Business Commons^™

Can Fundamental Value Predict Stock Returns? An Empirical Assessment Of The Feltham -Ohlson Model, Colin Anthony Pillay

Doctoral Dissertations

In valuation research, two modeling approaches that have become prominent are those based on the Residual Income Model (RIM) and those based on the G. Feltham-James A. Ohlson framework. Ohlson (1995) develops a valuation model which links a firm's fundamental value to the book value of equity, earnings and other relevant information. Feltham and Ohlson (1995) extend the Ohlson (1995) model to incorporate growth and conservative accounting.

This study provides an evaluation of the Feltham-Ohlson (1995) model assuming market inefficiency. Analyst forecast data are obtained from the international I/B/E/S files. Financial information and share prices are obtained from the Compustat …

On Power And Equity: Toward A Working-Class Rhetoric, Omar Schwartz

Reconstruction: Studies in Contemporary Culture

[First paragraph]

The working-class in the United States has been, and continues to be, systematically excluded from normative political representation and is allowed little opportunity to contribute to the terms and conditions of its social existence (Henwood, 1987; Moberg, 1992). While few workers today resist such marginalization, this has not been always the case. During the formative period of U.S. labor consciousness (from the end of the Civil War until the First World War), the political alienation of labor was routinely challenged by workers who relied extensively (and illegally) on collective self-help in their pursuit of economic justice. With this …

Social Trust And Economic Governance, Fali Huang

Research Collection School Of Economics

The paper investigates the dynamic relationship between social trust and economic governance using a principal-agent model with stochastic returns. To mitigate the inherent moral hazard problem both intrinsic and extrinsic incentives are useful. The cooperative tendency of an agent measures his intrinsic discipline against shirking, the distribution of which characterizes social trust in society. The economic governance methods include direct monitoring and efficiency wage. The main results are the following. An agent with a higher cooperative tendency needs less monitoring and a lower wage to make effort, which brings higher profit for the principal. But competition among principals for more …

Three Essays On Real Estate Investment Trusts, Yan Lin

Theses and Dissertations in Business Administration

This dissertation includes three essays that study on Real Estate Investment Trusts (REITs). The first essay examines the shape of market demand curve by employing REIT equity fund flows as a proxy for REIT aggregate demand. An empirical framework is introduced to disentangle the price-pressure effect and the information effect. We do not find evidence for the price-pressure effect, which states that REIT equity fund flows directly affect REIT market prices. Instead, we find that the performance of REIT market prices does influence REIT equity fund flows. The results indicate that investors adjust their demand for REITs by investigating and …

An Overview Of The Nigerian Financial System, Aderibigbe J. O.

Bullion

Financial systems, the world over, play fundamental roles in the development and growth of the economy. The effectiveness and efficiency in performing these roles, particularly the intermediation between the surplus and deficit units of the economy, depend largely on the level of development of the financial system. It is to ensure its soundness that the financial sector appears to be the most regulated and controlled by the government and its agencies. This paper discusses issues and strategies for enhancing the soundness and stability of the nation's financial system, the roles of the financial system in the promotion of economic growth …

The Role Of The Central Bank In The Nigeria Financial System, Onyido C. Ben

Bullion

The central bank is pivotal in the management of the national economy. lts role is not only to regulate and monitor the financial system, but also to ensure its development, prevent financial distress which could undermine confidence in the system as well as facilitate sustained growth. This paper presents an overview of the Nigerian financial system, the functions of the Central Bank of Nigeria (CBN). It examines the Bank's monetary management, surveillance and promotional roles and the challenges for the CBN. The study concludes that, the enhanced operational autonomy of the CBN has provided a unique opportunity for the Bank …

Understanding And Interpreting Financial Statements, Awoyungbo B. O.

Bullion

As the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial …

The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan

Bullion

The Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean "any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate". This paper affords the opportunity to explain and …

Causes Of Bank Distress And Resolution Options, Donli J. G

Bullion

A meaningful analysis of causes of bank distress and the options for resolution would probably need to be preceded by a brief discussion of the role of banks in an economy. This paper examines the meaning of bank distress, it presents a detailed discussion of the main causes of bank distress as they relate to Nigeria in particular, it provides a review of the literature on resolution options as well as an enumeration of resolution options adopted to address bank distress in Nigeria. lt's has been observed in the paper that while the general causes of bank distress appear to …

The New Capital Accord: Challenges For The Central Bank Of Nigeria And Nigerian Banks., Imala O. Ignatius

Bullion

Capital occupies a vital position in the life of a bank, like any other business. It plays the role of a cushion for losses resulting from crystallisation of the various risks a business entity is exposed to. This paper summarises the 1988 Accord and its inadequacies. It introduces the new Accord, the need for it and its structure. It highlights the challenges to both operators and regulators, and It discusses efforts of the supervisory authorities to implement the Accord in Nigeria. The challenges highlighted in this paper are by no means exhaustive but it is believed that the attempt would …

The Organisation For Economic Cooperation And Development, Richard Woodward

Articles

This article reviews the role of the OECD, a much cited but little studied institution, in global governance.

The Role Of Deposit Insurance In Financial Sector Stability, Umoh N. Peter

Bullion

It might be necessary to start explaining the terms involved in the above topic. A Deposit insurance Scheme (DlS) is an arrangement whereby a designated agency (usually government-owned) guarantees deposits in insured financial institutions This paper discusses the guarantee function and financial sector stability, the supervisory function and financial sector stability, the liquidation function and financial sector stability and the other contributions of Nigeria Deposit Insurance Corporation (NDIC). The study concluded that, "Financial Sector Stability: lssues and Challenges" is not only appropriate but quite timely given the rumours making the rounds about unfounded banking distress.

The Experience Of Bank Examination In Financial Sector Surveillance, Oni S. A.

Bullion

The financial intermediation role of banks is very crucial to the efficiency and growth of every economy. The safety, stability and soundness of the banking system is therefore paramount to the regulatory authority of the financial system of any nation. Between 1929 and 1951. The Nigerian Banking system experienced a few banking crises due mainly to the absence of legal and regulatory framework for the operation of banking business in Nigeria. The bank examination function was established by the Central Bank of Nigeria, to monitor banks compliance with the regulatory and prudential requirements governing the conduct of banking business to …

Macroeconomics/Structural Policies And Financial Sector Stability: The Challenges, Nnanna O. J

Bullion

The financial system plays an important role in the process of economic growth and development of a country. A financial system consists of various institutions, markets, instruments and operators that interact within an economy to provide financial services. It plays the crucial roles of lubricating the payment mechanism, resource mobilisation and credit allocation. The Nigerian financial sector comprises the regulatory/supervisory authorities, deposit money banks, and other nonbank financial institutions. The objective of this paper is to examine the effect of macroeconomic/ structural policies on the financial sector, as well as the challenges of maintaining financial sector stability in Nigeria. The …

Institutional Framework For The Regulation And Supervision Of The Financial Sector, Mordi N. Charles

Bullion

Since the 1980s, there has been international consensus on the issue of adequate regulation and supervision of the financial sector (and, in particular, banking institutions) and this issue have featured prominently in many international fora where discussions have centred on the operations/health of the financial sector, whether in developed or developing countries. This paper focusses attention on the institutional framework for the regulation and supervision of the financial sector in Nigeria. It attempts to identify the various institutions that make up the financial sector and articulates how they are regulated and supervised and who has responsibility for what, so as …

Internationalisation Of Financial Services: Challenges For Financial Sector Stability In Nigeria., Adeola Ade

Bullion

Internationalisation or Globalisation refers to the increasing integration of "economics around the world, particularly through trade and financial flows. lt is the actual movement, the capacity to move and the potential movement across nations of trade, , investment, technology, finance and labour. lt's also involves the effects of these I forces and the consequent liberalization I of the market. This paper focuses on internationalisation as it relates to the financial sector in Nigeria and its most common manifestation, which is liberalization. It aims to identify ways in which we can benefit from this process while remaining realistic about its potential …

Private Sector, Govt And Pakistan's Economic Progress, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

Pakistan has made considerable progress during the last 55 years since its independence. The article discusses the respective roles of government and private sector in development, arguing that markets need government and government needs markets for inclusive economic progress.

Transaction-Data Analysis Of Marked Durations And Their Implications For Market Microstructure, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka

Research Collection Lee Kong Chian School Of Business

We propose an Autoregressive Conditional Marked Duration (ACMD) model for the analysis of irregularly spaced transaction data. Based on the Autoregressive Conditional Duration (ACD) model, the ACMD model assigns marks to characterize events such as tick movements and trade directions (buy/sell). Applying the ACMD model to tick movements, we study the influence of trade frequency, direction and size on price dynamics, volatility and the permanent and transitory price impacts of trade. We also apply the ACMD model to analyze trade-direction data and estimate the probability of informed trading (PIN). We find that trade frequency has a critical role in price …

Financial Sector Reforms And Pro-Poor Growth: Case Study Of Pakistan, Ishrat Husain Dr.

Faculty Research - Talks, Speeches, & Discourse

The attributes of a well functioning financial system are quite well known by now. Such a system is necessary for enhancing the efficiency of intermediation, which is achieved by reducing information, transaction, and monitoring costs; for promoting productive investment by identifying and funding good business opportunities; for mobilizing domestic savings; for monitoring the performance of businesses; for enabling the trading, hedging, and diversification of risk; and for facilitating the exchange of goods and services. These functions result in allocation of resources to the most efficient, resulting in a more rapid accumulation of physical and human capital, and faster technological progress, …

Montana Travel Research: 2004, Norma P. Nickerson, James Wilton

Institute for Tourism and Recreation Research Publications

Outlook for 2004 and Review of 2003.

Cuba's Energy Challenge: Fueling The Engine Of Future Economic Growth, Jorge R. Piñón

Institute for Cuban & Cuban-American Studies Occasional Papers

No abstract provided.

Research In Review: Regional Economic Impacts Of Military Installations In The Paso Del Norte Region, Dennis L. Soden, David A. Schauer, Brent Mccune, David Coronado, Janet S. Conary

IPED Technical Reports

No abstract provided.

Indiana State University Financial Report 2004, Indiana State University

Financial Reports

No abstract provided.

The Effects Of Asset Allocation And Active Management On Total Return Of Managed Funds, Florian Halili

Business and Economics Honors Papers

Portfolio managers are charged with maximizing returns for a given level of risk. There are practical problems that arise in creating an efficient portfolio and maintaining a target level of risk and return. This paper will identify two important factors that a manager needs to address in creating and managing a portfolio. The first step in creating a portfolio should be the establishment of the structure of the portfolio or the portfolio policy, what asset classes it holds and in what proportions. The structure of the portfolio is the main factor that shows how a portfolio is exposed to risk. …

Futures Thinking To Achieve Sustainable Development At Local Level In Ireland, Lorcan Sirr, Ruth Kelly, John Ratcliffe

Reports

We are living in times of unprecedented global change and upheaval and over the next ten to 20 years governments, organisations and individuals will face increasing difficulties in an environment of growing complexity, heightened uncertainty and a quickening pace of change. The concept of sustainable development implies the reconciliation of long-term socio-economic development, environmental protection and quality of life; essentially it is concerned with the future. Unfortunately, the potential for linking “futures thinking” to debates about sustainable development at local and regional government levels is relatively undeveloped, particularly in Ireland. Responding to this challenge, The Futures Academy at Technological University …

Knowledge Flows And Economic Development Through Microenterprise Collaboration In Third-Sector Communities, Raymond M. Jones, Roger J. Kashlak, Audra M. Jones

New England Journal of Entrepreneurship

"The U.N. once dealt only with governments. By now we know that peace and prosperity cannot be achieved without partnership involving governments, international organizations, the business community and civil society. In today’s world we depend on each other.” Kofi Annan, UN Secretary (1999).

As emphasized by Secretary Annan’s quote, the global community is increasingly concerned with economic development and promotion of democracies is focusing on developing programs to stimulate partnerships among three distinct sectors: government sector, civil society and private sector, including locally based and international entrepreneurs. The modern organization is becoming increasingly informed in its strategies and practices by …

Does The Adoption Of "Economic Value Added" Improve Corporate Performance?, Matthew Louis Bell

Inquiry: The University of Arkansas Undergraduate Research Journal

Determining how to properly measure corporate performance is one of the most important problems in contemporary corporate finance. Without a sound mechanism to evaluate managerial performance, a corporation's management has no adequate standard to be judged by. This can destroy the firm's value very quickly through poor managerial decisions. For this reason, managers need to be evaluated and compensated based on a performance measure that truly demonstrates the changes in a company's value. The interests of executives and shareholders do not always coincide, as can be seen through many of the current corporate scandals. Thus, it is almost universally argued …

The Expansion Of Texas Tech University School Of Medicine: Economic Impact On El Paso, Texas Over 2004-2013, David A. Schauer, Dennis L. Soden, David Coronado

IPED Technical Reports

No abstract provided.

Human Nature: An Economic Perspective, Vernon L. Smith

Economics Faculty Articles and Research

An economist writing on the topic of human nature is surely expected to talk about decision making by narrowly self-interested rational agents.

Land For Maine's Future Program: Increasing The Return On A Sound Public Investment, Richard Barringer, Hugh Coxe, Jack Kartez, Catherine Reilly, Jonathan Rubin

Economics and Finance

Maine is nowhere a more special place than in the quality of its landscape and the traditions of its land use. Among the mo st privately-owned of all the states, Maine’s natural diversity and beauty combine with its traditions of resource stewardship, open access, and appreciation of nature to distinguish it in the public mind and national imagination. In recent decades, however, these traditions have come under assault from the forces of economic and social change; and the people of Maine have responded. In 1986, Governor Joseph Brennan’s Special Commission on Outdoor Recreation recognized the growing threats to Maine’s natur …