Business Commons^™

Interest Rate Uncertainty And Stock Market Volatility, Jincai Xu

Dissertations and Theses Collection (Open Access)

The reason for volatility changing over time is still open. As stated in the extant papers uncertainty of Macroeconomic variable plays more important role in explaining the time varying of volatility than the volatility of Macroeconomic variable itself. In this paper we illustrate this with exploring the relationship between stock market volatility and the Interest Uncertainty. In the paper, we take the uncertainty of the decision of FOMC meeting as the uncertainty of interest rate. As we know, asset price is a tool for people to express their belief about the state of the economy, when uncertainty is high, a …

On The Calibration Of The Libor Market Model, U Lagunzad Demelinda

Dissertations and Theses Collection (Open Access)

This thesis presents a study of LIBOR market model calibration. In particular, the study builds on the prevailing calibration methodologies in an attempt to find a method that simultaneously recovers implied volatility and forward rate correlations structures from market prices of plain vanilla options. In order to ensure that complex derivative pricing and hedging requirements are jointly addressed, the study extends the performance analysis of calibration methods from a static level of goodness-of-fit with market prices test, to a dynamic level of approximation to next period's LIBOR (London Interbank Offer Rate) dynamics when tested on a series of market prices. …

Improving Decision Making : The Case For Internal Intelligence Functions, Charlene Kaye Farr

Theses : Honours

Decision making is a crucial facet of human existence. Decision making can also be a powerful instrument in determining the fate of individuals, organisations, governments, and at society at large. Within the context of government, there is enormous responsibility to ensure that decision making as par for the course of management and governance, results in decisions which are informed, timely and appropriate. It is essential that decision making achieves objectives which are beneficial to the individuals or environment, to which they will be applied. This research study seeks to understand the use of intelligence processes to inform and improve decision …

Young Adults And Health Insurance Coverage: A Description Of Trends, Christina Lynn Hansen

Honors Program Theses

Such high rates of uninsurance are due to many factors, but the transition from dependence to independence is a major cause of uninsurance within young adults. Affecting all classes and groups of young adults, it is shown that being in low-income families, a member of a minority group, and being male all increase chances of uninsurance (Callahan & Cooper, 2004).

What Explains Credit Default Swaps Bid-Ask Spread?, Yaru Chen

Dissertations and Theses Collection (Open Access)

The pace at which the Credit default swaps (CDS) has been growing since its inception topped all projections. Despite the rapid growth, there is still room for enhancement of liquidity in the CDS market. Asymmetric information is another concern of investors in CDS market, however, some literature addressed that it may not be as serious as regarded. Bid-ask spreads is commonly used as a proxy of both liquidity and asymmetric information. Our empirical study confirms that CDS bid-ask spread has explanatory power to CDS premium. We then investigate the liquidity component in CDS bid-ask spreads. We use the bond age, …

Predicting Customer Responses To Direct Marketing : A Bayesian Approach, Wei Chen

Lingnan Theses

Direct marketing problems have been intensively reviewed in the marketing literature recently, such as purchase frequency and time, sales profit, and brand choices. However, modeling the customer response, which is an important issue in direct marketing research, remains a significant challenge. This thesis is an empirical study of predicting customer response to direct marketing and applies a Bayesian approach, including the Bayesian Binary Regression (BBR) and the Hierarchical Bayes (HB). Other classical methods, such as Logistic Regression and Latent Class Analysis (LCA), have been conducted for the purpose of comparison. The results of comparing the performance of all these techniques …

Internationalization Of Chinese Firms : A Contingent Resource Perspective, Xiaoyan Ma

Lingnan Theses

This study examines the role of inward activities in the internationalization of firms from China and proposes a theoretical framework of internationalization using the contingent resource theory. Based on case studies of four Chinese enterprises and a survey of Chinese manufacturing firms, the study shows that by engaging in inward activities, firms may acquire the critical resources that can lead to outward activities and the internationalization process. Whether firms can succeed in internationalization is conditional upon several contingency factors including management motivation, absorptive capacity, resource fungibility, exploration strategy, exploitation strategy and government support. Lastly, we explore the implications of the …

Evaluating Predictive Performance Of Value-At-Risk Models In Chinese Stock Markets, Jianshe Ou

Lingnan Theses

Risk can be defined as the volatility of unexpected outcomes, generally for values of assets and liabilities. Financial risk, risk refer to possible losses in financial markets, includes markets risk, credit risk, liquidity risk, operational risk, and legal risk. This MPhil thesis is specializing on market risk, which involves the uncertainty of earnings or losses resulting from changes in market conditions such as asset prices, interest rates, and market liquidity.

The primary tool to evaluate market risk is VaR that is a method of assessing risk through standard statistical techniques. VaR is defined a measure for the worst expected loss …

How Do Institutions Affect Auditor Reporting Behavior? Empirical Evidence From China, Yang An

Lingnan Theses

It is well documented in cross-country research that institutions, both economic and political, affect the reporting behavior of auditors and audit services. These findings are based on the assumption that institutions vary across countries but are more homogeneous within a country. However, cross-country research suffers from the problems of country-specific cultures, accounting rules, and regulations, and can be criticized for the use of small sample sizes, potential endogeneity, and the correlation of omitted variables. This study overcomes these problems by engaging in within-country research. Specifically, this study examines how variations in the institutional environment within China affect auditor reporting behavior. …

Conflict Avoidance In Cooperative And Competitive Relationships : A Cross-Cultural Study Between Chinese Subordinates And Western Superiors, Chun Yan Peng

Lingnan Theses

Many international companies have entered China because of its expanding opportunities. However, for expatriate managers to innovate and implement their strategic plans in order to exploit these opportunities, they must know and work with their Chinese subordinates. But conflict is inevitable within organizations, especially when people with different cultural backgrounds work together. Culture not only affects people’s preferred ways of doing things but also influences their styles to deal with conflicts. Compared with Westerners, Chinese people have been found to employ indirect ways and prefer to avoid conflict. To facilitate effective communication, it is imperative for Western managers to understand …

Organizational Legitimacy And The Strategic Use Of Accounting Information: Three Studies Related To Social And Environmental Dis, Charles Cho

Electronic Theses and Dissertations

This dissertation consists of three separate, but inter-related, studies overarching a common theme labeled "the role played by social and environmental accounting disclosures using different methodologies and framed within legitimacy theory." The first study investigates the use of different language techniques in social and environmental disclosures (SED) and tests whether the impression management hypothesis holds when disclosures are measured as such. The second study extends the "legitimacy on the Internet" arguments of Patten and Crampton (2004) by examining the content and presentation of corporate website environmental disclosure in relation to firm environmental performance of four size-matched sample groups constructed based …

Finance And Accounting Outsourcing: Three Studies Related To The Ethical And Economic Dimensions Of Accounting Outsourcing, Renu V. Desai

Electronic Theses and Dissertations

This dissertation evaluates the economic and ethical considerations underlying the outsourcing of professional services such as finance and accounting. The dissertation is comprised of three separate, but related studies. The first study explores the adequacy of the disclosure rules recommended in the revised ethics rulings regarding disclosure of outsourcing relationships and the resulting ethical and economic repercussions for both, the AICPA members and their clients. The second study analyzes the disclosure rules recommended in the AICPA ethics rulings regarding disclosure of outsourcing relationships from an ethical standpoint. The third study adopts the perspective of the third party service provider. The …

Change In The Indian Accounting Profession: Three Studies Related To The Entry Of The Big Four Accounting Firms In India, Vikram G. Desai

Electronic Theses and Dissertations

This dissertation focuses on the globalization of audit markets. In particular, this dissertation is studying the entry of the Big Four accounting firms into India post-economic and political reforms of the early 1990s. The dissertation is comprised of three separate, but related studies. Each study appeals to prior research in accounting and related disciplines to examine the entry of the Big Four accounting firms in India. The first study appeals to audit market and economic research on incumbent pricing to examine ways in which local accounting firms in India adapted to the competition introduced by the Big Four accounting firms. …

Two Essays On Institutional Investors, Hoang Nguyen

Electronic Theses and Dissertations

This dissertation consists of two essays investigating the trading by institutions and its impact on the stock market. In the first essay, I investigate why changes in institutional breadth predict return. I first show that changes in breadth are positively associated with abnormal returns over the following four quarters. I then demonstrate that this return predictability can be attributed to the information about the firms' future operating performance. When I examine different types of institutions independently, I find that the predictive power varies across the population of institutions. More specifically, institutions that follow active management style are better able to …

Financial Planning Tools For A Uni Graduate, Scott Ivan Cochran

Honors Program Theses

This project will research financial planning tools for a new University of Northern Iowa (UNI) graduate. The following two research questions will be considered. First, what should graduates know about budgeting, investing, insurance, and spending? Second, what are the tax considerations related to these financial matters? The research for the project will be completed through reading articles and books from the library and recent online sources. Financial planning is important for UNI graduates because all of them will need to make many decisions related to finances over their lifetime. In the article Grads in Dark Over Finances, a poll of …

Sarbanes-Oxley - From Idea To Implementation: A Look At The Impact On Public Companies, Stephanie Lynn Johnson

Honors Program Theses

While the new requirements of the Sarbanes-Oxley Act might seem like an excellent step towards improving the honesty, integrity, and reputation of the corporate accounting world, the actual implementation of these regulations is proving to be quite a headache for public companies and their auditors. Congress developed new rules for publicly held companies, but they failed to provide any guidelines or best practices for companies to follow in the compliance process. In addition, the costs of implementing the various provisions of SOX are adding up to be much higher than originally anticipated, creating a burden for smaller public companies. This …

An Empirical Investigation Of The Role Of The Accountant In The Implementation Of An Integrated System: A Case Study In Cork County Council., Julie Griffin

Theses

The last decade has been a lime of continuous rapid change in the business environment. To survive in this environment, organisations have had to become more competitive and customer focussed. The promised benefits of integrated systems made their implementation a popular attempt at achieving success in the private sector. The implementation process for, and the benefits of integrated systems in the private sector are well documented.

Integrated systems are still a relatively new phenomenon in the public sector. The researcher was working, as an accountant, in Cork County Council, when it was tendering for and implementing a new integrated system. …

Towards A Model Of Best Practice: An Irish Perspective On Employee Empowerment, Richard O'Connor

Theses

This dissertation examines the topic of Employee Empowerment within an Irish context. The aim is to provide a model of best practice for its implementation Empowerment is defined as a process whereby: a culture of empowerment is developed, information is shared, competency is developed, and resources and support are provided. Each of the components of empowerment—culture, information sharing, resource provision, and support—is examined in detail. The benefits of employee empowerment are noted and the theoretical foundations of both Employee Empowerment and Internal Marketing are examined in an extensive literature review. A model of best practice is proposed and conclusions, recommendations …

The Impact Of Changing Demographics On Mature Industries, Paul Culloty

Theses

The research plan is to conduct a qualitative questionnaire in order to determine the impact of changing demographics on the Irish telecommunications industry in general, and Eircom marketing strategy in particular. The resulting consumer behaviour analysis will assist in gauging respondent acceptance and utilisation of technology, brand selection and loyalty and effectiveness of corporate marketing strategy as measured by customer acquisition and increased revenue.

An Evaluation Of The Effectiveness Of Fear Appeals Used In Road Safety Campaigns, Darren O'Sullivan

Theses

This research project looks at Fear appeals as a method of communication. It is an evaluation of the use of this method based on a number of criteria. These criteria look at differing aspects of fear appeals which form the basis of the evaluation. Issues such as ethics, involvement of the audience, credibility and the level of fear used are all examined in a bid to determine the overall perceived effectiveness of this form of communication.

The first section of the project examines the research question and the objectives which the research hopes to achieve in order to arrive at …

Tourism And Terrorism - Is There A Pattern Of Recovery Following A Terrorist Attack?, Mary Rose Stafford

Theses

The purpose of this research is to ascertain if there is a pattern of recovery in tourism following a terrorist attack. If so, what measures can be taken to mitigate against such a significant downturn in tourism as experienced by the tourism industry following the terrorist attacks of September 112001. The research conducted is a multi-method approach combining secondary research with primary research (in-depth interviews, case studies and tourist surveys) to provide a synthesis of research findings.

The findings suggest that there are defining phases to the recovery process but no clear pattern has emerged. A number of factors are …

An Empirical Study Of Executive Management Team Compensation And Company Performance, Gregory A. Jonas

Theses and Dissertations

Increasing compensation disclosures mandated by the Securities Exchange Commission provide transparency that allows more shareholders to question the results produced by highly compensated executives. The popular business press often decries the apparent imbalance between executive pay and firm performance. Published academic research has responded with hundreds of studies attempting to explain executive pay in terms of firm performance. The preponderance of these studies focus on Chief Executive Officers. This study empirically examines executive compensation for team effects on future firm performance.Applying a firm specific fixed-effects model to a sample of 13,021 firm-year observations from ExecuComp, the current study regresses top …

The Effect Of Nutrition Information On Menu Selection When Eating Food Away From Home, Rebecca Foster Hochradel

Theses and Dissertations in Business Administration

As the number of Americans diagnosed with heart disease, diabetes, and excessive weight continues to increase, providing information to allow consumers to choose healthier foods becomes imperative. The number of consumers eating food away from home (EFAH) is rising. Although nutrition information is required on food products purchased for home use, it is not required when EFAH. How can a consumer know what is healthy if nutrition information is not provided? Policy makers and restaurateurs are in conflict regarding the provision of nutrition information on the menu. Policy makers want this information to be provided while restaurateurs say providing this …

Downsizing, Rightsizing, And Restructuring: How Leadership Can Increase Associate Accountability During Change, Edward S. Keszkowski

Seton Hall University Dissertations and Theses (ETDs)

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Regulation Fair Disclosure And Its Effect On Corporate Information: A Checkup On A Controversial Rule & Content Analysis Of Hewlett-Packard News Release Habits, Michael E. Maguire

Seton Hall University Dissertations and Theses (ETDs)

On October 23, 2000, the Securities and Exchange Commission (SEC) instituted Regulation Fair Disclosure (Reg FD), which mandated that all public companies give stock-moving information to all investors simultaneously. What seems simple in concept has actually been difficult for many companies to interpret and has resulted in some falling victim to sanctions from the SEC. Siebel Systems, ImClone Systems, Tyco International, Adelphia Communications and Raytheon are some examples of companies who have recently engaged in corporate fraud that has misled investors. Reg FD is in existence today to stop companies from hand-picking who gets their news first. This study will …

The Preferred Classroom Environment Of College-Level Business Administration Students In Urban Community Colleges, Thomas J. Cox

Seton Hall University Dissertations and Theses (ETDs)

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A Proposed Strategic Undergraduate Enrollment Marketing Plan For St. Thomas Aquinas College, Danielle N. Mac Kay

Seton Hall University Dissertations and Theses (ETDs)

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The Impact Of An Employer Sponsored Walking Program On Employees' Cardiovascular Risks, Joan Breslin Sechrist

STEMPS Theses & Dissertations

The problem of this study was to determine if participation in an employer sponsored walking program reduced employees' cardiovascular health risks. The independent variable was the "WalkAbout with Healthy Edge" program and the dependent variables included: body mass index (BMI), blood pressure, cholesterol, amount of exercise, and tobacco use. The study population was an employer group of 1300, and 284 employees registered for the program. Due to attrition, 79 submitted the first month of step logs and participation decreased over the months respectively to 58, 40, 38, 32, and 29. Twenty-three participants submitted six months of walking logs, and pre-test …

Two Essays On Lead-Lag Patterns Between Trading Volume And Stock Return In China Stock Markets, Xiaotian Zhu

Theses and Dissertations in Business Administration

This dissertation systematically investigate the lead-lag relations between the trading volume and stock return patterns in China A share and B share markets through two streams of behavioral postulations. In the first part, we summarize all the potential lead-lag patterns between trading volume and stock returns and link them to the corresponding behavioral explanations. In particular, Lee and Swaminathan's (2000) Momentum Life Cycle theory best explains the strong negative relations between lagged trading volume and subsequent return in China A share market. The strong positive relations between lagged market return and subsequent trading volume found in both China's B share …

The Effect Of Survey-Based Sentiment Measures On The Predictability And Volatility Of Stock Returns Conditioned On The Payout Yield And Issue Yield, Darryl Philip Samsell

Theses and Dissertations in Business Administration

Survey-based sentiment indexes from the American Association of Individual Investors, Investors' Intelligence, and the Yale University International Center for Finance show strong in-sample monthly return predictability and are strong factors in explaining the cross-sectional variation in monthly returns and in explaining the excess volatility in returns beyond that explained by cash flow fundamentals proxied by the payout yield and the issue yield from Boudoukh, et al. (2007). These finding are robust to the use of numerous methods of sentiment variable computation. Sentiment is a more significant factor during the period from January 1997 to December 2005 when U.S. stock valuations …