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Full-Text Articles in Business

The Impact Of S&P Depository Receipts On The S&P Cash And Futures Market, Andrew J. Economopoulos May 2005

The Impact Of S&P Depository Receipts On The S&P Cash And Futures Market, Andrew J. Economopoulos

Business and Economics Faculty Publications

The introduction of the S&P Depository Receipt (SPDR) in 1993 was a financial innovation that produced several ripple effects in the financial markets. Not only did it allow the small investor to purchase a piece of the S&P 500 Cash Index, it would allow the large investor to utilize the security for arbitrage opportunities with the S&P 500 futures. A theoretical model of arbitrage opportunities utilizing SPDR is developed. The theoretical model provides two outcomes. First, the adoption of the SPDR as an arbitrage tool depends on transaction and liquidity costs and second, the innovation could potentially reduce the traditional …

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"Offshore” Or “Shorn Off”: The Oecd’S Harmful Tax Competition Initiative And Development In Small Island Economies, Richard Woodward May 2005

"Offshore” Or “Shorn Off”: The Oecd’S Harmful Tax Competition Initiative And Development In Small Island Economies, Richard Woodward

Books/Book Chapters

The difficulties of developing and executing a sustainable development program in Small Island Economies (SIEs) are well documented. Comparatively small domestic markets, remote export markets, a dearth of natural and human resources, susceptibility to environmental change and natural disasters, plus limitations on the state’s capacity to govern economic activity have narrowed the range of feasible development strategies resulting in a reliance on sectors vulnerable to the vicissitudes of the global economy.

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Continued Growth In Nebraska, Saeed Ahmad, John Austin, Tom Doering, Ernie Goss, Bruce Johnson, Donis Petersan, Franz Schwarz, Eric Thomson, Keith K. Turner May 2005

Continued Growth In Nebraska, Saeed Ahmad, John Austin, Tom Doering, Ernie Goss, Bruce Johnson, Donis Petersan, Franz Schwarz, Eric Thomson, Keith K. Turner

Economics Faculty Publications

National economic conditions will continue to favor growth over the next three years. Increased business investment will combine with rising industrial production, expanding exports, and moderate increases in consumer spending to grow the economy. The rate of inflation is expected to increase as well. The rate of real (inflation-adjusted) growth will moderate compared to strong economic growth during 2004. Real gross domestic product will grow 3 percent to 3.5 percent over the next three years. High oil prices will remain a drain on the economy, siphoning spending from domestically produced goods and services. Fuel prices are expected to remain at …

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Sustainable Growth In Financial Sector Of Pakistan, Ishrat Husain Dr. Apr 2005

Sustainable Growth In Financial Sector Of Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

It is pertinent to ask whether the reforms brought about in the financial sector of Pakistan will persist generating sustainable growth in the sector or quickly dissipate. In my view there are at least eight factors that attest to the sustainability of growth in the financial sector. Of course, the sector cannot be divorced from the overall external, domestic and macroeconomic conditions. If there is a breakdown in political stability or macroeconomic situation is under stress, then these factors will not be operative. This analysis assumes stability, continuity of good policies and good governance. What are these factors

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Land Value Taxation: Persuasive Theory But Practically Difficult, Tom Dunne Apr 2005

Land Value Taxation: Persuasive Theory But Practically Difficult, Tom Dunne

Articles

While the theoretical case for Land Value Taxation is regarded as being very persuasive, most people looking closely at the idea form the view that the practical difficulties of introducing it into an established modern economy are compelling. Nevertheless, in Europe and America the ideas put forward by George continue to influence many people discussing issues around land use planning, urban development and methods of funding infrastructure and local government.

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Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy Mar 2005

Is Exchange Risk Priced Beyond Intertemporal Risk?, Ines Chaieb, Stefano Mazzoto, Oumar Sy

Faculty Articles

Recent conditional tests show that exchange risk is priced in integrated international markets. However, these results are typically obtained assuming that intertemporal risk does not matter. We test an intertemporal international asset-pricing model where the investment opportunity set is dynamic. Using a conditional orthogonalization approach, we investigate whether the exchange risk is priced once the market and intertemporal risks are fully taken into account. We find that, in addition to the market and intertemporal risks, the exchange risk is an important determinant of risk premium. We also find that the intertemporal risk, which is often overlooked in the literature, is …

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Competing At The Frontier: The Changing Role Of Technology Policy In Singapore's Economic Strategy, Winston T. H. Koh, Poh Kam Wong Mar 2005

Competing At The Frontier: The Changing Role Of Technology Policy In Singapore's Economic Strategy, Winston T. H. Koh, Poh Kam Wong

Research Collection School Of Economics

For an economy competing at the global frontier, an innovation-based growth strategy requires a well-developed technological infrastructure, a set of capabilities-focused technology policies, as well as an institutional environment that stimulates innovation and entrepreneurship. This paper examines the role played by science and technology policy in an economy's transition to an innovation-based growth strategy. We discuss the challenges governments face as they restructure economic institutions to deepen R&D capabilities and encourage technology creation. We review Singapore's experience in this regard and assess its ongoing efforts to remake itself to compete at the global frontier.

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Economy Of Pakistan: An Overview, Ishrat Husain Dr. Feb 2005

Economy Of Pakistan: An Overview, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

Pakistan was one of the few developing countries that had achieved an average growth rate of over 5 percent over a four decade period ending 1988-89. Consequently, the incidence of poverty had declined from 40 percent to 18 percent by the end of the 1980s. Table I lays down the main economic and social indicators in 1947 and compare them with 2004. The overall picture that emerges from a dispassionate examination of these indicators is that of a country having made significant economic achievements but a disappointing record of social development. The salient features of Pakistan’s economic history are

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Older Workers: Untapped Assets For Creating Value, Knowledge@Smu Feb 2005

Older Workers: Untapped Assets For Creating Value, Knowledge@Smu

Knowledge@SMU

The days when an executive could look forward to a leisurely retirement out on the golf course are over, thanks to a possible looming job shortage, a graying population, low savings rates and an insecure Social Security system. The impact of these factors on both workers and companies was the subject of the Symposium on Older Workers, co-sponsored recently by the AARP Global Aging Program along with Wharton's Center for Human Resources and Boettner Center for Pensions and Retirement Research. Speakers included AARP CEO William D. Novelli, Olivia Mitchell, executive director of Wharton's Pension Research Council, and Thomas Dowd, a …

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A Fuzzy Programming Approach For Portfolio Management In Banks, Noha El Sayed Ahmed Ibrahim Feb 2005

A Fuzzy Programming Approach For Portfolio Management In Banks, Noha El Sayed Ahmed Ibrahim

Archived Theses and Dissertations

No abstract provided.

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Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng Feb 2005

Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng

Research Collection School Of Economics

Real estate investments are typically characterized by high degrees of leverage and long loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period is to compare the required rate of return with the leveraged rate of return on equity.

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Corporate Governance In The Financial Sector, Ishrat Husain Dr. Jan 2005

Corporate Governance In The Financial Sector, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

I would like to address the following four questions in my presentation this morning: (a) Why do we require Corporate Governance in the Financial Sector? (b) What does Good Governance Involve? (c) What has been done so far in Pakistan? (d) What are the Challenges Ahead? Why do we require Corporate Governance in the Financial Sector? Corporate Governance has become critical for all entities and, therefore, the codes of Corporate Governance or legislations are being adopted increasingly by the organized sectors in the developed and developing countries. However, there are some additional reasons that are unique to the financial sector …

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Globalization - Challenges To Pakistan Economy: Role Of The State Bank Of Pakistan, Ishrat Hussain Dr. Jan 2005

Globalization - Challenges To Pakistan Economy: Role Of The State Bank Of Pakistan, Ishrat Hussain Dr.

Faculty Research - Talks, Speeches, & Discourse

Globalization - The Phenomena: Presently the term "Globalization" has gained an emotive tinge. Few believe it as an inevitable and irreversible process that will catapult future world economic development; others discern it with antagonism and fear that it will thwart social progress in the context of developing countries, creating enhanced disparity within and between nations, creating unemployment and poorer living standards.

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Investor Risk Aversion And The Weekend Effect: The Basics, Michael T. Young Jan 2005

Investor Risk Aversion And The Weekend Effect: The Basics, Michael T. Young

All Faculty Scholarship for the College of Business

This paper provides an explanation of the continued persistence of the weekend effect. Using the 23 non-holiday Wednesday closings of 1968 as a benchmark, it is postulated that negative Monday returns can be explained by risk averse investors reacting to the arrival of new information.

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The Effects Of Malpractice Tort Reform On Defensive Medicine, Heather M. O'Neill, Katherine D. Hennesy Jan 2005

The Effects Of Malpractice Tort Reform On Defensive Medicine, Heather M. O'Neill, Katherine D. Hennesy

Business and Economics Faculty Publications

Medical malpractice crises occur across states to differing degrees, thus the proposed changes in state tort reforms differ accordingly. The primary overt goals of tort reform aim to address: rising medical malpractice insurance rates, increased frequency and severity of awards, and the increased incidence of doctors shuttering offices or fleeing states due to untoward malpractice environments. A secondary goal of tort reform is to reduce health care costs attributed to malpractice costs. Clearly, as malpractice tort reforms are debated in state capitols and reforms take place, the effects of the reforms on the goals above can be examined. However, there …

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Retirement Plans, Attitudes, And Expectations Of Kansas Board Of Regents Faculty, Carl Parker, Bill Rickman, Rory Terry, Tom Johansen Jan 2005

Retirement Plans, Attitudes, And Expectations Of Kansas Board Of Regents Faculty, Carl Parker, Bill Rickman, Rory Terry, Tom Johansen

Fort Hays Studies Series

This data set enables the examination of investment choices of a mature group of faculty, where saving for retirement is a major investment objective. Consideration of future retirement-related policy proposals by universities should be evaluated with an understanding of the relative importance of economic and non-economic influences upon the retirement decision by university faculty.

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Indiana State University Financial Report 2005, Indiana State University Jan 2005

Indiana State University Financial Report 2005, Indiana State University

Financial Reports

No abstract provided.

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Nova Southeastern University 2005 Annual Report, Nova Southeastern University Jan 2005

Nova Southeastern University 2005 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

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Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa Jan 2005

Sources Of Gender Difference In Rural To Urban Migration In Kenya: Does Human Capital Matter?, Richard U. Agesa, Jacqueline Agesa

Economics Faculty Research

Using data from Kenya this article estimates the urban to rural gender gap in the rate of migration and then decomposes the gap into the explained portion and the portion due to gender differences in coefficients. The former is further decomposed to unveil the relative influence of each explanatory variable on the explained portion of the gender gap in the rate of migration. A non-trivial finding suggests that human capital variables may exert the strongest influence on gender differences in migration, partially explaining the higher incidence of male migration.

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Fort Hancock, Texas Research Background, Sergio Pena , Daniel J. Quiñones, Juan Carlos Gomez Jan 2005

Fort Hancock, Texas Research Background, Sergio Pena , Daniel J. Quiñones, Juan Carlos Gomez

IPED Technical Reports

No abstract provided.

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Assessing The State Of Black America In Terms Of Black Buying Power From 1990 To Present, Samina J. Mcgill Jan 2005

Assessing The State Of Black America In Terms Of Black Buying Power From 1990 To Present, Samina J. Mcgill

Seton Hall University Dissertations and Theses (ETDs)

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The Determinants Of Current Account Dynamics In The Medium Run: An International Approach, Lubomir Petrasek Jan 2005

The Determinants Of Current Account Dynamics In The Medium Run: An International Approach, Lubomir Petrasek

Masters Culminating Experiences (1993-2011)

The primary aim of this paper is to explore medium-term determinants of the current account across a large sample of countries and compare the results with theoretical predictions of the intertemporal model (ICA). In addition, the purpose is to test hypotheses about the stability of the current account equations across different groups of countries, test the twin deficit hypothesis, the Ricardian equivalence hypothesis, and examine the importance of other theoretically relevant factors for current account determination. Based on a sample of 129 countries over the period 1991 to 2000, one can observe substantial differences between current account models for developing …

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Growth Management And Retail Activity In The United States, John P. Blair, James E. Larsen Jan 2005

Growth Management And Retail Activity In The United States, John P. Blair, James E. Larsen

Finance and Financial Services Faculty Publication

No abstract provided.

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Nova Southeastern University 2005-2006 Annual Report, Nova Southeastern University Jan 2005

Nova Southeastern University 2005-2006 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

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A Study Of The Civil Justice Reform Act Of 2003: Can Tort Reform Benefit Arkansas?, Scott Jackson Jan 2005

A Study Of The Civil Justice Reform Act Of 2003: Can Tort Reform Benefit Arkansas?, Scott Jackson

Inquiry: The University of Arkansas Undergraduate Research Journal

Without question, reforming America's civil justice system has become a hot button issue in today's political landscape. While most Americans move about their daily lives without giving the subject a second thought, politicians ranging from aspiring state assemblymen to the recently reelected George W Bush have placed tort reform at the forefront of American political affairs. Although problems plaguing American courts have been discussed for years, criticism of America's current system for adjudicating tort cases has reached a fever pitch. Among the more vocal critics are powerful lobbyist groups, such as the American Medical Association (AMA) and the American Tort …

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A Household Probability Model For The Purchase Of A New Suv, 1998-2002, Keith Eugene Brunton Jan 2005

A Household Probability Model For The Purchase Of A New Suv, 1998-2002, Keith Eugene Brunton

Masters Culminating Experiences (1993-2011)

This project suggests that SUV buyers have significantly different characteristics than other automobile buyers. Drawing data from the Consumer Expenditure Survey for 1998 through 2002 and employing a binomial logistical regression technique, this project identifies the determinants that significantly influence the household’s decision to purchase a new sport utility vehicle (SUV). Market trends (growth in the SUV market or other unmeasured factors), the reference person’s age (the household’s preferences based upon their position in the family life cycle), the reference person’s education level (general household preferences), income (the flow of resources into the household), region (demographic differences and needs based …

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The Economic Impact Of The Greater Dayton Area Hospital Association Hospitals On The Dayton, Ohio Regional Economy, Nihan Ezel Jan 2005

The Economic Impact Of The Greater Dayton Area Hospital Association Hospitals On The Dayton, Ohio Regional Economy, Nihan Ezel

Masters Culminating Experiences (1993-2011)

This study measures the economic impact of the Greater Dayton Area Hospital Association (GDAHA) hospitals. Measurement of the economic impact employs total expenditures, full-time equivalent employment and the total payroll generated by the GDAHA hospitals in the healthcare industry and ripple effect in the supporting and related industries in the Greater Dayton Area. This study uses input-output analysis with IMPLAN multipliers as a methodology to measure the economic impact of the GDAHA hospitals in Dayton, Ohio. The results of this study indicate that the hospitals generate a substantial amount of output, employment, payroll, and community benefits in the Greater Dayton …

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A Study Of The Registered Nurse Labor Market: Wage, Job Satisfaction, And Labor Force Withdrawal, Li Li Jan 2005

A Study Of The Registered Nurse Labor Market: Wage, Job Satisfaction, And Labor Force Withdrawal, Li Li

Masters Culminating Experiences (1993-2011)

This paper examines the factors that explain differences in earnings among RN’s. In addition, it also looks at the factors that determine the level of job satisfaction among RN’s and examines the factors that determine the probability of leaving the nursing profession. The analysis of RN wage rates shows that nurses who have a 4-year college degree receive a wage premium. However, the results also show that the premium is reduced for nurses who are employed in hospitals. This finding is consistent with the hypothesis that nursing wages are subject to monoposony power in a hospital setting. In fact, the …

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The Role Of Gender And Race In Determining Returns To Higher Education: Evidence From Annual Demographic Survey, Gayatri Rajendra Deshpande Jan 2005

The Role Of Gender And Race In Determining Returns To Higher Education: Evidence From Annual Demographic Survey, Gayatri Rajendra Deshpande

Masters Culminating Experiences (1993-2011)

This study’s objective is to determine the net present values (NPV) of both a master’s degree and Ph.D. degree for six demographic categories. One of the purposes of this study is to determine whether from a social perspective a master’s and Ph.D. degree should be pursued. Cost/benefit analysis is performed to determine whether social benefits exceed social costs of these degree programs. The goal is to determine whether it is advantageous to society to obtain more education. A second and equally important purpose of this study is to determine the role of gender and race in establishing returns to higher …

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Economic Welfare Change In Poor Neighborhoods, Lulu Kevin Wang Jan 2005

Economic Welfare Change In Poor Neighborhoods, Lulu Kevin Wang

Masters Culminating Experiences (1993-2011)

This paper provided investigation on economic welfare changes in poor neighborhoods in U.S. central cities during the 1990's. Using Census data for 1990 and 2000, this study found that the association between changes in family median income of poor neighborhoods and changes in family median income of their metropolitan areas was not statistically significant. The empirical evidence indicated that welfare changes in poor neighborhoods were detached from those of their metropolitan areas. The study also tested the correlation between the changes in family income level and other economic factors in poor neighborhoods during 1990's. The test results suggest that government …

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