Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, 2011 Singapore Management University
Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, Roger Loh, Mitchell Craig Warachka
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Quality Education And Tailor-Made Skills Development Is Needed To Solve Unemployment Problem In Ghana, 2011 Regent University College, Ghana and University of Leicester, UK
Quality Education And Tailor-Made Skills Development Is Needed To Solve Unemployment Problem In Ghana, George E. Ekeha
George E Ekeha
The issue of unemployment have been one of the major problems in the country for sometime now. Many opinion leaders, youth activist and other concerned groups and individuals have expressed their worries on the issue. In recent times there have been some group calling itself Unemployed Graduate Association of Ghana (UGAG) and many youth groups advocating for pressure on the governments to create jobs in the country as promised in their manifestos. Their intention was to send message out there to leaders about the fact that they have some skills to be implemented on the job markets but cannot find …
Cover & Front Matter, 2011 University of South Florida
"Small Boats, Weak States, Dirty Money: Piracy And Maritime Terrorism In The Modern World," Martin N. Murphy, (New York: Columbia University Press, 2009), 2011 Chaplain Corps, U.S. Navy
"Small Boats, Weak States, Dirty Money: Piracy And Maritime Terrorism In The Modern World," Martin N. Murphy, (New York: Columbia University Press, 2009), Francis D. Bonadonna , Capt.
Journal of Strategic Security
No abstract provided.
"The New Muslim Brotherhood In The West," Lorenzo Vidino, (New York: Columbia University Press, 2010), 2011 Independent Consultant
"The New Muslim Brotherhood In The West," Lorenzo Vidino, (New York: Columbia University Press, 2010), Sheldon Greaves , Ph.D.
Journal of Strategic Security
No abstract provided.
Unregulated Stock Markets In Second Life, 2011 Singapore Management University
Unregulated Stock Markets In Second Life, Robert Bloomfield, Young Jun Cho
Research Collection School Of Accountancy
SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of −71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of …
Modeling Human Behavior To Anticipate Insider Attacks, 2011 Pacific Northwest National Laboratory
Modeling Human Behavior To Anticipate Insider Attacks, Frank L. Greitzer , Ph.D., Ryan E. Hohimer
Journal of Strategic Security
The insider threat ranks among the most pressing cyber-security challenges
that threaten government and industry information infrastructures.
To date, no systematic methods have been developed that provide a
complete and effective approach to prevent data leakage, espionage, and
sabotage. Current practice is forensic in nature, relegating to the analyst
the bulk of the responsibility to monitor, analyze, and correlate an overwhelming
amount of data. We describe a predictive modeling framework
that integrates a diverse set of data sources from the cyber domain, as well
as inferred psychological/motivational factors that may underlie malicious
insider exploits. This comprehensive threat assessment approach
provides …
Size And Return: A New Perspective, 2011 Singapore Management University
Size And Return: A New Perspective, Fangjian Fu, Wei Yang
Research Collection Lee Kong Chian School Of Business
We document robust empirical evidence that, after controlling for idiosyncratic volatility, large stocks earn significantly higher returns than small stocks. Our empirical results indicate that idiosyncratic volatility is positively related to return, but negatively related to size. Hence, failure to control for idiosyncratic volatility generates a downward omitted variable bias and leads to the widely documented negative relation between size and return. We explain the two contrasting size-return relations, with and without the control for idiosyncratic volatility, in a parsimonious equilibrium model that incorporates three empirical regularities: some individual investors are under-diversified; small stocks have higher idiosyncratic volatilities than large …
China's Use Of Cyber Warfare: Espionage Meets Strategic Deterrence, 2011 CHINA-SEC, Centre for Military Studies, University of Copenhagen
China's Use Of Cyber Warfare: Espionage Meets Strategic Deterrence, Magnus Hjortdal
Journal of Strategic Security
This article presents three reasons for states to use cyber warfare and
shows that cyberspace is—and will continue to be—a decisive element in
China's strategy to ascend in the international system. The three reasons
are: deterrence through infiltration of critical infrastructure; militarytechnological
espionage to gain military knowledge; and industrial espionage
to gain economic advantage. China has a greater interest in using
cyberspace offensively than other actors, such as the United States, since
it has more to gain from spying on and deterring the United States than
the other way around. The article also documents China's progress in
cyber warfare and …
"Information Operations Matters: Best Practices," Leigh Armistead, (Washington, D.C.: Potomac Books, 2010), 2011 Henley-Putnam University
"Information Operations Matters: Best Practices," Leigh Armistead, (Washington, D.C.: Potomac Books, 2010), Robin L. Thompson
Journal of Strategic Security
No abstract provided.
"The Dynamics Of Terror And Creation Of Homegrown Terrorists," Richard J. Hughbank, Ed. Et Al., (Mustang, Ok: Tate Publishing And Enterprises, 2010), 2011 National Defense University, Washington, D.C., USA
"The Dynamics Of Terror And Creation Of Homegrown Terrorists," Richard J. Hughbank, Ed. Et Al., (Mustang, Ok: Tate Publishing And Enterprises, 2010), Jennifer Jefferis
Journal of Strategic Security
No abstract provided.
"Obama's Wars," Bob Woodward, (New York, Ny: Simon And Schuster, 2010), 2011 National Defense University, Washington, D.C., USA
"Obama's Wars," Bob Woodward, (New York, Ny: Simon And Schuster, 2010), Richard J. Kilroy Jr.
Journal of Strategic Security
No abstract provided.
Capital Budgeting Practices And Economic Development: A Comparative Study Of Companies In Western Europe And West Africa, 2011 Regent University College, Ghana and University of Leicester, UK
Capital Budgeting Practices And Economic Development: A Comparative Study Of Companies In Western Europe And West Africa, George E. Ekeha
George E Ekeha
Over the years, efforts have been made to increase the developmental strides of African countries. Many projects move from donor countries like the United Kingdom and the United State into Africa to help improve the lives of the people. However, these efforts have not been able to redeem Africa from abject poverty and indebtedness to the West. Various projects that are targeted towards the reduction of poverty are normally completed with no changes in the lives of the people. These projects, in my opinion, have not been scrutinised to assess their capabilities of meeting some stated target.
Capital budgeting practices …
Adverse Selection And Corporate Governance, 2011 Nanyang Technological University
Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri
Research Collection Lee Kong Chian School Of Business
This paper examines the impact of corporate governance on the adverse selection component of the bid-ask spread of stocks listed on the Singapore Exchange. These companies have been identified by Credit Lyonnais Securities Asia (CSLA) with the highest level of corporate governance among 25 emerging markets. We measure corporate governance by several criteria: discipline, transparency, independence, accountability, responsibilities, fairness, and social awareness. The results show that corporate governance has an inverse relationship with adverse selection. However, only the transparency dimension exhibits a significant inverse relationship with adverse selection. In addition, Government-Linked Companies (GLCs) are shown to have a smaller adverse …
Leverage Change, Debt Overhang, And Stock Prices, 2011 Drexel University
Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang
Research Collection Lee Kong Chian School Of Business
We document a significant and negative effect of the change in a firm's leverage ratio on its stock prices. We find that the negative effect is stronger for firms that have higher leverage ratios, higher likelihood of default, and face more severe financial constraints. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.
Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, 2011 Montana State University-Bozeman
Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh
Research Collection Lee Kong Chian School Of Business
We study earnings management (EM) efforts surrounding seasoned bond offerings using discretionary current accruals. We find that issuers tend to inflate earnings performance prior to an offering. In order for EM efforts to effectively mislead ratings agencies and the bond market, they must lead to inflated bond ratings and decreased offering yields. Regression results indicate the opposite; aggressive EM efforts are associated with lower initial ratings and higher offering yields. We also find a statistically lower proportion of subsequent downgrades for firms with the most aggressive EM efforts, which is inconsistent with these firms’ inflated initial ratings. While some firms …
Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, 2011 Singapore Management University
Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, Sheng Huang, Anjan V. Thakor
Research Collection Lee Kong Chian School Of Business
This paper develops and tests a new theoretical explanation for why a firm conducts open-market stock repurchases. Investors may disagree with the manager about the firm’s investment projects. A repurchase causes a change in the investor base as investors who are more likely to disagree with the manager tender their shares. This model leads to the following predictions: first, a firm is more likely to buy back shares when the level of investor-management agreement is low, and second, the level of agreement improves following a repurchase. Our empirical tests provide strong support for these predictions. The results are robust to …
An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, 2011 University of Oklahoma
An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang
Research Collection Lee Kong Chian School Of Business
Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO.
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, 2011 Singapore Management University
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo
Research Collection Lee Kong Chian School Of Business
We develop a portfolio selection framework for the valuation of projects and other illiquid investments for an investor who can invest in a portfolio of private, illiquid investment opportunities as well as in securities in financial markets, but who cannot necessarily replicate project cash flows using financial instruments. We demonstrate how project values can be solved using an inverse optimization procedure and prove several general analytical properties for project values. We also provide an illustrative example on the modeling and pricing of multiperiod projects that are characterized by managerial flexibility.
Securities Processing: The Effects Of A T+3 System On Security Prices, 2011 University of Tennessee - Knoxville
Securities Processing: The Effects Of A T+3 System On Security Prices, Victoria Lynn Messman
Doctoral Dissertations
This study investigates the settlement period, including payment delays and failed deliveries that occur during the processing of U.S. equity transactions, and its effects on observed stock prices. Payment and delivery occur three to six calendar days after the trade date in the standard three business day settlement cycle, referred to as T+3.
First, the buyer benefits from a payment delay, during which time he can earn interest on the cash needed to settle the trade. Since the seller has no analogous opportunity, I anticipated that the cost of the payment delay would be reflected in equity prices at a …