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Changing Patterns Xiii: Mortgage Lending To Traditionally Underserved Borrowers And Neighborhoods In Greater Boston, 1990-2005, Jim Campen

Gastón Institute Publications

The present study is the latest in a series of annual updates of the original report, Changing Patterns: Mortgage Lending in Boston, 1990-1993. Beginning in 1998, the reports’ geographic scope was expanded to include an examination of mortgage lending patterns in 27 cities and towns surrounding the city of Boston. In 2003, the report’s geographic coverage was further expanded to include a total of 108 communities. This year’s report extends coverage to all counties, regional planning areas, and federally-defined metropolitan areas in Massachusetts.

The text that follows this introduction highlights some of the most significant findings that emerge from …

Long-Run Risk-Adjusted Performance Of Ipos In The Life Insurance Industry, Lal Chugh, Joseph W. Meador

Financial Services Forum Publications

The pace of demutualization among major U.S. life insurance companies increased sharply after the mid-1990s. Five of the fifteen largest U.S. life insurers demutualized between 1997 and 2001, and the largest, Metropolitan Life Insurance Company, demutualized in 2000. Ten other major life insurance companies, with total assets in 2003 of $775 billion, demutualized over the same time period. The regulatory and competitive environment in the life insurance industry has changed dramatically in recent years. These changes include: (1) the fact that consumers have shown declining interest in the traditional life insurance products of risk bearing and transfer, while revenues from …

Demutualization In The Life Insurance Industry: A Study Of Effectiveness, Lal Chugh, Joseph W. Meador

Financial Services Forum Publications

The regulatory and competitive environment in the life insurance industry has changed dramatically in recent years. We investigate the effectiveness of demutualization as a strategic response to the challenges posed by these sweeping changes. The study finds that the demutualized firms generally have implemented a successful strategy based on higher growth, greater profitability, cost effectiveness and shifts in product mix. Also, we find that management takes greater risk in the investment portfolio. In addition, demutualization unlocks value lying dormant in the mutuals’ surplus. The paper concludes that the demutualized firms have generated substantial excess returns over the several market indexes, …

A Primer On Eva For Healthcare Providers, James L. Grant

Financial Services Forum Publications

The concept of economic profit (EVA) has proved successful in the field of corporate finance since its adoption by several U.S. and International companies over the past 25 years. Unlike accounting earnings, EVA is a measure of a company’s true earnings because it fully “accounts” for the costs of all forms of financing, including debt and equity. In the EVA view, a company is not truly profitable unless it earns a return on capital that bests the opportunity cost of capital. That being said, the question that we address here is how to measure the economic profit of providers in …

Measures Of Investor Sentiment: Who Wins The Horse Race?, Arindam Bandopadhyaya

Financial Services Forum Publications

Traditional research on asset pricing has focused on firm-specific and economywide factors that affect asset prices. Recently, the finance literature has turned to noneconomic factors such as investor sentiment as possible determinants of asset prices. Some researchers (e.g., Eichengreen and Mody, 1998) suggest that a change in one set of asset prices may change investor sentiment, thus triggering changes in a seemingly unrelated set of asset prices, especially in the short run, giving rise to pure contagion. Fisher and Statman (2000) and Baker and Wurgler (2006) have also recognized that investor sentiment may be an important component of the market …

The New Division Of Labor In Massachusetts, Daniel Georgianna, Corinn Williams

New England Journal of Public Policy

In The New Division of Labor, Levy and Murnane describe a world of work re-shaped by computers where workers whose jobs can be reduced to steps based on rules are replaced, and where jobs that require judgment or negotiation are enhanced. The authors test the hypothesis of Levy and Murnane’s work with a close look at Fall River and New Bedford. These cities, with high unemployment and low rates of educational attainment, show patterns of job replacement by computers as compared with Massachusetts as a whole — a wealthy state with high rates of education, which shows a pattern of …

Software And Internet Industry Workers: Implications For The Future Of Work In Massachusetts, Sarah Kuhn, Paula Raymann

New England Journal of Public Policy

Those at the leading edge of the new economy — workers in software and Internet workplaces — can tell us something about the future of work in our new world. The authors have conducted a National Science Foundation-funded study of women and men working in IT. They find that while pay and the opportunity to do interesting work are major attractions, challenges facing this workforce include stress, difficulties balancing work and family, and concerns about employment security. While women and men reported similar attitudes and experiences in many areas, in others there were still significant differences.

Current Status Of Technology Adoption: Micro, Small And Medium Manufacturing Firms In Boston, Pratyush Bharati, Abhijit Chaudhury

Management Science and Information Systems Faculty Publication Series

Examining the extent and nature of adoption of technologies by micro, small, and medium-sized manufacturing firms in the greater Boston area.

Editor's Note, Padraig O'Malley

New England Journal of Public Policy

The editor's note at the beginning of this journal briefly speaks about each article within. The author touches upon learning, the challenges to an education, the effects of the growth of technology, how world politics interfere with economy, and how employment is affected by technology.

A Survey Of Demographics And Performance In The Hedge Fund Industry, Arindam Bandopadhyaya, James L. Grant

Financial Services Forum Publications

We investigate hedge fund demographics using data from the Alternative Asset Center (AAC) and then hedge fund performance over the twelve years since inception of the Credit Suisse/Tremont Hedge Fund Indices (HFI, 1994-2005). We find that hedge funds are largely domiciled “offshore” while hedge-fund managers are located primarily in the United States, particularly New York, California, Illinois, Connecticut and Florida. We find that the annualized performance of hedge funds as an “asset class” is about the same as that of U.S. equities (S&P 500). That being said, the real benefit of hedge funds lies in risk management as the volatility …

Sharing The Costs, Reaping The Benefits: Paid Family And Medical Leave In Massachusetts, Randy Albelda, Alan Clayton-Matthews

Labor Resource Center Publications

This report provides an analysis of the costs and benefits associated with Massachusetts Senate President Robert Travaglini's proposed family and medical leave insurance program (April 2006). The authors developed a simulation model to estimate the employer and employee wage costs when employees take paid and unpaid family and medical leaves, and they use this model to compare the current costs with those predicted under the Travaglini proposal.

For information about how the authors estimated the costs of the program and the specifics about their model, please follow the link below to "IWPR/LRC Paid Family and Medical Leave Simulation Model," originally …

Outsourcing To Non-Identical Suppliers Via Service Competition, Ehsan Elahi, Saif Benjaafar, Karen Donohue

Management Science and Information Systems Faculty Publication Series

In this paper, we consider a single buyer who wishes to outsource a fixed demand for a manufactured good or service at a fixed price to a set of N suppliers. We examine the value of competition as a mechanism for the buyer to elicit good service quality from her suppliers. In particular, we consider a scheme in which the buyer allocates a proportion of demand to each supplier, with the proportion a supplier receives increasing in the service level she offers. Suppliers compete for expected market share, which increases in the offered service level. The suppliers affect their service …

Report I: An Assessment Of The Coastal And Marine Economies Of Massachusetts, University Of Massachusetts Donahue Institute, Urban Harbors Institute, University Of Massachusetts Boston

Urban Harbors Institute Publications

This three-part study — An Assessment of the Coastal and Marine Economies of Massachusetts — provides an analysis of the economic value of the coastal and marine economies as well as an overview of employment, wages, business activities and trends within important sectors of the Massachusetts marine economy. The data used is primarily from 2004, unless otherwise noted.

Pushing The Integrated Employment Agenda: Case Study Research In Washington State, Jean Winsor, Allison Cohen Hall, John Butterworth, Dana Scott Gilmore

Case Studies Series, Institute for Community Inclusion

This is the second in a series of publications highlighting findings from case studies in three states—New Hampshire, Washington, and Colorado—that are recognized as high performers in integrated employment. These products are intended to be a practical resource for states as they work to help people with disabilities obtain and maintain gainful employment.

ICI identified “high-performing” states based on the following criteria: the percentage of citizens served by the state’s mental retardation/developmental disabilities agency that participate in integrated employment, and the rate of growth in integrated employment.

In 2003, a team of ICI researchers conducted face-to-ace interviews with state and …

The Hedge Fund Explosion: Is The Bang Worth The Buck?, Arindam Bandopadhyaya, James L. Grant

College of Management Working Papers and Reports

Any casual following of the financial news would reveal that hedge funds have experienced phenomenal growth, especially over the last fifteen years. In terms of numbers, there were an estimated 8000 hedge funds in 2005, up from only 500 in 1990. During this fifteen-year period assets under management have grown from an estimated $50 billion to $1.5 trillion. Moreover, the hedgefund industry has spawned a “fund of funds” business, which has slowly become the preferred way of investing in hedge funds, especially for institutional investors. Today, the number of these combination funds is estimated at about 4000.

Until recently, hedge …

Latino Business Owners In East Boston, Ramon Borges-Mendez, Brandynn Holgate, Carlos Maynard, Robin Reale, Jennifer Shea

Gastón Institute Publications

The main objective of this research was to investigative the contribution of Latino immigrant business owners (or entrepreneurs) in East Boston. Twelve Latino business owners in East Boston were interviewed and supplementary interviews with public officials and other key informants served to further document the contribution of Latino entrepreneurs. The main finding of the report is that Latino business owners have made, and continue, to make extremely important contributions to East Boston’s economy and neighborhoods.

Changing Patterns Xii: Mortgage Lending To Traditionally Underserved Borrowers And Neighborhoods In Greater Boston, 1990-2004, Jim Campen

Gastón Institute Publications

The present study is the latest in a series of annual updates of the original report, Changing Patterns: Mortgage Lending in Boston, 1990-1993. Beginning in 1998, the reports’ geographic scope was expanded to include an examination of mortgage lending patterns in 27 cities and towns surrounding the city of Boston. In 2003, the report’s geographic coverage was further expanded to include a total of 108 communities.

The text that follows this introduction highlights some of the most significant findings that emerge from the extensive set of tables and charts that constitute the bulk of the report. Part I, together …

Product Customization On The Web: An Empirical Study Of Factors Impacting Choiceboard User Satisfaction, Pratyush Bharati, Abhijit Chaudhury

Management Science and Information Systems Faculty Publication Series

Choiceboards are Web-based systems that allow consumers to customize their orders. The study investigated factors that affect consumers’ intention to use choiceboards. The research is based on Masons’ theory and DeLone and McLean’s model of information system use. It was found that intention to use is affected by overall satisfaction. In turn, these two factors are positively impacted by factors such as system quality and information quality. In spite of support from theory, the evidence for the factor, information presentation was weak.

Understanding The Future Of Global Software Production: Investigating The Network In India, Pratyush Bharati

Management Science and Information Systems Faculty Publication Series

No abstract provided.