Business Commons^™

Banking The Unbanked, Janine Firpo

Journal of Microfinance / ESR Review

No abstract provided.

Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal

Undergraduate Theses and Capstone Projects

In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …

Do Hedge Funds Deliver Alpha? A Bayesian And Bootstrap Analysis, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

Using a robust bootstrap procedure, we find that top hedge fund performance cannot be explained by luck, and that hedge fund performance persists at annual horizons. Moreover, we show that Bayesian measures, which help overcome the short-sample problem inherent in hedge fund returns, lead to superior performance predictability. Relative to sorting on OLS alphas, sorting on Bayesian alphas yields a 5.5 percent per year increase in the alpha of the spread between the top and bottom hedge fund deciles. Our results are robust, and relevant to investors, as they are neither confined to small funds, nor driven by incubation bias, …

Optimal Liquidation Strategies And Their Implications, Christopher Ting, Mitch Warachka, Yonggan Zhao

Research Collection Lee Kong Chian School Of Business

This paper studies optimal liquidation when the selling price depends on the rate of liquidation, transaction time, volume, and the asset's intrinsic value. A generic closed-form solution for maximizing the discounted liquidation proceeds is derived. To obtain financial insights, three parametric specifications that proxy for increasingly realistic market conditions are examined. In our framework, maximizing liquidation proceeds and minimizing liquidity costs are equivalent. The optimal strategies imply more rapid liquidations in less liquid markets. We also show that volatility is stochastic when market liquidity is unpredictable.

Exploring Revenue Management In Spas: Yield Management Concepts In The Spa Industry Today, Elaine M. Balkoulis

UNLV Theses, Dissertations, Professional Papers, and Capstones

The primary goal of this paper is to further explore the applications of yield management in the spa industry and identify the techniques that are currently used by spa operators. The paper will also evaluate the most popular spa software systems utilized. Furthermore, the paper will investigate the existence of yield management features in the current spa software systems. In addition an effort will be carried out to examine the spa patrons’ perception on yield management strategies in the spa environment.

Forecasting The Kc-135 Cost Per Flying Hour: A Panel Data Analysis, Michael T. Bryant

Theses and Dissertations

This thesis developed models to forecast the KC-135R monthly Consumables (CONS) and Depot Level Reparable (DLR) Cost per Flying Hour (CPFH) for each U.S. Air Force service component. Using data for each operating location from FY1998 to FY2004, the models were constructed using panel data analysis, a form of regression that adds a cross-sectional and time-series dimension. In addition to including factors previously identified as prime contributors to CPFH, the models added new elements that may influence maintenance costs and be of interest to policymakers. These elements included mission capable rates, airframe operating hours, and climatology factors. An interaction variable …

Price Vs. Performance: The Value Of Next Generation Fighter Aircraft, John M. Stelly

Theses and Dissertations

The United States Department of Defense (DoD) is currently recapitalizing its aging fighter aircraft inventory with the F-22A and F-35. While the DoD may consider cost and performance issues, it does not use a quantitative model that effectively measures the tradeoffs between the two. This thesis constructs a hedonic model of the fighter aircraft market to measure the implicit price on fighter performance characteristics and specifically applies it to next-generation aircraft. Data from 50 aircraft from 1949-present were used to construct two models – one based on procurement costs and one based on research, design, test, and evaluation (RDT&E) costs. …

Irving Fisher, Expectational Errors And The Uip Puzzle, Rachel Campbell, Kees Koedijk, James R. Lothian, Ronald Mahieu

CRIF Seminar series

In this paper, we first review Irving Fisher’s seminal work on UIP and on the closely related equation linking interest rates and inflation. Like Fisher, we find that the failures of UIP are tied in with individual episodes in which errors surrounding exchange-rate expectations have been persistent but in the end transitory. We find considerable commonality in deviations from UIP and PPP suggesting that both of these deviations are driven by a common factor. Using a dynamic latent factor model we find further that deviations from UIP are almost completely due to forecasting errors in exchange rates – a result …

The Costs Of Not Using Green Design In The Usaf: Would Using Green Building Design Have Resulted In Life Cycle Cost Savings?, John Kimball Osborne

Theses and Dissertations

This study’s purpose is to determine if using green building design would have resulted in life cycle costs savings for the United States Air Force. Green designs are those that employ steps to mitigate the impacts facilities have on the environment by using resources more efficiently than conventional design. The prevailing ranking system for green design in the United States is the Leadership in Energy and Environmental Design (LEED) rating system which evaluates facilities on certain characteristics, assigning point values that translate to non-certified, certified, silver, gold, or platinum ratings. The author attempts here to show how previous studies indicated …

Realized Daily Variance Of S&P500 Cash Index: A Revaluation Of Stylized Facts, Shirley J. Huang, Qianqiu Liu, Jun Yu

Research Collection Lee Kong Chian School Of Business

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 …

The Impact Of Human Capital On The Cost Of Air Force Acquisition Programs, Jeffrey C. Feuring

Theses and Dissertations

Previous studies have established a link between Human Capital and performance both at the firm and the individual level. These studies have shown that performance can be improved with additional personnel and/or higher education levels. This study attempts to build on this relationship by using the Cobb-Douglas Production function to relate inputs to outputs. The inputs to the function are the number of cost analysts positions, military and civilian, and an education variable for the number of master’s degrees in the field. The measure of output is the average cost overrun of Air Force contracts. A time series regression was …

Public Disclosure And Private Decisions: The Case Of Equity Market Execution Quality, Ekkehart Boehmer, Robert Jennings, Li Wei

Research Collection Lee Kong Chian School Of Business

In 2001, the Securities and Exchange Commission (SEC) required market centers to publish monthly execution-quality reports in an effort to spur competition for order flow between markets. Using samples of stocks trading on several markets, we investigate whether past execution quality affects order-routing decisions and whether the new disclosure requirements influence this relationship. We find that routing decisions are associated with execution quality; markets reporting low execution costs and fast fills subsequently receive more orders. Moreover, the reports themselves appear to provide information that was unavailable previously. Our results are consistent with active competition for order flow that can be …

Comprehensive Income, Future Earnings, And Market Mispricing, Jong-Hag Choi, Somnath Das, Yoonseok Zang

Research Collection School Of Accountancy

No abstract provided.

Investing In Hedge Funds When Returns Are Predictable, Doron Avramov, Robert Kosowski, Narayan Y. Naik, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

This paper evaluates hedge fund performance through portfolio strategies that incorporate predictability in managerial skills, fund risk loadings, and benchmark returns. Incorporating predictability substantially improves performance for the entire universe of hedge funds as well as for various investment styles. The outperformance is strongest during market downturns when the marginal utility of consumption is relatively high. Moreover, the major source of investment profitability is predictability in managerial skills. In particular, long-only strategies that incorporate predictability in managerial skills outperform their Fung and Hsieh (2004) benchmarks by over 17 percent per year. The economic value of predictability obtains for different rebalancing …

Foreign Funds Spy Hidden Bounties In Indian Distressed Assets, Knowledge@Smu

Knowledge@SMU

Foreign funds are garnering a sizable presence in India's nascent market for distressed assets, which is currently estimated between $45 billion and $55 billion. India's economic boom offers pockets of opportunity for investors to buy underperforming assets such as cement and sugar plants, revive them with fresh capital or liquidate them to profit handsomely. A big driver for this growing market is the government's move to purge the financial system of sick assets accumulated over decades, but obstacles include the absence of a developed corporate debt market, limits on foreign investments and procedural bottlenecks. India Knowledge@Wharton spoke to key participants …

Why Hedge Funds Are Looking To India For Greater Upside Potential, Knowledge@Smu

Knowledge@SMU

A few years ago, hedge funds were barely on the radar screen in the Indian marketplace, and they were highly secretive investment vehicles even in the U.S. Today, it's a different story. As big returns are no longer easy to come by in domestic markets, international hedge funds are increasingly looking to countries like India and evaluating investment opportunities and the potential gains to be made. To understand what factors affect their success, India Knowledge@Wharton talked to experts from Wharton and elsewhere about the attractiveness -- as well as the risks -- of the Indian marketplace for hedge funds.

An Investigation Of Promotional Outlet Effectiveness For Ohio Real Estate Brokers, James E. Larsen, Joseph Coleman, Charles S. Gulas

Finance and Financial Services Faculty Publication

This monograph presents survey data gathered from both Ohio residents and members of the Ohio Association of REALTORS®. The results of the public survey provide interesting information that may enable real estate licensees to effectively target their promotional efforts. The results suggest that if the objective is self promotion, any advertising medium is likely to have limited effectiveness. A large percentage of respondents indicated that they located the agent who assisted them in their housing transaction via reference from a friend or relative. Referrals are so important that a licensee should make every effort to cultivate this activity. Perhaps periodic …

On Stiffness In Affine Asset Pricing Models, Shirley Junying Huang, Jun Yu

Research Collection Lee Kong Chian School Of Business

Economic and econometric analysis of continuous-time affine asset pricing models often necessitates solving systems of ordinary differential equations (ODEs) numerically. Explicit RungeûKutta (ERK) methods have been suggested to solve these ODEs both in the theoretical finance literature and in the financial econometrics literature. In this paper we show that under many empirically relevant circumstances the ODEs involve stiffness, a phenomenon which leads to some practical difficulties for numerical methods with a finite region of absolute stability, including the whole class of ERK methods. The difficulties are highlighted in the present paper in the context of pricing zero-coupon bonds as well …

A Cardan’S Discriminant Approach To Predicting Currency Crashes, Benedict Seng Kee Koh, Wai Mun Fong, Fabrice Chan

Research Collection Lee Kong Chian School Of Business

This paper models large swings in exchange rates by introducing nonlinearity via the generalized normal (GEN) distribution [Lye, J.N., Martin, V.L., 1993. Robust estimation, nonnormalities and generalized exponential distributions. Journal of the American Statistical Association 88, 261-267]. As the distribution allows for bimodality, a switch between modes may give rise to currency crashes. A statistic known as Cardan's discriminant, based on the shape parameters of the GEN, is used to detect bimodality. The Cardan's discriminant is found to reliably predict currency crashes for eight emerging countries and generate relatively low false signals for stable currencies.

Allagash Wilderness Waterway Working Group On Structure, Management And Oversight: Choosing Common Ground And Moving Ahead, Allagash Wilderness Waterway Working Group

Maine History & Policy Development

In his June 19, 2006, Executive Order, Governor John E. Baldacci directed the Working Group to “offer its best guidance and advice to the Governor respecting the long-term governance, management, and oversight structure for the Allagash Wilderness Waterway” (AWW). In the intervening six months the members of the Working Group have engaged in an examination of the forty-year history of the Waterway and an analysis of the conditions and circumstance that led to the Governor’s Executive Order. We have reviewed documentation of the AWW history, taken testimony at numerous public meetings and hearings, conducted correspondence with members of the several …

Allagash Wilderness Waterway Working Group On Structure, Management And Oversight: Choosing Common Ground And Moving Ahead (Executive Summary), Allagash Wilderness Waterway Working Group

Maine History & Policy Development

In his June 19, 2006, Executive Order, Governor John E. Baldacci directed the Working Group to “offer its best guidance and advice to the Governor respecting the long-term governance, management, and oversight structure for the Allagash Wilderness Waterway” (AWW). In the intervening six months the members of the Working Group have engaged in an examination of the forty-year history of the Waterway and an analysis of the conditions and circumstance that led to the Governor’s Executive Order. We have reviewed documentation of the AWW history, taken testimony at numerous public meetings and hearings, conducted correspondence with members of the several …

2006-2007 Budget Request Addenda: Southern University And A & M College, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Campus 2006-2007 Budget Request Addenda.

• Information Technology Budget Request
• Operational Plan
• Sunset Review Budget Request
• Workforce Development Budget Request

2006-2007 Budget Request Addenda, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University Law Center Budget Request Addenda. Information Technology Budget Request 2006-2007.

Why Global Banks Are Banking On India, Knowledge@Smu

Knowledge@SMU

Foreign banks are aggressively expanding in India, both organically and through acquisitions. After playing along the sidelines in the country for more than 100 years, they have galvanized themselves to secure their share -- and more -- of the new action in the rapidly growing economy and a boom in high-profit consumer lending. India's central bank has outlined the roadmap for foreign players to grow, while the banking industry's robust fundamentals and crisis-free track record are other draws. To be sure, the entrenched public sector banks don't relish the charge of foreign banks. But the real rivals on the competing …

Oxytocin Increases Generosity In Humans, Paul J. Zak, Angela Stanton, Sheila Ahmadi

Business Faculty Articles and Research

Human beings routinely help strangers at costs to themselves. Sometimes the help offered is generous-offering more than the other expects. The proximate mechanisms supporting generosity are not well-understood, but several lines of research suggest a role for empathy. In this study, participants were infused with 40 IU oxytocin (OT) or placebo and engaged in a blinded, one-shot decision on how to split a sum of money with a stranger that could be rejected. Those on OT were 80% more generous than those given a placebo. OT had no effect on a unilateral monetary transfer task dissociating generosity from altruism. OT …

Indiana State University Financial Report 2007, Indiana State University

Financial Reports

No abstract provided.

On The Lack Of Participating Policy Usage By Stock Insurance Companies, Geoffrey C. Friesen

Department of Finance: Faculty Publications

Stock insurers can reduce or eliminate agency conflicts between policyholders and stockholders by issuing participating insurance. Despite this benefit, most stock companies don’t offer participating contracts. This study explains why. We study an equilibrium with both stock and mutual insurers in which stockholders set premiums to provide a fair expected return on their investment, and with a policyholder who chooses the insurance contract that maximizes her expected utility. We demonstrate that stockholders cannot profitably offer fully participating contracts, but can profitably offer partially participating insurance. However, when the policyholder participation fraction is high, the fair-return premium is so large that …

Selected Lid Projects In New England, New England Environmental Finance Center

Planning

Examples of low impact development (LID) projects in each state in New England.

Ua9 The Wku Planner, Wku Planned Giving

WKU Administration Documents

Planned Giving office newsletter regarding donors and donations to Western Kentucky University.

Was The Accounting Profession Really That Bad?, Elizabeth K. Jenkins, W. Donnelly, T. Black

Faculty Publications

To gain insight into the extent of malpractice in the State of California prior to the Passage of Sarbanes-Oxley, we examined the nature and magnitude of complains filed with the California Board of Accountancy (CBA) against both licensed and unlicensed accountants during the fiscal years 2000, 2001, and 2002. The CBA currently licenses and regulates over 73,000 licenses, with 1,431 complaints filed during the period reviewed. Disciplinary actions were taken against 283 different licensees for the three fiscal years reviewed. SEC issues were involved in 19 cases, theft or embezzlement 46 cases, public accounting malpractice 146 cases, improper retention of …