International Construction Measurement Standard,
2016
Technological University Dublin
International Construction Measurement Standard, Charles Mitchell
Other Resources
The International Construction Measurement Standard Coalition (the Coalition) was formed on 17 June 2015 after meeting at the International Monetary Fund in Washington DC, USA. The Coalition, comprising the organisations listed below at the date of publication, aims to bring about consistency in construction cost reporting standards internationally. This is achieved by the creation and adoption of this ICMS, an agreed international standard for the structuring and presentation of cost reports. ICMS sets out a structure for describing construction costs in terms of project scope, attributes and values descriptors. This document setting out the provisions of ICMS is the first …
Cash Flow News, Discount Rate News, And Momentum,
2016
Cleveland State University
Cash Flow News, Discount Rate News, And Momentum, Umut Celiker, Nuri Volkan Kayacetin, Raman Kumar, Gokhan Sonaer
Business Faculty Publications
We examine the effect of aggregate cash flow news and discount rate news on momentum returns. We find that momentum profits are higher following aggregate positive cash flow news, even in down markets or low sentiment periods. This finding expands on the evidence in Cooper et al. (2004) that momentum is significant only when past market returns are non-negative and in Antoniou et al. (2013) that momentum is weaker when sentiment is pessimistic. We find that the higher momentum profits during aggregate positive cash flow news periods are primarily driven by the losers continuing to underperform in subsequent periods. Our …
A Bankable Future,
2016
Singapore Management University
A Bankable Future, Jonathan Henry Chang
Asian Management Insights
Efforts to promote financialinclusion in Cambodia arepaying dividends economically,and unlocking opportunity.
Valuation Uncertainty, Market Sentiment And The Informativeness Of Institutional Trades,
2016
Montana State University - Bozeman
Valuation Uncertainty, Market Sentiment And The Informativeness Of Institutional Trades, Lisa Yang, Jeremy Goh, Chiraphol N. Chiyachantana
Research Collection Lee Kong Chian School Of Business
Prior studies indicate that institutional investors are informed, in the sense that their trades predict price changes. In this study we show that return predictive ability of institutions arises (after controlling for size, book-to-market, and momentum) mainly from institutional sales of hard-to-value stocks during periods of positive market sentiment. These results support the notion that these stocks tend to be overvalued during periods of bullish market sentiment, and institutions contribute to market efficiency by identifying and trading on these overpriced stocks.
Days To Cover And Stock Returns,
2016
Singapore Management University
Days To Cover And Stock Returns, Harrison G. Hong, Frank Weikai Li, Sophie X. Ni, Jose A. Scheinkman, Philip Yan
Research Collection Lee Kong Chian School Of Business
A crowded trade emerges when speculators' positions are large relative to the asset's liquidity, making exit difficult. We study this problem of recent regulatory concern by focusing on short-selling. We show that days to cover (DTC), the ratio of short interest to trading volume, measures the costliness of exiting crowded trades. Crowding is an important concern as short-sellers avoid illiquid stocks, which we establish using an instrumental-variables strategy involving staggered stock market decimalization reforms. Arbitrageurs require a premium to enter into such trades as a strategy shorting high DTC stocks and buying low DTC stocks generates a 1.2% monthly return. …
Decimalization, Ipo Aftermath, And Liquidity,
2016
Nanyang Technological University
Decimalization, Ipo Aftermath, And Liquidity, Charlie Charoenwong, David K. Ding, Tiong Yang Thong
Research Collection Lee Kong Chian School Of Business
We investigate the effect of decimalization on the aftermarket trading of NYSE-listed IPOs. We find that the relation between bid–ask spread and underpricing becomes negative post-decimalization, suggesting that benefits from the increased price competition accrue more to hot IPOs. The quoted depth is generally smaller post-decimalization due to a higher probability of front running, which aggravates the cost of adverse selection and limit order submission. We show that underwriters continue to provide price support but are only willing to cover the initial short position, if profitable to do so. Decimal pricing does not affect the flipping strategy of institutions for …
Knowledge Will Set You Free: Financial Awareness And Inclusion In The Bottom Of The Pyramid,
2016
Singapore Management University
Knowledge Will Set You Free: Financial Awareness And Inclusion In The Bottom Of The Pyramid, Aurobindo Ghosh
Research Collection Lee Kong Chian School Of Business
In this project, we explored whether financial literacy and economic awareness alleviates financial exclusion for the general population, particularly the financially underserved sections of the population in Ho Chi Minh City (HCMC) in Vietnam. We overcame the problem of identifying the financially excluded by looking at multiple measures of financial inclusion including frequency of bank use, access to borrowing for business, having a regular savings plan and having some insurance for possible future unfavorable outcomes. Using an innovative principal component (PCA) based method we identified a single score factor that can be construed as an overall measure of the degree …
State Ownership And Corporate Innovation Efficiency,
2016
Singapore Management University
State Ownership And Corporate Innovation Efficiency, Jerry X. Cao, Douglas J. Cumming, Sili Zhou, Lu Zhou
Research Collection Lee Kong Chian School Of Business
The conventional wisdom is that state ownership may hinder patenting through reduced incentives and pronounced agency problems associated with state-owned enterprises (SOEs). Empirical evidence from a variety of contexts, including the U.S., Europe, and China, is consistent with this view, including evidence that shows that reductions in state ownership are associated with an increase in patent counts. In this paper, we investigate the innovative efficiency of Chinese SOEs. Innovative efficiency refers to patents/R&D expenditure, and not patent counts. The data indicate that SOEs, and especially central government SOEs, are substantially more innovatively efficient than non-SOEs. The relative innovative efficiency of …
Stranded Assets: A Climate Risk,
2016
Singapore Management University
Stranded Assets: A Climate Risk, Ben Caldecott, Elizabeth Harnett, Theodor Florian Cojoianu, Irem Kok, Alexander Pfeiffer
Research Collection College of Integrative Studies
Over the last few years, the topic of "stranded assets" resulting from environment-related risk factors has loomed larger. These factors include the effects of physical climate change as well as societal and regulatory responses to climate change. Despite the increasing prominence of these stranded assets as a topic of significant interest to academics, governments, financial institutions, and corporations, there has been little work specifically looking at this issue in Latin America and the Caribbean (LAC). This is a significant omission, given the region's exposure to environment-related risk factors, the presence of extensive fossil fuel resources that may become "unburnable" given …
Bank Of Kentucky (Sc 3063),
2016
Western Kentucky University
Bank Of Kentucky (Sc 3063), Manuscripts & Folklife Archives
Manuscript Collection Finding Aids
Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 3063. Certificate for 100 shares of stock in the Bank of Kentucky, issued to May Humphreys on 1 February 1858. Signed by Virgil McKnight, President, and S. H. Bullen, Cashier.
How The Great Recession Affected Casino Staffing In Nevada Casinos,
2016
University of Nevada, Las Vegas
How The Great Recession Affected Casino Staffing In Nevada Casinos, Toni Repetti
UNLV Gaming Research & Review Journal
In service based industries, as revenue increases so does the need for employees to provide that service, but no known academic research has been conducted on what the most efficient level of that service should be for casinos. In Nevada casinos, significant results show that for each 1% increase in gaming revenue, casino employees increase 0.80%, salaries and wages increase 0.91%, and total payroll increases 0.95%. During fiscal years 2008 – 2010, what many consider the most significant recession to date for Nevada casinos, gaming divisions significantly decreased employees 11.6%, salaries and wages 8.7%, and total payroll 8.8% beyond that …
Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market,
2016
Ursinus College
Federal Home Loan Bank Advances And Bank And Thrift Holding Company Risk: Evidence From The Stock Market, Scott Deacle, Elyas Elyasiani
Business and Economics Faculty Publications
Using bivariate GARCH models of stock portfolio returns and risk, we find that bank and thrift holding companies that relied the most on Federal Home Loan Bank (FHLB) advances exhibited less total risk and market risk than those that relied on them the least between 2001 and 2012. When we control for differences in holding company size, stock trading volume, residential mortgage lending, and holding company type (bank vs. thrift), the most FHLB-reliant holding companies sustain the aforesaid risk advantages except during the crisis of 2007–2009, when they exhibit greater idiosyncratic risk. The latter finding suggests that investors perceived the …
Apprisen Financial Coaching Program: Changing Financial Behaviors,
2016
Apprisen
Apprisen Financial Coaching Program: Changing Financial Behaviors, Sharon Miller
Learning Showcase 2016: A Celebration of Discovery, Transformation and Success
No abstract provided.
Louisville Bridge Company - Louisville, Kentucky (Sc 3057),
2016
Western Kentucky University
Louisville Bridge Company - Louisville, Kentucky (Sc 3057), Manuscripts & Folklife Archives
Manuscript Collection Finding Aids
Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 3057. Certificate no. 1653 dated 21 August 1890 for ten shares of stock in the Louisville Bridge Company, issued to J. S. Bell. The certificate is endorsed by Bell and bears a cancellation stamp of 4 April 1896. Includes an engraving of the bridge spanning the Ohio River and the canal at Louisville, Kentucky.
2017-2018 Budget Request,
2016
Southern University and A&M College
2017-2018 Budget Request, Southern University System. Office Of Finance & Administration.
All Southern University System Budgets
The Southern University System Board and System Administration Budget Request 2017-2018, Fiscal Year Ending June 30, 2018.
Banking And The Third Industrial Revolution,
2016
Singapore Management University
Banking And The Third Industrial Revolution, Singapore Management University
Perspectives@SMU
Banks should leverage on the computer’s power to create value
Acquisitions And Regulatory Arbitrage By Captive Finance Companies,
2016
Cleveland State University
Acquisitions And Regulatory Arbitrage By Captive Finance Companies, Deborah Smith, Mina Glambosky, Kimberly Gleason, K. Bryan Menk
Business Faculty Publications
Captive finance firms play an important role as financial intermediaries. Yet, they receive little attention in financial research. Recently, finance companies have grown by engaging in acquisition activities. Given their unique characteristics, finance companies may be more capable of extracting gains from acquisitions than other firms. We explain their advantages, and assess the market response and long-term valuation of finance companies that engage in acquisitions. Our results indicate that acquisitions by captive finance firms are wealth enhancing in the short term and the long term. However, the market reacts negatively when flexible captive financing firms acquire highly regulated depository institutions.
Notes With Interest: Department Of Finance Newsletter, N05, Fall 2016,
2016
University of Northern Iowa. Department of Finance.
Notes With Interest: Department Of Finance Newsletter, N05, Fall 2016, University Of Northern Iowa. Department Of Finance.
Department of Finance Newsletter
News about the activities of the Department of Finance
A Roadmap For Reducing Gun Violence In America,
2016
Johns Hopkins Bloomberg School of Public Health
A Roadmap For Reducing Gun Violence In America, Daniel Webster
Center for Policy Research
How do you reduce gun violence in America? It seems rather daunting. I’m going to take you through some key things I think we can do to have far less gun violence in America
Drivers Behind The Monitoring Effectiveness Of Global Institutional Investors: Evidence From Earnings Management,
2016
The University of Texas Rio Grande Valley
Drivers Behind The Monitoring Effectiveness Of Global Institutional Investors: Evidence From Earnings Management, Incheol Kim, Steve Miller, Hong Wan, Bin Wang
Finance Faculty Research and Publications
This paper studies the drivers behind the monitoring effectiveness of institutional investors in curbing earnings management in an international setting. We identify three distinct drivers and propose two competing hypotheses: the hometown advantage hypothesis predicts that because of proximity to monitoring information, domestic institutions have a comparative advantage over foreign institutions in deterring earnings management, whereas the global investor hypothesis predicts that foreign institutions have a comparative advantage because of their proclivity toward activism and ability to deploy superior monitoring technologies. Consistent with the hometown advantage hypothesis, in aggregate, domestic, but not foreign, institutional ownership is associated with less earnings …
