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Full-Text Articles in Business

Bundling Information Goods: The Case Of E-Journals, Yong Tan Jan 2007

Bundling Information Goods: The Case Of E-Journals, Yong Tan

Dissertations and Theses Collection (Open Access)

With the development of the Internet, e-business has become popular. Increasingly, e-journals are being sold via the Internet. E- journals have two main characteristics: one is the low marginal cost associated with access; the other is the large number of items. For the commercially motivated seller, the issue of bundling a large number of low marginal cost items so as to maximize profits needs to be dealt with. In this thesis, a solution by way of an intermediate bundle is proposed. It is found that the profit obtained under the proposed procedure is 4% to 5% higher than that under …

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Moving Window Unit Root Test: Locating Real Estate Price Bubbles In Seoul Apartment Market, Shuping Shi Jan 2007

Moving Window Unit Root Test: Locating Real Estate Price Bubbles In Seoul Apartment Market, Shuping Shi

Dissertations and Theses Collection (Open Access)

Bubbles are characterized by rapid expansion followed by a contraction. Evans (1991) shows that stationarity tests suggested by Hamilton and Whiteman (1985) and Diba and Grossman (1988) are incapable of detecting periodically collapsing bubbles. Phillips, Wu, and Yu (2006) advanced the forward recursive unit root test which improves the power significantly in the presence of periodically collapsing bubbles. In this paper, we consider rolling window unit root test with a pre-selected optimum window. A combining use of conventional unit root test and forward recursive unit root test is suggested from the results of power comparison. Furthermore, we apply those three …

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Regional Trade Agreements Revisited, Hui Chin Tan Jan 2007

Regional Trade Agreements Revisited, Hui Chin Tan

Dissertations and Theses Collection (Open Access)

The gravity model is a workhorse for econometric studies of the impact of regional trade agreements (RTAs). Despite its initial lack of theoretical basis, the model has been successfully derived from various trade theories. The latest theoretical derivation by Anderson and van Wincoop (2003) reveals that prior gravity studies have made the critical error of omitting the multilateral resistance variable, which results in biased estimates. Other recent studies have highlighted empirical issues with the commonly used procedure of log-linearizing the gravity model and estimating the parameters using Ordinary Least Squares (OLS) regression. Silva and Tenreyro (2006) point out that this …

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Classified Boards And Firm Value, Michael D. Frakes Jan 2007

Classified Boards And Firm Value, Michael D. Frakes

Faculty Scholarship

Classified boards constitute one of the most potent takeover defenses for U.S. firms today. However, as with takeover defenses more generally, economic theory offers an ambiguous prediction as to the effect that classified boards have on bottom-line firm value. A resolution of this ambiguity will require sound and convincing empirical methodology. In an effort to address limitations in the existing empirical literature, this article approaches the relationship between corporate governance and firm value while taking various measures to account for unobserved sources of heterogeneity across firms. Using the instrumental variables model developed by Hausman and Taylor, I find evidence of …

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Nova Southeastern University 2007-2008 Annual Report, Nova Southeastern University Jan 2007

Nova Southeastern University 2007-2008 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

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Periodically Collapsing Bubbles In The Asian Emerging Stock Markets, Ako Doffou Jan 2007

Periodically Collapsing Bubbles In The Asian Emerging Stock Markets, Ako Doffou

WCBT Faculty Publications

This paper investigates empirically the existence of periodically collapsing bubbles in the Asian emerging stock markets using the Enders-Siklos (2001) momentum threshold autoregressive model. As explained in Bohl (2003), this non-linear time series technique can be used to analyze bubble driven run-ups in stock prices followed by a crash in a non- cointegration framework with asymmetric adjustment. This technique offers a more potent insight in the stock prices behavior than can possibly be obtained using conventional non-cointegration tests. The empirical findings for ten Asian emerging stock markets from 1993 to 2005 refute the bubble hypothesis.

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Internal Increasing Returns To Scale And Economic Growth, John A. List, Haiwen Zhou Jan 2007

Internal Increasing Returns To Scale And Economic Growth, John A. List, Haiwen Zhou

Economics Faculty Publications

This study develops a model of endogenous growth based on increasing returns due to firms' technology choices. Particular attention is paid to the implications of these choices, combined with the substitution of capital for labor, on economic growth in a general equilibrium model in which the R&D sector produces machines to be used for the sector producing final goods. We show that incorporating oligopolistic competition in the sector producing finals goods into a general equilibrium model with endogenous technology choice is tractable, and we explore the equilibrium path analytically. The model illustrates a novel manner in which sustained per capita …

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The Institutional Entrepreneur As Modern Prince: The Strategic Face Of Power In Contested Fields, David Levy, Maureen A. Scully Jan 2007

The Institutional Entrepreneur As Modern Prince: The Strategic Face Of Power In Contested Fields, David Levy, Maureen A. Scully

Management and Marketing Faculty Publication Series

This paper develops a theoretical framework that situates institutional entrepreneurship by drawing from Gramsci’s concept of hegemony to understand the contingent stabilization of organizational fields, and by employing his discussion of the Modern Prince as the collective agent who organizes and strategizes counter-hegemonic challenges. Our framework makes three contributions. First, we characterize the interlaced material, discursive, and organizational dimensions of field structure. Second, we argue that strategy must be examined more rigorously as the mode of action by which institutional entrepreneurs engage with field structures. Third, we argue that institutional entrepreneurship, in challenging the position of incumbent actors and stable …

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A Study On How Completion Of High School, Bachelor’S, And Master’S Degrees Affects Earnings - February 2005, Divya Ashok Jan 2007

A Study On How Completion Of High School, Bachelor’S, And Master’S Degrees Affects Earnings - February 2005, Divya Ashok

Masters Culminating Experiences (1993-2011)

This project indicates that individuals who completed a high school degree, a bachelor’s degree or a master’s degree have substantial differences in earnings. Drawing data from the Current Population Survey for February 2005 and employing an Ordinary Least Square regression technique, this paper examines the determinants that significantly influence the logarithmic hourly earnings of an individual who completed a high school degree, a bachelor’s degree or a master’s degree. Overall, this project suggests that level of education, sex, age, gender, union membership, geographical region and race are the relevant factors that play an important role in determination of hourly earnings …

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A Monetary Union In East Asia: What Does The Common Cycles Approach Tell?, K Sato, David E. Allen, Zhaoyong Zhang Jan 2007

A Monetary Union In East Asia: What Does The Common Cycles Approach Tell?, K Sato, David E. Allen, Zhaoyong Zhang

Research outputs pre 2011

There is controversy about whether a monetary union is feasible in the East Asian region. Amongst the criteria for establishing a monetary union, most of the existing studies focus on the symmetric issue of fundamental shocks and the extent of correlations by applying the Blanchard and Quah (1989) structural vector autoregression (VAR) technique, which includes the firstdifferenced variables in the model and examines only bilateral relationships. When forming a monetary union, the member countries need to renounce their monetary policy autonomy. If shocks to respective economies are symmetric, the cost of relinquishing the discretionary monetary policy is likely to be …

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Abnormal Trading Volume, Stock Returns And The Momentum Effects, Ying Zheng Jan 2007

Abnormal Trading Volume, Stock Returns And The Momentum Effects, Ying Zheng

Dissertations and Theses Collection (Open Access)

This paper intends to study the intermediate-term momentum and long-term reversal of stock prices by investigating the informational role of unusual trading volume for winner and loser stocks. I argue that unusual trading volume has different implications for winner and loser stocks. Specifically, high trading volume for losers is driven by purchases made by informed investors; while high trade volume for winners could be driven by either information or representativeness bias or both. The arguments are tested in the paper by showing that in the short run, losers/winners with high abnormal trading volume outperform losers/winners with low abnormal trading volume; …

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Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung Jan 2007

Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung

Finance Faculty Publications

We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating …

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Nonresident Expenditure Totals By County, Norma Nickerson Jan 2007

Nonresident Expenditure Totals By County, Norma Nickerson

Institute for Tourism and Recreation Research Publications

This report displays a map of Montana with expenditure totals listed for the six travel regions, as well as for each county during 2007.

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Montana Travel Research: 2007, Norma P. Nickerson, Melissa Bruns-Dubois Jan 2007

Montana Travel Research: 2007, Norma P. Nickerson, Melissa Bruns-Dubois

Institute for Tourism and Recreation Research Publications

Outlook for 2007 and Review of 2006.

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Realized Daily Variance Of S&P 500 Cash Index: A Revaluation Of Stylized Facts, Shirley Huang, Qianqiu Liu, Jun Yu Jan 2007

Realized Daily Variance Of S&P 500 Cash Index: A Revaluation Of Stylized Facts, Shirley Huang, Qianqiu Liu, Jun Yu

Research Collection School Of Economics

In this paper the realized daily variance is obtained from intraday transaction prices of the S&P 500 cash index over the period from January 1993 to December 2004. When constructing realized daily variance, market microstructure noise is taken into account using a technique proposed by Zhang, Mykland and Ait-Sahalia (2005). The time series properties of realized daily variance are compared with those of variance estimates obtained from parametric GARCH and stochastic volatility models. Unconditional and dynamic properties concerning the realized daily variance are examined, the relationship between realized variance and returns is investigated, and the stylized facts concerning realized daily …

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The Singapore Model Of Housing And The Welfare State, Sock Yong Phang Jan 2007

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

Research Collection School Of Economics

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership widespread at …

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Modeling Transaction Data Of Trade Direction And Estimation Of Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka Jan 2007

Modeling Transaction Data Of Trade Direction And Estimation Of Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka

Research Collection School Of Economics

This paper implements the Asymmetric AutoregressiveConditional Duration (AACD) model of Bauwens and Giot (2003) to analyzeirregularly spaced transaction data of trade direction, namely buy versus sellorders. We examine the influence of lagged transaction duration, lagged volumeand lagged trade direction on transaction duration and direction. Our resultsare applied to estimate the probability of informed trading (PIN) based on theEasley, Hvidkjaer and O’Hara (2002) framework. Unlike the Easley-Hvidkjaer-O’Hara model, which uses the daily aggregate number of buy and sellorders, the AACD model makes full use of transaction data and allows forinteractions between buy and sell orders.

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Financial Reforms And Common Stochastic Trends In International Stock Prices: A Case Study Of Pakistan, Mohammed Nishat, Ch. Muhammad Irfan Jan 2007

Financial Reforms And Common Stochastic Trends In International Stock Prices: A Case Study Of Pakistan, Mohammed Nishat, Ch. Muhammad Irfan

Business Review

This study uses the co-integration and error-correction techniques to examine the linkages between Pakistan and other capital markets of developed economies (US, UK, Japan, Australia and Canada); regional markets in South Asia (India, Sri Lanka), East Asia (Indonesia, South Korea, Singapore, Malaysia, Taiwan, Philippines) and EU (Austria, Belgium, Denmark, Germany, Italy and Czech) countries. The results indicate a long-run relationship between Pakistani stock market and most of the international markets during the sample period (1997 to 2004). However, the longrun linkages were comparatively stronger with developed and EU markets. The direction of linkages in most cases, are from other regional …

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Two Essays On Lead-Lag Patterns Between Trading Volume And Stock Return In China Stock Markets, Xiaotian Zhu Jan 2007

Two Essays On Lead-Lag Patterns Between Trading Volume And Stock Return In China Stock Markets, Xiaotian Zhu

Theses and Dissertations in Business Administration

This dissertation systematically investigate the lead-lag relations between the trading volume and stock return patterns in China A share and B share markets through two streams of behavioral postulations. In the first part, we summarize all the potential lead-lag patterns between trading volume and stock returns and link them to the corresponding behavioral explanations. In particular, Lee and Swaminathan's (2000) Momentum Life Cycle theory best explains the strong negative relations between lagged trading volume and subsequent return in China A share market. The strong positive relations between lagged market return and subsequent trading volume found in both China's B share …

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Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria Dec 2006

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2006, Central Bank Of Nigeria

CBN Annual Report

This Report reviews the operations of the Central Bank of Nigeria (CBN) and macroeconomic developments during the fiscal year 2006 and appraises the major economic policy outcomes during the period. The Bank reported a stable foreign exchange market in 2006, with an average effective official exchange rate of N 128.65 per U.S dollar, an increase of 2.6% over 2005. The stock of external reserves, valued at US$12.30 billion, was 49.6% higher than in 2005, driven by high crude oil prices and lower debt-service burden. The reserves were equivalent to 28.4 months of import cover, exceeding the 6 months requirement under …

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A Soft Landing, Steady Growth, And Accelerating Farm Income, John Austin, Chris Decker, Tom Doering, Ernie Goss, Nick Hernandez, Bruce Johnson, Ken Lemke, Franz Schwarz, Scott Strain, Eric Thompson, Keith Turner Dec 2006

A Soft Landing, Steady Growth, And Accelerating Farm Income, John Austin, Chris Decker, Tom Doering, Ernie Goss, Nick Hernandez, Bruce Johnson, Ken Lemke, Franz Schwarz, Scott Strain, Eric Thompson, Keith Turner

Economics Faculty Publications

After years of accelerating growth, the U.S. economy achieved a soft landing in 2006. The rate of economic growth remained positive but slowed sufficiently to reduce inflation pressures and the need for further interest rate increases. At the same time the economy remained strong enough to continue the current expansion which has been in place since late 2001. Such a soft landing is vital because it should allow the economy to continue to expand for years to come, but with moderate inflation.

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The Economic Review Of The Travel Industry In Montana: 2006 Biennial Edition, Kara Grau, Melissa Bruns-Dubois, Norma Nickerson Dec 2006

The Economic Review Of The Travel Industry In Montana: 2006 Biennial Edition, Kara Grau, Melissa Bruns-Dubois, Norma Nickerson

Institute for Tourism and Recreation Research Publications

This review provides current and historical data of nonresident travel and tourism in Montana, and offers the industry's economic contributions to the state.

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Development Of Asian Bond Markets: Current Situation And Future Prospects, Ishrat Husain Dr. Nov 2006

Development Of Asian Bond Markets: Current Situation And Future Prospects, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Historical and empirical studies carried out during the last several decades have amply demonstrated that an effectively functioning financial system is linked to economic growth, macroeconomic stability and poverty reduction. What are the mechanisms through which financial system plays such an important role? First the financial system is the main conduit through which funds are transferred in exchange of goods, services or promises of future return. Second, it mobilizes savings from those who have surplus disposable funds and allocates these funds among the efficient and productive investors for expansion of the economy. Third, it transforms risk through aggregation from a …

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Islamic Finance Industry: Positioned For Growth, Ishrat Husain Dr. Nov 2006

Islamic Finance Industry: Positioned For Growth, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The achievements made by Islamic Finance Industry during the last few years have indeed been impressive. The growth rate of 15-20% annually, the evolution of sukuks, fixed income, equity, money market instruments and the attraction of Islamic products among a large variety of issuers and investors globally have been the salient features that have characterized the Islamic Finance Industry (IFI). What I propose to do this afternoon is to spell out the challenges that the industry has to meet during the next several years to integrate itself within the framework of global financial system. First, the host country leadership in …

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Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen Nov 2006

Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen

Research Collection Lee Kong Chian School Of Business

In discussing bond markets in Asia, academics and policymakers typically begin by noting that the Asian crisis of 1997-98 in part resulted from the underdevelopment of the region’s domestic bond markets and the resultant currency and duration mismatches. When assessing the progress made in developing these markets in the post-crisis years, academics and policymakers usually observe that, while several domestic currency government bond markets have moved ahead, corporate bond markets have lagged (Asian Development Bank (2002), Reserve Bank of Australia (2003)). The policy conclusion is therefore often drawn: to prevent another Asian crisis, Asian bond markets must be further developed.

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Pillars Of Growth In Nebraska's Non-Metropolitan Economy, Eric Thompson, Ernie Goss, Chris Decker, Cheryl A. Burkhart-Kriesel, Bruce Johnson, Ben Schmitz, Julian Neira, Pavel Jeutang Oct 2006

Pillars Of Growth In Nebraska's Non-Metropolitan Economy, Eric Thompson, Ernie Goss, Chris Decker, Cheryl A. Burkhart-Kriesel, Bruce Johnson, Ben Schmitz, Julian Neira, Pavel Jeutang

Economics Faculty Publications

Agriculture is a critical part of Nebraska’s economy, and changes in the fortunes of agriculture play an important role in the success of the state’s non-metropolitan regions. Trends toward consolidation and rising productivity in agriculture, however, have raised concerns about the future of non-metropolitan Nebraska. Some citizens and policymakers have begun to wonder if the economy can create sufficient job opportunities for non-metropolitan residents. The answer to this question depends not only upon the relative strength of the agricultural sector, but also upon the presence of other industries that can join agriculture as pillars for employment growth in non-metropolitan Nebraska. …

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Faleoloa Laititi: The Role Of Small Shops In A Developing Samoa, Nicholas K. Courtney Oct 2006

Faleoloa Laititi: The Role Of Small Shops In A Developing Samoa, Nicholas K. Courtney

Independent Study Project (ISP) Collection

Samoa presently finds itself caught between the wave of development and an unyielding tie to its culture. Development in Samoa consists of a multitude of efforts including, but not limited to, commercial agriculture, tourism, environmental protection, and private sector business. In all of the areas, the struggle between the Western view and the Samoan internalization of the Western view proves readily apparent. More so, the way of life in Samoa somehow drips its way through the cracks of all these ideas, creating protocol for development which is uniquely Samoan. The research examines the strength and weaknesses of the small roadside …

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Bienes Raíces En La Comuna De Pucón, Brendan Hayes Oct 2006

Bienes Raíces En La Comuna De Pucón, Brendan Hayes

Independent Study Project (ISP) Collection

This investigation provides an in depth analysis of real estate development in the comuna of Pucón, Chile. The author begins by explaining the sentiment of real estate investment in Chile and continues by providing readers with a detailed background about the municipality of Pucón and its touristic economy. Next the author provides information about current property values in Pucon and what it is that drives the values of properties in the comuna most. By providing information about zoning law, tax law, Volcán Villarrica, infrastructure in the area, and the public’s perception of increased growth the author virtually targets all aspects …

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Offshore Strategies In Global Political Economy: Small Islands And The Case Of The Eu And Oecd Harmful Tax Competition Initiatives, Richard Woodward Oct 2006

Offshore Strategies In Global Political Economy: Small Islands And The Case Of The Eu And Oecd Harmful Tax Competition Initiatives, Richard Woodward

Articles

This article investigates how recent attempts by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD) to clamp down on harmful tax competition will affect small island economies with offshore financial centres (OFCs). It argues that although there are legitimate concerns about the initiatives, the likelihood that small island OFCs will disappear is remote. A confluence of factors have forced the EU and OECD to dilute their original proposals to the extent that while some marginal OFCs may be driven out of existence, more sophisticated OFCs will be unharmed and may even benefit from this supposed …

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Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji Oct 2006

Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji

Bullion

Over the past 20 to 25 years small scale enterprises have exploded in the informal sector of the Nigeria's businesses. The informal sector study (CBN, NISEK 2000) showed that over 25,000 small scale enterprises were in existence in the agro industrial production sector of the economy during the year 2000. This paper proffers a model of funding called "Proof of Concept Fund" as a bridging credit facility to research institutes and small scale industrialist who would want to patent/franchise budding research findings to commercialization. The study reveals that there are substantial empirical studies of countries that have used the Proof …

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