Finance and Financial Management | Open Access Articles

Influence Of Financial Storm On The Ship Chartering Market And The Way Of Risks Control, Xingyuan Sun

World Maritime University Dissertations

No abstract provided.

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Research On The Supply Chain Inventory Management To Gen Garment Co. Ltd, Wei Wang

World Maritime University Dissertations

No abstract provided.

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The Correlation Analysis Between Financial And Shipping Industry, Bailin Sui

World Maritime University Dissertations

No abstract provided.

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Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio

Economics Honors Projects

This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when membership grows too diffuse. To address this issue, this study uses a model that takes into account existing theory on constrained-optimization in credit unions and theory on the adverse effects of diffuse ownership. Using data on 36 public credit unions in Ecuador, the empirical analysis finds evidence that credit unions can achieve economies of scale despite their problematic structural features. …

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South Burlington Vt: New Urbanist South Village, Jack Kartez, Richard Barringer

Planning

The 220 acre master plan for South Village, the largest project in the City of South Burlington’s history, encompasses multiple housing types and innovative provisions for affordable housing. It integrates housing with open space and natural resource conservation, including a major Community Supported Agriculture project developed by a nonprofit partner, the Intervale Foundation. While not a mixed-use project (that is, commercial as well as residential development), South Village nonetheless represents a qualitative change in approach for South Burlington by incorporating large-scale open space preservation as part of development and multiple housing-types in one project. The case study recounts events leading …

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Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka

Research Collection School Of Economics

This paper applies the asymmetric autoregressive conditional duration (AACD) model of Bauwens and Giot (2003) to estimate the probability of informed trading (PIN) using irregularly spaced transaction data. We model trade direction (buy versus sell orders) and the duration between trades jointly. Unlike the Easley, Hvidkjaer, and O'Hara (2002) approach, which uses the aggregate numbers of daily buy and sell orders to estimate PIN, our methodology allows for interactions between consecutive buy-sell orders and accounts for the duration between trades and the volume of trade. We extend the Easley–Hvidkjaer–O'Hara framework by allowing the probabilities of good news and bad news …

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Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh

Research Collection Lee Kong Chian School Of Business

Analyst research is alleged to be biased because of conflicts of interest when analysts’ employers underwrite securities for the firms covered. I posit that affiliated analyst optimism should be the strongest for offering firms with a desire to over-inflate stock prices. I hypothesize that a firm’s corporate governance and its CEO incentives are related to the affiliation bias. Using stock recommendations data, I find evidence that the affiliation bias is indeed more pervasive for firms with high CEO wealth sensitivity to stock price (i.e., high CEO delta). The larger affiliation bias for high delta firms remains even after the introduction …

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Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Østrup, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis with …

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Indiana State University Financial Report 2009, Indiana State University

Financial Reports

No abstract provided.

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Market Volatility Asymmetries: The Effects Of Stock Market Returns On Realized And Implied Volatilities, Matthew M. Chestnut

Inquiry: The University of Arkansas Undergraduate Research Journal

Volatility is an integral and inescapable variable of financial engineering, modeling, and finance theory itself Classical financial economics proxies volatility for risk itself, as it becomes difficult to predict future price realizations of a given asset when that asset exhibits significant price volatility over a given time. However, the nature of volatility as it is explained by classical financial economics has been extensively questioned in the previous three decades, since it is characterized as a function of uncertainty aggregate market psychology-that is, as a function of fear, greed, exuberance, and other fundamental human instincts and emotions. While previous research has …

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An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood

Publications

This paper analyzes the intra-regional trade and investment flows in the Middle East and North Africa (MENA) region using an augmented gravity model applied to panel data. The study uses annual trade and investment data for the period 1980-2006. There is a growing awareness among countries in the MENA region regarding the importance of international trade and foreign direct investment for stimulating growth and integrating into the world economy. The research will attempt to achieve the following objectives: (a) analyze the intra-regional trade and investment flows in the MENA region; (b) identify the major determinants of trade and investment flows …

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The Rise Of Private Equity Media Ownership In The United States: A Public Interest Perspective, Matthew Crain

Publications and Research

This article examines the logic, scope, and implications of the influx of private equity takeovers in the United States media sector in the last decade. The strategies and aims of private equity firms are explained in the context of the financial landscape that has allowed them to flourish; their aggressive expansion into media ownership is outlined in detail. Particular attention is paid to the public interest concerns raised by private equity media ownership relating to the frenzied nature of the buyout market, profit maximization strategies, and the heavy debt burdens imposed on acquired firms. The article concludes with discussion of …

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Earnings Asymmetric Timeliness And Shareholder Distributions, Richard M. Frankel, Yan Sun, Rong Wang

Research Collection Lee Kong Chian School Of Business

We study whether more asymmetrically timely earnings constrain payouts to shareholders in the presence of bad news. Our goal is to provide evidence on the ex post contracting benefits of accounting conservatism. We distinguish between cash flow asymmetric timeliness and accrual asymmetric timeliness to examine how each relates to asymmetric sensitivity of shareholder payouts. We find that only the asymmetric timeliness of cash flows is significantly related to the asymmetric sensitivity of shareholder payouts. Other measures of conservatism (earnings skewness and accumulated nonoperating accruals) are also not significantly related to the sensitivity of shareholder payouts given bad news. These results …

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Indiana State University Financial Report 2008, Indiana State University

Financial Reports

No abstract provided.

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Portfolio Construction: The Efficient Diversification Of Marketing Investments, Michael P. Haydock

Walden Dissertations and Doctoral Studies

Efforts in the marketing sciences can be distinguished between the analysis of individual customers and the examination of portfolios of customers, giving scarce theoretical guidance concerning the strategic allocation of promotional investments. Yet, strategic asset allocation is considered in financial economics theory to be the most important set of investment decisions. The problem addressed in this study was the application of strategic asset allocation theory from financial economics to marketing science with the aim of improving the financial results of investment in direct marketing promotions. This research investigated the components of efficient marketing portfolio construction which include multiattribute numerical optimization, …

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Stock Markets And Household Wealth: Can A Stock Market Crash Cause A Recession In The U.S. Economy?, Ishan Singh

Honors Theses

Stock market wealth effects on the level of consumption in the United States economy have been constantly debated; there is evidence for arguments for and against its prominence and its symmetry. This paper seeks to investigate the strength of its negative effect by creating models to analyze unexpected shocks to the Standard and Poor's 500 index. First, a transmission mechanism between the stock market and GDP is established through the use of second-order vector autoregressive models. Following which, theory from the life cycle model and adaptations of previous researchers' models are used to create a structural model. This paper finds …

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Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang

Research Collection Lee Kong Chian School Of Business

This article develops a Kalman filter model to track dynamic mutual fund factor loadings. It then uses the estimates to analyze whether managers with market-timing ability can be identified ex ante. The primary findings are as follows: (i) Ordinary least squares (OLS) timing models produce false positives (nonzero alphas) at too high a rate with either daily or monthly data. In contrast, the Kalman filter model produces them at approximately the correct rate with monthly data; (ii) In monthly data, though the OLS models fail to detect any timing among fund managers, the Kalman filter does; (iii) The alpha and …

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Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson

UNIversitas: Journal of Research, Scholarship, and Creative Activity

This paper analyzes the actuarial adequacy of PBGC in providing insurance coverage to employees participating in single employer, defined benefit pension plans. The first part of this investigation examines the micro and macro economic factors that impact the financial stability and actuarial viability of PBGC. A second section discusses externalities that may contribute to suboptimal premiums and adverse selection for PBGC. A linear control model is introduced to analyze the most effective way PBGC might use its $100 million credit line with the Department of the Treasury. In addition, a model based on the economic theory of clubs develops relationships …

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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 …

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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 …

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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 …

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Indiana State University Financial Report 2007, Indiana State University

Financial Reports

No abstract provided.

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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.

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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 …

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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.

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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 …

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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.

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The Growing Together Guide: A Companion Resource To The New England Environmental Finance Center/Melissa Paly Film, New England Environmental Finance Center

Smart Growth

What local leader or public official wants to be faced with an SOS the “same old story” of public discord and confrontation over growth and development in one’s community? That situation has become a problem for efforts to promote smart growth. Investments are needed in the walkable, compact, traditional‐streetscape and mixed use neighborhoods and developments that are more sustainable and healthy than sprawl, for both people and the landscape. Yet attempts at such change all too often end up mired in costly public controversy and stalemate.

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Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun

Bullion

Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …

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Overview Of Currency Management In Nigeria., K. S. Adeyemi

Bullion

This paper seeks to highlight the issues in currency management, identify the challenges of currency management in Nigeria, and situate the currency management reforms of the Central Bank of Nigeria in proper context. The paper is structured into six sections. Following the introduction, the key dimensions of the currency management function is highlighted in section 2. Section 3 reviews the major currency episodes in Nigeria while section 4 examines the shortcomings of the existing currency arrangements. Nigeria's reform effort in currency management is discussed in Section 5 and the paper is concluded in section 6 by observing that: as inflation …

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Full-Text Articles in Finance and Financial Management

Influence Of Financial Storm On The Ship Chartering Market And The Way Of Risks Control, Xingyuan Sun

World Maritime University Dissertations

Research On The Supply Chain Inventory Management To Gen Garment Co. Ltd, Wei Wang

World Maritime University Dissertations

The Correlation Analysis Between Financial And Shipping Industry, Bailin Sui

World Maritime University Dissertations

Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio

Economics Honors Projects

South Burlington Vt: New Urbanist South Village, Jack Kartez, Richard Barringer

Planning

Using High-Frequency Transaction Data To Estimate The Probability Of Informed Trading, Anthony S. Tay, Christopher Ting, Yiu Kuen Tse, Mitchell Warachka

Research Collection School Of Economics

Hype My Stock: Do Firms Really Want Biased Research?, Roger Loh

Research Collection Lee Kong Chian School Of Business

Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Østrup, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Indiana State University Financial Report 2009, Indiana State University

Financial Reports

Market Volatility Asymmetries: The Effects Of Stock Market Returns On Realized And Implied Volatilities, Matthew M. Chestnut

Inquiry: The University of Arkansas Undergraduate Research Journal

An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood

Publications

The Rise Of Private Equity Media Ownership In The United States: A Public Interest Perspective, Matthew Crain

Publications and Research

Earnings Asymmetric Timeliness And Shareholder Distributions, Richard M. Frankel, Yan Sun, Rong Wang

Research Collection Lee Kong Chian School Of Business

Indiana State University Financial Report 2008, Indiana State University

Financial Reports

Portfolio Construction: The Efficient Diversification Of Marketing Investments, Michael P. Haydock

Walden Dissertations and Doctoral Studies

Stock Markets And Household Wealth: Can A Stock Market Crash Cause A Recession In The U.S. Economy?, Ishan Singh

Honors Theses

Estimating The Dynamics Of Mutual Fund Alphas And Betas, Harry Mamaysky, Matthew Spiegel, Hong Zhang

Research Collection Lee Kong Chian School Of Business

Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson

UNIversitas: Journal of Research, Scholarship, and Creative Activity

Strategic Alliances By Financial Services Firms, Hua Wang

Doctoral Dissertations

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

Business Review

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

Undergraduate Theses and Capstone Projects

Indiana State University Financial Report 2007, Indiana State University

Financial Reports

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

Planning

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

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

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

Finance Faculty Publications

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

Research Collection Lee Kong Chian School Of Business

The Growing Together Guide: A Companion Resource To The New England Environmental Finance Center/Melissa Paly Film, New England Environmental Finance Center

Smart Growth

Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun

Bullion

Overview Of Currency Management In Nigeria., K. S. Adeyemi

Bullion