Scalable, Efficient And Optimal Discrete-Time Rebalancing Algorithms For Log-Optimal Investment Portfolio, 2014 University of Wisconsin Milwaukee
Scalable, Efficient And Optimal Discrete-Time Rebalancing Algorithms For Log-Optimal Investment Portfolio, Sujit Ranjan Das
Theses and Dissertations
Portfolio rebalancing decisions are crucial to today's portfolio managers especially in high frequency algorithmic trading environment. These decisions must be made fast in dynamic market conditions. We develop computational algorithms to determine optimal rebalance frequency (ORF) of a class of investment portfolio for a finite investment horizon. We choose log-optimal investment portfolio which is deemed to be impractical and cost-prohibitive due to inherent need for continuous rebalancing and significant overhead of trading cost. Optimality of such portfolio is assured only when for very long term investor horizon. We study the question of how often a log-optimal portfolio be rebalanced ...
Accounting For Financial Instruments: Difficulties With Fair Value Measurement And Reporting, 2014 University of New Hampshire
Accounting For Financial Instruments: Difficulties With Fair Value Measurement And Reporting, Lindsey T. Byrne
No abstract provided.
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, 2014 University of Pennsylvania Law School
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr.
There are two principal ways in which a firm that is owed money payable in the future but needs the money now may use its rights to payment (“receivables”) to obtain the needed financing. It might sell its receivables, or it might borrow and use the receivables as collateral to secure the loan. Different legal consequences follow depending on whether the transaction is a true sale or is a security interest that secures an obligation (a “SISO”).
These legal consequences are particularly salient when the firm enters bankruptcy. If the transaction is a sale, then the buyer can collect the ...
Moneygrams: Recalled Childhood Memories About Money And Adult Money Pathology, 2014 Kansas State University Libraries
Moneygrams: Recalled Childhood Memories About Money And Adult Money Pathology, Adrian Furnham, Sophie Von Stumm, Rebecca Milner
Journal of Financial Therapy
In this study 512 adults completed two questionnaires. One questionnaire was devised specifically for this study concerning childhood memories of parental beliefs and behaviours with respect to money (i.e moneygrams)/ The second questionnaire established a measure of “money pathology” (Forman, 1987). The moneygram questionnaire was based on clinical cases and idiographic studies on money pathology. Around a fifth of the items showed significant sex differences. Factor analysis highlighted one clear factor, namely “money secrecy” - which was associated with greater levels of spending money pathology in adulthood. In women, but not in men, higher family money secrecy was significantly associated ...
New York Stock Exchange, 2014 Purdue University
New York Stock Exchange, Bert Chapman
Libraries Faculty and Staff Scholarship and Research
Provides a historical overview of the origins and early development of the New York Stock Exchange.
Behavioral Finance: Factors Influencing Angel Investor Decisions, 2014 Kennesaw State University
Behavioral Finance: Factors Influencing Angel Investor Decisions, Robert C. Forrester
Dissertations, Theses and Capstone Projects
Angel investors are individual investors who invest in high-risk projects without the assistance of professional portfolio advisors and are an important source of early-stage entrepreneurial financing. When providing financing, an angel must decide how much time to spend on due diligence, the amount of wealth invested, and the degree of post-investment interaction with entrepreneurs. As they are individual investors, angels may be particularly influenced by behavioral factors. In order to provide insight into the investment decisions of angel investors this dissertation examines angel investor and deal characteristics including demographics, experience, perception of the management team, the source that led the ...
Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, 2014 Australian Council for Educational Research
Financing The Future: Australian Students’ Results In The Pisa 2012 Financial Literacy Assessment, Sue Thomson
OECD Programme for International Student Assessment (PISA Australia)
This report reveals that Australia is in the top five in the world’s first international assessment of young people’s financial literacy. Conducted in 2012 as part of the Programme for International Student Assessment (PISA) of the OECD with support from the Australian Securities and Investments Commission as the Australian Government agency responsible for financial literacy, the supplementary PISA financial literacy assessment measured 15-year-olds’ knowledge of personal finances and ability to apply it to financial problems. A total of 29 000 students from 18 countries and economies participated in the assessment, including approximately 3300 Australian students from 768 schools ...
Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, 2014 Australian Council for Educational Research
Independent Evaluation Of Asic’S Implementation Of The Helping Our Kids Understand Finances Initiative, Robert Simons
Policy Analysis and Program Evaluation
In May 2013, the Australian Securities and Investments Commission (ASIC) commissioned the Australian Council for Educational Research (ACER) to conduct an independent evaluation of its implementation of the Helping Our Kids Understand Finances (HOKUF) initiative. The purpose was to conduct an independent evidence-based assessment of whether ASIC implemented the HOKUF initiative in a way that met the following key criteria: 1) Appropriate – the extent to which the program developed by ASIC was useful and ‘fit for purpose’ in supporting the delivery of the consumer and financial literacy content aligned to the Australian Curriculum. 2) Effective − the extent to which the ...
Dynamics Of Derivatives Usage And Firm’S Value, 2014 SelectedWorks
Dynamics Of Derivatives Usage And Firm’S Value, Dr. Naveed Iqbal Chaudhry, Mian Saqib Mehmood, Asif Mehmood
Mian Saqib Mehmood
The corporate derivative usage has grown rapidly over the recent decade and firm’s increasingly using derivatives to hedge their risk in order to handle the volatility of interest rate and foreign exchange. The empirical research on the valuation effect of derivative on firm still remains debated. This study seeks to investigate the valuation effect of derivative usage on Pakistani non-financial firms listed in Karachi Stock Exchange. The empirical analysis was performed by using the data of 75 non-financial firms listed in Karachi Stock Exchange over the period 2007-2011. This study uses secondary data derived from financial statement of the ...
A Burning Question: Does Arson Increase When Local House Prices Decline?, 2014 SelectedWorks
A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson
Michael D Eriksen
We construct panel data on house prices and the determined cause of 4.6 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual cause of fire as accidental, we also examine how decreases in local house prices are associated with changes in the total number of fires and the probability of determined causes of accidental fires. For the sample period, our results suggest that declines in local house prices coincided with increases in the ...
What Are Analysts Really Good At, 2014 Singapore Management University
What Are Analysts Really Good At, Ohad Kadan, Madureira Leonardo, Rong Wang, Tzachi Zach
Research Collection Lee Kong Chian School Of Business
Sell-side analysts employ different benchmarks when defining their recommendations. A ‘buy’ for some brokers means the stock is expected to outperform its industry, while for other brokers it means the stock is expected to outperform the market, or some absolute return. We use these benchmarks to analyze the role of stock picking, industry picking, and market timing in the investment value of stock recommendations. Analysis of the relation between analysts’ recommendations and their forecasts suggests that analysts abide by their benchmarks. We find strong evidence that the investment value of stock recommendations stems from stock picking within a particular industry ...
Bridging Generation Y: A Commentary On The Financial Development Of Young Adults In The New Millennium, 2014 Western Oregon University
Bridging Generation Y: A Commentary On The Financial Development Of Young Adults In The New Millennium, Sheridan R. Bailey
Honors Senior Theses/Projects
In this thesis, I will explore beneficial financial literacy standards that should be applied to Generation Y students and will attempt to explain why all of them are truly vital for financial survival or overall well-being in this new Millennium. Through this commentary, I will develop a pyramid containing six fundamental rules that will assist with one’s financial future. Thirdly, I will create a basic website that will act as a technological module to help with the overall education of the site’s viewers; on it, there will be the six rules formatted as a pyramid and a compilation ...
The Effect Of Restatements On Market Returns Following The Global Financial Crisis, 2014 Pace University
The Effect Of Restatements On Market Returns Following The Global Financial Crisis, Kyle O'Kane
Honors College Theses
This paper investigates whether stock markets react any differently to financial statement restatement information after the events of the 2008 Global Financial Crisis. The research in this paper is trying to demonstrate that financial markets reacted negatively to restatement information following the passing of the Dodd-Frank Act in 2010, ascertain if markets reacted less negatively to post-financial crisis restatements than post-Sarbanes Oxley restatements, and determine whether markets reacted more negatively to restatements of core earnings following the financial crisis period. Little research surrounding the market effects of the financial crisis exist, and it was necessary to further study the effects ...
Project Finance: Transactional Evidence From Australia, 2014 Bond University
Project Finance: Transactional Evidence From Australia, Michael Regan
Public Infrastructure Bulletin
The international project finance market is experiencing a period of significant change. The new Basel III capital adequacy rules will make it harder for banks to provide long-term project finance, and alternative sources of finance such as the shadow banking sector, fund managers, sovereign wealth funds, and institutional investors will take time to bridge the financing gap. In the meantime, it is difficult to source project finance for tenors beyond seven years, risk premiums are higher, and finance is difficult to source. Recent innovations in the form of the European Investment Bank’s Project Bond Initiative, and the ASEAN Infrastructure ...
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Corporate Credit Spreads?, 2014 Illinois Wesleyan University
How Do Bond Specific, Firm Specific And Macroeconomic Factors Influence Corporate Credit Spreads?, Michael Mayberger
The recession of 2008-2009 showcased the critical role that the corporate bond market plays in providing firms with access to capital, a role reflected by a 300% increase in corporate bonds issued from $600 billion issued in 2007 to $1.8 trillion issued in 2012. In this study, I investigate the bond specific, firm specific and macroeconomic factors that explain the change in corporate credit spreads within the Consumer Staples industry between 2005 and 2013. The results show that the firm specific variables, debt and total assets, have the largest impact on the corporate credit spreads. However, there is a ...
Impact Of The Financial Crisis On Derivative Valuation, 2014 University of Tennessee, Knoxville
Impact Of The Financial Crisis On Derivative Valuation, Samuel M. Berklacich
Finance Publications and Other Works
No abstract provided.
Impact Of The Ceo Effect On Premiums In Mergers And Acquisitions, 2014 University of Connecticut
Impact Of The Ceo Effect On Premiums In Mergers And Acquisitions, Caitlin Duncan
Honors Scholar Theses
The rationale behind a merger or acquisition is to improve the financial performance of the acquiring firm. Many factors go into the the valuation of a company and consequently the premium paid.
This paper will examine what impact upper management, specifically the CEO, has on the valuation of a company during mergers and acquisitions. This impact, called the CEO effect, will be central to the paper. Different valuation methods of this effect, as well as firm valuations, will be analyzed and considered. Specifically, how the CEO effect affects the premium paid by the acquiring firm will be the main focus ...
Indefinite Knapsack Separable Quadratic Programming: Methods And Applications, 2014 University of Tennessee, Knoxville
Indefinite Knapsack Separable Quadratic Programming: Methods And Applications, Jaehwan Jeong
Quadratic programming (QP) has received significant consideration due to an extensive list of applications. Although polynomial time algorithms for the convex case have been developed, the solution of large scale QPs is challenging due to the computer memory and speed limitations. Moreover, if the QP is nonconvex or includes integer variables, the problem is NP-hard. Therefore, no known algorithm can solve such QPs efficiently. Alternatively, row-aggregation and diagonalization techniques have been developed to solve QP by a sub-problem, knapsack separable QP (KSQP), which has a separable objective function and is constrained by a single knapsack linear constraint and box constraints ...
An Exercise In Bayesian Econometric Analysis Probit And Linear Probability Models, 2014 Utah State University
An Exercise In Bayesian Econometric Analysis Probit And Linear Probability Models, Brooke Jeneane Siler
All Graduate Plan B and other Reports
The aim of this paper is to carry out a Bayesian econometric application. Using a dataset obtained from Wooldridge's Introductory Econometrics textbook, each step in conducting a Bayesian econometric analysis is performed and explained. For illus- trative and comparative purposes, two limited dependent variable regression forms were used: a linear probability model and a probit model. This paper covers the ben- ets of Bayesian methodology, including selection of distributions for the prior and the likelihood. Additionally, a series of diagnostic checks are done after the models are computed.
Bayesian Inference: Probit And Linear Probability Models, 2014 Utah State University
Bayesian Inference: Probit And Linear Probability Models, Nate Rex Reasch
All Graduate Plan B and other Reports
The following paper analyzes the benets of Bayes' theorem in applied econo- metrics. This is accomplished by demonstrating each step in conducting Bayesian inference. This includes the prior selection, the likelihood function, posterior simula- tion, and model diagnostics. To provide a concrete example I replicate, by Bayesian inference, the main model of Blau, Brough, and Thomas.(2013) This model is found in their research paper titled, Corporate lobbying, Political Connections, and the Bailout of Banks. The analysis focuses on two dierent forms of limited dependent variable regressions, the probit and linear probability model. The benets of Bayesian econo- metrics were ...