Business Commons^™

An Investigation Of Theory And Its Application In Investment Management Education-Case Of Pakistan, Naveed Iqbal, Searat Ali, Kashif Ur Rehman, Mehmood Shah, Zeeshan Akbar

Faculty of Business - Papers (Archive)

Deviation of theory from practice is the burning question of the present age. As, numerous efforts have been commenced in multi programs to inspect this prevailing disparity between knowledge and practice at different venues. This study also aims to investigate the theory practice variation in the context of investment management education on the territory of Pakistan-what is taught by the investment academics in the universities to what is used by the investment professionals in the market. The data was collected from the sample of 30 investment academics and 23 investment professionals by using convenience non probability sampling technique. The sample …

Ability, Gender, And Performance Standards: Evidence From Academic Probation, Jason M. Lindo, Nicholas J. Sanders, Philip Oreopoulos

Faculty of Business - Papers (Archive)

We use a regression discontinuity design to examine students' responses to being placed on academic probation. Consistent with a model of introducing performance standards, we find that being placed on probation at the end of the first year discourages some students from returning to school while improving the GPAs of those who do. We find heterogeneous responses across prior academic performance, gender, and native language, and discuss these results within the context of the model. We also find negative effects on graduation rates, particularly for students with the highest high school grades.

Reward Through Collective Reflection: An Autoethnography, Bonnie Amelia Dean, Michael Clements

Faculty of Business - Papers (Archive)

This paper provides an exemplar to teachers and professionals for engaging with collective reflection techniques for vocational development and identity consciousness. Drawing on concepts of col lective reflection and autoethnography, this paper explores the journey of our academic teaching team through a combination of individual reflections, diaries and recollections that occurred during the application process of a teaching and learning award. This salient journey enabled us to reflect on 'what we do' and challenged us to deeply consider 'why we do it'. This experience has consequently had considerable impact on how we conduct our internship programme, how we view ourselves …

Endogenous Technological Progress In A Multi-Sector Growth Model, Davide La Torre, Simone Marsiglio

Faculty of Business - Papers (Archive)

This paper presents an endogenous growth model driven by human capital, where human capital can be allocated across three sectors: the production of the final consumption good, the educational sector and the production of technological capital (in the form of knowledge or ideas). In our model, which also includes public expenditure and population growth, labor augmenting technical progress is endogenous and this enriches the transitional dynamics of the economy. With respect to ideas-based growth models, we assume knowledge is produced according to a neoclassical technology, combining ideas and human capital. Such an assumption is motivated by empirical works showing the …

The Ownership And Ownership Concentration? The Impact On The Performance Of China's Firms, Shiguang Ma, Tony Naughton, Gary G. Tian

Faculty of Business - Papers (Archive)

This paper investigates the impact of ownership and ownership concentration on the performance of China's listed firms. By recognizing the differences between ownership and ownership concentration, and between total ownership concentration and tradable ownership concentration, we find that ownership concentration is more powerful than any category of ownership in determining firm performance and that it has approximately positive linear relations with firm value. The tradable ownership concentration has a more significant and positive influence on firm performance than total ownership concentration. The highest level of firm performance is approached when a firm is characterized with both total ownership concentration and …

Regression Tree Construction By Bootstrap: Model Search For Drg-Systems Applied To Austrian Health-Data, Thomas Grubinger, Conrad Kobel, Karl Peter Pfeiffer

Faculty of Business - Papers (Archive)

Background. DRG-systems are used to allocate resources fairly to hospitals based on their performance. Statistically, this allocation is based on simple rules that can be modeled with regression trees. However, the resulting models often have to be adjusted manually to be medically reasonable and ethical. Methods. Despite the possibility of manual, performance degenerating adaptations of the original model, alternative trees are systematically searched. The bootstrap-based method bumping is used to build diverse and accurate regression tree models for DRG-systems. A two-step model selection approach is proposed. First, a reasonable model complexity is chosen, based on statistical, medical and economical considerations. …

The Size Of The Government And Economic Growth: An Empirical Study Of Sri Lanka, Shanaka Herath

Faculty of Business - Papers (Archive)

Growth models are fundamentally of two fold; the neoclassical growth model, also known as the exogenous growth model developed primarily by Solow (1956) and the new growth theory, also known as the endogenous growth model, pioneered by Romer (1986), Lucas (1988), Barro (1990) and Rebelo (1991).

Employability And Marketing Education : Insights From The United Kingdom, Troy W. Heffernan, Weizhe Feng, Robert Angell, Yan Fang

Faculty of Business - Papers (Archive)

The importance of developing employability attributes within university graduates is gaining rapid momentum in the UK. One reason for this is that employers in the UK are disappointed by the quality of graduates moving into the workforce; this sentiment has also been echoed by the UK Government. With this in mind, attempts have been made to identify general attributes that lead to employability. However, to-date limited research has been undertaken to identify the key employability attributes for marketing graduates. Consequently, this study explores and identifies the key attributes for marketing graduates from an employer's perspective. Further, in-depth interviews with marketing …

Dividend Stability In A Unique Environment, Khamis Al-Yahyaee, Toan Pham, Terry S. Walter

Faculty of Business - Papers (Archive)

Purpose - This paper aims to examine the stability of dividend policy using a unique data set.

Design/methodology/approach - The paper is based on the Lintner model that is used to test the dividend smoothing behavior. The specific econometric method used for panel data is Tobit regression.

Findings - The evidence shows that Omani firms adopt a policy of smoothing dividends. This stability of dividends does not support the predictions suggested by the high bank leverage, absence of taxes, and the variability of dividend payments in Oman.

Research limitations/implications - This study highlights the need for further research in order …

Investment Manager Skill In Small-Cap Equities, Cong Chen, Carole Comerton-Forde, David R. Gallagher, Terry S. Walter

Faculty of Business - Papers (Archive)

Using a representative sample of monthly portfolio holdings and daily trades, this study presents unique evidence of significant stock selection skill amongst institutional small-cap equity managers on a risk-adjusted basis. Of particular importance is the magnitude of the performance generated by fund managers in our sample. Aggregate four-factor and five-factor alphas are 68 and 59.6 basis points per month before management expenses and tax, respectively. The evidence from holdings and transaction-based metrics of performance also reveals that small-cap equity managers possess superior stock selection ability, from both a statistical and economic perspective. Our results are robust to the deduction of …

Transaction Costs And Institutional Trading In Small-Cap Equity Funds, Carole Comerton-Forde, David R. Gallagher, Jumana Nahhas, Terry S. Walter

Faculty of Business - Papers (Archive)

This paper examines the magnitude and determinants of trading costs for small-cap funds in Australia. The total price impact for these funds is 0.99% (-0.34%) for purchases (sales). This is considerably larger than costs reported in prior literature. Both purchases and sales exhibit price continuations after the trade package, consistent with an information effect. Although we do not observe the directional asymmetry typically shown in the literature, the magnitude of the total and permanent effects for purchases is larger than for sales. We also show that price impact is related to fund inflows and outflows.

Exchange Of Information Agreements With Tax Havens: How Will This Affect The Rights Of Non-Resident Taxpayers And Investors?, John Mclaren

Faculty of Business - Papers (Archive)

The Organisation for Economic Cooperation and Development (OECD) appears to have been successful in convincing tax havens and countries with strict bank secrecy laws to exchange information on non-resident taxpayers, investors and businesses using their financial services. As at 18 August 2010, the OECD have confirmed that more than 320 Tax Information Exchange Agreements (TIEAs) and 150 Double Taxation Conventions that incorporate the new transparency standards have been signed between OECD member countries and non-OECD member states since 2006.531 While this situation may be good for tax administrators in the pursuit of their goal of maximising the collection of tax …

The Effects Of Financial Crises On International Stock Market Volatility Transmission, Indika Karunanayake Athukoralalage, Abbas Valadkhani, Martin O'Brien

Faculty of Business - Papers (Archive)

With the integration of national economies through international trade and finance, the exploration of financial market interdependency has become profoundly important among market participants and scholars. Focusing on the Asian and global financial crises of 1997-98 and 2008-09 for Australia, Singapore, the UK, and the US, this paper examines the nature of such an interaction between stock market returns and their volatility. We use a multivariate generalised autoregressive conditional heteroskedasticity (MGARCH) model and weekly data (January 1992-June 2009). Based on the results obtained from the mean return equations, we could not find any significant impact on returns arising from the …