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Articles 1 - 5 of 5
Full-Text Articles in Business
Improving Pro Forma Analysis Through Better Terminal Value Estimates, Tom Arnold, David S. North, Roy A. Wiggins
Improving Pro Forma Analysis Through Better Terminal Value Estimates, Tom Arnold, David S. North, Roy A. Wiggins
Finance Faculty Publications
Basic pro forma analysis often estimates the terminal value input using a simple growing perpetuity assumption. While this assumption is easy to implement, it potentially creates an upward bias in some inputs leading to lower firm or project value outputs. The purpose of this paper is to demonstrate a more accurate way to estimate the terminal value input. Further, by allowing for multiple sales growth rates and by not restricting other input variables to necessarily grow at these same rates, a more accurate, flexible, compact, and thorough analysis is possible.
The Information Content Of Short Interest: A Natural Experiment, Tom Arnold, Alexander W. Butler, Timothy Falcon Crack, Y. Zhang
The Information Content Of Short Interest: A Natural Experiment, Tom Arnold, Alexander W. Butler, Timothy Falcon Crack, Y. Zhang
Finance Faculty Publications
Few studies have examined the relationship between customer injustice and employees’ retaliatory counterproductive behaviors toward customers, and those that have done so were conducted in a Western setting. We extend these studies by examining the relationship in a Singaporean context where retaliatory behaviors by employees might be culturally constrained. While the previously-established positive relationship between customer injustice and counterproductive behaviors was not replicated using peer-reported data from employees across two hotels in Singapore, we found that individuals’ self-efficacy and perceived social support moderated it. Specifically, the injustice-to-counterproductive behaviors relationship was positive for individuals with high self-efficacy, and for those who …
An Excel Application For Valuing European Options With Monte Carlo Analysis, Tom Arnold, Stephen C. Henry
An Excel Application For Valuing European Options With Monte Carlo Analysis, Tom Arnold, Stephen C. Henry
Finance Faculty Publications
By developing the basic intuition of how Monte Carlo simulation works within an Excel spreadsheet framework, this paper allows the undergraduate student to use Monte Carlo simulation techniques to price European style options without additional sophisticated software. Further, the skills and intuition developed provide the basis for much more complex simulation techniques.
Is Fed Policy Still Relevant For Investors?, C. Mitchell Conover, Gerald R. Jensen, Robert R. Johnson, Jeffrey M. Mercer
Is Fed Policy Still Relevant For Investors?, C. Mitchell Conover, Gerald R. Jensen, Robert R. Johnson, Jeffrey M. Mercer
Finance Faculty Publications
Using 38 years of data, we show that U.S. monetary policy has had, and continues to have, a strong relationship with security returns. Specifically, we find that U.S. stock returns are consistently higher and less volatile during periods when the Federal Reserve is following an expansive monetary policy. Further, firms considered to be more sensitive to changes in monetary conditions, such as small firms and cyclicals, exhibit monetary-policy-related return patterns that are much more pronounced than average. Lastly, the influence of U.S. monetary policy is shown to be a global phenomenon, as international indices have return patterns similar to those …
Financing Strategies Of The R & D Firm, Lawrence Fogelberg, John M, Griffith
Financing Strategies Of The R & D Firm, Lawrence Fogelberg, John M, Griffith
Finance Faculty Publications
This paper investigates the financing strategies of the R&D firm. Our hypotheses are based on Cho's (1992) game theory model where the firm develops a product but needs additional financing to bring it to market. The model generates a particularly rich set of hypotheses: 1) to fund the completion of its project and bring its product to market, the firm initiates negotiations with an established firm; 2) the majority of the acquisitions will be partial cash acquisitions through private secondary offerings. Confirming the model's hypotheses, we find that the majority of the acquisitions are partial cash acquisitions by significantly larger …