Finance Commons^™

Trusts Versus Corporations: An Empirical Analysis Of Competing Organizational Forms, A. Joseph Warburton

College of Law - Faculty Scholarship

This paper studies the effects of organizational form on managerial behavior and firm performance, from an empirical perspective. Managers of trusts are subject to stricter fiduciary responsibilities than managers of corporations. This paper examines the ramifications empirically, by exploiting data generated by a change in British regulations in the 1990s that allowed mutual funds to organize as either a trust or a corporation. I find evidence that trust law is effective in curtailing opportunistic behavior, as trust managers charge significantly lower fees than their observationally equivalent corporate counterparts. Trust managers also incur lower risk. However, evidence suggests that trust managers …

Ethics, Evidence And International Debt, Julie A. Nelson

Economics Faculty Publication Series

The assumption that contracts are largely impersonal, rational, voluntary agreements drawn up between self-interested individual agents is a convenient fiction, necessary for analysis using conventional economic methods. Papers prepared for a recent conference on ethics and international debt were shaped by just such an assumption. The adequacy of this approach is, however, challenged by evidence about who is affected by international debt, how contracts are actually made and followed, the behavior of actors in financial markets, and the motivations of scholars themselves. This essay uses insights from feminist and relational scholarship from several disciplines to analyze the reasons for this …

Feasibility Of Jp-8 To Jet A Fuel Conversion At U. S. Military Facilities, Lance A. Vann

Theses and Dissertations

In FY06, The Department of Defense (DoD) military grade jet fuel expenditures eclipsed $6.6 billion dollars. In a search for more cost effective options, the Office of the Secretary of Defense Comptroller recently expressed interest in the quantity of commercial Jet A fuel that the United States Transportation Command uses in lieu of military grade JP-8. In accordance with AFSO 21 and LEAN concepts, this research examines the technical feasibility and opportunity for cost avoidance of a conversion from JP-8 to Jet A at six Northwestern United States military installations. The technical feasibility analysis examines the chemical likeness of JP-8 …

Some Perspectives On The Actuarial Adequacy Of The Pension Benefit Guarantee Corporation, Andrew Frank Thompson

UNIversitas: Journal of Research, Scholarship, and Creative Activity

This paper analyzes the actuarial adequacy of PBGC in providing insurance coverage to employees participating in single employer, defined benefit pension plans. The first part of this investigation examines the micro and macro economic factors that impact the financial stability and actuarial viability of PBGC. A second section discusses externalities that may contribute to suboptimal premiums and adverse selection for PBGC. A linear control model is introduced to analyze the most effective way PBGC might use its $100 million credit line with the Department of the Treasury. In addition, a model based on the economic theory of clubs develops relationships …

Pay And Performance: Among 100 Best U.S. Companies To Work For, Omair Mahmood Faisal

Undergraduate Theses and Capstone Projects

In the 21st century, world is becoming a global village and with increased competition businesses are always looking for regions with the lowest possible production costs. Appropriate compensation of U.S. employees working for major U.S. corporations is a hotly debated topic in political circles. This research focuses on the top 100 companies designated as “the best companies to work for” by Fortune Magazine for the year 2006. Performance of these companies, as measured by their return on equity, return on assets, revenue growth and earnings growth along with their profit margin is used to determine the impact on them as …

Understanding The Pension Reform Act(Pra) 2004, Adesina Balogun

Bullion

Pension schemes exit to provide post-retirement I benefits to employees. Pension scheme was introduced into Nigeria during the Colonial era to provide old age income and security to British citizens working in the country upon retirement. This paper discussed the conceptual framework of Pension Reform Act 2004, the dynamics of Pension Reform Act of 2004, the implications and challenges of Pension Act of 2004 as well as feasible options for future developments. The study concluded that, The roles and functions of PFAs and PFCs are Pivotal to the success of the new defined contributory scheme. It behoves on them therefore, …

Conceptual Issues On Savings In Nigeria., A. J. Adam, A. V. Agba

Bullion

It is often held that capital accumulation is necessary and sufficient condition for growth and capital accumulation is almost synonymous with saving, hence the route to growth is then one of raising savings and smoothing consumption (Deaton, 1991). Savings is one of the key relevant macroeconomic variables in any economy. Its impact on the rate of capital accumulation, productivity and the degree of dependency of a nation on foreign capital and foreign ownership of domestic assets cannot be overemphasised. This paper reviews conceptual issues on savings behaviour in Nigeria. It also provided an analysis of the factors that may have …

Is The Nigerian Curricula In Economics Relevant For The Nigerian Economy Of The 21st Century., J. A. Achilike

Bullion

The loopholes in Nigeria's educational system have created a death of capacity in the Nigerian economy. No nation can develop without qualitative education. The paper examines the relevance of the economics curricula in Nigeria's tertiary institutions in meeting the challenges of the 21st century. It highlights its problems and examines the efforts of National University Commission and Ministry of Education in meeting the challenges of economics education in Nigeria. Finally the study concludes that, the Nigerian Economics curricular is critically under developed and does not follow government economic policies, but if all the recommendations are adopted the Nigerian economics curricula …

Dynamical Volatilities For Yen-Dollar Exchange Rates, Kyungsik Kim, Seong-Min Yoon, C. Christopher Lee, Myung-Kul Yum

All Faculty Scholarship for the College of the Sciences

We study the continuous time random walk theory from financial tick data of the yen-dollar exchange rate transacted at the Japanese financial market. The dynamical behavior of returns and volatilities in this case is particularly treated at the long-time limit. We find that the volatility for prices shows a power-law with anomalous scaling exponent κ = 0.96 (one minute) and 0.86 (ten minutes), and that our behavior occurs in the subdiffusive process. Our result presented will be compared with that of recent numerical calculations.

Stormwater Utility Fees: Considerations & Options For Interlocal Stormwater Working Group (Iswg), New England Environmental Finance Center

Water

Stormwater utilities are a concept whose time seems to have arrived. Established by relatively few communities in the 1970s as a method of funding flood control measures, stormwater utilities now exist in over 400 municipalities and counties throughout the United States. During the next 10 years, their numbers are expected to swell dramatically – by one estimate to over 2,000 by the year 2014.

The reasons for this growth are multifold. Federal stormwater regulations passed in the 1980s (Phase I of the National Pollutant Discharge Elimination System Program, or NPDES), motivated many larger communities to seek alternative funding sources and …

Review And Appraisal Of 2003 Budget And Economic Performance., Ige S. Cyril

Bullion

The first set of problems in realizing the benefits of a national budget in Nigeria, the 2003 Federal Government Budget in particular, is the delay in formulation and presentation to the National Assembly. This paper examines various definitions of the national budget as understood by some of the important stakeholder. It discusses budget implementation and management, budget 2003 and the people, strengthening programming as a basis of budgeting for development, and co-ordination of economic management in 2003. Finally, the study concludes that NEEDS is a welcome idea but its goals will prove difficult to achieve because of the flaw in …

A Comparative Study Of Selected Measures Of Performance Of Organizations Before And After Obtaining Iso 9000 Certification As Compared To The S&P 500 Index, Gregory K. Arbuckle

All-Inclusive List of Electronic Theses and Dissertations

"One of the most significant changes in international business is the recent movement toward quality awareness. Although still embryonic, acceptance of the importance of quality and reliability is being recognized as a critical factor for the sale of many products and services in business operations and in performance worldwide" (Joubert, 1998, ,i 1 ). Over time, there have been many management systems developed to improve quality such as TQM, Malcolm Baldrige and Six Sigma; two of the largest and/or newest being ISO 9000 and QS 9000. The literature is unclear as to which systems actually work and which do not. …

Understanding And Interpreting Financial Statements, Awoyungbo B. O.

Bullion

As the owners of a company the shareholders, through its Board, are responsible for the hiring and firing of the management of their company. The principles of company finance are therefore based upon the assumption that the objective of management is to maximise the wealth of its ordinary shareholders. This paper discusses some of the general principles which are applied in the preparation of financial statements. It lists and explains the following components of a financial statement; Statement of Accounting Policies, Balance Sheet, Profit and Loss Account, Notes to the Accounts, Cash flow statements ,Value added statements, Five year financial …

The Impact Of The Operations Of The Non-Bank Financial Institutions On Financial Sector Stability, Bamisile A. Sesan

Bullion

The Banks and Other Financial institutions Act (BOFIA) defines an NBFI to mean "any individual, body, association or group of persons; whether corporate or unincorporated, other than the banks licenced under the Act which carries on the business of a discount house, finance company and money brokerage and whose principal object include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchase order financing, export finance, project consultancy financial consultancy, pension fund management and such other business as the Bank may, from time to time, designate". This paper affords the opportunity to explain and …

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 …

M V Subbiah : Return To Roots, J Ramachandran

IIMB Management Review

No abstract provided.

A Political Model Of Monetary Policy With Application To The Real Fed Funds Rate, Tony Caporale, Kevin B. Grier

Economics and Finance Faculty Publications

We construct an empirical model of U.S. monetary policy assuming that the Federal Reserve is an ordinary federal bureaucracy. We use the real Federal Funds rate as our policy measure and show the existence of significant executive, legislative, and bureaucratic influence on the real rate of interest from 1961 to 1996. We find that presidential party is an adequate statistical measure of executive influence and that the voting scores of the Senate Banking Committee leadership best represent legislative influence. We argue that political changes cause systematic and predictable changes in monetary policy.

The Fischer Black Hypothesis: Some Time-Series Evidence, Tony Caporale, Barbara Mckiernan

Economics and Finance Faculty Publications

We estimate an ARCH-M model to analyze the relationship between the conditional standard deviation of real gross national product (GNP) and its growth rate for the period 1871-1993. We find that variability significantly increases output growth rates. In addition, impulse response functions show that the effect of variability on growth rates is dynamic. These results provide evidence in favor of Black's (1987) business cycle hypothesis.

Tobin, James, Tony Caporale

Economics and Finance Faculty Publications

James Tobin was born in Champaign, Illinois, in 1918. He received his bachelor's degree in 1939 and his master's degree in 1940, both from Harvard. Following naval service during the years 1942-6, he returned to his graduate studies and received his PhD from Harvard in 1947. In 1950, he joined the economics department at Yale University, and he has largely remained at Yale and has been identified with this institution throughout his career. He twice directed the Cowles Foundation for Research in Economics, first from 1955 to 1961, and then from 1964 to 1965. He also served for two years, …

Macroeconomic Aspect Of Islamic Banking And Finance, Khidir Mohamed Ali Hassan

All-Inclusive List of Electronic Theses and Dissertations

The Islamic economy is the subject of this thesis, which reviews the basic foundations of this system. The main idea under discussion is the implication of monetary and fiscal policy in an Islamic economy framework. This analysis shows how the positively sloped IS and LM curves can be achieved. These two curves are used to determine the value of national income and expected profit rate. The stability of the system is ensured and the policy effectiveness is studied. This study shows the following results: (1) IS-LM framework can be used to analyze the macroeconomic aspect of Islamic economy. (2) The …

Cbn Can Further Aid The Economic Development Of Cross River State, Babatunde Elegbede

Bullion

The paper is an excerpt from the speech of Captain Babatunde Elegbede, Military Administrator of Cross River State during the opening ceremony of the Calabar Branch of the Central Bank of Nigeria.