Finance and Financial Management Commons^™

Whatever Happened To The Stock Markets, R Vaidyanathan

IIMB Management Review

No abstract provided.

Some Empirical Evidence On The Non-Normality Of Cost Variances On Defense Contracts, Robert J. Conley Iv

Theses and Dissertations

This study tested the hypothesis that defense cost variances reported on the Cost Performance Report are normally distributed. The DOD requires that all defense cost variances which breech a pre-specified threshold be investigated. The present variance investigation model has been criticized because it can prompt frivolous investigations. In theory, statistical models could reduce the number of frivolous investigations, but they are not used because they require too much information about the cost variance, including its distributional form. Often such models assume a normal distribution, but researchers have shown that the models do not work properly if the assumption is fallacious. …

No. 128 1996 November

International Journal for Business Education

SIEC Historical Documents

Is The “Dominant Firm” Dominant? An Empirical Analysis Of At&T’S Market Power, Simran K. Kahai, David L. Kaserman, John W. Mayo

Economics & Finance

In this article, we estimate the degree of market power held by AT&T in the interstate long-distance market in the postdivestiture period. Our approach makes use of the dominant firm/competitive fringe model to impose the structure needed both to obtain estimates of the relevant structural parameters and to translate these parameters into an estimate of AT&T's residual demand elasticity and associated Lerner index. Because of the continued presence of regulation and other considerations, however, a direct estimation of the residual demand elasticity is not feasible. Consequently, we take a more indirect approach that combines estimation of the elasticity of fringe …

Money Supply, Inflation And The Nigerian Economy, Paul A. Ogwuma

Bullion

Experience in many countries, including Nigeria, show that fiscal policies, in particular, intended primarily to stimulate output growth and enhance real income often end up as a major source of financial imbalances and macro-economic instability. The accompanying high inflation has critical allocative and distributional implications that can be detrimental to the growth process. It is against this background that, this short paper attempts, to identify the relationship between monetary growth and inflationary developments in Nigeria and the implications for economic growth. Following this Introduction, Thus, the challenge of maintaining monetary stability has often been a difficult one, the world over, …

The Design Of A Financial Management Database System, Edward G. Leszynski

Theses and Dissertations

This research led to the design and development of a financial management database system for the Aeronautical Systems Center (AS C) Environmental Management (EM) Systems Program Office (SPO), which has the responsibility of managing the environmental contracts for the Government-Owned, Contractor-Operated (GOCO) plants that are owned by the Air Force. This thesis investigated the various 'development strategies' and 'methodologies' described in the Management Information Systems literature in order to devise an end-user development strategy capable of meeting the EM SPO's requirements. In addition, the information requirements, conceptual design and prototyping, and procedures phases of the System Development Life Cycle (SDLC) …

An Evaluation Of U.S. Air Force Aviation Fuel Consumption Factors To Accurately Predict Aviation Fuel Costs By Aircraft Mission, Design, And Series, Jodi A. Clayton

Theses and Dissertations

The purpose of this thesis was to undertake a systematic, scientific study of the accuracy of Air Force published fuel factors to estimate fuel costs at MAJCOM level by mission, design, and series (MDS) since the implementation of the Fuels Automated Management System (FAMS) under the current environment of decentralized aviation fuel (AVFUEL) funding. The research found that, at MAJCOM level, the use of USAF published AVFUEL factors in estimating out-year costs would have overstated costs in both fiscal year (FY) 1994 and FY 1995 by $2.5 M (FY 1994), by $.25 M (FY 1995), and may potentially understate costs …

The Effect Of Estate Taxes On Family Business: Survey Results, Joseph H. Astrachan, Roger Tutterow

Faculty Articles

A survey of 1,003 businesses examined the effect of estate taxes on family business behavior, including investment, employment, and strategic decisions. The results strongly suggest that estate taxes have marked effects on business behavior. These effects are more pronounced in larger firms where their potential impact is of a greater magnitude.

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

All Southern University System Budgets

The Southern University at Shreveport Operating Budget for Fiscal Year 1996-1997.

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

All Southern University System Budgets

The Southern University System Board and System Administration 1996-1997 Operating Budget.

The Corporate Effects Of R&D And Patent-Grants: Evidence From Intra-Industry Analysis, Steven Alan Lifland

Theses and Dissertations in Business Administration

This study examines the intra-industry effect of announcements of technological advancement on the market valuation of both the announcing firm and the announcing firm's relative industry competitors. This paper consists of two parts. Essay I discusses firm specific and intra-industry valuation effects of a firm's Research and Development (R&D) expenditures, while Essay II concentrates on the firm-specific and intra-industry valuation effects of a firm's patent-grant announcement. Specifically, this study examines the validity of the competitive and free-rider hypotheses to explain the market response to announcements of R&D spending and the granting of patents.

While the evidence shows that the market …

Central Bank Of Nigeria Statistical Bulletin, June 1996, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are primarily designed for legal and administrative purposes. The Finance and Accounts Department uses Bloomberg sources to prepare CBN accounting balance sheet data for the Research Department to compile analytical accounts. The Financial Statistics Office compiles the analytical CBN balance sheet without reclassifications or rearrangements of available accounting data. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates. Deposit rates are computed for various maturities. Clearing …

Indian Banks & It - Quo Vadis?, S Jagadish

IIMB Management Review

No abstract provided.

Exhibit - Wku Compensation Study Report, W.F. Corroon Consultants

Board of Regents Documents

Study to address issues of internal fairness and market competitiveness of salaries for all non-faculty staff below the director level performed by W.F. Corroon Consultants.

A Review Of Defensive Strategies Used In Hostile Takeovers, Chirag Shah

Honors Theses

Nineteen Ninety Five smashed all records for mergers and acquisitions at home and abroad. An unprecedented $458 billion in deals were announced by U.S. companies, up 32% from the old record of $347 billion reached in 1994, according to the Securities Data Co. Similarly, deal count, which last year came in with 7,565 announced transactions, registered a new record as 8,954 transactions were announced in 1995. Globally, a record $866 billion in transactions were struck, up 51% from the $572 billion announced in 1994. The big highlights were banking, financial services, pharmaceuticals and big transactions in media and telecommunications. From …

Technical Analysis: Connecting The Dots Or A Legitimate Investment Tool?, Daniel P. Sutter

Honors Theses

Wall Street is full of many unusual characters. They appear frequently in the newspaper headlines, on the evening news, and now on the Internet. They are portrayed both as villains such as Michael Milken or Ivan Boesky and as heroes such as Warren Buffett or Martin Zwieg. While these people may seem very distant at times they really impact each one of us every day, whether or not we are aware of it. The companies we conduct our routine transactions with are financed through them, our retirement plans our dependent on them, and even our jobs rest on the success …

Occasional Papers: Current Issues In Business, Janice Rowan

Hollybush Series

Volume 5 of The Hollybush Series contains nine essays by Rowan College of New Jersey faculty on current issues in business.

The editor is Janice Rowan and the faculty authors are: Berhe Habte-Giorgis, Jooh Lee, Robert S. Fleming, Razelle Frankl, William J. Trainor, Jr., George C. Romeo, Daniel W. Davis, Larissa S. Kyj, Robert E. Pritchard, William L. Enslin, Carol Welsh, and Thomas A. Michael.

No. 127 1996 April

International Journal for Business Education

SIEC Historical Documents

Volatility Risk Premiums In Futures Markets: Investment Prices And Commercial Bank Performance, Richard P. Gregory

Theses and Dissertations in Business Administration

This dissertation is an in depth study of the measurement of pricing biases in futures options, and whether this bias is due to volatility risk premia, market overreaction to public information or information asymmetry. Futures options for thirteen different contracts are used. Additionally, the contracts are from three different marketplaces.

Six hypotheses are tested. The first is whether implied option volatilities from the Black (1976) futures option model is the only significant determinant of the volatility processes of the underlying futures contracts. For this estimation, we use both a GARCH (1,1) model and the Partially Non-parametric model of Engle and …

The Valuation Effects Of Corporate Investment Decisions: Evidence From Domestic And Foreign Plant Announcements, Bum Suk Kim

Theses and Dissertations in Business Administration

This study examines the effects of corporate investment decisions--announcements of plants--on the value of the firm, using event-study methodology. This paper consists of two parts. Essay I discusses the valuation effects of domestic investments, while Essay II analyses the valuation effects of foreign investments undertaken by U.S. firms and compares the valuation effects between the two investments. Specifically, this study examines the validity of the overinvestment hypothesis and whether focus-increasing investments enhance the value of the firm.

First, the evidence shows that the valuation effects of the investment decision depend on the firm's investment opportunities, proxied by Tobin's q. That …

Finance: A Management Guide For Managing Company Funds And Profits By M Pandey. Prentice-Hall Of India, 1995., V G Sridharan

IIMB Management Review

This book throws light on all the three well-established segments of finance: accounting, costing and funds management, especially for those business executives uninitiated in its basic tenets. Starting with the primary appreciation of the contents of financial statements, it introduces the reader to the techniques of comparative analysis of such statements, like accounting ratios and fund flows.

Gearing Up For Competition New Challenges For Indian Banks, J V Shetty

IIMB Management Review

Influenced by the economic reforms programme, banking in India is witnessing a shift away from meeting social priorities to confronting market forces. This has led to its improved performance during the last two years, generating considerable optimism that the country will eventually be blessed with a sound, streamlined and competitive banking system that would help it successfully meet the challenges of the global marketplace.

Semiparametric Exploration Of Long Memory In Stock Prices, David K. C. Lee, Peter M. Robinson

Research Collection Lee Kong Chian School Of Business

New or modified methods for semiparametric analysis of fractional long memory in time series are described and applied to twenty-six stock prices and two stock indices. Evidence is found that some, but not all, of the stocks have long memory, while one of the indices exhibits mean reversion.

The Influence Of Professional Investors On The Failure Of Management Buyout Attempts, Sarah Peck

Finance Faculty Research and Publications

In a sample of 111 MBO offers between 1984 and 1987, almost 30% attract new blockholders. These blockholders are primarily professional investors who act to facilitate a takeover by a higher bidder, thus increasing returns to both themselves and other public shareholders. In contrast, I find little evidence that pre-existing blockholders, particularly institutional holders, affect either the offer outcome or actively participate in the buyout contest once it begins. The overall pattern of results suggests that professional investors, particularly equity-holding companies, are 'control specialists' who provide valuable services as brokers in the market for corporate control.

Effect Of Regulation On Banking: California 1879-1929, Lynne Doti, Richard Runyon

Economics Faculty Articles and Research

California had a virtually unregulated banking environment until the first comprehensive banking regulations were passed in 1905. These regulations, and subsequent changes in 1909, required reserves and paid-up capital. Several tests of commonly accepted measures of safety, such as bank reserves, paid-up capital, bank failures, and real estate loans that resulted in foreclosure, are compared for selected years before and after the regulations. Results do not clearly demonstrate that regulation enhanced the safety of individual banks, but do support the conclusion that regulation enhanced the safety of the banking system as a whole.

Indiana State University Financial Report 1996, Indiana State University

Financial Reports

No abstract provided.

Asset Allocation In Investing To Meet Liabilities, Anthony Dardis, Vinh Loi Huynh

Journal of Actuarial Practice (1993–2006)

We present some rudimentary concepts on asset/liability management and describe an approach to asset allocation modeling for institutions that invest to meet liabilities. The traditional risk/reward framework of financial economics is used as a starting pOint. The definitions of risk and reward are then refined with regard to the institution under consideration. A simple model of a U.S. life office is examined. We assume that the only investments available are domestic stocks and long-dated government bonds. Stochastic simulation is used to create a large number of future investment scenarios using historical total return data for these asset classes. The ability …

Constrained Forecasting Of The Number Of Ibnr Claims, Louis G. Doray

Journal of Actuarial Practice (1993–2006)

We consider the problem of forecasting the number of claims incurred. After subtracting the number of claims reported to date, the number of claims incurred but not reported (IBNR) can be forecasted. The basic model assumes that the number of claims per accident period follows an autoregressive moving average time series process. Instead of assuming the data are available in the usual claim run-off triangle format, we assume that the only data available are the number of claims reported at the valuation date for each accident interval of an observation period. Box-Jenkins methods are used to forecast the ultimate number …

What We Say In The Naic Annual Statement Blank Actuarial Opinion, Kenneth W. Faig Jr.

Journal of Actuarial Practice (1993–2006)

The new language adopted for the actuarial opinion in the National Association of Insurance Commissioners' model actuarial opinion and memorandum regulation has been weakened at the same time the responsibilities of the opining actuary have been increased. The restoration of stronger language to the actuarial opinion would enhance the professional image of the actuary. If the legal environment for professional liability inhibits such a change, the opinion should be changed to describe more precisely the work performed and the conclusion reached by the actuary.

Concentration In American Property-Casualty Companies, Edward Nissan

Journal of Actuarial Practice (1993–2006)

A Theil's entropy index utilizing premiums written as units is employed to measure trends in concentration of the largest 200 property-casualty companies in the United States between 1985 and 1993 based on Best's Insurance Report data. Each of the indexes confirms that concentration trends experienced no increase for the whole period for all 200 firms, the top 20, and subsets of lower ranked companies. Significant differences are observed, however, between groups of companies for the same period.