Business Commons^™

Testing The Influence Of Different Sector’S Contribution To The State Domestic Product Of North Eastern States Of India, Aviral Kumar Tiwari Mr., Sankharaj Roy

Aviral Kumar Tiwari

Northeastern region of India is basically a developing region contributing 2.54% of the country’s GDP. The factors that comprises of the state gross domestic product (SGDP) are agricultural, allied activities, manufacturing, industry and services. The basic objective of the paper is to find out the sector that had been significantly contributing to the state domestic products of the eight northeastern states for the period 1999-2007. For analyzing panel data, regression method was chosen. We found that impact of agriculture, industry, service and transport is positive and significant whereas impact of manufacturing is mildly significant.

Socially Responsible Investment In A Changing World, Desheng Wu

Electronic Thesis and Dissertation Repository

Socially responsible investment funds make up a growing segment of the investment world. This work considers the impact of including SRI in an investor portfolio both normally and during crisis times. Regimes are identified using Markov switching models. This study is based on return data of four indices, namely, the MSCI World Index, S&P 500, Eurostoxx 50, and the socially responsible index - Advanced Sustainable Performance Index (ASPI). The approaches used are portfolio optimization, GARCH and Markov switching models. Our work shows that a socially responsible index is a good asset to keep in a portfolio. Our simulation results suggest …

Analyzing Earnings Management For Cross-Listed Firms And Interaction Between Two Futures Exchanges, Chia-Sheng Chen

University of New Orleans Theses and Dissertations

The first essay examines the impact of investor protection, market monitoring, and liquidity on the firm-level and country-level earnings management using a sample of 432 firms from 34 countries cross-listed in the U.S. The major findings are as follows: First, cross-listed firms from countries with strong legal system, strong outside investor rights, more institutional investors, and higher financial transparency are less likely to engage in earnings management. In addition, in countries with strong investor protection or market monitoring, the level of earnings management is more pronounced for illiquid firms as compared to liquid firms. Second, cross-listed firms following IFRS have …

The Smartest "Guise" In The Room: Why America Is Doomed To Repeat An Enron-Like Scandal, Shayne Reddington

Honors Theses

There is no question that Enron has brought change to the landscape surrounding business practices both domestically and globally. After the Emon Scandal occurred, Congress passed a very controversial and groundbreaking legislative act known as the Sarbanes-Oxley Act as a means of stopping the conditions that made this widespread scandal possible. There are several reasons why another Emon-type Scandal is prone to repeat itself in the near future. One of the reasons is that Sarbanes-Oxley is not the perfect bill. Although the controversial Sarbanes-Oxley is a valiant effort to reform the environment that fostered Enron, there are major gaps and …

Similarities In Fan Preferences For Minor-League Baseball Across The American Southeast, Tyler Anthony, Tim Kahn, Briana Madison, Rodney Paul, Andrew Weinbach

Rodney J. Paul

Three Minor League Baseball leagues across the Southeastern United States are studied in order to determine what drives fan attendance. Individual game attendance and game characteristics are examined for three leagues located in the American southeast, the Florida State League, the Southern League, and the South Atlantic League. Despite the three leagues encompassing different levels of play (from A to AA), the determinants of attendance are similar across leagues. Factors affecting attendance such as winning percentage, weather conditions, local income and population, and individual game promotions, such as fireworks, are explored.

Similarities In Fan Preferences For Minor-League Baseball Across The American Southeast, Tyler Anthony, Tim Kahn, Briana Madison, Rodney Paul, Andrew Weinbach

Falk College Research Center

Three Minor League Baseball leagues across the Southeastern United States are studied in order to determine what drives fan attendance. Individual game attendance and game characteristics are examined for three leagues located in the American southeast, the Florida State League, the Southern League, and the South Atlantic League. Despite the three leagues encompassing different levels of play (from A to AA), the determinants of attendance are similar across leagues. Factors affecting attendance such as winning percentage, weather conditions, local income and population, and individual game promotions, such as fireworks, are explored.

Knoxville Area Rescue Mission And Ut Fraternity System, Armond M. Agassi

Chancellor’s Honors Program Projects

No abstract provided.

Keynote Address By Mallam Sanusi, Lamido Sanusi, Sanusi Lamido Sanusi

Economic and Financial Review

The keynote address delivered by the Governor, Central Bank of Nigeria at the Executive Seminar on "Financial Sector Development, Economic Growth and the Nigerian Economy" for CBN executive staff held in Eko Hotel and Suites, Victoria Island, Lagos State, May 7-10, 2012

Financing Nigeria's Growth After The Global Economic Crisis Within The Perspective Of Vision 20:2020 And The Transformation Agenda, Babatunde Lawal

Economic and Financial Review

The paper adopts content analysis method to investigate the underlying assumptions of the pillar of growth within the framework of Nigeria Vision 20:2020 (NV20:2020) and the transformation agenda. The aim is to show how realistic the underlying assumptions are and whether or not the available structure/measures of the financial system would be sufficient to finance the Vision. The conclusion is that the present Transformation Agenda and indeed the Medium-Term Implementation Plans adequately provide for the financing of NV20:2020 if the provisions of the documents are strictly adhered to.

Asset Gathering By Hedge Fund Firms, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

We explore agency issues within hedge fund firms. We find that firms that launch many funds tend to underperform other firms by between 3 to 5 percent per year after adjusting for risk. These findings are strongest for firms offering funds that pursue many distinct strategies, invest in a variety of geographical regions, locate in a gamut of countries, and offer different base currencies. Our results allow fund investors to distinguish, ex-ante, firms that focus on delivering alpha from those that focus on gathering assets.

Rationale For Financial System Regulation And Supervision: A Global Perspective, Victor Ekpu

Bullion

The paper examines the enormous role of financial institutions, especially banks to the efficient functioning of the economy. The shortcomings of regulation and supervision, notwithstanding, one can argue that because of the special role that financial institutions play in the economy and the economic and social costs to society of their eventual failure, it is obvious that leaving the forces of demand and supply to bear will have adverse implications on the economy and the living standards of the nation's citizens. lt is on this note that i expound on the various reasons for financial system regulation in section 2. …

The Effect Of Global Financial Crisis On The Nigerian Capital Market: Lessons For Monetary Policy, Sunday Ogwuche Ameh

Bullion

The paper assesses the effect of the financial crisis on the Nigerian Capital market, and lessons for monetary policy with a view to providing valuable inputs that can be used to update policy decisions in Nigerian economy as well as examining the historical perspective of the recent global financial crisis.

Fund-Management Gender Composition: The Impact On Risk And Performance Of Mutual Funds And Hedge Funds, Angela Luongo

Fordham Business Student Research Journal

This paper examines gender differences in fund managers’ risk tolerance and performance. We explore these differences in both the universe of U.S. mutual funds and hedge funds using risk and performance metrics that cover one-year, three-year, and five-year horizons. We find that funds managed by women outperform those managed by men with less risky portfolios. The outperformance persists after adjusting for risk. Overall, the results indicate that female fund managers are severely underrepresented despite their quality performance. A workgroup comprised more equally of male and female managers is likely to lead to greater stability in the financial markets due to …

Energy Consumption, Co2 Emissions And Economic Growth: A Revisit Of The Evidence From India, Aviral Kumar Tiwari Mr.

Aviral Kumar Tiwari

We examined the causality in both static and dynamic framework between energy consumption, CO2 emissions and economic growth in India using Granger approach in VAR framework. We found from the VAR analysis that energy consumption, capital and population Granger-cause economic growth not the vice versa. IRFs and VDs analysis results indicate that CO2 emissions has positive impact on energy use and capital but negative impact on population and GDP. Energy consumption has positive impact on CO2 emissions and GDP but its impact is negative on capital and population. This implies that, in the framework of production function, capital and population/labour …

Market Reforms In Energy Sector: Evidence From A Panel Data Based Cointegration Analysis Of Brics Countries, Aviral Kumar Tiwari Mr., Bharti Pandey Dr., A P. Tiwari Dr.

Aviral Kumar Tiwari

The present study tested cointegration property of income, primary energy consumption and co2 emissions among the BRICS (Brazil, Russian Federation, India, China and South Korea) countries. We used battery of unit root and cointegration test to achieve our objective and employed period is 1985-2009. We find consistently that all variables are nonstationary in the level from whereas stationary in the first difference form. However, results of cointegration are found to be sensitive with the inclusion of lag structure in the data set not the specification used. Nevertheless, we can conclude that there are evidence of two cointegrating equations in our …

Intended And Unintended Consequences Of The Proposed Volcker Rule, Alida S. Skold

Alida S. Skold

Regulation is intended to protect the vulnerable. However, in its present form the unintended consequences of the proposed Volcker Rule has the potential of continuing the liquidity crisis that aided in the degradation of the housing market into decreased liquidity in the capital markets. In addition to increasing costs to the investor and decreasing market efficiency from increased bid ask price spreads, the proposed rule will transfer risk to less regulated financial institutions as new hedge funds open. The risk can have a profound impact on the retirement community through underfunded pension funds searching for absolute returns. Another unintended consequence …

Opportunities And Challenges For The Asset Management Industry, Knowledge@Smu

Knowledge@SMU

Singapore, with its open economy and stable business environment, is host to some of the world's largest asset management companies. It has been observed, however, that local asset management firms are lagging far behind; somehow unable to capitalise on the same opportunities available to the global giants. Speaking at a conference organised by SMU's Centre for Asset Securitisation and Management in Asia, a panel of industry experts shared their views on what it would take to get both local and Asia-based firms into the big league.

Building A Better Mousetrap: Enhanced Dollar Cost Averaging, Lee Dunham, Geoffrey C. Friesen

Department of Finance: Faculty Publications

This paper presents a simple, intuitive investment strategy that improves upon the popular dollarcost- averaging (DCA) approach. The investment strategy, which we call enhanced dollar-costaveraging (EDCA), is a simple, rule-based strategy that retains most of the attributes of traditional DCA that are appealing to most investors but yet adjusts to new information, which traditional DCA does not. Simulation results show that the EDCA strategy reliably outperforms the DCA strategy in terms of higher dollar-weighted returns about 90% of the time and nearly always delivers greater terminal wealth for reasonable values of the risk premium. EDCA is most effective when applied …

Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets, Onur Boyabatli, L. Bertil Toktay

Research Collection Lee Kong Chian School Of Business

This paper analyzes the impact of endogenous credit terms under capital market imperfections in a capacity investment setting. We model a monopolist firm that decides on its technology choice (flexible versus dedicated) and capacity level under demand uncertainty. Differing from the majority of the stochastic capacity investment literature, we assume that the firm is budget constrained and can relax its budget constraint by borrowing from a creditor. The creditor offers technology-specific loan contracts to the firm, after which the firm makes its technology choice and subsequent decisions. Capital market imperfections impose financing frictions on the firm. Our analysis contributes to …

A Multiechelon Inventory Problem With Secondary Market Sales, Alexandar Angelus

Research Collection Lee Kong Chian School Of Business

We consider a finite-horizon, multiechelon inventory system in which the surplus of stock can be sold (i.e., disposed) in the secondary markets at each stage in the system. What are called nested echelon order-up-to policies are shown to be optimal for jointly managing inventory replenishments and secondary market sales. Under a general restriction on model parameters, we establish that it is optimal not to both sell off excess stock and replenish inventory. Secondary market sales complicate the structure of the system, so that the classical Clark and Scarf echelon reformulation no longer allows for the decomposition of the objective function …

The Diminishing Returns Of Incentive Pay In Executive Compensation Contracts, Gregg D. Polsky, Andrew Lund

Scholarly Works

For the past 30 years, the conventional wisdom has been that executive compensation packages should include very large proportions of incentive pay. This incentive pay orthodoxy has become so firmly entrenched that the current debates about executive compensation simply take it as a given. We argue, however, that in light of evolving corporate governance mechanisms, the marginal net benefit of incentive-laden pay packages is both smaller than appreciated and getting smaller over time. As a result, the assumption that higher proportions of incentive pay are beneficial is no longer warranted.

A number of corporate governance mechanisms have evolved to duplicate …

An Analysis Of The Dynamic Properties Of The American Depositary Receipt Cross Market Premium, Jorge Vidal

Theses and Dissertations - UTB/UTPA

The American Depositary Receipt (ADR) cross-market premium is studied over a 20 year period. The dynamic properties of the cross-market premium are studied for the first time in a nonlinear smooth error correction framework using a smooth transition error correction model (STECM) and compared against a linear model and two other nonlinear model specifications. The results indicate the ADR cross-market premium is more appropriately estimated when the nonlinearity, smooth transition, and cointegration properties present in the premium are estimated simultaneously with a STECM. The estimates of the STECM indicate arbitrage opportunities in the ADR market are rare and dissipate quickly. …

Charting Your Financial Goals, Benedict Koh

Research Collection Lee Kong Chian School Of Business

Every one of us has financial goals but not many of us know how to go about achieving them. We often lack investment knowledge or expertise to design an investment plan that optimises our savings. Consequently, we adopt the default approach of leaving all our savings in bank deposits. By doing so, we have already made an asset allocation decision, one that is very conservative. Over time, we soon realise that this conservative investment plan is simply not working as our savings are not compounding fast enough to keep up with inflation. We need to invest more wisely so that …

Longevity Risk Management In Singapore's National Pension System, Joelle H. Y. Fong, Olivia S. Mitchell, Benedict S. K. Koh

Research Collection Lee Kong Chian School Of Business

Although annuities are a theoretically appealing way to manage longevity risk, in the real world relatively few consumers purchase them at retirement. To counteract the possibility of retirees outliving their assets, Singapore’s Central Provident Fund, a national defined contribution pension scheme, has recently mandated annuitization of workers’ retirement assets. More significantly, the government has entered the insurance market as a public sector provider for such annuities. This article evaluates the money’s worth of life annuities and discusses the impact of the government mandate and its role as an annuity provider on the insurance market.

Economic Integration, Political Integration Or Both?, Daniel Brou, Michele Ruta

Daniel Brou

We study the effects of economic and political integration by presenting a model in which firms compete with each other in both an economic market—where they produce a good and compete for market share—and in a political (rent seeking) market—where they compete for transfers from the government. Growth is driven by firms’ cost-reducing innovation activity and economic and political integration affect firms’ incentive to innovate differently. In this setting, economic and political integration can be seen as complementary. Economic integration, when not accompanied by political integration, can lead to less innovation and slower growth as firms respond to increased competition …

W.E. Bowers Ans Associates, Inc. Financial Operations Manual For Construction Cost Accounting, Stephen E. Brown

Purdue Polytechnic Masters Theses

W.E. Bowers and Associates, Inc. typically hires experienced project managers eager to

diversify their work experience. W.E. Bowers and Associates, Inc. verbally instructs

project managers to properly utilize the companies forms and the processes for financial

management of projects. The verbal training typically occurs in a piecemeal fashion. It

occurs only when a new project manager asks

“How To” perform specific tasks. The

project managers all come with different backgrounds and with different backgrounds,

come different business management strategies. The creation of this financial operations

manual will aid in the training of project managers and provide the company with a …

Patterns Of Capital Structure And Dividend Policy In Pakistani Corporate Sector And Their Impact On Organization Performance, Ahmed Imran Hunjra, Muhammad Bilal, Haroon Shafi, Ikram Ullah, Kashif Ur Rehman

Ahmed Imran Hunjra (PhD)

The purpose of this study is to determine the patterns of capital structure decisions and dividend policy as well as their level of application in Pakistani corporate sector and also to check the impact of capital structure and dividend policy on organization performance. A total of ninety one questionnaires were distributed in different companies but seventy three filled were received and sixty one were processed for analysis. The potential respondents were finance executives and financial analysts of the companies. The study concludes that capital structure decisions are being properly practiced while dividend policy is a major concern in most of …

Determinants Of Business Success Of Small And Medium Enterprises, Javed Mahmood Jasra, Muhammad Asif Khan, Ahmed Imran Hunjra, Rana Aziz Ur Rehman, Rauf I. Azam

Ahmed Imran Hunjra (PhD)

The small and medium enterprises (SMEs) play critical role in the development of the country. The success of SMEs depends on number of factors. This study examines the role of key factors in the success of SMEs in Pakistan. The study also investigates the relationship between SMEs success and its determinants. Target population of the study was SMEs operating in different lines of business from service to manufacturing. Sample size of this study was 520 small and medium lines of businesses. Responses of the subjects were collected through questionnaires. SPSS software is used for analysis. This study concludes that there …

Determinants Of Short Term Investment Decision Making, Muhammad Naeem Akhtar, Ahmed Imran Hunjra, Kashif Ur Rehman

Ahmed Imran Hunjra (PhD)

This study examines the impact of financial literacy, accounting information, openness to experience and information asymmetry on the short-term investment decision making of the stock market investors. For this purpose 23 item questionnaire was developed and distributed among 185 stock market investors through non-probability sampling. The results indicate that all these factors have a significant effect on the short-term investment decision making. Results also indicate that individual investors with higher educational qualifications have more intentions for short-term investments as compared to the investors with other qualifications.

Financial Crises And Economic Growth In Pakistan: A Time Series Analysis, Rauf I. Azam, Iram Batool, Rabia Imran, Ahmed Imran Hunjra, Muhammad Irfan Chani

Ahmed Imran Hunjra (PhD)

The purpose of this research is to investigate causal relationship between economic growth and major indicators of financial crisis -- inflation rate, interest rate and the volume of foreign debt-- in Pakistan. This study also highlights the stability of the relationship between indicators of financial crisis and economic growth. The annual time series data ranging from 1972 to 2010 is used for the analysis. Johansen’s co-integration test is used to check the stability of long run equilibrium relationship between the variables used in the study. The results indicate that is long run stable equilibrium relationship between economic growth and the …