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Risk Analysis Of Black Walnut And Red Oak Plantations, Douglas D. Stokke, Stephen H. Kolison Jr., Jianbang Gan
Risk Analysis Of Black Walnut And Red Oak Plantations, Douglas D. Stokke, Stephen H. Kolison Jr., Jianbang Gan
Douglas D. Stokke
Risks and uncertainties are prevalent in timber production due to the nature and length of the production process. This paper examines the volatility of timber prices and the effects of some economic uncertainties and risks such as fluctuations in timber prices and the interest rate on the economic returns of black walnut and red oak plantations. Historical patterns of timber prices for black walnut and oaks are investigated and compared with those of other timber species and stock price. The sensitivity of economic returns from black walnut and red oak plantations to changes in timber prices and the discount rate …
To Call Of Not To Call Convertible Debt, Louis H. Ederington, Gary L. Caton, Cynthia J. Campbell
To Call Of Not To Call Convertible Debt, Louis H. Ederington, Gary L. Caton, Cynthia J. Campbell
Cynthia J. Campbell
This paper tests various theories of the decision on when to call in-the-money convertible bonds by following newly issued convertible bonds over the first ten years of their life and relating the decision to call or not call at each point to the determining characteristics implied by each theory. Our results support the yield advantage and after-tax cash flow hypotheses, as well as a variant of the safety premium hypothesis. We find no evidence to support the signaling hypothesis, and no evidence that the desire to extinguish the bondholder's option is an important element in the call decision.
Kaizen Blitz: Introducing A New Manufacturing Procedure Based On The Continuous Pursuit Of Perfection, Frank L. Montabon, Steven A. Melnyk, Roger J. Calantone
Kaizen Blitz: Introducing A New Manufacturing Procedure Based On The Continuous Pursuit Of Perfection, Frank L. Montabon, Steven A. Melnyk, Roger J. Calantone
Frank L. Montabon
This paper introduces and describes the Kaizen Blitz. a new approach to system improvement now being used for attaining significant in1provernent in both shop floor and office productivity. The presentation concludes by examining the various research opportunities that this development has uncovered.
Private Security Placements And Resales To The Public Under Sec Rule 144, Cynthia J. Campbell
Private Security Placements And Resales To The Public Under Sec Rule 144, Cynthia J. Campbell
Cynthia J. Campbell
This article summarizes the reasons for the popularity of using the private placement market to raise capital, and describes the composition of the private placement market in terms of the types of securities issued and the dollar amounts raised. The typical security issued is debt for an average and median amount of $51 and $24, respectively. Common equity issues are also small, with average and median amounts of $53 and $17, respectively. A description covers the types of securities actually resold into the public financial markets. Predominantly only common equity is resold to the public and the majority of that …