Business Commons^™

Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff

Research Collection Lee Kong Chian School Of Business

A critical review of the literature on security-price-changes-volume research suggests that the published studies in the United States and one each in Hong Kong and Japan have largely ignored the impacts on the results from autocorrelation, non-normality of distributions, heteroscedasticity and non-linear functional forms. Therefore, the reported findings are not robust. In testing for this relation from a small sample of continuously traded shares in the Singapore share market, we find that consistent results may not be obtained because of violations of basic test conditions. A task that remains is an application of alternative test models with data transformation using …

Is A Bond Rating Downgrade Bad News, Good News, Or No News For Stockholders?, Choo Yong, Jeremy Goh, Louis H. Ederington

Research Collection Lee Kong Chian School Of Business

We examine the reaction of common stock returns to bond rating changes. While recent studies find a significant negative stock response to downgrades, we argue that this reaction should not be expected for all downgrades because: (1) some rating changes are anticipated by market participants and (2) downgrades because of an anticipated move to transfer wealth from bondholders to stockholders should be good news for stockholders. We find that downgrades associated with deteriorating financial prospects convey new negative information to the capital market, but that downgrades due to changes in firms' leverage do not.

Auctions For Transferable Objects: Theory And Evidence From The Vehicle Quota System In Singapore, David K. C. Lee, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper studies the hypothesis that auctions with resale markets result in higher prices. The vehicle quota system introduced in Singapore in May 1990 provides the setting. The Certificates of Entitlement (COEs) necessary to purchase new cars were initially transferable for all quota categories. After October 1991, COEs for four major categories became non-transferable. Our results indicate that while the conversion to non-transferability eliminated speculation, it has also intensified competition among car distributors. Auctions for non-transferable COEs in fact led to higher COE prices in three of the four categories.

The Value Line Enigma Extended - An Examination Of The Performance Of Option Recommendations, Jack B. Broughton, Don M. Chance

Business Faculty Articles and Research

We extend the research on the Value Line Enigma by examining the performance of call recommendations in Value Line Options. Galai's hedge decomposition procedure identifies the components of the calls' returns. Abnormal call returns were most pronounced immediately following the purchase, which is consistent with studies of Value Line's stock rankings. The largest and most significant abnormal performance was by calls assigned the highest rank written on stocks judged by Value Line to be correctly priced. Abnormal call return performance by joint call and stock ranks was consistent with the hypothesis that Value Line identifies underpriced call options.

1993-1994 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College 1993-1994 Operating Budget.

1993-1994 Operating Budget Request: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at New Orleans Campus 1993-1994 Operating Budget Request.

1993-1994 Operating Budget: Southern University/Shreveport-Bossier Campus, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University/Shreveport-Bossier Campus 1993-1994 Operating Budget for the Fiscal Year Ending June 30, 1994.

1993-1994 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University Board and System Administration Operating Budget for the fiscal year 1993-1994.

Interorganizational Relations, Nadra Garas

Archived Theses and Dissertations

No abstract provided.

Good Faith Transferees Of U.S. Treasury Securities And Other Weird Ideas: Making Federal Commercial Law, Charles W. Mooney Jr.

All Faculty Scholarship

No abstract provided.

A Review Of Small-Scale Enterprises Credit Delivery Strategies In Nigeria, E E. Inang, G E. Ukpong

CBN Occasional Papers

The paper reviews the crucial role of Small-Scale Enterprises (SSEs) in facilitating industrial development; some special advantages of existing credit schemes to small-scale enterprises: the peculiar handicaps which SSEs face, the most crucial being poor access to development finance, and highlights areas and ways in which credit guarantee and insurance schemes for SSEs could increasingly contribute to their development and growth in Nigeria. Notable among the credit schemes and institutions reviewed are the Small-Scale Industries Credit Scheme (SSICS) introduced in 1971; the Nigerian Bank for Commerce and Industry (NBCI) established in 1978: the Nigerian Industrial Development Bank (NIDB); the Central …

Special Meeting, Wku Board Of Regents

Board of Regents Documents

Minutes of special meeting:

• Call to Order – page 1
• Invocation – page 1
• Roll Call – page 1
• Report on Salary Study – pages 1-12
• Recommendation for Approval of an Administrative Reorganization – page 13
• WKU Foundation Articles of Incorporation & Bylaws – pages 13-21
• Personnel Actions – pages 21-32
• Center for Industry & Technology Name Change – page 32
• President’s Report – pages 32-33
• Adjournment – page 33

Measuring Security Price Perfonnance Using Daily Returns: Issues Associated With Using Nasdaq Securities, Cynthia J. Campbell, Charles E. Wasley

Cynthia J. Campbell

This study addresses issues that arise when using daily NASDAQ security returns in event studies. Its objective is to provide benchmarks for assessing the impact of alternative research design choices. The results indicate that test statistics commonly used in event studies are subject to varying degrees of misspecification in samples of NASDAO securities. Misspecification is most severe for traditional z-statistics based on standardized abnormal returns. Across a wide variety of event study settings the rank statistic introduced in Corrado (1989) is consistently well-specified and quite powerful in detecting abnormal performance.

Exhibit 1 - 1992-98 Capital Planning System, Wku Board Of Regents

Board of Regents Documents

1992-98 Capital Planning System project report for WKU.

1992-1993 Financial Summary, Morehead State University. Budget & Financial Planning Office.

Morehead State University Financial Summaries Archive

No abstract provided.

Basic Concepts In Forest Valuation And Investment Analysis, Steven H. Bullard, Thomas J. Straka

Faculty Publications

The current edition 3.0 can be found at the following location:

Bullard, Steven H. and Straka, Thomas J., "Basic Concepts in Forest Valuation and Investment Analysis" (2011) eBooks http://scholarworks.sfasu.edu/ebooks/21

This book was originally intended to supplement lectures in forestry economics at the undergraduate level. At Mississippi State University, for example, these materials are currently used in one of the eleven major topics included in a one-semester course titled 'Forest Resource Economics.' It is also intended, however, that the book will serve as a basic reference for foresters with experience in valuation concepts and terminology. It has proven to be a …

Journal Of Actuarial Practice, Volume 1, No.1, 1993, Colin Ramsay , Editor

Journal of Actuarial Practice (1993-2006)

ARTICLES

Global Social Security: How the Rules are Changing in Certain Countries • Robert J. Myers

On Becoming a Cost Effective Company • Robert D. Shapiro and Barton H. Clennon

The Process of Pension Forecasting • Michael Sze

Cost-Based Pricing of Individual Automobile Risk Transfer: Car-Mile Exposure Unit Analysis • Patrick Butler

Discussion • Ruy A. Cardoso & Richard G. WolI & Patrick Butler's Reply

A New Approach to Modeling Excess Mortality • Peter D. England and Steven Haberman

The Small Plan Audit Program: The Opinions of the Court • Arnold F. Shapiro

BOOK REVIEWS

A. Hoque Sharif reviews "Options …

Ethical Issues, Helps, And Challenges: Perceptions Of U.S. Actuaries, Therese M. Vaughan, Robert W. Cooper, Garry L. Frank

Journal of Actuarial Practice (1993-2006)

This paper reports the findings of a survey of Fellows of the Casualty Actuarial Society (FCAS) to determine their perceptions of the key ethical issues and dilemmas facing the industry today and the factors they view as most helpful and challenging in resolving these dilemmas. The responses are compared to a previous survey of Fellows of the Society of Actuaries (FSA). The study finds that FSAs and FCASs tend to rank key ethical issues similarly and that both groups of actuaries tend to look first to their own personal values, second to certain factors in their business environment, and last …

The Process Of Pension Forecasting, Michael Sze

Journal of Actuarial Practice (1993-2006)

This paper explains the process of pension forecasting. It discusses the common purposes and uses of pension forecasts, the major steps involved, and the principal limitations of these forecasts. Some insights into each stage of the forecasting process are provided. Among the stages discussed are: the background research to be performed; the selection of scenario assumptions; shortcuts used in the actual performance of the forecast; review of the forecast results; and communication of the forecast findings.

Funding Methods And Pension Plan Amendments, Keith P. Sharp

Journal of Actuarial Practice (1993-2006)

This paper considers the treatment of plan amendments under the individual entry age normal and projected unit credit methods. Alternative treatments are considered, and comments are made about their acceptability.

On Becoming A Cost Effective Company, Robert D. Shapiro, Barton H. Clennon

Journal of Actuarial Practice (1993-2006)

The 1990s financial services environment requires each life company to identify its distinct capabilities and competitive strengths and to build its future direction from these features. This demands a fundamental rethinking of traditional approaches to planning, organization, and financial management.

The Small Plan Audit Program: The Opinions Of The Court, Arnold F. Shapiro

Journal of Actuarial Practice (1993-2006)

One of the most important issues of recent years from the perspective of many pension actuaries is the IRS's small plan audit program. The program initially was expected to raise two-thirds of a billion dollars by targeting well-funded defined benefit plans with five or fewer participants. The focus of the audit was the assumed interest rate and the normal retirement age, both of which the IRS generally regarded as too low. While the focus of the audit was relatively narrow, the issue it raised was a funda mental one. The basic question was the extent to which the IRS could …

Global Social Security: How The Rules Are Changing In Certain Countries, Robert J. Myers

Journal of Actuarial Practice (1993-2006)

Social security programs (i.e., national pension systems) differ widely between countries. This is only natural, and desirable, because of varying social and economic conditions and philosophies. This paper discusses some of the general worldwide trends, such as the equal treatment of men and women, increases in the normal retirement age, projection of future costs, and the different philosophies of social security. Some of the interesting and unique changes recently made in selected countries-Canada, Chile, Eastern European countries, Germany, Japan, People's Republic of China, Saudi Arabia, Union of Soviet Socialist Republics, United Kingdom, and United States-are described.

A Critique Of Defined Contribution Plans Using A Simulation Approach, David M. Knox

Journal of Actuarial Practice (1993-2006)

During the 1980s there was a trend in many countries away from defined benefit plans toward defined contribution plans. This development means that the individual member bears the full investment risk in the preretirement period and the annuity rate risk at retirement, as no pension benefit (expressed as a percentage of salary) is provided. This paper, through the use of a stochastic model for both inflation and a range of investment returns, analyses the distribution of retirement incomes that will be produced from a defined contribution plan. The impacts of changing entry and exit ages, different investment strategies, alternative career …

A New Approach To Modeling Excess Mortality, Peter D. England, Steven Haberman

Journal of Actuarial Practice (1993-2006)

This paper describes a complete framework for the statistical modeling of excess mortality, with particular reference to the experience of insured, impaired lives. The principal measure of excess mortality considered is the standardized mortality ratio. The modeling approach, based on the theory of generalized linear models, allows us to build models containing several explanatory variables. The statistical significance of these variables can be tested, and the effect of interactions between the variables can be assessed rigorously. The paper uses data drawn from the extensive, continuing investigation into the mortality of insured, impaired lives conducted by the Prudential Assurance Company (UK). …

Estimating The Effect Of Statutory Changes On Insured Casualty Losses Using Generalized Indicator Variables, Ruy A. Cardoso

Journal of Actuarial Practice (1993-2006)

Techniques for estimating future insured losses in casualty insurance typically assume consistency in the insurance environment over time. Statutory changes, however, can create sharp discontinuities in the loss-generating process, complicating the estimation of those losses. Using indicator variables and dummy variables allows for quantification of the effect of such discontinuities. Three examples from private passenger automobile insurance are presented to illustrate how these variables can be used.

Cost-Based Pricing Of Individual Automobile Risk Transfer: Car-Mile Exposure Unit Analysis, Patrick Butler

Journal of Actuarial Practice (1993-2006)

Every mile traveled by a car transfers risk to its insurer. This paper posits that the product of a cents-per-mile rate based on class experience and the miles recorded on the car's odometer appropriately earns prepaid premium while the car is driven. Operation of a practical car-mile system is described briefly. To test the competing idea that driver-record pricing responds to known large differences in risk transfer, a model used to validate claim free discounts is reexamined with the car-mile as the measure of individual cost. Driver-record pricing is found to inflate car-year price-to-cost differences. Consequences of accident rate variability …

Socially Responsible Accounting Reporting: Financial Aspects, A. Sadeghzadeh

Faculty of Business - Accounting & Finance Working Papers

The shortcomings of financial reports in some respects, have been criticised by many researchers and academicians. In this study some of the main shortcomings, associated with the acknowledged functions of financial reports, are pointed out and the necessity for regulating accounting reporting is justified. Based on the generally accepted concept of full disclosure, the role and responsibilities of financial reporting is highlighted and "socially responsible accounting reporting", in relation to the influence of culture on accounting, is defined.

Common Stock Price Effects Of Security Issues Conditioned By Current Earnings And Dividend Announcements, Timothy A. Manuel, Leroy D. Brooks, Frederick P. Schadler

Economics & Finance

The valuation effect of debt and equity issue announcements on stock price varies predictably with the timing of earnings and dividend reports. Issue announcements closely preceding current cash flow signals have more negative valuation effects. Straight debt announcements also have a significantly negative effect on stock price when the offer announcement closely precedes earnings and dividend releases. The evidence is consistent with a separating equilibrium where better performing firms signal superior value by announcing equity offers shortly after dividend announcements. Poorer performers appear to time equity offers just before dividend signals, which in turn are more likely to be negative.

Journal Of Actuarial Practice, Volume 1, No. 2, 1993, Colin Ramsay , Editor

Journal of Actuarial Practice (1993-2006)

ARTICLES

Ethical Issues, Helps, and Challenges: Perceptions of U.S. Actuaries • Therese M. Vaughan, Robert W. Cooper, and Garry L. Frank

Managing the Relative Volumes of Participating and Nonparticipating Business in a Mutual Life Company • Robert G. Chadburn

A Critique of Defined Contribution Plans Using a Simulation Approach • David M. Knox

Discussion • Michael Sze & David M. Knox's Reply

The Definition of Insurance: Implications for a Health Insurance Demand Model • Mark J. Browne

Discussion • Charles S. Fuhrer & Mark J. Browne's Reply

On the Equivalence of the Loss Ratio and Pure Premium Methods of Determining …