Business Commons^™

Modeling And Simulation Of Value -At -Risk In The Financial Market Area, Xiangyin Zheng

Doctoral Dissertations

Value-at-Risk (VaR) is a statistical approach to measure market risk. It is widely used by banks, securities firms, commodity and energy merchants, and other trading organizations. The main focus of this research is measuring and analyzing market risk by modeling and simulation of Value-at-Risk for portfolios in the financial market area. The objectives are (1) predicting possible future loss for a financial portfolio from VaR measurement, and (2) identifying how the distributions of the risk factors affect the distribution of the portfolio. Results from (1) and (2) provide valuable information for portfolio optimization and risk management.

The model systems chosen …

The Sales Managers' Implicit Personality Theory And Leadership Variables, Gordon Gunn Mosley

Doctoral Dissertations

The purpose of this study was to explore the relationship of sales managers' implicit personality theory and various leadership variables provided to salespeople by their sales managers. Several bodies of literature were reviewed for this study from the educational psychology, management, leadership, and marketing/sales disciplines. More specifically, this study addressed the following research questions: (1) What effect does sales managers' implicit personality theory have on the nature of the feedback they provide to their salespeople? (2) What effect does sales managers' implicit personality theory have of the transformational leadership they provide to their salespeople? (3) What effect does sales managers' …

An Exploratory Study Of The Influence Of Life Management Strategies On Job Satisfaction And Job Performance In A Personal Selling Context, Dheeraj Sharma

Doctoral Dissertations

Extant literature on goal oriented behaviors suggests that individual goal orientation is an important determinant of a salesperson's job satisfaction and job performance. However, the present conceptualization of goal orientation suffers from flawed paradigmatic structure. There are two major disparate paradigms of goal orientation in the extant literature. The first paradigm views goal orientation as a stable personality trait and the second paradigm views it as contextually driven phenomenon. The present study proffers a new approach of conceptualizing individual goal orientation, by introducing the meta-model of Life Management Strategies (Baltes and Baltes, 1998; Freund and Baltes, 1998) in the personal …

An Empirical Investigation Of A Model Of Environmentally Concerned Consumer Behavior And Its Determinants: The Moderating Role Of Market Mavenship And Product Involvement, Kishwar A. Joonas

Doctoral Dissertations

Extant literature offers incomplete explanations of environmentally concerned consumer behavior (ECCB), based on subsets of determinants. In this study, I have presented an integrated model of ECCB, and examined the main effects of three key psychological determinants (environmentally concerned beliefs and attitudes, personal norm, and perceived consumer effectiveness) and two key socio-cultural determinants (injunctive norm and collectivist orientation), on four dimensions of ECCB, namely purchase behavior, search for information, conserving behavior, and supporting intent. The study also examined the interactional effects of market mavenship and involvement on these direct linkages.

I conducted a national online survey among members of environmental …

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 …

Transformational Leadership, Perceived Union Support, And Union Citizenship Behaviors: A Social Exchange And Social Identity Perspective, Nicholas William Twigg Jr.

Doctoral Dissertations

The objective of this dissertation is to empirically assess the relationship between transformational leadership and union citizenship behaviors from a social exchange and social identity perspective. The relationship was studied through a covenantal relationship perspective. Podsakoff, MacKenzie, Paine, and Bachrach (2000) suggested that there were conceptual similarities and differences in the relationships between transformational leadership, perceived organizational support, trust, intrinsic satisfaction, and commitment in an organizational citizenship behavior framework. This dissertation has developed and tested a model that provides a framework to describe the mechanism by which transformational leadership behaviors effect union citizenship behaviors through perceived union support, felt obligation, …

Testing The Effectiveness Of Deregulation In The Electric Utility Industry: A Market-Based Approach, Manfen Wang

Doctoral Dissertations

In this paper, I investigate one stated purpose of deregulation in the electric utility industry—to make utility operations more responsive to news releases, a proxy for market forces. My premise is that utilities providing electricity to highly deregulated states will be more responsive to market forces than those providing electricity to non-deregulated states. I employ intraday data from April to June 2001, the year after deregulation, and from 1994, the year before deregulation. I also employ the Brown-Forsythe-Modified Levene (BFL) test to determine the volatility differences between days with released news and days without released news. The results of BFL …

An Exploratory Study On The Relationships Among Electorate's Voting Behavior, Party Identification, Personal Values, And Demographic Characteristics, Kuan-Shun Chiu

Doctoral Dissertations

This study was proposed to examine if there existed significant differences in voters' party identification and voting behavior due to gender, race, age, income, education and personal values.

The sample was chosen from eligible voters in Florida. Of the 1500 questionnaires managed, 161 were identified as useable. The sample was representative of the results of 2000 presidential election in Florida with respect to voters' gender, race, income, and voting choice by party identification. Statistical techniques used were ANOVAs, Chi-square statistics, factor analysis, and logistic regression.

This study demonstrates how personal values may be associated with demographic characteristics to create a …

Efficiency And Performance Of Real Estate Investment Trusts (Reits): An Empirical Examination, Can Topuz

Doctoral Dissertations

This study has a threefold purpose. Its first objective is to investigate input and output efficiencies in the Real Estate Investment Trust (REIT) industry. Its second objective is to understand the impact of size, property share, loan production, debt ratio, property and geographic diversification, control and governance variables, overall risk, capital risk, growth rate, and management type on a number of efficiency measures, including profit, cost, allocative, technical, pure technical and scale efficiency. The third objective is to assess the impact of structural and regulatory changes in the industry on REITs' productivity, technology, and efficiency changes.

I have estimated the …

Financial Performance Of Insurance Companies Following Initial Public Offerings, Kulkanya Napompech

Doctoral Dissertations

The quality of insurance companies is a very significant societal issue. Policyholders pay premiums assuming indemnity of their potential losses. It is essential that an insurer be able to meet its contractual obligations when a loss occurs. An initial public offering provides an infusion of capital and an expansion of resources available to a firm. Thus, the objective of this study is to examine the financial and operating impacts of initial public offerings during 1980–2000 on insurance companies.

Chapter 2 examines changes in operating performance of property/casualty insurance companies following initial public offerings. I find that following initial public offerings, …

An Investigation Of The Association Between Auditor Switching And Negative Information, Michael Morris Grayson

Doctoral Dissertations

This study investigates the premise that certain types of negative information are associated with auditor switches. A data set of 305 auditor switches from 1976 to 1994, extracted from the Compustat data base (limited subscription), was analyzed using tests of proportions and nonparametric sign tests. The data set consists of negative information extracted from the switching companies' income statements (i.e., net losses or extraordinary items) or calculated from the items extracted (i.e., net income adjusted to reverse the effect of extraordinary items).

The initial results, based on tests which assumed random movement of net income, did not support the notion …

Two Essays On Exchange -Traded Funds, Natalya Vladimir Delcoure

Doctoral Dissertations

The purpose of this study is twofold. The first objective is to conduct an empirical inquiry into the diversification benefits of exchange-traded funds. The second objective is to examine whether exchange-traded funds exhibit superior performance compared to their rival closed-end country fund and traditional index mutual fund. I document that American investors manifest their preference for WEBS as a substitute for closed-end country funds. While I find that WEBS satisfy their objective of following their home indexes better than their rival closed-end country fund, the two-factor model I employ indicates that, despite some diversification benefits, WEBS also maintain certain risk …

Religious Involvement And Dispositional Characteristics As Predictors Of Work Attitudes And Behaviors, Tami Leigh Knotts

Doctoral Dissertations

The purpose of this dissertation was to empirically examine the effects of (1) religious involvement on job attitudes, (2) dispositions on job attitudes, and (3) religious involvement on workplace behaviors. This study also assessed whether job attitudes mediated the effect of religious involvement an workplace behaviors or the interaction effect of religious involvement and dispositional characteristics on workplace behaviors.

Higher levels of religious involvement were hypothesized to lead to more positive work attitudes and behaviors. Conservative and self-transcendent values along with positive well-being were expected to lead to positive attitudes at work. The effect of religious involvement on work behaviors …

An Empirical Analysis Of Taxpayers' Attitudes And Behavioral Intentions Regarding Compliance With Federal Income Tax Laws, Stanley Wayne Hays

Doctoral Dissertations

The purpose of this study was to analyze variables that potentially affect taxpayers' attitudes about income tax compliance. Phase one of the study focused on the relationships between four groups of variables and ethical perceptions of compliance behaviors. The four groups of variables follow: demographic variables such as age, education, and household income; personal characteristic variables such as idealism, relativism, conservatism, and religiosity; situational variables including an overall attitude about paying federal income taxes and impressions of the effectiveness of a number of law changes intended to make the IRS more responsive; and, consequential variables comprised of five dimensions of …

A Social-Cognitive Approach To Salesperson Work Motivation, Lawrence Scott Silver

Doctoral Dissertations

The purpose of this study was to apply a social-cognitive model of motivation, used extensively in educational psychology, to a sales setting. The topic pertaining to work motivation and its importance is evidenced by the amount of research devoted to the topic. The literature examined for this study was selected from the fields of industrial/organizational psychology, educational psychology, and marketing/sales. Specifically, this study addressed the following research questions: (1) To what extent is salespeople's goal orientation determined by their implicit personality theory? (2) Do salespeople's goal orientation determine their behavior pattern? (3) Does optimism moderate the relationship between salespeople's implicit …

The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong

Doctoral Dissertations

I derive testable implications of fundamental and non-fundamental components of stock prices. In order to control for the role of time-varying expected inflation and to be able to perform reasonable empirical tests, I use a nominal (rather than a real) interpretation of the present-value model (PVM), whereby nominal interest rates approximate expected inflation. I conjecture that the fundamental and non-fundamental components represent the permanent and temporary components of stock prices, respectively. A series of cointegration analysis over the annual period 1871–1997 confirms my conjecture for the model with time-varying expected inflation. Various fundamental and non-fundamental exclusion tests indicate that both …

An Empirical Examination Of Individual, Issue-Related, And Organizational Determinants Of Ethical Judgments, Sean Robert Valentine

Doctoral Dissertations

The purpose of this dissertation was to empirically examine an ethical decision-making model that contained individual, issue-related, and organizational factors. At the individual level, the relationship between two job attitudes, job satisfaction and organizational commitment, and ethical judgments was assessed. At the issue-related level, the association between moral intensity and ethical judgments was examined. At the organizational level, the relationship between ethical context and ethical judgments was examined. The hypothesized moderating effect of ethical context on the relationship between job attitudes and ethical judgments was also tested.

A national sample of 3,000 sales professionals was used to test the hypotheses. …

Consequences Of Contingent Compensation, James Herschel Turner

Doctoral Dissertations

The principal objective of this study is the explication of the impact of incentives on measures of performance. The effects of contingent compensation (commissions and bonuses) on role stress, job attitudes, and performance outcomes were studied in a multi-industry sample of 255 employees.

It was hypothesized that as compensation contingency increases, role conflict and financial anxiety also increase and the increase in stress would be negatively related to in-role performance, organizational commitment, and job satisfaction. Finally, it was hypothesized that as organizational commitment and job satisfaction are reduced, intent-to-leave will be increased and extra-role performance will be reduced. The sum …

The Effects Of Ethnicity, Ethnic Salience And Ethnic Identification On Consumers' Sources Of Information And Purchase Behavior, Patricia Wooten Humphrey

Doctoral Dissertations

The purpose of this study was to determine if there were any significant differences in the search and purchase behavior between white and black consumers due to ethnicity, ethnic identification, ethnic salience and ethnic situation.

The sample was chosen from two universities, one predominately white, the other predominately black. Of the 360 questionnaires administered, 345 were usable. The sample was representative of the student population of each university with respect to age, gender, and ethnicity. Statistical techniques used were ANOVAs, t-tests and paired comparisons.

The findings indicate that ethnicity plays an important role in an individual's sources of information used …

A Cross-Sectional Analysis Of The Determinants Of Corporate Share Repurchases, Kenneth M. Washer

Doctoral Dissertations

The objective of this study is to determine which motives play a significant role in determining the extent of a firm's repurchasing activity. For firms repurchasing through the open market, the motives include taking advantage of perceived undervaluation, increasing financial leverage, distributing cash to shareholders, and reducing agency costs. For firms using a tender offer, the motives include taking advantage of perceived undervaluation and having the ability to significantly increase financial leverage. Also, the hypothesis that the perceived undervaluation motive is stronger for smaller firms is tested. Three censored regression models are employed, and each model's explanatory variables represent commonly …

The Impact Of The Louisiana Lottery On Salaries In Education, Melissa Vicknair Melancon

Doctoral Dissertations

The study was undertaken to decide whether lottery revenues impacted teachers' salaries in Louisiana. Economic recession brought on by the collapse of the oil and gas industry, disgruntled taxpayers, and the lure of easy money prompted Louisiana legislators to pass a bill adopting a state lottery. Initially, all funds were earmarked for education. Subsequently, lottery revenues were deposited into the general fund. Yet many thought the lottery would be a significant source of money for education and teachers' salaries.

Logged annual salaries were used in models for university teachers and for elementary and secondary school teachers. Variables were incorporated to …

The Incremental Information Content Of The Cash And Cash Equivalents Definition Of Funds, Hugh Samuel Riner Jr.

Doctoral Dissertations

The purpose of this study was to attempt to determine the incremental information content of the cash and cash equivalents definition of funds. The cash and cash equivalents definition of funds is the mandated definition of funds for use in the preparation of a statement of cash flows. Prior to 1988, firms were able to use alternative definitions of funds; working capital was the most widely-used alternative definition.

In order to determine whether the cash and cash equivalents definition of funds has incremental information content, event analysis methodology was utilized to compare the market reaction to the release of financial …