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Hutson, Elaine
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Hutson, Elaine
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Hutson, Elaine
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Now showing 1 - 10 of 20
- PublicationCompetitiveness implications for Ireland of EU enlargement(Statistical and Social Inquiry Society of Ireland, 2003)
; ; ; Subject to ratification, a further ten states, primarily from Central and Eastern Europe will accede to the EU in May 2004. Another two, and possibly three, CEE states are likely to join in 2007. The present paper assesses the competitiveness implications of this phase of EU expansion for Ireland. Four specific topics are considered: the opportunities for trade and investment expansion, the implications for Ireland's ability to attract FDI, the likely levels and consequences of immigration from Central and Eastern Europe, and the budgetary implications for the Irish Exchequer.632 - PublicationRegulation of corporate control in Australia : a historical perspectiveAs the process of financial and economic reform gains pace throughout the Asia-Pacific region, one important aspect that deserves the attention of business and legal analysts is the regulation of corporate control. The purpose of this paper is to describe and assess the evolution of corporate control regulation in Australia. With some important changes to takeover law about to be passed by parliament, it is appropriate and timely to reflect on the process of regulatory change that has given us our current system, so that lawmakers may avoid the errors and pitfalls of the past. This assessment of the process of regulatory change in Australia may also provide lessons for regulators in the Asia-Pacific region.[extract]
332 - PublicationAre fund of hedge fund returns asymmetric?(University College Dublin. School of Business. Centre for Financial Markets, 2004)
; ; We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the underlying distribution, we find very little skewness in the returns of funds of funds, and when we do find evidence of asymmetry it is close to the mean rather than in the tails.182 - PublicationHedge funds : the case for disclosure regulationUnlike mutual and pension funds, which are heavily regulated in most juristrictions, hedge funds are largely unregulated. Because they are not required to report to regulators and to the public, data on hedge fund performance are highly biased, overestimating returns and underestimating risk. Recent debate regarding regulation has centred on market integrity and systematic risk issues. This articles presents the case for a change in focus towards consumer protection as the most important regulatory issue and recommends that performance reporting should be made mandatory.
235 - PublicationCapital structure in new technology-based firms : evidence from the Irish software sector(University College Dublin. School of Business. Centre for Financial Markets, 2004)
; Using a sample of 117 Irish software companies, we examine the capital structure of new technology-based firms. Consistent with the findings on financing for other small businesses, internal funds are the most important source of funding in new technology-based firms. However, in apparent contradiction to the pecking order hypothesis, the use of debt is rare and equity financing is the prime source of external finance. By questioning chief executive officers via survey on their perceptions and opinions on various financing issues, we are able to conclude that in many cases software firm founders prefer outside equity to debt. The dearth of debt in the capital structure of new technology-based firms cannot be wholly explained by financing constraints due to information asymmetries in the banking sector.3627 - PublicationThe Irish Aviation Authority's cost of capital : report to the Commission for Aviation RegulationThe weighted average cost of capital (WACC) approach is used to estimate the IAA's cost of capital. To implement this approach, it is necessary to estimate the IAA's cost of equity, its cost of debt and its gearing ratio. Following a brief financial summary, the cost of equity is discussed in Section 3, the cost of debt is discussed in Section 4, the IAA's gearing is discussed in Section 5, and Section 6 brings these together in the WACC calculations to derive the estimate of the IAA's cost of capital.
841 - PublicationWhat factors determine the use of venture capital? Evidence from the Irish software sector(University College Dublin. School of Business. Centre for Financial Markets, 2004)
; We address the venture capital financing issue from the firm’s perspective. Using survey data for 110 new technology-based firms (NTBFs) in the Irish software sector, we assess the extent to which 5 human capital and 3 other variables determine the firm’s use of venture capital. Education of the lead founder to degree level is the only significant human capital variable, and it is directly related to the likelihood of being venture capital-backed. Venture capital-backed firms have significantly higher start-up costs, and their founders are less averse to loss of control than non-venture capital-backed firms. We conclude that the use of venture capital is dictated largely by the willingness of founders to relinquish control.679