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Do Venture Capitalists Add Value To Small Manufacturing Firms? An Empirical Analysis Of Venture And Nonventure Capital-Backed Initial Public Offerings, James C. Brau, Richard A. Brown, Jerome S. Osteryoung Jan 2004

Do Venture Capitalists Add Value To Small Manufacturing Firms? An Empirical Analysis Of Venture And Nonventure Capital-Backed Initial Public Offerings, James C. Brau, Richard A. Brown, Jerome S. Osteryoung

Faculty Publications

We examine a set of small, venture capital (VC)-backed manufacturing firms and compare it to a control sample of nonVC-backed manufacturing firms going public between 1990 and 1996. We use the degree of underpricing, three-year sales growth, three-year cumulative stock return, and three-year survivability as measures of success. First, we test if the presence of VC backing results in significant differences in success between the two samples. Next, we test if certain VC and deal characteristics are discriminators within the VC-backed sample of firms. Despite previous literature, which argues for either inferior or superior VC post-initial public offering (IPO) performance, …

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Microfinance: A Comprehensive Review Of The Existing Literature, James C. Brau, Gary M. Woller Jan 2004

Microfinance: A Comprehensive Review Of The Existing Literature, James C. Brau, Gary M. Woller

Faculty Publications

Although the word finance is in the term microfinance, and the core elements of microfinance are those of the finance discipline, microfinance has yet to break into the mainstream or entrepreneurial finance literature. The purpose of this article is to introduce the finance academic community to the discipline of microfinance and microfinance institutions (MFIs). We provide a comprehensive review of over 350 articles and address the issues of MFI sustainability, products and services, management practices, clientele targeting, regulation and policy, and impact assessment.

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Initial Public Offerings: An Analysis Of Theory And Practice, James C. Brau, Stanley E. Fawcett Jan 2004

Initial Public Offerings: An Analysis Of Theory And Practice, James C. Brau, Stanley E. Fawcett

Faculty Publications

We survey 336 CFOs to compare practice to theory in the areas of IPO motivation, timing, underwriter selection, underpricing, signaling, and the decision to remain private. We find the primary motivation for going public is for acquisition purposes. CFOs base IPO timing on overall market conditions, are well-informed regarding expected underpricing, and feel underpricing compensates investors for taking risk. The most important positive signal is past historical earnings, followed by underwriter certification. CFOs have divergent opinions about the IPO process depending on firm-specific characteristics. Finally, we find the main reason for remaining private is to preserve decision-making control and ownership.

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Asset Pricing Theory And The Valuation Of Canadian Paintings, Douglas J. Hodgson, Keith Vorkink Jan 2004

Asset Pricing Theory And The Valuation Of Canadian Paintings, Douglas J. Hodgson, Keith Vorkink

Faculty Publications

The valuation of Canadian paintings is analysed empirically. Using a sample of auction prices for major Canadian painters for the period 1968–2001, we run hedonic regressions to analyse the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This index is used in a second-stage analysis in which we analyse the properties of Canadian art viewed as an investment asset. We apply standard asset pricing theory, as incorporated in the capital asset pricing model (CAPM), to the analysis of price movements in the market for Canadian paintings.

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Whence Garch? A Preference-Based Explanation For Conditional Volatility, Grant Mcqueen, Keith Vorkink Jan 2004

Whence Garch? A Preference-Based Explanation For Conditional Volatility, Grant Mcqueen, Keith Vorkink

Faculty Publications

We develop a preference-based equilibriumasset pricing model that explains low frequency conditional volatility. Similar to Barberis, Huang, and Santos (2001), agents in our model care about wealth changes, experience loss aversion, and keep a mental scorecard that a¤ects their level of risk aversion. A new feature of our model is that when perturbed by unexpected returns, investors become temporarily more sensitive to news. Gradually, investors become accustomed to the new level of wealth, restoring prior levels of risk aversion and news sensitivity. The state-dependent sensitivity to news creates the type of volatility clustering found in low frequency stock returns. We …

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Corporate Governance And Dividend Policy In Emerging Markets, Todd Mitton Jan 2004

Corporate Governance And Dividend Policy In Emerging Markets, Todd Mitton

Faculty Publications

In a sample of 365 firms from 19 countries, I show that firms with stronger corporate governance have higher dividend payouts, consistent with agency models of dividends. In addition, the negative relationship between dividend payouts and growth opportunities is stronger among firms with better governance. I also show that firms with stronger governance are more profitable, but that greater profitability explains only part of the higher dividend payouts. The positive relationship between corporate governance and dividend payouts is limited primarily to countries with strong investor protection, suggesting that firm-level corporate governance and country-level investor protection are complements rather than substitutes.

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Redesigning The Teacher Education Technology Course To Emphasize Integration, Charles R. Graham, Richard Culatta, Mitchell Pratt, Richard West Jan 2004

Redesigning The Teacher Education Technology Course To Emphasize Integration, Charles R. Graham, Richard Culatta, Mitchell Pratt, Richard West

Faculty Publications

Teacher education programs in the United States are trying to equip tomorrow’s teachers with the technology skills needed to impact learning in the classroom. During the past decade there has been a realization that teaching technology skills alone is not adequate– pre-service teachers must also learn how to integrate the use of technology into their curriculum. This paper describes BYU’s instructional technology course and the design process that a team of instructors went through to redesign the course in order to put greater emphasis on technology integration. An iterative redesign approach was used. Several iterations of the course redesign will …

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Threatened Fishes Of The World: Iotichthys Phlegethontis Cope, 1874 (Cyprinidae), Joseph H. Hanks, Mark C. Belk Jan 2004

Threatened Fishes Of The World: Iotichthys Phlegethontis Cope, 1874 (Cyprinidae), Joseph H. Hanks, Mark C. Belk

Faculty Publications

Common name: least chub.

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Microstructure Design Of A Two Phase Composite Using Two-Point Correlation Functions, Brent L. Adams, H. Garmestani, G. Saheli Jan 2004

Microstructure Design Of A Two Phase Composite Using Two-Point Correlation Functions, Brent L. Adams, H. Garmestani, G. Saheli

Faculty Publications

This work has been funded under the AFOSR Grant no. F49620-03-1-0011 and Army Research Lab contract no. DAAD17-02-P-0398 and DAAD 19-01-1-0742. Two-point distribution functions are used here as to introduce "Microstructure Sensitive Design" in two-phase composites. Statistical distribution functions are commonly used for the representation of microstructures and also for homogenization of materials properties. The use of two-point statistics allows the composite designer to include the morphology and distribution in addition to the properties of the individual phases and components. Statistical continuum mechanics is used to make a direct link between the microstructure and properties (elastic and plastic) in terms …

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Prelude To The Pearl: Sweeping Events Leading To The Discovery Of The Joseph Smith Papyri, Kerry M. Muhlestein Jan 2004

Prelude To The Pearl: Sweeping Events Leading To The Discovery Of The Joseph Smith Papyri, Kerry M. Muhlestein

Faculty Publications

In a general presentation, Elder John A. Widtsoe of the Quorum of the Twelve Apostles taught that "throughout all the ages of history the hand of God has overruled the actions of mankind, that nothing is done except as the Lord may use it for the accomplishment of his mighty purposes. The things accomplished by humanity become in the end God's accomplishments, as he makes use of them in working out his infinite purposes. Even the great movements of nations and armies often serve to accomplish the workings of the Lord, such as when the empire of Assyria rose to …

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European Views Of Egyptian Magic And Mystery: A Cultural Context For The Magic Flute, Kerry M. Muhlestein Jan 2004

European Views Of Egyptian Magic And Mystery: A Cultural Context For The Magic Flute, Kerry M. Muhlestein

Faculty Publications

Composer Wolfgang Amadeus Mozart and librettist Emanuel Schikaneder lived and created during the height of eighteenth-century interest in and fascination with Egypt. The Magic Flute's Egyptian setting would therefore evoke in their contemporaneous audience notions of a distant land with an exotic and magical culture. The numerous Egyptian elements of the work are representative of its era and are situated near the end of a continuum of European thought about ancient Egypt before the solid foundation of modern day Egyptology had been laid.

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Taking Assessment On The Road: Utah Academic Librarians Focus On Distance Learners, Allyson Washburn, Rob Morrison Jan 2004

Taking Assessment On The Road: Utah Academic Librarians Focus On Distance Learners, Allyson Washburn, Rob Morrison

Faculty Publications

This paper presents the results of focus groups conducted by Utah academic librarians at branch campuses in Utah. Librarians met with distance learners on-site to gain insights into their information-seeking behavior and to learn if they are using library services. Students rely heavily on the web for information and also utilize known resources in friends and family. Marketing and publicizing library services through classes and at the delivery sites is vital. Students appreciate the services libraries offer and strongly prefer face-face instruction and direct assistance from a librarian.

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Guided Model Checking With A Bayesian Meta-Heuristic, Michael D. Jones, Peter Lamborn, Kevin Seppi Jan 2004

Guided Model Checking With A Bayesian Meta-Heuristic, Michael D. Jones, Peter Lamborn, Kevin Seppi

Faculty Publications

This paper presents a formal verification algorithm for finding errors in models of complex concurrent systems. The algorithm improves explicit guided model checking by applying the Empirical Bayes method to revise heuristic estimates of the distance from a given state to an error state. Guided search using the revised estimates finds errors with less search effort than the original estimates.

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Uranium Oxide As A Highly Reflective Coating From 100-400 Ev, Richard L. Sandberg, David D. Allred, Luke J. Bissell, Jed E. Johnson, R. Steven Turley Jan 2004

Uranium Oxide As A Highly Reflective Coating From 100-400 Ev, Richard L. Sandberg, David D. Allred, Luke J. Bissell, Jed E. Johnson, R. Steven Turley

Faculty Publications

We present the measured reflectances (Beamline 6.3.2, ALS and LBNL) of naturally oxidized uranium and naturally oxidized nickel thin films from 100-460 eV (2.7 to 11.6 nm) at 5 and 15 degrees grazing incidence. These show that uranium as UO2, can fulfill its promise as the highest known single surface reflector for this portion of the soft x-ray region, being nearly twice as reflective as nickel in the 124-250 eV (5-10 nm) region. This is due to its large index of refraction coupled with low absorption. Nickel is commonly used in soft x-ray applications in astronomy and synchrotrons. (Its reflectance …

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A Thermoviscoelastic Beam Model For Brakes, Kenneth Kuttler, J. Bajkowski, J. R. Fernandez, M. Shillor Jan 2004

A Thermoviscoelastic Beam Model For Brakes, Kenneth Kuttler, J. Bajkowski, J. R. Fernandez, M. Shillor

Faculty Publications

A model for the dynamic thermomechanical behavior of a viscoelastic beam which is in frictional contact with a rigid rotating wheel is presented. It describes a simple braking system in which the wheel comes to a stop as a result of the frictional traction generated by the beam. Friction is modelled with a temperature and slip rate dependent coefficient of friction. Frictional heat generation is taken into account as well as the wheel temperature evolution, and the wear of the beam's contacting end. The model is formulated as a variational inequality. A FEM numerical scheme for the model is described, …

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Digital Mountain: From Granite Archive To Global Access, William A. Barrett, Luke A. D. Hutchison, Douglas J. Kennard, Heath E. Nielson, Dallan Quass Jan 2004

Digital Mountain: From Granite Archive To Global Access, William A. Barrett, Luke A. D. Hutchison, Douglas J. Kennard, Heath E. Nielson, Dallan Quass

Faculty Publications

Large-scale, multi-terabyte digital libraries are becoming feasible due to decreasing costs of storage, CPU, and bandwidth. However, costs associated with preparing content for input into the library remain high due to the amount of human labor required. This paper describes the Digital Microfilm Pipeline – a sequence of image processing operations used to populate a large-scale digital library from a “mountain” of microfilm and reduce the human labor involved. Essential parts of the pipeline include algorithms for document zoning and labeling, consensus-based template creation, reversal of geometric transformations and Just-In-Time Browsing, an interactive technique for progressive access of image content …

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Uav Coordinate Frames And Rigid Body Dynamics, Randal Beard Jan 2004

Uav Coordinate Frames And Rigid Body Dynamics, Randal Beard

Faculty Publications

This section describes the various coordinate systems that are used to describe the position of orientation of aircraft, and the transformation between these coordinate systems. It is necessary to use several different coordinate systems for the following reasons: Newton's equations of motion are given the coordinate frame attached to the UAV. Some of the on-board sensors take measurements in the body frame, e.g., rate gyros, while some of the sensors take measurements in the inertial frame, e.g., GPS. Aerodynamics forces and torques are exerted in the body frame. Most system requirements, e.g., flight trajectories, are specified in the inertial frame.

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Coordinated Uav Target Assignment Using Distributed Tour Calculation, David H. Walker, Timothy W. Mclain, Jason K. Kowlett Jan 2004

Coordinated Uav Target Assignment Using Distributed Tour Calculation, David H. Walker, Timothy W. Mclain, Jason K. Kowlett

Faculty Publications

In this chapter a method for assigning unmanned aerial vehicle agents to targets through the use of preplanned vehicle tours is presented. Assignments are based on multi-target tours that consider the spread of the targets and the sensor capabilities of the vehicles. In this way, the individual agents and the team as a whole make better use of team resources and improve team cooperation. Planning and assignments are accomplished in reasonable computational time through the use of heuristics to reduce the problem size.

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The Cognitive And Affective Antecedents Of General Trust Within Cooperative Organizations, J.L. Morrow Jr., Mark H. Hansen, Allison W. Pearson Jan 2004

The Cognitive And Affective Antecedents Of General Trust Within Cooperative Organizations, J.L. Morrow Jr., Mark H. Hansen, Allison W. Pearson

Faculty Publications

Recently, much attention has been devoted to the important role that trust may play in the management of organizations. From a theoretical perspective, scholars have considered a wide range of topics such as the distinction between trust and distrust (Lewicki et al, 1998), the initial development and evolution of trust within organizations (Jones and George, 1998; Mayer et aL, 1995) and the betrayal of trust (Elangovan and Shapiro, 1998). EmpiricaJJy, researchers have examined how trust impacts organizations at the individual (McAllister, 1995), group (Korsgaard et al, 1995) and organizational levels (Davis fl al., 2000). Despite increasing interest in the effects …

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Human Capital And Learning As A Source Of Sustainable Competitive Advantage, Nile W. Hatch, Jeffrey H. Dyer Jan 2004

Human Capital And Learning As A Source Of Sustainable Competitive Advantage, Nile W. Hatch, Jeffrey H. Dyer

Faculty Publications

This paper seeks to identify the sources of wide and persistent variations in learning performance in the semiconductor manufacturing industry. In the resource-based view of the firm, human capital is frequently assumed to contribute to competitive advantage due to its inimitability based on its intangible, firm-specific, and socially complex nature. Consistent with this view, we find that investments in firm-specific human capital have a significant impact on learning and firm performance. More specifically, human capital selection (education requirements and screening), development through training, and deployment significantly improve learning by doing, which in turn improves performance. However, we find that acquiring …

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Ethical Reasoning In Capstone Students, Lynn Clark Callister, Patricia K. Ravert, Eva Stoneman, Geraldine Matsumura Jan 2004

Ethical Reasoning In Capstone Students, Lynn Clark Callister, Patricia K. Ravert, Eva Stoneman, Geraldine Matsumura

Faculty Publications

Complex ethical issues characterize current healthcare environments. Nurse educators have been charged in the American Association of Colleges of Nursing (AACN) Essentials of Baccalaureate Education for Nursing Practice document with the responsibility to provide baccalaureate graduates with the knowledge and skills to apply ethical decision-making frameworks to clinical practice. However, there is a paucity of literature on ethical reasoning in nursing students. The purpose of this paper is to describe ethical reasoning in capstone students in an integrated baccalaureate nursing program. Themes identified from clinical journal entries include integration of ethics into both personal and professional life, strengthened commitment to …

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Description Of A Program For Social Language Intervention: “If You Can Have A Conversation, You Can Have A Relationship, Lee Robinson, Bonnie Brinton, Martin Fujiki Jan 2004

Description Of A Program For Social Language Intervention: “If You Can Have A Conversation, You Can Have A Relationship, Lee Robinson, Bonnie Brinton, Martin Fujiki

Faculty Publications

Adolescents with impaired language comprehension and formulation skills often experience difficulty keeping up with the linguistic and social demands of peer interaction. This clinical exchange describes an individualized treatment program designed to increase the conversational skill of an adolescent male with language impairment. Treatment focused on increasing awareness of the listener’s needs and on balancing the exchange of conversational turns. Clinical performance, parent report, and client report were used to assess outcomes.

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American Fatherhood Types: The Good, The Bad, And The Uninterested, Loren Marks, Rob Palkovitz Jan 2004

American Fatherhood Types: The Good, The Bad, And The Uninterested, Loren Marks, Rob Palkovitz

Faculty Publications

This paper presents four contemporary types of American manhood: (a) the new, involved father, (b) the good provider, (c) the deadbeat dad, and (d) the paternity-free man. These four types are compared, contrasted, and contextualized with related data from the classic Middletown studies of the 1920s and 1930s. The significance and implications of the trend toward paternity-free manhood are discussed, and directions for future research are suggested.

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The Bible And Hermeneutics: Interpreting Scripture According To The Scriptures, Richard M. Davidson Jan 2004

The Bible And Hermeneutics: Interpreting Scripture According To The Scriptures, Richard M. Davidson

Faculty Publications

No abstract provided.

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The Role Of God’S Moral Law, Including Sabbath, In The "New Covenant", Roy E. Gane Jan 2004

The Role Of God’S Moral Law, Including Sabbath, In The "New Covenant", Roy E. Gane

Faculty Publications

No abstract provided.

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To Ghana: February-March 2004, Keith Clouten Jan 2004

To Ghana: February-March 2004, Keith Clouten

Faculty Publications

The first indication that Ghana might be on my travel itinerary came during the ASDAL Conference 2000 held at Andrews University. Vida Mensah, who is library director at Valley View University in Ghana, was among several librarians who came to that conference from places worldwide. As the conference workshops drew to a close, Vida stopped by my office to talk about Valley View’s need for a new library, and to ask for my help in preparing specifications for a building. Nothing was promised, but there was an underlying assumption that I would come to Valley View University sometime soon to …

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Citizenship, Identity, And Transnational Migration: Arab Immigrants To The Us, Caroline R. Nagel, Lynn A. Staeheli Jan 2004

Citizenship, Identity, And Transnational Migration: Arab Immigrants To The Us, Caroline R. Nagel, Lynn A. Staeheli

Faculty Publications

The aim of this paper is to evaluate the changing relationships between identities, citizenship and the state in the context of globalisation. We first examine the ways in which scholars discuss changes in the ways in which citizenship and political identity are expressed in the context of international migration. We argue that much of the discussion of transnationalism and diaspora cling to an assumption that citizenship remains an important—though not defining—element of identity. Our position, by contrast, is that migration is one of a number of processes that transform the relationship between citizenship and identity. More specifically, we argue that …

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Genung’S Theory Of Persuasion: A Literary Theory Of Oratory Of Late Nineteenth-Century America, William D. Harpine Jan 2004

Genung’S Theory Of Persuasion: A Literary Theory Of Oratory Of Late Nineteenth-Century America, William D. Harpine

Faculty Publications

John Genung’s late nineteenth century rhetoric textbooks, although founded on an eighteenth century model of Scottish composition, present an original conception of oratory. Genung’s theory breaks free of the classical models and lays out the path to be followed during the development of speech studies among American rhetoricians of the early twentieth century.

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Is Modernism Really Modern? Uncovering A Fallacy In Postmodernism, William D. Harpine Jan 2004

Is Modernism Really Modern? Uncovering A Fallacy In Postmodernism, William D. Harpine

Faculty Publications

Some postmodernists criticize the view that the logics of Western thought can be employed universally. In doing so, they assume without adequate proof that different human societies have greatly different rationalities and employ completely different logics. This essay argues that, on the contrary, widely different cultures often share noteworthy similarities in rationality.

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The Political Economy Of Property Exemption Laws, Richard M. Hynes, Anup Malani, Eric A. Posner Jan 2004

The Political Economy Of Property Exemption Laws, Richard M. Hynes, Anup Malani, Eric A. Posner

Faculty Publications

Exemption laws enable people who default on loans to protect certain assets from liquidation. Every state has its own set of exemption laws, and they vary widely. The 1978 federal bankruptcy law contains a set of national exemptions, which debtors in bankruptcy are permitted to use instead of their state's exemptions unless the state has formally "opted out" of the federal system. We contend that states' decisions to opt out shed light on their exemption levels. We find that states are more likely to opt out if their state exemption is lower than the federal exemption and that states are …

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