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Int. J. Financial Stud., Volume 3, Issue 1 (March 2015) – 5 articles , Pages 1-74

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Article
Effects of Family Ownership, Debt and Board Composition on Mexican Firms Performance
Int. J. Financial Stud. 2015, 3(1), 56-74; https://doi.org/10.3390/ijfs3010056 - 19 Mar 2015
Cited by 10 | Viewed by 4104
Abstract
This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership [...] Read more.
This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in emerging countries. The results confirm the positive association between family ownership concentration and performance, calculated by Tobin’s Q, showing how the participation of inside shareholders on the board and a low debt level contribute to higher performance. However, the association of these variables with performance shows a contrasting effect in the case of family as compared to non-family businesses. The particular corporate legal context in Mexico could be highlighted as one of the main reasons for these results. Full article
(This article belongs to the Special Issue Performance and Behavior of Family Firms)
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Article
Modern and Traditional Methods for Measuring Money Supply: The Case of Saudi Arabia
Int. J. Financial Stud. 2015, 3(1), 49-55; https://doi.org/10.3390/ijfs3010049 - 25 Feb 2015
Cited by 6 | Viewed by 3375
Abstract
This paper compares the “simple-sum” monetary aggregates (M1 and M2) published by the Saudi Arabian Monetary Agency (SAMA) with the new monetary aggregates (D1 and D2)—known as the Divisia monetary indexes. The former aggregates are constructed from a simple accounting identity, whereas the [...] Read more.
This paper compares the “simple-sum” monetary aggregates (M1 and M2) published by the Saudi Arabian Monetary Agency (SAMA) with the new monetary aggregates (D1 and D2)—known as the Divisia monetary indexes. The former aggregates are constructed from a simple accounting identity, whereas the Divisia aggregates are constructed using statistical index number theory and aggregation theory. The findings suggest that both D1 and M1 are identical, given the perfect substitutability of the monetary components within those aggregates. For the broader monetary aggregates where perfect substitutability assumption is not realistic, the two monetary indexes differ substantially. SAMA could benefit by using both monetary indexes simultaneously to better monitor liquidity in the market. Full article
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Article
How the Economic and Financial Situation of the Community Affects Sport Clubs’ Resources: Evidence from Multi-Level Models
Int. J. Financial Stud. 2015, 3(1), 31-48; https://doi.org/10.3390/ijfs3010031 - 13 Feb 2015
Cited by 11 | Viewed by 4106
Abstract
In many Western countries, local community sport clubs are important providers of leisure, sport, and social programs. These sport clubs are nonprofit organizations, which operate in an increasingly challenging environment. This study considers a club’s direct local environment, i.e., the community the [...] Read more.
In many Western countries, local community sport clubs are important providers of leisure, sport, and social programs. These sport clubs are nonprofit organizations, which operate in an increasingly challenging environment. This study considers a club’s direct local environment, i.e., the community the club is located in. The open systems model and the resource dependence represent the theoretical framework. The purpose of this research is to examine the effect of the financial and economic environment in the community on the resource situation of sport clubs (human, infrastructure, and financial resources). The empirical evaluation is undertaken using data from a nationwide survey of non-profit sport clubs in Germany (organizational level; n = 19,345), which are combined with secondary data on community characteristics (community level; n = 3153). Given the hierarchical data structure, multi-level analyses are applied. The results show that volunteer problems are smaller among clubs in communities with high unemployment. Facility and financial problems are greater in large communities. Sport clubs located in communities that could break even were also more likely to break even themselves. The findings show that resource problems are not necessarily due to poor club management, since higher-level (community) factors significantly affect the resource situation of sport clubs too. Full article
(This article belongs to the Special Issue Sports Finance)
Article
The Relation between Past Flows and Future Performance: Simple Investment Strategies in the Mutual Fund Sector
Int. J. Financial Stud. 2015, 3(1), 3-30; https://doi.org/10.3390/ijfs3010003 - 04 Feb 2015
Cited by 2 | Viewed by 3112
Abstract
In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over [...] Read more.
In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over longer horizons. I investigate this relation for various groups of equity, bond, and money market funds and find significant outperformance in high inflow funds over several months, especially for specific bond fund groups. In addition, I test whether this information can be exploited using simple investment strategies but find that the abnormal returns are too low to offset associated costs. Full article
Editorial
Acknowledgement to Reviewers of the International Journal of Financial Studies in 2014
Int. J. Financial Stud. 2015, 3(1), 1-2; https://doi.org/10.3390/ijfs3010001 - 09 Jan 2015
Viewed by 2110
Abstract
The editors of the International Journal of Financial Studies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2014: [...] Full article
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