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2002

Finance and Financial Management

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Full-Text Articles in Business

Maine Ag Trader, New England Environmental Finance Center, University Of Southern Maine Dec 2002

Maine Ag Trader, New England Environmental Finance Center, University Of Southern Maine

Local Food Systems

A free classified advertising website for listing anything you need to make your Maine food business succeed.

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Monitoring By The Financial Press And Forced Ceo Turnover, Kathleen A. Farrell, David A. Whidbee Dec 2002

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.

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Estate Planning Basics: Revocable Living Trusts, Barbara Rowe Dec 2002

Estate Planning Basics: Revocable Living Trusts, Barbara Rowe

All Current Publications

No abstract provided.

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Estate Planning Basics: Wills, Barbara Rowe Dec 2002

Estate Planning Basics: Wills, Barbara Rowe

All Current Publications

No abstract provided.

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Asset Prices And Information Traders’ Abilities: Evidence From Experimental Asset Markets, Lucy F. Ackert, Bryan K. Church, Ping Zhang Dec 2002

Asset Prices And Information Traders’ Abilities: Evidence From Experimental Asset Markets, Lucy F. Ackert, Bryan K. Church, Ping Zhang

Faculty and Research Publications

This study reports the results of fifteen experimental asset markets designed to investigate the effects of forecasts on market prices, traders’ abilities to assess asset value, and the link between the two. Across the fifteen markets, the authors investigate alternative forecast-generating processes. In some markets the process produces an unbiased estimate of asset value and in others a biased estimate. The processes generating the biased forecasts, though, are less variable than the process generating the unbiased forecast. The authors find that, in general, periodend asset price reflects private forecasts, regardless of the forecast-generating process. Subsequently, they investigate whether traders’ abilities …

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Estate Planning Basics: A Letter Of Last Instructions, Barbara Rowe Dec 2002

Estate Planning Basics: A Letter Of Last Instructions, Barbara Rowe

All Current Publications

No abstract provided.

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Estate Planning Basics: Getting Started, Barbara Rowe Nov 2002

Estate Planning Basics: Getting Started, Barbara Rowe

All Current Publications

No abstract provided.

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Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh Nov 2002

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore's future economic success.

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Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh Nov 2002

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection School Of Economics

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore’s future economic success.

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Has International Financial Integration Increased?, Lawrence G. Goldberg, James R. Lothian, John Okunev Oct 2002

Has International Financial Integration Increased?, Lawrence G. Goldberg, James R. Lothian, John Okunev

CRIF Working Paper series

This paper compares the behavior of real interest rate differentials across the major countries under the Bretton Woods regime and the regime of floating exchanges that replaced it. The primary object is to investigate both the extent of market integration and its changes over time. For all fifteen possible country pairs real interest differentials are mean reverting, and in two-thirds of these cases indistinguishable from zero statistically. For all country pairs on average and for most such pairs individually, moreover, the estimated differentials are not appreciably different in absolute value than the differentials that we estimate for various money-market rates …

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Static Hedging Of Standard Options, Peter Carr, Liuren Wu Oct 2002

Static Hedging Of Standard Options, Peter Carr, Liuren Wu

CRIF Working Paper series

We consider the hedging of derivative securities when the price movement of the underlying asset can exhibit random jumps. Under a one factor Markovian setting, we derive a spanning relation between a long term option and a continuum of short term options. We then apply this spanning relation to the static hedging of long term options with a finite choice of short term, more liquid options based on a quadrature rule. We use Monte Carlo simulation to determine the hedging error introduced by the quadrature approximation and compare this hedging error to the hedging error from a delta hedging strategy …

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Ua9 Investing In The Spirit, Wku Development & Alumni Relations Oct 2002

Ua9 Investing In The Spirit, Wku Development & Alumni Relations

WKU Archives Records

Development office newsletter regarding donors and donations to Western Kentucky University.

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Term Structure Of Interest Rates, Yield Curve Residuals, And The Consistent Pricing Of Interest Rates And Interest Rate Derivatives, Massoud Heidari, Liuren Wu Sep 2002

Term Structure Of Interest Rates, Yield Curve Residuals, And The Consistent Pricing Of Interest Rates And Interest Rate Derivatives, Massoud Heidari, Liuren Wu

CRIF Working Paper series

Dynamic term structure models (DTSMs) price interest rate derivatives based on the modelimplied fair values of the yield curve, ignoring any pricing residuals on the yield curve that are either from model approximations or market imperfections. In contrast, option pricing in practice often takes the market observed yield curve as given and focuses exclusively on the specification of the volatility structure of forward rates. Thus, if any errors exist on the observed yield curve, they will be carried over permanently. This paper proposes a new framework that consistently prices both interest rates and interest rate derivatives. In particular, under such …

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Financial Disclosure And Speculative Bubbles: An International Test Of Asymmetry, Benjamas Jirasakuldech, Thomas S. Zorn, John Geppert Sep 2002

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 …

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2002-2003 Operating Budget, Southern University System. Office Of Finance & Administration. Aug 2002

2002-2003 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 2002-2003.

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2002-2003 Revised Operating Budget: Subr Agricultural Extension And Research Programs, Southern University System. Office Of Finance & Administration. Aug 2002

2002-2003 Revised Operating Budget: Subr Agricultural Extension And Research Programs, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

2002-2003 Revised Operating Budget of the SUBR Agricultural Research and Extension Center Campus.

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2002-2003 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration. Aug 2002

2002-2003 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 2002-2003 Fiscal Year Operating Budget for the Southern University Law Center Campus.

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2002-2003 Operating Budget, Southern University System. Office Of Finance & Administration. Aug 2002

2002-2003 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, 2003.

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2002-2003 Operating Budget, Southern University System. Office Of Finance & Administration. Aug 2002

2002-2003 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Operating Budget for the Fiscal Year 2002-2003, Southern University System Administration & Board of Supervisors.

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2001-2002 Operating Budget: Southern University Agricultural Extension And Research Programs, Southern University System. Office Of Finance & Administration. Aug 2002

2001-2002 Operating Budget: Southern University Agricultural Extension And Research Programs, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

2001-2002 Operating Budget of the Southern University Agricultural Extension and Research Programs Campus.

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Ua9 Investing In The Spirit, Wku Development & Alumni Relations Jul 2002

Ua9 Investing In The Spirit, Wku Development & Alumni Relations

WKU Archives Records

Development office newsletter regarding donors and donations to Western Kentucky University.

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2001-2002 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration. Jun 2002

2001-2002 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

2001-2002 Operating Budget of the Southern University at New Orleans Campus.

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Time-Changed L´Evy Processes And Option Pricing, Pete Carr, Liuren Wu Jun 2002

Time-Changed L´Evy Processes And Option Pricing, Pete Carr, Liuren Wu

CRIF Working Paper series

As is well known, the classic Black-Scholes option pricing model assumes that returns follow Brownian motion. It is widely recognized that return processes differ from this benchmark in at least three important ways. First, asset prices jump, leading to non-normal return innovations. Second, return volatilities vary stochastically over time. Third, returns and their volatilities are correlated, often negatively for equities. We propose that time-changed L´evy processes be used to simultaneously address these three facets of the underlying asset return process. We show that our framework encompasses almost all of the models proposed in the option pricing literature. Despite the generality …

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What Type Of Process Underlies Options? A Simple Robust Test, Peter Carr, Liuren Wu Jun 2002

What Type Of Process Underlies Options? A Simple Robust Test, Peter Carr, Liuren Wu

CRIF Working Paper series

We develop a simple robust test for the presence of continuous and discontinuous (jump) components in the price of an asset underlying an option. Our test examines the prices of at-the-money and out-of-the-money options as the option maturity approaches zero. We show that these prices converge to zero at speeds which depend upon whether the sample path of the underlying asset price process is purely continuous, purely discontinuous, or a mixture of both. By applying the test to S&P 500 index options data, we conclude that the sample path behavior of this index contains both a continuous component and a …

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Roundtable Series On Innovative Approaches To Land Conservation And Smart Growth, New England Environmental Finance Center Jun 2002

Roundtable Series On Innovative Approaches To Land Conservation And Smart Growth, New England Environmental Finance Center

Smart Growth

A series of six roundtable discussions was conducted by the New England Environmental Finance Center (NE/EFC) from January through May 2002, one in each New England state. The objectives of the series were to consolidate expertise in financing and coordinating projects that combine conservation and development on the landscape, and to identify key areas of unmet need that could be addressed by the NE/EFC. Each discussion entailed several case study presentations and facilitated discussion about what works, what doesn’t work, and what might work in financing and coordinating efforts that combine conservation and development. Key areas of opportunity that emerged …

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The Internationalization Of Money And Finance And The Globalization Of Financial Markets, James R. Lothian Jun 2002

The Internationalization Of Money And Finance And The Globalization Of Financial Markets, James R. Lothian

CRIF Working Paper series

In this paper I combine long multi-country time series data for interest rates and stock returns with the institutional evidence for much earlier centuries amassed by economic historians to study the question of financial globalization and how it has altered since the late classical era. At their longest, for Dutch and English short-term interest rates, the quantitative data that I use extend back slightly more than three centuries. The institutional history provides information on an additional millennium’s worth of experience. The conclusion that I reach is that the internationalization of money and finance and the globalization of financial markets are …

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Financial Disclosure And Speculative Bubbles: An International Comparison, Benjamas Jirasakuldech, Thomas S. Zorn May 2002

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 …

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International Money And Common Currencies In Historical Perspective, Gerald P. Dwyer Jr., James R. Lothian May 2002

International Money And Common Currencies In Historical Perspective, Gerald P. Dwyer Jr., James R. Lothian

CRIF Working Paper series

We review the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: high unitary value; relatively low inflation rates for long periods; issuance by major economic and trading powers; and spontaneous, as opposed to planned, adoption internationally. The economic theory of the demand for money provides support for the importance of these characteristics. The value of a unit is arbitrary for a fiat money, but the other characteristics are likely to be important for determining any fiat money that will be the international money in the future. If …

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Pitney Bowes Calls For New Metrics, Mark Green, Jeanine Garrity, Andra Gumbus, Bridget Lyons May 2002

Pitney Bowes Calls For New Metrics, Mark Green, Jeanine Garrity, Andra Gumbus, Bridget Lyons

WCBT Faculty Publications

The importance of measuring strategy and action plans is here to stay. That is why savvy companies are using a scorecard. Pitney Bowes Inc. is one company that believes in the balanced scorecard. At PBI the basis is in place with a newly defined mission statement, individual objectives linked to the mission, and metrics designed to measure progress toward achieving those objectives. The company has been successful on several fronts. In fact, the balanced scorecard approach helped PBI to improve a process in its core business and ultimately saved the company millions.

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Investing In Hedge Funds: Risks, Returns And Pitfalls, Francis Koh, Winston T. H. Koh, David Kuo Chuen Lee, Kok Fai Phoon May 2002

Investing In Hedge Funds: Risks, Returns And Pitfalls, Francis Koh, Winston T. H. Koh, David Kuo Chuen Lee, Kok Fai Phoon

Research Collection Lee Kong Chian School Of Business

Hedge funds are collective investment vehicles fast becoming popular with high net worth individuals as well as institutional investors. These are funds that are often established with a special legal status that allows their investment managers a free hand to use derivatives, short sell, and exploit leverage to raise returns and cushion risk. Given that that they have substantial latitude to invest, it is instructive to examine the performance of hedge funds compared to other forms of managed funds. This paper provides an overview of hedge funds and discusses their empirical risk and return profiles. It also poses some concerns …

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