Finance Commons^™

Land For Maine's Future Program: Increasing The Return On A Sound Public Investment, Richard Barringer, Hugh Coxe, Jack Kartez, Catherine Reilly, Jonathan Rubin

Economics and Finance

Maine is nowhere a more special place than in the quality of its landscape and the traditions of its land use. Among the mo st privately-owned of all the states, Maine’s natural diversity and beauty combine with its traditions of resource stewardship, open access, and appreciation of nature to distinguish it in the public mind and national imagination. In recent decades, however, these traditions have come under assault from the forces of economic and social change; and the people of Maine have responded. In 1986, Governor Joseph Brennan’s Special Commission on Outdoor Recreation recognized the growing threats to Maine’s natur …

Short Interests In Real Estate Investment Trusts, Deqing Diane Li, Kenneth Yung

Finance Faculty Publications

We examine short interests in equity real estate investment trusts (REITs) between 1994 and 2001. Our results show that only high levels (the 90th percentile) of short interest are associated with significant negative REIT returns as the bearish content of short interest may have been mitigated by the favorable risk characteristics of real estate securities. In addition, the significant negative relationship between short interest and REIT returns applies only to REITs with poor performance. The result implies that the bearish sentiment of short interest could aslo be mitigated by good REIT managers in a real estate market that is informationally …

Re-Examining Venture Capitalist Certification And Insider Selling Decisions During The 1990s., Nicholas S. Koshiw

University Avenue Undergraduate Journal of Economics

This paper addresses the validity of certification and insider selling hypotheses within the context of new issues. Comparisons of venture capital backed and non venture-backed issues with similar offering characteristics show that issuers with venture capital affiliation are more underpriced than non venture-backed IPOs and insider selling results in decreased underpricing. These results contradict the findings of previous venture capital certification studies {Barry (1990), Megginson and Weiss (1991), and Lin and Smith (1997)}, but are consistent with recent work that examines grandstanding {Lee and Wahal (2002)} and insider selling decisions during hot market periods {Ljungqvist and Wilhelm (2003)}.

Legislative-Executive Relations And The Budgetary Process In Nigeria: An Evaluation Of The 1999 Constitution., S.C. Rapu

CBN Occasional Papers

Since the transition to civilian rule in May 29, 1999, the country has witnessed conflicts between the legislature and the executive over budget matters. These conflicts are not only restricted to the federal level but also a common phenomenon at the state government level. This paper discussed the poor relationship over the budget matters and made suggestions on how to improve the process. The paper surveyed the literature on the legal framework of the budgetary process in several countries. Thereafter, the paper examined the legal framework for the budgetary process in Nigeria as well as the issues involved. The paper …

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 …

Social Security Reform: An Expository Report, Nathan J. Voss

Honors Capstones

Capstone submitted as a graduation requirement for the BSU Honors Program.

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 …

Indiana State University Financial Report 2003, Indiana State University

Financial Reports

No abstract provided.

Nova Southeastern University 2003-2004 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

Down But Not Out: The Future Of The Financial Services Industry, Arindam Bandopadhyaya, Miranda Detzler, Mohsin Habib

Financial Services Forum Publications

The financial services industry is a key sector of the U.S. economy. It is a noteworthy contributor to the overall gross domestic product and is an important component of the gross state product for many states. With the downturn in the economy at the beginning of this decade and the accompanying declines in stock market values, the industry has been hit hard. Asset management firms have experienced sharp decreases in their assets under management; banks and insurance companies have had to refocus their operations and have become increasingly vulnerable to acquisition. As evidence grows stronger that it is unlikely that …

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection School Of Economics

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore’s future economic success.

Venture Capital And Economic Growth: An Industry Overview And Singapore's Experience, Francis Koh, Winston T. H. Koh

Research Collection Lee Kong Chian School Of Business

This paper provides an overview of the venture capital industry, and its development in Asia and Singapore. Venture capital plays an important role in innovation and economic growth. Indeed, the resurgence of the United States as a technology leader is intimately linked to the success of Silicon Valley. As Singapore enters the next phase of economic development, the creation of internal engines of growth is an urgent task. The Singapore government has done much to provide an environment for entrepreneurship to thrive. Its success at replicating the Silicon Valley culture will be important for Singapore's future economic success.

Banking On Sbi : Interview With Dipankar Basu, Ashok Thampy, Vivek Moorthy

IIMB Management Review

No abstract provided.

Investing In Hedge Funds: Risks, Returns And Pitfalls, Dong Hong, David Kuo Chuen Lee, Kok Fai Phoon

Research Collection Lee Kong Chian School Of Business

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 …

Efficiency And Performance Of Real Estate Investment Trusts (Reits): An Empirical Examination, Can Topuz

Doctoral Dissertations

This study has a threefold purpose. Its first objective is to investigate input and output efficiencies in the Real Estate Investment Trust (REIT) industry. Its second objective is to understand the impact of size, property share, loan production, debt ratio, property and geographic diversification, control and governance variables, overall risk, capital risk, growth rate, and management type on a number of efficiency measures, including profit, cost, allocative, technical, pure technical and scale efficiency. The third objective is to assess the impact of structural and regulatory changes in the industry on REITs' productivity, technology, and efficiency changes.

I have estimated the …

Financial Performance Of Insurance Companies Following Initial Public Offerings, Kulkanya Napompech

Doctoral Dissertations

The quality of insurance companies is a very significant societal issue. Policyholders pay premiums assuming indemnity of their potential losses. It is essential that an insurer be able to meet its contractual obligations when a loss occurs. An initial public offering provides an infusion of capital and an expansion of resources available to a firm. Thus, the objective of this study is to examine the financial and operating impacts of initial public offerings during 1980–2000 on insurance companies.

Chapter 2 examines changes in operating performance of property/casualty insurance companies following initial public offerings. I find that following initial public offerings, …

Indiana State University Financial Report 2002, Indiana State University

Financial Reports

No abstract provided.

Nova Southeastern University 2002 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

Nova Southeastern University 2002-2003 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

Evidence Of Short-Run Persistence In Unit Trusts Performance In Malaysia, Chien Hwa Chong, Puay Eng Kho

Student Works (2000-2009)

The objective of this research is to determine whether there is statistical evidence in performance persistence of Malaysia unit trusts. Tests for performance persistence is also tests for weak form market efficiency of unit trusts in Malaysia. The study is also of practical value since performance persistence indicates that past performance is good prediction of future performance. If there was statistical evidence on performance persistence, then Investors should select the unit trusts to invest based on past performance of the unit trusts. Both parametric and non-parametric statistical tests were carried out to test for performance persistence. Parametric tests employed the …

Faktor Yang Mempengaruhi Pasaran Wang Di Malaysia Serta Kesannya Ke Atas Dasar Kewangan, Azlina Abd. Aziz

Student Works (2000-2009)

Penyelidikan ini bertujuan untuk mengkaji foktor-faktor yang mempengaruhi pa.saran wang di Malaysia, khususnya bagi permintaan dan penawaran wang serta kesannya ke atas pelaksanaan dasar kewangan di Malaysia. Agregat kewangan M1, M2 clan M3 sebagai pembolehubah bergantung bagi permintaan dan penawaran wang. Bagi melihat apakah faktor yang mempengaruhi permintaan wang, sebanyak lima pembolehubah bebas digunakan yang terdiri daripada pendapatan benar, kadar diskaun purata Bil Perbendaharaan 3 bulan, kadar inflasi, hasil Bil Perbendaharaan Amerika Syarikat 3 bulan dan jangkaan kadar depresiasi. Bagi pen.awaran wang, antara petunjuk yang digunakan sebagai pembolehubah bebas terdiri daripada pendapatan benar, kadar bunga deposit bermasa 6 bulan di …

A Study Of Benjamin Graham's Stock Selection Criteria In The Kuala Lumpur Stock Exchange, Lee Fah Thong

Student Works (2000-2009)

The fundamentalists believe that all securities have an intrinsic value, which can differ from its market price and eventually. the market price of a security will gravitate towards its true value. Graham believed that even though securities market could be overall efficient. any conscientious investor could gain superior returns through pockets of inefficiencies by paying close attention to investment fundamentals and taking advantage of undervaluation and mispricing of individual securities. He also proposed ten selection criteria to identify underpriced securities. The study aims to investigate whether the portfolios formed using Grahams selection criteria could achieve superior performance in the Kuala …

"Would Bond Market Be A More Viable Investment Alternative To The Stock Market?", Hock Poon Chew

Student Works (2000-2009)

"Traditionally, investors have viewed bonds as boring investments that do not give good returns and that burdens portfolios," says Dale Bryant, a portfolio manager. "They couldn't be more misled. Sometimes bonds can do better than equities. Adding bonds can reduce portfolio volatility." Bryant's statement forms the crux of this research project. This paper investigates the co-movement of stocks and bonds on a monthly basis from April 1996 to May 2001. Average returns and standard deviations for the bond and stock market are computed and a comparison is performed to establish which market provides a better return and is less volatile. …

Performance Of Islamic Banking Scheme At Foreign Banks : A Malaysian Case Study, Luqyan Tamanni

Student Works (2000-2009)

Using trend and ratio analysis, this study analyses the performance of Islamic banking operations at three foreign banks in Malaysia i.e. HSBC, OCBC and SCB:MB. Using the data from 1996-2000, it is possible to track progress and evaluate performances of the Islamic Banking Scheme (IBS) versus its conventional counterpart at these banks. It is also possible to examine the impacts of the Asian Crisis in 1997-98 to the Islamic banking operations, especially at the foreign banks. This study concludes that, during 1996-2000, Islamic banking operations at foreign banks have been performing considerably well, during and post the crisis. On average, …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 2001, Central Bank Of Nigeria

CBN Annual Report

The Report, as in the past, reviews the operations of the Central Bank of Nigeria in its efforts at discharging its mandate for the fiscal year 2001. The major objectives of monetary policy for 2001 were outlined in the Bank's Monetary Policy Circular No. 35, which aimed to maintain internal and external balance, contribute to sustainable output growth and poverty reduction, and focus on the banking system, rate, rate regime, viability, and stability. Key policy targets included growth in broad money, narrow money, aggregate bank credit, growth in bank credit to the government, private sector, inflation rate, and GDP growth. …

Framework For Internet Banking Security, Jai Ganesh, T R Madanmohan

IIMB Management Review

The way customers are using financial services is changing rapidly. Today’s financial services are characterised by individuality, mobility, independence of place and time, and flexibility. The Internet, based on client server technology, has facilitated this change. Financial services companies are using the Internet as a new distribution channel, offering complex products at lower transaction costs to more potential customers. This also allows customers to access the service from any part of the world at any time, which they are doing through a range of intelligent information access and processing devices which include PDAs and mobile phones. Financial institutions can use …

Financing And Promoting Small-Scale Industries. Concept, Issues And Prospects., C. M. Anyanwu

Bullion

The importance of small-scale industries in promoting industrialization and economic growth has been recognized globally. This paper discusses the concepts and issues that are associated with the financing and promoting of small scale industries. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. Small-scale industries development can be used for achieving the objectives of the poverty alleviation programme of the Government, given that they are highly labour intensive. Nigeria is blessed with vast natural resources, including oil, gas and solid minerals, already confirmed to exist in commercial quantities. She …

Financial Small-Scale Business Under The New Cbn Directive And Its Likely Impact On Industrial Growth Of The Nigerian Economy., O. J. Nnanna

Bullion

This examines the prospects of the current drive to ensure efficient and sustainable credit delivery system to the SSls. The rest of the paper is divided into three broad sections. The first section reviews and appraises past financing programmes / schemes, highlighting the major constraints on their performance. The current initiative of the Bankers' Committee is discussed in section two, focusing on its likely impact and underscoring the needed complementary policy measures. Section three summa-rises and concludes the paper.

Emerging Trends In External Reserve Management, Nnadi C. Ben

Bullion

This paper tries to identify some of the main trends in central Banks reserve management in recent years. lt describes some significant changes, which have taken place, with regard to the objectives and investment policies of central banks, while pointing out some elements that could noticeably slow or even reverse the trends identified. The study reveals reserve management has continued to evolve broadly in the areas of securitisation, return maximization, use of derivates and performance measurement. Secondly, in response to the increasing volatility of financial variables, central banks have at the same time continued to place emphasis on liquidity constraints.

Private Sector Banks : Shaping Up, Amol Maheshwari, Shweta Jhajharia

IIMB Management Review

An important factor influencing the development of private banks was the presence in the early 90s of bothpublic sector banks (PSBs) andforeign banks, with their specificdisadvantages. While thePSBs were often wanting in their quality of service, the activities of foreign banks were (and still are) restricted by the government. Private banks thus cornered the niche where the service-demanding consumer was willing to pay a higher price. By developing a retail focus, they also ensured that their deposit base was firmly established and diversified enough, before they moved on to larger businesses.