The Impact Of The Proposed Format Of Financial Statements By Iasb And Fasb On Investors' Decisions,
2013
University of Texas at El Paso
The Impact Of The Proposed Format Of Financial Statements By Iasb And Fasb On Investors' Decisions, Francisco Villanueva
Open Access Theses & Dissertations
This dissertation investigates the impact of the proposed format of financial statements from the International Accounting Standard Board (IASB) and the Financial Accounting Standard Board (FASB) on investors' decisions. In particular, the research question of this study is whether the proposed format reduces the bias from the disposition effect. In 2008, the FASB in conjunction with the IASB published an exposure draft to modify the presentation of financial statements. The proposed format does not change the content of the financial information; it only modifies how information is presented in the financial statements. In other words, recognition of assets, liabilities, revenues, …
Analysis Of Reits And Reit Etfs Cointegration During The Flash Crash.,
2013
San Jose State University
Analysis Of Reits And Reit Etfs Cointegration During The Flash Crash., Stoyu Ivanov
Faculty Publications
In this study I revisit the “disintegration hypothesis” of financial assets around a major crisis event. I examine whether the Vanguard Real Estate Investment Trust and iShares Dow Jones US Real Estate Index Fund exchange traded funds disintegrate from the ten largest Real Estate Investment Trusts during the 14:45 Flash Crash on May 6, 2010. I find that six of the ten largest REITs are not cointegrated with the Vanguard Real Estate Investment Trust prior to the Flash Crash and that five of the ten largest REITs are not cointegrated with iShares Dow Jones US Real Estate Index Fund prior …
Analysis Of The Effects Of Pre-Announcement Of S&P 500 Index Changes.,
2013
San Jose State University
Analysis Of The Effects Of Pre-Announcement Of S&P 500 Index Changes., Stoyu Ivanov
Faculty Publications
In this study we attempt to answer the question – does the start of pre-announcing of S&P 500 index changes in October 1989 have an effect on the trading pattern of added or deleted firms? We document that prior to October 1989 the excess returns of added or deleted firms follow a white noise process around the event, whereas after the start of pre-announcing the excess returns can be described as nonstationary. This indicates significant excess profits to be captured around the addition or deletion event after S&P started pre-announcing changes in October 1989 but not prior to that date.
Do Neglected Firms Suffer From An Information Deficit?,
2013
Old Dominion University
Do Neglected Firms Suffer From An Information Deficit?, Kenneth Yung, Hamid Rahman, Qian Sun
Finance Faculty Publications
We study the presence and distribution of private information in neglected firm stocks using a measure of private information first suggested by Roll (1988). Our results suggest that there is no shortage of information on neglected firms for investors and that this private information forms part of the decision set for managerial decisions. Our results indicate a significant negative correlation between the amount of private information and certain important firm characteristics such as market size, cash flow, sales and return on assets. When the impact of private information is analyzed on the investment and payout policies of the neglected firms, …
Teaching Business Law In The New Economy; Strategies For Success,
2013
University of Maryland Francis King Carey School of Law
Teaching Business Law In The New Economy; Strategies For Success, Kamille Wolff Dean
Journal of Business & Technology Law
No abstract provided.
Investor Overconfidence And Option Trading,
2013
University of Texas at Arlington
Investor Overconfidence And Option Trading, Han-Sheng Chen
Finance and Real Estate Dissertations - Archive
This study examines investor overconfidence theory in the options market. The theory suggests that investors who experience high returns become overconfident in their security valuation and trading skills, and therefore trade more often, even when the high returns are market wide. Given stock investors often trade in both stock and options market, I hypothesize similar patterns could be found in the options market as well. Controlling for market volatility and stock idiosyncratic risk, past market return is positively correlated with option trading turnover. In addition, past positive market return leads to higher call option turnover ratio and higher call-to-put ratio. …
Finance Newsletter, N01, Winter 2013,
2013
University of Northern Iowa. Department of Finance.
Finance Newsletter, N01, Winter 2013, University Of Northern Iowa. Department Of Finance.
Department of Finance Newsletter
News about the activities of the Department of Finance
Interest Rate Sensitivities Of Externally And Internally Managed Australian Reits,
2013
Edith Cowan University
Interest Rate Sensitivities Of Externally And Internally Managed Australian Reits, Jaime L. Yong, Abhay Singh
Research outputs 2013
Real Estate Investment Trusts (REITs) in Australia experienced tremendous growth and investor interest following the crash of unlisted property funds in the 1990s. Since 2001, management structures have shifted from external property management to an internally advised model. The sector’s returns had been notably rewarding up till the Global Financial Crisis but rising costs of debt and years of aggressive borrowing to fund expansions have eroded the values of REITs. Externally managed trusts had relatively higher levels of debt than their internally managed counterparts thus increasing the sensitivities to interest rate risks. Yet internally managed REITs engage in a wider …
The Determinants Of Capital Structure: Evidence From Thai Banks,
2013
Edith Cowan University
The Determinants Of Capital Structure: Evidence From Thai Banks, David E. Allen, Napaporn Nilapornkul, Robert Powell
Research outputs 2013
The aim of this study is to examine the determinants of the capital structure of Thai banks. The data spans a ten year period from 1999 – 2008. The differentiation point of this study is that, whereas most studies on capital structure focus predominantly on internal bank variables, this study, in addition to internal variables includes market-based risk variables. A range of market-based default and value at risk variables were considered which were then narrowed down to improve the model. Fixed effects panel data analysis is employed, with both market and book leverage used as dependent variables. The Thai bank …
The Relationship Between Personal Financial Wellness And Financial Wellbeing: A Structural Equation Modelling Approach,
2013
Edith Cowan University
The Relationship Between Personal Financial Wellness And Financial Wellbeing: A Structural Equation Modelling Approach, Paul Gerrans, Craig P. Speelman, Guillermo J. Campitelli
Research outputs 2013
We examined the construct of financial wellness and its relationship to personal wellbeing, with a focus on the role of financial literacy. Gender comparisons are made using a structural equation modeling analysis including personal wellbeing, financial satisfaction, financial status, financial behavior, financial attitude, and financial knowledge. Males ranked higher in financial satisfaction and financial knowledge whereas females ranked higher in personal wellbeing. Joo’s (2008) concept of financial wellness as multidimensional is supported though the result is improved when a causal model of sub-components is estimated. The relationship of all variables to personal wellbeing is mediated by financial satisfaction, with gender …
Modelling The Volatility-Timing Of Funds Under Cpf Investment Theme,
2013
Edith Cowan University
Modelling The Volatility-Timing Of Funds Under Cpf Investment Theme, X Shen, Albert K. Tsui, Zhaoyong Zhang
Research outputs 2013
The performance measure of funds has been an important topic in the past few decades. In recent years the conditional models on return and volatility have become popular in studying the funds’ performance measure, but most of these studies focus on the US funds and a few on the Asian-based funds. The purpose of this study is to examine the volatility-timing performance of Singapore-based funds under the CPF (Central Provident Fund) Investment Scheme and non-CPF linked funds by taking into account of the currency risk effect on internationally managed funds. The CPF investment scheme was introduced in 1986 by the …
Modelling The Term Structure Of Japanese Bond Yields With The Nelson-Siegel Model,
2013
Edith Cowan University
Modelling The Term Structure Of Japanese Bond Yields With The Nelson-Siegel Model, A. Tsui, J.X. Wu, Zhaoyong Zhang
Research outputs 2013
The Nelson-Siegel (1987) (NS) model has been credited for its high efficacy in the in-sample fitting and out-of-sample forecasting of the term structures of interest rates. The term structure of interest rates, popularly known as the yield curve, is a static function that relates the time-to-maturity to the yield-to maturity for a sample of bonds at a given point in time. The conventional way of measuring the term structure is by means of the spot rate curve, or yield curve, on zero-coupon bonds. Yet in reality, the entire term structure is not directly observable, which gives rise to the need …
A Dynamic Credit Ratings Model,
2013
Edith Cowan University
A Dynamic Credit Ratings Model, David E. Allen, Robert Powell, Abhay Singh
Research outputs 2013
The Global Financial Crisis (GFC) provided overwhelming evidence of the problems caused by inadequate credit ratings. Losses and problem loans experienced by banks over this period were staggering. Yet many of the securitized sub-prime parcels which were widely seen as an underlying cause of the GFC, as well as corporate obligors who experienced severe difficulties during the GFC, retained extremely strong external credit ratings. They may have had low perceived risk at the time of rating, but as circumstances changed, the ratings stayed static and became far removed from the underlying risk. A key problem is that the external credit …
The Stock Market’S Reaction To Accounting Information: The Case Of The Latin American Integrated Market Abstract,
2013
Butler University
The Stock Market’S Reaction To Accounting Information: The Case Of The Latin American Integrated Market Abstract, Mauricio A. Melgarejo, Eduardo Montiel, Luis Sanz
Scholarship and Professional Work - Business
The purpose of this paper is to explore the stock market’s reaction to quarterly financial statements. We focus our study in two countries that are participating in the Latin American Integrated Market (MILA): Peru and Chile. We find that the cumulative abnormal returns and the absolute value of the cumulative abnormal trading are explained principally by the quarterly earnings surprises around the financial statements release date. We find that these effects are more pronounced in small firms, confirming that due to the lower level of pre disclosure information accounting numbers are the main source of information. Key words: Accounting Information, …
Investor Sentiment In The Stock Market,
2013
Purdue University
Investor Sentiment In The Stock Market, Bayram Veli Salur
Open Access Theses
Classical finance theories neglect the impact of investor sentiment on stock returns. These theories assume that investors are rational and make decisions in a way that maximizes their wealth. However, a vast amount of research shows that investors' decisions are affected by their psychological biases and feelings. These findings suggest that investor sentiment may have an impact on stock returns. This hypothesis is the main motivation of this study. First, this study examines whether there is correlation among investor sentiment indicators, and whether sentiment indicators have an impact on stock returns in the US and other countries. Second, this study …
Implications Of Off-Farm Income For Farm Income Stabilization Policies,
2013
University of Kentucky
Implications Of Off-Farm Income For Farm Income Stabilization Policies, Simon Jette-Nantel
Theses and Dissertations--Agricultural Economics
This dissertation examines to what extent off-farm diversification may be an appropriate and accessible tool to mitigate the adverse effects from market failures and incompleteness in the crop and farm income insurance market. While the influence of the nonfarm sector has long been recognized as a primary force in shaping farm structure, off-farm income is rarely acknowledge as a risk management tool for operators and households of commercial farms. The dissertation develops a dynamic model that includes capital market imperfections, economies of scale in farm production, and the presence of adjustment costs in labor allocation decisions. The model provides a …
Essays On Elderly Asset Management The Role Of Medical Expenses And Housing,
2013
University at Albany, State University of New York
Essays On Elderly Asset Management The Role Of Medical Expenses And Housing, Li Li
Legacy Theses & Dissertations (2009 - 2024)
With baby-boomers approaching their retirement age, the financial security of elderly Americans has become increasingly crucial for both policy-makers and retirees themselves. Based on the data from the Health and Retirement Survey (HRS), this dissertation examines how healthcare costs and housing affect retirees' saving and investment decisions.
The Impact Of Ceo Duality On Firm Financial And Market Performance During The Period Of 2008 Through 2010 : A Period Of Financial Crisis,
2013
University at Albany, State University of New York
The Impact Of Ceo Duality On Firm Financial And Market Performance During The Period Of 2008 Through 2010 : A Period Of Financial Crisis, Samuel Eugene Ferrara
Legacy Theses & Dissertations (2009 - 2024)
ABSTRACT
Three Essays On Asset Allocation And Asset Pricing,
2013
University at Albany, State University of New York
Three Essays On Asset Allocation And Asset Pricing, Chen Cao
Legacy Theses & Dissertations (2009 - 2024)
This dissertation investigates several classical yet unsettled issues in asset allocation and asset pricing.
The Effect Of Information Disclosure On Information Asymmetry,
2013
Singapore Management University
The Effect Of Information Disclosure On Information Asymmetry, Chiraphol New Chiyachantana, Neeranuch Nuengwang, Nareerat Taechapiroontong, Pakpoom Thanarung
Research Collection Lee Kong Chian School Of Business
This study investigates the relation among information disclosure, firm characteristics and information asymmetry. The authors find evidence consistent with the notion that increasing corporate disclosure and transparency reduces the asymmetric information between informed and uninformed investors. The findings indicate a strong relation between firm characteristics and level of information disclosure. Larger firms, firms with high growth opportunity and superior performance are associated with higher level of information disclosure. With respect to type of information, large firms, firms with superior operating performance, high growth opportunity are likely to disclose the investment and structural change as well as legal and miscellaneous information. …
