Business Commons^™

Do Changes In The Sg&A Ratio Provide Information About Changes In Future Earnings, Analyst Forecast Revisions, And Stock Returns?, Eugene Scott Johnson

Graduate Theses and Dissertations

In fundamental analysis, increases in the ratio of selling, general and administrative (SG&A) costs to sales (SG&A ratio) are viewed as negative signals about future firm performance. However, this interpretation focuses on the overall change in the SG&A ratio and ignores the underlying changes in the components of the ratio. For example, prior literature finds that the interpretation offered by fundamental analysis does not hold during periods of decreasing sales. I contend that a further partitioning of the full sample into subsamples representing all possible combinations of changes in the components of the SG&A ratio, and the ratio itself, will …

Center For Real Estate Quarterly, Volume 7, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2)
--Real Estate Overview and Portland Outlook by Hessam Nadji (p. 3-22)
--The Institutionalization of Commercial Real Estate by Blake Eagle (p. 23-30)
--The State of the Economy by Angela Guo (p. 31-41)
--Residential Market Analysis by Evan Abramowitz (p. 42-69)
--Multifamily Market Analysis by Evan Abramowitz (p. 70-76)
--Office Market Analysis by Geoff Falkenberg (p. 77-85)
--Industrial Market Analysis by Geoff Falkenberg (p. 86-91)
--Retail Market Analysis by Geoff Falkenberg (p. 92-99)

Forecasting Foreign Exchange Rates, Timothy M. Znaczko

Applied Economics Theses

The purpose of this thesis is to seek answers to different questions regarding the forecasting of foreign exchange rates. Exchange rate movement is regularly monitored by central banks for macroeconomic analysis and market surveillance purposes. Results in the literature show exchange rate models perform poorly in out-of-sample prediction analysis, even though some models have good in-sample analysis. The results were found using methods including moving average, exponential smoothing, random walk, and Box-Jenkins transfer function. The questions that I ask are: how accurate are these models when compared to a random prediction of future exchange rates, and what variables, if any, …

Industrial Machine Analysis: Economic Quality Control, Vandyke Kotoroka-Yiadom

Applied Economics Theses

The objective of the study is analyzing the optimality of industrial machines over time to explore causes of variation in the machines’ performance. The accurate estimation of machine efficiency is very important in capital-intensive industry. This study selected various productions units, labor hours per pound, product mix and shifts to analyze the variations in machine production.

This paper outlines methodology using statistical quality control methods, cluster analysis and econometrics to process and analyze the data. It then presents performance results of industrial machines and makes recommendations for future improvement of these machines. The firm that was analyzed is ideally positioned …

Isscm Graduating Cohort, August 2013, Raj Soin College Of Business, Wright State University

ISSCM Master Cohort Posters

Poster congratulating the August 2013 Graduating Cohort from the Master of Information Systems and the Master of Science in Logistics and Supply Chain Management Programs.

Surfing Injuries Requiring First Aid In New Zealand, 2007-2012, Kevin Moran, Jonathon Webber

International Journal of Aquatic Research and Education

In an island nation such as New Zealand with easy access to surf beaches, surfing activities are very popular and, while generally perceived as a healthy form of outdoor recreation, they do have attendant risks. This study reports on nondrowning, surfing-related incidents that required medical first aid on beaches during five summer seasons from 2007-2012. Retrospective descriptive analysis of data from lifeguard first aid reports found that 16% (n = 1,327) of injuries were the consequence of surfing activity. More males than females were treated for surfing injuries (68% male, 31% female). Lacerations (59%) and bruising (15%) accounted for most …

Moving Mission Into Action Through Strategy, Lauren Davenport

Marketing Undergraduate Honors Theses

Non-profit organizations across the globe are continuing to increase in numbers. There is a need for these non-profits to develop and utilize strategy in order to thrive in a growing and competitive environment. Although some research exists on non-profit strategy, the research presented here further develops and classifies non-profit strategic typologies through the examination of environmental and human trafficking non-profit organizations. This research focuses on the missions of non-profits organizations and how these respective organizations can see their mission come to fruition through successful strategic implementation. While business strategy centers on profit accumulation, non-profit mission is fixated on the re-installment …

Does A Lack Of Choice Lead To Lower Quality?: Evidence From Auditor Competition And Client Restatements, Nathan J. Newton, Dechun Wang, Michael S. Wilkins

School of Business Faculty Research

We examine the relationship between auditor competition and the likelihood of financial restatements that occur as a result of failures in the application of GAAP. Policy makers and audit market participants have expressed concern that the current level of auditor competition is low, resulting in a negative impact on audit quality. However, we find that restatements are more likely to occur in metropolitan statistical areas (MSAs) that have higher auditor competition. The association between audit market competition and restatements is statistically and economically significant. Our finding that audit quality is higher when auditor competition is lower suggests that at least …

Medicaid Expansion, Long-Term Care Financing In Retirement States And The Post World War Ii Birth Cohort, Toni P. Miles

Center for Policy Research

This policy brief contains a formal consideration of ideas discussed during a presentation to the 2012 Syracuse Seminar on Aging. Like most briefs, it will appeal to policy makers and academics craving detailed demographic, fiscal and policy data. Before diving into this brief, I would encourage readers to view the presentation video (available at http://www.youtube.com/ watch?v=bsv8K7DdJFY). As you will see, the seminar was informal and the discussion was wide ranging. In contrast, this brief focuses on limitations faced by states as they finance longterm care. It is primarily concerned with the Medicaid expansion and growing need for care as the …

Challenges In Implementation Of Ict For The Budget Accountability And Development Of Budget Information Literacy, Rutiana Dwi Wahyunengseh, Sri Hastjarjo

BISNIS & BIROKRASI: Jurnal Ilmu Administrasi dan Organisasi

In the case of Karanganyar Regency, this study identify that al­though the public aspire to have an adequate understanding about the APBD, the access for obtaining the information is very limited. Data collection methods used in this research were: (1) documents study on the Local Government Development Plan (RKPD) and the Regional Budget (APBD); (2) semi open-ended questionnaires; (3) in-depth interviews; and (4) focus group discussions. The data then analyzed using descriptive analysis and interpretive analysis methods. This paper recognizes the potency of ICT in developing the forum for public access and deliberation related to the budget information; while also …

Compensation Research Summer Camp, Kevin F. Hallock

Economics Faculty Publications

This summer, the Institute for Compensation Studies at Cornell's ILR School hosted its first Emerging Scholars Conference, which the author affectionately calls Comp Camp. Their conference, funded in part by WorldatWork, hosted a dozen junior scholars, three PhD students, a few senior scholars and some leaders from the practical world (including some from WorldatWork). They convened experts from fields like sociology, psychology, economics, industrial relations and business on the Cornell campus in Ithaca, NY, for robust discussions of several as-yet-unpublished research studies. The conference had three interesting papers on gender by scholars from three fields using data from three countries. …

Investor Reactions To Company Disclosure Of Ceo To Median Employee Compensation Ratio: An Experimental Investigation, Jean Lin Seow, K Kelly

Research Collection School Of Accountancy

Section 953(b) of the Dodd-Frank Act, which is yet to be implemented by the U.S. Securities and Exchange Commission (SEC), requires that public companies disclose the CEO to median employee compensation ratio (hereafter, pay ratio). We conduct an experiment with Singapore MBA students to examine how such pay ratio disclosures influence the judgments of nonprofessional investors. Participants evaluate a hypothetical company given either no pay ratio information (i.e., only CEO compensation as per current SEC regulations) or pay ratio information (i.e., CEO compensation, median employee compensation, and pay ratio, as per Section 953(b)). The company’s pay ratio, when provided, is …

2013-August-010challenge Quilts, University Marketing And Communication, East Tennessee State University

ETSU News

No abstract provided.

2013-August-01-Psychology Continuing Education, University Marketing And Communication, East Tennessee State University

ETSU News

No abstract provided.

High School Seniors' Financial Knowledge: The Impact Of Financial Literacy Classes And Developmental Assets, Kathy Ngoc Nguyen

Graduate Theses and Dissertations

Low levels of financial literacy among high school students are a growing concern in the United States. High school students lack the financial knowledge to make important financial decisions. Financial literacy and money management skills are important for high school students as they transition into an ever-changing economy. High school students, who are financially literate, are likely to develop positive financial behaviors and make positive financial decisions. Previous studies show that financial literacy classes can increase financial knowledge.

The present study has three objectives. First, this study examined whether the Money Management Skills for Young Adults Class increased high school …

Effectiveness Of Old Dominion University's Fashion Merchandising Program, Christie Martin

OTS Master's Level Projects & Papers

The purpose of this study was to evaluate the effectiveness of the Old Dominion University Fashion Merchandising program in preparing students to enter the fashion industry as properly prepared employees.

Plant Networks For Processing Recyclable Materials, Lieven Demeester, Mei Qi, Luk N. Van Wassenhove

Research Collection Lee Kong Chian School Of Business

We use a modified optimal market area model to examine how links between material recycling and other aspects of operations strategy can shape plant networks for the processing of recyclable materials. We characterize the complementarity of the recyclate ratio, defined as the maximum recycled content, with material versatility and miniscaling of recycling plants. We also observe that it is beneficial to coordinate investments in recycling- and production-related competencies because colocated recycling and production plants (minimills) eliminate recyclate transport. We therefore consider versatile miniplants, defined as a competency that factors in both material versatility and coordinated miniscaling of recycling and production …

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 …

Does Analyst Experience Affect Their Understanding Of Non-Financial Information? An Analysis Of The Relation Between Patent Information And Analyst Forecast Errors, Taiwhun Taylor Joo

Graduate Theses and Dissertations

This study examines whether analyst experience affects the relation between patent information and analyst forecast errors. U.S. Generally Accepted Accounting Principles require that firms expense all in-house research and development (R&D) costs. This means that even when R&D activities produce intangible assets with future economic benefits, firms cannot capitalize R&D costs as assets. Consequently, financial statements are largely deficient in the information they provide regarding the output of R&D activities. However, patent information is one type of non-financial information about R&D output that is publicly available.

Using updated patent data, I confirm the results of prior studies that find a …

Toward Understanding The Subcultural Mosaic: Fragmentation Of The Culture And The Symbiotic Interplay Of The Market And Subcultures, Emre Ulusoy

Theses and Dissertations - UTB/UTPA

This study brought to light the need for a more nuanced analysis and approach for understanding the observed tendency toward eclectic, fragmented, and paradoxical subcultures in contemporary society. It was critical to explore the impact of market hegemony and the response of subcultures to this hegemony leading to the development of contemporary subcultural sensibilities. The central purpose of this research was to develop a theory of subculture that accounted for the fragmentation observed in contemporary culture, and how this fragmentation influences subcultures leading to fragmentation within subcultures. To this end, using in-depth interviewing, netnography, and participant observation, I investigated the …

The Effect Of Investor Sentiment On Futures Market Returns And Volatility, Kenneth Steven Lovell

Theses and Dissertations - UTB/UTPA

For over thirty years research has been done on investor sentiment and their effects on market returns and volatility. The theory of De Long et al., (1990) has been used to explain the effect of uninformed investor sentiment (also known as noise trader sentiment) on market returns and volatility. Studies of Wang (2003) and Sanders et al. (2003, 2009) in the futures market have found that uninformed investor sentiment does not affect future market returns, which is contrary to De Long et al. (1990). Also previous studies of investor sentiment in the futures market do not seem to investigate the …

Top Management Team Behavioral Integration, Organizational Ambidexterity, And Small Firms' Performance: The Moderating Effect Of Entrepreneurial Orientation, Huy Quang Tran

Theses and Dissertations - UTB/UTPA

This dissertation research examines organizational ambidexterity (OA)–a concept first introduced in organizational learning literature and conceptualized as an interaction between exploration and exploitation–and its relationships with a managerial antecedent and an organizational outcome in the context of small businesses. Drawing on strategic choice and upper echelons theory, the present study suggests that top management team (TMT) behavioral integration plays a critical role in managing the interaction between exploration and exploitation. Specifically, this research proposes a positive association between TMT behavioral integration and OA. Furthermore, it suggests that small firms manage the interaction between exploration and exploitation differently depending on their …

Non-Audit Fees, Institutional Monitoring, And Audit Quality, Chee Yeow Lim, David K. Ding, Charlie Charoenwong

Research Collection School Of Accountancy

We posit that the effect of non-audit fees on audit quality is conditional on the extent of institutional monitoring. We suggest that institutional investors have incentives and the ability to monitor financial reporting quality. Because of the reputation concerns and potential litigation exposure, auditors are likely to provide high audit quality, when they also provide non-audit services to clients, particularly when clients are subject to high institutional monitoring. We find evidence that, as non-audit fees increase, audit quality (measured by performance-adjusted discretionary current accruals and earnings-response coefficients) reduces only for clients with low institutional ownership but not for clients with …

The Effect Of Corporate Tax Avoidance On The Cost Of Equity, Beng Wee Goh, Jimmy Lee, Chee Yeow Lim, Terry Shevlin

Research Collection School Of Accountancy

While prior studies have examined how investors perceive extreme forms of tax avoidance behavior such as tax sheltering and uncertain tax position (e.g., Hanlon and Slemrod 2009; Wilson 2009; Koester 2011; Hutchens and Rego 2012), there is little evidence on how investors perceive less extreme forms of tax avoidance. This study fills this void by examining the relation between firm’s cost of equity and corporate tax avoidance using three measures that capture less extreme forms of corporate tax avoidance: book-tax differences, permanent book-tax differences, and long-run cash effective tax rates. We find that less aggressive forms of corporate tax avoidance …

Work Out Optimum Tax Rates, Benefits For A New Business, Teng Aun Khoo, Clement Tan Kai Guan

Research Collection School Of Accountancy

No abstract provided.

Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, Sock Yong Phang, David Kuo Chuen Lee, Alan Cheong, Kok Fai Phoon, Karol Wee

Research Collection School Of Economics

The Singapore housing market is unusual in its high homeownership rate, the dominance of HDB housing, and the extensive intervention of the government in regulating housing supply and demand in both the HDB and private housing sectors. Recent rapid population increases in a low interest rate and high global liquidity environment has resulted in accelerated house prices increases in Singapore. Earlier this year, the government launched “Our Singapore Conversation” of which discussion on housing policies constitutes one major component. This “conversation” comes in the wake of several consecutive rounds of measures to stabilize housing prices using various instruments. This paper …

Metropolitan Report - August 2013, Division Of Business And Economic Research, College Of Business Administration, University Of New Orleans

UNO Metropolitan Report (1986-2017)

No abstract provided.

Southern Rep (Internship Report), Marlene Thian

Arts Administration Master's Reports (1984-2016)

Since its inception in 1986, Southern Rep has maintained a formidable reputation for providing quality artistic programming as a nonprofit theatre company. Despite this status, dwindling government funding for arts in the United States combined with a decline in earned revenue and audience attendance has impacted Southern Rep’s operations. The result is an increased need for development and fundraising activities.

The purpose of this report is to document my internship with Southern Rep from September 4, 2012 through June 5, 2013. My assessment is written from the perspective of an Arts Administrator functioning in a development capacity. By identifying Southern …

Ogden Museum Of Southern Art: An Internship Report, Jane Marie Dawkins

Arts Administration Master's Reports (1984-2016)

The following internship report is a documentation of my work with the Ogden Museum of Southern Art from January through April 2013. I worked closely with the Museum departments of Education and Development, as well as the Deputy Director. This report is an analysis of the different business and management methods of the organization and their fidelity to best museum practices. I will analyze the strengths, weaknesses, opportunities and threats of the museum. I will also touch on the recent history of the Museum; what I observed currently; and the direction I see the museum heading in its future.

From So-So To Sofabulous: Southern Food And Beverage Museum, Jennifer Stierman Edwards

Arts Administration Master's Reports (1984-2016)

The Southern Food and Beverage Museum in New Orleans, Louisiana is a nonprofit 501 (c) (3) organization opened in 2008 as a “nonprofit living history organization dedicated to the discovery, understanding and celebration of the food, drink and the related culture of the South.” Today, in 2013, it is pushing for a more global scope as The SoFAB Institute, now “dedicated to the discovery, understanding and celebration of the food, drink and culture of the world through the eyes of the South!” The changes in its mission statement reflect its proposed transition. It hopes to evolve from a local tourist …