Finance and Financial Management Commons^™

Accessing Commercial Capital Markets, Isaac H. Smith, Michael A. Broderick, Richard G. Winsor

Journal of Microfinance / ESR Review

No abstract provided.

From Ngo To Mfi: A Guidebook For Successful Transformations, Geetha Rao Ramani

Journal of Microfinance / ESR Review

Ledgerwood and White's Transforming Microfinance Institutions: Providing Full Financial Services to the Poor was published by World Bank Publications in August 2006.

Strategic Alliances By Financial Services Firms, Hua Wang

Doctoral Dissertations

The importance of strategic alliances in the financial services industry is increasing; however, research focusing on strategic alliances is limited. In this dissertation, I intend to enhance the existing literature by examining the effect of strategic alliances on the value of financial services firms and the level of cooperation between partner firms involved in strategic alliances. The specific objectives of the dissertation are to examine the market reaction to strategic alliance announcements, to examine the preand post-announcement long-run abnormal stock performance and operating performance for the participants of strategic alliances, and to examine joint ventures and mergers and acquisitions after …

The Casual Link Between Stock Returns And Trading Volume: Some Evidence From An Emerging Market, Abdul Rashid

Business Review

This paper investigates the dynamic association between daily stock index returns and percentage trading volume changes. To proceed with this, linear and nonlinear Granger causality tests are applied to the Karachi Stock Exchange (KSE) data. The analysis covers the span of about 5 years with 1266 daily observations. The same methodology is employed for two non-overlapping sub-periods to examine the robustness of the results. Unidirectional linear Granger causality from stock returns to trading volume is observed for the entire sample period and for both the sub-periods as well. The null hypothesis of linear Granger noncausality from percentage volume changes to …

Two Essays On Ipo Earnings Management, Yong Sun

Theses and Dissertations in Business Administration

This dissertation includes two essays that study initial public offerings (IPO) earnings management. The first essay examines the underwriter's certification and monitoring roles in IPO earnings management; the second essay explores the relation between IPO earnings management and post-IPO institutional ownership.

In the first essay, we investigate the certification role played by underwriters. We hypothesize that there is a negative relation between IPO earnings management and underwriter reputation and that there is a positive relation between underwriter reputation and firm operating performance. In addition, underwriters continue providing monitoring to the firms they take public. Using a sample of IPOs, we …

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Partner Profiles, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Empowering The Next Billion, John E. Davies

Journal of Microfinance / ESR Review

When i travel to India, China, and other growing nations, I am visibly struck by the living conditions I hear about, statistically, there is an estimated 4 billion people who live in poverty around the world. It's visible. It's tangible. But I am also hit, with equal impact, by the relentless and imaginative entrepreneurship I witness in these very same places by people who, from my frame of reference, have scarce resources.

Improving Microfinance Through Telecommunications, Peter Bladin

Journal of Microfinance / ESR Review

No abstract provided.

Editor's Introduction: Technology And Development, Paul C. Godfrey

Journal of Microfinance / ESR Review

No abstract provided.

Reason: Christianity To Capitalism, Assunta M. Forgione

Journal of Microfinance / ESR Review

No abstract provided.

Pebble In A Pond, Stephen R. Barley

Journal of Microfinance / ESR Review

Paul C. Godfrey, associate academic director of BYU’s Economic Self-Reliance Center, sat down with Stephen R. Barley, the Charles M. Pigott Professor of Management Science and Engineering at Stanford University, to discuss problems and needs associated with implementing technology in developing countries. Barley is co-director of the Center for Work, Technology, and Organization at Stanford’s School of Engineering, and the co-director of the Stanford/General Motors Collaborative Research Laboratory. He has written extensively on the impact of new technologies on work, the organization of technical work, and organizational culture. Barley was a member of the Board of Senior Scholars of the …

Double Bottom Line Growth, Patrick Crompton

Journal of Microfinance / ESR Review

No abstract provided.

End Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Vol. 09 No. 1 Esr Review, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Center News, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal

Undergraduate Theses and Capstone Projects

In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …

E-Business And Economic Self-Reliance, Stephen W. Liddle

Journal of Microfinance / ESR Review

I am often asked to speak on the subject of e-business—its ramifications for modern organizations and its impact on our students who will soon be entering the workforce. E-business is the use of information technology and electronic communication networks to exchange business information and conduct transactions in electronic, paperless form. From online retail operations to Web-enabled self-service technical support, organizations around the world are transforming in significant and far-reaching ways.

Banking The Unbanked, Janine Firpo

Journal of Microfinance / ESR Review

No abstract provided.

The Impact Of Human Capital On The Cost Of Air Force Acquisition Programs, Jeffrey C. Feuring

Theses and Dissertations

Previous studies have established a link between Human Capital and performance both at the firm and the individual level. These studies have shown that performance can be improved with additional personnel and/or higher education levels. This study attempts to build on this relationship by using the Cobb-Douglas Production function to relate inputs to outputs. The inputs to the function are the number of cost analysts positions, military and civilian, and an education variable for the number of master’s degrees in the field. The measure of output is the average cost overrun of Air Force contracts. A time series regression was …

Oxytocin Increases Generosity In Humans, Paul J. Zak, Angela Stanton, Sheila Ahmadi

Business Faculty Articles and Research

Human beings routinely help strangers at costs to themselves. Sometimes the help offered is generous-offering more than the other expects. The proximate mechanisms supporting generosity are not well-understood, but several lines of research suggest a role for empathy. In this study, participants were infused with 40 IU oxytocin (OT) or placebo and engaged in a blinded, one-shot decision on how to split a sum of money with a stranger that could be rejected. Those on OT were 80% more generous than those given a placebo. OT had no effect on a unilateral monetary transfer task dissociating generosity from altruism. OT …

Indiana State University Financial Report 2007, Indiana State University

Financial Reports

No abstract provided.

Selected Lid Projects In New England, New England Environmental Finance Center

Planning

Examples of low impact development (LID) projects in each state in New England.

Realized Daily Variance Of S&P 500 Cash Index: A Revaluation Of Stylized Facts, Shirley Huang, Qianqiu Liu, Jun Yu

Research Collection School Of Economics

In this paper the realized daily variance is obtained from intraday transaction prices of the S&P 500 cash index over the period from January 1993 to December 2004. When constructing realized daily variance, market microstructure noise is taken into account using a technique proposed by Zhang, Mykland and Ait-Sahalia (2005). The time series properties of realized daily variance are compared with those of variance estimates obtained from parametric GARCH and stochastic volatility models. Unconditional and dynamic properties concerning the realized daily variance are examined, the relationship between realized variance and returns is investigated, and the stylized facts concerning realized daily …

Modeling Transaction Data Of Trade Direction And Estimation Of Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitch Warachka

Research Collection School Of Economics

This paper implements the Asymmetric AutoregressiveConditional Duration (AACD) model of Bauwens and Giot (2003) to analyzeirregularly spaced transaction data of trade direction, namely buy versus sellorders. We examine the influence of lagged transaction duration, lagged volumeand lagged trade direction on transaction duration and direction. Our resultsare applied to estimate the probability of informed trading (PIN) based on theEasley, Hvidkjaer and O’Hara (2002) framework. Unlike the Easley-Hvidkjaer-O’Hara model, which uses the daily aggregate number of buy and sellorders, the AACD model makes full use of transaction data and allows forinteractions between buy and sell orders.

Real Estate Mutual Funds: A Style Analysis, Crystal Lin, Kenneth Yung

Finance Faculty Publications

We find that the characteristics of real estate related securities are different from those of the general common equities. To help investors understand better the products offered by real estate mutual funds, we develop style descriptors that are specifically created for real estate related securities. Among the universe of real estate securities, we find real estate funds tilt toward large stocks and favor growth moderately over value. Growth managers outperform value mangers in this sector by 1.51% to 2.30% per year. However, there is evidence of shifts in the investment style among the funds. Our results help investors in evaluating …

Financial Reforms And Common Stochastic Trends In International Stock Prices: A Case Study Of Pakistan, Mohammed Nishat, Ch. Muhammad Irfan

Business Review

This study uses the co-integration and error-correction techniques to examine the linkages between Pakistan and other capital markets of developed economies (US, UK, Japan, Australia and Canada); regional markets in South Asia (India, Sri Lanka), East Asia (Indonesia, South Korea, Singapore, Malaysia, Taiwan, Philippines) and EU (Austria, Belgium, Denmark, Germany, Italy and Czech) countries. The results indicate a long-run relationship between Pakistani stock market and most of the international markets during the sample period (1997 to 2004). However, the longrun linkages were comparatively stronger with developed and EU markets. The direction of linkages in most cases, are from other regional …

Two Essays On Lead-Lag Patterns Between Trading Volume And Stock Return In China Stock Markets, Xiaotian Zhu

Theses and Dissertations in Business Administration

This dissertation systematically investigate the lead-lag relations between the trading volume and stock return patterns in China A share and B share markets through two streams of behavioral postulations. In the first part, we summarize all the potential lead-lag patterns between trading volume and stock returns and link them to the corresponding behavioral explanations. In particular, Lee and Swaminathan's (2000) Momentum Life Cycle theory best explains the strong negative relations between lagged trading volume and subsequent return in China A share market. The strong positive relations between lagged market return and subsequent trading volume found in both China's B share …

A Monetary Union In East Asia: What Does The Common Cycles Approach Tell?, K Sato, David E. Allen, Zhaoyong Zhang

Research outputs pre 2011

There is controversy about whether a monetary union is feasible in the East Asian region. Amongst the criteria for establishing a monetary union, most of the existing studies focus on the symmetric issue of fundamental shocks and the extent of correlations by applying the Blanchard and Quah (1989) structural vector autoregression (VAR) technique, which includes the firstdifferenced variables in the model and examines only bilateral relationships. When forming a monetary union, the member countries need to renounce their monetary policy autonomy. If shocks to respective economies are symmetric, the cost of relinquishing the discretionary monetary policy is likely to be …

Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen

Research Collection Lee Kong Chian School Of Business

In discussing bond markets in Asia, academics and policymakers typically begin by noting that the Asian crisis of 1997-98 in part resulted from the underdevelopment of the region’s domestic bond markets and the resultant currency and duration mismatches. When assessing the progress made in developing these markets in the post-crisis years, academics and policymakers usually observe that, while several domestic currency government bond markets have moved ahead, corporate bond markets have lagged (Asian Development Bank (2002), Reserve Bank of Australia (2003)). The policy conclusion is therefore often drawn: to prevent another Asian crisis, Asian bond markets must be further developed.