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Articles 661 - 690 of 1025

Full-Text Articles in Portfolio and Security Analysis

Cover & Front Matter Sep 2011

Cover & Front Matter

Journal of Strategic Security

No abstract provided.

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Hizbollah–Syrian Intelligence Affairs: A Marriage Of Convenience, Carl Anthony Wege Sep 2011

Hizbollah–Syrian Intelligence Affairs: A Marriage Of Convenience, Carl Anthony Wege

Journal of Strategic Security

Since the 1980s, Hizbollah has emerged as the guardian of Lebanon's Shi'a and a stalking horse for Iran. Syria, though allied with Tehran, seeks to manage Hizbollah's freedom of action in Lebanon and is eyed cautiously in Damascus. Hizbollah has managed to maintain independence from these Syrian efforts because of both Lebanese Shi'a religious élan and the protection given Hizbollah by its Shi'a allies in Iran.

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Extraordinary Rendition And U.S. Counterterrorism Policy, Mark J. Murray Sep 2011

Extraordinary Rendition And U.S. Counterterrorism Policy, Mark J. Murray

Journal of Strategic Security

This article examines the United States Government policy of extraordinary rendition as a response to terrorism. The paper provides a working definition of the term, outlines why it has become controversial, and uses case studies to examine success and failures of extraordinary rendition in practice. The paper concludes with lessons learned—more specifically, policy amendments—that are necessary to keep extraordinary rendition as a viable tool for the Obama Administration and mitigate political fallout against the United States from both its allies and enemies. This paper argues that extraordinary rendition provides flexibility to policymakers to detain terrorists in cases where an attack …

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Buy Off And Buy In: Flipping The Farc, Joel K. Day Ii Sep 2011

Buy Off And Buy In: Flipping The Farc, Joel K. Day Ii

Journal of Strategic Security

The election of President Juan Manuel Santos in Columbia marks a new era in Columbian security policy. administration has failed to implementInstead of focusing on a solely military solution to conflict with Revolutionary Armed Forces of Colombia (FARC), as his predecessor did, Santos has committed to a multifaceted effort to resolve the dispute. In spite of this hope, the Santos many critical non-military policy proposals. Like Santos, the scholarly community has ignored important comparative studies of counterterrorism. This essay attempts to fill a gap in the literature by framing a discussion of FARC in light of new advances in counter-insurgency …

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"Terrorism And Homeland Security: Perspectives, Thoughts, And Opinions," Edited By Dale L. June (Boca Raton, Fl: Crc Press, 2011), Mark J. Roberts Sep 2011

"Terrorism And Homeland Security: Perspectives, Thoughts, And Opinions," Edited By Dale L. June (Boca Raton, Fl: Crc Press, 2011), Mark J. Roberts

Journal of Strategic Security

No abstract provided.

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"Area 51: An Uncensored History Of America's Top Secret Military Base," Annie Jacobsen (New York: Little, Brown And Company, 2011), Edward M. Roche Sep 2011

"Area 51: An Uncensored History Of America's Top Secret Military Base," Annie Jacobsen (New York: Little, Brown And Company, 2011), Edward M. Roche

Journal of Strategic Security

No abstract provided.

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Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, Roger Loh, Mitchell Craig Warachka Aug 2011

Streaks In Earnings Surprises And The Cross-Section Of Stock Returns, Roger Loh, Mitchell Craig Warachka

Research Collection Lee Kong Chian School Of Business

No abstract provided.

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China's Use Of Cyber Warfare: Espionage Meets Strategic Deterrence, Magnus Hjortdal Jul 2011

China's Use Of Cyber Warfare: Espionage Meets Strategic Deterrence, Magnus Hjortdal

Journal of Strategic Security

This article presents three reasons for states to use cyber warfare and
shows that cyberspace is—and will continue to be—a decisive element in
China's strategy to ascend in the international system. The three reasons
are: deterrence through infiltration of critical infrastructure; militarytechnological
espionage to gain military knowledge; and industrial espionage
to gain economic advantage. China has a greater interest in using
cyberspace offensively than other actors, such as the United States, since
it has more to gain from spying on and deterring the United States than
the other way around. The article also documents China's progress in
cyber warfare and …

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Cover & Front Matter Jul 2011

Cover & Front Matter

Journal of Strategic Security

No abstract provided.

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Modeling Human Behavior To Anticipate Insider Attacks, Frank L. Greitzer , Ph.D., Ryan E. Hohimer Jul 2011

Modeling Human Behavior To Anticipate Insider Attacks, Frank L. Greitzer , Ph.D., Ryan E. Hohimer

Journal of Strategic Security

The insider threat ranks among the most pressing cyber-security challenges
that threaten government and industry information infrastructures.
To date, no systematic methods have been developed that provide a
complete and effective approach to prevent data leakage, espionage, and
sabotage. Current practice is forensic in nature, relegating to the analyst
the bulk of the responsibility to monitor, analyze, and correlate an overwhelming
amount of data. We describe a predictive modeling framework
that integrates a diverse set of data sources from the cyber domain, as well
as inferred psychological/motivational factors that may underlie malicious
insider exploits. This comprehensive threat assessment approach
provides …

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"Information Operations Matters: Best Practices," Leigh Armistead, (Washington, D.C.: Potomac Books, 2010), Robin L. Thompson Jul 2011

"Information Operations Matters: Best Practices," Leigh Armistead, (Washington, D.C.: Potomac Books, 2010), Robin L. Thompson

Journal of Strategic Security

No abstract provided.

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"The Dynamics Of Terror And Creation Of Homegrown Terrorists," Richard J. Hughbank, Ed. Et Al., (Mustang, Ok: Tate Publishing And Enterprises, 2010), Jennifer Jefferis Jul 2011

"The Dynamics Of Terror And Creation Of Homegrown Terrorists," Richard J. Hughbank, Ed. Et Al., (Mustang, Ok: Tate Publishing And Enterprises, 2010), Jennifer Jefferis

Journal of Strategic Security

No abstract provided.

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"Obama's Wars," Bob Woodward, (New York, Ny: Simon And Schuster, 2010), Richard J. Kilroy Jr. Jul 2011

"Obama's Wars," Bob Woodward, (New York, Ny: Simon And Schuster, 2010), Richard J. Kilroy Jr.

Journal of Strategic Security

No abstract provided.

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"The New Muslim Brotherhood In The West," Lorenzo Vidino, (New York: Columbia University Press, 2010), Sheldon Greaves , Ph.D. Jul 2011

"The New Muslim Brotherhood In The West," Lorenzo Vidino, (New York: Columbia University Press, 2010), Sheldon Greaves , Ph.D.

Journal of Strategic Security

No abstract provided.

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"Small Boats, Weak States, Dirty Money: Piracy And Maritime Terrorism In The Modern World," Martin N. Murphy, (New York: Columbia University Press, 2009), Francis D. Bonadonna , Capt. Jul 2011

"Small Boats, Weak States, Dirty Money: Piracy And Maritime Terrorism In The Modern World," Martin N. Murphy, (New York: Columbia University Press, 2009), Francis D. Bonadonna , Capt.

Journal of Strategic Security

No abstract provided.

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Size And Return: A New Perspective, Fangjian Fu, Wei Yang Jul 2011

Size And Return: A New Perspective, Fangjian Fu, Wei Yang

Research Collection Lee Kong Chian School Of Business

We document robust empirical evidence that, after controlling for idiosyncratic volatility, large stocks earn significantly higher returns than small stocks. Our empirical results indicate that idiosyncratic volatility is positively related to return, but negatively related to size. Hence, failure to control for idiosyncratic volatility generates a downward omitted variable bias and leads to the widely documented negative relation between size and return. We explain the two contrasting size-return relations, with and without the control for idiosyncratic volatility, in a parsimonious equilibrium model that incorporates three empirical regularities: some individual investors are under-diversified; small stocks have higher idiosyncratic volatilities than large …

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Unregulated Stock Markets In Second Life, Robert Bloomfield, Young Jun Cho Jul 2011

Unregulated Stock Markets In Second Life, Robert Bloomfield, Young Jun Cho

Research Collection School Of Accountancy

SLCapex is a stock exchange owned and operated by “residents” of the online virtual world Second Life. Despite its almost complete lack of regulation and legal protections against fraud or insider trading, issuers were able to raise approximately US$145,000 from investors, which grew to US$900,000 in market value before plummeting, resulting in overall investor returns of −71%. Investors in large issuances lost more than investors in small issuances, and small investors experienced more severe losses relative to large investors when more money was at stake, indicating that the market did a poor job of protecting investors from issuers and of …

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Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang Jun 2011

Leverage Change, Debt Overhang, And Stock Prices, Jie Cai, Zhe Zhang

Research Collection Lee Kong Chian School Of Business

We document a significant and negative effect of the change in a firm's leverage ratio on its stock prices. We find that the negative effect is stronger for firms that have higher leverage ratios, higher likelihood of default, and face more severe financial constraints. Moreover, firms with an increase in leverage ratio tend to have less future investment. These findings are consistent with Myers' (1977) debt overhang theory that an increase in leverage may lead to future underinvestment, thus reducing a firm's value.

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Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri Jun 2011

Adverse Selection And Corporate Governance, Charlie Charoenwong, David K. Ding, Vasan Siraprapasiri

Research Collection Lee Kong Chian School Of Business

This paper examines the impact of corporate governance on the adverse selection component of the bid-ask spread of stocks listed on the Singapore Exchange. These companies have been identified by Credit Lyonnais Securities Asia (CSLA) with the highest level of corporate governance among 25 emerging markets. We measure corporate governance by several criteria: discipline, transparency, independence, accountability, responsibilities, fairness, and social awareness. The results show that corporate governance has an inverse relationship with adverse selection. However, only the transparency dimension exhibits a significant inverse relationship with adverse selection. In addition, Government-Linked Companies (GLCs) are shown to have a smaller adverse …

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An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang Jun 2011

An Analysis Of Japanese Earnings Forecast Revisions With Application To Seasoned Equity Offerings, Gary L. Caton, Justin S. P. Chan, Jeremy C. Goh, Sheng Yung Yang

Research Collection Lee Kong Chian School Of Business

Using the bootstrap method, we explore the characteristics of revisions in Japanese earnings forecast data. We find that forecast revisions exhibit a downward trend over time as the actual earnings announcement date approaches, and are serially correlated with three significant lags. Using these characteristics we develop a model to estimate abnormal forecast revisions, and illustrate the model's use with a sample of Japanese companies announcing seasoned equity offerings (SEOs). In contrast to results obtained by studies using American data, our findings indicate significant positive upward revisions when Japanese firms announce an SEO.

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Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo Jun 2011

Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo

Research Collection Lee Kong Chian School Of Business

We develop a portfolio selection framework for the valuation of projects and other illiquid investments for an investor who can invest in a portfolio of private, illiquid investment opportunities as well as in securities in financial markets, but who cannot necessarily replicate project cash flows using financial instruments. We demonstrate how project values can be solved using an inverse optimization procedure and prove several general analytical properties for project values. We also provide an illustrative example on the modeling and pricing of multiperiod projects that are characterized by managerial flexibility.

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Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh Jun 2011

Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies And The Bond Market, Gary L. Gaton, Chiraphol New Chiyachantana, Choong Tze Chua, Jeremy Goh

Research Collection Lee Kong Chian School Of Business

We study earnings management (EM) efforts surrounding seasoned bond offerings using discretionary current accruals. We find that issuers tend to inflate earnings performance prior to an offering. In order for EM efforts to effectively mislead ratings agencies and the bond market, they must lead to inflated bond ratings and decreased offering yields. Regression results indicate the opposite; aggressive EM efforts are associated with lower initial ratings and higher offering yields. We also find a statistically lower proportion of subsequent downgrades for firms with the most aggressive EM efforts, which is inconsistent with these firms’ inflated initial ratings. While some firms …

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Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, Sheng Huang, Anjan V. Thakor Jun 2011

Investor Heterogeneity, Investor-Management Agreement And Open Market Share Repurchase, Sheng Huang, Anjan V. Thakor

Research Collection Lee Kong Chian School Of Business

This paper develops and tests a new theoretical explanation for why a firm conducts open-market stock repurchases. Investors may disagree with the manager about the firm’s investment projects. A repurchase causes a change in the investor base as investors who are more likely to disagree with the manager tender their shares. This model leads to the following predictions: first, a firm is more likely to buy back shares when the level of investor-management agreement is low, and second, the level of agreement improves following a repurchase. Our empirical tests provide strong support for these predictions. The results are robust to …

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The Disparity Between Long-Term And Short-Term Forecasted Earnings Growth, Zhi Da, Mitchell Craig Warachka May 2011

The Disparity Between Long-Term And Short-Term Forecasted Earnings Growth, Zhi Da, Mitchell Craig Warachka

Research Collection Lee Kong Chian School Of Business

We find the disparity between long-term and short-term analyst forecasted earnings growth is a robust predictor of future returns and long-term analyst forecast errors. After adjusting for industry characteristics, stocks whose long-term earnings growth forecasts are far above or far below their implied short-term forecasts for earnings growth have negative and positive subsequent risk-adjusted returns along with downward and upward revisions in long-term forecasted earnings growth, respectively. Additional results indicate that investor inattention toward firm-level changes in long-term earnings growth is responsible for these risk-adjusted returns.

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How Important Are Earnings Announcements As An Information Source?, Sudipta Basu, Truong Xuan Duong, Stanimir Markov, Eng Joo Tan May 2011

How Important Are Earnings Announcements As An Information Source?, Sudipta Basu, Truong Xuan Duong, Stanimir Markov, Eng Joo Tan

Research Collection Lee Kong Chian School Of Business

In a competitive information market, a single information source can only dominate other sources individually, not collectively. We explore whether earnings announcements constitute such a dominant source using Ball and Shivakumar's (2008) [How much new information is there in earnings?, Journal of Accounting Research, 2008, 46(5), pp. 975–1016] R 2 metric: the proportion of the variation in annual returns explained by the four quarterly earnings announcement returns. We find that the earnings announcement days' R 2 is 11% – higher than the corresponding R 2 of days with dividend announcements, management forecasts, preannouncements, and 10-K and 10-Q filings and …

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New Evidence On The Wealth Transfer During The Argentine Crisis, James Lam, Elisabeta Pana, Faculty Advisor Apr 2011

New Evidence On The Wealth Transfer During The Argentine Crisis, James Lam, Elisabeta Pana, Faculty Advisor

Honors Projects

In this study, we investigate the wealth preservation hypothesis and revisit the theory of wealth transfer from Argentina to the United States during the Argentine crisis. We show that the boom experienced by the Argentine stock market is explained by both wealth preservation through top non-ADR stocks and by wealth transfer through ADR stocks. Argentine investors without access to trading abroad preserved wealth by converting their bank deposits into the most liquid ADR and non-ADR stocks. An investment in a portfolio of less liquid ADRs resulted in a wealth loss, unless used as a vehicle to transfer funds abroad.

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The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo Apr 2011

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection BNP Paribas Hedge Fund Centre

This paper evaluates hedge funds that grant favorable redemption terms to investors. Within this group of purportedly liquid funds, high net inflow funds subsequently outperform low net inflow funds by 4.79 percent per year after adjusting for risk. The return impact of fund flows is stronger when funds embrace liquidity risk, when market liquidity is low, and when funding liquidity, as measured by the TED spread, aggregate hedge fund flows, and prime broker stock returns, is tight. In keeping with an agency explanation, funds with strong incentives to raise capital, low manager option deltas, and no manager capital co-invested are …

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Stock Exchanges In The Middle East: Risky Business Or Smart Investing?, Jed A. Haddad Apr 2011

Stock Exchanges In The Middle East: Risky Business Or Smart Investing?, Jed A. Haddad

Honors Projects in Finance

The goal of any investor is to obtain the highest possible return for his or her money. However for years, the debate has continued; stocks, bonds, mutual funds; which of these financial instruments will produce the greatest gain to give the investor the highest profit? Historically, stocks have been known to provide investors with high returns. With the world becoming increasingly globalized, international markets have proven to offer investors more options to help diversify their portfolios. The Middle East has been known as a region of recent economic growth and stability. Three prominent examples of such are Kuwait, Israel, and …

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The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo Apr 2011

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge funds that grant favorable redemption terms to investors. Within this group of purportedly liquid funds, high net inflow funds subsequently outperform low net inflow funds by 4.79% per year after adjusting for risk. The return impact of fund flows is stronger when funds embrace liquidity risk, when market liquidity is low, and when funding liquidity, as measured by the Treasury-Eurodollar spread, aggregate hedge fund flows, and prime broker stock returns, is tight. In keeping with an agency explanation, funds with strong incentives to raise capital, low manager option deltas, and no manager capital co-invested are more …

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Corn: Correlation-Driven Nonparametric Learning Approach For Portfolio Selection, Bin Li, Steven C. H. Hoi, Vivekanand Gopalkrishnan Apr 2011

Corn: Correlation-Driven Nonparametric Learning Approach For Portfolio Selection, Bin Li, Steven C. H. Hoi, Vivekanand Gopalkrishnan

Research Collection School Of Computing and Information Systems

Machine learning techniques have been adopted to select portfolios from financial markets in some emerging intelligent business applications. In this article, we propose a novel learning-to-trade algorithm termed CO Relation-driven Nonparametric learning strategy (CORN) for actively trading stocks. CORN effectively exploits statistical relations between stock market windows via a nonparametric learning approach. We evaluate the empirical performance of our algorithm extensively on several large historical and latest real stock markets, and show that it can easily beat both the market index and the best stock in the market substantially (without or with small transaction costs), and also surpass a variety …

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