A New Non-Parametric Test For Umbrella Alternatives,
2012
Western Michigan University
A New Non-Parametric Test For Umbrella Alternatives, Gilbert Ngwa Muma
Dissertations
The Mann-Whitney statistics have commonly been used as a building block for many tests involving ordered and umbrella alternatives. Such tests are based on pair wise information that is obtained from all Ck 2 pairs of samples. This dissertation introduces a new nonparametric test for testing umbrella alternatives in a completely randomized one way design. This test is based on information obtained from a subset of the Ck 3 trios of samples. Unlike most existing tests for umbrella alternatives, the new test lays emphasis on the importance of testing across the peak of the umbrella, thereby rendering the new test …
A Training Manual: To Increase Performance In Cost Management Of A Las Vegas Nightclub For Operations Managers,
2012
University of Nevada, Las Vegas
A Training Manual: To Increase Performance In Cost Management Of A Las Vegas Nightclub For Operations Managers, Mark F. Staudinger
UNLV Theses, Dissertations, Professional Papers, and Capstones
The purpose of this paper is to write a training manual on cost management for operating managers in the Las Vegas nightclub industry. The manual will be designed to be used as a tool to control and manage costs for managers responsible for making decisions that directly affect controllable costs. These decisions include but are not limited to staffing and par levels, price points, purchasing, and staff training and monitoring.
Global Financial Risks, Cvar And Contagion Management,
2012
Singapore Management University
Global Financial Risks, Cvar And Contagion Management, Kian Guan Lim
Research Collection Lee Kong Chian School Of Business
The September 2008 collapse of Lehman Brothers was the 9/11 on Wall Street, and many articles had been written on the changes in the global risk landscape that followed. However, there is scarcity of rigorous studies using empirical data and advanced econometric methods to verify such a change and the nature of such a change. In this paper, we provide rigorous analyses of statistically significant changes in global financial risks and sharp increases in conditional Value-at-Risk after September 2008. We perform statistical analyses using conditional distributions on the tail losses of equity portfolios constructed from the stock indexes of six …
San Diego Center For Children Audit Committee Handbook,
2012
University of San Diego
San Diego Center For Children Audit Committee Handbook, San Diego Center For Children
Finance
2012 edition of the San Diego Center for Children's Audit Committee handbook.
Acquisition Program Problem Detection Using Text Mining Methods,
2012
Air Force Institute of Technology
Acquisition Program Problem Detection Using Text Mining Methods, Trevor P. Miller
Theses and Dissertations
This research provides program analysts and Department of Defense leadership with an approach to identify problems in real-time for acquisition contracts. Specifically, we test the abilities of statistical algorithms using text mining techniques to detect unusual changes in acquisition programs’ cost estimates at the completion of the programs. Currently, the government purchases monthly written reports, an informational tool on status of an acquisition program, but has not been integrated into problem prediction analysis. We center our research on the following two questions: First, can we quantify the qualitative written reports? Second, can we use these quantifications of the texts to …
Minuteman Iii Cost Per Alert Hour Analysis,
2012
Air Force Institute of Technology
Minuteman Iii Cost Per Alert Hour Analysis, Allen R. Miller
Theses and Dissertations
This thesis analyzes the cost associated with the Minuteman III (MM III) weapon system. The research develops three models for determining MM III costs per alert hour (CPAH). The first model is based on the Air Force Cost Analysis Improvement Group cost per flying hour model. The model is modified to include depot level reparables, consumables, and personnel costs. The second model is based on the Office of the Secretary of Defense, Cost Analysis Improvement Group cost per flying hour model and is formulated using service-wide data from the Air Force Total Ownership Cost tool. The third model is a …
An Evaluation Of The Argentinean Basic Trainer Aircraft Domestic Development Project,
2012
Air Force Institute of Technology
An Evaluation Of The Argentinean Basic Trainer Aircraft Domestic Development Project, Guillermo A. Stahl
Theses and Dissertations
The Argentine Air Force (AAF) is facing increasing challenges in maintaining and sustaining trainer aircraft. The current trainer aircraft used by the AAF face obsolescence issues and decreased serviceability. Argentina used to have the largest aircraft industry among the Latin America countries, but a number of factors such as not maintaining objectives and policies over time undermined its consolidation and were instrumental in Argentina losing its leadership position. To meet AAF requirements and revive Argentina's domestic aircraft industry, an indigenous basic trainer aircraft project is proposed. The purpose of this thesis is to evaluate the project's viability using a multi-criteria …
Unmanned Aerial Vehicle Flight Test Approval Process And Its Implications: A Methodological Approach To Capture And Evaluate Hidden Costs And Value In The Overall Process,
2012
Air Force Institute of Technology
Unmanned Aerial Vehicle Flight Test Approval Process And Its Implications: A Methodological Approach To Capture And Evaluate Hidden Costs And Value In The Overall Process, Tuan U. Tran
Theses and Dissertations
The advancement in small unmanned aerial vehicle (SUAV) technology has brought a new revolution in the military domain. Their uses have become more synonymous with intelligence, surveillance, and reconnaissance missions. Concerns over their flight test safety and accountability have been addressed in multiple policies to mitigate mishaps and increase proper accountability. However, current DoD and FAA mandated regulations and policies concerning UAV flight tests are sometimes considered slow and time-consuming, which may lead to delays in UAV research and development. This study explores the quantitative and qualitative measure of benefits associated with an abbreviated flight test process for SUAVs. Specifically, …
Hedge Fund Return Correlation Under Extreme Market Condition,
2012
Singapore Management University
Hedge Fund Return Correlation Under Extreme Market Condition, Melvyn Teo
Research Collection BNP Paribas Hedge Fund Centre
How dependent are returns across hedge fund investment strategies? We estimate the probability that each investment strategy performs poorly when other investment strategies are delivering extreme negative returns. Under extreme market conditions, we find that event driven, distressed debt, and equity long/short funds exhibit the highest correlation with other styles while commodity trading advisors, macro, and equity market neutral funds exhibit the lowest correlation. In addition, we show that Asia-focused event driven and equity market neutral funds provide diversification for investors holding US- and Europe-focused funds.
Walking The Talk Of Wall Street,
2012
Singapore Management University
Walking The Talk Of Wall Street, Singapore Management University
Perspectives@SMU
The rules of the game on Wall Street may be ever changing but a professor of economics at Princeton University, Burton Malkiel, has held on to his views on how the game should be played for almost four decades.
Markowitz 2.0: Innovations For Asset Allocation,
2012
Singapore Management University
Markowitz 2.0: Innovations For Asset Allocation, Knowledge@Smu
Knowledge@SMU
The idea of conducting financial analysis on asset classes, while widely accepted today, was a new concept in the 1950s. It was so new that Nobel Prize winner in economics Harry Markowitz almost did not receive his doctorate because his thesis on portfolio optimisation was deemed as “not economics” by his supervisor. Dr Paul Kaplan, quantitative research director at Morningstar, introduces an updated model of Markowitz’s portfolio optimisation model at a seminar in SMU.
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?,
2012
University of Richmond
Do External Financial Statement Auditors Sufficiently Adjust Their Audit Plans For Automated-Control Deficiencies?, Daniel D. Selby
Accounting Faculty Publications
Shelton (1999) found that experience, based on rank, mitigates the influence of less-than diagnostic evidence in going concern assessments. But, numerous studies (e.g., Abdolmohammadi and Wright 1987) question the external validity of studies that use rank to determine experience. I suspect that specialized domain experience is a better measure because all auditor ranks do not have procedural knowledge in going concern decisions but many auditors may have procedural knowledge in audit planning (AICPA 2008) and automated controls (Hunton et al. 2004). I investigate whether external financial statement auditors (henceforth auditors) sufficiently adjust their audit plans for material-automated-control-weaknesses. I determine the …
Walking The Talk Of Wall Street,
2012
Singapore Management University
Walking The Talk Of Wall Street, Knowledge@Smu
Knowledge@SMU
Years after he theorised that a blindfolded monkey throwing darts at stock listings can select a portfolio that would perform as well as one chosen by experts, Princeton economist Burton Malkiel is sticking by it. In the tenth edition of his investment classic, A Random Walk Down Wall Street, Malkiel explains why the experts are overrated, and why sticking with a buy-and-hold strategy using a broad stock market index fund will outperform the professionally managed ones.
Financial Framework For Global Investment And Implications,
2012
University of New Haven
Financial Framework For Global Investment And Implications, Robert Ranish, Pawel Mensz
Finance Faculty Publications
The objective of this paper is to describe a valuation decision model for a firm in a multi -country environment. The paper extends the works of Myers, Myers and Pogue and Lev to include individual investment project decisions to the global marketplace. The model integrates the buy or builds decision, the location of production, distribution decision and tax effects into the capital investment decision of the firm. The model shows that a firm's production decision (buy or build), the customer location and tax effects are interdependent. The model to optimize the value of the firm is a function of the …
A Utility Based Approach To Energy Hedging,
2012
Technological University Dublin
A Utility Based Approach To Energy Hedging, Jim Hanly, John Cotter
Articles
A key issue in the estimation of energy hedges is the hedgers’ attitude towards risk which is encapsulated in the form of the hedgers’ utility function. However, the literature typically uses only one form of utility function such as the quadratic when estimating hedges. This paper addresses this issue by estimating and applying energy market based risk aversion to commonly applied utility functions including log, exponential and quadratic, and we incorporate these in our hedging frameworks. We find significant differences in the optimal hedge strategies based on the utility function chosen.
A Theory Of Strategic Mergers,
2012
University of Miami
A Theory Of Strategic Mergers, Gennaro Bernile, Evgeny Lyandres, Alexei Zhdanov
Research Collection Lee Kong Chian School Of Business
We examine firms’ strategic incentives to engage in horizontal mergers. In a real options framework, we show that strategic considerations may explain abnormally high takeover activity during periods of positive and negative demand shocks. Importantly, this pattern emerges solely as a result of firms’ strategic interaction in output markets. We show that the U-shaped relation between the state of demand and the propensity of firms to merge, documented in past studies, is driven by horizontal mergers in industries that are: (1) relatively more concentrated, (2) characterized by relatively strong competitive interaction among firms, and (3) characterized by relatively low merger-related …
Rational Financial Management: Evidence From Seasoned Equity Offerings,
2012
Singapore Management University
Rational Financial Management: Evidence From Seasoned Equity Offerings, Michael Barclay, Fangjian Fu, Clifford Smith
Research Collection Lee Kong Chian School Of Business
Current theories of capital structure have difficulty explaining the aspects of financing behavior we document. In contrast to the tradeoff theory, seasoned equity offers frequently move firms away from their target leverage ratios. At odds with the pecking-order theory, SEO firms typically are financially healthy companies with low leverage, unused debt capacity and substantial cash balances. Inconsistent with the market-timing theory, SEOs appear to be driven by capital requirements associated with large investment projects rather than by market-timing considerations. Moreover, firms issue debt following SEOs, not only to finance investment, but to increase leverage toward its target level. Each of …
Spin-Offs And Operating Performance,
2012
Montana State University - Bozeman
Spin-Offs And Operating Performance, Gary L. Caton, Jeremy C. Goh, Frank Kerins
Research Collection Lee Kong Chian School Of Business
This study examines the relation between changes in industry-adjusted operating performance associated with corporate spin-offs and the market’s assessment of the spin-off as either a value increasing or value decreasing activity. I find that the average change in industry-adjusted operating performance associated with my sample of spin-offs is not significantly different from zero. However, I also present evidence suggesting that this average result is misleading because some spin-offs appear to be value increasing while others are value decreasing. I establish that a positive and significant relation exists between parent company revaluation and a) the change in industry-adjusted operating performance of …
San Diego Center For Children Finance Manual,
2012
University of San Diego
San Diego Center For Children Finance Manual, San Diego Center For Children
Finance
2012 edition of the San Diego Center for Children's Finance Committee handbook.
Hedge Funds And Analyst Conflict Of Interest,
2012
Singapore Management University
Hedge Funds And Analyst Conflict Of Interest, Sung Gon Chung, Melvyn Teo
Research Collection School Of Accountancy
Are sell-side analysts reluctant to go against the investment views of their hedge fund clients? We show that analysts tend to upgrade stocks recently bought and downgrade stocks recently sold by hedge funds. Relative to other buy and strong buy recommendations, similar recommendations on stocks predominantly held by hedge funds parlay into poorer three-month and six-month stock returns. Hedge funds concurrently offload their stock holdings when analysts issue flattering reports. In line with an agency based explanation, our results are more pronounced for important brokerage clients such as high dollar turnover hedge funds and hedge funds who are prime brokerage …
