Browsing by Author "Lin, Jane-Raung"

Now showing 1 - 4 of 4

Financial constraint and the choice between leasing and debt
(2013-06-01)
Lin, Jane-Raung
;
Wang, Chia-Jane
;
Chou, De-Wei
;
Chueh, Fei-Chun
;
資訊管理與財務金融系註：原資管所+財金所
Earlier studies suggest that companies use debt and leases interchangeably as the alternative external financing choice. We provide evidence that firms are not indifferent between debt and leases and the lease versus debt decision depends on the extent to which firms are financially constrained. For the most constrained firms leasing (debt) is negatively (positively) related to internal funds and for the less constrained firms the results are just the opposite. Our findings support the hypothesis that constrained firms tend to choose leasing over debt financing. The results are robust to various estimation methods that control for endogeneity and panel dynamics. (C) 2012 Elsevier Inc. All rights reserved.
The determinants of interest margins and their effect on bank diversification: Evidence from Asian banks
(2012-04-01)
Lin, Jane-Raung
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Chung, Huimin
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Hsieh, Ming-Hsiang
;
Wu, Soushan
;
資訊管理與財務金融系註：原資管所+財金所
An endogenous switching regression model is employed for this study, categorizing the banks into regimes of high and low degrees of diversification, with our results indicating that net interest margins can be less sensitive to fluctuations in bank risk factors for functionally diversified banks as compared to more specialized banks. In turn, this implies that by diversifying their income sources, these banks can reduce the shocks to net interest margins arising from idiosyncratic risk. Our results show that prior findings can hold when the banks are located in a regime with a low degree of diversification. (C) 2011 Elsevier B.V. All rights reserved.
The role of corporate governance in forecasting bankruptcy: Pre- and post-SOX enactment
(2016-01-01)
Chan, Chia-Ying
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Chou, De-Wai
;
Lin, Jane-Raung
;
Liu, Feng-Ying
;
資訊管理與財務金融系註：原資管所+財金所
This paper contributes to the literature by documenting the improved performance of bankruptcy prediction models after including corporate governance variables. The empirical results demonstrate better predictive power for financial bankruptcy than previous bankruptcy prediction models, particularly in the post SOX period. Our theoretical argument emphasizes the urgent need for such improvements to the bankruptcy prediction model following the introduction of the SOX Act, with the empirical results providing intuitive economic meaning for all relevant market participants. Policymakers may consider enacting laws to include designs for corporate governance monitoring mechanisms, entrepreneurs may use this model to improve their own governance structures and compensation mechanisms to avoid financial bankruptcy, and investors may refer to it to ensure that \'losers\' are excluded from their investment portfolios. (C) 2015 Elsevier Inc. All rights reserved.
The role of corporate governance in forecasting bankruptcy: Pre- and post-SOX enactment
(2016-01)
Chan, Chia-Ying
;
Chou, De-Wai
;
Lin, Jane-Raung
;
Liu, Feng-Ying
;
資訊管理與財務金融系註：原資管所+財金所
This paper contributes to the literature by documenting the improved performance of bankruptcy prediction models after including corporate governance variables. The empirical results demonstrate better predictive power for financial bankruptcy than previous bankruptcy prediction models, particularly in the post SOX period. Our theoretical argument emphasizes the urgent need for such improvements to the bankruptcy prediction model following the introduction of the SOX Act, with the empirical results providing intuitive economic meaning for all relevant market participants. Policymakers may consider enacting laws to include designs for corporate governance monitoring mechanisms, entrepreneurs may use this model to improve their own governance structures and compensation mechanisms to avoid financial bankruptcy, and investors may refer to it to ensure that \'losers\' are excluded from their investment portfolios. (C) 2015 Elsevier Inc. All rights reserved.