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Articles 1 - 30 of 40
Full-Text Articles in Finance and Financial Management
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos
Third Party Access And Refusal To Deal In European Energy Networks: How Sector Regulation And Competition Law Meet Each Other, Michael Diathesopoulos
Michael Diathesopoulos
In this paper, we will analyse the issue of concurrence between competition and sector rules and the relation between parallel concepts within the two different legal frameworks. We will firstly examine Third Party Access in relation to essential facilities doctrine and refusal of access and we will identify the common points and objectives of these concepts and the extent to which they provide a context to each other’s implementation. Second, we will focus on how Commission uses sector regulation and objectives as a context within the process of implementation of competition law in the energy sector and third, we will …
Maintenance Of Latvian Business Language, Culture, And Community Through Heritage Tourism And The Internet, Gundars Kaupins, Nina M. Ray, Andris Berzins
Maintenance Of Latvian Business Language, Culture, And Community Through Heritage Tourism And The Internet, Gundars Kaupins, Nina M. Ray, Andris Berzins
Nina M. Ray
No abstract provided.
Emphasizing Foreign Language Use To International Marketing Students: A Situational Exercise That Mimics Real-World Challenges, Tracy L. Melin, Nina M. Ray
Emphasizing Foreign Language Use To International Marketing Students: A Situational Exercise That Mimics Real-World Challenges, Tracy L. Melin, Nina M. Ray
Nina M. Ray
An international marketing exercise consists of students orally providing an introduction in a chosen foreign language of what they, as potential salespeople, might say to a client in that country. Students speak (not read) their prepared statements to the class and are leniently, yet constructively, evaluated on language use and pronunciation and marketing credibility. The objective is to emulate a real business situation and to show students the challenges of working with different languages and cultures in international marketing and the imperfections of direct translation. Results of a student survey showed that a majority of students believed the exercise to …
Basque Studies: Commerce, Heritage, And A Language Less Commonly Taught, But Whole-Heartedly Celebrated, Nina M. Ray, Nere Lete
Basque Studies: Commerce, Heritage, And A Language Less Commonly Taught, But Whole-Heartedly Celebrated, Nina M. Ray, Nere Lete
Nina M. Ray
No abstract provided.
Beyond Spanish For Business: Teaching Marketing Issues In The Spanish-Speaking World, Nina M. Ray
Beyond Spanish For Business: Teaching Marketing Issues In The Spanish-Speaking World, Nina M. Ray
Nina M. Ray
No abstract provided.
Examining Foreign Exchange Behaviour In Asia Pacific And Eastern European Emerging Countries, Catherine S. F. Ho, Mohamed Ariff
Examining Foreign Exchange Behaviour In Asia Pacific And Eastern European Emerging Countries, Catherine S. F. Ho, Mohamed Ariff
Mohamed Ariff
This paper reports new findings on exchange rate dynamics concerning whether non-parity fundamentals and parity factors affect exchange rates within a group of trade-related emerging countries: non-parity fundamentals suggested by economic theories have yet been systematically related to exchange rates. We use high- and low-frequency multi-country pooled time series panel data approach. The evidence that emerges from this paper is that non-parity factors are significant contributors to exchange rates. These new findings on other-than-parity fundamentals add to a richer understanding of exchange rate behaviour as well as clarifying why existing findings are mixed.
The Role Of Non-Parity Fundamentals In Exchange Rate Determination: Australia And The Asia Pacific Region, Mohamed Ariff, Catherine S. F. Ho
The Role Of Non-Parity Fundamentals In Exchange Rate Determination: Australia And The Asia Pacific Region, Mohamed Ariff, Catherine S. F. Ho
Mohamed Ariff
This paper extends the literature by looking at the contribution of non-parity variables after extracting the impact of parity variables on exchange rates of Australia and the Asia Pacific countries. Exchange rates are examined using high- and low-frequency multi-country panel time series data for a group of trade-related nations in the Asia Pacific, including Japan. Our findings suggest that exchange rate is affected by growth rate, and trade and capital flows: other less significant variables include sovereign debt; balance of payments; money supply; and trade openness. It also confirms that interest rate has significant effect on exchange rates while price …
The Effect Of Instructional Technologies On The Finance Classroom, Steven D. Dolvin, J. Michael Morgan, Mark Pyles
The Effect Of Instructional Technologies On The Finance Classroom, Steven D. Dolvin, J. Michael Morgan, Mark Pyles
Steven D. Dolvin
Using a survey technique, we evaluate the effect of PowerPoint, online lecture notes, financial calculators, and machine readable forms (MRF) on students' assessment of the quality of instruction, perceived knowledge level, satisfaction, post-course interest in the subject, and average grade in introductory finance courses. We also examine these opinions on a relative basis by comparing the responses of Finance majors versus non-Finance majors. The results suggest that certain technologies are received better than others and further, that the perceived quality of instructional techniques is largely contingent on the student's choice of major.
Reit Ipos And The Cost Of Going Public, Steven D. Dolvin, Mark Pyles
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
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 …
The Low P/E Effect And Abnormal Returns For Australian Industrial Firms, Simone Kelly, Jenna Mcclean, Ray Mcnamara
The Low P/E Effect And Abnormal Returns For Australian Industrial Firms, Simone Kelly, Jenna Mcclean, Ray Mcnamara
Ray McNamara
While the low P/E effect has been examined rather extensively in international markets particularly in the US, there is a notable absence of Australian market-based P/E studies. This research examines the relationship between the investment performance of Australian Industrial common stock and their P/E ratios in an attempt to uncover potential for a P/E based trading strategy. The excess and differential returns of P/E ranked portfolios containing 1310 Industrial firms over a 9 year period (January 1998 to December 2006) are examined. The results show the existence of a low P/E effect in the Australian capital market. Furthermore, the superior …
The Low P/E Effect And Abnormal Returns For Australian Industrial Firms, Simone Kelly, Jenna Mcclean, Ray Mcnamara
The Low P/E Effect And Abnormal Returns For Australian Industrial Firms, Simone Kelly, Jenna Mcclean, Ray Mcnamara
Simone Kelly
While the low P/E effect has been examined rather extensively in international markets particularly in the US, there is a notable absence of Australian market-based P/E studies. This research examines the relationship between the investment performance of Australian Industrial common stock and their P/E ratios in an attempt to uncover potential for a P/E based trading strategy. The excess and differential returns of P/E ranked portfolios containing 1310 Industrial firms over a 9 year period (January 1998 to December 2006) are examined. The results show the existence of a low P/E effect in the Australian capital market. Furthermore, the superior …
The 'New Responsibility Paradigm': Implications For Strategic Competitiveness, Art Stewart
The 'New Responsibility Paradigm': Implications For Strategic Competitiveness, Art Stewart
Art Stewart
No abstract provided.
Dividend Drop Ratios And Tax Theory: An Intraday Analysis Under Different Tax And Price Quoting Regimes, Vyas Balasubramaniam, William Bertin, Thomas Henker, Laurie Prather
Dividend Drop Ratios And Tax Theory: An Intraday Analysis Under Different Tax And Price Quoting Regimes, Vyas Balasubramaniam, William Bertin, Thomas Henker, Laurie Prather
Laurie Prather
We calculate dividend drop ratios over periods with changing quotation and taxation frameworks to assess the validity of competing explanations. Using intraday prices adjusted for non-trading, we provide a more accurate picture of price changes due to dividend payments than those produced in previous literature. Intraday estimates for dividend drop ratios are consistently higher than those calculated with end of day prices. Further findings indicate that stocks trading ex-dividend, on average, underperform the market over the following month. We attribute this phenomenon to dividend capture trading by tax advantaged and tax indifferent market participants.
Financial Management Practices And Their Impact On Organizational Performance, Babar Zaheer Butt, Ahmed Imran Hunjra, Kashif Ur Rehman
Financial Management Practices And Their Impact On Organizational Performance, Babar Zaheer Butt, Ahmed Imran Hunjra, Kashif Ur Rehman
Ahmed Imran Hunjra (PhD)
This study measures the relationship between organizational performance and financial management practices like capital structure decision, dividend policy, investment appraisal techniques, working capital management and financial performance assessment in Pakistani corporate sector. Sample of the study consisted of forty companies operating in Pakistan, related to different sectors and listed at Karachi Stock Exchange. The finance executives and financial analysts of the companies responded to questionnaire that identified through company profiles and references. The questionnaires were self administered to collect the data from respondents. The results show a positive and significant relationship between financial management practices and organizational performance in Pakistani …
Market Efficiency At The Derby: A Real Horse Race, Steven D. Dolvin, Mark K. Pyles
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 …
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Steven D. Dolvin
Previous studies find that firms with prior debt, particularly publicly rated, have lower information asymmetry and experience a lower opportunity cost of going public, as measured by underpricing. Subsequent research suggests that underpricing may be an inaccurate measure of indirect issuance costs. Thus, we replicate and extend existing studies to examine whether previously issued debt reduces the true opportunity cost of issuance. We find that private debt issues have little effect; however, firms with public debt (particularly rated) have both significantly lower levels of underpricing and lower issuance opportunity costs, as well as narrower filing ranges and smaller price revisions, …
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven D. Dolvin, Bradford D. Jordan
Underpricing, Overhang, And The Cost Of Going Public To Preexisting Shareholders, Steven D. Dolvin, Bradford D. Jordan
Steven D. Dolvin
IPO underpricing has been extensively studied; however, its impact on the wealth of preexisting shareholders has not been closely examined. We address the question of whether or not periods of high underpricing adversely affect preexisting shareholders. We find that high levels of underpricing are associated with increased share retention, which effectively offsets much of the potential cost. Overall, we find that the percentage of shareholder wealth lost is surprisingly stable over time, unlike underpricing itself. We also find that many factors known to be related to underpricing are not significant determinants of the cost of going public to preexisting owners.
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Prior Debt And The Cost Of Going Public, Steven D. Dolvin, Merk K. Pyles
Steven D. Dolvin
Previous studies find that firms with prior debt, particularly publicly rated, have lower information asymmetry and experience a lower opportunity cost of going public, as measured by underpricing. Subsequent research suggests that underpricing may be an inaccurate measure of indirect issuance costs. Thus, we replicate and extend existing studies to examine whether previously issued debt reduces the true opportunity cost of issuance. We find that private debt issues have little effect; however, firms with public debt (particularly rated) have both significantly lower levels of underpricing and lower issuance opportunity costs, as well as narrower filing ranges and smaller price revisions, …
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
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 …
Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton
Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton
Steven D. Dolvin
We conduct a clinical study on a firm that restructures its 401(k) plan and simultaneously offers financial education seminars to its employees. The restructuring requires each employee to restate allocation percentages, thus we are able to analyze the specific benefits of retirement planning seminars on the asset allocation decision. We find that seminar attendance is associated with increased portfolio diversification and improved risk management. When combined with changes in return, the overall result is that seminar attendees create more efficient portfolios, which implies a better understanding of the retirement planning process.
Asset Allocation For Retirement: Simple Heuristics And Target-Date Funds, Steven D. Dolvin, William K. Templeton, William Rieber
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
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 Effect Of Nonbank Diversification On Bank Holding Company Risk, William K. Templeton, Jacobus T. Severiens
The Effect Of Nonbank Diversification On Bank Holding Company Risk, William K. Templeton, Jacobus T. Severiens
William K. Templeton
Examines the effect of activity diversification on bank holding company (BHC) risk. Historical background of the BHC; Presentation of the research design and test results; Predictions of the modern portfolio theory; Implications of the study regarding the effect of nonbank diversification on BHC risk.
A Simulation Approach To The Choice Between Fixed And Adjustable Rate Mortgages, William K. Templeton, Robert S. Main, J. B. Orris
A Simulation Approach To The Choice Between Fixed And Adjustable Rate Mortgages, William K. Templeton, Robert S. Main, J. B. Orris
William K. Templeton
Presents a study which offers simulation approach model by which borrowers may more effectively evaluate fixed rate mortgage (FRM) and adjustable rate mortgage (ARM) choice. Identification of pricing variables as an important determinant of choice; Construction of model parameters comparing present value costs of ARM and FRM; Presentation of simulation outputs.
An Investigation Of Adjustable-Rate Mortgage Pricing Features, William K. Templeton, Robert S. Main, J. B. Orris
An Investigation Of Adjustable-Rate Mortgage Pricing Features, William K. Templeton, Robert S. Main, J. B. Orris
William K. Templeton
Investigates costs and risks associated with the choice of terms for adjustable rate mortgages. Impact of mortgage-rate changes on the size of payments for adjustable-rate mortgages; Examination of the choice of length of the fixed period before the occurrence of the first interest rate; Assessment of the choice of annual and lifetime caps for a standard one year adjustable rate mortgages.
Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton
Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton
William K. Templeton
We conduct a clinical study on a firm that restructures its 401(k) plan and simultaneously offers financial education seminars to its employees. The restructuring requires each employee to restate allocation percentages, thus we are able to analyze the specific benefits of retirement planning seminars on the asset allocation decision. We find that seminar attendance is associated with increased portfolio diversification and improved risk management. When combined with changes in return, the overall result is that seminar attendees create more efficient portfolios, which implies a better understanding of the retirement planning process.
Making Over-The-Counter Derivatives Safer: The Role Of Central Counterparties, John Kiff, Randall Dodd, Alessandro Gullo, Elias Kazarian, Isaac Lustgarten, Christine Sampic, Manmohan Singh
Making Over-The-Counter Derivatives Safer: The Role Of Central Counterparties, John Kiff, Randall Dodd, Alessandro Gullo, Elias Kazarian, Isaac Lustgarten, Christine Sampic, Manmohan Singh
John Kiff
In an effort to improve market infrastructure following the crisis, central counterparties (CCPs) are being put forth as the way to make over-the-counter (OTC) derivatives markets safer and sounder, and to help mitigate systemic risk. This chapter provides a primer on this topic and discusses key policy issues. It shows that soundly run and properly regulated CCPs reduce counterparty risk— the risk in a bilateral transaction that one party defaults on its obligations to the other—among OTC derivatives market participants. Importantly, systemic risk—the risk of knock-on failures from one counterparty to another—is also reduced due in part to the ability …
Does Trade Weaken Product Quality Standards, Katia Berti, Rodney E. Falvey
Does Trade Weaken Product Quality Standards, Katia Berti, Rodney E. Falvey
Rodney Falvey
In this paper we investigate the effects of trade on the national minimum quality standards applied by two trading partners. We employ a simple partial equilibrium model in which national regulators set a minimum quality standard for a product whose quality is unobservable to consumers prior to purchase. Both producers and consumers can benefit from a minimum standard, but the former prefer a lower standard to the latter. Because producers are organised and consumers are not, the standards set by national regulators will tend to unduly favour producer interests. As always, trade changes the balance of consumer and producer interests …
Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva
Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva
Rodney Falvey
This paper highlights the way in which workers of different age and ability are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with a education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skilled labour abundant country increases the relative skilled wage and induces skill upgrading by the existing workforce. The younger and more able unskilled workers are most likely to upgrade. …