SUSTAINABLE EQUILIBRIUM IN A STOCK MARKET: AGENT-BASED MODELING WITH EVOLUTIONARY GAME THEORY APPLIED TO TRADERS
Tugba Karabiyik Sam Houston State University Orhan Akal Florida State University Elvan Aktas Valdosta State University ABSTRACT This study employs an Agent-Based Model with Evolutionary Game Theory. First, we utilize a stock market simulation with four heterogeneous trader types: Momentum, contrarian, long term and speculative. They have deterministic decision rules, and they are given realistic […]
THE IMPACT OF CORPORATE GOVERNANCE MECHANISMS ON THE DIVIDEND POLICY OF CANADIAN FIRMS: EMPIRICAL STUDY
Fodil Adjaoud University of Ottawa Nadia Hermassi University Elmanar of Tunis ABSTRACT This study investigates the impact of corporate governance mechanisms (board composition, board independence and CEO duality) on the dividend policy of Canadian firms listed on the Toronto Stock Exchange over the period 2008-2011. Within agency theory, corporate governance mechanisms align managers’ interests with […]
CAPITAL STRUCTURE AND FIRM VALUE: THEORY AND FURTHER EMPIRICAL EVIDENCE FROM NIGERIA
Chinedu B. Ezirim Ucheoma I. Ezirim University of Port Harcourt, Nigeria Austin A. Momodu Rivers State University of Science and Technology, Nigeria ABSTRACT The study empirically extends the investigation of the effects of leverage on the value of firms listed on the Nigeria Stock Exchange. Econometric modeling and estimations were done using the generalized linear […]
THE EFFECTS OF NEGATIVE INTEREST RATES ON THE LIFE INSURANCE FINANCIALS
Michael R. Santos John C. Urbanski Sonoma State University, Rohnert Park, California Vincent Richman Sonoma State University, Rohnert Park, California Dalhousie University, Halifax, Canada ABSTRACT Extremely low or negative interest yields of fixed-income securities present significant hazards for life insurance firms. To address stringent regulations, life insurance firms invest a significant proportion of the security […]
CULTURAL IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON THE COMPARABILITY OF FINANCIAL STATEMENTS
Cassandra L. Ward S. Keith Lowe Jacksonville State University ABSTRACT Due to globalization and expanding international business, it has become necessary for companies in various countries to communicate through a universal language of accounting. International Financial Reporting Standards (IFRS) were developed and issued to serve as a uniform set of accounting standards. A proposed advantage […]
EFFECTIVE INCOME TAX RATES BY STRUCTURAL MODELS OF BANKRUPTCY
Dan Han University of North Carolina at Charlotte Howard Qi Michigan Technological University Yan Alice Xie University of Michigan at Dearborn ABSTRACT The taxation treatment of corporations has been one of the central issues regarding firm valuation. The statutory income tax rates differ significantly by states. The system of tax codes is further complicated by […]
FIRM SIZE, INDUSTRY TYPE AND INTERNAL AUDIT OUTSOURCING IN NIGERIA: EVIDENCE FROM SMEs
Enyinna Okpara Wellspring University Benin City Chinedu B. Ezirim University of Port Harcourt, Port Harcourt Umaru Mohammed Nigerian Army Signal Corp Headquarters, Lagos ABSTRACT This study investigates the relationships between the industry and firm specific factors on the decision to outsource internal audit functions by small and medium scale enterprises in Nigeria. The study’s design […]
THE IMPACT OF FINANCIAL EDUCATION ON FINANCIAL LITERACY AND SPENDING HABITS
Joseph Farinella Julia Bland Josep Franco University of North Carolina Wilmington ABSTRACT Most governments are concerned about improving financial literacy. Providing a course on money management to high school students should be an effective method to improve financial literacy. In this study, we examine the relationship between high school student’s financial literacy, social equality and […]
