Business Commons^™

Your Community Gets A B- : Analysis Of The Specific And Curious Realm Of Airport Bond Ratings, Richard R. Hawkins, Stephen A. Lemay, Peter M. Ralston

Peter Ralston

Commercial airports are publicly-owned transportation infrastructure, usually funded with bonds. The bond rating decision for these entities thus has important ramifications for bond investors, issuers, airport managers, and even the communities the airports serve, but the rating decision process is not well understood. This paper discusses a simulation of the rating process in two decision environments, including a downgrade. The effect of information framing in an environment of incomplete data is examined using amateur evaluators. Amateur evaluators were utilized to understand how people with limited financial analysis skills would respond when presented with incomplete information and a primed scenario. The …

Thinking Finance - The Comic Book, Dimitrios V. Siskos

Dimitrios V. Siskos

Thinking financially results in the best possible outcome and establishes a secure foundation for the future as an independent man. In contrast, thinking emotionally leads to short-sighted financial decisions and usually, deep regrets. However, thinking financially is not pleasant for the people around us. This comic book presents a guy, whose dream is to become an accountant. When he finally succeeds in this, he realizes that thinking financially may be effective for his boss but it is irritating for everyone else, even for his family.

Project Financial Distress: Early Signs And Ways To Overcome, Dimitrios V. Siskos

Dimitrios V. Siskos

Financial distress is a hot topic these days in finance and the project’s health is very important for investors as well as management. Investors posit money in those projects which are financially healthy as the risk of default is minimized for them, while management must be able to identify causes of distress which can be controlled by taking different measures (Khurshid, 2013). However, the fact that many projects encounter financial distress requires further investigation. This paper deals with the elements of project financial distress as its major signs and sources as well as it suggests ways to eliminate the consequences. …

What Is The Role Of Basel Iii In Creating Sufficient Risk Management In Banking Sector?, Dimitrios V. Siskos

Dimitrios V. Siskos

This paper attempts to investigate the reasons that lead bankers into establishing Basel III agreement and, second, to examine whether it would be able to bring about prudent risk behavior among banks. Basel III was the third set of regulations, following Basel I and Basel II, and was developed in response to the financial crisis. The measures developed by the Basel Committee on Banking Supervision aimed to reinforce banks liquidity, to protect the banking sector from systemic risks, as well as to solidify the regulation. Although most of the fundamental problems, that were responsible for the global financial crisis, had …

Un Préstamo Personal Para Financiar Un Gasto Repentino, Pagares Creditos

Pagares Creditos

Impact Of Life-Cycle Costs Threshold Criteria In The Alternate Design Pavement Bidding Practices Of Public Transportation Agencies, Ilker Karaca, Douglas Gransberg, Ashley F. Buss

Ilker Karaca

This paper proposes a model that enables Department of Transportation (DOT) policy makers to quantify the expected volume of projects that will qualify for letting in their alternate design/alternate bid (ADAB) pavement bidding programs. Current guidance on alternate bidding recommends a fixed percentage as the life cycle cost (LCC) threshold criterion to determine whether pavement selection decisions should be made through ADAB bidding practices. The paper’s analysis shows that the fixed LCC threshold percentage approach may have considerable shortcomings. Instead, a dynamic threshold value is proposed that can subsequently be calibrated by agencies, based on the desired size of their …

The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter

Eva Steiner

The impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency.

Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder

Eva Steiner

While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally respond to heightened flood risk by bidding down the prices of exposed assets. Using a detailed property-level database on commercial real estate transactions completed in New York, Boston, and Chicago before and after the shift in the salience of flood risk caused by Hurricane Sandy, we document that properties exposed to flood risk experience slower price appreciation after the storm than equivalent unexposed properties. We further show …

The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner

Eva Steiner

We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices from the archives of four large institutional investors in the U.K.—historically important Oxbridge colleges—for the period 1901–1970. Gross income yields mostly fluctuate around 5%, but trend to lower (higher) levels for agricultural and residential (commercial) real estate near the end of our sample period. Operating costs mean that net yields are about one third lower than gross yields on average. Long-term real income growth rates are between -1.0% …

Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy Riddiough, Eva Steiner

Eva Steiner

Using equity REIT data, we show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility.

Transportation Safety Performance Of Us Bus Transit Agencies And Population Density: A Cross-Sectional Analysis (2008-2014), Ilker Karaca, Peter T. Savolainen

Ilker Karaca

The paper examines the transportation safety performance of transit agencies providing public bus service in the US by using data from the National Transit Database (NTD)

Uses NTD data for a seven-year period from 2008 to 2014 • 3,853 observations for 651 public transportation agencies in 50 states

Seven types of bus transit fatalities and injuries (including passengers, operators, pedestrians, bicyclists)

Main explanatory variable: urban density obtained from the US Census figures

Other explanatory variables: total agency revenue miles, unlinked passenger trips, agency fleet size, and urban population

Nchrp Synthesis 499: Alternate Design/Alternate Bid Process For Pavement-Type Selection. A Synthesis Of Highway Practice, Douglas D. Gransberg, Ashley F. Buss, Ilker Karaca, Michael C. Loulakis

Ilker Karaca

Highway administrators, engineers, and researchers often face problems for which information already exists, either in documented form or as undocumented experience and practice. This information may be fragmented, scattered, and unevaluated. As a consequence, full knowledge of what has been learned about a problem may not be brought to bear on its solution. Costly research findings may go unused, valuable experience may be overlooked, and due consideration may not be given to recommended practices for solving or alleviating the problem. There is information on nearly every subject of concern to highway administrators and engineers. Much of it derives from research …

Top-Down Construction Cost Estimating Model Using An Artificial Neural Network, Douglas D. Gransberg, H. David Jeong, Ilker Karaca, Brendon Gardner

Ilker Karaca

This report contains the information and background on top-down cost estimating using artificial neural networks (ANN)_to enhance the accuracy of MDT early estimates of construction costs. Upon conducting an extensive review of MDT’s budgeting and cost estimating efforts, and following a survey of agency experts on the identification of the most salient project attributes with the dual-objectives of low effort and high accuracy, a rational method for top-down variable selection is proposed. Selected variables were further tested in their explanatory power of construction costs through the application of two cost estimating methodologies—multiple regression and artificial neural network methodologies. Both methods …

2018 Atrs Global Airport Performance Benchmarking Award Winners, Tae Oum, Chunyan Yu

Chunyan Yu

The ATRS Global Airport Benchmarking Project measures and compares the performance of several important aspects of airport operations: Productivity and efficiency, unit costs and cost competitiveness, financial results and airport charges. The report also examines the relationships between various performance measures and airport characteristics as well as management strategies in order to provide a better understanding of observed differences in airport performance. The 2018 report includes 204 airports and 24 airport groups of various sizes and ownership forms in Asia Pacific, Europe and North America. This presentation highlights the top efficiency award winners.

Coporate Governance, Institutional Ownership, And The Decision To Pay The Amount Of Dividends: Evidence From Usa, John Obradovich, Amarjit Gill

John Obradovich

The decision to pay dividends is influenced by many financial factors. The purpose of this study is to find the relationships between corporate governance, institutional ownership, and the decision to pay dividends in American service firms. A sample of 296 American firms listed on New York Stock Exchange (NYSE) for a period of 3 years (from 2009-2011) was selected. This study applied a co-relational and non-experimental research design. The findings of this study indicate that the decision to pay dividends is a positive function of board size, CEO duality, and internationalization of the firm, and a negative function of institutional …

Financial Institutions And The Taxi-Cab Industry: An Exploratory Study In Canada, John D. Obradovich, Amarjit Gill, Nahum Biger, Leo-Paul Dana, Ansari Mohamed

John Obradovich

A current challenge taxicab owner/operators face in Canada is the lack of financing for taxicabs. This article examines business opportunities and lending risk; it also provides risk management strategies for financial institutions to manage the risk of lending to the taxi-cab industry. Members of the boards of directors and shareholders from the Canadian taxicab industry, and lenders from financial institutions that do not provide financing to taxicab owner/operators, were interviewed. Board members and shareholders were asked about their perceptions regarding business opportunity, risk, and their willingness to provide collateral for taxicab loans. Lenders of financial institutions were asked about their …

The Impact Of Corporate Governance And Financial Leverage On The Value Of American Firms, John Obradovich, Amarjit Gill

John Obradovich

This study examines the impact of corporate governance and financial leverage on the value of American firms. This study also seeks to extend the findings of Gill and Mathur (2011a). A sample of 333 firms listed on New York Stock Exchange (NYSE) for a period of 3 years from 2009-2011 was selected. The co-relational and non-experimental research design was used to conduct this study. Overall, findings show that larger board size negatively impacts the value of American firms, and CEO duality, audit committee, financial leverage, firm size, return on assets, and insider holdings positively impact the value of American firms. …

Promoter Ownership And Working Capital Management Efficiency Of Indian Manufacturing Firms, John D. Obradovich

John Obradovich

Poor cash flow leads to insolvency of the firm. One of the most important factors that lead to poor cash flow is the inefficiency of working capital management. This study investigates relationships between promoter ownership and working capital management efficiency of Indian manufacturing firms. A sample of 151 manufacturing firms was selected from Top 500 Companies listed on the Bombay Stock Exchange (BSE) for a period of five years (from 2010-2014). Results indicate that changes in promoter ownership play a role in changing working capital management efficiency of Indian manufacturing firms by reducing their cash conversion cycle and by improving …

Solicitar Créditos Al Instate Online Es Posible Hoy En Día, Creditos Online

Creditos Online

Otc Quote Size.Kemerey.Thesis.Pdf, Kemerey Thompson

Kemerey Thompson

Behavioral Finance Moon Paper-Michael V. Blumeyer, First-Year Mba At Pepperdine University.Pdf, Michael Blumeyer

Michael Blumeyer

Payday Loan Rollovers And Consumer Welfare, Jennifer Priestley

Jennifer L. Priestley

Using payday-lender administrative data matched to borrower credit attributes from a national credit bureau, I find that borrowers who engage in protracted refinancing (“rollover”) activity have better financial outcomes (measured by changes in credit scores) than consumers whose borrowing is limited to shorter periods. These results are robust to an alternative definition of a “rollover” that ignores out-of-debt periods of 14 days between successive loans. Also, exploiting interstate differences in rollover regulation, I find that, while regulation has a small effect on longer-term usage patterns, consumers whose borrowing is less restricted by regulation fare better than consumers in the most …

A Comparison Of Machine Learning Algorithms For Prediction Of Past Due Service In Commercial Credit, Liyuan Liu M.A, M.S., Jennifer Lewis Priestley Ph.D.

Jennifer L. Priestley

Credit risk modeling has carried a variety of research interest in previous literature, and recent studies have shown that machine learning methods achieved better performance than conventional statistical ones. This study applies decision tree which is a robust advanced credit risk model to predict the commercial non-financial past-due problem with better critical power and accuracy. In addition, we examine the performance with logistic regression analysis, decision trees, and neural networks. The experimenting results confirm that decision trees improve upon other methods. Also, we find some interesting factors that impact the commercials’ non-financial past-due payment.

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Turning Vice Into Virtue: Institutional Work And Professional Misconduct, Elisabeth Brooke Harrington

Brooke Harrington

Haptic Alternatives For Mobile Device Authentication By Older Technology Users, David M. Cook, Kulwinder Kaur

Dr. David M Cook

Could Decision Trees Help Improve Farm Service Agency Lending Decisions?, Benjamin P. Foster, Jozef Zurada, Douglas K. Barney

Benjamin Foster

This study examines whether a statistically derived decision tree could serve as a means to improve U.S.A. Farm Service Agency lending decisions. The study is a substantial extension and reanalysis of an earlier work by Barney, Graves and Johnson, (1999). Results indicate that a decision tree could be a valuable tool for Farm Service Agency employees in their lending decisions. The decision tree provides as good or better predictive accuracy than neural networks and logistic regression models at reasonable cutoff levels of Type II to Type I costs of lending. The decision tree also meets the transparency criteria for Farm …

Economic Fundamentals, Capital Expenditures And Asset Dispositions, Brent Ambrose, Eva Steiner

Eva Steiner

Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect.

Precarious Paradise: The Financial Well-Being Of Hispanic Immigrant Day Laborers In Malibu, Luisa Blanco, Lila M. Carlsen, Daniel R. Morrison, George Carlsen, Ashley Chaparro, Erick Molina

Lila McDowell Carlsen

Liquidity Policies And Financial Fragility, Danilo Lopomo Beteto Wegner

Danilo Lopomo Beteto Wegner