Business Commons^™

Is Australasia, North And Southeast Asia Becoming A Yen Block?, Colm Kearney, Cal Muckley

CRIF Seminar series

We use up to 24 years of weekly data on 11 bilateral yen exchange rates to examine the evidence of an emerging yen bloc in Australasia, North and Southeast Asia. The logarithmic first differences of these exchange rates are modelled in response to variations in their US dollar, German marc, and UK pound counterparts using a general-to-specific dynamic Newey-West estimation strategy. We find strong evidence contrary to the notion of a de facto yen bloc. Each 1 percent rise in the US dollar (German marc, UK pound) effective exchange rate causes a mean 1.27 (1.8, 0.18) percent appreciation in the …

The Purchasing Power Parity Debate, Alan M. Taylor, Mark P. Taylor

CRIF Seminar series

No abstract provided.

The New Economy And Its Implications To Investors, Elizabeth Misco

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

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 …

Crummer Suntrust Student Managed Fund [2004], Marc Bianchi, Richard Harem

Crummer Truist Portfolios

No abstract provided.

How Unilever Hpc-Na Sold Its Employees On The Balanced Scorecard, Bridget Lyons, Andra Gumbus

WCBT Faculty Publications

Unilever Home & Personal Care-North America (HPC-NA) not only takes marketing its products very seriously, but it heavily promotes its balanced scorecard to employees as well. No wonder Unilever HPC-NA successfully designed a unique strategy to communicate awareness of the BSC while encouraging its participation and use. Their experiences should prove valuable to other organizations implementing a balanced scorecard and to those just beginning to formulate a communications approach to internal stakeholders about its role, significance, and use. The Unilever HPC-NA marketing campaign provides an effective strategy that other firms may consider when marketing a balanced scorecard internally. The HPC-NA …

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 …

Understanding The Impact Of Financial Decisions On Financial Statements: A Pedagogical Note, Tom Arnold, Leroy Brooks, Terry D. Nixon

Finance Faculty Publications

Viable financial planning requires financial managers' understanding of the consequences of impending decisions on their company's financial performance and position. Understanding the impact of prior decisions on their financial statements also enables future decisions aimed at improving their shareholders' wealth. This note intends to contribute to developing this capacity in finance students. We provide a presentation format directly connecting financial decisions to financial statement impacts. Bridging material covered in accounting courses and a finance student's needs as a possible future manager or analyst, this classroom pedagogy supplements and reinforces the objectives of the financial planning component of a finance course.

A Comparative Analysis Of The Cost Of Oversight Of Major Defense Acquisition Programs Strictly Under The Direction Of The Department Of Defense 5000 Series Of Instructions, Gary P. Rousseau

Theses and Dissertations

The United States Department of Defense has been caught in a continual cycle of acquisition reform since its inception over two hundred years ago. The goal of acquisition reform has always been to find the perfect balance between the amount of program oversight and the amount of flexibility in which program managers are allowed to manage their programs. The only truth learned throughout this process is that defense acquisition does need oversight and that there is no cookie cutter pattern for oversight that will fit all types of acquisition programs equally well. That being said, the focus of this thesis …

Analysis And Forecasting Of U.S. Navy Operating And Support (O&S) Costs For Rotary Aircraft, Christopher J. Wilkes

Theses and Dissertations

This research explores forecasting techniques to estimate the Cost per Flying Hour (CPFH) for Navy rotary aircraft. Three separate forecasting techniques were evaluated to better predict the CPFH for better estimating and budgeting by the U.S. Navy. The process begins by empirically analyzing Operating & Support cost categories for each helicopter. Trends were examined in CPFH. For forecasting purposes, actual CPFH figures were compiled from 1997 to 2003 for the CH-46D, the CH-53D, the MH-53E, the SH-60F, the UH-1N, and the UH-3H helicopters. The forecasting techniques explored were the 3-year moving average, the single exponential smoothing method, and Holt's linear …

Converting Low-Level Mixed Waste Into Transuranic Waste For Geologic Disposal At Wipp: A Cost Analysis, Helen R. Neill, Robert H. Neill

Public Policy and Leadership Faculty Research

The Department of Energy (DOE) has approximately 43,000 cubic meters of mixed-low-level waste (MLLW) with alpha emitting concentrations of 10 to 100 nanocuries per gram (nCi/g) generated from the nations defense programs requiring radioactive waste disposal [1]. DOE has decided to commingle MLLW containers with transuranic (TRU) waste containers in larger containers such that the average concentration in the larger container would qualify as TRU waste for deep geologic disposal at the Waste Isolation Pilot Plant (WIPP). Since Congress has exempted the WIPP mixed TRU waste from the Resource Conservation and Recovery Act (RCRA) [2] requirement to treat the waste …

Taming The Sharks: Towards A Cure For The High Cost Credit Market, Christopher L. Peterson

University of Akron Press Publications

Taming the Sharks: Towards a Cure for the High Cost Credit Market chronicles the historic, economic, legal, and political factors breeding America’s feverish high cost debt industry. The ideas presented are novel, progressive, and controversial. Historians have long argued that interest rates provide a sort of economic and political health of nations. If true, the contemporary American market for credit shows troubling signs of distress. While Federal Reserve Board monetary policy has kept commercial and prime consumer interest rates low, the past two decades have seen explosive growth in an industry specializing in high-cost consumer debt. Payday loan outlet chains, …

Establishing A Foundation To Capture The Cost Of Oversight For A Major Defense Program Within The Information Technology (It) Acquisition Community, Monroe Neal Jr.

Theses and Dissertations

In 1970 the Department of Defense introduced the Department of Defense Directive 5000 (DoD 5000) to standardize the acquisition process. The directive created oversight forums to ensure the policies and procedures created were followed, to track program progress, and to identify programs in trouble. Although oversight was essentially created to help reduce the cost of acquisitions, there is reason to believe that it may increase the costs. However, because only been a few studies have been conducted to estimate the cost of oversight, no one knows how much "oversight" actually costs individual programs. Numerous oversight processes are being used today, …

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 …

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 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 …

Logistic And Multiple Regression: The Two-Step Approach To Estimating Cost Growth, Daniel C. Genest

Theses and Dissertations

This study sought to predict cost growth in major Department of Defense (DoD) acquisition programs using logistic and multiple regression. In recent years, the use of statistical regression has proven to be successful in predicting the relationships associated with cost growth. This research follows on the work of Sipple (2002) and Bielecki (2003) and further explores the possibilities of using statistical regression to accurately estimate the dollar value associated with risk and uncertainty early in a program's life cycle. In doing so, the author intends to reduce cost growth by increasing the accuracy of the original cost estimates subsequently used …

Creating Cost Growth Models For The Engineering And Manufacturing Development Phase Of Acquisition Using Logistic And Multiple Regression, Brandon M. Lucas

Theses and Dissertations

Cost growth remains a concern for cost analysts, program managers, senior DoD decision-makers, Congress, and even the American public. All of these people have a vested interest in the cost of DoD programs and most would like to see those costs decrease; as such, we need additional tools to help combat cost growth. Previous research creates the foundation for the use of a two-step methodology to help predict cost growth, which we follow closely. First, utilizing logistic regression we analyze whether specific program characteristics predict cost growth within the Engineering and Manufacturing Development (EMD) phase for combined RDT&E and procurement …

Estimating Cost Growth In Engineering And Schedule Cost Categories Using A Two-Pronged Regression Approach, Chris J. Mcdaniel

Theses and Dissertations

This research confirms the usefulness of the logistic and multiple regression two-step procedure for assessing cost growth in major DoD weapon systems. We compile programmatic data from the Selected Acquisition Reports (SARs) between 1990 and 2002 for programs covering all defense departments. Our analysis concentrates on cost growth in the procurement appropriations of the Engineering and Manufacturing Development phase of acquisitions. We investigate the use of logistic regression in cost growth analysis to predict whether or not cost growth will occur in a program. If applicable, multiple regression is implemented to predict how much cost growth will occur. Our study …

Logistic And Multiple Regression: A Two-Pronged Approach To Accurately Estimate Cost Growth In Major Dod Weapon Systems, Matthew B. Rossetti

Theses and Dissertations

This research confirms the usefulness of the logistic and multiple regression two-step procedure for assessing cost growth in major DoD weapon systems. We compile programmatic data from the Selected Acquisition Reports (SARs) between 1990 and 2002 for programs covering all defense departments. Our analysis concentrates on cost growth in the procurement appropriations of the Engineering and Manufacturing Development phase of acquisitions. We investigate the use of logistic regression in cost growth analysis to predict whether or not cost growth will occur in a program. If applicable, multiple regression is implemented to predict how much cost growth will occur. Our study …

An Analysis Of Missile Systems Cost Growth And Implementation Of Acquisition Reform Initiatives Using A Hybrid Adjusted Cost Growth Model, Christopher C. Abate

Theses and Dissertations

This thesis examined cost growth in Department of Defense (DoD) missile systems from 1991 to 2001 using Selected Acquisition Report (SAR) data with a hybrid adjusted cost growth (ACG) model. In addition, an analysis of acquisition reform initiatives during the treatment period was conducted to determine if reform efforts impacted missile system cost growth. A pre-reform (1 January 1991 to 31 December 1996) period and post reform (1 January 1997 to 31 December 2001) period was subjectively developed to compare the mean annual ACG during each period for statistical differences. The hybrid ACG model outlined in this thesis may aid …

Analysis And Forecasting Of Army Operating And Support Cost For Rotary Aircraft, John C. Hawkins

Theses and Dissertations

This research explores forecasting techniques to estimate the Cost per Flying Hour (CPFH) for Army Helicopters. Specifically, three separate forecasting techniques were evaluated to better predict the CPFH for better estimating and budgeting by the U.S. Army. For forecasting purposes, actual CPFH figures were compiled from 1995 to 2003 for all MACOMs flying the AH-64A, the CH-47D, and the UH-60A helicopters. The number of MACOMs was then reduced to the top three with regard to total CPFH expenditure. The use of a 3-year moving average, the single exponential smoothing method, and Holt's linear method were explored for each helicopter's data. …

Analysis And Forecasting Of Air Force Operating And Support Cost For Rotary Aircraft, Matthew E. Laubacher

Theses and Dissertations

This research explores forecasting techniques to estimate the Cost per Flying Hour (CPFH) for Air Force Helicopters. Specifically, this research evaluates three separate forecasting techniques to predict the CPFH for better estimating and budgeting by the U.S. Air Force. It starts by empirically analyzing the Operating and Support cost by CAIG categories for each helicopter. For forecasting purposes, the actual CPFH figures were compiled from FY96 to FY03 for a total of eight MAJCOMs flying the MH-53J/M, the HH-60G, or the UH-1N helicopters. The research explores the use of a 3-year moving average, the single exponential smoothing method, and Holt's …

An Analysis Of Aircraft Weapon Systems Cost Growth And Implementation Of Acquisition Reform Initiatives Using A Hybrid Adjusted Cost Growth Model, Richard A. Phillips

Theses and Dissertations

This thesis examined cost growth in Department of Defense (DoD) aircraft weapon systems from 1991 to 2001 using Selected Acquisition Report (SAR) data with a hybrid adjusted cost growth (ACG) model. In addition, an analysis of acquisition reform initiatives during the treatment period was conducted to determine if reform efforts affected aircraft weapon system cost growth. A "pre-reform" (1 January 1991-31 December 1996) period and a "post reform" (1 January 1997-31 December 2001) period were subjectively developed to compare the mean annual ACG during each period for statistical differences. The hybrid ACG model outlined in this thesis may aid program …