Finance and Financial Management Commons^™

Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. …

In-Touch - December 1997, Nova Southeastern University

NSU Digital: In-Touch

No abstract provided.

Stock Market And Macroeconomic Policies: New Evidence For The Pacific Basin Countries, Unro Lee

Eberhardt School of Business Faculty Articles

This article investigates whether the stock markets of the Pacific Basin countries of Hong Kong, Singapore, South Korea, and Taiwan are informationally efficient with respect to macroeconomic policies. Granger causality tests are utilized in the context of a Vector Error Correction Model to test the relationship between aggregate stock prices and monetary and fiscal policies. The findings indicate that the stock markets of all four countries are not efficient with respect to both macroeconomic policies. These findings are different from those of other articles focusing on major industrialized countries. Rejection of market efficiency may be attributed to the unique structure …

Accounting For Biases In Black-Scholes, David Backus, Silverio Foresi, Kai Li, Liuren Wu

CRIF Working Paper series

Prices of currency options commonly deffer from the Black-Scholes formula along two dimensions: implied volatilities vary by strike price (volatility smiles) and maturity (implied volatility of at-the-money options increases, on average, with maturity). We account for both using Gram-Charlier expansions to approximate the conditional distribution of the logarithm of the price of the underlying security. In this setting, volatility is approximately a quadratic function of moneyness, a result we use to infer skewness and kurtosis from volatility smiles. Evidence suggests that both kurtosis in currency prices and biases in Black-Scholes option prices decline with maturity.

Ua3/9/2 Wku Institutional Review, James L. Fisher, Ltd.

WKU Administration Documents

Institutional review conducted during Barbara Burch's interim presidency of WKU and presidential search.

Western Kentucky is a good university essentially trapped in time and therefore unable to change significantly. Until these constraints are eliminated or modified, the University will not be able to effectively address major issues of focus, enrollment, organization, personnel, curriculum, governance, athletics, planning and increased public and private support. Rather, it will continue to drift with occasional peripheral and cosmetic changes, none of which will be sufficient to successfully relate to Kentucky's new plan for post-secondary education.

The problems that prevent significant institutional transformation are several, but …

No. 130 1997 November

International Journal for Business Education

SIEC Historical Documents

Breaking Trends And The Money-Output Correlation, David Fernandez

Research Collection Lee Kong Chian School Of Business

This paper examines the impact on the money-output correlation of a univariate specification that allows time series to be characterized as stationary around a broken trend function. Though pretesting suggests that U.S. real output (industrial production) can be described as broken-trend stationary, this result has only limited impact on the money-output correlation. Before 1985 there is a strong Granger causal relationship between money and broken-detrended output (hut not first-differenced output), even when different short-term interest rates are used as regressors. However, after 1985 this relationship weakens significantly, whether or not one determines that output has a unit root.

Vertebrate Damage Management: The Future Of An Evolving Profession, Robert H. Giles Jr.

Wildlife Damage Management Conference

The author argues that an objective of a new group of people taking a systems approach to large wild animal problems should be to manage damage as a cost-reducing role within a total, profitable, long-term system, not necessarily to control the "pest." The needs are for well-grounded financial analyses both for customers, the public, the resources, and the well-being of the profession. A point of view is advanced for the need for evolving pest-related operations into a new, unique profession that is involved in a profound way as an element of a cost-effective total land and human resource production system.

Venture Capital Financing In India: By J C Verma, New Delhi: Sage Publications,1997., R Srinivasan

IIMB Management Review

No abstract provided.

Financing Ssis: Two Perspectives, Ashok Thampy, P S Kulkarni

IIMB Management Review

Since Independence, Small Scale Industries (SSIs), have been playing a stellar role in the economic development of the country. SSIs account for more than a third of the total manufacturing output and generate almost 35 per cent of the country's exports. Importantly, they provide employment to more than ten million Indians. With the onset of economic liberalisation in the country-since 1991- even SSIs have been trying to redefine their role and adapt effectively to the changing macro-economic environment, where market forces are calling the tune. The Abid Hussain Committee, which was constituted to re-define the role of SSIs in the …

The Coexistence Of Multiple Distribution Systems For Financial Services: The Case Of Property-Liability Insurance, Allen N. Berger, J. David Cummins, Mary A. Weiss

Faculty Publications

Property-liability insurance is distributed through a direct-writer system, where agents represent one insurer, and an independent- agency system, where agents represent several insurers. Independent-agency insurers have higher costs than direct writers. The market- imperfections hypothesis attributes the coexistence of the two types of insurers to impediments to competition, while the product-quality hypothesis holds that independent-agency insurers provide higher-quality services. We measure cost efficiency and profit efficiency for property-liability insurers and find strong support for the product-quality hypothesis, implying that independent-agency insurers produce higher-quality outputs and are compensated by higher revenues.

Are Salaries In The National Hockey League Related To Nationality?, William (Bill) H. Williams, David A. Williams

Publications and Research

No abstract provided.

Calibration And Validation Of The Cocomo Ii.1997.0 Cost/Schedule Estimating Model To The Space And Missile Systems Center Database, Wayne A. Bernheisel

Theses and Dissertations

The goal of this study was to determine the accuracy of COCOMO II.1997.0, a software cost and schedule estimating model, using Magnitude of Relative Error, Mean Magnitude of Relative Error, Relative Root Mean Square, and a 25 percent Prediction Level. Effort estimates were completed using the model in default and in calibrated mode. Calibration was accomplished by dividing four stratified data sets into two random validation and calibration data sets using five times resampling. The accuracy results were poor; the best having an accuracy of only .3332 within 40 percent of the time in calibrated mode. It was found that …

Calibration And Validation Of The Sage Software Cost/Schedule Estimating System To United States Air Force Databases, David B. Marzo

Theses and Dissertations

This research entailed calibration and validation of the SAGE Software Cost/Schedule Estimating System, Version 1.7 as a means to improve estimating accuracy for DoD software-intensive systems, and thereby introduce stability into software system development. SAGE calibration consisted of using historical data from completed projects at the Space and Missile Systems Center (SMC) and the Electronic Systems Center (ESC) to derive average performance factors (i.e., calibration factors) for pre-defined categories of projects. A project was categorized for calibration by either its primary application or by the contractor that developed it. The intent was to determine the more appropriate categorization for calibration. …

A Study Of Historical Inflation Forecasts Used In The Department Of Defense Future Years Defense Program, Mark S. Sweitzer

Theses and Dissertations

This thesis explores historical inflation forecasts used in the Department of Defense (DoD) Future Years Defense Program. The study examines historical DoD forecasts against experienced inflation as measured by the Gross National Product and Gross Domestic Product implicit price deflator (GNP/GDP IPD) from 1979 to 1996. This study also compares the accuracy of DoD forecasts with those made by the Congressional Budget Office (CBO) and Data Resources, Incorporated (DRI). The results regarding the performance of historical DoD inflation forecasts are mixed. Upon examining budget through five year GNP/GDP IPD forecast spans, DoD short-term results do not indicate a downward bias …

Tracking Overhead Orta Costs In Technology Transfer Activities, Thomas S. Van Egeren

Theses and Dissertations

An ever shrinking Research and Development (R&D) budget, coupled with a widespread perception that the nation is not realizing an adequate return from its substantial investment in the federal laboratory system, has paved the way for an increase in the transfer of technology from the federal laboratories to the private sector. The objective of this research is to determine the indirect cost of performing technology transfer by identifying the resources consumed by several key Office of Research and Technology Applications (ORTA) organizations and the activities performed within these organizations. It was hypothesized that the ORTA organizations, which are considered indirect …

1997-1998 Operating Budget Request, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Operating Budget Request for the fiscal year 1997-1998. Southern University and A & M College Campus.

1997-1998 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University and A & M College Operating Budget for the Fiscal Year 1997-1998.

1997-1998 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 1997-1998 Fiscal Year Operating Budget for the Southern University Law Center Campus.

1997-1998 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University Shreveport-Bossier City, Operating Budget for Fiscal Year Ending June 30, 1998. Southern University System.

1997-1998 Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University Board and System Administration Operating Budget for the Fiscal Year 1997-1998.

An Empirical Study Of Economies Of Scope In Home Healthcare, Theresa I. Gonzales

WCBT Faculty Publications

Objective: To apply the economic theory of economies of scope to the home healthcare industry. Data Sources: Data on 488 observations obtained from the Cost Report (HCFA Form 1728-86) of all Connecticut state-licensed, Medicare-certified home health agencies. Study Design: The Cost Report was the primary source of data for this study. Information on total cost, scope, and other related factors was collected. Logarithmic and nonlinear regression analyses were used to identify factors related to scope and also to test for economies of scope. Data Collection Method: Data collected were both cross-sectional and time series (from 1988-1992). Data accuracy was verified …

Auditor Judgment Confidence: Direct Evidence For The Process View, Marshall A. Geiger, A.C. Lloyd Spurrell

Accounting Faculty Publications

Although there has been considerable research on audit judgment processes and structures, one area that has received little attention is auditor judgment confidence. Determining the nature of confidence attainment has direct implications for audit practice, particularly regarding the timing of evidence evaluation leading to final judgments. The present study extends the early work of Pincus (1991) and is the first to provide direct evidence in support of the process view of audit judgment confidence.

The Impact Of The Louisiana Lottery On Salaries In Education, Melissa Vicknair Melancon

Doctoral Dissertations

The study was undertaken to decide whether lottery revenues impacted teachers' salaries in Louisiana. Economic recession brought on by the collapse of the oil and gas industry, disgruntled taxpayers, and the lure of easy money prompted Louisiana legislators to pass a bill adopting a state lottery. Initially, all funds were earmarked for education. Subsequently, lottery revenues were deposited into the general fund. Yet many thought the lottery would be a significant source of money for education and teachers' salaries.

Logged annual salaries were used in models for university teachers and for elementary and secondary school teachers. Variables were incorporated to …

1996-1997 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 1996-1997 Operating Budget of the Southern University Law Center.

1996-1997 Operating Budget: Southern University At New Orleans, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

1996-1997 Operating Budget of the Southern University at New Orleans Campus.

Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from financial statements and balance sheets, which are designed to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department to compile the CBN analytical accounts. However, major revisions were made due to imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation on foreign assets. The Computer Services Department uses high-level computing to generate both summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation …

A Company Specific Analysis Of The Capital Budgeting Process As It Pertains To A Zero Emissions Mandate On The American Automobile Industry, Brian M. Woodcock

Honors Theses

The rapid growth of the U.S. auto industry in the 20th century has led to a fast-paced society that emphasizes the importance of convenience and time-efficiency. Consequently, the cost of this society has been high levels of emissions, causing pollution to the surrounding environment. General Motors' attempt at a solution to the problem is their introduction of the first electric vehicle known as the EV1. The EV1 has the potential to meet society's transportation demands and to create a more pollution-free environment. However, in a free market economy, the price tag for a solution such as GM's may currently be …

The Incremental Information Content Of The Cash And Cash Equivalents Definition Of Funds, Hugh Samuel Riner Jr.

Doctoral Dissertations

The purpose of this study was to attempt to determine the incremental information content of the cash and cash equivalents definition of funds. The cash and cash equivalents definition of funds is the mandated definition of funds for use in the preparation of a statement of cash flows. Prior to 1988, firms were able to use alternative definitions of funds; working capital was the most widely-used alternative definition.

In order to determine whether the cash and cash equivalents definition of funds has incremental information content, event analysis methodology was utilized to compare the market reaction to the release of financial …

Asia’S Emerging Equity Markets: Diversification Vs Return Enhancement, Julian E Gaspar

IIMB Management Review

What accounts for the relative attractiveness of Asia's emerging equity markets to an American Fund Manager? Following a brief overview of portfolio flows to developing countries, an empirical analysis of Asia's emerging equity markets is conducted to rank them on the basis of risk diversification using correlation analysis. This is followed by an analysis and ranking of Asia's emerging equity markets in terms of total returns with a summary of the major findings in terms of risk diversification and return enhancement. In addition, India's equity market is given a closer look to determine key macro economic and institutional issues that …