Contemporary Faculty & Student Research
Authors : Dong H. Kim and Duane Stock
Title: Impact of the TARP financing choice on existing preferred stock
Journal Name: Journal of Corporate Finance
Publication Date: December 2012
Page Numbers: 1121-1142
The October 14, 2008 TARP program mandated a forced issuance of TARP preferred stock by the largest U.S. banks. Soon after, many smaller banks were not forced but chose to issue TARP preferred stock after being approved for issuance. We investigate the impact of TARP preferred issuance upon bonds, preferred stock, and common stock. In particular, we focus upon two different types of outstanding preferred stock. These two different types of preferred stock are (1) trust preferred stock, which is senior to TARP preferred stock, and (2) non-trust preferred stock, which has equal claim to TARP preferred stock. We present competing theories for expecting that trust preferred should enjoy greater or lesser returns relative to non-trust. Consistent with the priority rule theory, but inconsistent with the default theory, we find that trust preferred enjoyed greater benefits from TARP issuance than did non-trust preferred for both forced and non-forced banks on the October 14 TARP announcement date. In contrast, there is no clear priority rule effect on the approval dates for non-forced banks.
Authors : David Savino and Michele Govekar
Title: Pastoral Planning, Collaboration and Change in Rural Local Catholic Parishes: A Case Study
Journal Name: Leadership and Organizational Management
Publication Date: June 2013
Due to a shortage of priest, the Catholic Church faces the prospect of accelerated parish closures, consolidations and other changes in current local hierrchies that will alter the manner in which the faith is promoted and practiced. This paper documents the Pastoral Planning Process in two rural parishes, operated separately for over 130 years in close proximity to each other. The goal was a combined entity, serving each community while maintaining faith formation and service. This case study presents efforts of the two communities to achieve a satisfactory synergy through extensive planning, combined discussions of a Pastoral Planninc committee and polling of respective constituencies through public meetings and surveys. The lens for analysis constrasts the management literature on mergers and acquisitions and the sociological research on acculturation following the suggestions of Van de Ven (2007).
Authors : David Savino
Title: The DREAM Act and the Reality of Setting an Informed Agenda for Immigration
Journal Name: Management Policy and Practice
Publication Date: Winter 2014
Attempts at immigration reform in the United States have proven to be one of the most difficult and unpopular initiatives undertaken by the federal government in recent memory. While members of both political parties agree that the state of immigration in this country is truly a serious problem, the ability to arrive at a solution that most would support has proven to be next to impossible. Therefore, instead of trying to pass comprehensive legislation on immigration that is all encompassing, Congress has been working to pass an immigration law that while it answers many concerns is still somewhat limited in its scope.