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1
Rodriguez, Emily M. "Angel Financing: Matching Start-Up Firms with Angel Investors." Scholarship @ Claremont, 2011. http://scholarship.claremont.edu/cmc_theses/136.
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The hardest time to receive financing for a venture is at its earliest stage. These ventures are among the riskiest investments for an investor, which creates a gap in financing that is often bridged through a source of funding called Angel Financing. Angel investors are one of the best providers of early stage funding. This thesis will explain what angel investing is, how they work, and what angels look for. This information will help entrepreneurs be better equipped to find an angel investor for their venture.
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Chowdhury, Rashedur Rob. "Reconceptualizing the dynamics of the relationship between marginalized stakeholders and multinational firms." Thesis, University of Cambridge, 2013. https://www.repository.cam.ac.uk/handle/1810/252303.
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Dean, Tyler. "Immigrant Founder Impact on Investment Benefits: Are Immigrant Founded Firms Good Societal, Investor and Market Stability Investments Relative to Native Founded Firms within the Fortune 500." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1868.
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Although researchers have determined that immigrants are valuable to our society and produced several studies that seek to explain immigrant benefits, little has been done to study whether or not immigrant-founded firms outperform native firms. This report determines whether or not immigrant entrepreneurs are good investments from societal, financial and market perspectives. It analyzes the impact of immigrant founders on 2017 Fortune 500 company performance from a societal, investment and market perspectives. To compile the data set, it utilizes immigration classification from the Center for American Entrepreneurship’s report on 2017 Fortune 500 company founders as a means of categorizing firm immigration status. In order to be included in the sample, there were several requirements: firms had to have a publicly listed security with a Capital IQ identification ID. These criteria resulted in 463 firms. Financial performance and innovation data were gathered through Capital IQ.
The analysis seeks to prove or disprove immigrant impact on performance in three categories. The first category, social impact, determined whether or not immigrant-founded firms are good societal investments. The second category, financial impact, determined whether or not immigrant-founded firms are good financial investments. The final category, market stability, determined whether or not immigrant-founded firms are good for overall market stability.
There were no statistically significant results for the dependent variables that were regressed. The was a range of R Values, regressions we run with both robust precision adjustments, and Winsor control methods were tested to no avail. This leads to the conclusion that immigrant-founded firms are not better investments than native founded firms at the Fortune 500 level. This held true in all models for each of the 3 theses compiled.
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Duarte, Sérgio Lemos. "Gestão de custos interorganizacionais em organizações cooperativas e investor-owned firms - IOFs no setor de cafeicultura no Brasil." Universidade de São Paulo, 2017. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-14062017-104903/.
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As relações interorganizacionais, em seu contexto mais específico da gestão de custos interorganizacionais (GCI), geram aos participantes dificuldades quanto à falta de confiança, ao modo como os benefícios serão compartilhados, se as informações são verídicas, entre outros problemas. No âmbito das pesquisas interorganizacionais, o ambiente competitivo de Investor-owend Firms (IOFs) tem se favorecido. Nesse contexto, a pesquisa nas relações com as cooperativas pode favorecer tanto a literatura da GCI, quanto ajudar no segmento cooperativo agrícola, que tem perdido produtos para IOFs dos seus cooperados. Nessa visão, a pesquisa tem como objetivo verificar se e como se estabelece a configuração da GCI nas cooperativas e IOFs da cadeia de valor do café, comparando-as e relacionando as variáveis já discutidas na literatura de GCI, com a base teórica da ECT, enfoque desta tese. Utilizou-se a pesquisa qualitativa, com entrevistas semiestruturada, individuais, com produtores rurais, representantes de cooperativas e IOFs, que comercializem café e tenham relação direta, delimitados geograficamente no estado de São Paulo e Minas Gerais. Foi realizado um pré-teste, com um produtor rural, uma cooperativa e uma IOF, para validação das questões da entrevista. Posteriormente, realizou-se a análise de similitude pelo software IRAMUTEQ, confirmando as variáveis e abrindo a possibilidade de estudar uma variável nova (fidelidade comercial) não contemplada na literatura interorganizacional. Realizadas as entrevistas, com as novas questões inseridas, um total de 21 para produtores e 21 para cooperativas e IOFs, as respostas foram transcritas, utilizando o software Atlas TI para a contagem e as variações das palavras, conferindo quais estavam relacionadas com cada uma das variáveis para, assim, organizar e fazer a análise de conteúdo. Como resultado, identificou-se a relação das variáveis de GCI e ECT entre elas, dado a qualidade-funcionalidade no âmbito cafeeiro não limitar o preço pago ao produtor rural, que utiliza a qualidade-funcionalidade para aumentar o preço e o mercado futuro para minimização da incerteza na oscilação do mercado. Percebeu-se a prática do OBA na relação unilateral produtor-cooperativa, com informações acerca da qualidade e produção e também de forma unilateral, verificando que os benefícios, a cooperação e a (inter)-dependência ocorriam nesta relação. Na variável (inter)-dependência, notou-se, pelos relatos dos produtores, a utilização da venda de insumos e armazenagem na cooperativa de forma oportunista, fazendo com que o produtor tenha que manter a estabilidade da relação, para poder ter os benefícios oferecidos pela cooperativa e não arcar com taxas da retirada do café, percebendo também a falta de visão dos produtores quanto aos resultados futuros das compras com trocas de café. Ainda na prática do OBA, evidenciou-se a ocorrência de forma indireta, com informações sobre os custos dos produtores rurais, pelo programa EDUCAMPO, repassados à cooperativa. No comparativo das duas relações produtor-cooperativa e produtor-IOF, a prática da GCI é mais favorável nas cooperativas com os produtores, também no tipo de cadeia, contrariando a literatura que evidenciava essa relação ser mais democrática, sendo que, pela pesquisa, verificou-se ser mais tipificada do principal a familiar. Também nos ativos específicos, verificou-se que as cooperativas oferecem mais especificidades que as IOFs, a ponto de o produtor rural gerar uma fidelidade comercial de forma não exclusiva.Interorganizational relations in their more specific context of interorganizational cost management (IOCM) give participants difficulties regarding lack of confidence, how benefits will be shared, if information is truthful, among other problems. In the scope of interorganizational research, the competitive environment of Investor-owned Firms (IOFs) has been favored. In this context, the research on relations with cooperatives can favor both the literature of the IOCM and help in the agricultural cooperative segment that has lost products to IOFs of its members. In this view, the research aims to verify if and how to establish the IOCM configuration in cooperatives and IOFs of the coffee value chain, comparing them and relating the variables already discussed in the release of IOCM with the theoretical basis of the transation cost economics (TCE) approach of this thesis. The qualitative research was used, with individual semi-structured interviews with farmers, representatives of cooperatives and IOFs that commercialize coffee and have a direct relations, delimited geographically in the state of São Paulo and Minas Gerais. A pre-test was carried out, with a rural producer, a cooperative and an IOF, to validate interview questions. Subsequently, the analysis of similitude was performed by the software IRAMUTEQ, confirming the variables and opening the possibility of studying a new variable (commercial loyalty) not contemplated in the interorganizational literature. After the interview with the new questions, a total of 21 for producers and 21 for cooperatives and IOFs, transcribed, Atlas TI software was used for counting and the variations of the words conferring which were related to each one of the variables, in order to organize and do content analysis. As a result, it identified the relationship between the IOCM and TCE variables among them, given that the quality-functionality in the coffee field does not limit the price paid to the rural producer, which uses quality-functionality to increase the price and the future market to minimize uncertainty in oscillation of the market. It was perceived the practice of the OBA in the unilateral producer-cooperative relationship, with information about quality and production and also unilaterally, found that benefits, cooperation and (inter)-dependence occurred in this relationship. In the (inter)-dependence variable, it was noticed by the producers\' reports the use of the sale of inputs and storage in the cooperative in an opportunistic way, causing the producer to maintain the stability of the relationship, in order to have the benefits offered by cooperative and not to pay coffee withdrawal rates, noting also the lack of vision of the producers regarding the future results of purchases with coffee exchanges. Also in the OBA practice, the occurrence of an indirect form was evidenced, with information on the costs of the rural producers, through the EDUCAMPO program, passed on to the cooperative. In the comparison of the two producer-cooperative and producer-IOF relations, the practice of the IOCM is more favorable in cooperatives with producers, also in the type of chain, contrary to the literature that showed this relationship to be more democratic and by the research found to be more typified of the and the specific assets that the cooperatives offer more specificities than the IOFs, to the extent that the rural producer generates a commercial loyalty in a non-exclusive way.
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Brady, Jacob. "Investor Assessment of Reputational Penalties for Environmental Violations: A Replication and Extension Study of U.S. Firms from 1980-2016." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1758.
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Do firms face reputational penalties for committing environmental violations? This paper replicates the work of a previous empirical study to confirm the relationship between abnormal returns and legal penalties following the announcement of a violation. It then goes on to extend the study using more recent data to assess how reputational costs change over time. Across both sets of data, firms suffer abnormal stock price decreases following the announcement of an environmental crime. The size of prospective legal penalties is on average larger than the decrease in market value, indicating that investors base their reaction to violations off the present value of legal costs faced by the firm. Average abnormal returns decreased in size between the two studies, indicating that over time as investors started paying more attention to environmental responsibility, they became less surprised by new violations. The results of the studies taken together have public policy implications, indicating that at present investors face immediate penalties following a violation in the form of regulatory costs, but in the long term may also face reputational penalties due to increased investor attention to environmental performance.
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Beriker, Emma A. "Application Software Firms’ Research And Development Influence On Post-Ipo Stock Performance." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/scripps_theses/780.
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This research aims to explore if and to what extent the IPO-Year R&D investments of 32 Application Software companies return value, as measured through stock performance. By utilizing “Ordinary Least Squares Analysis” and the “Fama-French Three Factor Model,” this research explores how the initial R&D investments in “IPO-Year” impact stock returns during the three years post-IPO. This study is purposed to discover if and how long it takes for the initial R&D investment in the IPO-Year to materialize into stock performance for Application Software companies. However, the research and analysis indicates that R&D expenditures in an IPO-Year is not a statistically significant variable in influencing stock performance.
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Khayre, Abdimajid, and Jan Niklas Schmänk. "Collaborative Innovation in Family Businesses : Empirical Study on the Influence of Family Involvement in Top Management Teams." Thesis, Jönköping University, Internationella Handelshögskolan, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-52929.
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Background: Innovation is widely recognized to be instrumental for the sustained competitiveness of businesses, including family businesses. However, many family firms are unable to achieve innovation on their own, necessitating the shift towards collaborative innovation. Yet, due to the overlap of family and business, innovation in family firms is characterized by the so-called“innovation paradox” where family firms usually possess a greater ability to innovate but lack the willingness to do so. Accordingly, considerable attention has been given to the factors that affect the willingness of family firms in an attempt to understand and possibly resolve the innovation paradox. Purpose: The purpose of the present study is to explore how the degree of family involvement in the top management team (TMT) influences the family firm’s willingness to engage in collaborative innovation and how that influences the preferred type of collaborative innovation. By exploring the link between the degree of family involvement in TMT and the willingness in the context of collaborative innovation, our study aims to contribute to a deeper understanding of the innovation paradox associated with family businesses, and thereby offer important insights to practitioners, both from the family and non-family perspective. Method: Our methods were based on qualitative research with an exploratory research design and multiple case-study methods of eleven family firms. Through semi-structured interviews with both family and non-family TMT members, we gained insights into the role of family influence on family firms. We also used a cross-case analysis to compare the cases and indicate similarities and differences in order to draw our conclusions. Conclusion: The results of the study show that the degree of family involvement in the top management teams influences the family firms’ willingness to engage in collaborative innovation. Depending on the degree of family involvement as represented by the respective configurations, five patterns of influence manifestations (IM) are identified.
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Silvola, H. (Hanna). "Management accounting and control systems used by R&D intensive firms in different organizational life-cycle stages." Doctoral thesis, University of Oulu, 2007. http://urn.fi/urn:isbn:9789514283765.
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This dissertation investigates the use of management accounting and control systems in R&D intensive firms in different organizational life-cycle stages. The thesis consists of four essays focusing on two categories of management accounting and control systems: capital budgeting decisions and management control systems. First, we investigate the evaluation and financing of investment projects in R&D intensive firms. Second, we moreover investigate how R&D intensive firms themselves use management control systems and how investors control their investments in R&D intensive target firms. The survey method within a contingency framework is used in the first three essays while the last essay represents the case study method. However, the dissertation as a whole is based on two main contexts, i.e. the organizational life-cycle and the field of high technology.
The results indicate that more sophisticated capital budgeting methods are used in large-sized R&D intensive firms while small-sized firms are not so likely to use these methods. The results indicate that firms understand the nature of R&D investment on the level of strategic management, because they have adopted strategic management tools in order to achieve better financial performance. We conclude that high R&D intensity plays an important role in management accounting, suggesting that large-sized high R&D intensity firms take note of special characteristics of R&D investments when taking strategic capital budgeting decisions. The comparison of the growth and revival stages extends the earlier life-cycle literature indicating that the information produced by management accounting and control systems is at least as important in the revival firm as it is during the first growth stage.
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Guest, Nicholas M. "Do journalists help investors analyze firms' earnings news?" Thesis, Massachusetts Institute of Technology, 2018. http://hdl.handle.net/1721.1/118014.
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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2018.Cataloged from PDF version of thesis.
Includes bibliographical references (pages 79-84).
I examine whether the market's reaction to firms' earnings news varies with analysis (or editorial content) produced by financial journalists. A series of natural experiments at The Wall Street Journal (WSJ) suggests that WSJ articles increase trading volume and improve price discovery at S&P 500 earnings announcements. The effects are stronger when an article contains more original analysis and less content reproduced from the firm's press release. This evidence refines inferences from prior studies that find media dissemination, but not analysis, makes the market's earnings response more efficient. Instead, my paper suggests media analysis also enhances investors' trading decisions by improving their understanding of earnings news, albeit for a limited set of large firms. In other words, journalists' analysis efforts provide value to readers, which helps explain the continued production of costly earnings-related analysis amid increasing pressure from low-cost information sources.
by Nicholas Guest.
Ph. D.
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Fredes, Salas Alex. "Institutional investors and firm value." Tesis, Universidad de Chile, 2016. http://repositorio.uchile.cl/handle/2250/145646.
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TESIS PARA OPTAR AL GRADO DE MAGÍSTER EN FINANZAS FULL TIMEEn esta tesis examinamos que rol juegan los inversionistas en las empresas y porqué de su importancia. Los principales inversionistas institucionales son fondos mutuos, fondos de pensión, asesores de inversión, bancos y compañías de seguro. La valiosa información que proveen las acciones de los institucionales al mercado financiero genera mejores estructuras de gobierno corporativo y un monitoreo más efectivo.
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Ke, Yi. "The effect of firm-specific factors on firms' decisions to invest in exploration and exploitation." Thesis, University of Leeds, 2017. http://etheses.whiterose.ac.uk/19619/.
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Prior theoretical and empirical research emphasizes the importance of allocating investment between exploratory and exploitative R&D (March, 1991; Mudambi & Swift, 2014). However, the firm-specific factors that determine exploratory and exploitative R&D investment have remained largely unexplored. We attempt to address this research gap by examining the effects of inter-organizational relationships (innovation collaboration and external information sourcing), R&D personnel educational level and internationalization statuses (exporting and geographic scope) on firm investment in exploratory and exploitative R&D. Building on the organizational learning theory, we argue that different firm-specific factors generate different effects on firm investment in exploratory and exploitative R&D because they stimulate different learning mechanisms. We empirically test the model by using panel data on more than 4000 firms from Technological Innovation Panel, which is a Community Innovation Survey-based data, for the period 2006-2011. Our findings show that the influence of a determinant on exploratory R&D investment may be different from its influence on exploitative R&D investment, and the determinants of exploratory R&D investment may differ from the determinants of exploitative R&D investment. These findings stress on the need for future research to be careful in extrapolating conclusions from analysis that studies a specific type of R&D investment into studies that analyze on another type of R&D investment or into studies that analyze on the overall R&D investment. The study contributes to organizational learning theory by identifying direct factors and moderators that facilitate firm investment in activities of organizational learning.
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Puleo, Michael. "Insider Share-Pledging and Firm Investors." Diss., Temple University Libraries, 2016. http://cdm16002.contentdm.oclc.org/cdm/ref/collection/p245801coll10/id/386109.
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Business Administration/FinancePh.D.
Corporate insiders frequently borrow from lending institutions and pledge personal equity shares as collateral for the loan. Using manually collected pledge data for January 2007-December 2011, I examine how this phenomena affects firm investors and analyze agency conflicts between pledging managers and (a) outside shareholders, and (b) bondholders. Pledging potentially influences investor risk through changing managerial incentives and/or contingency risk from ill-timed margin calls. Findings suggest influential insiders extract private benefits of control at the expense of outside shareholders through pledging. Difference-in-differences regressions utilizing an exogenous shock to lending supply indicate pledging corresponds with a 9.9% relative increase in stock volatility – controlling for changes in fundamentals – and support a causal interpretation of the relation between pledging and equity risk. Despite apparently harming equity investors however, further analysis suggests pledging benefits bondholders, and corresponds with an economically and statistically significant reduction in yield spreads on corporate bonds. Robustness tests evidence reductions in risky financing when insiders pledge, corroborating the negative relation between pledging and cost of debt and consistent with mitigated agency conflicts between managers and bondholders.
Temple University--Theses
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Nguyen, Vinh Huy L. "Institutional Investors, Insiders and the Firm." FIU Digital Commons, 2016. http://digitalcommons.fiu.edu/etd/2637.
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This dissertation is comprised of three chapters that focus on three topics related to institutional investors’ and registered insiders’ trading activities around corporate announcements. The purpose of the research is to provide more insights into the trading behavior of institutions and insiders around corporate events when they are influenced by the anticipation and arrival of new information. Data samples are stratified, regression models are estimated, and control variables are added to ensure the results are significant and robust.
The first chapter discusses the information signaling hypothesis around share repurchase announcements. I examine if institutions can trade profitability around the announcement time using signals from insiders and the firm. I find that only transient institutional investors are able to adjust their portfolios to take advantage of the post-announcement price run-up. The second chapter explores the relationship between information asymmetry and the information acquisition process. It appears that institutions prefer using lower cost, small, round lot, 100-share multiples when they can acquire information in advance of the event as in earnings announcements. The last chapter looks at if the information hierarchy hypothesis holds true at the very top of the corporate pyramid. I find that CEO trades are largely ignored and president net purchases have positive effects on merger post-announcement returns. In summary, institutions, insiders, and the firm play important roles in the information dissemination and acquisition process. Hence, their decisions have profound effects on their complicated, interconnected relationships.
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Thiele, Felix Kristian [Verfasser], and Patrick [Akademischer Betreuer] Velte. "Financial Decisions in Family Firms. Private Equity Investors, Capital Structures and Firm Identity / Felix Kristian Thiele ; Betreuer: Patrick Velte." Lüneburg : Universitätsbibliothek der Leuphana Universität Lüneburg, 2017. http://d-nb.info/1148745998/34.
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Dong, Min. "Institutional investors, corporate financial decisions and performance in UK firms." Thesis, University of York, 2008. http://etheses.whiterose.ac.uk/9914/.
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Semrád, Michal. "Zhodnocení efektivnosti investic firmy Ecoproduct s.r.o." Master's thesis, Česká zemědělská univerzita v Praze, 2016. http://www.nusl.cz/ntk/nusl-259469.
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The topic of the thesis Efficiency of investments company Ecoproduct s.r.o. (Ltd.) is the analytical evaluation of activities, processes, economic (financial) value of the company, the influence of a legal framework on activities of the firm and last but not least the assessment of new investments. The theoretical part is referencing properly cited expert information resources. The practical application includes SWOT analysis of efficiency of the company more focused on the technical and marketing analysis (4P). The paper also brings a financial analysis of investments to the company including evaluation of performance indicators. In the resume there is the analysis of an investment to the production of beef innards and the proposal of acquisition of new machine production.
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Voge, Garrett Daniel. "Investor Valuation: LGBTQ Inclusion and the Effect on a Firm's Financials." Thesis, The University of Arizona, 2013. http://hdl.handle.net/10150/297778.
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This study examines whether institutional investors value LGBTQ workplace initiatives differently than common investors. To investigate this issue, I analyze the stock market reaction to the release of the 2012 Corporate Equality Index (CEI) scores from the Human Rights Campaign to identify the difference for firms depending on the level of institutional ownership. My findings suggest that firms with a higher ownership percentage of institutional investors have a significantly positive increase in stock prices when they release high CEI scores. This suggests that institutional investors see value in corporate LGBTQ policies.
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Lee, Yong Seung. "The influence of institutional investors on firm value." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/81026.
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Thesis (M. Fin.)--Massachusetts Institute of Technology, Sloan School of Management, Master of Finance Program, 2013.Cataloged from PDF version of thesis.
Includes bibliographical references (p. 44-45).
The impact of corporate governance on firm value has been extensively debated by academics and business practitioners. Some studies show that companies that allow minority shareholders to have more control are likely to create greater shareholder value than those firms with concentrated control, while other studies suggest that the impact of having democratic governance is either negligible or even negative. In developed countries institutional investors have a significant stake in most of the companies. Active engagement by institutional investors is expected to decrease agency costs by strengthening monitoring mechanisms of operations and performance evaluations of the management, resulting in an increase in firm value. However, some academics and business practitioners argue that such minority shareholders' active engagement could be detrimental to firm value. In this thesis, I study the influence of institutional investors' active shareholder engagement on firm value and the relationship between the characteristics of corporate governance and firm value of target companies. I review previous studies that have evaluated both the effect of corporate governance and of institutional investors' activism on firm value. I conduct empirical analyses to examine the relationship between the institutions' shareholder engagement and firm value.
by Yong Seung Lee.
M.Fin.
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Ismail, Munira. "Essays on the Impact of Institutional Investors on Firms' Liquidity and Payout Policy." ScholarWorks@UNO, 2015. http://scholarworks.uno.edu/td/1994.
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This dissertation consists of 2 essays in the area of corporate finance. The title of my first essay is “Impact of Institutional Investors on Firms’ Financial Constraint and Liquidity”. We can find ample evidences in existing literature which show that institutional investors play a vital role in the corporate world. Many researchers have linked institutional investors to activism, monitoring benefits, mitigating the cost of debt using government bond, spin off activities and improving information asymmetry problem. In the first essay, I would like to add another dimension to institutional investors’ literature by examining institutional investors’ role in mitigating financial constraint problem in the firm. Institutional investors have large financial networks and make large financial investment in firms. Their presence might help firms attract external capital. I am using 2 financial constraint measurements; KZ index (Lamont, Polk, Saa-Requejo, 2001) and bank line of credit (Sufi, 2009). I am also adding additional measurement for financial constraint using notes payable. I find evidences to support the hypotheses that institutional investors’ presence and ownership mitigate financial constraints. The title of my second essay is “Long- and Short-Term Institutional Investors and Payout Policy”. In the second essay, I examine the relationship between the firms’ payout policy and the presence/ownership of certain type of institutional investors. I classify the types of institutional investors using Bushee’s (1998, 2001) classification of institutional investors. I find that the presence and the magnitude of long term institutional investors positively affect the likelihood and the magnitude of dividend. I also find that the presence and the magnitude of short term institutional investors positively affect the likelihood and the magnitude of share repurchases. This study suggests that the presence of different types of institutional investors can affect certain type of payout policy.
Keywords: Transient; dedicated; monitoring; trading
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Matanova, N. "Private equity and venture capital investors' involvement in firms post initial public offering." Thesis, City University London, 2015. http://openaccess.city.ac.uk/11893/.
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The capital provided by private equity (PE) and venture capital (VC) investors represents an alternative type of financing available to firms in comparison to more traditional financial intermediaries such as banks, equity from owners or angel investors. These financial sponsors not only provide funding, but also complete intense restructuring, improve corporate governance, align interest of managers and shareholders, provide certification and improve performance (Jensen 1986, 1989; Baker and Wruck, 1989; Baker and Gompers, 2003; Hochberg, 2012; Acharya et al, 2009). These investors are likely to realize their highest returns by bringing their sponsored firms to the stock market in the form of initial public offerings (IPOs). However, in practice PE and VC investors do not always exit fully at the IPO date (Celikyurt et al, 2014; Krishnan et al, 2011; Cao, 2011). They tend to maintain a block ownership in some IPOs, which allows them to remain actively involved in shaping firms' corporate policies. It is of great importance to academics, practitioners and other market participants to understand why these investors carry on investing in firms they brought to the market and whether such holdings create or destroy value. These issues motivate my research agenda. I focus on investigating PE and VC investors' post-IPO presence in firms, their effect on corporate policies and impact on the long-run performance. In particular, the three chapters of my thesis pursue the following three distinct objectives: (i) to answer the fundamental question concerning the motivation of PE and VC investors to retain ownership in the post-IPO period and whether this retention affects the firm’s aftermarket performance (ii) to examine whether PE and VC investors remain active monitoring agents and exert significant influence on various corporate policies (iii) to investigate the effect of PE and VC ownership retention on firms' cash reserves, which, as documented in previous studies, can lead to significant agency conflicts. Hence, the main objective of my thesis is to explore the extent, type and channels of private equity and venture capital investors' involvement in firms post-flotation, and its impact on the long-run performance. To answer these research questions, I use a large sample of US and UK IPOs over the 1997 and 2010 period. In this dissertation, I differentiate and analyse separately firms backed by PE and VC investors because these investors are different in many respects, particularly since they provide capital to distinctive type of companies, as VCs invest mainly in young, growing, high-tech firms, while PE investors are likely to back high cash flow mature firms in stable industries. I provide a comparative analysis across these investors to assess whether, after controlling for these fundamental characteristics, their involvement, investment and strategies with their IPOs in the post flotation period are homogeneous. I also contrast the US and the UK markets which I found to be significantly different in terms of the composition of these two types of investors, but also the characteristics and annual distributions of IPOs. In the first empirical study, I focus on the motivations of PE and VC funds to retain voluntarily ownership, defined as holdings outside the lockup restrictions, in the post-IPO period. I test the monitoring and signalling hypotheses, which suggest that IPOs in which VC and PE firms retain their holdings in the post-IPO period are more likely to generate higher returns because of these funds’ certification and their ability to monitor companies in which they hold large stakes. I find that in contrast to UK, where both type of financing play an equally important role in bringing companies to the stock market, the relative importance of VC-backed IPOs in the US is time varying. Moreover, the VC-backed IPOs are equally distributed across various industries in the UK, whereas VC financing is more prominent in certain industries in the US such as high-tech, telecommunications and healthcare. I find a non-monotonic (convex) relationship between financial sponsors’ voluntary ownership and firm performance. Hence, in contrast to managers who become entrenched at higher levels of ownership, financial sponsors create value in companies they hold more concentrated equity stakes. More specifically, I document that financial sponsors’ ownership is positively related to firm value when PE and VC investors’ stake is above 1.83%. Therefore, continued involvement of financial sponsors in the post-flotation period is beneficial for the shareholders. Also, I present evidence that compulsory and voluntary financial sponsors’ equity retention is used to mitigate potential managerial expropriation of outside shareholders. I demonstrate that a different institutional framework in UK and US has a significant impact on financial sponsors’ divestment extent at the IPO date and in the post-flotation period. I find that investment banks impose significantly stricter lockup restrictions (in terms of how much shares to retain) on financial sponsors involved in US backed IPOs than in UK ones. This is driven by more dispersed ownership in US companies, whose market is defined by a lower prevalence of institutional investors and the largest group of shareholders in the US being individual investors. In addition, I find that PE/VC house and underwriter reputations are only considered to be alternative commitment devices in the UK. I also highlight a number of other factors which affect voluntary ownership of PE and VC investors in the post-IPO period. In particular, I show that PE and VC fund characteristics (syndicate size, PE/VC fund’s bank-affiliation and low proximity to IPO firm headquarters) partially explain compulsory and voluntary holdings of financial sponsors post-flotation. This paper extends the literature on IPOs' performance by demonstrating that financial sponsors divest fully from stronger firms at the IPO date, while commit their resources to underperforming ones in which they create value in the post-flotation period. The second empirical study focuses on examining whether PE and VC investors create value by actively shaping IPO firms’ corporate policies in the post-flotation period. In this paper I focus on three corporate policies, namely the corporate governance, as reflected in the structure of the board of directors, the investments’ spending patterns, and the payout policy. These decisions are identified in prior literature to have a direct impact on firm value. I demonstrate that PE and VC investors with retained ownership continue to extensively monitor their backed IPOs. However, the two types of investors implement different monitoring approaches, which are driven by fundamentally different characteristics of the firms they finance: PE investors’ ownership has a significant positive effect on the board’s size, while VC investors primarily focus on the proportion of independent directors on the board of directors. Moreover, I find that the ownership structure of financial sponsors has a material impact on monitoring of portfolio firms, as IPOs backed by bank-affiliated PE funds have significantly larger boards. In terms of investment decisions, VC investors minimize expenditures in all retained IPO firms. PE sponsors’ only reduce expenditures in IPOs with low proximity, so when PE investors’ monitoring abilities are significantly constrained by distance and hence costs of monitoring are higher. In contrast to non-backed IPOs, I find that financially sponsored companies are more likely to initiate a payout via dividends.
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Strivens, Mike. "The influence of institutional shareholdings in the corporate governance of UK firms." Thesis, University of Manchester, 2006. http://www.manchester.ac.uk/escholar/uk-ac-man-scw:161607.
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This thesis analyses several aspects of institutional investor influence in the corporate governance of UK firms. Chapter 1 introduces the thesis, and Chapter 2 provides a literature survey. The main original empirical research findings are presented in Chapters 3 to 5.Chapter 3 explores the key firm characteristics related to institutional investors. We show that institutional shareholdings, particularly those institutions with a large shareholding, are positively related to the proportion of outside directors on the board; with stock returns and with volatility. Institutional shareholdings are negatively related to the shareholdings of inside directors and firm size. Interestingly institutional shareholdings are positively related to CEO age but negatively related to the number of CEO’s years in office. This seems contradictory but it is consistent with institutional investors wanting experienced CEOs but not those individuals who have become entrenched. None of the measures proxying for the Cadbury recommendations for board structure, such as number or proportion of non-executive directors, CEO duality, or outside chair, has a significant relationship with institutional shareholdings. Chapter 4 analyses the relationship between institutional shareholdings and CEO cash-based remuneration. Uniquely to this field of research we also consider the different elements of remuneration separately to account for the timing differences relating to their award and performance criteria. First, we find that the presence of a large institutional shareholding, or high concentration of institutional shareholdings, does significantly reduce the magnitudes of salary and bonuses but they do not reduce the magnitude of benefits. However, the presence of an institutional investor, regardless of the size of their shareholding, has no relationship with the magnitude of any of the remuneration variables. Second, we find that institutional shareholdings significantly increases the positive relationship between bonus remuneration and firm performance, but that they do not have such a noticeable effect on the relationship between salary and benefits and firm performance. Third, we find that the presence of a large institutional shareholding, or high concentration of institutional shareholdings, reduces the rates of increase in salary, benefits and bonuses. Fourth, we find that the past practice of modelling salary and bonuses together can produce misleading results. We suggest that salary and bonuses should be modelled separately because they are payments for different reasons and relate to different periods of firm performance. Chapter 5 explores the influence that institutional investors have over CEO turnover. We show that the likelihood of a CEO being forced from office is negative and significantly related to firm performance and positive and significantly related to the presence of a large institutional shareholding or high concentration of institutional shareholdings. The findings in this thesis are robust to variations in research design. The conclusions are that the internal control mechanisms do work, that institutional investors are not the ‘passive’ investors often portrayed by some practitioners and early academic research and that institutional investors go to some lengths to ensure that their investee firms are properly governed.
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Ohn, Heejin. "Institutional investor inattention and acquisition of firm-specific information during conference calls." Diss., University of Iowa, 2019. https://ir.uiowa.edu/etd/7005.
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Earnings conference calls are salient sources of firm-specific information that provide both hard and soft information to investors. In this paper, I find that institutional investors participate more actively in earnings conference calls held by firms that receive less attention than their peers prior to conference calls. I construct a measure of relative inattention using the Bloomberg Heat Score, which captures the aggregate search activities of institutional investors at the firm level. Using a broad set of earnings conference call transcripts, I identify participants affiliated with institutional investors and their dialogue to examine the association between institutional investors' inattention and their activities during earnings conference calls. I show that institutional investors appear more often, ask more questions, and request more guidance in conference calls held by firms that receive less attention before the calls. Collectively, the results indicate that institutional investors compensate for the lack of firm-specific information with conference call participation, despite potential costs of publicly revealing their information acquisition.
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Lim, Jongha. "Three essays on the effect of alternative investors on corporate finance." The Ohio State University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=osu1311002674.
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Popolanský, Tomáš. "Hodnocení rizik dalších investic firmy KOVOLIT Česká, spol. s.r.o." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-318595.
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The aim of this diploma theses is to identify business risks, which threaten the firm KOVOLIT Česká spol. s r.o.. in the case of its other planned investments. They are proposed recommendations for reduction of its identified risks.
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Chen, Jie. "Three essays on firm default risk, executive compensation and institutional investors." Thesis, University of Bristol, 2014. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.658840.
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The thesis is arranged as three topics. The first topic is a joint work with my supervisor Paula Hill. We compare diverse measures of default risk (including both academic models and credit ratings) before examining its relationship with stock returns. The second topic is a joint work with my supervisors Neslihan Ozkan and Paula Hill and we examine the relationship between firm default risk and executive compensation. The third topic is a sole authored work in which I provide more evidence that correlated overpayments of CEOs and directors are symptomatic of agency problems related to cronyism. Cronyism is a term used to describe a phenomenon in which directors do not protect the interests of shareholders and choose to collude with the CEO for private benefits (Brick et al., 2006). In the first essay, we find considerable variation in the mean probability of default across our academic models. The correlations between the measures of default risk are significant at a 1 % level and yet tend to be less than 50%. The rating-based measures of default risk (i.e. S&P's and Moody's ratings) are highly correlated with each other (0.962) but have a maximum correlation of 0.498 with the academic models. Moreover, we show that different assumptions can lead to divergent assessments of default risk even where default risk measures appear similar theoretically, such as those based on the theories of Black and Scholes (1973) and Merton (1974). Nonetheless, we find that the relationship between stock returns and diverse measures of default risk tends to be consistent. Default risk is a significant determinant of stock returns with a "hump backed" relationship, as predicted by Garlappi and Yan (20 11). This relationship holds even after controlling for very high default risk firms, which contrasts with the findings of Avramov et al. (2009) that the relationship between stock returns and default risk is driven by firms with low credit quality. Given the reasonable consistency in the observed relationship between stock returns and diverse measures of default risk, we find little evidence that differences in the conclusions of The thesis is arranged as three topics. The first topic is a joint work with my supervisor Paula Hill. We compare diverse measures of default risk (including both academic models and credit ratings) before examining its relationship with stock returns. The second topic is a joint work with my supervisors Neslihan Ozkan and Paula Hill and we examine the relationship between firm default risk and executive compensation. The third topic is a sole authored work in which I provide more evidence that correlated overpayments of CEOs and directors are symptomatic of agency problems related to cronyism. Cronyism is a term used to describe a phenomenon in which directors do not protect the interests of shareholders and choose to collude with the CEO for private benefits (Brick et aI., 2006). In the first essay, we find considerable variation in the mean probability of default across our academic models. The correlations between the measures of default risk are significant at a 1 % level and yet tend to be less than 50%. The rating-based measures of default risk (i.e. S&P's and Moody's ratings) are highly correlated with each other (0.962) but have a maximum correlation of 0.498 with the academic models. Moreover, we show that different assumptions can lead to divergent assessments of default risk even where default risk measures appear similar theoretically, such as those based on the theories of Black and Scholes (1973) and Merton (1974). Nonetheless, we find that the relationship between stock returns and diverse measures of default risk tends to be consistent. Default risk is a significant determinant of stock returns with a "hump backed" relationship, as predicted by Garlappi and Yan (20 11). This relationship holds even after controlling for very high default risk firms, which contrasts with the findings of A vramov et al. (2009) that the relationshi p between stock returns and default risk is driven by firms with low credit quality. Given the reasonable consistency in the observed relationship between stock returns and diverse measures of default risk, we find little evidence that differences in the conclusions of performance. However, these effects of excess compensation on CEO turnover are mitigated by total institutional ownership. In addition, as institutional ownership increases, the positive effect of director compensation on CEO cash compensation is also significantly reduced. FUlther, in firms with high levels of institutional ownership the negative impact of excess compensation on firm performance is weakened. The fact that external monitoring by institutional investors mitigates the effects of excess compensation means the excess compensation of directors and CEOs is at least partly due to agency problems.
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Hawas, Amira Mohamed Refaat Mohamed. "UK corporate governance effects on investor behaviour and firm performance before and during crisis." Thesis, University of Bedfordshire, 2014. http://hdl.handle.net/10547/344601.
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The recent financial crisis has raised serious questions about the effectiveness of corporate governance (CG) in monitoring management and protecting investors’ interests. There is concern that ‘poor’ CG was, to a certain extent, a major cause of the current financial crisis. This thesis, therefore, investigates the crucial policy question of whether the quality of CG has any effect on financial performance, information asymmetry and on block shareholders’ investment decisions. This is achieved and presented in the form of three essays on CG practices in UK with a particular focus on the periods before and during the 2007/2008 financial crisis. The first essay aims to investigate the impact of firm-level CG on block shareholders’ investment decisions for a large sample of UK non-financial firms over the period 2005 to 2009. Using a panel data analysis, the results revealed the importance of CG for block shareholders’ investment decisions. Furthermore, the study results indicated that only institutional block shareholders consider CG to be important criteria for their investment decisions. Moreover, when the effect of CG on block shareholdings in both periods before and during crisis was examined, a significant difference in results appeared: an insignificant positive relationship in the pre-crisis period turned out to be significant during crisis. The result thus indicates that block shareholders viewed CG as particularly important during the crisis period. The second essay aims to examine the effect of CG on firm performance before and during the financial crisis. It also investigates the mediating effect of agency costs on the association between CG and firm performance. The results revealed that CG affects firm performance only in the period before the crisis, but no significant effect was found during the crisis period. Moreover, agency cost was proved to fully mediate the relationship between CG and performance in the pre-crisis period. The results point to an important issue, which is the need to re-evaluate CG not only in stable periods but also during turbulent times, and to evaluate its ability to perform effectively in such different conditions. The third essay investigates the effect of both CG and block ownership on information asymmetry. Further, the effects of CG in lessening the positive association between block ownership and information asymmetry is considered. The results revealed that CG affects information asymmetry only in the pre-crisis. In addition, block ownership was shown to have a significant and positive effect on information asymmetry during crisis periods suggesting that block shareholders benefit from their information advantage during crisis period which in turn worsens the information asymmetry problem. This suggests that block shareholders engage more in their private benefits rather than in efficient monitoring. The results also proved that CG is insignificant during turbulent period in lessening the negative effect of block ownership.
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Netík, Michal. "Využití kalkulací a rozpočtů pro plánování investic ve stavební firmě." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-114565.
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The master's thesis is focused on the use of the strategic management accounting tools for investment decision-making in construction industry. It's mostly directed at mutual integration of life time costing and net present value methods. The topic has been solved in two closely connected main parts. The first part deals with the possibilities of both instruments application with the emphasis on construction industry. The second part evaluates a particular construction project with the use of the tools and gives the base for creating an investment recommendation whether to realise the project, or not.
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Abalkhail, Mohammad A. "Financing small firms in Saudi Arabia : a study of informal investors' characteristics and decision-making behaviour." Thesis, Loughborough University, 1999. https://dspace.lboro.ac.uk/2134/7259.
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Recently, informal venture capital investors have been recognised as an important source of financing small & medium sized enterprises(SMEs). Unfortunately, very little research (if any) has been devoted to understanding how these investors fund particular investments in developing countries. This research study conducts the first-ever, detailed investigation in Saudi Arabia of the informal investor's characteristics, and decision-making behaviour across the full investment process. A theoretical framework, based on the asymmetric information that characterises this market, was used. Five hypotheses were developed to see how informal investors behave to reduce the inefficiencies and risks associated with the asymmetric information problem. Data from 156 Saudi informal investors were compiled. To analyze the data, three statistical methods, Factor Analysis, Cluster Analysis and Two-Way ANOVA, were applied. A descriptive picture of the profile and the investment activities of informal investors is presented in Chapter Seven. Research hypotheses related to investors' decision-making were then tested in Chapter Eight. First, the study shows that informal investors in Saudi Arabia depend on personal searches for investment opportunities. This is clearly supports the view that the flow of information between entrepreneurs and informal investors is inefficient. Secondly, in order to select a high quality entrepreneur and venture, investors use specific criteria though clearly the entrepreneur's reputation is the most important criterion. Third, informal investors use staging of finance and involvement in the venture to have access to information and gain better control over the venture. Fourth, informal investors apply the above methods to reduce the risks of the agency problem. However, informal investors in Saudi Arabia prefer to monitor the behaviour of entrepreneurs through outcome-based incentives with moderate use of involvement and behaviour monitoring. In concluding the thesis, recommendations and the possible implications of these findings are discussed. Finally, future research is suggested that may improve the understanding of informal investors but which is beyond the scope of this thesis or which depends on its findings.
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Tan, I. (Irene). "Essays on the effects of investor protection and financial structure on firm decisions and outcomes." Doctoral thesis, Oulun yliopisto, 2018. http://urn.fi/urn:isbn:9789526219615.
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Abstract The laws and financial structure of a country can affect firm decisions and outcomes by affecting financial constraints and agency problems. Power theories of credit suggest that the legal rights of creditors, such as the ability to grab collateral in bankruptcy, increase the willingness of lenders to extend credit. Shareholder protection can reduce information asymmetry and agency problems by mandating quality disclosures, stipulating approval procedures for potentially conflicted transactions and facilitating the private litigation process. The bank-based financial structure can reduce moral hazard by alleviating the free-rider problem in monitoring. This dissertation contains various novel results. The first essay presents evidence of an inverse relation between creditor rights and the value of cash. This is consistent with financial constraints increasing the marginal value of cash, and creditor rights alleviating financial constraints. The second essay suggests that the bank-based financial structure improves the operating performance of large investments especially for diffusely held firms, consistent with the less prevalent free-rider problem in monitoring. The third essay shows that shareholder protection raises investment hazard for the smallest firms. This is consistent with the notion that shareholder protection alleviates those asymmetric information-related problems that delay investment, such as cash flow diversion by corporate insiders. In addition to contributing to the scientific literature, the results of this dissertation can have practical implications for companies, suppliers of finance and policymakers. A value-maximizing company should take into account its legal environment when deciding on cash holdings. Suppliers of finance should consider the interplay between financial structure and ownership structure when evaluating the profitability of investments. Policymakers often encourage investments due to their effect on employment and tax income. The results of this dissertation show that investor protection increases the frequency of large investments and their profitabilityTiivistelmä Maan lait ja rahoitusrakenne voivat vaikuttaa yrityksen päätöksentekoon rahoitusrajoitteiden ja agenttiongelmien kautta. Velkojien vaikutusvaltaan perustuvien teorioiden mukaan velkojan oikeudet, kuten oikeus vakuuteen konkurssin yhteydessä, lisäävät velanantajan lainaamishalukkuutta. Osakkeenomistajia suojaavat lait voivat puolestaan vähentää yrityksen ja sijoittajien välistä epäsymmetristä informaatiota ja agenttiongelmia esimerkiksi vaatimalla laadukkaita ilmoituksia ja hyväksymisprosesseja koskien potentiaalisesti eturistiriitoja sisältäviä transaktioita sekä mahdollistamalla yksityisen kanteen nostamisen. Lisäksi maan pankkiperusteinen rahoitusrakenne voi vähentää moraalikatoa lievittämällä vapaamatkustajaongelmaa yritysjohdon monitoroinnissa. Tämä tutkielma sisältää useita uusia tuloksia. Ensimmäisessä esseessä havaitaan käänteinen yhteys velkojien oikeuksien ja kassan arvon välillä. Johdonmukainen selitys tälle havainnolle on, että rahoitusrajoitteet lisäävät kassan marginaaliarvoa ja velkojien oikeudet lieventävät rahoitusrajoitteita. Toisen esseen tulosten mukaan pankkiperusteinen rahoitusrakenne parantaa suurten investointien vaikutusta operatiiviseen tulokseen eritysesti hajaantuneen omistusrakenteen omaavien yritysten osalta. Tämä voi johtua pankkiperusteisen rahoitusjärjestelmän vapaamatkustajaongelmaa vähentävästä vaikutuksesta. Kolmannen esseen tulosten mukaan osakkeenomistajansuoja kohottaa suurten investointien hasardifunktiota pienimpien yritysten osalta. Tämä puolestaan voi johtua siitä, että osakkeenomistajansuoja lievittää investointeja hidastavia epäsymmetrisen informaation ongelmia, kuten yrityksen sisäpiiriläisten mahdollista taipumusta ohjata yrityksen kassavirtoja heitä itseään hyödyttäviin kohteisiin. Tieteellisen kontribuution lisäksi tutkimustuloksia voidaan hyödyntää yritysten, rahoittajien ja politiikkojen päätöksenteossa. Yrityksen arvoa maksimoivan johtajan tulisi kassan suuruutta päättäessään ottaa huomioon maassa vallitseva lakiympäristö. Rahoittajien tulisi puolestaan huomioida maan rahoitusrakenteen ja yrityksen omistusrakenteen vaikutus investointien kannattavuuteen. Politiikkojen yleinen tavoite on lisätä yritysten investointeja, koska ne parantavat työllisyyttä ja synnyttävät verotuloja. Tämän tutkielman mukaan sijoittajansuoja lisää suurten investointien frekvenssiä ja kannattavuutta
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Lipinski, Krzysztof. "Board independence and firm performance: The moderating effect of ownership concentration and shareholder protection." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-377176.
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This research studies the moderating effect of ownership concentration and the strength of investor protection on the relationship between the level of board independence, as measured by the number of non-executive directors in relation to total number of directors and the firm performance. Using a sample of 9018 observations on all non-financial publicly listed firmsin 27 OECD countries between the year 2012 and 2015. The findings show a positive correlation between board independence and firm performancein all regression models. Furthermore, I find the negative moderating effect on both shareholder concentration and investor protection on the main relationship.
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Dvořáková, Zdeňka. "Příprava, rozpočtování a financování zakázek ve stavební firmě." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-1256.
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Práce poskytuje ucelený pohled na problematiku sestavování stavebních rozpočtů (nabídkový, slepý, kontrolní, revizní, souhrnný rozpočet) a popisuje další činnosti s vyhotovením stavebního díla bezprostředně spjaté - postup při výběrovém řízení, při zadání veřejné zakázky, způsoby zajištění investora (bankovní záruka, bankovní příslib, hotovost), uzavření smlouvy o dílo, finanční aspekty smlouvy o dílo, fakturace stavebních prací. Na příkladu stavební firmy HOCHTIEF CZ a. s. byla provedena praktická analýza daného procesu.
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Gašpar, Tomáš. "Fúze a akvizice v IVD." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113120.
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The essential goal of the thesis is to confirm or reject the hypothesis that mergers and acquisitions are an effective way how to grow the value of a company, especially in the regulated environment of the Czech healthcare. The theses focuses mainly on human IVD laboratories though the most of the content relates to the healthcare as a whole. On one hand the theses offers a view of the pure theory of M&A's, on the other hand its connection to reality.The basic processes are the definition of the IVD market, analyses of the sources of income in the healthcare in relation to the possibilities of company value growth. At the end of the thesis the hypothesis is verified by a real lab acquisition case.
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Tichý, Jan. "Detailní projektování technologického pracoviště ve firmě Kovot Invest s.r.o." Master's thesis, Vysoké učení technické v Brně. Fakulta strojního inženýrství, 2017. http://www.nusl.cz/ntk/nusl-317196.
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The diploma thesis deals with the design of a new production hall for sheet metal processing in KOVOT Invest s.r.o. The content of the thesis is the analysis of the current state, the capacity calculations of individual technologies and warehouse management. Further design of the layout solution in the hall and economic evaluation of the investment.
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Hasmanová, Alena. "Výběr nového dodavatele ve firmě INVEST TEL AUTO s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-2072.
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Cílem diplomové práce je aplikace modelů vícekriteriálního rozhodování na reálný rozhodovací problém ve firmě INVEST TEL AUTO s.r.o. V praktické části je pomocí několika metod vícekriteriálního hodnocení variant nejprve vybrána nejvhodnější automobilová značka, poté je pomocí metod spojitého vícekriteriálního rozhodování navržena skladba první objednávky vozů vybrané automobilové značky.
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Cheng, Wan-Ying, and 鄭琬穎. "Do Firms Manage Earnings to Cater Investor Demand for Dividend?" Thesis, 2012. http://ndltd.ncl.edu.tw/handle/t3fyv2.
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碩士國立東華大學
財務金融學系
100
This paper examines whether managers manage earnings to cater investors’demand for dividends. Daniel et al. (2008) report empirical evidence that firms manage earnings pwards to meet dividend thresholds. Li and Lie (2006) find that managers consider investor demand for dividend when they make dividend policy. As a result, managers cater to investor demand for dividends by paying dividends when investors place a premium on dividend-paying stocks, and vice versa. This paper discuss if firms cater investor demand for dividend by managing earnings upward to meet the threshold and examine the market response to dividend policy.
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Yoshikawa, Toru. "Determinants of investor relations strategy a study of large Japanese firms /." 1997. http://catalog.hathitrust.org/api/volumes/oclc/40388226.html.
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Zhao, Yue-Yu, and 趙月煜. "The Impact of Investor Attention on Stock Return—Evidence from ST firms in Mainland China." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/hbk28f.
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碩士義守大學
財務金融學系
105
This study investigates investor attention based on Baidu Index effects on stock returns by examining Chinese ST firms with higher or lower Baidu search volume, whether the effects will be different due to changes in the market states and the nature of firm ownership, and join the dummy variable of political connections to classify the sample. Our study has two unique features. 1) The study focuses on Special Treatment firms listed in Chinese stock exchanges, and 2) we combine the two factors: investor attention and political connections. Therefore, our study may accurately measure differential and asymmetric investor attention and political connections effects on stock returns. The results suggest that investor attention affects stock returns positively both in higher and lower Baidu search volume ST firms, and the firms with higher Baidu search volume has a stronger effect than lower firms. On the other hand, political connection has a significant negative effect on the ST firms’ short-term stock returns whether the firm is governmental or private. Further consider the market states, the empirical results show that the effect that the increase in Baidu index to raise the stock returns of down market are not stronger than the up market. In the down market, the political connections of ST firms has a significant negative effect on stock return.
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Feng-JenLi and 李豐任. "Diversification and Earnings Management: Do Investor Protection and IFRS Adoption Alleviate Earnings Management of Diversified Firms? An International Comparison." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/43257721032067084897.
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碩士國立成功大學
會計學系碩博士班
98
This paper examines the diversification effect on earnings management. Prior studies suggest that accounting quality is a function of overall institutional settings, including the legal system of the country, accounting standards, ownership structure, etc. Thus, not only checking individual effects of diversification and two important institutional settings: investor protection and IFRS adoption on earnings management, we also examine whether investor protection/IFRS adoption could affect earnings management of diversified firms. Our results show that diversification and investor protection could mitigate earnings management. Our further studies provide evidence that outside investor rights and IFRS adoption further reduce earnings management of diversified firms. We infer that outside investor right and IFRS adoption could lead shareholders to watch out for the cross-subsidization problem and scrutinize segment financial information. This behavior of shareholders will effectively limit the incentive of managers to manage earnings. Once discretionary accruals of each segment decrease while the cancellation effect of accruals remains, the level of discretionary accrual will even lower than that would be if only cancellation effect of segment accruals exist. Additional test provides some evidences of prerequisite for our inference.
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Choo, Min-Rui, and 朱民芮. "Asymmetric Investor Attention and Information Content in Distinct Market States: Case Study of Chinese Firms Listed in United States Stock Markets." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/u99c93.
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碩士義守大學
財務金融學系
105
In this paper, we examine the effect on the information content of analyst recommendations by the United States investors’ attentions who concern about the Chinese firms listed in United States stock markets. We measure investors'' attention using Google''s search volume index. We find evidence of asymmetric investor attention after analyst recommendation revisions in distinct market states. Our findings show investors react strongly after recommendation downgrade in the UP-market state, in contrast, investors react strongly after recommendation upgrade in DOWN-market state. We also find strong evidence to suggest that there is a negative attention allocation bias when all investors respond to recommendation revisions in the UP-market state. This could suggest that, along with investor attention, plays a major role in establishing an informationally efficient market.
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YUN, SHU-TING, and 楊舒婷. "Do Firms Cater to Investors around Financing?" Thesis, 2017. http://ndltd.ncl.edu.tw/handle/40899137423679681519.
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碩士靜宜大學
財務金融學系
105
This study examines the issuance of corporate bonds and seasoned equity offerings (SEOs), whether the company in order to meet the bond investors or stock investors to make the company abnormal investment behavior. Data of this study is a sample of the U.S. listed companies with the issuance of corporate bonds and SEOs from 1999 to 2012 and financial statements from 1995 to 2015. The research method of this study is mainly based on the estimation method of abnormal investment by FU (2010), to find out whether the issuance of corporate bonds and SEOs to match the company in order to measure investment activities and abnormal investment. Empirical evidence shows that the pre-issue investment for bonds is significantly higher than the post-issue investment for bonds, indicating that the issuance of bonds has a negative economic impact on the investment. Empirical evidence for SEOs shows that the pre-issue investment is significantly lower than the post-issue investment, indicating that the issuance of SEOs has a positive economic impact on the investment. Our results imply that companies have overinvestment behavior after SEOs in order to cater stock investors, but they may have underinvestment behavior after the issuance of corporate bonds. Abnormal investment situation is not significant when the issuance of corporate bonds and SEOs at the same time.
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Ho, Wen-Chin, and 何文欽. "Firm’s Size, Investor Sentiment and Overconfidence:Taiwan Evidence." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/38754421072437119736.
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碩士樹德科技大學
金融系碩士班
104
In this dissertation we study the difference of overconfidence phenomena between large and small size firms by the measures suggested by Weber and Camerer (1998) and Tang(2013) etc. Furthermore, we also investigate whether these effects are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes all the companies listed in Taiwan Stock Exchange. The sample period is from December 2009 to December 2014. Our empirical results show that: First, the overconfidence phenomenon of large size firms is significantly different from that of small size firms. Second, overconfidence phenomenon of large size firms is not less than that of small size firms no matter whether the investor sentiment is optimistic or pessimistic. Finally, the overconfidence phenomenon with optimistic sentiment is not less than those with pessimistic sentiment in both two kinds of firms.
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Lai, Chi-chieh, and 賴紀潔. "THE INFLUENCE OF VENTURE CAPITAL FIRMS ON INVESTED TARGET FIRM'S PERFORMANCE : HIGH-TECH INDUSTRY CASES." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/2n2pp5.
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碩士南華大學
財務管理研究所
94
This research examines whether the listed and OTC High-Tech industry’s performances are affected by the venture capital. This research contains 285 sample data from 1995 to 2000. Cases in this study use three main models to analyze: logit model, classification analysis. The empirical findings are summarized as follows： (1)The relationship between venture capital, VC’s business management style, IPO, VC’s share-holding ratio and High-Tech industry’s performance are significantly and positively related. (2)Size, VC’s numbers are not significantly and positively related to High-Tech industry’s performance; however, age is not significantly and negatively related.
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Nguyen, Nhut Hoang. "Choice of acquisition form, domestic liquidity costs for US cross-listed firms, and convergence in information environment : an investor protection perspective : a dissertation submitted in fulfilment of the requirements for the degree of Doctor of Philosophy in Finance, Department of Commerce, Massey University." 2008. http://hdl.handle.net/10179/839.
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This dissertation contains three empirical studies that examine the effect of investor protection on three different aspects of corporate governance: mergers and acquisitions, US cross-listings, and convergence of information environment around the world.1 The first study investigates the relation between investor protection and the choice of acquisition form (partial versus full acquisition). I argue that if private benefits are a motivation for mergers and acquisitions, an acquirer is more likely to bid for a controlling fraction (but not a hundred percent) of a target firm in countries with weak investor protection because in these countries private benefits of control are an important asset. The empirical results support this argument: compared to full mergers, partial acquisitions are the preferred form of acquisition when target countries do not effectively protect minority investors. Partial acquisitions are also more common among foreign acquirers from countries with poor legal systems. Finally, I show that firm-level corporate governance of the target firm is negatively related to the likelihood of partial acquisition. The second study examines the effect of investor protection on domestic liquidity for cross-listed firms. If US cross-listing can improve a firm’s information environment because of more stringent disclosure requirements in the US, I expect the information improvement to be reflected in a reduction in domestic liquidity costs. The empirical results are consistent with this prediction: local bid-ask spreads and price impact (a proxy for the cost of adverse information) significantly decrease while local trading volume significantly increases one year after US cross-listing. In addition, the liquidity improvement is larger for cross-listed firms that are from poor investor protection countries, and that are listed on the NYSE. The results in the second study are consistent with the “bonding” argument by Coffee (2002). The third study tests Coffee’s (1999) prediction of a convergence in corporate governance around the world. Since information environment is a key factor of corporate governance, it is important to see if there is a convergence in information environment across countries over the past two decades. Using various common proxies for information environment, I show that the quality of information environment generally improves through time, but the improvement is larger for developed markets and countries with better institutional quality. In the third study, I also reproduce the main results in Bailey, Karolyi and Salva (2006), and Fernandes and Ferreira (2008). These studies report similar divergence in information environment for cross-listed firms post-US-listing, but fail to control for the quality of information environment in the domestic market. After we control for this market effect, we do not find support for their results: there is no improvement in information environment for cross-listed firms, and no difference in the change between developed and emerging countries. 1 The second and third empirical studies are co-authored work with my supervisor, Professor Henk Berkman. For consistency, I use the first person ‘I’ throughout the dissertation.
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Celil, Hursit S. "Institutional Investors, Managerial Incentives, and Firms' Risk Profiles." Thesis, 2013. http://hdl.handle.net/1969.1/149301.
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In this dissertation, I study the influence of monitoring by institutional investors on corporate behavior within the context of CEO compensation-based incentives. I find that institutional investors provide an executive with higher levels of compensation sensitivity with respect to a firm’s equity price (Delta). In contrast to prior literature, however, once I control the dynamic nature of the data, institutional investors do not affect compensation sensitivity with respect to a firm’s equity risk (Vega). Instead, I find that institutional investors appear to influence the risk profile of firm through the firm’s investment, financing and diversification policy choices even after I control for the CEO’s compensation structure. The results suggest that compensation-related incentives to increase risk (i.e. vega) and monitoring by institutional investors are substitutes of each other in that both can offset the managerial incentives to reduce risk that stem from greater levels of compensation delta. These results are robust to potential endogeneity problems that may arise due to the dynamic nature of panel data.
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Yu, Kuei-Wen, and 游貴雯. "Do Institutional Investors Anticipate Firms in Financial Distress?" Thesis, 2010. http://ndltd.ncl.edu.tw/handle/58914015616412695953.
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碩士元智大學
財務金融學系
98
This study analyzes institutional investors’ behavior on delisting firms with financial distress in the U.S. during 1984-2008. Two characteristics of institutional investors are examined: institutional shareholding and the number of institutional investors. We show that institutional investors tend to avoid holding shares on financially distressed firms. The probability of a firm to be in distress increases with lower (reduced) institutional shareholding and less number of institutional investors. Thus, the main results suggest that institutional investors reveals warning message to the public by selling shares on financially distressed firms. The reduced shareholding by grey investors also indicates a high probability that the firm will be in distress. Compared to domestic institutional investors’ holding, the reduced shareholding by foreign institutional investors better predicts firms in financial distress. Lastly, institutional investors have better prediction ability on identifying firms’ delisting requested by the exchange than firms’ delisting due to liquidation/bankruptcy.
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Huang, Wei-zheng, and 黃偉政. "Do Firms invested in China Matter?" Thesis, 2009. http://ndltd.ncl.edu.tw/handle/50700174027395139914.
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碩士國立臺灣科技大學
企業管理系
97
This study uses the “Analysis of Variance Components” to analyze factors influencing the performance of major listed companies in Taiwan during 1998-2007. In addition, we also examine the relative importance of these factors on company’s performance between those that have and haven’t invested in China over the study period. Our major empirical findings (based on ROA mainly) include (1) that the performance of major listed companies in Taiwan is most affected by the firm factor, and then followed by the industry factor and the macro factor; and (2) in comparison with the companies which haven’t invested (i.e. with invested expenditure<5%) in China, the firm factor has a stronger effect, but the industry factor has a weaker effect on their performance for the companies which have invested in China. The above findings imply that companies that have invested in China are probably less familiar with their business environment relatively than those companies in Taiwan. Therefore, we would expect that the performance for companies invested in China is more dependent on the firm factor. In order to improve their performance, our study suggests that companies which have invested or plan to invest in China should try to gain better control over the change of the business environment; and the government in Taiwan can focus their policy on providing more useful information to help those companies for the future.
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Wang, Chien-Chih, and 王建智. "Firm’s Growth, Investor Sentiment and Disposition Effect:Taiwan Evidence." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/fj9kw2.
Full textAbstract:
碩士樹德科技大學
金融系碩士班
104
In this dissertation we study the difference of disposition effects between high and low growth firms by the measures suggested by Weber and Camerer(1998) and Tang(2013) etc. Furthermore, we also investigate whether these effects are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes all the companies listed in Taiwan Stock Exchange. The sample period is from December 2009 to December 2014. Our empirical results show that: First, disposition effects exist in the high and low growth firms. Second, the disposition effect with optimistic sentiment is not less than those with pessimistic sentiment in both two kinds of firms. Finally, the disposition effect of high growth firms is not less than those of low growth firms no matter whether the investor sentiment is optimistic or pessimistic in that time.
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Yang, Kun-Huang, and 楊坤晃. "Firm’s Image, Investor Sentiment and Disposition Effect:Taiwan Evidence." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/57889c.
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碩士樹德科技大學
金融系碩士班
104
ABSTRACT In this dissertation we study the difference of disposition effect between firms with better and common corporate images(good and common firms, separately) by the measures suggested by Weber and Camerer (1998) and Tang(2013) etc. Furthermore, we also investigate whether these effects are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes the results of Taiwan’s most admired firms by 天下 magazine. The sample period is from December 2009 to December 2014. Our empirical results show that: First, the disposition effect of good firms is not less than that of common firms. Second, disposition effect of good firms is not more than that of common firms when investor sentiment is optimistic, but vice versa in pessimistic investor sentiment. Finally, for good firms, the disposition effect in optimistic investor sentiment is not larger than that in pessimistic investor sentiment, but vice versa for common firms.
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Hsu, Chiu-Yun, and 許秋雲. "Firm’s Size, Investor Sentiment and Disposition Effect:Taiwan Evidence." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/82bgn9.
Full textAbstract:
碩士樹德科技大學
金融系碩士班
104
In this dissertation we study the difference of disposition effect between large and small size firms by the measures suggested by Weber and Camerer (1998) and Tang(2013) etc. Furthermore, we also investigate whether these effects are influenced by investor (optimistic or pessimistic)sentiment, measured by an index constructed by Shih Hsin University, in that time. The sample includes all the companies listed in Taiwan Stock Exchange. The sample period is from December 2009 to December 2014. Our empirical results show that: First, the disposition effect of large size firms is not less than those of small size firms. Second, disposition effect of large size firms is not less than those of small size firms no matter whether the investor sentiment is optimistic or pessimistic. Finally, there is significant difference in disposition effects of large size firms with different investor sentiment (optimistic or pessimistic), but not for those of small size firms.
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Chang, Yi-Hsien, and 張逸嫻. "Private-placement Firms’ Performance and Institutional Investors: The Roles of New and Old Institutional Investors." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/z7kz5j.
Full textAbstract:
碩士國立中興大學
財務金融學系所
102
This paper investigates the relationship between private-placement firms' long-run performance and institutional investors by examining three issues: (1) the impact of institutional holdings on private-placement firms' performance, (2) the firms' characteristics that affect the institutional holding around private-placement and (3) how the participation of the new institutional investors in private-placements would affect the long-run performance. The results show that the change of the institutional holding and firms' size are positively and significantly related to the long-run stock performance. The new and old institutional investors are likely to increase their ownership around the private-placements for big firms, and the institutional investors tend to increase their ownership when the firms' stock price is lower than book value. In addition, the new institutional investors will increase their ownership when firms issue more shares. When firms have private-placements: the increase of the old institutional investors ownership does not affect the firms' long-run performance, but the new institutional investors improves the firms' long-run performance.