Finance and Financial Management Commons^™

How Does Simplifi Ed Disclosure Affect Individuals’ Mutual Fund Choices?, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

Some regulators believe that the average investor has a hard time reading the statutory prospectuses mutual funds distribute. In the words of the Securities and Exchange Commission (SEC), “Prospectuses are often long . . . Too frequently, the language of prospectuses is complex and legalistic, and the presentation formats make little use of graphic design techniques that would contribute to readability.”1 Partly as a result, two- thirds of investors do not read the prospectus before purchasing mutual fund shares (Investment Company Institute 2006).

Insurance Theory And Challenges Facing The Development Of Microinsurance Markets, James C. Brau, Craig B. Merrill, Kim B. Staking

Faculty Publications

Microinsurance institutions and instruments have developed rapidly over the last decade, with policies covering tens of millions at the base of the economic pyramid. Ranging from simple policies providing life or health insurance to complex policies covering catastrophic risks for small landholders, it is a market with proven potential that demands closer attention. This paper provides a review of the nascent academic literature and then suggests some critical elements of insurance theory that may help us understand the challenges facing microinsurance markets and how these markets can better serve the needs of their customers. Although the basic theory is well …

When Constraints Bind, Karl B. Diether, Ingrid M. Werner

Faculty Publications

We create proxies for constrained supply of lendable shares by combining unique data on loan fees, stock lending activity, and failures to deliver to examine how contrarian short-sale strategies are affected by constraints. Constraints affect roughly one-third of the cross- section of stocks and result in a significant reduction in the contrarian response of short sellers to past returns. When short sellers’ contrarian strategies are constrained, the market is significantly less efficient. Furthermore, the previously documented relation between short selling activity and future returns breaks down for the most constrained stocks.

Portfolio Rebalancing In General Equilibrium, Miles S. Kimball, Matthew D. Shapiro, Tyler Shumway, Jing Zhang

Faculty Publications

Standard portfolio advice is that agents should hold a constant share of risky assets. All agents cannot, however, follow this advice because supply and demand of risky assets must be equal. To study equilibrium rebalancing, the paper develops an overlapping generations model in which agents differ both in age and risk tolerance. Equilibrium rebalancing is driven by a leverage effect that affects levered and unlevered agents in opposite directions, an aggregate risk tolerance effect which depends on the distribution of wealth, and an intertemporal hedging effect. Optimal equilibrium portfolio rebalancing departs significantly from the standard advice.

Delayed-Bang Approach Towards More Sustainable Critical Infrastructure Risk Management, C. Ariel Pinto, Michael K. Mcshane, Abhishek S. Pathak

Finance Faculty Publications

This article describes the Delayed Bang Approach for determining the value of risk management alternatives in critical infrastructure security. The discussion includes (1) the need for sustainable risk management (2) the importance of time valuation in evaluating competing loss prevention and loss reduction alternatives, (3) the convergence of deterministic engineering economics, survivability analysis, and probabilistic analysis, and (4) hypothetical examples of the Delayed-Bang Approach and significance towards more sustainable risk management.

Three Essays On Real Estate Finance, Shuang Zhu

LSU Doctoral Dissertations

This dissertation focuses on the mortgage default behavior and the valuation of distressed properties. Three essays are included. The first essay uses New Orleans foreclosure data, where each property has three appraisals, to investigate the factors affecting appraisal bias and accuracy, and to estimate the magnitude of appraisal accuracy for distressed properties. Our main finding is that the relation between the client and the appraiser affects valuation bias. Customer employed appraisers tend to give client friendly valuation than their court appointed counterpart. Experienced and licensed appraisers render less biased valuations; while appraisers specializing in lenders tend to give lender friendly …

Privatization In Theory And Practice: The Issues To Be Considered, Berhanu Mengistu, Yacob Hail-Mariam

School of Public Service Faculty Publications

The concept of privatization is fairly recent. This paper examines the different perspectives of the privatization literature, analyzes and assesses the proposed advantages and disadvantages of privatization as a strategy for providing public goods. The paper concludes by instilling a conceptual framework that should be considered before undertaking a privatization policy.

Regulating Compensation, A. Christine Hurt

Faculty Scholarship

No abstract provided.

Ua9/4 Institutional Advancement - College Heights Foundation, Wku Archives

WKU Archives Collection Inventories

Records created by and about College Heights Foundation including annual reports, meeting minutes, publications and subscriber lists.

Ua4/2 Academic Budgets & Administration - Correspondence/Subject File, Wku Archives

WKU Archives Collection Inventories

Correspondence and subject files created by the office of Academic Budgets & Administration and its reporting offices:

• Academic Budgets
• Manager of Academic Resources
• PIE Grants Coordinator

Ua4/1 Acadmic Budgets & Administration - Reports, Wku Archives

WKU Archives Collection Inventories

Reports created by the office of Academic Budgets & Administration and its reporting offices:

• Academic Budgets
• Manager of Academic Resources
• PIE Grants Coordinator

Includes operating budgets and salary reports.

Ua37/29 Faculty Personal Papers Gary Ransdell, Wku Archives

WKU Archives Collection Inventories

Personal records created by Gary Ransdell.

Confederate States Of America - Bond Coupons (Sc 2403), Manuscripts & Folklife Archives

Manuscript Collection Finding Aids

Finding aid and scan (Click on "Additional Files" below) for Manuscripts Small Collection 2403. Full sheet of bond coupons issued by the Confederate States of America in $30 denominations with a full term of thirty years; total $1,000. The bonds were approved by the CSA on 11 February 1864. This sheet is hand numbered "8654" and was part of the "Fifth Series" issue.

Quantitative Hedge Fund Selection, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

Prior research has shown that small funds, young funds, and local funds outperform their older, larger, and distant counterparts. According to the literature, hedge fund performance is driven by fund capacity constraints, managerial incentives, and local information. I revisit these studies on hedge funds and test whether their results hold up in recent data. By doing so, I lay the foundations for a quantitative hedge fund selection framework.

A Cost Benefit Analysis Of Utilizing Solar Panels On Bates Nut Farm, Brandon Walter Ness

Agribusiness

No abstract provided.

Business Process Automation And Managerial Accounting: An Sap Plug And Play Module (Final Report), Picheng Lee, Principal Investigator, Christian N. Mady, Rudy Jacob, Chu-Hua Kuei

Cornerstone 3 Reports : Interdisciplinary Informatics

The primary aim of our project is to develop an Enterprise Resource Planning (ERP) platform that enables students at Pace to understand how different interdisciplinary areas in cross-unit and/or cross-enterprise decision making are related. ERP can help us do this since it allows a firm to automate and integrate its business processes, share common data and practices across the entire enterprise, and provide and access information in a real-time environment.

The Archway Investment Fund Semi Annual Report, December 2010, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

The Effect Of Taxes On Multinational Debt Location, Matteo P. Arena, Andrew H. Roper

Finance Faculty Research and Publications

We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in 59 countries. We analyze firms' marginal decisions of where to issue debt to investigate the influence of a comprehensive set of tax-related effects, including differences in personal and corporate tax rates, tax credit and exemption systems, and bi-lateral cross-country withholding taxes on interest and dividend payments. Our results show that differences in personal and corporate tax rates, the presence of dividend imputation or …

How Purchasing Departments Can Take Advantage Of The Sluggish Economy To Achieve Strategic Opportunities Through Best Practices, Peter O'Reilly

Publications

Presentation objectives:

• What is a Strategic Best Practice and Why is it Important to a Purchasing Department?

Customer Loyalty In Financial Services From A Service-Dominant Logic Perspective., Kat Mui Ling

Student Works (2010-2019)

Purpose – Modern customers are now more informed, connected, and active in their consumption activities. As a result, it is becoming increasingly common for consumers to jointly create value with the firm to satisfy their personalised demand. The purpose of this research is to investigate the effect of involving customer as active participants in the co-production of consumption experience and co-creation of value on customer loyalty in the provision of financial services. Design/methodology/approach – The hypotheses were tested by using regression analysis on data collected from a survey that yielded 285 respondents who are the customers of various unit trust …