Finance - Research Publications
Permanent URI for this collection
Search Results
1 - 7 of 7
-
ItemTHE POWER OF RESILIENCE(WILEY, 2017-06)
-
ItemAdditional Solar System Gravitational Anomalies(MDPI, 2021-09)This article is motivated by uncertainty in experimental determinations of the gravitational constant, G, and numerous anomalies of up to 0.5 percent in Newtonian gravitational force on bodies within the solar system. The analysis sheds new light through six natural experiments within the solar system, which draw on published reports and astrophysical databases, and involve laboratory determinations of G, orbital dynamics of the planets and the moons of Earth and Mars, and non-gravitational acceleration (NGA) of ‘Oumuamua and comets. In each case, values are known for all variables in Newton’s Law F=G·M·mR2, except for the gravitational constant, G. Analyses determine the gravitational constant’s observed value, G^, which—across the six settings—varies with the mass of the smaller, moving body, m, so that G^=G×0.998+0.00016×lnm. While further work is required, this examination shows a scale-related Newtonian gravity effect at scales from benchtop to Solar System, which contributes to the understanding of symmetry in gravity and has possible implications for Newton’s Laws, dark matter, and formation of structure in the universe.
-
ItemThe 'Oumuamua Encounter: How Modern Cosmology Handled Its First Black Swan(MDPI, 2021-03-01)The first macroscopic object observed to have come from outside the solar system slipped back out of sight in early 2018. 1I/2017 U1 ‘Oumuamua offered a unique opportunity to test understanding of gravity, planetary formation and galactic structure against a true outlier, and astronomical teams from around the globe rushed to study it. Observations lasted several months and generated a tsunami of scientific (and popular) literature. The brief window available to study ‘Oumuamua created crisis-like conditions, and this paper makes a comparative study of techniques used by cosmologists against those used by financial economists in qualitatively similar situations where data conflict with the current paradigm. Analyses of ‘Oumuamua were marked by adherence to existing paradigms and techniques and by confidence in results from self and others. Some, though, over-reached by turning uncertain findings into graphic, detailed depictions of ‘Oumuamua and making unsubstantiated suggestions, including that it was an alien investigator. Using a specific instance to test cosmology’s research strategy against approaches used by economics researchers in comparable circumstances is an example of reverse econophysics that highlights the benefits of an extra-disciplinary lens.
-
ItemExplaining mutual fund behavior through the structure-conduct-performance lens(WILEY, 2023-07)Abstract This paper examines mutual funds. These are economically important as the largest institutional investors, and form an important principal‐agent relationship as custodians of retirement savings. Despite a huge literature, there is no agreed explanation of mutual fund behavior. This analysis links mutual fund research across disciplines under the structure‐conduct‐performance paradigm (SCP), which is widely used in strategy research to explain firm actions and results. SCP explains mutual fund actions after placing the fund manager at the center of fund operations, where their conduct is driven by structure of markets and the funds management industry. Structural influences on fund managers include unpredictability of markets, the oligopolistic nature of the mutual fund industry, and disengagement of clients. As a result, funds derive income as commission on assets under management, which is sub‐optimal for clients. In addition, fund managers' conduct is driven by their homogeneity and socialization with competitors and investee firms. While the most obvious role of fund managers is construction of investment portfolios, outperformance is not their sole, or perhaps even principal, objective. The SCP lens offers insights into mutual funds of value to fund managers, investors, regulators and executives of investee firms. This paper impounds evidence from real‐world data in theory to offer an actor‐centric perspective of investment which is an archetypal practitioner driven discipline.
-
ItemManagerial perspectives on corporate finance decisions(Accounting and Finance Association of Australia and New Zealand, 2008)
-
ItemMeasurement of insider trading in wagering markets(Informa UK Limited, 2007-03-01)
-
ItemNarratives in managers' corporate finance decisions(WILEY, 2010-09)Abstract This article uses the extended case method to explore senior executives’ corporate finance decisions. We quantified firm’s finance practices using a mail survey, and then – to resolve puzzles in managers’ decision processes – conducted face‐to‐face interviews with chief finance officers of large listed firms. The interviews identified six themes as consistent influences on finance decisions: pressures imposed by clienteles; constraints on resources; risk management; heuristics; real options; and sustainability. We conclude that managers are logical and rational in their decisions, but employ a wider range of criteria than assumed in conventional finance theories.