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Articles 6541 - 6570 of 9486

Full-Text Articles in Finance and Financial Management

Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan Oct 2011

Intangible Investments And The Pricing Of Corporate Sga Expenses, Rongbing Huang, Gim S. Seow, Joe S. Shangguan

Faculty Articles

This study examined whether the market fully prices the reported Selling, General, and Administrative (SGA) expenses when this item includes an intangible investment component. For a sample of intangible investment-intensive firms, we showed that their SGA expenses benefit future operating performances. Evidence suggests some degree of market inefficiency in the pricing of SGA expenses and the intangible investment component. Furthermore, the financial analysts do not appear to appreciate fully the future benefits of the component in their earnings forecasts. Finally, the pertinent disclosures in firms’ annual reports are so inadequate as to attenuate the market mispricing, suggesting a significant room …

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Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch Sep 2011

Undergraduate Finance Capstone In A Liberal Arts Setting: An Active Learning Approach, Steven Welch

Accounting and Finance Faculty Publications

In a liberal arts setting, there are no “schools” or “colleges” in which to neatly group a capstone experience. We have developed a course meant to address a capstone experience, while being true to a focus within our particular major. In this paper, an effort to create a course designed as a capstone experience specific to the finance discipline using an active learning strategy is reviewed. The primary method of instruction is with case studies. However, only the first part of the course is taught using the traditional case teaching method. Most of the rest of the course is taught …

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Smoking In The United States Air Force: Trends, Most Prevalent Diseases And Their Association With Cost, Michail Gkoutouloudis Sep 2011

Smoking In The United States Air Force: Trends, Most Prevalent Diseases And Their Association With Cost, Michail Gkoutouloudis

Theses and Dissertations

This research focuses on the smoking rates among the Active Duty Air Force (ADAF) personnel and the association of smoking and cost of hospitalization because of diseases related to smoking. Three types of analyses were used in this research. The Contingency Analysis was based on the data taken from the Air Force Web HA questionnaire. The Pivot Table Analysis and the Regression Analysis were based on a second data set associated with the cost of hospitalization. The Contingency Analysis showed that smoking in the U.S. Air Force is more prevalent among the enlisted, males, and the younger age groups. The …

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How The Mindless Growth Mantra Of Modern Economics Is Failing Us, Knowledge@Smu Sep 2011

How The Mindless Growth Mantra Of Modern Economics Is Failing Us, Knowledge@Smu

Knowledge@SMU

As the world ponders the possibility of yet another global recession, one economist has offered up, instead, a critical view of the fundamental flaws within a system so caught up with consumption that a second wave recession would seem more intentional than unnerving. In 'The End of Progress: How modern economics has failed us', author Grame Maxton takes readers through a re-examination of 'the invisible hand' and puts forth several radical ideas for how the world economy may repair itself.

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The Archway Investment Fund Semi Annual Report, Fall 2011, Bryant University, Archway Investment Fund Sep 2011

The Archway Investment Fund Semi Annual Report, Fall 2011, Bryant University, Archway Investment Fund

Archway Investment Fund

No abstract provided.

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Comprehensive Income Reporting: Fasb Decides Location Matters, Dennis Chambers Sep 2011

Comprehensive Income Reporting: Fasb Decides Location Matters, Dennis Chambers

Faculty Articles

The article reports on Accounting Standards Update (ASU) 2011-05 issued by the Financial Accounting Services Board (FASB) in June 2011. It states that the standard requires all companies to report comprehensive income and components either in one continuous statement or in two separate, but consecutive, net income and other comprehensive income statements.In both cases, companies must reportedly now report in an income statement-type location for total comprehensive income.

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Overview And Conceptual Issues Of Non-Interest Banking In Nigeria, B. A. Umar Sep 2011

Overview And Conceptual Issues Of Non-Interest Banking In Nigeria, B. A. Umar

Bullion

This paper examines the role of non-interest banking in national development. The paper is divided into five sections, the first section contains the introduction, section 2 has the conceptual framework, section three gives non-interest bonking in Nigeria and section four concludes the paper.

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The Legal And Regulatory Framework For Non-Interest Banking In Nigeria, A. Atta Sep 2011

The Legal And Regulatory Framework For Non-Interest Banking In Nigeria, A. Atta

Bullion

Non-interest bonking is one of the aspects of Islamic finance. Islamic finance distinguishes itself from conventional finance through its compliance with the principles of Islamic commercial jurisprudence. This paper examines the legal and regulatory framework for non-interest banking in Nigeria. First the paper explored the global development of non-interest banking and goes further to highlight why would non-interest banking be beneficial for Nigeria?; In identifying this, the paper highlighted the main contracts that would be used for transactions which include: Profit sharing agreements, Joint venture agreements, Purchase and resole contracts, investment Certificates, insurance; the current legal and regulatory framework and …

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The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji Sep 2011

The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji

Bullion

The paper examines non-interest Banking model that operates devoid of interest in lending, financing, deposit-taking and all forms of financial intermediation. Hence, the bank becomes an important financial institution for enhancing growth and development in an economy. The article is divided into five section, the first being the introduction, section two contains the conceptual framework, three highlights non-interest banking in Nigeria and four concludes the paper.

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Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen Aug 2011

Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen

World Maritime University Dissertations

No abstract provided.

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An Investigation Of Shipping Derivatives Based On Risk Evaluation, Sheng Yang Aug 2011

An Investigation Of Shipping Derivatives Based On Risk Evaluation, Sheng Yang

World Maritime University Dissertations

No abstract provided.

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Research On Capacity Development Plan Of Wenzhou Shipping Company, Xinlei Chen Aug 2011

Research On Capacity Development Plan Of Wenzhou Shipping Company, Xinlei Chen

World Maritime University Dissertations

No abstract provided.

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Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen Aug 2011

Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen

World Maritime University Dissertations

No abstract provided.

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Process Optimization In Freight Forwarding Industry, Xiaohua Shi Aug 2011

Process Optimization In Freight Forwarding Industry, Xiaohua Shi

World Maritime University Dissertations

No abstract provided.

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Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd, Zhujun Zhou Aug 2011

Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd, Zhujun Zhou

World Maritime University Dissertations

No abstract provided.

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The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng Aug 2011

The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng

World Maritime University Dissertations

No abstract provided.

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An Improved Test For Statistical Arbitrage, Robert Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka Aug 2011

An Improved Test For Statistical Arbitrage, Robert Jarrow, Melvyn Teo, Yiu Kuen Tse, Mitch Warachka

Business Faculty Articles and Research

We improve upon the power of the statistical arbitrage test in Hogan, Jarrow, Teo, and Warachka (2004). Our methodology also allows for the evaluation of return anomalies under weaker assumptions. We then compare strategies based on their convergence rates to arbitrage and identify strategies whose probability of a loss declines to zero most rapidly. These strategies are preferred by investors with finite horizons or limited capital. After controlling for market frictions and examining convergence rates to arbitrage, we find that momentum and value strategies offer the most desirable trading opportunities.

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Building Structured Products: Like Manufacturing A Complex, Abstract Car, Singapore Management University Aug 2011

Building Structured Products: Like Manufacturing A Complex, Abstract Car, Singapore Management University

Perspectives@SMU

What are structured products, and how do they fit in with clients' needs and the banks' range of services? Experts from Standard Chartered Bank's (SCB) structuring business provided their take at SMU's Lee Kong Chian School of Business Public Lecture.

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Building Structured Products: Like Manufacturing A Complex, Abstract Car, Knowledge@Smu Aug 2011

Building Structured Products: Like Manufacturing A Complex, Abstract Car, Knowledge@Smu

Knowledge@SMU

The inner workings of structured financial products and the structured products industry might seem complicated to outsiders looking in. After all, regulatory restrictions, quantitative financial modelling, and foreign exchange options are not exactly universally understood commonplace terms. Industry insiders at a Lee Kong Chian School of Business Public Lecture say, however, that an appreciation for this seemingly complex domain is more about attitude than aptitude.

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On The Acceleration Of Explicit Finite Difference Methods For Option Pricing, Stephen O'Sullivan, Conall O'Sullivan Aug 2011

On The Acceleration Of Explicit Finite Difference Methods For Option Pricing, Stephen O'Sullivan, Conall O'Sullivan

Articles

Implicit finite difference methods are conventionally preferred over their explicit counterparts for the numerical valuation of options. In large part the reason for this is a severe stability constraint known as the Courant–Friedrichs–Lewy (CFL) condition which limits the latter class’s efficiency. Implicit methods, however, are difficult to implement for all but the most simple of pricing models, whereas explicit techniques are easily adapted to complex problems. For the first time in a financial context, we present an acceleration technique, applicable to explicit finite difference schemes describing diffusive processes with symmetric evolution operators, called Super-Time-Stepping. We show that this method can …

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Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu Aug 2011

Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu

Graduate Theses and Dissertations

In the first essay, utilizing a more recent and expanded 20-year sample 1991-2010 of dual-rated bonds issued, I confirm Morgan's (2002) finding that banks are relatively more opaque than nonbanks. The likelihood of a rating split is higher, and the magnitude of the rating gap is larger, for banks than nonnbanks. Moreover, rating agency disagreements are more significant for banks with relatively higher loan and trading securities holdings and maintain lower capital, and for banks engaged in mortgage securitization. Importantly, I find that rating agency disagreements reflect market proxies of information uncertainty. Further, opacity makes external financing more costly. Equity …

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Credit Fluctuations And Lodging Firms: An Investigation Of The Differing Capital Structures In The Us Lodging Industry, Dipendra Singh Aug 2011

Credit Fluctuations And Lodging Firms: An Investigation Of The Differing Capital Structures In The Us Lodging Industry, Dipendra Singh

UNLV Theses, Dissertations, Professional Papers, and Capstones

This study empirically investigates the effect of credit availability and firm size on the leverage of lodging industry in United States using a 3 X 2 factorial Multivariate Analysis of Variance (MANOVA). Three time points of differing credit availability (Low, High, and Average) were identified using Case-Shiller home price index. Leverage, Net Leverage, and Short-to-Long-Term debt ratios of large and small US lodging firms were analyzed at these differing credit availability time points to assess any significant differences. Specifically, this study attempts to find whether there is an interaction effect of credit availability and firm size on the leverage of …

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Development Of A Sustainable Water Resource Financing Mathematical Model For Donors And End-Users, Sahar Zavareh Aug 2011

Development Of A Sustainable Water Resource Financing Mathematical Model For Donors And End-Users, Sahar Zavareh

UNLV Theses, Dissertations, Professional Papers, and Capstones

Rural villages and underdeveloped communities represent the largest group challenged by poor water supply and sanitation with inequalities in resources to adequately implement potential solutions and even more with their high risk level of financing, funding is particularly challenging for water projects. Innovative financing alone will not eliminate the burdens of rural villages and underdeveloped communities. The purpose of this thesis is to address the lack of sustainable water financing of water projects in rural areas using a novel framework of a mathematical model based on "system dynamics" using optimal feedback control theory to maximize the performance of a water …

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Effects Of National Culture On Earnings Quality Of Banks, Chee Yeow Lim, Kanagaretnam Kiridaran, Gerald J. Lobo Aug 2011

Effects Of National Culture On Earnings Quality Of Banks, Chee Yeow Lim, Kanagaretnam Kiridaran, Gerald J. Lobo

Research Collection School Of Accountancy

We examine the relation between four dimensions of national culture and earnings quality of banks using a sample of banks from 39 countries. Our main analysis, which focuses on the pre-financial crisis period 1993–2006, indicates that banks in high individualism, high masculinity, and low uncertainty avoidance societies manage earnings to just-meet-or-beat the prior year's earnings. In tests of income smoothing through loan loss provisions, we find that banks in high individualism, high power distance, and low uncertainty avoidance societies report smoother earnings. Our exploratory analysis of the effects of national culture on accounting outcomes during the financial crisis period 2007–2008 …

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Financial Capital And Startup Survival, Jeongsik Lee, Wei Zhang Aug 2011

Financial Capital And Startup Survival, Jeongsik Lee, Wei Zhang

Research Collection Lee Kong Chian School Of Business

Are entrepreneurs liquidity-constrained? We attempt to answer this question by investigating the impact of financial capital on startup survival. The analysis of about 5,000 startups from the Kauffman Firm Survey data shows that, controlling for human capital, having some type of financial capital increases survival chances, supporting the existence of liquidity constraints. Interestingly, however, the effects are not uniform across types of capital: securing loans is associated with higher survival likelihood but receiving equity investments shortens startup longevity. Accounting for the endogeneity in financing using the Inverse Probability Treatment Weighted (IPTW) estimation reveals that the negative effect of equity capital …

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Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer Aug 2011

Acquisitions Driven By Stock Overvaluation: Are They Good Deals?, Fangjian Fu, Leming Lin, Micah Officer

Research Collection Lee Kong Chian School Of Business

Overvaluation may motivate a firm to use its stock to acquire a target whose stock is not as overpriced (Shleifer and Vishny (2003)). Though hypothetically desirable, these acquisitions in practice create little, if any, value for acquirer shareholders. Two factors often impede value creation: payment of a large premium to the target and lack of economic synergies in the acquisition. We find that overvaluationdriven stock acquirers suffer worse operating performance and lower long-run stock returns than control firms that are in the same industry, similarly overvalued at the same time, have similar size and Tobin’s q, but have not pursued …

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The Risk Exposures Of Asia-Focused Hedge Funds, Melvyn Teo Jul 2011

The Risk Exposures Of Asia-Focused Hedge Funds, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

How have Asia-focused hedge funds adjusted their risk exposures in response to the recent financial crisis? By evaluating fund performance relative to an augmented Fung and Hsieh (2004) model, we find that Asia-focused hedge funds have broadly trimmed risk exposures post-crisis. They have reduced their exposure to small stocks relative to large stocks, scaled back their loadings on high yield corporate bonds relative to low yield U.S. sovereign debt, and pared their allocation to the Japanese equity markets. At the same time, however, they are now more exposed to Asian equity markets.

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An Empirical Analysis That Forecast A High Likelihood Of Emergency Loan Need Between Ages 27 To 41 Among Graduate Students For Policy Decisions, Efosa C. Idemudia, Ralph Ferguson Jul 2011

An Empirical Analysis That Forecast A High Likelihood Of Emergency Loan Need Between Ages 27 To 41 Among Graduate Students For Policy Decisions, Efosa C. Idemudia, Ralph Ferguson

Faculty Publications - The LeMoyne Smith School of Business

The increase in graduate schools’ enrollments due to the global recession poses a complex challenge for graduate school deans and policy decisions. The data indicate that between the ages 27 to 41 emergency loan need is high among graduate students. As more non-traditional students seek admission into graduate school, there may be a prescribed role for the emergency loan in order to reduce the level of borrowing necessary among traditional as well as non-traditional graduate students for effective policy decision making. Analysis of emergency loan recipients provides insight for future researchers to investigate other critical factors that influence emergency loan …

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Student Debt [Brochure And Video], John Roberts, Timothy Popma Jul 2011

Student Debt [Brochure And Video], John Roberts, Timothy Popma

Counseling Concepts and Applications for Student Affairs Professionals (CNS 577)

Research has proven that over the course of a student’s higher education career, individuals will become debt tolerant (Zhang and Kemp, 2009, p. 28). Being that students are becoming debt tolerant, more and more debt is taken from government aid or private loans to fund students through college. Currently, the national student debt amount is over $950 billion. Mark Kantrowitz, a publisher of FinAid.org, states, “national student debt increases $2853.88 every second.” Unfortunately, student debt has not only accrued from education alone. Students are using student loan refunds and credit cards to finance the high standard of living in America. …

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Ignorance Is Not Bliss: Financial Illiteracy, The Mortgage Market Collapse, And The Global Economic Crisis, Jeffrey T. Dinwoodie Jul 2011

Ignorance Is Not Bliss: Financial Illiteracy, The Mortgage Market Collapse, And The Global Economic Crisis, Jeffrey T. Dinwoodie

University of Miami Business Law Review

No abstract provided.

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