Other Business Commons^™

Inside Unlv, Andy Grossman, Mark Wallington, Dave Phillips

Inside UNLV

No abstract provided.

An Empirical Examination Of The Price-Dividend Relation With Dividend Management, Lucy F. Ackert, William C. Hunter

Faculty and Research Publications

Some recent empirical evidence suggests that stock prices are not properly modeled as the present discounted value of expected dividends. In this paper, we estimate a present value model of stock price that is capable of explaining the observed long-term trends in stock prices. The model recognizes that firm managers control cash dividend payments. The model estimates indicate that stock price movements may be explained by managerial behavior.

An Experimental Study Of Circuit Breakers: The Effects Of Mandated Market Closures And Temporary Halts On Market Behavior, Lucy Ackert, Bryan K. Church, Narayanan Jayaraman

Faculty and Research Publications

This paper analyzes the effect of circuit breakers on price behavior, trading volume, and profit-making ability in a market setting. We conduct nine experimental asset markets to compare behavior across three regulatory regimes: market closure, temporary halt, and no interruption. We find that the presence of a circuit breaker rule does not affect the magnitude of the absolute deviation in price from fundamental value or trading profit. The primary driver of price behavior is information. By comparison, trading activity is significantly affected by the presence of a circuit breaker. Market participants advance trades when a trading interruption is imminent.

Market Structure And Racial Earnings: Evidence From Job Changers, Richard U. Agesa, Jacqueline Agesa, Gary A. Hoover

Economics Faculty Research

In his seminal contribution, Gary Becker (1957) suggests that rents in noncompetitive industries provide employers with the latitude to engage in earnings discrimination. Implicit in this theory, is that white workers in noncompet­itive industries would capture a disproportion­ ate share of monopoly rents (excessive wages) relative to their minority counterparts. We utilize wage-change equations to exam­ine earnings shifts for whites and minorities stemming from a job switch to a different mar­ket structure. Additionally for each racial group, wage equations of workers before and after the job change are used to calculate difference­ in-differences estimates of wage change as a result …

Advantageous Cost Structure: A Strategic Costing Case Study, Arvinder S. Loomba, M. Buckingham

Faculty Publications, School of Management

Today' s increasingly competitive environment has prompted many fim1S to view organizational cost control as a strategic initiative through programs such as advantageous cost structure. Although strategic costing has been a concern of managers at the strategic level, finns are now trying to find ways to implement strategic initiatives at the operational level as well. These initiatives force organizations to address their major cost drivers and often result in improved processes, reduced number of non-value-added activities, improved supplier relations, and increased productivity. This article offers a case study of a large multinational manufacturing company that has successfully implemented advantageous cost …