accounting Approach
Jul 2007
This paper uses the growth-accounting approach to determine the sources of growth in transition economies. The central conclusion is that the estimated total factor productivity (TFP) growth for...
Provided by International Monetary Fund
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White Papers
The Discipline-Enhancing Role Of Fiscal Institutions: Theory And Empirical Evidence
Jul 2007
This paper discusses the role of fiscal institutions, including budget rules and non-partisan agencies, in enhancing fiscal discipline. A dynamic model of fiscal policy shows that optimal...
Provided by International Monetary Fund
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White Papers
Financing Of Global Imbalances
Jul 2007
To assess the conditions for the financing of the U.S. current account, this paper analyzes the determinants of bond flows into the United States, using a data set constructed for the period...
Provided by International Monetary Fund
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White Papers
Determinants Of Tax Revenue Efforts In Developing Countries
Jul 2007
This paper contributes to the existing empirical literature on the principal determinants of tax revenue performance across developing countries by using a broad dataset and accounting for some...
Provided by International Monetary Fund
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White Papers
Global Aging Pressures: Impact Of Fiscal Adjustment, Policy Cooperation, And Structural Reforms
Aug 2007
Demographic pressures will materialize in many economies over the next few decades. The authors examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies...
Provided by International Monetary Fund
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White Papers
Fiscal Management Of Scaled-Up Aid
Sep 2007
This paper discusses the role of fiscal policy and fiscal institutions in managing scaled-up aid. In an environment of volatile scaled-up aid, fiscal policy formulation should be anchored in...
Provided by International Monetary Fund
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White Papers
Globalization Drives Strategic Product Switching
Oct 2008
Using firm-level data for Estonia for the years 1997-2005, the authors analyze the impact of international competition on firm dynamics, considering both firm closedown and product switching. The...
Provided by International Monetary Fund
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White Papers
Macroeconomics Of Migration In New Member States
Dec 2008
This paper examines the macroeconomic impact of migration on income convergence in the EU's New Member States (NMS). The paper focuses on cross-border mobility of labor and examines the...
Provided by International Monetary Fund
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White Papers
Efficiency And Performance Of Bulgarian Private Pensions
Dec 2008
This paper assesses the performance and efficiency of the second and third pillars of the Bulgarian pension system. The Bulgarian mandatory and voluntary defined contribution pensions follow a...
Provided by International Monetary Fund
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White Papers
New Shocks, Exchange Rates And Equity Prices
Dec 2008
This paper studies exchange rate and equity price dynamics, in general equilibrium, in the presence of news shocks about future productivity and monetary policy. The author identifies a condition...
Provided by International Monetary Fund
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White Papers
When Security Analysts Talk, Who Really Listens? : Large And Small Investors Find Different Results
Aug 2010
When it comes to investing, it seems like a good idea to follow experts' recommendations. Real-world results generally support that intuition. However not all recommendations are equally...
Provided by Northwestern University (Kellogg)
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White Papers
Valuing Possibilities: Investment Behavior And Stock Returns May Measure Growth Opportunities
Aug 2010
Investors know that stock returns depend on both a firm's current assets and growth potential. Current assets are easy to assess, but determining a firm's growth opportunities is less clear cut....
Provided by Northwestern University (Kellogg)
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White Papers
Show Me The Money: Access To Finance For Small Borrowers In Canada
Dec 2007
This paper analyzes certain policies that are typical of a number of rapidly growing East Asian countries in which a fixed exchange rate, combined with a surplus labor market, has made domestic...
Provided by International Monetary Fund
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White Papers
A Risk-Based Debt Sustainability Framework: Incorporating Balance Sheets And Uncertainty
Dec 2007
The paper describes six different methodologies that have been used to assess the equilibrium values of exchange rates and discusses their limitations. It applies several of the approaches to data...
Provided by International Monetary Fund
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White Papers
A Bayesian-Estimated Model Of Inflation Targeting In South Africa
Jan 2008
This paper is a theoretical study of the impact of institutional quality on currency crises from a public finance point of view. Recent empirical studies leave little doubt that weak institutions,...
Provided by International Monetary Fund
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White Papers
Financial Development And Poverty Reduction: Can There Be A Benefit Without A Cost?
Jan 2008
This paper contributes to the analysis of monetary policy in the face of financial instability. In particular, the authors extend the standard new Keynesian dynamic stochastic general equilibrium...
Provided by International Monetary Fund
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White Papers
A Small Structural Monetary Policy Model For Small Open Economies With Debt Accumulation
Jan 2008
A standard DSGE small open economy model cannot generate the cyclical regularities of middle-income countries. It predicts excessive consumption smoothing, and procyclical, instead of...
Provided by International Monetary Fund
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White Papers
Trade In The WAEMU: Developments And Reform Opportunities
Jan 2008
This paper documents the extent of financial linkages between Canada and the United States and explores the impact of changes in U.S. financial conditions on financial conditions and real economic...
Provided by International Monetary Fund
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White Papers
The Monetary Model Strikes Back: Evidence From The World
Feb 2008
The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This...
Provided by International Monetary Fund
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White Papers
Investors? Risk Appetite And Global Financial Market Conditions
Feb 2008
In recent years, the South Caucasus and Central Asia countries (CCA-6) have received significant foreign exchange inflows. While a healthy reserve buffer is desirable to selfinsure against...
Provided by International Monetary Fund
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White Papers
Business Cycles In Small Developed Economies
Feb 2008
The authors extend the literature on budget deficits and interest rates in three ways: they examine both advanced and emerging economies and for the first time a large emerging market panel;...
Provided by International Monetary Fund
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White Papers
Measuring The Informal Economy In Latin America And The Caribbean
Mar 2008
This paper proposes a framework for public debt sustainability analysis (DSA) that is complementary to that generally used by IFIs. The DSA in this paper has three components: (i) an integrated...
Provided by International Monetary Fund
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White Papers
Estimating Equilibrium Exchange Rates For Armenia And Georgia
Mar 2008
Trade theories covering Preferential Trade Agreements (PTAs) are as diverse as the literature in search of their empirical support. To account for the model uncertainty that surrounds the validity...
Provided by International Monetary Fund
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White Papers
Much Ado About Nothing? Estimating The Impact Of A U.S. Slowdown On Thai Growth
Apr 2008
The paper relies on a firm-level data on transition economies to examine the relationship between informality and bank credit. The authors find evidence that informality is robustly and...
Provided by International Monetary Fund
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White Papers
Global Business Cycles: Convergence Or Decoupling?
Apr 2008
This paper applies a simple probabilistic approach to debt sustainability analysis to the case of Lebanon. The paper derives "fan charts" to depict the probability distribution of the government...
Provided by International Monetary Fund
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White Papers
Bivariate Assessments Of Real Exchange Rates Using PPP Data
Apr 2008
The paper looks at the relationship between reserve requirements and the choice of the maturity structure of external debt in a general equilibrium setup, by incorporating the role of...
Provided by International Monetary Fund
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White Papers
Fiscal Policy And Economic Development
Apr 2008
The significant real exchange rate appreciation in Armenia and Georgia since 2003, coupled with persistent current account deficits, raises the question of whether real exchange rates have become...
Provided by International Monetary Fund
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White Papers
Reforming Government Subsidies In The New Member States Of The European Union
May 2008
The authors investigate the nexus of public and private investment and assess the impact of both types of investment on growth. Using annual data for 1965 - 2005, they employ a coherent set of...
Provided by International Monetary Fund
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White Papers
Inflation Smoothing And The Modest Effect Of VAT In Germany
May 2008
What determines the currency to which countries peg or "anchor" their exchange rate? Data for over 100 countries between 1980 and 1998 reveal that trade network externalities are a key...
Provided by International Monetary Fund
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White Papers
The Impact Of Research And Development Tax Incentives On Colombia's Manufacturing Sector
May 2008
This paper reviews the nature of central bank involvement in 26 episodes of financial disturbance and crises in Latin America from the mid-1990s onwards. It finds that, except in a handful of...
Provided by International Monetary Fund
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White Papers
What Drives Household Borrowing And Credit Constraints? Evidence From Bosnia And Herzegovina
Jun 2008
On occasion, a government may find itself confronted with a need to address a large contingent or off balance sheet fiscal liability. Implementing a settlement raises issues of fiscal...
Provided by International Monetary Fund
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White Papers
Foreign Aid And Real Exchange Rate Adjustments In A Financially Constrained Dependent Economy
Jun 2008
This paper uses vector autoregressions and impulse-response functions to construct a U.S. financial conditions index (FCI). Credit availability - proxied by survey results on lending standards -...
Provided by International Monetary Fund
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White Papers
Stress Testing At The IMF
Jun 2008
The Austrian government is about to introduce a new fiscal management framework. The first step is to introduce a medium-term budgetary framework, including an expenditure rule. The paper focuses...
Provided by International Monetary Fund
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White Papers
The Eastern Caribbean Central Bank: Challenges To An Effective Lender Of Last Resort
Jul 2008
Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for money, surveying the ongoing theoretical and empirical debate. The key...
Provided by International Monetary Fund
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White Papers
Current And Proposed Non-Oil Tax System In Azerbaijan
Jul 2008
High oil prices have once again led to large external surpluses of oil exporting countries, similar to the 1970s and 1980s. This paper analyzes the extent to which (i) oil exporters use bank...
Provided by International Monetary Fund
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White Papers
Distress In European Banks: An Analysis Based On A New Dataset
Jan 2009
The global financial crisis has highlighted the importance of early identification of weak banks: when problems are identified late, solutions are much more costly. Until recently, Europe has seen...
Provided by International Monetary Fund
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White Papers
Why Do Central Banks Go Weak?
Jan 2009
Determinants of central banks' profitability are studied using a statistical analysis of their balance sheets, country characteristics, and the macroeconomic and institutional environments in...
Provided by International Monetary Fund
-
White Papers
Bank Efficiency In Sub-Saharan African Middle Income Countries
Jan 2009
This paper uses bank level data to study the efficiency of banks in Sub-Saharan African middle-income countries and provide possible explanations for the difference in the efficiency levels of...
Provided by International Monetary Fund
-
White Papers
Thriving In The Midst Of Financial Distress? An Analysis Of Firms Exposed To Asbestos Litigation
Jul 2008
Asbestos litigation is one of the most important mass tort litigations in the history of the United States. The paper analyze a comprehensive sample of 270 firms that were exposed to an...
Provided by Ohio State University (Fisher)
-
White Papers
Momentum And Long-Run Risks
Nov 2007
The paper models the cross section of equity securities inside a long-run risks economy of Bansal and Yaron (2004). Consistent with the implications of the model, it shows a new empirical stylized...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Emerging From The Economic Abyss
Apr 2009
Keeping up with the current economic crisis and its daily twists and turns can be a bit daunting. But three of the Ross School's thought leaders recently offered Executive MBA alumni some clarity...
Provided by University of Michigan (Ross)
-
White Papers
Commodity Market Capital Flow And Asset Return Predictability
Feb 2010
The paper establishes several new findings on the relation between capital flow in commodity markets and asset returns. Capital flowing into commodity markets, as measured by high open-interest...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Latin America: Land Of Opportunity
Dec 2009
Latin America remains a healthy economic region despite ongoing market turmoil in the U.S. It has an appetite for people who can lead by example, influence a diverse group of customers and...
Provided by University of Michigan (Ross)
-
White Papers
Diving Into Dark Pools
Jun 2010
This paper examines unique data on dark pool activity for a large cross-section of US stocks in 2009. Dark pool activity is concentrated in large firms, stocks with high share volume, high price,...
Provided by Ohio State University (Fisher)
-
White Papers
When Firms Go Private: Signs Are Obvious
Sep 2007
Many factors that drive public companies to go private are evident throughout their public life - even at their Initial Public Offering (IPO), say researchers at the University of Michigan's Ross...
Provided by University of Michigan (Ross)
-
White Papers
Demographics And Industry Returns
Dec 2007
How do investors respond to predictable shifts in profitability? The paper considers how demographic shifts affect profits and returns across industries. Cohort size fluctuations produce...
Provided by Emory University (Goizueta)
-
White Papers
Investment Needed In Nonprofit Policy Work
Aug 2008
Nonprofits can do a lot more to help shape the public policies that affect their work and constituents. Working to fix flawed policies at the root of social problems is a key role nonprofits...
Provided by Stanford University
-
White Papers
Pecking Over Finance
Dec 2009
One of the biggest decisions for any chief financial officer is finding the optimal capital structure for the firm. Is the company best served by issuing stocks? Or is it best to raise capital via...
Provided by University of Michigan (Ross)
-
White Papers
Stock Market: Small Firms Pack A Big Punch
Jan 2008
Size apparently matters when it comes to creating value for shareholders. This is one of the conclusions to be drawn from "IBEX 35: 1992-2007. Rentabilidad y creación de valor" ("IBEX 35,...
Provided by IESE School Of Business
-
White Papers
Measuring The Impact Of The Business Cycle On Your Industry
Jan 2008
The ability to make plans based on forecasts of a business cycle, using publicly available information, is essential now more than ever. Information on the exposure and intensity of exposure of a...
Provided by IESE School Of Business
-
White Papers
The First Step Of The Capital Flow From Institutions To Entrepreneurs
May 2009
The authors of this paper contribute to the knowledge about the capital flow from institutional investors, via Venture Capital (VC) funds as intermediaries, to their final destination,...
Provided by IESE School Of Business
-
White Papers
Investor Relations, Firm Visibility, And Investor Following
Jun 2010
The authors of this paper examine the key actions and outcomes of Investor Relations (IR) programs. Through interviews with IR professionals, we learn that attracting institutional investors in a...
Provided by University of Pennsylvania (Wharton)
-
White Papers
Persistence Of Outstanding Performance And Shareholder Value Among Diversified Firms
Jul 2008
The research domain that attempts to study the relationship between diversification and performance has not yet reached definitive and interpretable findings, and recent studies challenge the...
Provided by IESE School Of Business
-
White Papers
Loose Standards, Sluggish Economy Make For Mortgage Muddle
Jul 2008
The soaring number of "For sale" signs on the nation's front lawns due to foreclosures can be blamed on two culprits: looser mortgage underwriting standards and a weakening of local economies. The...
Provided by University of Michigan (Ross)
-
White Papers
2008: A Good Year For The Stock Market?
Jan 2008
The year 2008 started out rather harshly for Spain's Mercado Continuo. A new paper by IESE Prof. Pablo Fernández and research assistant Vicente J. Bermejo highlights this situation. In their...
Provided by IESE School Of Business
-
White Papers
Companies Show Clever Currency Moves
Apr 2010
There's always been a bit of a mystery in the currency markets as to whether it's possible to predict price changes. Unlike stocks and bonds, currencies generally move on macroeconomic - not...
Provided by University of Michigan (Ross)
-
White Papers
Price Efficiency And Short Selling
Jan 2008
This paper investigates the effect of short-sale constraints on price efficiency. The authors use a unique global dataset on equity lending collected from several custodians from January 2004 to...
Provided by IESE School Of Business
-
White Papers
The European M&A Industry: Trends, Patterns And Shortcomings
Sep 2008
This paper provides a comprehensive overview of the process of European mergers and acquisitions. The authors of this paper characterize the main features of M&A activity in Europe in the period...
Provided by IESE School Of Business
-
White Papers
Expected Returns And Liquidity Risk: Does Entrepreneurial Income Matter?
Nov 2007
This paper studies the effects of jointly incorporating liquidity risk and non-tradeable wealth in a single asset pricing equation. First, the author proposes an overlapping-generations model with...
Provided by IESE School Of Business
-
White Papers
Herd Behavior In Stock Markets: Variable And Cyclical
Dec 2008
This paper uses the cross-sectional variance of the betas to study herd behavior towards market index in major developed and emerging financial markets (categorized as developed group, Asian...
Provided by IESE School Of Business
-
White Papers
Tax Rebates Not A Quick Fix For The Economy
Jan 2009
Using the U-M/Reuters Survey of Consumers, Slemrod and colleague Matthew Shapiro asked more than 2,500 Americans what they did with their 2008 federal income tax rebates, which accounted for more...
Provided by University of Michigan (Ross)
-
White Papers
A Complex Strategy Unmasked
Jan 2008
When financial professionals optimize portfolios they generally rely on the mean-variance approach. This is for good reason: mean-variance problems have well-known, closed-form solutions, and...
Provided by IESE School Of Business
-
White Papers
Harnessing People Power
Jan 2010
When resources are scarce, human capital becomes a vital resource for success. In entities where resources are scarce - such as small non-natural resource economies like Hong Kong or Singapore, or...
Provided by National University of Singapore School of Business
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White Papers
Lessons For Tax Policy In The Great Recession
May 2009
While policymakers struggle with identifying and enacting the appropriate short-term policy response to the financial crisis and economic downturn of 2008, 2009, and perhaps beyond (henceforth...
Provided by University of Michigan (Ross)
-
White Papers
Shedding The New Venture Mystique
Jun 2009
With big companies shedding jobs in this recession, some former employees and unattached executives are exploring entrepreneurship. Those venturing there for the first time will find entrepreneurs...
Provided by University of Michigan (Ross)
-
White Papers
Rating The Ratings: How Good Are Commercial Governance Ratings?
Jun 2008
Proxy advisory and corporate governance rating firms play an increasingly important role in U.S. public markets. Proxy advisory firms provide voting recommendations to shareholders on proxy...
Provided by Stanford University
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White Papers
Building An Effective Network: Where Should You Invest And How?
Oct 2008
Networks and networking are a hot topic in business today. Innovative electronic networking tools such as LinkedIn, Facebook and Xing as well as more traditional networks such as alumni and...
Provided by IMD
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White Papers
Your Network Balance Sheet. What Does It Look Like And Where Should You Invest?
Jul 2008
Networks and networking are a hot topic. Both academic research and mainstream business publications suggest that networks are important in business and that getting it right may relate to your...
Provided by IMD
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White Papers
Information Aggregation In Dynamic Markets With Strategic Traders
Mar 2009
This paper studies information aggregation in dynamic markets with a finite number of partially informed strategic traders. It shows that for a broad class of securities, information in such...
Provided by Stanford University
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White Papers
Reforming Credit Reform: Federal Accounting Rules Downplay The Costs Of Extending Credit
Mar 2009
The researchers conclude that under the federal government's existing accounting rules set out in the Federal Credit Reform Act of 1990 (FCRA), the cost of credit programs is typically...
Provided by Northwestern University (Kellogg)
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White Papers
Mandatory Or Voluntary Corporate Disclosure?:Full Disclosure Is Not Always A Moneymaker
Aug 2007
"Sunlight is said to be the best of disinfectants," wrote Supreme Court Justice Louis Brandeis on the importance of openness and transparency in society. Such sunlight can be a pretty profitable...
Provided by Northwestern University (Kellogg)
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White Papers
Earnings Announcements Are Full Of Surprises
Jan 2008
The Earnings Announcement Return (EAR) captures the market reaction to unexpected information contained in the company's earnings release. Besides the actual earnings news, this includes...
Provided by Duke University (Fuqua-Global)
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White Papers
Cost Innovation And The Dragons
Jan 2010
Cost innovation' sounds like an oxymoron. Most of ones associate innovation with greater functionality and sophistication. Mainland Chinese companies, however, are turning conventional business...
Provided by INSEAD
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White Papers
Sell-Side Liquidity And The Cross-Section Of Expected Stock Returns
Sep 2009
There is reason to believe that market makers may react asymmetrically to purchases and sales on account of their tendency to hold positive inventories. The paper estimates separate buy- and...
Provided by University of California, Los Angeles (Anderson)
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White Papers
The Pack Mentality: A Behavioral Finance View Of Stock Price Comovement
Jan 2010
By looking carefully at data on individual stock prices, it is easy to find many examples of "Comovement"-groups of stocks whose prices tend to move together. For instance, prices of stocks in the...
Provided by University of Chicago (Booth)
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White Papers
Study Shows Private Equity Bolsters U.S. Economy
Jul 2008
Much has been said and written about the activities and outcomes from private equity investment in the United States during the past two years. Now, as the U.S. economy slows at the hands of a...
Provided by Thunderbird School of Global Management
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White Papers
Investment Advice From Commodities Guru: Learn Chinese
Jul 2009
The paper says the United States has become a nation of debtors while China and other Southeast Asian countries have emerged as the world's creditors. "The center of investment is shifting toward...
Provided by Thunderbird School of Global Management
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White Papers
Dividends And Momentum
Oct 2009
This paper investigates the relationship that exists between dividend yield and momentum strategies. Both have been shown to explain the cross-section of returns and yet they are negatively...
Provided by City University of London (Cass)
