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Interpreting Financial Results, Bridget Lyons, Rupendra Paliwal, Danny A. Pannese 2017 Sacred Heart University

Interpreting Financial Results, Bridget Lyons, Rupendra Paliwal, Danny A. Pannese

Danny Pannese

The article discusses three accounting changes issued by the Financial Accounting Standards Board (FSAB). The Statement of Financial Accounting Standards (SFAS) No. 158 "Employers' Accounting for Defined Benefit Pension and Other Retirement Plans" and the SFAS No. 160 "Noncontrolling Interests in Consolidated Financial Statements" are mentioned. Financial Interpretation 48 "Accounting for Uncertainty in Income Taxes, an Interpretation of FSAB Statement No. 109" is mentioned.

The takeaway? Financial analysts, investors, and creditors need to carefully interpret ratios and measures, including debt to equity, liabilities to equity, and return on equity. Financial ratios used in loan covenants should be clearly designed and ...


Post-Jgtrra Dividend Planning, Danny A. Pannese, Paul N. Iannone 2017 Sacred Heart University

Post-Jgtrra Dividend Planning, Danny A. Pannese, Paul N. Iannone

Danny Pannese

The JGTRRA reduced the tax rate on dividends for individuals and lowered the accumulated earnings and personal holding company taxes for corporations until 2008. This article reviews some of the planning techniques corporations and shareholders can use to take advantage of the temporarily lower rates. One of the key provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), if not the prime emphasis of the legislation, is Section 302's reduction in the individual tax rate on corporate dividends received to 15% (5% for individuals in the 15% and 10% brackets). In an emerging trend, the ...


A Study Of The Factors That Influence Consumer Attitudes Towards Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan 2017 Iowa State University

A Study Of The Factors That Influence Consumer Attitudes Towards Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan

Steven M. Lonergan

Beef producers looking for a competitive edge in today's markets need information about the qualities that consumers consider most important. Using conjoint marketing analysis allowed the investigators to sort out the most relevant characteristics for meat purchasers.


A Study Of The Factors That Influence Consumer Attitudes Toward Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan 2017 Iowa State University

A Study Of The Factors That Influence Consumer Attitudes Toward Beef Products Using The Conjoint Market Analysis Tool, Brian E. Mennecke, Anthony M. Townsend, Dermot J. Hayes, Steven M. Lonergan

Steven M. Lonergan

This study utilizes an analysis technique commonly used in marketing, the conjoint method, to examine the relative utilities of a set of beef steak characteristics considered by a national sample of 1,432 U.S. consumers, as well as additional localized samples representing undergraduate students at a business college and in an animal science department. The analyses indicate that among all respondents, region of origin is by far the most important characteristic; this is followed by animal breed, traceability, the animal feed used, and beef quality. Alternatively, the cost of cut, farm ownership, the non-use of growth promoters, and whether ...


The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner 2017 Federal Reserve Bank of Atlanta

The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner

Eva Steiner

The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a “risk-taking channel” of monetary policy suggests that rapidly growing shadow banking organizations are of particular concern. In this paper, we study Agency mortgage REITs (Agency MREITs), which are specialized, tax-exempt financial institutions, whose rapid growth raised systemic risk concerns by the Financial Stability Oversight Council.

After controlling for key variables that drive the Agency MREIT business (level, slope, and expected volatility of the term structure as well as the mortgage ...


The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner 2017 Federal Reserve Bank of Atlanta

The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner

Working Papers

The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a “risk-taking channel” of monetary policy suggests that rapidly growing shadow banking organizations are of particular concern. In this paper, we study Agency mortgage REITs (Agency MREITs), which are specialized, tax-exempt financial institutions, whose rapid growth raised systemic risk concerns by the Financial Stability Oversight Council.

After controlling for key variables that drive the Agency MREIT business (level, slope, and expected volatility of the term structure as well as the mortgage ...


Fossil Fuel Asset Risk Analysis: Clark University Endowment, Travis A. Dodge, B. Maiwand Akbari 2017 Clark University

Fossil Fuel Asset Risk Analysis: Clark University Endowment, Travis A. Dodge, B. Maiwand Akbari

Student Works

The environmental and social risks of climate change are well known and perhaps inevitable. The economic and financial risks are less so. The many financial risks associated with climate change embedded in endowment portfolio fossil fuel holdings are leading many institutional stakeholders to enter into dialogue and take action. Divestment is emerging as an effective strategy for limiting portfolio exposure and tackling climate change itself.

Our team’s goals were to assess whether the Clark University endowment portfolio faces any of these risks and evaluate the impacts on asset values. Our findings show that the Clark endowment does face these ...


Reit Capital Structure: The Value Of Getting It Right, Eva Steiner 2017 Cornell University School of Hotel Administration

Reit Capital Structure: The Value Of Getting It Right, Eva Steiner

Center for Hospitality Research Publications

An analysis of the capital structure of commercial real estate investment trusts finds that the strongest REITs overall tend to employ lower leverage and longer debt maturity, maintain larger proportions of fixed-rate debt, rely less on secured debt, have a greater line of credit capacity but use it less, and hold smaller cash reserves. The REITs’ strength is measured by Tobin’s q, which expresses the ratio of the market value of assets relative to their book value. The study examines yearly data for the years 1993 through 2013 for 137 REITs based in the United States and the years ...


Competing With Free: An Analysis Of The Effects Of Tennessee Promise On Freshman Enrollment In Four-Year Colleges And Universities, Vicki Clark 2017 Liberty University

Competing With Free: An Analysis Of The Effects Of Tennessee Promise On Freshman Enrollment In Four-Year Colleges And Universities, Vicki Clark

Doctoral Dissertations and Projects

In 2014, Tennessee’s governor, Bill Haslam, introduced Tennessee Promise - legislation that enabled Tennessee high school and home school graduates to attend two years of tuition-free higher education at qualifying institutions. In the fall of 2015, Tennessee’s four-year colleges and universities experienced a significant decline in freshman enrollment. This quantitative descriptive study uses the theories of human capital, social capital, and marketing service theory to examine the impact of free tuition on the college choice. Four hundred twelve Tennessee Promise students answered survey questions, demonstrating the impact of Tennessee Promise funds on their decision to attend college and on ...


Is Google Search Behavior Related To Volatility? Incorporating Google Trends Data Into A Garch Model For Equity Volatility, Timothy de Silva 2017 Claremont McKenna College

Is Google Search Behavior Related To Volatility? Incorporating Google Trends Data Into A Garch Model For Equity Volatility, Timothy De Silva

Undergraduate Economic Review

Intuitively, one would expect that internet search volume would contain valuable information about investor sentiment for a company. With the development of new data sources, such as Google Trends, this relationship can be more easily and objectively examined. This paper seeks to examine the relationship between a company’s stock price volatility and its Google search volume. A small cross-section of twenty companies is considered, and the goal of this paper is to demonstrate the power of Google Trends data in hope of initiating further research. Using a conventional GARCH framework for financial market volatility, an economically and statistically significant ...


Illegal Insider Trading, Christian Presto 2017 La Salle University

Illegal Insider Trading, Christian Presto

Economic Crime Forensics Capstones

According to the U.S. Securities and Exchange Commission illegal insider trading is defined as "buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include "tipping" such information, securities trading by the person "tipped," and securities trading by those who misappropriate such information." (US Securities and Exchange Commission, 2013). As time progresses individuals and companies are in need of the most current information in order to execute trading strategies. Some individuals and organizations are willing to ...


Hawala: How Extralegal Compliance Helps Bank The Unbanked, Morgan Henry 2017 La Salle University

Hawala: How Extralegal Compliance Helps Bank The Unbanked, Morgan Henry

Economic Crime Forensics Capstones

Informal value transfer systems (IVTS') predate not only traditional banking systems, but the entire Western European civilization as well. Used as a reliable method to transfer value from one geographic region to another through a close-knit network of trusted individuals, IVTS' serve as an invaluable facilitator for the movement of billions of dollars across international borders without ever leaving a paper trail. The term “hawala”, which is Arabic for “transfer” or “trust”, is an IVTS that serves as a parallel banking system for those wishing to send value (often in the form of currency) overseas. Hawala has historically thrived as ...


A Systems Approach To Revenue Fluctuation In Nonprofit Human Service Organizations, Joshua James Hunter 2017 Abilene Christian University

A Systems Approach To Revenue Fluctuation In Nonprofit Human Service Organizations, Joshua James Hunter

Electronic Theses and Dissertations

Nonprofit Human Services Organizations (NPO) are normally considered to do all they can to work toward providing clients with optimal services (Bowman, 2011). What has not been considered is the possibility that NPOs sometimes allocate more revenue toward accumulating profit than toward generating services. This study used IRS 990 Forms of 150 private nonprofits from 2009 to 2010 to investigate whether NPOs did this at the peak of the recent recession, a time when there was a strong need for NPOs to increase their level of services. Results showed revenue increased 56%, services increased 1.4%, profit increased 43%, operating ...


Pension Fund Strategic Positioning, Evan Giusto 2017 University of Wyoming

Pension Fund Strategic Positioning, Evan Giusto

Honors Theses AY 16/17

Pension funds have struggled in recent years to adapt to the low yield climate driven by low interest rates and volatile markets. As a result, they have struggled to maintain funding to meet their accrued pension liabilities. In order to meet the growing demands of their liabilities, pension funds have migrated away from low-risk assets towards riskier assets, which have changed the investment composition and risk profiles of these funds.

This paper identifies historical pension fund investment allocations and how those have proportionally changed over time. Despite pursuing different and riskier investment vehicles, pension funds continue to struggle to meet ...


The Impact Of The 2016 Election On The Financial Performance Of Major Healthcare Companies, Joshua T. Blotter 2017 Utah State University

The Impact Of The 2016 Election On The Financial Performance Of Major Healthcare Companies, Joshua T. Blotter

All Graduate Plan B and other Reports

Healthcare reform was a significant political issue during the November 2016 US general elections, and played an important role in campaigning and political discourse leading to the election. Donald Trump, the Republican presidential candidate, and Republicans running for congressional office, campaigned on a platform advocating for the repeal and replacement of the Patient Protection and Affordable Care Act of 2010 (ACA), among other changes. Hillary Clinton, the Democratic presidential candidate, and Democrats running for congressional office, campaigned on a platform that included support for the ACA, as well as increased regulations on the pharmaceutical industry and health insurers, among various ...


An Examination Of The Short Term Reversal Premium, Timothy Burgess 2017 Utah State University

An Examination Of The Short Term Reversal Premium, Timothy Burgess

All Graduate Plan B and other Reports

The intent of this study is to explore short-term reversal effects in public securities markets.

The basis of this study is to take into consideration prior work done by economists, paying particularly attention to periods specifically before and after the decimalization of the stock market in 2001. This study finds that from years 1980-2000, there is a monthly return premium of -0.0552% or 5.5 basis points, which is quite significant with a t-statistic of 11.08. Following decimalization in 2001 through year 2012, this monthly return premium drops 44% to -0.031% or 3.1 basis points, again ...


Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos 2017 Ursinus College

Caught In The Headlights: Revising The Road Kill Hypothesis Of Antebellum Illinois Bank Failures, Scott N. Clayman, Scott Deacle, Andrew J. Economopoulos

Business and Economics Faculty Publications

Illinois had a dismal free banking experience, with over 80% of its free banks failing by the start of the Civil War. Researchers agree that a dramatic change in bond prices was the catalyst, and some have shown that the riskiest banks, ex ante, were the most likely to fail. This study examines how Illinois free banks adjusted their portfolios in the face of increased political and financial risks prior to Abraham Lincoln’s election as president. Lincoln’s nomination in May 1860 and the Democratic Party schism in June 1860 raised the likelihood of secession and the potential for ...


Senior Business Seminar Proposal, Alex C. McGrainer 2017 University of Rhode Island

Senior Business Seminar Proposal, Alex C. Mcgrainer

Senior Honors Projects

How could a single idea increase the value of a university’s college of business? My project aims to do this through the successful implementation of a single class. It addresses some of the most important factors that current and prospective students should consider while they undergo their college searches, such as the post-graduation employment rate and starting salary across majors of interest.

My inspiration for the topic came from students struggling to find a job. I realized that every year around March, they would begin to suffer due to the self-inflicted pressure of being unemployed after commencement. I immediately ...


Microloans, Macro Impact, Kelly M. Frank 2017 University of Rhode Island

Microloans, Macro Impact, Kelly M. Frank

Senior Honors Projects

Nearly half of today’s population is living in poverty, meaning that they are living on less than $2.50 a day. The lack of capital creates a vicious cycle for those in poverty. The less fortunate do not have sufficient access to education, healthcare, proper nutrition and loans. This forces those living in poverty to focus on getting by one day at a time instead of looking to the future. Those with a lack of sufficient income can’t get access to loans because of the risk associated with lending to subprime borrowers.

However, microfinance loans change this. They ...


Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, Brent W. Ambrose, Eva Steiner 2017 The Pennsylvania State University

Capital Expenditures, Asset Dispositions, And The Real Estate Cycle, Brent W. Ambrose, Eva Steiner

Working Papers

Recent empirical research provides evidence on the asset disposition choices of individual and institutional real estate investors that is consistent with the `disposition effect'. We propose a value-add investment strategy as an alternative rational explanation for the observed patterns in disposition choices. The main value-add mechanism in real estate investment is capital expenditures. However, capital expenditure investment is a real option whose exercise depends on its moneyness, which is a function of the economic environment. Therefore, we study the links between economic conditions, building-level capital expenditures, and subsequent transactions throughout the real estate cycle. We present empirical evidence consistent with ...


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