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Full-Text Articles in Finance and Financial Management
Cash Flow Management For Sda Organizations, Annetta M. Gibson
Cash Flow Management For Sda Organizations, Annetta M. Gibson
Faculty Publications
A presentation on managing cash flow in SDA organizations. Given to the East Central Africa Division on March, 2011.
Mergers And Beliefs, Todd A. Brown, Thomas Zorn, Geoff Freissen
Mergers And Beliefs, Todd A. Brown, Thomas Zorn, Geoff Freissen
Faculty Publications
We study the combined effects of managerial optimism and market overvaluation on merger premiums and the chosen form of payment. Our empirical results are consistent with market overvaluation and the target manager‘s optimism as having the most influence on mergers. The observed form of payment corresponds to the acquiring manager‘s preferences, suggesting that the acquiring manager dictates the method of payment. Lastly, our model demonstrates why cash mergers are more likely to be hostile, and provides an explanation for why a combination of cash plus stock may be optimal.
Basic Concepts In Forest Valuation And Investment Analysis: Edition 3.0, Steven H. Bullard, Thomas J. Straka
Basic Concepts In Forest Valuation And Investment Analysis: Edition 3.0, Steven H. Bullard, Thomas J. Straka
Faculty Publications
This book was originally intended to supplement lectures in forestry economics at the undergraduate level. It’s currently used for that purpose in ‘Forest Resource Economics’ courses at several universities. The book is also intended, however, to serve as a basic reference for foresters with experience in valuation and investment analysis concepts and methods. It has proven to be a valuable resource in forest valuation and investment analysis workshops for practicing foresters, landowners, and others interested in forestry investments.
Etf Volatility Around The New York Stock Exchange Close., Stoyu Ivanov
Etf Volatility Around The New York Stock Exchange Close., Stoyu Ivanov
Faculty Publications
In this study we extend the work of Chang, Jain and Locke (1995) who study the Standard and Poor’s 500 (S&P 500) Index futures contract volatility around NYSE close by examining three ETFs, the Spider, the Diamonds and the Cubes price volatilities after market close. Similar to the S&P 500 Index futures contract ETFs continue trading until 16:15, which is 15 minutes after their underlying indexes are reported. This is the first study to the best of our knowledge to examine the volatility of ETFs around the NYSE close. We document that similar to the findings of Chang, Jain and …
The Implied Volatility Of Etf And Index Options., Stoyu Ivanov, Jeff Whitworth, Yi Zhang
The Implied Volatility Of Etf And Index Options., Stoyu Ivanov, Jeff Whitworth, Yi Zhang
Faculty Publications
We examine the option-implied volatility of the three most liquid ETFs (Diamonds, Spiders, and Cubes) and their respective tracking indices (Dow 30, S&P 500, and NASDAQ 100). We find that volatility smiles for ETF options are more pronounced than for index options, primarily because deep-in-the money ETF options have considerably higher implied volatility than deep-in-the-money index options. The observed difference in implied volatility is not due to a difference between the realized return distributions of the underlying ETFs and indices. Differences in implied volatility for ETF and index options also do not appear to be explained by discrepancies in net …
Cross-Sectional Analysis Of Index And Commodity Markets Price Discovery., Stoyu Ivanov
Cross-Sectional Analysis Of Index And Commodity Markets Price Discovery., Stoyu Ivanov
Faculty Publications
This study examines the determinants of relative price discovery between the futures and cash prices in 30 index and commodity markets based on the Gonzalo and Granger (1995) permanent-transitory decomposition methodology. Twenty-eight indexes and commodities have proportional futures market information shares greater than 60%. Two commodities are the only exception: Feeders Cattle and Wheat-Minneapolis have price discovery occurring predominantly in the cash markets with information shares of their futures contracts of 33% and 40%, respectively. The research documents a significant cross-sectional variability of the information shares across the 30 indexes and commodities and finds that the information shares of the …