Finance and Financial Management Commons^™

2003-2004 Operating Budget (Final Printing), Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

Southern University at Shreveport, Operating Budget for Fiscal Year Ending June 30, 2004. Southern University System.

2003-2004 Operating Budget Final Printing, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The Southern University System Board and System Administration Operating Budget 2003-2004 Final Printing.

2003-2004 Operating Budget Final Printing: Southern University Law Center, Southern University System. Office Of Finance & Administration.

All Southern University System Budgets

The 2003-2004 Final Operating Budget for the Southern University Law Center Campus. Final Printing.

Equilibrium Impact Of Value-At-Risk Regulation, Markus Leippold, Fabio Trojani, Paolo Vanini

CRIF Seminar series

We study the partial and general equilibrium implications of value-at-risk (VaR) regulation in continuous-time economies with intermediate expenditure, stochastic opportunity set, and heterogeneous attitudes to risk. Our findings show that because of an anticipatory effect of VaR constraints on the optimal hedging demand, the partial equilibrium incentives of VaR regulation can lead banks to increase their risk exposure in high-volatility states. In general equilibrium, VaR constraints can produce unambiguously lower interest rates and higher equity Sharpe ratios. The VaR impact on equity volatility and equity expected returns is ambiguous.

Ua9 Investing In The Spirit, Wku Development & Alumni Relations

WKU Administration Documents

Development office newsletter regarding donors and donations to Western Kentucky University.

Model State Land Use Legislation For New England, New England Environmental Finance Center, Muskie School Of Public Service

Legislation

Sprawl is neither the ordained nor the inevitable outcome upon the New England landscape. A coordinated response to sprawl by the public and private sectors is possible, and could dramatically improve land use patterns and reduce the cost of local government. For the New England states, such a response would include, among other elements, legislation to eliminate existing gaps in the land use laws of each state – gaps that presently encourage or sanction sprawling development. It would also include incentives for municipalities to think beyond their borders and to act with greater efficiency and effect. It is the purpose …

The Effect Of Firm Characteristics On The Use Of Percentage Retail Leases, Gregory H. Chun, Mark Eppli, James D. Shilling

Finance Faculty Research and Publications

Choice of lease payments has been widely studied in the literature. There are three—not necessarily exclusive—explanations that have received attention. The first attributes the choice of fixed versus percentage lease payments to risk-sharing preferences. The second explanation views percentage-of-sales lease agreements as a way discriminating monopolists can appropriate economic rents. The third attributes percentage-of-sales lease agreements to a metering and bonding argument. This paper examines the proposition that the choice of percentage retail leases is driven in part by managements' desire to circumvent the cost of violating debt covenant restrictions. The evidence presented here supports the prediction that retail firms …

Market Makers' Methods Of Stock Manipulation: How Trading Manipulations Can Adversely Affect A Firm's Equities And What Finance Managers Can Do About It, Anthony J. Cataldo Ii, Larry N. Killough

Accounting Faculty Publications

No abstract provided.

The Balanced Scorecard At Futura Industries, Andra Gumbus, Susan D. Johnson

WCBT Faculty Publications

Most companies use the balanced scorecard (BSC) to focus on the financial aspects or the operational metrics required by ISO quality certification. But that is not all one unique company uses the BSC for. At Futura Industries, President Susan Johnson built the enterprise's success over the past 3 years on the BSC's foundational level - the learning, innovation, and growth dimension. This dimension provides the building blocks that generate success in the remaining 3 quadrants: customer service, financial, and internal operations. And the results have followed: a 50% increase in revenue without adding personnel from 1996 to 1999. This organization …

The Dimensions Of Customer Satisfaction In The Financial Services Industry, Jose Salvador Lopez-Alarcon

Graduate Student Dissertations, Theses, Capstones, and Portfolios

The objective of this study was to collect and interpret data on the areas that influence customer satisfaction in the financial services industry. Specifically, the research defined and explored the ten dimensions that provide the customers with the product perceived value of the product or service. A survey of 230 customers in the Boca Raton area was conducted; data generated through the survey was analyzed descriptively, as well as subjected to regression analysis.

The study found congruence of customer satisfaction and the dimension: tangibles, reliability, responsiveness, competence, courtesy, credibility, safety, access, communication, and empathy. The study also determined that the …

Maturity Effect On Bid-Ask Spreads Of Otc Currency Options, Beng Soon Chong, David K. Ding, Kok Hui Tan

Research Collection Lee Kong Chian School Of Business

The paper ascertains the relation between bid-ask spreads and the contract maturity of OTC currency options. Contrary to previous findings in the futures market, spreads of currency options are found to be negatively related to the contract's term-to-maturity. The negative relation persists even after controlling for the effects of price risks, competition, and trading activity. The pronounced differences in the term-to-maturity results are attributable to the market risk effect and differences in the market structure of options and futures markets.

2002-2003 Operating Budget: Southern University At New Orleans, Southern University System: Office Finance & Administration.

All Southern University System Budgets

2002-2003 Operating Budget of the Southern University at New Orleans Campus.

Asian Hedge Funds: Return Persistence, Style, And Fund Characteristics, Francis Koh, Winston T. H. Koh, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This study explores the return persistence properties, styles, and fund characteristics of hedge funds that mainly invest in Asia. We examine, for the first time, a high resolution hedge fund dataset which includes monthly return information as well as detailed fund characteristics data. We find that the returns of Asian hedge funds persist most strongly at monthly horizons to quarterly horizons. This persistence weakens considerably when we lengthen the measurement period beyond a quarter, and does not appear to be due to the imputation of fees or to systematic risk as measured by a simple factor model. Further, we show …

The Quality Of Analysts Earnings Forecasts During The Asian Crisis: Evidence From Singapore, Roger Loh, Mujtaba Mian

Research Collection Lee Kong Chian School Of Business

Examines the efficiency of security analysts' earnings forecasts in Singapore. Regression of actual earnings change on forecasted change; Extremism in forecasted change; Impact of business crisis on the quality of earnings forecasts.

Are You Drowning In Personal Finance Papers? What To Keep And What To Toss, Barbara Rowe, Heidi Leblanc

All Current Publications

No abstract provided.

Profit Maximization In The Banking Industry: Early Adoption Of Technology And Its Effects On Efficiencies, John Gulnac

Business and Economics Honors Papers

Technological innovation has restructured the marketplace creating cost advantages in many industries. One industry that has experienced significant change is the banking industry. The widespread applications of Information Technology (IT) complemented with the adoptions of Automated Teller Machines (ATMs) have changed the face of the banking industry: by providing banks with the opportunity to improve certain operational efficiencies IT is giving them a competitive advantage in a consolidating industry. Brick and mortar banks are no longer an operational necessity. The banking industry through recent deregulations now has the ability to enter new and previously untapped markets with relatively low entry …

The Role Of Anticipated Wealth In Risk Preferences, Kristofer Allen Gibbs

Honors Capstone Projects and Theses

No abstract provided.

Rapid, Low Level Determination Of Silver(I) In Drinking Water By Colorimetric–Solid-Phase Extraction, Matteo P. Arena, Marc D. Porter, James S. Fritz

Finance Faculty Research and Publications

A rapid, highly sensitive two-step procedure for the trace analysis of silver(I) is described. The method is based on: (1) the solid-phase extraction (SPE) of silver(I) from a water sample onto a disk impregnated with a silver-selective colorimetric reagent, and (2) the determination of the amount of complexed analyte extracted by the disk by diffuse reflectance spectroscopy (DRS). This method, called colorimetric–solid-phase extraction (C–SPE), was recently shown effective in determining low concentrations (0.1–5.0 mg/ml) of iodine and iodide in drinking water. This report extends C–SPE to the trace (∼4 μg/l) level monitoring of silver(I) which is a biocide used on …

The 2003-2004 Crummer Suntrust Portfolio - A Proposal By The Portfolio Management/Theory And Applications Course [2003], Denvar Dewey Steadman, Scott Anthony Trombino

Crummer Truist Portfolios

No abstract provided.

Testing The Effectiveness Of Deregulation In The Electric Utility Industry: A Market-Based Approach, Manfen Wang

Doctoral Dissertations

In this paper, I investigate one stated purpose of deregulation in the electric utility industry—to make utility operations more responsive to news releases, a proxy for market forces. My premise is that utilities providing electricity to highly deregulated states will be more responsive to market forces than those providing electricity to non-deregulated states. I employ intraday data from April to June 2001, the year after deregulation, and from 1994, the year before deregulation. I also employ the Brown-Forsythe-Modified Levene (BFL) test to determine the volatility differences between days with released news and days without released news. The results of BFL …

Intuitive Black-Scholes Option Pricing With A Simple Table, Tom Arnold, Terry D. Nixon, Richard L. Shockley Jr.

Finance Faculty Publications

The Black-Scholes option pricing model (1973) can be intimidating for the novice. By rearranging and combining some of the variables, one can reduce the number of parameters in the valuation problem from five to two: 1) the option's moneyness ratio and 2) its time-adjusted volatility. This allows the computationally complex Black-Scholes formula to be collapsed into an easy-to-use table similar to those in some popular textbooks. The tabular approach provides an excellent tool for building intuition about the comparative statics in the Black-Scholes equation. Further, the pricing table can be used to price options on dividend-paying stocks, commodities, foreign exchange …

Impact: What Influences Finance Research?, Tom Arnold, Alexander W. Butler, Timothy Falcon Crack, Ayca Altintig

Business Faculty Articles and Research

Which journal articles have had the most impact on finance research? Which journals dominated finance research in the 1990s? We answer these and similar questions using a comprehensive sample of journals, an extensive time period, and a new ranking method that avoids problems inherent in the existing literature. Among our findings: six of the 10 articles most highly cited by finance journals were published in econometrics or economics journals; Journal of Finance has the most citations, but it accounts for only one of the top 10 articles; and Journal of Financial Economics has the highest impact per article.

Corporate Diversification And Stock Returns, Tatiana Isakovski

Theses and Dissertations in Business Administration

There are considerable empirical evidences in favor of and against the corporate diversification. A number of previous studies have found that industrial and geographic diversification have a negative effect on the value of the firm and the stock returns. In contrast, a growing stream of literature provides evidence in support of the diversification premium. There is no consensus on whether the documented discount can be attributed to corporate diversification per se or to the firms' characteristics other than diversification. In this study, we re-examine the impact of industrial and/or geographic diversification on the stock returns.

The investigation of the comprehensive …

Estate Planning Basics: A Vocabulary, Barbara Rowe, Christine Jensen

All Current Publications

No abstract provided.

Consolidated Analyst Reports: Existing Portfolio Holdings And Recommended Portfolio Holdings For Crummer Student Managed Portfolio [2003], Heather Boksen, Christopher Collins, Jason Goede, Stephen Wetter

Crummer Truist Portfolios

No abstract provided.

International Mutual Fund Recommendations For The Crummer Graduate School Of Business Suntrust Investment Portfolio [2003], Alexia Brehm, Koushik Chatterjee

Crummer Truist Portfolios

No abstract provided.

Large Cap Investment Recommendations For The Crummer Graduate School Of Business Suntrust Investment Portfolio [2003], John Abernathy, Jessica Shapiro, Shawn Shapiro, Joe Subich, Joe Walter, Mary White

Crummer Truist Portfolios

No abstract provided.

Fixed Income Strategy Crummer/Suntrust Endowment Fund [2003], Brad Albers, Pablo Presas

Crummer Truist Portfolios

No abstract provided.

Dividend Omissions And Intraindustry Information Transfers, Gary L. Caton, Jeremy Goh, Ninon Kohers

Research Collection Lee Kong Chian School Of Business

We examine potential information transfers from companies that announce dividend omissions to their industry rivals. Specifically, we examine the abnormal stock returns and abnormal earnings forecast revisions of rivals after a company makes a dividend-omission announcement. Our results show negative and significant abnormal stock returns and negative and significant abnormal forecast revisions for rival companies in response to the announcement, and a significant and positive relation between the two. We conclude that a dividend-omission announcement transmits unfavorable information across the announcing company's industry that affects cash flow expectations and ultimately stock prices.

Corporate Stability And Economic Growth, Kathy S. He, Randall Morck, Bernard Yeung

CRIF Seminar series

Greater instability in a country's list of top corporations is associated with faster economic growth. This faster growth is primarily due to faster growth in total factor productivity in industrialized countries, and faster capital accumulation in developing countries. These findings are consistent with the view that economic growth is more closely tied to the rise of new large firms than to the prosperity of established large firms. Although a stable list of leading corporations is highly correlated with government size, it is unrelated to other possible policy goals, such as (successful) income equalization and avoiding economic crises, it is related …