Business Commons^™

Internal Control Disclosures, Monitoring, And The Cost Of Debt, Dan Dhaliwal, Chris E. Hogan, Robert Trezevant, Michael S. Wilkins

School of Business Faculty Research

We test the relationship between the change in a firm's cost of debt and the disclosure of a material weakness in an initial Section 404 report. We find that, on average, a firm's credit spread on its publicly traded debt marginally increases if it discloses a material weakness. We also examine the impact of monitoring by credit rating agencies and/or banks on this result and find that the result is more pronounced for firms that are not monitored. Additional analysis indicates that the effect of bank monitoring appears to be the primary driver of these monitoring results. This finding is …

Rationalising Public Service: Scheduling As A Tool Of Management In Rté Television, Ann-Marie Murray

Doctoral

Developments in the media industry, notably the increasing commercialisation of broadcasting and deregulation, have combined to create a television system that is now driven primarily by ratings. Public broadcast organisations must adopt novel strategies to survive and compete in this new environment, where they need to combine public service with popularity. In this context, scheduling has emerged as the central management tool, organising production and controlling budgets, and is now the driving force in television. Located within Weber’s theoretical framework of rationalisation, this study analyses the rise of scheduling as part of a wider organisational response to political and economic …

Team Collaboration In Virtual Worlds: The Role Of Task Complexity, Parichart Sattayanuwat

College of Business: Dissertations, Theses, and Student Research

Virtual worlds are three-dimensional, computer-generated worlds where team collaboration can be facilitated through the use of shared virtual space and mediated using avatars. In this study, we examined the effect of task complexity on team collaboration. We used a puzzle game in Second Life as the collaborative task and manipulated task component complexity by varying the number of pieces in the puzzle. We hypothesized that task complexity would influence team trust, team process satisfaction, and one‘s attraction to the team in virtual team collaboration. The experimental results indicate that task complexity has significant effects on team trust and team process …

The Effect Of Tax Increment Financing On Spillovers And School District Revenue, Jennifer A. Bossard

College of Business: Dissertations, Theses, and Student Research

Over the years the urban development financing tool known as Tax Increment Finance (TIF) has been a controversial topic as it relates to fiscal impacts on school districts. This study addresses an important question related to this issue. Does TIF affect non-TIF district property value within the school district? The question is explored by developing a theoretical model that describes the relationship between TIF and school finance and estimating an empirical model that tests the hypotheses stemming from the theoretical model. Although the results are mixed, there is some evidence that TIF does affect non-TIF district property value in the …

Three Essays On Individual Currency Traders, Boris Sebastian Abbey

Theses and Dissertations in Business Administration

This dissertation examines the performance, skill and trading characteristics of individual currency traders by examining daily returns and transaction data for 428 individual currency traders from 2005 to 2009. Additionally, we examine whether technical trading strategies are profitable for individual currency traders.

The first essay examines the performance and trading characteristics of individual currency traders. Examination of daily returns for 428 accounts from March 2004 to September 2009 shows traders are able to earn positive excess returns, even after accounting for transaction costs. Additionally, the results reveal that day traders not only trade more frequently than non-day traders, but also …

Sme Inc: Corporate Success And Social Good, Paul Lim, Brendan Barrett, Nils Steinbrecher, Tomoki Fujii, Ted Tschang, Lieven Demeester

Research Collection School Of Economics

Panel of experts share their views ranging from the definition of sustainable business to how governments should lead by example.

Psychological Capital And Employee Performance: A Latent Growth Modeling Approach, Suzanne J. Peterson, Fred Luthans, Bruce J. Avolio, Fred Walumbwa, Zhen Zhang

Department of Management: Faculty Publications

The positive core construct of psychological capital (consisting of efficacy, hope, optimism, and resilience) has been conceptually and empirically demonstrated to be related to employee performance. However, much of this work has relied on cross-sectional designs to examine these relationships. This study utilizes longitudinal data from a large financial service organization (N = 179 financial advisory-type employees) to examine withinindividual change in psychological capital over time and if this change relates to their change in performance. Latent growth modeling analyses revealed statistically significant within-individual change in psychological capital over time, and that this change in psychological capital was related to …

The Socio-Demographic Progression Of The Pakistani Woman Manager 1988 To 2004: An Empirical Evidence From The Private Sector, Shehla Riza Arifeen

Business Review

The purpose of this study was to help identify the types of women who had opted for managerial professions in the private sector, and to identify any trends in the social, economic, or educational backgrounds that might have had a bearing on the types of women likely to pursue a managerial career. Research for the survey included 152 organizations in the private sector that had employed graduates from business educational institutions. Out of these 87 organizations reported women at managerial levels. 207 managerial women answered the mail survey. The findings suggest that the profession still remains the domain of upper-middle-class …

Financial Development And Firms’ Growth In Textile Industry Of Pakistan: A Panel Data Analysis, Ijaz Hussain

Business Review

This discussion uses secondary data from “Balance Sheet Analysis (2000- 2009) of Joint Stock Companies Listed on the Karachi Stock Exchange published by Statistics Department of State Bank Of Pakistan” and covers a panel of 75 textile firms of textile industry in Pakistan . Findings of this study indicate that all explanatory variables included in our model have significant influence on firms’ growth. Lagged profitability and efficiency and financial development have statistically significant and positive impact on firms’ growth while financial leverage, size, risk, real cost of debt, energy crisis and abolishment of textile quota have negative impact. Acute energy …

Factors Influencing Malaysian Muslims To Patronage Halal Restaurants – Ambience As A Mediator, Tawfik Salah Mohammed Al-Nahdi, Md. Aminul Islam

Business Review

The importance of Halal Restaurants is a serious concern for all Muslims. For the Malaysian, where majority of the population are Muslims, restaurants providing halal food is important as the religion requires that Islamic principals and beliefs be upheld in all transactions. For that reason, this study tries to investigate the factors influencing Malaysian Muslims to patronage restaurants that are guided by sharia’a. This study has examined the effect of attitude, subjective norm and perceived behavior control towards the intention to patronage restaurants. Ambience was used as a mediator. A total of 250 questionnaires were distributed among customers of Halal …

Overview And Guidance On Agile Development In Large Organizations, Jordan B. Barlow, Justin Scott Giboney, Mark Jeffrey Keith, David W. Wilson, Ryan M. Schuetzler, Paul Benjamin Lowry, Anthony Vance

Faculty Publications

A continual debate surrounds the effectiveness of agile software development practices. Some organizations adopt agile practices to become more competitive, improve processes, and reduce costs. Other organizations are skeptical about whether agile development is beneficial. Large organizations face an additional challenge in integrating agile practices with existing standards and business processes. To examine the effects of agile development practices in large organizations, we review and integrate scientific literature and theory on agile software development. We further organize our theory and observations into a framework with guidelines for large organizations considering agile methodologies. Based on this framework, we present recommendations that …

"Now My Eyes Have Seen You": A Comparative Study Of Secret Sunshine And The Book Of Job, Teng-Kuan Ng

Research Collection College of Integrative Studies

This essay engages in a comparative study of Lee Chang-Dong's Secret Sunshine (2007) in light of the biblical book of Job, focusing on issues of grief, recovery, and theodicy. Drawing from perspectives in philosophical, mystical, and pastoral theology, three allegorical interpretations of the film's title are suggested. The eponymous “secret sunshine” adumbrates, first, the female protagonist Shin-Ae's hidden journey toward her true self, a self in which the theological virtues of faith and love are mystically internalized. Second, it intimates the quiet, unobtrusive presence of an emphatic Immanuel in the figure of Jong-Chan, the film's male protagonist. Finally, through a …

2011 July, Office Of Communications & Marketing, Morehead State University.

Morehead State Press Release Archive, 1961 to the Present

Press releases for July of 2011.

Political Connection And Firm Value, James S. Ang, David K. Ding, Tiong Yang Thong

Research Collection Lee Kong Chian School Of Business

We study the effect of political connection (PC) on company value in an environment where low PC is due to better institutions and not confounded by favorable social/cultural factors. We find that in Singapore, the only country that fits this description, PC in general adds little to the value of a company. However, in industries that are subject to more stringent government regulations, PC appears to be somewhat important. Robustness checks show that alternative PC variables give rise to similar results, and the addition of control variables do not drastically change the findings. Politically connected firms have higher managerial ownership …

Vital Facets Of Business Sustainability, Lieven Demeester

Research Collection Lee Kong Chian School Of Business

No abstract provided.

Conflict Of Interest Reforms And Analysts’ Research Biases, Hai Lu, Hai Lu, Yuyan Guan

Research Collection School Of Accountancy

This study examines the consequences of the series of reforms targeting investment-banking-related conflicts of interest. We compare and contrast optimism biases in analysts’ stock recommendations and earnings forecasts across different types of analyst firms in the post-reform period 2004–2007 versus the pre-reform period 1998–2001. We document a significant reduction in the relative optimism of sanctioned investment bank analysts’ stock recommendations, but not their earnings forecasts. Moreover, we find little change in the profitability of their stock recommendations, but detect a drop in the accuracy of earnings forecasts made by investment bank analysts. In sum, the reforms achieve the objective of …

Unregulated Stock Markets In Second Life, Robert Bloomfield, Young Jun Cho

Research Collection School Of Accountancy

SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of −71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of …

Executive Equity Compensation And Earnings Management: A Quantile Regression Approach, Chih-Ying Chen, Ming-Yuan Li

Research Collection School Of Accountancy

Prior research has investigated the association between executive equity compensation and earnings management but the evidence is not conclusive. We investigate this question using the quantile regression approach which allows the coefficient on the independent variable (equity compensation) to shift across the distribution of the dependent variable (earnings management). Based on a sample of 18,203 U.S. non-financial firm-year observations from 1995 to 2008, we find that chief executive officer (CEO) equity compensation is positively associated with the absolute value of discretionary accruals at all quantiles of absolute discretionary accruals, but the association becomes weaker as the quantile decreases. The association …

Do Merger-Related Operating Synergies Exist?, Gennaro Bernile, Scott W. Bauguess

Research Collection Lee Kong Chian School Of Business

Executives frequently forecast large operating efficiency gains from mergers. Using these projections, we study the impact of operating synergies on merger performance. Investors' reaction to mergers varies directly with the availability of these forecasts and the gains they imply, and post-merger operating performance increases with the predictable component of forecasted synergies based on deal characteristics. The realized improvements, however, do not depend on the availability of forecasts or the surprise they convey, and post-merger stock returns reconcile discrepancies between investors' ex ante beliefs and mergers' ex post performance related to management forecasts. Overall, the evidence supports the neoclassical view that …

Succession In Family Businesses: Kinship Culture And Islamic Law Of Inheritance, Nasir Afghan

Business Review

Majority of research has been carried out on succession within family firms in the positivistic tradition of research and also has a very strong normative element to it. The successful research has been defined using researchers determined criterion such as firm performance, viability and harmony among the family members etc. This type of research obviously assumes an independent reality ‘out there’ ready to be collected by objective researcher. This positive stance has been apparent even in the case based research mostly conducted by practitioners. On the contrary, to carry out this research an interpretive approach was adopted. The aim of …

Asset Performance Evaluation With Mean-Variance Ratio, Zhidong Bai, Kok Fai Phoon, Keyan Wang, Wing-Keung Wong

Research Collection Lee Kong Chian School Of Business

Bai, et al. (2011c) develop the mean-variance-ratio (MVR) statistic to test the performance among assets for small samples. They provide theoretical reasoning to use MVR and prove that our proposed statistic is uniformly most powerful unbiased. In this paper we illustrate the superiority of our proposed test over the Sharpe ratio (SR) test by applying both tests to analyze the performance of Commodity Trading Advisors (CTAs). Our findings show that while the SR test concludes most of the CTA funds being analyzed as being indistinguishable in their performance, our proposed statistics show that some funds outperform the others. On the …

Front Matter Of Volume 6 Number 2, Tufail A. Qureshi

Business Review

Front matter, Contents and Editorial perspective

Understanding The Outcomes Of Leadership Development - A Contextual Approach, John Golden

Doctoral

The purpose of this thesis is to investigate the outcomes of leadership development in the context of a global building materials company. The study utilises a contextual approach to more fully understand the outcomes of leadership development. The value of a contextual approach is highlighted in the literature.

Comprehending The Evolving Leadership Role Of The Consultant Designer In The New Product Development Process In Mature Product Categories, Fiona Maciver

Doctoral

Seismic shifts in 21st century market conditions – globalisation, immediate digital communications, rapidly developing technologies, an ever more sophisticated, knowledgeable consumer – create a new landscape for organisations seeking to create products of greater value, which better meet evolving needs and desires. While the marketing-led approach, dominant in the past half-century, focused on persuasion, design, with its specialised tools, is suggested to be more adept and flexible than marketing at understanding and providing relevant value for today’s consumer. A literature review argues that, in history, design has endured periods of particular strength followed by decline. This thesis examines the proposition …

Consumption Behavior Of Chinese Urban Residents During Economic Transition: Intermittent And Cyclical Fluctuations, Xiaotong Jin, Shengliang Deng, Ilan Alon

Faculty Publications

Although in recent years researchers have attempted to examine the consumption behavior of Chinese residents during economic transition, there still exists a clear gap in the literature to adequately explain the consumption behavior of Chinese urban residents during economic restructuring. This paper, attempting to shed some light on this relationship, proposes a hypothesis of Chinese urban resident consumption behavior during economic transition in China and examines the hypothesis using quantitative models. The conclusion suggests that the consumption of Chinese urban residents is guided by traditional Chinese civilization, and this results in intermittent and cyclical fluctuations in consumption behavior during systemic …

2011-07-00 College Of Education Faculty Handbook, Morehead State University. College Of Education.

Faculty Senate Records

Faculty Handbook for the College of Education revised in July of 2011.

Two Essays On The Effect Of Macroeconomic News On The Stock Market, Ajay Kongera

Theses and Dissertations in Business Administration

This dissertation uses macroeconomic variables. In the first essay I use macroeconomic variables to determine if these variables affect the market's returns and volatilities, and in the second essay I examine whether the 11-month returns can be explained by these variables.

Using macroeconomic variables and forecasts of these variables on a quarterly basis from the Survey of Professional Forecasters, I first develop macroeconomic surprise variables. The macroeconomic surprise variables are then modified by dispersion of forecasts to adjust for surprises from uncertainty. Dispersion adjusted forecast surprises have not been used extensively in the literature. I also use a monetary shock …

The Behavior And Choices Of Serial Bidders In M&A Transactions: A Prospect Theory Approach, Ahmed Essam El-Din El-Bakry

Theses and Dissertations in Business Administration

This paper investigates the impact of previous losses incurred by U.S serial bidders on their M&A strategic choices and premiums paid to acquire targets. The Hubris and Overconfidence theories suggest that managers tend to overpay as a result of exaggerating their ability to extract value and manage post-acquisition integration process between the acquiring firm and its target. Managerial overconfidence, which is signaled by conducting several acquisitions within a short time period or by other manager-specific investment attributes, has been shown to contribute to increasing premiums in M&A transactions and subsequent poor post-acquisition performance.

Experimental findings in the area of psychology …

Cross-Listing Premium Or Market Timing, Moustafa M. Abu El Fadl

Theses and Dissertations in Business Administration

Previous research documented that soon after companies cross-list; they achieve significant negative post-listing abnormal returns (the post-listing anomaly). The evidence presented in this study shows that companies cross-list based on either a market-timing consideration or a genuine performance consideration. The host market condition is significant in explaining both the sign and the significance of post-listing abnormal returns. On the one hand, the evidence reveals, companies that cross-list in a host market while that host market is "positive" and achieve a significant negative post-listing abnormal returns, those companies time the market, and the post-listing anomaly is explained in the context of …

Achieving The Air Force’S Energy Vision, Frederick G. Harmon, Richard D. Branam, Doral E. Sandlin

Faculty Publications

The US Air Force is the largest consumer of energy in the federal government, spending 9 billion in 2008 to fuel aircraft and ground vehicles as well as provide energy to installations.¹ In that same year, the Air Force s fuel bill of 7 billion amounted to more than half of the US government s total fuel cost.² Because of the critical and central role that energy plays in completion of the Air Force’s mission, the secretary of the Air Force has developed an Air Force energy plan supported by three pillars Reduce Demand, Increase Supply, and Culture …