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Full-Text Articles in Finance and Financial Management
The Crisis In State Highway Finances: Its Roots, Current Effects, And Some Possible Remedies, Juita-Elena Yusuf, Lenahan O'Connell
The Crisis In State Highway Finances: Its Roots, Current Effects, And Some Possible Remedies, Juita-Elena Yusuf, Lenahan O'Connell
School of Public Service Faculty Publications
This paper focuses on the American states and the sources of the expanding structural imbalance between their highway-related revenues on the one hand and expenditures for transportation infrastructure needs on the other. The paper describes the roots of the funding problem over recent decades, looks at some of the responses taken at the state and federal level, and discusses their inherent limitations as solutions to this funding crisis. The paper also presents several policy recommendations for increasing revenues. We demonstrate that a variable rate gas tax indexed to the construction cost index and improvements in automobile fuel efficiency and a …
Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung
Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung
Finance Faculty Publications
We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating …
Financing Port Dredging Costs: Taxes Versus User Fees, Wayne K. Talley
Financing Port Dredging Costs: Taxes Versus User Fees, Wayne K. Talley
Economics Faculty Publications
The article examines the use of user fee and tax programs to finance the cost of port dredging. The article discusses the U.S. Water Resources Development Act, the Harbor Maintenance Trust Fund, the Harbor Maintenance Tax, which is an ad valorem tax on the cargo's value, the Omnibus Budget Reconciliation Act, articles from the General Agreement on Tariffs and Trade, national user fee program proposals by the former U.S. President Bill Clinton administration, Moriarity's Rule, and the Shapley Value Rule.
Reverse Lbo Underpricing: Information Asymmetry Or Price Support, Gregory Noronha, Kenneth Yung
Reverse Lbo Underpricing: Information Asymmetry Or Price Support, Gregory Noronha, Kenneth Yung
Finance Faculty Publications
Most studies attribute the underpricing of initial public offerings of equity securities to the ex ante uncertainty resulting from the information differential between the firm going public and the market. Ruud (1991, 1993), however, proposes that underpricing could result from underwriter price support in the early after-market. A paper examines firms that were once public, went private via leveraged buyout, and then went public again. It is reasonable to expect that since these reverse LBOs (RLBO) were once publicly traded, they should have less of an information differential with the market than firms going public for the 1st time. Tests …