Finance and Financial Management Commons^™

Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles

Steven D. Dolvin

We examine Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) that went public between 1986 and 2004. Consistent with previous studies, we find that REIT IPOs are associated with lower levels of underpricing relative to traditional issues. We also find that REITs are associated with smaller file price revisions. Both findings are potentially attributable to the lower level of uncertainty associated with pricing REITs. In contrast, using an alternative measure of issuance costs that incorporates the share retention decision by preexisting owners, we find no significant difference between REIT and non-REIT issues, suggesting the results of previous studies …

Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles

Steven D. Dolvin

We examine Initial Public Offerings (IPOs) of Real Estate Investment Trusts (REITs) that went public between 1986 and 2004. Consistent with previous studies, we find that REIT IPOs are associated with lower levels of underpricing relative to traditional issues. We also find that REITs are associated with smaller file price revisions. Both findings are potentially attributable to the lower level of uncertainty associated with pricing REITs. In contrast, using an alternative measure of issuance costs that incorporates the share retention decision by preexisting owners, we find no significant difference between REIT and non-REIT issues, suggesting the results of previous studies …

Market Efficiency At The Derby: A Real Horse Race, Steven D. Dolvin, Mark K. Pyles

Steven D. Dolvin

Using race data from each Kentucky Derby from 1920 to 2005, we examine whether the horse wagering market is efficient. Most prior studies in this arena test potential betting strategies that rely on posted odds, generally finding that it is extremely difficult to devise and implement any consistently successful wager (i.e., market efficiency). We extend these studies by examining underlying determinants of posted race odds, specifically focusing on the experience of auxiliary members (e.g., jockey, breeder and trainer) associated with each entrant. We find that past Derby experience is an important determinant of posted odds and that the odds-making system …

Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber

Steven D. Dolvin

We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …

Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber

William Rieber

We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …

Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber

William K. Templeton

We examine common asset allocation strategies for retirement investing, considering both static and dynamic approaches, as well as those allocation policies used by leading target-date fund providers. We studied the average performance of each strategy over historical rolling periods (that is, bootstrapping), using actual annual returns starting in 1926. Then we applied the simulation method to review potential future results, as well as to provide additional insight into the structure and characteristics of each approach. We find that, over time, certain static approaches are essentially equivalent to dynamic strategies that reduce equity exposure through time. Further, we find that most …

The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian

Dr Craig C Julian

Traces the economic development of Thailand since 1945, referring to relevant research, and analyses the reasons why it was the first Southeast Asian country to collapse in the 1997 economic crisis: large current account deficits, excessive external debt, a collapse in the property sector, exchange rate mismanagement and political instability. Considers its future prospects and shows statistics on economic growth and inflation for the world as a whole and various countries and groups within it.

Crisis Opportunism: Bail Outs And E-Scads In The Gfc, Judy Johnston, Alexander Kouzmin, Kym Thorne, Stephen Kelly

Adjunct Professor Stephen J Kelly

As a response to the “junk-debt”- inspired, global, economic crisis, governments, with supra-national organizational approval, have appropriated billions of taxpayers’ dollars for bail-outs, have set-up special funds and under-written depositors’ savings in the desperate hope of alleviating the threat of rapid, economic decline and systemic destruction of value. Whether these governments have a democratic mandate for such unprecedented action is debatable. More importantly, though, is whether such decisions amount to good re-regulatory policy.

First, it is known that some of the bail-out money to large corporations has been squandered by oligarchic recipients and appropriated by them in their own interests. …

Globalization And Economic Integration: Winners And Losers In The Asia-Pacific

Ahmed Khalid

‘Noel Gaston and Ahmed M. Khalid’s volume offers fascinating insights on the development, causes, and consequences of globalization in the Asia-Pacific. The outstanding collection of articles combines theory with rigorous econometrics, making the book a must-read for every student of globalization. At a time where the global crisis gave new arguments to the critics of globalization, the questions raised in this book, and the answers given, are essential reading for academics and politicians alike.’ – Axel Dreher, University of Goettingen, Germany Given the importance of globalization in today’s world, this salutary and timely book explores how globalization is specifically shaping …

Was There A “Small-Bank” Anomaly In The Great Crisis Of 2007-09?, Paola Bongini, Giovanni Ferri, Punziana Lacitignola

Paola Bongini

Drawing on a large set of listed banks from Europe, the US and Japan we start noticing that smaller-sized banks suffered less than larger banks in conjunction with the unfolding of the Great Crisis of 2007-09. Was this a small-bank anomaly analogous to the classic small firm effect? We conjecture that what seems to be a small bank anomaly might, in fact, signal a generalized market reassessment of the banking business model and tested whether stock markets penalized less the banks that kept more rooted to the traditional “originate-to-hold” (OTH) model while forgoing the opportunities disclosed by the “originate-to-distribute” (OTD) …