Portfolio and Security Analysis Commons^™

Technology Disaster Recovery.Docx, D'Andre D. Lampkin

D'Andre Lampkin

Does Beating Cash Flow Benchmarks Reduce The Cost Of Debt?, Mauricio A. Melgarejo

Mauricio Melgarejo

This paper examines whether beating previous year cash flow values and analysts' cash flow forecasts impact the firms' cost of debt. Creditors are expected to be more concerned about firm solvency than firm profitability. Accordingly, if lenders have any reference point it may be related to cash flow numbers. This study finds that firms that beat analysts' cash flow forecasts have smaller initial bond yield spreads in the next period and a decrease in their initial bond yield spreads between consecutive periods. This effect is more pronounced at short maturities and for observations with less informative earnings. Firms with lower …

Building And Testing A Portfolio Of Marijuana Stocks: Why U.S. Sec Trading Suspensions Might Cause Some To Crash Before (Or After) Reaching New High, Anthony J. Cataldo Ii, Thomas Miller, Glenn S. Soltis, Brian J. Halsey

Brian Halsey

No abstract provided.

The Sfa Business Review Vol. 2 No. 2, M. Dudley Stewart, Ralph L. White, John H. Lewis, Danny R. Arnold, John D. Whitt, Patsy Spurrier, Janelle C. Ashley

Ralph E. White

No abstract provided.

Corporate Security: Using Knowledge Construction To Define A Practising Body Of Knowledge, David Brooks

David J Brooks Dr.

Security is a multidimensional concept, with many meanings, practising domains, and heterogeneous occupations. Therefore, it is difficult to define security as a singular concept, although understanding may be achieved by its applied context in presenting a domicile body of knowledge. There have been studies that have presented a number of corporate security bodies of knowledge; however, there is still restricted consensus. From these past body of knowledge studies, and supported by multidimensional scaling knowledge mapping, a body of knowledge framework is put forward, integrating core and allied knowledge categories. The core knowledge categories include practise areas such as risk management, …

Share-Price-Changes-Volume Relation On The Singapore Equity Market, David K. C. Lee, Mohamed Ariff

David LEE Kuo Chuen

A critical review of the literature on security-price-changes-volume research suggests that the published studies in the United States and one each in Hong Kong and Japan have largely ignored the impacts on the results from autocorrelation, non-normality of distributions, heteroscedasticity and non-linear functional forms. Therefore, the reported findings are not robust. In testing for this relation from a small sample of continuously traded shares in the Singapore share market, we find that consistent results may not be obtained because of violations of basic test conditions. A task that remains is an application of alternative test models with data transformation using …

Major Personal Finance Faq, Richard H. Serlin

Richard H. Serlin

A rare source of detailed, extensive, state of the art answers to some of the most important questions in personal finance.

Selective Intervention And Economic Re-Engineering: Lessons Form Singapore's Parks In Indonesia And India, Caroline Yeoh, Siang Yeung Wong

Caroline Yeoh

No abstract provided.

An Analysis Of Causal Relation Between Stock Return And Trading Volume In Nigerian Capital Market, Mutalib Anifowose Mr

Mutalib Anifowose Mr

No abstract provided.

How Diversified Is Your Equity Portfolio?, Bruce Vanstone

Bruce Vanstone

Extract: There can’t be many investors today who aren’t aware of the importance of diversification. Even the simplest form of naïve diversification, which just entails spreading your equity investments over as many companies as possible, is beneficial. Other more complex forms, such as modern portfolio theory allow investment professionals to use diversification as a construct in managing portfolio risk.

101 Financial Accounting Practices: Practical Questions And Answers, George E. Ekeha

George E Ekeha

More often that not, our accounting practices at the corporate levels have been very different from what actually goes on in our schools and universities. Many of our graduate students in accounting get into the real world of work and realised that whatever they learnt in the classrooms have not much impact on the practice of accounting in the corporate environment.

This book intends to bring some practical (not totally though, but I am sure it would help others to start thinking about the solutions) questions for prospective accounting graduates to test themselves on the realities of accounting jobs. The …

Assessing The Financial Failure Using Z-Score And Current Ratio: A Case Of Sugar Sector Listed Companies Of Kse, Muhammad Shahzad Ijaz, Ahmed Imran Hunjra, Rauf I. Azam

Ahmed Imran Hunjra (PhD)

Since 1968, after the development of multivariate model, financial health of the corporate sector to predict their financial failure is heavily studied. Altman Z-Score is the most efficient model to judge the financial failure of the companies. This study uses Altman’s Z-Score and current ratio to assess the financial status of sugar sector companies listed at Karachi stock exchange. Sugar sector is the second largest slice among all sectors listed at Karachi stock exchange. Total population sampling technique was used in this study and all thirty five sugar sector listed companies at KSE were included in this study to get …

An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Bernard Lee, Shih-Fen Cheng, Annie Koh

Shih-Fen Cheng

We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …

Would Position Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh

Shih-Fen CHENG

On May 6, 2010, the US equity markets experienced a brief but highly unusual drop in prices across a number of stocks and indices. The Dow Jones Industrial Average (DJIA) fell by approximately 9% in a matter of minutes, and several stocks were traded down sharply before recovering a short time later. Earlier research by Lee, Cheng and Koh (2010) identified the conditions under which a “flash crash” can be triggered by systematic traders running highly similar trading strategies, especially when they are “crowding out” other liquidity providers in the market. The authors contend that the events of May 6, …

An Analysis Of Extreme Price Shocks And Illiquidity Among Systematic Trend Followers, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh

Shih-Fen Cheng

We construct an agent-based model to study the interplay between extreme price shocks and illiquidity in the presence of systematic traders known as trend followers. The agent-based approach is particularly attractive in modeling commodity markets because the approach allows for the explicit modeling of production, capacities, and storage constraints. Our study begins by using the price stream from a market simulation involving human participants and studies the behavior of various trend-following strategies, assuming initially that their participation will not impact the market. We notice an incremental deterioration in strategy performance as and when strategies deviate further and further from the …

Would Price Limits Have Made Any Difference To The 'Flash Crash' On May 6, 2010, Wing Bernard Lee, Shih-Fen Cheng, Annie Koh

Shih-Fen CHENG

On May 6, 2010, the U.S. equity markets experienced a brief but highly unusual drop in prices across a number of stocks and indices. The Dow Jones Industrial Average (see Figure 1) fell by approximately 9% in a matter of minutes, and several stocks were traded down sharply before recovering a short time later. The authors contend that the events of May 6, 2010 exhibit patterns consistent with the type of "flash crash" observed in their earlier study (2010). This paper describes the results of nine different simulations created by using a large-scale computer model to reconstruct the critical elements …

An Agent-Based Commodity Trading Simulation, Shih-Fen Cheng, Yee Pin Lim

Shih-Fen CHENG

In this paper, an event-centric commodity trading simulation powered by the multiagent framework is presented. The purpose of this simulation platform is for training novice traders. The simulation is progressed by announcing news events that affect various aspects of the commodity supply chain. Upon receiving these events, market agents that play the roles of producers, consumers, and speculators would adjust their views on the market and act accordingly. Their actions would be based on their roles and also their private information, and collectively they shape the market dynamics. This simulation has been effectively deployed for several training sessions. We will …

Standing Order Operations In The Banking Industry, George E. Ekeha

George E Ekeha

Standing order operations by the bank is a system by which customers instruct the bank to make systematic payments on behalf of the customer to a third party. This arrangement must be control and managed by the customer. The customer must have the sole right to cancel this arrangement from his bank at any time he wishes. Unfortunately however, this is not the situation with some banks in Ghana. In this article we outline an experience of a customer of Ecobank regarding the operation of standing order.

Investing In Hedge Funds: Risks, Returns And Pitfalls, Francis Koh, Winston T. H. Koh, David Kuo Chuen Lee, Kok Fai Phoon

Francis Koh

Hedge funds are collective investment vehicles fast becoming popular with high net worth individuals as well as institutional investors. These are funds that are often established with a special legal status that allows their investment managers a free hand to use derivatives, short sell, and exploit leverage to raise returns and cushion risk. Given that that they have substantial latitude to invest, it is instructive to examine the performance of hedge funds compared to other forms of managed funds. This paper provides an overview of hedge funds and discusses their empirical risk and return profiles. It also poses some concerns …

Las Pymes A Través Del Mercado De Valores En El Perú: Una Visión Comparada Con España, John Pineda Galarza

John Pineda Galarza

En el presente Working Paper se pone en evidencia el problema por el que atraviesan las medianas empresas, que como parte de su crecimiento en el mercado buscan una forma alternativa de financiación. En ese contexto, se plantea como alternativa al mercado bursátil a través de emisiones de Instrumentos de Corto Plazo; sin embargo, aunque a la fecha existen medianas empresas financiándose por esta modalidad aun no hay muchos inversionistas interesados en adquirir estos valores echando por tierra el tiempo e inversión realizada por estas empresas. En el presente artículo de investigación se analizan los principales problemas identificando a los …

Modeling Dependence Using Skew T Copulas: Bayesian Inference And Applications, Michael S. Smith, Quan Gan, Robert Kohn

Michael Stanley Smith

[THIS IS AN AUGUST 2010 REVISION THAT REPLACES ALL PREVIOUS VERSIONS.]

We construct a copula from the skew t distribution of Sahu, Dey & Branco (2003). This copula can capture asymmetric and extreme dependence between variables, and is one of the few copulas that can do so and still be used in high dimensions effectively. However, it is difficult to estimate the copula model by maximum likelihood when the multivariate dimension is high, or when some or all of the marginal distributions are discrete-valued, or when the parameters in the marginal distributions and copula are estimated jointly. We therefore propose …

Spend Your Money On Income Generating Activities Rather Than Liabilities, George E. Ekeha

George E Ekeha

Many at times as I walk around town, in the cities and the country sides I try to observe how we live our lives in Ghana. In my previous article, I highlight some very important resources that we are endowed with in this country. We all know that those are just but few and we are proud that we have more resources than some of our neighbours in the Sub-Saharan African countries. One of these resources is the human capital. We can be proud of ourselves to have people who think about the necessity of peace in order to enhance …

Savings Habits Of African Women, The Case Of Ghanaian Market Women, George E. Ekeha

George E Ekeha

Recent economic developments in Africa have led to increased educational opportunities and new jobs for the millions of people living in the continent. Specifically, the development changes have had a significant impact on the female population in the member countries as more and more women continue to gain access to training and education and obtain the skills and qualifications needed to enter into the workforce. Due to these recent developments, women in Africa have been able to gain more control over their own finances. As a result, women entrepreneurs in most African countries have become increasingly important drivers of growth …

Quality Education And Tailor-Made Skills Development Is Needed To Solve Unemployment Problem In Ghana, George E. Ekeha

George E Ekeha

The issue of unemployment have been one of the major problems in the country for sometime now. Many opinion leaders, youth activist and other concerned groups and individuals have expressed their worries on the issue. In recent times there have been some group calling itself Unemployed Graduate Association of Ghana (UGAG) and many youth groups advocating for pressure on the governments to create jobs in the country as promised in their manifestos. Their intention was to send message out there to leaders about the fact that they have some skills to be implemented on the job markets but cannot find …

Capital Budgeting Practices And Economic Development: A Comparative Study Of Companies In Western Europe And West Africa, George E. Ekeha

George E Ekeha

Over the years, efforts have been made to increase the developmental strides of African countries. Many projects move from donor countries like the United Kingdom and the United State into Africa to help improve the lives of the people. However, these efforts have not been able to redeem Africa from abject poverty and indebtedness to the West. Various projects that are targeted towards the reduction of poverty are normally completed with no changes in the lives of the people. These projects, in my opinion, have not been scrutinised to assess their capabilities of meeting some stated target.

Capital budgeting practices …

The Banks In Ghana Reported Huge Increase In Profit, George E. Ekeha

George E Ekeha

The past few months ago, we have been inundated by news about the banks’ profit. If we take a glance at their published accounts in the dailies, we could see how most of them had a jump in their profits over the years. Some had as much as 900% rise in their profit. Amazing, isn’t it? We have heard the officials of these banks tried to justify the huge spread in their lending and the borrowing rates, blaming it on various issues like non-performing loans and overhead costs and many others, refer to my previous article. They claimed they cannot …

Be Careful About The Menace Of The Banks And Microfinance Companies, George E. Ekeha

George E Ekeha

Currently, according to the Ghana Banking Survey 2010 by PriceWaterHouseCoopers, there are twenty six (26) registered banks with over 740 branches operating in the country offering several products designed to attract the average Ghanaian (with more in the pipeline because of the oil flow). Some years ago (may be 10 years or more), there were very few banks in the country with their products mostly designed towards the elite few. It was a common thing to see very long and winding queues extending several kilometres outside the banking halls of most of these banks. Especially the Ghana Commercial Bank (GCB), …

The Benefits And Costs Of Large Block Ownership Before And During The East Asian Crisis, Parthiban David, Michael A. Hitt, Wee Liang Tan

Wee Liang TAN

No abstract provided.

Let Us Spend Our Money On Income Generating Activities Rather Than Liabilities, George E. Ekeha

George E Ekeha

Many at times as I walk around town, in the cities and the country sides I try to observe how we live our lives in Ghana. In my previous article, I highlight some very important resources that we are endowed with in this country. We all know that those are just but few and we are proud that we have more resources than some of our neighbors in the Sub-Saharan African countries. One of these resources is the human capital. We can be proud of ourselves to have people who think about the necessity of peace in order to enhance …

Cv, Lorán Chollete

Lorán Chollete

No abstract provided.