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Articles 1741 - 1770 of 1934

Full-Text Articles in Business

Asset Pricing Theory And The Valuation Of Canadian Paintings, Douglas J. Hodgson, Keith Vorkink Jan 2004

Asset Pricing Theory And The Valuation Of Canadian Paintings, Douglas J. Hodgson, Keith Vorkink

Faculty Publications

The valuation of Canadian paintings is analysed empirically. Using a sample of auction prices for major Canadian painters for the period 1968–2001, we run hedonic regressions to analyse the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This index is used in a second-stage analysis in which we analyse the properties of Canadian art viewed as an investment asset. We apply standard asset pricing theory, as incorporated in the capital asset pricing model (CAPM), to the analysis of price movements in the market for Canadian paintings.

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Whence Garch? A Preference-Based Explanation For Conditional Volatility, Grant Mcqueen, Keith Vorkink Jan 2004

Whence Garch? A Preference-Based Explanation For Conditional Volatility, Grant Mcqueen, Keith Vorkink

Faculty Publications

We develop a preference-based equilibriumasset pricing model that explains low frequency conditional volatility. Similar to Barberis, Huang, and Santos (2001), agents in our model care about wealth changes, experience loss aversion, and keep a mental scorecard that a¤ects their level of risk aversion. A new feature of our model is that when perturbed by unexpected returns, investors become temporarily more sensitive to news. Gradually, investors become accustomed to the new level of wealth, restoring prior levels of risk aversion and news sensitivity. The state-dependent sensitivity to news creates the type of volatility clustering found in low frequency stock returns. We …

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Corporate Governance And Dividend Policy In Emerging Markets, Todd Mitton Jan 2004

Corporate Governance And Dividend Policy In Emerging Markets, Todd Mitton

Faculty Publications

In a sample of 365 firms from 19 countries, I show that firms with stronger corporate governance have higher dividend payouts, consistent with agency models of dividends. In addition, the negative relationship between dividend payouts and growth opportunities is stronger among firms with better governance. I also show that firms with stronger governance are more profitable, but that greater profitability explains only part of the higher dividend payouts. The positive relationship between corporate governance and dividend payouts is limited primarily to countries with strong investor protection, suggesting that firm-level corporate governance and country-level investor protection are complements rather than substitutes.

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Contributions Of Family Leisure To Family Functioning Among Transracial Adoptive Families, Ramon B. Zabriskie, Patti Freeman Jan 2004

Contributions Of Family Leisure To Family Functioning Among Transracial Adoptive Families, Ramon B. Zabriskie, Patti Freeman

Faculty Publications

The purpose of this study was to examine family leisure behavior among intact families with transracial adoptive children and make comparisons to a broad sample of families with only biological children. The sample consisted of 197 adoptive families. Data were analyzed from a parent, youth, and family perspective. The Family Leisure Activity Profile (FLAP) was used to determine family leisure involvement. FACES II was used to measure family functioning. Findings indicated that measures of family cohesion, family adaptability, and family functioning were higher among the adoptive family sample. Core, balance, and total family leisure involvement were also higher among the …

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The Influences Of Family Leisure Patterns On Perceptions Of Family Functioning*, Ramon B. Zabriskie, Bryan P. Mccormick Jan 2004

The Influences Of Family Leisure Patterns On Perceptions Of Family Functioning*, Ramon B. Zabriskie, Bryan P. Mccormick

Faculty Publications

This study conducted a preliminary test of a model of family leisure functioning by examining the relationship of core and balance family leisure patterns to family cohesion and adaptability. We hypothesized that core family leisure patterns address family needs for stability, facilitate the development of cohesive relationships, and are related to perceptions of family cohesion, whereas balance family leisure patterns address family needs for change, facilitate the development of adaptive skills, and are related to perceptions of family adaptability. Findings from 2 multiple regression analyses provided preliminary support for the model. Conclusions and implications are discussed.

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Implications Of Financial Innovations For The Poorest Of The Poor In The Rural Area: Experience From Northern Bangladesh, Mohammed Emrul Hasan Dec 2003

Implications Of Financial Innovations For The Poorest Of The Poor In The Rural Area: Experience From Northern Bangladesh, Mohammed Emrul Hasan

Journal of Microfinance / ESR Review

Providing microfinance to the poorest of the poor in rural areas remains a challenge. Grameen demonstrated that the poor are viable clients for loans and reached them on a massive scale. However, they reach only the upper level of the poor and provide narrow and limited financial services with rigid systems and procedures, which in many ways do not address the needs of the poorest. Despite earning signs of success with their SafeSave innovative approach to serving the poorest in the urban area, this rural adaptation and experiment has faced challenges because of the different social and economical structures of …

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A Challenge To The Orthodoxy Concerning Microfinance And Poverty Reduction, Ana Marr Dec 2003

A Challenge To The Orthodoxy Concerning Microfinance And Poverty Reduction, Ana Marr

Journal of Microfinance / ESR Review

As a response to many partial and simplistic theoretical and empirical studies, this paper presents a more comprehensive analytical framework to assess the success of microfinance in achieving its dual objectives of financial sustainability and poverty reduction. By giving center stage to the study of group dynamics and using principles of imperfect information and social psychology, the paper argues that microfinance not only has failed to solve the original problems of information asymmetries between borrowers and lenders but also, in its pursuit of financial sustainability, is destroying the very foundations of these schemes by disrupting the social fabric of communities, …

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Attitudes Of Rural Branch Manages In Madhya Pradesh, India, Toward Their Role As Providers Of Financial Services To The Poor, Howard Jones, Marylin Williams, Yashwant Thorat, Abba Thorat Dec 2003

Attitudes Of Rural Branch Manages In Madhya Pradesh, India, Toward Their Role As Providers Of Financial Services To The Poor, Howard Jones, Marylin Williams, Yashwant Thorat, Abba Thorat

Journal of Microfinance / ESR Review

Discussions on banking reforms to reduce financial exclusion have referred little to possible attitudinal constraints, on the part of staff at both branch and institutional levels, inhibiting the provision of financial services to the poor. The research project, funded by the ESCOR (now Social Science Research) Small Grants Committee, has focused on this aspect of financial exclusion. The research commenced in May 2001 and was completed in April 2002. Profiles of the rural bank branch managers, including personal background, professional background and workplace, are presented. Attitudes of managers toward aspects of their work environment and the rural poor are examined, …

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Beyond Micro-Credit: Putting Development Back Into Micro-Finance By Thomas Fisher And M. S. Sriram, James R. Bradshaw Dec 2003

Beyond Micro-Credit: Putting Development Back Into Micro-Finance By Thomas Fisher And M. S. Sriram, James R. Bradshaw

Journal of Microfinance / ESR Review

No abstract provided.

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Balancing Supply And Demand: The Emerging Agenda For Microfinance Institutions, Thankom Arun, David Hulme Dec 2003

Balancing Supply And Demand: The Emerging Agenda For Microfinance Institutions, Thankom Arun, David Hulme

Journal of Microfinance / ESR Review

No abstract provided.

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Front Matter, Journal Of Microfinance Dec 2003

Front Matter, Journal Of Microfinance

Journal of Microfinance / ESR Review

No abstract provided.

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Announcements, Journal Of Microfinance Dec 2003

Announcements, Journal Of Microfinance

Journal of Microfinance / ESR Review

No abstract provided.

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Money Talks: Conversations With Poor Households In Bangladesh About Managing Money, Stuart Rutherford Dec 2003

Money Talks: Conversations With Poor Households In Bangladesh About Managing Money, Stuart Rutherford

Journal of Microfinance / ESR Review

This paper describes the money management behavior of 42 low-income Bangladeshi households, half of them rural and half living in urban slums. They were found to be active managers of their financial resources. Thirty-three varieties of financial instrument were found to be in use by the sample households during the research year. As well as using a wide variety of instruments, most households engaged in multiple uses of the instruments: on average each household initiated a new money management arrangement every two weeks. The sums of money involved are large, both absolutely and relative to incomes. The average “turnover” (the …

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Vol. 05 No. 2 Journal Of Microfinance, Journal Of Microfinance Dec 2003

Vol. 05 No. 2 Journal Of Microfinance, Journal Of Microfinance

Journal of Microfinance / ESR Review

No abstract provided.

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Rural Finance, Poverty Alleviation, And Sustainable Land Use: The Role Of Credit For The Adoption Of Agroforestry Systems In Occidental Honduras, Ruerd Ruben, Luud Clercx Dec 2003

Rural Finance, Poverty Alleviation, And Sustainable Land Use: The Role Of Credit For The Adoption Of Agroforestry Systems In Occidental Honduras, Ruerd Ruben, Luud Clercx

Journal of Microfinance / ESR Review

This paper analyzes the relationship between financial services provided by different agents, the adoption of agroforestry systems, and the implications for food security and sustainable soil management. Attention is focussed on the role of rural finance in reducing risk and stabilizing household income and yields. We conclude that credit provision performs critical functions for reinforcing the resilience of rural livelihoods in less-favored areas. Rural development programs in the Occidental region of Honduras have been rather reluctant to provide rural financial services. Unfavorable agroclimatic conditions and the scarcity of infrastructure lead to extreme poverty. The local economy is fairly dynamic due …

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Brigham Young University Bookstore Photo Department: Market Research Project, Aaron Brough, Melissa Browning, Michael Cramer, Dan Exby Feb 2003

Brigham Young University Bookstore Photo Department: Market Research Project, Aaron Brough, Melissa Browning, Michael Cramer, Dan Exby

Student Works

The undergraduate students will act as an outside marketing firm. They will perform two major tasks: competitive intelligence and market research. As part of competitive intelligence, the students will perform the following tasks: Identify major competitors. Compare competitors' prices and services to the Bookstore's. Compare competitors' technological capabilities to the Bookstore's. As part of the market research, the undergraduate students will perform the following: Develop and implement a pre-focus group questionnaire. (The results of this questionnaire will be used to identify the BYU Photo Developing Center' s current customers, and the results will be instrumental in selecting foc us group …

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A Study For The Effectiveness Of Advertising In The Daily Universe, Serhiy Dutchak, Matthew Day Jan 2003

A Study For The Effectiveness Of Advertising In The Daily Universe, Serhiy Dutchak, Matthew Day

Student Works

The market study will provide various data showing the effectiveness of these ads, including how often students read the Daily Universe, how often students notice the "Did you know?" ads, what students think about the ads, how students feel the ads would be more effective, and what products and services the students know are at the bookstore. In addition to the effectiveness of the ads, we also will be identifying preferences, opinions, and possible misconceptions the students have that would help the bookstore know how to better market its products and services. DayChak Consulting is comprised of Serhiy Dutchak, Matthew …

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Comprehensive Market Research Analysis Prepared For Wasatch Academy / Prepared By Marriott Student Marketing, Shannon Fabbri, Alexia Fenton, Carrie Stran Jan 2003

Comprehensive Market Research Analysis Prepared For Wasatch Academy / Prepared By Marriott Student Marketing, Shannon Fabbri, Alexia Fenton, Carrie Stran

Student Works

Marriott School Marketing (MSM) worked with Robert Booth, Assistant Head of Advancement, in conducting market research on behalf of Wasatch Academy. The purpose of this research was to provide the school with information which would help them better understand some fundamental aspects of their school, and in turn help them to better define the focus of the school. MSM gathered some data related to the general boarding school market, but the focus was on specific issues concerning Wasatch Academy. Marriott Student Marketing is comprised of Shannon Fabbri, Alexia Fenton, and Carrie Stran. At head of title: Wasatch Academy Founded 1875

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Remedez Hair Spa: A Study On How To Best Target College-Aged Adults, Stephen Gray, Kim Mccandless, Erika Miller, Guy Robinson Jan 2003

Remedez Hair Spa: A Study On How To Best Target College-Aged Adults, Stephen Gray, Kim Mccandless, Erika Miller, Guy Robinson

Student Works

Research was conducted for Remedez Hair and Spa during the Fall of 2003. Stephen Gray, Kim McCandless, Erika Miller, and Guy Robinson conducted the research. After several meetings with the client, the research team was able to determine the basic objective of the research project. The purpose of the research study was to determine how Remedez can best target college-aged adults, in order to increase the number of service clients served per week. The project was divided into the following three areas: focus groups, surveys, and recommendations. BYU team comprised of Stephen Gray, Kim McCandless, Erika Miller, and Guy Robinson.

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Snowbird Ski And Summer Resort Welcome Winter 2003: A Market Research Project, Jeremy Killpack, Chris Garthe, Matt Barlow Jan 2003

Snowbird Ski And Summer Resort Welcome Winter 2003: A Market Research Project, Jeremy Killpack, Chris Garthe, Matt Barlow

Student Works

To satisfy the needs of local and destination guests, Snowbird Ski and Summer Resort offers over fourteen different dining options in addition to their ski and resort facilities. At the request of Snowbird, and more specifically Larry Jackstien, managing director of sales and marketing, Jeremy Killpack Matt Barlow, and Cris Garthe, students of the Marriott School of Management located at Brigham Young University were commissioned to determine the effectiveness of these dining facilities as perceived by destinations guests of Snowbird Ski and Summer Resort located in Snowbird, Utah. Prepared by Jeremy Killpack, Cris Garthe, and Matt Barlow.

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Return Distributions And Improved Tests Of Asset Pricing Models, Keith Vorkink Jan 2003

Return Distributions And Improved Tests Of Asset Pricing Models, Keith Vorkink

Faculty Publications

We compare and contrast some existing ordinary least squares (OLS)- and generalized method of moments (GMM)-based tests of asset pricing models with a new more general test. This new test is valid under the assumption that returns are elliptically distributed, a necessary and sufficient assumption of the linear capital asset pricing model (CAPM). This new test fails to reject the CAPM on a dataset of stocks sorted by market valuations, whereas similar tests constructed from OLS and GMM estimation methods reject the linear CAPM. We also find that outliers reduce the OLSestimated mispricing of the linear CAPM on monthly returns …

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A Comparison Of Partially Adaptive And Reweighted Least Squares Estimation, Brian H. Boyer, James B. Mcdonald, Whitney K. Newey Jan 2003

A Comparison Of Partially Adaptive And Reweighted Least Squares Estimation, Brian H. Boyer, James B. Mcdonald, Whitney K. Newey

Faculty Publications

The small sample performance of least median of squares, reweighted least squares, least squares, least absolute deviations, and three partially adaptive estimators are compared using Monte Carlo simulations. Two data problems are addressed in the paper: (1) data generated from non-normal error distributions and (2) contaminated data. Breakdown plots are used to investigate the sensitivity of partially adaptive estimators to data contamination relative to RLS. One partially adaptive estimator performs especially well when the errors are skewed, while another partially adaptive estimator and RLS perform particularly well when the errors are extremely leptokurtotic. In comparison with RLS, partially adaptive estimators …

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Investor Overconfidence And Trading Volume, Meir Statman, Steven Thorley, Keith Vorkink Jan 2003

Investor Overconfidence And Trading Volume, Meir Statman, Steven Thorley, Keith Vorkink

Faculty Publications

The proposition that investors are overconfident about their valuation and trading skills can explain high observed trading volume. With biased self-attribution, the level of investor overconfidence and thus trading volume varies with past returns. We test the trading volume predictions of formal overconfidence models and find that share turnover is positively related to lagged returns for many months. The relationship holds for both market-wide and individual security turnover, which we interpret as evidence of investor overconfidence and the disposition effect, respectively. Security volume is more responsive to market return shocks than to security return shocks, and both relationships are more …

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Data Mining Of Forensic Association Rules, James V. Hansen, Paul Benjamin Lowry, Rayman D. Meservy Jan 2003

Data Mining Of Forensic Association Rules, James V. Hansen, Paul Benjamin Lowry, Rayman D. Meservy

Faculty Publications

Data mining offers a potentially powerful method for analyzing the large data sets that are typically found in forensic computing (FC) investigations to discover useful and previously unknown patterns within the data. The contribution of this paper is an innovative and rigorous data mining methodology that enables effective search of large volumes of complex data to discover offender profiles. These profiles are based on association rules, which are computationally sound, flexible, easily interpreted, and provide a ready set of data for refinement via predictive models. Methodology incorporates link analysis and creation of predictive models based on association rule input.

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Model Checking For Design And Assurance Of E-Business Processes, Bonnie Anderson, James V. Hansen, Paul Benjamin Lowry, Scott L. Summers Jan 2003

Model Checking For Design And Assurance Of E-Business Processes, Bonnie Anderson, James V. Hansen, Paul Benjamin Lowry, Scott L. Summers

Faculty Publications

Use of the Internet for electronic business has the potential to revolutionize the way many businesses are conducted. Yet, several businesses have fallen victim to problems in information systems that facilitate e-Business. These problems are characterized by uncertainties due to system complexity, rapid development, interconnectivity, and a lack of familiarity with the new technologically based economy. This paper demonstrates how model checking can aid in the design and assurance of e- Business processes in environments characterized by distributed processing, parallelism, concurrency, communication uncertainties, and continuous operations.

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Testing Forward Exchange Rate Unbiasedness Efficiently: A Semiparametric Approach, Douglas J. Hodgson, Oliver Linton, Keith Vorkink Jan 2003

Testing Forward Exchange Rate Unbiasedness Efficiently: A Semiparametric Approach, Douglas J. Hodgson, Oliver Linton, Keith Vorkink

Faculty Publications

We apply semiparametric efficient estimation procedures for a seemingly unrelated regression model where the multivariate error density is elliptically symmetric to study the efficiency of the foreign exchange market. We consider both cointegrating regressions and standard stationary regressions. The elliptical symmetry assumption allows us to avoid the curse of dimensionality problem that typically arises in multivariate semiparametric estimation procedures, because the multivariate elliptically symmetric density function can be written as a function of a scalar transformation of the observed multivariate data. We test the unbiasedness hypothesis on both weekly and daily exchange rate data and strongly reject unbiasedness at the …

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Concealing And Confounding Adverse Signals: Insider Wealth-Maximizing Behavior In The Ipo Process, James S. Ang, James C. Brau Jan 2003

Concealing And Confounding Adverse Signals: Insider Wealth-Maximizing Behavior In The Ipo Process, James S. Ang, James C. Brau

Faculty Publications

We study a known negative signal, the sale of insider shares in an IPO and find that insiders adopt two concealment strategies consistent with wealth-maximizing behavior. First, insiders underreport the number of personally owned shares in the prominent original prospectus and use an obscure amendment to communicate the true higher level of shares to be offered. Second, when insiders increase shares in a later amendment, they tend to either increase secondary shares disproportional to primary share increases, or to reduce primary shares to wholly or partly conceal the increase in secondary shares offered. Insiders confound the negative secondary share signal …

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Propping And Tunneling, Eric Friedman, Simon Johnson, Todd Mitton Jan 2003

Propping And Tunneling, Eric Friedman, Simon Johnson, Todd Mitton

Faculty Publications

In countries with weak legal systems, there is a great deal of tunneling by the entrepreneurs who control publicly traded firms. However, under some conditions entrepreneurs prop up their firms, i.e., they use their private funds to benefit minority shareholders. We provide evidence and a model that explains propping. In particular, we suggest that issuing debt can credibly commit an entrepreneur to propping, even though creditors can never take possession of any underlying collateral. This helps to explain why emerging markets with weak institutions sometimes grow rapidly and why they are also subject to frequent economic and financial crises. Journal …

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The Relations Between Knowledge, Search Strategy, And Performance In Unaided And Aided Information Search, John A. Barrick, Brian C. Spilker Jan 2003

The Relations Between Knowledge, Search Strategy, And Performance In Unaided And Aided Information Search, John A. Barrick, Brian C. Spilker

Faculty Publications

Information search is a critical step in resolving complex issues in many different decisionmaking domains. This study examines the relations between knowledge, search strategy, and performance in both unaided and aided information search. The results of an experiment indicates that (a) task-relevant knowledge is directly related to performance in aided but not in unaided information search; (b) in unaided information search, search strategy mediates the relation between knowledge and performance; that is, knowledge indirectly affects performance through its effect on search strategy; and (c) an information search aid moderates both the relation between knowledge and search strategy and the relation …

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An Empirical Model Of Price And Quality Effects Of E-Commerce, Scott E. Sampson, Kendall Hulet Jan 2003

An Empirical Model Of Price And Quality Effects Of E-Commerce, Scott E. Sampson, Kendall Hulet

Faculty Publications

During the e-Commerce boom of the late 1990s it was predicted that the Internet would have a significant impact on prices of various goods and services. Whether the net impact would he positive or negative was harder to forecast, there being opposing effects. We develop a model that describes some of those effects, including information asymmetry, search costs, price dispersion, trust premiums, and convenience premiums. The model is discussed, and a major portion is statistically tested with empirical data. As an exploratory gesture, the model is extended to consider product quality effects of online shopping. The final section concludes with …

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