Pankaj Maskara

Nova Southeastern University | NSU ·  H. Wayne Huizenga School of Business and Entrepreneurship

Purpose This study aims to investigate how indigenous socio-cultural (ISC) practices within informal networks, such as guanxi and wasta, provide benefits beyond mere access. Specifically, the authors explore their global impact on B2B relationships, focusing on reciprocity. A multiregional sample extends research on ISC practices in B2B relationshi...

With the rapid advancement of AI, there exists a possibility of rogue human actor(s) taking control of a potent AI system or an AI system redefining its objective function such that it presents an existential threat to mankind or severely curtails its freedom. Therefore, some suggest an outright ban on AI development while others profess internatio...

This study investigates the importance of the relative positioning of foreign investors’ country and that of the host country in investor-state disputes. We find that investors accustomed to strong institutions at home are more likely to file a dispute against a host state with poorer institutions. Investment disputes are less likely among politica...

In this paper, we examine the role of P2P platforms in enhancing financial inclusion from the borrowers’ point of view across the rural‐urban dimension. We show that when number of bank branches decrease in a rural community, the P2P loan requests increase if there is at least one bank branch in the community allowing people to participate in the P...

The tax exempt status enjoyed by credit unions is based in part upon such institutions providing financial services to individuals who are traditionally underserved by conventional banking institutions. Rather than relying upon an abstract measure of underserved status, we instead empirically estimate the probability that a household does not have...

This study investigated whether self‐reported impact of financial debt on health is different for women as compared with men. We found that female respondents are more likely to report that debt has affected their health. The results persisted when the analysis was performed on subsamples of employed individuals, married households and those with u...

We investigate the relationship between a country's share of FDI in its foreign equity investments (FDI plus foreign portfolio investment (FPI)) and its governance quality relative to that of the investor's country. Poorly governed countries are often advised to improve their governance structures to attract FDI. Contrary to this prescription, we f...

We investigate the relationship between the presence of former members of the U.S. Congress on corporate boards and fraud enforcement. We find that corporate fraud in companies with such members on the board stays undetected longer. When caught, such companies pay lower penalties. The appointment of former Congressional members to the board also le...

We use the consumer finance monthly national survey to demonstrate that credit unions (CUs) in the United States did little to help consumers obtain a home equity line of credit (HELOC) during the recent financial crisis. Our results hold after including a two-stage regression structure using the availability of CUs as the identifying instrument, a...

We study bankruptcy outcomes of 275 firms and find that hiring CEOs with golden parachutes (GPs) during financial distress is associated with a lower probability of liquidation. In contrast, firms led by incumbent CEOs with GPs are more likely to be liquidated, as are firms led by new CEOs without GPs. Since GPs are nullified during bankruptcy, the...

This paper investigates CEO compensation structure and dividend policy of small publicly held family and nonfamily firms. We further study the differences between family firms with family CEOs and those with outsider CEOs. Unlike in other studies we do not find evidence of lower total compensation for CEOs at family firms when appropriate firm char...

Using US NLSY panel data set, staggered every 2 years from 2000 to 2006 for a cross section of 12 686 individuals, we investigate the effect of computer skills on wages. We use the definition of computer skills as having a personal computer with Microsoft Windows at home. Unlike most previous studies in the United States, which used instrumental va...

We show that small firms using syndicated loans for their mid- and long-term financial needs have significantly higher leverage than firms that do not borrow in this market. This difference cannot be attributed to firm characteristics like the availability of growth opportunities, asset tangibility, R&D spending, profitability and net sales that ar...

Event-study driven research has produced a consensus that loans are unique relative to other financial contracts. But these studies assume that small samples of loan announcements adequately represent the loan population. We find that loan announcements are rare and driven by factors such as information asymmetry and perceived materiality. We show...

This paper presents a theory to explain the economic value of tranching and provides empirical evidence to support the theoretical implications. I show that riskier firms are more likely to take loans with multiple tranches. Therefore, the average credit spread on a syndicated loan with multiple tranches is higher than that on a non-tranched loan....

While event studies are among the most widely used tools in empirical finance, the nature of the technique allows researchers to make inferences about hypotheses only when managers or others have generated public announcements. Researchers implicitly assume that a sample of announcements will prove representative of the relevant population, but we...

Based on our study of the biggest corporate failures in history from Barings Bank to General Motors we contend that despite the seemingly varied reasons suggested by the media the underlying cause of corporate failures in majority of the cases was agency problem. The academic literature addresses this problem under the umbrella of corporate governa...

This paper presents a theory to explain the economic value in tranching of syndicated loans. Over 35% of syndicated loans originated in the nineties had multiple tranches. These tranches were either for different types of loans (example, revolving and term loans) or had different terms and conditions (example, maturity, credit spread, and covenants...

This paper studies the structure of syndicated loans and analyzes the participation of investment banks in syndicated loans. We find that investment banks are more likely to lead syndicated loans to riskier borrowers. They also tend to participate more in the riskier facilities of a multi-facility loan. Though non-bank financial institutions like f...

In general equilibrium under constant returns to scale and perfect competition the normative theory of international trade is examined for a monetary, not a barter, economy. Persons exhibit flow demand for real balances just as they do for commodities because money provides well-being salient utility insofar as its content is desire fulfilment, sat...

We empirically test the hypothesis that trade flows and debt flows complement each other as argued by Rajan and Zingales (2003). Using a dataset of loans made to U.S. borrowers, we find that the probability of a foreign bank participation in a loan increases as the bilateral trade between the US and the lender's country increases. We also find that...

A loan deal is often composed of several components (for example, a 3-year revolving loan, a 10-year secured senior term loan, and a 5-year subordinated term loan). The division of a deal into two or more components, each with different risk characteristics, is called tranching. This study recognizes the importance of tranching and establishes tran...