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Full-Text Articles in Finance and Financial Management

2006-2007 Revised Operating Budget: Southern University At Shreveport, Southern University System. Office Of Finance & Administration. Sep 2006

2006-2007 Revised Operating Budget: Southern University At Shreveport, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University at Shreveport Campus Revised Operating Budget for the fiscal year 2006-2007.

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2006-2007 Operating Budget: Subr Agricultural Research And Extension Center, Southern University System. Office Of Finance & Administration. Sep 2006

2006-2007 Operating Budget: Subr Agricultural Research And Extension Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

2006-2007 Operating Budget of the SUBR Agricultural Research and Extension Center campus.

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2006-2007 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration. Sep 2006

2006-2007 Operating Budget: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 2006-2007 Fiscal Year Operating Budget of the Southern University Law Center.

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2006-2007 Revised Operating Budget, Southern University System. Office Of Finance & Administration. Sep 2006

2006-2007 Revised Operating Budget, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University System Board and System Administration Higher Education Operating Fund Budget Fiscal Year Ending June 30, 2007. Revised September 29, 2006.

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Fiscal And Current Account Balances In A Model With Sticky Prices And Distortionary Taxes, G.C. Lim, Paul D. Mcnelis Sep 2006

Fiscal And Current Account Balances In A Model With Sticky Prices And Distortionary Taxes, G.C. Lim, Paul D. Mcnelis

CRIF Working Paper series

This paper examines the interaction of fiscal and current account balances in open economies subject to monopolistic competition with sticky price-setting behavior, adjustment costs for investment, and distortionary labor income taxes. We find that the elasticity of exports with respect to the real exchange rate influences the correlation between the balances. In particular, in simulations with recurring shocks to productivity, we find that the balances are positively correlated for a range of export elasticities. However, for simulations with recurring real government expenditure shocks, we find that the balances are positively correlated under high export elasticity but negatively correlated under low …

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Optimal Liquidation Strategies And Their Implications, Christopher Ting, Mitch Warachka, Yonggan Zhao Sep 2006

Optimal Liquidation Strategies And Their Implications, Christopher Ting, Mitch Warachka, Yonggan Zhao

Business Faculty Articles and Research

This paper studies optimal liquidation when the selling price depends on the rate of liquidation, transaction time, volume, and the asset's intrinsic value. A generic closed-form solution for maximizing the discounted liquidation proceeds is derived. To obtain financial insights, three parametric specifications that proxy for increasingly realistic market conditions are examined. In our framework, maximizing liquidation proceeds and minimizing liquidity costs are equivalent. The optimal strategies imply more rapid liquidations in less liquid markets. We also show that volatility is stochastic when market liquidity is unpredictable.

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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 Sep 2006

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 Sep 2006

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 Sep 2006

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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The Macroeconomic News Cycle And Uncertainty Resolution, Arjun Chatrath, Rohan Christie-David, William T. Moore Sep 2006

The Macroeconomic News Cycle And Uncertainty Resolution, Arjun Chatrath, Rohan Christie-David, William T. Moore

Faculty Publications

We examine the behavior of return volatility and trading at 5-minute intervals in the treasury bond futures market in the context of the monthly macroeconomic news cycle. We advance and confirm the hypothesis that volatility and trading activity are higher in the first half of the month. The data indicate that these patterns arise from at least two sources: (1) a higher level of uncertainty regarding the value of news in announcements in the first half of the month, and (2) improvement in efficiency of macroeconomic forecasts from the first to the second half of the month.

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The Relationship Between The Value Effect And Industry Affiliation, John C. Banko, C. Mitchell Conover, Gerald R. Jensen Sep 2006

The Relationship Between The Value Effect And Industry Affiliation, John C. Banko, C. Mitchell Conover, Gerald R. Jensen

Finance Faculty Publications

We examine industry affiliation and the relationship between stock returns and book‐to‐market equity (the value effect). The robustness of the value effect is supported as a significant value premium is shown to exist in 15 of 21 industries. Both industry and firm‐level value effects are identified; however, the firm‐level effect is the more prominent of the two. Further, the value effect is shown to be strongest in value industries and weakest in growth industries. Finally, we show evidence consistent with the claim that the value premium is due to investors requiring higher returns from firms in distressed conditions.

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The Impact Of Local Predatory Lending Laws On The Flow Of Subprime Credit, Giang Ho, Anthony Pennington-Cross Sep 2006

The Impact Of Local Predatory Lending Laws On The Flow Of Subprime Credit, Giang Ho, Anthony Pennington-Cross

Finance Faculty Research and Publications

Local authorities in North Carolina, and subsequently in at least 23 other states, have enacted laws intending to reduce predatory and abusive lending. While there is substantial variation in the laws, they typically extend the coverage of the Federal Home Ownership and Equity Protection Act (HOEPA) by including home purchase and open-end mortgage credit, by lowering annual percentage rate (APR) and fees and points triggers, and by prohibiting or restricting the use of balloon payments and prepayment penalties. Empirical results show that the typical local predatory lending law tends to reduce rejections, while having little impact on the flow (application …

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Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit Sep 2006

Financial Liberalization And Savings Mobilisation In Nigeria., Emmanuel A. Onwoduokit

Bullion

Financial liberation involves the elimination of credit, controls, deregulation of interest rates, easing of entry into the financial services industry, development of capital markets, increased prudential regulation and supervision, and liberalization of international capital flows. This paper assess the impact of financial sector reforms in Nigeria, especially on the development of the financial sector. Accordingly, the paper dwells on theoretical issues and brief review of literature and presented a brief analysis of financial sector reforms in Nigeria. Attempt is also made to assess the impact of the reforms. Furthermore, the paper analyzes the roles of the indicators that are studied …

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Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba Sep 2006

Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba

Bullion

It is often held that capital accumulation is necessary and sufficient condition for growth and capital accumulation is almost synonymous with saving, hence the route to growth is then one of raising savings and smoothing consumption (Deaton, 1991). Savings is one of the key relevant macroeconomic variables in any economy. Its impact on the rate of capital accumulation, productivity and the degree of dependency of a nation on foreign capital and foreign ownership of domestic assets cannot be overemphasised. This paper reviews conceptual issues on savings behaviour in Nigeria. It also provided an analysis of the factors that may have …

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How Does The Political Nature Of The Defense Acquisition Process Affect Cost Growth, Nikolaos Gounatidis Sep 2006

How Does The Political Nature Of The Defense Acquisition Process Affect Cost Growth, Nikolaos Gounatidis

Theses and Dissertations

Many of the major programs of the DoD are experiencing cost growth. This research developed an empirical model in order to explain cost overruns. This thesis sought to discover relationships between cost overruns and factors that originate from the political nature of the defense acquisition process. The model describes how the political and legislative balances of power between the parties of the Congress, the change of the purchase habits of the DoD from production to service contracts, and the spreading of defense manufacturing capacity across the U.S are related to cost overruns. This research studied 193 programs from 1970 to …

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Which Daily Price Is Less Noisy?, Christopher Ting Sep 2006

Which Daily Price Is Less Noisy?, Christopher Ting

Research Collection Lee Kong Chian School Of Business

The daily efficient price is the price that would prevail if the market were frictionless. I show that volume-weighted average price (VWAP) provides a less noisy estimate for the unobservable efficient price as compared to the closing price. The variance of daily returns computed with VWAPs is smaller than that computed with closing prices. The difference between these two realized variances is economically significant. The volatility of log closing price change tends to understate the beta risk and Sharpe ratio. A higher noise level in the closing price leads to derivative prices that favor option and volatility-related swap writers.

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Is Stock Price Rounded For Economic Reasons In The Chinese Market, Yan He, Chunchi Wu Sep 2006

Is Stock Price Rounded For Economic Reasons In The Chinese Market, Yan He, Chunchi Wu

Research Collection Lee Kong Chian School Of Business

This paper investigates whether trading and quoting prices are rounded for both economic and cultural reasons on the Shanghai and Shenzhen Stock Exchanges in China. We find that the close, bid, and ask prices of domestic shares are rounded to the nearest 10s and 5s for economic reasons, and the last decimal point of prices clusters on 8 for cultural reasons. The cross-sectional variation in 10-cent and 5-cent rounding can be well explained by price and inverse of square root of trading volume, whereas the clustering on 8 can hardly be ascribed to economic variables. The cross-sectional variation in execution …

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The Determinants Of Executive Compensation In The Commercial Banking Industry, David A. Romer Jul 2006

The Determinants Of Executive Compensation In The Commercial Banking Industry, David A. Romer

Doctoral Dissertations

The primary purpose of this study is to examine the viability of two basic theories of compensation to explain executive compensation in the banking industry. The two executive compensation motivation theories are sales/sales growth maximization and profit/shareholder wealth maximization. Overall, strong support is found for both theories. This research also seeks to significantly expand, compared to previous research, the number of banks investigated. This study succeeds, with over a four-fold increase in the number of banks analyzed, including over 330 banks not previously used in the literature. This investigation is further motivated by the paucity of banking studies on compensation …

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Strategic Exercise Of Options On Non-Traded Assets And Stochastic Volatility In An Incomplete Market: Indifference Pricing And Entropy Methods, Singru Hoe Jul 2006

Strategic Exercise Of Options On Non-Traded Assets And Stochastic Volatility In An Incomplete Market: Indifference Pricing And Entropy Methods, Singru Hoe

Finance and Real Estate Dissertations - Archive

The first study explores optimal investment policies for strategic option exercise when the underlying project is not traded. A duopoly model captures strategic interactions, while a partial spanning asset models market incompleteness. The option value to invest is obtained through indifference pricing, i.e., certainty equivalent value. I find that incompleteness narrows the gap between leader and follower entry dates. The follower enters much sooner, and the leader delays slightly compared to classic real options models. Modeling investment income stream as an Arithmetic Brownian motion is a better fit than Geometric Brownian motion, while reducing the necessary numerical approximations for obtaining …

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A Survey Of Demographics And Performance In The Hedge Fund Industry, Arindam Bandopadhyaya, James L. Grant Jul 2006

A Survey Of Demographics And Performance In The Hedge Fund Industry, Arindam Bandopadhyaya, James L. Grant

Financial Services Forum Publications

We investigate hedge fund demographics using data from the Alternative Asset Center (AAC) and then hedge fund performance over the twelve years since inception of the Credit Suisse/Tremont Hedge Fund Indices (HFI, 1994-2005). We find that hedge funds are largely domiciled “offshore” while hedge-fund managers are located primarily in the United States, particularly New York, California, Illinois, Connecticut and Florida. We find that the annualized performance of hedge funds as an “asset class” is about the same as that of U.S. equities (S&P 500). That being said, the real benefit of hedge funds lies in risk management as the volatility …

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Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton Jul 2006

Financial Education And Asset Allocation, Steven D. Dolvin, William K. Templeton

Scholarship and Professional Work - Business

We conduct a clinical study on a firm that restructures its 401(k) plan and simultaneously offers financial education seminars to its employees. The restructuring requires each employee to restate allocation percentages, thus we are able to analyze the specific benefits of retirement planning seminars on the asset allocation decision. We find that seminar attendance is associated with increased portfolio diversification and improved risk management. When combined with changes in return, the overall result is that seminar attendees create more efficient portfolios, which implies a better understanding of the retirement planning process.

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Adding Depth To The Discussion Of Capital Budgeting Techniques, Tom Arnold, Terry D. Nixon Jul 2006

Adding Depth To The Discussion Of Capital Budgeting Techniques, Tom Arnold, Terry D. Nixon

Finance Faculty Publications

The subject of capital budgeting generally encompasses a significant percentage of any beginning finance course with net present value (NPV) often receiving the most attention. Even after this substantial time allotment, critical assumptions and comparisons of the different techniques (such as payback period, discounted payback period, NPV and IRR) are frequently glossed over due to time constraints. Consequently, the goal of this paper is to present these non-NPV techniques in a manner that allows the beginning finance student to expeditiously see the intuition, inherent assumptions, and any connection with the more popular NPV calculation. A small portion of this paper …

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Applying Altman's Z-Score In The Classroom, Tom Arnold, John H. Earl Jr. Jul 2006

Applying Altman's Z-Score In The Classroom, Tom Arnold, John H. Earl Jr.

Finance Faculty Publications

Altman's Z-score is introduced in an Excel framework to produce a quick calculation of the Z-score with actual financial data available through the Internet. The lesson plan developed is easily introduced with topics covering ratio analysis, financial risk, bond rating changes, and bankruptcy. Given the wide use of the Z-score in practice to evaluate credit risk (or bankruptcy risk), the lesson plan produces a skill set that is very marketable.

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Why Do Firms Manage Their Earnings?, Zeeshan Ahmed Jul 2006

Why Do Firms Manage Their Earnings?, Zeeshan Ahmed

Business Review

The topic of corporate earnings management has not only generated a great deal of media attention but it also has become a source of serious concern to regulators and policymakers. In the wake of the events that shook investors’ confidence in the American financial reporting system in late 2001 and early 2002, the earnings management practices of firms have come under fire by shareholders groups, institutional investors and the financial press alike. To some extent, regulators have responded by proposing and enacting new rules and regulations1. Likewise, accounting and financial researchers are increasingly probing into this topic. Prior studies identify …

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Why Is A New Index Needed?, Shama Ahmed Jul 2006

Why Is A New Index Needed?, Shama Ahmed

Business Review

Stock Market, Indices, Finance

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Saving Legal Education, Daniel J. Morrissey Jun 2006

Saving Legal Education, Daniel J. Morrissey

Journal of Legal Education

No abstract provided.

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End Matter, Esr Review Jun 2006

End Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

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More Than A Little Good, Kevin W. Crean Jun 2006

More Than A Little Good, Kevin W. Crean

Journal of Microfinance / ESR Review

No abstract provided.

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Front Matter, Esr Review Jun 2006

Front Matter, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

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Partner Profiles, Esr Review Jun 2006

Partner Profiles, Esr Review

Journal of Microfinance / ESR Review

No abstract provided.

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