TY - JOUR AU - Vernon, Raymond T1 - Predetermining the Necessary Size of a Sample in Marketing Studies. JO - Journal of Marketing JF - Journal of Marketing Y1 - 1937/07// VL - 2 IS - 1 M3 - Article SP - 9 EP - 12 PB - American Marketing Association SN - 00222429 AB - The article discusses predetermining sample sizes in marketing studies. Market analysts say sample size is critical in accurately measuring market characteristics. Analysts use statistical methods including the arithmetic mean, or arithmetic average and the percentage proportion of a total. These methods present problems of "true" measurement for analysts. A method of obtaining an arithmetic average of a desired accuracy is presented. The equation incorporates the desired number of cases to ensure accuracy, the accuracy necessary for the arithmetic average, and the range of data in which all data will fall. KW - SURVEYS KW - Sample size (Statistics) KW - Sampling (Statistics) KW - Marketing research KW - Consumption (Economics) KW - Market surveys -- Design & construction KW - Sample variance KW - Parameters (Statistics) KW - Statistical bias KW - Social science research KW - Industrial management -- Mathematical models N1 - Accession Number: 6743813; Vernon, Raymond 1; Affiliations: 1: Securities and Exchange Commission, Washington, D.C..; Issue Info: Jul1937, Vol. 2 Issue 1, p9; Thesaurus Term: SURVEYS; Subject Term: Sample size (Statistics); Subject Term: Sampling (Statistics); Subject Term: Marketing research; Subject Term: Consumption (Economics); Subject Term: Market surveys -- Design & construction; Subject Term: Sample variance; Subject Term: Parameters (Statistics); Subject Term: Statistical bias; Subject Term: Social science research; Subject Term: Industrial management -- Mathematical models; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; NAICS/Industry Codes: 541720 Research and Development in the Social Sciences and Humanities; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ufh&AN=6743813&site=ehost-live&scope=site DP - EBSCOhost DB - ufh ER - TY - JOUR AU - Pike, James A. T1 - Cases and Materials on Federal Jurisdiction and Procedure. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1940/12// VL - 54 IS - 2 M3 - Book Review SP - 360 EP - 363 PB - Harvard Law Review Association SN - 0017811X AB - Reviews the book “Cases and Materials on Federal Jurisdiction and Procedure,” by Armistead M. Dobie and Mason Ladd. KW - PROCEDURE (Law) KW - DOBIE, Armistead M. KW - LADD, Mason KW - CASES & Materials on Federal Jurisdiction & Procedure (Book) N1 - Accession Number: 15354772; Pike, James A. 1,2; Affiliation: 1: Attorney, Securities and Exchange Commission 2: Lecturer in Civil Procedure, George Washington University Law School; Source Info: Dec1940, Vol. 54 Issue 2, p360; Subject Term: PROCEDURE (Law); Reviews & Products: CASES & Materials on Federal Jurisdiction & Procedure (Book); People: DOBIE, Armistead M.; People: LADD, Mason; Number of Pages: 4p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15354772&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Frank, Jerome T1 - DEMOCRACY AND FINANCE. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1941/03// VL - 54 IS - 5 M3 - Book Review SP - 905 EP - 915 PB - Harvard Law Review Association SN - 0017811X AB - Reviews the book "Democracy and Finance,"by William O. Douglas. KW - POLITICAL science KW - NONFICTION KW - DOUGLAS, William O. (William Orville), 1898-1980 KW - DEMOCRACY & Finance (Book) N1 - Accession Number: 15353296; Frank, Jerome 1; Affiliation: 1: Chairman, Securities and Exchange Commission; Source Info: Mar1941, Vol. 54 Issue 5, p905; Subject Term: POLITICAL science; Subject Term: NONFICTION; Reviews & Products: DEMOCRACY & Finance (Book); People: DOUGLAS, William O. (William Orville), 1898-1980; Number of Pages: 11p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15353296&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Cohn, Herbert B. T1 - FEDERAL ADMINISTRATIVE PROCEEDINGS. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1942/06// VL - 55 IS - 8 M3 - Book Review SP - 1404 EP - 1407 PB - Harvard Law Review Association SN - 0017811X AB - Reviews the book "Federal Administrative Proceedings," by Walter Gellhorn. KW - PROCEDURE (Law) KW - NONFICTION KW - GELLHORN, Walter KW - FEDERAL Administrative Proceedings (Book) N1 - Accession Number: 15497176; Cohn, Herbert B. 1; Affiliation: 1: Assistant to the General Counsel, Securities and Exchange Commission.; Source Info: Jun1942, Vol. 55 Issue 8, p1404; Subject Term: PROCEDURE (Law); Subject Term: NONFICTION; Reviews & Products: FEDERAL Administrative Proceedings (Book); People: GELLHORN, Walter; Number of Pages: 4p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15497176&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Jaffin, George T1 - THE CONSTITUTIONS OF THE AMERICAS/ YEARBOOK ON HUMAN RIGHTS FOR 1946. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1948/11// VL - 62 IS - 1 M3 - Book Review SP - 173 EP - 176 PB - Harvard Law Review Association SN - 0017811X AB - Reviews two books, "The Constitutions of the Americas," edited by Russell H. Fitzgibbon, Cullen B. Gosnell, William A. Strozier and William B. Stubbs and "Yearbook on Human Rights for 1946." KW - NONFICTION KW - FITZGIBBON, Russell H. KW - GOSNELL, Cullen B. KW - STROZIER, William A. KW - STUBBS, William B. KW - CONSTITUTIONS of the Americas, The (Book) KW - YEARBOOK on Human Rights for 1946 (Book) N1 - Accession Number: 15495633; Jaffin, George 1; Affiliation: 1: Principal Attorney, Securities and Exchange Commission.; Source Info: Nov1948, Vol. 62 Issue 1, p173; Subject Term: NONFICTION; Reviews & Products: CONSTITUTIONS of the Americas, The (Book); Reviews & Products: YEARBOOK on Human Rights for 1946 (Book); People: FITZGIBBON, Russell H.; People: GOSNELL, Cullen B.; People: STROZIER, William A.; People: STUBBS, William B.; Number of Pages: 4p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15495633&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - King, Earle C. T1 - CURRENT ACCOUNTING PROBLEMS. JO - Accounting Review JF - Accounting Review Y1 - 1950/01// VL - 25 IS - 1 M3 - Article SP - 35 PB - American Accounting Association SN - 00014826 AB - The article focuses on the current accounting problems in the U.S. Most of the current problems arise in the appraising of transactions reflecting new methods of doing business or matters upon which there has been a wide difference of opinion among recognized accounting authorities for many years. Thorough analysis and discussion of the new problems and reappraisal of the old controversial problems are matters of mutual interest for all of us here, as well as for the registrants and certifying accountants directly concerned. Experience seems to indicate that most registrants and their independent public accountants prefer to have the financial statements and accountants' opinion contained in the report to stockholders in substantial agreement with the report to be filed with the U.S. Securities and Exchange Commission (SEC). There is no real difference in our requirements for disclosure of inconsistencies in accounting from those which prevailed in the accounting profession prior to the existence of the SEC. KW - ACCOUNTING standards KW - ACCOUNTING KW - VALUATION KW - FINANCIAL statements KW - ACCOUNTANTS KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - KING, Earle N1 - Accession Number: 7064407; King, Earle C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission.; Issue Info: Jan1950, Vol. 25 Issue 1, p35; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: ACCOUNTING; Thesaurus Term: VALUATION; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTANTS; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; People: KING, Earle; Number of Pages: 10p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7064407&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Friedman, Daniel M. T1 - SEC REGULATION OF CORPORATE PROXIES. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1950/03// VL - 63 IS - 5 M3 - Article SP - 86 EP - 111 PB - Harvard Law Review Association SN - 0017811X AB - This article reports that even though the number of actual proxy fights that have taken place under the rules has been small and the number of successful ones even smaller, the proxy rules play an important part in the development and maintenance of that investor confidence that is vital to the efficient functioning of our democratic capitalist system. Today the investor in listed securities knows that generally he will be kept fully informed about conditions in his company and that he will not be asked to give the management a "blank check" not knowing for what amount or what purpose. KW - PROXY statements KW - CAPITALISM KW - CAPITALISTS & financiers KW - SECURITIES KW - CORPORATIONS -- Finance KW - CORPORATION law KW - CORPORATIONS -- United States KW - UNITED States N1 - Accession Number: 15223283; Friedman, Daniel M. 1; Affiliation: 1: Member of the New York Bar; Attorney with the Securities and Exchange Commission. A.B., Columbia, 1937, LL.B., 1940.; Source Info: Mar1950, Vol. 63 Issue 5, p86; Subject Term: PROXY statements; Subject Term: CAPITALISM; Subject Term: CAPITALISTS & financiers; Subject Term: SECURITIES; Subject Term: CORPORATIONS -- Finance; Subject Term: CORPORATION law; Subject Term: CORPORATIONS -- United States; Subject Term: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15223283&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - HOWELL, PAUL L. AU - HART, IRA ROYAL T1 - THE PROMOTING AND FINANCING OF TRANSCONTINENTAL GAS PIPE LINE CORPORATION. JO - Journal of Finance JF - Journal of Finance Y1 - 1951/09// VL - 6 IS - 3 M3 - Article SP - 311 EP - 324 PB - Wiley-Blackwell SN - 00221082 AB - The article focuses on the history and financial policies of the U.S. Transcontinental Gas Pipe Line Corporation immediately following World War II. The efforts of the corporation to obtain and finance the previously government-run wartime emergency petroleum transmission lines are described, highlighting the successful outbidding of several other competitors. Financial challenges facing the corporation to convert the "Inch Lines" into natural gas piping are described and several financial mechanisms utilized by the corporation are analyzed towards that end, particularly involving common stock offerings. KW - FINANCIAL planning KW - CORPORATIONS -- Finance KW - FINANCE KW - STOCKS (Finance) KW - DEBT financing (Corporations) KW - ENERGY industries KW - TRANSPORTATION KW - GAS pipelines KW - WORLD War, 1939-1945 -- Economic aspects -- United States KW - NATURAL gas KW - UNITED States KW - TRANSCONTINENTAL Gas Pipe Line Corp. KW - WILLIAMS, Claude A. N1 - Accession Number: 6630515; HOWELL, PAUL L. 1; HART, IRA ROYAL 2; Affiliations: 1: New York University; 2: Securities and Exchange Commission; Issue Info: Sep51, Vol. 6 Issue 3, p311; Thesaurus Term: FINANCIAL planning; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: FINANCE; Thesaurus Term: STOCKS (Finance); Thesaurus Term: DEBT financing (Corporations); Thesaurus Term: ENERGY industries; Thesaurus Term: TRANSPORTATION; Subject Term: GAS pipelines; Subject Term: WORLD War, 1939-1945 -- Economic aspects -- United States; Subject Term: NATURAL gas; Subject: UNITED States ; Company/Entity: TRANSCONTINENTAL Gas Pipe Line Corp.; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 237120 Oil and Gas Pipeline and Related Structures Construction; NAICS/Industry Codes: 221210 Natural Gas Distribution; NAICS/Industry Codes: 486210 Pipeline Transportation of Natural Gas; NAICS/Industry Codes: 523930 Investment Advice; People: WILLIAMS, Claude A.; Number of Pages: 14p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6630515&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - HART, IRA ROYAL T1 - Securities Regulation. JO - Journal of Finance JF - Journal of Finance Y1 - 1952/12// VL - 7 IS - 4 M3 - Book Review SP - 619 EP - 620 PB - Wiley-Blackwell SN - 00221082 AB - The article reviews the book "Securities Regulation," by Louis Loss. KW - SECURITIES KW - NONFICTION KW - LOSS, Louis KW - SECURITIES Regulation (Book) N1 - Accession Number: 6630642; HART, IRA ROYAL 1; Affiliations: 1: Securities and Exchange Commission Washington, D.C.; Issue Info: Dec1952, Vol. 7 Issue 4, p619; Thesaurus Term: SECURITIES; Subject Term: NONFICTION; Reviews & Products: SECURITIES Regulation (Book); NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; People: LOSS, Louis; Number of Pages: 2p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6630642&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cook, Donald C. AU - Feldman, Myer T1 - INSIDER TRADING UNDER THE SECURITIES EXCHANGE ACT. JO - Harvard Law Review JF - Harvard Law Review Y1 - 1953/02// VL - 66 IS - 4 M3 - Article SP - 612 EP - 641 PB - Harvard Law Review Association SN - 0017811X AB - The article reports that insider trading under the securities exchange act. Section 16(b) provides that any profit realized" from short-swing trading shall inure to the corporation. The Act gives no guide to the meaning of "profit realized," and the Commission has not offered any comprehensive definition of that term. Its meaning has thus evolved primarily through the process of judicial interpretation. Although the Commission has no enforcement responsibilities under this subsection, it has not had a completely silent role. KW - INSIDER trading in securities KW - SECURITIES trading KW - SECURITIES markets KW - COMPLIANCE KW - INVESTMENTS KW - ENFORCEMENT N1 - Accession Number: 15381011; Cook, Donald C. 1 Feldman, Myer 2; Affiliation: 1: Chairman, Securities and Exchange Commission. 2: Special Counsel, Securities and Exchange Commission.; Source Info: Feb1953, Vol. 66 Issue 4, p612; Subject Term: INSIDER trading in securities; Subject Term: SECURITIES trading; Subject Term: SECURITIES markets; Subject Term: COMPLIANCE; Subject Term: INVESTMENTS; Subject Term: ENFORCEMENT; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 30p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15381011&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - ABST AU - KLISTON, THEODORE S. T1 - DEVELOPMENT OF COMMON STOCK INVESTMENT MEDIA IN THE UNITED STATES. JO - Journal of Finance JF - Journal of Finance Y1 - 1957/03// VL - 12 IS - 1 M3 - Abstract SP - 72 EP - 73 PB - Wiley-Blackwell SN - 00221082 AB - An abstract of the article "Development of Common Stock Investment Media in the United States," by Theodore S. Kliston is presented. KW - STOCKS (Finance) N1 - Accession Number: 6634660; KLISTON, THEODORE S. 1; Affiliations: 1: Securities and Exchange Commission; Issue Info: Mar1957, Vol. 12 Issue 1, p72; Thesaurus Term: STOCKS (Finance); Number of Pages: 2p; Document Type: Abstract UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6634660&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - GREENE, LAWRENCE M. T1 - THE INVESTMENT COMPANY--USEFUL MEDIUM FOR AMERICAN PRIVATE INVESTMENT ABROAD. JO - Journal of Finance JF - Journal of Finance Y1 - 1957/12// VL - 12 IS - 4 M3 - Article SP - 493 EP - 503 PB - Wiley-Blackwell SN - 00221082 AB - The article focuses on how investment companies are a useful device for private international investments. The article states that nine Canadian investment companies have offered their securities to U.S. investors. These are open-end investment companies that in 1958 are worth approximately $400,000,000. U.S. investors are choosing Canadian investment companies because there is no Canadian tax on capital gains. Also discussed are foreign exchange problems related to multinational portfolio management. KW - FOREIGN investments KW - SECURITIES KW - INTERNATIONAL cooperation KW - INTERNATIONAL finance KW - CAPITALISTS & financiers KW - INVESTMENT policy KW - MUTUAL funds KW - INTERNATIONAL relations KW - INVESTMENT analysis KW - INTERNATIONAL business enterprises KW - STOCKS (Finance) -- Prices KW - FOREIGN exchange KW - SERVICES for KW - ALIEN property KW - CANADA N1 - Accession Number: 6628403; GREENE, LAWRENCE M. 1; Affiliations: 1: Securities and Exchange Commission.; Issue Info: Dec1957, Vol. 12 Issue 4, p493; Thesaurus Term: FOREIGN investments; Thesaurus Term: SECURITIES; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: INTERNATIONAL finance; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INVESTMENT policy; Thesaurus Term: MUTUAL funds; Thesaurus Term: INTERNATIONAL relations; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: FOREIGN exchange; Subject Term: SERVICES for; Subject Term: ALIEN property; Subject: CANADA; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 911410 Foreign affairs; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 526911 Equity funds - Canadian; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 526930 Segregated (except pension) funds; Number of Pages: 11p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6628403&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - PINES, J. ARNOLD T1 - DISCUSSION. JO - Journal of Finance JF - Journal of Finance Y1 - 1959/05// VL - 14 IS - 2 M3 - Speech SP - 218 EP - 227 PB - Wiley-Blackwell SN - 00221082 AB - The discussion is a speech by J. Arnold Pines, which is related to presentations made by Willis J. Winn, Arleigh Hess Jr., and Eli Shapiro at the December 27, 1958 meeting of the American Finance Association in Chicago, Illinois. The session was titled "Papers on Business Finance." KW - PINES, J. Arnold N1 - Accession Number: 6635973; PINES, J. ARNOLD 1; Affiliations: 1: Securities and Exchange Commission.; Issue Info: May59, Vol. 14 Issue 2, p218; People: PINES, J. Arnold; Number of Pages: 10p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6635973&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Barr, Andrew T1 - ACCOUNTING RESEARCH. JO - Accounting Review JF - Accounting Review Y1 - 1961/01// VL - 36 IS - 1 M3 - Article SP - 17 PB - American Accounting Association SN - 00014826 AB - This article presents a discussion on the current and future research plans of participants about their organization. Author discusses the Securities and Exchange Commission's interest in the research that is being done in accounting and the extent of participation in it. The Commission's interest in accounting principles and their application, auditing standards, and financial reporting needs no elaboration as effective administration of the Securities Acts demands attention to these subjects. In working at the Commission author encounter various degrees of competence in accounting as in other professional work. Registrants and professional experts look to our prescribed forms and regulations for guidance. The Commission's report form for brokers and dealers is in the form of a financial questionnaire and conforms to the requirements of the New York Stock Exchange. Except for a revision in the minimum audit requirements applicable to monthly investment plans, this form has not been changed since 1942. Any revision of this form requires collaboration with special committees of the American Institute of Certified Public Accountants and representatives of the New York Stock Exchange. KW - ACCOUNTING KW - RESEARCH KW - STOCK exchanges KW - STOCKHOLDERS KW - ACCOUNTING firms KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - NEW York Stock Exchange KW - AMERICAN Institute of Certified Public Accountants N1 - Accession Number: 7095774; Barr, Andrew 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission.; Issue Info: Jan1961, Vol. 36 Issue 1, p17; Thesaurus Term: ACCOUNTING; Thesaurus Term: RESEARCH; Thesaurus Term: STOCK exchanges; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: ACCOUNTING firms; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission ; Company/Entity: NEW York Stock Exchange ; Company/Entity: AMERICAN Institute of Certified Public Accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7095774&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cary, William L. T1 - SECURITIES REGULATION (Book). JO - Harvard Law Review JF - Harvard Law Review Y1 - 1962/02// VL - 75 IS - 4 M3 - Book Review SP - 203 EP - 208 PB - Harvard Law Review Association SN - 0017811X AB - Reviews the book "Securities Regulation. Second Edition," by Louis Loss. KW - SECURITIES KW - NONFICTION KW - LOSS, Louis KW - SECURITIES Regulation (Book) N1 - Accession Number: 15224320; Cary, William L. 1; Affiliation: 1: Chairman, Securities and Exchange Commission; Source Info: Feb1962, Vol. 75 Issue 4, p203; Subject Term: SECURITIES; Subject Term: NONFICTION; Reviews & Products: SECURITIES Regulation (Book); NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; People: LOSS, Louis; Number of Pages: 6p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=15224320&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Cohen, Manuel F. T1 - CURRENT DEVELOPMENTS AT THE SEC. JO - Accounting Review JF - Accounting Review Y1 - 1965/01// VL - 40 IS - 1 M3 - Article SP - 1 PB - American Accounting Association SN - 00014826 AB - This article discuss the U.S. Securities and Exchange Commission's (SEC) current activities and goals as they relate to the accounting profession. The Report of the Special Study of Securities Markets was sent to the U.S. Congress, its 175 conclusions and recommendations covered almost every aspect of the securities industry. Since then, the difficult task of implementing the Study recommendations has preempted much of the SEC's time and energy. With the aid of the industry, one have made significant progress. One of the most important achievements was the formulation of the legislation recently passed by the Congress and now known as the Securities Acts Amendments of 1964. Under the new law, many accountants will, for the first time, be faced with problems under the federal securities laws. One should consider it particularly appropriate, therefore, to refer to certain of the new provisions which will be of particular interest to members of accounting profession. The 1964 Amendments deal chiefly with issues of securities traded in the over-the- counter market and the standards of broker dealer firms and their salesman. KW - ACCOUNTING KW - SECURITIES KW - ACCOUNTANTS KW - SECURITIES markets KW - PROFESSIONAL ethics KW - LEGISLATIVE amendments KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - UNITED States. Congress N1 - Accession Number: 4497539; Cohen, Manuel F. 1,2; Affiliations: 1: Chairman,U. S.. Securities and Exchange Commission.; 2: Member, New York Bar.; Issue Info: Jan1965, Vol. 40 Issue 1, p1; Thesaurus Term: ACCOUNTING; Thesaurus Term: SECURITIES; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: SECURITIES markets; Thesaurus Term: PROFESSIONAL ethics; Subject Term: LEGISLATIVE amendments; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission ; Company/Entity: UNITED States. Congress; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 921120 Legislative Bodies; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 8p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4497539&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Barr, Andrew T1 - TRENDS IN FINANCIAL REPORTING. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1965/07// VL - 120 IS - 1 M3 - Excerpt SP - 55 EP - 59 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Presents excerpts from a speech given by Andrew Barr, Chief Accountant of the U.S. Securities and Exchange Commission, at the Nineteenth Annual Conference of Accountants held on April 29, 1965. KW - BARR, Andrew N1 - Accession Number: 4573929; Barr, Andrew 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission.; Issue Info: Jul1965, Vol. 120 Issue 1, p55; People: BARR, Andrew; Number of Pages: 5p; Document Type: Excerpt UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4573929&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Barr, Andrew T1 - The Influence of Government Agencies on Accounting Principles with Particular Reference to the Securities and Exchange Commission. JO - International Journal of Accounting JF - International Journal of Accounting Y1 - 1965///Fall65 VL - 1 IS - 1 M3 - Article SP - 15 EP - 33 SN - 00207063 AB - In the article, the author deals primarily with his experience in the U.S. Securities and Exchange Commission in its own activities and with policies of other independent regulatory agencies. It is obvious that with the close harmony which has existed between the Commission and the profession, the influence of the Commission, backed by the effective powers which it possesses, has been in the direction of insisting on the presentation of financial statements prepared in accordance with sound accounting principles. The Commission's influence on the development of accounting principles is exerted through its support of the profession and through the daily review of financial statements filed under the various acts administered by it. Guidelines as to the form and content of the financial statements are given in Regulation S-X and statements to be filed are specified in instructions to forms. The adoption of rules, forms and uniform classifications of accounts at times tends to create road-blocks to progress. KW - FINANCIAL disclosure KW - DISCLOSURE of information -- Law & legislation KW - GOVERNMENT agencies KW - FINANCIAL statements KW - CORPORATIONS -- Accounting KW - UNITED States N1 - Accession Number: 11760494; Barr, Andrew 1; Affiliations: 1: Chief Accountant of the Securities and Exchange Commission; Issue Info: Fall65, Vol. 1 Issue 1, p15; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: DISCLOSURE of information -- Law & legislation; Thesaurus Term: GOVERNMENT agencies; Thesaurus Term: FINANCIAL statements; Thesaurus Term: CORPORATIONS -- Accounting; Subject: UNITED States; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; Number of Pages: 19p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11760494&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ferber, David T1 - Disclosure of Corporate Information. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 1966/07//Jul/Aug1966 VL - 22 IS - 4 M3 - Article SP - 19 EP - 22 PB - CFA Institute SN - 0015198X AB - Focuses on the disclosure of corporate information to security analysts and the problems in the application of the anti-fraud provisions of Rule 10b-5 under the Securities Exchange Act of 1934. Provisions under Rule 10b-5; Information on the action taken by the U.S. Securities and Exchange Commission against Texas Gulf Sulphur Co. and its various officials; Restrictions upon the use of corporate information in securities transactions. KW - DISCLOSURE of information KW - ANALYSTS (Finance) KW - INVESTMENT analysis KW - FINANCIAL disclosure KW - LEGISLATIVE bills KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 7576771; Ferber, David 1; Affiliations: 1: Solicitor, Securities and Exchange Commission, Washington, D.C.; Issue Info: Jul/Aug1966, Vol. 22 Issue 4, p19; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: ANALYSTS (Finance); Thesaurus Term: INVESTMENT analysis; Thesaurus Term: FINANCIAL disclosure; Subject Term: LEGISLATIVE bills; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7576771&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Barr, Andrew T1 - STATEMENTS IN QUOTES. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1966/07// VL - 122 IS - 1 M3 - Article SP - 58 EP - 68 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Presents remarks of the author on the Accounting Principles Board and its program for the immediate future. Views on the status of the Accounting Principles Board and its prospects for accomplishing its mission of authoritative guidance to the profession; Proposal that the financial statements to be included in a registration statement should be examined by an independent public accountant who should express his opinion with respect to the statements. KW - ACCOUNTING KW - FINANCIAL statements KW - REGISTRATION statements (Corporations) KW - BUSINESS records KW - FINANCIAL performance KW - BOOKKEEPING N1 - Accession Number: 4581821; Barr, Andrew 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission.; Issue Info: Jul1966, Vol. 122 Issue 1, p58; Thesaurus Term: ACCOUNTING; Thesaurus Term: FINANCIAL statements; Thesaurus Term: REGISTRATION statements (Corporations); Thesaurus Term: BUSINESS records; Thesaurus Term: FINANCIAL performance; Thesaurus Term: BOOKKEEPING; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541215 Bookkeeping, payroll and related services; Number of Pages: 11p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4581821&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Barr, Andrew T1 - STATEMENTS IN QUOTES. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1968/01// VL - 125 IS - 1 M3 - Excerpt SP - 46 EP - 54 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Presents excerpts from a speech given by Andrew Barr, chief accountant for the U.S. Securities and Exchange Commission. KW - ACCOUNTANTS KW - BARR, Andrew N1 - Accession Number: 4581921; Barr, Andrew 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission.; Issue Info: Jan1968, Vol. 125 Issue 1, p46; Thesaurus Term: ACCOUNTANTS; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541212 Offices of accountants; People: BARR, Andrew; Number of Pages: 9p; Illustrations: 1 Black and White Photograph; Document Type: Excerpt UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4581921&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Cohen, Manuel F. T1 - DISCLOSURE : The SEC and the Press. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 1968/07//Jul/Aug1968 VL - 24 IS - 4 M3 - Speech SP - 21 EP - 24 PB - CFA Institute SN - 0015198X AB - Presents a speech by Manuel F. Cohen, Chairman of the U.S. Securities and Exchange Commission, delivered at the University of Connecticut's G.M. Loeb Awards Luncheon. Views on the role of the press in providing adequate information to the public concerning U.S. economy; Inability of investors in reaching an informed decision by analysis of the information disclosed by the government; Focus on effective relationship between the quantity and quality of information required in connection with the offering of new issues. KW - DISCLOSURE in accounting KW - FINANCIAL writers KW - PRESS KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - COHEN, Manuel F. N1 - Accession Number: 6935576; Cohen, Manuel F. 1; Affiliations: 1: Chairman, Securities and Exchange Commission.; Issue Info: Jul/Aug1968, Vol. 24 Issue 4, p21; Thesaurus Term: DISCLOSURE in accounting; Subject Term: FINANCIAL writers; Subject Term: PRESS; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 519110 News Syndicates; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; People: COHEN, Manuel F.; Number of Pages: 4p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6935576&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Barr, Andrew AU - Sterling, Robert R. T1 - The Rise of the Accounting Profession: To Responsibility and Authority. JO - Accounting Review JF - Accounting Review Y1 - 1971/04// VL - 46 IS - 2 M3 - Book Review SP - 415 EP - 417 PB - American Accounting Association SN - 00014826 AB - Reviews the book "The Rise of the Accounting Profession: To Responsibility and Authority: 1937 to 1969," vol. 2, by John L. Carey. KW - ACCOUNTING KW - NONFICTION KW - CAREY, John L. (John Lansing), 1904-1987 KW - RISE of the Accounting Profession: To Responsibility & Authority: 1937 to 1969, The (Book) N1 - Accession Number: 4488031; Barr, Andrew 1; Sterling, Robert R.; Affiliations: 1: Chief Accountant, Securities and Exchange, Commission (Washington, D.C.); Issue Info: Apr71, Vol. 46 Issue 2, p415; Thesaurus Term: ACCOUNTING; Subject Term: NONFICTION; Reviews & Products: RISE of the Accounting Profession: To Responsibility & Authority: 1937 to 1969, The (Book); NAICS/Industry Codes: 541219 Other Accounting Services; People: CAREY, John L. (John Lansing), 1904-1987; Number of Pages: 3p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4488031&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jaenicke, Henry R. AU - Burton, John C. T1 - Current Value Accounting and Price-Level Restatements (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/07// VL - 134 IS - 1 M3 - Book Review SP - 90 EP - 91 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "Current Value Accounting and Price-Level Restatements," by L. S. Rosen. KW - CURRENT value accounting KW - NONFICTION KW - ROSEN, L. S. KW - CURRENT Value Accounting & Price-Level Restatements (Book) N1 - Accession Number: 4571678; Jaenicke, Henry R. 1; Burton, John C. 2; Affiliations: 1: Franklin and Marshall College Lancaster, Pennsylvania; 2: Chief Accountant, Securities and Exchange Commission; Issue Info: Jul1972, Vol. 134 Issue 1, p90; Thesaurus Term: CURRENT value accounting; Subject Term: NONFICTION; Reviews & Products: CURRENT Value Accounting & Price-Level Restatements (Book); People: ROSEN, L. S.; Number of Pages: 2p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4571678&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Pacter, Paul AU - Burton, John C. T1 - This Is My Life (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/08// VL - 134 IS - 2 M3 - Book Review SP - 91 EP - 92 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "This Is My Life," by John Burton. KW - ACCOUNTING KW - NONFICTION KW - BURTON, John KW - THIS Is My Life (Book) N1 - Accession Number: 4576599; Pacter, Paul; Burton, John C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; Issue Info: Aug1972, Vol. 134 Issue 2, p91; Thesaurus Term: ACCOUNTING; Subject Term: NONFICTION; Reviews & Products: THIS Is My Life (Book); NAICS/Industry Codes: 541219 Other Accounting Services; People: BURTON, John; Number of Pages: 2p; Illustrations: 1 Black and White Photograph; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4576599&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Leathers, Park E. AU - Burton, John C. T1 - The Feasibility of a Five-Year Educational Requirement for New York CPAs (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/08// VL - 134 IS - 2 M3 - Book Review SP - 92 EP - 92 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "The Feasibility of a Five-Year Educational Requirement for New York CPAs," by Stephen Feldman and Joel Kaufman. KW - ACCOUNTANTS KW - NONFICTION KW - FELDMAN, Stephen KW - KAUFMAN, Joel KW - FEASIBILITY of a Five-Year Educational Requirement for New York CPAs, The (Book) N1 - Accession Number: 4576609; Leathers, Park E.; Burton, John C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; Issue Info: Aug1972, Vol. 134 Issue 2, p92; Thesaurus Term: ACCOUNTANTS; Subject Term: NONFICTION; Reviews & Products: FEASIBILITY of a Five-Year Educational Requirement for New York CPAs, The (Book); NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541219 Other Accounting Services; People: FELDMAN, Stephen; People: KAUFMAN, Joel; Number of Pages: 1/3p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4576609&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Sommerfeld, Ray M. AU - Burton, John C. T1 - Federal Income Taxation of Corporations and Shareholders (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/08// VL - 134 IS - 2 M3 - Book Review SP - 92 EP - 93 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "Federal Income Taxation of Corporations and Shareholders," by Boris I. Bittker and James S. Eustice. KW - CORPORATE taxes KW - NONFICTION KW - BITTKER, Boris I. KW - EUSTICE, James S. KW - FEDERAL Income Taxation of Corporations & Shareholders (Book) N1 - Accession Number: 4576613; Sommerfeld, Ray M.; Burton, John C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; Issue Info: Aug1972, Vol. 134 Issue 2, p92; Thesaurus Term: CORPORATE taxes; Subject Term: NONFICTION; Reviews & Products: FEDERAL Income Taxation of Corporations & Shareholders (Book); People: BITTKER, Boris I.; People: EUSTICE, James S.; Number of Pages: 2p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4576613&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Newell, Gale E. AU - Burton, John C. T1 - Depreciation (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/09// VL - 134 IS - 3 M3 - Book Review SP - 109 EP - 110 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "Depreciation," by W. T. Baxter. KW - DEPRECIATION KW - NONFICTION KW - BAXTER, W. T. KW - DEPRECIATION (Book) N1 - Accession Number: 4577817; Newell, Gale E. 1; Burton, John C. 2; Affiliations: 1: Associate Professor of Accounting, Western Michigan University, Kalamazoo, Michigan; 2: Chief Accountant, Securities and Exchange Commission; Issue Info: Sep72, Vol. 134 Issue 3, p109; Thesaurus Term: DEPRECIATION; Subject Term: NONFICTION; Reviews & Products: DEPRECIATION (Book); People: BAXTER, W. T.; Number of Pages: 2p; Illustrations: 1 Black and White Photograph; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4577817&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Casey, William J. T1 - "TOWARD COMMON ACCOUNTING STANDARDS" JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/10// VL - 134 IS - 4 M3 - Speech SP - 70 EP - 73 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Presents the text of a speech given by William J. Casey, chairman of the United States Securities and Exchange Commission on May 19, 1972 regarding disclosures and financial reporting. Recognition that the U.S. capital markets are becoming international; Importance of the viability and efficiency of national trading markets; Formulation of accounting standards. KW - CAPITAL market KW - INTERNATIONAL trade KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - CASEY, William J. N1 - Accession Number: 4575732; Casey, William J. 1; Affiliations: 1: Chairman, Securities and Exchange Commission; Issue Info: Oct72, Vol. 134 Issue 4, p70; Thesaurus Term: CAPITAL market; Thesaurus Term: INTERNATIONAL trade; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 522293 International Trade Financing; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; People: CASEY, William J.; Number of Pages: 4p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4575732&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Laing, Roland AU - Burton, John C. T1 - Accounting Principles (Book Review). JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1972/10// VL - 134 IS - 4 M3 - Book Review SP - 99 EP - 100 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Reviews the book "Accounting Principles: A Canadian Viewpoint," by R. M. Skinner and edited by John C. Burton. KW - ACCOUNTING KW - NONFICTION KW - BURTON, John C. KW - SKINNER, R. M. KW - ACCOUNTING Principles: A Canadian Viewpoint (Book) N1 - Accession Number: 4575771; Laing, Roland; Burton, John C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; Issue Info: Oct72, Vol. 134 Issue 4, p99; Thesaurus Term: ACCOUNTING; Subject Term: NONFICTION; Reviews & Products: ACCOUNTING Principles: A Canadian Viewpoint (Book); NAICS/Industry Codes: 541219 Other Accounting Services; People: BURTON, John C.; People: SKINNER, R. M.; Number of Pages: 2p; Illustrations: 1 Black and White Photograph; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4575771&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Burton, John C. AU - Berger, Sheldon A. AU - Waterfield, Jr., Randolph H. AU - Samford, Jr., Frank P. T1 - Letters to the Editor. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 1974/09//Sep/Oct74 VL - 30 IS - 5 M3 - Letter SP - 8 EP - 8 PB - CFA Institute SN - 0015198X AB - Several letters to the editor are presented in response to the article "SLIC GAAP," about whether generally accepted accounting principles will prove problematic for stock life insurance companies, published in the March/April 1974 issue. KW - INSURANCE companies KW - ACCOUNTING standards KW - LIFE insurance companies KW - ACCOUNTING methods KW - LETTERS to the editor N1 - Accession Number: 26078757; Burton, John C. 1; Berger, Sheldon A. 2; Waterfield, Jr., Randolph H. 3; Samford, Jr., Frank P.; Affiliations: 1: Securities and Exchange Commission, Washington, D.C..; 2: Department of Economics, Hunter College, New York, N.Y.; 3: AICPA Insurance Auditing Task Force; Issue Info: Sep/Oct74, Vol. 30 Issue 5, p8; Thesaurus Term: INSURANCE companies; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: LIFE insurance companies; Thesaurus Term: ACCOUNTING methods; Subject Term: LETTERS to the editor; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524210 Insurance Agencies and Brokerages; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524114 Direct Health and Medical Insurance Carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; Number of Pages: 4p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=26078757&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Burton, John C. T1 - Financial reporting in an age of inflation. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1975/02// VL - 139 IS - 2 M3 - Article SP - 68 EP - 71 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - The article discusses how financial reporting should be changed as a result of an inflationary environment. As the prospect of double digit inflation both in the U.S. and throughout the world is being faced, it seems apparent that accountants must improve their tools for dealing with this problem. It can be agreed that the optimum solution would be to have economists develop tools which would make inflation disappear and permit accountants to return happily to their traditional information and measurement systems. Even in the face of ethical constraints on being associated with a forecast, however, it appears safe to suggest that a strategy of waiting for economists to develop a scheme for eliminating inflation is considerably less than the optimum one under today's conditions. Historically, it can be noted that the level of discussion and action about the accounting problems caused by inflation has not surprisingly been closely correlated to the rate of inflation currently existing. One of the principal criticisms of an accounting system based on replacement costs is the practical difficulty of achieving these measurements. INSET: Less slump, more inflate. KW - INFLATION (Finance) KW - FINANCE KW - FINANCIAL statements KW - ACCOUNTING KW - COMPTROLLERS KW - ECONOMISTS KW - UNITED States N1 - Accession Number: 4570176; Burton, John C. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission, Accounting Day of the University of California, Berkeley.; Issue Info: Feb1975, Vol. 139 Issue 2, p68; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FINANCE; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Thesaurus Term: COMPTROLLERS; Thesaurus Term: ECONOMISTS; Subject: UNITED States; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4570176&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Loomis Jr., Philip A. T1 - Broker Research After May Day. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 1975/07//Jul/Aug1975 VL - 31 IS - 4 M3 - Article SP - 14 EP - 18 PB - CFA Institute SN - 0015198X AB - This article focuses on the impact of May Day on securities industry. May Day has come and gone but its consequences are still not entirely clear. Numerous crosscurrents seem to have been at work. From the viewpoint of the individual investor nothing extraordinary has happened. On the other hand, what has happened looks pretty promising. Although the general level of rates has not moved much, a good many firms have unveiled new plans designed to attract desirable customers, offering portfolio analysis, interest on credit balances, discounts to repeat customers, and various other services. The institutional picture is more clouded. Several major firms had announced what their general level of changes would be, and most firms adhered to these levels. rates. It appears that a few perfectly respectable firms decided to try to enlarge their market share by offering deep discounts. Apparently the initiative for this discounting came not from institutional pressures, but rather from some firms in the industry that used this device to increase their institutional share. KW - LABOR Day KW - SECURITIES industry KW - SECURITIES trading KW - SECURITIES markets KW - SECURITIES -- Prices KW - MAY Day N1 - Accession Number: 7027838; Loomis Jr., Philip A. 1; Affiliations: 1: Commissioner of the Securities and Exchange Commission.; Issue Info: Jul/Aug1975, Vol. 31 Issue 4, p14; Thesaurus Term: LABOR Day; Thesaurus Term: SECURITIES industry; Thesaurus Term: SECURITIES trading; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES -- Prices; Subject Term: MAY Day; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7027838&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - STEWART, SAMUEL S. T1 - SHOULD A CORPORATION REPURCHASE ITS OWN STOCK? JO - Journal of Finance JF - Journal of Finance Y1 - 1976/06// VL - 31 IS - 3 M3 - Article SP - 911 EP - 921 PB - Wiley-Blackwell SN - 00221082 AB - This paper has presented an attempt to answer the question, Should a corporation repurchase its own stock? The question seems important since the volume of repurchased shares has grown rapidly in spite of a body of theoretical reasoning and empirical evidence questioning the efficacy of repurchasing as a corporate strategy. This study presents evidence similar to that of insider trading studies indicating the ability of corporate managers to detect and profitably exploit price-value divergences existing in the stock market. The primary contribution of this paper has been to focus on the relatively long "work out" of repurchase decisions. Empirical examination of several thousand repurchase decisions indicates that the success of such decisions requires several years to be reflected with statistical significance in the stock market performance of repurchasing firms. Perhaps the best explanation of this empirical evidence is the frequently defensive nature of repurchase decisions; that is, repurchase is usually considered either when the stock price of a company seems abnormally low or when a company has an excess of cash relative to profitable investment opportunities. It is not too surprising that a period of several years seems to be required to correct such situations. In attempting to determine the merits of a repurchasing strategy, this empirical evidence should not be used to infer cause and effect relationships. The data presented in the paper will not substantiate the conclusion that repurchasing leads to superior stock market performance. Without a complete theory of valuation, it is impossible to infer causation from the statistical correlation of two variables. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK repurchasing KW - CORPORATIONS -- Finance KW - STOCKS (Finance) KW - STOCKS (Finance) -- Prices KW - MARKET prices KW - STOCK exchanges KW - SECURITIES -- Prices KW - VALUATION KW - CAPITAL structure KW - DEBT-to-equity ratio KW - STOCKS (Finance) -- Rate of return KW - RATE of return N1 - Accession Number: 4656393; STEWART, SAMUEL S. 1; Affiliations: 1: Investment Management Regulation, Securities and Exchange Commission.; Issue Info: Jun76, Vol. 31 Issue 3, p911; Thesaurus Term: STOCK repurchasing; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: STOCKS (Finance); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: MARKET prices; Thesaurus Term: STOCK exchanges; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: VALUATION; Thesaurus Term: CAPITAL structure; Thesaurus Term: DEBT-to-equity ratio; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: RATE of return; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 11p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4656393&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hess, Alan C. T1 - HOUSEHOLD RESPONSE TO A MONEY RAIN. JO - Journal of Monetary Economics JF - Journal of Monetary Economics Y1 - 1977/01// VL - 3 IS - 1 M3 - Article SP - 103 EP - 112 SN - 03043932 AB - In order for changes in the stock of money to lead to changes in economic activity, production and spending units such as households and firms must respond to changes in the money supply. With respect to wealth effects on households, the real balance effect on consumption is thought to be empirically small. This puts the burden on portfolio balance and labor supply effects. Labor supply is shown to decrease in response to an increase in the money supply, and depending on the extent of markets, portfolio balance effects may be nonexistent. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Monetary Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - ECONOMIC policy KW - ECONOMIC development KW - ECONOMIC indicators KW - ECONOMIC activity KW - STOCK price indexes KW - STOCK exchanges KW - PRODUCTION (Economic theory) KW - MONEY supply KW - LABOR supply KW - LABOR economics N1 - Accession Number: 5023320; Hess, Alan C. 1,2; Affiliations: 1: Securities and Exchange Commission, Washington, DC 20549, U.S.A; 2: University of Washington, Seattle, WA 98195, U.S.A; Issue Info: Jan77, Vol. 3 Issue 1, p103; Thesaurus Term: ECONOMIC policy; Thesaurus Term: ECONOMIC development; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: ECONOMIC activity; Thesaurus Term: STOCK price indexes; Thesaurus Term: STOCK exchanges; Thesaurus Term: PRODUCTION (Economic theory); Thesaurus Term: MONEY supply; Thesaurus Term: LABOR supply; Thesaurus Term: LABOR economics; NAICS/Industry Codes: 561320 Temporary Help Services; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 10p; Illustrations: 1 Graph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5023320&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Defliese, Philip L. AU - Williams, Harold M. T1 - STATEMENTS IN QUOTES. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1978/03// VL - 145 IS - 3 M3 - Article SP - 74 EP - 85 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article discusses two issues related to financial reporting in the U.S. On December 29, 1977, the U.S. Financial Accounting Standards Board issued its exposure draft "Objectives of Financial Statements and Elements of Financial Statements of Business Enterprises." In addition to the proposed objectives, the draft includes proposed definitions of the elements of financial statements which, presumably, should underlie the remaining considerations of measurement, capital maintenance and now for the first time accounting recognition. There is much to be said for the argument that no official pronouncements should be made until all aspects of the conceptual framework are resolved and found workable. However, most will agree that a lesser concern need be had about the objectives. Professional objectives are usually very general and abstract and this is quite true for financial reporting. On the other hand, continuing inflation has distorted the economic reality of reported corporate earnings, resulting for a need to adopt new accounting principles to offset the consequences of economic distortion. The failure of conventional financial reporting to reflect the impact of inflation on corporate earnings contributes to an increasingly widespread misunderstanding of both the function and the level, in real terms, of corporate profits and cash flow. That failure obscures the fact that business is simply not accumulating and retaining the resources required to meet the challenges facing it. KW - FINANCIAL statements KW - ACCOUNTING KW - CORPORATION reports KW - BUSINESS records KW - ACCOUNTING standards KW - EXPOSURE drafts KW - INFLATION (Finance) KW - CORPORATE profits KW - UNITED States N1 - Accession Number: 4565822; Defliese, Philip L. 1,2; Williams, Harold M. 3; Affiliations: 1: Chairman, Financial Accounting Standards Board's; 2: Professor of accounting, Columbia University; 3: Chairman, Securities and Exchange Commission; Issue Info: Mar78, Vol. 145 Issue 3, p74; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Thesaurus Term: CORPORATION reports; Thesaurus Term: BUSINESS records; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: EXPOSURE drafts; Thesaurus Term: INFLATION (Finance); Thesaurus Term: CORPORATE profits; Subject: UNITED States; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 12p; Illustrations: 1 Black and White Photograph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4565822&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Williams, Harold M. T1 - Untitled. JO - Journal of Accounting, Auditing & Finance JF - Journal of Accounting, Auditing & Finance Y1 - 1978///Spring78 VL - 1 IS - 3 M3 - Article SP - 298 EP - 298 SN - 0148558X AB - The article focuses on the need for the private sector and in particular the FASB to provide the leadership necessary to the conceptual framework project in the U.S. The leadership is needed so that the fruits of that work can provide an accounting and reporting model for a disclosure system that will serve the profession and the business community regardless of the changes in the economic climate which the society may experience in the future. KW - LEADERSHIP KW - PRIVATE sector KW - INFORMAL sector (Economics) KW - ACCOUNTING KW - UNITED States KW - FINANCIAL Accounting Standards Board N1 - Accession Number: 17947411; Williams, Harold M. 1; Affiliations: 1: Chairman, Securities and Exchange Commission; Issue Info: Spring78, Vol. 1 Issue 3, p298; Thesaurus Term: LEADERSHIP; Thesaurus Term: PRIVATE sector; Thesaurus Term: INFORMAL sector (Economics); Thesaurus Term: ACCOUNTING; Subject: UNITED States ; Company/Entity: FINANCIAL Accounting Standards Board; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 1/6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17947411&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Phillips, Susan Meredith AU - Fletcher, Linda Pickthorne T1 - Author's Reply. JO - Journal of Risk & Insurance JF - Journal of Risk & Insurance Y1 - 1978/03// VL - 45 IS - 1 M3 - Article SP - 137 EP - 140 PB - Wiley-Blackwell SN - 00224367 AB - Presents a reply to a comment on an article about the cost of funding benefits under the Employee Income Retirement Security Act of 1974 in the U.S. Review of the actuarial algebra employed in the funding of pension liabilities; Legal liability of employers on an annual basis for the interest on the unfunded liability; Assessment of earnings coverage of total pension amortization payments. KW - PENSIONS KW - RETIREMENT income KW - LIABILITIES (Accounting) KW - WAGES KW - AMORTIZATION KW - UNITED States N1 - Accession Number: 5205675; Phillips, Susan Meredith 1; Fletcher, Linda Pickthorne 2,3; Affiliations: 1: Assistant Professor of Business Administration, University of Iowa and Economic Fellow, Securities and Exchange Commission; 2: Professor of Insurance and Risk, Temple University and Consultant to the Administrator of the Pension and Welfare Benefits Program; 3: U.S. Department of Labor; Issue Info: Mar78, Vol. 45 Issue 1, p137; Thesaurus Term: PENSIONS; Thesaurus Term: RETIREMENT income; Thesaurus Term: LIABILITIES (Accounting); Thesaurus Term: WAGES; Thesaurus Term: AMORTIZATION; Subject: UNITED States; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5205675&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - ADKERSON, RICHARD C. T1 - Discussion of DAAM: The Demand for Alterative Accounting Measurements. JO - Journal of Accounting Research JF - Journal of Accounting Research Y1 - 1978/12//1978 Supplement VL - 16 M3 - Article SP - 31 EP - 36 PB - Wiley-Blackwell SN - 00218456 AB - The article comments on "DAAM: The Demand for Alternative Accounting Measurements," by George J. Benston and Melvin A. Krasney, which focused on the effectiveness of disclosure requirements and the view of investment managers with life insurance companies in the United States. Three reasons why the author believes that investment officers would prefer generally accepted accounting principles (GAAP) data over alternative accounting measures are discussed, as well as the U.S. Security and Exchange Commission's disclosure requirements for replacement cost information. KW - ACCOUNTING standards KW - INSURANCE KW - DISCLOSURE in accounting KW - INSURANCE companies -- Investments KW - ACCOUNTING policies KW - INSURANCE -- Accounting KW - LIFE insurance companies KW - DISCLOSURE KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - BENSTON, George J. KW - KRASNEY, Melvin A. N1 - Accession Number: 6405967; ADKERSON, RICHARD C. 1; Affiliations: 1: Securities and Exchange Commission; Issue Info: 1978 Supplement, Vol. 16, p31; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: INSURANCE; Thesaurus Term: DISCLOSURE in accounting; Thesaurus Term: INSURANCE companies -- Investments; Thesaurus Term: ACCOUNTING policies; Thesaurus Term: INSURANCE -- Accounting; Thesaurus Term: LIFE insurance companies; Thesaurus Term: DISCLOSURE; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 524114 Direct Health and Medical Insurance Carriers; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524210 Insurance Agencies and Brokerages; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 524111 Direct individual life, health and medical insurance carriers; NAICS/Industry Codes: 524113 Direct Life Insurance Carriers; People: BENSTON, George J.; People: KRASNEY, Melvin A.; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6405967&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Sporkin, Stanley T1 - A regulator responds. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1979/09// VL - 148 IS - 3 M3 - Speech SP - 100 EP - 104 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article presents a speech by Stanley Sporkin, director of the Division of Enforcement of the U.S. Securities and Exchange Commission, delivered at the Emanuel Saxe Distinguished Accounting Lecture on December 18, 1978. I have been involved with the enforcement program of the Securities and Exchange Commission for over fifteen years--the last five of which were under my direction, subject to the overall control of the five-member commission. The program does not operate with an overabundance of resources. Indeed, the budget and staffing of the entire commission has been extremely lean. The commission's budget for fiscal 1979 is less than $64.7 million. Some 2,125 staff positions are funded by this budget. About $5.5 million and 660 staff positions have been allocated to the commission's enforcement program. Two hundred seven of these positions are stationed in Washington, D.C., the remaining positions are distributed among the commission's nine regional and eight branch offices throughout the U.S. The dimensions of the commission's enforcement task, I think all would agree, are enormous. The commission oversees the disclosures and filings of thousands of entities. There are approximately 11,000 reporting corporations, 2,600 registered broker-dealers, 4,000 investment advisers, 1,470 investment companies, 13 stock exchanges and the National Association of Securities Dealers. KW - GOVERNMENT agencies KW - UNITED States KW - UNITED States. Securities & Exchange Commission. Division of Enforcement KW - SPORKIN, Stanley N1 - Accession Number: 4573972; Sporkin, Stanley 1; Affiliations: 1: Director of the Division of Enforcement of the Securities and Exchange Commission; Issue Info: Sep79, Vol. 148 Issue 3, p100; Thesaurus Term: GOVERNMENT agencies; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission. Division of Enforcement; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; People: SPORKIN, Stanley; Number of Pages: 3p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4573972&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mautz, Robert K. AU - Neary, Robert D. T1 - CORPORATE AUDIT COMMITTEE - QUO VADIS? JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1979/10// VL - 148 IS - 4 M3 - Article SP - 83 EP - 88 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article reports on the selection of audit committees in the United States Securities and Exchange Commission. Research conducted in I960 showed that only slightly over 30 percent of the Fortune 500 and equivalent companies had audit committees, that in many cases these met infrequently (some only once a year), that their most common and most important assignment was to receive the audit report from the independent auditors and that, except for a variety of other relatively unimportant duties, many audit committees did little else. In fact, the performance of even that duty by some audit committees was perfunctory. Over the last 10 years, not only have audit committees become much more common but the nature and scope of their activities have been changing as well. Responses to questions about the specific activities of audit committees indicated that they are holding more meetings per year, that there is greater audit committee can provide some of the controls that critics of corporate management and independent auditing desire. To be effective, such a committee must be made up of independent directors representing public shareholders. If given relatively specific responsibility for the review of both independent auditing and financial reporting, it can, without destroying the present structure of the accounting profession, separate independent auditors from management in a way that should strengthen the independence of the former without usurping any of the operating responsibilities of the latter. KW - AUDIT committees KW - CORPORATIONS -- Auditing KW - INDUSTRIAL management KW - FINANCIAL statements KW - ACCOUNTING KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 4575285; Mautz, Robert K. 1; Neary, Robert D. 2,3,4; Affiliations: 1: Director, Paton Accounting Center, University of Michigan, Ann Arbor; 2: National partner, Ernst & Whinney, Cleveland; 3: Chairman, E&W international and AICPA; 4: Member, Securities and Exchange Commission regulations committee; Issue Info: Oct79, Vol. 148 Issue 4, p83; Thesaurus Term: AUDIT committees; Thesaurus Term: CORPORATIONS -- Auditing; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4575285&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Dhaliwal, Dan S. T1 - The Effect of the Firm's Capital Structure on the Choice of Accounting Methods. JO - Accounting Review JF - Accounting Review Y1 - 1980/01// VL - 55 IS - 1 M3 - Article SP - 78 EP - 84 PB - American Accounting Association SN - 00014826 AB - ABSTRACT: This paper examines the effect of the firm's capital structure on management's preference for alternative accounting standards. It is argued that an accounting standard which causes a reduction in reported earnings or equity and/or increases the volatility of reported earnings may put a firm into technical default on its loan agreements. Accordingly, it is hypothesized that highly leveraged firms would not favor such accounting standards. To test this hypothesis, the financial leverage of a sample of oil and gas producing firms which employ the full cost method of accounting for exploration expenses is compared with that of a sample of similar firms which use the successful efforts method. The results of this test are consistent with the hypothesized effect of the firm's capital structure on management's choice of accounting methods in that more highly leveraged firms tend to select the full cost method. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Review is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITAL structure KW - CORPORATIONS -- Finance KW - ACCOUNTING standards KW - ACCOUNTING methods KW - PETROLEUM industry N1 - Accession Number: 4511399; Dhaliwal, Dan S. 1,2; Affiliations: 1: Assistant Professor of Accounting, The University of Iowa; 2: Visiting Research Fellow, Securities and Exchange Commission; Issue Info: Jan1980, Vol. 55 Issue 1, p78; Thesaurus Term: CAPITAL structure; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: ACCOUNTING methods; Thesaurus Term: PETROLEUM industry; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 412110 Petroleum and petroleum products merchant wholesalers; NAICS/Industry Codes: 454311 Heating oil dealers; NAICS/Industry Codes: 424710 Petroleum Bulk Stations and Terminals; NAICS/Industry Codes: 486110 Pipeline Transportation of Crude Oil; NAICS/Industry Codes: 424720 Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); NAICS/Industry Codes: 211111 Crude Petroleum and Natural Gas Extraction; NAICS/Industry Codes: 324199 All Other Petroleum and Coal Products Manufacturing; NAICS/Industry Codes: 324191 Petroleum Lubricating Oil and Grease Manufacturing; NAICS/Industry Codes: 213112 Support Activities for Oil and Gas Operations; NAICS/Industry Codes: 211113 Conventional oil and gas extraction; Number of Pages: 7p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4511399&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - DeAngelo, Harry AU - Masulis, Ronald W. T1 - OPTIMAL CAPITAL STRUCTURE UNDER CORPORATE AND PERSONAL TAXATION. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1980/03// VL - 8 IS - 1 M3 - Article SP - 3 EP - 29 SN - 0304405X AB - In this paper, a model of corporate leverage choice is formulated in which corporate and differential personal taxes exist and supply side adjustments by firms enter into the determination of equilibrium relative prices of debt and equity. The presence of corporate tax shield substitutes for debt such as accounting depreciation, depletion allowances, and investment tax credits is shown to imply a market equilibrium in which each firm has a unique interior optimum leverage decision (with or without leverage-related costs). The optimal leverage model yields a number of interesting predictions regarding cross-sectional and time-series properties of firms' capital structures. Extant evidence bearing on these predictions is examined. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - INVESTMENT tax credit KW - DEBITS (Accounting) KW - CORPORATE taxes KW - BUSINESS enterprises KW - EQUILIBRIUM (Economics) KW - EQUITY N1 - Accession Number: 12243815; DeAngelo, Harry 1; Masulis, Ronald W. 2,3; Affiliations: 1: University of Washington, Seattle, WA 98195, USA.; 2: University of California, Los Angeles, CA 90024, USA.; 3: Securities and Exchange Commission, Washington, DC 20549, USA.; Issue Info: Mar1980, Vol. 8 Issue 1, p3; Thesaurus Term: INVESTMENT tax credit; Thesaurus Term: DEBITS (Accounting); Thesaurus Term: CORPORATE taxes; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: EQUILIBRIUM (Economics); Subject Term: EQUITY; Number of Pages: 27p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12243815&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - MASULIS, RONALD W. T1 - Stock Repurchase by Tender Offer: An Analysis of the Causes of Common Stock Price Changes. JO - Journal of Finance JF - Journal of Finance Y1 - 1980/05// VL - 35 IS - 2 M3 - Article SP - 305 EP - 319 PB - Wiley-Blackwell SN - 00221082 AB - This study analyzes the effects of a repurchase of stock by tender offer, a firm action often compared to a cash dividend, because both actions involve a cash flow from the firm to its common stockholders. Firms can repurchase common stock through: (1) privately negotiated purchases, (2) purchases in the secondary market, or (3) tender offers. Of the three methods, tender offers generally involve the largest repurchases of stock and as a consequence are the most promising form of stock repurchase for empirical study. While an issuer tender offer for common stock is similar to a cash dividend, the analogy clearly is not complete, since: (1) A stock repurchase is generally taxed as a capital gain (or loss) while a dividend is taxed as ordinary income in its entirety. (2) A stock repurchase requires an associated decrease in total shares outstanding while a dividend does not. (3) A stock repurchase is a voluntary transaction by individual shareholders which generally alters relative shareholdings, while a dividend is involuntary and has no effect on relative shareholdings. (4) A right to tender is nontransferable and its value can only be realized by tendering shares or selling shares in the secondary market prior to offer expiration, while a dividend is received by all shareholders. Stock repurchases by tender offer can cause major adjustments in firms' capital structures by increasing leverage and significantly modify stockholders' personal tax liabilities and relative share ownership. Yet, there is little evidence in the literature concerning the price impacts on the firm's securities of the announcement and expiration of tender offers. In the process of bridging this gap, we hope to be able to gain some insights into the effects of capital structure and dividend policy changes. This study analyzes the effects of a repurchase of stock by tender offer, a firm action often compared to a cash dividend, because both actions involve a cash flow from the firm to... [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - TENDER offers (Securities) KW - STOCKS (Finance) -- Prices KW - SECURITIES -- Prices KW - CORPORATIONS -- Finance KW - DEBT financing (Corporations) KW - STOCKHOLDERS KW - TAXATION KW - MARKET capitalization KW - OFFER & acceptance (Contracts) KW - DIVIDENDS N1 - Accession Number: 4657370; MASULIS, RONALD W. 1; Affiliations: 1: University of California at Los Angeles and Securities and Exchange Commission.; Issue Info: May80, Vol. 35 Issue 2, p305; Thesaurus Term: TENDER offers (Securities); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: DEBT financing (Corporations); Thesaurus Term: STOCKHOLDERS; Thesaurus Term: TAXATION; Thesaurus Term: MARKET capitalization; Thesaurus Term: OFFER & acceptance (Contracts); Thesaurus Term: DIVIDENDS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 15p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4657370&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR T1 - The Arbitration of Investor-Broker Disputes: A Summary of Developments. AU - Stansbury, Ann C. AU - Klein, Justin P. JO - Arbitration Journal JF - Arbitration Journal Y1 - 1980/09// VL - 35 IS - 3 SP - 30 EP - 38 SN - 00037893 N1 - Accession Number: 9062061; Author: Stansbury, Ann C.: 1 Author: Klein, Justin P. ; Author Affiliation: 1 Special Counsel, Office of Consumer Affairs, Securities and Exchange Commission, Washington, D.C.; No. of Pages: 9; Language: English; Publication Type: Article; Update Code: 20051220 N2 - This article considers the advantages of arbitration and its use as a dispute resolution mechanism by securities brokers and their customers. An analysis is made of recent cases hearing on the question of which claims between such parties are properly arbitrable and of the Securities and Exchange Commission's 1979 release on arbitration clauses. This analysis dem- onstrates that courts consistently have held prior arbitration agreements unenforceable with respect to express and implied causes of action arising under the Securities Act and the Securities Exchange Act. The authors conclude that since the Supreme Court has chosen not to grant certiorari in any of the cases in which review has been sought, and there appears to he no significant conflict in the decisions of the federal courts dealing with this issue, it is not likely that the law in this area will change in the near future. They find that for those claims not so reserved for judicial determination, arbitration can he an efficient and economical method of resolving investor-broker disputes. ABSTRACT FROM AUTHOR KW - *LABOR arbitration KW - DISPUTE resolution (Law) KW - STOCKBROKERS -- Legal status, laws, etc. KW - LABOR arbitrators KW - STOCKS (Finance) -- Law & legislation KW - STOCKHOLDERS' pre-emptive rights UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=s3h&AN=9062061&site=ehost-live&scope=site DP - EBSCOhost DB - s3h ER - TY - JOUR AU - Williams, Harold M. T1 - Free Enterprise in a Free Society. JO - California Management Review JF - California Management Review Y1 - 1980///Winter80 VL - 23 IS - 2 M3 - Article SP - 29 EP - 34 PB - California Management Review SN - 00081256 AB - This article discusses the importance of a free enterprise society on the society itself saying that free enterprise is a driver of a free nation. In the American tradition of freedom, businesses have fought to prevent government intervention and regulation into their affairs. The authors feel that the public however, is tiring of the narrowness of business, believing it serves itself more than the society is a part of. If this erosion in trust continues, the authors worry that the free enterprise system could be in danger. It is up to the companies to understand that they have a social responsibility that transcends profit making. Finding solutions to these concerns while preempting an erosion of the free enterprise system will demand time, commitment, and the talents of the whole society. KW - FREE enterprise KW - CONSUMERS -- Attitudes KW - SOCIAL responsibility of business KW - BUSINESS enterprises KW - INDUSTRIAL management KW - PRIVATE sector KW - GOVERNMENT policy KW - DECISION making KW - ECONOMIC structure KW - ORGANIZATIONAL ideology KW - CORPORATE profits KW - SOCIAL aspects KW - CITIZENSHIP KW - UNITED States N1 - Accession Number: 4759996; Williams, Harold M. 1; Affiliations: 1: Chairman, Securities and Exchange Commission; Issue Info: Winter80, Vol. 23 Issue 2, p29; Thesaurus Term: FREE enterprise; Thesaurus Term: CONSUMERS -- Attitudes; Thesaurus Term: SOCIAL responsibility of business; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: PRIVATE sector; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: DECISION making; Thesaurus Term: ECONOMIC structure; Thesaurus Term: ORGANIZATIONAL ideology; Thesaurus Term: CORPORATE profits; Subject Term: SOCIAL aspects; Subject Term: CITIZENSHIP; Subject: UNITED States; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4759996&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Thomas, Barbara S. AU - Sterling, Robert R. T1 - STATEMENTS IN QUOTES. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1982/11// VL - 154 IS - 5 M3 - Article SP - 98 EP - 108 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This section presents views on how deregulation affects accountants and discusses reporting cash flow information. An upsurge of interest in cash flow data is most directly the result of the economic disruption--inflation and recession. Yet, it has led to a significant advance in accounting theory toward the development of an integrated concept of the balance sheet, income statement and cash flow statement as equal, interrelated components of financial reporting. Thus far, the initiatives in this area have been broad based and worthwhile. Much, however, remains to be done to translate a good theory into effective practice. This section also assesses a conceptual framework for financial accounting and reporting. Some kinds of considerations cause the author to entertain a number of scenarios when speculating about the future. The most pessimistic one is that the board meets so much resistance that it fails to complete the task and reverts to ad hocery. The most optimistic scenario, indeed wildly optimistic, is that the author can convince everyone that it is possible for accounting to become a scientific discipline and thereby rely more on the method of science--empirical and logical testing--and less on the method of authority. The most likely scenario is that the board will complete its task, albeit faced with increasing resistance, and will therefore be forced to slow it down or water it down or both. KW - DEREGULATION KW - ACCOUNTING KW - ACCOUNTANTS KW - INFLATION (Finance) KW - FINANCIAL statements KW - CASH flow N1 - Accession Number: 4577212; Thomas, Barbara S. 1; Sterling, Robert R. 2; Affiliations: 1: Commissioner of the Securities and Exchange Commission Washington, D. C.; 2: Senior Fellow, Financial Accounting Standards Board, Stamford, Connecticut; Issue Info: Nov82, Vol. 154 Issue 5, p98; Thesaurus Term: DEREGULATION; Thesaurus Term: ACCOUNTING; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: INFLATION (Finance); Thesaurus Term: FINANCIAL statements; Thesaurus Term: CASH flow; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541212 Offices of accountants; Number of Pages: 9p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4577212&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Shad, John S. R. T1 - Tell It to the SEC. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 1983/03//Mar/Apr83 VL - 39 IS - 2 M3 - Article SP - 6 EP - 6 PB - CFA Institute SN - 0015198X AB - The article calls for comments about releases by the U.S. Securities and Exchange Commission (SEC). The SEC has released proposed rules that invite public comment and responses specifically from the SEC bar, trade associations and professional security analysts. It highlights the importance of the views and comments from professional security analysts on issues relevant to securities, tender offers and proxy contests. In this regard, the SEC has also conducted a research forum which was participated in by leading analysts who gave professional advice to the Commission and senior staff relevant to the Commission's 10-K, 10-Q prospectus and proxy disclosure requirements. KW - PUBLIC opinion KW - INVESTMENT advisors KW - INVESTMENT analysis KW - SECURITIES trading KW - PROXY statements KW - TENDER offers (Securities) KW - FORUMS (Discussion & debate) KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 6935923; Shad, John S. R. 1; Affiliations: 1: Chairman Securities and Exchange Commission; Issue Info: Mar/Apr83, Vol. 39 Issue 2, p6; Thesaurus Term: PUBLIC opinion; Thesaurus Term: INVESTMENT advisors; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: SECURITIES trading; Thesaurus Term: PROXY statements; Thesaurus Term: TENDER offers (Securities); Subject Term: FORUMS (Discussion & debate); Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 1p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=6935923&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Sampson, A. Clarence T1 - STATEMENTS IN QUOTES. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1983/08// VL - 156 IS - 2 M3 - Article SP - 45 EP - 65 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article discusses the need for a breakthrough in a conceptual framework project of the U.S. Financial Accounting Standards Board (FASB) and the necessity for the board to develop a plan to consistently provide timely guidance on emerging issues and implementation problems, as of August 1983. A decade has passed since the FASB succeeded the American Institute of Certified Public Accountants Accounting Principles Board as the primary body with responsibility for setting financial accounting and disclosure standards. The FASB was created as a response to perceived inadequacies in the standard-setting mechanism of the accounting profession. The Wheat study group deliberated in an environment in which there was abundant criticism and concern about the deteriorating image of the profession. During its early years the FASB, with occasional prodding by the U.S. Securities and Exchange Commission (SEC), issued some of its most significant standards. These standards covered important financial reporting topics like research and development, foreign currency translation, leases, segments and oil and gas. The FASB has a number of projects on tap that could influence its future directions. It is making painfully slow progress on the long-awaited and critically important development of a conceptual framework. The most damaging result of the inability of the FASB to reach hard decisions in this project is that decisions on appropriate accounting for emerging problems may be hampered because the underpinnings for making those decisions have not been decided in the framework project. The progress made by the FASB continues to justify the conclusion of the SEC that the initiative for establishing and improving accounting standards should remain in the private sector, subject to commission oversight. KW - ACCOUNTING standards KW - ASSOCIATIONS, institutions, etc. KW - ACCOUNTANTS KW - GUIDELINES KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 4580866; Sampson, A. Clarence 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission, Washington, D. C.; Issue Info: Aug1983, Vol. 156 Issue 2, p45; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: ASSOCIATIONS, institutions, etc.; Thesaurus Term: ACCOUNTANTS; Subject Term: GUIDELINES; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 12p; Illustrations: 2 Black and White Photographs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4580866&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Norsworthy, J. R. AU - Malmquist, David H. T1 - Input Measurement and Productivity Growth in Japanese and U.S. Manufacturing. JO - American Economic Review JF - American Economic Review Y1 - 1983/12// VL - 73 IS - 5 M3 - Article SP - 947 PB - American Economic Association SN - 00028282 AB - This article measures and analyzes multifactor productivity growth based on capital, labor, energy, materials and labor productivity growth in the Japanese and the U.S. manufacturing sectors. To lay the foundation for this analysis, economists first construct input and output measures for the two countries using a common methodology, and test for the existence of value-added aggregates of the sort created in gross national product (GNP) statistics in both countries. They then use the gross output framework to analyze productivity growth in the two countries and, in particular, to appraise the miracle of labor productivity growth in Japan. They undertake this investigation of aggregation in manufacturing for several reasons. First, much of the current productivity debate has taken place in a GNP or value-added context. While the GNP framework is perhaps more defensible for very large aggregates where, in a country such as the U.S., most intermediate products are netted out and imported inputs are a small fraction of the total there is intuition as well as empirical evidence that the GNP framework is inappropriate for smaller sectors. KW - INDUSTRIAL productivity KW - LABOR productivity KW - CAPITAL productivity KW - MANUFACTURES KW - MANUFACTURING industries KW - GROSS national product KW - ECONOMIC activity KW - UNITED States KW - JAPAN N1 - Accession Number: 4508159; Norsworthy, J. R. 1; Malmquist, David H. 2; Affiliations: 1: chief, Center for Economic Studies, Bureau of the Census, Washington, D.C. 20233.; 2: Economist, Office of the Chief Economist, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D.C. 20549.; Issue Info: Dec83, Vol. 73 Issue 5, p947; Thesaurus Term: INDUSTRIAL productivity; Thesaurus Term: LABOR productivity; Thesaurus Term: CAPITAL productivity; Thesaurus Term: MANUFACTURES; Thesaurus Term: MANUFACTURING industries; Thesaurus Term: GROSS national product; Thesaurus Term: ECONOMIC activity; Subject: UNITED States; Subject: JAPAN; NAICS/Industry Codes: 339990 All other miscellaneous manufacturing; NAICS/Industry Codes: 339999 All Other Miscellaneous Manufacturing; Number of Pages: 21p; Illustrations: 15 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4508159&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Longstreth, Bevis T1 - The SEC's Role in Financial Disclosure. JO - Journal of Accounting, Auditing & Finance JF - Journal of Accounting, Auditing & Finance Y1 - 1984///Winter84 VL - 7 IS - 2 M3 - Article SP - 110 EP - 122 SN - 0148558X AB - The growing complexity of business transactions and the pressures exerted by inflation, recession, and increased competition are taxing the ability of issuers and accountants to achieve fair disclosure. The Securities and Exchange Commission (the Commission or SEC) plays a central role in developing appropriate disclosure rules to address these challenges. Exactly what that role is--and how it is performed--is the focus of this article. Specifically, two issues will be addressed: (1) Why does the Commission continue to support a mandatory system of disclosure? (2) What is the Commission's role in setting accounting standards--the keystone to financial disclosure? [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Accounting, Auditing & Finance is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL disclosure KW - ACCOUNTING KW - BUSINESS KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 7256238; Longstreth, Bevis 1; Affiliations: 1: Member, Securities and Exchange Commission; Issue Info: Winter84, Vol. 7 Issue 2, p110; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: ACCOUNTING; Thesaurus Term: BUSINESS; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 13p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7256238&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Sampson, Clarence AU - Paulsen, Neil E. AU - Silvia, Henry L. T1 - LETTERS TO THE EDITOR. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1984/03// VL - 157 IS - 3 M3 - Letter SP - 91 EP - 94 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article presents several letters to the editor referencing articles and topics discussed in previous issues. The January 1984 issue of the "Journal of Accountancy" and the December 12, 1983, issue of the "CPA Letter" contained brief discussions about the petition filed by the Association of Data Processing Service Organizations that requested the U.S. Securities and Exchange Commission to propose a rule which would have provided that an accounting firm would not be independent if it provided computer products or services to its audit clients. Although the article by William R. Christian and J. Douglas Irmen in the October 1983 issue of the "Journal of Accountancy," entitled "Are Professional Corporations Viable after TEFRA" discusses professional corporations after the Tax Equity and Fiscal Responsibility Act of 1982, it fails to identify the annual tax savings of the corporate tax rates for the first $100,000 of taxable income versus the individual tax rate of 50 percent. When the authors discussed professional corporations associated with partnerships and TEFRA's special relief provision, a notation was made stating that this provision could make the liquidation of an incorporated partner relatively painless. KW - ACCOUNTING KW - PROFESSIONAL corporations -- Law & legislation KW - CORPORATE taxes KW - LETTERS to the editor KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 4573071; Sampson, Clarence 1; Paulsen, Neil E. 2; Silvia, Henry L.; Affiliations: 1: Chief Accountant, Securities and Exchange Commission Washington, D.C.; 2: Vice-President—Finance Dimis, Inc., Ocean, New Jersey.; Issue Info: Mar84, Vol. 157 Issue 3, p91; Thesaurus Term: ACCOUNTING; Thesaurus Term: PROFESSIONAL corporations -- Law & legislation; Thesaurus Term: CORPORATE taxes; Subject Term: LETTERS to the editor; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 3p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4573071&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Fedders, John M. AU - Perry, L. Glenn T1 - POLICING FINANCIAL DISCLOSURE FRAUD: THE SEC'S TOP PRIORITY. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1984/07// VL - 158 IS - 1 M3 - Article SP - 58 EP - 64 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - The article discusses the actions taken by the U.S. Securities and Exchange Commission (SEC) to minimize fraud in the disclosure of financial information. There are substantial pressures on managements to minimize financial problems. This environment has led to the collective efforts of the SEC's Divisions of Enforcement and Corporation Finance and the Office of the Chief Accountant to identify fiscal trends and related disclosure problems which require close surveillance and may lead to the need for enforcement actions. No matter what the composition of the commission or who manages the various offices and divisions, the enforcement program against financial fraud will remain at the forefront. The longest and most significant chapter in the enforcement legacy of John S. R. Shad, the current chairman of the commission, will be the financial fraud program, longer and more significant than the much publicized insider trading prosecutions chapter. A principal focus when prospecting for financial fraud is management's discussion and analysis of financial condition and results of operations. KW - FINANCIAL disclosure KW - FRAUD KW - DISCLOSURE of information KW - MANAGEMENT KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 4581412; Fedders, John M. 1; Perry, L. Glenn 2,3; Affiliations: 1: Director, U.S. Securities and Exchange Commission Division of Enforcement, Washington, D.C.; 2: Chief accountant of SEC Division of Enforcement.; 3: Member, American Institute of CPAs.; Issue Info: Jul1984, Vol. 158 Issue 1, p58; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: FRAUD; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: MANAGEMENT; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 6p; Illustrations: 1 Black and White Photograph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4581412&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Tragash, Harold J. AU - Hattox, Brock AU - Hawkins, David F. AU - Henderson, Bruce D. AU - Pasricha, J. L. AU - Burger, Bruce T. AU - Leap, Terry AU - Wallace Jr, Richard C. AU - MacChiarola, Frank J. AU - Frederic C.Cooper AU - Jarrell, Gregg A. AU - Benoliel, Peter A. AU - Bishop, Phyllis Y. AU - Levinson, Lawrence E. AU - Samuel Jr., Frank E. AU - Liske Jr., Edward A. AU - Austin, Sarah Short AU - Turner, John H. AU - Phare, G. Rowland AU - Galea, Robert P. T1 - LETTERS TO THE EDITOR. JO - Harvard Business Review JF - Harvard Business Review Y1 - 1985/03//Mar/Apr85 VL - 63 IS - 2 M3 - Letter SP - 180 EP - 212 PB - Harvard Business School Publication Corp. SN - 00178012 AB - Multiple letters to the editor are presented in response to articles from previous issues. Titles include "Quality Circles After the Fad," by Edward E. Lawler III and Susan A. Mohrman, "Turnaround for the Public Schools?," by Fred M. Hechinger, from the January-February 1985 issue, and "Yesterday's Accounting Undermines Production," by Robert S. Kaplan, from the July-August 1984 issue. KW - QUALITY circles KW - ACCOUNTING methods KW - WORK -- Sociological aspects KW - PRODUCTION management (Manufacturing) KW - LETTERS to the editor N1 - Accession Number: 4097050; Tragash, Harold J. 1; Hattox, Brock 2; Hawkins, David F. 3; Henderson, Bruce D. 4; Pasricha, J. L. 5; Burger, Bruce T. 6; Leap, Terry; Wallace Jr, Richard C. 7; MacChiarola, Frank J. 8; Frederic C.Cooper 9; Jarrell, Gregg A. 10; Benoliel, Peter A. 11; Bishop, Phyllis Y. 12; Levinson, Lawrence E. 13; Samuel Jr., Frank E. 14; Liske Jr., Edward A.; Austin, Sarah Short 15; Turner, John H. 16,17; Phare, G. Rowland 18; Galea, Robert P. 19; Affiliations: 1: Director, Organizational Effectiveness and Research, Xerox Corporation, Stamford, Connecticut; 2: Vice President and Controller, Eaton Corporation, Cleveland, Ohio; 3: Professor of Business Administration, Harvard Business School, Boston, Massachusetts; 4: Professor of Management, Owen Graduate School of Management, Vanderbilt University, Nashville, Tennessee; 5: Vice President Finance, Rallis India Limited, Bombay, India; 6: Member of Technical Staff, AT&T Information Systems, Freehold, New Jersey; 7: Superintendent, Pittsburgh Public Schools, Pittsburgh, Pennsylvania; 8: President, New York City Partnership, Inc., New York, New York; 9: Director of Planning and Program Development, National Demonstration Water Project, Washington, D.C.; 10: Chief Economist, United States Securities and Exchange Commission, Washington, D.C.; 11: Chairman of the Board, Quaker Chemical Corporation, Conshohocken, Pennsylvania; 12: Vice President, Estee Lauder Corporation and General Manager, Clinique International, New York, New York; 13: Executive Vice President, Gulf & Western Industries, Inc., New York, New York; 14: President, Health Industry Manufacturers Association, Washington, D.C.; 15: Executive Director, Greater Cleveland Roundtable Cleveland, Ohio; 16: Vice President, Master Business Associates, Inc.; 17: Professor of Business Administration, Montclair State College, Upper Montclair, New Jersey; 18: President, G. R. Pare & Associates, Inc., Montreal, Quebec, Canada; 19: Executive Director, Spectrum House, Inc., Westboro, Massachusetts; Issue Info: Mar/Apr85, Vol. 63 Issue 2, p180; Thesaurus Term: QUALITY circles; Thesaurus Term: ACCOUNTING methods; Thesaurus Term: WORK -- Sociological aspects; Thesaurus Term: PRODUCTION management (Manufacturing); Subject Term: LETTERS to the editor; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; Number of Pages: 14p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4097050&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jarrell, Gregg A. T1 - THE WEALTH EFFECTS OF LITIGATION BY TARGETS: DO INTERESTS DIVERGE IN A MERGE? JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1985/04// VL - 28 IS - 1 M3 - Article SP - 151 EP - 178 SN - 00222186 AB - Public tender offers for control are often resisted by the target's top management, and this recalcitrance takes many forms, from newspaper advertisements urging shareholder rejection to more costly legal actions. This paper examines how resistance through litigation affects the wealth of shareholders, averaged over a large number of cases. The focus is on target litigation as a strategic weapon that benefits shareholders by delaying the execution of the offending offer. This delay increases the likelihood that a higher offer will be made by the original bidder or others. Target management seems to take a value-maximizing gamble by litigation. The winners receive auctions and the losers forego the initially offered premium. The evidence shows that the actual gains from auctions compensate target shareholders for the losses of thwarted takeovers, on average. KW - CONSOLIDATION & merger of corporations KW - STOCKHOLDERS KW - WEALTH KW - CORPORATIONS KW - ANTITAKEOVER strategies N1 - Accession Number: 11476135; Jarrell, Gregg A. 1; Affiliations: 1: U.S. Securities and Exchange Commission; Issue Info: Apr85, Vol. 28 Issue 1, p151; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: WEALTH; Thesaurus Term: CORPORATIONS; Thesaurus Term: ANTITAKEOVER strategies; Number of Pages: 28p; Illustrations: 6 Charts, 7 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11476135&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Formichella, Mario J. AU - March, John W. AU - Prewoznik, Jerome F. AU - Treadway, Jr., James C. AU - Wooldredge, William D. T1 - A QUESTION OF ETHICS. JO - FE: The Magazine for Financial Executives JF - FE: The Magazine for Financial Executives Y1 - 1985/06// VL - 1 IS - 6 M3 - Article SP - 12 EP - 22 PB - Financial Executives International SN - 08837481 AB - The article presents a discussion on the erosion of professional standards, between the chairman of the FASB advisory council, Paul Kolton, partner of Arthur Young & Company and chairman of AICPA Committe on Professionalism, Mario J. Formichella, board member of Financial Accounting Standards Board, John W. March, senior partner of Memel, Jacobs, Pierno, Gersh & Ellsworth, Jerome F. Prewoznik, commissioner of Securities and Exchange Commission, James C. Treadway, and Executive Vice President of Belden & Blake Corporation, William D. Wooldredge. The article focuses on various issues, such as accounting and financial problems, that are being discussed by the delegates, to shed light on the problems surrounding professional ethics. KW - PROFESSIONAL ethics KW - ACCOUNTING standards KW - DISCUSSION KW - KOLTON, Paul KW - FORMICHELLA, Mario J. KW - MARCH, John W. KW - PREWOZNIK, Jerome F. KW - TREADWAY, James C. KW - WOOLDREDGE, William D. N1 - Accession Number: 15096367; Formichella, Mario J. 1; March, John W. 2; Prewoznik, Jerome F.; Treadway, Jr., James C. 3; Wooldredge, William D. 4,5; Affiliations: 1: Chairman, AlCPA Committee on Professionalism.; 2: Board Member, Financial Accounting Standards Board; 3: Commissioner, Securities and Exchange Commission; 4: Chief Financial Officer, Belden & Blake Corporation; 5: Executive Vice President, Belden & Blake Corporation; Issue Info: Jun1985, Vol. 1 Issue 6, p12; Thesaurus Term: PROFESSIONAL ethics; Thesaurus Term: ACCOUNTING standards; Subject Term: DISCUSSION; People: KOLTON, Paul; People: FORMICHELLA, Mario J.; People: MARCH, John W.; People: PREWOZNIK, Jerome F.; People: TREADWAY, James C.; People: WOOLDREDGE, William D.; Number of Pages: 11p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=15096367&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Billingsley, Randall S. AU - Lamy, Robert E. AU - Marr, M. Wayne AU - Thompson, G. Rodney T1 - Split Ratings and Bond Reoffering Yields. JO - Financial Management (1972) JF - Financial Management (1972) Y1 - 1985///Summer85 VL - 14 IS - 2 M3 - Article SP - 59 EP - 65 PB - Financial Management Association SN - 00463892 AB - The article presents a study which explored the behavior of bond reoffering yields in the presence of split ratings--the assignment of different ratings by Moody's Investors Service and Standard and Poor's Corporation. The study argues that split ratings indicate a divergence of opinion concerning true default risk and thus offer unique insights into the relationship between ratings and yields. Bond ratings are primarily intended by both Standard and Poor's and Moody's to symbolize the relative default risk of a debt security. KW - BONDS (Finance) -- Ratings & rankings KW - FINANCIAL performance KW - CREDIT ratings KW - RATING agencies (Finance) KW - STANDARD & Poor's Ratings Services Inc. KW - MOODY'S Investors Service Inc. N1 - Accession Number: 5032567; Billingsley, Randall S. 1; Lamy, Robert E. 1; Marr, M. Wayne 2; Thompson, G. Rodney 1; Affiliations: 1: Assistant Professors of Finance, Virginia Polytechnic Institute and State University, Blacksburg, Virginia; 2: Visiting Scholar, Office of the Chief Economist, Securities and Exchange Commission, Washington, D. C.; Issue Info: Summer85, Vol. 14 Issue 2, p59; Thesaurus Term: BONDS (Finance) -- Ratings & rankings; Thesaurus Term: FINANCIAL performance; Thesaurus Term: CREDIT ratings; Thesaurus Term: RATING agencies (Finance) ; Company/Entity: STANDARD & Poor's Ratings Services Inc. ; Company/Entity: MOODY'S Investors Service Inc.; NAICS/Industry Codes: 561450 Credit Bureaus; Number of Pages: 7p; Illustrations: 3 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5032567&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - BHAGAT, SANJAI AU - MARR, M. WAYNE AU - THOMSON, G. RODNEY T1 - The Rule 415 Experiment: Equity Markets. JO - Journal of Finance JF - Journal of Finance Y1 - 1985/12// VL - 40 IS - 5 M3 - Article SP - 1385 EP - 1401 PB - Wiley-Blackwell SN - 00221082 AB - Rule 415 allows a firm to register all the securities it reasonably expects to sell over the next two years and then, at the management's option, to sell those securities over these two years whenever it chooses. This paper examines whether equity offerings made under Rule 415 (shelf offerings) differ in issuing costs from equity offerings not sold under this rule. We find that shelf offerings cost 13% less for syndicated issues and 51% less for nonsyndicated issues. We also investigate the empirical relevance of the market overhang argument which suggests that shelf registrations depress the price of the registering firm's shares more than traditional registrations. Our data does not support the market overhang argument. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK exchanges KW - SECURITIES KW - OPTIONS (Finance) KW - SECURITIES -- Prices KW - STOCKS (Finance) -- Prices KW - SHELF registration KW - SECURITIES markets KW - INVESTMENTS -- Law & legislation KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 4656622; BHAGAT, SANJAI 1; MARR, M. WAYNE 2,3; THOMSON, G. RODNEY 4; Affiliations: 1: Assistant Professor of Finance, University of Utah.; 2: Assistant Professor of Finance, Virginia Polytechnic Institute and State University.; 3: Visiting Scholar, Office of the Chief Economist, Securities and Exchange Commission, Washington, D.C.; 4: Associate Professor of Finance, Virginia Polytechnic Institute and State University.; Issue Info: Dec1985, Vol. 40 Issue 5, p1385; Thesaurus Term: STOCK exchanges; Thesaurus Term: SECURITIES; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: SHELF registration; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENTS -- Law & legislation; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 17p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4656622&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - SHAD, JOHN T1 - WHY RICO NEEDS REFORMING The racketeering law puts legitimate businesses at a disadvantage in ordinary commercial disputes. JO - Fortune JF - Fortune Y1 - 1986/03/03/ VL - 113 IS - 5 M3 - Article SP - 109 EP - NA SN - 00158259 KW - RACKETEERING KW - LAW & legislation KW - ORGANIZED crime -- Law & legislation KW - CRIMINAL law -- United States KW - Corporations KW - Crime KW - Fraud KW - Lawsuits KW - Lawyers KW - Suits N1 - Accession Number: 57862967; SHAD, JOHN 1; Affiliations: 1: Chairman, Securities and Exchange Commission; Issue Info: 3/3/1986, Vol. 113 Issue 5, p109; Thesaurus Term: RACKETEERING; Subject Term: LAW & legislation; Subject Term: ORGANIZED crime -- Law & legislation; Subject Term: CRIMINAL law -- United States; Author-Supplied Keyword: Corporations; Author-Supplied Keyword: Crime; Author-Supplied Keyword: Fraud; Author-Supplied Keyword: Lawsuits; Author-Supplied Keyword: Lawyers; Author-Supplied Keyword: Suits; Number of Pages: 2p; Document Type: Article; Full Text Word Count: 932 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=57862967&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Poulsen, Annette B. T1 - Japanese Bank Regulation and the Activities of U.S. Offices of Japanese Banks. JO - Journal of Money, Credit & Banking (Ohio State University Press) JF - Journal of Money, Credit & Banking (Ohio State University Press) Y1 - 1986/08// VL - 18 IS - 3 M3 - Article SP - 366 EP - 373 PB - Ohio State University Press SN - 00222879 AB - The article focuses on the growth of Japanese banks in the U.S., highlighting the impact of Japanese banking regulations and financial controls. Suggestions that Japanese banks use the United States as an alternative source of funds during tight credit periods in Japan are addressed. An overview of Japanese credit market regulation is provided, describing ways in which U.S. banking is a viable fund source. Explanations of the importance of U.S. funds to Japanese banks are then empirically described. KW - BANKING industry KW - BANKING industry -- United States KW - BANKING law & legislation KW - FOREIGN banking industry KW - ECONOMIC policy KW - UNITED States KW - JAPAN N1 - Accession Number: 5156331; Poulsen, Annette B. 1; Affiliations: 1: Financial economist, U.S. Securities and Exchange Commission; Issue Info: Aug86, Vol. 18 Issue 3, p366; Thesaurus Term: BANKING industry; Thesaurus Term: BANKING industry -- United States; Thesaurus Term: BANKING law & legislation; Thesaurus Term: FOREIGN banking industry; Thesaurus Term: ECONOMIC policy; Subject: UNITED States; Subject: JAPAN; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 8p; Illustrations: 2 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5156331&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - NEAL, ROBERT T1 - Potential Competition And Actual Competition In Equity Options. JO - Journal of Finance JF - Journal of Finance Y1 - 1987/07// VL - 42 IS - 3 M3 - Article SP - 511 EP - 531 PB - Wiley-Blackwell SN - 00221082 AB - The article presents information on potential and actual competition in equity options. The economic effects of "allocation plans" sanctioned by the United States Securities and Exchange Commission (SEC) are considered and the benefits to investors of eliminating such allocation plans are discussed. A model of bid ask spreads is analyzed to examine the cost of transacting in options. The distinction between the continual effects of potential and actual competition is considered, and the results of regressions are also described. KW - STOCK options KW - STOCK exchanges KW - RESEARCH KW - BID price KW - ASKED price KW - SPREAD (Finance) KW - SECURITIES trading KW - CAPITALISTS & financiers KW - SECURITIES markets KW - COMPETITION (Economics) N1 - Accession Number: 4653207; NEAL, ROBERT 1; Affiliations: 1: Office, Chief Economist, U.S. Securities and Exchange Commission and Department of Economist, University of Chicago.; Issue Info: Jul1987, Vol. 42 Issue 3, p511; Thesaurus Term: STOCK options; Thesaurus Term: STOCK exchanges; Thesaurus Term: RESEARCH; Thesaurus Term: BID price; Thesaurus Term: ASKED price; Thesaurus Term: SPREAD (Finance); Thesaurus Term: SECURITIES trading; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES markets; Thesaurus Term: COMPETITION (Economics); NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 21p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4653207&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Grundfest, Joseph A. T1 - The new technology of finance. JO - Financial Executive JF - Financial Executive Y1 - 1987/09//Sep/Oct87 VL - 3 IS - 5 M3 - Article SP - 44 EP - 47 PB - Financial Executives International SN - 08954186 AB - This article discusses the four aspects of the revolution in the techniques for raising money and investing capital. Identifying and managing risk, portfolio management, efficient market hypothesis as a mechanism for assessing capital markets and a specialization of finance professionals are four ways in which technological change has affected the finance industry. The author worries about the ability of regulators to keep up with the pace of change. The regulatory system was created in the 1930s and has not been adjusted for contemporary realities. KW - FINANCE KW - CORPORATIONS -- Finance KW - TECHNOLOGICAL innovations KW - PORTFOLIO management (Investments) KW - INVESTMENT analysis KW - RISK management in business N1 - Accession Number: 14781589; Grundfest, Joseph A. 1; Affiliations: 1: Commissioner, U.S. Securities and Exchange Commission; Issue Info: Sep/Oct87, Vol. 3 Issue 5, p44; Thesaurus Term: FINANCE; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: INVESTMENT analysis; Thesaurus Term: RISK management in business; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14781589&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jarrell, Gregg A. AU - Poulsen, Annette B. T1 - SHARK REPELLENTS AND STOCK PRICES: The Effects of Antitakeover Amendments Since 1980. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1987/09// VL - 19 IS - 1 M3 - Article SP - 127 EP - 168 SN - 0304405X AB - Antitakeover amendments (shark repellents) restrict the transfer of corporate control. On average, the public announcement of antitakeover amendments by 600 firms in the period 1979-1985 has an insignificant effect on the value of announcing firms' shares. However, different types of amendments have varying effects. Non-fair-price amendments have an average significant negative effect of 2.95% on share prices, while fair-price amendments have an insignificant effect. The more harmful amendments have larger insider holdings and lower institutional holdings, suggesting a partial explanation of why shareholders approve these amendments. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CONSOLIDATION & merger of corporations KW - STOCKS (Finance) -- Prices KW - CORPORATIONS -- Finance KW - STOCKHOLDERS KW - SECURITIES KW - CORPORATIONS N1 - Accession Number: 12249187; Jarrell, Gregg A. 1; Poulsen, Annette B. 2,3; Affiliations: 1: Alcar Group Inc., Skokie, IL 60077, USA.; 2: U.S. Securities and Exchange Commission, Washington, DC 20549, USA.; 3: University of Georgia, Athens, GA 30602, USA.; Issue Info: Sep87, Vol. 19 Issue 1, p127; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: SECURITIES; Thesaurus Term: CORPORATIONS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 42p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12249187&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jarell, Gregg A. AU - Brickley, James A. AU - Netter, Jeffry M. T1 - THe Market for Corporate Control: The Empirical Evidence Since 1980. JO - Journal of Economic Perspectives JF - Journal of Economic Perspectives Y1 - 1988///Winter88 VL - 2 IS - 1 M3 - Article SP - 49 EP - 68 SN - 08953309 AB - Competition for control of corporations has been active in the 1980's, with benefits in corporate takeovers representing both real wealth gains and redistributions of wealth. KW - CONSOLIDATION & merger of corporations KW - STOCKHOLDERS KW - CORPORATIONS -- Finance KW - ANTITRUST law KW - PROFIT KW - COMPETITION KW - UNITED States N1 - Accession Number: 4432770; Jarell, Gregg A. 1; Brickley, James A. 2; Netter, Jeffry M. 3; Affiliations: 1 : Senior Vice-President, Alcar Group Inc., Skokie, Illinois; 2 : Associate Professor, William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, New York; 3 : Senior Financial Economist, Office of the Chief Economist, United States Securities and Exchange Commission, Washington, DC.; Source Info: Winter88, Vol. 2 Issue 1, p49; Historical Period: 1980 to 1987; Subject Term: CONSOLIDATION & merger of corporations; Subject Term: STOCKHOLDERS; Subject Term: CORPORATIONS -- Finance; Subject Term: ANTITRUST law; Subject Term: PROFIT; Subject Term: COMPETITION; Subject: UNITED States; Number of Pages: 20p; Illustrations: 1 Chart; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=4432770&site=ehost-live&scope=site DP - EBSCOhost DB - ahl ER - TY - JOUR AU - Malmquist, David H. T1 - Discussion of Auditor Liability and Information Disclosure. JO - Journal of Accounting, Auditing & Finance JF - Journal of Accounting, Auditing & Finance Y1 - 1988///Fall88 VL - 3 IS - 4 M3 - Article SP - 349 EP - 350 PB - Sage Publications Inc. SN - 0148558X AB - This article presents the author's comments and views on the article Auditor Liability and Information Disclosure by S. P. Kothari, Thomas Lys, Clifford W. Smith and Ross L. Watts., published in the September 1988 of the Journal of Accounting Auditing Finance. This paper's primary accomplishment is that it moves us further along in the direction of a positive analysis of the issue of auditor liability in the U.S. Before launching into the analysis, Kothari and colleagues provide us with an excellent an extremely useful treatment of how things got to be the way they are in auditor liability. These are expansion standing, shifts in the burden of proof and increased level of damage awards. The reader is taken from the pre-Securities Acts days, when auditor liability was severely limited, through the passage of the Securities Acts and their subsequent amendments, court decision and changes in state laws, right up to the passage of the Racketeer Influences and Corrupt Organization Act. The result is that we can see not only how far we have travelled since Utlramares Corp. versus Touche, but also the road by which we made the journey. In order to leap from history to analysis, we need a working definition of the purpose of auditor liability. KW - LIABILITY (Law) KW - DISCLOSURE of information -- Law & legislation KW - AUDITORS -- Malpractice KW - SECURITIES KW - RACKETEERING KW - UNITED States KW - KOTHARI, S. P. N1 - Accession Number: 7256324; Malmquist, David H. 1; Affiliations: 1: Securities and Exchange Commission; Issue Info: Fall88, Vol. 3 Issue 4, p349; Thesaurus Term: LIABILITY (Law); Thesaurus Term: DISCLOSURE of information -- Law & legislation; Thesaurus Term: AUDITORS -- Malpractice; Thesaurus Term: SECURITIES; Thesaurus Term: RACKETEERING; Subject: UNITED States; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; People: KOTHARI, S. P.; Number of Pages: 2p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7256324&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Harold Mulherjn, J. AU - Muller. II, Walter J. T1 - Resolution of Incentive Conflicts in the Mortgage Industry: A Reply. JO - Journal of Real Estate Finance & Economics JF - Journal of Real Estate Finance & Economics Y1 - 1989/02// VL - 2 IS - 1 M3 - Article SP - 73 EP - 74 SN - 08955638 AB - The article focuses on a reply to a comment on the paper "Resolution of Incentive Conflicts in the Mortgage Industry," that appeared in the April 1988 issue of the "Journal of Real Estate Finance and Economics." The paper outlined the incentive conflicts between the players in the mortgage industry and noted the contractual responses to such conflicts. The paper discussed how the master policy between private mortgage insurers and lenders has evolved to lessen the lender malincentives created by mortgage insurance. KW - MORTGAGE loan servicing KW - MONEYLENDERS KW - INSURANCE companies KW - LOANS KW - CONTRACTS N1 - Accession Number: 17296042; Harold Mulherjn, J. 1; Muller. II, Walter J. 2; Affiliations: 1: Clemson University, College of Commerce and Industry and the United State Securities and Exchange Commission, Office of Economics Analysis, Washington. D. C. 20549; 2: Imperial Corporation of America and University of Georgia.; Issue Info: Feb1989, Vol. 2 Issue 1, p73; Thesaurus Term: MORTGAGE loan servicing; Thesaurus Term: MONEYLENDERS; Thesaurus Term: INSURANCE companies; Thesaurus Term: LOANS; Thesaurus Term: CONTRACTS; NAICS/Industry Codes: 524112 Direct group life, health and medical insurance carriers; NAICS/Industry Codes: 524128 Other Direct Insurance (except Life, Health, and Medical) Carriers; NAICS/Industry Codes: 524114 Direct Health and Medical Insurance Carriers; NAICS/Industry Codes: 524210 Insurance Agencies and Brokerages; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; Number of Pages: 2p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17296042&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Banks, Sara T1 - U.S. ADR holders. JO - Euromoney JF - Euromoney Y1 - 1989/05// M3 - Letter SP - 16 EP - 16 SN - 00142433 AB - Presents a letter to the editor to comment on issues involving American depositary receipt holders in the United States. KW - AMERICAN depository receipts KW - LETTERS to the editor N1 - Accession Number: 14584138; Banks, Sara 1; Affiliations: 1: Chief, Office of Information Corporate Finance Securities and Exchange Commission, Washington DC; Issue Info: May89, p16; Thesaurus Term: AMERICAN depository receipts; Subject Term: LETTERS to the editor; Number of Pages: 1/8p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14584138&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Grundfest, Joseph A. T1 - CAN WE PREVENT ANOTHER BLACK MONDAY? JO - USA Today Magazine JF - USA Today Magazine Y1 - 1989/05// VL - 117 IS - 2528 M3 - Article SP - 16 EP - 18 SN - 01617389 AB - Discusses the effect of government regulation on the stock market's behavior on Black Monday in the U.S. Need to distinguish between fundamental elements that initiated or contributed to the decline; Imperfections in the regulatory and institutional environment; Institutional investors' investment decisions on a stock-by-stock basis; Need to improve information flows; Credit risk associated with trading. KW - STOCK exchanges KW - CREDIT risk KW - CAPITALISTS & financiers KW - UNITED States N1 - Accession Number: 11880573; Grundfest, Joseph A. 1; Affiliation: 1: U.S. Securities and Exchange Commission; Source Info: May89, Vol. 117 Issue 2528, p16; Subject Term: STOCK exchanges; Subject Term: CREDIT risk; Subject Term: CAPITALISTS & financiers; Subject Term: UNITED States; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 3p; Illustrations: 1 Black and White Photograph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=11880573&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Arcady, Alex T. AU - Herdman, Robert K. AU - Strianese, Michael T. T1 - REAL ESTATE SALE-LEASEBACKS UNDER FASB 98. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1989/06// VL - 167 IS - 6 M3 - Article SP - 101 EP - 108 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - The article presents information on the statement issued by the Financial Accounting Standards Board on accounting for leases in the U.S. Fewer real estate transactions will qualify for sale-leaseback reporting under the Financial Accounting Standards Board's Statement no. 98, Accounting for Leases: Sale-Leaseback Transactions Involving Real Estate. Sales-Type Leases of Real Estate, Definition of the Lease Term and Initial Direct Costs of Direct Financing Leases. The statement establishes new reporting rules for real estate sale-leaseback transactions, including real estate with equipment such as commercial office buildings, manufacturing facilities and refineries. The new rules impose restrictive tests for recognizing sales and they lengthen lease terms. Presumably, this will result in more capital leases. Statement no. 98 was issued to eliminate inconsistencies between reporting under Statement no. 13, Accounting for Leases, and Statement no. 66, Accounting for Sales of Real Estate. KW - ACCOUNTING standards KW - REAL estate business KW - LEASEBACKS KW - REAL property -- Finance KW - UNITED States KW - FINANCIAL Accounting Standards Board N1 - Accession Number: 4570075; Arcady, Alex T. 1,2; Herdman, Robert K. 3,4; Strianese, Michael T. 5,6; Affiliations: 1: Partner , national office of Ernst & Whinney in Cleveland.; 2: Member, American Institute of CPAs and accounting advisory committee, American Association of Equipment Lessors.; 3: Partner , national office of Ernst & Whinney and director of accounting standards.; 4: Member AICPA and Financial Accounting Standards Board emerging issues task force.; 5: Senior manager in Ernst & Whinney's national office, monitoring FASB and Securities and Exchange Commission matters.; 6: Member AICPA and New York State Society of CPAs.; Issue Info: Jun89, Vol. 167 Issue 6, p101; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: REAL estate business; Thesaurus Term: LEASEBACKS; Thesaurus Term: REAL property -- Finance; Subject: UNITED States ; Company/Entity: FINANCIAL Accounting Standards Board; NAICS/Industry Codes: 531212 Offices of real estate brokers; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; NAICS/Industry Codes: 531210 Offices of Real Estate Agents and Brokers; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 531190 Lessors of Other Real Estate Property; Number of Pages: 5p; Illustrations: 1 Diagram, 1 Chart; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4570075&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - LEHN, KENNETH AU - POULSEN, ANNETTE T1 - Free Cash Flow and Stockholder Grains in Going Private Transactions. JO - Journal of Finance JF - Journal of Finance Y1 - 1989/07// VL - 44 IS - 3 M3 - Article SP - 771 EP - 787 PB - Wiley-Blackwell SN - 00221082 AB - We investigate the source of stockholder gains in going private transactions. We find support for the hypothesis advanced by Jensen that a major source of these gains is the mitigation of agency problems associated with free cash flow. Using a sample of 263 going private transactions from 1980 through 1987, our results indicate a significant relationship between undistributed cash flow and a firm's decision to go private. In addition, we find that premiums paid to stockholders are significantly related to undistributed cash flow. These results are especially strong for firms that went private between 1984 and 1987 and also for firms whose managers owned relatively little equity before the going private transaction. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CASH flow KW - STOCKHOLDERS KW - CAPITAL gains KW - BUSINESS enterprises KW - CAPITALISTS & financiers KW - STOCKHOLDERS equity KW - PRIVATIZATION KW - DEBT equity conversion KW - STOCK repurchasing KW - EMPIRICAL research N1 - Accession Number: 4653433; LEHN, KENNETH 1; POULSEN, ANNETTE 2; Affiliations: 1: Office of Economic Analysis, Securities and Exchange Commission, University of Georgia.; 2: Department of Banking and Finance, University of Georgia.; Issue Info: Jul1989, Vol. 44 Issue 3, p771; Thesaurus Term: CASH flow; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CAPITAL gains; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKHOLDERS equity; Thesaurus Term: PRIVATIZATION; Thesaurus Term: DEBT equity conversion; Thesaurus Term: STOCK repurchasing; Thesaurus Term: EMPIRICAL research; Number of Pages: 17p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4653433&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mitchell, Mark L. AU - Mulherin, J. Harold T1 - The Stock Rise Response to Pension Terminations and the Relation of Terminations with Corporate Takeovers. JO - FM: The Journal of the Financial Management Association JF - FM: The Journal of the Financial Management Association Y1 - 1989/09// VL - 18 IS - 3 M3 - Article SP - 41 EP - 56 PB - Financial Management Association SN - 10877827 AB - This article offers observation on the stock price response to pension terminations and the relation of terminations with corporate takeovers in the U.S. Defined benefit pension plans account for roughly two-thirds of the private pension coverage of employees in the country. Participants in defined benefit plans are promised annuities at retirement that reflect years of service and final wages. Historically, defined benefit plans were underfunded, the present value of the amount promised to employees was greater than the assets of the plans. Firms sponsoring defined benefit pension plans are entitled to the assets that exceed the benefits promised to employees. Under the provisions of the Employee Retirement Income Securities Act of 1974, a sponsoring firm must first terminate the plan before the excess assets revert to the firm. Termination begins with the filing of Form 5310 with the PBGC at least 10 days prior to the desired termination date. The source of the positive stock price response to pension terminations is a subject of contention in financial research. At issue is whether the positive abnormal returns reflect a transfer of wealth from plan participants to shareholders or instead result from an efficient restructuring of the corporate balance sheet. As a policy issue, pension terminations are considered in some circles to be one of the aspects of corporate takeovers that harms employees. KW - STOCKS (Finance) -- Prices KW - PENSIONS KW - RETIREMENT income KW - CONSOLIDATION & merger of corporations KW - UNITED States N1 - Accession Number: 5031473; Mitchell, Mark L. 1,2; Mulherin, J. Harold 1,3; Affiliations: 1: Senior Research Scholars, Office of Economic Analysis, U.S. Securities and Exchange Commission; 2: Assistant Professor of Finance, Clemson University, Clemson, SC; 3: Associate Professor of Finance, Clemson University, Clemson, SC; Issue Info: Autumn89, Vol. 18 Issue 3, p41; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: PENSIONS; Thesaurus Term: RETIREMENT income; Thesaurus Term: CONSOLIDATION & merger of corporations; Subject: UNITED States; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 16p; Illustrations: 6 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=5031473&site=ehost-live&scope=site DP - EBSCOhost DB - ent ER - TY - JOUR AU - Furbush, Dean T1 - Program Trading and Price Movement: Evidence from the October 1987 Market Crash. JO - FM: The Journal of the Financial Management Association JF - FM: The Journal of the Financial Management Association Y1 - 1989/09// VL - 18 IS - 3 M3 - Article SP - 68 EP - 83 PB - Financial Management Association SN - 10877827 AB - This article examines the relationship between program trading and price movements in the U.S. The purpose of portfolio insurance is to insure stock portfolios in a falling market while allowing participation in a rising market. An investor could purchase perfect portfolio insurance if liquid markets were available in European payout-protected puts on market indexes with appropriate striking prices and maturity. Portfolio insurance traders generally use the futures market because a futures contract on a stock index provides control over a portfolio of stocks with a single transaction and because transaction costs are relatively low. Like index arbitrage, index substitution entails buying stocks while selling the associated futures contracts. The motivation for an index substitution trade is usually described as portfolio rebalancing. Other program-trading strategies are used by broker-dealers, pension funds and mutual funds. Program trading facilitates the movement among stocks, bonds and other instruments and the movement among stock portfolios in order to adjust risk exposure, respond to industry and market information or liquidate and augment portfolio holdings. Index arbitrage is possible because the price of a futures contract is by construction, equal to the price of its underlying stock index at the expiration of the futures contract. KW - PROGRAM trading (Securities) KW - STOCKS (Finance) -- Prices KW - CAPITALISTS & financiers KW - FUTURES market KW - ARBITRAGE KW - UNITED States N1 - Accession Number: 5031485; Furbush, Dean 1; Affiliations: 1: Research Economist, Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC; Issue Info: Autumn89, Vol. 18 Issue 3, p68; Thesaurus Term: PROGRAM trading (Securities); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: FUTURES market; Thesaurus Term: ARBITRAGE; Subject: UNITED States; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 16p; Illustrations: 6 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=5031485&site=ehost-live&scope=site DP - EBSCOhost DB - ent ER - TY - JOUR AU - Netter, Jeffrey M. AU - Mitchell, Mark L. T1 - Stock-Repurchase Announcements and Insider Transactions After the October 1987 Stock Market Crash. JO - FM: The Journal of the Financial Management Association JF - FM: The Journal of the Financial Management Association Y1 - 1989/09// VL - 18 IS - 3 M3 - Article SP - 84 EP - 96 PB - Financial Management Association SN - 10877827 AB - This article examines the stock-price movements of firms that announced repurchases in the two-week period immediately after the stock market crash on October 19, 1987 in the U.S. In a typical open-market repurchase program, a firm announces that it will repurchase some of its shares on the open market, frequently accomplished by the intermittent purchases of small amounts of stocks. The firm does not have to publicly announce when it is actually in the market repurchasing the shares and there is no statutory period in which the firm must repurchase the number of shares promised at the announcement. Stocks can be mispriced, at least temporarily, because the acquisition of information is costly. The increased volatility in the stock market after the crash increased in the potential for mispricing. Due to uncertainty about the cause of the market decline, investors were unclear about the appropriate level of the market as well as individual stock prices. If mispricing of stocks motivated the open-market repurchase announcements, firms that announced a repurchase are hypothesized to have suffered negative abnormal stock market performance during the crash period prior to the stock-repurchase program announcement. KW - STOCKS (Finance) -- Prices KW - SECURITIES -- Prices KW - STOCK Market Crash, 1987 KW - FINANCIAL crises KW - CAPITALISTS & financiers KW - UNITED States N1 - Accession Number: 5031493; Netter, Jeffrey M. 1; Mitchell, Mark L. 2,3; Affiliations: 1: Assistant Professor of Finance and an Adjunct Professor of Law, University of Georgia, Athens; 2: Senior Research Scholar, Office of Economic Analysis, U.S. Securities and Exchange Commission; 3: Assistant Professor of Finance, Clemson University, Clemson, SC.; Issue Info: Autumn89, Vol. 18 Issue 3, p84; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: STOCK Market Crash, 1987; Thesaurus Term: FINANCIAL crises; Thesaurus Term: CAPITALISTS & financiers; Subject: UNITED States; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 13p; Illustrations: 5 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=5031493&site=ehost-live&scope=site DP - EBSCOhost DB - ent ER - TY - JOUR AU - Mitchell, Mark L. AU - Netter, Jeifry M. T1 - TRIGGERING THE 1987 STOCK MARKET CRASH: Antitakeover Provisions in the Proposed House Ways and Means Tax BilI? JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1989/09// VL - 24 IS - 1 M3 - Article SP - 37 EP - 68 SN - 0304405X AB - We present evidence that a tax bill containing antitakeover provisions proposed by the U.S. House Ways and Means Committee on October 13, 1987 and approved by the Committee on October 15 was the fundamental economic event causing the greater than 10% decline in the stock market on October 14-16, which arguably triggered the October 19 crash. The bill, which eventually passed without most of the antitakeover provisions, would have limited the deductibility of interest on debt incurred to finance corporate takeovers, leveraged buyouts and recapitalizations, and imposed other restrictions on hostile takeovers. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK Market Crash, 1987 KW - FINANCIAL crises KW - ANTITAKEOVER strategies KW - COMMITTEES KW - RECAPITALIZATION KW - CONSOLIDATION & merger of corporations N1 - Accession Number: 12243806; Mitchell, Mark L. 1; Netter, Jeifry M. 2; Affiliations: 1: Securities and Exchange Commission, Washington, DC 20549, USA Clemson University, Clemson, SC 29631, USA.; 2: University of Georgia, Athens, GA 30602, USA.; Issue Info: Sep89, Vol. 24 Issue 1, p37; Thesaurus Term: STOCK Market Crash, 1987; Thesaurus Term: FINANCIAL crises; Thesaurus Term: ANTITAKEOVER strategies; Thesaurus Term: COMMITTEES; Thesaurus Term: RECAPITALIZATION; Thesaurus Term: CONSOLIDATION & merger of corporations; Number of Pages: 32p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12243806&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mitchell, Mark L. AU - Maloney, Michael T. T1 - CRISIS IN THE COCKPIT? THE ROLE OF MARKET FORCES IN PROMOTING AIR TRAVEL SAFETY. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1989/10//Oct89 Part1 VL - 32 IS - 2 M3 - Article SP - 329 EP - 355 SN - 00222186 AB - This article examines the brand-name effect of airline crashes in the U.S. These disasters raise several financial issues. A crash represents the loss of a plane, the loss of lives, the loss of scheduling capacity, higher insurance costs and the potential loss of consumer goodwill. This article focuses on the last of these. Are consumers reluctant to fly with airlines that have poor safety records or do they treat crashes merely as random events that bear no reflection on the quality of the airline? KW - AIRCRAFT accidents KW - CORPORATE image KW - AIRLINE industry KW - ECONOMICS KW - UNITED States N1 - Accession Number: 11478135; Mitchell, Mark L. 1; Maloney, Michael T. 2; Affiliations: 1: U.S. Securities and Exchange Commission; 2: Clemson University, President; Issue Info: Oct89 Part1, Vol. 32 Issue 2, p329; Thesaurus Term: AIRCRAFT accidents; Thesaurus Term: CORPORATE image; Thesaurus Term: AIRLINE industry; Thesaurus Term: ECONOMICS; Subject: UNITED States; NAICS/Industry Codes: 481110 Scheduled air transportation; NAICS/Industry Codes: 481111 Scheduled Passenger Air Transportation; Number of Pages: 27p; Illustrations: 9 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11478135&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Harris, Lawrence T1 - S&P 500 Cash Stock Price Volatilities. JO - Journal of Finance JF - Journal of Finance Y1 - 1989/12// VL - 44 IS - 5 M3 - Article SP - 1155 EP - 1175 PB - Wiley-Blackwell SN - 00221082 AB - S&P 500 stock return volatilities are compared to the volatilities of a matched set of stocks, after controlling for cross-sectional differences in firm attributes known to affect volatility. No significant difference in volatility is observed between 1975 and 1983- before the start of trade in index futures and index options. Since then, S&P 500 stocks have been relatively more volatile. The difference is statistically, but not economically, significant. The relative increase occurs primarily in daily returns and only to a lesser extent in longer interval returns. Other factors besides the start of derivative trade could be responsible for the small increase in volatility. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK price indexes KW - VOLATILITY (Finance) KW - STOCKS (Finance) -- Prices KW - RATE of return KW - STOCKS (Finance) -- Accounting KW - PRICE indexes KW - DERIVATIVE securities KW - SECURITIES markets KW - CASH flow KW - INVESTMENTS N1 - Accession Number: 4649526; Harris, Lawrence 1,2; Affiliations: 1: School of Business Administration, University of Southern California.; 2: Office of Economic Analysis, U.S. Securities and Exchange Commission; Issue Info: Dec1989, Vol. 44 Issue 5, p1155; Thesaurus Term: STOCK price indexes; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: RATE of return; Thesaurus Term: STOCKS (Finance) -- Accounting; Thesaurus Term: PRICE indexes; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: SECURITIES markets; Thesaurus Term: CASH flow; Thesaurus Term: INVESTMENTS; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4649526&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Erfle, Stephen AU - McMillan, Henry T1 - MEDIA, POLITICAL PRESSURE, AND THE FIRM: THE CASE OF PETROLEUM PRICING IN THE LATE 1970s. JO - Quarterly Journal of Economics JF - Quarterly Journal of Economics Y1 - 1990/02// VL - 105 IS - 1 M3 - Article SP - 115 EP - 134 SN - 00335533 AB - Studying the oil crisis of the late 1970's, tests the hypothesis that the threat of government intervention causes prices to differ among firms in an industry, with firms under particular political pressure holding prices down during the crisis. Using media coverage of the crisis as a measure of political pressure, demonstrates that major oil companies departed from normal practices in pricing home fuel oil in the New York City area, but not in the pricing of residual fuel oil. KW - PETROLEUM industry KW - PETROLEUM products -- Sales & prices KW - INTERVENTION (Federal government) KW - GOVERNMENT regulation KW - FUEL KW - CRISES KW - PRICES KW - MASS media KW - NEW York (N.Y.) N1 - Accession Number: 5769076; Erfle, Stephen 1; McMillan, Henry 2; Affiliations: 1 : Dickinson College; 2 : Office of Economic Analysis, Securities and Exchange Commission; Source Info: Feb90, Vol. 105 Issue 1, p115; Note: 4 tables, 2 fig., 21 notes, ref.; Historical Period: 1977 to 1980; Subject Term: PETROLEUM industry; Subject Term: PETROLEUM products -- Sales & prices; Subject Term: INTERVENTION (Federal government); Subject Term: GOVERNMENT regulation; Subject Term: FUEL; Subject Term: CRISES; Subject Term: PRICES; Subject Term: MASS media; Subject: NEW York (N.Y.); Number of Pages: 20p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ahl&AN=5769076&site=ehost-live&scope=site DP - EBSCOhost DB - ahl ER - TY - JOUR AU - Erfle, Stephen AU - McMillan, Henry AU - Grofman, Bernard T1 - Regulation via Threats: Politics, Media Coverage, and Oil Pricing Decisions. JO - Public Opinion Quarterly JF - Public Opinion Quarterly Y1 - 1990///Spring90 VL - 54 IS - 1 M3 - Article SP - 48 EP - 48 PB - Oxford University Press / USA SN - 0033362X AB - Using the oil crisis of the late 1970s as a case study, we examine the intertwined influences of public opinion and media attention on the credibility of regulatory threats. We focus on three factors: the intensity of public demands for regulatory intervention, the extent to which there are other competing demands on legislative attention, and the availability of scapegoats external to the industry. We use television news coverage of various topics to measure these three factors. We hypothesize that firms threatened with potential regulation restrained price increases, with the largest and most publicly visible firms exercising the greatest restraint. We find that large, visible oil firms restrained price increases for the most important decontrolled products (diesel fuel oil) when media coverage of the oil industry was extensive. These firms exercised less restraint when the government was busy with other issues or when political instability in the Middle East offered an external rationale for oil price increases. [ABSTRACT FROM AUTHOR] AB - Copyright of Public Opinion Quarterly is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - Public opinion polls KW - Petroleum products -- Sales & prices KW - Trade regulation KW - Price regulation KW - Middle East N1 - Accession Number: 9102181794; Erfle, Stephen 1; McMillan, Henry 2; Grofman, Bernard 3; Affiliations: 1: Assistant Professor of Economics, Dickinson College, Carlisle, PA 17013; 2: Financial Economist, Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC 20549; 3: Professor of Political Science, University of California, Irvine, CA 92717; Issue Info: Spring90, Vol. 54 Issue 1, p48; Thesaurus Term: Public opinion polls; Subject Term: Petroleum products -- Sales & prices; Subject Term: Trade regulation; Subject Term: Price regulation; Subject: Middle East; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 16p; Illustrations: 2 Charts, 1 Graph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ufh&AN=9102181794&site=ehost-live&scope=site DP - EBSCOhost DB - ufh ER - TY - JOUR AU - Harris, Lawrence T1 - Statistical Properties of the Roll Serial Covariance Bid/Ask Spread Estimator. JO - Journal of Finance JF - Journal of Finance Y1 - 1990/06// VL - 45 IS - 2 M3 - Article SP - 579 EP - 590 PB - Wiley-Blackwell SN - 00221082 AB - Exact small sample population moments of the standard serial covariance and variance estimators are derived under the assumptions of the Roll bid/ask spread model. Noise explains why serial covariance estimates are often positive in annual samples of daily and weekly returns. Small sample estimator bias partially explains why weekly estimates are more negative than daily estimates. Noise causes the Roll spread estimator to be severely biased by Jensen's inequality. The French-Roll adjusted variance estimator is unbiased but noisy. Empirical tests confirm the major implications. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BID price KW - TENDER offers (Securities) KW - ESTIMATES KW - ECONOMIC forecasting KW - MATHEMATICAL economics KW - ANALYSIS of covariance KW - ECONOMICS -- Methodology KW - STATISTICS KW - RATE of return KW - VARIABLES (Mathematics) N1 - Accession Number: 4652202; Harris, Lawrence 1,2; Affiliations: 1: Economic Fellow, Office of Economic Analysis, U.S. Securities and Exchange Commission; 2: Associate Professor of Finance and Business Economics, School of Business Administration, University of Southern California.; Issue Info: Jun90, Vol. 45 Issue 2, p579; Thesaurus Term: BID price; Thesaurus Term: TENDER offers (Securities); Thesaurus Term: ESTIMATES; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: MATHEMATICAL economics; Thesaurus Term: ANALYSIS of covariance; Thesaurus Term: ECONOMICS -- Methodology; Thesaurus Term: STATISTICS; Thesaurus Term: RATE of return; Subject Term: VARIABLES (Mathematics); Number of Pages: 12p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4652202&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lehn, Kenneth AU - Netter, Jeifry AU - Poulsen, Annette T1 - Consolidating corporate control Dual-class recapitalizations versus leveraged buyouts. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1990/10// VL - 27 IS - 2 M3 - Article SP - 557 EP - 580 SN - 0304405X AB - Dual-class recapitalizations and leveraged buyouts have similar effects on ownership of corporate voting rights but very different effects on ownership of residual claims. We predict that firms with greater growth opportunities, lower agency costs, and lower tax liability are more likely to consolidate control through dual-class recapitalizations. We find strong support for the growth hypothesis and weaker support for the other hypotheses. These results increase our understanding of the causes of change in organizational form by illustrating that the method and effects of consolidating corporate control are systematically related to firm attributes. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - LEVERAGED buyouts KW - RECAPITALIZATION KW - CORPORATIONS -- Finance KW - CONSOLIDATION & merger of corporations KW - PROPERTY KW - HYPOTHESIS N1 - Accession Number: 12614326; Lehn, Kenneth 1; Netter, Jeifry 2; Poulsen, Annette 2; Affiliations: 1: U.S. Securities and Exchange Commission, Washington, DC 20549, USA.; 2: University of Georgia, Athens, GA 30602, USA.; Issue Info: Oct90, Vol. 27 Issue 2, p557; Thesaurus Term: LEVERAGED buyouts; Thesaurus Term: RECAPITALIZATION; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: PROPERTY; Subject Term: HYPOTHESIS; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 24p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12614326&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lehn, Kenneth AD - US Securities and Exchange Commission T1 - Globalization of Financial Markets: A Comment JO - Carnegie-Rochester Conference Series on Public Policy JF - Carnegie-Rochester Conference Series on Public Policy Y1 - 1991///Spring IS - 34 SP - 97 EP - 103 SN - 01672231 N1 - Accession Number: 0251594; Keywords: Financial Markets; Globalization; Geographic Descriptors: U.S.; U.K.; Japan; Geographic Region: Northern America; Europe; Asia; Publication Type: Journal Article; Update Code: 199203 KW - International Financial Markets G15 L3 - http://www.sciencedirect.com/science/journal/01672231 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0251594&site=ehost-live&scope=site UR - http://www.sciencedirect.com/science/journal/01672231 DP - EBSCOhost DB - ecn ER - TY - GEN AU - Lochner, Jr., Philip R. T1 - WORTH REPEATING. JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1991/09// VL - 172 IS - 3 M3 - Excerpt SP - 108 EP - 109 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - Presents excerpts from a speech by Philip R. Lochner Jr., a commissioner of the U.S. Securities and Exchange Commission (SEC), delivered at the 10th Annual SEC and Financial Reporting Institute Conference. KW - LOCHNER, Philip R. N1 - Accession Number: 4575611; Lochner, Jr., Philip R. 1; Affiliations: 1: Commissioner, Securities and Exchange Commission, United State.; Issue Info: Sep91, Vol. 172 Issue 3, p108; People: LOCHNER, Philip R.; Number of Pages: 2p; Document Type: Excerpt UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4575611&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mulherin, J. Harold AU - Netter, Jeffry M. AU - Overdahl, James A. T1 - PRICES ARE PROPERTY: THE ORGANIZATION OF FINANCIAL EXCHANGES FROM A TRANSACTION COST PERSPECTIVE. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1991/10/02/Oct89 Part2 VL - 34 IS - 2 M3 - Article SP - 591 EP - 644 SN - 00222186 AB - The authors of this research article developed the underlying economic model of the U.S. Department of Justice's merger guidelines' treatment of geographic markets. The model is based on the residual demand facing a given group of producers. The criterion specifying a geographic market can be expressed as that area for which the own-price elasticity of the residual demand facing producers in that area is sufficiently small. The authors indicated how residual demand could be derived in a geographic context. They also discussed the problems involved in the estimation of price elasticity of the residual demand faced by a set of producers. Estimates of the residual demand for unleaded gasoline for eastern U.S. and subregions were also presented. KW - ECONOMETRICS KW - CONSOLIDATION & merger of corporations KW - LAW KW - ECONOMICS KW - UNITED States N1 - Accession Number: 11477960; Mulherin, J. Harold 1; Netter, Jeffry M. 2; Overdahl, James A. 3; Affiliations: 1: Clemson University, President; 2: University of Georgia; 3: Securities and Exchange Commission; Issue Info: Oct89 Part2, Vol. 34 Issue 2, p591; Thesaurus Term: ECONOMETRICS; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: LAW; Thesaurus Term: ECONOMICS; Subject: UNITED States; Number of Pages: 54p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11477960&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lehn, Kenneth AU - Poulsen, Annette T1 - CONTRACTUAL RESOLUTION OF BONDHOLDER-STOCKHOLDER CONFLICTS IN LEVERAGED BUYOUTS. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1991/10/02/Oct89 Part2 VL - 34 IS - 2 M3 - Article SP - 645 EP - 673 SN - 00222186 AB - It was seen in recent years that the U.S., government regulation of the housing industry has increased. In this article, the authors examined the effects of local land use regulation on house prices in the San Francisco Bay Area. Regression analysis results indicates that house prices are between 17 percent and 38 percent higher in those communities in which growth moratoria and/or growth control plans are present. The results are not surprising given the widespread use of controls in many communities that limit the available supply response in neighboring communities. The spread of these regulatory techniques to metropolitan areas outside of California may have substantial negative effects on the affordability of housing for the maturing baby-boom cohort now entering the house market. KW - HOUSING KW - ECONOMICS KW - LAW KW - LAW & legislation KW - SAN Francisco Bay Area (Calif.) KW - CALIFORNIA KW - UNITED States N1 - Accession Number: 11477961; Lehn, Kenneth 1; Poulsen, Annette 2; Affiliations: 1: Securities and Exchange Commission; 2: University of Georgia; Issue Info: Oct89 Part2, Vol. 34 Issue 2, p645; Thesaurus Term: HOUSING; Thesaurus Term: ECONOMICS; Thesaurus Term: LAW; Subject Term: LAW & legislation; Subject: SAN Francisco Bay Area (Calif.); Subject: CALIFORNIA; Subject: UNITED States; NAICS/Industry Codes: 624229 Other Community Housing Services; Number of Pages: 29p; Illustrations: 5 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11477961&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Phillips-Patrick, Frederick J. T1 - POLITICAL RISK AND ORGANIZATIONAL FORM. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1991/10/02/Oct89 Part2 VL - 34 IS - 2 M3 - Article SP - 675 EP - 693 SN - 00222186 AB - The authors of this research article examined the relation between the number and proportion of outside board members and the concentration of ownership within the nontakeover states in the U.S. banking industry. The substitute hypothesis was tested empirically by comparing boards of directors of banks in two sets of states. One set consists of states that prohibit corporate acquisition of commercial banks, the other set consists of states that permit corporate acquisition of banks. The number and the proportion of outsiders on boards were found to be greater for banks operating in acquisition states. A related issue examined concerns the relation among managerial performance and composition of the board, concentration of ownership and activity in the market for takeovers. KW - PROPERTY KW - TENDER offers (Securities) KW - BANKING industry KW - ECONOMICS KW - LAW N1 - Accession Number: 11477962; Phillips-Patrick, Frederick J. 1; Affiliations: 1: Securities and Exchange Commission; Issue Info: Oct89 Part2, Vol. 34 Issue 2, p675; Thesaurus Term: PROPERTY; Thesaurus Term: TENDER offers (Securities); Thesaurus Term: BANKING industry; Thesaurus Term: ECONOMICS; Thesaurus Term: LAW; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; Number of Pages: 19p; Illustrations: 4 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11477962&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Overdahl, James A. T1 - A RESEARCHER'S GUIDE TO THE CONTRACTS OF FIRMS FILING WITH THE SEC. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1991/10/02/Oct89 Part2 VL - 34 IS - 2 M3 - Article SP - 695 EP - 701 SN - 00222186 AB - The shelf registration of new securities, known as rule 415, which began as an experiment by the U.S. Securities and Exchange Commission in March 1982 was adopted officially in November 1983. This research study tested the influence of shelf registrations on new issues by using a sample of industrial debt issues sold between 1977 and 1983 and a sample of common stock issues sold between January 1977 and December 1984. The findings suggested that industrial bond issues sold by shelf registration sell for 20 basis points less than similar nonsheld sales and that the intensity of bidder competition for bond issues accounts for the difference in interest cost between the two methods of sale. KW - SHELF registration KW - SECURITIES KW - ECONOMICS KW - LAW KW - UNITED States N1 - Accession Number: 11477963; Overdahl, James A. 1; Affiliations: 1: Securities and Exchange Commission; Issue Info: Oct89 Part2, Vol. 34 Issue 2, p695; Thesaurus Term: SHELF registration; Thesaurus Term: SECURITIES; Thesaurus Term: ECONOMICS; Thesaurus Term: LAW; Subject: UNITED States; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 6p; Illustrations: 1 Chart; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11477963&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Glazer, Amihai AU - McMillan, Henry T1 - Amend the old or address the new: Broad-based legislation when proposing policies is costly. JO - Public Choice JF - Public Choice Y1 - 1992/07// VL - 74 IS - 1 M3 - Article SP - 43 EP - 58 SN - 00485829 AB - If each legislator wishes to encourage other legislators to address new problems in future periods, then a subgame perfect Nash equilibrium can exist with the following properties; (1) no legislator finds it worthwhile to make a narrow proposal that appeals lo a minimum majority; (2) instead, legislators propose policies that appeal to all members, not for fear of retaliation, but rather to encourage other members to work on new problems in succeeding periods; (3) in succeeding periods no legislator amends the existing broad policy. We find an equilibrium with these properties in finite as well as infinite period games. [ABSTRACT FROM AUTHOR] AB - Copyright of Public Choice is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - LEGISLATIVE bodies KW - EQUILIBRIUM (Economics) KW - ECONOMICS KW - LEGISLATORS KW - POLITICIANS N1 - Accession Number: 17166012; Glazer, Amihai 1; McMillan, Henry 2; Affiliations: 1: Department of Economics, University of California, Irvine, CA 92717; 2: Office of Economic Analysis, United States Securities and Exchange Commission, Washington, DC 20549; Issue Info: Jul1992, Vol. 74 Issue 1, p43; Thesaurus Term: LEGISLATIVE bodies; Thesaurus Term: EQUILIBRIUM (Economics); Thesaurus Term: ECONOMICS; Subject Term: LEGISLATORS; Subject Term: POLITICIANS; NAICS/Industry Codes: 921120 Legislative Bodies; Number of Pages: 16p; Illustrations: 2 Charts, 3 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17166012&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mann, Michael D. AU - Leder, Paul A. AU - Jacobs, Elizabeth T1 - THE ESTABLISHMENT OF INTERNATIONAL MECHANISMS FOR ENFORCING PROVISIONAL ORDERS AND FINAL JUDGMENTS ARISING FROM SECURITIES LAW VIOLATIONS. JO - Law & Contemporary Problems JF - Law & Contemporary Problems Y1 - 1992/09// VL - 55 IS - 4 M3 - Article SP - 303 EP - 330 SN - 00239186 AB - The article describes the development of mechanisms in which regulators can assist each other in freezing assets and recovering illicit profits from securities law violators. The U.S. Securities and Exchange Commission and its foreign counterparts use the mechanism called the Memoranda of Understanding (MOU) to gather and exchange information as well as extend a regulator's investigative reach beyond its national borders. KW - ASSET freezing KW - SECURITIES KW - SECURITIES fraud KW - INTERNATIONAL cooperation KW - SECURITIES trading KW - UNITED States N1 - Accession Number: 24740000; Mann, Michael D. 1 Leder, Paul A. 2 Jacobs, Elizabeth 3; Affiliation: 1: Director, Office of International Affairs, Securities and Exchange Commission 2: Assistant Director, Office of International Affairs, Securities and Exchange Commission 3: Senior Counsel, Office of International Affairs, Securities and Exchange Commission; Source Info: Autumn1992, Vol. 55 Issue 4, p303; Subject Term: ASSET freezing; Subject Term: SECURITIES; Subject Term: SECURITIES fraud; Subject Term: INTERNATIONAL cooperation; Subject Term: SECURITIES trading; Subject Term: UNITED States; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 28p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=24740000&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Bogart, William T. AU - Bradford, David F. AU - Williams, Michael G. T1 - Incidence effects of a state fiscal policy shift: The Florio initiatives in New Jersey. JO - National Tax Journal JF - National Tax Journal Y1 - 1992/12// VL - 45 IS - 4 M3 - Article SP - 371 EP - 387 PB - National Tax Association SN - 00280283 AB - We calculate the incidence of the recent changes to the New Jersey state tax system on a sample of homeowners and conclude that the policies redistribute wealth on average from higher-income homeowners toward lower-income homeowners and from owners of suburban residential property toward owners of urban and rural residential property. Even when there exist clear and significant general tendencies in the effects of a policy on identifiable groups, there remains considerable variation among individuals within such groups. We distinguish between changes designed to finance a given policy path and genuine shifts in policy. The latter have incidence and allocation effects, the former do not. [ABSTRACT FROM AUTHOR] AB - Copyright of National Tax Journal is the property of National Tax Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FISCAL policy KW - STATE taxation KW - WEALTH KW - MONETARY policy KW - ECONOMIC policy KW - PUBLIC finance KW - PUBLIC spending KW - TAXATION KW - NEW Jersey N1 - Accession Number: 9511130912; Bogart, William T. 1; Bradford, David F. 2; Williams, Michael G. 3; Affiliations: 1: Case Western Reserve University, Cleveland, OH 44106; 2: Princeton University, Princeton NJ, 08544; 3: Securities and Exchange Commission, Washington, DC, 20549; Issue Info: Dec92, Vol. 45 Issue 4, p371; Thesaurus Term: FISCAL policy; Thesaurus Term: STATE taxation; Thesaurus Term: WEALTH; Thesaurus Term: MONETARY policy; Thesaurus Term: ECONOMIC policy; Thesaurus Term: PUBLIC finance; Thesaurus Term: PUBLIC spending; Thesaurus Term: TAXATION; Subject: NEW Jersey; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 17p; Document Type: Article; Full Text Word Count: 7880 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9511130912&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Breeden, Richard C. T1 - Leave It to the Markets. (cover story) JO - Harvard Business Review JF - Harvard Business Review Y1 - 1993/01//Jan/Feb1993 VL - 71 IS - 1 M3 - Article SP - 76 EP - 77 PB - Harvard Business School Publication Corp. SN - 00178012 AB - The article refers to an article by Michael Porter that was published in the September-October 1992 issue and comments on the American style of corporate governance. The argument is that managers are restricted by the demands of capital markets and an attitude of short-termism. Topics include the idea that stock prices can reflect the long-term payoff on investments, the need to strengthen corporate accountability and corporate democracy, and the long-term aspect of governance systems in Japan and Germany. KW - CORPORATE governance KW - BUSINESS enterprises KW - STOCKS (Finance) -- Prices KW - CAPITAL market KW - INTERNATIONAL competition KW - SHORT term planning KW - STRATEGIC planning KW - EXECUTIVES -- Attitudes KW - UNITED States KW - PORTER, Michael N1 - Accession Number: 9307305364; Breeden, Richard C. 1; Affiliations: 1: Chairman, U.S. Securities and Exchange Commission; Issue Info: Jan/Feb1993, Vol. 71 Issue 1, p76; Thesaurus Term: CORPORATE governance; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: CAPITAL market; Thesaurus Term: INTERNATIONAL competition; Thesaurus Term: SHORT term planning; Thesaurus Term: STRATEGIC planning; Thesaurus Term: EXECUTIVES -- Attitudes; Subject: UNITED States; People: PORTER, Michael; Number of Pages: 2p; Document Type: Article; Full Text Word Count: 633 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9307305364&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cole, Cathy T1 - How the SEC Cracked Down on False Financial Statements in 1992. JO - Journal of Corporate Accounting & Finance (Wiley) JF - Journal of Corporate Accounting & Finance (Wiley) Y1 - 1993///Spring1993 VL - 4 IS - 3 M3 - Article SP - 267 EP - 282 SN - 10448136 AB - Discusses the U.S. Securities and Exchange Commission's (SEC) accounting and auditing enforcement releases involving false or misleading financial information in 1992. Accounting violations cited including issues of manipulation of accounting records, ownership and valuation of assets, revenue recognition, cost deferral, loss recognition and the adequacy of disclosures; Conditions that lead to financial misstatements; Guidance on the SEC interpretations of generally accepted accounting principles, generally accepted auditing standards and disclosure rules KW - FINANCIAL statements KW - ACCOUNTING KW - SECURITIES fraud KW - CORPORATION reports KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 16867708; Cole, Cathy 1; Affiliations: 1: U.S. Securities and Exchange Commission; Issue Info: Spring1993, Vol. 4 Issue 3, p267; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Thesaurus Term: SECURITIES fraud; Thesaurus Term: CORPORATION reports; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 16p; Illustrations: 1 Chart; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16867708&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jones, Jonathan D. AU - Nachtmann, Robert AU - Phillips-Patrick, Fred T1 - Linkage between S&P and non-S&P stocks on the NYSE. JO - Applied Financial Economics JF - Applied Financial Economics Y1 - 1993/06// VL - 3 IS - 2 M3 - Article SP - 127 EP - 144 PB - Routledge SN - 09603107 AB - This paper investigates the intraday pricing linkage between S&P and non-S&P portfolios of stocks traded on the New York Stock Exchange for the market crashes of October 1987 and October 1989. The two portfolios consist of public utility stocks constructed with a technique known as pairing. The paper finds evidence that minute-by-minute prices for the S&P and non-S&P portfolios are cointegrated for both market disturbances. These results suggest that the pricing linkage between the two sets of stocks is maintained during periods of extreme stock market stress. The paper also finds evidence that the lead--lag relationship between the S&P and non-S&P portfolio prices is sensitive to changes in trading costs. [ABSTRACT FROM AUTHOR] AB - Copyright of Applied Financial Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PRICING KW - STANDARD & Poor's 500 Index KW - STOCK exchanges KW - COINTEGRATION KW - ECONOMETRICS KW - STOCKS (Finance) -- Prices N1 - Accession Number: 5746669; Jones, Jonathan D. 1; Nachtmann, Robert 2; Phillips-Patrick, Fred 3; Affiliations: 1: Office of Economic Analysis, US Securities and Exchange Commission, 450 5th Street, NW, Washington, DC 20549; 2: Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA 15260, USA; 3: Office of Thrift Supervision, Department of the Treasury, 1700 G St. NW, Washington, DC 20552, USA; Issue Info: Jun93, Vol. 3 Issue 2, p127; Thesaurus Term: PRICING; Thesaurus Term: STANDARD & Poor's 500 Index; Thesaurus Term: STOCK exchanges; Thesaurus Term: COINTEGRATION; Thesaurus Term: ECONOMETRICS; Thesaurus Term: STOCKS (Finance) -- Prices; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5746669&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Iannaconi, Teresa E. T1 - THE SEC's EXPANDED ROLE IN SMALL BUSINESS CAPITAL FORMATION. (cover story) JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 1993/08// VL - 176 IS - 2 M3 - Article SP - 47 EP - 48 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - The article reports on the role of the Securities and Exchange Commission (SEC) in promoting the capital formation of small business. In 1992, SEC took new major initiatives to address the capital needs of businesses. The rule changes applied by SEC to provide new opportunities for small businesses in raising capital for business expansion is discussed in the article. In April of 1993 SEC also came up with changes to facilitate a small business issuer's transition to reporting status and to simplify disclosure requirements for small issuers that engage in exempt offerings. There is a good reception from the public on the new provisions by SEC. KW - SAVING & investment KW - SMALL business KW - SMALL business loans KW - SECURITIES -- Taxation KW - SECURITIES KW - INFORMAL sector (Economics) KW - CORPORATIONS -- Growth KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 9311196207; Iannaconi, Teresa E. 1; Affiliations: 1: Associate Director in Accounting Operations, Division of Corporation Finance, Securities and Exchange Commission, Washington, D.C.; Issue Info: Aug1993, Vol. 176 Issue 2, p47; Thesaurus Term: SAVING & investment; Thesaurus Term: SMALL business; Thesaurus Term: SMALL business loans; Thesaurus Term: SECURITIES -- Taxation; Thesaurus Term: SECURITIES; Thesaurus Term: INFORMAL sector (Economics); Thesaurus Term: CORPORATIONS -- Growth; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 926110 Administration of General Economic Programs; Number of Pages: 2p; Illustrations: 1 Chart; Document Type: Article; Full Text Word Count: 1224 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9311196207&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Woodward, Susan E. AU - Willis, Diana AU - Young, Christopher K. AU - Jackson, Edward L. T1 - LETTERS. JO - Financial Executive JF - Financial Executive Y1 - 1993/11//Nov/Dec93 VL - 9 IS - 6 M3 - Letter SP - 5 EP - 57 PB - Financial Executives International SN - 08954186 AB - Several letters to the editor are presented in response to Christopher Young's article "What's the Right Black-Scholes Value?" published in the September/October issue. KW - VESTED benefits KW - PENSIONS KW - STOCK options KW - LETTERS to the editor KW - YOUNG, Christopher N1 - Accession Number: 11863370; Woodward, Susan E. 1; Willis, Diana 2; Young, Christopher K. 3; Jackson, Edward L. 4; Affiliations: 1: Chief Economist Securities and Exchange Commission Washington, D.C..; 2: Project Manager Financial Accounting Standards Board Norwalk, Conn..; 3: Buck Consultants, Pittsburth, Penn.; 4: Manager, Revenue Accounting The Port Authority of New York & New Jersey New York, NY; Issue Info: Nov/Dec93, Vol. 9 Issue 6, p5; Thesaurus Term: VESTED benefits; Thesaurus Term: PENSIONS; Thesaurus Term: STOCK options; Subject Term: LETTERS to the editor; NAICS/Industry Codes: 526111 Trusteed pension funds; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; People: YOUNG, Christopher; Number of Pages: 3p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11863370&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jones, Jonathan D. T1 - Another look at the short-run relation between initial margins and stock volatility. JO - Applied Financial Economics JF - Applied Financial Economics Y1 - 1993/12// VL - 3 IS - 4 M3 - Article SP - 283 EP - 292 PB - Routledge SN - 09603107 AB - The event-study approach is used to reexarnine the short-run relation between the initial margin requirement and stock volatility with daily observations on both the Dow Jones and Standard and Poor's Price Indexes for the 23 initial margin changes from October 1934 through January 1974, including the introduction of margins in October 1934. The paper focuses on the sensitivity of the results to event window length and non-normality of the daily return distributions — two issues largely ignored in previous work. After adjusting for significant leptokurtosis in both price indexes, the paper finds evidence of what appears to be a strong, albeit not consistently negative, relation between margins and volatility for event windows of 100 days. The results do not support the conclusion reached in the academic literature of no short-run relation between initial margins and stock volatility. [ABSTRACT FROM AUTHOR] AB - Copyright of Applied Financial Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES -- Prices KW - SECURITIES markets KW - STOCKS (Finance) -- Prices KW - VOLATILITY (Finance) KW - RISK KW - ECONOMIC indicators KW - INDUSTRIAL statistics KW - PRICE indexes N1 - Accession Number: 5745647; Jones, Jonathan D. 1; Affiliations: 1: Office of Economic Analysis, US Securities and Exchange Commission, Washington, DC 20549, USA; Issue Info: Dec93, Vol. 3 Issue 4, p283; Thesaurus Term: SECURITIES -- Prices; Thesaurus Term: SECURITIES markets; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: RISK; Thesaurus Term: ECONOMIC indicators; Thesaurus Term: INDUSTRIAL statistics; Thesaurus Term: PRICE indexes; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 10p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5745647&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Schuetze, Walter P. T1 - A Mountain or a Molehill? JO - Accounting Horizons JF - Accounting Horizons Y1 - 1994/03// VL - 8 IS - 1 M3 - Article SP - 69 EP - 75 PB - American Accounting Association SN - 08887993 AB - This article comments on the importance of the independence of auditors to the credibility of financial reporting and the capital formation process. The concept of auditor independence under the Federal securities laws, therefore, was designed not only as a means to have better financial information reported to the public, but also to enhance investors' perceptions regarding the reliability and accuracy of that information. Starting from this vantage point, it is easily understood why the staff resisted the approach taken by the AICPA Committee that independence issues should be viewed from tbe standpoint of a reasonable auditor. To the staff, the key question is whether a reasonable investor, knowing all the facts and circumstances, would consider the independent accountant to have impartial and objective judgment on the questions confronting him or her during the audit. The independence rules promulgated by the AICPA and SEC principally address the appearance of independence because it is impossible to regulate an individual's state of mind. The independent mind set, however, is the most basic independence requirement. The advocacy of weak and unsupported client accounting positions speaks loudly about independence in fact. KW - AUDITORS KW - FINANCIAL statements KW - SAVING & investment KW - ACCOUNTANTS KW - CORPORATION reports KW - SUPPLY-side economics N1 - Accession Number: 9408023315; Schuetze, Walter P. 1; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; Issue Info: Mar1994, Vol. 8 Issue 1, p69; Thesaurus Term: AUDITORS; Thesaurus Term: FINANCIAL statements; Thesaurus Term: SAVING & investment; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: CORPORATION reports; Thesaurus Term: SUPPLY-side economics; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; Number of Pages: 7p; Document Type: Article; Full Text Word Count: 4222 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9408023315&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Schuetze, Walter P. T1 - What is the future of mutual recognition of financial statements and is comparability really necessary? JO - European Accounting Review JF - European Accounting Review Y1 - 1994/07// VL - 3 IS - 2 M3 - Article SP - 330 EP - 334 PB - Routledge SN - 09638180 AB - The article discusses the future of mutual recognition of financial statements. Under the mutual-recognition approach to regulation of securities offerings, the regulator in the country where the securities are sought to be offered and listed would accept as adequate whatever disclosures the issuer makes in its home country. While this approach may, on its surface, appeal to issuers, it places a great burden on investors. Under that approach, investors have to learn and become familiar with the accounting requirements of the country of the issuer. That approach burdens rather than helps investors. It is not practical for the investor in another country to know enough about the disclosure requirements and accounting rules or practices in the issuer's country so as to make informed decisions about prices of the issuer's securities. The aim of regulation should be to help investors, not burden them. Moreover, the mutual-recognition approach has another drawback, which is called the lowest-common-denominator syndrome which means that managers of some corporations may not necessarily act in the best interests of investors by factually and openly reporting financial information. If some companies in the worldwide markets smooth their earnings, or indeed determine the amounts of their earnings through the use of hidden accounting reserves, other companies may be motivated to report in a similar way so as to preserve perceived competitive advantage. KW - FINANCIAL statements KW - ACCOUNTING standards KW - FINANCIAL disclosure KW - INTERNATIONAL business enterprises KW - INTERNATIONAL cooperation KW - CORPORATION reports N1 - Accession Number: 5386169; Schuetze, Walter P. 1; Affiliations: 1: Securities and Exchange Commission.; Issue Info: Jul94, Vol. 3 Issue 2, p330; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: INTERNATIONAL business enterprises; Thesaurus Term: INTERNATIONAL cooperation; Thesaurus Term: CORPORATION reports; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5386169&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Tai Ma AU - H. J. Chen T1 - STOCK MARKET SURVEILLANCE AND MARKET PERFORMANCE: THE CASE OF TAIWAN. JO - Asia Pacific Journal of Management JF - Asia Pacific Journal of Management Y1 - 1994/10// VL - 11 IS - 2 M3 - Article SP - 305 EP - 325 SN - 02174561 AB - In this paper we investigate the effect of warning announcements on the price behaviour of stocks. We also study the effects of various corrective treatments (trading halts, call trading and 100% payment/delivery with order) on the performance of stocks in the Taiwan stock market. It is found that waning announcements serve to improve the performance of stocks, except in the case of consecutive warnings. Generally speaking, the corrective measures taken after the consecutive warnings are able to reduce the volatility, the abnormal returns and the excess liquidity of the stocks. [ABSTRACT FROM AUTHOR] AB - Copyright of Asia Pacific Journal of Management is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK exchanges KW - STOCKS (Finance) -- Prices KW - VOLATILITY (Finance) KW - SECURITIES KW - LIQUIDITY (Economics) KW - TAIWAN N1 - Accession Number: 16839477; Tai Ma 1; H. J. Chen 2; Affiliations: 1: Professors, National Sun Yat-sen University.; 2: Professors, , Securities and Exchange Commission.; Issue Info: Oct1994, Vol. 11 Issue 2, p305; Thesaurus Term: STOCK exchanges; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: SECURITIES; Thesaurus Term: LIQUIDITY (Economics); Subject: TAIWAN; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 21p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16839477&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hiemstra, Craig AU - Jones, Jonathan D. T1 - Testing for Linear and Nonlinear Granger Causality in the Stock Price-Volume Relation. JO - Journal of Finance JF - Journal of Finance Y1 - 1994/12// VL - 49 IS - 5 M3 - Article SP - 1639 EP - 1664 PB - Wiley-Blackwell SN - 00221082 AB - Linear and nonlinear Granger causality tests are used to examine the dynamic relation between daily Dow Jones stock returns and percentage changes in New York Stock Exchange trading volume. We find evidence of significant bidirectional nonlinear causality between returns and volume. We also examine whether the nonlinear causality from volume to returns can be explained by volume serving as a proxy for information flow in the stochastic process generating stock return variance as suggested by Clark's (1973) latent common-factor model. After controlling for volatility persistence in returns, we continue to find evidence of nonlinear causality from volume to returns. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK exchanges KW - RESEARCH KW - STOCKS (Finance) -- Rate of return KW - SECURITIES markets KW - SECURITIES trading volume KW - STOCHASTIC processes KW - VOLATILITY (Finance) KW - EFFICIENT market theory KW - EXPECTED returns KW - DOW Jones & Co. Inc. KW - NEW York Stock Exchange N1 - Accession Number: 9501122360; Hiemstra, Craig 1; Jones, Jonathan D. 2; Affiliations: 1: Department of Accounting and Finance, University of Strathclyde; 2: Office of Economic Analysis, Securities and Exchange Commission; Issue Info: Dec1994, Vol. 49 Issue 5, p1639; Thesaurus Term: STOCK exchanges; Thesaurus Term: RESEARCH; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES trading volume; Thesaurus Term: STOCHASTIC processes; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: EFFICIENT market theory; Thesaurus Term: EXPECTED returns ; Company/Entity: DOW Jones & Co. Inc. Ticker: DJ ; Company/Entity: NEW York Stock Exchange; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Illustrations: 7 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9501122360&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Weinberger, David B. AU - Tufano, Peter AU - Francis, Cheryl AU - Sodhani, Arvind AU - Yeres, David AU - Smith, John T. AU - Isaac, Paul J. AU - Becker, Brandon T1 - Using Derivatives: What Senior Managers Must Know. JO - Harvard Business Review JF - Harvard Business Review Y1 - 1995/01//Jan/Feb1995 VL - 73 IS - 1 M3 - Article SP - 33 EP - 41 PB - Harvard Business School Publication Corp. SN - 00178012 AB - The use of derivatives--a broad term referring to such diverse instruments as futures, swaps, and options--has become increasingly popular in recent years as corporations look for new and better ways to manage risk. The high-profile losses of Procter & Gamble, Metallgesellschaft, and other companies are sending an important signal to senior managers: financial decisions that were previously designed and implemented by specialists need to be monitored more closely from the very top of organizations. In "A Framework for Risk Management" (November-December 1994), Kenneth A. Froot, David S. Scharfstein, and Jeremy C. Stein present a guide for helping managers develop a coherent risk-management strategy. This issue's Perspectives section opens up the discussion on derivatives to a group of experts. "For a company to manage its exposures effectively, it must first know that it has them." - Cheryl Francis, FMC Corporation. "Derivatives are simply the building blocks of financial instruments--and whether they are destructive or beneficial depends on context." - Arvind Sodhani, Intel Corporation. "Derivative instruments are no more than tactical tools--albeit very valuable ones--for implementing risk-management strategies." - David B. Weinberger, Swiss Bank Corporation. [ABSTRACT FROM AUTHOR] AB - Harvard Business Review Notice of Use Restrictions, May 2009Harvard Business Review and Harvard Business Publishing Newsletter content on EBSCOhost is licensed for the private individual use of authorized EBSCOhost users. It is not intended for use as assigned course material in academic institutions nor as corporate learning or training materials in businesses. Academic licensees may not use this content in electronic reserves, electronic course packs, persistent linking from syllabi or by any other means of incorporating the content into course resources. Business licensees may not host this content on learning management systems or use persistent linking or other means to incorporate the content into learning management systems. Harvard Business Publishing will be pleased to grant permission to make this content available through such means. For rates and permission, contact permissions@harvardbusiness.org. (Copyright applies to all Abstracts.) KW - DERIVATIVE securities KW - FINANCIAL management KW - RISK management in business KW - RISK exposure KW - BUSINESS planning KW - HEDGING (Finance) KW - OPERATING revenue KW - FINANCIAL instruments KW - BUSINESS enterprises -- Finance KW - INVESTMENTS N1 - Accession Number: 9501303524; Weinberger, David B. 1; Tufano, Peter 2; Francis, Cheryl 3; Sodhani, Arvind 4; Yeres, David 5; Smith, John T. 6; Isaac, Paul J.; Becker, Brandon 7; Affiliations: 1: Managing Director, Swiss Bank Corporation; 2: Associate Professor, Harvard Business School, Boston, Massachusetts; 3: Treasurer, FMC Corporation, Chicago, Illinois; 4: Vice President and Treasurer, Intel Corporation, Santa Clara, California; 5: Partner, Law Firm of Rogers & Wells, New York; 6: Partner, National Office of Deloitte & Touche, New York; 7: Director, Division of Market Regulation, U.S. Securities and Exchange Commission; Issue Info: Jan/Feb1995, Vol. 73 Issue 1, p33; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: FINANCIAL management; Thesaurus Term: RISK management in business; Thesaurus Term: RISK exposure; Thesaurus Term: BUSINESS planning; Thesaurus Term: HEDGING (Finance); Thesaurus Term: OPERATING revenue; Thesaurus Term: FINANCIAL instruments; Thesaurus Term: BUSINESS enterprises -- Finance; Thesaurus Term: INVESTMENTS; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 9p; Illustrations: 1 Black and White Photograph, 1 Cartoon or Caricature; Document Type: Article; Full Text Word Count: 5957 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9501303524&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Comment, Robert AU - Jarrella, Gregg A. T1 - Corporate focus and stock returns. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1995/01// VL - 37 IS - 1 M3 - Article SP - 67 EP - 87 SN - 0304405X AB - Greater corporate focus is consistent with shareholder wealth maximization. Dis-economies of scope in the 1980s are confirmed by a trend towards focus or specialization, a positive relation between stock returns and focus increases, and the failure of diversified firms to exploit financial economies of scope (coinsurance of debt or reliance on internal capital markets). Large focused firms were less likely to be subject to hostile takeover attempts than were other firms, but diversified firms were distinguished in the 1980s mostly by being relatively active participants, as both buyers and sellers, in the market for corporate control. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKS (Finance) -- Prices KW - STOCKHOLDERS KW - CORPORATE debt KW - CONSOLIDATION & merger of corporations KW - CORPORATIONS -- Finance KW - BUSINESS planning KW - Business segment KW - Diversification KW - Internal capital market KW - Leverage KW - Takeover N1 - Accession Number: 12154418; Comment, Robert 1; Jarrella, Gregg A. 2; Affiliations: 1: University of Rochester, Rochester, NY 14627, USA.; 2: Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC 20549, USA.; Issue Info: Jan1995, Vol. 37 Issue 1, p67; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CORPORATE debt; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: BUSINESS planning; Author-Supplied Keyword: Business segment; Author-Supplied Keyword: Diversification; Author-Supplied Keyword: Internal capital market; Author-Supplied Keyword: Leverage; Author-Supplied Keyword: Takeover; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 21p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12154418&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Levitt, Arthur T1 - An Exchange Between the Honorable Edward J. Markey, Chairman, U.S. House of Representatives Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce and the Honorable Arthur Levitt, Jr., Chairman, Securities and Exchange Commission JO - Accounting Horizons JF - Accounting Horizons Y1 - 1995/03// VL - 9 IS - 1 M3 - Article SP - 71 EP - 78 PB - American Accounting Association SN - 08887993 AB - The article presents an exchange of views between Edward J. Markey, chairman of the U.S. House of Representatives Subcommittee on Telecommunications and Finance, Committee on Energy and Commerce and Arthur Levitt, chairman of Securities and Exchange Commission regarding the consideration of the Securities and Exchange Commission and the Financial Accounting Standards Board (FASB) on the social and economic consequences of proposed accounting standards. Statement of Markey that the members of the Committee on Energy and Commerce and the Subcommittee on Telecommunications and Finance have followed with great interest the significant and contested debate surrounding the proposal of the FASB to change existing accounting rules for certain types of employee stock options. In addition, Levitt argued that the FASB is continuing its deliberations on the accounting for employee stock option. KW - ACCOUNTING standards KW - SOCIAL impact KW - EMPLOYEE stock options KW - RESTRICTED stock options KW - UNITED States KW - FINANCIAL Accounting Standards Board KW - UNITED States. Securities & Exchange Commission KW - MARKEY, Edward J., 1946- KW - LEVITT, Arthur, 1931- N1 - Accession Number: 9503212545; Levitt, Arthur 1; Affiliations: 1: Chairman, Securities and Exchange Commission, 450 5th Street, N. W., Washington, D.C. 20549; Issue Info: Mar1995, Vol. 9 Issue 1, p71; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: SOCIAL impact; Thesaurus Term: EMPLOYEE stock options; Thesaurus Term: RESTRICTED stock options; Subject: UNITED States ; Company/Entity: FINANCIAL Accounting Standards Board ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; People: MARKEY, Edward J., 1946-; People: LEVITT, Arthur, 1931-; Number of Pages: 8p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9503212545&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Linsmeier, Thomas J. AU - Lobo, Gerald J. AU - Kanaan, George K. T1 - Dispersion in Industry Price Changes and the Relative Association Between Alternative Income Measures and Security Returns. JO - Journal of Accounting, Auditing & Finance JF - Journal of Accounting, Auditing & Finance Y1 - 1995///Spring95 VL - 10 IS - 2 M3 - Article SP - 365 EP - 382 PB - Sage Publications Inc. SN - 0148558X AB - The objective of this research is to assess whether the incremental information content of current cost (CC) income and constant dollar (CD) income is time-period specific. Based on work by Lim and Sunder (1990), we predict that CC (CD) income is more likely to exhibit incremental information content over CD (CC) income when the dispersion in annual price changes across industries is large (small). Evidence provided using FASB Statement No. 33 data is consistent with these predictions. That is, CD (CC) income is shown to exhibit incremental information content over CC (CD) income in the years 1980 and 1983 (1981 and 1982). We then extend this analysis to a disclosure environment that includes historical cost (HC) income, and find that CD (CC) income also has incremental information content over HC income in those same years-1980 and 1983 (1981 and 1982). Thus, by identifying time periods when either CC income or CD income is the preferred income measure, we also are able to provide sample-wide evidence that accounting data adjusted for changing prices of productive assets provide incremental information over HC income. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Accounting, Auditing & Finance is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKS (Finance) -- Rate of return KW - INCOME KW - PRICING KW - COST accounting KW - ACCOUNTS receivable KW - DIRECT costing KW - ASSETS (Accounting) N1 - Accession Number: 11868581; Linsmeier, Thomas J. 1; Lobo, Gerald J. 2; Kanaan, George K. 3; Affiliations: 1: Office of the Chief Accountant, U.S. Securities and Exchange Commission.; 2: School of Management, Syracuse University.; 3: Faculty of Commerce & Administration, Concordia University.; Issue Info: Spring95, Vol. 10 Issue 2, p365; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: INCOME; Thesaurus Term: PRICING; Thesaurus Term: COST accounting; Thesaurus Term: ACCOUNTS receivable; Thesaurus Term: DIRECT costing; Thesaurus Term: ASSETS (Accounting); Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11868581&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Kandel, Eugene AU - Pearson, Neil D. T1 - Differential interpretation of public signals and trade in speculative markets. JO - Journal of Political Economy JF - Journal of Political Economy Y1 - 1995/08// VL - 103 IS - 4 M3 - Article SP - 831 PB - University of Chicago Press SN - 00223808 AB - Most models of trade in speculative markets assume that agents interpret public information identically. We provide empirical evidence on the relation between the volume of trade and stock returns around public announcements, and we argue that the evidence is inconsistent with this assumption. We then develop a model of trade around public announcements that incorporates differential interpretations and is consistent with the observed volume-return relation. Then we test the standard model of belief revision underlying most models of trade using stock brokerage research analysts' earnings forecasts. The hypothesis of identical interpretations seems inconsistent with the forecast revisions in these data. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SPECULATION KW - INVESTMENTS -- Mathematical models KW - SPECULATORS KW - ECONOMETRIC models KW - SPECULATIVE development KW - BUSINESS forecasting KW - EARNINGS forecasting KW - STOCKBROKERS N1 - Accession Number: 9509236055; Kandel, Eugene 1; Pearson, Neil D. 2; Affiliations: 1: University of Rochester; 2: University of Rochester and U.S. Securities and Exchange Commission; Issue Info: Aug95, Vol. 103 Issue 4, p831; Thesaurus Term: SPECULATION; Thesaurus Term: INVESTMENTS -- Mathematical models; Thesaurus Term: SPECULATORS; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: SPECULATIVE development; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: EARNINGS forecasting; Thesaurus Term: STOCKBROKERS; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 236220 Commercial and Institutional Building Construction; Number of Pages: 42p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9509236055&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Wallman, Steven M. H. T1 - The Future of Accounting and Disclosure in an Evolving World: The Need for Dramatic Change. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1995/09// VL - 9 IS - 3 M3 - Article SP - 81 EP - 91 PB - American Accounting Association SN - 08887993 AB - First, the author briefly reviews the recent stock option accounting debate and expresses support for the procedures utilized by FASB in arriving at its disclosure-oriented approach, and for FASB's conclusions on this matter. In addition, regardless of one's view on the merits of the various stock option accounting approaches, there can be no ignoring the lobbying campaign that was waged with respect to this issue. The author believes it is incumbent on the profession, preparers and users of financial statements, and the SEC to support the fundamental independence of FASB. The commentary primarily addresses various issues related to the future of accounting and disclosure. The author expresses concern that, as we approach the end of the century, financial accounting and corporate disclosure are not keeping pace with changes in the business world. While cognizant of the pitfalls of predictions, the commentary argues for the need to develop both analytical systems for thinking about and anticipating changes in the business world and the mechanisms and structures to ensure that we may respond appropriately from the standpoint of maintaining useful financial accounting and disclosure. Several issues associated with this theme are addressed including: recognition and measurement of certain benefits and obligations of a business, concerns regarding the timeliness of financial reporting, implications of the changing concept of the firm, and the distribution channel and media for financial information and corporate disclosure. Each of these items is explained in some detail, with concerns raised as to how current accounting policies may interfere with or limit financial statement users' ability to obtain better information. In addition, the implications of these issues on businesses' ability to present themselves in financial reports as well as they might, engage in certain business transactions, and adapt to certain business structures are explored. Although the accounting profession has devoted some attention to these issues, we must enhance our efforts with respect to each of these areas if we are to maintain the strength and preeminence of our capital markets and the utility of our financial statements and corporate disclosures. The commentary closes with the author calling for and challenging interested groups to work together to resolve these issues within a practicable time frame. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Horizons is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - ACCOUNTING KW - STOCK options KW - OPTIONS (Finance) KW - FINANCE N1 - Accession Number: 9509273338; Wallman, Steven M. H. 1; Affiliations: 1: Commissioner, U.S. Securities and Exchange Commission; Issue Info: Sep95, Vol. 9 Issue 3, p81; Thesaurus Term: ACCOUNTING; Thesaurus Term: STOCK options; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: FINANCE; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 11p; Document Type: Article; Full Text Word Count: 7150 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9509273338&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Comment, Robert AU - Schwert, G. William T1 - Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1995/09// VL - 39 IS - 1 M3 - Article SP - 3 EP - 43 SN - 0304405X AB - This paper provides large-sample evidence that poison pill rights issues, control share laws, and business combination laws have not systematically deterred takeovers and are unlikely to have caused the demise of the 1980's market for corporate control, even though 87% of all exchange-listed firms are now covered by one of these antitakeover measures. We show that poison pills and control share laws are reliably associated with higher takeover premiums for selling shareholders, both unconditionally and conditional on a successful takeover, and we provide updated event study evidence for the three- quarters of all poison pills not yet analyzed. Antitakeover measures increase the bargaining position of target firms, but they do not prevent many transactions. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - POISON pills (Securities) KW - ANTITAKEOVER strategies KW - CONSOLIDATION & merger of corporations KW - TENDER offers (Securities) KW - STRATEGIC planning KW - SECURITIES KW - Antitakeover law, KW - G34, KW - G38 KW - Merger KW - Poison pill KW - Takeover premium JEL Classifications KW - Tender offer, N1 - Accession Number: 12243059; Comment, Robert 1,2; Schwert, G. William 1,3; Affiliations: 1: William E. Simon Graduate School of Business, University of Rochester, Rochester, NY 14627, USA.; 2: U.S. Securities and Exchange Commission, Washington, DC 20549, USA.; 3: National Bureau of Economic Research, Cambridge, MA 02831, USA.; Issue Info: Sep95, Vol. 39 Issue 1, p3; Thesaurus Term: POISON pills (Securities); Thesaurus Term: ANTITAKEOVER strategies; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: TENDER offers (Securities); Thesaurus Term: STRATEGIC planning; Thesaurus Term: SECURITIES; Author-Supplied Keyword: Antitakeover law,; Author-Supplied Keyword: G34,; Author-Supplied Keyword: G38; Author-Supplied Keyword: Merger; Author-Supplied Keyword: Poison pill; Author-Supplied Keyword: Takeover premium JEL Classifications; Author-Supplied Keyword: Tender offer,; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 40p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12243059&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alexander, Gordon J. T1 - Reminiscences of a Stock Operator. JO - Journal of Finance JF - Journal of Finance Y1 - 1995/12// VL - 50 IS - 5 M3 - Book Review SP - 1777 EP - 1780 PB - Wiley-Blackwell SN - 00221082 AB - The article reviews the book "Reminiscences of a Stock Operator," by Edwin Lefevre. KW - STOCK exchanges KW - NONFICTION KW - LEFEVRE, Edwin KW - REMINISCENCES of a Stock Operator (Book) N1 - Accession Number: 26764869; Alexander, Gordon J. 1,2; Affiliations: 1: U.S. Securities and Exchange Commission; 2: University of Minnesota; Issue Info: Dec1995, Vol. 50 Issue 5, p1777; Thesaurus Term: STOCK exchanges; Subject Term: NONFICTION; Reviews & Products: REMINISCENCES of a Stock Operator (Book); NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; People: LEFEVRE, Edwin; Number of Pages: 4p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=26764869&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Murphy, Jack W. AU - Farwell, Rick T1 - Letters to the Editor. JO - Journal of Financial Planning JF - Journal of Financial Planning Y1 - 1996/04// VL - 9 IS - 2 M3 - Letter SP - 10 PB - Financial Planning Association SN - 10403981 AB - Presents letters to the editor commenting on issues related to financial planning. Clarifications given by the Associate Director (Chief Counsel) of U.S. Securities and Exchange Commission regarding "testimonials" regulations; Disagreement to a columnist's views on emerging financial and economic trends in the United States. KW - FINANCIAL planning KW - ECONOMIC trends KW - FINANCIAL planners KW - FINANCIAL management KW - LETTERS to the editor KW - UNITED States N1 - Accession Number: 5560784; Murphy, Jack W. 1; Farwell, Rick 2; Affiliations: 1: Associate Director (Chief Counsel), U.S. Securities and Exchange Commission, Washington, D.C.; 2: NBC Employees Credit Union, Burbank, California.; Issue Info: Apr96, Vol. 9 Issue 2, p10; Thesaurus Term: FINANCIAL planning; Thesaurus Term: ECONOMIC trends; Thesaurus Term: FINANCIAL planners; Thesaurus Term: FINANCIAL management; Subject Term: LETTERS to the editor; Subject: UNITED States; NAICS/Industry Codes: 541611 Administrative Management and General Management Consulting Services; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 1p; Illustrations: 1 Color Photograph; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=5560784&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Campbell, Cynthia J. AU - Wasley, Charles E. T1 - Measuring Abnormal Daily Trading Volume for Samples of NYSE/ASE and NASDAQ Securities Using Parametric and Nonparametric Test Statistics. JO - Review of Quantitative Finance & Accounting JF - Review of Quantitative Finance & Accounting Y1 - 1996/05// VL - 6 IS - 3 M3 - Article SP - 309 EP - 326 SN - 0924865X AB - We extend prior research on the empirical properties of daily trading volume and methods to detect abnormal trading volume in two ways. We compare the performance of a nonparametric test statistic with the parametric test statistic used in prior research and we study samples of NASDAQ securities as well as samples of NYSE/ASE securities. Prior research has focused exclusively on NYSE securities. We find the nonparametric test statistic is more powerful in detecting abnormal trading volume than the parametric test statistic in both samples of NYSE/ASE and NASDAQ securities. We also document that abnormal trading volume will be detected more often in samples of NYSE/ASE securities compared to NASDAQ securities. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Quantitative Finance & Accounting is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKS (Finance) KW - STATISTICS KW - SECURITIES KW - SECURITIES markets KW - SECURITIES trading KW - abnormal trading volume KW - daily trading volume KW - event studies KW - parametric/nonparametric test statistics N1 - Accession Number: 17318553; Campbell, Cynthia J. 1,2; Wasley, Charles E. 3; Affiliations: 1: U.S. Securities and Exchange Commission, Washington, DC 20549; 2: School of Management, University of Massachusetts, Amherst, Amherst, MA 01003; 3: Olin School of Business, Campus Box 1133, Washington University, St. Louis, MO 63130; Issue Info: 1996, Vol. 6 Issue 3, p309; Thesaurus Term: STOCKS (Finance); Thesaurus Term: STATISTICS; Thesaurus Term: SECURITIES; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES trading; Author-Supplied Keyword: abnormal trading volume; Author-Supplied Keyword: daily trading volume; Author-Supplied Keyword: event studies; Author-Supplied Keyword: parametric/nonparametric test statistics; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 18p; Illustrations: 6 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17318553&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Wallman, Steven M. H. T1 - The Future of Accounting, Part Reliability and Auditor Independence. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1996/12// VL - 10 IS - 4 M3 - Article SP - 76 EP - 97 PB - American Accounting Association SN - 08887993 AB - In this third Commentary on the Future of Accounting and Financial Reporting, the author examines auditor independence. Acknowledging the importance of auditor independence to the reliability of accounting information, the author argues that the current paradigm for assessing independence issues needs to be made both more comprehensive and more comprehensible in order to advance the public interest. He asserts that the current approach is both under and over inclusive because it does not adequately address independence concerns related to traditionally accepted audit and related activities while it precludes, without good reason, various nontraditional services, including services that might advance the public interest. The author advocates an alternative model for assessing independence issues that focuses on auditor dependence. Under the proposed approach, the focus would be on (1) the individual, office, or other unit of the firm making audit decisions, (2) whether a relationship or activity has the potential to create a dependency that could bias auditing judgments, (3) whether the potential for dependence is such that independence can nevertheless be maintained through reasonable measures (in which case, such measures would be required and the activity permitted) and, if it cannot be, (4) whether the benefits to the audit process of the relationship or activity outweigh the potential independence concerns. Compared to the current approach, this alternative model is more clearly articulated, more comprehensive and easier to instill as a culture in a firm. Moreover, in an era of rapid change in the business world, the alternative should result in more reliable accounting information. It will also allow firms to provide their clients with cost-effective services that do not truly raise independence concerns. In sum, this new approach would effect a change in thinking about independence issues from what is allegedly consistent with a public duty, to what is in the public interest. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Horizons is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - AUDITORS KW - AUDITING KW - FINANCIAL statements KW - CORPORATE culture KW - ACCOUNTING N1 - Accession Number: 9707142009; Wallman, Steven M. H. 1; Affiliations: 1: Commissioner, U.S. Securities and Exchange Commission; Issue Info: Dec96, Vol. 10 Issue 4, p76; Thesaurus Term: AUDITORS; Thesaurus Term: AUDITING; Thesaurus Term: FINANCIAL statements; Thesaurus Term: CORPORATE culture; Thesaurus Term: ACCOUNTING; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 22p; Document Type: Article; Full Text Word Count: 15361 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9707142009&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Sutton, Michael H. T1 - Financial Reporting in U.S. Capital Markets: International Dimensions. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1997/06// VL - 11 IS - 2 M3 - Article SP - 96 EP - 102 PB - American Accounting Association SN - 08887993 AB - This article provides an overview of the role of the U.S. Securities and Exchange Commission in financial reporting and its rule-making and interpretive authority. The U.S. Congress created the Securities and Exchange Commission to restore and maintain investor confidence after the 1929 stock market crash. The goal of the Commission's disclosure system is to prevent misleading or incomplete financial reporting, thereby encouraging and facilitating informed decisions by the investing public. The author of this article outlines the commission's relationship with private-sector standard setting, involvement in international standard setting as well as the commission objectives for international standard setting. KW - DISCLOSURE in accounting KW - FINANCIAL disclosure KW - FINANCIAL statements KW - ACCOUNTING KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 9707162225; Sutton, Michael H. 1; Affiliations: 1: Chief Accountant, United States Securities and Exchange Commission; Issue Info: Jun97, Vol. 11 Issue 2, p96; Thesaurus Term: DISCLOSURE in accounting; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 7p; Document Type: Article; Full Text Word Count: 3765 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9707162225&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Wallman, Steven M. H. T1 - The Future of Accounting and Financial Reporting, Part IV: "Access" Accounting. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1997/06// VL - 11 IS - 2 M3 - Article SP - 103 EP - 116 PB - American Accounting Association SN - 08887993 AB - In this last in a series of four planned commentaries, the author examines the potential impact of changes in information technology on the future of accounting and financial reporting. The author divides accounting into two primary functions: ‘compiling’ and attestation. He posits that information technology will assume an enhanced role with respect to the former function, namely tracking and categorizing information, aggregating information and conceptualizing data into asset, liability and equity components. He also suggests that advancements in technology—such as expert systems, smart agents, relational databases, neural networks and data visualization—will increasingly offer users the ability to manage large amounts of disaggregated data. As a result, rather than rely on traditional financial statements, users would have the opportunity to access, analyze and focus on data that is most relevant to their particular needs, including forward-looking and soft information. The author also notes the benefits that would inure to corporations providing information under this new system. He discusses several reasons why a disaggregated data paradigm has not yet materialized, but predicts that such a system seems fairly inevitable in the future given the press of technology. The author also asserts that the attestation function will shift from a focus on attesting to financial statements to attesting to the procedures and processes used to present data for access by end users. Under such a changed accounting and information paradigm, the roles of accountants, standard setters and regulators would undergo substantial change. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Horizons is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - INFORMATION technology KW - ACCOUNTING KW - TECHNOLOGICAL innovations KW - EXPERT systems (Computer science) KW - ARTIFICIAL intelligence KW - COMPUTER systems KW - ELECTRONIC data processing N1 - Accession Number: 9707162227; Wallman, Steven M. H. 1; Affiliations: 1: Commissioner, United States Securities and Exchange Commission; Issue Info: Jun97, Vol. 11 Issue 2, p103; Thesaurus Term: INFORMATION technology; Thesaurus Term: ACCOUNTING; Thesaurus Term: TECHNOLOGICAL innovations; Thesaurus Term: EXPERT systems (Computer science); Thesaurus Term: ARTIFICIAL intelligence; Thesaurus Term: COMPUTER systems; Thesaurus Term: ELECTRONIC data processing; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 518210 Data Processing, Hosting, and Related Services; NAICS/Industry Codes: 541514 Computer systems design and related services (except video game design and development); NAICS/Industry Codes: 541512 Computer Systems Design Services; Number of Pages: 14p; Document Type: Article; Full Text Word Count: 8456 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9707162227&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Leland, Hayne E. AU - Feldstein, Martin AU - Glauber, Robert R. AU - Mullins, Jr., David W. AU - Wallman, Steven M. H. T1 - Symposium on Public Policy Issues in Finance. JO - Journal of Finance JF - Journal of Finance Y1 - 1997/07// VL - 52 IS - 3 M3 - Article SP - 1181 EP - 1198 PB - Wiley-Blackwell SN - 00221082 AB - The thesis of this symposium, organized by James Bicksler, was that while finance theory will surely inform practitioners, it seems appropriate to pay some attention to the opposite flow: practitioners can inform theory. Contributors include a distinguished group of practitioners with extensive backgrounds in economics, and economists with extensive public policy experience: Martin Feldstein, Robert Glauber, David Mullins, and Steven Wallman. Their topics range from privatizing social security, to managing market crashes, to the regulatory agency cost problem, to regulatory constraints in a technologically advanced world. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCE KW - CONFERENCES & conventions KW - PRIVATIZATION KW - SOCIAL security KW - FINANCIAL institutions -- Law & legislation KW - THEORY & practice KW - POLITICAL planning KW - FELDSTEIN, Martin KW - GLAUBER, Robert R. KW - MULLINS, David KW - WALLMAN, Steven N1 - Accession Number: 9708152265; Leland, Hayne E. 1; Feldstein, Martin 2,3; Glauber, Robert R. 2; Mullins, Jr., David W. 4; Wallman, Steven M. H. 5; Affiliations: 1: University of Southern California Berkeley; 2: Harvard University; 3: President of the National Bureau of Economic Research; 4: Long Term Capital Management; 5: Commissioner of the Securities and Exchange Commission; Issue Info: Jul97, Vol. 52 Issue 3, p1181; Thesaurus Term: FINANCE; Thesaurus Term: CONFERENCES & conventions; Thesaurus Term: PRIVATIZATION; Thesaurus Term: SOCIAL security; Thesaurus Term: FINANCIAL institutions -- Law & legislation; Subject Term: THEORY & practice; Subject Term: POLITICAL planning; NAICS/Industry Codes: 561920 Convention and Trade Show Organizers; NAICS/Industry Codes: 522291 Consumer Lending; People: FELDSTEIN, Martin; People: GLAUBER, Robert R.; People: MULLINS, David; People: WALLMAN, Steven; Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=9708152265&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Levitt, Arthur T1 - The Importance of High Quality Accounting Standards. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1998/03// VL - 12 IS - 1 M3 - Article SP - 79 EP - 82 PB - American Accounting Association SN - 08887993 AB - Reflects on the need for high quality accounting standards. Information on the investor education campaign that will be launched by the Council of Securities Regulators of the Americas in March 1998; Concerns of the United States Securities and Exchange Commission on accounting standards; Explanation that establishing and maintaining high quality accounting standards are critical to our approach to market regulation. KW - ACCOUNTING standards KW - ACCOUNTING methods KW - CAPITALISTS & financiers KW - UNITED States N1 - Accession Number: 322255; Levitt, Arthur 1; Affiliations: 1: Chairman, U.S. Securities and Exchange Commission; Issue Info: Mar1998, Vol. 12 Issue 1, p79; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: ACCOUNTING methods; Thesaurus Term: CAPITALISTS & financiers; Subject: UNITED States; Number of Pages: 4p; Document Type: Article; Full Text Word Count: 1685 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=322255&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - BETHEL, JENNIFER E. AU - LIEBESKIND, JULIA PORTER AU - OPLER, TIM T1 - Block Share Purchases and Corporate Performance. JO - Journal of Finance JF - Journal of Finance Y1 - 1998/04// VL - 53 IS - 2 M3 - Article SP - 605 EP - 634 PB - Wiley-Blackwell SN - 00221082 AB - This paper investigates the causes and consequences of activist block share purchases in the 1980s. We find that activist investors were most likely to purchase large blocks of shares in highly diversified firms with poor profitability. Activists were not less likely to purchase blocks in firms with shark repellents and employee stock ownership plans. Activist block purchases were followed by increases in asset divestitures, decreases in mergers and acquisitions, and abnormal share price appreciation. Industry-adjusted operating profitability also rose. This evidence supports the view that the market for partial corporate control plays an important role in limiting agency costs in U.S. corporations. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BLOCK trading KW - SHAREHOLDER activism KW - CONGLOMERATE corporations KW - ANTITAKEOVER strategies KW - FINANCIAL performance KW - CORPORATE divestiture KW - STOCKS (Finance) -- Prices KW - STOCKS (Finance) -- Rate of return KW - CORPORATIONS -- Finance KW - EMPLOYEE ownership KW - CONSOLIDATION & merger of corporations KW - UNITED States N1 - Accession Number: 400243; BETHEL, JENNIFER E. 1,2; LIEBESKIND, JULIA PORTER 3; OPLER, TIM 4,5; Affiliations: 1: Babson College; 2: U.S. Securities and Exchange Commission; 3: University of Southern California; 4: Deutsche Morgan Grenfell; 5: Ohio State University; Issue Info: Apr98, Vol. 53 Issue 2, p605; Thesaurus Term: BLOCK trading; Thesaurus Term: SHAREHOLDER activism; Thesaurus Term: CONGLOMERATE corporations; Thesaurus Term: ANTITAKEOVER strategies; Thesaurus Term: FINANCIAL performance; Thesaurus Term: CORPORATE divestiture; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: EMPLOYEE ownership; Thesaurus Term: CONSOLIDATION & merger of corporations; Subject: UNITED States; NAICS/Industry Codes: 551112 Offices of Other Holding Companies; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 30p; Illustrations: 10 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=400243&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Davis, Jeffry L. AU - Lightfoot, Lois E. T1 - FRAGMENTATION VERSUS CONSOLIDATION OF SECURITIES TRADING: EVIDENCE FROM THE OPERATION OF RULE 19c-3. JO - Journal of Law & Economics JF - Journal of Law & Economics Y1 - 1998/04// VL - 41 IS - 1 M3 - Article SP - 209 EP - 238 SN - 00222186 AB - Stock exchanges defend their rules requiring members to trade listed stocks on an exchange floor as a means of achieving consolidation of trading, which, it is argued, minimizes trading costs to investors. By virtue of the Securities and Exchange Commission's Rule 19c-3, however, these exchange rules cannot apply to stocks newly listed after April 26, 1979. The objective of the Securities and Exchange Commission rule was to end what was viewed as restraint of desirable competition that would more than compensate for any cost saving resulting from consolidation. By comparing the cost of trading (measured by bid-ask spreads and returns variance) for the two distinct groups of stocks—those listed before April 26, 1979, and those listed after—we test these competing views. We find that Rule 19c-3 has not caused any reduction in spreads but may have caused an increase and has had no effect on returns variance. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Law & Economics is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES trading KW - STOCK exchanges -- Law & legislation KW - INVESTMENTS KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 11490759; Davis, Jeffry L. 1; Lightfoot, Lois E. 2; Affiliations: 1: Economists Incorporated; 2: U.S. Securities and Exchange Commission; Issue Info: Apr98, Vol. 41 Issue 1, p209; Thesaurus Term: SECURITIES trading; Thesaurus Term: STOCK exchanges -- Law & legislation; Thesaurus Term: INVESTMENTS; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 30p; Illustrations: 15 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11490759&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Bridge News AU - By Roderick M. Hills, former chairman of the Securities and Exchange Commission T1 - (B) OPINION: 3 Steps To US Regulatory Sanity JO - Bridge News (New York, NY) JF - Bridge News (New York, NY) J1 - Bridge News (New York, NY) N1 - Accession Number: 4BKNIBA3124878136; Source Information: 19980507 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=n5h&AN=4BKNIBA3124878136&site=ehost-live&scope=site DP - EBSCOhost DB - n5h ER - TY - JOUR AU - Livingston, Miles AU - O'neal, Edward S. T1 - THE COST OF MUTUAL FUND DISTRIBUTION FEES. JO - Journal of Financial Research JF - Journal of Financial Research Y1 - 1998///Summer98 VL - 21 IS - 2 M3 - Article SP - 205 PB - Wiley-Blackwell SN - 02702592 AB - Many individuals purchase shares in mutual funds as investments. With a lack of evidence supporting performance persistence in fund returns, investors should consider expenses as a fund-selection tool since fund expenses have a negative effect on fund returns. One of the largest expenses incurred by fund investors is distribution expenses, which include both load charges and annual fees. Close to two-thirds of all equity funds charge investors for fund distribution. The true cost of these distribution fees to investors is hard to measure because a myriad of distribution arrangements have evolved that vary both the timing and magnitude of distribution charges. We derive a simple methodology that expresses the present value of distribution costs as a percentage of the original investment in fund shares for any expected holding period. This methodology allows direct comparison of the effect on investors of distribution fees for mutual funds with different types of sales arrangements. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUTUAL funds KW - USER charges KW - RISK sharing KW - RATE of return KW - INVESTMENTS KW - INVESTMENT products N1 - Accession Number: 850228; Livingston, Miles 1; O'neal, Edward S. 2; Affiliations: 1: University of Florida.; 2: U.S. Securities and Exchange Commission.; Issue Info: Summer98, Vol. 21 Issue 2, p205; Thesaurus Term: MUTUAL funds; Thesaurus Term: USER charges; Thesaurus Term: RISK sharing; Thesaurus Term: RATE of return; Thesaurus Term: INVESTMENTS; Thesaurus Term: INVESTMENT products; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523990 All other financial investment activities; Number of Pages: 14p; Illustrations: 3 Charts, 3 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=850228&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - SIRRI, ERIK R. AU - TUFANO, PETER T1 - Costly Search and Mutual Fund Flows. JO - Journal of Finance JF - Journal of Finance Y1 - 1998/10// VL - 53 IS - 5 M3 - Article SP - 1589 EP - 1622 PB - Wiley-Blackwell SN - 00221082 AB - This paper studies the flows of funds into and out of equity mutual funds. Consumers base their fund purchase decisions on prior performance information, but do so asymmetrically, investing disproportionately more in funds that performed very well the prior period. Search costs seem to be an important determinant of fund flows. High performance appears to be most salient for funds that exert higher marketing effort, as measured by higher fees. Flows are directly related to the size of the fund's complex as well as the current media attention received by the fund, which lower consumers' search costs. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FLOW of funds KW - MUTUAL funds KW - INVESTMENTS KW - SECURITIES markets KW - INVESTMENT products KW - FINANCIAL services industry KW - PORTFOLIO management (Investments) KW - RATE of return KW - EQUITY KW - UNITED States N1 - Accession Number: 1153199; SIRRI, ERIK R. 1; TUFANO, PETER 2; Affiliations: 1: Securities and Exchange Commission; 2: Harvard Business School; Issue Info: Oct98, Vol. 53 Issue 5, p1589; Thesaurus Term: FLOW of funds; Thesaurus Term: MUTUAL funds; Thesaurus Term: INVESTMENTS; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENT products; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: RATE of return; Subject Term: EQUITY; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 34p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=1153199&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Campbell, Cynthia J. AU - Gillan, Stuart L. AU - Niden, Cathy M. T1 - Current Perspectives on Shareholder Proposals: Lessons from the 1997 Proxy Season. JO - FM: The Journal of the Financial Management Association JF - FM: The Journal of the Financial Management Association Y1 - 1999///Spring99 VL - 28 IS - 1 M3 - Article SP - 89 EP - 98 PB - Financial Management Association SN - 10877827 AB - Rule 14a-8 of the Securities Exchange Act of 1934, commonly referred to as the shareholder-proposal rule, allows shareholders to submit proposals for inclusion in a company's proxy materials. If the rule's procedures are followed, the company's shareholders will be asked to vote on the proposal at the company's next annual general meeting. By studying how shareholders voted on proposals during the 1997 proxy season, we provide a current perspective on shareholders' use of the proxy process to promote issues of corporate governance and social policy. Our focus on the 1997 proxy season permits an assessment of the potential impact of both the proposed rule changes and those that were actually adopted. [ABSTRACT FROM AUTHOR] AB - Copyright of FM: The Journal of the Financial Management Association is the property of Financial Management Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKHOLDERS KW - CORPORATE governance KW - CORPORATIONS KW - CAPITALISTS & financiers KW - BUSINESS enterprises KW - RESEARCH N1 - Accession Number: 2158775; Campbell, Cynthia J. 1; Gillan, Stuart L. 2; Niden, Cathy M. 3; Affiliations: 1: Associate Professor, Iowa State University.; 2: Associate Chief Economist, Securities and Exchange Commission.; 3: Economist, Lexecon, Inc.; Issue Info: Spring99, Vol. 28 Issue 1, p89; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CORPORATE governance; Thesaurus Term: CORPORATIONS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: RESEARCH; Number of Pages: 10p; Illustrations: 16 Charts; Document Type: Article; Full Text Word Count: 5157 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ent&AN=2158775&site=ehost-live&scope=site DP - EBSCOhost DB - ent ER - TY - JOUR AU - Aggarwal, Reena AU - Angel, James J. T1 - The rise and fall of the Amex Emerging Company Marketplace. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 1999/05// VL - 52 IS - 2 M3 - Article SP - 257 EP - 289 SN - 0304405X AB - In 1992, the Amex launched the Emerging Company Marketplace (ECM) to trade the stocks of small but growing companies. Bid-ask spreads decreased dramatically for listing firms, and news coverage increased. Executives of listing firms were quite satisfied. Yet few firms chose to list on the ECM, and it closed in 1995. What went wrong? Most Amex stakeholders had little to gain from the success of the ECM, and a series of scandals damaged the reputation of the exchange. Similar small-firm markets have also failed, largely because successful firms quickly depart for traditional markets, leaving only unsuccessful firms behind. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - NEW business enterprises KW - SECURITIES -- Listing KW - STOCKS (Finance) KW - STOCK exchanges KW - BUSINESS enterprises KW - FINANCE N1 - Accession Number: 12133441; Aggarwal, Reena 1,2; Email Address: aggarwal@gunet.georgetown.edu; Angel, James J. 2; Affiliations: 1: Georgetown University School of Business, Georgetown University; 2: U.S. Securities and Exchange Commission; Issue Info: May99, Vol. 52 Issue 2, p257; Thesaurus Term: NEW business enterprises; Thesaurus Term: SECURITIES -- Listing; Thesaurus Term: STOCKS (Finance); Thesaurus Term: STOCK exchanges; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCE; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 33p; Illustrations: 10 Charts, 1 Graph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12133441&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Levitt, Aurthur AU - Kloc, Tom AU - Wilson, Mike T1 - Respond! JO - Financial Executive JF - Financial Executive Y1 - 1999/07//Jul/Aug1999 VL - 15 IS - 4 M3 - Letter SP - 8 EP - 8 PB - Financial Executives International SN - 08954186 AB - Several letters to the editor are presented in response to articles published in previous issues, including an article concerning improvements to corporate audit committees, a letter regarding corporate reporting and accounting, and an article published in the May 8, 1999 issue concerning a statement by chief executive officer Phil Livingston of Financial Executives International. KW - AUDIT committees KW - CORPORATIONS -- Accounting KW - LETTERS to the editor KW - LIVINGSTON, Phil N1 - Accession Number: 11873179; Levitt, Aurthur 1; Kloc, Tom 2; Wilson, Mike 3; Affiliations: 1: Chairman, United States Securities and Exchange Commission; 2: VP & Controller, Allegheny Energy, Inc., Greensburg, Pa.; 3: Treasurer-Controller, Explorer Pipeline Company, Tulsa, Okla.; Issue Info: Jul/Aug1999, Vol. 15 Issue 4, p8; Thesaurus Term: AUDIT committees; Thesaurus Term: CORPORATIONS -- Accounting; Subject Term: LETTERS to the editor; People: LIVINGSTON, Phil; Number of Pages: 1p; Illustrations: 1 Color Photograph; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11873179&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Turner, Lynn E. AU - Godwin, Joseph H. T1 - Auditing, Earnings Management, and International Accounting Issues at the Securities and Exchange Commission. JO - Accounting Horizons JF - Accounting Horizons Y1 - 1999/09// VL - 13 IS - 3 M3 - Article SP - 281 EP - 297 PB - American Accounting Association SN - 08887993 AB - This article discusses the auditing, earnings management and international accounting issues at the U.S. Securities and Exchange Commission (SEC) as of September 1999. First, the authors discuss issues related to audit committees and auditors. Second, they discuss several specific accounting issues that have consumed considerable Office of the Chief Accountant staff time. These issues are the allowance for loan losses, loss accruals, in-process research and development, goodwill and revenue recognition. Third, the SEC assessment of the International Accounting Standards Committee core standards is discussed. KW - AUDITING KW - INCOME KW - MANAGEMENT KW - ACCOUNTING KW - AUDITORS KW - INTERNATIONAL accounting standards KW - UNITED States KW - Audit committee KW - Earnings management KW - International accounting KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 2364442; Turner, Lynn E. 1; Godwin, Joseph H. 2; Affiliations: 1: Chief Accountant, Securities and Exchange Commission; 2: Academic Fellow, Securities and Exchange Commission; Issue Info: Sep99, Vol. 13 Issue 3, p281; Thesaurus Term: AUDITING; Thesaurus Term: INCOME; Thesaurus Term: MANAGEMENT; Thesaurus Term: ACCOUNTING; Thesaurus Term: AUDITORS; Thesaurus Term: INTERNATIONAL accounting standards; Subject: UNITED States; Author-Supplied Keyword: Audit committee; Author-Supplied Keyword: Earnings management; Author-Supplied Keyword: International accounting ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 17p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=2364442&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Gillan, Stuart L. AU - Kensinger, John W. AU - Martin, John D. T1 - Value creation and corporate diversification:the case of SEars,Roebuck &Co. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2000/01// VL - 55 IS - 1 M3 - Article SP - 103 EP - 137 SN - 0304405X AB - We provide clinical evidence of corporate restructuring at Sears, Roebuck & Co., beginning with the firm's 1981 diversification into financial services by acquiring Coldwell, Banker & Co. and Dean Witter, Reynolds Inc. The initial purchases resulted in a wealth gain to shareholders of approximately $400 million. Anticipated synergies did not materialize, however, and Sears' retail performance deteriorated. Coincident with pressure from institutional investor activists in 1992, Sears announced the divestiture of financial services and a refocusing on retail operations. This led to a $1.113 billion gain for shareholders. Despite more than $1.5 billion in gains over the entire diversification/divestiture period, Sears' shareholders suffered a significant opportunity loss when compared with a portfolio of focused firms. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - DIVERSIFICATION in industry KW - CORPORATE reorganizations KW - FINANCIAL services industry KW - STOCKHOLDERS KW - INSTITUTIONAL investors KW - FINANCE N1 - Accession Number: 12134290; Gillan, Stuart L. 1; Kensinger, John W. 2; Email Address: j.martin@baylor.edu; Martin, John D. 3; Affiliations: 1: Securities and Exchange Commission, Office of Economic Analysis, Washington, DC, USA; 2: Department of Finance, University of North Texas, Denton, TX; 3: Department of Finance, Hankamer School of Business, Baylor University, Waco, TX; Issue Info: Jan2000, Vol. 55 Issue 1, p103; Thesaurus Term: DIVERSIFICATION in industry; Thesaurus Term: CORPORATE reorganizations; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: INSTITUTIONAL investors; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 35p; Illustrations: 10 Charts, 3 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12134290&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alexander, Gordon J. AU - Edwards, Amy K. AU - Ferri, Michael G. T1 - What Does Nasdaq's High-Yield Bond Market Reveal About Bondholder-Stockholder Conflicts. JO - Financial Management (Wiley-Blackwell) JF - Financial Management (Wiley-Blackwell) Y1 - 2000///Spring2000 VL - 29 IS - 1 M3 - Article SP - 23 PB - Wiley-Blackwell SN - 00463892 AB - We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield corporate bonds to investigate the relationship between the returns on a firm's stock and the returns on its publicly traded, high-yield debt. Regression models and analysis of the behavior of the returns around events associated with agency conflict show that the returns follow complex patterns of similarity and divergence. Positive co-movement is the dominant form of the relationship, but opposite movement of the bond and stock returns around those events indicates agency conflicts between bondholders and stockholders. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Management (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BONDHOLDERS KW - STOCKHOLDERS KW - CAPITALISTS & financiers KW - BOND market KW - SECURITIES markets KW - NASDAQ Stock Market N1 - Accession Number: 3512098; Alexander, Gordon J. 1; Edwards, Amy K. 2; Ferri, Michael G. 3; Affiliations: 1: Minnesota Banking Industry, Professor at the University of Minnesota.; 2: Financial Economist at the US Securities and Exchange Commission.; 3: Foundation Chair at George Mason University.; Issue Info: Spring2000, Vol. 29 Issue 1, p23; Thesaurus Term: BONDHOLDERS; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: BOND market; Thesaurus Term: SECURITIES markets ; Company/Entity: NASDAQ Stock Market; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 17p; Document Type: Article; Full Text Word Count: 9916 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=3512098&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Gillan, Stuart L. AU - Starks, Laura T. T1 - Corporate governance proposals and shareholder activism: the role of institutional investors. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2000/08// VL - 57 IS - 2 M3 - Article SP - 275 EP - 305 SN - 0304405X AB - We study shareholder proposals across a period of substantial activity and find systematic differences both across sponsor identity and across time. To measure the success of shareholder activism, we examine voting outcomes and short-term market reactions conditioned on proposal type and sponsor identity. The voting analysis documents that sponsor identity, issue type, prior performance and time period are important influences on the voting outcome. Proposals sponsored by institutions or coordinated groups appear to act as substitutes gaining substantially more support than proposals sponsored by individuals. The nature of the stock market reaction, while typically small, varies according to the issue and the sponsor identity. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE governance KW - INSTITUTIONAL investors KW - STOCKHOLDERS KW - STOCK exchanges KW - CORPORATIONS -- Finance KW - UNITED States N1 - Accession Number: 12134690; Gillan, Stuart L. 1; Starks, Laura T. 2; Email Address: lstarks@mail.utexas.edu; Affiliations: 1: Securities and Exchange Commission, Office of Economic Analysis, Washington, DC, USA; 2: Department of Finance, University of Texas, USA; Issue Info: Aug2000, Vol. 57 Issue 2, p275; Thesaurus Term: CORPORATE governance; Thesaurus Term: INSTITUTIONAL investors; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: STOCK exchanges; Thesaurus Term: CORPORATIONS -- Finance; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 31p; Illustrations: 12 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12134690&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR ID - 106988826 T1 - Accounting and accountability: observations on the AHERF settlements. AU - Maco PS AU - Weinstein SJ Y1 - 2000/10// N1 - Accession Number: 106988826. Language: English. Entry Date: 20010105. Revision Date: 20150711. Publication Type: Journal Article. Journal Subset: Double Blind Peer Reviewed; Editorial Board Reviewed; Expert Peer Reviewed; Health Services Administration; Peer Reviewed; USA. NLM UID: 8215859. KW - Health Care Industry -- Legislation and Jurisprudence -- United States KW - Organizational Compliance KW - Fraud -- Legislation and Jurisprudence -- United States KW - Foundations -- Legislation and Jurisprudence -- United States KW - Corporations -- Legislation and Jurisprudence -- United States KW - United States SP - 70 EP - 73 JO - hfm (Healthcare Financial Management) JF - hfm (Healthcare Financial Management) JA - HEALTHC FINANC MANAGE VL - 54 IS - 10 CY - Westchester, Illinois PB - Healthcare Financial Management Association AB - Recent enforcement proceedings involving health care and accounting -- relating primarily to the Allegheny Health, Education and Research Foundation (AHERF) -- have sparked renewed interest in the activities of the U.S. Securities and Exchange Commission in the municipal securities market. Officials and accountants who are working for public-sector issuers in the healthcare industry have responsibilities under the Federal securities laws. Other issues of relevance include disclosure in the secondary market as well as upon initial issuance, and the significance of antifraud actions in other areas. SN - 0735-0732 AD - Director, Office of Municipal Securities, US Securities and Exchange Commission, Washington, DC U2 - PMID: 11183548. UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=rzh&AN=106988826&site=ehost-live&scope=site DP - EBSCOhost DB - rzh ER - TY - GEN AU - Nazareth, Annette L. T1 - SEC's Considered Opinion(Letter). JO - Fortune JF - Fortune Y1 - 2000/10/02/ VL - 142 IS - 7 M3 - Letter SP - 8 EP - 10 SN - 00158259 AB - A letter to the editor is presented in response to the article "Too Much Information--And Still Not Enough," which appeared in the September 4, 2000 issue. KW - DISCLOSURE of information KW - LETTERS to the editor N1 - Accession Number: 18900551; Nazareth, Annette L. 1; Affiliations: 1: Director, Division of Market Regulation, U.S. Securities and Exchange Commission, Washington, D.C.; Issue Info: 10/2/2000, Vol. 142 Issue 7, p8; Thesaurus Term: DISCLOSURE of information; Subject Term: LETTERS to the editor; Number of Pages: 2p; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18900551&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - CHAP AU - Williams, Stephen AD - US Securities and Exchange Commission A2 - Organisation for Economic Co-operation and Development T1 - Transparency in the U.S. Debt Market T2 - Bond market development in Asia PB - OECD Proceedings. PB - Paris and Washington, D.C.: PB - Author Y1 - 2001/// SP - 319 EP - 323 N1 - Accession Number: 0655618; Reviewed Book ISBN: 92-64-18629-8; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200308 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - General Financial Markets: Government Policy and Regulation G18 KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G24 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0655618&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Trairatvorakul, Prasarn AD - Office of the Securities and Exchange Commission, Bangkok A2 - Organisation for Economic Co-operation and Development T1 - Capital Market Development in Thailand T2 - Bond market development in Asia PB - OECD Proceedings. PB - Paris and Washington, D.C.: PB - Author Y1 - 2001/// SP - 404 EP - 418 N1 - Accession Number: 0655626; Reviewed Book ISBN: 92-64-18629-8; Keywords: Development; Geographic Descriptors: Thailand; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200308 KW - Financial Markets and the Macroeconomy E44 KW - Current Account Adjustment; Short-term Capital Movements F32 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - General Financial Markets: Government Policy and Regulation G18 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 KW - Development Planning and Policy: General O20 KW - Economywide Country Studies: Asia including Middle East O53 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0655626&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Bethel, Jennifer E. AU - Liebeskind, Julia Porter AU - Opler, Tim AD - Babson College and US Securities and Exchange Commission AD - U Southern CA, Los Angeles AD - Deutsche Morgan Grenfell and OH State U A2 - Brennan, Michael J. T1 - Block Share Purchases and Corporate Performance T2 - Empirical corporate finance. Volume 2 PB - Elgar Reference Collection. International Library of Critical Writings in Financial Economics, vol. 7. PB - Cheltenham, U.K. and Northampton, Mass.: PB - Elgar; distributed by American International Distribution Corporation, Williston, Vt. Y1 - 2001/// SP - 249 EP - 278 RP - [1998] N1 - Accession Number: 0680205; Reviewed Book ISBN: 1-85898-484-X; Keywords: Shares; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200404 KW - Portfolio Choice; Investment Decisions G11 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0680205&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Thornton, Daniel B. T1 - Discussion of "Competition and Big 6 Brand Name Reputation: Evidence from the Ontario Municipal Audit Market" JO - Contemporary Accounting Research JF - Contemporary Accounting Research Y1 - 2001///Spring2001 VL - 18 IS - 1 M3 - Article SP - 65 EP - 69 PB - Canadian Academic Accounting Association SN - 08239150 AB - The author comments on the article "Competition and Big 6 Brand Name Reputation: Evidence from the Ontario Municiap Audit Market," by Sati P. Bandyopaghyay and Jennifer L. Kao. The article discusses competition in the audit market in Ontario. Some of the topics focused on in the article included public policy motivation and its intended effects, theoretical linkages, inferences about competition and its effects on fees charged by six major auditing firms, nonhomogeneity of the market. The author raises four questions concerning the article's results and suggestions are made to further research needed to resolve some of the controversy centering around the findings. KW - AUDITING KW - AUDITORS KW - BRAND name products KW - BRAND identification KW - ACCOUNTING KW - RESEARCH KW - INFLATION (Finance) KW - MONOPOLIES KW - PRICING KW - ACCOUNTANTS KW - COMPETITION KW - POLITICAL planning KW - ONTARIO N1 - Accession Number: 4298262; Thornton, Daniel B. 1; Affiliations: 1: Queen's University and United States Securities and Exchange Commission; Issue Info: Spring2001, Vol. 18 Issue 1, p65; Thesaurus Term: AUDITING; Thesaurus Term: AUDITORS; Thesaurus Term: BRAND name products; Thesaurus Term: BRAND identification; Thesaurus Term: ACCOUNTING; Thesaurus Term: RESEARCH; Thesaurus Term: INFLATION (Finance); Thesaurus Term: MONOPOLIES; Thesaurus Term: PRICING; Thesaurus Term: ACCOUNTANTS; Subject Term: COMPETITION; Subject Term: POLITICAL planning; Subject: ONTARIO; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=4298262&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - DENNIS, PATRICK J. AU - STRICKLAND, DEON T1 - Who Blinks in Volatile Markets, Individuals or Institutions? JO - Journal of Finance JF - Journal of Finance Y1 - 2002/10// VL - 57 IS - 5 M3 - Article SP - 1923 EP - 1949 PB - Wiley-Blackwell SN - 00221082 AB - We investigate the relationship between the ownership structure and returns of firms on days when the absolute value of the market's return is two percent or more. We find that a firm's abnormal return on these days is related to the percentage of institutional ownership, that there is abnormally high turnover in the firm's shares on these days, and that this abnormal turnover is significantly related to the percentage of institutional ownership in the firm. Taken together, these results are consistent with positive feedback herding behavior on the part of some institutions, particularly mutual and pension funds. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCK ownership KW - INSTITUTIONAL investments KW - CAPITALISTS & financiers KW - STOCKS (Finance) -- Rate of return KW - INSTITUTIONAL ownership (Stocks) KW - VOLATILITY (Finance) KW - PENSION trusts KW - MUTUAL funds KW - INVESTMENT analysis KW - FINANCIAL market reaction N1 - Accession Number: 7405423; DENNIS, PATRICK J. 1; STRICKLAND, DEON 2; Affiliations: 1: University of Virginia; 2: U.S. Securities and Exchange Commission; Issue Info: Oct2002, Vol. 57 Issue 5, p1923; Thesaurus Term: STOCK ownership; Thesaurus Term: INSTITUTIONAL investments; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: INSTITUTIONAL ownership (Stocks); Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: PENSION trusts; Thesaurus Term: MUTUAL funds; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: FINANCIAL market reaction; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 526111 Trusteed pension funds; NAICS/Industry Codes: 525110 Pension Funds; NAICS/Industry Codes: 526112 Non-trusteed pension funds; Number of Pages: 27p; Illustrations: 5 Charts, 1 Graph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=7405423&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Pitt, Harvey T1 - US shares common aim for one set of standards. JO - Accountancy JF - Accountancy Y1 - 2002/11// VL - 130 IS - 1311 M3 - Article SP - 86 EP - 86 SN - 00014664 AB - This article focuses on the most significant requirement that, by 2005, International Accounting Standards (IAS), must be used as the official accounting standard for almost 7,000 European Union-listed (EU) companies. During the last 12 months, there have been tremendous changes in the financial reporting infrastructure of EU. The conversion of most European public companies to IAS by January 1, 2005 has set in motion a number of other actions in Europe to encourage consistent and transparent financial reporting. There are underway efforts to introduce minimum standards for audit quality assurance and to strengthen auditor independence. The desire for convergence of accounting standards is greater than ever. This will greatly reduce uncertainty about comparability of published accounts and greatly enhance the transparency of information to the marketplace. As IAS become used more widely in EU and elsewhere, the joint challenge will be to achieve consistent interpretation, application and enforcement. IAS will be applied by professionals in at least 15 different countries. KW - ACCOUNTING standards KW - INTERNATIONAL accounting standards KW - FINANCIAL statements KW - DISCLOSURE in accounting KW - QUALITY assurance KW - EUROPEAN Union countries N1 - Accession Number: 11949873; Pitt, Harvey 1; Affiliations: 1: Chairman of the Securities and Exchange Commission, the US regulator.; Issue Info: Nov2002, Vol. 130 Issue 1311, p86; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: INTERNATIONAL accounting standards; Thesaurus Term: FINANCIAL statements; Thesaurus Term: DISCLOSURE in accounting; Thesaurus Term: QUALITY assurance; Subject: EUROPEAN Union countries; Number of Pages: 1p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=11949873&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Sharif, Haroon AD - Securities and Exchange Commission of Pakistan T1 - Key Fundamental Factors and Long-Run Price Changes in an Emerging Market--A Case Study of Karachi Stock Exchange (KSE): Comments JO - Pakistan Development Review JF - Pakistan Development Review Y1 - 2002///Winter VL - 41 IS - 4 SP - 531 EP - 533 SN - 00309729 N1 - Accession Number: 0728868; Keywords: Stocks; Geographic Descriptors: Pakistan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200405 KW - Portfolio Choice; Investment Decisions G11 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 L3 - http://pide.org.pk/pdr/index.php/pdr/issue/archive UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0728868&site=ehost-live&scope=site UR - http://pide.org.pk/pdr/index.php/pdr/issue/archive DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Sharif, Haroon AD - Securities and Exchange Commission of Pakistan T1 - Structural Issues and Reforms in Financial (Non-bank) Market in Pakistan JO - Pakistan Development Review JF - Pakistan Development Review Y1 - 2002///Winter VL - 41 IS - 4 SP - 915 EP - 928 SN - 00309729 N1 - Accession Number: 0728902; Keywords: Bank; Geographic Descriptors: Pakistan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200405 KW - General Financial Markets: General (includes Measurement and Data) G10 KW - Insurance; Insurance Companies; Actuarial Studies G22 KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G24 KW - Financial Institutions and Services: Government Policy and Regulation G28 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 L3 - http://pide.org.pk/pdr/index.php/pdr/issue/archive UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0728902&site=ehost-live&scope=site UR - http://pide.org.pk/pdr/index.php/pdr/issue/archive DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Wittich, Georg AU - Tafara, Ethiopis AU - Peterson, Robert J. AD - Bundesaufsichtsamt fur den Wertpapierhandel AD - US Securities and Exchange Commission AD - US Securities and Exchange Commission A2 - Dowers, Kenroy A2 - Masci, Pietro T1 - Internet Technology and the Development of Securities Markets T2 - Focus on capital: New approaches to developing Latin American capital markets PB - Washington, D.C.: PB - Inter-American Development Bank; distributed by Johns Hopkins University Press, Baltimore Y1 - 2003/// SP - 65 EP - 90 N1 - Accession Number: 0786836; Reviewed Book ISBN: 1-931003-49-1; Keywords: Securities; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200508 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - General Financial Markets: Government Policy and Regulation G18 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0786836&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Goldstein Rossotto, Karen AD - US Securities and Exchange Commission A2 - Dowers, Kenroy A2 - Masci, Pietro T1 - Institutional Investors and Capital Market Development T2 - Focus on capital: New approaches to developing Latin American capital markets PB - Washington, D.C.: PB - Inter-American Development Bank; distributed by Johns Hopkins University Press, Baltimore Y1 - 2003/// SP - 119 EP - 155 N1 - Accession Number: 0786838; Reviewed Book ISBN: 1-931003-49-1; Keywords: Development; Institutional Investors; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200508 KW - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors G23 KW - Financial Institutions and Services: Government Policy and Regulation G28 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0786838&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Pages, Erik R. AU - Freedman, Doris AU - Von Bargen, Patrick AD - Entre Works Consulting AD - National Commission on Entrepreneurship AD - US Securities and Exchange Commission A2 - Hart, David M. T1 - Entrepreneurship as a State and Local Economic Development Strategy T2 - The emergence of entrepreneurship policy: Governance, start-ups, and growth in the U.S. knowledge economy PB - Cambridge; New York and Melbourne: PB - Cambridge University Press Y1 - 2003/// SP - 240 EP - 259 N1 - Accession Number: 0803490; Reviewed Book ISBN: 0-521-82677-2; Keywords: Entrepreneurship; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200511 KW - New Firms; Startups M13 KW - Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics R23 KW - Other Spatial Production and Pricing Analysis R32 KW - Regional Development Planning and Policy R58 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0803490&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Ryan, Russell G. T1 - Civil Penalties in SEC Enforcement Cases: A Rising Tide. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2003/06// VL - 17 IS - 6 M3 - Article SP - 17 PB - Aspen Publishers Inc. SN - 08943524 AB - Reports that the U.S. Securities and Exchange Commission (SEC) Division of Enforcement will investigate the aggressiveness of SEC in seeking and imposing civil penalties for securities law violations. Financial fraud; Insider trading; Auditor independence. KW - SECURITIES KW - CIVIL penalties KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 10544700; Ryan, Russell G. 1; Affiliations: 1: Division of Enforcement, U.S. Securities and Exchange Commission; Issue Info: Jun2003, Vol. 17 Issue 6, p17; Thesaurus Term: SECURITIES; Subject Term: CIVIL penalties; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10544700&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Donaldson, William H. AD - U.S. Securities and Exchange Commission T1 - Corporate Governance: What Has Happened and Where We Need to Go JO - Business Economics JF - Business Economics Y1 - 2003/07// VL - 38 IS - 3 SP - 16 EP - 20 SN - 0007666X N1 - Accession Number: 0662522; Keywords: Corporate Governance; Governance; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200310 N2 - Corporate scandals have contributed to the $7 trillion dollar loss in the aggregate market value of American corporations as of March 2003. Many of the scandals were the consequence of shifting power in favor of chief executive officers and away from boards of directors. We are now entering a period of increased government activism that also requires a thorough review of how directors, executives, and financial and legal services view their responsibilities. Board members must reassert their authority and their responsibility to shareholders and other stakeholders. There must also be a shift in focus on the part of directors and executive management from "hitting the numbers" to a longer-term focus and a reassertion of strong ethical foundations for corporations. This effort must be led by boards of directors, the stewards of shareholder and other stakeholder interests. While there are several specific issues that need to be addressed regarding corporate governance, corporations should not be so oriented toward narrow compliance that larger ethical issues are neglected and flexibility and entrepreneurship are inhibited. KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 L3 - http://www.palgrave-journals.com/be/archive/index.html UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0662522&site=ehost-live&scope=site UR - http://www.palgrave-journals.com/be/archive/index.html DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Mayhew, Stewart AU - Stivers, Chris AD - U GA and US Securities and Exchange Commission AD - U GA T1 - Stock Return Dynamics, Option Volume, and the Information Content of Implied Volatility JO - Journal of Futures Markets JF - Journal of Futures Markets Y1 - 2003/07// VL - 23 IS - 7 SP - 615 EP - 646 SN - 02707314 N1 - Accession Number: 0653522; Keywords: Options; Stock Returns; Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200307 N2 - This article reports new empirical results on the information content of implied volatility, with respect to modeling and forecasting the volatility of individual firm returns. The 50 firms with the highest option volume on the Chicago Board Options Exchange between 1988 and 1995 are examined. First, the results indicate that the ability of implied volatility to subsume all relevant information about conditional variance depends on option trading volume. For the most active options in the sample, implied volatility reliably outperforms GARCH and subsumes all information in return shocks beyond the first lag. For these active options, implied volatility performs substantially better than indicated by the prior results of Lamoureux and Lastrapes ([1993]), despite significant methodological improvements in the time-series volatility models in this study including the use of high-frequency intraday return shocks. For the lower option-volume firms in the sample, the performance of implied volatility deteriorates relative to time-series volatility models. Finally, compared to a time-series approach, the implied volatility of equity index options provides reliable incremental information about future firm-level volatility. KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Contingent Pricing; Futures Pricing; option pricing G13 L3 - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0653522&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Whisenant, Scott AU - Sankaraguruswamy, Srinivasan AU - Raghunandan, K. AD - U Houston AD - Georgetown U and US Securities and Exchange Commission AD - FL International U T1 - Evidence on the Joint Determination of Audit and Non-audit Fees JO - Journal of Accounting Research JF - Journal of Accounting Research Y1 - 2003/09// VL - 41 IS - 4 SP - 721 EP - 744 SN - 00218456 N1 - Accession Number: 0750367; Keywords: Services; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200410 N2 - In this study we investigate whether the characteristics of clients, auditors, and the auditor-client relationship simultaneously determine audit and non-audit fees. As done in prior studies, we maintain that fees proxy for the level of service provided and follow the physical flow of knowledge. Estimating single-equation models of audit and non-audit fee models, we confirm prior findings of an association between audit and non-audit fees. Studies conclude that such evidence is consistent with knowledge spillovers between the two services. However, we document empirically that audit and non-audit fees are simultaneously determined. Because the data indicate audit and non-audit fees are jointly determined, we then investigate whether previously documented associations between audit and non-audit fees are the result of biased estimation induced by using endogenous variables in single-equation models. In contrast to results from single-equation estimations, we find no association between audit and non-audit fees using a simultaneous specification of the fee system, suggesting that single-equation estimations suffer from simultaneous-equations bias. In sum, the findings are not consistent with the existence of economies of scope from the joint performance of audit and non-audit services after controlling for the joint behavior of audit and non-audit fees. Given the ongoing debate over the level of allowed non-audit services by auditors, the argument for the joint provision of audit and non-audit services is less justified than if joint-supply benefits had been documented. KW - Personal, Professional, and Business Services L84 KW - Auditing M42 L3 - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291475-679X/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0750367&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291475-679X/issues DP - EBSCOhost DB - ecn ER - TY - NEWS AU - Edwards, Amy K. T1 - Discussion of "Competition among markets: The repeal of Rule 390" by Kam, Panchapagesan and Weaver. JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2003/09// VL - 27 IS - 9 M3 - Editorial SP - 1737 EP - 1741 SN - 03784266 N1 - Accession Number: 10504633; Edwards, Amy K. 1; Email Address: edwardsa@sec.gov; Affiliations: 1: US Securities and Exchange Commission, Washington, DC 20549, USA; Issue Info: Sep2003, Vol. 27 Issue 9, p1737; Number of Pages: 5p; Document Type: Editorial L3 - 10.1016/S0378-4266(03)00098-0 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10504633&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Haines, Martha Mahan T1 - The Municipal Marketplace: The Changing Role of the Analyst. JO - Municipal Finance Journal JF - Municipal Finance Journal Y1 - 2003///Fall2003 VL - 24 IS - 3 M3 - Article SP - 47 EP - 50 SN - 01996134 AB - The Securities and Exchange Commission issued a great many new regulations and studies in 2003, some of which were mandated by the Sarbanes-Oxley Act. Although these regulations do not generally apply to the municipal marketplace, the principles underlying them provide valuable guidance to municipal market participants. [ABSTRACT FROM AUTHOR] AB - Copyright of Municipal Finance Journal is the property of Civic Research Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES KW - SECURITIES markets KW - INVESTMENTS KW - MUNICIPAL finance KW - SECURITIES trading N1 - Accession Number: 13600738; Haines, Martha Mahan 1; Affiliations: 1: Chief of the Office of Municipal Securities, Securities and Exchange Commission; Issue Info: Fall2003, Vol. 24 Issue 3, p47; Thesaurus Term: SECURITIES; Thesaurus Term: SECURITIES markets; Thesaurus Term: INVESTMENTS; Thesaurus Term: MUNICIPAL finance; Thesaurus Term: SECURITIES trading; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13600738&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Dutt, Hans R. AU - Wein, Ira L. T1 - ON THE ADEQUACY OF SINGLE-STOCK FUTURES MARGINING REQUIREMENTS. JO - Journal of Futures Markets JF - Journal of Futures Markets Y1 - 2003/10// VL - 23 IS - 10 M3 - Article SP - 989 EP - 1002 SN - 02707314 AB - Unlike the traditional futures contract risk-based approach to margining, new security futures contracts are margined under a strategy-based margining system similar to that which applies in the equity options markets. As a result, these new margin requirements are potentially much less sensitive to changes in market conditions. This article performs a simulation to evaluate whether these alternative margining methodologies can be expected to produce comparable outcomes. The analysis suggests that a 1-day settlement period will likely lead to collection of customer margins that are virtually always greater than that which its traditional risk-based counterpart would require. A 4-day settlement period would lead to margin requirements that both significantly under- and over-margin relative to a comparable risk-based system. This study argues that exchanges may approach the preferred probability of customer exhaustion by managing margin settlement intervals. Thus, the new strategy-based rules, in and of themselves, will not necessarily inhibit new security futures trading activity. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Futures Markets is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FUTURES KW - MARGINS (Security trading) KW - OPTIONS (Finance) N1 - Accession Number: 10775735; Dutt, Hans R. 1; Email Address: dutth@sec.gov; Wein, Ira L. 1; Affiliations: 1: Office of Economic Analysis at the U.S. Securities and Exchange Commission; Issue Info: Oct2003, Vol. 23 Issue 10, p989; Thesaurus Term: FUTURES; Thesaurus Term: MARGINS (Security trading); Thesaurus Term: OPTIONS (Finance); Number of Pages: 14p; Illustrations: 3 Charts, 1 Graph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=10775735&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Donaldson, William T1 - Price of change will pay off in long term. JO - Banker JF - Banker Y1 - 2003/11// VL - 153 IS - 933 M3 - Article SP - 16 EP - 17 SN - 00055395 AB - Focuses on the implications of the Sarbanes-Oxley corporate reform law on corporate accountability in the U.S. Efforts to strengthen the accounting profession and restore confidence in it; Establishment of the Public Company Accounting Oversight Board; Role of the law in giving the Securities and Exchange Commission the tools to enforce federal securities laws; Aim of the law to improve executive responsibility. KW - CORPORATE governance -- Law & legislation KW - CORPORATIONS -- Accounting KW - PUBLIC companies KW - SECURITIES KW - LAW & legislation KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - PUBLIC Company Accounting Oversight Board N1 - Accession Number: 13059747; Donaldson, William 1; Affiliations: 1: US Securities and Exchange Commission; Issue Info: Nov2003, Vol. 153 Issue 933, p16; Thesaurus Term: CORPORATE governance -- Law & legislation; Thesaurus Term: CORPORATIONS -- Accounting; Thesaurus Term: PUBLIC companies; Thesaurus Term: SECURITIES; Subject Term: LAW & legislation; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission ; Company/Entity: PUBLIC Company Accounting Oversight Board; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 2p; Illustrations: 1 Color Photograph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13059747&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Von Bargen, Patrick AU - Freedman, Doris AU - Pages, Erik R. AD - Securities and Exchange Commission AD - National Commission on Entrepreneurship AD - EntreWorks Consulting T1 - Commentary: The Rise of the Entrepreneurial Society JO - Economic Development Quarterly JF - Economic Development Quarterly Y1 - 2003/11// VL - 17 IS - 4 SP - 315 EP - 324 SN - 08912424 N1 - Accession Number: 0670901; Keywords: Entrepreneur; Entrepreneurial; Entrepreneurship; Research and Development; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200401 N2 - The rise of the entrepreneur has been one of the least understood phenomena affecting the U.S. economy for the past few decades. When business observers and economic developers do acknowledge the impact of entrepreneurship, they tend to think of rugged individualists who go it alone and respond to market forces alone. We argue that the real story is more complicated. U.S. government policies--from research and development funds to tax codes--played a critical role in creating an environment conducive to new fast-growing businesses. This policy mix--the American formula for growth--fostered a vibrant system in which entrepreneurs could thrive. Effective future policy requires that we understand the genesis of these initiatives and continue to support and nurture this system. KW - New Firms; Startups M13 KW - Technological Change: Government Policy O38 KW - Firm Performance: Size, Diversification, and Scope L25 L3 - http://edq.sagepub.com/content/by/year UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0670901&site=ehost-live&scope=site UR - http://edq.sagepub.com/content/by/year DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Clerides, Marios AD - Cyprus Securities and Exchange Commission A2 - Dew, Philip T1 - Cyprus Securities and Exchange Commission T2 - Doing business with the Republic of Cyprus PB - Global Market Briefings series. PB - London and Sterling, Va.: PB - Kogan Page Y1 - 2004/// SP - 176 EP - 178 N1 - Accession Number: 0803847; Reviewed Book ISBN: 0-7494-4140-2; Keywords: Securities; Geographic Descriptors: Cyprus; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200511 KW - General Financial Markets: Government Policy and Regulation G18 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0803847&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Ghosh, Aloke T1 - Increasing Market Share as a Rationale for Corporate Acquisitions. JO - Journal of Business Finance & Accounting JF - Journal of Business Finance & Accounting Y1 - 2004/01//Jan-Mar2004 VL - 31 IS - 1/2 M3 - Article SP - 209 EP - 247 PB - Wiley-Blackwell SN - 0306686X AB - This study examines the relative importance of market share in acquisitions because anecdotal evidence and economic theory suggest that merging firms benefit from larger market share. Firms might focus on market share to improve shareholder value through improved efficiency, which benefits consumers. Alternatively, higher market share could generate greater market power, which adversely affects consumers. I find that market share of merging firms increases by more than 30%, relative to the pre-acquisition level, and the increase is even larger after I account for industry changes. Abnormal returns are positively correlated with changes in market share around acquisitions, but not with changes in industry concentration, which suggests stock market's expectation of future benefits from efficiency rather than market power. More directly, I find that merging firms’ long-run profitability increases with market share, and the increase in profitability primarily results from better asset management. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Business Finance & Accounting is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MARKET share KW - CONSOLIDATION & merger of corporations KW - BUSINESS enterprises -- Finance N1 - Accession Number: 12378204; Ghosh, Aloke 1; Email Address: Ghosha@sec.gov; Affiliations: 1: Academic Fellow, Office of Economic Analysis, The Securities and Exchange Commission, 450 5th Street, Washington DC 20594, USA; Issue Info: Jan-Mar2004, Vol. 31 Issue 1/2, p209; Thesaurus Term: MARKET share; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: BUSINESS enterprises -- Finance; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 39p; Illustrations: 12 Charts; Document Type: Article L3 - 10.1111/j.0306-686X.2004.0006.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12378204&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mayhew, Stewart AU - Mihov, Vassil AD - US Securities and Exchange Commission and U GA AD - TX Christian U T1 - How Do Exchanges Select Stocks for Option Listing? JO - Journal of Finance JF - Journal of Finance Y1 - 2004/02// VL - 59 IS - 1 SP - 447 EP - 471 SN - 00221082 N1 - Accession Number: 0677621; Keywords: Options; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200403 N2 - We investigate the factors influencing the selection of stocks for option listing. Exchanges tend to list options on stocks with high trading volume, volatility, and market capitalization, but the relative effect of these factors has changed over time as markets have evolved. We observe a shift from volume toward volatility after the moratorium on new listings ended in 1980. Using control sample methodology designed to correct for the endogeneity of option listing, we find no evidence that volatility declines with option introduction, in contrast to previous studies that do not use control samples. KW - Contingent Pricing; Futures Pricing; option pricing G13 L3 - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0677621&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Chan, Peter K. M. T1 - BREAKING THE MARKET'S DEPENDENCE ON INDEPENDENCE: AN ALTERNATIVE TO THE "INDEPENDENT" OUTSIDER AUDITOR. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2004/05// VL - 9 IS - 2 M3 - Article SP - 347 EP - 393 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - Explores alternatives to the current system in the U.S. as of 2004, of relying on independent outside auditors retained by corporations to audit corporate financial statements. Review of the U.S. Securities and Exchange Commission enforcement actions and other civil litigations against outside auditors regarding corporate financial misstatements; Explanation of the goal of the Sarbanes-Oxley Act to provide greater assurance of auditor independence in addition to improving the quality of audits; Litigation risk, confidentiality and cost of providing financial data on the Internet. KW - AUDITING KW - FINANCIAL statements KW - BUSINESS records KW - FINANCIAL disclosure KW - INTERNET KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 12473527; Chan, Peter K. M. 1; Affiliations: 1: Assistant Regional Director, Enforcement, U.S. Securities and Exchange Commission, Midwest Regional Office; Issue Info: 2004, Vol. 9 Issue 2, p347; Thesaurus Term: AUDITING; Thesaurus Term: FINANCIAL statements; Thesaurus Term: BUSINESS records; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: INTERNET ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 519130 Internet Publishing and Broadcasting and Web Search Portals; NAICS/Industry Codes: 517110 Wired Telecommunications Carriers; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 47p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=12473527&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - CHAKRAVARTY, SUGATO AU - GULEN, HUSEYIN AU - MAYHEW, STEWART T1 - Informed Trading in Stock and Option Markets. JO - Journal of Finance JF - Journal of Finance Y1 - 2004/06// VL - 59 IS - 3 M3 - Article SP - 1235 EP - 1257 PB - Wiley-Blackwell SN - 00221082 AB - We investigate the contribution of option markets to price discovery, using a modification of Hasbrouck's (1995) "information share" approach. Based on five years of stock and options data for 60 firms, we estimate the option market's contribution to price discovery to be about 17% on average. Option market price discovery is related to trading volume and spreads in both markets, and stock volatility. Price discovery across option strike prices is related to leverage, trading volume, and spreads. Our results are consistent with theoretical arguments that informed investors trade in both stock and option markets, suggesting an important informational role for options. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - OPTIONS (Finance) KW - MARKET prices KW - STOCKS (Finance) -- Prices KW - SECURITIES trading volume KW - SPREAD (Finance) KW - ACCESS to information KW - INSIDER trading in securities KW - PRICING KW - RESEARCH KW - ECONOMETRIC models KW - MONETARY theory N1 - Accession Number: 13017733; CHAKRAVARTY, SUGATO 1; GULEN, HUSEYIN 2; MAYHEW, STEWART 3; Affiliations: 1: Indiana/Purdue University; 2: Pamplin College of Business, Virginia Tech; 3: Terry College of Business, University of Georgia, U.S. Securities and Exchange Commission; Issue Info: Jun2004, Vol. 59 Issue 3, p1235; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: MARKET prices; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: SECURITIES trading volume; Thesaurus Term: SPREAD (Finance); Thesaurus Term: ACCESS to information; Thesaurus Term: INSIDER trading in securities; Thesaurus Term: PRICING; Thesaurus Term: RESEARCH; Thesaurus Term: ECONOMETRIC models; Thesaurus Term: MONETARY theory; Number of Pages: 23p; Illustrations: 4 Charts, 1 Graph; Document Type: Article L3 - 10.1111/j.1540-6261.2004.00661.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13017733&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alexander, Cindy R. AU - Lee, Yoon-Ho Alex T1 - The Economics of Regulatory Reform: Termination of Airline Computer Reservation System Rules. JO - Yale Journal on Regulation JF - Yale Journal on Regulation Y1 - 2004///Summer2004 VL - 21 IS - 2 M3 - Article SP - 369 EP - 439 SN - 07419457 AB - On December 31, 2003, the Department of Transportation announced plans to terminate its regulations governing the market for the electronic distribution of tickets and flight information to travel agents. This would end, by July 2004, two decades of regulation governing the airline computer reservation system (CRS) industry. CRSs are computer systems that contain and provide information about airline schedules, availability, fares, and other services. Travel agents can view this information and also make reservations or issue tickets directly through these systems. KW - AIRLINE industry -- Reservation systems KW - COMMERCIAL aeronautics KW - COMMERCIAL documents KW - COMPUTER systems KW - HIGH technology industries KW - ELECTRONIC systems N1 - Accession Number: 14377469; Alexander, Cindy R. 1; Lee, Yoon-Ho Alex; Affiliations: 1: Office of Economic Analysis, U.S. Securities and Exchange Commission; Issue Info: Summer2004, Vol. 21 Issue 2, p369; Thesaurus Term: AIRLINE industry -- Reservation systems; Thesaurus Term: COMMERCIAL aeronautics; Thesaurus Term: COMMERCIAL documents; Thesaurus Term: COMPUTER systems; Thesaurus Term: HIGH technology industries; Subject Term: ELECTRONIC systems; NAICS/Industry Codes: 481215 Non-scheduled specialty flying services; NAICS/Industry Codes: 481211 Nonscheduled Chartered Passenger Air Transportation; NAICS/Industry Codes: 481112 Scheduled Freight Air Transportation; NAICS/Industry Codes: 481111 Scheduled Passenger Air Transportation; NAICS/Industry Codes: 481110 Scheduled air transportation; NAICS/Industry Codes: 561599 All Other Travel Arrangement and Reservation Services; NAICS/Industry Codes: 561590 Other travel arrangement and reservation services; NAICS/Industry Codes: 541514 Computer systems design and related services (except video game design and development); NAICS/Industry Codes: 541512 Computer Systems Design Services; Number of Pages: 71p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14377469&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Taub, Scott A. T1 - Some Current Accounting Issues. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2004/07// VL - 18 IS - 7 M3 - Article SP - 29 EP - 32 PB - Aspen Publishers Inc. SN - 08943524 AB - Comments on trends in various accounting issues compiled for July 2004. Explanation of why the pension obligation is often a company’s largest obligation; Discussion of the Financial Service Accounting Standards’ Statement 5 covering the accounting for contingent liabilities; Challenges in the issue of disclosure of dis-aggregated information. KW - ACCOUNTING KW - FINANCE KW - PENSIONS KW - CONTINGENCIES in finance KW - FINANCIAL disclosure KW - DISCLOSURE of information N1 - Accession Number: 13936099; Taub, Scott A. 1; Affiliations: 1: Deputy Chief Accountant, Office of the Chief Accountant, US Securities and Exchange Commission; Issue Info: Jul2004, Vol. 18 Issue 7, p29; Thesaurus Term: ACCOUNTING; Thesaurus Term: FINANCE; Thesaurus Term: PENSIONS; Thesaurus Term: CONTINGENCIES in finance; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: DISCLOSURE of information; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13936099&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Coughenour, Jay F. AU - Saad, Mohsen M. AD - U DE and US Securities and Exchange Commission AD - American U Dubai T1 - Common Market Makers and Commonality in Liquidity JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2004/07// VL - 73 IS - 1 SP - 37 EP - 69 SN - 0304405X N1 - Accession Number: 0743687; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200409 N2 - Each NYSE specialist firm provides liquidity for more than one common stock. As a result of shared capital and information among specialists within a firm, we argue that stock liquidity will co-move with the liquidity of other stocks handled by the same specialist firm, with magnitude increasing with the risk of providing liquidity. The evidence indicates that individual stock liquidity co-varies with specialist portfolio liquidity apart from information reflected by market liquidity variation. Further tests based on specialist firm size, specialist firm mergers, and market returns indicate that liquidity co-variation increases with the risk of providing liquidity. KW - Information and Market Efficiency; Event Studies; Insider Trading G14 KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G24 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0743687&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2003.05.006 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - JOUR AU - McLeay, Stuart AU - Ghosh, Aloke T1 - Locating Accounting in its National Context: The Case of Italy/Following the Money: The Enron Failure and the State of Corporate Disclosure (Book). JO - European Accounting Review JF - European Accounting Review Y1 - 2004/09// VL - 13 IS - 3 M3 - Book Review SP - 583 EP - 588 PB - Routledge SN - 09638180 AB - Reviews the books "Locating Accounting in its National Context: The Case of Italy," by Stefano Zambon, and "Following the Money: The Enron Failure and the State of Corporate Disclosure," by George Benston, Michael Bromwich, Robert Litan and Alfred Wagenhofer. KW - ACCOUNTING KW - NONFICTION KW - ZAMBON, Stefano KW - BENSTON, George KW - BROMWICH, Michael KW - LITAN, Robert E., 1950- KW - WAGENHOFER, Alfred KW - LOCATING Accounting in Its National Context: The Case of Italy (Book) KW - FOLLOWING the Money: The Enron Failure & the State of Corporate Disclosure (Book) N1 - Accession Number: 13532032; McLeay, Stuart 1; Ghosh, Aloke 2,3; Affiliations: 1: University of Wales, Bangor; 2: US Securities and Exchange Commission, Washington, DC; 3: Zicklin School of Business, Baruch College, The City University of New York; Issue Info: Sep2004, Vol. 13 Issue 3, p583; Thesaurus Term: ACCOUNTING; Subject Term: NONFICTION; Reviews & Products: LOCATING Accounting in Its National Context: The Case of Italy (Book); Reviews & Products: FOLLOWING the Money: The Enron Failure & the State of Corporate Disclosure (Book); NAICS/Industry Codes: 541219 Other Accounting Services; People: ZAMBON, Stefano; People: BENSTON, George; People: BROMWICH, Michael; People: LITAN, Robert E., 1950-; People: WAGENHOFER, Alfred; Number of Pages: 6p; Document Type: Book Review L3 - 10.1080/0963818042000216893 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=13532032&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cole, Cathy J. AU - Jones, Christopher L. T1 - The Usefulness of MD&A Disclosures in the Retail Industry. JO - Journal of Accounting, Auditing & Finance JF - Journal of Accounting, Auditing & Finance Y1 - 2004///Fall2004 VL - 19 IS - 4 M3 - Article SP - 361 EP - 388 PB - Sage Publications Inc. SN - 0148558X AB - The SEC believes that MD&A disclosures provide investors with useful information that clarifies and supplements the financial statements. In this study, we use data from retail firms to examine the predictive ability and value relevance of MD&A discussion of the results of operations and capital resources. In particular, we examine the usefulness of information on the sources of revenue changes (comparable store sales growth, store openings, and store closings) and of two measures of future capital resource plans (planned store openings and capital expenditures). We find that these variables contribute incremental explanatory power in future revenues, future earnings, and contemporaneous stock return regressions that include financial statement variables. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Accounting, Auditing & Finance is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL disclosure KW - DISCLOSURE of information KW - RETAIL industry KW - FINANCIAL statements KW - CAPITALISTS & financiers KW - DISCLOSURE in accounting KW - INDUSTRIAL management N1 - Accession Number: 15174557; Cole, Cathy J. 1; Jones, Christopher L. 2; Affiliations: 1: U. S. Securities and Exchange Commission; 2: The George Washington University; Issue Info: Fall2004, Vol. 19 Issue 4, p361; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: RETAIL industry; Thesaurus Term: FINANCIAL statements; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: DISCLOSURE in accounting; Thesaurus Term: INDUSTRIAL management; NAICS/Industry Codes: 452999 All other miscellaneous general merchandise stores; NAICS/Industry Codes: 453999 All other miscellaneous store retailers (except beer and wine-making supplies stores); NAICS/Industry Codes: 453998 All Other Miscellaneous Store Retailers (except Tobacco Stores); Number of Pages: 28p; Illustrations: 5 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=15174557&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Piwowar, Michael S. AU - Strader, Troy J. AU - Richard B. Carter T1 - Traditional and Online IPO Processes: Are there Differences in after-Market Trading and Market Making? JO - Electronic Commerce Research JF - Electronic Commerce Research Y1 - 2004/10// VL - 4 IS - 4 M3 - Article SP - 373 EP - 391 SN - 13895753 AB - In this study we compare the after-market trading and market making activities of a sample of Nasdaq online initial public offerings (IPOs) to a matched sample of traditional IPOs. We find that online IPOs have significantly higher turnover in after-market trading, and more market makers, dealers, and electronic communications networks servicing their trading activities than traditional IPOs. We find no difference between the samples in after-market volumes, block trades, or the number of dealers actually engaged in trading. We believe this provides some support for the notion that distribution of IPOs to online customers facilitates liquidity in the after-market, at least for the smaller investor. We also believe that the evidence implies that control of the after-market trading is still in the hands of the institutional investor and that the advantages the Internet offers as a global communication network are at this point not being fully utilized. [ABSTRACT FROM AUTHOR] AB - Copyright of Electronic Commerce Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - GOING public (Securities) KW - CORPORATIONS -- Finance KW - ONLINE data processing KW - STOCK exchanges KW - UNITED States KW - electronic commerce KW - initial public offering KW - institutional theory KW - Internet KW - investment banking KW - NASDAQ Stock Market N1 - Accession Number: 14702268; Piwowar, Michael S. 1; Strader, Troy J. 2; Richard B. Carter 3; Affiliations: 1: Department of Finance, Iowa State University, Office of Economic Analysis, U.S. Securities and Exchange Commission, USA; 2: Information Systems, Drake University, USA; 3: Department of Finance, Iowa State University, USA; Issue Info: Oct2004, Vol. 4 Issue 4, p373; Thesaurus Term: GOING public (Securities); Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: ONLINE data processing; Thesaurus Term: STOCK exchanges; Subject: UNITED States; Author-Supplied Keyword: electronic commerce; Author-Supplied Keyword: initial public offering; Author-Supplied Keyword: institutional theory; Author-Supplied Keyword: Internet; Author-Supplied Keyword: investment banking ; Company/Entity: NASDAQ Stock Market; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 19p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=14702268&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cutler, Stephen M. T1 - The Themes of Sarbanes-Oxley as Reflected in the Commission's Enforcement Program. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2004/11// VL - 18 IS - 10 M3 - Article SP - 18 EP - 23 PB - Aspen Publishers Inc. SN - 08943524 AB - Discusses the themes of the Sarbanes-Oxley legislation in the U.S. Importance of the Sarbanes-Oxley Act of 2002 in the securities field; Increase in the responsibility of independent directors; Role of accounting firms in ensuring that individual auditors are properly discharging their functions; Accountability of corporate executives. KW - COMMERCIAL law KW - CORPORATION law KW - BUSINESS enterprises -- Law & legislation KW - UNITED States N1 - Accession Number: 15175165; Cutler, Stephen M. 1; Affiliations: 1: Director of the Division of Enforcement, US Securities and Exchange Commission; Issue Info: Nov2004, Vol. 18 Issue 10, p18; Thesaurus Term: COMMERCIAL law; Thesaurus Term: CORPORATION law; Thesaurus Term: BUSINESS enterprises -- Law & legislation; Subject: UNITED States; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=15175165&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Beller, Alan L. T1 - Executive Compensation Disclosure. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2004/12// VL - 18 IS - 11 M3 - Article SP - 20 EP - 25 PB - Aspen Publishers Inc. SN - 08943524 AB - The article presents new legal and regulatory features of executive compensation disclosure. Some of these features are--listing standards that better promote independence of boards of directors, the introduction of disclosure controls and the need to assess and audit internal control over financial reporting. Properly responding to those broader issues requires the reexamination of the principles of corporate governance that is currently ongoing. The compensation committee is responsible for ensuring that all aspects of executive compensation are clearly, comprehensively and promptly disclosed, in plain English, in the annual proxy statement regardless of whether such disclosure is required by current rules and regulations. KW - EXECUTIVE compensation KW - DISCLOSURE KW - DIRECTORS of corporations KW - CORPORATE governance KW - CORPORATION reports KW - FINANCIAL statements N1 - Accession Number: 15626335; Beller, Alan L. 1; Affiliations: 1: Director, Division of Corporation Finance, US Securities and Exchange Commission.; Issue Info: Dec2004, Vol. 18 Issue 11, p20; Thesaurus Term: EXECUTIVE compensation; Thesaurus Term: DISCLOSURE; Thesaurus Term: DIRECTORS of corporations; Thesaurus Term: CORPORATE governance; Thesaurus Term: CORPORATION reports; Thesaurus Term: FINANCIAL statements; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=15626335&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Carroll, Brian T1 - The Mutual Fund Trading Scandals. (cover story) JO - Journal of Accountancy JF - Journal of Accountancy Y1 - 2004/12// VL - 198 IS - 6 M3 - Article SP - 32 EP - 36 PB - American Institute of Ceritified Public Accountants SN - 00218448 AB - This article focuses on the trading scandal involving Canary Capital Partners LLC, a hedge fund manager, and its potential implications for certified public accountants and their clients. Typically, open-end investment companies, known as mutual funds, do not issue shares in their funds for resale to other potential shareholders. Instead, the shares must be purchased from, and sold back to, the fund itself. The fund trading scandal broke when New York State Attorney General Eliot Spitzer filed charges against Canary Capital Partners. The Canary case complaint affected the industry by including allegations that certain mutual funds, with the help of intermediaries, had allowed late-trading, market-timing or both. Consistent with their fiduciary duty to clients, investment advisers should research federal and state records and fund filings to determine whether any of the mutual funds they have recommended to their clients are under investigation or charged with fraudulent activities. Late-trading is illegal under federal securities laws as well as certain state statutes. It occurs when a mutual fund or intermediary permits an investor to purchase fund shares late, after the day's net asset value (NAV) has been calculated, as though the purchase order had been placed before the NAV was calculated. The Canary case complaint also alleged that an uninsured national banking association called Security Trust Co., an intermediary commonly used by third-party administrators of employee benefit plans to consolidate participant's mutual fund trades, also permitted Canary to late-trade through its accounts with mutual funds. INSETS: EXECUTIVE SUMMARY;Finding Funds Charged With Fraud;New Regulations;PRACTICAL TIPS TO REMEMBER KW - SECURITIES trading KW - MUTUAL funds KW - HEDGE funds KW - ACCOUNTANTS KW - CORPORATIONS -- Corrupt practices KW - UNITED States KW - CANARY Capital Partners LLC N1 - Accession Number: 15300166; Carroll, Brian 1,2; Affiliations: 1: Special counsel, U.S. Securities and Exchange Commission, Philadelphia; 2: Adjunct professor, Rutgers University School of Law, Camden, New Jersey; Issue Info: Dec2004, Vol. 198 Issue 6, p32; Thesaurus Term: SECURITIES trading; Thesaurus Term: MUTUAL funds; Thesaurus Term: HEDGE funds; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: CORPORATIONS -- Corrupt practices; Subject: UNITED States ; Company/Entity: CANARY Capital Partners LLC; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 5p; Document Type: Article; Full Text Word Count: 3438 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=15300166&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Derides, Marios T1 - Part Six: Financial Environment: Cyprus Securities and Exchange Commission. JO - Doing Business with the Republic of Cyprus JF - Doing Business with the Republic of Cyprus Y1 - 2005/01// M3 - Article SP - 176 EP - 178 SN - 9781905050208 AB - The article provides information on the Cyprus Securities and Exchange Commission. The enactment of the Securities and Exchange Commission legislation has established the commission in April 2001. The commission has several responsibilities including the monitoring of the capital market for market manipulation, money laundering and other illegal activities affecting the market. The commission is comprised by accountants, economists and lawyers. KW - GOVERNMENT agencies KW - SECURITIES KW - STOCK exchanges KW - CAPITAL market KW - MONEY laundering KW - ACCOUNTANTS KW - ECONOMISTS KW - CYPRUS N1 - Accession Number: 19310626; Derides, Marios 1; Affiliations: 1: Chairman, Cyprus Securities and Exchange Commission; Issue Info: 2005, p176; Thesaurus Term: GOVERNMENT agencies; Thesaurus Term: SECURITIES; Thesaurus Term: STOCK exchanges; Thesaurus Term: CAPITAL market; Thesaurus Term: MONEY laundering; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: ECONOMISTS; Subject: CYPRUS; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 3p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19310626&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - CHAP AU - Gundenbal, Sodnomtseren AD - Mongolian Securities and Exchange Commission A2 - Organisation for Economic Co-operation and Development T1 - The Origin and Development of the Securities Market in Mongolia T2 - Securities Markets in Eurasia PB - Paris and Washington, D.C.: PB - Author Y1 - 2005/// SP - 95 EP - 99 N1 - Accession Number: 0881575; Reviewed Book ISBN: 92-64-01222-2; Keywords: Development; Securities; Geographic Descriptors: Mongolia; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 200701 KW - General Financial Markets: General (includes Measurement and Data) G10 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 KW - Socialist Institutions and Their Transitions: Financial Economics P34 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0881575&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - CHAP AU - Derides, Marios T1 - Financial Environment: 6.5 Cyprus Securities and Exchange Commission. JO - Doing Business with the Republic of Cyprus JF - Doing Business with the Republic of Cyprus Y1 - 2005/02// M3 - Book Chapter SP - 176 EP - 178 SN - 9781905050208 AB - Provides background information on the Cyprus Securities and Exchange Commission of interest to entrepreneurs engaged in international business. Main duties and responsibilities; Organizational structure; Challenges facing the Commission. KW - GOVERNMENT agencies KW - SECURITIES KW - STOCK exchanges KW - BUSINESS KW - CYPRUS N1 - Accession Number: 21410990; Derides, Marios 1; Email Address: chairman@cysec.gov.cy; Affiliations: 1: Chairman, Cyprus Securities and Exchange Commission; Issue Info: 2005, p176; Thesaurus Term: GOVERNMENT agencies; Thesaurus Term: SECURITIES; Thesaurus Term: STOCK exchanges; Thesaurus Term: BUSINESS; Subject: CYPRUS; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 3p; Document Type: Book Chapter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21410990&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cole, Cathy J. AU - Jones, Christopher L. T1 - Management Discussion and Analysis: A Review and Implications for Future Research. JO - Journal of Accounting Literature JF - Journal of Accounting Literature Y1 - 2005/02// VL - 24 M3 - Article SP - 135 EP - 174 SN - 07374607 AB - The article provides a review of reports on non-financial disclosures. Reports come from the American Institute of Certified Public Accountants, the Financial Accounting Standards Board and other accounting organizations. Both reports recommend improved disclosure standards, echoing the calls of the U.S. Securities and Exchange Commission. One of the prominent recommendations was to add a narrative component to the Management's Discussion and Analysis section of financial reports, to aid users in understanding the content. The article considers how MD&A reports on nonfinancial disclosure are used and affect consumers. KW - DISCLOSURE of information KW - ACCOUNTING standards KW - FINANCIAL disclosure KW - ACCOUNTING departments KW - FINANCIAL Accounting Standards Board KW - AMERICAN Institute of Certified Public Accountants N1 - Accession Number: 20785144; Cole, Cathy J. 1; Jones, Christopher L. 2; Affiliations: 1: U.S. Securities and Exchange Commission; 2: George Washington University; Issue Info: 2005, Vol. 24, p135; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: ACCOUNTING departments ; Company/Entity: FINANCIAL Accounting Standards Board ; Company/Entity: AMERICAN Institute of Certified Public Accountants; Number of Pages: 40p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=20785144&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Nicolaisen, Donald T. T1 - A Securities Regulator Looks at Convergence. JO - Northwestern Journal of International Law & Business JF - Northwestern Journal of International Law & Business Y1 - 2005///Spring2005 VL - 25 IS - 3 M3 - Article SP - 661 EP - 686 PB - Northwestern University School of Law SN - 01963228 AB - The article discusses that as a matter of policy, the U.S. Securities and Exchange Commission (SEC) disclaims responsibility for any private publications or statements of any SEC employee or Commissioner. The generations of accountants who worked to develop a set of accounting standards that could be globally accepted not only had their hearts in the right place, but their minds as well. There is an intuitive logic that supports the notion that capital markets benefit from using common accounting standards. Key forces favoring a single set of globally accepted accounting standards are the continued strong expansion of the capital markets across national borders and the desire by countries to achieve strong, stable and liquid capital markets to fuel economic growth. KW - COMMISSIONERS KW - CAPITAL market KW - ACCOUNTING standards KW - ACCOUNTING firms KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 17191625; Nicolaisen, Donald T. 1; Affiliations: 1: Chief Accountant, U .S. Securities and Exchange Commission.; Issue Info: Spring2005, Vol. 25 Issue 3, p661; Thesaurus Term: COMMISSIONERS; Thesaurus Term: CAPITAL market; Thesaurus Term: ACCOUNTING standards; Thesaurus Term: ACCOUNTING firms; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 26p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17191625&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ghosh, Aloke AU - Zhaoyang Gu AU - Jain, Prem J. T1 - Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients. JO - Review of Accounting Studies JF - Review of Accounting Studies Y1 - 2005/03// VL - 10 IS - 1 M3 - Article SP - 33 EP - 57 SN - 13806653 AB - We show that firms reporting sustained increases in both earnings and revenues have (1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to earnings quality, firms with revenue-supported increases in earnings have more persistent earnings, exhibit less susceptibility to earnings management, and have higher future operating performance. With respect to response coefficients, firms with revenue-supported increases in earnings have both higher ERCs and lower book value response coefficients, consistent with the implications of the Ohlson (1995, Contemporary Accounting Research 12, 661-687) model. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Accounting Studies is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE profits KW - CORPORATION reports KW - FINANCIAL performance KW - CORPORATIONS -- Finance KW - FINANCIAL statements KW - ACCOUNTING KW - earnings growth KW - earnings quality KW - earnings response coefficients KW - revenue growth N1 - Accession Number: 16600760; Ghosh, Aloke 1,2; Email Address: ghosha@sec.gov; Zhaoyang Gu 3; Email Address: zygu@andrew.cmu.edu; Jain, Prem J. 4; Email Address: PCJ3@georgetown.edu; Affiliations: 1: Office of Economic Analysis, Securities and Exchange Commission, Washington, DC 20549; 2: Zicklin School of Business, Baruch College, City University of New York, New York, NY 10010; 3: Tepper School of Business, Carnegie Mellon University, Pittsburgh, PA 15213; 4: McDonough School of Business, Georgetown University, Washington, DC 20057; Issue Info: Mar2005, Vol. 10 Issue 1, p33; Thesaurus Term: CORPORATE profits; Thesaurus Term: CORPORATION reports; Thesaurus Term: FINANCIAL performance; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: FINANCIAL statements; Thesaurus Term: ACCOUNTING; Author-Supplied Keyword: earnings growth; Author-Supplied Keyword: earnings quality; Author-Supplied Keyword: earnings response coefficients; Author-Supplied Keyword: revenue growth; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 25p; Document Type: Article L3 - 10.1007/s11142-004-6339-3 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=16600760&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Donaldson, William H. T1 - 'We've Been Listening.'. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2005/03/29/ VL - 245 IS - 61 M3 - Article SP - A14 SN - 00999660 AB - Focuses on the benefits and the process of implementing the Section 404 internal control reporting requirements contained in the Sarbanes-Oxley Act of 2002 passed by the U.S. Congress. KW - INTERNAL auditing KW - AUDITING N1 - Accession Number: 16613316; Donaldson, William H. 1; Affiliation: 1: Chairman, Securities and Exchange Commission; Source Info: 3/29/2005, Vol. 245 Issue 61, pA14; Subject Term: INTERNAL auditing; Subject Term: AUDITING; Number of Pages: 0p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=16613316&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Ghosh, Aloke AU - Moon, Doocheol AD - US Securities and Exchange Commission and Baruch College, CUNY AD - SUNY, Old Westbury T1 - Auditor Tenure and Perceptions of Audit Quality JO - Accounting Review JF - Accounting Review Y1 - 2005/04// VL - 80 IS - 2 SP - 585 EP - 612 SN - 00014826 N1 - Accession Number: 0847480; Keywords: Audit; Auditor; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200606 N2 - We analyze how investors and information intermediaries perceive auditor tenure. Using earnings response coefficients from returns-earnings regressions as a proxy for investor perceptions of earnings quality, we document a positive association between investor perceptions of earnings quality and tenure. Further, we find that the influence of reported earnings on stock rankings becomes larger with extended tenure, although the association between debt ratings and reported earnings does not vary with tenure. Finally, we find that the influence of past earnings on one-year-ahead earnings forecasts becomes greater as tenure increases. In general, our results are consistent with the hypothesis that investors and information intermediaries perceive auditor tenure as improving audit quality. One implication of our study is that imposing mandatory limits on the duration of the auditor-client relationship might impose unintended costs on capital market participants. KW - Information and Market Efficiency; Event Studies; Insider Trading G14 KW - Firm Performance: Size, Diversification, and Scope L25 KW - Personal, Professional, and Business Services L84 KW - Auditing M42 L3 - http://aaapubs.org/loi/accr UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0847480&site=ehost-live&scope=site UR - http://aaapubs.org/loi/accr DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Kuehnle, William H. T1 - STANDARDS OF EVIDENCE IN ADMINISTRATIVE PROCEEDINGS. JO - New York Law School Law Review JF - New York Law School Law Review Y1 - 2005/04//2004/2005 VL - 49 IS - 3 M3 - Article SP - 831 EP - 914 SN - 0145448X AB - Presents information on the standards of evidence in administrative proceedings. Origins of administrative agency proceedings; Legislative reaction to broad standards of evidence; Role of constitutional considerations. KW - EVIDENCE (Law) KW - ADMINISTRATIVE procedure KW - GOVERNMENT agencies KW - ADMINISTRATIVE law KW - PUBLIC administration N1 - Accession Number: 17078979; Kuehnle, William H. 1; Affiliation: 1: Assistant Chief Litigation Counsel, Division of Enforcement, Securities and Exchange Commission; Source Info: 2004/2005, Vol. 49 Issue 3, p831; Subject Term: EVIDENCE (Law); Subject Term: ADMINISTRATIVE procedure; Subject Term: GOVERNMENT agencies; Subject Term: ADMINISTRATIVE law; Subject Term: PUBLIC administration; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; Number of Pages: 86p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=17078979&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Ketchum, Richard G. AU - Lackritz, Marc E. AU - Nazareth, Annette L. AU - Schapiro, Mary L. T1 - Welcome & Introduction. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2005/05// VL - 10 IS - 2 M3 - Article SP - 168 EP - 223 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - Presents information on the Fourth Annual Albert A. DeStefano Lecture entitled Crisis in Confidence--Self-Regulation in the Securities Industry. Factors that have pushed the issues of corporate law and corporate governance to the forefront of debates throughout the U.S.; Contribution of the Center for Corporate, Securities and Financial Law to the Fordham University School of Law; Purpose of the DeStefano Lecture. KW - SECURITIES industry -- Self-regulation KW - CORPORATION law KW - CORPORATE governance KW - LECTURES & lecturing KW - FORDHAM University. School of Law N1 - Accession Number: 18360194; Ketchum, Richard G. 1; Lackritz, Marc E. 2; Nazareth, Annette L. 3; Schapiro, Mary L. 4; Affiliations: 1: Chief Regulatory Officer, New York Stock Exchange, Inc.; 2: President, Securities Industry Association; 3: Director, Division of Market Regulation, Securities and Exchange Commission; 4: Vice Chairman, National Association of Securities Dealers, Inc.; Issue Info: 2005, Vol. 10 Issue 2, p168; Thesaurus Term: SECURITIES industry -- Self-regulation; Thesaurus Term: CORPORATION law; Thesaurus Term: CORPORATE governance; Subject Term: LECTURES & lecturing ; Company/Entity: FORDHAM University. School of Law; Number of Pages: 56p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18360194&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Carr Bettis, J. AU - Bizjak, John M. AU - Lemmon, Michael L. T1 - Exercise behavior, valuation, and the incentive effects of employee stock options. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2005/05// VL - 76 IS - 2 M3 - Article SP - 445 EP - 470 SN - 0304405X AB - We use a large database on ESO exercises to document characteristics of exercise behavior and calibrate a utility-based model for measuring how differences in exercise behavior are manifested in option values and incentives. Option values and incentives computed from the model calibrations are compared to those computed from models used to value tradable options. Our analysis provides guidance to both academics and practitioners about how differences in exercise behavior and model choice affect measures of ESO values and incentives, and underscores the importance of gaining a thorough understanding of the underlying economic forces that affect the behavior of ESO holders. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - EMPLOYEE stock options KW - STANDARDIZATION KW - STOCK options KW - OPTION value KW - EMPLOYEE fringe benefits KW - OPTIONS (Finance) KW - Corporate governance KW - Employee stock options KW - Executive compensation KW - Option exercises N1 - Accession Number: 17118094; Carr Bettis, J. 1; Bizjak, John M. 2; Email Address: bizjak@pdx.edu; Lemmon, Michael L. 3; Affiliations: 1: Arizona State University, and Equity Methods, LLC, USA; 2: Portland State University and the Securities and Exchange Commission, USA; 3: University of Utah, USA; Issue Info: May2005, Vol. 76 Issue 2, p445; Thesaurus Term: EMPLOYEE stock options; Thesaurus Term: STANDARDIZATION; Thesaurus Term: STOCK options; Thesaurus Term: OPTION value; Thesaurus Term: EMPLOYEE fringe benefits; Thesaurus Term: OPTIONS (Finance); Author-Supplied Keyword: Corporate governance; Author-Supplied Keyword: Employee stock options; Author-Supplied Keyword: Executive compensation; Author-Supplied Keyword: Option exercises; NAICS/Industry Codes: 525120 Health and Welfare Funds; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Document Type: Article L3 - 10. 1016/j.jfineco.2004.05.006 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17118094&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Bettis, J. Carr AU - Bizjak, John M. AU - Lemmon, Michael L. AD - AZ State U and Equity Methods LLC AD - Portland State U and US Securities and Exchange Commission AD - U UT T1 - Exercise Behavior, Valuation, and the Incentive Effects of Employee Stock Options JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2005/05// VL - 76 IS - 2 SP - 445 EP - 470 SN - 0304405X N1 - Accession Number: 0789419; Keywords: Incentives; Stock Options; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200508 N2 - We use a large database on ESO exercises to document characteristics of exercise behavior and calibrate a utility-based model for measuring how differences in exercise behavior are manifested in option values and incentives. Option values and incentives computed from the model calibrations are compared to those computed from models used to value tradable options. Our analysis provides guidance to both academics and practitioners about how differences in exercise behavior and model choice affect measures of ESO values and incentives, and underscores the importance of gaining a thorough understanding of the underlying economic forces that affect the behavior of ESO holders. KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Compensation Packages; Payment Methods J33 KW - Personnel Management; Executives; Executive Compensation M12 KW - Personnel Economics: Compensation and Compensation Methods and Their Effects M52 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0789419&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2004.05.006 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Stark, John Reed AU - Hankins, William W. T1 - ONLINE ROAD SHOWS: PAST, PRESENT, AND FUTURE. JO - Journal of Internet Law JF - Journal of Internet Law Y1 - 2005/05// VL - 8 IS - 11 M3 - Article SP - 3 EP - 11 PB - Aspen Publishers Inc. SN - 10942904 AB - Explores the development of policy and practice embraced by the U.S. Securities and Exchange Commission (SEC) regarding electronic road shows. Role of road shows in giving companies the opportunity to raise capital in the market; Request of Private Financial Network for SEC to allow it to transmit road shows either live or on a delayed basis to a restricted audience via closed-circuit television; Assessment of no-action letter sent to SEC by several companies interested in electronic road shows. KW - ELECTRONIC commerce KW - SECURITIES trading KW - CAPITAL market KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 17040775; Stark, John Reed 1; Hankins, William W. 2; Affiliations: 1: Chief of the Office of Internet Enforcement of the US Securities and Exchange Commission and Counselor to the Director and Adjunct Professor of Law, Georgetown University Law Center; 2: Senior Counsel, US Securities and Exchange Commission's Office of Internet Enforcement; Issue Info: May2005, Vol. 8 Issue 11, p3; Thesaurus Term: ELECTRONIC commerce; Thesaurus Term: SECURITIES trading; Thesaurus Term: CAPITAL market; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 454111 Electronic Shopping; NAICS/Industry Codes: 454110 Electronic shopping and mail-order houses; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 9p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17040775&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Danis, Michelle A. AU - Pennington-Cross, Anthony T1 - A Dynamic Look at Subprime Loan Performance. JO - Journal of Fixed Income JF - Journal of Fixed Income Y1 - 2005/06// VL - 15 IS - 1 M3 - Article SP - 28 EP - 39 PB - Euromoney Institutional Investor PLC SN - 10598596 AB - Examines the implications of delinquency for the performance of subprime mortgages. Reasons behind the importance of understanding the dynamic link between delinquency and loan termination; Characteristics of high-risk subprime mortgages generally found to be consistent with trouble in meeting financial commitments; Key determinant of whether a delinquent mortgage will prepay or will default. KW - CRIME KW - MORTGAGES KW - LOANS KW - SECURITIES KW - FINANCE N1 - Accession Number: 17542267; Danis, Michelle A. 1; Email Address: danism@sec.gov; Pennington-Cross, Anthony 2; Email Address: pennington-cross@stls.frb.org; Affiliations: 1: Financial economist, Securities and Exchange Commission, Washington, DC; 2: Senior economist, The Federal Reserve Bank, St. Louis Research Division, St. Louis, MO; Issue Info: Jun2005, Vol. 15 Issue 1, p28; Thesaurus Term: CRIME; Thesaurus Term: MORTGAGES; Thesaurus Term: LOANS; Thesaurus Term: SECURITIES; Thesaurus Term: FINANCE; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 12p; Illustrations: 2 Diagrams, 8 Charts, 6 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=17542267&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Kung, Felicia H. T1 - THE REGULATION OF CORPORATE BOND OFFERINGS: A COMPARATIVE ANALYSIS. JO - University of Pennsylvania Journal of International Economic Law JF - University of Pennsylvania Journal of International Economic Law Y1 - 2005///Fall2005 VL - 26 IS - 3 M3 - Article SP - 409 EP - 453 SN - 10867872 AB - The article presents information on the regulation of corporate bond offerings in 2005. In light of the recent financial frauds that occurred during the past few years, regulation is a measure which is greatly needed, particularly when retail investors are involved. Retail investments in the bond market most likely will increase as a result of the aging population in the developed markets. KW - TRADE regulation KW - CORPORATE bonds KW - FRAUD KW - CAPITALISTS & financiers KW - BOND market KW - POPULATION N1 - Accession Number: 19446233; Kung, Felicia H. 1,2; Affiliation: 1: Senior Special Counsel, Office of International Corporate Finance, U.S. Securities and Exchange Commission 2: Chair of the Disclosure Subcommittee, International Organization of Securities Commissions' ("IOSCO"); Source Info: Fall2005, Vol. 26 Issue 3, p409; Subject Term: TRADE regulation; Subject Term: CORPORATE bonds; Subject Term: FRAUD; Subject Term: CAPITALISTS & financiers; Subject Term: BOND market; Subject Term: POPULATION; Number of Pages: 45p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=19446233&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Martin, David B. H. AU - Gumbs, Keir D. T1 - Will Free Writing Prospectuses Be Used? JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2005/10// VL - 19 IS - 10 M3 - Article SP - 15 EP - 21 PB - Aspen Publishers Inc. SN - 08943524 AB - This article reports that the U.S. Securities and Exchange Commission recently adopted reforms creating the free writing prospectus, a new protocol for offering related communications outside of a registration statement. This winter, securities offering reforms will go into effect that, among other things, could radically change the way in which issuers and other offering participants communicate in public securities offerings. The reforms as a whole address three principal areas: first, communications during the offering process, second, offering procedures and mechanics, and third, liability provisions for offering-related communications. As part of the first in that triad, it is the newly minted free writing prospectus that has garnered much attention. KW - ECONOMIC reform KW - SECURITIES trading KW - SECURITIES markets KW - GOVERNMENT securities KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 18682477; Martin, David B. H. 1,2; Gumbs, Keir D. 3; Affiliations: 1: Head of Covington & Burling's securities practice.; 2: Immediate past Director, Division of Corporation Finance, Securities and Exchange Commission.; 3: Associate, Covington & Burling's securities practice.; Issue Info: Oct2005, Vol. 19 Issue 10, p15; Thesaurus Term: ECONOMIC reform; Thesaurus Term: SECURITIES trading; Thesaurus Term: SECURITIES markets; Thesaurus Term: GOVERNMENT securities; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 7p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18682477&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Dutt, Hans R. AU - Harris, Lawrence E. T1 - Position limits for cash-settled derivative contracts. JO - Journal of Futures Markets JF - Journal of Futures Markets Y1 - 2005/10// VL - 25 IS - 10 M3 - Article SP - 945 EP - 965 SN - 02707314 AB - Cash settlement of derivative contracts makes them susceptible to manipulation by traders who expect to close large positions upon final settlement. Cash settlement also increases underlying volatility when hedgers unwind their hedges if they have no incentives to control their trading costs. Limits on the positions that traders can carry into final settlement can be used to mitigate associated economic inefficiencies when surveillance is insufficient. This article develops a model that regulators can use to set these limits that is based upon microstructure theory. The empirical findings indicate that existing position limits are largely inconsistent with those suggested by the model. © 2005 Wiley Periodicals, Inc. Jrl Fut Mark 25:945–965, 2005 [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Futures Markets is the property of John Wiley & Sons, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - DERIVATIVE securities KW - VOLATILITY (Finance) KW - FUTURES market KW - SECURITIES markets KW - HEDGING (Finance) KW - MARKETS N1 - Accession Number: 18059221; Dutt, Hans R. 1; Email Address: dutth@sec.gov; Harris, Lawrence E. 2; Affiliations: 1: Financial Economist with Office of Economic Analysit, U.S. Securities and Exchange Commission (SEC), Washington, D.C.; 2: University of Southern California, Los Angeles.; Issue Info: Oct2005, Vol. 25 Issue 10, p945; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: FUTURES market; Thesaurus Term: SECURITIES markets; Thesaurus Term: HEDGING (Finance); Thesaurus Term: MARKETS; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 21p; Document Type: Article L3 - 10.1002/fut.20179 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18059221&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Stoelting, David T1 - International Criminal Law and Human Rights. JO - Human Rights Quarterly JF - Human Rights Quarterly Y1 - 2005/11// VL - 27 IS - 4 M3 - Book Review SP - 1365 EP - 1367 SN - 02750392 AB - Reviews the book "International Criminal Law and Human Rights," by Claire de Than and Edwin Shorts. KW - INTERNATIONAL crimes KW - NONFICTION KW - DE Than, Claire KW - SHORTS, Edwin KW - INTERNATIONAL Criminal Law & Human Rights (Book) N1 - Accession Number: 18940858; Stoelting, David 1; Affiliation: 1: Senior Trial Counsel with the United States Securities and Exchange Commission, Division of Enforcement, in New York City.; Source Info: Aug2005, Vol. 27 Issue 4, p1365; Subject Term: INTERNATIONAL crimes; Subject Term: NONFICTION; Reviews & Products: INTERNATIONAL Criminal Law & Human Rights (Book); People: DE Than, Claire; People: SHORTS, Edwin; Number of Pages: 3p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=18940858&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Gadziala, Mary Ann T1 - SEC Examination Focus. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2005/11// VL - 19 IS - 11 M3 - Article SP - 23 EP - 25 PB - Aspen Publishers Inc. SN - 08943524 AB - The article presents information on the U.S. Securities and Exchange Commission's inspections and examination. It focuses on two broad concepts that one may view as changes in the approach to examinations. It is a part of natural evolutionary progression in the constant search to keep programs at peak performance. Increased risk assessment and coordination is done to improve examination focus and use of limited resources. Moreover examinations are made more proactive and forward-looking to assist in earlier identification of concerns, working with firms to implement controls and improvements that will at their best prevent violations from occurring at all. KW - RISK assessment KW - SECURITIES trading KW - INVESTMENT policy KW - INVESTMENT analysis KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 19321444; Gadziala, Mary Ann 1; Affiliations: 1: Associate Director, Office of Compliance Inspections and Examinations, US Securities and Exchange Commission, Washington, DC.; Issue Info: Nov2005, Vol. 19 Issue 11, p23; Thesaurus Term: RISK assessment; Thesaurus Term: SECURITIES trading; Thesaurus Term: INVESTMENT policy; Thesaurus Term: INVESTMENT analysis; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 3p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19321444&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Dunn, Kenneth B. AU - Spatt, Chester S. T1 - The Effect of Refinancing Costs and Market Imperfections on the Optimal Call Strategy and the Pricing of Debt Contracts. JO - Real Estate Economics JF - Real Estate Economics Y1 - 2005///Winter2005 VL - 33 IS - 4 M3 - Article SP - 595 EP - 617 PB - Wiley-Blackwell SN - 10808620 AB - This article, which was originally written in 1986, develops a methodology for valuing mortgage-backed securities with refinancing costs. We solve simultaneously for the valuation of the mortgage-backed security (loan) and the borrower's refinancing strategy, pricing all coupon levels simultaneously. Because the borrower may refinance his or her loan and incur costs at many times in the future, the optimal refinancing decisions arise from an optimal dynamic strategy that reflects the costs of all potential future refinancings. Though the borrower faces multiple rounds of refinancing costs, the market value of the loan cannot exceed the call price plus a single round of refinancing costs. [ABSTRACT FROM AUTHOR] AB - Copyright of Real Estate Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MORTGAGE-backed securities KW - DERIVATIVE securities KW - MORTGAGE bonds KW - MORTGAGES KW - VALUATION KW - MORTGAGE loans -- Refinancing KW - REFINANCING KW - LOANS N1 - Accession Number: 18856492; Dunn, Kenneth B. 1; Email Address: kbdunn@andrew.cmu.edu; Spatt, Chester S. 1,2; Email Address: cspatt@andrew.cmu.edu; Affiliations: 1: Tepper School of Business, Carnegie Mellon University, Pittsburgh, PA 15213; 2: Securities and Exchange Commission, Washington, D.C. 20549; Issue Info: Winter2005, Vol. 33 Issue 4, p595; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: DERIVATIVE securities; Thesaurus Term: MORTGAGE bonds; Thesaurus Term: MORTGAGES; Thesaurus Term: VALUATION; Thesaurus Term: MORTGAGE loans -- Refinancing; Thesaurus Term: REFINANCING; Thesaurus Term: LOANS; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 526913 Mortgage funds; NAICS/Industry Codes: 522292 Real Estate Credit; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 23p; Illustrations: 1 Chart, 5 Graphs; Document Type: Article L3 - 10.1111/j.1540-6229.2005.00132.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=18856492&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - CHAP AU - Edwards, Amy K. AD - US Securities and Exchange Commission A2 - Bank for International Settlements T1 - Corporate Bond Market Microstructure and Transparency--The US Experience T2 - Developing Corporate Bond Markets in Asia: Proceedings of a BIS/PBC Seminar Held in Kunming, China on 17-18 November 2005 PB - BIS Papers, no. 26. PB - Basel: PB - Author Y1 - 2006/// SP - 31 EP - 38 N1 - Accession Number: 0898909; Reviewed Book ISBN: 92-9131-700-4; Keywords: Bond Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200704 KW - General Financial Markets: General (includes Measurement and Data) G10 KW - Banks; Depository Institutions; Micro Finance Institutions; Mortgages G21 KW - Financial Institutions and Services: Government Policy and Regulation G28 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0898909&site=ehost-live&scope=site DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Scott, Mark AU - Clark, Foster AU - Haines, Martha AU - Lian, Gerry AU - Slaughter, Laura T1 - Tax and Disclosure Issues Affecting the Municipal Market. JO - Municipal Finance Journal JF - Municipal Finance Journal Y1 - 2006///Winter2006 VL - 26 IS - 4 M3 - Article SP - 47 EP - 63 SN - 01996134 AB - Municipal markets and bond lawyers are being placed under a microscope as a result of audits by the Internal Revenue Service and allegations of inadequate disclosure made by the Securities and Exchange Commission. This article discusses the proper role of bond counsel as seen from the perspective of those two administrative agencies and the National Association of Bond Lawyers. Special attention is paid to tax and disclosure issues pertaining to Circular 230 and the operations of Disclosure USA, the Central Post Office for secondary market disclosure. [ABSTRACT FROM AUTHOR] AB - Copyright of Municipal Finance Journal is the property of Civic Research Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - GOVERNMENT agencies KW - SECONDARY markets KW - ASSOCIATIONS, institutions, etc. KW - UNITED States. Internal Revenue Service KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 22097561; Scott, Mark 1; Clark, Foster 2,3; Haines, Martha 4; Lian, Gerry 5; Slaughter, Laura 6; Affiliations: 1: Director, tax exempt bonds, Internal Revenue Service, Birmingham, AL; 2: Batch & Bingham, Birmingham, AL; 3: Secretary, National Association of Bond Lawyers; 4: Chief officer, Municipal securities, Securities and Exchange Commission, Washington, DC; 5: Executive director, Morgan Stanley Global Investment Group, New York, NY; 6: Deputy executive director, Municipal Advisory Council of Texas, Austin, TX; Issue Info: Winter2006, Vol. 26 Issue 4, p47; Thesaurus Term: GOVERNMENT agencies; Thesaurus Term: SECONDARY markets; Thesaurus Term: ASSOCIATIONS, institutions, etc. ; Company/Entity: UNITED States. Internal Revenue Service ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 921190 Other General Government Support; NAICS/Industry Codes: 913910 Other local, municipal and regional public administration; NAICS/Industry Codes: 912910 Other provincial and territorial public administration; NAICS/Industry Codes: 911910 Other federal government public administration; NAICS/Industry Codes: 813990 Other Similar Organizations (except Business, Professional, Labor, and Political Organizations); NAICS/Industry Codes: 522294 Secondary Market Financing; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 17p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=22097561&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Vasilescu, Alexander M. AU - Russello, Gerald J. T1 - As gatekeepers, independent directors of public companies face additional scrutiny and liability in the post-Enron/WorldCom world. JO - International Journal of Disclosure & Governance JF - International Journal of Disclosure & Governance Y1 - 2006/02// VL - 3 IS - 1 M3 - Article SP - 3 EP - 15 SN - 17413591 AB - The settlements in WorldCom and Enron, together with enforcement actions by the SEC and the new remedies under Sarbanes–Oxley, indicate that independent directors will face very real financial, regulatory and criminal liability if they fail to execute their duties properly. This paper, written by two attorneys with the SEC, reviews some of the recent cases concerning independent directors. In recent years, the SEC and the private plaintiffs’ bar have indicated a willingness to hold independent directors accountable for essentially negligent or reckless supervising by pursuing enforcement actions. In addition, the SEC has brought cases against other public companies to enforce the public’s right to know any facts that might compromise the director’s independence, particularly when directors receive undisclosed compensation at the direction of management. The paper concludes by noting that early indications suggest that independent directors are taking action and exercising their powers in the face of government investigations of the public companies they serve. [ABSTRACT FROM AUTHOR] AB - Copyright of International Journal of Disclosure & Governance is the property of Palgrave Macmillan Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - DIRECTORS of corporations KW - SECURITIES industry KW - GOVERNMENTAL investigations KW - antifraud provisions KW - business KW - finance KW - gatekeepers KW - governance KW - independent directors KW - law KW - scrutiny KW - watchdog KW - WORLDCOM (Company) KW - ENRON Corp. N1 - Accession Number: 20619475; Vasilescu, Alexander M. 1; Email Address: VasilescuA@sec.gov Russello, Gerald J.; Affiliation: 1: United States Securities and Exchange Commission, 3 World Financial Center, Suite 4300, New York, NY 10281, USA; Source Info: 2006, Vol. 3 Issue 1, p3; Subject Term: DIRECTORS of corporations; Subject Term: SECURITIES industry; Subject Term: GOVERNMENTAL investigations; Author-Supplied Keyword: antifraud provisions; Author-Supplied Keyword: business; Author-Supplied Keyword: finance; Author-Supplied Keyword: gatekeepers; Author-Supplied Keyword: governance; Author-Supplied Keyword: independent directors; Author-Supplied Keyword: law; Author-Supplied Keyword: scrutiny; Author-Supplied Keyword: watchdog; Company/Entity: WORLDCOM (Company) DUNS Number: Ticker: Company/Entity: ENRON Corp. DUNS Number: 006970404 Ticker: ENE; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 13p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=20619475&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - GEN AU - Lucio, Juan Fernando T1 - Strategies and benefits of developing a market for government securities. JO - Journal of Financial Regulation & Compliance JF - Journal of Financial Regulation & Compliance Y1 - 2006/02// VL - 14 IS - 1 M3 - Essay SP - 47 EP - 56 SN - 13581988 AB - Purpose – The purpose of this essay is to formulate practical steps in establishing a market for government securities. When such a market does not exist two issues are of critical importance: establish the credibility of the issuer, and create the trading avenues. Design/methodology/approach – On the issue of creating the trading avenues, there is a discussion about market design and its parameters. The essay addresses issues like access to trading platforms, depositories and settlement standards as great determinants of market design. Findings – The case of Colombia demonstrates that a market for government securities can be created out of sound decisions that stimulate participation by various financial institutions. The study also discusses the real benefits of having developed such a market, in terms of the cost/risk and the institutional building components. However, despite the progress, the Colombian case also shows that issuer credibility and design are not enough in the long term. Maturing markets require also coherence of many other different components. To achieve this, the paper proposes that the overall level of training of market participants is a decisive element for markets to face ever growing challenges of competition from other markets and investor demands. Originality/value – This essay is especially intended for public officials in emerging economies who are developing local markets for government securities, since it is full of practical recommendations to implement at specific events in primary and secondary markets. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Regulation & Compliance is the property of Emerald Group Publishing Limited and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - GOVERNMENT securities KW - SECURITIES markets KW - SECURITIES trading KW - TRUTHFULNESS & falsehood KW - Colombia KW - Financial instruments KW - Government KW - Securities KW - Trading companies N1 - Accession Number: 56511679; Lucio, Juan Fernando 1; Affiliations: 1: Securities and Exchange Commission of Colombia, Bogota, Colombia; Issue Info: 2006, Vol. 14 Issue 1, p47; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: SECURITIES markets; Thesaurus Term: SECURITIES trading; Subject Term: TRUTHFULNESS & falsehood; Author-Supplied Keyword: Colombia; Author-Supplied Keyword: Financial instruments; Author-Supplied Keyword: Government; Author-Supplied Keyword: Securities; Author-Supplied Keyword: Trading companies; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 10p; Document Type: Essay; Full Text Word Count: 4331 L3 - 10.1108/13581980610644752 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=56511679&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Garfinkel, Jon A. AU - Sokobin, Jonathan T1 - Volume, Opinion Divergence, and Returns: A Study of Post--Earnings Announcement Drift. JO - Journal of Accounting Research JF - Journal of Accounting Research Y1 - 2006/03// VL - 44 IS - 1 M3 - Article SP - 85 EP - 112 PB - Wiley-Blackwell SN - 00218456 AB - This paper examines the relationship between post--earnings announcement returns and different measures of volume at the earnings date. We find that post-event returns are strictly increasing in the component of volume that is unexplained by prior trading activity. We interpret unexplained volume as an indicator of opinion divergence among investors and conclude that post-event returns are increasing in ex ante opinion divergence. Our evidence is consistent with Varian [1985] , who suggests that opinion divergence may be treated as an additional risk factor affecting asset prices. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Accounting Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - RATE of return KW - ASSETS (Accounting) KW - CORRELATION (Statistics) KW - FINANCIAL management KW - ESTIMATION theory KW - BUSINESS forecasting KW - FINANCIAL performance KW - EARNINGS forecasting KW - STOCK price forecasting KW - MISLEADING financial statements KW - EFFICIENT market theory KW - LEAST squares N1 - Accession Number: 19714181; Garfinkel, Jon A. 1; Sokobin, Jonathan 2; Affiliations: 1: University of Iowa; 2: Securities and Exchange Commission.; Issue Info: Mar2006, Vol. 44 Issue 1, p85; Thesaurus Term: RATE of return; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: CORRELATION (Statistics); Thesaurus Term: FINANCIAL management; Thesaurus Term: ESTIMATION theory; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: FINANCIAL performance; Thesaurus Term: EARNINGS forecasting; Thesaurus Term: STOCK price forecasting; Thesaurus Term: MISLEADING financial statements; Thesaurus Term: EFFICIENT market theory; Subject Term: LEAST squares; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 28p; Illustrations: 8 Charts; Document Type: Article; Full Text Word Count: 12839 L3 - 10.1111/j.1475-679X.2006.00193.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=19714181&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jayasuriya, Dayanath AU - Sharp, Colin T1 - Auditors in a changing regulatory environment. JO - Journal of Financial Crime JF - Journal of Financial Crime Y1 - 2006/03// VL - 13 IS - 1 M3 - Article SP - 51 EP - 55 SN - 13590790 AB - The article describes how corporate responsibility is taken for granted and becomes a much maligned concept. It also describes how the regulatory landscape is rapidly changing. It outlines several conditions that must exist or be achieved to ensure the stability of financial institutions through a better system of regulation and monitoring and rapid intervention where intervention is called for. The need for greater clarity as to the role of auditors and as to the expectations of regulators is emphasized. KW - SOCIAL responsibility of business KW - AUDITORS KW - AUDITING standards KW - FINANCIAL institutions KW - FINANCE KW - MISMANAGEMENT KW - FINANCIAL services industry KW - Auditing standards KW - Auditors KW - Corporate social responsibility N1 - Accession Number: 27429152; Jayasuriya, Dayanath 1; Email Address: ichpl@hotmail.com; Sharp, Colin 2; Affiliations: 1: Securities and Exchange Commission, Nawala, Sri Lanka and The Insurance Board of Sri Lanka, Colombo, Sri Lanka; 2: Gibaran Business School, Adelaide, Australia; Issue Info: Mar2006, Vol. 13 Issue 1, p51; Thesaurus Term: SOCIAL responsibility of business; Thesaurus Term: AUDITORS; Thesaurus Term: AUDITING standards; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: FINANCE; Thesaurus Term: MISMANAGEMENT; Thesaurus Term: FINANCIAL services industry; Author-Supplied Keyword: Auditing standards; Author-Supplied Keyword: Auditors; Author-Supplied Keyword: Corporate social responsibility; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 5p; Document Type: Article; Full Text Word Count: 1935 L3 - 10.1108/135907906106411224 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=27429152&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - White, John W. T1 - The Need to Know. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2006/04// VL - 20 IS - 4 M3 - Article SP - 20 EP - 24 PB - Aspen Publishers Inc. SN - 08943524 AB - The article reports on executive compensation and related disclosure proposals. Leaders of securities bar have maintained that federal securities laws are based on quality disclosure. The author identified categories of actions that corporations should undergo to prepare for these proposals. In consideration of the proposals, a public company would be advised to offer information about its compensation program, its objectives, and factors which the company considers in this concern. KW - WAGES KW - DISCLOSURE KW - SECURITIES KW - PUBLIC companies KW - EXECUTIVE compensation N1 - Accession Number: 21307411; White, John W. 1; Affiliations: 1: Director, US Securities and Exchange Commission Division of Corporation Finance; Issue Info: Apr2006, Vol. 20 Issue 4, p20; Thesaurus Term: WAGES; Thesaurus Term: DISCLOSURE; Thesaurus Term: SECURITIES; Thesaurus Term: PUBLIC companies; Thesaurus Term: EXECUTIVE compensation; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21307411&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - HARRIS, LAWRENCE E. AU - PIWOWAR, MICHAEL S. T1 - Secondary Trading Costs in the Municipal Bond Market. JO - Journal of Finance JF - Journal of Finance Y1 - 2006/06// VL - 61 IS - 3 M3 - Article SP - 1361 EP - 1397 PB - Wiley-Blackwell SN - 00221082 AB - Using new econometric methods, we separately estimate average transaction costs for over 167,000 bonds from a 1-year sample of all U.S. municipal bond trades. Municipal bond transaction costs decrease with trade size and do not depend significantly on trade frequency. Also, municipal bond trades are substantially more expensive than similar-sized equity trades. We attribute these results to the lack of bond market price transparency. Additional cross-sectional analyses show that bond trading costs increase with credit risk, instrument complexity, time to maturity, and time since issuance. Investors, and perhaps ultimately issuers, might benefit if issuers issued simpler bonds. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUNICIPAL bonds KW - TRANSACTION costs KW - BOND market KW - SPREAD (Finance) KW - ECONOMETRICS KW - SECURITIES trading KW - BONDS (Finance) KW - INVESTMENTS KW - INDIVIDUAL investors KW - LIQUIDITY (Economics) KW - SECURITIES KW - UNITED States N1 - Accession Number: 20857738; HARRIS, LAWRENCE E. 1,2; PIWOWAR, MICHAEL S. 3,4; Affiliations: 1: Marshall School of Business, University of Southern California; 2: U.S. Securities and Exchange Commission; 3: Securities and Exchange Commission Office of Economic Analysis; 4: SEC Office of Economic Analysis; Issue Info: Jun2006, Vol. 61 Issue 3, p1361; Thesaurus Term: MUNICIPAL bonds; Thesaurus Term: TRANSACTION costs; Thesaurus Term: BOND market; Thesaurus Term: SPREAD (Finance); Thesaurus Term: ECONOMETRICS; Thesaurus Term: SECURITIES trading; Thesaurus Term: BONDS (Finance); Thesaurus Term: INVESTMENTS; Thesaurus Term: INDIVIDUAL investors; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: SECURITIES; Subject: UNITED States; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 37p; Illustrations: 3 Charts, 4 Graphs; Document Type: Article L3 - 10.1111/j.1540-6261.2006.00874.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=20857738&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Dennis, Patrick AU - Mayhew, Stewart AU - Stivers, Chris T1 - Stock Returns, Implied Volatility Innovations, and the Asymmetric Volatility Phenomenon. JO - Journal of Financial & Quantitative Analysis JF - Journal of Financial & Quantitative Analysis Y1 - 2006/06// VL - 41 IS - 2 M3 - Article SP - 381 EP - 406 PB - Cambridge University Press SN - 00221090 AB - We study the dynamic relation between daily stock returns and daily innovations in option-derived implied volatilities. By simultaneously analyzing innovations in index- and firm-level implied volatilities, we distinguish between innovations in systematic and idiosyncratic volatility in an effort to better understand the asymmetric volatility phenomenon. Our results indicate that the relation between stock returns and innovations in systematic volatility (idiosyncratic volatility) is substantially negative (near zero). These results suggest that asymmetric volatility is primarily attributed to systematic market-wide factors rather than aggregated firm-level effects. We also present evidence that supports our assumption that innovations in implied volatility are good proxies for innovations in expected stock volatility. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - VOLATILITY (Finance) KW - RATE of return KW - SECURITIES markets KW - FINANCIAL risk KW - INFORMATION asymmetry KW - BUSINESS forecasting KW - PROXY KW - BUSINESS conditions KW - INDUSTRYWIDE conditions KW - EARNINGS trends KW - FACTOR analysis KW - DECOMPOSITION method (Mathematics) N1 - Accession Number: 21066563; Dennis, Patrick 1; Email Address: pjd9v@virginia.edu; Mayhew, Stewart 2; Email Address: mayhews@sec.gov; Stivers, Chris 3; Email Address: cstivers@terry.uga.edu; Affiliations: 1: McIntire School of Commerce, University of Virginia, Charlottesville, VA 22904; 2: Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC 20549; 3: Department of Banking and Finance, Terry College of Business, University of Georgia, Athens, GA 30602; Issue Info: Jun2006, Vol. 41 Issue 2, p381; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: RATE of return; Thesaurus Term: SECURITIES markets; Thesaurus Term: FINANCIAL risk; Thesaurus Term: INFORMATION asymmetry; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: PROXY; Thesaurus Term: BUSINESS conditions; Thesaurus Term: INDUSTRYWIDE conditions; Thesaurus Term: EARNINGS trends; Subject Term: FACTOR analysis; Subject Term: DECOMPOSITION method (Mathematics); NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 26p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=21066563&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Tang, Dragon Yongjun AU - Yan, Hong AD - Kennesaw State U AD - US Securities and Exchange Commission and U TX T1 - Macroeconomic Conditions, Firm Characteristics, and Credit Spreads JO - Journal of Financial Services Research JF - Journal of Financial Services Research Y1 - 2006/06// VL - 29 IS - 3 SP - 177 EP - 210 SN - 09208550 N1 - Accession Number: 0914482; Keywords: Firm; Firms; Interest; Macroeconomics; Securities; Publication Type: Journal Article; Update Code: 200706 N2 - We study a structural model that allows us to examine how credit spreads are affected by the interaction of macroeconomic conditions and firm characteristics. Unlike most other structural models, our model explicitly incorporates equilibrium macroeconomic dynamics and models a firm's cash flow as primitive processes. Corporate securities are priced as contingent claims written on cash flows. Default occurs when the firm's cash flow cannot cover the interest payments and the recovery rate is dependent on the economic condition at default. Our model produces the following predictions: (i) credit spread is mostly negatively correlated with interest rate; (ii) credit spread yield curves are upward sloping for low-grade bonds; (iii) firm characteristics have significant effects on credit spreads and these effects also vary with economic conditions. These predictions are consistent with the available empirical evidence and generate implications for further empirical investigation. KW - Interest Rates: Determination, Term Structure, and Effects E43 KW - Financial Markets and the Macroeconomy E44 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Firm Performance: Size, Diversification, and Scope L25 L3 - http://link.springer.com/journal/volumesAndIssues/10693 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0914482&site=ehost-live&scope=site UR - http://dx.doi.org/10.1007/s10693-006-7625-y UR - http://link.springer.com/journal/volumesAndIssues/10693 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Ciccotello, Conrad S. AU - Miles, James A. AU - Walsh, Lori S. T1 - Should investors choose funds from focused families? JO - Financial Services Review JF - Financial Services Review Y1 - 2006///Fall2006 VL - 15 IS - 3 M3 - Article SP - 247 EP - 264 PB - Academy of Financial Services SN - 10570810 AB - This paper finds evidence consistent with a separating equilibrium where high search cost investors choose mutual fund families that offer a broad product array, while low search cost investors find it most efficient to allocate their resources across families focused in a particular product line. Considering both security research and distribution efficiencies, we find that focused families offer investors about a 50 basis point annual advantage in domestic equity funds over our period of study. Innovations in distribution, such as fund supermarkets, as well as financial advice priced below the breakeven threshold, can lever the benefits of family focus. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Services Review is the property of Academy of Financial Services and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUTUAL funds KW - INVESTMENTS KW - CAPITALISTS & financiers KW - INVESTMENT products KW - INVESTMENT policy KW - RISK sharing KW - Family KW - Mutual fund KW - Specialization N1 - Accession Number: 23542937; Ciccotello, Conrad S. 1; Email Address: cciccotello@gsu.edu; Miles, James A. 2; Walsh, Lori S. 3; Affiliations: 1: Department of Risk Management and Insurance, J. Mack Robinson School of Business, Georgia State University, Atlanta, GA 30302, USA; 2: Department of Finance, Smeal College of Business Administration, Pennsylvania State University, University Park, PA 16802, USA; 3: U.S. Securities and Exchange Commission, Washington, DC 20549-1105, USA; Issue Info: Fall2006, Vol. 15 Issue 3, p247; Thesaurus Term: MUTUAL funds; Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: INVESTMENT products; Thesaurus Term: INVESTMENT policy; Thesaurus Term: RISK sharing; Author-Supplied Keyword: Family; Author-Supplied Keyword: Mutual fund; Author-Supplied Keyword: Specialization; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=23542937&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Tafara, Ethiopis T1 - A RACE TO THE TOP. JO - International Financial Law Review JF - International Financial Law Review Y1 - 2006/09// VL - 25 IS - 9 M3 - Article SP - 12 EP - 18 PB - Euromoney Institutional Investor PLC SN - 02626969 AB - The article focuses on the adoption of various provisions of the Sarbanes Oxley Act of 2002 (SOX) regarding the financial services industry in the U.S. The U.S. financial services industry faced domestic regulatory framework for operation. SOX may have created regulations that are not cost justified, leading to competitive disadvantages for the U.S. market. The adoption of SOX provisions does not imply that all regulators have implemented them with the same efficiency and cost effectiveness. KW - FINANCIAL services industry KW - CORPORATION law KW - ECONOMIC policy KW - INVESTMENTS KW - INTERNAL auditing KW - UNITED States N1 - Accession Number: 22473200; Tafara, Ethiopis 1; Affiliations: 1: Director of the Office of International Affairs at the US Securities and Exchange Commission; Issue Info: Sep2006, Vol. 25 Issue 9, p12; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CORPORATION law; Thesaurus Term: ECONOMIC policy; Thesaurus Term: INVESTMENTS; Thesaurus Term: INTERNAL auditing; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 7p; Illustrations: 1 Color Photograph, 1 Chart, 6 Maps; Document Type: Article; Full Text Word Count: 4815 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=22473200&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Caglio, Cecilia AU - Kavajecz, Kenneth A. AD - US Securities and Exchange Commission AD - U WI, Madison T1 - A Specialist's Quoted Depth as a Strategic Choice Variable: An Application to Spread Decomposition Models JO - Journal of Financial Research JF - Journal of Financial Research Y1 - 2006///Fall VL - 29 IS - 3 SP - 367 EP - 382 SN - 02702592 N1 - Accession Number: 0879552; Keywords: Adverse Selection; Publication Type: Journal Article; Update Code: 200612 N2 - Although there is a sizable literature demonstrating that liquidity and transaction costs are multidimensional, researchers continue to estimate adverse-selection costs using only prices. We present a model of a profit-maximizing specialist who posts prices and depths. The model is simulated to measure changes in the adverse-selection component of the spread that result under different levels of informed trading. We find that spread decompositions fail to capture the full extent of adverse-selection risk when specialists choose depth. We recommend that researchers use adverse-selection measures that account for depth as well as spread to mitigate this problem. KW - Asymmetric and Private Information; Mechanism Design D82 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Information and Market Efficiency; Event Studies; Insider Trading G14 L3 - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291475-6803/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0879552&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291475-6803/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Cheng, C. S. Agnes AU - Thomas, Wayne B. T1 - Evidence of the Abnormal Accrual Anomaly Incremental to Operating Cash Flows. JO - Accounting Review JF - Accounting Review Y1 - 2006/10// VL - 81 IS - 5 M3 - Article SP - 1151 EP - 1167 PB - American Accounting Association SN - 00014826 AB - Recent research provides evidence that the operating cash flows-to-price ratio subsumes accruals in explaining future annual returns. This suggests that the accrual anomaly is part of the overall value-glamour anomaly and does not represent the mispricing of earnings. We extend the literature by using multiple measures of abnormal accruals and separate analyses of future annual returns and future earnings announcement returns. The results reveal that the operating cash flow-to-price ratio does not subsume abnormal accruals in explaining future annual returns or future announcement returns. We also find that the operating cash flow-to-price ratio does not subsume total accruals in explaining future announcement returns. These results are not consistent with accruals being a manifestation of the value-glamour anomaly. Our study contributes to the current debate on the existence and the extent of the (abnormal) accrual anomaly. Moreover, the methodology employed can help researchers in exploring mispricing phenomena. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Review is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CASH flow KW - ACCRUAL basis accounting KW - CASH management KW - PRICING KW - ACCOUNTING KW - RESEARCH KW - CORPORATIONS -- Finance KW - Abnormal accruals KW - market mispricing. KW - operating cash flows-to-price ratio KW - value-glamour anomaly N1 - Accession Number: 22799462; Cheng, C. S. Agnes 1,2; Thomas, Wayne B. 3; Affiliations: 1: University of Houston; 2: Securities and Exchange Commission; 3: University of Oklahoma; Issue Info: Oct2006, Vol. 81 Issue 5, p1151; Thesaurus Term: CASH flow; Thesaurus Term: ACCRUAL basis accounting; Thesaurus Term: CASH management; Thesaurus Term: PRICING; Thesaurus Term: ACCOUNTING; Thesaurus Term: RESEARCH; Thesaurus Term: CORPORATIONS -- Finance; Author-Supplied Keyword: Abnormal accruals; Author-Supplied Keyword: market mispricing.; Author-Supplied Keyword: operating cash flows-to-price ratio; Author-Supplied Keyword: value-glamour anomaly; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 17p; Illustrations: 6 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=22799462&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Levitt Jr., Arthur T1 - KEYNOTE ADDRESS: THE SEC AT THE CROSSROADS. JO - Columbia Law Review JF - Columbia Law Review Y1 - 2006/11// VL - 106 IS - 7 M3 - Article SP - 1483 EP - 1488 PB - Columbia Law Review SN - 00101958 AB - The article presents a perspective on the legal and political issues the Securities and Exchange Commission (SEC) is facing in the U.S. It was believed that it would be necessary to examine and rebuild the relationship between the Commission, the markets, the Congress, its international counterparts and state regulators for stable economic performance. The economic effects of the SEC situation are also discussed in the article. KW - FINANCE KW - ECONOMIC indicators KW - ECONOMIC forecasting KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 23138438; Levitt Jr., Arthur 1; Affiliation: 1: Chairman, United States Securities and Exchange Commission; Source Info: Nov2006, Vol. 106 Issue 7, p1483; Subject Term: FINANCE; Subject Term: ECONOMIC indicators; Subject Term: ECONOMIC forecasting; Subject Term: UNITED States; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=23138438&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Humes, Richard M. T1 - REMARKS OF AN SEC ASSOCIATE GENERAL COUNSEL. JO - Case Western Reserve Law Review JF - Case Western Reserve Law Review Y1 - 2006///Winter2007 VL - 57 IS - 2 M3 - Article SP - 341 EP - 355 PB - Case Western Reserve University School of Law SN - 00087262 AB - The article presents the views of Securities and Exchange Commission (SEC) associate general counsel concerning the ethical issues about the SEC's law practitioners in the U.S. He admonishes that in dealing with significant public interest in detecting and preventing securities fraudulence, both regulators and practitioners share the same interests in ensuring that lawyers' compliance to ethical standards is minimal as they practice before the Commission. KW - PRACTICE of law KW - LAWYERS KW - ATTORNEY & client KW - COUNSELING -- Law & legislation KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 25985506; Humes, Richard M. 1; Affiliation: 1: Associate General Counsel, U.S. Securities and Exchange Commission, Washington, D.C.; Source Info: Winter2007, Vol. 57 Issue 2, p341; Subject Term: PRACTICE of law; Subject Term: LAWYERS; Subject Term: ATTORNEY & client; Subject Term: COUNSELING -- Law & legislation; Subject Term: UNITED States; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 922130 Legal Counsel and Prosecution; NAICS/Industry Codes: 624190 Other Individual and Family Services; NAICS/Industry Codes: 541110 Offices of Lawyers; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 15p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=25985506&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Chung, Kee H. AU - Chuwonganant, Chairat AU - McCormick, D. Timothy T1 - Order preferencing, adverse-selection costs, and the probability of information-based trading. JO - Review of Quantitative Finance & Accounting JF - Review of Quantitative Finance & Accounting Y1 - 2006/12// VL - 27 IS - 4 M3 - Article SP - 343 EP - 364 SN - 0924865X AB - Although prior studies offer various conjectures on the causes and consequences of order preferencing, there is only limited empirical evidence. In this study, we show that the extent of order preferencing is significantly and negatively related to both the adverse-selection component of the spread and the probability of information-based trading. This result is consistent with the prediction of the clientele-pricing hypothesis that dealers (brokers) selectively purchase (internalize) orders based on information content. Our results suggest that order preferencing may not be as harmful as some researchers have suggested and offer some rationale for its prevalence in securities markets with heterogeneously informed traders. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Quantitative Finance & Accounting is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BROKERS KW - BUSINESSPEOPLE KW - DELIVERED pricing KW - CONSUMERS' preferences KW - COMMODITY exchanges KW - EFFICIENT market theory KW - INVESTMENT analysis KW - Adverse-selection costs KW - Components of the spread KW - Information-based trading KW - Internalization KW - Order preferencing N1 - Accession Number: 22615798; Chung, Kee H. 1; Email Address: keechung@buffalo.edu; Chuwonganant, Chairat 2; McCormick, D. Timothy 3; Affiliations: 1: Department of Finance and Managerial Economics, State University of New York (SUNY) at Buffalo, Buffalo 14260 USA; 2: Department of Accounting and Finance, Indiana University-Purdue University at Fort Wayne, Fort Wayne 46805 USA; 3: The Securities and Exchange Commission, 100 F Street NE Washington 20549; Issue Info: Dec2006, Vol. 27 Issue 4, p343; Thesaurus Term: BROKERS; Thesaurus Term: BUSINESSPEOPLE; Thesaurus Term: DELIVERED pricing; Thesaurus Term: CONSUMERS' preferences; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: EFFICIENT market theory; Thesaurus Term: INVESTMENT analysis; Author-Supplied Keyword: Adverse-selection costs; Author-Supplied Keyword: Components of the spread; Author-Supplied Keyword: Information-based trading; Author-Supplied Keyword: Internalization; Author-Supplied Keyword: Order preferencing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 22p; Illustrations: 6 Charts; Document Type: Article L3 - 10.1007/s11156-006-0042-3 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=22615798&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Tafara, Ethiopis AU - Peterson, Robert J. T1 - A Blueprint for Cross-Border Access to U.S. Investors: A New International Framework. JO - Harvard International Law Journal JF - Harvard International Law Journal Y1 - 2007///Winter2007 VL - 48 IS - 1 M3 - Article SP - 31 EP - 68 SN - 00178063 AB - The article proposes a framework to apply to foreign financial service providers accessing the U.S. capital market. The framework relies on a system of substituted compliance with regulations imposed by the U.S. Securities and Exchange Commission (SEC) and aims to further its mandate of investor protection. The authors discuss the impact of technology and globalization on modern capital markets. They also explore financial scandals both in the U.S. and abroad. KW - CAPITAL market KW - INVESTMENTS KW - FINANCE KW - FINANCIAL services industry KW - UNITED States N1 - Accession Number: 24265948; Tafara, Ethiopis 1; Peterson, Robert J. 2; Affiliations: 1: Director, Office of International Affairs, U.S. Securities and Exchange Commission; 2: Senior Counsel, Office of International Affairs, U.S. Securities and Exchange Commission; Issue Info: Winter2007, Vol. 48 Issue 1, p31; Thesaurus Term: CAPITAL market; Thesaurus Term: INVESTMENTS; Thesaurus Term: FINANCE; Thesaurus Term: FINANCIAL services industry; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 38p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=24265948&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Bonevento, Michael T1 - Youth not a requirement. JO - Air Force Times JF - Air Force Times J1 - Air Force Times PY - 2007/02/05/ Y1 - 2007/02/05/ VL - 67 IS - 29 M3 - Article SP - 16 EP - 16 SN - 00022403 AB - The article reports on the increase in the number of adults returning to school in the U.S. According to the Census Bureau, the number of students age 35 and older increased to 2.63 million or 15.8% in 2003. The Department of Education's National Center for Education Statistics predicts a 19% increase in college enrollments among students age 25 and above from 2002 to 2014. It offers tips and ideas to consider for adults who are heading back to school. KW - ADULT education KW - ADULT college students KW - COLLEGE attendance KW - UNITED States. Bureau of the Census KW - UNITED States. Dept. of Education KW - NATIONAL Center for Education Statistics KW - UNITED States N1 - Accession Number: 23944789; Source Information: 2/5/2007, Vol. 67 Issue 29, Special section p16; Subject Term: ADULT education; Subject Term: ADULT college students; Subject Term: COLLEGE attendance; Subject Term: UNITED States. Bureau of the Census; Subject Term: UNITED States. Dept. of Education; Subject Term: NATIONAL Center for Education Statistics; Subject Term: ; Geographic Subject: UNITED States; Geographic Subject: ; Number of Pages: 1/3p; ; Document Type: Article; UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=mth&AN=23944789&site=ehost-live&scope=site DP - EBSCOhost DB - mth ER - TY - JOUR AU - Harvey, Alton T1 - International planning for continuity oversight: The need for forums for financial authorities to share best practices. JO - Journal of Business Continuity & Emergency Planning JF - Journal of Business Continuity & Emergency Planning Y1 - 2007/05// VL - 1 IS - 3 M3 - Article SP - 237 EP - 244 SN - 17499216 AB - Until recently, international financial authorities eschewed meaningful collaboration on their continuity oversight programmes. However, this is now beginning to change. Recent initiatives have promoted useful dialogues on these issues among the world's leading financial authorities. While these developments are encouraging and are already paying dividends in terms of information exchanges for new threats, such as pandemics, more work needs to be done to promote forums focused on the needs of financial authorities in developing market centres. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Business Continuity & Emergency Planning is the property of Henry Stewart Publications LLP and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATIONS -- Finance KW - DIVIDEND reinvestment KW - PARTNERSHIP (Business) KW - ORDINARY income KW - REINVESTMENT KW - STOCKS (Finance) KW - DIVIDEND yield KW - EARNINGS per share KW - FORUMS (Discussion & debate) KW - business continuity KW - continuity management KW - crisis management KW - IMF KW - Joint Forum KW - pandemic KW - regulatoty forbearance N1 - Accession Number: 28521942; Harvey, Alton 1; Email Address: harveya@sec.gov; Affiliations: 1: Office of Contingency Planning, Division of Market Regulation, US Securities and Exchange Commission, 100 F Street, N.E., Washington DC 20549, USA.; Issue Info: May2007, Vol. 1 Issue 3, p237; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: DIVIDEND reinvestment; Thesaurus Term: PARTNERSHIP (Business); Thesaurus Term: ORDINARY income; Thesaurus Term: REINVESTMENT; Thesaurus Term: STOCKS (Finance); Thesaurus Term: DIVIDEND yield; Thesaurus Term: EARNINGS per share; Subject Term: FORUMS (Discussion & debate); Author-Supplied Keyword: business continuity; Author-Supplied Keyword: continuity management; Author-Supplied Keyword: crisis management; Author-Supplied Keyword: IMF; Author-Supplied Keyword: Joint Forum; Author-Supplied Keyword: pandemic; Author-Supplied Keyword: regulatoty forbearance; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 8p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=28521942&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Edwards, Amy K. AU - Harris, Lawrence E. AU - Piwowar, Michael S. AD - US Securities and Exchange Commission AD - U Southern CA AD - Securities Litigation and Consulting Group, Ltd T1 - Corporate Bond Market Transaction Costs and Transparency JO - Journal of Finance JF - Journal of Finance Y1 - 2007/06// VL - 62 IS - 3 SP - 1421 EP - 1451 SN - 00221082 N1 - Accession Number: 0914463; Keywords: Bond Market; Bond; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200706 N2 - Using a complete record of U.S. over-the-counter (OTC) secondary trades in corporate bonds, we estimate average transaction costs as a function of trade size for each bond that traded more than nine times between January 2003 and January 2005. We find that transaction costs decrease significantly with trade size. Highly rated bonds, recently issued bonds, and bonds close to maturity have lower transaction costs than do other bonds. Costs are lower for bonds with transparent trade prices, and they drop when the TRACE system starts to publicly disseminate their prices. The results suggest that public traders benefit significantly from price transparency. KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 L3 - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=0914463&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Jacob, John AU - Jorgensen, Bjorn N. T1 - Earnings management and accounting income aggregation JO - Journal of Accounting & Economics JF - Journal of Accounting & Economics Y1 - 2007/07// VL - 43 IS - 2/3 M3 - Article SP - 369 EP - 390 SN - 01654101 AB - Abstract: Quarterly earnings allow aggregation into annual earnings in four different ways. Fiscal year earnings is one measure of annual earnings, the others being earnings for annual periods ending at interim quarter-ends. We investigate earnings management in fiscal year earnings relative to these alternative measures of firms’ annual earnings. We confirm prior findings in Burgstahler and Dichev (1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics 24, 99–126) of discontinuities around zero and prior year earnings in histograms of earnings. Subsequent research questions whether these discontinuities are evidence of earnings management. Using histograms of our alternative annual earnings measures, we offer evidence suggesting earnings management is responsible for the discontinuities. [Copyright &y& Elsevier] AB - Copyright of Journal of Accounting & Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL statements KW - MANAGEMENT science KW - FISCAL year KW - ACCOUNTING KW - CORPORATIONS -- Finance KW - CAPITAL structure KW - CASH management KW - Discontinuities KW - Earnings distributions KW - Earnings management KW - Earnings thresholds KW - M4 KW - M41 KW - M43 N1 - Accession Number: 25184499; Jacob, John 1; Email Address: John.Jacob@Colorado.edu; Jorgensen, Bjorn N. 2; Affiliations: 1: Leeds School of Business, University of Colorado at Boulder, Campus Box 419, Boulder, CO 80309, USA; 2: US Securities and Exchange Commission and Graduate School of Business, Columbia University, 3022 Broadway, Uris Hall 621, New York, NY 10027, USA; Issue Info: Jul2007, Vol. 43 Issue 2/3, p369; Thesaurus Term: FINANCIAL statements; Thesaurus Term: MANAGEMENT science; Thesaurus Term: FISCAL year; Thesaurus Term: ACCOUNTING; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CAPITAL structure; Thesaurus Term: CASH management; Author-Supplied Keyword: Discontinuities; Author-Supplied Keyword: Earnings distributions; Author-Supplied Keyword: Earnings management; Author-Supplied Keyword: Earnings thresholds; Author-Supplied Keyword: M4; Author-Supplied Keyword: M41; Author-Supplied Keyword: M43; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 22p; Document Type: Article L3 - 10.1016/j.jacceco.2007.01.007 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=25184499&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Walker, Wendy S. AU - Maza, Alan S. AU - Eskew, David AU - Wiles, Michael E. T1 - At the Crossroads: The Intersection of the Federal Securities Laws and the Bankruptcy Code. JO - Business Lawyer JF - Business Lawyer Y1 - 2007/11// VL - 63 IS - 1 M3 - Article SP - 125 EP - 146 SN - 00076899 AB - This Article examines the ways in which the federal securities laws and the U.S. Bankruptcy Code do--and, at times, do not--work together, with an emphasis on the potential conflict between the Fair Funds Provision of the Sarbanes-Oxley Act of 2002, which permits the U.S. Securities and Exchange Commission to distribute penalties and disgorged funds collected from debtor-corporations to shareholders, and the "absolute priority rule," which prevents distributions to equity holders in Chapter 11 reorganization cases absent payment in full of creditors. Although touched upon in some of the largest bankruptcy cases in recent years, including Enron, WorldCom, and Adelphia, this potential conflict has not been squarely addressed by the courts and presents issues which should be examined by Congress. [ABSTRACT FROM AUTHOR] AB - Copyright of Business Lawyer is the property of American Bar Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES KW - BANKRUPTCY KW - CONFLICT of laws KW - CONFLICT of laws -- Securities KW - UNITED States KW - UNITED States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 30039625; Walker, Wendy S. 1; Maza, Alan S. 2; Eskew, David 3; Wiles, Michael E. 4; Affiliations: 1: Partner, Restructuring Group, Morgan, Lewis & Bockius LLP; 2: Senior Bankruptcy Counsel, U.S. Securities and Exchange Commission ("SEC" or "Commission"), New York City; 3: Associate, Business Reorganization and Creditors' Rights Group, Kaye Scholer LLP; 4: Partner, Litigation Department, Debevoise & Plimpton LLP; Issue Info: Nov2007, Vol. 63 Issue 1, p125; Thesaurus Term: SECURITIES; Thesaurus Term: BANKRUPTCY; Thesaurus Term: CONFLICT of laws; Thesaurus Term: CONFLICT of laws -- Securities; Subject: UNITED States; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 22p; Document Type: Article; Full Text Word Count: 13150 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=30039625&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ciccotello, Conrad S. AU - Greene, Jason T. AU - Walsh, Lori S. T1 - Supermarket distribution and brand recognition of open-end mutual funds. JO - Financial Services Review JF - Financial Services Review Y1 - 2007///Winter2007 VL - 16 IS - 4 M3 - Article SP - 309 EP - 326 PB - Academy of Financial Services SN - 10570810 AB - Although supermarkets for groceries have existed for nearly a century, financial supermarkets are a much more recent innovation. We find that investors rely on mutual fund supermarkets to buy highly differentiable funds from small, specialized fund families. Investors' use of supermarkets is consistent with efforts to reduce search costs while obtaining the benefits of product focus at the fund origination level. The results thus demonstrate the growing importance of distribution in the context of intangible goods. Consistent with arguments by Black, Ciccotello, and Skipper (2002), the findings suggest that brand in financial services is increasingly driven by closeness to the customer. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Services Review is the property of Academy of Financial Services and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL services industry KW - RETAIL stores KW - GROCERY industry KW - SELF-service stores KW - SUPERMARKETS KW - MUTUAL funds KW - CAPITALISTS & financiers KW - Brand KW - Mutual funds KW - Strategy KW - Structure KW - Supermarket N1 - Accession Number: 28812863; Ciccotello, Conrad S. 1; Email Address: cciccotello@gsu.edu; Greene, Jason T. 2; Walsh, Lori S. 3; Affiliations: 1: Department of Risk Management and Insurance, Georgia State University, Atlanta, GA 30303, USA; 2: Department of Finance, Georgia State University, Atlanta, GA 30303, USA; 3: Securities and Exchange Commission, Washington, DC 20549, USA; Issue Info: Winter2007, Vol. 16 Issue 4, p309; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: RETAIL stores; Thesaurus Term: GROCERY industry; Thesaurus Term: SELF-service stores; Thesaurus Term: SUPERMARKETS; Thesaurus Term: MUTUAL funds; Thesaurus Term: CAPITALISTS & financiers; Author-Supplied Keyword: Brand; Author-Supplied Keyword: Mutual funds; Author-Supplied Keyword: Strategy; Author-Supplied Keyword: Structure; Author-Supplied Keyword: Supermarket; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 445110 Supermarkets and Other Grocery (except Convenience) Stores; NAICS/Industry Codes: 424490 Other Grocery and Related Products Merchant Wholesalers; NAICS/Industry Codes: 424410 General Line Grocery Merchant Wholesalers; NAICS/Industry Codes: 413110 General-line food merchant wholesalers; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 453999 All other miscellaneous store retailers (except beer and wine-making supplies stores); NAICS/Industry Codes: 236220 Commercial and Institutional Building Construction; NAICS/Industry Codes: 453998 All Other Miscellaneous Store Retailers (except Tobacco Stores); NAICS/Industry Codes: 452999 All other miscellaneous general merchandise stores; Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=28812863&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lameira, Valdir de Jesus AU - Ness Jr., Walter L. T1 - ADRS, DIFFERENTIATED LEVELS OF CORPORATE GOVERNANCE AT THE SÃO PAULO STOCK EXCHANGE AND THE PERFORMANCE OF PUBLICLY TRADED BRAZILIAN COMPANIES. JO - International Journal of Business Studies JF - International Journal of Business Studies Y1 - 2007/12// VL - 15 IS - 2 M3 - Article SP - 67 EP - 82 PB - International Journal of Business Studies SN - 13207156 AB - We investigate whether improvement in Brazilian corporate governance practices is related to better performance of companies measured in its diverse dimensions. Dummy variables were used to identify firms with level 2 or 3 ADR programs and to represent participation in level 2 or the "new market" level of differentiated practices of corporate governance established by the São Paulo Stock Exchange. Significant statistical relationships were obtained for both dummy variables in relation to the performance measures, suggesting that the adhesion to programs which require improved corporate governance practices is associated with corporate performance. [ABSTRACT FROM AUTHOR] AB - Copyright of International Journal of Business Studies is the property of International Journal of Business Studies and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE governance KW - INDUSTRIAL management KW - STOCK exchanges KW - SECURITIES markets KW - CORPORATIONS KW - BUSINESS enterprises KW - ADRs KW - and publicly traded Brazilian companies KW - Corporate governance KW - New Market KW - performance KW - São Paulo Stock Exchange N1 - Accession Number: 34668551; Lameira, Valdir de Jesus 1; Email Address: vlameira@uol.com.br; Ness Jr., Walter L. 2; Email Address: ness@iag.puc-rio.br; Affiliations: 1: Brazilian Securities and Exchange Commission Analyst; 2: Associate Professor of Administration of IAG/PUC-Rio; Issue Info: Dec2007, Vol. 15 Issue 2, p67; Thesaurus Term: CORPORATE governance; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: STOCK exchanges; Thesaurus Term: SECURITIES markets; Thesaurus Term: CORPORATIONS; Thesaurus Term: BUSINESS enterprises; Author-Supplied Keyword: ADRs; Author-Supplied Keyword: and publicly traded Brazilian companies; Author-Supplied Keyword: Corporate governance; Author-Supplied Keyword: New Market; Author-Supplied Keyword: performance; Author-Supplied Keyword: São Paulo Stock Exchange; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 16p; Illustrations: 5 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=34668551&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Danis, Michelle A. AU - Pennington-Cross, Anthony T1 - The delinquency of subprime mortgages JO - Journal of Economics & Business JF - Journal of Economics & Business Y1 - 2008/01//Jan/Feb2008 VL - 60 IS - 1/2 M3 - Article SP - 67 EP - 90 SN - 01486195 AB - Abstract: The lag between the time that a borrower stops making payments on a mortgage and the termination of the loan plays a critical role in the costs borne by both borrower and lender on defaulted loans. While the prior literature uses a multinomial logit approach, statistical tests indicate that we cannot accept the associated assumption of Independence of Irrelevant Alternatives (IIA). Using a nested logit specification our results suggest that the recipe for delinquency involves young loans to low credit score borrowers with low or no documentation in housing markets with moderately volatile and flat or declining nominal house prices. [Copyright &y& Elsevier] AB - Copyright of Journal of Economics & Business is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - LOANS KW - HOUSE construction KW - HOUSING market KW - RESIDENTIAL real estate KW - C25 KW - Default KW - Delinquency KW - Mortgages KW - Subprime N1 - Accession Number: 28403211; Danis, Michelle A. 1; Email Address: DanisM@sec.gov; Pennington-Cross, Anthony 2; Affiliations: 1: Securities and Exchange Commission, United States; 2: Marquette University, United States; Issue Info: Jan/Feb2008, Vol. 60 Issue 1/2, p67; Thesaurus Term: LOANS; Thesaurus Term: HOUSE construction; Thesaurus Term: HOUSING market; Thesaurus Term: RESIDENTIAL real estate; Author-Supplied Keyword: C25; Author-Supplied Keyword: Default; Author-Supplied Keyword: Delinquency; Author-Supplied Keyword: Mortgages; Author-Supplied Keyword: Subprime; NAICS/Industry Codes: 236117 New Housing For-Sale Builders; NAICS/Industry Codes: 236115 New Single-Family Housing Construction (except For-Sale Builders); NAICS/Industry Codes: 236110 Residential building construction; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 531311 Residential Property Managers; NAICS/Industry Codes: 531110 Lessors of Residential Buildings and Dwellings; Number of Pages: 24p; Document Type: Article L3 - 10.1016/j.jeconbus.2007.08.005 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=28403211&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - NEWS AU - Atkins, Paul S. T1 - Stoneridge and the Rule of Law. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2008/01/25/ VL - 251 IS - 20 M3 - Editorial SP - A14 SN - 00999660 AB - The author discusses the rejection of claims by certain defrauded investors by the U.S. Supreme Court when it handed down the ruling in the case Stonebridge Investment Partners LLC versus Scientific-Atlanta Inc. He cites that the decision protects shareholders from unpredictable new ways to extract large settlements. He notes that the outcry from the decision could lead rewriting securities laws. He also mentions that broadening the scope of securities laws can damage capital markets. KW - FRAUD KW - UNITED States KW - STONEBRIDGE Investment Partners LLC -- Trials, litigation, etc. KW - SCIENTIFIC Atlanta Inc. -- Trials, litigation, etc. KW - UNITED States. Supreme Court N1 - Accession Number: 28750447; Atkins, Paul S. 1; Affiliation: 1: Member, Securities and Exchange Commission; Source Info: 1/25/2008, Vol. 251 Issue 20, pA14; Subject Term: FRAUD; Subject Term: UNITED States; Company/Entity: STONEBRIDGE Investment Partners LLC -- Trials, litigation, etc. Company/Entity: SCIENTIFIC Atlanta Inc. -- Trials, litigation, etc. Company/Entity: UNITED States. Supreme Court; Number of Pages: 0p; Document Type: Editorial UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=28750447&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - GEN AU - Richards, Lori T1 - SEC Compliance Exams: A 2008 Snapshot. JO - Securities Industry News JF - Securities Industry News Y1 - 2008/01/28/ VL - 20 IS - 4 M3 - Interview SP - 4 EP - 10 PB - SourceMedia, Inc. SN - 10896333 AB - An interview with Lori Richards, director of the office of compliance inspections and examinations (OCIE) of the U.S. Securities Exchange Commission (SEC), is presented. She says that the office cannot examine every company, branch office and issue. She states that they are aware of the cost that is needed by the firms in responding to the office's information requests. She emphasizes that executives must feel comfortable in interacting with the exam team about the documents that they maintain. KW - EXAMINATIONS KW - COST KW - DOCUMENTATION KW - UNITED States KW - RICHARDS, Lori -- Interviews N1 - Accession Number: 28835845; Richards, Lori 1; Affiliations: 1: Director, Securities and Exchange Commission; Issue Info: 1/28/2008, Vol. 20 Issue 4, p4; Thesaurus Term: EXAMINATIONS; Thesaurus Term: COST; Thesaurus Term: DOCUMENTATION; Subject: UNITED States; People: RICHARDS, Lori -- Interviews; Number of Pages: 3p; Document Type: Interview UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=28835845&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Atkins, Paul S. T1 - THE EIGHTH ANNUAL A.A. SOMMER, JR. LECTURE ON CORPORATE, SECURITIES, AND FINANCIAL LAW. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2008/03// VL - 13 IS - 2 M3 - Speech SP - 177 EP - 210 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - The article presents a speech by Paul S. Atkins, commissioner of the U.S. Securities and Exchange Commission, delivered at Fordham University School of Law in New York on October 9, 2007, in which he discussed corporate, securities and financial law in the country. KW - ATKINS, Paul S. N1 - Accession Number: 32061752; Atkins, Paul S. 1; Affiliations: 1: United States Securities and Exchange Commission; Issue Info: 2008, Vol. 13 Issue 2, p177; People: ATKINS, Paul S.; Number of Pages: 34p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=32061752&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mahan Haines, Marthan T1 - Municipal Market Roundtable: Current Events in the Municipal Bond Market. JO - Municipal Finance Journal JF - Municipal Finance Journal Y1 - 2008///Spring2008 VL - 29 IS - 1 M3 - Article SP - 27 EP - 30 SN - 01996134 AB - Since the adoption of the Tower Amendment more than 30 years ago, the municipal securities market has grown enormously and has changed in a number of very significant ways. These changes include a much-increased proportion of conduit bonds in the market, a substantial increase in the size of the market, and many new complex products. This is an appropriate time for the SEC to review the current legal structure of the municipal securities market and to consider whether it meets the needs of today's investing public. Accordingly, the SEC is looking at Rule 15c2-12 to see how it might be improved, is concerned about recent irregularities in meeting continuing disclosure agreements, and has expressed its support of the use of GASB accounting standards by all issuers of municipal securities. [ABSTRACT FROM AUTHOR] AB - Copyright of Municipal Finance Journal is the property of Civic Research Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES markets KW - MONEY market KW - COMMODITY exchanges KW - BOND market KW - SECURITIES industry KW - FUTURES market KW - MONEY supply KW - MARKETS KW - SECURITIES KW - SECURITIES trading N1 - Accession Number: 35835558; Mahan Haines, Marthan 1; Email Address: hainesm@sec.gov; Affiliations: 1: Office of Municipal Securities, U.S. Securities and Exchange Commission; Issue Info: Spring2008, Vol. 29 Issue 1, p27; Thesaurus Term: SECURITIES markets; Thesaurus Term: MONEY market; Thesaurus Term: COMMODITY exchanges; Thesaurus Term: BOND market; Thesaurus Term: SECURITIES industry; Thesaurus Term: FUTURES market; Thesaurus Term: MONEY supply; Thesaurus Term: MARKETS; Thesaurus Term: SECURITIES; Thesaurus Term: SECURITIES trading; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 4p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=35835558&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Atkins, Paul S. AU - Bondi, Bradley J. T1 - EVALUATING THE MISSION: A CRITICAL REVIEW OF THE HISTORY AND EVOLUTION OF THE SEC ENFORCEMENT PROGRAM. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2008/05// VL - 13 IS - 3 M3 - Article SP - 367 EP - 417 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - This article investigates the shifting focus of the U.S. Securities and Exchange Commission's (SEC) enforcement program and explores the development and usage of statutory enforcement powers in the context of due process and fairness. The SEC's decisions about resource allocation, charges to be brought and relief to be sought may enhance the protection of one group of investors. The enforcement program serves a critical function in ensuring proper compliance with the securities laws. Investors and the general public have been protected by the SEC from an array of fraudulent conduct. KW - CAPITALISTS & financiers KW - RESOURCE allocation KW - SECURITIES markets KW - ENFORCEMENT KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 32798433; Atkins, Paul S. 1,2,3; Bondi, Bradley J.; Affiliations: 1: Commissioner, United States Securities and Exchange Commission; 2: Member, New York and Florida Bars; 3: Member, District of Columbia, New York, and Florida Bar; Issue Info: 2008, Vol. 13 Issue 3, p367; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: RESOURCE allocation; Thesaurus Term: SECURITIES markets; Subject Term: ENFORCEMENT; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 51p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=32798433&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Gramling, Audrey A. AU - Karapanos, Vassilios T1 - Auditor Independence: A Focus on the SEC Independence Rules. JO - Issues in Accounting Education JF - Issues in Accounting Education Y1 - 2008/05// VL - 23 IS - 2 M3 - Article SP - 247 EP - 260 PB - American Accounting Association SN - 07393172 AB - Auditor independence is an important underpinning of the federal securities laws. These laws require that registrants' financial statements filed with the Securities and Exchange Commission (SEC) be audited by independent public accountants. The focus on independence for public company auditors was increased in light of the requirements of the Sarbanes-Oxley Act of 2002 to strengthen auditor independence. These instructional resources provide background information on the current SEC auditor independence rules. After becoming familiar with these rules, you will have the opportunity to complete several case scenarios that address: (1) hypothetical settings that may represent violations of the SEC independence rules, (2) possible actions that an audit committee might take when it determines that the SEC independence rules may have been violated, and (3) possible alternatives to the current SEC independence rules that could achieve the desired public policy goals of objective audits and investor confidence. [ABSTRACT FROM AUTHOR] AB - Copyright of Issues in Accounting Education is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - AUDITORS KW - AUDITING standards KW - ACCOUNTING -- Law & legislation KW - ACCOUNTANTS KW - AUDITING -- Law & legislation KW - FINANCIAL disclosure KW - DISCLOSURE of information KW - DISCLOSURE in accounting KW - LAW & legislation KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - PUBLIC Company Accounting Oversight Board KW - UNITED States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 31943165; Gramling, Audrey A. 1; Karapanos, Vassilios 2; Affiliations: 1: Associate Professor, Kennesaw State University; 2: Associate Chief Accountant, Securities and Exchange Commission; Issue Info: May2008, Vol. 23 Issue 2, p247; Thesaurus Term: AUDITORS; Thesaurus Term: AUDITING standards; Thesaurus Term: ACCOUNTING -- Law & legislation; Thesaurus Term: ACCOUNTANTS; Thesaurus Term: AUDITING -- Law & legislation; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: DISCLOSURE in accounting; Subject Term: LAW & legislation; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission ; Company/Entity: PUBLIC Company Accounting Oversight Board; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; NAICS/Industry Codes: 541211 Offices of Certified Public Accountants; NAICS/Industry Codes: 541212 Offices of accountants; NAICS/Industry Codes: 541219 Other Accounting Services; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 14p; Illustrations: 2 Diagrams, 2 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=31943165&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - NEWS AU - White, John W. T1 - FROM THE PODIUM. JO - Insights: The Corporate & Securities Law Advisor JF - Insights: The Corporate & Securities Law Advisor Y1 - 2008/06// VL - 22 IS - 6 M3 - Editorial SP - 24 EP - 30 PB - Aspen Publishers Inc. SN - 08943524 AB - The author reflects on the acceptance of International Financial Reporting Standards (IFRS) in the U.S. He believes that IFRS has the power to be the most far-reaching, affecting all U.S. capital markets participants. He stated that as countries around the world have adopted IFRS, a growing number of firms outside the U.S. are using IFRS for their financial reporting. KW - CAPITAL market KW - FINANCIAL statements KW - BUSINESS enterprises KW - FINANCIAL institutions KW - UNITED States N1 - Accession Number: 33018857; White, John W. 1; Affiliations: 1: Director, Division of Corporation Finance, US Securities and Exchange Commission; Issue Info: Jun2008, Vol. 22 Issue 6, p24; Thesaurus Term: CAPITAL market; Thesaurus Term: FINANCIAL statements; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCIAL institutions; Subject: UNITED States; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 7p; Document Type: Editorial UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=33018857&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - NEWS AU - Cox, Christopher T1 - A Brave New World For Financial Regulation. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2008/06/19/ VL - 251 IS - 143 M3 - Editorial SP - A15 EP - A15 SN - 00999660 AB - The author reflects on the decision of the U.S. Federal Reserve (Fed) to open new lending facilities to large investment banks. He questions this move since the model of commercial bank regulation is difficult to apply to investment banks. He believes that the success of this approach relies on a high level of coordination between the U.S. Securities and Exchange Commission (SEC) and the Fed. KW - FINANCIAL institutions KW - INVESTMENT banking KW - UNITED States KW - BOARD of Governors of the Federal Reserve System (U.S.) KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 32783837; Cox, Christopher 1; Affiliation: 1: Chairman, Securities and Exchange Commission; Source Info: 6/19/2008, Vol. 251 Issue 143, pA15; Subject Term: FINANCIAL institutions; Subject Term: INVESTMENT banking; Subject Term: UNITED States; Company/Entity: BOARD of Governors of the Federal Reserve System (U.S.) Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 921130 Public Finance Activities; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 0p; Document Type: Editorial UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=32783837&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Walsh, John H. T1 - Institution-Based Financial Regulation: A Third Paradigm. JO - Harvard International Law Journal JF - Harvard International Law Journal Y1 - 2008///Summer2008 VL - 49 IS - 2 M3 - Article SP - 381 EP - 412 SN - 00178063 AB - This Article argues that in the ongoing trans-Atlantic discussion about principles-based and rulers-based financial regulation, a new development has ban largely overlooked. This is the rise, in the United States of a new approach to financial regulation. The author names this new strategy "institution-based" financial regulation. In this strategy the regulators, to date the Securities and Exchange Commission and the financial Industry Regulatory Authority, require firms to establish certain institutions. In the U.S. regulatory context these typically include: a Chief Compliance Officer, compliance policies and procedures, an annual self-assessment, access for the Chief Compliance Officer to the firm's senior-level executives, and internal codes of ethics. The establishment of these institutions is required by rule, but the functioning of these institutions within each firm is generally left to the firms themselves, with the regulators providing interpretations, guidance, and personal statements. The author argues that institution-based regulation combines a mandatory institutional architecture with a customizable firm-specific functionality. This strategy provides regulatory solutions to a number of global issues, including: addressing firms' competitive worries about rivals' compliance free-riding, recognizing local regulatory choices, providing a model that is scalable to the size and resources of any firm or market, building continuous improve, merit into the regulatory model, and helping firms in newly emerging markets establish themselves in the international marketplace. The author concludes that the development of a global community of compliance institutions staffed by highly skilled compliance professionals holds great promise for the future, because it could enhance the mutual trust and confidence needed to forge a truly global marketplace out of the world's current medley of regulatory regimes, while preserving local regulatory choices. [ABSTRACT FROM AUTHOR] AB - Copyright of Harvard International Law Journal is the property of Harvard Law School Journals and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCE -- Law & legislation KW - COMPLIANCE KW - FINANCE KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 32781405; Walsh, John H. 1; Affiliations: 1: Associate Director and Chief Counsel, Office of Compliance Inspections and Examinations, United States Securities and Exchange Commission; Issue Info: Summer2008, Vol. 49 Issue 2, p381; Thesaurus Term: FINANCE -- Law & legislation; Thesaurus Term: COMPLIANCE; Thesaurus Term: FINANCE; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 32p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=32781405&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cox, Christopher T1 - What the SEC Really Did on Short Selling. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2008/07/24/ VL - 252 IS - 20 M3 - Article SP - A15 SN - 00999660 AB - The article explains the emergency order of the Securities and Exchange Commission to strengthen the commission's rule on restricting naked short selling in July 2008. A comparison between ordinary short selling and manipulative naked short selling is offered to present how they could impact on the market. The author discusses how the SEC's preventative order can restore confidence in the U.S. financial services market. KW - DELEGATED legislation KW - SHORT selling (Securities) KW - FINANCIAL services industry KW - UNITED States KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 33426391; Cox, Christopher 1; Affiliation: 1: Chairman, Securities and Exchange Commission; Source Info: 7/24/2008, Vol. 252 Issue 20, pA15; Subject Term: DELEGATED legislation; Subject Term: SHORT selling (Securities); Subject Term: FINANCIAL services industry; Subject Term: UNITED States; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 0p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=33426391&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Alton Harvey T1 - Are your securities operations sufficiently resilient? A business continuity briefing. JO - Journal of Securities Operations & Custody JF - Journal of Securities Operations & Custody Y1 - 2008/09// VL - 1 IS - 4 M3 - Article SP - 335 EP - 350 SN - 17531802 AB - Lethal avian influenza viruses with pandemic potential continue to mutate and spread worldwide. If one of these viruses were to cross the pandemic threshold, it would present securities firms with unprecedented challenges that could threaten their franchises just as surely as the liquidity concerns stemming from today's credit market problems. Moreover, increasing numbers of operations and business continuity managers have come to recognise that, even if a severe pandemic does not develop in the near future, preparations for such a threat are extremely valuable. If a firm prepares adequately for a pandemic, it has met today's 'acid test' for operational resiliency. This paper seeks to provide actionable guidance on key issues raised by recent efforts of the US securities industry to ensure that markets will function in a pandemic. This includes lessons learned from the 2007 Pandemic Flu Exercise for the US Financial Sector, as well as follow-up discussions that are taking place between regulators and the industry concerning potential regulatory forbearance. In addition, in view of the central role that remote access plays in continuity plans for the financial sector, measures to address potential Internet congestion are also discussed. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Securities Operations & Custody is the property of Henry Stewart Publications LLP and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - SECURITIES trading KW - INDUSTRIAL management KW - MULTILEVEL marketing KW - CLEARING of securities KW - INVESTMENT banking KW - OPERATIONS research KW - SECURITIES industry KW - SOCIAL control KW - BUILT environment KW - business continuity KW - Internet congestion KW - operational resiliency KW - pandemic KW - regulatory forbearance KW - regulatory relief KW - remote access N1 - Accession Number: 34999450; Alton Harvey 1; Email Address: harveya@sec.gov; Affiliations: 1: US Securities and Exchange Commission, 100 F Street NE, Washington DC 20549, USA; Issue Info: Sep2008, Vol. 1 Issue 4, p335; Thesaurus Term: SECURITIES trading; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: MULTILEVEL marketing; Thesaurus Term: CLEARING of securities; Thesaurus Term: INVESTMENT banking; Thesaurus Term: OPERATIONS research; Thesaurus Term: SECURITIES industry; Subject Term: SOCIAL control; Subject Term: BUILT environment; Author-Supplied Keyword: business continuity; Author-Supplied Keyword: Internet congestion; Author-Supplied Keyword: operational resiliency; Author-Supplied Keyword: pandemic; Author-Supplied Keyword: regulatory forbearance; Author-Supplied Keyword: regulatory relief; Author-Supplied Keyword: remote access; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 541614 Process, Physical Distribution, and Logistics Consulting Services; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 16p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=34999450&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alves, Paulo AU - Ferreira, Miguel T1 - Center Rules the Markets. JO - ICFAI Journal of Applied Finance JF - ICFAI Journal of Applied Finance Y1 - 2008/10// VL - 14 IS - 10 M3 - Article SP - 5 EP - 38 PB - IUP Publications AB - The paper evaluates the impact of the European Economic and Monetary Union (EMU) based on the Fama and French three-factor model. The study reveals that the models based on EMU factors do not have a better explanatory power than the models based on local and international factors, although international factors do not have a significant role. The study also finds that the biggest European stock markets have a tendency to be explained by international factors, when compared to the smallest. Such behavior is being seen as a signal of integration of the largest capital markets. Finally, the study recommends portfolio managers to use the local Fama and French model in the case of small and value stocks and use the local Capital Asset Pricing Model (CAPM) in the case of big and growth stocks. [ABSTRACT FROM AUTHOR] AB - Copyright of ICFAI Journal of Applied Finance is the property of IUP Publications and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MONETARY systems KW - CAPITAL market KW - MONEY market KW - PORTFOLIO management (Investments) KW - GROWTH stocks KW - ECONOMIC & Monetary Union N1 - Accession Number: 35215212; Alves, Paulo 1; Email Address: PauloAlves@cmvm.pt; Ferreira, Miguel 2; Email Address: miguel.ferreira@iscte.pt; Affiliations: 1: Portuguese Securities and Exchange Commission, Portugal; 2: Assistant Professor, Department of Finance, ISCTE Business School, Lisbon, Portugal; Issue Info: Oct2008, Vol. 14 Issue 10, p5; Thesaurus Term: MONETARY systems; Thesaurus Term: CAPITAL market; Thesaurus Term: MONEY market; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: GROWTH stocks ; Company/Entity: ECONOMIC & Monetary Union; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 34p; Illustrations: 10 Charts, 2 Graphs; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=35215212&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Schwartz, Rachael E. T1 - The Clawback Provision of Sarbanes-Oxley: An Underutilized Incentive to Keep the Corporate House Clean. JO - Business Lawyer JF - Business Lawyer Y1 - 2008/11// VL - 64 IS - 1 M3 - Article SP - 1 EP - 35 SN - 00076899 AB - The Sarbanes-Oxley Act of 2002, passed in the wake of corporate scandals involving misstated financial reports, included a provision for certain compensation and profits from the sale of company stock to be "clawed back" from chief executive officers and chief financial officers of companies that are required to restate their financials, due to material non-compliance with any financial reporting requirement of the securities laws, as a result of misconduct. Courts have determined that only the Securities and Exchange Commission may sue to enforce this clawback provision. In the six years following passage of the law, there have been Sarbanes-Oxley clawbacks in only a small number of cases, each one an options backdating case involving allegations that the officer affected personally committed fraud. This Article takes the position that the clawback provision has no scienter requirement and its application should not be limited to officers who have personally engaged in misconduct. Rather, the wording of Sarbanes-Oxley, its legislative history, and the policies it serves call for the clawback to be applied to the chief executive officers and chief financial officers of companies that are required to restate their financials due to material non-compliance with any financial reporting requirement of the securities laws as a result of misconduct, regardless of whether those officers actively participated in the wrongdoing, knew of and failed to correct the wrongdoing, or were oblivious to wrongdoing by employees subject to their control. This general rule can be made subject to an exemption for circumstances involving certain misconduct by non-management employees. [ABSTRACT FROM AUTHOR] AB - Copyright of Business Lawyer is the property of American Bar Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - EMPLOYEES KW - CHIEF executive officers KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - UNITED States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 36179349; Schwartz, Rachael E. 1; Affiliations: 1: Senior Counsel, Division of Enforcement, U.S. Securities and Exchange Commission; Issue Info: Nov2008, Vol. 64 Issue 1, p1; Thesaurus Term: EMPLOYEES; Thesaurus Term: CHIEF executive officers; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 35p; Document Type: Article; Full Text Word Count: 19946 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=36179349&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alves, Paulo AU - Ferreira, Miguel AD - CMVM-Portuguese Securities and Exchange Commission AD - ISCTE Business School T1 - Who Owns the Largest Firms around the World? JO - International Research Journal of Finance and Economics JF - International Research Journal of Finance and Economics Y1 - 2008/11// IS - 21 SP - 93 EP - 111 SN - 14502887 N1 - Accession Number: 1230381; Keywords: Corporate Control; Firm; Shareholder; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 201105 N2 - In this research-paper we evaluate how corporate control around the world is defined and which variables, related to a firm's characteristics and the countries' infrastructures, influences this. We find that there is a small number of countries where firms are widely held. The role of financial institutions seems to be different in civil and common law-based countries. While they seem to act as a monitor of management in common law-based countries, in civil law countries they act as a monitor of large shareholders. Finally, we find that firm's size is the most important determinant of ultimate owners. KW - Multinational Firms; International Business F23 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 L3 - http://www.internationalresearchjournaloffinanceandeconomics.com/irjfe_issues.htm UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1230381&site=ehost-live&scope=site UR - http://www.internationalresearchjournaloffinanceandeconomics.com/irjfe_issues.htm DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Bauguess, Scott AU - Stegemoller, Mike T1 - Protective governance choices and the value of acquisition activity JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2008/12// VL - 14 IS - 5 M3 - Article SP - 550 EP - 566 SN - 09291199 AB - Abstract: Protective governance structure is often viewed as costly to minority shareholders who bear the costs of opportunism by entrenched managers. A less common view is that protective governance encourages value-enhancing initiative, allowing risk-averse managers to pursue projects they would otherwise forgo. To assess these views we examine the acquisition decisions of S&P 500 firms between 1994 and 2005 and document two entrenching dimensions of governance: founding family presence and larger boards with more inside directors. We find that family firms destroy value when they acquire, consistent with an agency cost explanation for acquisitions. In contrast, firms with large boards and more insiders are more likely to acquire and to create value when they do acquire. These results are consistent with benefits to managerial initiative when managers are insulated from discipline. Finally, we find no systematic evidence that shareholder right limiting provisions either facilitate managerial entrenchment or lead to wealth losses through acquisition activity. [Copyright &y& Elsevier] AB - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKHOLDERS KW - STOCKS (Finance) KW - CONSOLIDATION & merger of corporations KW - STOCKHOLDERS' pre-emptive rights KW - Acquisitions KW - Family KW - Governance KW - Ownership KW - Shareholder Rights N1 - Accession Number: 35503345; Bauguess, Scott 1; Email Address: bauguesss@sec.gov; Stegemoller, Mike 2; Email Address: mike.stegemoller@ttu.edu; Affiliations: 1: Securities and Exchange Commission and Texas Tech University, 100 F Street NE, Washington, DC 20549, United States; 2: Texas Tech University, Rawls College of Business, Lubbock, TX 79409-2101, United States; Issue Info: Dec2008, Vol. 14 Issue 5, p550; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: STOCKS (Finance); Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: STOCKHOLDERS' pre-emptive rights; Author-Supplied Keyword: Acquisitions; Author-Supplied Keyword: Family; Author-Supplied Keyword: Governance; Author-Supplied Keyword: Ownership; Author-Supplied Keyword: Shareholder Rights; Number of Pages: 17p; Document Type: Article L3 - 10.1016/j.jcorpfin.2008.09.011 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=35503345&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - NEWS AU - Cox, Christopher T1 - We Need a Bailout Exit Strategy. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2008/12/11/ VL - 252 IS - 138 M3 - Editorial SP - A19 SN - 00999660 AB - The author contends the need for the U.S. to have bailout strategies for failing companies without hindering the individual freedom of private firms as this is important for the U.S. to economically succeed. The author says that bailouts of distressed companies must be looked upon as only temporary and that federal actions in the last few months ending 2008 must be self-liquidating. He however emphasizes that the relation between government and business as regulator and regulated must be maintained. KW - INTERNATIONAL economic assistance KW - BAILOUTS (Finance) KW - BUSINESS failures KW - INDUSTRIAL policy KW - ECONOMIC policy KW - UNITED States N1 - Accession Number: 35807797; Cox, Christopher 1,2; Affiliation: 1: Chairman, Securities and Exchange Commission 2: Member, Oversight Boards, Federal Housing Finance Agency (FHFA) and the Troubled Assets Relief Program (TARP); Source Info: 12/11/2008, Vol. 252 Issue 138, pA19; Subject Term: INTERNATIONAL economic assistance; Subject Term: BAILOUTS (Finance); Subject Term: BUSINESS failures; Subject Term: INDUSTRIAL policy; Subject Term: ECONOMIC policy; Subject Term: UNITED States; NAICS/Industry Codes: 928120 International Affairs; NAICS/Industry Codes: 926110 Administration of General Economic Programs; NAICS/Industry Codes: 911420 International assistance; Number of Pages: 0p; Illustrations: 1 Cartoon or Caricature; Document Type: Editorial UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=35807797&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Bauguess, Scott W. AU - Moeller, Sara B. AU - Schlingemann, Frederik P. AU - Zutter, Chad J. T1 - Ownership structure and target returns JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2009/02// VL - 15 IS - 1 M3 - Article SP - 48 EP - 65 SN - 09291199 AB - Abstract: Contrary to past literature, ownership defined as “all officers and directors” of the target firm has no association with target returns. Rather, we find that inside (managerial) ownership has a positive relation with target returns, whereas active-outside (non-managing director) ownership has a negative relation with target returns. Using accounting-based versus market-based performance measures, we find that the relation between inside ownership and target returns is best explained by takeover anticipation. Using bidder and synergy returns we find that the relation between outside ownership and target returns is best explained by outsiders'' willingness to share gains with the bidder. While the relations are more pronounced for non-tender deals, they also hold for tender offers when active-outside ownership is corporate rather than institutional. [Copyright &y& Elsevier] AB - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BUSINESS judgment rule KW - RETURNS on sales KW - PROPERTY KW - MANAGEMENT KW - Acquisitions KW - Firm value KW - Ownership KW - Target returns N1 - Accession Number: 35926113; Bauguess, Scott W. 1,2; Moeller, Sara B. 3; Email Address: sbmoeller@katz.pitt.edu; Schlingemann, Frederik P. 3; Zutter, Chad J. 3; Affiliations: 1: Rawls College of Business, Texas Tech University, Lubbock, TX 79409, USA; 2: Securities and Exchange Commission, Washington, DC 20549, USA; 3: Katz Graduate School of Business, University of Pittsburgh, Pittsburgh, PA 15260, USA; Issue Info: Feb2009, Vol. 15 Issue 1, p48; Thesaurus Term: BUSINESS judgment rule; Thesaurus Term: RETURNS on sales; Thesaurus Term: PROPERTY; Thesaurus Term: MANAGEMENT; Author-Supplied Keyword: Acquisitions; Author-Supplied Keyword: Firm value; Author-Supplied Keyword: Ownership; Author-Supplied Keyword: Target returns; Number of Pages: 18p; Document Type: Article L3 - 10.1016/j.jcorpfin.2008.09.002 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=35926113&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Bondi, Bradley J. T1 - SECURITIES ARBITRATIONS INVOLVING MORTGAGE-BACKED SECURITIES AND COLLATERALIZED MORTGAGE OBLIGATIONS: SUITABLE FOR UNSUITABILITY CLAIMS? JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2009/07// VL - 14 IS - 2 M3 - Article SP - 251 EP - 279 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - The article explores the unsuitability claim from securities arbitrations involving mortgage-backed securities (MBS) and collateralized mortgage obligations (CMO). Information is given on the concept of MBS and CMO. It discusses the popularity of MBS and CMO with investors in the late 1990s. It explains the requirement to recommend only suitable investments. It discusses the suitability obligations owed to institutional investors. It also details the special considerations of suitability regarding MBS and CMO. KW - MORTGAGE-backed securities KW - INSTITUTIONAL investments KW - COLLATERALIZED mortgage obligations KW - CAPITALISTS & financiers KW - SECURITIES KW - INVESTMENTS N1 - Accession Number: 37811436; Bondi, Bradley J. 1,2; Affiliations: 1: Counsel to a commissioner, U.S. Securities and Exchange Commission (SEC); 2: Adjunct professor, George Mason University School of Law; Issue Info: 2009, Vol. 14 Issue 2, p251; Thesaurus Term: MORTGAGE-backed securities; Thesaurus Term: INSTITUTIONAL investments; Thesaurus Term: COLLATERALIZED mortgage obligations; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES; Thesaurus Term: INVESTMENTS; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; Number of Pages: 29p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=37811436&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Stoelting, David T1 - In a Controversial Decision, ICC Issues Arrest Warrant for Sudan's President but Rejects Genocide Charge. JO - International Law News JF - International Law News Y1 - 2009///Summer2009 VL - 38 IS - 3 M3 - Article SP - 23 EP - 25 SN - 00470813 AB - The article offers author's opinion on the arrest warrant issued for Omar Al Bashir, President of Sudan, by the International Criminal Court (ICC). As reported, the court has issued arrest warrant for several charges including crimes against humanity, war crimes, and genocide. However, the ICC has rejected the genocide charge that resulted in destructive effects at Darfur, Sudan such as criticism from African government for ICC, and questions were raised against prosecutor's ability. KW - ARREST KW - CRIMES against humanity KW - WARRANTS (Law) KW - DARFUR (Sudan) KW - SUDAN KW - INTERNATIONAL Criminal Court KW - BASHIR, Umar Hasan Ahmad, 1944- N1 - Accession Number: 45689610; Stoelting, David 1,2,3,4; Email Address: dstoelt@gmail.com; Affiliation: 1: Senior trial counsel with the Securities and Exchange Commission (SEC) in New York City 2: Vice chair of the International Criminal Law Committee of the Section of International Law 3: Member of the Section's Task Force on the International Criminal Court 4: Adjunct associate professor of law at Brooklyn Law School; Source Info: Summer2009, Vol. 38 Issue 3, p23; Subject Term: ARREST; Subject Term: CRIMES against humanity; Subject Term: WARRANTS (Law); Subject Term: DARFUR (Sudan); Subject Term: SUDAN; Company/Entity: INTERNATIONAL Criminal Court; People: BASHIR, Umar Hasan Ahmad, 1944-; Number of Pages: 3p; Document Type: Article; Full Text Word Count: 2493 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=45689610&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Johnson, William C. AU - Marietta-Westberg, Jennifer T1 - Universal Banking, Asset Management, and Stock Underwriting. JO - European Financial Management JF - European Financial Management Y1 - 2009/09// VL - 15 IS - 4 M3 - Article SP - 703 EP - 732 PB - Wiley-Blackwell SN - 13547798 AB - This paper examines institutions that underwrite IPOs and have asset management divisions from 1993 through 1998. We provide evidence that these firms use asset management funds as vehicles to help them earn more equity underwriting business. We also show that asset managers affiliated with IPO underwriters use their superior information about their own institution's IPOs to earn annualised market adjusted returns 7.6% above asset managers of firms who did not underwrite the IPO. Superior future returns by asset managers who trade affiliated IPOs are dependent on the information environment for the IPO and the underwriter reputation rank. [ABSTRACT FROM AUTHOR] AB - Copyright of European Financial Management is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BANKING industry KW - GOING public (Securities) KW - ASSET management KW - ASSETS (Accounting) KW - PORTFOLIO management (Investments) KW - CAPITAL market KW - GOING private (Securities) KW - STOCKS (Finance) KW - EQUITY KW - asset management KW - G24 KW - IPOs KW - underwriting KW - universal banking N1 - Accession Number: 43500229; Johnson, William C. 1; Email Address: william.johnson@unh.edu; Marietta-Westberg, Jennifer 2; Email Address: westbergj@sec.gov; Affiliations: 1: University of New Hampshire, Department of Accounting and Finance, Durham, NH 03824, USA; 2: US Securities and Exchange Commission, Office of Economic Analysis, 100 F. St. NE, Washington, DC 20549, USA.; Issue Info: Sep2009, Vol. 15 Issue 4, p703; Thesaurus Term: BANKING industry; Thesaurus Term: GOING public (Securities); Thesaurus Term: ASSET management; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: CAPITAL market; Thesaurus Term: GOING private (Securities); Thesaurus Term: STOCKS (Finance); Subject Term: EQUITY; Author-Supplied Keyword: asset management; Author-Supplied Keyword: G24; Author-Supplied Keyword: IPOs; Author-Supplied Keyword: underwriting; Author-Supplied Keyword: universal banking; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 531390 Other Activities Related to Real Estate; Number of Pages: 30p; Illustrations: 10 Charts, 1 Graph; Document Type: Article L3 - 10.1111/j.1468-036X.2008.00475.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=43500229&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR ID - 2010-12478-002 AN - 2010-12478-002 AU - Johnson, William C. AU - Marietta-Westberg, Jennifer T1 - The distribution of IPO holdings across institutional mutual funds. JF - Journal of Business Ethics JO - Journal of Business Ethics JA - J Bus Ethics Y1 - 2009/11// VL - 90 IS - Suppl 2 SP - 119 EP - 128 CY - Germany PB - Springer SN - 0167-4544 SN - 1573-0697 AD - Johnson, William C., Department of Accounting and Finance, University of New Hampshire, Durham, NH, US, 03824 N1 - Accession Number: 2010-12478-002. Partial author list: First Author & Affiliation: Johnson, William C.; Department of Accounting and Finance, University of New Hampshire, Durham, NH, US. Release Date: 20100913. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Banking; Business Investments; Business Organizations; Financial Services; Business Ethics. Classification: Organizational Behavior (3660). Population: Human (10). Age Group: Adulthood (18 yrs & older) (300). Methodology: Empirical Study; Quantitative Study. References Available: Y. Page Count: 10. Issue Publication Date: Nov, 2009. Copyright Statement: Springer. 2010. AB - We examine initial public offering (IPO) holdings in the mutual funds of four large investment banks and five large non-investment banks during the period 1997 through 2002. Investment banks hold IPOs with different characteristics than IPOs held by non-investment banks, and they also tend to hold IPOs in different types of funds than non-investment banks. We classify holdings as to whether the IPO lies outside or inside the fund’s objective. Investment banks hold IPOs outside the fund objective in 27% of the fund/IPO pairs while non-investment banks hold outside their objective in just 5.4% of fund/IPO pairs. We see significant differences in IPO underpricing for both groups as well. For example, when non-investment banks hold IPOs outside a large capitalization fund objective, they select IPOs with 52% higher underpricing as measured by first-day returns. (PsycINFO Database Record (c) 2016 APA, all rights reserved) KW - initial public offering KW - institutional holdings KW - mutual funds KW - investment banks KW - 2009 KW - Banking KW - Business Investments KW - Business Organizations KW - Financial Services KW - Business Ethics KW - 2009 DO - 10.1007/s10551-010-0379-3 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2010-12478-002&site=ehost-live&scope=site UR - westbergj@sec.gov UR - william.johnson@unh.edu DP - EBSCOhost DB - psyh ER - TY - JOUR AU - Hassan, Tariq T1 - The Supreme Court of Pakistan and the Case of Missing Persons. JO - Asia-Pacific Journal on Human Rights & the Law JF - Asia-Pacific Journal on Human Rights & the Law Y1 - 2009/12// VL - 10 IS - 2 M3 - Article SP - 23 EP - 42 PB - Martinus Nijhoff SN - 13881906 AB - The article discusses the role of the Supreme Court of the country of Pakistan regarding their dealings with the issue of missing persons. Constitutional and human rights law as well as the application of national criminal law for kidnappings and abductions are explored. A person's right to liberty, protection against arbitrary arrest and detention, and the policies against preventive detention are reviewed. The emerging international law on forced disappearance and the emergence of universal principles against extra-legal arbitrary and summary executions are discussed. It is suggested that the Supreme Court carry out investigations against officials accused of ordering disappearances. KW - DISAPPEARED persons KW - HUMAN rights KW - MISSING persons KW - CONSTITUTIONAL courts KW - INTERNATIONAL law KW - PAKISTAN KW - PAKISTAN. Supreme Court N1 - Accession Number: 48138493; Hassan, Tariq 1; Affiliation: 1: Lawyer, in Islamabad, Pakistan, and former Chairman of the Securities and Exchange Commission of Pakistan; Source Info: 2009, Vol. 10 Issue 2, p23; Subject Term: DISAPPEARED persons; Subject Term: HUMAN rights; Subject Term: MISSING persons; Subject Term: CONSTITUTIONAL courts; Subject Term: INTERNATIONAL law; Subject Term: PAKISTAN; Company/Entity: PAKISTAN. Supreme Court; NAICS/Industry Codes: 922110 Courts; Number of Pages: 20p; Illustrations: 1 Chart; Document Type: Article L3 - 10.1163/138819010X12647506166474 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=48138493&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Hicks, William AU - Mills, John AU - Neilson, Todd T1 - PONZI SCHEMES--BANKRUPTCY COURT V. FEDERAL COURT EQUITY RECEIVERSHIP. JO - Emory Bankruptcy Developments Journal JF - Emory Bankruptcy Developments Journal Y1 - 2010/01// VL - 26 IS - 2 M3 - Article SP - 208 EP - 223 SN - 08907862 AB - The article presents a panel discussion regarding Ponzi schemes in relation to equity receivership. The components of Ponzi schemes are capital infusion, involvement of fraud, new capital infusion for further defrauding, and higher returns leading to increased insolvency. According to panelist William Hicks, Ponzi schemes are businesses with continuous capital infusion but is losing money due to numerous liabilities. The general practice is to shut it down as quickly as possible and an equity receiver, who is a court agent, takes over the business. KW - PONZI schemes KW - RECEIVERSHIP KW - FRAUD KW - FAMILY medicine KW - HICKS, William N1 - Accession Number: 52315200; Hicks, William 1,2; Mills, John 3; Neilson, Todd 4; Affiliations: 1: Regional Trial Counsel. U.S. Securities and Exchange Commission Atlanta Regional Office.; 2: B.A., Dickinson College; 3: Partner, Barnes & Thornburg, LLP. B.A.,; 4: Director, LECG; Issue Info: 2010, Vol. 26 Issue 2, preceding p208; Thesaurus Term: PONZI schemes; Thesaurus Term: RECEIVERSHIP; Thesaurus Term: FRAUD; Subject Term: FAMILY medicine; People: HICKS, William; Number of Pages: 17p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=52315200&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hao, Jia AU - Kalay, Avner AU - Mayhew, Stewart AD - Wayne State U AD - Tel Aviv U and U UT AD - US Securities and Exchange Commission T1 - Ex-dividend Arbitrage in Option Markets JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2010/01// VL - 23 IS - 1 SP - 271 EP - 303 SN - 08939454 N1 - Accession Number: 1093071; Keywords: Arbitrage; Dividend; Options; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201003 N2 - We examine the behavior of call options surrounding the underlying stock's ex-dividend date. The evidence is inconsistent with the predictions of a rational exercise policy; a significant fraction of the open interest remains unexercised, resulting in a windfall gain to option writers. This triggers a sophisticated trading scheme that enables short-term traders to receive a significant fraction of the gains. The trading scheme inflates reported volume and distorts its traditional relations to liquidity. The dramatic increases in the volume of trade on the last cum-dividend day are facilitated by limitations on transaction costs passed by the various option exchanges. KW - Contingent Pricing; Futures Pricing; option pricing G13 KW - Payout Policy G35 L3 - http://rfs.oxfordjournals.org/content/by/year UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1093071&site=ehost-live&scope=site UR - http://rfs.oxfordjournals.org/content/by/year DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Jia Hao AU - Kalay, Avner AU - Mayhew, Stewart T1 - Ex-dividend Arbitrage in Option Markets. JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2010/01// VL - 23 IS - 1 M3 - Article SP - 271 EP - 303 SN - 08939454 AB - We examine the behavior of call options surrounding the underlying stock's ex-dividend date. The evidence is inconsistent with the predictions of a rational exercise policy; a significant fraction of the open interest remains unexercised, resulting in a windfall gain to option writers. This triggers a sophisticated trading scheme that enables short-term traders to receive a significant fraction of the gains. The trading scheme inflates reported volume and distorts its traditional relations to liquidity. The dramatic increases in the volume of trade on the last cum-dividend day are facilitated by limitations on transaction costs passed by the various option exchanges. [ABSTRACT FROM PUBLISHER] AB - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - OPTIONS (Finance) KW - STOCKS (Finance) KW - LIQUIDITY (Economics) KW - TRANSACTION costs KW - EQUITY KW - UNITED States N1 - Accession Number: 47988064; Jia Hao 1; Email Address: jia.hao@wayne.edu; Kalay, Avner 2,3; Mayhew, Stewart 4; Affiliations: 1: Wayne State University; 2: Tel Aviv University; 3: University of Utah; 4: U.S. Securities and Exchange Commission; Issue Info: Jan2010, Vol. 23 Issue 1, p271; Thesaurus Term: OPTIONS (Finance); Thesaurus Term: STOCKS (Finance); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: TRANSACTION costs; Subject Term: EQUITY; Subject: UNITED States; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 33p; Illustrations: 6 Charts, 6 Graphs; Document Type: Article L3 - 10.1093/rfs/hhp038 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=47988064&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ivanov, Vladimir I. AU - Xie, Fei T1 - Do Corporate Venture Capitalists Add Value to Start-Up Firms? Evidence from IPOs and Acquisitions of VC-Backed Companies. JO - Financial Management (Wiley-Blackwell) JF - Financial Management (Wiley-Blackwell) Y1 - 2010///Spring2010 VL - 39 IS - 1 M3 - Article SP - 129 EP - 152 PB - Wiley-Blackwell SN - 00463892 AB - We present evidence that corporate venture capitalists (CVCs) add value to start-up companies only when the start-ups have a strategic fit with the parent corporations of CVCs. We find that CVCs provide a variety of services and support that suit the specific needs of start-ups operating in different industries. CVC-backed start-ups are able to obtain higher valuations at the IPO than non-CVC-backed ones, and the value added by CVCs concentrates in start-ups with a strategic overlap with CVC parents. Entrepreneurial companies with strategic CVC backing also receive higher takeover premiums when they become acquisition targets. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Management (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITALISTS & financiers KW - VENTURE capital KW - PARENT companies KW - NEW business enterprises KW - GOING public (Securities) KW - VALUATION KW - VALUE added (Marketing) KW - STRATEGIC planning KW - CONSOLIDATION & merger of corporations N1 - Accession Number: 48942625; Ivanov, Vladimir I. 1; Xie, Fei 2; Affiliations: 1: Securities and Exchange Commission, Washington, DC; 2: George Mason University in Fairfax, VA; Issue Info: Spring2010, Vol. 39 Issue 1, p129; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: VENTURE capital; Thesaurus Term: PARENT companies; Thesaurus Term: NEW business enterprises; Thesaurus Term: GOING public (Securities); Thesaurus Term: VALUATION; Thesaurus Term: VALUE added (Marketing); Thesaurus Term: STRATEGIC planning; Thesaurus Term: CONSOLIDATION & merger of corporations; NAICS/Industry Codes: 541990 All Other Professional, Scientific, and Technical Services; Number of Pages: 24p; Document Type: Article L3 - 10.1111/j.1755-053X.2009.01068.x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=48942625&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Treanor, William Michael AU - Indek, Ben A. AU - Walter, Elisse B. T1 - FORDHAM CORPORATE LAW CENTER. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law Y1 - 2010/03// VL - 15 IS - 3 M3 - Speech SP - 547 EP - 566 PB - Fordham Journal of Corporate & Financial Law SN - 1532303X AB - The article presents a speech by Elisse B. Walter, commissioner of the U.S. Securities and Exchange Commission (SEC), delivered at the 10th Annual A. A. Sommer Jr. Lecture on Corporate, Securities and Financial Law, in which she discussed the relatively lack of attention directed to the municipal securities market, reasons as to why the exemptions of municipal securities from the federal securities laws need to be removed and reformation of the municipal securities market. KW - SECURITIES markets KW - GOVERNMENT securities KW - MUNICIPAL government KW - SECURITIES industry -- Law & legislation KW - UNITED States KW - WALTER, Elisse B. N1 - Accession Number: 51888682; Treanor, William Michael 1; Indek, Ben A. 2; Walter, Elisse B. 3; Affiliations: 1: Fordham University School of Law; 2: Morgan, Lewis & Bockius; 3: United States Securities and Exchange Commission; Issue Info: 2010, Vol. 15 Issue 3, p547; Thesaurus Term: SECURITIES markets; Thesaurus Term: GOVERNMENT securities; Thesaurus Term: MUNICIPAL government; Thesaurus Term: SECURITIES industry -- Law & legislation; Subject: UNITED States; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; People: WALTER, Elisse B.; Number of Pages: 20p; Document Type: Speech UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=51888682&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hund, John AU - Monk, Donald AU - Tice, Sheri T1 - Uncertainty about average profitability and the diversification discount JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2010/06// VL - 96 IS - 3 M3 - Article SP - 463 EP - 484 SN - 0304405X AB - The diversification discount (multiple segment firm value below the value imputed using single segment firm multiples) is commonly thought to be generated by agency problems, a lack of transparency, or lackluster future prospects for diversified firms. If multiple segment firms have lower uncertainty about mean profitability than single segment firms, rational learning about mean profitability provides an alternative explanation for the diversification discount that does not rely on suboptimal managerial decisions or a poor firm outlook. Empirical tests which examine changes in firm value across the business cycle and idiosyncratic volatility are consistent with lower uncertainty about mean profitability for multiple segment firms. [Copyright &y& Elsevier] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL performance KW - BREAK-even analysis KW - COST centers (Accounting) KW - COST accounting KW - DIVERSIFICATION (Finance) KW - FINANCIAL risk management KW - PORTFOLIO management (Investments) KW - ASSET allocation KW - Diversification discount KW - Internal capital markets KW - Rational learning models N1 - Accession Number: 49856329; Hund, John 1; Email Address: jhund@rice.edue; Monk, Donald 2,3; Email Address: monkd@sec.gov; Tice, Sheri 3; Email Address: stice@tulane.edu; Affiliations: 1: Jones Graduate School of Business, Rice University, Houston, TX, USA; 2: Securities and Exchange Commission, Washington, DC, USA; 3: A.B. Freeman School of Business, Tulane University, 7 McAlister Drive, New Orleans, LA 70118, USA; Issue Info: Jun2010, Vol. 96 Issue 3, p463; Thesaurus Term: FINANCIAL performance; Thesaurus Term: BREAK-even analysis; Thesaurus Term: COST centers (Accounting); Thesaurus Term: COST accounting; Thesaurus Term: DIVERSIFICATION (Finance); Thesaurus Term: FINANCIAL risk management; Thesaurus Term: PORTFOLIO management (Investments); Thesaurus Term: ASSET allocation; Author-Supplied Keyword: Diversification discount; Author-Supplied Keyword: Internal capital markets; Author-Supplied Keyword: Rational learning models; NAICS/Industry Codes: 526917 Balanced funds / asset allocation funds; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 22p; Document Type: Article L3 - 10.1016/j.jfineco.2010.02.006 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=49856329&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alves, Paulo AD - CMVM-Portuguese Securities and Exchange Commission and Lusofona U T1 - Corporate Ownership: Some International Evidence JO - International Research Journal of Finance and Economics JF - International Research Journal of Finance and Economics Y1 - 2010/07// IS - 41 SP - 93 EP - 104 SN - 14502887 N1 - Accession Number: 1238951; Keywords: Corporate Ownership; Firm; Ownership; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 201106 N2 - In this research, we evaluate how corporate ownership around the world is defined and which variables, related to a firm's characteristics and the countries' infrastructures, influences this. We find that there are a small number of countries where firms present a lower percentage of block holdings. We find that firm's size is the most important determinant of block holdings worldwide, although some variables related with the quality of enforcement also play a crucial role. KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 L3 - http://www.internationalresearchjournaloffinanceandeconomics.com/irjfe_issues.htm UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1238951&site=ehost-live&scope=site UR - http://www.internationalresearchjournaloffinanceandeconomics.com/irjfe_issues.htm DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Johnson, Woodrow T. T1 - Do investors trade uniformly through time? JO - Journal of Empirical Finance JF - Journal of Empirical Finance Y1 - 2010/09// VL - 17 IS - 4 M3 - Article SP - 645 EP - 658 SN - 09275398 AB - Abstract: This study tests whether investors trade uniformly through time by analyzing the quarter-by-quarter trading decision of individual shareholders in one no-load mutual fund family over nearly six years. These shareholders'' trading probabilities change dramatically through time. Time has a larger economic effect on the shareholders'' trading decisions than data commonly used in prior research, including fund performance. This effect is larger among shareholders who have more prior transactions, and it is robust to controls for unobserved heterogeneity. [Copyright &y& Elsevier] AB - Copyright of Journal of Empirical Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUTUAL funds KW - CAPITALISTS & financiers KW - STOCKHOLDERS KW - SECURITIES trading KW - MARKET timing KW - NO-load mutual funds KW - SECURITIES markets KW - Individual financial decision making KW - Mutual funds KW - Shareholder trading probibilities KW - Unobserved heterogeneity N1 - Accession Number: 52203043; Johnson, Woodrow T. 1; Email Address: JohnsonW@sec.gov; Affiliations: 1: U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-9360, USA; Issue Info: Sep2010, Vol. 17 Issue 4, p645; Thesaurus Term: MUTUAL funds; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: SECURITIES trading; Thesaurus Term: MARKET timing; Thesaurus Term: NO-load mutual funds; Thesaurus Term: SECURITIES markets; Author-Supplied Keyword: Individual financial decision making; Author-Supplied Keyword: Mutual funds; Author-Supplied Keyword: Shareholder trading probibilities; Author-Supplied Keyword: Unobserved heterogeneity; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Document Type: Article L3 - 10.1016/j.jempfin.2010.02.002 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=52203043&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Edwards, Amy K. AU - Hanley, Kathleen Weiss T1 - Short selling in initial public offerings JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2010/10// VL - 98 IS - 1 M3 - Article SP - 21 EP - 39 SN - 0304405X AB - Short sale constraints in the aftermarket of initial public offerings (IPOs) are often used to explain short-term underpricing that is subsequently reversed. This paper shows that short selling is integral to aftermarket trading and is higher in IPOs with greater underpricing. Perceived restrictions on borrowing shares are not systematically circumvented by “naked” short selling. Short sellers, on average, do not appear to earn abnormal profits in the near term and our findings are not driven by market makers. Short selling in IPOs is not as constrained as suggested by the literature, implying that other factors may be responsible for underpricing. [Copyright &y& Elsevier] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATIONS -- Finance KW - CAPITAL market KW - MARGIN accounts KW - SHORT selling (Securities) KW - SPREAD (Finance) KW - HEDGING (Finance) KW - STOCKS (Finance) KW - G24 N1 - Accession Number: 52822598; Edwards, Amy K. 1; Email Address: edwardsa@sec.gov; Hanley, Kathleen Weiss 2; Affiliations: 1: Office of Economic Analysis, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, USA; 2: Division of Research and Statistics, Federal Reserve Board of Governors, 20th & C Streets, NW Washington, DC 20551, USA; Issue Info: Oct2010, Vol. 98 Issue 1, p21; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: CAPITAL market; Thesaurus Term: MARGIN accounts; Thesaurus Term: SHORT selling (Securities); Thesaurus Term: SPREAD (Finance); Thesaurus Term: HEDGING (Finance); Thesaurus Term: STOCKS (Finance); Author-Supplied Keyword: G24; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 19p; Document Type: Article L3 - 10.1016/j.jfineco.2010.03.010 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=52822598&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lopes, Alexsandro Broedel AU - de Alencar, Roberta Carvalho T1 - Disclosure and cost of equity capital in emerging markets: The Brazilian case JO - International Journal of Accounting JF - International Journal of Accounting Y1 - 2010/12// VL - 45 IS - 4 M3 - Article SP - 443 EP - 464 SN - 00207063 AB - Abstract: In this paper, we conjecture that the weak association between disclosure and cost of equity capital found in the literature (Botosan, 1997) can be caused by the high-level corporate disclosure environment found in the United States. We hypothesize that in low-level corporate disclosure environments the variability in disclosure practices across firms will be larger than in the United States, and, consequently, the marginal effect of voluntary disclosure policies will be higher. Using a newly developed Brazilian Corporate Disclosure Index (BCDI), our results confirm this hypothesis. Disclosure is strongly associated with ex ante cost of equity capital for Brazilian firms. The results are more pronounced for firms with less analyst coverage and low ownership concentration, as expected. [ABSTRACT FROM AUTHOR] AB - Copyright of International Journal of Accounting is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITAL costs KW - EMERGING markets KW - ACCOUNTING KW - DISCLOSURE in accounting KW - BUSINESS enterprises KW - ANALYSTS (Finance) KW - EQUITY KW - HYPOTHESIS KW - BRAZIL KW - Brazil KW - Cost of capital KW - Disclosure KW - Emerging markets KW - Financial accounting KW - M41 N1 - Accession Number: 55513096; Lopes, Alexsandro Broedel 1; Email Address: Broedel@usp.br; de Alencar, Roberta Carvalho 2; Affiliations: 1: University of São Paulo and Securities and Exchange Commission of Brazil, Brazil; 2: University of São Paulo, Brazil; Issue Info: Dec2010, Vol. 45 Issue 4, p443; Thesaurus Term: CAPITAL costs; Thesaurus Term: EMERGING markets; Thesaurus Term: ACCOUNTING; Thesaurus Term: DISCLOSURE in accounting; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: ANALYSTS (Finance); Subject Term: EQUITY; Subject Term: HYPOTHESIS; Subject: BRAZIL; Author-Supplied Keyword: Brazil; Author-Supplied Keyword: Cost of capital; Author-Supplied Keyword: Disclosure; Author-Supplied Keyword: Emerging markets; Author-Supplied Keyword: Financial accounting; Author-Supplied Keyword: M41; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 22p; Document Type: Article L3 - 10.1016/j.intacc.2010.09.003 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=55513096&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alexander, Cindy R. AU - Chen, Mark A. AU - Seppi, Duane J. AU - Spatt, Chester S. T1 - Interim News and the Role of Proxy Voting Advice. JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2010/12// VL - 23 IS - 12 M3 - Article SP - 4419 EP - 4454 SN - 08939454 AB - This article examines the information content and consequences of third-party voting advice that arrives as news at an interim stage in corporate proxy contests. We first document significant stock returns around announcements of proxy vote recommendations. We then develop a multi-equation empirical procedure for disentangling the price impact of prediction effects (changes in contest outcome probabilities) from the price impact of certification effects (changes in outcome-contingent valuations). Both effects are present in the data: Voting advice is both predictive about contest outcomes and informative about the ability of dissidents to add value. Consequently, proxy advice plays a dual informational role. [ABSTRACT FROM PUBLISHER] AB - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PROXY statements KW - RATE of return KW - STOCKS (Finance) -- Prices KW - MATHEMATICAL models KW - CONTINGENCIES in finance KW - CORPORATE governance KW - PREDICTION models KW - CAUSAL models KW - G20 KW - G24 KW - G30 KW - G34 N1 - Accession Number: 55275885; Alexander, Cindy R. 1; Chen, Mark A. 2; Seppi, Duane J. 3; Spatt, Chester S. 3; Affiliations: 1: U.S. Securities and Exchange Commission; 2: Robinson College of Business, Georgia State University; 3: Tepper School of Business, Carnegie Mellon University; Issue Info: Dec2010, Vol. 23 Issue 12, p4419; Thesaurus Term: PROXY statements; Thesaurus Term: RATE of return; Thesaurus Term: STOCKS (Finance) -- Prices; Thesaurus Term: MATHEMATICAL models; Thesaurus Term: CONTINGENCIES in finance; Thesaurus Term: CORPORATE governance; Subject Term: PREDICTION models; Subject Term: CAUSAL models; Author-Supplied Keyword: G20; Author-Supplied Keyword: G24; Author-Supplied Keyword: G30; Author-Supplied Keyword: G34; Number of Pages: 36p; Illustrations: 7 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=55275885&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ashraf, Uzma AU - Gill, Irfan Munawar AU - Arner, Douglas W. AD - U Hong Kong AD - Securities and Exchange Commission of Pakistan AD - U Hong Kong T1 - A Road to Financial Stability JO - Global Journal of Business Research JF - Global Journal of Business Research Y1 - 2011/// VL - 5 IS - 5 SP - 71 EP - 79 SN - 19310277 N1 - Accession Number: 1230003; Keywords: Crisis; Financial Crisis; Financial Market; Regulation; Publication Type: Journal Article; Update Code: 201105 N2 - This article provides a road map to financial stability. The roadmap is created by analyzing successive episodes of financial crisis at various points in time and the regulatory-cum-supervisory responses devised to reduce the chance of future threats to systemic stability. This article provides a glimpse of historical events that led to the establishment of Basel Committee and then critically evaluates committee's efforts to make financial markets more certain and secure. This article also highlights the efforts of supervisory authorities in creating an effective regulatory framework through the Basel Capital accords. A critique of the Basel accords is sketched showing how Basel I and Basel II did not help contain successive episodes of financial crisis. This paper also draws upon Basel III regulations currently under deliberation and highlights vulnerable areas that may continue to threaten systemic stability even after the implementation of Basel III. KW - Business Fluctuations; Cycles E32 KW - Financial Crises G01 KW - Banks; Depository Institutions; Micro Finance Institutions; Mortgages G21 KW - Financial Institutions and Services: Government Policy and Regulation G28 L3 - http://www.theibfr.com/gjbrsample.htm UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1230003&site=ehost-live&scope=site UR - http://www.theibfr.com/gjbrsample.htm DP - EBSCOhost DB - ecn ER - TY - JOUR ID - 104859745 T1 - Managing residual risk in patients receiving statin therapy...Med J Aust. 2010 Apr 5;192(7):366-7 AU - Mann MK Y1 - 2011/01/03/ N1 - Accession Number: 104859745. Language: English. Entry Date: 20110624. Revision Date: 20150711. Publication Type: Journal Article; commentary; letter. Journal Subset: Australia & New Zealand; Biomedical; Double Blind Peer Reviewed; Peer Reviewed. NLM UID: 0400714. KW - Cardiovascular Diseases -- Prevention and Control KW - Antilipemic Agents -- Therapeutic Use KW - Heterocyclic Compounds -- Therapeutic Use KW - Drug Therapy, Combination KW - Simvastatin -- Therapeutic Use SP - 54 EP - 54 JO - Medical Journal of Australia JF - Medical Journal of Australia JA - MED J AUST VL - 194 IS - 1 PB - Australasian Medical Publishing Company SN - 0025-729X AD - Division of Investment Management, US Securities and Exchange Commission, Washington, DC, USA. mannm@comcast.net. U2 - PMID: 21449877. UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=rzh&AN=104859745&site=ehost-live&scope=site DP - EBSCOhost DB - rzh ER - TY - JOUR AU - Lopes, Alexsandro Broedel T1 - Teaching IFRS in Brazil: News from the Front. JO - Accounting Education JF - Accounting Education Y1 - 2011/08// VL - 20 IS - 4 M3 - Article SP - 339 EP - 347 PB - Routledge SN - 09639284 AB - This paper presents a personal overview of the teaching of IFRS in a developing code law country, Brazil. It relates to teaching of undergraduates, MBA, MSc and executive students. The paper focus on the challenge to introduce IFRS concepts to a audience used to use accounting reports for tax purposes and not to inform external investors. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Education is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - ACCOUNTING -- Study & teaching KW - CAPITALISTS & financiers KW - ACCOUNTING standards KW - UNDERGRADUATES KW - MASTER'S degree KW - BRAZIL KW - Brazil KW - IFRS KW - listening KW - teaching N1 - Accession Number: 64400480; Lopes, Alexsandro Broedel 1; Email Address: broedel@usp.br; Affiliations: 1: University of São Paulo and Securities and Exchange Commission of Brazil; Issue Info: Aug2011, Vol. 20 Issue 4, p339; Thesaurus Term: ACCOUNTING -- Study & teaching; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ACCOUNTING standards; Subject Term: UNDERGRADUATES; Subject Term: MASTER'S degree; Subject: BRAZIL; Author-Supplied Keyword: Brazil; Author-Supplied Keyword: IFRS; Author-Supplied Keyword: listening; Author-Supplied Keyword: teaching; NAICS/Industry Codes: 541219 Other Accounting Services; Number of Pages: 9p; Document Type: Article L3 - 10.1080/09639284.2011.555946 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=64400480&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - DeFond, Mark L. AU - Mingyi Hung AU - Carr, Emre AU - Jieying Zhang T1 - Was the Sarbanes-Oxley Act Good News for Corporate Bondholders? JO - Accounting Horizons JF - Accounting Horizons Y1 - 2011/09// VL - 25 IS - 3 M3 - Article SP - 465 EP - 485 PB - American Accounting Association SN - 08887993 AB - We investigate the impact of the Sarbanes-Oxley Act (SOX) on corporate bondholder value by examining the bond market reaction to news events leading up to the passage of SOX. The net impact ofSOX on bondholder value is difficult to predict, and there are many reasons why it may be viewed as either good or bad news. Our primary analysis reveals a significant decline in average bondholder value around these events. In addition, cross-sectional tests find that the decline is significantly larger among riskier bonds and among bonds held by firms that are expected to experience the greatest changes under SOX. Thus, our findings are consistent with the bond market expecting the exogenously imposed changes under SOX to make bondholders worse off. [ABSTRACT FROM AUTHOR] AB - Copyright of Accounting Horizons is the property of American Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BOND market KW - BONDS (Finance) KW - CORPORATE bonds KW - BONDHOLDERS KW - UNITED States KW - UNITED States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 65823368; DeFond, Mark L. 1; Email Address: defond@marshall.usc.edu; Mingyi Hung 1; Carr, Emre 2; Jieying Zhang 1; Affiliations: 1: Associate Professor, University of Southern California; 2: US Securities and Exchange Commission; Issue Info: Sep2011, Vol. 25 Issue 3, p465; Thesaurus Term: BOND market; Thesaurus Term: BONDS (Finance); Thesaurus Term: CORPORATE bonds; Thesaurus Term: BONDHOLDERS; Subject: UNITED States; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; Number of Pages: 21p; Illustrations: 4 Charts; Document Type: Article L3 - 10.2308/acch-50008 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=65823368&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hawk, Madelyn T1 - E-Discovery and Records Management: Essential Knowledge for Information Professionals. JO - Information Management Journal JF - Information Management Journal Y1 - 2011/09//Sep/Oct2011 VL - 45 IS - 5 M3 - Book Review SP - 48 EP - 49 PB - Association of Records Managers & Administrators SN - 15352897 AB - The article reviews the book "Electronic Discovery Practice Under the Federal Rules," by Amy Jane Longo, Allan D. Johnson, and Allen W. Burton. KW - ELECTRONIC discovery (Law) KW - NONFICTION KW - LONGO, Amy Jane KW - JOHNSON, Allan D. KW - BURTON, Allen W. KW - ELECTRONIC Discovery Practice Under the Federal Rules (Book) N1 - Accession Number: 66913278; Hawk, Madelyn 1; Email Address: madelyn.hawk@gmail.com; Affiliation: 1: Analyst, U.S. Securities and Exchange Commission; Source Info: Sep/Oct2011, Vol. 45 Issue 5, p48; Subject Term: ELECTRONIC discovery (Law); Subject Term: NONFICTION; Reviews & Products: ELECTRONIC Discovery Practice Under the Federal Rules (Book); People: LONGO, Amy Jane; People: JOHNSON, Allan D.; People: BURTON, Allen W.; Number of Pages: 2p; Document Type: Book Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=66913278&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Lewis, Craig M. AU - Verwijmeren, Patrick AD - Vanderbilt U and US Securities and Exchange Commission AD - Free U Amsterdam T1 - Convertible Security Design and Contract Innovation JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2011/09// VL - 17 IS - 4 SP - 809 EP - 831 SN - 09291199 N1 - Accession Number: 1254616; Keywords: Earnings; Firm; Firms; Shares; Publication Type: Journal Article; Update Code: 201109 N2 - This paper studies convertible security design for a sample of 814 issuers over the years 2000 through 2007. Using a nested logit model, we examine how firms choose fixed income claims and the method of payment. We find that fixed income claims are chosen to reduce corporate income taxes, minimize refinancing costs, and help mitigate managerial discretion costs. The method of payment choice frequently includes cash settlement features because they increase reported diluted earnings per share. Some of the cash settlement issuers also adopt other innovative financial strategies (share repurchase programs and call spread overlays) that inflate reported earnings per share. We find that firms needing debt capacity include mandatory conversion features. KW - Financial Econometrics C58 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Firm Performance: Size, Diversification, and Scope L25 KW - Accounting M41 L3 - http://www.sciencedirect.com/science/journal/09291199 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1254616&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jcorpfin.2011.03.001 UR - http://www.sciencedirect.com/science/journal/09291199 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Krishnan, C. N. V. AU - Ivanov, Vladimir I. AU - Masulis, Ronald W. AU - Singh, Ajai K. T1 - Venture Capital Reputation, Post-IPO Performance, and Corporate Governance. JO - Journal of Financial & Quantitative Analysis JF - Journal of Financial & Quantitative Analysis Y1 - 2011/09// VL - 46 IS - 5 M3 - Article SP - 1295 EP - 1333 PB - Cambridge University Press SN - 00221090 AB - We examine the association of a venture capital (VC) firm’s reputation with the post-initial public offering (IPO) long-run performance of its portfolio firms. We find that VC reputation, measured by the past market share of VC-backed IPOs, has significant positive associations with long-run firm performance measures. While more reputable VCs initially select better-quality firms, more reputable VCs continue to be associated with superior long-run performance, even after controlling for VC selectivity. We find that more reputable VCs exhibit more active post-IPO involvement in the corporate governance of their portfolio firms, and this continued VC involvement positively influences post-IPO firm performance. [ABSTRACT FROM PUBLISHER] AB - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - VENTURE capital companies KW - CORPORATE image KW - GOING public (Securities) KW - VENTURE capital KW - ORGANIZATIONAL performance KW - CORPORATE governance KW - FINANCIAL services industry KW - MARKET share KW - RATE of return KW - RETURN on assets KW - INVESTMENT analysis KW - CAPITAL investments -- Mathematical models N1 - Accession Number: 67547629; Krishnan, C. N. V. 1; Ivanov, Vladimir I. 2; Masulis, Ronald W. 3; Singh, Ajai K. 4; Affiliations: 1: Weatherhead School of Management, Case Western Reserve University, Cleveland, OH 44106, cnk2@cwru.edu; 2: Division of Risk, Strategy, and Financial Innovation, U.S. Securities and Exchange Commission, 100 F Street N.E., Washington, DC 20549, ivanovv@sec.gov; 3: Australian School of Business, University of New South Wales, Sydney, NSW 2052, Australia, ron.masulis@unsw.edu.au; 4: College of Business and Economics, Lehigh University, 621 Taylor St., Bethlehem, PA 18015, aks411@lehigh.edu; Issue Info: Sep2011, Vol. 46 Issue 5, p1295; Thesaurus Term: VENTURE capital companies; Thesaurus Term: CORPORATE image; Thesaurus Term: GOING public (Securities); Thesaurus Term: VENTURE capital; Thesaurus Term: ORGANIZATIONAL performance; Thesaurus Term: CORPORATE governance; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: MARKET share; Thesaurus Term: RATE of return; Thesaurus Term: RETURN on assets; Thesaurus Term: INVESTMENT analysis; Thesaurus Term: CAPITAL investments -- Mathematical models; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 39p; Document Type: Article L3 - 10.1017/S0022109011000251 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=67547629&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Deng, Geng AU - Mallett, Joshua AU - McCann, Craig AD - Securities Litigation and Consulting Group Inc, Fairfax, VA AD - US Securities and Exchange Commission AD - Securities Litigation and Consulting Group Inc, Fairfax, VA T1 - Modeling Autocallable Structured Products JO - Journal of Derivatives and Hedge Funds JF - Journal of Derivatives and Hedge Funds Y1 - 2011/11// VL - 17 IS - 4 SP - 326 EP - 340 SN - 17539641 N1 - Accession Number: 1273079; Keywords: Modeling; Publication Type: Journal Article; Update Code: 201112 N2 - Since first introduced in 2003, the number of autocallable structured products in the United States has increased exponentially. The autocall feature causes the product to be redeemed if the reference asset's value rises above a pre-specified call price. Because an autocallable structured product matures immediately if it is called, the autocall feature reduces the product's duration and expected maturity. In this article, we present a flexible partial differential equation framework to model autocallable structured products. Our framework allows for products with either discrete or continuous call dates. We value the autocallable structured products with discrete call dates using the finite difference method, and the products with continuous call dates using a closed-form solution. In addition, we estimate the probabilities of an autocallable structured product being called on each call date. We demonstrate our models by valuing a popular autocallable product and quantify the cost to the investor of adding this feature to a structured product. KW - Financial Econometrics C58 L3 - http://www.palgrave-journals.com/jdhf/archive/index.html UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1273079&site=ehost-live&scope=site UR - http://www.palgrave-journals.com/jdhf/archive/index.html DP - EBSCOhost DB - ecn ER - TY - JOUR AU - DENG, GENG AU - GUEDJ, ILAN AU - MALLETT, JOSHUA AU - MCCANN, CRAIG T1 - The Anatomy of Principal-Protected Absolute Return Barrier Notes. JO - Journal of Derivatives JF - Journal of Derivatives Y1 - 2011///Winter2011 VL - 19 IS - 2 M3 - Article SP - 61 EP - 70 PB - Euromoney Institutional Investor PLC SN - 10741240 AB - Principal-Protected Absolute Return Barrier Notes (ARBNs) are structured products linked to an underlying security or an index. While these notes guarantee principal protection -- return of face value -- their upside potential is dependent on the price of the underlying security never falling outside of a predefined range. This, combined with the credit risk of the issuer to which all structured products are subject, makes these products difficult to value. In this article, we value ARBNs by decomposing the note into a zero-coupon bond and double-barrier linear segment options. We derive closed-form solutions for ARBNs and their Greeks, then value 214 publicly listed ARBNs issued by six investment banks between 2006 and 2009. We find that, on average, the ARBNs' fair price is approximately 4.5% below the actual issue price. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Derivatives is the property of Euromoney Institutional Investor PLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL statement notes KW - ZERO coupon securities KW - MARKET segmentation KW - CONVERTIBLE securities KW - DECOMPOSITION method (Mathematics) N1 - Accession Number: 68942315; DENG, GENG 1; Email Address: gengdeng@slcg.com; GUEDJ, ILAN 2; Email Address: ilanguedj@slcg.com; MALLETT, JOSHUA 3; Email Address: mallettj@sec.gov; MCCANN, CRAIG 2; Email Address: craigmccann@slcg.com; Affiliations: 1: Director of research at the Securities Litigation & Consulting Group in Washington, DC; 2: Principal at the Securities Litigation & Consulting Group in Washington, DC; 3: Research associate at the U.S. Securities and Exchange Commission in Washington, DC; Issue Info: Winter2011, Vol. 19 Issue 2, p61; Thesaurus Term: FINANCIAL statement notes; Thesaurus Term: ZERO coupon securities; Thesaurus Term: MARKET segmentation; Thesaurus Term: CONVERTIBLE securities; Subject Term: DECOMPOSITION method (Mathematics); Number of Pages: 10p; Document Type: Article; Full Text Word Count: 4090 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=68942315&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Gorris, Jeffrey M. AU - Hamermesh, Lawrence A. AU - Strine, Leo E., Jr. AD - Bouchard, Margules & Friedlander PA AD - Securities and Exchange Commission and Widener U AD - DE Court of Chancery and Harvard U T1 - Delaware Corporate Law and the Model Business Corporation Act: A Study in Symbiosis JO - Law and Contemporary Problems JF - Law and Contemporary Problems Y1 - 2011///Winter VL - 74 IS - 1 SP - 107 EP - 120 SN - 00239186 N1 - Accession Number: 1163586; Keywords: Law; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201104 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Business and Securities Law K22 L3 - http://scholarship.law.duke.edu/lcp/all_issues.html UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1163586&site=ehost-live&scope=site UR - http://scholarship.law.duke.edu/lcp/all_issues.html DP - EBSCOhost DB - ecn ER - TY - JOUR AU - YADLEY, GREGORY C.1,2,3,4 T1 - REGULATORS' RESPONSIBILITY FOR SMALL BANKS' INABILITY TO FINANCE CUSTOMERS IN THE WAKE OF THE FINANCIAL MELTDOWN. JO - Entrepreneurial Business Law Journal JF - Entrepreneurial Business Law Journal J1 - Entrepreneurial Business Law Journal PY - 2012/01// Y1 - 2012/01// VL - 7 IS - 1 CP - 1 M3 - Article SP - 95 EP - 138 SN - 19324480 AB - The article explores the responsibility of U.S. regulators for the inability of small banks to finance customers in the wake of the financial crisis. Regulators used the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Sarbanes-Oxley Act in dealing with the crisis. Thomas Hoenig, president and chief executive officer (CEO) of the Federal Reserve Bank of Kansas City, criticized the government policy for favoring the Wall Street rather than the Main Street financial institutions. KW - Community banks KW - Bank loans -- United States KW - Financial crises -- United States KW - Financial institutions -- Government policy KW - Hoenig, Thomas, 1946- KW - United States. Dodd-Frank Wall Street Reform & Consumer Protection Act KW - United States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 87049084; Authors:YADLEY, GREGORY C. 1,2,3,4; Affiliations: 1: Head, Corporate Practice Group for Shumaker, Loop & Kendrick, LLP, Tampa, Florida; 2: Chair of the American Bar Association Business Law Section Middle Market and Small Business Committee; 3: Adjunct Professor, Levin College of Law, University of Florida; 4: Member of the Securities and Exchange Commission Advisory Committee on Small and Emerging Companies; Subject: Bank loans -- United States; Subject: Community banks; Subject: Financial crises -- United States; Subject: United States. Dodd-Frank Wall Street Reform & Consumer Protection Act; Subject: United States. Sarbanes-Oxley Act of 2002; Subject: Hoenig, Thomas, 1946-; Subject: Financial institutions -- Government policy; Subject: United States; Number of Pages: 44p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=87049084&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Clark, Greg AU - Walter, Elisse B. AU - Hoadley, Frank AU - Kelly, Lynnette AU - McNally, John M. T1 - Municipal Industry Roundtable. JO - Municipal Finance Journal JF - Municipal Finance Journal Y1 - 2012///Winter2012 VL - 32 IS - 4 M3 - Article SP - 8 EP - 26 SN - 01996134 AB - This exchange discusses some of the major issues facing the municipal market today, including how the SEC can play a constructive role in the municipal market, what is being done to ensure timely and accurate disclosure, the implications of the SEC enforcement action against New Jersey, pension reporting, and the new provisions of Dodd-Frank. [ABSTRACT FROM AUTHOR] AB - Copyright of Municipal Finance Journal is the property of Civic Research Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL disclosure KW - PENSIONS KW - FINANCE KW - UNITED States KW - UNITED States. Securities & Exchange Commission KW - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 79921773; Clark, Greg 1; Walter, Elisse B. 2; Hoadley, Frank 3; Kelly, Lynnette 4; McNally, John M. 5,6; Affiliations: 1: Consultant, Global Wealth Management, Morgan Stanley Smith Barney; 2: Commissioner, U.S. Securities and Exchange Commission; 3: Member, Government Finance Officers Association Committee, Governmental Debt Management; 4: Executive Director, Municipal Securities Rulemaking Board; 5: President, National Association of Bond Lawyers; 6: Partner, Hawkins Delafield, mWood LLP; Issue Info: Winter2012, Vol. 32 Issue 4, p8; Thesaurus Term: FINANCIAL disclosure; Thesaurus Term: PENSIONS; Thesaurus Term: FINANCE; Subject: UNITED States ; Company/Entity: UNITED States. Securities & Exchange Commission; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; NAICS/Industry Codes: 526111 Trusteed pension funds; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 20p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=79921773&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Yoon-Ho Alex Lee1 AU - Jeremy Ko, K.1 T1 - CONSUMER MISTAKES IN THE MORTGAGE MARKET: CHOOSING UNWISELY VERSUS NOT SWITCHING WISELY. JO - University of Pennsylvania Journal of Business Law JF - University of Pennsylvania Journal of Business Law J1 - University of Pennsylvania Journal of Business Law PY - 2012///Winter2012 Y1 - 2012///Winter2012 VL - 14 IS - 2 CP - 2 M3 - Article SP - 417 EP - 462 SN - 19452934 AB - The article offers information related to the product-choice mistakes of consumers in the mortgage market. It states the existence of regulatory proposals which aim to address the mistakes of consumers in choosing products. It also discusses the use of a neoclassical model in market obfuscation and product search to rationalize and solve the failure of consumers to switch out mortgage products by refinancing in a sluggish and timely manner. KW - Human error KW - Mortgage loans -- Refinancing KW - Consumers' preferences KW - Mortgages -- Marketing KW - Switching costs KW - Marketing models N1 - Accession Number: 73874761; Authors:Yoon-Ho Alex Lee 1; Jeremy Ko, K. 1; Affiliations: 1: Financial Economists, Division of Risk, Strategy, and Financial Innovation, U. S. Securities and Exchange Commission, U. S. A.; Subject: Consumers' preferences; Subject: Mortgages -- Marketing; Subject: Human error; Subject: Switching costs; Subject: Mortgage loans -- Refinancing; Subject: Marketing models; Number of Pages: 46p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=73874761&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Hanley, Kathleen Weiss AU - Hoberg, Gerard T1 - Litigation risk, strategic disclosure and the underpricing of initial public offerings JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2012/02// VL - 103 IS - 2 M3 - Article SP - 235 EP - 254 SN - 0304405X AB - Using word content analysis on the time-series of IPO prospectuses, we show that issuers tradeoff underpricing and strategic disclosure as potential hedges against litigation risk. This tradeoff explains a significant fraction of the variation in prospectus revision patterns, IPO underpricing, the partial adjustment phenomenon, and litigation outcomes. We find that strong disclosure is an effective hedge against all types of lawsuits. Underpricing, however, is an effective hedge only against Section 11 lawsuits, those lawsuits which are most damaging to the underwriter. Underwriters who fail to adequately hedge litigation risk experience economically large penalties, including loss of market share. [Copyright &y& Elsevier] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - GOING public (Securities) KW - ACTIONS & defenses (Law) KW - DISCLOSURE KW - CAPITAL market KW - MARKET share KW - TIME series analysis KW - INSURANCE KW - CONTENT analysis (Communication) KW - G24 KW - G38 KW - Initial public offerings KW - Initial returns KW - K22 KW - Litigation risk KW - Partial adjustment KW - Strategic disclosure N1 - Accession Number: 69954735; Hanley, Kathleen Weiss 1; Hoberg, Gerard 2; Email Address: ghoberg@rhsmith.umd.edu; Affiliations: 1: U.S. Securities and Exchange Commission, 100 F Street NE, Washington DC, 20549, United States; 2: Robert H. Smith School of Business, 4423 Van Munching Hall, University of Maryland, College Park, MD 20742-1815, United States; Issue Info: Feb2012, Vol. 103 Issue 2, p235; Thesaurus Term: GOING public (Securities); Thesaurus Term: ACTIONS & defenses (Law); Thesaurus Term: DISCLOSURE; Thesaurus Term: CAPITAL market; Thesaurus Term: MARKET share; Thesaurus Term: TIME series analysis; Thesaurus Term: INSURANCE; Subject Term: CONTENT analysis (Communication); Author-Supplied Keyword: G24; Author-Supplied Keyword: G38; Author-Supplied Keyword: Initial public offerings; Author-Supplied Keyword: Initial returns; Author-Supplied Keyword: K22; Author-Supplied Keyword: Litigation risk; Author-Supplied Keyword: Partial adjustment; Author-Supplied Keyword: Strategic disclosure; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; Number of Pages: 20p; Document Type: Article L3 - 10.1016/j.jfineco.2011.09.006 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=69954735&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hovakimian, Armen AU - Kayhan, Ayla AU - Titman, Sheridan T1 - Are Corporate Default Probabilities Consistent with the Static Trade-off Theory? JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2012/02// VL - 25 IS - 2 M3 - Article SP - 315 EP - 340 SN - 08939454 AB - Default probability plays a central role in the static trade-off theory of capital structure. We directly test this theory by regressing the probability of default on proxies for costs and benefits of debt. Contrary to predictions of the theory, firms with higher bankruptcy costs, i.e., smaller firms and firms with lower asset tangibility, choose capital structures with higher bankruptcy risk. Further analysis suggests that the capital structures of smaller firms with lower asset tangibility—which tend to have less access to capital markets—are more sensitive to negative profitability and equity value shocks, making them more susceptible to bankruptcy risk. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITAL structure KW - CORPORATIONS -- Finance KW - FINANCIAL crises KW - CORPORATE debt KW - BANKRUPTCY KW - MONEY market KW - BUSINESS forecasting KW - FINANCIAL performance N1 - Accession Number: 70438141; Hovakimian, Armen 1; Kayhan, Ayla 2; Titman, Sheridan 3; Affiliations: 1: Baruch College; 2: Securities and Exchange Commission and Louisiana State University; 3: University of Texas at Austin and NBER; Issue Info: Feb2012, Vol. 25 Issue 2, p315; Thesaurus Term: CAPITAL structure; Thesaurus Term: CORPORATIONS -- Finance; Thesaurus Term: FINANCIAL crises; Thesaurus Term: CORPORATE debt; Thesaurus Term: BANKRUPTCY; Thesaurus Term: MONEY market; Thesaurus Term: BUSINESS forecasting; Thesaurus Term: FINANCIAL performance; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 26p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=70438141&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Boone, Audra L. AU - Ivanov, Vladimir I. AD - TX A&M U AD - US Securities and Exchange Commission T1 - Bankruptcy Spillover Effects on Strategic Alliance Partners JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2012/03// VL - 103 IS - 3 SP - 551 EP - 569 SN - 0304405X N1 - Accession Number: 1282694; Keywords: Bankruptcy; Firm; Firms; Joint Venture; Partnership; Publication Type: Journal Article; Update Code: 201202 N2 - This paper examines whether a party to a strategic alliance or joint venture suffers from spillover effects when the other partner files for bankruptcy. We find that the non-bankrupt strategic alliance partners, on average, experience a negative stock price reaction around their partner firm's bankruptcy filing announcement. This negative effect is strongest for longer partnerships and those with higher returns at the announcement of the initial alliance formation. Furthermore, horizontal alliance firms in declining industries have lower returns, indicating that industry conditions can exacerbate expected problems for the non-bankrupt firm. Non-bankrupt partners also experience drops in profit margins and investment levels in the subsequent two years with the worst performance concentrated among the longer-term agreements. There is very little impact on the returns or performance for joint venture partners, which suggests that these agreements are more insulating for the partner firm. KW - Information and Market Efficiency; Event Studies; Insider Trading G14 KW - Bankruptcy; Liquidation G33 KW - Transactional Relationships; Contracts and Reputation; Networks L14 KW - Contracting Out; Joint Ventures; Technology Licensing L24 KW - Firm Performance: Size, Diversification, and Scope L25 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1282694&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2011.10.003 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Ko, K. Jeremy AU - Huang, Zhijian AD - US Securities and Exchange Commission AD - U WI, Milwaukee T1 - Persistence of Beliefs in an Investment Experiment JO - Quarterly Journal of Finance JF - Quarterly Journal of Finance Y1 - 2012/03// VL - 2 IS - 1 SP - 1 EP - 34 SN - 20101392 N1 - Accession Number: 1383148; Keywords: Belief; Finance; Information; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201307 N2 - A number of behavioral finance theories posit that investors adhere to prior beliefs in spite of new information. This paper reports the results of an investment experiment which shows that subjects' inferences are biased by their prior beliefs in a manner that depends on investment outcomes. Specifically, survey responses and investment behavior indicate that subjects' perception of new information was more positively biased for their previously favored assets when incurring losses than gains. This asymmetric bias may help explain empirical patterns such as loser momentum and suggests modifications to models of belief persistence in markets. KW - Search; Learning; Information and Knowledge; Communication; Belief D83 KW - Behavioral Finance: Underlying Principles G02 KW - Portfolio Choice; Investment Decisions G11 KW - Information and Market Efficiency; Event Studies; Insider Trading G14 L3 - http://www.worldscientific.com/loi/qjf UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1383148&site=ehost-live&scope=site UR - http://www.worldscientific.com/loi/qjf DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Stawick, David A. AU - Murphy, Elizabeth M. T1 - Identity Theft Red Flags Rules. JO - Federal Register (National Archives & Records Service, Office of the Federal Register) JF - Federal Register (National Archives & Records Service, Office of the Federal Register) Y1 - 2012/03/06/ VL - 77 IS - 44 M3 - Article SP - 13450 EP - 13478 SN - 00976326 AB - The article reports on a proposed rule issued by the U.S. Commodity Futures Trading Commission and the U.S. Securities and Exchange Commission regarding issuance of rules and guidelines related to provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. CFTC and SEC are seeking public comments on this proposed rule by May 7, 2012 via electronic mail or in writings. The proposed rule will help financial institutions and creditors to develop theft prevention programs. KW - FINANCIAL institutions KW - DEBTOR & creditor KW - THEFT KW - PREVENTION KW - UNITED States KW - UNITED States. Commodity Futures Trading Commission KW - UNITED States. Securities & Exchange Commission KW - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 73461555; Stawick, David A. 1; Murphy, Elizabeth M. 2; Affiliations: 1: Secretary of the Commodity Futures Trading Commission.; 2: Secretary of the Securities and Exchange Commission.; Issue Info: 3/6/2012, Vol. 77 Issue 44, p13450; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: DEBTOR & creditor; Thesaurus Term: THEFT; Subject Term: PREVENTION; Subject: UNITED States ; Company/Entity: UNITED States. Commodity Futures Trading Commission ; Company/Entity: UNITED States. Securities & Exchange Commission; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 29p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=73461555&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Graham, James E. "Jeb" T1 - MASTERING THE 403(b) UNIVERSE. JO - Business Officer JF - Business Officer Y1 - 2012/04// VL - 45 IS - 9 M3 - Article SP - 27 EP - 30 SN - 0147877X AB - The article focuses on the changes, requirements, and trends of the 403(b) plans felt by plan sponsors and across higher education, nonprofits, and healthcare. It states that loan amount limits and maximum contributions were two particular areas that prompted the U.S. Internal Revenue Services (IRS) and the U.S. Departmet of Labor. It says that the impact of changes in the delivery of participant services includes less sales pressure and better in communication. KW - 403(B) plans KW - LOANS KW - HIGHER education KW - UNITED States. Internal Revenue Service KW - UNITED States. Dept. of Labor N1 - Accession Number: 85851312; Graham, James E. "Jeb" 1; Email Address: jeb.graham@captrustadv.com; Affiliations: 1: Retirement Plan Consultant and partner, CapTrust Advisors LLC, Tampa, a registered investment adviser with the Securities and Exchange Commission; Issue Info: Apr2012, Vol. 45 Issue 9, p27; Thesaurus Term: 403(B) plans; Thesaurus Term: LOANS; Subject Term: HIGHER education ; Company/Entity: UNITED States. Internal Revenue Service ; Company/Entity: UNITED States. Dept. of Labor; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 921130 Public Finance Activities; Number of Pages: 4p; Illustrations: 1 Color Photograph; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=85851312&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Bauguess, Scott W. AU - Slovin, Myron B. AU - Sushka, Marie E. T1 - Large shareholder diversification, corporate risk taking, and the benefits of changing to differential voting rights JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2012/04// VL - 36 IS - 4 M3 - Article SP - 1244 EP - 1253 SN - 03784266 AB - Abstract: We show how the change to differential voting rights allows dominant shareholders to retain control even after selling substantial economic ownership in the firm and diversifying their wealth. This unbundling of cash flow and control rights leads to more dispersed economic ownership and a closer alignment of dominant and dispersed shareholder interests. When insiders sell sizeable amounts of their economic interests, firms increase capital expenditures, strengthen corporate focus, divest non-core operations, and generate superior industry-adjusted performance. The change to differential voting rights both fosters corporate control activity and creates higher takeover premiums that are paid equally to all shareholders. [Copyright &y& Elsevier] AB - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKHOLDERS KW - DIVERSIFICATION (Finance) KW - FINANCIAL risk KW - CAPITAL movements KW - BUSINESS enterprises KW - WEALTH effect (Economics) KW - CAPITAL investments KW - SUFFRAGE KW - Differential voting rights KW - One-share-one-vote KW - Tag-along rights N1 - Accession Number: 71908522; Bauguess, Scott W. 1; Email Address: bauguesss@sec.gov; Slovin, Myron B. 2; Email Address: slovin@lsu.edu; Sushka, Marie E. 3; Email Address: marie.sushka@asu.edu; Affiliations: 1: Securities and Exchange Commission, 100 F St., NE, Washington, DC 20549, United States; 2: HEC School of Management, 78351 Jouy-en-Josas, Paris, France; 3: W.P. Carey School of Business, Arizona State University, Tempe, AZ 85287, United States; Issue Info: Apr2012, Vol. 36 Issue 4, p1244; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: DIVERSIFICATION (Finance); Thesaurus Term: FINANCIAL risk; Thesaurus Term: CAPITAL movements; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: WEALTH effect (Economics); Thesaurus Term: CAPITAL investments; Subject Term: SUFFRAGE; Author-Supplied Keyword: Differential voting rights; Author-Supplied Keyword: One-share-one-vote; Author-Supplied Keyword: Tag-along rights; Number of Pages: 10p; Document Type: Article L3 - 10.1016/j.jbankfin.2011.11.009 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=71908522&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Jordan, Jon1 T1 - The Need for a Comprehensive International Foreign Bribery Compliance Program, Covering A to Z, in an Expanding Global Anti-Bribery Environment. JO - Penn State Law Review JF - Penn State Law Review J1 - Penn State Law Review PY - 2012///Summer2012 Y1 - 2012///Summer2012 VL - 117 IS - 1 CP - 1 M3 - Article SP - 89 EP - 137 SN - 15457877 AB - The article discusses the proposed creation of a comprehensive international foreign bribery compliance program as of July 2012, focusing on global treaty obligations and laws such as the British Bribery Act and the U.S. Foreign Corrupt Practice Act (FCPA). The international enforcement of foreign bribery laws is addressed, along with the work of the U.S. Department of Justice, the nation's Securities and Exchange Commission, and the Organisation for Economic Co-operation and Development. KW - Bribery -- Law & legislation KW - International law -- Interpretation & construction KW - Treaties KW - Law enforcement -- International cooperation KW - Statutes -- Great Britain KW - United States. Securities & Exchange Commission KW - Organisation for Economic Co-operation & Development KW - United States. Dept. of Justice N1 - Accession Number: 86942768; Authors:Jordan, Jon 1; Affiliations: 1: Senior Investigations Counsel, Foreign Corrupt Practices, Unit of the U.S. Securities and Exchange Commission (SEC); Subject: Bribery -- Law & legislation; Subject: International law -- Interpretation & construction; Subject: Treaties; Subject: United States. Securities & Exchange Commission; Subject: Statutes -- Great Britain; Subject: Organisation for Economic Co-operation & Development; Subject: United States. Dept. of Justice; Subject: Law enforcement -- International cooperation; Number of Pages: 49p; Statute:Foreign Corrupt Practices Act of 1977. Pub. L. No. 95-213, 91 Stat. 1494; 15 U.S.C. § 78(a) (dd), (ff), (m) (2006 & Supp. 2010); Jurisdiction:United States; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=86942768&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Flannery, Mark J. AU - Nikolova, Stanislava AU - Oztekin, Ozde AD - U FL AD - US Securities and Exchange Commission AD - FL International U T1 - Leverage Expectations and Bond Credit Spreads JO - Journal of Financial and Quantitative Analysis JF - Journal of Financial and Quantitative Analysis Y1 - 2012/08// VL - 47 IS - 4 SP - 689 EP - 714 SN - 00221090 N1 - Accession Number: 1339877; Keywords: Bond; Capital; Capital Structure; Firm; Leverage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201212 N2 - In an efficient market, spreads will reflect both the issuer's current risk and investors' expectations about how that risk might change over time. Collin-Dufresne and Goldstein (2001) show analytically that a firm's expected future leverage importantly influences the spread on its bonds. We use capital structure theory to construct proxies for investors' expectations about future leverage changes and find that these significantly affect bond yields, above and beyond the effect of contemporaneous leverage. Expectations under the trade-off, pecking order, and credit-rating theories of capital structure all receive empirical support, suggesting that investors view them as complementary when pricing corporate bonds. KW - Asset Pricing; Trading Volume; Bond Interest Rates G120 KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G240 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G320 L3 - http://journals.cambridge.org/action/displayBackIssues?jid=JFQ UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1339877&site=ehost-live&scope=site UR - http://journals.cambridge.org/action/displayBackIssues?jid=JFQ DP - EBSCOhost DB - ecn ER - TY - GEN AU - DU BRUL, SOPHIE AU - SHELLUM-ALLENSON, KRIS AU - SUCKOW, BRIAN AU - SIMPSON, BURTON J. AU - FREDRICKS, TODD AU - TROGLIO, GERARD AU - ZWELLING, LEONARD AU - GILDERSLEEVE, JEAN AU - CONNORS, DON AU - NELSON, KEN AU - MOOTER, JOHN AU - KAHNOSKI, JONATHAN AU - KHUZAMI, ROBERT T1 - LETTERS TO THE EDITOR. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2012/09/14/ VL - 259 IS - 63 M3 - Letter SP - A12 EP - A12 SN - 00999660 AB - Several letters to the editor are presented in response to articles in previous issues including "Chicago's Teaching Moment," an editorial in the September 11, 2012 issue; "The FDA's New Cigarette Labels Go Up in Smoke," by Mark Joseph Stern in the September 10, 2012 issue; and "Democratic Advice for Obama's Second Term," by Andy Stern in the September 5, 2012 issue. KW - LETTERS to the editor KW - TEACHERS -- United States KW - SMOKING policy KW - DEMOCRATS KW - OBAMA, Barack, 1961- N1 - Accession Number: 79901158; DU BRUL, SOPHIE SHELLUM-ALLENSON, KRIS SUCKOW, BRIAN SIMPSON, BURTON J. FREDRICKS, TODD TROGLIO, GERARD ZWELLING, LEONARD GILDERSLEEVE, JEAN CONNORS, DON NELSON, KEN MOOTER, JOHN KAHNOSKI, JONATHAN KHUZAMI, ROBERT 1; Affiliation: 1: Director, Division of Enforcement, Securities and Exchange Commission, Washington; Source Info: 9/14/2012, Vol. 259 Issue 63, pA12; Subject Term: LETTERS to the editor; Subject Term: TEACHERS -- United States; Subject Term: SMOKING policy; Subject Term: DEMOCRATS; People: OBAMA, Barack, 1961-; Number of Pages: 1/2p; Illustrations: 1 Color Photograph; Document Type: Letter UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=79901158&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Brown, Stephen J. AU - Grundy, Bruce D. AU - Lewis, Craig M. AU - Verwijmeren, Patrick T1 - Convertibles and Hedge Funds as Distributors of Equity Exposure. JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2012/10// VL - 25 IS - 10 M3 - Article SP - 3077 EP - 3112 SN - 08939454 AB - By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds provide opportunities for firms to issue convertible securities at a lower cost than seasoned equity by serving as relatively low-cost distributors of equity exposure. A higher fraction of a convertible is privately placed with hedge funds when institutional ownership, stock liquidity, issue size, concurrent stock repurchases, and limitations on callability suggest that shorting costs will be lower. [ABSTRACT FROM PUBLISHER] AB - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CONVERTIBLE securities KW - HEDGE funds KW - RESEARCH KW - STOCKS (Finance) KW - STOCKHOLDERS KW - CALLABLE securities KW - HEDGING (Finance) N1 - Accession Number: 80236637; Brown, Stephen J. 1; Grundy, Bruce D. 2; Lewis, Craig M. 3; Verwijmeren, Patrick 4; Affiliations: 1: Stern School of Business, New York University, and University of Melbourne; 2: University of Melbourne; 3: Owen Graduate School of Management, Vanderbilt University, the Securities and Exchange Commission, and University of Melbourne; 4: VU University Amsterdam, Duisenberg School of Finance, Tinbergen Institute, the University of Glasgow, and University of Melbourne; Issue Info: Oct2012, Vol. 25 Issue 10, p3077; Thesaurus Term: CONVERTIBLE securities; Thesaurus Term: HEDGE funds; Thesaurus Term: RESEARCH; Thesaurus Term: STOCKS (Finance); Thesaurus Term: STOCKHOLDERS; Thesaurus Term: CALLABLE securities; Thesaurus Term: HEDGING (Finance); NAICS/Industry Codes: 525910 Open-End Investment Funds; Number of Pages: 36p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=80236637&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Ko, K. AU - Huang, Zhijian T1 - Time-inconsistent risk preferences in a laboratory experiment. JO - Review of Quantitative Finance & Accounting JF - Review of Quantitative Finance & Accounting Y1 - 2012/11// VL - 39 IS - 4 M3 - Article SP - 471 EP - 484 SN - 0924865X AB - We conduct an experiment to explore the time-consistency of risk preferences in a multi-period betting game. Specifically, subjects planned their contingent betting decisions in advance then played the game dynamically later to determine whether their respective decisions matched. We find that subjects took more risk than planned in their initial bet and after losses. In addition, this increased risk was associated with an increase in breakeven mental accounting. Our findings indicate that immediacy of outcomes can lead to impulsive risk-taking behavior and highlight the importance of precommitment to long-term financial planning. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Quantitative Finance & Accounting is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL risk KW - EXPERIMENTAL economics KW - GAMBLING KW - BEHAVIORAL economics KW - FINANCIAL planning KW - TIME KW - Behavioral finance KW - C91 KW - D81 KW - Experimental economics KW - G14 KW - Mental accounting KW - Risk preference KW - Time inconsistency N1 - Accession Number: 82504946; Ko, K. 1; Huang, Zhijian 2; Email Address: huang6@uwm.edu; Affiliations: 1: Office of Economic Analysis, Securities and Exchange Commission, Washington USA; 2: Lubar School of Business, University of Wisconsin-Milwaukee, Lubar Hall S430E Milwaukee 53201 USA; Issue Info: Nov2012, Vol. 39 Issue 4, p471; Thesaurus Term: FINANCIAL risk; Thesaurus Term: EXPERIMENTAL economics; Thesaurus Term: GAMBLING; Thesaurus Term: BEHAVIORAL economics; Thesaurus Term: FINANCIAL planning; Subject Term: TIME; Author-Supplied Keyword: Behavioral finance; Author-Supplied Keyword: C91; Author-Supplied Keyword: D81; Author-Supplied Keyword: Experimental economics; Author-Supplied Keyword: G14; Author-Supplied Keyword: Mental accounting; Author-Supplied Keyword: Risk preference; Author-Supplied Keyword: Time inconsistency; NAICS/Industry Codes: 713290 Other Gambling Industries; NAICS/Industry Codes: 523930 Investment Advice; Number of Pages: 14p; Document Type: Article L3 - 10.1007/s11156-011-0264-x UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=82504946&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - GEN AU - Janjigian, Vahan AU - Horan, Stephen M. AU - Trzcinka, Charles T1 - Rules of Thumb and Key Phrases: Gleaning the Nuggets of Truth. (cover story) JO - AAII Journal JF - AAII Journal Y1 - 2012/12// VL - 34 IS - 12 M3 - Excerpt SP - 31 EP - 33 SN - 01923315 AB - An excerpt from the book "The Forbes CFA Institute Investment Course: Timeless Principles for Building Wealth," by Vahan Janjigian, Stephen M. Horan, and Charles Trzcinka, published by John Wiley & Sons is presented. KW - LITERARY excerpts KW - JANJIGIAN, Vahan KW - FORBES CFA Institute Investment Course: Timeless Principles for Building Wealth, The (Book) N1 - Accession Number: 84508309; Janjigian, Vahan 1; Horan, Stephen M. 2; Trzcinka, Charles 3; Affiliations: 1: Chief Investment Officer, Greenwich Wealth Management LLC; 2: Head of Professional Education Content, CFA Institute; 3: Senior Economist, U.S. Securities and Exchange Commission; Issue Info: Dec2012, Vol. 34 Issue 12, p31; Subject Term: LITERARY excerpts; Reviews & Products: FORBES CFA Institute Investment Course: Timeless Principles for Building Wealth, The (Book); People: JANJIGIAN, Vahan; Number of Pages: 3p; Document Type: Excerpt UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=84508309&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Atanasov, Vladimir AU - Ivanov, Vladimir AU - Litvak, Kate AD - College of William and Mary AD - US Securities and Exchange Commission AD - Northwestern U T1 - Does Reputation Limit Opportunistic Behavior in the VC Industry? Evidence from Litigation against VCs JO - Journal of Finance JF - Journal of Finance Y1 - 2012/12// VL - 67 IS - 6 SP - 2215 EP - 2246 SN - 00221082 N1 - Accession Number: 1343962; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201301 N2 - We examine the role of reputation in limiting opportunistic behavior by venture capitalists towards four types of counterparties: entrepreneurs, investors, other VCs, and buyers of VC-backed startups. Using a hand-collected database of lawsuits, we document that more reputable VCs (i.e., VCs that are older, have more deals and funds under management, and syndicate with larger networks of VCs) are less likely to be litigated. We also find that litigated VCs suffer declines in future business relative to matched peers. These declines are larger for more reputable VCs, and for VCs that are defendants to multiple lawsuits or sued by entrepreneurs. KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G24 KW - Business and Securities Law K22 L3 - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1343962&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291540-6261/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Seuraj, Simi AU - Watson, Patrick Kent AD - Ministry of Trade, Industry and Investment, Trinidad and Tobago and U West Indies, St Augustine AD - Sir Arthur Lews Institute of Social and Economic Studies, U West Indies and Trinidad and Tobago Securities and Exchange Commission T1 - Banking Regulation: Does Compliance Pay in Emerging Economies? Evidence from Trinidad and Tobago JO - Social and Economic Studies JF - Social and Economic Studies Y1 - 2012/12// VL - 61 IS - 4 SP - 131 EP - 144 SN - 00377651 N1 - Accession Number: 1597457; Keywords: Bank; Banking; Commercial Banks; Regulation; Geographic Descriptors: Trinidad and Tobago; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 201610 N2 - This paper seeks to establish whether compliance with the Basel Prudential Regulations and Requirements (BPRR) by commercial banks in the emerging economy of Trinidad & Tobago brings about any measurable improvement in their performance. A model is constructed in which bank performance is explained by macroeconomic variables and bank-specific variables, in particular a variable representing the BPRR compliance rating constructed from confidential information provided by the Central Bank of Trinidad & Tobago. There is sufficient evidence that BPRR compliance affects performance, though not always in a positive way. Other bank specific and macroeconomic variables also have some influence but they are not as convincing as the influence of BPRR compliance. This is contrary to other findings in the literature. KW - Banks; Depository Institutions; Micro Finance Institutions; Mortgages G21 KW - Financial Institutions and Services: Government Policy and Regulation G28 KW - Economics of Regulation L51 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 KW - Fiscal and Monetary Policy in Development O23 L3 - http://www.mona.uwi.edu/ses/archives UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1597457&site=ehost-live&scope=site UR - http://www.mona.uwi.edu/ses/archives DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Alves, Paulo AD - ISCAL, Lusofona U and Portuguese Securities and Exchange Commission T1 - The Fama French Model or the Capital Asset Pricing Model: International Evidence JO - International Journal of Business and Finance Research JF - International Journal of Business and Finance Research Y1 - 2013/// VL - 7 IS - 2 SP - 79 EP - 89 SN - 19310269 N1 - Accession Number: 1339300; Keywords: Asset Pricing; Capital Asset Pricing; Firm; Stocks; Geographic Descriptors: EMU; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201212 N2 - This research paper attempts to evaluate the benefits of using the Fama and French Model by comparing them with those resulting from the use of the Capital Asset Pricing Model. Local, International, and European Monetary Union functional forms were considered, in an attempt to raise the following questions: Does the calculation method to determine size and financial distress premium have any significance for the financial analyst? Do the foreign risk premiums of the Fama and French Model have any importance for the financial analyst? Firstly, models based on European Monetary Union factors produce the worst results, independently of any Capital Asset Pricing Model or Fama and French Model consideration. Secondly, independently of the model, the expected return of big and low book-to-market stocks is more reliable. This is particularly observable for big firms, as it does not occur for low book-to-market firms using Fama and French Models. Finally, the Fama and French Model is notoriously preferable in comparison with the Capital Asset Pricing Model for small and high-book to market firms: in this case, the introduction of international factors increases the reliability of expected returns. KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity G31 L3 - http://www.theibfr.com/ijbfrsample.htm UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1339300&site=ehost-live&scope=site UR - http://www.theibfr.com/ijbfrsample.htm DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Minhas, Imran Hussain T1 - Beneath The Failed Islamic Financial Institutions -- Was It A Failure Of Islamic Finance? JO - Journal of Islamic Banking & Finance JF - Journal of Islamic Banking & Finance Y1 - 2013/01//Jan-Mar2013 VL - 30 IS - 1 M3 - Article SP - 58 EP - 65 PB - International Association of Islamic Banks SN - 18148042 AB - Islamic financial institutions made a good start and developed at a remarkable pace in the first instance. However after only a brief period there was a set back in non banking financial institutions. The article is devoted to find out the factors which caused the debacle. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Islamic Banking & Finance is the property of International Association of Islamic Banks and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BANKING industry -- Religious aspects -- Islam KW - FINANCIAL institutions KW - SAVING & investment KW - FINANCIAL leverage KW - FINANCIAL crises KW - DIRECTORS of corporations KW - Classified portfolio KW - Ruthless expanding KW - under capitalized high leveraging N1 - Accession Number: 86653955; Minhas, Imran Hussain 1,2; Email Address: hussain.minhas@gmail.com; Affiliation: 1: Joint Director, Securities and Exchange Commission of Pakistan (SECP) 2: Visiting Associate Professor of renowned University of Pakistan; Source Info: Jan-Mar2013, Vol. 30 Issue 1, p58; Subject Term: BANKING industry -- Religious aspects -- Islam; Subject Term: FINANCIAL institutions; Subject Term: SAVING & investment; Subject Term: FINANCIAL leverage; Subject Term: FINANCIAL crises; Subject Term: DIRECTORS of corporations; Author-Supplied Keyword: Classified portfolio; Author-Supplied Keyword: Ruthless expanding; Author-Supplied Keyword: under capitalized high leveraging; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 8p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=awr&AN=86653955&site=ehost-live&scope=site DP - EBSCOhost DB - awr ER - TY - JOUR ID - 2013-07323-003 AN - 2013-07323-003 AU - Mola, Simona T1 - Framing the initiation of analyst coverage on IPOs. JF - Journal of Behavioral Finance JO - Journal of Behavioral Finance Y1 - 2013/01// VL - 14 IS - 1 SP - 25 EP - 41 CY - United Kingdom PB - Taylor & Francis SN - 1542-7560 SN - 1542-7579 AD - Mola, Simona, Division of Risk, Strategy, and Financial Innovation, US Securities and Exchange Commission, Washington, DC, US N1 - Accession Number: 2013-07323-003. Other Journal Title: Journal of Psychology & Financial Markets. Partial author list: First Author & Affiliation: Mola, Simona; US Securities and Exchange Commission, Washington, DC, US. Other Publishers: Lawrence Erlbaum. Release Date: 20130513. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Business Investments; Framing Effects; Organizational Effectiveness. Classification: Industrial & Organizational Psychology (3600). Population: Human (10). Age Group: Adulthood (18 yrs & older) (300). Methodology: Empirical Study; Longitudinal Study. References Available: Y. Page Count: 17. Issue Publication Date: Jan, 2013. AB - Using a large sample of recommendations from 1997 to 2007, this article shows that analysts often downgrade a seasoned stock prior to initiating research coverage on an initial public offering (IPO). Downgrades are more likely to occur if the analyst’s investment bank has no underwriting relationship with the seasoned firm. From 1997 to 2001, I find some evidence supporting the hypothesis of strength of analyst coverage: downgrades by analysts affiliated with the IPO lead manager were negatively associated with the IPO’s price performance after the offering day. Analysts were likely to downgrade a seasoned stock prior to promoting a cold IPO, underwritten by their investment bank. Since 2002, when new rules on analyst independence were adopted, downgrades of seasoned stocks have become unrelated to the price performance of IPOs. (PsycINFO Database Record (c) 2016 APA, all rights reserved) KW - framing KW - analyst coverage KW - initial public offering KW - organizational performance KW - business investment KW - lead manager KW - 2013 KW - Business Investments KW - Framing Effects KW - Organizational Effectiveness KW - 2013 DO - 10.1080/15427560.2013.759578 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2013-07323-003&site=ehost-live&scope=site UR - molayosts@sec.gov DP - EBSCOhost DB - psyh ER - TY - JOUR AU - Harris, Larry T1 - Performance Evaluation and Prediction - Part 2. JO - Journal of Performance Measurement JF - Journal of Performance Measurement Y1 - 2013///Spring2013 VL - 17 IS - 3 M3 - Article SP - 49 EP - 66 PB - Spaulding Group SN - 15228746 AB - We present part 2 of "Chapter 22: Performance Evaluation and Prediction" from Trading & Exchanges by Larry Harris. In this chapter, we consider how to measure past performance and how to predict future performance. The two questions are closely related. Most people measure past performance primarily because they want to predict future performance. We shall see why predictions based only on past performance generally are quite unreliable. We can predict performance better using other information. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Performance Measurement is the property of Spaulding Group and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PERFORMANCE evaluation KW - KEY performance indicators (Management) KW - EXECUTIVE ability (Management) KW - PREDICTION models KW - TRADING & Exchanges (Book) N1 - Accession Number: 98571098; Harris, Larry 1; Affiliations: 1: Chief Economist of the U.S. Securities and Exchange Commission; Issue Info: Spring2013, Vol. 17 Issue 3, p49; Thesaurus Term: PERFORMANCE evaluation; Thesaurus Term: KEY performance indicators (Management); Thesaurus Term: EXECUTIVE ability (Management); Subject Term: PREDICTION models; Reviews & Products: TRADING & Exchanges (Book); Number of Pages: 18p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=98571098&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mola, Simona AU - Rau, P. Raghavendra AU - Khorana, Ajay AD - US Securities and Exchange Commission AD - U Cambridge AD - Unlisted T1 - Is There Life after the Complete Loss of Analyst Coverage? JO - Accounting Review JF - Accounting Review Y1 - 2013/03// VL - 88 IS - 2 SP - 667 EP - 705 SN - 00014826 N1 - Accession Number: 1368024; Keywords: Firm; Firms; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201305 N2 - This paper examines the value of sell-side analysts to covered firms by documenting the effects on firm performance and investor interest after a complete loss of analyst coverage for periods of at least one year. We find that analyst coverage adds value to a firm both because it reduces information asymmetries about the firm's future performance and because it maintains investor recognition for that firm's stock. After the introduction of regulations that curtailed the informational advantage of analysts in the early 2000s, the investor recognition role of analysts remains important. Firms that lose all analyst coverage continue to suffer a significant deterioration in bid-ask spreads, trading volumes, and institutional presence but do not show a significant difference in subsequent performance relative to covered peers. In addition, controlling for other factors, we find that firms that lose all analyst coverage for one year are significantly more likely to delist than their covered peers. Our results provide insight into the reasons why firms place so much importance on analyst coverage. KW - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies G24 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Firm Performance: Size, Diversification, and Scope L25 KW - Accounting M41 L3 - http://aaapubs.org/loi/accr UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1368024&site=ehost-live&scope=site UR - http://aaapubs.org/loi/accr DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Huang, Ying AU - Elkinawy, Susan AU - Jain, Pankaj K. T1 - Investor protection and cash holdings: Evidence from US cross-listing JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2013/03// VL - 37 IS - 3 M3 - Article SP - 937 EP - 951 SN - 03784266 AB - Abstract: This paper examines (i) whether the level of firms’ cash holdings differ depending on the strength of investor protection, (ii) whether excess cash holdings are valued more with better investor protection, and (iii) whether cross-listed firms that improve investor protection through “bonding” hold relatively more cash than non-cross-listed firms. We analyze 1405 ADR firms and their corresponding matched firms from 39 different countries and document that ADR firms have significantly higher cash holdings relative to their non-cross-listed peers, especially in recent years. The increase in cash holdings is much higher for emerging market firms because of their transition from particularly poor home country investor protection and accounting standards before cross-listing to much higher standards after cross-listing. In addition, firms with level III ADR listing, which represents the strongest investor protection, have higher cash holdings relative to other types of ADR firms. [Copyright &y& Elsevier] AB - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - INVESTOR protection KW - LIQUID assets KW - CROSS listing of securities KW - BUSINESS enterprises KW - FINANCIAL management KW - BONDS (Finance) KW - AMERICAN depository receipts KW - UNITED States KW - Agency costs KW - Bonding hypothesis KW - Cash holdings KW - Cross-listing KW - Investor protection N1 - Accession Number: 84744244; Huang, Ying 1; Email Address: yhuang2@memphis.edu; Elkinawy, Susan 2; Email Address: Susan.Elkinawy@lmu.edu; Jain, Pankaj K. 1,3; Email Address: pjain@memphis.edu; Affiliations: 1: Fogelman College of Business & Economics, The University of Memphis, Memphis, TN 38152, United States; 2: College of Business Administration, Loyola Marymount University, Los Angeles, CA 90045, United States; 3: Securities and Exchange Commission, 100 F St., NE, Washington, DC 20549, United States; Issue Info: Mar2013, Vol. 37 Issue 3, p937; Thesaurus Term: INVESTOR protection; Thesaurus Term: LIQUID assets; Thesaurus Term: CROSS listing of securities; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCIAL management; Thesaurus Term: BONDS (Finance); Thesaurus Term: AMERICAN depository receipts; Subject: UNITED States; Author-Supplied Keyword: Agency costs; Author-Supplied Keyword: Bonding hypothesis; Author-Supplied Keyword: Cash holdings; Author-Supplied Keyword: Cross-listing; Author-Supplied Keyword: Investor protection; NAICS/Industry Codes: 523920 Portfolio Management; Number of Pages: 15p; Document Type: Article L3 - 10.1016/j.jbankfin.2012.10.021 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=84744244&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR ID - 2012-30109-001 AN - 2012-30109-001 AU - Ivanov, Vladimir AU - Joseph, Kissan AU - Wintoki, M. Babajide T1 - Disentangling the market value of customer satisfaction: Evidence from market reaction to the unanticipated component of ACSI announcements. JF - International Journal of Research in Marketing JO - International Journal of Research in Marketing Y1 - 2013/06// VL - 30 IS - 2 SP - 168 EP - 178 CY - Netherlands PB - Elsevier Science SN - 0167-8116 AD - Joseph, Kissan, School of Business, University of Kansas, 1300 Sunnyside Avenue, Lawrence, KS, US, 66045-7585 N1 - Accession Number: 2012-30109-001. Partial author list: First Author & Affiliation: Ivanov, Vladimir; Office of Economic Analysis, U.S. Securities and Exchange Commission, Washington, DC, US. Release Date: 20121112. Correction Date: 20130902. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Consumer Satisfaction; Expectations; Marketing. Minor Descriptor: Organizational Characteristics; Resource Allocation. Classification: Consumer Attitudes & Behavior (3920). Population: Human (10). Age Group: Adulthood (18 yrs & older) (300). Methodology: Empirical Study; Mathematical Model; Quantitative Study. References Available: Y. Page Count: 11. Issue Publication Date: Jun, 2013. Publication History: First Posted Date: Oct 17, 2012; First Submitted Date: Jan 28, 2011. AB - There is a rich literature that examines the impact of customer satisfaction on market value. Surprisingly, the short-run market impact of customer satisfaction has been found to be either insignificant or limited in scope. To address this shortcoming, we introduce the notion that investors form expectations about customer satisfaction and respond only to deviations from these expectations (i.e., 'surprises'). We consider two 'expectations' models: a naïve model that utilizes last year's scores and a model that includes firm characteristics and marketing investments to proxy for the prior allocation of resources devoted to improving customer satisfaction. In our empirical work, we find that the market does indeed respond in the short-run to surprises in customer satisfaction, with more pronounced effects for our second expectations model. Overall, our research offers two distinct contributions. First, it refines the current conceptualization of customer satisfaction by explicitly introducing the notion of investor expectations. Second, we employ this refined conceptualization to unequivocally demonstrate the short-run impact of investments in customer satisfaction. (PsycINFO Database Record (c) 2016 APA, all rights reserved) KW - market value KW - customer satisfaction KW - announcements KW - market investments KW - organizational characteristics KW - resource allocation KW - expectations KW - 2013 KW - Consumer Satisfaction KW - Expectations KW - Marketing KW - Organizational Characteristics KW - Resource Allocation KW - 2013 DO - 10.1016/j.ijresmar.2012.09.003 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2012-30109-001&site=ehost-live&scope=site UR - jwintoki@ku.edu UR - kjoseph@ku.edu UR - IvanovV@sec.gov DP - EBSCOhost DB - psyh ER - TY - JOUR AU - Jostova, Gergana AU - Nikolova, Stanislava AU - Philipov, Alexander AU - Stahel, Christof W. T1 - Momentum in Corporate Bond Returns. JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2013/07// VL - 26 IS - 7 M3 - Article SP - 1649 EP - 1693 SN - 08939454 AB - This paper documents significant momentum in a comprehensive sample of 81,491 U.S. corporate bonds with both transaction and dealer-quote data from 1973 to 2011. Momentum is driven by noninvestment grade (NIG) bonds. Momentum profits have increased over time, along with the growth of this segment. From 1991 to 2011, they average 59 basis points (bps) per month across all bonds and 192 bps in NIG bonds. NIG bonds issued by private firms earn even higher profits (282 bps). Momentum profits do not appear to compensate for risk or persist as a result of trading frictions. Bond momentum is not just a manifestation of equity momentum. [ABSTRACT FROM PUBLISHER] AB - Copyright of Review of Financial Studies is the property of Oxford University Press / USA and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE bonds KW - MOMENTUM investing KW - BOND market KW - BONDS (Finance) -- Rate of return KW - BONDS (Finance) -- Prices KW - CORPORATE profits KW - ACCOUNTING KW - EQUITY (Real property) KW - CAPITAL market N1 - Accession Number: 87825557; Jostova, Gergana 1; Nikolova, Stanislava 2; Philipov, Alexander 3; Stahel, Christof W. 4; Affiliations: 1: George Washington University, School of Business; 2: University of Nebraska–Lincoln, College of Business Administration; 3: George Mason University, School of Management; 4: The U.S. Securities and Exchange Commission; Issue Info: Jul2013, Vol. 26 Issue 7, p1649; Thesaurus Term: CORPORATE bonds; Thesaurus Term: MOMENTUM investing; Thesaurus Term: BOND market; Thesaurus Term: BONDS (Finance) -- Rate of return; Thesaurus Term: BONDS (Finance) -- Prices; Thesaurus Term: CORPORATE profits; Thesaurus Term: ACCOUNTING; Thesaurus Term: EQUITY (Real property); Thesaurus Term: CAPITAL market; Number of Pages: 45p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=87825557&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Girardi, Giulio AU - Tolga Ergün, A. T1 - Systemic risk measurement: Multivariate GARCH estimation of CoVaR. JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2013/08// VL - 37 IS - 8 M3 - Article SP - 3169 EP - 3180 SN - 03784266 AB - Abstract: We modify Adrian and Brunnermeier’s (2011) CoVaR, the VaR of the financial system conditional on an institution being in financial distress. We change the definition of financial distress from an institution being exactly at its VaR to being at most at its VaR. This change allows us to consider more severe distress events, to backtest CoVaR, and to improve its consistency (monotonicity) with respect to the dependence parameter. We define the systemic risk contribution of an institution as the change from its CoVaR in its benchmark state (defined as a one-standard deviation event) to its CoVaR under financial distress. We estimate the systemic risk contributions of four financial industry groups consisting of a large number of institutions for the sample period June 2000 to February 2008 and the 12months prior to the beginning of the crisis. We also investigate the link between institutions’ contributions to systemic risk and their characteristics. [Copyright &y& Elsevier] AB - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - DISTRESSED securities KW - MULTIVARIATE analysis KW - ESTIMATION theory KW - FINANCIAL institutions KW - SYSTEMIC risk (Finance) KW - BANKING industry KW - Conditional Value-at-Risk KW - DCC model KW - G38 KW - Systemic Risk KW - Value-at-Risk N1 - Accession Number: 89113119; Girardi, Giulio 1; Email Address: girardig@sec.gov; Tolga Ergün, A. 2; Email Address: aergun2@statestreet.com; Affiliations: 1: Division of Risk Strategy and Financial Innovation, US Securities and Exchange Commission, Washington, DC, United States; 2: State Street Corp., Boston, MA, United States; Issue Info: Aug2013, Vol. 37 Issue 8, p3169; Thesaurus Term: DISTRESSED securities; Thesaurus Term: MULTIVARIATE analysis; Thesaurus Term: ESTIMATION theory; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: SYSTEMIC risk (Finance); Thesaurus Term: BANKING industry; Author-Supplied Keyword: Conditional Value-at-Risk; Author-Supplied Keyword: DCC model; Author-Supplied Keyword: G38; Author-Supplied Keyword: Systemic Risk; Author-Supplied Keyword: Value-at-Risk; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 12p; Document Type: Article L3 - 10.1016/j.jbankfin.2013.02.027 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=89113119&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Glassman, James K. AU - Verret, J. W. T1 - Fixing America's Broken Proxy Advisory System. JO - Corporate Board JF - Corporate Board Y1 - 2013/09//Sep/Oct 2013 VL - 34 IS - 202 M3 - Article SP - 1 EP - 5 PB - Vanguard Publications SN - 07468652 AB - This year's proxy season saw big advisory firms, particularly ISS, continue to exert their powerful sway over both investor fund votes and corporate policies. Yet influential voices are now questioning the make-or-break advice which proxy advisors deliver. Could proxy advisory firms be too overstretched, biased and conflicted to really provide the best counsel? [ABSTRACT FROM AUTHOR] AB - Copyright of Corporate Board is the property of Vanguard Publications and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE governance KW - BUSINESS enterprises KW - FINANCIAL services industry KW - CAPITALISTS & financiers KW - UNITED States KW - INSTITUTIONAL Shareholder Services Inc. N1 - Accession Number: 90139584; Glassman, James K. 1; Verret, J. W. 2; Affiliations: 1: Investor Advisory Committee of the U.S. Securities and Exchange Commission; 2: Assistant professor of law, George Mason University; Issue Info: Sep/Oct 2013, Vol. 34 Issue 202, p1; Thesaurus Term: CORPORATE governance; Thesaurus Term: BUSINESS enterprises; Thesaurus Term: FINANCIAL services industry; Thesaurus Term: CAPITALISTS & financiers; Subject Term: UNITED States ; Company/Entity: INSTITUTIONAL Shareholder Services Inc.; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=90139584&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - CONF AU - Gallagher, Daniel M.1 AU - Kaufman, Joseph H. AU - Medero, Joanne T. AU - Miller, Robert T.2 AU - Thompson, Robert B.3 AU - Easterbrook, Frank H. T1 - THE FEDERALIST SOCIETY FOR LAW AND PUBLIC POLICY STUDIES. JO - Delaware Journal of Corporate Law JF - Delaware Journal of Corporate Law J1 - Delaware Journal of Corporate Law PY - 2013/09// Y1 - 2013/09// VL - 38 IS - 2 CP - 2 M3 - Proceeding SP - 476 EP - 516 SN - 03649490 AB - The article discusses the National Lawyers Convention held on November 15, 2012 in Washington D.C. It focuses on the issues related to enactment of the Job Act legislations. It states the laws and legislations formed increases the number of shareholders of an organization and also made authorizations for internet funded portals often considered as crowdfunding. KW - Conferences & conventions KW - Legislation KW - Law KW - Stockholders KW - Crowd funding KW - Financial portals N1 - Accession Number: 93302125; Authors:Gallagher, Daniel M. 1; Kaufman, Joseph H.; Medero, Joanne T.; Miller, Robert T. 2; Thompson, Robert B. 3; Easterbrook, Frank H.; Affiliations: 1: Commissioner, U.S. Securities and Exchange Commission; 2: University of Iowa College of Law; 3: Peter P. Weidenbruch Jr. Professor of Business Law, Georgetown University Law Center; Subject: Conferences & conventions; Subject: Legislation; Subject: Law; Subject: Stockholders; Subject: Crowd funding; Subject: Financial portals; Number of Pages: 41p; Statute:Job Act; Jurisdiction:United States; Record Type: Proceeding UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=93302125&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Arshad, Muhammad AD - Arid Agriculture U and Securities and Exchange Commission, Government of Pakistan T1 - Determinants of Expense Ratio in Open End Mutual Funds of Pakistan JO - Journal of Asian Development Studies JF - Journal of Asian Development Studies Y1 - 2013/09// VL - 2 IS - 3 SP - 58 EP - 71 SN - 2304375X N1 - Accession Number: 1613608; Keywords: Mutual Fund; Geographic Descriptors: Pakistan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 201701 N2 - Mutual funds are one of the most studied and interesting areas of research in developed countries due to efficient risk management and higher returns through professional asset managers. These funds increase the return of small investors as well as reduce the unsystematic risks in the financial decisions. Previous literatures of mutual funds primarily discussed performance and expense ratio of the different categories of the funds. However, the determinants of expense ratio analyzed in the current study have not been previously examined in the context of Pakistan. One of the major factors which contributes in order to improve performance of mutual funds have been ignored, is expense ratios specially related to age, size and nature of fund category. The study revealed that all variables including age, size, nature and sponsors of the fund have significant impact on the expense ratio of fund. Further, except size of fund, positive relation was observed with the age, nature and sponsors of fund with expense ratio. The study revealed that expense ratio of mutual fund industry is ranging between three to four percent which is comparably high from the regional market. The regulator needs to cap the expense ratio at certain level to avoid any additional cost paid by the investors. Further, the investor should pay special attention towards expense ratio with reference to their sponsors, its maturity level and quality of management to earn better returns. KW - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors G23 KW - Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance O16 L3 - http://globalcentre.org/issue.html UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1613608&site=ehost-live&scope=site UR - http://globalcentre.org/issue.html DP - EBSCOhost DB - ecn ER - TY - JOUR AU - KOZHANOV, IGOR AU - OGDEN, JOSEPH P. T1 - Corporate Retail Notes: A Good Alternative for Individual Investors? JO - Journal of Fixed Income JF - Journal of Fixed Income Y1 - 2013///Fall2013 VL - 23 IS - 2 M3 - Article SP - 82 EP - 97 PB - Euromoney Institutional Investor PLC SN - 10598596 AB - This article initially describes the market for corporate retail notes (RNs)--debt securities issued directly to individuals ("retail" investors) through brokers, in small denominations ($1,000) and generally on a weekly basis. RNs became popular in the 2000s, although only a few well-known industrial and financial firms issue them. The authors then examine a sample of 1,775 new RNs issued by industrial firms from 2005--2009. Nearly all have an investment-grade credit rating. All RNs include a "death put" provision, and most are callable at par value. After comparing yields on new RNs with seasoned corporate-bond benchmarks, however, the authors find no evidence that investors are compensated for the value (to the issuer) of the call provision. On average, RNs underperform benchmarks at all investment horizons up to two years, and performance is worse for callable RNs, the majority of which are called soon after deferment-period expiration. It is unlikely that these results can be explained by higher secondary-market liquidity. By purchasing new RNs, however, individual investors can avoid transaction costs on mainstream corporate bonds. In addition, individual investors may place a high personal value on the death put provision. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Fixed Income is the property of Euromoney Institutional Investor PLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE bonds KW - CREDIT ratings KW - CORPORATE debt KW - INDIVIDUAL investors KW - LIQUIDITY (Economics) KW - TRANSACTION costs N1 - Accession Number: 90623958; KOZHANOV, IGOR 1; Email Address: kozhanovi@sec.gov; OGDEN, JOSEPH P. 2; Email Address: joeogden@buffalo.edu; Affiliations: 1: Financial economist, Division of Economic and Risk Analysis, U.S. Securities and Exchange Commission,, Washington, DC; 2: Professor, University, Buffalo-SUNY School of Management, Buffalo, NY; Issue Info: Fall2013, Vol. 23 Issue 2, p82; Thesaurus Term: CORPORATE bonds; Thesaurus Term: CREDIT ratings; Thesaurus Term: CORPORATE debt; Thesaurus Term: INDIVIDUAL investors; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: TRANSACTION costs; NAICS/Industry Codes: 561450 Credit Bureaus; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 16p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=90623958&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Brown, Stephen J. AU - Grundy, Bruce D. AU - Lewis, Craig M. AU - Verwijmeren, Patrick T1 - Hedge Fund Involvement in Convertible Securities. JO - Journal of Applied Corporate Finance JF - Journal of Applied Corporate Finance Y1 - 2013///Fall2013 VL - 25 IS - 4 M3 - Article SP - 60 EP - 73 SN - 10781196 AB - Convertible arbitrage hedge funds combine long positions in convertible securities with short positions in the underlying stock. In effect, hedge funds use their knowledge of the borrowing and short-sale market to hedge themselves while distributing equity exposure to a large number of well-diversified investors through their short positions. The authors argue that many 'would-be' equity issuers that would otherwise pay high costs in a secondary equity issue choose instead to issue convertible debt to hedge funds that in turn distribute equity exposure to institutional investors. This allows companies to receive 'equity-like' financing today at lower cost than a secondary equity offering. The authors' findings also suggest that more convertibles will be privately placed with hedge funds when issuer and market conditions suggest that shorting costs will be lower. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Applied Corporate Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - HEDGE funds KW - CONVERTIBLE bonds KW - STOCKS (Finance) KW - CONVERTIBLE arbitrage KW - INSTITUTIONAL investors KW - STOCK exchanges N1 - Accession Number: 93316565; Brown, Stephen J. 1; Grundy, Bruce D. 2; Lewis, Craig M. 3; Verwijmeren, Patrick 4; Affiliations: 1: STEPHEN J. BROWN is David S. Loeb Professor of Finance at the Stern School of Business, New York University, and University of Melbourne.,; 2: BRUCE D. GRUNDY is Professor of Finance at the University of Melbourne.,; 3: CRAIG M. LEWIS is the Madison S. Wigginton Professor at the Owen Graduate School of Management, Vanderbilt University and Chief Economist and Director of the Division of Economic and Risk Analysis at the U.S. Securities and Exchange Commission.,; 4: PATRICK VERWIJMEREN is Professor of Corporate Finance at Erasmus University Rotterdam, and Honorary Research Fellow at the University of Melbourne.,; Issue Info: Fall2013, Vol. 25 Issue 4, p60; Thesaurus Term: HEDGE funds; Thesaurus Term: CONVERTIBLE bonds; Thesaurus Term: STOCKS (Finance); Thesaurus Term: CONVERTIBLE arbitrage; Thesaurus Term: INSTITUTIONAL investors; Thesaurus Term: STOCK exchanges; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 14p; Document Type: Article L3 - 10.1111/jacf.12043 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=93316565&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Mahoney, Ken T1 - How Will the Debt Ceiling Debate Affect Stocks? JO - Hudson Valley Business Journal JF - Hudson Valley Business Journal J1 - Hudson Valley Business Journal PY - 2013/10/07/ Y1 - 2013/10/07/ M3 - Opinion SP - 12 PB - Hudson Valley Business Digital SN - 10501096 AB - The article reflects on how the U.S. government's debt ceiling debates will affect the stock market. Topics include U.S. Federal Reserve Chairman Ben Bernanke's decision to delay the taper, the performances of several stock indices including Standard & Poor's 500 (S&P500), Dow Jones industrial average, and Nasdaq, and the budget impasse the government is facing that could force a federal government shutdown. KW - DEBT limit (Government) -- Economic aspectsSTOCK exchanges -- United StatesBOARD of Governors of the Federal Reserve System (U.S.)BERNANKE, Ben, 1953-STANDARD & Poor's 500 IndexDOW Jones industrial averageNASDAQ Stock MarketBUDGET deficits -- United States N1 - Accession Number: 109021213; Issue Information: ; Subject Term: DEBT limit (Government) -- Economic aspects; Subject Term: STOCK exchanges -- United States; Subject Term: BOARD of Governors of the Federal Reserve System (U.S.); Subject Term: BERNANKE, Ben, 1953-; Subject Term: STANDARD & Poor's 500 Index; Subject Term: DOW Jones industrial average; Subject Term: NASDAQ Stock Market; Subject Term: BUDGET deficits -- United States; Subject Term: ; Number of Pages: 2p; ; Document Type: Opinion; UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=bwh&AN=109021213&site=ehost-live&scope=site DP - EBSCOhost DB - bwh ER - TY - JOUR AU - Alexander, Cindy R. AU - Bauguess, Scott W. AU - Bernile, Gennaro AU - Lee, Yoon-Ho Alex AU - Marietta-Westberg, Jennifer T1 - Economic effects of SOX Section 404 compliance: A corporate insider perspective. JO - Journal of Accounting & Economics JF - Journal of Accounting & Economics Y1 - 2013/11// VL - 56 IS - 2/3 M3 - Article SP - 267 EP - 290 SN - 01654101 AB - Abstract: We use survey responses from 2,901 corporate insiders to assess the costs and benefits of compliance with Section 404 of the Sarbanes-Oxley Act. The majority of respondents recognize compliance benefits, but they do not perceive these benefits to outweigh the costs, on average. This is particularly true among smaller companies where the start-up costs are proportionately larger. However, the perceived efficiency of compliance increases with auditor attestations, years of compliance experience, and after the remediation of a material weakness. Notably, the perceived effects of compliance depend largely on firm complexity, but are mostly unrelated to firm governance structure. [Copyright &y& Elsevier] AB - Copyright of Journal of Accounting & Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - ECONOMIC models KW - RESTATEMENT of corporate earnings KW - ECONOMIC surveys KW - SMALL business -- Accounting KW - CORPORATE governance KW - Corporate governance KW - G18 KW - G38 KW - Internal controls KW - K22 KW - M49 KW - Regulation KW - Sarbanes-Oxley KW - Section 404 KW - UNITED States. Sarbanes-Oxley Act of 2002 N1 - Accession Number: 92715615; Alexander, Cindy R. 1; Bauguess, Scott W. 1; Bernile, Gennaro 2; Email Address: gbernile@smu.edu.sg; Lee, Yoon-Ho Alex 3; Marietta-Westberg, Jennifer 1; Affiliations: 1: U.S. Securities and Exchange Commission, 100 F Street NE, WA DC 20549, USA; 2: Lee Kong Chian School of Business, Singapore Management University, 50 Stamford Road, Singapore 178899, Singapore; 3: University of Southern California, Gould School of Law, 699 Exposition Boulevard, Los Angeles, CA 90089, USA; Issue Info: Nov2013, Vol. 56 Issue 2/3, p267; Thesaurus Term: ECONOMIC models; Thesaurus Term: RESTATEMENT of corporate earnings; Thesaurus Term: ECONOMIC surveys; Thesaurus Term: SMALL business -- Accounting; Thesaurus Term: CORPORATE governance; Author-Supplied Keyword: Corporate governance; Author-Supplied Keyword: G18; Author-Supplied Keyword: G38; Author-Supplied Keyword: Internal controls; Author-Supplied Keyword: K22; Author-Supplied Keyword: M49; Author-Supplied Keyword: Regulation; Author-Supplied Keyword: Sarbanes-Oxley; Author-Supplied Keyword: Section 404; Reviews & Products: UNITED States. Sarbanes-Oxley Act of 2002; Number of Pages: 24p; Document Type: Article L3 - 10.1016/j.jacceco.2013.09.002 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=92715615&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - White, Brandon F.1,2 AU - Palid, Andrew J.3 T1 - THE RISE OF THE MASSACHUSETTS UNIFORM SECURITIES ACT. JO - Massachusetts Law Review (01631411) JF - Massachusetts Law Review (01631411) J1 - Massachusetts Law Review (01631411) PY - 2013/12/15/ Y1 - 2013/12/15/ VL - 95 IS - 4 CP - 4 M3 - Article SP - 117 EP - 123 SN - 01631411 AB - A summary is presented of the Massachusetts Uniform Securities Act (MUSA) for any crime related to sale or purchase of any security passed by Massachusetts. KW - Securities industry -- Law & legislation N1 - Accession Number: 95301637; Authors:White, Brandon F. 1,2; Palid, Andrew J. 3; Affiliations: 1: Partner, Foley Hoag; 2: Co-chair, firm's Securities Litigation practice group; 3: Enforcement Counsel, Boston Regional Office, U.S. Securities and Exchange Commission; Subject: Securities industry -- Law & legislation; Subject: Massachusetts; Number of Pages: 7p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=95301637&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - BAMBACH, ALISTAIRE1 T1 - ISSUES THAT THE SEC CONFRONTS IN THE LIQUIDATION OF HEDGE FUNDS. JO - American Bankruptcy Institute Law Review JF - American Bankruptcy Institute Law Review J1 - American Bankruptcy Institute Law Review PY - 2014///Winter2014 Y1 - 2014///Winter2014 VL - 22 IS - 1 CP - 1 M3 - Article SP - 125 EP - 131 SN - 10680861 AB - The article focuses on various obstacles and issues faced by the United States Securities and Exchange Commission (SEC) in the liquidation of hedge funds. Topics discussed include needs of liquidating hedge funds for meeting out with bankruptcy, lawsuits filed against the fund managers for fraud or breaches of fiduciary duty and laws made for regulating the Ponzi Schemes. It further discusses the aspects related to the violation of the fiduciary provisions of the Advisers Act. KW - Hedge funds -- Law & legislation KW - Liquidation KW - Breach of fiduciary responsibility KW - Fraud KW - Ponzi schemes -- Law & legislation KW - Hedge funds -- Economic aspects KW - United States. Securities & Exchange Commission N1 - Accession Number: 95533157; Authors:BAMBACH, ALISTAIRE 1; Affiliations: 1: Assistant Regional Director and Chief Bankruptcy Counsel, United States Securities and Exchange Commission; Subject: United States. Securities & Exchange Commission; Subject: Hedge funds -- Economic aspects; Subject: Hedge funds -- Law & legislation; Subject: Liquidation; Subject: Breach of fiduciary responsibility; Subject: Fraud; Subject: Ponzi schemes -- Law & legislation; Number of Pages: 7p; Statute:Investment Advisers Act of 1940. 15 U.S.C. § § 80b-l-80b-21 (2012); Jurisdiction:United States; Statute:Securities Exchange Act of 1934. 15 U.S.C. § § 78a-78nn(2012); Jurisdiction:United States; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=95533157&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Lenkey, Stephen L. AD - US Securities and Exchange Commission T1 - Activist Arbitrage, Lifeboats, and Closed-End Funds JO - Review of Finance JF - Review of Finance Y1 - 2014/01// VL - 18 IS - 1 SP - 271 EP - 320 SN - 15723097 N1 - Accession Number: 1444876; Keywords: Arbitrage; Takeover; Publication Type: Journal Article; Update Code: 201406 N2 - We present a dynamic rational expectations model of closed-end fund discounts that incorporates feedback effects from activist arbitrage and lifeboats. Both activist arbitrage and lifeboats distort closed-end fund prices and lead to narrower discounts. Furthermore, both activist arbitrage and lifeboats effectuate an ex post wealth transfer from managers to investors but an ex ante wealth transfer from low-ability managers to high-ability managers. On average, investor wealth is unaffected by either activist arbitrage or lifeboats because their potential benefits are factored into higher fund prices. Although lifeboats can reduce takeover attempts, they do not increase expected managerial wealth. KW - Forecasting Models; Simulation Methods C53 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors G23 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 L3 - http://rof.oxfordjournals.org/content/by/year UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1444876&site=ehost-live&scope=site UR - http://rof.oxfordjournals.org/content/by/year DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Lewis, Craig M. AU - Veld, Chris AD - Vanderbilt U and US Securities and Exchange Commission AD - U Glasgow T1 - Convertible Bond Financing: Preface JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2014/02// VL - 24 SP - 1 EP - 2 SN - 09291199 N1 - Accession Number: 1422838; Publication Type: Journal Article; Update Code: 201403 KW - Introductory Material Y20 L3 - http://www.sciencedirect.com/science/journal/09291199 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1422838&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jcorpfin.2013.11.001 UR - http://www.sciencedirect.com/science/journal/09291199 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Dutordoir, Marie AU - Lewis, Craig AU - Seward, James AU - Veld, Chris T1 - What we do and do not know about convertible bond financing. JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2014/02// VL - 24 M3 - Article SP - 3 EP - 20 SN - 09291199 AB - Abstract: We review the literature on the issuance motives, shareholder wealth effects, and design of convertible bonds. Empirical studies on convertible debt issuance mainly focus on testing the predictions of four traditional theoretical models based on convertibles' potential to mitigate agency or adverse selection costs, and obtain mixed evidence. Recent studies on shareholder wealth effects of convertible bond issues highlight the need to control for arbitrage-related short selling and post-issuance risk changes. Studies on the determinants of convertible bond design uncover earnings management, as well as catering incentives to convertible arbitrage funds, as important determinants of innovations in convertible bond characteristics. Overall, our review indicates that recent empirical research on convertible debt provides valuable insights into issue motives and determinants of financial innovations, but also considers the broader question of how investor demand characteristics impact corporate finance decisions. We conclude with an overview of potential research questions to be addressed by future research on hybrid securities. [Copyright &y& Elsevier] AB - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CONVERTIBLE bonds KW - STOCKHOLDERS wealth KW - ECONOMIC forecasting KW - DECISION making in economics KW - INNOVATIONS in business KW - FINANCIAL risk management KW - Agency costs KW - Asymmetric information KW - Convertible arbitrage KW - Convertible bond financing KW - G24 N1 - Accession Number: 93346657; Dutordoir, Marie 1; Email Address: Marie.Dutordoir@mbs.ac.uk; Lewis, Craig 2,3; Email Address: LewisC@sec.gov; Seward, James 3,4; Email Address: jseward@bus.wisc.edu; Veld, Chris 5; Email Address: chris.veld@glasgow.ac.uk; Affiliations: 1: Manchester Business School at the University of Manchester, Manchester, M15 6PB Manchester, United Kingdom; 2: Owen Graduate School of Management at Vanderbilt University, Nashville, TN 37203, United States; 3: U. S. Securities and Exchange Commission, United States; 4: Wisconsin School of Business at the University of Wisconsin–Madison, Madison, WI, United States; 5: Adam Smith Business School at the University of Glasgow, Glasgow, G12 8QQ, United Kingdom; Issue Info: Feb2014, Vol. 24, p3; Thesaurus Term: CONVERTIBLE bonds; Thesaurus Term: STOCKHOLDERS wealth; Thesaurus Term: ECONOMIC forecasting; Thesaurus Term: DECISION making in economics; Thesaurus Term: INNOVATIONS in business; Thesaurus Term: FINANCIAL risk management; Author-Supplied Keyword: Agency costs; Author-Supplied Keyword: Asymmetric information; Author-Supplied Keyword: Convertible arbitrage; Author-Supplied Keyword: Convertible bond financing; Author-Supplied Keyword: G24; Number of Pages: 18p; Document Type: Article L3 - 10.1016/j.jcorpfin.2013.10.009 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=93346657&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lewis, Craig AU - Verwijmeren, Patrick AD - US Securities and Exchange Commission and Vanderbilt U AD - Erasmus U Rotterdam and U Melbourne T1 - Cash-Settled Convertible Bonds and the Value Relevance of Their Accounting Treatment JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2014/02// VL - 24 IS - 1 SP - 101 EP - 111 SN - 09291199 N1 - Accession Number: 1422844; Keywords: Accounting; Bond; Earnings; Firm; Securities; Shareholder; Shares; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201403 N2 - Cash settlements became a popular design feature in convertible securities once they obtained favorable accounting treatment for diluted earnings per share in 2002. The unexpected proliferation of cash settlements provoked the FASB to eliminate their favorable accounting treatment in 2008. We find that shareholders of firms that use cash-settled convertibles react negatively to the announcement of these recent changes. Firms that issued cash-settled convertible debt to avoid earnings dilution no longer have an incentive to keep them on their balance sheets. Consistent with this observation, we find that investors respond more favorably if the cash-settled convertibles of these firms include call features. We conclude that call features can be valuable in times of uncertainty related to possible accounting changes as they allow the firm to efficiently mitigate the effects of the accounting changes on their financial reporting. KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Accounting M41 L3 - http://www.sciencedirect.com/science/journal/09291199 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1422844&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jcorpfin.2013.06.003 UR - http://www.sciencedirect.com/science/journal/09291199 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Ramlal, Bheshem AU - Watson, Patrick AD - U West Indies, St Augustine AD - Sir Arthur Lewis Institute of Social and Economic Studies, U West Indies, St Augustine and Trinidad and Tobago Securities and Exchange Commission T1 - The Digital Divide in Trinidad and Tobago JO - Social and Economic Studies JF - Social and Economic Studies Y1 - 2014/03// VL - 63 IS - 1 SP - 1 EP - 23 SN - 00377651 N1 - Accession Number: 1597473; Keywords: Digital Divide; Infrastructure; Policy; Services; Technology; Telephony; Geographic Descriptors: Trinidad and Tobago; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 201610 N2 - Trinidad and Tobago has developed a modern and reliable information and communication technology infrastructure that provides access to internet and telephony services to most of the country, but utilization of these services may vary significantly. The objective of this paper is to determine the extent of and the reasons for this variation. Such information could be used to shape policy toward the lessening of the divide, if one exists. The basis of the analysis is the calculation of two measures of the digital divide: the Digital Opportunity Index (DOI) and the Digital Access Index (DAI). This is done for the country as a whole as well as for 585 communities which, taken together, account for the entire population. The study uses GIS to develop a methodology to identify sample areas for data collection and for analyzing the results. The results suggest that, while most of the country has access to ICT, affordability is a significant issue for low-income stakeholders. KW - Index Numbers and Aggregation; Leading indicators C43 KW - National Government Expenditures and Related Policies: Infrastructures; Other Public Investment and Capital Stock H54 KW - Information and Internet Services; Computer Software L86 KW - Telecommunications L96 KW - Industrialization; Manufacturing and Service Industries; Choice of Technology O14 KW - Technological Change: Choices and Consequences; Diffusion Processes O33 L3 - http://www.mona.uwi.edu/ses/archives UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1597473&site=ehost-live&scope=site UR - http://www.mona.uwi.edu/ses/archives DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Minhas, Imran Hussain T1 - Insights on Islamic finance. JO - Journal of Islamic Banking & Finance JF - Journal of Islamic Banking & Finance Y1 - 2014/04//Apr-Jun2014 VL - 31 IS - 2 M3 - Article SP - 83 EP - 90 PB - International Association of Islamic Banks SN - 18148042 AB - Islam prescribes an all inclusive blue print for life. It recommends guiding rules for personal, interpersonal, financial, economic, political and religious aspects of life. This article discusses the sources of these rules and goes on to explain the basic prohibitive rule in Islamic finance - riba and its exclusion in earlier revealed religions as well, and why. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Islamic Banking & Finance is the property of International Association of Islamic Banks and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCE (Islamic law) KW - BANKING law & legislation (Islamic law) KW - ISLAMIC law KW - INTEREST (Islamic law) KW - BANKING industry KW - Akhlaq KW - Aqida KW - Shariah N1 - Accession Number: 97080937; Minhas, Imran Hussain 1; Affiliation: 1: Joint Registrar (Modarabas), Securities and Exchange Commission of Pakistan; Source Info: Apr-Jun2014, Vol. 31 Issue 2, p83; Subject Term: FINANCE (Islamic law); Subject Term: BANKING law & legislation (Islamic law); Subject Term: ISLAMIC law; Subject Term: INTEREST (Islamic law); Subject Term: BANKING industry; Author-Supplied Keyword: Akhlaq; Author-Supplied Keyword: Aqida; Author-Supplied Keyword: Shariah; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; Number of Pages: 8p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=awr&AN=97080937&site=ehost-live&scope=site DP - EBSCOhost DB - awr ER - TY - CONF AU - Faraz Uddin Amjad AU - Syed Irfan Habib T1 - South Asian market players to gather in annual forum. JO - MiddleEast Insurance Review JF - MiddleEast Insurance Review Y1 - 2014/04// M3 - Proceeding SP - 79 EP - 80 AB - The article offers information on the Second SAARC Insurance Regulators Meet & International Conference to be held on April 14-16, 2014 in Karachi, Pakistan. KW - INSURANCE KW - FINANCE KW - CONGRESSES N1 - Accession Number: 95734794; Faraz Uddin Amjad 1; Syed Irfan Habib 1; Affiliations: 1: Securities and Exchange Commission of Pakistan (SECP); Issue Info: Apr2014, p79; Thesaurus Term: INSURANCE; Thesaurus Term: FINANCE; Subject Term: CONGRESSES; NAICS/Industry Codes: 525190 Other Insurance Funds; NAICS/Industry Codes: 524292 Third Party Administration of Insurance and Pension Funds; NAICS/Industry Codes: 524298 All Other Insurance Related Activities; Number of Pages: 2p; Document Type: Proceeding UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=95734794&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lee, Jongsub AU - Lee, Kwang J. AU - Nagarajan, Nandu J. AD - U FL AD - US Securities and Exchange Commission AD - U Pittsburgh T1 - Birds of a Feather: Value Implications of Political Alignment between Top Management and Directors JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2014/05// VL - 112 IS - 2 SP - 232 EP - 250 SN - 0304405X N1 - Accession Number: 1436115; Keywords: Accounting; Belief; CEO; Executives; Firm; Firms; Management; Political; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201405 N2 - For 2,695 US corporations from 1996 to 2009, we find that alignment in political orientation between the chief executive officer (CEO) and independent directors is associated with lower firm valuations, lower operating profitability, and increased internal agency conflicts such as a reduced likelihood of dismissing poorly performing CEOs, a lower CEO pay-performance sensitivity, and a greater likelihood of accounting fraud. Importantly, we show that our results are driven neither by the effects associated with various measures of similarity and diversity within the board nor the effects of local director labor market and political conditions on board structure. We provide evidence that our measure of individual political orientation reflects the person's political beliefs rather than opportunistic attempts to seek political favor. Overall, our results suggest that diversity in political beliefs among corporate board members is valuable. KW - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior D72 KW - Search; Learning; Information and Knowledge; Communication; Belief D83 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Firm Performance: Size, Diversification, and Scope L25 KW - Personnel Management; Executives; Executive Compensation M12 KW - Accounting M41 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1436115&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2014.02.004 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - AU - Gallagher, Daniel M.1 AU - Piwowar, Michael S.1 T1 - Government Punts on Meaningful Mortgage Standards. JO - Wall Street Journal (Online) JF - Wall Street Journal (Online) J1 - Wall Street Journal (Online) PY - 2014/06/27/ Y1 - 2014/06/27/ M3 - Article SP - 1 EP - 1 SN - 00999660 KW - Mortgage loans KW - Consumer protection KW - Housing policy KW - Financial crises KW - Board of Governors of the Federal Reserve System (U.S.). Consumer Financial Protection Bureau KW - United States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 96854143; Authors: Gallagher, Daniel M. 1; Piwowar, Michael S. 1; Affiliations: 1: Commissioners, Securities and Exchange Commission, Washington; Subject: Mortgage loans; Subject: Board of Governors of the Federal Reserve System (U.S.). Consumer Financial Protection Bureau; Subject: Consumer protection; Subject: Housing policy; Subject: Financial crises; Subject: United States. Dodd-Frank Wall Street Reform & Consumer Protection Act; Number of Pages: 1p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lls&AN=96854143&site=ehost-live&scope=site DP - EBSCOhost DB - lls ER - TY - JOUR AU - FAIRLIE, ROBERT W. AU - GRUNBERG, SAMANTHA H. T1 - ACCESS TO TECHNOLOGY AND THE TRANSFER FUNCTION OF COMMUNITY COLLEGES: EVIDENCE FROM A FIELD EXPERIMENT. JO - Economic Inquiry JF - Economic Inquiry Y1 - 2014/07// VL - 52 IS - 3 M3 - Article SP - 1040 EP - 1059 PB - Wiley-Blackwell SN - 00952583 AB - Access to information may represent an important barrier to learning about and ultimately transferring to 4-year colleges for low-income community college students. This article explores the role that access to information technology, in particular, plays in enhancing, or possibly detracting from, the transfer function of the community college. Using data from the first-ever field experiment randomly providing free computers to students, we examine the relationships between access to home computers and enrollment in transferable courses and actual transfers to 4-year colleges. The results from the field experiment indicate that the treatment group of students receiving free computers has a 4.5 percentage point higher probability of taking transferable courses than the control group of students not receiving free computers. The evidence is less clear for the effects on actual transfers to 4-year colleges and the probability of using a computer to search for college information (which possibly represents one of the mechanisms for positive effects). In both cases, point estimates are positive, but the confidence intervals are wide. Finally, power calculations indicate that sample sizes would have to be considerably larger to find statistically significant treatment effects and reasonably precise confidence intervals given the actual transfer rate point estimates. (JEL J24, O33, I23, I24) [ABSTRACT FROM AUTHOR] AB - Copyright of Economic Inquiry is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - COMMUNITY college students KW - COMPUTERS in education KW - RESEARCH KW - LOW-income college students KW - TRANSFER students KW - ACCESS to information KW - COMPUTER network resources KW - COLLEGE students -- Statistics KW - COLLEGE students KW - ECONOMIC models KW - CALIFORNIA N1 - Accession Number: 95908276; FAIRLIE, ROBERT W. 1 GRUNBERG, SAMANTHA H. 2; Affiliation: 1: Department of Economics, University of California 2: U.S. Securities and Exchange Commission; Source Info: Jul2014, Vol. 52 Issue 3, p1040; Subject Term: COMMUNITY college students; Subject Term: COMPUTERS in education; Subject Term: RESEARCH; Subject Term: LOW-income college students; Subject Term: TRANSFER students; Subject Term: ACCESS to information; Subject Term: COMPUTER network resources; Subject Term: COLLEGE students -- Statistics; Subject Term: COLLEGE students; Subject Term: ECONOMIC models; Subject Term: CALIFORNIA; Number of Pages: 20p; Illustrations: 12 Charts, 2 Graphs; Document Type: Article L3 - 10.1111/ecin.12086 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=95908276&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Minhas, Imran Hussain T1 - Managing Risks in Islamic Finance. JO - Journal of Islamic Banking & Finance JF - Journal of Islamic Banking & Finance Y1 - 2014/07//Jul-Sep2014 VL - 31 IS - 3 M3 - Article SP - 14 EP - 25 PB - International Association of Islamic Banks SN - 18148042 AB - Since the inception of Islamic finance, it is encountered with different challenges and criticism from advocates of conventional financial system but time has proved that Islamic finance is a reality having tremendous potential to grow. Islamic finance has now reached to around 100 countries of the world which includes the non-Muslim jurisdictions, as well. Islamic finance is getting its share in the financial system with a rapid double digit growth rate and worldwide assets of Islamic Finance have reached to US$ 1.8 trillion in 2013 from US$ 826 billion in 2010. For a strong Islamic capital and money market, an effective risk management structure is mandatory and the author discusses these in this article. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Islamic Banking & Finance is the property of International Association of Islamic Banks and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCE (Islamic law) KW - FINANCIAL risk management KW - MONETARY systems KW - MONEY market KW - INTERNAL auditing KW - Assets KW - Islamic Finance KW - Markets KW - Risk Management N1 - Accession Number: 98850593; Minhas, Imran Hussain 1; Email Address: hussain.minhas@gmail.com; Affiliation: 1: Joint Director Modarabas (Islamic Financial Institutions), Securities and Exchange Commission of Pakistan; Source Info: Jul-Sep2014, Vol. 31 Issue 3, p14; Subject Term: FINANCE (Islamic law); Subject Term: FINANCIAL risk management; Subject Term: MONETARY systems; Subject Term: MONEY market; Subject Term: INTERNAL auditing; Author-Supplied Keyword: Assets; Author-Supplied Keyword: Islamic Finance; Author-Supplied Keyword: Markets; Author-Supplied Keyword: Risk Management; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 12p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=awr&AN=98850593&site=ehost-live&scope=site DP - EBSCOhost DB - awr ER - TY - JOUR AU - Chalmers, John AU - Johnson, Woodrow T. AU - Reuter, Jonathan T1 - The effect of pension design on employer costs and employee retirement choices: Evidence from Oregon. JO - Journal of Public Economics JF - Journal of Public Economics Y1 - 2014/08// VL - 116 M3 - Article SP - 17 EP - 34 SN - 00472727 AB - Abstract: We use administrative data from Oregon's Public Employees Retirement System (PERS) to study the effect of pension design on employer costs and employee retirement-timing decisions. During our 1990–2003 sample period, PERS calculates each member's retirement benefit using up to three different formulas (defined benefit (DB), defined contribution (DC), and a combination of DB and DC), and PERS pays the maximum benefit for which the member is eligible. We show that this “maximum benefit” calculation results in average ex post retirement benefits that are 54% higher than if they had been calculated using only the DB formula and that employees receiving DC benefits are significantly more likely than employees receiving DB benefits to retire before the plan's normal retirement age. Monte Carlo simulations verify that the higher costs could have been predicted at the start of our sample period. Exploiting exogenous plan changes, we show that employees respond to within-year variation in their retirement incentives and, consistent with peer effects, that they respond more strongly to these incentives when more of their coworkers face similar incentives. Finally, consistent with the emerging literature on financial mistakes by households, we show that a small but noteworthy fraction of retirees would have benefited from shifting their retirements by as little as one month. [Copyright &y& Elsevier] AB - Copyright of Journal of Public Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PENSIONS KW - RETIREMENT age KW - MONTE Carlo method KW - INCENTIVES in industry KW - RETIREES KW - OREGON KW - Household finance KW - Life annuities KW - Peer effects KW - Retirement incentives KW - Stale returns N1 - Accession Number: 96446460; Chalmers, John 1; Johnson, Woodrow T. 2; Reuter, Jonathan 3,4; Email Address: reuterj@bc.edu; Affiliations: 1: University of Oregon, United States; 2: U.S. Securities and Exchange Commission, United States; 3: Boston College, United States; 4: NBER, United States; Issue Info: Aug2014, Vol. 116, p17; Thesaurus Term: PENSIONS; Thesaurus Term: RETIREMENT age; Thesaurus Term: MONTE Carlo method; Thesaurus Term: INCENTIVES in industry; Thesaurus Term: RETIREES; Subject: OREGON; Author-Supplied Keyword: Household finance; Author-Supplied Keyword: Life annuities; Author-Supplied Keyword: Peer effects; Author-Supplied Keyword: Retirement incentives; Author-Supplied Keyword: Stale returns; NAICS/Industry Codes: 526111 Trusteed pension funds; Number of Pages: 18p; Document Type: Article L3 - 10.1016/j.jpubeco.2013.07.001 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=96446460&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Luanratana, Woraboon AU - Romano, Alessandro AD - Securities and Exchange Commission Thailand AD - Erasmus U Rotterdam and LUISS Guido Carli U T1 - Stare Decisis in the WTO: Myth, Dream, or a Siren's Song? JO - Journal of World Trade JF - Journal of World Trade Y1 - 2014/08// VL - 48 IS - 4 SP - 773 EP - 794 SN - 10116702 N1 - Accession Number: 1464125; Keywords: Law; Trade; Geographic Descriptors: WTO; Publication Type: Journal Article; Update Code: 201411 N2 - Building on the tools of the economic analysis of law, we will try to solve the riddle of precedents in the World Trade Organization (WTO). In the first part of the article, it will be shown how the traditional economic models used to advocate the efficiency of stare decisis do not capture its distinguishing traits due to oversimplification. Second, it will be argued that a de jure regime of stare decisis is ill suited to the peculiar nature of WTO's litigation. More precisely, the action of interest groups and the intricacies characterizing the legislative process of the WTO create incentives that are drastically different from private litigation. KW - Empirical Studies of Trade F14 KW - International Law K33 L3 - http://www.kluwerlawonline.com/toc.php?pubcode=TRAD UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1464125&site=ehost-live&scope=site UR - http://www.kluwerlawonline.com/toc.php?pubcode=TRAD DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Woraboon LUANRATANA AU - ROMANO, Alessandro T1 - Stare Decisis in the WTO: Myth, Dream, or a Siren's Song? JO - Journal of World Trade JF - Journal of World Trade Y1 - 2014/08// VL - 48 IS - 4 M3 - Article SP - 773 EP - 794 SN - 10116702 AB - Building on the tools of the economic analysis of law, we will try to solve the riddle of precedents in the World Trade Organization (WTO). In the first part of the article, it will be shown how the traditional economic models used to advocate the efficiency of stare decisis do not capture its distinguishing traits due to oversimplification. Second, it will be argued that a de jure regime of stare decisis is ill suited to the peculiar nature of WTO's litigation. More precisely, the action of interest groups and the intricacies characterizing the legislative process of the WTO create incentives that are drastically different from private litigation. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of World Trade is the property of Kluwer Law International and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - ECONOMIC models KW - INTERNATIONAL trade KW - INTERNATIONAL economic relations KW - STARE decisis KW - WORLD Trade Organization N1 - Accession Number: 97245371; Woraboon LUANRATANA 1; Email Address: luanratana19@gmail.com; ROMANO, Alessandro 2; Email Address: aromano@live.it; Affiliations: 1: Securities and Exchange Commission Thailand; 2: University Rotterdam and 'LUISS' 'Guido Carli R ome; Issue Info: Aug2014, Vol. 48 Issue 4, p773; Thesaurus Term: ECONOMIC models; Thesaurus Term: INTERNATIONAL trade; Thesaurus Term: INTERNATIONAL economic relations; Subject Term: STARE decisis ; Company/Entity: WORLD Trade Organization; NAICS/Industry Codes: 911420 International assistance; NAICS/Industry Codes: 522293 International Trade Financing; Number of Pages: 22p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=97245371&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Lenkey, Stephen L. AD - US Securities and Exchange Commission T1 - Advance Disclosure of Insider Trading JO - Review of Financial Studies JF - Review of Financial Studies Y1 - 2014/08// VL - 27 IS - 8 SP - 2504 EP - 2537 SN - 08939454 N1 - Accession Number: 1460502; Keywords: Adverse Selection; Equilibrium; Expectation; Information; Insider Trading; Rational Expectation; Publication Type: Journal Article; Update Code: 201410 N2 - Using a strategic rational expectations equilibrium framework, we show that forcing a well-informed insider to disclose her trades in advance tends to increase welfare for both the insider and less-informed outsiders. Advance disclosure generates price risk for the insider, and to mitigate this risk, the insider trades less aggressively on her private information. Consequently, outsiders face lower adverse selection costs, which improves risk sharing and increases welfare. The drop in trading aggressiveness also causes market efficiency to decline. Furthermore, pretrade disclosure encourages excessive risk taking but may either encourage or discourage managerial effort. KW - Asymmetric and Private Information; Mechanism Design D82 KW - Expectations; Speculations D84 KW - Portfolio Choice; Investment Decisions G11 KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - General Financial Markets: Government Policy and Regulation G18 L3 - http://rfs.oxfordjournals.org/content/by/year UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1460502&site=ehost-live&scope=site UR - http://rfs.oxfordjournals.org/content/by/year DP - EBSCOhost DB - ecn ER - TY - JOUR AU - White, Joshua T. AU - Woidtke, Tracie AU - Black, Harold A. AU - Schweitzer, Robert L. AD - US Securities and Exchange Commission AD - U TN AD - U TN AD - U DE T1 - Appointments of Academic Directors JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2014/10// VL - 28 SP - 135 EP - 151 SN - 09291199 N1 - Accession Number: 1473479; Keywords: Firm; Firms; Publication Type: Journal Article; Update Code: 201501 N2 - We examine the outside director selection process using unique data on appointments of academic directors. Overall, we find that academic directors tend to be appointed by small- and mid-cap firms expanding their boards. However, we find important differences in both the factors influencing academic appointments and the market's reaction when allowing for firm, board, and director heterogeneities. Academics in science, medicine and engineering appear to be appointed for their expertise, and the market reacts favorably. Academic administrators appear to be appointed for their networks, and the market reacts favorably when the administrator is affiliated with a business school but negatively when the administrator is not within close geographic proximity. Business professors appear to be appointed for general expertise and reputation, but we find little evidence of any significant market reaction. The results in this paper highlight the importance of recognizing heterogeneity in understanding the director selection process and the role of outside directors. KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Professional Labor Markets; Occupational Licensing J44 KW - Firm Performance: Size, Diversification, and Scope L25 L3 - http://www.sciencedirect.com/science/journal/09291199 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1473479&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jcorpfin.2013.12.007 UR - http://www.sciencedirect.com/science/journal/09291199 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Gallagher, Daniel M. AU - Piwowar, Michael S. T1 - Dissenting From an SEC Windfall For Lawyers. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2014/11/11/ VL - 264 IS - 113 M3 - Opinion SP - A15 EP - A15 SN - 00999660 AB - The authors discuss reports that the U.S. Securities and Exchange Commission (SEC) may create a "fair fund" to distribute money collected from defendants in the insider-trading court case between the SEC and the investment adviser Intrinsic Investors. KW - INSIDER trading in securities -- Lawsuits & claims KW - UNITED States. Securities & Exchange Commission -- Trials, litigation, etc. KW - INTRINSIC Investors LLC N1 - Accession Number: 99338700; Gallagher, Daniel M. 1 Piwowar, Michael S. 1; Affiliation: 1: Commissioner, Securities and Exchange Commission.; Source Info: 11/11/2014, Vol. 264 Issue 113, pA15; Subject Term: INSIDER trading in securities -- Lawsuits & claims; Subject Term: UNITED States. Securities & Exchange Commission -- Trials, litigation, etc.; Company/Entity: INTRINSIC Investors LLC; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 1/4p; Document Type: Opinion UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=99338700&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Boyson, Nicole AU - Helwege, Jean AU - Jindra, Jan T1 - Crises, Liquidity Shocks, and Fire Sales at Commercial Banks. JO - Financial Management (Wiley-Blackwell) JF - Financial Management (Wiley-Blackwell) Y1 - 2014///Winter2014 VL - 43 IS - 4 M3 - Article SP - 857 EP - 884 PB - Wiley-Blackwell SN - 00463892 AB - If liquidity shortages cause financial crises, a lender of last resort can provide funds to banks facing potential fire sales. However, if funding problems primarily occur at banks with existing solvency problems, then government liquidity programs may not spur bank lending. We find that commercial bank funding does not typically dry up in a crisis, not even during the subprime crisis. Rather, weak banks are more likely to borrow less. Furthermore, banks rely more on deposits and newly issued equity than fire sales. When they do sell assets, they cherry pick assets in order to alleviate pressure from capital regulations. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Management (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BANKING industry KW - FINANCE KW - BANKRUPTCY KW - LIQUIDITY (Economics) KW - FINANCIAL crises KW - CAPITAL market KW - ARBITRAGE pricing theory N1 - Accession Number: 99762754; Boyson, Nicole 1; Helwege, Jean 2; Jindra, Jan 3; Affiliations: 1: Associate Professor, Northeastern University, Boston, CA; 2: Professor, University of South Carolina, Columbia, CA; 3: Securities and Exchange Commission, San Francisco, CA; Issue Info: Winter2014, Vol. 43 Issue 4, p857; Thesaurus Term: BANKING industry; Thesaurus Term: FINANCE; Thesaurus Term: BANKRUPTCY; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FINANCIAL crises; Thesaurus Term: CAPITAL market; Thesaurus Term: ARBITRAGE pricing theory; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 28p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=99762754&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Laby, Arthur B. T1 - Playing the Long Game to Achieve a Uniform Fiduciary Standard. JO - Journal of Financial Planning JF - Journal of Financial Planning Y1 - 2014/12// VL - 27 IS - 12 M3 - Article SP - 25 EP - 27 PB - Financial Planning Association SN - 10403981 AB - The article discusses the process of achieving a uniform fiduciary standard in America, focusing on the U.S. Dodd-Frank Wall Street Reform & Consumer Protection Act and a question about whether to impose a fiduciary duty on financial brokers who give advice to retail customers. The U.S. Congress and the nation's Securities and Exchange Commission (SEC) are mentioned, along with the passage of America's Investment Advisers Act. The Merrill Lynch & Co. financial management firm is also examined. KW - FIDUCIARY responsibility KW - STANDARDS KW - INVESTMENT advisors KW - BROKERS KW - ADVICE KW - LEGAL status, laws, etc. KW - UNITED States KW - STATUTES -- United States -- States KW - UNITED States. Securities & Exchange Commission KW - BANK of America Corp. Merrill Lynch KW - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 99811388; Laby, Arthur B. 1; Affiliations: 1: Professor of law, Rutgers University and the former assistant general counsel, the Securities and Exchange Commission; Issue Info: Dec2014, Vol. 27 Issue 12, p25; Thesaurus Term: FIDUCIARY responsibility; Thesaurus Term: STANDARDS; Thesaurus Term: INVESTMENT advisors; Thesaurus Term: BROKERS; Subject Term: ADVICE; Subject Term: LEGAL status, laws, etc.; Subject Term: UNITED States; Subject Term: STATUTES -- United States -- States ; Company/Entity: UNITED States. Securities & Exchange Commission ; Company/Entity: BANK of America Corp. Merrill Lynch; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 523991 Trust, Fiduciary, and Custody Activities; Number of Pages: 3p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=99811388&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - Gen ID - 9999-39911-000 AN - 9999-39911-000 AU - Salisbury, Emily J. AU - Dabney, Jonathan D. AU - Russell, Kelli T1 - InterCSECt Tier 1 Screening Interview JF - PsycTESTS JO - PsycTESTS Y1 - 2015/// AD - Salisbury, Emily J., University of Nevada, Department of Criminal Justice, Box 455009, 4505 S. Maryland Pkway, Las Vegas, Nevada, United States, 89154-5009 AV - Commercial: No; Permissions: Contact Corresponding Author; Fee: No. Test Items: No N1 - Accession Number: 9999-39911-000. Partial author list: First Author & Affiliation: Salisbury, Emily J.; University of Nevada, Las Vegas, Nevada, United States. Release Date: 20150608. Instrument Type: Interview Schedule/Guide. Test Format: The InterCSECt Tier 1 Screening Interview consists of 14 interview questions and 18 line items.. Language: English. Constructs: Exploitation; Classification: Trauma, Stress, and Coping (7800). Population: Human (10); Male (30); Female (40). Age Group: Childhood (birth-12 yrs) (100); School Age (6-12 yrs) (180); Adulthood (18 yrs & older) (300); Young Adulthood (18-29 yrs) (320); Adolescence (13-17 yrs) (200). N2 - Administration Method: Electronic; Interview AB - Purpose: The purpose of the InterCSECt Tier 1 Screening Interview is to identify victims of commercial sexual exploitation in the juvenile justice system. AB - Description: The InterCSECt Tier 1 Screening Interview (Salisbury, Dabney & Russell, 2015) was developed to identify victims of commercial sexual exploitation of children (CSEC) in the juvenile justice system. The instrument is a semi-structured interview and official file record review. It consists of 14 interview questions and 18 line items. Four interview questions assess where each youth lived, with whom, and if they currently slept there. Information obtained from these questions is used to create a dichotomous variable indicating 'living situation risk.' Two questions assess youth runaway history, and 1 question assesses if the youth had ever been in foster care. In addition, a line item completed by the interviewer indicates whether CPS/Department of Social and Human Services (DSHS) was currently involved with the youth. Four questions assess the youth’s prior contacts with law enforcement, one of which asks the cities in which the youth’s police contacts occurred. Additional line items indicate the presents of visible brands/tattoos, evidence of abuse, and any personal property items of concern. At the end of the interview, interviewers indicate the victim status of the youth. The interview was given to all youth aged 9-19 yrs entering a juvenile detention center. These Tier 1 interviews were reviewed to determine if further screening for CSEC was needed. (PsycTESTS Database Record (c) 2015 APA, all rights reserved) KW - InterCSECt Tier 1 Screening Interview KW - Commercial Sexual Exploitation Screening KW - Child Sexual Exploitation KW - Juvenile Detention KW - Victim Status KW - Living Situation Risk KW - Runaway History KW - Foster Care History KW - Test Development KW - Children KW - Adolescents U5 - InterCSECt Tier 1 Screening Interview [Test Development]Diverting victims of commercial sexual exploitation from juvenile detention: Development of the InterCSECt screening protocol. (AN: 2015-07623-009 from PsycINFO) Salisbury, Emily J.; Dabney, Jonathan D.; Russell, Kelli; Apr, 2015. Source: Journal of Interpersonal Violence. 30(7), Sage Publications, US; Apr, 2015; Administration: Electronic, Interview Age Group: Childhood (birth-12 yrs), School Age (6-12 yrs), Adulthood (18 yrs & older), Young Adulthood (18-29 yrs), Adolescence (13-17 yrs); Population: Human; Male; Female; Location: United States; Sample: 9-19 Yr Olds in Juvenile Detention Keywords: InterCSECt Tier 1 Screening Interview; Commercial Sexual Exploitation Screening; Child Sexual Exploitation; Juvenile Detention; Victim Status; Living Situation Risk; Runaway History; Foster Care History; Test Development; Children; Adolescents; Subjects: Child Abuse; Foster Care; Human Trafficking; Interviews; Legal Detention; Living Arrangements; Prostitution; Runaway Behavior; Screening; Sexual Abuse; Test Construction; Victimization; DO - 10.1037/t39911-000 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=pst&AN=9999-39911-000&site=ehost-live&scope=site UR - emily.salisbury@unlv.edu DP - EBSCOhost DB - pst ER - TY - JOUR AU - Civilize, Sireethorn AU - Wongchoti, Udomsak AU - Young, Martin T1 - Political Connection and Stock Returns: A Longitudinal Study. JO - Financial Review JF - Financial Review Y1 - 2015/01// VL - 50 IS - 1 M3 - Article SP - 89 EP - 119 PB - Wiley-Blackwell SN - 07328516 AB - A stock market should display informational efficiency and, therefore, should appropriately reflect the value of political connections, if any value exists. Using a comprehensive data set that incorporates both obvious and less obvious political connections to firms in Thailand, we provide a longitudinal study which shows that higher realized stock returns are systematically associated with political connectedness. Consistent with the view that such a relationship provides economic rents, this finding is particularly prominent in more regulated industries. The politically connected premium is higher for higher level political connections and when the political bodies hold an equity stake in the firm. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STOCKS (Finance) -- Rate of return KW - EQUITY stake KW - STOCK exchanges KW - POLITICAL science KW - CONNECTEDNESS (Mathematics) KW - G14 KW - G34 KW - political connections KW - stock returns N1 - Accession Number: 100372489; Civilize, Sireethorn 1; Wongchoti, Udomsak 2; Young, Martin 2; Affiliations: 1: The Securities and Exchange Commission of Thailand†; 2: Massey University; Issue Info: Jan2015, Vol. 50 Issue 1, p89; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: EQUITY stake; Thesaurus Term: STOCK exchanges; Subject Term: POLITICAL science; Subject Term: CONNECTEDNESS (Mathematics); Author-Supplied Keyword: G14; Author-Supplied Keyword: G34; Author-Supplied Keyword: political connections; Author-Supplied Keyword: stock returns; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 31p; Document Type: Article L3 - 10.1111/fire.12061 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=100372489&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cain, Matthew D. AU - Solomon, Steven Davidoff T1 - A Great Game: The Dynamics of State Competition and Litigation. JO - Iowa Law Review JF - Iowa Law Review Y1 - 2015/01// VL - 100 IS - 2 M3 - Article SP - 465 EP - 500 SN - 00210552 AB - We theorize a multi-dimensional picture of jurisdictional competition for corporate litigation. We test this theory by examining merger litigation in a hand-collected sample of 1117 takeovers from 2005 to 2011. We find evidence of state competition for merger litigation. Entrepreneurial plaintiffs' attorneys drive this competition by bringing suits in jurisdictions which have previously awarded more favorable judgments and higher fees and by avoiding unfavorable jurisdictions. States with an apparent interest in attracting corporate litigation respond in-kind by adjusting judgments and awards to re-attract litigation. These states award higher attorneys' fees and dismiss fewer cases when attorneys have been migrating to other jurisdictions. Our findings illuminate the dynamics and existence of jurisdictional competition for corporate litigation. [ABSTRACT FROM AUTHOR] AB - Copyright of Iowa Law Review is the property of University of Iowa, College of Law and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - COMMERCIAL law KW - ACTIONS & defenses (Law) KW - CONSOLIDATION & merger of corporations -- Law & legislation KW - CORPORATE governance -- Law & legislation KW - LAWYERS -- Fees N1 - Accession Number: 100448835; Cain, Matthew D. 1 Solomon, Steven Davidoff 2; Affiliation: 1: U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis 2: Professor of Law, University of California, Berkeley School of Law; Source Info: Jan2015, Vol. 100 Issue 2, p465; Subject Term: COMMERCIAL law; Subject Term: ACTIONS & defenses (Law); Subject Term: CONSOLIDATION & merger of corporations -- Law & legislation; Subject Term: CORPORATE governance -- Law & legislation; Subject Term: LAWYERS -- Fees; Number of Pages: 36p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=100448835&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Minhas, Imran Hussain T1 - Insights on Islamic Finance (Part - two). JO - Journal of Islamic Banking & Finance JF - Journal of Islamic Banking & Finance Y1 - 2015/01//Jan-Mar2015 VL - 32 IS - 1 M3 - Article SP - 77 EP - 81 PB - International Association of Islamic Banks SN - 18148042 AB - Riba, the major driving force and key element in conventional banking, is one of those items which have been strictly forbidden and declared as Haram in Islam. The convention banking and finance system is not meant for the Muslims and Islamic societies. Practicing riba based banking and financial system is sinful and destructive for the Muslims for which the State and its Organs are primarily responsible. It is true that the modern economies cannot survive without a sound financial system but it is not necessary that it should be based on conventional banking practices and riba. Shariah compliant solution to the riba based conventional or modern financial system is not a dream now. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Islamic Banking & Finance is the property of International Association of Islamic Banks and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCE (Islamic law) KW - INTEREST (Islamic law) KW - BANKING law & legislation (Islamic law) KW - Islamic Finance KW - Riba KW - Shariah compliant KW - Shariah principles N1 - Accession Number: 117338899; Minhas, Imran Hussain 1,2; Email Address: hussain.minhas@gmail.com; Affiliation: 1: Joint Director, Modarabas (Islamic Financial Institutions), Securities and Exchange Commission of Pakistan 2: Visiting Associate Professor, renowned University of Pakistan; Source Info: Jan-Mar2015, Vol. 32 Issue 1, p77; Subject Term: FINANCE (Islamic law); Subject Term: INTEREST (Islamic law); Subject Term: BANKING law & legislation (Islamic law); Author-Supplied Keyword: Islamic Finance; Author-Supplied Keyword: Riba; Author-Supplied Keyword: Shariah compliant; Author-Supplied Keyword: Shariah principles; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=awr&AN=117338899&site=ehost-live&scope=site DP - EBSCOhost DB - awr ER - TY - UNPB AU - Flannery, Mark J. AU - Hirtle, Beverly AU - Kovner, Anna AD - Securities and Exchange Commission AD - Federal Reserve Bank of New York AD - Federal Reserve Bank of New York T1 - Evaluating the information in the Federal Reserve stress tests PB - Federal Reserve Bank of New York, Staff Reports: 744 Y1 - 2015/// SP - 52 pages AV - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org N1 - Accession Number: 1531401; Keywords: stress test; bank capital; event study; Publication Type: Working Paper; Update Code: 201511 N2 - We find evidence that the Federal Reserve stress tests (CCAR and DFAST) produce information about the stress-tested firms as well as other, non-stress-tested banking companies. Although standard event studies do not always show abnormal returns for the stress-tested sample on average, we argue that such tests are ill-suited for this sort of information event. Using a different empirical approach, we show that around stress test announcement dates, the absolute value of the cumulative abnormal returns (|CAR|) of stress-tested bank holding companies averages almost 3 percent. Cumulative abnormal trading volumes are more than 1 percentage point higher than a market model would predict. Absolute value abnormal returns and volumes are higher for more levered and riskier firms. We explore several theoretical hypotheses outlined in Goldstein and Sapra (2014) but find no evidence of negative welfare costs associated with the disclosure of stress test results. KW - Information and Market Efficiency; Event Studies; Insider Trading G14 KW - Banks; Depository Institutions; Micro Finance Institutions; Mortgages G21 KW - Financial Institutions and Services: Government Policy and Regulation G28 L3 - http://www.newyorkfed.org/research/staff_reports/sr744.pdf UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1531401&site=ehost-live&scope=site UR - http://www.newyorkfed.org/research/staff_reports/sr744.pdf DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Dimmock, Stephen G. AU - Gerken, William C. AU - Marietta-Westberg, Jennifer T1 - What determines the allocation of managerial ownership within firms? Evidence from investment management firms. JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2015/02// VL - 30 M3 - Article SP - 44 EP - 64 SN - 09291199 AB - We show that the allocation of managerial ownership to individuals within firms varies depending upon the joint distribution of decision control and decision management rights. Using a unique dataset of institutional investment management firms, we show that ownership is higher for managers: with both executive and operational responsibilities; when benefits of cooperation are higher; and with large contributions to firm value. Consistent with career concerns, we find increases in a manager's ownership are associated with increases in unsystematic risk. Ownership dispersion within the firm is associated with the allocation of monitoring and operational roles and the potential benefits of cooperation. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - EMPLOYEE ownership KW - INDUSTRIAL management KW - INVESTMENTS KW - DECISION making in economics KW - IDIOSYNCRATIC risk (Securities) KW - FINANCIAL risk KW - Agency KW - Employee ownership KW - G2 KW - G23 KW - G3 KW - G32 KW - Incentives KW - Institutional investment managers KW - Manager ownership KW - Managerial ownership N1 - Accession Number: 101000449; Dimmock, Stephen G. 1; Email Address: dimmock@ntu.edu.sg; Gerken, William C. 2; Email Address: will.gerken@uky.edu; Marietta-Westberg, Jennifer 3; Email Address: westbergj@sec.gov; Affiliations: 1: Division of Finance and Banking, Nanyang Technological University, Singapore 639798, Singapore; 2: Gatton College of Business and Economics, University of Kentucky, 550 S. Limestone, Lexington, KY 40526, USA; 3: U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, USA; Issue Info: Feb2015, Vol. 30, p44; Thesaurus Term: EMPLOYEE ownership; Thesaurus Term: INDUSTRIAL management; Thesaurus Term: INVESTMENTS; Thesaurus Term: DECISION making in economics; Thesaurus Term: IDIOSYNCRATIC risk (Securities); Thesaurus Term: FINANCIAL risk; Author-Supplied Keyword: Agency; Author-Supplied Keyword: Employee ownership; Author-Supplied Keyword: G2; Author-Supplied Keyword: G23; Author-Supplied Keyword: G3; Author-Supplied Keyword: G32; Author-Supplied Keyword: Incentives; Author-Supplied Keyword: Institutional investment managers; Author-Supplied Keyword: Manager ownership; Author-Supplied Keyword: Managerial ownership; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 21p; Document Type: Article L3 - 10.1016/j.jcorpfin.2014.11.004 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101000449&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Francois, Patrick AU - Rainer, Ilia AU - Trebbi, Francesco T1 - How Is Power Shared in Africa? JO - Econometrica JF - Econometrica Y1 - 2015/03// VL - 83 IS - 2 M3 - Article SP - 465 EP - 503 SN - 00129682 AB - Is African politics characterized by concentrated power in the hands of a narrow group (ethnically determined) that then fluctuates from one extreme to another via frequent coups? Employing data on the ethnicity of cabinet ministers since independence, we show that African ruling coalitions are surprisingly large and that political power is allocated proportionally to population shares across ethnic groups. This holds true even restricting the analysis to the subsample of the most powerful ministerial posts. We argue that the likelihood of revolutions from outsiders and coup threats from insiders are major forces explaining allocations within these regimes. Alternative allocation mechanisms are explored. Counterfactual experiments that shed light on the role of Western policies in affecting African national coalitions and leadership group premia are performed. [ABSTRACT FROM AUTHOR] AB - Copyright of Econometrica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - RESEARCH KW - CABINET officers KW - COALITIONS KW - AFRICA -- Politics & government KW - ETHNIC groups KW - ETHNICITY KW - Africa KW - autocracy KW - economic development KW - Political institutions KW - power sharing N1 - Accession Number: 101868361; Francois, Patrick 1,2; Rainer, Ilia 3; Trebbi, Francesco 1,2,4; Affiliations: 1: Vancouver School of Economics, University of British Columbia; 2: CIFAR; 3: US Securities and Exchange Commission; 4: NBER; Issue Info: Mar2015, Vol. 83 Issue 2, p465; Thesaurus Term: RESEARCH; Thesaurus Term: CABINET officers; Thesaurus Term: COALITIONS; Subject Term: AFRICA -- Politics & government; Subject Term: ETHNIC groups; Subject Term: ETHNICITY; Author-Supplied Keyword: Africa; Author-Supplied Keyword: autocracy; Author-Supplied Keyword: economic development; Author-Supplied Keyword: Political institutions; Author-Supplied Keyword: power sharing; Number of Pages: 39p; Document Type: Article L3 - 10.3982/ECTA11237 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101868361&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Cain, Matthew D.1 AU - Macias, Antonio J.2 AU - Davidoff Solomon, Steven3 T1 - Broken Promises: The Role of Reputation in Private Equity Contracting and Strategic Default. JO - Journal of Corporation Law JF - Journal of Corporation Law J1 - Journal of Corporation Law PY - 2015///Spring2015 Y1 - 2015///Spring2015 VL - 40 IS - 3 CP - 3 M3 - Article SP - 565 EP - 598 SN - 0360795X AB - This Paper examines reputation and contract design in private equity acquisitions. We use a novel dataset of both completed and terminated private equity buyouts from 2004 through 2010. We find that private equity firms and targets rely on reputation to fill intentional contractual gaps. During the financial crisis private equity firms complete uneconomic, pre-agreed takeovers up to the point when estimated buyout losses rise to at least 7% of sponsors' fund sizes, or $200 to $400 million in nominal values. Target firms are willing to engage with defaulting private equity firms in future transactions, but they penalize these firms by demanding significantly larger contract nonperformance penalties. We conclude that both reputation and explicit contracting can play important and interrelated roles in private equity and complex business relationships generally. I will fight this until the day I die. ... Private equity firms have taken over America, and we will fight it. These guys are getting away with dishonest behavior, and I won't tolerate it. --Jon Huntsman, CEO, Huntsman Corporation 1 [ABSTRACT FROM AUTHOR] KW - Private equity -- Law & legislation KW - Contracts -- Interpretation & construction KW - Clauses (Law) KW - Private equity funds -- United States KW - Contracts -- United States N1 - Accession Number: 102952844; Authors:Cain, Matthew D. 1; Macias, Antonio J. 2; Davidoff Solomon, Steven 3; Affiliations: 1: Economic Fellow, US Securities and Exchange Commission, Division of Economic and Risk Analysis; 2: Assistant Professor of Finance, Baylor University; 3: Professor of Law, University of California, Berkeley School of Law; Subject: Private equity -- Law & legislation; Subject: Private equity funds -- United States; Subject: Contracts -- Interpretation & construction; Subject: Contracts -- United States; Subject: Clauses (Law); Number of Pages: 34p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=102952844&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Yonce, Adam AD - US Securities and Exchange Commission T1 - US Corporate Investment over the Political Cycle JO - Quarterly Journal of Finance JF - Quarterly Journal of Finance Y1 - 2015/03// VL - 5 IS - 1 SP - 1 EP - 37 SN - 20101392 N1 - Accession Number: 1514197; Keywords: Corporate Investment; Election; Firm; Firms; Government; Investment; Political; Presidential; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201508 N2 - The investment behavior of US firms exhibits systematic variation over the political cycle. After controlling for investment opportunities, US firms reduce investment expenditures approximately 2.0% during Presidential election years, 5.3% during periods of single-party government, and 8.7% during Republican presidential administrations. Neoclassical investment theory has little to say about direct links between investment and the political environment. I show that the empirical results arise naturally in a model of investment under regulatory and political uncertainty, provided that (i) regulatory policy affects the cash flows of the firm, (ii) firms have flexibility over the scale of their investments and (iii) regulatory uncertainty resolves quickly. KW - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior D72 KW - Intertemporal Firm Choice: Investment, Capacity, and Financing D92 KW - Capital Budgeting; Fixed Investment and Inventory Studies; Capacity G31 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 L3 - http://www.worldscientific.com/loi/qjf UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1514197&site=ehost-live&scope=site UR - http://www.worldscientific.com/loi/qjf DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Wallison, Peter J. AU - Gallagher, Daniel M. T1 - How Foreigners Became America's Financial Regulators. JO - Wall Street Journal - Eastern Edition JF - Wall Street Journal - Eastern Edition Y1 - 2015/03/20/ VL - 265 IS - 65 M3 - Opinion SP - A13 EP - A13 SN - 00999660 AB - The article presents insights on the declaration by the Financial Stability Board (FSB) that any financial intermediary not regulated as a bank is part of the shadow banking system and should be subject to prudential regulation, along with the impact of FSB policies on the U.S. financial system. KW - FINANCIAL institutions KW - SHADOW banking system KW - FINANCIAL Stability Board (Organization) N1 - Accession Number: 101641807; Wallison, Peter J. 1 Gallagher, Daniel M. 2; Affiliation: 1: Senior Fellow, American Enterprise Institute. 2: Commissioner, Securities and Exchange Commission.; Source Info: 3/20/2015, Vol. 265 Issue 65, pA13; Subject Term: FINANCIAL institutions; Subject Term: SHADOW banking system; Company/Entity: FINANCIAL Stability Board (Organization); NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 1/4p; Document Type: Opinion UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=101641807&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Jaffe, Jeffrey AU - Jindra, Jan AU - Pedersen, David AU - Voetmann, Torben T1 - Returns to acquirers of public and subsidiary targets. JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2015/04// VL - 31 M3 - Article SP - 246 EP - 270 SN - 09291199 AB - Prior research documents that acquirers of public targets earn zero or negative announcement period returns, while acquirers of private and subsidiary targets earn positive returns. This finding is clearly important to managers and stockholders of acquirers and targets. We employ a large sample of public and subsidiary targets to test four previously unexamined theories of the return differential: synergy, target financial liquidity, target valuation uncertainty, and target bid resistance. We find that none of the empirical measures related to these four theories explains the return differential. This is surprising, since the theories have generally found empirical support in other financial areas. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Corporate Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PUBLIC sector KW - SUBSIDIARY corporations KW - STOCKHOLDERS KW - LIQUIDITY (Economics) KW - EMPIRICAL research KW - Acquirer CAR KW - G3 KW - Public target KW - Subsidiary sale N1 - Accession Number: 101999943; Jaffe, Jeffrey 1; Email Address: jaffe@wharton.upenn.edu; Jindra, Jan 2; Email Address: jj@janjindra.com; Pedersen, David 3; Email Address: david.pedersen@rutgers.edu; Voetmann, Torben 4; Email Address: torben.voetmann@brattle.com; Affiliations: 1: Finance Department, 2317 SH/DH University of Pennsylvania, The Wharton School, University of Pennsylvania, Philadelphia, PA 19104, United States; 2: Securities and Exchange Commission, 44 Montgomery Street, San Francisco, CA 94104, United States; 3: Rutgers School of Business-Camden, Camden, NJ 08102, United States; 4: The Brattle Group, 201 Mission Street, San Francisco, CA 94105, United States; Issue Info: Apr2015, Vol. 31, p246; Thesaurus Term: PUBLIC sector; Thesaurus Term: SUBSIDIARY corporations; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: EMPIRICAL research; Author-Supplied Keyword: Acquirer CAR; Author-Supplied Keyword: G3; Author-Supplied Keyword: Public target; Author-Supplied Keyword: Subsidiary sale; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 551114 Corporate, Subsidiary, and Regional Managing Offices; Number of Pages: 25p; Document Type: Article L3 - 10.1016/j.jcorpfin.2015.02.005 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101999943&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR ID - 103756224 T1 - Diverting Victims of Commercial Sexual Exploitation From Juvenile Detention: Development of the InterCSECt Screening Protocol. AU - Salisbury, Emily J. AU - Dabney, Jonathan D. AU - Russell, Kelli Y1 - 2015/04// N1 - Accession Number: 103756224. Language: English. Entry Date: 20150213. Revision Date: 20150710. Publication Type: Journal Article; case study; research; tables/charts. Journal Subset: Peer Reviewed; Public Health; USA. Special Interest: Psychiatry/Psychology; Public Health; Social Work. Instrumentation: InterCSECt Tier Screening Interview. NLM UID: 8700910. KW - Child Abuse Survivors KW - Juvenile Delinquency KW - Health Screening KW - Questionnaires KW - Human KW - Instrument Construction KW - Instrument Validation KW - Pilot Studies KW - Male KW - Female KW - Child KW - Adolescence KW - Adult KW - Washington KW - Chi Square Test SP - 1247 EP - 1276 JO - Journal of Interpersonal Violence JF - Journal of Interpersonal Violence JA - J INTERPERS VIOLENCE VL - 30 IS - 7 CY - Thousand Oaks, California PB - Sage Publications Inc. SN - 0886-2605 AD - University of Nevada, Las Vegas, NV, USA AD - US Securities and Exchange Commission, Los Angeles, CA, USA AD - Portland State University, Portland, OR, USA U2 - PMID: 25038222. DO - 10.1177/0886260514539846 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=rzh&AN=103756224&site=ehost-live&scope=site DP - EBSCOhost DB - rzh ER - TY - JOUR ID - 2015-07623-009 AN - 2015-07623-009 AU - Salisbury, Emily J. AU - Dabney, Jonathan D. AU - Russell, Kelli T1 - Diverting victims of commercial sexual exploitation from juvenile detention: Development of the InterCSECt screening protocol. JF - Journal of Interpersonal Violence JO - Journal of Interpersonal Violence JA - J Interpers Violence Y1 - 2015/04// VL - 30 IS - 7 SP - 1247 EP - 1276 CY - US PB - Sage Publications SN - 0886-2605 SN - 1552-6518 AD - Salisbury, Emily J., Department of Criminal Justice, University of Nevada, Las Vegas, Box 455009, 4505 S. Maryland Pkwy, Las Vegas, NV, US, 89154-5009 N1 - Accession Number: 2015-07623-009. PMID: 25038222 Partial author list: First Author & Affiliation: Salisbury, Emily J.; University of Nevada, Las Vegas, NV, US. Release Date: 20150309. Correction Date: 20150615. Publication Type: Journal (0100), Peer Reviewed Journal (0110). Format Covered: Electronic. Document Type: Journal Article. Language: English. Major Descriptor: Juvenile Delinquency; Juvenile Justice; Screening. Minor Descriptor: Risk Factors. Classification: Criminal Behavior & Juvenile Delinquency (3236). Population: Human (10); Female (40). Location: US. Age Group: Childhood (birth-12 yrs) (100); School Age (6-12 yrs) (180); Adolescence (13-17 yrs) (200); Adulthood (18 yrs & older) (300); Young Adulthood (18-29 yrs) (320). Tests & Measures: InterCSECt Tier 1 Screening Interview DOI: 10.1037/t39911-000. Methodology: Empirical Study; Qualitative Study; Quantitative Study. References Available: Y. Page Count: 30. Issue Publication Date: Apr, 2015. Copyright Statement: The Author(s). 2014. AB - Identifying victims of commercial sexual exploitation in the juvenile justice system is a challenging complexity requiring concerted organizational commitment. Using a three-tiered, trauma-informed screening process, a 3½-month pilot intervention was implemented in Clark County Juvenile Court (Washington) to identify victims in an effort to connect them to community youth advocates and sexual assault resources. A total of 535 boys and girls ages 9 to 19 were screened during intake; 47 of these youth reported risk factors associated with commercial sexual exploitation of children (CSEC) and were subsequently referred to community advocates. Six youth (all girls) were confirmed CSEC victims and were successfully diverted from juvenile detention. Study results suggest that despite the lack of reliable data surrounding the prevalence of CSEC, juvenile justice agencies need to become educated on the risk factors to triage victims to services. (PsycINFO Database Record (c) 2016 APA, all rights reserved) KW - treatment/intervention KW - child abuse KW - sexual abuse KW - prostitution/sex work KW - 2015 KW - Juvenile Delinquency KW - Juvenile Justice KW - Screening KW - Risk Factors KW - 2015 DO - 10.1177/0886260514539846 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=psyh&AN=2015-07623-009&site=ehost-live&scope=site UR - emily.salisbury@unlv.edu DP - EBSCOhost DB - psyh ER - TY - JOUR AU - Jindra, Jan AU - Leshchinskii, Dima T1 - Venture Capital Valuation, Partial Adjustment, and Underpricing: Behavioral Bias or Information Production? JO - Financial Review JF - Financial Review Y1 - 2015/05// VL - 50 IS - 2 M3 - Article SP - 173 EP - 219 PB - Wiley-Blackwell SN - 07328516 AB - Using a sample of venture capital (VC)-backed initial public offerings (IPOs), we analyze the role played by perceived valuation changes on IPO underpricing. We find that perceived valuation change from the last pre-IPO VC round to the IPO affects IPO underpricing in a nonlinear way. Further analysis indicates that information-based theories, not behavioral biases, explain this nonlinearity. We also find that the previously documented partial adjustment effect and its nonlinear impact on IPO underpricing are related to the trajectory of the perceived valuation changes, which stands in stark contrast to prior evidence of the importance of behavioral biases. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - VENTURE capital KW - GOING public (Securities) KW - ANCHORING effect KW - LIMITED partnership KW - PROSPECT theory KW - anchoring KW - asymmetric information KW - D82 KW - G02 KW - G24 KW - initial public offering KW - IPO underpricing KW - prospect theory KW - ZYMOGENETICS Inc. N1 - Accession Number: 101894472; Jindra, Jan 1; Leshchinskii, Dima 2; Affiliations: 1: The U.S. Securities and Exchange Commission; 2: Menlo College; Issue Info: May2015, Vol. 50 Issue 2, p173; Thesaurus Term: VENTURE capital; Thesaurus Term: GOING public (Securities); Thesaurus Term: ANCHORING effect; Thesaurus Term: LIMITED partnership; Subject Term: PROSPECT theory; Author-Supplied Keyword: anchoring; Author-Supplied Keyword: asymmetric information; Author-Supplied Keyword: D82; Author-Supplied Keyword: G02; Author-Supplied Keyword: G24; Author-Supplied Keyword: initial public offering; Author-Supplied Keyword: IPO underpricing; Author-Supplied Keyword: prospect theory ; Company/Entity: ZYMOGENETICS Inc. DUNS Number: 017854688; Number of Pages: 47p; Illustrations: 1 Diagram, 9 Charts, 1 Graph; Document Type: Article L3 - 10.1111/fire.12064 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=101894472&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - CONF AU - Griffith, Sean1 AU - Indek, Ben A.2 AU - Gallagher Jr., Daniel M.3 T1 - THE FIFTEENTH ANNUAL A.A. SOMMER, JR. LECTURE ON CORPORATE, SECURITIES & FINANCIAL LAW AT THE FORDHAM CORPORATE LAW CENTER. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law J1 - Fordham Journal of Corporate & Financial Law PY - 2015/06// Y1 - 2015/06// VL - 20 IS - 3 CP - 3 M3 - Proceeding SP - 623 EP - 635 SN - 1532303X AB - The article discusses the highlights of the lecture delivered by Commissioner of the U.S. Securities and Exchange Commission (SEC) Daniel M. Gallagher Jr. in July 2015 during the 15th annual A. A. Sommer Jr. Lecture on Corporate, Securities and Financial Law at the Fordham Corporate Law Center in June 2015. Topics discussed include the 80th anniversary of SEC, the role of SEC in the enactment of the Dodd-Frank Act, and the challenges faced and overcame by SEC. KW - Lectures & lecturing KW - United States. Securities & Exchange Commission -- Officials & employees KW - Securities industry -- Law & legislation -- United States KW - Anniversaries KW - Gallagher, Daniel M. KW - United States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 103017092; Authors:Griffith, Sean 1; Indek, Ben A. 2; Gallagher Jr., Daniel M. 3; Affiliations: 1: Fordham University School of Law; 2: Morgan, Lewis & Bockius; 3: U.S. Securities and Exchange Commission; Subject: Lectures & lecturing; Subject: United States. Securities & Exchange Commission -- Officials & employees; Subject: Gallagher, Daniel M.; Subject: United States. Dodd-Frank Wall Street Reform & Consumer Protection Act; Subject: Securities industry -- Law & legislation -- United States; Subject: Anniversaries; Number of Pages: 13p; Record Type: Proceeding UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=103017092&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - GENG DENG AU - DULANEY, TIM AU - HUSSON, TIM AU - McCANN, CRAIG AU - YAN, MIKE T1 - Ex Post Structured-Product Returns: Index Methodology and Analysis. JO - Journal of Investing JF - Journal of Investing Y1 - 2015///Summer2015 VL - 24 IS - 2 M3 - Article SP - 45 EP - 58 PB - Euromoney Institutional Investor PLC SN - 10680896 AB - The academic and practitioner literature now includes numerous studies of the substantial issue-date mispricing of structured products, but there is no large-scale study of the ex post returns earned by structured product investors. This article augments the current literature by analyzing the ex post returns of more than 20,000 individual structured products issued by 13 brokerage firms since 2007. We construct our structured-product index and sub-indexes for reverse convertibles, single-observation reverse convertibles, tracking securities, and autocallable securities by valuing each structured product in our database each day. The ex post returns of U.S. structured products are highly correlated with the returns of large-capitalization equity markets in the aggregate, and individual structured products generally underperform simple alternative allocations to stocks and bonds. The observed underperformance of structured products is consistent with the significant issue-date underpricing documented in the literature. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Investing is the property of Euromoney Institutional Investor PLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CONVERTIBLE bonds KW - SECURITIES KW - ASSETS (Accounting) KW - STOCKS (Finance) KW - INVESTMENTS N1 - Accession Number: 103068155; GENG DENG 1; Email Address: gengdeng@slcg.com; DULANEY, TIM 2; Email Address: dulaneyt@sec.gov; HUSSON, TIM 2; Email Address: hussont@sec.gov; McCANN, CRAIG 3; Email Address: craigmccann@slcg.com; YAN, MIKE 4; Email Address: mikeyan@slcg.com; Affiliations: 1: Director of research, Securities Litigation and Consulting Group, Fairfax, VA; 2: Financial analyst, U.S. Securities and Exchange Commission, Washington, DC; 3: President, Securities Litigation and Consulting Group, Fairfax, VA; 4: Senior financial economist, Securities Litigation and Consulting Group, Fairfax, VA; Issue Info: Summer2015, Vol. 24 Issue 2, p45; Thesaurus Term: CONVERTIBLE bonds; Thesaurus Term: SECURITIES; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: STOCKS (Finance); Thesaurus Term: INVESTMENTS; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; Number of Pages: 14p; Document Type: Article; Full Text Word Count: 5991 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=103068155&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Balise, Ryan D. AU - Lundgren, Gretchen1 T1 - The Fourth Amendment's Governmental Action Requirement: The Weapon of Choice in the War Against Child Exploitation. JO - New England Journal on Criminal & Civil Confinement JF - New England Journal on Criminal & Civil Confinement J1 - New England Journal on Criminal & Civil Confinement PY - 2015///Spring2015 Y1 - 2015///Spring2015 VL - 41 IS - 2 CP - 2 M3 - Article SP - 303 EP - 323 SN - 07408994 AB - The article examine constitutional implications of actions of electronic service providers (ESPs) to voluntarily scan their customers' email transmissions and electronic storage spaces. It mentions litigation resulting from the use of automated scanning for child pornography by ESP to the government in the U.S. It also looks at law for reasonable expectation of privacy under the Fourth Amendment. KW - Searches & seizures (Law) KW - Searches & seizures of computers KW - Katz v. United States (Supreme Court case) KW - Right of privacy -- United States KW - Electronic services KW - United States. Constitution. 4th Amendment N1 - Accession Number: 102775257; Authors:Balise, Ryan D.; Lundgren, Gretchen 1; Affiliations: 1: Counsel, enforcement division, U.S. Securities and Exchange Commission; Subject: Right of privacy -- United States; Subject: United States. Constitution. 4th Amendment; Subject: Searches & seizures (Law); Subject: Searches & seizures of computers; Subject: Electronic services; Subject: Katz v. United States (Supreme Court case); Number of Pages: 21p; Court Cases: Katz v. United States; 389 U.S. at 360; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=102775257&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - John, Kose AU - Knyazeva, Anzhela AU - Knyazeva, Diana AD - NYU and Temple U AD - US Securities and Exchange Commission AD - US Securities and Exchange Commission T1 - Governance and Payout Precommitment JO - Journal of Corporate Finance JF - Journal of Corporate Finance Y1 - 2015/08// VL - 33 SP - 101 EP - 117 SN - 09291199 N1 - Accession Number: 1529509; Keywords: Dividend; Firm; Governance; Shareholder; Publication Type: Journal Article; Update Code: 201511 N2 - We examine how firms structure payout and debt commitments to address governance weaknesses. Firms with severe agency conflicts precommit through a combination of dividends and debt or through dividends rather than debt alone. Such firms also shift their shareholder payouts towards regular quarterly dividends-a stronger commitment than special dividends or repurchases. Although dividend commitments are implicit, event study evidence supports their credibility and value relevance for firms with weak governance. Despite harsher penalties, debt alone cannot replace shareholder payouts as a means of addressing managerial agency conflicts. KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Payout Policy G35 L3 - http://www.sciencedirect.com/science/journal/09291199 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1529509&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jcorpfin.2015.05.004 UR - http://www.sciencedirect.com/science/journal/09291199 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Kim, Abby AD - US Securities and Exchange Commission T1 - Does Futures Speculation Destabilize Commodity Markets? JO - Journal of Futures Markets JF - Journal of Futures Markets Y1 - 2015/08// VL - 35 IS - 8 SP - 696 EP - 714 SN - 02707314 N1 - Accession Number: 1579273; Keywords: Commodity Futures; Commodity Markets; Futures Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201607 N2 - This paper examines how increased speculator participation in the commodity futures market affects market outcomes, including trades' price impacts, price volatility, and market quality. Contrary to the popular belief that speculators are responsible for the recent commodity price fluctuation, my analysis finds no evidence that speculators destabilize the commodity spot market. Instead, speculators contribute to lower price volatility, enhanced price efficiency, and better liquidity in the commodity markets. More importantly, I show that speculators either have no effect or stabilize prices during periods of large price movement. My findings suggest speculators have had a significant and in fact positive influence on the commodity market during the recent "financialization" period, implying that restricting speculative trading in the futures market is not an efficient way to stabilize the commodity market. KW - Contingent Pricing; Futures Pricing; option pricing G13 KW - Information and Market Efficiency; Event Studies; Insider Trading G14 L3 - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1579273&site=ehost-live&scope=site UR - http://onlinelibrary.wiley.com/journal/10.1002/%28ISSN%291096-9934/issues DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Jindra, Jan AU - Moeller, Thomas T1 - TARGET FINANCIAL INDEPENDENCE AND TAKEOVER PRICING. JO - Journal of Financial Research JF - Journal of Financial Research Y1 - 2015///Fall2015 VL - 38 IS - 3 M3 - Article SP - 379 EP - 413 PB - Wiley-Blackwell SN - 02702592 AB - In a large sample of U.S. takeovers, we find that acquisitions of targets with greater financial independence are associated with higher takeover premiums and lower acquirer announcement returns. This empirical result is most consistent with targets' deriving bargaining power from their financial independence. Raising external funds is costly. Targets that do not depend on external funds do not need new external capital and have no reason to acquiesce potential takeover premium to acquirers that can provide capital. Therefore, more financially independent targets should be in stronger bargaining positions vis-à-vis potential acquirers, leading to the effect on takeover pricing that we observe. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FINANCIAL institutions KW - CONSOLIDATION & merger of corporations KW - ASSETS (Accounting) KW - INCOME KW - CASH flow KW - RATE of return N1 - Accession Number: 109307779; Jindra, Jan 1; Moeller, Thomas 2; Affiliations: 1: U.S. Securities and Exchange Commission; 2: Texas Christian University; Issue Info: Fall2015, Vol. 38 Issue 3, p379; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: CONSOLIDATION & merger of corporations; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: INCOME; Thesaurus Term: CASH flow; Thesaurus Term: RATE of return; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 35p; Illustrations: 15 Charts, 1 Graph; Document Type: Article L3 - 10.1111/jfir.12064 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=109307779&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alves, Paulo AU - Couto, Eduardo Barbosa AU - Francisco, Paulo Morais AD - ISCAL, Lisbon and Portuguese Securities and Exchange Commission AD - Technical U Lisbon AD - Technical U Lisbon T1 - Board of Directors' Composition and Capital Structure JO - Research in International Business and Finance JF - Research in International Business and Finance Y1 - 2015/09// VL - 35 SP - 1 EP - 32 SN - 02755319 N1 - Accession Number: 1521873; Keywords: Capital; Capital Structure; Earnings; Female; Financing; Firm; Firms; Gender; Publication Type: Journal Article; Update Code: 201509 N2 - The present study empirically analyses the association between board of directors' composition and capital structure. Particularly, the fraction of independent directors on the board, the fraction of female directors, the board size, and whether the chief executive officer (CEO) is also the chairman of the board are analyzed. Consistent with the pecking order theory of Myers (1984) and Myers and Majluf (1984) the results provide strong evidence that firms with a larger fraction of independent directors on the board have a capital structure composed with more external capital when compared with retained earnings; have more short term debt in relation with retained earnings; have more long term debt compared with short term debt; and have more external equity than long term debt. The results also provide some evidence that a more gender diversified board of directors and where the chairman is non-executive (i.e. the CEO is a different person from that of the chairman) can improve the board of directors' independence and efficiency and therefore lead the firm to have a capital structure composed with more long term sources of financing. KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Economics of Gender; Non-labor Discrimination J16 KW - Firm Performance: Size, Diversification, and Scope L25 L3 - http://www.sciencedirect.com/science/journal/02755319 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1521873&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.ribaf.2015.03.005 UR - http://www.sciencedirect.com/science/journal/02755319 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Guidroz, Kris Easter AU - Hamill, Brendan T1 - Hedge Fund Managers: A New Genre of Family Offices? JO - Investment Lawyer JF - Investment Lawyer Y1 - 2015/10// VL - 22 IS - 10 M3 - Article SP - 12 EP - 27 PB - Aspen Publishers Inc. SN - 10754512 AB - The article discusses the regulatory reform related to family offices managing assets and its impact from a regulatory oversight perspective in the U.S. Topics covered include the Family Offices Rule proposed in response to a Dodd-Frank Wall Street Reform and Consumer Protection Act, the development of the family offices exclusion, and the eleven separate categories of persons. KW - REGULATORY reform KW - ASSETS (Accounting) KW - MANAGEMENT KW - FAMILY offices (Investment advisors) KW - DELEGATED legislation KW - UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act N1 - Accession Number: 110011957; Guidroz, Kris Easter 1; Hamill, Brendan; Affiliations: 1: Senior Special Counsel, Office of International Affairs, US Securities and Exchange Commission (SEC or Commission); Issue Info: Oct2015, Vol. 22 Issue 10, p12; Thesaurus Term: REGULATORY reform; Thesaurus Term: ASSETS (Accounting); Thesaurus Term: MANAGEMENT; Thesaurus Term: FAMILY offices (Investment advisors); Thesaurus Term: DELEGATED legislation; Reviews & Products: UNITED States. Dodd-Frank Wall Street Reform & Consumer Protection Act; Number of Pages: 16p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110011957&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - John, Kose AU - Knyazeva, Anzhela AU - Knyazeva, Diana AD - NYU and Temple U AD - US Securities and Exchange Commission AD - US Securities and Exchange Commission T1 - Employee Rights and Acquisitions JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2015/10// VL - 118 IS - 1 SP - 49 EP - 69 SN - 0304405X N1 - Accession Number: 1529728; Keywords: Acquisition; Firm; Shareholder; Publication Type: Journal Article; Update Code: 201511 N2 - This paper examines the outcomes and characteristics of corporate acquisitions from the perspective of stakeholder-shareholder agency conflicts. Using state variation in labor protections, we find that acquirers with strong labor rights experience lower announcement returns. Combined acquirer and target announcement returns are also lower in the presence of strong labor rights. Our findings remain statistically and economically significant after we control for a range of deal, firm, industry and state characteristics and explore various channels for the labor rights effect. Overall, the evidence indicates that employee-shareholder conflicts of interest reduce shareholder gains from acquisitions. KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Labor Standards: Workers' Rights J83 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1529728&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2015.06.001 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Bulsara, Sanket J. AU - Mitchell, Nolan J. T1 - Tips for Making Objections During Closing Arguments. JO - Trial Practice JF - Trial Practice Y1 - 2015///Fall2015 VL - 30 IS - 1 M3 - Article SP - 5 EP - 9 SN - 19388942 AB - The article discusses guidelines on appropriate closing legal arguments and offers advice to decide on whether to object to an improper closing argument. Topics discussed include need to object immediately to preserve the issue of the appeal when opposing counsel crosses a line that could affect the outcome of the case of the client, importance of reading the judge and jury and avoiding technical or inconsequential objections, and ensure that objections have valid legal basis. KW - FORENSIC orations KW - SUMMATION (Law) KW - TRIAL practice KW - PRACTICE of law KW - LAWYERS KW - closing argument KW - litigation KW - objection KW - prejudice KW - rights on appeal KW - trial evidence KW - waiver N1 - Accession Number: 119228291; Bulsara, Sanket J. 1 Mitchell, Nolan J. 2; Affiliation: 1: Deputy general counsel at the Securities and Exchange Commission in Washington, D.C. 2: Counsel at Wilmer Hale in Boston, Massachusetts; Source Info: Fall2015, Vol. 30 Issue 1, p5; Subject Term: FORENSIC orations; Subject Term: SUMMATION (Law); Subject Term: TRIAL practice; Subject Term: PRACTICE of law; Subject Term: LAWYERS; Author-Supplied Keyword: closing argument; Author-Supplied Keyword: litigation; Author-Supplied Keyword: objection; Author-Supplied Keyword: prejudice; Author-Supplied Keyword: rights on appeal; Author-Supplied Keyword: trial evidence; Author-Supplied Keyword: waiver; NAICS/Industry Codes: 541110 Offices of Lawyers; Number of Pages: 5p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=119228291&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Jordan, Bradford D. AU - Riley, Timothy B. T1 - Volatility and mutual fund manager skill. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2015/11// VL - 118 IS - 2 M3 - Article SP - 289 EP - 298 SN - 0304405X AB - In a standard four-factor framework, mutual fund return volatility is a reliable, persistent, and powerful predictor of future abnormal returns. However, the abnormal returns are eliminated by the addition of a “vol” anomaly factor contrasting returns on portfolios of low and high volatility stocks. Consistent with Novy-Marx (2014) and Fama and French (2014) , the Fama and French (2015) profitability and investment factors are equally effective at eliminating the abnormal returns. Failure to account for the vol anomaly, either directly or indirectly, can lead to substantial mismeasurement of fund manager skill. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUTUAL funds KW - INCOME trusts KW - INVESTMENT products KW - FUNDS-of-funds (Investments) KW - RISK sharing KW - Anomaly KW - G11 KW - G12 KW - G14 KW - G20 KW - Market efficiency KW - Mutual funds KW - Skill KW - Volatility N1 - Accession Number: 110632058; Jordan, Bradford D. 1; Riley, Timothy B. 2; Email Address: rileytim@sec.gov; Affiliations: 1: Gatton College of Business and Economics, University of Kentucky, 550 South Limestone, Lexington, KY 40526, USA; 2: Division of Economic and Risk Analysis, US Securities and Exchange Commission, 100 F ST NE, Washington, DC 20549, USA; Issue Info: Nov2015, Vol. 118 Issue 2, p289; Thesaurus Term: MUTUAL funds; Thesaurus Term: INCOME trusts; Thesaurus Term: INVESTMENT products; Thesaurus Term: FUNDS-of-funds (Investments); Thesaurus Term: RISK sharing; Author-Supplied Keyword: Anomaly; Author-Supplied Keyword: G11; Author-Supplied Keyword: G12; Author-Supplied Keyword: G14; Author-Supplied Keyword: G20; Author-Supplied Keyword: Market efficiency; Author-Supplied Keyword: Mutual funds; Author-Supplied Keyword: Skill; Author-Supplied Keyword: Volatility; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 526915 Bond and income / dividend funds - Canadian; NAICS/Industry Codes: 526989 All other miscellaneous funds and financial vehicles; NAICS/Industry Codes: 526916 Bond and income / dividend funds - foreign; Number of Pages: 10p; Document Type: Article L3 - 10.1016/j.jfineco.2015.06.012 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=110632058&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - NEWS AU - Levitt Jr., Arthur T1 - I MISS HARVEY. JO - Columbia Law Review JF - Columbia Law Review Y1 - 2016/01// VL - 116 IS - 1 M3 - Obituary SP - 5 EP - 7 PB - Columbia Law Review SN - 00101958 AB - An obituary for Harvey Goldschmid, Professor of Law at Columbia Law School, is presented. KW - LAW teachers -- United States KW - GOLDSCHMID, Harvey J., 1940-2015 N1 - Accession Number: 112375699; Levitt Jr., Arthur 1; Affiliation: 1: Former Chairman, Securities and Exchange Commission; Source Info: Jan2016, Vol. 116 Issue 1, p5; Subject Term: LAW teachers -- United States; People: GOLDSCHMID, Harvey J., 1940-2015; Number of Pages: 3p; Document Type: Obituary UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=112375699&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - UNPB AU - Baklanova, Viktoria AU - Caglio, Cecilia AU - Keane, Frank M. AU - Porter, Burt AD - Office of Financial Research AD - Board of Governors of the Federal Reserve System AD - Federal Reserve Bank of New York AD - Securities and Exchange Commission T1 - A pilot survey of agent securities lending activity PB - Federal Reserve Bank of New York, Staff Reports: 790 Y1 - 2016/// SP - 19 pages AV - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org N1 - Accession Number: 1599440; Keywords: securities lending; repo; systemic risk; Publication Type: Working Paper; Update Code: 201610 N2 - This paper reports aggregate statistics on securities lending activity based on a recently concluded pilot data collection by staff from the Office of Financial Research (OFR), the Federal Reserve System, and staff from the Securities and Exchange Commission (SEC). In its annual reports, the Financial Stability Oversight Council identified a lack of data about securities lending activity as a priority for the Council. This pilot data collection was a step toward addressing this critical data need. The voluntary pilot collection included end-of-day loan-level data for three non-consecutive business days from seven securities lending agents. Most but not all participating lending agents were subsidiaries of banks. The dataset of 75 reporting fields provides substantial new information about securities lending activity, including information concerning securities owners, securities borrowers, attributes of securities loans, collateral management, and cash reinvestment practices. However, the pilot data collection was limited in scope and duration. Comprehensive data are still lacking. To close this data gap, a permanent collection of data covering securities lending activity is recommended by the Council. KW - General Financial Markets: General (includes Measurement and Data) G10 KW - Portfolio Choice; Investment Decisions G11 KW - Financial Institutions and Services: General G20 KW - Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors G23 L3 - https://www.newyorkfed.org/research/staff_reports/sr790.html UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1599440&site=ehost-live&scope=site UR - https://www.newyorkfed.org/research/staff_reports/sr790.html DP - EBSCOhost DB - ecn ER - TY - UNPB AU - Pinheiro, Roberto AU - Black, Jonathan AU - Nilsson, Mattias AU - da Silva, Maximiliano AD - Federal Reserve Bank of Cleveland AD - Perdue University AD - US Securities and Exchange Commission AD - Fundacao Escola de Comercio Alvares Penteado and Escola Superior de Administracao e ao T1 - Information Production, Misconduct Effort, and the Duration of Corporate Fraud PB - Federal Reserve Bank of Cleveland, Working Paper: 1613 Y1 - 2016/// SP - 89 pages AV - Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org N1 - Accession Number: 1586821; Keywords: Fraud duration; Information production; Fraud effort; Auditor reports; Hazard models; Publication Type: Working Paper; Update Code: 201608 N2 - We develop and test a model linking the duration of financial fraud to information produced by auditors and analysts and efforts by managers to conceal the fraud. Our empirical results suggest fraud termination is more likely in the quarter following the release of audited financial statements, especially when reports contain explanatory language, indicating auditors' observable signals reduce fraud duration. Analyst attention increases the likelihood of fraud termination, but the marginal effect beyond the first analyst is negative, possibly due to free riding and herding behavior impairing analysts' ability to illuminate misconduct. Finally, evidence suggests managerial concealment significantly increases fraud duration. KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Corporate Finance and Governance: Government Policy and Regulation G38 KW - Business and Securities Law K22 KW - Illegal Behavior and the Enforcement of Law K42 KW - Economics of Regulation L51 KW - Accounting M41 L3 - https://www.clevelandfed.org/newsroom-and-events/publications/working-papers/2016-working-papers/wp-1613-information-production-misconduct-effort-and-the-duration-of-fraud.aspx UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1586821&site=ehost-live&scope=site UR - https://www.clevelandfed.org/newsroom-and-events/publications/working-papers/2016-working-papers/wp-1613-information-production-misconduct-effort-and-the-duration-of-fraud.aspx DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Cain, Matthew D. AU - McKeon, Stephen B. T1 - CEO Personal Risk-Taking and Corporate Policies. JO - Journal of Financial & Quantitative Analysis JF - Journal of Financial & Quantitative Analysis Y1 - 2016/02// VL - 51 IS - 1 M3 - Article SP - 139 EP - 164 PB - Cambridge University Press SN - 00221090 AB - This study analyzes the relation between chief executive officer (CEO) personal risk-taking, corporate risk-taking, and total firm risk. We find evidence that CEOs who possess private pilot licenses (our proxy for personal risk-taking) are associated with riskier firms. Firms led by pilot CEOs have higher equity return volatility, beyond the amount explained by compensation components that financially reward risk-taking. We trace the source of the elevated firm risk to specific corporate policies, including leverage and acquisition activity. Our results suggest that nonpecuniary risk preferences revealed outside the scope of the firm have implications for project selection and various corporate policies. [ABSTRACT FROM PUBLISHER] AB - Copyright of Journal of Financial & Quantitative Analysis is the property of Cambridge University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - RISK-taking (Psychology) KW - CHIEF executive officers KW - FINANCIAL risk KW - STOCKS (Finance) -- Rate of return KW - VOLATILITY (Securities) KW - FINANCIAL leverage KW - CORPORATE governance KW - PSYCHOLOGY KW - AIR pilots' licenses N1 - Accession Number: 114485657; Cain, Matthew D. 1; McKeon, Stephen B. 2; Affiliations: 1: mdcain@outlook.com, U.S. Securities and Exchange Commission, Washington, DC 20549; 2: smckeon@uoregon.edu, University of Oregon, Lundquist College of Business, Eugene, OR 97403.; Issue Info: Feb2016, Vol. 51 Issue 1, p139; Thesaurus Term: RISK-taking (Psychology); Thesaurus Term: CHIEF executive officers; Thesaurus Term: FINANCIAL risk; Thesaurus Term: STOCKS (Finance) -- Rate of return; Thesaurus Term: VOLATILITY (Securities); Thesaurus Term: FINANCIAL leverage; Thesaurus Term: CORPORATE governance; Subject Term: PSYCHOLOGY; Subject Term: AIR pilots' licenses; Number of Pages: 26p; Document Type: Article L3 - 10.1017/S0022109016000041 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114485657&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - CAIN, MATTHEW D. AU - FISCH, JILL E. AU - GRIFFITH, SEAN J. AU - SOLOMON, STEVEN DAVIDOFF T1 - HOW CORPORATE GOVERNANCE IS MADE: THE CASE OF THE GOLDEN LEASH. JO - University of Pennsylvania Law Review JF - University of Pennsylvania Law Review Y1 - 2016/02// VL - 164 IS - 3 M3 - Article SP - 649 EP - 702 PB - University of Pennsylvania Law Review SN - 00419907 AB - This Article presents a case study of a corporate governance innovation: the incentive compensation arrangement for activist-nominated director candidates colloquially known as the "golden leash." Golden leash compensation arrangements are a potentially valuable tool for activist shareholders in election contests. In response to their use, a number of issuers adopted bylaw provisions banning incentive compensation arrangements. Investors, in turn, viewed director adoption of golden leash bylaws as problematic and successfully pressured issuers to repeal them. This study demonstrates how corporate governance provisions are developed and deployed, the sequential responses of issuers and investors, and the central role played by governance intermediaries--activist investors, institutional advisors, and corporate law firms. The golden leash also presents an opportunity to test the response of share prices to governance innovation. We conducted two cross-sectional event studies around key dates that affected the availability of the golden leash. Our core finding is that share prices of firms facing activist intervention reacted positively to events that make golden leashes more available and negatively to events that make golden leashes less available. Moreover, we found that this governance innovation did not affect every firm in an identical manner. Only the share prices of those firms most likely to be subject to activist attention experienced statistically significant share price reactions. Our research contributes to the debate over how corporate governance is made and its economic significance. Although we found that corporate governance provisions may be priced, at least in some circumstances, our study also suggests that corporate governance is a complex story involving the actions and reactions not merely of the firm and its shareholders but of a variety of intermediaries and interest groups that have agendas of their own. [ABSTRACT FROM AUTHOR] AB - Copyright of University of Pennsylvania Law Review is the property of University of Pennsylvania Law Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CORPORATE governance KW - SHAREHOLDER activism KW - BY-laws KW - CAPITALISTS & financiers KW - LAW firms N1 - Accession Number: 113855307; CAIN, MATTHEW D. 1 FISCH, JILL E. 2 GRIFFITH, SEAN J. 3 SOLOMON, STEVEN DAVIDOFF 4; Affiliation: 1: Financial Economist, U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis 2: Perry Golkin Professor of Law, University of Pennsylvania Law School 3: T.J. Maloney Chair and Professor of Law, Fordham Law School 4: Professor of Law, University of California, Berkeley School of Law; Source Info: Feb2016, Vol. 164 Issue 3, p649; Subject Term: CORPORATE governance; Subject Term: SHAREHOLDER activism; Subject Term: BY-laws; Subject Term: CAPITALISTS & financiers; Subject Term: LAW firms; NAICS/Industry Codes: 541110 Offices of Lawyers; Number of Pages: 54p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=113855307&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Gallagher, Daniel M.1 T1 - ARE WE READY FOR THE NEXT FINANCIAL CRISIS? JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law J1 - Fordham Journal of Corporate & Financial Law PY - 2016/03// Y1 - 2016/03// VL - 21 IS - 2 CP - 2 M3 - Article SP - 231 EP - 233 SN - 1532303X AB - The article announces the 20th anniversary of the symposium, hosted by the "Fordham Journal of Corporate & Financial Law." KW - Corporation law -- Congresses KW - Anniversaries N1 - Accession Number: 115060695; Authors:Gallagher, Daniel M. 1; Affiliations: 1: Former Commissioner, United States Securities and Exchange Commission; Subject: Anniversaries; Subject: Corporation law -- Congresses; Number of Pages: 3p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=115060695&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Jordan, Jon1 T1 - WORLD TOURS AND THE SUMMER OLYMPICS: RECENT PITFALLS UNDER THE FOREIGN CORRUPT PRACTICES ACT IN THE AREAS OF GIFTS, ENTERTAINMENT, AND TRAVEL. JO - Fordham Journal of Corporate & Financial Law JF - Fordham Journal of Corporate & Financial Law J1 - Fordham Journal of Corporate & Financial Law PY - 2016/03// Y1 - 2016/03// VL - 21 IS - 2 CP - 2 M3 - Article SP - 295 EP - 326 SN - 1532303X AB - In the spring of 2015, the United States Securities and Exchange Commission brought two significant Foreign Corrupt Practices Act cases involving gifts, entertainment, and travel. The SEC brought the case of In the Matter of FLIR Systems involving FCPA violations concerning the financing of a "world tour" of personal travel for government officials. The SEC then filed the case of In the Matter of BHP Billiton involving FCPA violations concerning the sponsored attendance of foreign officials at the 2008 Summer Olympics in Beijing. These landmark cases affirm previous guidance by the Securities and Exchange Commission and the United States Department of Justice that gifts, entertainment, and travel given for corrupt and improper purposes will violate the FCPA. These cases also signify active involvement by United States regulators in pursuing violations under the FCPA for improper conduct concerning hospitality. This Article will provide an outline of the FCPA and emphasize the affirmative defense for certain "reasonable and bona fide" expenditures under the statute. The Article will then look at formal and informal guidance on gifts, entertainment, and travel as these subject matters relate to the FCPA. The Article will next discuss the recent FLIR and BHP Billiton cases. Finally, the Article will discuss key takeaways glanced from these cases, and the FCPA compliance measures that should be undertaken in the areas involving gifts, entertainment, and travel. [ABSTRACT FROM AUTHOR] KW - Political corruption KW - Olympic Games KW - Hospitality industry -- United States KW - United States. Securities & Exchange Commission KW - Federal Corrupt Practices Act, 1925 N1 - Accession Number: 115060697; Authors:Jordan, Jon 1; Affiliations: 1: Senior Investigations Counsel with the Foreign Corrupt Practices Unit of the United States Securities and Exchange Commission; Subject: Olympic Games; Subject: United States. Securities & Exchange Commission; Subject: Federal Corrupt Practices Act, 1925; Subject: Political corruption; Subject: Hospitality industry -- United States; Number of Pages: 32p; Record Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=115060697&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Loon, Yee Cheng AU - Zhong, Zhaodong AD - US Securities and Exchange Commission AD - Rutgers U T1 - Does Dodd-Frank Affect OTC Transaction Costs and Liquidity? Evidence from Real-Time CDS Trade Reports JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2016/03// VL - 119 IS - 3 SP - 645 EP - 672 SN - 0304405X N1 - Accession Number: 1579228; Keywords: Derivatives; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201607 N2 - This paper examines transaction costs and liquidity in the index CDS market by matching intraday quotes to real-time trade reports made available through the Dodd-Frank reforms. We find that the average relative effective spread is 0.27% of price level or 2.73% of CDS spread. Dodd-Frank does affect transaction costs and liquidity. Liquidity improves after the commencement of public dissemination of OTC derivatives trades. Moreover, cleared trades, trades executed on exchange-like venues, end-user trades, and bespoke trades exhibit lower trading costs, price impact, and price dispersion. These findings improve our understanding of the OTC derivatives market that is undergoing fundamental changes. KW - Asset Pricing; Trading Volume; Bond Interest Rates G12 KW - Contingent Pricing; Futures Pricing; option pricing G13 KW - General Financial Markets: Government Policy and Regulation G18 KW - Financial Institutions and Services: Government Policy and Regulation G28 L3 - http://www.sciencedirect.com/science/journal/0304405X UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1579228&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.jfineco.2016.01.019 UR - http://www.sciencedirect.com/science/journal/0304405X DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Johnson, Woodrow T. AU - Poterba, James M. T1 - The effect of taxes on shareholder inflows around mutual fund distribution dates. JO - Research in Economics JF - Research in Economics Y1 - 2016/03// VL - 70 IS - 1 M3 - Article SP - 7 EP - 19 SN - 10909443 AB - Taxable investors who are considering purchasing mutual fund shares around the dates when a mutual fund is planning a taxable distribution can reduce the present discounted value of their tax liability by delaying their purchase until after the distribution date. Non-taxable shareholders, such as those who invest through IRAs and other tax-deferred accounts, face no such incentive for delaying a purchase of the fund. This paper compares daily shareholder transactions by taxable and non-taxable investors in the mutual funds of a single no-load fund complex around distribution dates. Gross inflows to taxable accounts are significantly lower in the weeks preceding distribution dates than in the weeks following them, but gross inflows to tax-deferred accounts do not change around these dates. This finding suggests that some taxable shareholders time their purchase of mutual fund shares to avoid the tax acceleration associated with distributions. Taxable shareholders who purchase shares just before distribution dates also have shorter holding periods, on average, than those who buy just after a distribution. Since the cost of the distribution-related tax acceleration for pre-distribution buyers is related to the expected holding period of the shares, this finding provides some evidence of clientele formation among the buyers of mutual fund shares. [ABSTRACT FROM AUTHOR] AB - Copyright of Research in Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - TAX returns KW - MUTUAL funds KW - TAXATION KW - STOCKHOLDERS KW - STOCK funds KW - TAX exclusions KW - PRIVATE equity funds KW - CAPITAL gains tax KW - INCOME tax deductions for taxes KW - After-tax returns KW - Capital gains taxation KW - Mutual funds KW - Taxable distributions N1 - Accession Number: 113478140; Johnson, Woodrow T. 1; Poterba, James M. 2; Email Address: poterba@mit.edu; Affiliations: 1: U.S. Securities and Exchange Commission, United States; 2: MIT and NBER, United States; Issue Info: Mar2016, Vol. 70 Issue 1, p7; Thesaurus Term: TAX returns; Thesaurus Term: MUTUAL funds; Thesaurus Term: TAXATION; Thesaurus Term: STOCKHOLDERS; Thesaurus Term: STOCK funds; Thesaurus Term: TAX exclusions; Thesaurus Term: PRIVATE equity funds; Thesaurus Term: CAPITAL gains tax; Subject Term: INCOME tax deductions for taxes; Author-Supplied Keyword: After-tax returns; Author-Supplied Keyword: Capital gains taxation; Author-Supplied Keyword: Mutual funds; Author-Supplied Keyword: Taxable distributions; NAICS/Industry Codes: 526911 Equity funds - Canadian; NAICS/Industry Codes: 526912 Equity funds - foreign; NAICS/Industry Codes: 525910 Open-End Investment Funds; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 525990 Other Financial Vehicles; Number of Pages: 13p; Document Type: Article L3 - 10.1016/j.rie.2015.10.004 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=113478140&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Boone, Audra L. AU - Floros, Ioannis V. AU - Johnson, Shane A. T1 - Redacting proprietary information at the initial public offering. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2016/04// VL - 120 IS - 1 M3 - Article SP - 102 EP - 123 SN - 0304405X AB - Nearly 40% of IPO firms redact information from their SEC registration filings. These firms exhibit characteristics consistent with the need to shield proprietary information from potential rivals. They experience greater underpricing, but pre-IPO insiders reduce underpricing-related wealth transfers by selling proportionately less of the firm's shares at the IPO, raising more equity financing in later seasoned equity offerings, and selling their own holdings at a relatively slow pace. The information environment of redacting firms reflects proportionately more private information than that of non-redacting firms post-IPO, but this difference abates by the fourth year. Consistent with the view that redacted proprietary information provides competitive advantages, redacting firms exhibit superior financial performance post-IPO. The results illustrate tradeoffs in balancing a firm's needs to protect proprietary information with its capital needs, investor needs for information to price securities, and pre-IPO owner liquidity needs. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - GOING public (Securities) KW - STOCKS (Finance) KW - CONFIDENTIAL business information KW - COMPETITION (Economics) KW - LIQUIDITY (Economics) KW - SECURITIES -- Prices KW - Disclosure KW - G24 KW - G32 KW - G34 KW - Information asymmetry KW - IPO KW - Product markets KW - Proprietary information KW - Underpricing KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 114313780; Boone, Audra L. 1; Email Address: boonea@sec.gov; Floros, Ioannis V. 2; Email Address: ivfloros@iastate.edu; Johnson, Shane A. 3; Email Address: shane@tamu.edu; Affiliations: 1: U.S. Securities and Exchange Commission, 100 F St NE, Washington, DC 20549, United States; 2: College of Business, Iowa State University, 3346 Gerdin Business Building, Ames, IA 50011, United States; 3: Mays Business School, Texas A&M University, 360 Wehner Building MS 4218, College Station, TX 77843, USA; Issue Info: Apr2016, Vol. 120 Issue 1, p102; Thesaurus Term: GOING public (Securities); Thesaurus Term: STOCKS (Finance); Thesaurus Term: CONFIDENTIAL business information; Thesaurus Term: COMPETITION (Economics); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: SECURITIES -- Prices; Author-Supplied Keyword: Disclosure; Author-Supplied Keyword: G24; Author-Supplied Keyword: G32; Author-Supplied Keyword: G34; Author-Supplied Keyword: Information asymmetry; Author-Supplied Keyword: IPO; Author-Supplied Keyword: Product markets; Author-Supplied Keyword: Proprietary information; Author-Supplied Keyword: Underpricing ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 22p; Document Type: Article L3 - 10.1016/j.jfineco.2015.06.016 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=114313780&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Hildreth, W. Bartley AU - Taylor, Christopher "Kit" AU - Kelly, Lynnette AU - Doty, Robert AU - Fleming, Rick A. T1 - The Past and Future of Municipal Securities: Fortieth Anniversary of the Municipal Securities Rulemaking Board. JO - Municipal Finance Journal JF - Municipal Finance Journal Y1 - 2016///Spring2016 VL - 37 IS - 1 M3 - Article SP - 1 EP - 23 SN - 01996134 AB - This article reviews the Municipal Securities Rulemaking board 40 years after it was created in 1975 to protect investors by promoting a fair and efficient municipal securities market The MSRb fulfills its mission by regulating the municipal securities firms, banks, and municipal advisors, and by protecting issuers, the state and local governments and other municipal entities. Part of that protection is by the disclosure of trades through the EMMA system, the official repository for information on all municipal bonds. This discussion includes two of the three executive directors of the MSRB, a longstanding observerparticipant in the market who has had various roles in the market and the investor advocate for the Securities and Exchange Commission. [ABSTRACT FROM AUTHOR] AB - Copyright of Municipal Finance Journal is the property of Civic Research Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITALISTS & financiers KW - SECURITIES markets KW - BANKING industry KW - MUNICIPAL bonds KW - MUNICIPAL Securities Rulemaking Board N1 - Accession Number: 116399351; Hildreth, W. Bartley 1; Taylor, Christopher "Kit" 2; Kelly, Lynnette 3; Doty, Robert 4; Fleming, Rick A. 5; Affiliations: 1: Professor at the Andrew Young School of Policy Studies at Georgia State University; 2: Instructor at Fixed Income Academy and a former executive director of the Municipal Securities Rulemaking Board; 3: Executive director of the MSRB; 4: President and proprietor of AGFS, a litigation consulting firm in Annapolis, Maryland; 5: Investor advocate at the U.S. Securities and Exchange Commission; Issue Info: Spring2016, Vol. 37 Issue 1, p1; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: SECURITIES markets; Thesaurus Term: BANKING industry; Thesaurus Term: MUNICIPAL bonds ; Company/Entity: MUNICIPAL Securities Rulemaking Board; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523210 Securities and Commodity Exchanges; Number of Pages: 23p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116399351&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Alves, Paulo AU - Couto, Eduardo Barbosa AU - Francisco, Paulo Morais AD - ISCAL, Lisbon and Portuguese Securities and Exchange Commission AD - Instituto Superior de Economia e Gestao, Technical U Lisbon AD - Instituto Superior de Economia e Gestao, Technical U Lisbon T1 - Executive Pay and Performance in Portuguese Listed Companies JO - Research in International Business and Finance JF - Research in International Business and Finance Y1 - 2016/05// VL - 37 SP - 184 EP - 195 SN - 02755319 N1 - Accession Number: 1591296; Keywords: CEO; Compensation; Corporate Governance; Executives; Firm; Firms; Governance; Shareholder; Geographic Descriptors: Portugal; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201609 N2 - This essay analyses the relationship between corporate governance practices and Chief Executive Officer (CEO) wages from a sample of Portuguese listed companies over the period from 2002 to 2011. The relationship between CEO total compensation and shareholders return, firm characteristics, CEO characteristics, board of directors and shareholders characteristics is analysed. It is found that firm specific factors accounts for the majority of the variance in total CEO pay, while firm performance accounts for less than 5%. It is also found that the CEO characteristics, board of directors' structures, and shareholders features are related with the CEO pay. KW - Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance G34 KW - Personnel Management; Executives; Executive Compensation M12 L3 - http://www.sciencedirect.com/science/journal/02755319 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1591296&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.ribaf.2015.11.006 UR - http://www.sciencedirect.com/science/journal/02755319 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - McGIRR, MARGARET AU - CARROLL, ROBERT S. AU - McGRANE, JACQUELINE RENEE AU - MERCK, WILHELM MORGAN AU - ECONOMOS, ANDREA AU - CERESNEY, ANDREW J. AU - LEWIS, DORI AU - HSU, CAROLINE AU - KATZ, BEN Z. AU - DAVIS, DEDRAIN T1 - LETTERS. JO - New York Times JF - New York Times Y1 - 2016/05/06/ VL - 165 IS - 57224 M3 - Letter to the Editor SP - A24 EP - A24 SN - 03624331 AB - Several letters to the editor are presented in response to articles in 2016 issues including "Trump in Charge, Republicans Have Day of Reckoning" in the May 5 issue, "The Bipartisan Call for Privacy in the Cloud" in the April 30 issue, and "How to Get Brutal Guards Out of the Jails" in the May 2. KW - PRISONS KW - UNITED States KW - TRUMP, Donald, 1946- KW - ELECTRONIC Communications Privacy Act of 1986 (U.S.) N1 - Accession Number: 115164342; McGIRR, MARGARET CARROLL, ROBERT S. McGRANE, JACQUELINE RENEE MERCK, WILHELM MORGAN ECONOMOS, ANDREA CERESNEY, ANDREW J. 1 LEWIS, DORI 2 HSU, CAROLINE 2 KATZ, BEN Z. DAVIS, DEDRAIN; Affiliation: 1: Director, Division of Enforcement, Securities and Exchange Commission, Washington. 2: Supervising attorney and staff attorney for the Prisoners’ Rights Project at the Legal Aid Society.; Source Info: 5/6/2016, Vol. 165 Issue 57224, pA24; Subject Term: PRISONS; Subject Term: UNITED States; Reviews & Products: ELECTRONIC Communications Privacy Act of 1986 (U.S.); People: TRUMP, Donald, 1946-; Number of Pages: 1/3p; Document Type: Letter to the Editor UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=115164342&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - NEWS AU - White, Mary Jo T1 - Don’t Slap Cuffs on The S.E.C. JO - New York Times JF - New York Times Y1 - 2016/05/13/ VL - 165 IS - 57231 M3 - Editorial SP - A27 EP - A27 SN - 03624331 AB - The author discusses the impact of the proposed House Resolution 699 (H.R. 699) of the U.S. House of Representative on the investigation of the Securities and Exchange Commission on cases related to securities fraud. KW - SECURITIES fraud -- Lawsuits & claims KW - UNITED States. Securities & Exchange Commission KW - UNITED States. Congress. House N1 - Accession Number: 115304465; White, Mary Jo 1,2; Affiliation: 1: Chairwoman of the Securities and Exchange Commission. 2: Former United States attorney for the Southern District of New York.,; Source Info: 5/13/2016, Vol. 165 Issue 57231, pA27; Subject Term: SECURITIES fraud -- Lawsuits & claims; Company/Entity: UNITED States. Securities & Exchange Commission Company/Entity: UNITED States. Congress. House; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 1/5p; Document Type: Editorial UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=115304465&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Karagiannidis, Iordanis AU - Vozlyublennaia, Nadia T1 - Limits to mutual funds' ability to rely on mean/variance optimization. JO - Journal of Empirical Finance JF - Journal of Empirical Finance Y1 - 2016/06// VL - 37 M3 - Article SP - 282 EP - 292 SN - 09275398 AB - Our evidence suggests that estimation error in the required statistics is an important factor inhibiting investors' ability to rely on mean/variance analysis. We compare the returns reported by mutual funds to the returns obtained from a mean/variance optimized portfolio of fund holdings. The results suggest that funds tend to outperform the optimized portfolio out-of-sample (when means/variances/covariances are unknown), but under-perform in-sample (when the required statistics in the optimization are known). Therefore, a popular assumption in asset pricing models that investors rely on a basic mean/variance analysis with known underlying statistics is likely to be grossly violated in the case of mutual funds. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Empirical Finance is the property of Elsevier Science and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - MUTUAL funds KW - ANALYSIS of variance KW - MATHEMATICAL optimization KW - INVESTMENTS KW - CAPITALISTS & financiers KW - ASSETS (Accounting) KW - Estimation risk KW - G10 KW - G11 KW - G23 KW - Mutual funds KW - Portfolio optimization N1 - Accession Number: 115677532; Karagiannidis, Iordanis 1; Email Address: iordanis@citadel.edu; Vozlyublennaia, Nadia 2; Email Address: vozlyublennaian@sec.gov; Affiliations: 1: School of Business, The Citadel, 171 Moultrie Street, Charleston, SC 29409-6190, United States; 2: U.S. Securities and Exchange Commission, Division of Economic and Risk Analysis, 100 F Street N.E., Washington D.C. 20549, United States; Issue Info: Jun2016, Vol. 37, p282; Thesaurus Term: MUTUAL funds; Thesaurus Term: ANALYSIS of variance; Thesaurus Term: MATHEMATICAL optimization; Thesaurus Term: INVESTMENTS; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ASSETS (Accounting); Author-Supplied Keyword: Estimation risk; Author-Supplied Keyword: G10; Author-Supplied Keyword: G11; Author-Supplied Keyword: G23; Author-Supplied Keyword: Mutual funds; Author-Supplied Keyword: Portfolio optimization; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 525990 Other Financial Vehicles; NAICS/Industry Codes: 523990 All other financial investment activities; NAICS/Industry Codes: 523920 Portfolio Management; NAICS/Industry Codes: 522299 All other non-depository credit intermediation; NAICS/Industry Codes: 525910 Open-End Investment Funds; Number of Pages: 11p; Document Type: Article L3 - 10.1016/j.jempfin.2016.01.008 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115677532&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Flannery, Mark J. AD - U FL and US Securities and Exchange Commission T1 - Stabilizing Large Financial Institutions with Contingent Capital Certificates JO - Quarterly Journal of Finance JF - Quarterly Journal of Finance Y1 - 2016/06// VL - 6 IS - 2 SP - 1 EP - 26 SN - 20101392 N1 - Accession Number: 1579944; Keywords: Bank; Capital; Financial Crisis; Financial Institution; Firm; Shareholder; Shares; Standard; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201607 N2 - The 2008-2009 financial crisis clearly indicated that government regulators are reluctant to let a large financial institution fail. In order to minimize the transfer of future losses to taxpayers or to solvent banks, we need a system for assuring that large institutions continuously maintain sufficient capital. For a variety of reasons, supervisors find it difficult to require institutions to sell new shares after they have suffered losses. This paper describes and evaluates a proposed security that converts from debt to equity automatically when the issuer's equity ratio falls too low. "Contingent capital certificates" (CCCs) can greatly reduce the probability that a large financial firm will suffer losses in excess of its common equity, and will provide market discipline by forcing shareholders to internalize more of their assets' poor outcomes. The proposed reliance on equity's market value to trigger conversion creates some problems, which must be compared to the shortcomings of our current application of capital adequacy standards. KW - Financial Crises G01 KW - Banks; Depository Institutions; Micro Finance Institutions; Mortgages G21 KW - Financial Institutions and Services: Government Policy and Regulation G28 KW - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill G32 KW - Economics of Regulation L51 L3 - http://www.worldscientific.com/loi/qjf UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1579944&site=ehost-live&scope=site UR - http://www.worldscientific.com/loi/qjf DP - EBSCOhost DB - ecn ER - TY - JOUR AU - Neururer, Thaddeus AU - Papadakis, George AU - Riedl, Edward T1 - Tests of investor learning models using earnings innovations and implied volatilities. JO - Review of Accounting Studies JF - Review of Accounting Studies Y1 - 2016/06// VL - 21 IS - 2 M3 - Article SP - 400 EP - 437 SN - 13806653 AB - This paper investigates alternative models of learning to explain changes in uncertainty surrounding earnings innovations. As a proxy for investor uncertainty, we use model-free implied volatilities; as a proxy for earnings innovations, representing signals of firm performance likely to drive investor perceptions of uncertainty, we use quarterly unexpected earnings benchmarked to the consensus forecast. We document that uncertainty declines on average after the release of quarterly earnings announcements and this decline is attenuated by the magnitude of the earnings innovation. This latter result is consistent with models that incorporate signal magnitude as a factor driving changes in uncertainty. Most important, we document that signals deviating sufficiently from expectations lead to net increases in uncertainty. Critically, this result suggests that models allowing for posterior variance to be greater than prior variance even after signal revelation [e.g., regime shifts in Pastor and Veronesi (Annu Rev Financ Econ 1:361-381, )] better describe how investors incorporate new information. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Accounting Studies is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - INDIVIDUAL investors KW - INNOVATIONS in business KW - VOLATILITY (Finance) KW - CORPORATE profits KW - BENCHMARKING (Management) KW - Bayesian learning KW - Earnings innovations KW - G13 KW - G14 KW - Implied volatilities KW - M41 KW - Regime shifts KW - Uncertainty N1 - Accession Number: 115160202; Neururer, Thaddeus 1; Papadakis, George 2; Riedl, Edward 1; Email Address: eriedl@bu.edu; Affiliations: 1: Boston University, 595 Commonwealth Avenue Boston 02215 USA; 2: U.S. Securities and Exchange Commission, Washington USA; Issue Info: Jun2016, Vol. 21 Issue 2, p400; Thesaurus Term: INDIVIDUAL investors; Thesaurus Term: INNOVATIONS in business; Thesaurus Term: VOLATILITY (Finance); Thesaurus Term: CORPORATE profits; Thesaurus Term: BENCHMARKING (Management); Author-Supplied Keyword: Bayesian learning; Author-Supplied Keyword: Earnings innovations; Author-Supplied Keyword: G13; Author-Supplied Keyword: G14; Author-Supplied Keyword: Implied volatilities; Author-Supplied Keyword: M41; Author-Supplied Keyword: Regime shifts; Author-Supplied Keyword: Uncertainty; NAICS/Industry Codes: 523910 Miscellaneous Intermediation; Number of Pages: 38p; Illustrations: 1 Diagram, 7 Charts, 1 Graph; Document Type: Article L3 - 10.1007/s11142-015-9348-5 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115160202&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Blacksmith, Nikki AU - Fleisher, Matthew S. AU - Ferro, Gonzalo T1 - PTCMW's Graduate Student Consulting Challenge: Developing the Next Generation of I-O Psychologists. JO - TIP: The Industrial-Organizational Psychologist JF - TIP: The Industrial-Organizational Psychologist Y1 - 2016///Summer2016 VL - 54 IS - 1 M3 - Article SP - 1 EP - 6 SN - 07391110 AB - The article focuses on consulting challenge opportunity for industrial and organizational (I-O) psychology graduate students by the Personnel Testing Council of Metropolitan Washington (PTCMW) to advance students through networking opportunities and professional growth. KW - INDUSTRIAL psychology KW - CAREER development N1 - Accession Number: 117540626; Blacksmith, Nikki 1 Fleisher, Matthew S. 2 Ferro, Gonzalo 3; Affiliation: 1: The George Washington University 2: FTI Consulting 3: U.S. Securities and Exchange Commission; Source Info: Summer2016, Vol. 54 Issue 1, p1; Subject Term: INDUSTRIAL psychology; Subject Term: CAREER development; NAICS/Industry Codes: 624310 Vocational Rehabilitation Services; NAICS/Industry Codes: 611430 Professional and Management Development Training; Number of Pages: 6p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=117540626&site=ehost-live&scope=site DP - EBSCOhost DB - aph ER - TY - JOUR AU - Black, Jonathan AU - Nilsson, Mattias AU - Pinheiro, Roberto AU - da Silva, Maximiliano T1 - Information Production, Misconduct Effort, and the Duration of Corporate Fraud. JO - Working Paper Series (Federal Reserve Bank of Cleveland) JF - Working Paper Series (Federal Reserve Bank of Cleveland) Y1 - 2016/06//6/1/2016 VL - 16 IS - 13/14 M3 - Article SP - 1 EP - 59 AB - We develop and test a model linking the duration of financial fraud to information produced by auditors and analysts and efforts by managers to conceal the fraud. Our empirical results suggest fraud termination is more likely in the quarter following the release of audited financial statements, especially when reports contain explanatory language, indicating auditors' observable signals reduce fraud duration. Analyst attention increases the likelihood of fraud termination, but the marginal effect beyond the first analyst is negative, possibly due to free riding and herding behavior impairing analysts' ability to illuminate misconduct. Finally, evidence suggests managerial concealment significantly increases fraud duration. [ABSTRACT FROM AUTHOR] AB - Copyright of Working Paper Series (Federal Reserve Bank of Cleveland) is the property of Federal Reserve Bank of Cleveland and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - FRAUD KW - MISCONDUCT in office KW - BUSINESS analysts KW - FINANCIAL statements KW - PROFESSIONAL employees KW - CONCEALMENT (Criminal law) KW - Auditor reports KW - Fraud duration KW - Fraud effort KW - Hazard models KW - Information production N1 - Accession Number: 118301628; Black, Jonathan 1; Email Address: black100@purdue.edu; Nilsson, Mattias 2; Email Address: nilssonl@sec.gov; Pinheiro, Roberto 3; Email Address: roberto.pinheiro@clev.frb.org; da Silva, Maximiliano 4; Email Address: mbs@usp.br; Affiliations: 1: Purdue University; 2: US Securities and Exchange Commission; 3: Federal Reserve Bank of Cleveland; 4: Fundação Escola de Comércio Álvares Penteado and Escola Superior de Administração e Gestão; Issue Info: 6/1/2016, Vol. 16 Issue 13/14, preceding p1; Thesaurus Term: FRAUD; Thesaurus Term: MISCONDUCT in office; Thesaurus Term: BUSINESS analysts; Thesaurus Term: FINANCIAL statements; Thesaurus Term: PROFESSIONAL employees; Subject Term: CONCEALMENT (Criminal law); Author-Supplied Keyword: Auditor reports; Author-Supplied Keyword: Fraud duration; Author-Supplied Keyword: Fraud effort; Author-Supplied Keyword: Hazard models; Author-Supplied Keyword: Information production; Number of Pages: 87p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118301628&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Getmansky, Mila AU - Girardi, Giulio AU - Lewis, Craig T1 - Interconnectedness in the CDS Market. JO - Financial Analysts Journal JF - Financial Analysts Journal Y1 - 2016/07//Jul/Aug2016 VL - 72 IS - 4 M3 - Article SP - 62 EP - 82 PB - CFA Institute SN - 0015198X AB - Concentrated risks in the market for credit default swaps (CDSs) are widely considered to have contributed significantly to the 2007-08 financial crisis. We examine the structure of the CDS market using a networkbased approach that allows us to capture the interconnectedness between dealers and nondealers of CDS contracts. We find a high degree of interconnectivity among major market participants. Our work helps assess the stability of the CDS market and the potential contagion among market participants. Our findings are of practical importance because even after central clearing becomes mandatory, counterparty risk will remain a relevant systemic consideration owing to the long-term nature of CDS contracts. [ABSTRACT FROM AUTHOR] AB - Copyright of Financial Analysts Journal is the property of CFA Institute and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CREDIT default swaps KW - MARKET exposure (Investments) KW - INVESTMENT risk KW - INVESTMENTS KW - ELECTRONIC trading of securities N1 - Accession Number: 116925094; Getmansky, Mila 1; Girardi, Giulio 2; Lewis, Craig 3,4; Affiliations: 1: Associate professor of finance at the Isenberg School of Management, University of Massachusetts, Amherst; 2: Financial economist at the US Securities and Exchange Commission, Washington, DC; 3: Madison S. WiggintonProfessor of Finance at the Owen Graduate School of Management, Vanderbilt University; 4: Professor of law at Vanderbilt University Law School, Nashville, Tennessee; Issue Info: Jul/Aug2016, Vol. 72 Issue 4, p62; Thesaurus Term: CREDIT default swaps; Thesaurus Term: MARKET exposure (Investments); Thesaurus Term: INVESTMENT risk; Thesaurus Term: INVESTMENTS; Thesaurus Term: ELECTRONIC trading of securities; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; Number of Pages: 21p; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116925094&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Liebmann, Michael AU - Orlov, Alexei G. AU - Neumann, Dirk T1 - The tone of financial news and the perceptions of stock and CDS traders. JO - International Review of Financial Analysis JF - International Review of Financial Analysis Y1 - 2016/07// VL - 46 M3 - Article SP - 159 EP - 175 SN - 10575219 AB - This paper applies novel sentiment analyses to Reuters news to study stock and CDS traders' differential interpretations of financial news. We construct sentiment measures to identify which news content influences investors' behavior and create dynamic word lists that reflect the divergent viewpoints of CDS and equity investors. We find that (1) equity and CDS traders focus on different content within the same news; (2) traders particularly disagree with respect to news concerning debt topics, especially regarding M&A activity; (3) the Great Recession impacted debt news content and altered the typical inverse relationship between equity and CDS markets on news days. [ABSTRACT FROM AUTHOR] AB - Copyright of International Review of Financial Analysis is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - BUSINESS journalism KW - CERTIFICATES of deposit KW - CAPITALISTS & financiers KW - ECONOMIC activity KW - ECONOMIC development KW - Financial news KW - G12 KW - G14 KW - Investor perception KW - News anticipation KW - News content analysis KW - Post-announcement drift KW - Semi-strong market efficiency KW - Sentiment analysis KW - The Great Recession N1 - Accession Number: 116406201; Liebmann, Michael 1; Email Address: michael.liebmann@bain.com; Orlov, Alexei G. 2; Email Address: orlova@sec.gov; Neumann, Dirk 3; Email Address: dirk.neumann@is.uni-freiburg.de; Affiliations: 1: Bain & Company Germany, Karlsrplatz 1, 80799 Munich, Germany; 2: U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549, USA; 3: Department of Information Systems, Albert Ludwigs Universität Freiburg, Germany; Issue Info: Jul2016, Vol. 46, p159; Thesaurus Term: BUSINESS journalism; Thesaurus Term: CERTIFICATES of deposit; Thesaurus Term: CAPITALISTS & financiers; Thesaurus Term: ECONOMIC activity; Thesaurus Term: ECONOMIC development; Author-Supplied Keyword: Financial news; Author-Supplied Keyword: G12; Author-Supplied Keyword: G14; Author-Supplied Keyword: Investor perception; Author-Supplied Keyword: News anticipation; Author-Supplied Keyword: News content analysis; Author-Supplied Keyword: Post-announcement drift; Author-Supplied Keyword: Semi-strong market efficiency; Author-Supplied Keyword: Sentiment analysis; Author-Supplied Keyword: The Great Recession; Number of Pages: 17p; Document Type: Article L3 - 10.1016/j.irfa.2016.05.001 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=116406201&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Chacko, George AU - Das, Sanjiv AU - Fan, Rong T1 - An index-based measure of liquidity. JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2016/07// VL - 68 M3 - Article SP - 162 EP - 178 SN - 03784266 AB - The liquidity shocks of ’08–’09 revealed that measures of liquidity risk being used in most financial institutions turned out to be woefully inadequate. The construction of long-short portfolios based on liquidity proxies introduces errors such as extraneous risk factors and hedging error. We develop a new measure for liquidity risk using exchange-traded funds (ETFs) that attempts to minimize this error. We form a theoretically-supported measure that is long ETFs and short the underlying components of that ETF, i.e., long and short a similar set of underlying securities with the same weights. Pricing discrepancies between the long and short positions are driven by liquidity differences between the ETF and its underlying components. Constructing liquidity risk factors in a number of markets, we undertake several tests to validate our new liquidity metric. The results show that our illiquidity measure is strongly related to other measures of illiquidity, explains bond index returns, and reveals a systematic illiquidity component across fixed-income markets. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - LIQUIDITY (Economics) KW - FINANCIAL risk management KW - INVESTMENTS KW - FINANCIAL institutions KW - HEDGING (Finance) KW - ETFs KW - G10 KW - G12 KW - Immediacy KW - Liquidity N1 - Accession Number: 115552089; Chacko, George 1; Das, Sanjiv 1; Email Address: srdas@scu.edu; Fan, Rong 2; Affiliations: 1: Santa Clara University, United States; 2: Securities and Exchange Commission, United States 1 The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author’s colleagues upon the staff of the Commission. 1; Issue Info: Jul2016, Vol. 68, p162; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: FINANCIAL risk management; Thesaurus Term: INVESTMENTS; Thesaurus Term: FINANCIAL institutions; Thesaurus Term: HEDGING (Finance); Author-Supplied Keyword: ETFs; Author-Supplied Keyword: G10; Author-Supplied Keyword: G12; Author-Supplied Keyword: Immediacy; Author-Supplied Keyword: Liquidity; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 523930 Investment Advice; NAICS/Industry Codes: 523999 Miscellaneous Financial Investment Activities; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; Number of Pages: 17p; Document Type: Article L3 - 10.1016/j.jbankfin.2016.03.012 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115552089&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Bessembinder, Hendrik AU - Carrion, Allen AU - Tuttle, Laura AU - Venkataraman, Kumar T1 - Liquidity, resiliency and market quality around predictable trades: Theory and evidence. JO - Journal of Financial Economics JF - Journal of Financial Economics Y1 - 2016/07// VL - 121 IS - 1 M3 - Article SP - 142 EP - 166 SN - 0304405X AB - We extend the theory of strategic trading around a predictable liquidation by considering the role of market resiliency. Our model predicts that even a monopolist strategic trader improves market quality and increases liquidator proceeds if trades’ temporary price impacts are quickly reversed, and that competition among strategic traders strictly improves market quality. We provide related empirical evidence by studying prices, liquidity, and individual account trading activity around the large and predictable “roll” trades undertaken by a large exchange-traded fund (ETF). The evidence indicates narrower bid-ask spreads, greater order book depth, and improved resiliency on roll dates. We find that a larger number of individual trading accounts provide liquidity on roll dates, and do not find evidence of the systematic use of predatory strategies. On balance, the theory and evidence imply that traders supply liquidity to rather than exploit predictable trades in resilient markets. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Economics is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - LIQUIDITY (Economics) KW - MARKETING research KW - STOCKS (Finance) KW - FLOOR traders (Finance) KW - PRICES KW - EXCHANGE traded funds KW - Commodity trading KW - ETFs KW - G13 KW - G14 KW - G23 KW - Predatory trading KW - Resiliency KW - Sunshine trading KW - Trading costs N1 - Accession Number: 115595499; Bessembinder, Hendrik 1; Email Address: Hendrik.Bessembinder@asu.edu; Carrion, Allen 2; Tuttle, Laura 3; Venkataraman, Kumar 4; Affiliations: 1: W.P. Carey School of Business, Arizona State University, 400 E. Lemon Street (BAC 501), Tempe, AZ 85287, USA; 2: David Eccles School of Business, University of Utah and Lehigh University College of Business Economics, 1655 East Campus Center Drive, Salt Lake City, UT 84112-9301, USA; 3: U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-4990, USA; 4: Edwin L. Cox School of Business, Southern Methodist University, 6212 Bishop Blvd, Dallas, TX 75275, USA; Issue Info: Jul2016, Vol. 121 Issue 1, p142; Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: MARKETING research; Thesaurus Term: STOCKS (Finance); Thesaurus Term: FLOOR traders (Finance); Thesaurus Term: PRICES; Thesaurus Term: EXCHANGE traded funds; Author-Supplied Keyword: Commodity trading; Author-Supplied Keyword: ETFs; Author-Supplied Keyword: G13; Author-Supplied Keyword: G14; Author-Supplied Keyword: G23; Author-Supplied Keyword: Predatory trading; Author-Supplied Keyword: Resiliency; Author-Supplied Keyword: Sunshine trading; Author-Supplied Keyword: Trading costs; NAICS/Industry Codes: 523110 Investment Banking and Securities Dealing; NAICS/Industry Codes: 523120 Securities Brokerage; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 541910 Marketing Research and Public Opinion Polling; Number of Pages: 25p; Document Type: Article L3 - 10.1016/j.jfineco.2016.02.011 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=115595499&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Kim, Abby Y. AU - Tse, Yiuman AU - Wald, John K. AD - US Securities and Exchange Commission AD - U MO, St Louis AD - U TX, San Antonio T1 - Time Series Momentum and Volatility Scaling JO - Journal of Financial Markets JF - Journal of Financial Markets Y1 - 2016/09// VL - 30 SP - 103 EP - 124 SN - 13864181 N1 - Accession Number: 1590505; Keywords: Asset Allocation; Portfolio; Publication Type: Journal Article; Update Code: 201609 N2 - Moskowitz, Ooi, and Pedersen (2012) show that time series momentum delivers a large and significant alpha for a diversified portfolio of international futures contracts. We find that their results are largely driven by volatility-scaling returns (or the so-called risk parity approach to asset allocation) rather than by time series momentum. Without scaling by volatility, time series momentum and a buy-and-hold strategy offer similar cumulative returns, and their alphas are not significantly different. This similarity holds for most sectors and for a combined portfolio of futures contracts. Cross-sectional momentum also offers a higher (similar) alpha than unscaled (scaled) time series momentum. KW - Portfolio Choice; Investment Decisions G11 KW - Contingent Pricing; Futures Pricing; option pricing G13 KW - International Financial Markets G15 L3 - http://www.sciencedirect.com/science/journal/13864181 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=ecn&AN=1590505&site=ehost-live&scope=site UR - http://dx.doi.org/10.1016/j.finmar.2016.05.003 UR - http://www.sciencedirect.com/science/journal/13864181 DP - EBSCOhost DB - ecn ER - TY - JOUR AU - WHITE, MARY JO T1 - Board Diversity Is The Right Thing to Do. JO - American Banker Magazine JF - American Banker Magazine Y1 - 2016/10// VL - 126 IS - 10 M3 - Article SP - 120 EP - 120 PB - SourceMedia, Inc. SN - 21623198 AB - In the article, the author discusses the effectiveness of diversity in leadership in achieving high-quality decision-making and generating the best solutions and ideas. She cites as examples her own experiences as chairperson of the U.S. Attorney General's Advisory Committee. Also cited are the studies showing that a diverse company board members resulted in better financial results for firms, and their efforts at the U.S. Securities and Exchange Commission (SEC) to promote diversity. KW - LEADERSHIP KW - DECISION making KW - WOMEN leaders KW - DIVERSITY in organizations KW - UNITED States. Securities & Exchange Commission N1 - Accession Number: 118547734; WHITE, MARY JO 1; Affiliations: 1: Chair, Securities and Exchange Commission; Issue Info: Oct2016, Vol. 126 Issue 10, p120; Thesaurus Term: LEADERSHIP; Thesaurus Term: DECISION making; Thesaurus Term: WOMEN leaders; Subject Term: DIVERSITY in organizations ; Company/Entity: UNITED States. Securities & Exchange Commission; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; Number of Pages: 1p; Document Type: Article; Full Text Word Count: 757 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=118547734&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Rosati, Carla L.1,2 T1 - Welcome to the Virtual Museum and Archive of the History of Financial Regulation. JO - Federal Lawyer JF - Federal Lawyer J1 - Federal Lawyer PY - 2016/12// Y1 - 2016/12// VL - 63 IS - 10 CP - 10 M3 - Web Site Review SP - 12 EP - 15 SN - 1080675X AB - The article reviews the web site virtual museum, located at www.sechistorical.org, for providing archive of the history of financial regulation. KW - Finance -- Computer network resources KW - Virtual museums N1 - Accession Number: 121208026; Authors:Rosati, Carla L. 1,2; Affiliations: 1: Founding executive director of the Securities and Exchange Commission Historical Society.; 2: Founder of the virtual museum and archive of the history of financial regulation.; Subject: Finance -- Computer network resources; Subject: Virtual museums; Number of Pages: 4p; Record Type: Web Site Review UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=lft&AN=121208026&site=ehost-live&scope=site DP - EBSCOhost DB - lft ER - TY - JOUR AU - Flannery, Mark AU - Hirtle, Beverly AU - Kovner, Anna T1 - Evaluating the information in the federal reserve stress tests. JO - Journal of Financial Intermediation JF - Journal of Financial Intermediation Y1 - 2017/01// VL - 29 M3 - Article SP - 1 EP - 18 SN - 10429573 AB - We present evidence that the Federal Reserve stress tests produce information about both the stress-tested bank holding companies and the overall state of the banking industry. Our evidence goes beyond a standard event study, which cannot differentiate between small abnormal returns and large, but opposite-signed, abnormal stock returns. We find that stress test disclosures are associated with significantly higher absolute abnormal returns, as well as higher abnormal trading volume. More levered and riskier holding companies seem to be more affected by the stress test information. We find no evidence that stress test disclosures have reduced the production of private information. After disclosure begins, stress tested firms attract equity analysts without changing analysts’ forecast dispersions or their mean forecast error. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Financial Intermediation is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - STRESS tests (Finance) KW - FEDERAL Reserve banks KW - FINANCIAL crises KW - BANK holding companies KW - DISCLOSURE in accounting KW - Banking KW - Disclosure KW - Financial crises KW - Information asymmetry KW - Stress testing N1 - Accession Number: 120776724; Flannery, Mark 1; Hirtle, Beverly 2; Kovner, Anna 2; Email Address: akovner@yahoo.com; Affiliations: 1: Securities and Exchange Commission and the University of Florida, United States; 2: Federal Reserve Bank of New York, United States; Issue Info: Jan2017, Vol. 29, p1; Thesaurus Term: STRESS tests (Finance); Thesaurus Term: FEDERAL Reserve banks; Thesaurus Term: FINANCIAL crises; Thesaurus Term: BANK holding companies; Thesaurus Term: DISCLOSURE in accounting; Author-Supplied Keyword: Banking; Author-Supplied Keyword: Disclosure; Author-Supplied Keyword: Financial crises; Author-Supplied Keyword: Information asymmetry; Author-Supplied Keyword: Stress testing; NAICS/Industry Codes: 551113 Holding companies; NAICS/Industry Codes: 551111 Offices of Bank Holding Companies; NAICS/Industry Codes: 521110 Monetary Authorities-Central Bank; Number of Pages: 18p; Document Type: Article L3 - 10.1016/j.jfi.2016.08.001 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120776724&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - KO, K. JEREMY AU - WILLIAMS, JARED T1 - The Effects of Regulating Hidden Add-On Costs. JO - Journal of Money, Credit & Banking (Wiley-Blackwell) JF - Journal of Money, Credit & Banking (Wiley-Blackwell) Y1 - 2017/02// VL - 49 IS - 1 M3 - Article SP - 39 EP - 74 SN - 00222879 AB - We examine the welfare effects of price and disclosure regulation in a model where firms can shroud add-on costs, such as penalty fees for consumer financial products. Such regulation can increase or decrease welfare even when there are no direct costs. There are, however, strong complementarities between price controls and disclosure mandates: conditional on disclosure being mandated, price controls always (weakly) increase welfare, and conditional on prices being sufficiently constrained, disclosure mandates always (weakly) increase welfare. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Money, Credit & Banking (Wiley-Blackwell) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - PRICES -- Government policy KW - DISCLOSURE of information KW - GOVERNMENT policy KW - ADMINISTRATIVE fees KW - DIRECT costing KW - PRICE regulation KW - FINANCE KW - CONSUMER finance companies KW - HOUSEHOLDS KW - add-on pricing KW - disclosure KW - household finance KW - regulation KW - shrouding N1 - Accession Number: 121086777; KO, K. JEREMY 1; Email Address: kok@sec.gov; WILLIAMS, JARED 2; Email Address: jwilliams25@usf.edu; Affiliations: 1: Division of Risk, Strategy, and Financial Innovation at the Securities and Exchange Commission, Washington, DC.; 2: Department of Finance, Muma College of Business, University of South Florida.; Issue Info: Feb2017, Vol. 49 Issue 1, p39; Thesaurus Term: PRICES -- Government policy; Thesaurus Term: DISCLOSURE of information; Thesaurus Term: GOVERNMENT policy; Thesaurus Term: ADMINISTRATIVE fees; Thesaurus Term: DIRECT costing; Thesaurus Term: PRICE regulation; Thesaurus Term: FINANCE; Thesaurus Term: CONSUMER finance companies; Subject Term: HOUSEHOLDS; Author-Supplied Keyword: add-on pricing; Author-Supplied Keyword: disclosure; Author-Supplied Keyword: household finance; Author-Supplied Keyword: regulation; Author-Supplied Keyword: shrouding; NAICS/Industry Codes: 522291 Consumer Lending; NAICS/Industry Codes: 926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors; NAICS/Industry Codes: 814110 Private Households; Number of Pages: 36p; Illustrations: 1 Diagram, 4 Charts; Document Type: Article UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121086777&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Helwege, Jean AU - Boyson, Nicole M. AU - Jindra, Jan T1 - Thawing frozen capital markets and backdoor bailouts: Evidence from the Fed's liquidity programs. JO - Journal of Banking & Finance JF - Journal of Banking & Finance Y1 - 2017/03// VL - 76 M3 - Article SP - 92 EP - 119 SN - 03784266 AB - During the subprime crisis, the Federal Reserve introduced several emergency liquidity programs as supplements to the discount window (DW): TAF, PDCF, and TSLF. Using data on loans to large commercial banks and primary dealers, we find that the programs were used by relatively few institutions and thus provided limited relief to banks that relied on short-term debt markets. Although usage increased after Lehman's bankruptcy, most commercial banks avoided the DW and TAF. We also find that the programs were more often used by failed European banks than by healthy US banks, likely because these loans are expensive relative to private market funds. Our results also show that usage of PDCF and TSLF programs, while higher, was more often used by primary dealers in weaker financial position. [ABSTRACT FROM AUTHOR] AB - Copyright of Journal of Banking & Finance is the property of Elsevier Science Publishing Company, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - CAPITAL market KW - BAILOUTS (Finance) KW - LIQUIDITY (Economics) KW - BANKING industry KW - LOANS KW - Bailout KW - Crisis KW - Discount window KW - Federal reserve KW - Liqudity KW - PDCF KW - TAF KW - TSLF N1 - Accession Number: 120925871; Helwege, Jean 1; Email Address: jean.helwege@ucr.edu; Boyson, Nicole M. 2; Email Address: n.boyson@neu.edu; Jindra, Jan 3; Email Address: jj@janjindra.com; Affiliations: 1: University of California,Riverside, CA92508, USA; 2: Northeastern University, Boston, MA02186, USA; 3: Securities and Exchange Commission, 44 Montgomery Street, San Francisco, CA94104, USA; Issue Info: Mar2017, Vol. 76, p92; Thesaurus Term: CAPITAL market; Thesaurus Term: BAILOUTS (Finance); Thesaurus Term: LIQUIDITY (Economics); Thesaurus Term: BANKING industry; Thesaurus Term: LOANS; Author-Supplied Keyword: Bailout; Author-Supplied Keyword: Crisis; Author-Supplied Keyword: Discount window; Author-Supplied Keyword: Federal reserve; Author-Supplied Keyword: Liqudity; Author-Supplied Keyword: PDCF; Author-Supplied Keyword: TAF; Author-Supplied Keyword: TSLF; NAICS/Industry Codes: 522190 Other Depository Credit Intermediation; NAICS/Industry Codes: 522120 Savings Institutions; NAICS/Industry Codes: 522111 Personal and commercial banking industry; NAICS/Industry Codes: 522110 Commercial Banking; NAICS/Industry Codes: 522320 Financial Transactions Processing, Reserve, and Clearinghouse Activities; NAICS/Industry Codes: 522321 Central credit unions; NAICS/Industry Codes: 522291 Consumer Lending; Number of Pages: 28p; Document Type: Article L3 - 10.1016/j.jbankfin.2016.11.019 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=120925871&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER - TY - JOUR AU - Compton, Ying AU - Gore, Angela AU - Kulp, Susan T1 - Compensation design and political risk: the case of city managers. JO - Review of Accounting Studies JF - Review of Accounting Studies Y1 - 2017/03// VL - 22 IS - 1 M3 - Article SP - 109 EP - 140 SN - 13806653 AB - Although theory suggests its importance, empirical evidence on the relation between exogenous termination risk and contracted compensation packages is limited. This study takes a different approach by exploring determinants of contracted annual compensation and severance packages for city managers. Results indicate that managers exposed to greater exogenous political risk- i.e., those employed by municipalities where voters are more likely to recall elected officials-are 6 %-11 % more likely to receive severance, and receive, on average, 12 %-24 % more severance pay, but do not receive more annual compensation. Additional analyses suggest that the relation between contracted municipal severance and political risk primarily exists in states without restrictions on voters' ability to file recalls and in municipalities with strong public sector unions. Findings also suggest that municipalities with greater expected agency problems between managers and citizens offer significantly more contracted annual compensation and severance pay. [ABSTRACT FROM AUTHOR] AB - Copyright of Review of Accounting Studies is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) KW - WAGES KW - DISCHARGE of contracts KW - SEVERANCE pay KW - POLITICAL risk (Foreign investments) KW - CITY managers KW - City managers KW - Efficient contracting KW - M00 KW - M1 KW - M4 KW - M48 KW - M52 KW - Political risk KW - Rent extraction KW - Severance pay N1 - Accession Number: 121469654; Compton, Ying 1; Email Address: comptony@sec.gov; Gore, Angela 2; Email Address: agore@gwu.edu; Kulp, Susan 2; Email Address: skulp@gwu.edu; Affiliations: 1: U.S. Securities and Exchange Commission , 100 F Street, NE Washington 20549 USA; 2: School of Business , The George Washington University , 2201 G Street NW, suite 601 Washington 20052 USA; Issue Info: Mar2017, Vol. 22 Issue 1, p109; Thesaurus Term: WAGES; Thesaurus Term: DISCHARGE of contracts; Thesaurus Term: SEVERANCE pay; Subject Term: POLITICAL risk (Foreign investments); Subject Term: CITY managers; Author-Supplied Keyword: City managers; Author-Supplied Keyword: Efficient contracting; Author-Supplied Keyword: M00; Author-Supplied Keyword: M1; Author-Supplied Keyword: M4; Author-Supplied Keyword: M48; Author-Supplied Keyword: M52; Author-Supplied Keyword: Political risk; Author-Supplied Keyword: Rent extraction; Author-Supplied Keyword: Severance pay; NAICS/Industry Codes: 921110 Executive Offices; Number of Pages: 32p; Illustrations: 6 Charts; Document Type: Article L3 - 10.1007/s11142-016-9379-6 UR - https://auth.lib.unc.edu/ezproxy_auth.php?url=http://search.ebscohost.com/login.aspx?direct=true&db=buh&AN=121469654&site=ehost-live&scope=site DP - EBSCOhost DB - buh ER -