Business Commons^™

Preliminary Assessment Of Client Interest In And Needs Of The New England Environmental Finance Center, New England Environmental Finance Center, University Of Southern Maine

Planning

The New England Environmental Finance Center (NE/EFC) has been conceived as a knowledge-based clearinghouse, training, and change-agent program aimed at helping EPA's constituencies find financially successful approaches to environmental improvements. The NE/EFC will develop approaches to needs of particular priority in New England and potentially useful throughout the nation; share such approaches through the EFC national network; and help make tools from that network accessible throughout New England. In 1999 we began exploring with potential users how this ninth of the nation's EFCs might best address the region's needs. The assessment continued through the Muskie School's EFC proposal to EPA …

Local Economic Risk Factors On The Primary And Secondary Mortgage Markets, Brent W. Ambrose, Anthony Pennington-Cross

Finance Faculty Research and Publications

This paper presents a cross-sectional analysis of the spatial distribution of loans in the primary and secondary mortgage markets. Aggregating loan originations to the MSA level, we examine the proportion of the market served by FHA and conventional lenders. We model the geographic differences in market shares as a function of supply, demand, and economic risk factors. Results indicate that FHA market shares are higher in cities with higher economic risk characteristics. To examine the role of GSE activity, we model the spatial distribution of the disposition of conventional loans. Again, we focus on the impact of local economic risk …

Preventing Fraudulent Financial Reporting, Mark S. Beasley, Joseph V. Carcello, Dana R. Hermanson

Faculty and Research Publications

Provides information on a study conducted by the Committee of Sponsoring Organizations regarding the detection and prevention of financial fraud. Discussion on the nature of financial frauds; Characteristics of unreliable financial reporting; Views on the role of auditing firms in the prevention of fraud.

Journal Of Actuarial Practice, Volume 8, Nos. 1 And 2 (2000) -- Masthead & Contents, Colin Ramsay , Editor

Journal of Actuarial Practice (1993-2006)

Contents

Editorial Policy: Topics suitable for this journal include AIDS, annuity products, asset-liability matching, cash-flow testing, casualty rate making, credibility theory, credit insurance, disability insurance, expense analysis, experience studies, FASB issues, financial reporting, group insurance, health insurance, individual risk taking, insurance regulations, international issues, investments, liability insurance, loss reserves, marketing, pensions, pricing issues, product development, reinsurance, reserving issues, risk-based capital, risk theory, social insurance, solvency issues, taxation, valuation issues, and workers' compensation

Review Process

Editor - Colin Ramsay, University of Nebraska

Associate Editors: Robert Brown, University of Waterloo ○ Cecil Bykerk, Mutual of Omaha ○ Ruy Cardoso, …

Environmental Finance Charette, Hyannis Park On Lewis Bay: A Case Study, New England Environmental Finance Center, Environmental Finance Center Of University Of Maryland

Water

The town of Yarmouth currently has a $30 million septic sludge treatment plant and transport lines in place. The vast majority of the dwellings and businesses in the Hyannis Park area are on septic systems that are viable and Title 5 compliant, regardless of age. Conventional, "non-failing" septic systems, however, were never intended to remove form their effluent nutrients such as nitrogen. These have become recognized as an environmental threat only as our understanding of the impacts of excess nutrients on ecosystems has increased in recent decades.

2000-2001 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Operating Budget of the Southern University System, Fiscal Year Ending June 30, 2001.

2000-2001 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Operating Budget for the Fiscal Year 2000-2001.

2000-2001 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 2000-2001 Fiscal Year Operating Budget for the Southern University Law Center Campus.

2000-2001 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport, Operating Budget for the Fiscal Year Ending June 30, 2001.

1999-2000 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

1999-2000 Operating Budget of the Southern University at New Orleans Campus.

Justifying Electronic Banking Network Expansion Using Real Option Pricing: An Empirical Illustration, Michel Benaroch, Robert J. Kauffman

Research Collection School Of Computing and Information Systems

The application of real options analysis to information technology investment evaluation problems recently has been proposed in the IS literature (Chalasani et al. 1997; Dos Santos 1991; Kambil et al. 1993; Kumar 1996; Taudes 1998). The research reported on in this paper illustrates the value of applying real options analysis in the context of a case study involving the deployment of point-of-sale (POS) debit services by the Yankee 24 shared electronic banking network of New England. In the course of so doing, the paper also attempts to operationalize real options analysis concepts by examining claimed strengths of this analysis approach …

Pb1648-Considering An Agritainment Enterprise In Tennessee, The University Of Tennessee Agricultural Extension Service

Marketing, Finances and Value-Added Agriculture

Agritainment (agritourism and entertainment farming enterprises) has an extensive history in the United States. Farm-related recreation and tourism can be traced back to the late 1800s, when families visited farming relatives in an attempt to escape from the city’s summer heat. Visiting the country became even more popular with the widespread use of the automobile in the 1920s. Rural recreation gained interest again in the 1930s and 1940s by folks seeking an escape from the stresses of the Great Depression and World War II. These demands for rural recreation led to widespread interest in horseback riding, farm petting zoos and …

Jumps And Dynamic Asset Allocation, Liuren Wu

CRIF Working Paper series

This paper provides a general framework for analyzing optimal dynamic asset allocation problems in economies with infrequent events and where the investment opportunities are stochastic and predictable. Analytical solutions are obtained, with which I do a thorough comparative study of the impacts of jumps on the dynamic decision. I also calibrate the model to the U.S. equity market and assess the quantitative impacts of jumps under a dynamic environment. I find that jump risk not only makes the investor's allocation more conservative overall but also makes her dynamic portfolio rebalancing less dramatic over time.

A Strategy For Rural Financial Market Reform: Applying The Financial Systems Approach In Ghana, Harlan M. Smith Ii, Abor Yeboah

Economics Faculty Research

We construct, using methods advocated in one strand of the Financial Systems Approach literature, a reform-and-renewal program for one of Ghana’s struggling Rural Banks--the Kaaseman Rural Bank. Questionnaire results, local informal financial practices, recent institutional innovations in Ghanaian finance, the experiences of successful “Nontraditional” rural finance institutions in developing countries, and the operating structure of the Rural Bank program indicate that this bank can implement a group-lending scheme that will reduce significantly its transaction costs and those of its customers. We thus demonstrate how the Financial Systems Approach can be employed to promote sustainable rural financial intermediation in a specific …

An Analysis Of The Cross Section Of Returns For Ereits Using A Varying-Risk Beta Model, C. Mitchell Conover, H. Swint Friday, Shelly W. Howton

Finance Faculty Publications

A dual-beta asset pricing model is employed to examine the cross-section of realized equity real estate investment trust (EREIT) returns over bull and bear markets. No significant relationship is found between EREIT returns and a constant beta. However, beta explains cross-sectional returns when betas are allowed to vary across bull markets. This positive relationship exists for both January and non-January months. During bear-market months, no significant relationship is found between REIT betas and returns. But, during such months, size and book-to-market ratio are found to be negatively related to returns.

Financial Information Resources For Special Librarians, Di Su

Publications and Research

Speed has always been a competitive factor and corporate asset in business world. The growth of the Internet has created an equal opportunity for information service professionals in both big and small companies to improve their efficiency. The prominent advantages of Web source are currency, accessibility, and thus, the speed. You are provided with instant updates on issues like rules, official statements, interpretations, statistics, etc., and these documents can be accessed twenty-four hours a day, seven days a week. There are so many valuable Web sites on the Internet that it is impossible to include them all in this article, …

Crummer Suntrust Scholarship Endowment Fund Portfolio Investment Strategy 2000, Dawson Brinkley, Delino Heim, Mikhail Klimenko, Herbert Tapia

Crummer Truist Portfolios

No abstract provided.

Crummer Suntrust Investment Portfolio 2000, Glen Butrick, Kevin Collins, Poincia Vendryes, Kurt Petersen, Herb Schumann Jr.

Crummer Truist Portfolios

No abstract provided.

Crummer Suntrust Portfolio Investment Stategy, David Kim, Susan Kreis, Wael Saeed, Tiffany Slaughter, Zhiqiang Zeng

Crummer Truist Portfolios

No abstract provided.

Predictable Changes In Yields And Forward Rates, David Backus, Silverio Foresi, Abon Mozumdar, Liuren Wu

CRIF Working Paper series

We make two contributions to the study of interest rates. The first is to characterize their dynamics in a new way. We estimate forecasting relations based on one-period changes in forward rates, which are more easily compared than earlier work on yields to the stationary theory of bond pricing. The second is to approximate these dynamics and other salient features of interest rates with an affine model. We show that models with "negative" factors come closer to accounting for the properties of interest rates, including their dynamics, than multifactor Cox-Ingersoll-Ross models.

Ponzi Schemes, Barbara Rowe

All Current Publications

No abstract provided.

1999-2000 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

1999-2000 Financial Summary of Morehead State University.

A Negotiation-Oriented Model Of Auditor-Client Relationships, Gary Kleinman, Dan Palmon

Department of Accounting and Finance Faculty Scholarship and Creative Works

The increasing frequency and complexity of inter-organizational relationships suggests that inter-organizational negotiations should represent an area of increasing concern to management and academicians. Unfortunately, there is little theorizing about, nor study of, these negotiations. The few extant models are heavily influenced by models of individual negotiating styles that are then raised to the inter-organizational level with minimal change. The model developed here attempts to provide a framework for understanding the context of these interorganizational negotiations by identifying and illuminating factors that influence the outcome of interactions in various long-term supplier relationships. Factors discussed include dynamic and stable environments, organizational cultures, …

Journal Of Actuarial Practice, Volume 8, Nos. 1 And 2 (2000), Colin Ramsay , Editor

Journal of Actuarial Practice (1993-2006)

Complete volume, includes ARTICLES:

Realistic Pension Funding: A Stochastic Approach • Shih-Chieh Chang 5

Risk Sources in a Life Annuity Portfolio: Decomposition and Measurement Tools • Mariarosaria Coppola, Emilia Di Lorenzo, and Mari/ena Sibillo . .43

A Comparative Study of the Performance of Loss Reserving Methods through Simulation • Prakash Narayan and Thomas Warthen 63

Concentration in the Property and Liability Insurance Market by Line of Insurance • Edward Nissan and Regina Caveny 89

Safe-Side Requirements in Life Insurance: A Corporate Perspective • Annamaria Olivieri and Ermanno Pitacco 115

Actuarial Analysis of Retirement Income Replacement Ratios • Robert Keng Heong …

Modeling Corporate Bond Default Risk: A Multiple Time Series Approach, Wai-Sum Chan

Journal of Actuarial Practice (1993-2006)

A multiple time series approach is used to forecast the short-term u.s. corporate bond default level. These time series have two auxiliary economic variables: U.S. price inflation and U.S. GNP growth rate. Actual U.S. data from the turn of the century to the present are used to estimate the parameters of multivariate time series model. Diagnostic checks are performed to examine adequacy of the model. The model's forecast for the aggregate U.S. bond default level in 2000-2001 are 0.42% and 0.56%, respectively, while the forecast for the speculative-grade default rate in 2000 is 3.6%, which is more pessimistic than some …

Realistic Pension Funding: A Stochastic Approach, Shih-Chieh Chang

Journal of Actuarial Practice (1993-2006)

The process funding pension plans is viewed as a dynamic control process. Two performance measures are introduced to evaluate the effectiveness of plan contributions: the cost-induced performance measure (CIPM) and the ratio-induced performance measure (RIPM). A dynamic programming approach is used to determining the optimal contributions with the objective of minimizing the performance measure. The methodology developed is applied to a sample of members of Taiwan's Public Employees Pension Plan (Tai-PERS). We show that RIPM produces more stable results than those using CIPM.

Risk Sources In A Life Annuity Portfolio: Decomposition And Measurement Tools, Mariarosaria Coppola, Emilia Di Lorenzo, Marilena Sibillo

Journal of Actuarial Practice (1993-2006)

The paper considers a model for a homogeneous portfolio of whole life annuities immediate. The aim is to study two risk factors: the investment risk and the insurance risk. A stochastic model of the rate of return is used to study these risk factors. Measures of the insurance risk and the investment risk for the entire portfolio are suggested. The problem of the longevity risk is presented, and its consequences with different projections of the mortality tables are analyzed. The model is applied to some concrete cases, and several illustrations show the importance of the two components of the riskiness …

Independent Claim Report Lags And Bias In Forecasts Using Age-To-Age Factor Methodology, Stewart Gleason

Journal of Actuarial Practice (1993-2006)

This paper finds that when report lags are assumed to be independent, the age-to-age factor method produces biased estimates when applied to claim count development data. Two distributions are considered as models for the ultimate number of claims for an accident period: (0 a Poisson distribution, and (ii) a negative binomial distribution. In the Poisson case, the assumption of independent report lags implies the independence of the total number of claims reported in any two periods. In the negative binomial case, however, assuming that report lags are independent does not imply that increments are independent, and a somewhat different argument …

A Comparative Study Of The Performance Of Loss Reserving Methods Through Simulation, Prakash Narayan, Thomas Warthen

Journal of Actuarial Practice (1993-2006)

Actuaries are often asked to provide a range or confidence level for the loss reserve along with a point estimate. Traditional methods of loss reserving do not provide an estimate of the variance of the estimated reserve, and actuaries use various ad hoc methods to derive a range for the indicated reserve. We use a Monte Carlo simulation method to compare various loss reserve estimation methods, including traditional methods and regression-based methods of loss reserving.

Safe-Side Requirements In Life Insurance: A Corporate Perspective, Annamaria Olivieri, Ermanno Pitacco

Journal of Actuarial Practice (1993-2006)

Safe-side requirements concern the assumptions used to calculate premiums in relation to a set of more realistic assumptions. Roughly, safe-side requirements express the capability of premiums to generate positive margins. In a strictly actuarial framework, safe-side requirements are given in terms of some notion of expected profit, calling for assumptions that let such profit be non-negative. An expected profit of zero, however, is not a realistic aim for the insurer. We investigate the notion of conservative assumptions by adopting a unconventional approach. Our focus is the management of the financial resources coming both from premiums and from shareholders' capital. This …