Finance and Financial Management Commons^™

International Market Segmentation And Euro Debt Issues, Stavros B. Thomadakis, Nilufer Usmen

Department of Accounting and Finance Faculty Scholarship and Creative Works

Implications of capital market segmentation for international capital structure (ICS)-capital structure consisting of equity issued in one country and debt issued in another-are examined. Necessary conditions for the emergence of ICS are analyzed under two options for debt issues (foreign debt and Eurodebt) and comparisons are made. It is shown that in cases where the project cannot support an ICS including foreign debt Eurobonds can be issued and would be profitable.

1986-1987 Budget Request, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Budget Estimates and Requests Fiscal Year Ending June 30, 1987.

Administrative Problems In The Implementation Of The Privatization Program In Egypt, Ayman Dahroug

Archived Theses and Dissertations

No abstract provided.

Non-United States Firms' Exchange Rate Exposure And The Pricing Of Exchange Rate Risk In Foreign Stock Markets, Patricia Hill Hamlin Hall

Theses and Dissertations in Business Administration

This two part dissertation is an in depth study of the measurement of foreign currency economic exposure faced by foreign firms and whether or not this exposure is associated with significant risk premia within these firms' national equity markets. Firms from four foreign countries; Germany, the United Kingdom, Japan and Canada are classified as purely domestic firms, exporters with low (20%-39%) percentages of foreign sales to total sales, exporters with high (over 40%) percentages of foreign sales to total sales, or multinational corporations.

Essay I focuses on the economic exposure of these non-US firms. Foreign exchange rate volatility can impact …

1995-1996 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Fiscal Year 1995-1996 Operating Budget for the Southern University Law Center Campus.

1995-1996 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University Board and System Administration Operating Budget for the Fiscal Year 1995-1996.

1995-1996 Operating Budget (Final Printing): Southern University And A & M College, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 1995-1996 Fiscal Year Operating Budget of the Southern University and A & M College Campus. Final Printing.

1995-1996 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport Operating Budget for fiscal year 1995-1996.

Relationship Lending And Lines Of Credit In Small Firm Finance, Allen N. Berger, Gregory F. Udell

Faculty Publications

This article examines the role of relationship lending in small firm finance. It examines price and nonprice terms of bank lines of credit (L/Cs) extended to small firms. The focus on LICs allows the examination of a type of loan contract in which the hank- borrower relationship is likely to be an important mechanism for solving the asymmetric information problems associated with financing small enterprises. We find that borrowers with longer banking relationships pay lower interest rates and are less likely to pledge collateral.These results are consistent with theoretical arguments that relationship lending generates valuable information about borrower quality.

New Paradigms For Evaluating Performance And Performance Persistency Of Domestic And Globally Diversified Portfolios, Larry Joseph Prather

Theses and Dissertations in Business Administration

This manuscript reexamines performance evaluation of managed portfolios. Past measures of portfolio evaluation such as the Sharpe, Treynor, and Jensen measures are subject either to the inability to rank performance based on statistical significance, or are dependent on both a single factor CAPM return generating process and the selected market portfolio. Recent studies show performance ranking is sensitive to the selection of the market proxy when the security market line is used to evaluate performance. Additionally, CAPM based measures that appeared to work well in the 1960's no longer appear to function effectively. Many anomalies to CAPM have been documented …

1994-1995 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

1994-1995 Operating Budget of the Southern University at New Orleans Campus.

1995-1996 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

1995-1996 Operating Budget of the Southern University at New Orleans Campus.

Pb1540 Establishing And Using A Farm Financial Record-Keeping System, The University Of Tennessee Agricultural Extension Service

Financial Management

For years farmers have been reporting financial information on a variety of forms for various reasons. Effective management of a farming operation today requires that records be kept so managers can make informed decisions affecting the profitability of their farms.

Some lending institutions require detailed business and personal information on everything a farmer owns, as well as the status of unpaid loans. They may also require production records and an estimate of expected sales and expenses for the next year. Increasingly, regulations point toward the keeping of chemical application records and soil and water conservation plans for environmental concerns. The …

Public Announcement Of Analyst Recommendations And The Impact On The Common Stock Market, Kenneth Allen Zerbe

Undergraduate Honors Capstone Projects

Between 1985 and 1987, R. Foster Winans, a reporter for the Wall Street Journal, received convictions for violating section 10(b) and Rule 10b-5 of the Securities and Exchange Act as well as engaging in mail fraud.¹

Enhancement Of An Organization's Capacity To Carry Out Certain Functions On A Self-Sustainable Basis, Michael Abat Elikana

Archived Theses and Dissertations

No abstract provided.

Speed Of Adjustment In Commercial Real Estate Markets, Mark Eppli, James D. Shilling

Finance Faculty Research and Publications

No abstract provided.

The Importance Of The Tax System In Determining The Marginal Cost Of Funds, Shaghil Ahmed, Dean D. Croushore

Economics Faculty Publications

Examines the effect on the marginal cost of public funds of 2 alternative ways in which the tax schedule can be altered: one that maintains the progressivity of the tax schedule and another that rotates the tax schedule. Calculates values of these marginal-cost-of-funds concepts for plausible ranges of key parameters.

1994-1995 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

1994-1995 Financial Summary of Morehead State University.

The New Certificates Of Financial Responsibility: Environmental Progress Or National Economic Disaster?, Paul R. Younes

Theses and Major Papers

The Oil Pollution Act of 1990 (OPA 90) is the first comprehensive oil spill legislation passed in the United States. Included in the law were new provisions governing the liability and financial responsibility of both the company responsible for the spill and the insurer. These provisions, while well-intentioned, have created a dangerous situation for both the environment and the economy of the United States. This paper will examine the financial responsibility and liability regime that was in place prior to the passage of OPA 90, and the provisions of OPA 90 that establish new requirements shipowners must meet to qualify …

Journal Of Actuarial Practice, Volume 3, No.2, 1995, Colin Ramsay , Editor

Journal of Actuarial Practice (1993-2006)

ARTICLES

Measuring and Managing Catastrophe Risk • Ronald T. Kozlowski and Stuart B. Mathewson

Discussion • Rade T. Musulin & Authors' Reply

Sensitivity Testing of Property/Casualty Cash Flows • Ralph S. Blanchard, III and Eduardo P. Marchen

A Pension Plan Incorporating Both Defined Benefit and Defined Contribution Principles • M. Zaki Khorasanee

Expected Loss Development in Workers' Compensation Pricing: A Shift in Credibility • Christopher J. Poteet

Editor - Colin Ramsay, University of Nebraska. Associate Editors: Robert Brown, University of Waterloo ○ Cecil Bykerk, Mutual of Omaha ○ Ruy Cardoso, Actuarial Frameworks ○ Samuel Cox, Georgia State University ○ David …

Sensitivity Testing Of Prdperty/Casualty Cash Flows, Ralph S. Blanchard Iii, Eduardo P. Marchena

Journal of Actuarial Practice (1993-2006)

The paper outlines an approach that has evolved at Aetna through ten years of property/casualty insurance cash flow testing. Methodologies and approaches to setting parameters reflecting both default and call/prepayment risk are discussed for major invested asset categories. Modeling runoff cash flows for a base scenario (and, for some of these assets, shocked scenarios) also is examined for major non-invested asset categories. Loss reserve cash flow modeling is not addressed, except for a brief description of one approach to shocking projected flows. Finally, various alternatives are given for presenting cash flow testing results to management and non-actuarial audiences.

Discussion Of Leonard T. Guarini And Edward P. Lotkowski's "Model Year Rating For Automobile Liability And Injury Coverages", Cheng-Sheng Peter Wu

Journal of Actuarial Practice (1993-2006)

No abstract provided.

Surveillance Of Life Insurer Solvency: A Comparison Of Stock And The Multiple Scenario Cash Flow Financial Stress Tests, Ronald W. Spahr, Paul L. Gronewoller

Journal of Actuarial Practice (1993-2006)

The solvency of life insurance companies may be threatened by interest rate risk when the maturities of assets and liabilities are mismatched. The National Association of Insurance Commissioners' (NAIC) multiple scenario cashflow test (MSCFT) and the Office of Thrift Supervision (OTS) net portfolio value model (stock) approaches to financial stress tests are illustrated and analyzed with respect to their capacity to estimate the impact of potential changes in interest rates on life insurance company capital and surplus. Each approach is illustrated with the assets and liabilities of three hypothetical life insurance company capital levels (high, average, and below average) and …

Expected Loss Development In Workers' Compensation Pricing: A Shift In Credibility, Christopher J. Poteet

Journal of Actuarial Practice (1993-2006)

This paper shows that expected loss development is equivalent to adjusting the full credibility standard and applying credibility by policy period. Expected loss development should not be used in workers' compensation ratemaking. The credibility is correct before being adjusted.

Decision Making Under Conflicting Criteria In Pension Valuations: An Expected Utility Model, Lisa Lipowski Posey, Arnold F. Shapiro

Journal of Actuarial Practice (1993-2006)

Many of the criteria used by actuaries when selecting assumptions for pension plan valuations often conflict. As a result, actuaries must weigh the various costs and benefits associated with a particular set of assumptions. We use expected utility theory to model the process of chOOSing actuarial assumptions when faced with potentially conflicting criteria. The three criteria considered are prudence, best estimate, and conservatism. The actual contribution chosen by the actuary is found to depend on the contribution level that triggers a red flag with respect to tax deductibility. If this level is relatively low, the actuary chooses a high contribution …

Cross-Tested Defined Contribution Plans, Ho Kuen Ng

Journal of Actuarial Practice (1993-2006)

Cross-tested plans are defined contribution plans that test allocations for nondiscrimination. The test is based on a plan's actuarial equivalent annuity benefits. Cross-tested plans have become popular among small plan sponsors after the release of the nondiscrimination regulations. This paper investigates the pros and cons of cross-testing.

Discussion Of Ronald T. Kozlowski And Stuart B. Mathewson's "Measuring And Managing Catastrophe Risk", Rade T. Musulin

Journal of Actuarial Practice (1993-2006)

Mr. Kozlowski and Mr. Mathewson's paper provides a good introduction to the development and use of models in the property insurance industry. It will be a valuable addition to the regrettably sparse actuarialliterature in this area. This discussion will offer several comments on the ideas raised in the paper, focusing on how models can be used to enhance an actuary's work. The use of models has sparked major controversies between regulators and insurers in several jurisdictions, notably Florida. Controversy is not limited to the regulatory arena, however. Because models are being used by reinsurers to rate contracts and by A.M. …

Measuring And Managing Catastrophe Risk, Ronald T. Kozlowski, Stuart B. Mathewson

Journal of Actuarial Practice (1993-2006)

We introduce some of the basic principles behind property catastrophe modeling via simulations. The output of such simulations can be explored via modernized pin maps and loss likelihood curves. We also briefly discuss some of the uses of catastrophe modeling in addition to traditional probable maximum loss estimation. Comments are made on the use of modeling by reinsurers. We hope that this article stimulates discussions on new approaches to catastrophe modeling.

A Pension Plan Incorporating Both Defined Benefit And Defined Contribution Principles, Zaki M. Khorasanee

Journal of Actuarial Practice (1993-2006)

We propose a defined contribution pension plan with an explicitly defined benefit formula. Such a plan is expected to pay more stable and predictable benefits over time than one based on the money purchase principle. The properties of the plan are investigated through simulation. Methods for distributing surpluses and eliminating deficiencies that involve adjusting the rate of benefit accrual (rather than varying the rate of contribution) are discussed. The behavior of the plan under a scenario of persistently unfavorable investment experience is Simulated, and methods for satisfactorily dealing with such a scenario are considered. The plan actuary is expected to …

Simulation Of Investment Returns For A Money Purchase Fund, Zaki M. Khorasanee

Journal of Actuarial Practice (1993-2006)

This paper examines the problem of investment risk in money purchase pension plans. The disadvantages of modeling equity returns as independent, identically distributed random variables are conSidered, and a modified stochastic model of equity returns is proposed. This modified stochastic model is used to estimate the variability in a plan member's retirement fund and to compare various alternatives to investing 100 percent of the assets in ordinary shares. Varying conclusions are drawn about the likely success of these alternative investment strategies in reducing investment risk.