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RISS 인기검색어
- 검색키워드
- 저자 : Peter Cashel-Cordo (검색결과 4 건)
- 무료
- 기관 내 무료
- 유료
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Measuring the Financial Health of U.S. Bankruptcy Filers: An Application of Financial Epidemiology
Donald D Hackney,Peter Cashel Cordo,Dan Friesner,Matthew Q McPherson People&Global Business Association 2013 Global Business and Finance Review Vol.18 No.1
The recent economic recession has impacted the finances of many U.S. households. A portion of these households eventually become insolvent and are forced to file for bankruptcy protection. Given the potentially large re-distribution of wealth that occurs in the bankruptcy process, it is important to understand the factors that lead to bankruptcy in order to mitigate unintended consequences. To do so, one must first identify a simple but comprehensive measure of a household's financial distress, or put differently, its "financial health". This paper postulates that a household's financial health can be measured using the concept of a casemix index; a metric currently used to assess the "sickness" (or the average severity of illnesses) of patient loads treated by hospitals. As an empirical illustration, we apply this casemix to a random sample of bankruptcy filers in Eastern Washington in 2007 and 2009 and assess whether specific types of bankruptcy filers have lower or higher levels of financial health. We find that financial health varies systematically by the county of residence. However, there are no significance differences in financial health based on the chapter of the U.S. Bankruptcy code under which the bankruptcy is filed.
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Corporate Leverage Strategy in an Emerging Market
Byung S. Min,Peter Cashel-Cordo,Jong C. Rhim People&Global Business Association 2015 Global Business and Finance Review Vol.20 No.2
This study empirically investigates whether the introduction of a new corporate governance system in the Korean economy (where controlling shareholders dominate business groups and corporate-bank relationships are prominent) affects corporate leverage strategies. We find evidence suggesting that improved corporate governance, measured by appointments of outside directors and controlling shareholder’s ownership, constrains corporate borrowing. Chaebol firms, on average, have higher levels of borrowing than stand-alone firms. However, the largest chaebols, who are heavily involved in multinational ventures, showed the opposite trend, ostensibly due to more diversified business opportunities and sources of financing available in international markets. This suggests that government policies designed to improved corporate governance among “average” chaebols may be ineffective (or only partially effective), because such policies do not account the heterogeneity that exists across chaebols. Lastly, we find that intragroup transactions among affiliates increase corporate borrowing, but they are not consistently related to chaebol borrowing as a whole.
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IS EXPORT-LED INDUSTRIAL DEVELOPMENT A VIABLE POLICY? SOME EMPIRICAL EVIDENCE
Sudesh Mujumdar,Jeffrey A Mills,Peter Cashel Cordo People&Global Business Association 2005 Global Business and Finance Review Vol.10 No.1
This paper re-examines the time-series evidence on the relationship between exports and industrial development for eight newly-industrialized economies in light of recent breakthroughs in time-series analysis. Specifically, the investigation employs the time-series procedure of Toda and Yamamoto (1995) where many shortcomings of the traditional approaches (e.g., the Vector-Error-Correction approach) are overcome. The investigation reveals that for all but one of the economies where a policy of export-led growth was explicitly adopted, there is evidence indicating that current increases in exports produce future increases in industrial output. Such evidence is not found for the economies where the policy was not explicitly adopted. This suggests that for a country without an explicit strategy of export-expansion, it appears unlikely that export-expansion will spontaneously stimulate industrial development.
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The Effectiveness of a Predictor-corrector Technique in European Currency Option Valuation
Sangwoo Heo,Jinsuk Yang,SeungCheol Lim,Peter Cashel-Cordo 사람과세계경영학회 2019 Global Business and Finance Review Vol.24 No.4
In this work, we adopt a predictor-corrector technique to examine the accuracy of the Fractional Black-Scholes (FBS) model. Compared to the standard Black-Scholes (B-S) model, FBS model involves one additional parameter, a Hurst value (H) providing information whether the time series exhibits persistent or anti-persistent behavior. The FBS model, as a result, has been shown to provide more accurate predictions of option price [Heo et al. (2017) and reference therein]. Estimation accuracy of volatility and H values are key to better option price estimates. However, volatility and Hurst values are unknown prior to the closing time; consequently, the estimation of option prices relies heavily on the accuracy of volatilities and Hurst parameter estimation. In this study we compare option price estimation accuracy using three variations of calculating H values, and two volatility measures. We estimate two H values using historic data using one-month data (21 trading days) and three-month data (63 trading days), respectively, and by using predicted volatility estimates obtained using a binomial method, as a predictor and then used them to estimate implied H values. We subsequently correct the predicted volatility measure using the implied H value, the predictor-corrector technique. We investigate the accuracy of these FBS models and examine effectiveness of this predictor-corrector technique using Euro currency option (XDE) data traded in NASDAQ from November 2007 to June 2016.
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