Mutual Fund Flows, Performance Persistence, And Board Quality,
2010
Singapore Management University
Mutual Fund Flows, Performance Persistence, And Board Quality, Sandy Lai, Ashish Tiwari, Zhe (Joe) Zhang
Research Collection Lee Kong Chian School Of Business
This paper provides evidence on the impact of fund board quality on (a) the fund flow-performance relation, (b) persistence in fund performance, and (c) a fund’s potential change of strategy following a period of underperformance. We use Morningstar’s board quality ratings as a proxy for the quality of the fund’s board and document three main results. One, we show that funds that rank in the bottom quintile of rankings based on past performance, experience significantly lower flows at the margin when their board quality rating is poor compared to when the board quality is rated as good. Two, we document …
The Roles That Forecast Surprise And Forecast Error Play In Determining Management Forecast Precision,
2010
Seoul National University
The Roles That Forecast Surprise And Forecast Error Play In Determining Management Forecast Precision, Jong-Hag Choi, Linda A. Myers, Yoonseok Zang, David A. Ziebart
Research Collection School Of Accountancy
Studying the determinants of management forecast precision is important because a better understanding of the factors affecting management’s choice of forecast precision can provide investors and other users with cues about the characteristics of the information contained in the forecasts. In addition, as regulators assess the regulation of voluntary management disclosures, they need to better understand how managers choose among forecast precision disclosure alternatives. Using 16,872 management earnings forecasts collected from 1995 through 2004, we provide strong evidence that forecast precision is negatively associated with the magnitude of the forecast surprise and that this negative association is stronger when the …
Financial Sector Liberalization And Its Challenges To The Local Banks: The Experience Of Singapore,
2010
Singapore Management University
Financial Sector Liberalization And Its Challenges To The Local Banks: The Experience Of Singapore, Swee Liang Tan, Gilbert Yip Wei Tan
Research Collection Lee Kong Chian School Of Business
The main theme of the paper is about the challenges that financial sector liberalization poses to local banks. It reviews the experience of Singapore. We begin by explaining the unique circumstances surrounding Singapore. A small city-state controlled by a single party with about 65% majority in Parliament, Singapore has a paternalistic government that can be protective of industries that are strategic to the development of the country. Yet its government is also pragmatic, forward looking and pro-reformists. Because of its unique circumstances, the Singapore experience with liberalization is worth studying. Three key ideas will emerge in the paper. First, the …
Ua37/29 Gary Ransdell - Federal Reserve Board - Central Bank Independence, Transparency & Accountability,
2010
Western Kentucky University
Ua37/29 Gary Ransdell - Federal Reserve Board - Central Bank Independence, Transparency & Accountability, St. Louis Federal Reserve Board
Faculty/Staff Personal Papers
Email sent to members of the St. Louis Federal Reserve Board of speech delivered by Ben Bernanke at the 2010 Institute for Monetary & Economic Studies Conference.
Wku Sife Team Places Second At Nationals,
2010
SIFE, WKU
Wku Sife Team Places Second At Nationals, J. Krist Schell, Director, Center For Entrepreneurship & Innovation
SIFE (Students In Free Enterprise)
No abstract provided.
Carbon Finance & Cattle Externalities In The Brazilian Amazon: Pricing Reforestation In Terms Of Restoration Ecology,
2010
University of Connecticut - Storrs
Carbon Finance & Cattle Externalities In The Brazilian Amazon: Pricing Reforestation In Terms Of Restoration Ecology, Christian T. Hofer
Honors Scholar Theses
This paper evaluates land-use conflict between cattle pasture and tropical rainforest in the Brazilian Amazon and attempts to reconcile negative production externalities within the framework of carbon finance. Specifically, it analyzes the price per metric ton of CO2e that would make reforestation projects, in terms of restoration ecology, a viable land-use alternative. Regional information on opportunity, implementation, and transaction costs is used to develop a partial equilibrium cost-benefit analysis, in which carbon sequestration is the only benefit. Financing is employed through Kyoto’s Clean Development Mechanism and long-term certified emission reductions (lCERs) are the carbon financial instrument modeled. Results indicate that …
Hot Seats And Seat Warmers: The Hunt For Directors Of Quality,
2010
Singapore Management University
Hot Seats And Seat Warmers: The Hunt For Directors Of Quality, Knowledge@Smu
Knowledge@SMU
Is it humanly possible for a person to hold more than five directorships? Why are there so few female directors in Singapore? Are we short of qualified directors? How can regulations help maintain standards? These were some of the questions that confronted a panel of seasoned directors speaking at the graduation ceremony of a certification programme for directors; issues that have seen heated debates in Singapore of late. This follows recent reports that an unusually high percentage of directors sit on many different boards, leading to questions of their ability to fully discharge their responsibilities as directors.
Where Were The Media In The Financial Crisis Of 2008, And Have We Seen This Trend Before?,
2010
Bryant University
Where Were The Media In The Financial Crisis Of 2008, And Have We Seen This Trend Before?, Margaret Dickinson
Honors Projects in Communication
In the fall of 2008, the United States and the rest of the world experienced significant financial turmoil. The financial industry as we knew it crumbled before our eyes. After experiencing this event and the media's fragmented and inconsistent coverage of it, I felt an interesting topic to look into was the financial press' failed coverage of the finance industry, both today and in the past. In looking at this event, I will focus on both the financial press that failed to cover the happenings of the financial industry, as well as those that did recognize the issue at hand. …
Foreign Direct Investment And Macroeconomic Changes In Cee Integrating In To The Global Market,
2010
Embry-Riddle Aeronautical University
Foreign Direct Investment And Macroeconomic Changes In Cee Integrating In To The Global Market, Lucyna Kornecki
Accounting, Economics, Finance, and Information Sciences - Daytona Beach
This study relates to the post communist era in the Central and Eastern Europe (CEE) and focuses on foreign direct investment (FDI) as a factor facilitating the globalization process while stimulating economic growth in the host countries. The first part of this study describes the globalization process and inward FDI performance index (CEE vs. World). The second part reflects macroeconomic changes in the post communist CEE and examines macroeconomic indicators, including GDP per capita, economic growth rate, unemployment and inflation. The third section focuses on the association between inward FDI stock and economic growth in the CEE.
The Archway Investment Fund Semi Annual Report, Spring 2010,
2010
Bryant University
The Archway Investment Fund Semi Annual Report, Spring 2010, Bryant University, Archway Investment Fund
Archway Investment Fund
No abstract provided.
Financial Management Practices And Conflict Management Styles Of Couples In Great Marriages,
2010
Utah State University
Financial Management Practices And Conflict Management Styles Of Couples In Great Marriages, Amanda Marie Horrocks
All Graduate Theses and Dissertations, Spring 1920 to Summer 2023
This study presents findings on the financial management practices and degrees of conflict of couples in great marriages. Qualitative data from a national sample of couples in great marriages were collected using a 31-page questionnaire. Of the 81 couples who responded, 40 fit the criteria for this study in that they discussed their level of agreement about financial issues in marriage. Their responses were coded to discover which financial topics are pervasive and whether or not couples agreed over these topics. Responses about conflict were also analyzed to determine the degree of agreement between spouses in different categories. Findings from …
Orange Value Fund Research Reports And Valuations,
2010
Syracuse University
Orange Value Fund Research Reports And Valuations, Aaron Glick
Renée Crown University Honors Thesis Projects - All
Academic finance courses teach the underlying principles of portfolio management. Diversify your portfolio to eliminate idiosyncratic risk, match your portfolio beta to the risk appetite of your investors, invest in companies exhibiting earnings per share growth, and your fund will beat the market. More or less, this is the mindset of the herd, but following the herd never gets you ahead. Warren Buffet “attempts to be fearful when others are greedy and to be greedy only when others are fearful.” True investors ignore the movements in the market, and focus their energies on discovering unrecognized intrinsic value. As such, value …
The Efficiency And Profitability Improvement Of The Rehabilitation Operations And Management Of Non Performing Loans : A Case Study Of Bank Perusahaan Kecil & Sederhana Malaysia Berhad (Sme Bank).,
2010
Universiti Malaya
The Efficiency And Profitability Improvement Of The Rehabilitation Operations And Management Of Non Performing Loans : A Case Study Of Bank Perusahaan Kecil & Sederhana Malaysia Berhad (Sme Bank)., Ridza Ramza Ramli, Mohd Prasad Hanif
Student Works (2010-2019)
The comprehensive study on Rehabilitation Department is conducted to identify which segment within the process flow that requires improvement. The management of Non Performing Loans (NPLs) in a Bank is very crucial as these accounts are actually reflects the performance of the Banks. The Rehabilitation Department main task is to ensure proper administration of Non Performing Loans to be executed in order to maximize the recovery income to the Bank. The department also responsible to provides desirable result in term of manageable and acceptable NPLs rate for the Bank. The current process flow which has been used and practiced by …
Forex Market Behaviour : Application Of High Frequency Data.,
2010
Universiti Malaya
Forex Market Behaviour : Application Of High Frequency Data., Tan Heng Kiat
Student Works (2010-2019)
The huge and high frequency trading in foreign exchange market creates the need for an analytical method that can provide a view on the volatility. Traditional methods such as GARCH are proven to have limitations when applied to high frequency data, such as those generated in foreign exchange market.In this thesis, wavelet method is applied to high frequency data of EURO/USD, GBP/USD and YEN/USD currency pairs and of one minute resolution. The period of this behavioral study is from one hour before 1pm GMT to one hour after 1pm GMT for every Mondays from June 2008 to Dec 2008. The …
Ifrs V. U.S. Gaap: Impact On A Company's Earning And Activities,
2010
Pace University
Ifrs V. U.S. Gaap: Impact On A Company's Earning And Activities, Linda Li
Honors College Theses
Should the United States (U.S.) companies use International Financial Reporting Standards (IFRS) instead of the U.S. Generally Accepted Accounting Principles (U.S. GAAP)? This paper examines the degree of deviation between the firms' earnings, under both financial reporting languages, and the causes for the change in earnings. Utilizing two methods, introduced in this paper, as well as t-testing, the sampled firms reported higher earnings under IFRS. The change in earnings was caused by: financial instruments, minority interest, pension activities, and or share-based compensation activities. Based on the analyses, the firms appear healthier under IFRS than under the U.S. GAAP in terms …
Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme,
2010
Singapore Management University
Collective Investments For Pension Savings: Lessons From Singapore's Central Provident Fund Scheme, Benedict S. Koh, Olivia S. Mitchell, Joelle H. Y. Fong
Research Collection Lee Kong Chian School Of Business
Singapore's mandatory national defined contribution pension system permits participants to invest their retirement savings in a wide range of investment instruments if they wish, rather than leaving their savings in Central Provident Fund (CPF) accounts to earn interest rates by default. This article asks whether workers seeking to earn higher returns can expect to do better than the CPF-managed default, by moving their money into professionally managed unit trusts. We use historical data to investigate whether fund managers possess superior stock picking and market timing skills, as well as whether they exhibit persistence in performance and offer diversification benefits to …
Selective Intervention And Economic Re-Engineering: Lessons Form Singapore's Parks In Indonesia And India,
2010
Singapore Management University
Selective Intervention And Economic Re-Engineering: Lessons Form Singapore's Parks In Indonesia And India, Caroline Yeoh, Siang Yeung Wong
Research Collection Lee Kong Chian School Of Business
No abstract provided.
Is Regime Switching In Stock Returns Important In Portfolio Decisions?,
2010
Singapore Management University
Is Regime Switching In Stock Returns Important In Portfolio Decisions?, Jun Tu
Research Collection Lee Kong Chian School Of Business
The stock market displays regime switching between upturns and downturns. This paper provides a Bayesian framework for making portfolio decisions that takes this regime switching into account, together with asset pricing model uncertainty and parameter uncertainty. The findings reveal that the economic value of accounting for regimes is substantially independent of whether or not model and parameter uncertainties are incorporated: the certainty-equivalent losses associated with ignoring regime switching are generally above 2% per year and can be as high as 10%. These results suggest that the more realistic regime switching model is fundamentally different from the commonly used single-state model, …
Portfolio Selection Under Distributional Uncertainty: A Relative Robust Cvar In Portfolio Management,
2010
Singapore Management University
Portfolio Selection Under Distributional Uncertainty: A Relative Robust Cvar In Portfolio Management, Dashan Huang, Shushang Zhu, Frank Fabozzi, Masao Fukushima
Research Collection Lee Kong Chian School Of Business
Robust optimization, one of the most popular topics in the field of optimization and control since the late 1990s, deals with an optimization problem involving uncertain parameters. In this paper, we consider the relative robust conditional value-at-risk portfolio selection problem where the underlying probability distribution of portfolio return is only known to belong to a certain set. Our approach not only takes into account the worst-case scenarios of the uncertain distribution, but also pays attention to the best possible decision with respect to each realization of the distribution. We also illustrate how to construct a robust portfolio with multiple experts …
The Impact Of Transaction Duration, Volume And Direction On Price Dynamics And Volatility,
2010
Singapore Management University
The Impact Of Transaction Duration, Volume And Direction On Price Dynamics And Volatility, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka
Business Faculty Articles and Research
We explore the role of trade volume, trade direction, and the duration between trades in explaining price dynamics and volatility using an Asymmetric Autoregressive Conditional Duration model applied to intraday transactions data. Our results suggest that volume, direction and duration are important determinants of price dynamics, while duration is also an important determinant of volatility. However, the impact of volume and direction on volatility is marginal after controlling for duration, and the impact of volume on volatility appears to be confined to periods of infrequent trading.
