Finance Commons^™

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

Honors Capstones

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

Personal Financial Planning Online Course, Camille Olsen

Undergraduate Honors Capstone Projects

My main interest in the financial field is Personal Financial Planning, which has just been developing over the past few years in the finance industry. Utah State University has been a pioneer in this area, and now offers a minor in personal financial planning through the accounting department. The courses offered fulfill the educational requirements needed to take the CFP (Certified Financial Planner) exam. This designation can be compared to the CPA (Certified Public Accountant) in the accounting field. Therefore, the College of Business has decided to offer these courses online so that students and professionals throughout the state can …

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 …

The Effect Of School Size, Socioeconomic Status, And Grade -Level Configuration On Academic Achievement In Louisiana Public Schools, Scarlet L. Chopin

Doctoral Dissertations

The national emphasis on continually improving education for all students coupled with accountability requires educators and policymakers to identify and implement effective schooling structures and strategies. In this study, the researcher examined the relationship among school size, socioeconomic status of students, the interaction of school size and socioeconomic status (SES), grade-level configuration, and academic achievement in Louisiana. An extensive data set representing 1362 public PK–12 schools was analyzed at the 4th, 8th, and 10th grade levels. The construct of schooling as a production process was used as a theoretical model wherein the education production function was used to describe the …

Earnings Momentum In International Markets, Dong Hong, Charles M. C. Lee, Bhaskaran Swaminathan

Research Collection Lee Kong Chian School Of Business

This paper examines the profitability of earnings momentum strategies based on analyst forecast revisions in eleven international equity markets. While analyst forecast revisions exhibit persistence in all countries, the profitability of trading strategies based on these revisions varies. Specifically, earnings momentum yields significant profits in Australia, Canada, France, Germany, Hong Kong, and the United Kingdom, but not in Malaysia, South Korea, Japan, Singapore, or Taiwan. Interestingly, price momentum exists only in those countries where earnings momentum is profitable. In general, markets with high levels of corruption (low investor protection) exhibit weak momentum. Collectively, these findings suggest that the momentum phenomenon …

Determinants Of Commercial Bank Interest Rate Spread In A Liberalized Financial System: Empirical Evidence From Nigeria (1989-2000), C.I. Enendu

Economic and Financial Review

This paper provided empirical evidence on the determinants of interest rate spread in a liberalized financial system for the period 1989-2000, using selected banks in Nigeria. Ex-ante interest rate spread equations were estimated using bank balance sheet and income statement as well as macroeconomic data. The results showed that macroeconomic and monetary policy/financial regulation factors were more important determinants of commercial banks' interest spread than bank level factors, Inflation rate, GDP, .financial deepening, cash reserve requirement, risk premium, treasure bill rate, loan asset quality, liquidity risk and non interest expenses were the most important.factors that affected commercial banks' interest rate …

Foreign Private Investment In Nigeria 2001, Statistical Survey Office

Economic and Financial Review

The netflow of foreign investment into the Nigerian economy rose by 0.9

per cent from N3,347.0 million in 2000 to N3,376.4 million in 2001.

Companies of United Kingdom origin accounted/or the bulk of the flow in the

review period. The cumulative level of foreign direct investment in the country,

mainly in Mining and Quarrying as well as Manufacturing and Processing

sub-sectors was N160,882.2 million. The proportion of paid-up capital plus

reserves in total investment in the Manufacturing and processing sub-sectors

was 91 per cent in the review period. The value of total stock of fixed assets in

the review period …

Market Structure And Performance: An Anti-Trust Story Of Endogenous Growth, Hing-Man Leung

Research Collection School Of Economics

Since Schumpeter, a major concern has been: what monopoly does to growth? Monopoly’s static, allocative inefficiency is well established. How much this is offset by its dynamic progressiveness is unclear. First, using the empirical literature, we argue that the presumed progressiveness of monopoly must be rejected. Second, we extend the endogenous growth model to obtain a full Pareto ranking of competition, monopoly, Cournot and Bertrand. Competition beats Cournot, which in turn beats monopoly. Growth rate is invariant with structures, which accords well with empirical evidence. Bertrand happens to share the ranking with competition. The findings have a strong anti-trust overtone.

Indiana State University Financial Report 2003, Indiana State University

Financial Reports

No abstract provided.

Method To Their Madness: Dispelling The Myth Of Economic Rationality As A Behavioral Ideal, John Dobson

Finance

Although not immediately apparent, the discipline of behavioral finance is rapidly adopting an implicit prescriptive agenda. Behavioral finance does not merely describe financial market reality, it shapes it. Economic rationality is taken as the ideal toward to which individuals 'should' strive. In this paper I show that, as a behavioral ideal, economic rationality is unjustified both from a strictly economic perspective, and from a moral perspective. In short, there is nothing inherently "wrong" with economically irrational participants in the business environment. Indeed such participants will actually enhance the efficiency, and the ethicality, of business.

Historical Exchange Rate Risk Premiums In Currency Futures Markets, A. Can Inci

Finance Department Faculty Journal Articles

This paper examines the historical predictive power of future spot spread in estimating currency changes. Currency futures and spot rates over the last two decades are examined. results show that as forecast horizon of currency depreciation increases, the slope coefficients become less positive, first losing their significance, and eventually for 1-month regressions, becoming negative for the British pound, Swiss franc and Japanese yen (significantly negative for the yen) indicating risk premiums differ with forecast horizon. On the other hand, expectations hypothesis is validated when the forecast horizon is 1 day. These results hold for each decade separately, as well as …

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

NSU Annual Reports

No abstract provided.

Beyond Balancing The Interests Of Creditors And Developing States, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

The traditional view of sovereign debt as a relationship between a developing country government and and its foreign private creditors is increasingly out of date. Financial institutions and individuals inside the borrowing countries are are becoming more and more important as creditors to their governments. At the same time, as countries remove restrictions on cross-border capital flows, foreign creditors are participating more actively in domestic law, local-currency debt markets. These developments imply fundamental changes in lending decisions and, where the loan goes bad, in the sovereign debt workout process.

Some Evidence On The Information Content Of Undisclosed Limit Orders On The Asx, M Aitken, David E. Allen, Wenling Yang

Research outputs pre 2011

This paper is concerned with investigating the information content of undisclosed limit orders, identifying factors that affect their sizes, and examining brokers’ behavior in using undisclosed orders. Our estimation results from a sample stocks listed on the ASX indicate that the size of undisclosed orders are affected by a number of factors. Given the ‘stealth trading’ pattern observed in large disclosed limit orders, this paper provides evidence to support a similar pattern in the case of undisclosed limit orders as well. Our model also provides a statistical measure for estimating the size of undisclosed orders.

Some Statistical Models For Durations And Their Applications In Finance, Shelton Peiris, David E. Allen, Wenling Yang

Research outputs pre 2011

This paper considers a new class of time series models called Autoregressive Conditional Duration (ACD) models. Various statistical properties of this class of ACD models are given. A minimum mean square error (mmse) forecast function is obtained as it plays an important role in many practical applications. The theory is illustrated using a potential application based on financial data.

Some Evidence On The Performance Benchmarking Of Australian Fixed Interest Funds, David E. Allen, Victor Soucik

Research outputs pre 2011

In this paper we analyse the performance of Australian fixed interest managed funds by examining the relative effectiveness of various indices of bond performance which are combined with various measures of: interest rate fluctuations, economic fundamentals, maturity risk, default risk, and equity market returns, in an attempt to find an ‘optimum’ index. Our dataset is sourced from the Australian fund-rating agency ASSIRT. We show that a correct combination of a bond market variable, a mixture of interest rate factors and economic factors as well as a proxy for movements in the equity markets yield the optimal benchmark.

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 …

New Stock Market Paper, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Godley, W., & Levy, J. (2003, March). Short-term interest rates [Page from report with chart]. Unpublished manuscript.

• Sarich, J., & Hecht, J. (2003, September). Classical competition and international equity returns: The financial-profitability nexus [Paper for the Economics for the Future Conference, with handwritten annotations by Shaikh]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, October 13). Comments on the Sarich and Hecht paper [Handwritten notes]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, February). Quarterly (Ravi): Interpolating data [Handwritten notes]. Unpublished manuscript.

• Shaikh, A., PhD. (2003, February 20). Real stock return [Two charts]. Unpublished manuscript.

• NIPA tables. (n.d.). Unpublished manuscript. …

  ---

  Go to article

External Debt And Worsening Business Cycles In Less Developed Countries, Hing-Man Leung

Research Collection School Of Economics

Less developed countries (LDCs) have seen considerable business cycles in recent decades. At the same time they have significantly increased their external-debt-to-GDP ratios. It seems natural to suspect that increased indebtedness and the amplified cycles are linked. The paper presents a simple macroeconomic model to formalize this connection. External debt is the novelty of this model. The paper's main contribution is to calibrate the dynamic parameter using the World Development Indicator. It is found that the LDC dynamic behavior is generally non-oscillatory. Alarmingly though, the dynamic convergent system in the 1970s has been replaced by one of divergence.

Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates the effects of the migration of the Hang Seng Index futures from open-outcry trading to electronic trading. Using trade data over a window of six months we find evidence that, after the migration, the bid-ask spread of the futures contract decreases and the contribution of the futures price in information transmission increases. Furthermore, the asymmetry in volatility spillover reduces and the open interests of the futures market become smaller. These results suggest that the anonymity in trading and the higher speed of order execution in the electronic trading system attract informed traders to the futures market and …

Poverty Reduction, Microcredit, And The Challenges Of Sustainability, Kiros Tadesse Beyene

Archived Theses and Dissertations

No abstract provided.

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.

Dealing With Non-Performing Loans Of Banks, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

A lot of confusion and misunderstanding has been created by several commentators on the issue of non-performing loans (NPLs) of banking system. They take the absolute amount of such loans at the current point of time and compare it with the quantum of such loans in October 1999 and make a hue and cry that the situation has deteriorated because the quantum of NPLs has gone up. Such a simplistic approach creates doubts in the minds of common people about the commitment of the government and the State Bank of Pakistan towards recovery of these loans and distorts the true …

Market Segmentation And Information Values Of Earnings Announcements: Some Empirical Evidence From An Event Study On The Chinese Stock Market, Yu Gao, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates the trading activities of two distinct classes of shareholders, namely, the Chinese domestic investors and the foreign investors in the segmented Chinese A-share and B-share markets, respectively. We conduct an event study on the annual earnings announcements based on two different accounting standards: IAS and PRC GAAP. The earnings announcements based on IAS and PRC GAAP are value relevant. The investors in the B-share market react to both the IAS and PRC GAAP earnings announcements, while the investors in the A-share market pay more attention to the PRC GAAP earnings reports. In the B-share market, positive abnormal …

Exchange-Rate Systems And Interest-Rate Behavior: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip

Research Collection School Of Economics

In this paper we consider the implications of the two different exchange-rate systems in Hong Kong (HK) and Singapore (SP) on the economic performance of these two economies. While HK has a pegged exchange-rate regime under a currency board system (CBS), SP has a managed-float system with monitoring band. We examine whether the managed-float system of SP provides an advantage over the rigid CBS of HK in mitigating the recession caused by the Asian Financial Crisis (AFC), and the implications of the differences in the exchange-rate systems on interest-rate behaviour. Our empirical results show that the monitoring band system in …

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

IIMB Management Review

No abstract provided.

Financial Markets : Institutions And Regulations, R Vaidyanathan

IIMB Management Review

No abstract provided.

Financial Markets : The Way Ahead Interview With Naina Lal Kidwai, P G Apte

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 …