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Ayi Ayayi 《Journal of Economics and Finance》2005,29(1):32-45
This article examines how insiders who provide capital and advisory services determine the proportion of common stock to be
sold during an IPO and shows that, after the IPO, a high-value investee's insiders continue to hold a significant fraction
of its equity stake relative to a low-value investee's insiders. The result is consistent with the signaling of the insider
trader reputation, the lock-up argument, and the only least-cost separating equilibrium that survives the intuitive criterion. 相似文献
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Frederick Nyanzu James Atta Peprah Ayi Gavriel Ayayi 《Journal of Small Business Management》2019,57(Z2):200-217
The paper examines the effect of regulation on microfinance institutions’ (MFIs) sustainability and outreach in Sub‐Saharan Africa (SSA). Using unbalanced panel data from 2002 to 2012 for 30 countries and a multilevel estimation technique, we find that regulation helps improves the sustainability and breadth of outreach but not the depth. We also find that MFIs that accept deposits have better sustainability but tend to serve the marginal poor. Finally, regulatory quality has a positive impact on outreach and sustainability. Overall, the paper casts new light on the contribution of regulation to the dual objectives of microfinance. 相似文献
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Ayi Gavriel Ayayi 《Economics of Transition》2012,20(1):37-72
This paper discusses credit risk assessment through conventional and specialized credit evaluation metrics. I find that low credit risk is a direct consequence of sound implementation of good governance practices and sustainable financial performance through sound qualitative and quantitative risk management tools. Furthermore, I find that the depth and breadth of outreach and write‐off are by some margin the two most important determinant indicators of a microfinance institutions’ (MFI’s) credit risk control. In addition, I demonstrate that there is no significant statistical difference in terms of risk management among the different types of MFIs. Results also suggest that constructive regulation to promote MFIs has a non‐negligible impact on the risk assessment of MFIs. 相似文献
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Christine Noël Ayi Gavriel Ayayi Véronique Blum 《Critical Perspectives On Accounting》2010,21(4):329-341
This article uses Habermasian philosophy as a reading grid to understand the eminently political aspect of international accounting standard-setting. We specifically analyze the accounting regulations specific to the exploration for and the evaluation of mineral resources in the European context. The rise of the IASC and its successor, the IASB, favors the emergence of a new phase in accounting standard-setting, with a shift from a ruling logic to regulations that put the economic and social actors at the forefront of the negotiations. This change is particularly obvious in the notorious exception allowed by IFRS 6 (Exploration for and evaluation of mineral resources) exempting applicants from paragraphs 10–12 of the IAS 8. This example allows us to question the legitimacy of international accounting standardization and the ethical problems it poses. 相似文献
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