Business Commons^™

Government Shutdown: A Test Of Market Effeciency, Jessica H. Woodard

Theses & Honors Papers

How does the market react to a government shutdown? Can investors earn above normal returns by acting on this type of information? How efficient is the market in reacting to the announcement of this type of event? This event study tests market efficiency theory by analyzing the impact of two recent US Government shutdowns on the risk adjusted stock price returns of a sample of 50 firms. This study used the standard risk adjusted event study methodology found in the finance literature. Evidence confirms the significant and consistent negative reaction of the risk adjusted returns for the two 50 firm …

The January Effect: A Test Of Market Efficiency, Shelby Klock

Theses & Honors Papers

The purpose of this study is to test the weakform efficient market hypothesis by analyzing the effects of year end selling/buying and the January effect on stock price. Specifically, is itpossible to earn an above normal return at the beginning of the new year? Numerous past studies suggest that at year end investors sell underperforming stocks, thus negatively impacting stock price . Past studies also suggest the repurchase of previou$ year losers in January causing upward pressure on stock price. According to the weakform efficient market hypothesis, it is not possible to outperform the market …

Dividend Policy And Stock Price Volatility In The U.S. Equity Capital Market, Kyle A. Profilet

Theses & Honors Papers

What factors affect the volatility of a stock's price over time? What specific financial factors lead a stock to be more volatile than others? This study attempts to identify the impact of certain financial variables on the volatility of a stock's price overtime by analyzing the.financial data of over 500 publicly traded.firms found through the Value Line Investment Survey database using Ordinary Least Squares (OLS) Regression. The study tests the effects of financial variables (deemed appropriate by the finance literature) on stock price volatility (as measured by the stock's standard deviation) for a sample of firms screened.from the Value …

The Impact Of Increased Dividend Announcements On Stock Price: A Test Of Market Efficiency, Douglas S. Laabs

Theses & Honors Papers

The purpose of this study is to test the semi-strong form efficient market hypothesis by analyzing the effects of increased dividend announcements on stock price. Specifically, is it possible to earn an above normal return on a publicly traded stock when the firm announ …

Assessing The Performance Of Microfinance Institutions In Sub-Saharan Africa: The Effect Of Profitability On The Depth And Breadth Of Outreach, Mary Catherine Hoyt

Theses & Honors Papers

This study is the first to use empirical analysis to address the tradeoff between financial and social performance of microfinance institutions (MFIs) in Sub-Saharan Africa. Ordinary Least Squares (OLS) regressions are used to compare the depth and breadth of outreach of MFIs. Results indicate that for-profit MFIs in Sub-Saharan Africa have less depth of outreach, indicated by larger loan sizes, and significantly more breadth of outreach than non-profits. Results support the conclusion that for-profit MFIs grant more loans overall, but these loans do not necessarily reach the poorest clients; they simply address different target markets in doing so,

Debt And Dividend Decisions: Stock Vs. Non-Stock Firms, William R. Nixon Iii

Theses & Honors Papers

This study tests the trade-off and pecking order theories about the debt and dividend decisions for stock and non-stock firms. The decision to finance investments with debt or equity determines the firm's capital structure. The trade-off theory posits an optimal balance of debt and equity, motivating the form to use debt until its cost exceeds issuing equity thus deriving the firm's optimal capital structure. Meanwhile, the pecking order theorem contends the firm should use internal funds first, then debt, and equity as a last resort. Both theories have the same fundamentals for the payout of dividends. More profitable firms with …

The Debt And Dividend Decisions For Non-Stock Cooperatives: Pecking Order Vs. Trade-Off, David P. Smiy

Theses & Honors Papers

This study tests the trade-off and pecking order theories about the debt and dividend capital decisions for non-stock electric cooperatives. Decisions to finance investments with debt or equity are important because they determine the firm's capital structure. With the trade-off theory there is an optimal balance of debt and equity, and the firm uses debt until it is more expensive than issuing equity thus reaching the firm's optimal capital structure. Meanwhile, the pecking order theorem contends the firm should use internal funds first, then debt, and equity as a last resort. Both theories have the same …

Principal-Agent Conflict And Seller's Strategy Approaching Listing Contract Expiration, Zhenyu Zhang

Theses & Honors Papers

Real estate markets are excellent venues in which to study principal-agent incentive misalignments. Buyers and sellers who face relatively higher information costs rely on agents to reduce information costs and to assist their negotiation. Previous literature has focused on a typical dilemma real estate gents face - sales price versus time on market (TOM). This paper analyzes sellers' behavior when an exclusive listing contract nears unsuccessful expiration.

Does Supervisory Information Explain Security Market Information? Evidence From The Credit Default Swap Market, Timothy Buckler

Theses & Honors Papers

This paper examines the ability of supervisory information to explain variation in the Credit Default Swap Market. Using data from the fourth quarter of 2004 to the third quarter of 2008, variation in CDS was able to explained well using only Call Report Data. These Call Report data that are proxies for credit risk, leverage risk, and liquidity risk are found to be significant in at least one model. There is evidence of both omitted variables and heteroskedasticity in both models. Further work that controls for the movements in related markets, namely the equities market, and the use of Heteroskedasticity-consistent …

The Impact Of Stock Split Announcements On Stock Price: A Test Of Market Efficiency, Carlos Garcia De Andoain

Theses & Honors Papers

The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests "how" and "when" public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total o f 36,714 observations for the announcement samples and the corresponding S&P 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms' public …

Determinants Of Debt And Dividend Decisions: Trade-Off Vs Pecking Order, Caitlin A. Farrell

Theses & Honors Papers

This study tests the trade-off and pecking order theories about the dividend and debt decisions for stock firms. The decision of a firm to use debt to finance investment opportunities is important since the firm's choice between debt or equity determines the optimal capital structure. Under the trade-off theory, there is some optimal balance between debt and equity, and the firm will use debt until the cost of taking on more debt is more expensive than the cost of issuing equity. The firm uses internal fonds first under the pecking order theory, and then if more financing is needed, the …

Stock Repurchase Announcements: A Test Of Market Efficiency, Nicholas A. Kinsler

Theses & Honors Papers

The purpose of this study was to test the semi-strong form efficient market hypothesis by analyzing the effects of stock repurchase announcements on stock price. Specifically, is it possible to earn an above normal return on a publicly traded stock when thefirm announces a stock repurchase? Numerous past studies suggest that with a stock repW'chase announcement goes a positive signal about the company's future, thereby significantly increasing the firm's stock price. Firms repurchase undervalued stock, thus raising the stock price. According to the semi-strong form efficient market hypothesis, it is not possible to consistently outperform …

Two-Stage Least Squares: Simultaneous Determination Of Days On Market, Length Of Contract, And Percentage Overpriced, Caitlin Hooe

Theses & Honors Papers

In this paper, we examine the simultaneous determination of time on market (TOM), length of listing contract (LOC) and percentage overpriced (POP) of residential real estate listings. Our fundamental speculation is that overpriced properties and those that have extended listing contracts will incur a longer TOM. The finding of this research confirms that the more a property is overpriced, the longer it will take to sell. Similarly, as LOC increases so does the expected TOM. This may be helpful knowledge for a potential seller in determining the listing contract duration assuming realistic price expectations. These findings assume the absence of …

Two-Stage Least Squares: Simultaneous Determination Of Days On Market And Length Of Listing Contract, Matthew Joseph Davis

Theses & Honors Papers

Over eight million new and existing homes are sold each year, while every seller has a similar objective; to simultaneously maximize sales price and minimize the duration the home is on the market. There is no predetermined manner in which to select how long one should list the property with a broker, if the seller decides to not sell the property themselves, or how long a broker will need to sell the property. Numerous studies have been conducted to examine various factors affecting days on market (DOM), while no research has been conducted on the effect length of contract (LOC) …

Minimizing Market Duration: The Strategic Selection Of The Listing Brokerage Firm, David L. Ellis Jr.

Theses & Honors Papers

Approximately five million homes are sold each year with every seller having similar objectives; to minimize the duration of the marketing period while simultaneously maximizing sales price. Once the decision to sell has been made, individuals are faced with the dilemma of marketing and selling the property themselves or acquiring the services of a real estate professional to assist in the sale of their property. It is logical to speculate that homeowners wishing to acquire the services of a real estate broker or salesperson will desire to select a salesperson that can help achieve the optimization objective of minimizing time …

What Factors Motivate The Corporate Dividend Decision?, Sharon L. Kania

Theses & Honors Papers

What motivates a corporation to issue cash dividends? What specific financial factors lead management to make a decision as to the creation or amendment of theirfirm 's dividend policy? Whatfactors are common among firms issuing a dividend to their shareholders, and do these factors share a commonality across sector boundaries and market capitalization ? This study attempts to identify the impact of certain financial variables on the dividend decision/policy of a corporation by analyzing the financial data of over 10,000 publicly traded firms found through the Multexinvestor.com database using Ordinary Least Squares (OLS) Regression. The study tests …

Senior Theses Communication Studies Spring 2002, Communication Studies

Theses & Honors Papers

SENIOR THESIS - Communication Studies, Spring 2002

Laura Veazey. Deborah Tannen Meets Walt Disney: A Study of Gender Communication in Animated Films. 5-03-02. 22 pgs.

Bridgette Horsley [title page not included] 24 pgs.

Athena Oliff. Do You See What I am Saying? A Study of Meaning in Signs. May 5, 2002. 20 pgs.

Elizabeth Rose Hadrys. Excercising the Lungs and the Hands of Justice Amending the Constitution Through the Rights of Flag Burning .May 2, 2002. 20 pgs.

Stephanie Ann Stevens. Bridging the Gap: A Case Study of the Effect of Popular Music/ Culture …

Perceptions Of Local Businesses Toward Customers With Physical Disabilities And Mental Retardation, Shannon M. Blackburn

Theses & Honors Papers

The purpose of this study was to determine the overall perceptions held by businesses toward people with physical disabilities and mental retardation. Subjects (SS) were employees of businesses in the Richmond area (N=50). A self-developed questionnaire with 3 parts containing a Likert scale and open-ended questions was used for data collection. One hundred percent of the questionnaires were returned. Data were analyzed using descriptive and inferential statistics. Chi-square (X²) was used to test the relationship between business type and promotion of service, emergency plans, and wheelchair accessibility. A limitation of this study was that the SS were selected …

Advertising And The Certified Public Accountant, Kimberly Virginia Hannan

Theses & Honors Papers

The purpose of this research paper is to analyze fully the intend ed consequences of the advertising ban removal and then compare those with some actual results. . Primary reliance for the historical background information was placed upon theoretical research, recent pronouncements and legislation, and general information and interpretations from the accountant's professional societies . A questionnaire mailed to a random sample of accounting practitioners and firms registered with the American Institute of Certified Public Accountants was incorporated into the research in order to examine actual results of the ban removal.

The author acknowledges the invaluable assistance of Dr. E. …