Finance and Financial Management Commons^™

Quantitative Evaluation On Indigent Criminal Defense Funding, Ralph E. Mckinney, Lawrence P. Shao

Ralph E. McKinney

This article takes a quantitative approach to build upon McKinney and Shao's (2008) qualitative contribution concerning resource a/location of indigent criminal defense programs. By compating public funds of multiple societies over time, we are able to add important knowledge surrounding property rights valuations using a new concept called GDP Indexed Purchasing Power Parity. The findings of this study show that GDP-PPP provides for better indigent criminal defense analysis than per capita figures.

Indigent Criminal Defense: Qualitative Review On Economic Value, Ralph Mckinney, Lawrence P. Shao

Ralph E. McKinney

This article reviews indigent criminal defense programs on an international level and generally concludes that societies want to protect legitimate society members', within the respective society's jurisdiction, fundamental property rights concerning criminal prosecution. While this conclusion was as the researchers expected, several unexpected and contrary observations were noted. Society wealth and a greater return on investments of public funds can dramatically shift a society's value of basic shared rights.

Aerospace Renaissance – Ripe For Research To Impact The Industry, Constantine M. Koursaris, Brig. Gen. Robert E. Mansfield Jr. (Ret.)

Aviation / Aeronautics / Aerospace International Research Conference

The Center for Aviation and Aerospace Leadership (CAAL) was founded in 2008 to capture, create, and share relevant information on leadership in the aviation and aerospace industry.

The AIR is developed and published in collaboration with the Aerospace Industries Association and includes:

• Information on the status of aerospace manufacturing in the United States and state of the economy

• An in-depth review of sales across the various sectors of the industry, employment trends, key international trade statistics, financial information on the industry & major aerospace firms, trends to watch, and a forecast for the future based on a review …

Measuring Risk In Business And Economics: Possiblity Of Loss Or Dispersion Of Outcomes, Shyam Sunder

Shyam Sunder

No abstract provided.

Long Term Adr Performance: How Do Regional Issues Listed On The Nyse Compare To Us And Regional Index Returns?, Mark Schaub, Todd A. Brown

Faculty Publications

This study examines the long-term performance of Asia Pacific, European, and Latin American ADRs versus the S&P500 and their respective regional indexes from 1990-2010. The sample was dividend by stable markets (1990s) and volatile markets (2000s). We find that, when analyzed in total, regional indexes perform similarly to the S&P500. However, the Asia Pacific and Latin America regions do offer diversification benefits individually. Furthermore, the ADRs from each region underperform in stable markets (1990s) and outperform in volatile markets (2000s) leading to great diversification benefits.

A Burning Question: Does Arson Increase When Local House Prices Decline?, Michael D. Eriksen, James M. Carson

Michael D Eriksen

We construct panel data on house prices and the determined cause of 4.8 million individual fires in the United States between 1986 and 2010 to test whether decreases in local housing market prices coincided with increases in arson. Since some insured homeowners may attempt to disguise the actual cause of fire as accidental, we also examine how decreases in local house prices are associated with changes in the total number of fires and the probability of determined causes of accidental fires. For the sample period, our results suggest that declines in local house prices coincided with increases in arson, the …

Whose Beliefs Drive Trade In The Stock Market? Evidence From Household Belief Dispersion And Trading Volume, Dan Li, Geng Li

Geng Li

No abstract provided.

Information, Contract Design, And Unsecured Credit Supply: Evidence From Credit Card Mailings, Song Han, Benjamin Keys, Geng Li

Geng Li

No abstract provided.

Factoring As A Financing Alternative For African Small And Medium-Sized Enterprises, Robert Lumbuye Tomusange

Walden Dissertations and Doctoral Studies

Small and medium-sized enterprises (SMEs) are the main drivers of economic growth and employment. African SMEs are constrained by a lack of access to finance. In line with the pecking order theory, capital-constrained SMEs are expected to seek external finance. However, due to credit rationing, African SMEs have limited success raising finance. Factoring could enable African SMEs to gain access to finance, as underwriters mainly place the risk on the receivables as opposed to the firm itself. Despite its benefits, factoring has not taken root in sub-Saharan Africa. The purpose of this phenomenological study was to explore the obstacles and …

Pagtugon Sa Sari-Saring Panganib: Mga Aral Mula Sa Mga Krisis Pananalapi, Tereso S. Tullao Jr

Angelo King Institute for Economic and Business Studies (AKI)

Nitong nakaraang dalawang dekada, nakaranas ang mga ekonomiya sa iba’t ibang bahagi ng mundo ng tatlong matitinding krisis pananalapi. Ang mga ito ay nagdulot ng malalawak na pinsala sa mga mamamayan, pamahalaan at mahahalagang sektor ng ekonomiya lalo na sa sektor ng pananalapi.

Ang pagkalat ng krisis pananalapi tungo sa isang malawakang krisis ekonomiko ay nakasalalay sa sektor ng pananalapi lalo na ang pagbabangko. Makikita na maraming sa mga sanhi ng krisis ay nakaugat sa di maingat ng pagbabangko. May mga pagkakataon din na ang krisis ay hindi nagmumula sa mga bangko. Ngunit dahil ang mga bangko ay pangunahing sektor …

Revisiting Compensating Wage Differentials: The Evidence From Employer-Provided Health Insurance, Dan Qu

Business Review

This paper uses 1996 and 2001 Survey of Income and Program Participation to examine the evidence for compensating wage differentials associated with employer-provided health insurance (EHI) in the United States. The results provide no evidence of a tradeoff between wages and EHI coverage. On the other hand, the results do suggest that employees who work in states with income taxes are more likely to receive EHI than those in states without income taxes. Fixed effects, first differencing and instrumental variable estimation are used to address the potential ability bias and endogeneity problems in wage models with EHI as an independent …

Payroll Fraud: Effects Of Ghost Names On The Government Wage Bill In Ghana, Gilbert Nyaledzigbor

Walden Dissertations and Doctoral Studies

Policy makers believe that there are ghost workers, persons who do not work yet receive salaries, on Ghana's public sector payroll. However, little is known about the factors that create opportunities for ghost workers. The purpose of this quasi-experimental study was to extend Cressy's conceptualization of the fraud triangle theory to test the applicability of Reinikka and Svennson's graft estimation model by using nonprobability quota sampling to select 85 heads of public agencies for participation in a cross-sectional survey. The research questions focused on the relationship between size of government agency, the estimated number of opportunities for ghost workers, and …

A Cross-Regional Comparison Of Fabricated Metals' Manufacturing Sector Resiliency, Linda Ann Holt

Walden Dissertations and Doctoral Studies

Fabricated metals' manufacturing sector employment in the United States declined following the onset of the 2008 recession. Premium compensation and benefits afforded to employees within the manufacturing sector amplified the negative effects of recessionary job losses. Using the regional macroeconomic complex adaptive systems (CAS) framework, the purpose of this study was to examine the geographic distribution of job losses, recovery rates, and adaptive behavior after the recession for the fabricated metals manufacturing sector by measuring and comparing effects in 50 East North Central division MSAs and 50 South Atlantic division MSAs in the United States. Independent sample t tests compared …

Estudio De Caso Del Programa De Responsabilidad Social Empresarial De La Empresa Mineros S.A : Efectos Sociales Y Financieros, Para El Periodo 2010 2013 Y Experiencias Exitosas Replicables Al Sector De La Minería De Oro, Cindy Bibiana Cárdenas Novoa, Rosa Enith Mosquera Ortiz

Finanzas y Comercio Internacional

Esta investigación abordará la importancia que tiene la implementación de un modelo de Responsabilidad Social Empresarial en el sector minería de oro en Colombia, a partir del estudio de caso de la empresa Mineros S.A., identificando cuáles han sido los efectos sociales y financieros de este modelo en dicha empresa entre los años 2010-2013, con el fin de evidenciar si este puede llegar a ser replicable en el sector y contribuir principalmente a la disminución de la minería informal e ilegal que actualmente se presenta en las regiones de explotación minera. En consecuencia, esta investigación se soporta mediante una entrevista …

Essays On Horizontal Divestitures And Product Market Relationships, Norkeith Ervin Smith

Wayne State University Dissertations

This dissertation is the first to study the product effect of horizontal divestitures on upstream and downstream firms. This first essay examines product market impact of a sample of horizontal asset sales from 1988 to 2005 on corporate customers, suppliers, and industry rivals. I create a sample of firms that classifies corporate customers, suppliers, and industry competitors of firms proposing horizontal asset sales, and employ this data set to investigate the wealth effects at announcement. This study also considers post-divestiture changes in abnormal operating performance for divesting firms, customers, and suppliers.

I document evidence that divestiture related wealth effects for …

Asset Allocation In The Chinese Stock Market: The Role Of Return Predictability, Jian Chen, Fuwei Jiang, Jun Tu

Research Collection Lee Kong Chian School Of Business

In this article the authors investigate asset allocation in the Chinese stock market from the perspective of incorporating return predictability. Based on a host of return predictors, they find significant out-of-sample return predictability in the Chinese stock market. They then examine the performance of active portfolio strategies—such as aggregate market timing as well as industry, size, and value-rotation strategies—designed to profitably exploit return predictability. Strong evidence is found by the authors that these portfolio strategies incorporating return predictability can deliver superior performance—up to 600 basis points per annum and almost double the Sharpe ratios—compared with the passive buy-and-hold benchmarks that …

The Mess At Morgan: Risk, Incentives And Shareholder Empowerment, Jill E. Fisch

All Faculty Scholarship

The financial crisis of 2008 focused increasing attention on corporate America and, in particular, the risk-taking behavior of large financial institutions. A growing appreciation of the “public” nature of the corporation resulted in a substantial number of high profile enforcement actions. In addition, demands for greater accountability led policymakers to attempt to harness the corporation’s internal decision-making structure, in the name of improved corporate governance, to further the interest of non-shareholder stakeholders. Dodd-Frank’s advisory vote on executive compensation is an example.

This essay argues that the effort to employ shareholders as agents of public values and, thereby, to inculcate corporate …

Plan De Negocios Para La Creación De La Empresa Fabricante De Bolsos Y Accesorios De Vestir A Partir De Neumáticos Fuera De Uso Renew S.A.S, Mónica Alejandra Rodríguez Otálora, Jenny Marcela Morales Riveros

Finanzas y Comercio Internacional

El plan de emprendimiento adjunto consiste en la creación de la empresa RENEW S.A.S. que tendrá como actividad económica la fabricación, comercialización y exportación (a Brasil) de bolsos, billeteras y cinturones para hombre y mujer elaborados a partir de neumáticos. Dicha iniciativa empresarial nace de la necesidad de darle un nuevo uso a los neumáticos fuera de uso, los cuales después de terminar de su vida útil representan un gran problema medioambiental para la sociedad, dado que este producto tarda más de 500 años en degradarse y su quema u desecho produce afectaciones al medio ambiente y a la salud …

Waiting For The Confidence Fairy: An Analysis Of European Sovereign Bond Spreads Before And After The Financial Crisis, David Uresti

Open Access Theses & Dissertations

The 2008 Financial Crisis that began in the United States caused widespread panic throughout the financial sector which resulted in the collapse of some companies and large losses for others. The availability of credit declined even as investor confidence continued to deteriorate. The European periphery concluded that the Financial Crisis would be relegated to the American economy. However, in 2009 Greece suffered a credit downgrade that signaled that the financial shock entered European shores. Shortly thereafter Spain suffered a credit downgrade followed by Italy in 2010. Suddenly the threat of default by a number of European countries became very real. …

The Impact Of Monetary Policy On The Stock Market, Simin Hojat

Walden Dissertations and Doctoral Studies

Prior studies examining the impact of monetary policy instruments on the equity market have produced mixed results. This problem is important to address because of the substantial impact of monetary policy on the economy and economic resource allocation via the equity market. The purpose of this study was to determine the impact of change in money supply (M2), change in Federal Funds Rate (FFR), and change in Federal Funds Futures (FFF) on the expected rate of returns of publicly traded companies while controlling for the rate of return of the whole equity market and size of the sampled companies. The …

Cyclical Economic Impacts On Aggregated Fiscal Imbalance Levels In The United States, Douglas Arthur Merriman

Walden Dissertations and Doctoral Studies

Cyclical Economic Impacts on Aggregated Fiscal Imbalance Levels in the United States

by

Douglas A. Merriman

MSM, University of Maryland University College, 2004

BS, Central Washington University, 1983

Dissertation Submitted in Partial Fulfillment

of the Requirements for the Degree of

Doctor of Philosophy

Applied Management and Decision Science

Walden University

July 2015

The impacts of cyclical economic volatility on state-level fiscal imbalance levels have gained attention, given that beginning in late 2007, the United States experienced the deepest and longest-lasting recession in its history. The problem addressed by this study was whether there was a statistically significant relationship between certain …

Dynamically Hedging Oil And Currency Futures Using Receding Horizontal Control And Stochastic Programming, Paul Edward Cottrell

Walden Dissertations and Doctoral Studies

There is a lack of research in the area of hedging future contracts, especially in illiquid or very volatile market conditions. It is important to understand the volatility of the oil and currency markets because reduced fluctuations in these markets could lead to better hedging performance. This study compared different hedging methods by using a hedging error metric, supplementing the Receding Horizontal Control and Stochastic Programming (RHCSP) method by utilizing the London Interbank Offered Rate with the Levy process. The RHCSP hedging method was investigated to determine if improved hedging error was accomplished compared to the Black-Scholes, Leland, and Whalley …

The “Other” Side Of Wall Street: Banking, Policies, And Adaptive Methods Of U.S. Migrant Workers, Cassandra Rae Decker

USF Tampa Graduate Theses and Dissertations

Migrant farmworkers' social and economic mobility is frequently constrained through the denial of basic resources, such as access to the formal financial sector. This thesis ethnographically examines banking policies as they apply to low-income, mobile, populations that temporarily reside in Florida. It utilizes participant observation, interviews, and participatory mapping with migrant farmworkers. It also considers how policymakers and service providers in the formal and informal financial sectors rationalize control of resources and the effects on mobile populations. Particular attention is paid to adaptive practices in the alternative financial sector – cash checking services, carrying cash, and remittances. By utilizing the …

When Less Is More: The Benefit Of Limits On Executive Pay, Peter Cebon, Benjamin Hermalin

Peter Cebon

We derive conditions under which limits on executive compensation can enhance efficiency and benefit shareholders (but not executives). Having their hands tied in the future allows a board of directors to credibly enter into relational contracts with executives that are more efficient than performance-contingent contracts. This has implications for the ideal composition of the board. The analysis also offers insights into the political economy of executive-compensation reform.

Teleinvestmentevangelists: Celebrity, Ritual And Religion And The Quest To “Beat The Market”, E. Douglas, Mary Keller, Elton Mcgoun

Mary L Keller

Purpose – This paper aims to offer a cultural understanding of investor faith in stock picking despite overwhelming evidence questioning its efficacy. Why, in the face of very widely communicated findings calling into question the advice and assistance offered by financial professionals to help them pick stocks or manage their mutual funds, do so many people persist in these practices? The authors believe that the best way to understand investor faith in the efficacy of stock picking is through teleinvestmentevangelists such as Jim Cramer, whose fusion of celebrity and religion taps into the ritualistic elements of investment that usually lie …

Ex_Ante_Cba-Community_Drr_In_The_Caribbean.Pdf, Meenakshi Jerath, Juan Pablo Sarmiento

Juan Pablo Sarmiento