Financial Theory and Corporate Policy.

Mayston, David; Copeland, Thomas E.; Weston, J. Fred

doi:10.2307/2232461

Cited by 48 publications

(79 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…De la Torre and Schmukler (2005) analyze the role of systemic risk in credit contracts and show that the terms of loan contracts-particularly duration, currency of denomination, and jurisdiction-are adapted so as to cope with systemic risk.30 Compare discussion in any standard finance textbook, such asCopeland, Weston and Shastri (2005).…”

mentioning

confidence: 99%

The Basic Analytics Of Access To Financial Services

Beck¹,

Torre²

2006

Policy Research Working Papers

131

124

View full text Add to dashboard Cite

Access to financial services, or rather the lack thereof, is often indiscriminately decried as problem in many developing countries. This paper argues that the "problem of access" should rather be analyzed by identifying different demand and supply constraints. We use the concept of an access possibilities frontier, drawn for a given set of state variables, to distinguish between cases where a financial system settles below the constrained optimum, cases where this constrained optimum is too low, and-in credit services-cases where the observed outcome is excessively high. We distinguish between payment and savings services and fixed intermediation costs, on the one hand, and lending services and different sources of credit risk, on the other hand. We include both supply and demand side frictions that can lead to lower access. The analysis helps identify bankable and banked population, the binding constraint to close the gap between the two, and policies to prudently expand the bankable population. This new conceptual framework can inform the debate on adequate policies to expand access to financial services and can serve as basis for an informed measurement of access.

show abstract

mentioning

confidence: 99%

The Basic Analytics Of Access To Financial Services

Beck¹,

Torre²

2006

Policy Research Working Papers

131

124

View full text Add to dashboard Cite

show abstract

“…More specifically, investment theory states that leisure time (tourism consumption) has a cost called opportunity cost that reflects the additional future discretionary income earned by giving up today's leisure time to save money. In other words, a consumer's income allocation between savings and tourism consumption is maximized at the point where the tradeoff between savings and tourism consumption is equal to the interest rate (Copeland et al, 2005). On the other hand, this paper criticizes the investment theory considering that tourism consumption constitutes only a small portion of family budgets.…”

Section: Theoretical Implicationsmentioning

confidence: 99%

“…This indicates that the consumer's tradeoff between present and future tourism consumption is determined by changes in opportunity cost (interest rate). More specifically, a consumer's income allocation between savings and tourism consumption is maximized at the point where the tradeoff between savings and tourism consumption is equal to the interest rate (Copeland et al, 2005). In other words, a consumer prefers to consume tourism over to save unless the interest rate would have increased to levels that make the utility of savings higher than its counterpart of tourism consumption.…”

Section: Introductionmentioning

confidence: 99%

Impact of sentiment and monetary policy on Mexican tourism stock returns: the domestic and US role

Irani

Hadood

Katırcıoğlu

2022

JHTI

View full text Add to dashboard Cite

PurposeThis paper focuses on the role of sentiment and monetary policy (both domestic and the United States (US)) in explaining the changes in the Mexican tourism firms' stock returns for the period 1998M03–2019M12.Design/methodology/approachThe authors conducted the ordinary least square regression estimations using various models to investigate the impact of sentiment and monetary policy changes on tourism firms' stock returns. Furthermore, to provide a robust check, the authors run all regression models based on the capital asset pricing model by regressing the excess returns of tourism firms' stocks on all independent variables.FindingsEmpirical findings reveal that the changes in Mexican consumer sentiment have a stronger positive effect on tourism firms' stock returns than Mexican business sentiment changes. However, the US consumer and business sentiment are irrelevant to tourism firms' stock returns. Moreover, this study’s results indicate that changes in the US interest rates positively influence tourism firms' stock returns. This study’s findings show that as the monetary divergence between Mexico and the US (differential real interest rates) widens, the lower is the tourism firms' stock returns.Originality/valueThis study is the first to extend the prior studies by examining the effects of sentiment and monetary policy (both domestic and US role) on Mexican tourism stock return.

show abstract

“…The superior knowledge possessed by managers regarding companies' prospects is often the source of information asymmetry. The uninformed group tends to be the company's investors (Copeland et al, 2005). This resulting power imbalance may affect the transactions concerned, leading to, at worst, and market failure.…”

Section: Theoretical Reviewmentioning

confidence: 99%

Ownership Concentration and Earnings Management of Listed Manufacturing Firms in Nigeria: Audit Committee Financial Expertise

Irom¹,

Okpanachi²,

Ahmed³

et al. 2023

IJBMR

View full text Add to dashboard Cite

Significant corporate shareholders can exert undue pressure on managers to enhance earnings in order to increase corporate value, and that as a result of this undue pressure, managers to resort to earnings management practice in the corporations they manage. This study examined the moderating role of audit committee expertise on the relationship between ownership concentration and real-earnings management in Nigeria. The independent variable (ownership concentration) was measured as shareholders who have more than 5% equity stake in a company, and real-earnings management was measured using the Roychowdhury approach. Audit committee financial expertise which is the moderator, was measured in binary form, 1 if at least one member of the committee has accounting experience, and 0 otherwise. This paper used a sample of 34 manufacturing companies listed on the Nigerian Exchange (NGX) over a period of 15 years from 2007 to 2021. Data was collected from the annual financial reports of the sampled companies. Descriptive statistics, Pearson correlation and Quantile regression was employed for data analysis and the findings show OWNCON has a positive and insignificant effect on REM. However, when audit committee financial expertise was used as a moderator, the effect of ownership concentration on the real- earnings management of listed manufacturing companies in Nigeria became statistically significant. Based on the findings, the study recommends that manufacturing companies should have more concentrated owners because the higher the concentration the less tendency of REM of listed manufacturing companies in Nigeria.

show abstract

Financial Theory and Corporate Policy.

Cited by 48 publications

References 0 publications

The Basic Analytics Of Access To Financial Services

The Basic Analytics Of Access To Financial Services

Impact of sentiment and monetary policy on Mexican tourism stock returns: the domestic and US role

Ownership Concentration and Earnings Management of Listed Manufacturing Firms in Nigeria: Audit Committee Financial Expertise

Contact Info

Product

Resources

About