Finance and Financial Management Commons^™

Auditor Concentration Of Listed Public Companies On International Stock Exchanges, Ramesh Narasimhan, Shifei Chung

Department of Accounting and Finance Faculty Scholarship and Creative Works

This paper explores the concentration of audit services provided to listed public companies on the Stock Exchanges of Canada, Hong Kong, London, and Singapore. The Canadian and London stock exchanges are chosen as representatives of the North American and European markets, while the Hong Kong and Singapore exchanges represent the newly developed Asia Pacific markets. Public accounting firms have benefited from the globalisation trends by expanding their own markets. The reason frequently mentioned for the mergers of the Big 8 accounting firms to form the Big 6 is that they want to increase their international presence and be in a …

Bond Rating Agencies And Stock Analysts: Who Knows What When?, Louis H. Ederington, Jeremy C. Goh

Research Collection Lee Kong Chian School Of Business

Both bond ratings agencies and stock analysts evaluate publicly traded companies and communicate their opinions to investors. Comparing the timelines of each, it is found that Granger causality flows both ways. While most bond downgrades are preceded by declines in actual and forecasting earnings, both actual earnings and forecasts of future earnings tend to fall following downgrades. Although part of this post-downgrade forecast revision can be attributed to negative news regarding actual earnings, most appears to be reaction to the downgrade itself. Little change is found in actual earnings following upgrades. Analysts, however, tend to increase their forecasts of future …

Measuring The Degree Of International Harmony In Selected Accounting Measurement Practices, Emmanuel N. Emenyonu, Ajay Adhikari

WCBT Faculty Publications

The I-index developed by Van der Tas and chi square tests suggested by Tay and Parker are used to quantify and assess the degree of harmony in selected accounting measurement practices of large companies from France, Germany, Japan, the UK, and the US. The results indicate significant differences in accounting for inventory, fixed assets, and investments among the countries. The 3 sub-topics that exhibited a high degree of harmony were the treatment of gains or losses on the disposal of fixed assets, short-term investments and long-term investments, a reflection of the preference of regulators and companies in the different countries …

1999-2000 Budget Request, Southern University System. Office Of Finance & Administration.

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Southern University System Administration & Board of Supervisors Budget Request Fiscal Year Ending June 30, 2000

1998-1999 Revised Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College, Revised Operating Budget for the Fiscal Year 1998-1999.

1998-1999 Revised Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Revised Operating Budget for 1998-1999.

Going-Concern Audit Report Recipients Before And After Sas No. 59, Marshall A. Geiger, Kannan Raghunandan, D. V. Rama

Accounting Faculty Publications

In an attempt to provide information to make an evaluation on whether the requirements under SAS No. 59 have had any significant effect on auditor reporting decisions, a study was conducted that examined companies receiving going-concern modified reports before and after the implementation of SAS No. 59. We wanted to assess whether auditors were issuing going-concern modified reports to clients exhibiting different levels of financial stress and also whether the bankruptcy rate of such companies was different after the adoption of SAS No. 59.

A Political Model Of Monetary Policy With Application To The Real Fed Funds Rate, Tony Caporale, Kevin B. Grier

Economics and Finance Faculty Publications

We construct an empirical model of U.S. monetary policy assuming that the Federal Reserve is an ordinary federal bureaucracy. We use the real Federal Funds rate as our policy measure and show the existence of significant executive, legislative, and bureaucratic influence on the real rate of interest from 1961 to 1996. We find that presidential party is an adequate statistical measure of executive influence and that the voting scores of the Senate Banking Committee leadership best represent legislative influence. We argue that political changes cause systematic and predictable changes in monetary policy.

Pb1559 Getting On Financial Track, The University Of Tennessee Agricultural Extension Service

Financial Management

This four-part bankruptcy training is designed to help families who have filed for bankruptcy or are contemplating filing for bankruptcy get back on financial track. The teaching materials can be used to conduct training or to train volunteers to provide training.

It is recommended that training groups remain small enough to allow trainer(s) an opportunity for personal interaction with participating families. It will also be important that the training facility is large enough to provide each family with a table and private space for a “hands-on” planning session which will take place in part four.

1998-1999 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

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The Southern University System Board and System Administration Operating Budget 1998-1999 Final Printing.

1998-1999 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and Agricultural & Mechanical College Operating Budget 1998-1999.

1998-1999 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Campus Operating Budget Final Printing for 1998-1999.

Searching For Periods Of Volatility: A Study Of The Behavior Of Volatility In Thai Stocks, Theodore Bos, David K. Ding, Thomas A. Fetherston

Research Collection Lee Kong Chian School Of Business

This paper improves the precision of the useful new procedure of Inclán and Tiao (1994) that estimates variance shift points in a time series. It accomplishes this by incorporating the evidence of Bos and Fetherston (1992) that the linear Brown, Durbin, and Evans (Brown et al., 1975) critical CUSUM of squares boundaries [used by Inclán and Tiao] produce an understatement of instability at the data end points. This is solved by Tanizaki (1995) which, like Bos and Fetherston (1992) and Bos and Fetherston (1995), uses the fact that the CUSUM of squares statistic follows a beta distribution. This study uses …

1998-1999 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

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The 1998-1999 Fiscal Year Operating Budget for the Southern University Law Center Campus. Final Printing.

1998-1999 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

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The Southern University at Shreveport-Bossier Operating Budget Final Printing.

1998-1999 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport-Bossier Operating Budget 1998-1999.

Race, Redlining, And Automobile Insurance Prices, Scott E. Harrington, Gregory R. Niehaus

Faculty Publications

Following Becker's (1993) suggestion that tests for discrimination should attempt to infer whether profits differ for products sold to minorities and nonminorities, this article tests the hypothesis that racial discrimination affects market prices of auto insurance in Missouri. Compared with tests for discrimination in lending markets, our results are less susceptible to bias from omitted variables.Controlling for available demographic and coverage- related factors, we do not find that loss ratios at the zip-code level are negatively related to percent minority population. This finding is inconsistent with the hypothesis that racial discrimination increases premiums relative to expected claim costs for minorities.

1997-1998 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

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1997-1998 Operating Budget of the Southern University at New Orleans Campus.

Estate Planning: Your Will, Elizabeth Gorham, David Williams

All Current Publications

No abstract provided.

An Examination Of The Relationship Between Stock Index Cash And Futures Markets: A Cointegration Approach, Michael A. Pizzi, Andrew J. Economopoulos, Heather M. O'Neill

Business and Economics Faculty Publications

The existence of price discovery, market efficiency and market stability associated with spot and futures markets continues as a prominent discussion among academics, practitioners and regulators. Numerous papers examine the role of price discovery in the futures markets for various types of commodities and financial assets. Generally, the studies by Garbade and Silber (1983), Herbst, McCormack and West (1987), Kawaller, Koch and Koch (1987) and Schroeder and Goodwin (1991) indicate that price discovery occurs more significantly in the futures market compared to the cash market.

What Moves Retail Property Returns At The Metropolitan Level?, Mark Eppli, James D. Shilling, Kerry D. Vandell

Finance Faculty Research and Publications

In this article the determinants of metropolitan-level appraisal-based retail property returns are examined by estimating a six-equation model of retail construction starts, retail sales, stock-market returns, commercial mortgage rates, inflation, and the logarithm of stock-market volatility. Residuals from these equations are then used to explain actual movements in retail real estate returns. Our empirical procedure looks at both unadjusted and unsmoothed appraisal-based retail real estate returns. The general finding is that unsmoothed appraisal-based retail real estate returns lag significantly behind market conditions. Furthermore, the results suggest that very little of the variation in metropolitan-level appraisal-based retail real estate returns can …

How Much Is Purchasing Power Parity Worth?, Stefan C. Norrbin, C. Mitchell Conover

Finance Faculty Publications

Updating Bilson 's (1984) investment strategy using an out-of-sample forecast procedure, we find much smaller profits from a trading strategy based on purchasing power parity. Though the total profit is significant at a 5 percent level, it is substantially lower than what Bilson found. Our results suggest Bilson's excess profits are due to the sample of data used and the in-sample nature of the tests. Hence, this paper demonstrates that the simple investment strategy leads to the same conclusion that econometric testing does; namely, that purchasing power parity is only marginally useful in forecasting exchange rates.

The Graaskamp Legacy, Mike Miles, Mark Eppli, Max Kummerow

Finance Faculty Research and Publications

James A. Graaskamp's perspective on classroom education and his alternative research paradigm pioneered or greatly enhanced several real estate principles that are more relevant today than during his life. These principles are summarized and presented in 5 sections: A Different Brand of Research, The Development Feasibility, How Appraisers Value, Who's Watching the Chicken Coop, and Teaching an Ethical Vision.

Value Allocation In Regional Shopping Centers, Mark Eppli

Finance Faculty Research and Publications

Understanding consumer shopping patterns is essential in estimating the value of regional shopping centers. Consumer shopping behavior determines retail sales at regional shopping centers which, in turn, impacts shopping center rents and value. This article quantifies the effects of consumer shopping behavior on nonanchor tenant sales in regional shopping centers. The results of this study reveal that the effects of location, comparison shopping, and department store image are important in estimating shopping center patronage and retail sales. They also indicate that the value of a mall can be allocated to real estate and non-real estate value.

1997-1998 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

1997-1998 Financial Summary of Morehead State University.

Actuarial Techniques In Risk Pricing And Cash Flow Analysis For U.K. Bank Loans, Philip Booth, Duncan E.P. Walsh

Journal of Actuarial Practice (1993-2006)

A cash flow model is developed to set the price for a loan to a borrower with known risks. Similarities are noted between this model and those used for profit testing in life insurance. We emphasize aspects that reasonably can be treated in several ways and also indicate where the cash flow model differs from the pricing methods usually employed in bank lending. The sensitivity of interest rates to various parameters of the model such as the length of loan and the expected default rate is examined. Also, we examine how features of loans, including cash back and early repayments, …

Outlier Analysis Of Annual Retail Price Inflation: A Cross-Country Study, Wai-Sum Chan

Journal of Actuarial Practice (1993-2006)

Wilkie's stochastic investment model and its variants have been increasingly applied by actuaries around the world to actuarial modeling and simulation. This paper performs time series outlier analysis on retail price inflation, which is the driving force of Wilkie's composite model. The data come from four developed countries: the United Kingdom, the United States, Canada, and Australia. The fit of the model is significantly improved after the adjustment of outliers. The analysis also identifies exogenous events that have intervened in the inflation dynamics. An example is given to demonstrate the importance of outlier analysis on stochastic simulation. Finally, inflation trends …

Stability Of Representative Crediting Rate Scenarios Under Monte Carlo Simulations, Sarah L.M. Christiansen, Kelley Buchacker

Journal of Actuarial Practice (1993-2006)

We develop a methodology to ensure that a Monte Carlo simulation of the distribution of the primary rates, used for determining an interest crediting rate, is stable regardless of the initial random number seed. We consider the implications of the use of antithetic random normal deviates upon the scenario process and modifications to the candidate list and the choice function within the representative process. It is shown that the use of antithetic random deviates alone does not have a statistically significant effect on our results. The other two modifications (candidate selection algorithm and choice function) are statistically significant. Furthermore, the …

Principles And Application Of Credibility Theory, Vincent Goulet

Journal of Actuarial Practice (1993-2006)

We review the history of the practical development of credibility theory. Emphasis is placed on the two main approaches to credibility theory: limited fluctuation credibility and greatest accuracy credibility. We explain when each approach should and should not be used. The presentation of greatest accuracy credibility theory starts with a review of (exact) Bayesian credibility and then moves to the Buhlmann-Straub model. Estimators of the structure parameters are discussed. Examples are presented to illustrate the concepts. Finally, the hierarchical credibility and crossed classification credibility models are presented.

The Fischer Black Hypothesis: Some Time-Series Evidence, Tony Caporale, Barbara Mckiernan

Economics and Finance Faculty Publications

We estimate an ARCH-M model to analyze the relationship between the conditional standard deviation of real gross national product (GNP) and its growth rate for the period 1871-1993. We find that variability significantly increases output growth rates. In addition, impulse response functions show that the effect of variability on growth rates is dynamic. These results provide evidence in favor of Black's (1987) business cycle hypothesis.