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Articles 1 - 24 of 24
Full-Text Articles in Business
Monitoring By The Financial Press And Forced Ceo Turnover, Kathleen A. Farrell, David A. Whidbee
Monitoring By The Financial Press And Forced Ceo Turnover, Kathleen A. Farrell, David A. Whidbee
Department of Finance: Faculty Publications
This paper examines Wall Street Journal news stories about 79 firms that forced CEO turnover and a matched sample of firms that did not force CEO turnover. In the two years prior to turnover, firms in the forced-turnover sample were the subjects of 76% more news stories about poor firm performance despite being from the same industry, of similar size, and similar performance as a sample of matched firms. Overall, the evidence suggests that scrutiny of poor firm performance by the financial press increases the likelihood of forced CEO turnover.
Financial Disclosure And Speculative Bubbles: An International Test Of Asymmetry, Benjamas Jirasakuldech, Thomas S. Zorn, John Geppert
Financial Disclosure And Speculative Bubbles: An International Test Of Asymmetry, Benjamas Jirasakuldech, Thomas S. Zorn, John Geppert
Department of Finance: Faculty Publications
This paper applies two tests of asymmetry to examine if the quality of a country’s financial disclosure system affects the likelihood of speculative bubbles. We examine the hypothesis that stock prices of firms in countries with a low level of financial disclosure are more likely to experience bubbles. The countries, ranked in order of disclosure levels, are the United States, Canada, the United Kingdom, the Netherlands, France, Japan, Germany, and Switzerland (Saudagaran and Biddle (1992)). The findings based on the third-order Markov chain test suggest the presence of asymmetry in dollar-denominated quarterly real returns of Japan, a country with a …
The Use Of Power Blocs Of Integrated Corporate Directorships To Articulate A Power Structure: Case Study And Research Recommendations, F. Gregory Hayden, Kelle R. Wood, Asuman Kaya
The Use Of Power Blocs Of Integrated Corporate Directorships To Articulate A Power Structure: Case Study And Research Recommendations, F. Gregory Hayden, Kelle R. Wood, Asuman Kaya
College of Business: Faculty Publications
The purpose here is the explanation of five related concerns. First, we explain a new method to analyze and measure the network of interlocks among the directors of different corporations. Second, we use the method articulated is used to analyze and describe the network that forms the corporate power structure in which the Central Interstate Low-Level Radioactive Waste Compact (CIC) is enmeshed. We have been greatly surprised by the findings because the literature surveyed concerning corporate director overlaps does not contain any examples of such a dense and extensive network of corporate connections as exist in the CIC. Third, from …
Use Of Exemplar Surveys To Reveal Implicit Types Of Intelligence, Delroy L. Paulhus, Paul Wehr, Peter D. Harms, David I. Strasser
Use Of Exemplar Surveys To Reveal Implicit Types Of Intelligence, Delroy L. Paulhus, Paul Wehr, Peter D. Harms, David I. Strasser
Leadership Institute: Faculty Publications
Implicit theories of intelligence were investigated via surveys of exemplars of intelligence. Study 1 was a four-sample survey of famous exemplars. These diverse samples reported a similar set of popular exemplars, which clustered into five groups. These groups represented five types of intelligence: scientific, artistic, entrepreneurial, communicative, and moral intelligence. In Study 2, the minimal overlap of intelligence exemplars with those of fame, creativity, and wisdom refuted the possibility that exemplar reports are indiscriminate or solely a result of availability. In Study 3, knowledgeable judges rated the similarity of 50 famous persons to exemplars representing each type of intelligence. All …
Semester Project For Engineering Entrepreneurship, Paul Savory
Semester Project For Engineering Entrepreneurship, Paul Savory
Industrial and Management Systems Engineering: Instructional Materials
This is the semester, team-based, student project required for my special topics course on Engineering Entrepreneurship. The semester project focuses on developing a preliminary business plan for a company. This will entail coming up with an idea, exploring the marketability of the idea, and developing preliminary plans for the business.
Policymaking Network Of The Iron-Triangle Subgovernment For Licensing Hazardous Waste Facilities, F. Gregory Hayden
Policymaking Network Of The Iron-Triangle Subgovernment For Licensing Hazardous Waste Facilities, F. Gregory Hayden
College of Business: Faculty Publications
The purposes here are to explain the linkage of (1) economic methodology, (2) corporate networks, and (3) federal court decisions in the licensing of hazardous waste facilities and to recognize the opportunity the combination of the three provides for institutional economists. The United States has the best and most comprehensive set of laws we might expect from a legislative process in order to prevent human disease, loss of property, and ecological system destruction from hazardous, toxic, and radioactive waste. Yet the licensing process and assessment that has grown out of that legislation has not produced the protection expected. The waste …
Financial Disclosure And Speculative Bubbles: An International Comparison, Benjamas Jirasakuldech, Thomas S. Zorn
Financial Disclosure And Speculative Bubbles: An International Comparison, Benjamas Jirasakuldech, Thomas S. Zorn
Department of Finance: Faculty Publications
This paper examines if a country’s financial disclosure system affects the likelihood of speculative bubbles. We compare stock returns of eight countries that differ in the quality of their disclosure systems as ranked by Saudagaran and Biddle (1992). We examine the hypothesis that stock prices of firms in countries with a low level of financial disclosure are more prone to speculative bubbles. We employ the duration dependence model developed by McQueen and Thorley (1994) to test for the presence of bubbles. We found that the returns in Japan, a country with a relatively low level of disclosure, shows evidence of …
Valuing The Arts: A Contingent Valuation Approach, Eric Thompson, Mark Berger, Glenn Blomquist, Steven Allen
Valuing The Arts: A Contingent Valuation Approach, Eric Thompson, Mark Berger, Glenn Blomquist, Steven Allen
College of Business: Faculty Publications
Government funding of the arts has received considerable attention in the United States in recent years. Efforts to cut funding to the National Endowment for the Arts and declining budgets for state arts agencies have raised questions about how much individuals value the arts. This paper applies the contingent valuation method to assess this value, using surveys of random households and of arts patrons. Our analysis estimated a mean willingness to pay (WTP) among all Kentucky households from $6 to $27, depending on the estimation technique used and on whether the scenario discussed is to increase arts performances by 25 …
Dynamic Funding And Investment Strategy For Defined Benefit Pension Schemes: A Model Incorporating Asset-Liability Matching Criteria, Shih-Chieh Chang, Cheng-Hsien Tsai, Chia-Jung Tien, Chang-Ye Tu
Dynamic Funding And Investment Strategy For Defined Benefit Pension Schemes: A Model Incorporating Asset-Liability Matching Criteria, Shih-Chieh Chang, Cheng-Hsien Tsai, Chia-Jung Tien, Chang-Ye Tu
Journal of Actuarial Practice (1993-2006)
This paper studies the dynamic funding policy and investment strategy for defined benefit pension plans using one of the most comprehensive dynamic pension models to date. The model includes three investable assets: one risk free and two risky. The optimal plan decisions are formulated as a stochastic control problem that is solved using dynamic programming. The objective function uses performance measures to take into account the stability and solvency of the plan. The model is then applied to a Taiwanese pension.
Unearned Premiums And Deferred Policy Acquisition Expenses In Automobile Extended Warranty Insurance, Joseph Cheng
Unearned Premiums And Deferred Policy Acquisition Expenses In Automobile Extended Warranty Insurance, Joseph Cheng
Journal of Actuarial Practice (1993-2006)
A prorata formula is commonly used to calculate unearned premium reserves in property-casualty insurance. I believe, however, that an exposure-adjusted formula is more appropriate in automobile extended warranties. This paper describes the exposure-adjusted approach to calculate the unearned premium reserves of an automobile extended warranty insurance program, to test the adequacy of the calculated reserves, and to determine the allowable deferred policy acquisition expenses from an insurance company's perspective.
Further Remarks On Risk Sources Measuring: The Case Of A Life Annuity Portfolio, Mariarosaria Coppola, Emilia Di Lorenzo, Marilena Sibillo
Further Remarks On Risk Sources Measuring: The Case Of A Life Annuity Portfolio, Mariarosaria Coppola, Emilia Di Lorenzo, Marilena Sibillo
Journal of Actuarial Practice (1993-2006)
The paper considers a model that allows the actuary to measure the riskiness connected to the randomness of projected mortality tables in evaluating a portfolio of life annuities, obtaining a measure to reflect the risk associated with the randomness of the projection. The coherence of the risk parameters with the specific nature of the considered risk sources is also discussed. Numerical examples illustrate the results, showing the importance of the risk components in terms of the number of policies and comparing measure tools obtained by means of two procedures.
Improving Mortality: A Rule Of Thumb And Regulatory Tool, John H. Pollard
Improving Mortality: A Rule Of Thumb And Regulatory Tool, John H. Pollard
Journal of Actuarial Practice (1993-2006)
We develop a simple exact formula for determining cohort life expectancies under constant continuous uniform improvement in mortality using only a cross-sectional (period) Gompertz life table for the lives concerned and a simple approximation applicable to all life tables. The present values of annuities for such lives can be determined simply and accurately across the whole age span.
A Note On The Parallelogram Method For Computing The On-Level Premium, David P.M. Scollnik, Wai Man Sara Lau
A Note On The Parallelogram Method For Computing The On-Level Premium, David P.M. Scollnik, Wai Man Sara Lau
Journal of Actuarial Practice (1993-2006)
This paper discusses the differences appearing in the descriptions of the parallelogram method for the determination of earned premium at current rate levels given by McClenahan (1996) and Brown and Gottlieb (2001). It observes that the former is consistent with the method of extending exposures while the latter is not. An illustration is provided. This paper also discusses two other approaches to the determination of the earned premium.
Model Risks And Surplus Management Under A Stochastic Interest Rate Process, Jennifer L. Wang, Rachel J. Huang
Model Risks And Surplus Management Under A Stochastic Interest Rate Process, Jennifer L. Wang, Rachel J. Huang
Journal of Actuarial Practice (1993-2006)
This paper uses simulations to explore the effects of incorrectly identifying the underlying interest rate process on assets, liabilities, and surplus levels. We show that mismodeling the interest rate (called model risk) could not only lead to a misstatement of the company's surplus, but could also cause a mismatch between the company's assets and liabilities. Our simulations demonstrate that three aspects of interest rates affect model risk: (i) volatility, (ii) level of long-term interest rate, and (iii) the speed at which the drift rate adjusts. We conclude that asset-liability managers should not ignore the impact of the model risks, regardless …
Journal Of Actuarial Practice, Volume 10, 2002, Colin Ramsay , Editor
Journal Of Actuarial Practice, Volume 10, 2002, Colin Ramsay , Editor
Journal of Actuarial Practice (1993-2006)
ARTICLES
Communicating Effectively with Words, Numbers, and Pictures: Drawing on Experience • Karolina Duklan and Michael A. Martin
Unearned Premiums and Deferred Policy Acquisition Expenses in Automobile Extended Warranty Insurance • Joseph Cheng
Can Utility Maximization Models Assist With Retirement Planning? • Zaki Khorasanee
Dynamic Funding and Investment Strategy for Defined Benefit Pension Schemes: A Model Incorporating Asset-Liability Matching Criteria • Shih-Chieh Chang, Cheng-Hsien Tsai, Chia-Jung Tien, and Chang- Ye Tu
Model Risk and Surplus Management Under a Stochastic Interest Rate Process •Jennifer L. Wang and Rachel J. Huang
Some Comments on the Pricing of an Exotic Excess of …
Journal Of Actuarial Practice Volume 10 (2002) -- Contents And Masthead
Journal Of Actuarial Practice Volume 10 (2002) -- Contents And Masthead
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, …
Can Utility-Maximization Models Assist With Retirement Planning?, Zaki Khorasanee
Can Utility-Maximization Models Assist With Retirement Planning?, Zaki Khorasanee
Journal of Actuarial Practice (1993-2006)
Utility-maximization models for optimizing portfolio choices can be subdivided into two classes: those based on maximizing the expected utility of lifetime consumption and those based on maximizing the expected utility of retirement wealth. It is argued that the first type of model, which optimizes both saving and investment decisions, is difficult to apply in practice because of inadequate (or unreliable) information about individual preferences. Although the second type of model only optimizes investment decisions, it is of greater practical value because fewer data on individual preferences are required. The second type of model is used to derive formulae for the …
Communicating Effectively With Words, Numbers, And Pictures: Drawing On Experience, Karolina Duklan, Michael A. Martin
Communicating Effectively With Words, Numbers, And Pictures: Drawing On Experience, Karolina Duklan, Michael A. Martin
Journal of Actuarial Practice (1993-2006)
In this paper, we discuss techniques for developing effective communication skills, focusing in particular on technical writing, the use of graphics, and presentation. The key principles of effective communication that we propose to actuaries are as follows:
• Identify your audience and consider their needs and abilities;
• Focus on substantive content;
• Choose appropriate communication tools;
• Use language that is simple, concrete, and familiar;
• Integrate text, numbers, and graphics;
• Respond to information complexity creatively.
We focus in particular on the use of graphics as a communications tool as they are an efficient and potentially highly effective …
Modeling Size-Of-Loss Distributions For Exact Data In Winbugs, David P.M. Scollnik
Modeling Size-Of-Loss Distributions For Exact Data In Winbugs, David P.M. Scollnik
Journal of Actuarial Practice (1993-2006)
This paper discusses how the statistical software WinBUGS can be used to implement a Bayesian analysis of several popular severity models applied to exact size-of-Ioss data. The particular models targeted are the gamma, inverse gamma, loggamma, lognormal, (two-parameter) Pareto, inverse (two-parameter) Pareto, Weibull, and inverse Weibull distributions. It is possible to implement additional size-of-Ioss models (including those for truncated data) using methods analogous to those described herein.
Some Comments On The Pricing Of An Exotic Excess Of Loss Treaty, Jean-Francois Walhin
Some Comments On The Pricing Of An Exotic Excess Of Loss Treaty, Jean-Francois Walhin
Journal of Actuarial Practice (1993-2006)
This paper uses a multivariate analog of Panjer's algorithm to develop a method for pricing a complex excess of loss treaty. The treaty is such that some layers inure to the benefit of other layers. The structure of this treaty is discussed. Numerical examples are provided.
Lmx And Subordinate Performance: The Moderating Effects Of Task Characteristics, Kenneth Dunegan, Mary Uhl-Bien, Dennis Duchon
Lmx And Subordinate Performance: The Moderating Effects Of Task Characteristics, Kenneth Dunegan, Mary Uhl-Bien, Dennis Duchon
Department of Management: Faculty Publications
Role conflict, role ambiguity, and intrinsic task satisfaction are found to moderate the relationship between leader–member exchange (LMX) and subordinate performance. Data from a field study of 146 supervisor–subordinate dyads indicate low conflict, high ambiguity, and high intrinsic satisfaction enhance the link between LMX and performance. Neutralizing effects are found when ambiguity and intrinsic satisfaction are low. High conflict appears to have a constraining effect, whereby the connection between LMX and performance is reduced but not neutralized. Results from the study call attention to the theoretical and practical benefits of examining the LMX/performance link from a contingency perspective, and offer …
What A Mess! Participation As A Simple Managerial Rule To “Complexify” Organizations, Donde Ashmos Plowman, Dennis Duchon, Reuben R. Mcdaniel Jr., John W. Huonker
What A Mess! Participation As A Simple Managerial Rule To “Complexify” Organizations, Donde Ashmos Plowman, Dennis Duchon, Reuben R. Mcdaniel Jr., John W. Huonker
Department of Management: Faculty Publications
This paper adopts a view of organizations as complex adaptive systems and makes a case for making organizations more complex internally through the use of a fairly simple managerial rule—using participative decision making. Participation in decision making enhances connectivity in organizations, which in turn, gives the organization the opportunity to self-organize and co-evolve in more effective ways than when there is minimal connectivity (i.e., autocracy). The paper uses a specific body of research to support the arguments about why participation can benefit the practice of management in modern organizations.
The Need For And Meaning Of Positive Organizational Behavior, Fred Luthans
The Need For And Meaning Of Positive Organizational Behavior, Fred Luthans
Department of Management: Faculty Publications
This essay draws from the emerging positive psychology movement and the author’s recent articles on the need for and meaning of a positive approach to organizational behavior. Specifically, the argument is made that at this time, the OB field needs a proactive, positive approach emphasizing strengths, rather than continuing in the downward spiral of negativity trying to fix weaknesses. However, to avoid the surface positivity represented by the non-sustainable best-sellers, the case is made for positive organizational behavior (POB) to take advantage of the OB field’s strength of being theory and research driven. Additional criteria for this version of POB …
Impact Of Transformational Leadership On Follower Development And Performance: A Field Experiment, Taly Dvir, Dov Eden, Bruce Avolio, Boas Shamir
Impact Of Transformational Leadership On Follower Development And Performance: A Field Experiment, Taly Dvir, Dov Eden, Bruce Avolio, Boas Shamir
Department of Management: Faculty Publications
In a longitudinal, randomized field experiment, we tested the impact of transformational leadership, enhanced hy training, on follower development and performance. Experimental group leaders received transformational leadership training, and control group leaders, eclectic leadership training. The sample included 54 military leaders, their 90 direct followers, and 724 indirect followers. Results indicated the leaders in the experimental group had a more positive impact on direct followers' development and on indirect followers' performance than did the leaders in the control group.