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Title: Private Capital Flows and Economic Development: A Cross-Sectional Analysis of Asian and Latin American Countries.
Creator: Salome, Helena Johanna, Yuhn, Ky-hyang, Florida Atlantic University
Abstract/Description: After the 1980s debt crisis had officially come to an end, most developing nations in Asia and Latin America successfully reentered the global capital market. Private capital flows into these regions surged to unprecedented heights. Present paper gives an overview of what gave rise to this sudden come-back of external finance to the developing world, why its composition and geographical dispersion had changed, and how it affected the macroeconomic environment of the recipient nation....
Show moreAfter the 1980s debt crisis had officially come to an end, most developing nations in Asia and Latin America successfully reentered the global capital market. Private capital flows into these regions surged to unprecedented heights. Present paper gives an overview of what gave rise to this sudden come-back of external finance to the developing world, why its composition and geographical dispersion had changed, and how it affected the macroeconomic environment of the recipient nation. Furthermore, a cross-section econometric analysis is applied to thirty-four countries for the early 1990s, to determine the effect of private inflows on the growth rate of real GDP, as a proxy for economic development, in the context of a standard neoclassical growth equation framework. Results confirm the favorable impact of portfolio investment, but foreign direct investment appears to hinder economic growth. An attempt is made to interpret these results and compare them with existing empirical research.
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Date Issued: 1997
PURL: http://purl.flvc.org/fau/fd/FA00000310
Subject Headings: Capital movements--Latin America, Capital movements--Asia, Latin America--Economic conditions--1982-, Asia--Economic conditions--1945-, Saving and investment--Latin America, Saving and investment--Asia
Format: Document (PDF)

Title: Pricing behavior of exchange traded funds.
Creator: Richie, Nivine F., Florida Atlantic University, Madura, Jeff
Abstract/Description: This dissertation examines the pricing behavior of exchange traded funds (ETFs) in three essays. (1) The Overreaction of International ETFs, (2) Fragmentation of Night Markets, and (3) The Impact of the Creation of the QQQ on the Underlying Securities. The overreaction study examines the role of information in global overreaction. Univariate analysis reveals that overreaction associated with informed events is less pronounced than with uninformed events following extreme price decreases....
Show moreThis dissertation examines the pricing behavior of exchange traded funds (ETFs) in three essays. (1) The Overreaction of International ETFs, (2) Fragmentation of Night Markets, and (3) The Impact of the Creation of the QQQ on the Underlying Securities. The overreaction study examines the role of information in global overreaction. Univariate analysis reveals that overreaction associated with informed events is less pronounced than with uninformed events following extreme price decreases. Further, positive firm-specific announcements are met with investor overreaction while negative firm-specific announcements are not. Finally, significant reversals of winners during bull markets relative to bear markets support the hypothesis that bull markets contribute to investor overconfidence and overreaction. The fragmentation study examines the cost of market fragmentation across day and night trading sessions. Using a sample of intraday transaction data for three ETFs, I show that night markets do not impound information available in net order flow to the same degree as day markets. Bid-ask spreads are wider at night and these costs are due to higher order processing costs, market maker rents and higher inventory holding costs. Furthermore, market concentration costs at night are associated with significantly higher spreads. The QQQ creation study investigates whether the creation of tradable baskets of securities affects the pricing efficiency and risk of the underlying securities. The results show that extreme price movements in the post-QQQ period are met with less pronounced corrections than in the pre-QQQ period, and that this pricing pattern does not hold true for the control sample. A decomposition of spreads finds that quoted spreads widen and effective spreads tighten in the post-QQQ period. Furthermore, though more heavily weighted components of the QQQ experience tighter spreads, this benefit is less pronounced in the post-QQQ period implying relative benefits to the less heavily weighted components. Cross-sectional analysis reveals that liquidity is directly related to pricing efficiency, but this relationship lessens in the post-QQQ period. The results also show that systematic risk for the underlying securities declines while total risk rises, though the control sample experiences a similar rise in total risk.
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Date Issued: 2004
PURL: http://purl.flvc.org/fau/fd/FADT12071
Subject Headings: Exchange Traded Funds, Securities, Foreign exchange market, Stocks--Prices
Format: Document (PDF)

Title: RECRUITING AND TRAINING TECHNIQUES OF REAL ESTATE SALESPERSONS.
Creator: SMITH, ALMON RUSSELL., Florida Atlantic University, Kliston, Theodore S.
Abstract/Description: It was the author's thesis that methods could be developed by real estate brokers to reduce the substantial numbers of men and women recruited to sell real estate in the Cleveland, Ohio area, but who fail and soon drop out causing high turnover, which is expensive to both employer and employee. A survey was conducted of both brokers and new salespersons to evaluate recruiting methods, early training and supervision methods, and the amount of time a salesperson devoted to the job. This thesis...
Show moreIt was the author's thesis that methods could be developed by real estate brokers to reduce the substantial numbers of men and women recruited to sell real estate in the Cleveland, Ohio area, but who fail and soon drop out causing high turnover, which is expensive to both employer and employee. A survey was conducted of both brokers and new salespersons to evaluate recruiting methods, early training and supervision methods, and the amount of time a salesperson devoted to the job. This thesis presents the data obtained from the survey and evaluates the results.
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Date Issued: 1978
PURL: http://purl.flvc.org/fcla/dt/13946
Subject Headings: Real estate agents
Format: Document (PDF)

Title: Remittances, Health and Education: A Cross-Country Study.
Creator: Zhunio, Maria Cristina, Vishwasrao, Sharmila, Florida Atlantic University
Abstract/Description: This study examines the effects of epistemic motives and individual social structure (strength of social ties) on individual actions. lt has been suggested that the informal structure of relations that develops within firms affects the actions of individuals perhaps more so than formal structure. Ifthis is true, when studying organizations perhaps more effort should be given to examining the effects of the structure of social relations within the firm . This study has attempted to take the...
Show moreThis study examines the effects of epistemic motives and individual social structure (strength of social ties) on individual actions. lt has been suggested that the informal structure of relations that develops within firms affects the actions of individuals perhaps more so than formal structure. Ifthis is true, when studying organizations perhaps more effort should be given to examining the effects of the structure of social relations within the firm . This study has attempted to take the first steps in beginning to systematically study identifiable and predictable effects of the informal structure of relations on the behavior of individuals. During the process of examining the etfects of epistemic motives and individual social structure on the actions of individuals, two important questions were addressed. First, what are the effects of epistemic motives on the formation of individual social structure? The findings of this study suggest that the need for closure and the need for cognition affect the formation of individual social structure in different and identifiable ways. In addition, the level of epistemic motivation atiects the degree to which social interactions affect tie strength. The second question is what are the effects of individual social structures on individual actions? The findings of this study suggest that the tie strength of an individual's social structure appears to affect interdependent actions; but, tie strength does not affect independent actions. In addition, an understanding about individuals' inclinations to take interdependent or independent actions is enhanced when the effects of both epistemic motives and social structure are considered. The findings of this study suggest that information about the epistemic motives of employees can provide insight into the fonnation of the individual social structures and the intrinsic desire of employees to take interdependent or independent actions. The effects of epistemic motives and individual social structure on individual actions, the organizing process and the formulation and implementation of strategies are discussed.
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Date Issued: 2008
PURL: http://purl.flvc.org/fau/fd/FA00000311
Subject Headings: Emigration and Immigration--Economic Aspects, Emigrant Remittances, Emigration and Immigration--Government Policy
Format: Document (PDF)

Title: Special topics in financial intermediation.
Creator: Dempere, Juan M., Florida Atlantic University, Madura, Jeff
Abstract/Description: The dissertation consists of three research works about special topics of financial intermediation. The main goal of the first study is to determine the effect of some corporate governance-related variables on bank initial public offerings (IPOs). The testable hypotheses involve three dependent variables: abnormal offer price, initial return or underpricing, and long-term performance. The proposed independent variables have no explanatory power on the cross-sectional variation of the abnormal...
Show moreThe dissertation consists of three research works about special topics of financial intermediation. The main goal of the first study is to determine the effect of some corporate governance-related variables on bank initial public offerings (IPOs). The testable hypotheses involve three dependent variables: abnormal offer price, initial return or underpricing, and long-term performance. The proposed independent variables have no explanatory power on the cross-sectional variation of the abnormal offer price. The proportion of outside directors, the size of the bank, directors and officers' (D&O) equity based compensation plans, and the age of the bank, all have a positive relationship with the level of underpricing. The variables, nominating committee independence, directors' knowledge and experience, and directors' reputation, have the hypothesized positive relationship with the sample's long-run performance. The main goal of the second research work is the analysis of a sample of self-underwritten IPOs. The analysis includes the IPOs' underpricing; long-term performance; lockup and quiet period; risk; volume; and failure and acquisitions. The main result of this study is that here are no significant differences on the level of underpricing between self-underwritten IPOs and conventional IPOs underwritten by independent underwriters. The only significant result about the long-run performance of self-underwritten IPOs is on the subsample of nonpenny stocks, where the larger the firm the lower the long-run performance. The third research work focuses on going private transactions of financial institutions. This study includes the analysis of the cross-sectional differences of the cumulative abnormal returns (CARs) that result from the public announcement of a going private transaction proposal. Similarly, this study tests the long-run performance and the risk change of those firms that stay public after the withdrawal of a going private transaction. The main results suggest that public announcement of a going-private transaction produces positive CARs of about 15 percent. The public announcement of the withdrawal of a going-private transaction generates negative CARs between -4 percent and -5 percent. The total risk of the sample with respect to the matching group experiences a positive and significant increase after the public announcement of a going-private transaction proposal.
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Date Issued: 2005
PURL: http://purl.flvc.org/fcla/dt/12174
Subject Headings: Intermediation (Finance), Investments--Management, Risk management
Format: Document (PDF)

Title: Speculative bubbles and tests of the contagion mechanism in financial markets.
Creator: Porras Gonzalez, Eva Raquel., Florida Atlantic University, Wiley, Marilyn
Abstract/Description: This dissertation extends previous research on bubbles by investigating whether changes in the financial asset prices of the S&P500 reflect changes in fundamentals. We propose that if this is not the case the volatility is due to a bubble. Hence, this is the general hypothesis from which several testable hypotheses are developed. A key issue in bubble research is the definition of fundamentals. In this work we assume that, in the long-run, operating revenues are the only source from which any...
Show moreThis dissertation extends previous research on bubbles by investigating whether changes in the financial asset prices of the S&P500 reflect changes in fundamentals. We propose that if this is not the case the volatility is due to a bubble. Hence, this is the general hypothesis from which several testable hypotheses are developed. A key issue in bubble research is the definition of fundamentals. In this work we assume that, in the long-run, operating revenues are the only source from which any payments can be made, including dividend payments. Therefore, if expectations are formulated correctly, on average, there has to be a relationship between changes in prices and changes in corporate revenues. Thus, we use different accounting variables as proxies for fundamentals. In addition, since the literature points to contagion of opinion as one of the causes for the creation of bubbles, we also examine the contemporaneous relationship between prices and several proxies for herding behavior. OLS, panel data analysis, and quantile regression are used to analyze the contemporaneous relationship between prices and fundamentals or contagion proxies; while cointegration (reconciled to be used with panel data) and the Bonferroni inequality are used to investigate the long-run equilibrium between prices and fundamentals. The results indicate that, overall, company earnings are not explanatory of prices. These findings hold both in the short-run and in the long-run equilibrium scenarios. In addition, we find that investors do not reward an increase of the debt in the capital structure of corporations. In reference to our contagion variables, changes in money flow, volume, and volatility are found explanatory of changes in prices. Nevertheless, the effect of these variables is not homogeneous across price changes. Specifically, Money Flow is significant across all quantiles except for the 30% lowest price changes, Volume is explanatory of the 35% highest price changes, while volatility is explanatory across all the distribution of price changes. An interesting observation is that the three independent variables become increasingly explanatory as we move up to higher quantiles. Taken together our findings are supportive of the bubble and contagion hypotheses.
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Date Issued: 2000
PURL: http://purl.flvc.org/fcla/dt/12643
Subject Headings: Speculation, Cointegration, Stocks--Prices
Format: Document (PDF)

Title: TESTING THE VALIDITY OF THE WAITING LISTS OF THE STATE OF FLORIDA'S INSTITUTIONS FOR THE RETARDED: THE SUNLAND TRAINING CENTERS AND HOSPITALS.
Creator: NORLEY, DOLORES B., Florida Atlantic University, Clare, Donald A.
Abstract/Description: This is a survey designed to describe some of the characteristics of the waiting lists for the State of Florida's institutions for the retarded (Sunland Training Centers and Hospitals), in the belief that it would propose and partially demonstrate that some of the characteristics now accepted are not valid. Open to particular challenge on soundness are the numbers on the lists, the categories of urgency and the appropriateness of the applicants' qualifications. The Division of Mental...
Show moreThis is a survey designed to describe some of the characteristics of the waiting lists for the State of Florida's institutions for the retarded (Sunland Training Centers and Hospitals), in the belief that it would propose and partially demonstrate that some of the characteristics now accepted are not valid. Open to particular challenge on soundness are the numbers on the lists, the categories of urgency and the appropriateness of the applicants' qualifications. The Division of Mental Retardation of the State of Florida should then be able to substitute new characteristics as part of the facts vital to program planning. Inappropriateness was the theme of the conclusions: too many children on application lists for the wrong reasons.
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Date Issued: 1969
PURL: http://purl.flvc.org/fcla/dt/13416
Subject Headings: Mental retardation facilities, People with mental disabilities--Institutional care
Format: Document (PDF)

Title: Tax revenues and public investment: Unidirectional or bi-directional causality? Some empirical evidence.
Creator: Karkalakos, Sotiris G., Florida Atlantic University, Yuhn, Ky-hyang
Abstract/Description: This thesis examines the direction of causality between tax revenues and public investment, using data from the Greek economy. This study applies the methodologies of OLS regression analysis and tests of cointegration to examine the relationship between tax revenues and public investment. In addition, a Vector Autoregressive Model (VAR model) is included in this paper. The empirical results reveal unidirectional causality from tax revenues to public investment which suggests that tax and...
Show moreThis thesis examines the direction of causality between tax revenues and public investment, using data from the Greek economy. This study applies the methodologies of OLS regression analysis and tests of cointegration to examine the relationship between tax revenues and public investment. In addition, a Vector Autoregressive Model (VAR model) is included in this paper. The empirical results reveal unidirectional causality from tax revenues to public investment which suggests that tax and spending decisions are not made jointly by the Greek fiscal authorities.
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Date Issued: 1999
PURL: http://purl.flvc.org/fcla/dt/15630
Subject Headings: Taxation--Greece, Public investments--Greece, Cointegration, Autoregression (Statistics)
Format: Document (PDF)

Title: TREASURY STOCK AND DIVIDEND POLICY: A COMPARATIVE STUDY OF BRITISH AND AMERICAN BUSINESS PHILOSOPHY AND LAW.
Creator: KENT, DERRENCE JOHN., Florida Atlantic University, Van Arsdell, Paul M.
Abstract/Description: There appear to be diametrically opposed philosophies and conflicting legislation which reflect the different postures concerning matters of corporate finance on either side of the Atlantic. The purpose of this study is (1) to contrast the British and American viewpoints as they relate to the acquisition by a company of its own shares (treasury stock) and dividend policy and also (2) to ascertain whether the United States is more or less conservative than Great Britain with regard to the...
Show moreThere appear to be diametrically opposed philosophies and conflicting legislation which reflect the different postures concerning matters of corporate finance on either side of the Atlantic. The purpose of this study is (1) to contrast the British and American viewpoints as they relate to the acquisition by a company of its own shares (treasury stock) and dividend policy and also (2) to ascertain whether the United States is more or less conservative than Great Britain with regard to the preservation of a company's capital--the proprietary buffer. Considering the global influence today of multinational corporations, could a case be made for some standardization of policy and law with the ultimate prospect of uniformity?
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Date Issued: 1976
PURL: http://purl.flvc.org/fcla/dt/13790
Subject Headings: Corporations--United States--Finance, Corporations--Great Britain--Finance, Commercial law--United States, Commercial law--Great Britain
Format: Document (PDF)

Title: A Value Study of Reasons for Joining Associations.
Creator: De Kock, Duane Erwin, Florida Atlantic University, Georgoff, David M.
Abstract/Description: This thesis is a study of the values given twenty reasons normally considered important in influencing individuals and companies to join associations. Comparisons are made of the obtained values from four different groups: the association executives for individual member associations, the new members of individual member associations, the association executives for company member associations, and the new members of company member associations. The study is made on the state level of each...
Show moreThis thesis is a study of the values given twenty reasons normally considered important in influencing individuals and companies to join associations. Comparisons are made of the obtained values from four different groups: the association executives for individual member associations, the new members of individual member associations, the association executives for company member associations, and the new members of company member associations. The study is made on the state level of each association used in the research. It evaluates whether there is a difference between the perceived values of the twenty reasons, whether there is a difference between the perceived values as given by association executives as compared to new members, and whether there is a difference between the perceived values as given by representatives of the company member associations as compared to those given by the individual member associations.
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Date Issued: 1972
PURL: http://purl.flvc.org/fcla/dt/13498
Subject Headings: Associations, institutions, etc, Values
Format: Document (PDF)

Title: Why College Undergraduates Intend to Pursue the Information Technology Major: A Multi-theoretical Perspective.
Creator: Heinze, Nathan D., Hu, Qing, Florida Atlantic University
Abstract/Description: The purpose of this study is to explore environmental and personal factors that may influence college undergraduates' decisions to pursue a major in information technology. These factors include self-efficacy, outcome expectations, personality traits, interest in computers, attitudes, subjective norm, perceived behavioral control, and perceived IT job availability. The paper develops and tests a theoretical model based on social cognitive theory and the theory of planned behavior, and also...
Show moreThe purpose of this study is to explore environmental and personal factors that may influence college undergraduates' decisions to pursue a major in information technology. These factors include self-efficacy, outcome expectations, personality traits, interest in computers, attitudes, subjective norm, perceived behavioral control, and perceived IT job availability. The paper develops and tests a theoretical model based on social cognitive theory and the theory of planned behavior, and also incorporates the five factor model of personality. The intent of this study is to extend the social cognitive theory and theory of planned behavior literatures by expanding their application to IT career choice issues and by including personality traits as additional factors. The latter addition also indicates a unique application of the five factor personality model, as it is rarely used in concert with self-efficacy, outcome expectations, and broad environmental factors such as job market demands. A multi-section survey was administered to college undergraduates at four large universities in the southeastern United States. Analysis of the data results showed that college undergraduates with positive attitudes towards the IT major and high perceived behavioral control regarding the IT major had a greater intention of pursuing IT. The study also found positive links between 1) computer self-efficacy and self-evaluating outcome expectations regarding an IT career, 2) computer self-efficacy and perceived behavioral control, and 3) self-evaluating outcome expectations and attitudes towards the IT major. In addition, personality traits moderated a number of model relationships. Finally, it was found that males were significantly more likely to choose IT than females and scored higher on computer self-efficacy, self-evaluating outcome expectations, attitudes towards the IT major, interest in computers, and perceived behavioral control. The results and contributions of the study are discussed and recommendations are made for future research.
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Date Issued: 2007
PURL: http://purl.flvc.org/fau/fd/FA00000304
Subject Headings: Education, Higher--United States, Information technology--Study and teaching--United States, Educational psychology--United States, Academic achievement--Psychological aspects
Format: Document (PDF)

Title: Women in Business: an Analysis of Determinants of Women Executives in the New York Metropolitan Area.
Creator: Corrigan, Barbara Elizabeth, Florida Atlantic University, Moor, R. Carl
Abstract/Description: This thesis is based upon a survey of ninety-five highly successful women executives in the New York Metropolitan area. The primary purpose of this study was to discover what it was about these women that made it possible for them to succeed in their business roles. An open-end questionnaire designed to serve as a written case history device was used to gain information relative to these women's occupational experiences, personal characteristics, educational background and their own opinions...
Show moreThis thesis is based upon a survey of ninety-five highly successful women executives in the New York Metropolitan area. The primary purpose of this study was to discover what it was about these women that made it possible for them to succeed in their business roles. An open-end questionnaire designed to serve as a written case history device was used to gain information relative to these women's occupational experiences, personal characteristics, educational background and their own opinions relating to their career histories. Inasmuch as it appears that these women who have attained executive positions seem to evidence personal and occupational histories that indicate similarities, this study contributes perspective and lays the groundwork for more specific and in-depth future studies.
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Date Issued: 1973
PURL: http://purl.flvc.org/fcla/dt/13568
Subject Headings: Women executives--New York (State)--New York, Businesswomen
Format: Document (PDF)

Title: VOCATIONAL TRAINING UNDER THE MANPOWER DEVELOPMENT AND TRAINING ACT: ANALYZING THE JOB SUCCESS OF MANPOWER GRADUATES IN BROWARD COUNTY.
Creator: HAMMEL, MARY ALICE., Florida Atlantic University, Sullivan, John W.
Abstract/Description: This study explored the effectiveness of the Manpower Development and Training Program in Broward County, Florida. A telephone survey was conducted with graduates from MDTA classes of 1970, and interviews were held with counselors, teachers, labor supervisors and analysts. The study disclosed that forty percent of the graduates had never worked in the occupations for which they were trained; thirty-nine percent had worked in the occupation, yet left for various reasons. The researcher...
Show moreThis study explored the effectiveness of the Manpower Development and Training Program in Broward County, Florida. A telephone survey was conducted with graduates from MDTA classes of 1970, and interviews were held with counselors, teachers, labor supervisors and analysts. The study disclosed that forty percent of the graduates had never worked in the occupations for which they were trained; thirty-nine percent had worked in the occupation, yet left for various reasons. The researcher concluded that the program needed improvement. Suggestions included: implementing the skills center approach; closer coordination between employment service counselors and vocational instructors; and concentrated job placement effort prior to training completion.
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Date Issued: 1972
PURL: http://purl.flvc.org/fcla/dt/13502
Subject Headings: Occupational retraining--Florida--Broward County, Occupational training--Florida--Broward County, Manpower policy--United States
Format: Document (PDF)

Title: An analysis of the impact of non-audit services on financial reporting quality: A test of two competing theories of auditor independence.
Creator: Dickins, Denise., Florida Atlantic University, Skantz, Terrance R.
Abstract/Description: Auditor independence has been a long-standing issue for regulators resulting in numerous studies on the subject on how to enhance it and numerous rules that attempt to ensure it (e.g. Cohen Report 1978; ASR 250 1978; SEC Rule 2-01 2000). One of regulators' most recent attempts to shore up auditor independence is evident in the provisions of the Sarbanes-Oxley Act of 2002 (SOX). As a test of two competing theories of auditor independence, and to determine whether SOX mandates have successfully...
Show moreAuditor independence has been a long-standing issue for regulators resulting in numerous studies on the subject on how to enhance it and numerous rules that attempt to ensure it (e.g. Cohen Report 1978; ASR 250 1978; SEC Rule 2-01 2000). One of regulators' most recent attempts to shore up auditor independence is evident in the provisions of the Sarbanes-Oxley Act of 2002 (SOX). As a test of two competing theories of auditor independence, and to determine whether SOX mandates have successfully enhanced financial reporting quality, I examine post-SOX changes in non-audit fees (as a proxy for changes in quasi-rents) and the extent of changes in two measures of financial reporting quality. Results suggest that SOX mandates have been effective, and that the proposition of DeAngelo (1981b) that non-audit services may impair auditor independence may more-closely describe the relationship between changes in quasi-rents and changes in financial reporting quality than does the theory of Lee and Gu (1998). Further, supplemental analyses suggest that, as proposed by the theories, the amount of low-balling is positively related to the amount of quasi-rents.
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Date Issued: 2006
PURL: http://purl.flvc.org/fcla/dt/12195
Subject Headings: Auditors--Evaluation, Accounting--Standards--United States, Auditing--Standards--United States, Auditing--Quality control, Disclosure in accounting
Format: Document (PDF)

Title: The impact of a value-added tax on the cash flow of corporations.
Creator: Murphy, John Aloysius Daniel, Florida Atlantic University, Hoffman, Michael J. R.
Abstract/Description: Advocates of a value-added tax claim VAT is superior to the existing corporate income tax (CIT) in the area of economic efficiency, i.e., tax neutrality. Since tax neutrality is a major criterion for tax policy analysis, VAT's superior allocative efficiency relative to a corporate income tax is an argument VAT proponents use to promote adoption of a value-added tax. VAT supporters maintain that CIT distorts allocation of production resources while VAT, a proportional tax, is insensitive to...
Show moreAdvocates of a value-added tax claim VAT is superior to the existing corporate income tax (CIT) in the area of economic efficiency, i.e., tax neutrality. Since tax neutrality is a major criterion for tax policy analysis, VAT's superior allocative efficiency relative to a corporate income tax is an argument VAT proponents use to promote adoption of a value-added tax. VAT supporters maintain that CIT distorts allocation of production resources while VAT, a proportional tax, is insensitive to production methods or use of production resources. This argument is questionable because assessments of corporate income tax neutrality automatically include the impact of CIT on corporate cash flow since CIT, classified as an expense, is a cash drain. The incidence issue aside, VAT is not considered an expense but a pass-through liability with cash flow impact resulting from timing differences existing between receivables, payables and government remittances. The impact of VAT on corporate cash flow is not automatically included when assessing value-added tax neutrality nor is it evident that VAT proponents have consciously considered it in their evaluations. This study empirically examines the impact of VAT on cash flows of manufacturing corporations in order that value-added tax neutrality might be better assessed. Impact of VAT on cash flow is simulated for an assumed year of effectivity and two follow-on years. Multiple regression techniques are used to evaluate statistically the relationships between company characteristics, industry group membership and cash flow due to VAT. The results indicate that adoption of a VAT in the United States would cause a significant change in cash flows in the year of effectivity. Strong influence by sales, payables turnover, and to a lesser extent, receivables turnover is observed. The results also indicate existence of differential cash flow impact across manufacturing industry subgroups suggesting that VAT neutrality requires rethinking.
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Date Issued: 1991
PURL: http://purl.flvc.org/fcla/dt/12282
Subject Headings: Corporations--Taxation--United States, Value-Added Tax--United States
Format: Document (PDF)

Title: An empirical investigation of unit initial public offerings.
Creator: Knight, Rainford McWhinney., Florida Atlantic University, McCarty, Daniel E.
Abstract/Description: The purpose of this study is to empirically test a number of hypotheses related to unit initial public offerings. Specifically, the following areas are examined: (1) the underpricing unit IPOs relative to a subset of NASDAQ straight-equity IPOs; (2) the impact of the size and value of the overallotment option on the degree of underpricing and the underwriter percentage spread; (3) the impact of the size and value of the underwriter warrants on the degree of underpricing and the underwriter; ...
Show moreThe purpose of this study is to empirically test a number of hypotheses related to unit initial public offerings. Specifically, the following areas are examined: (1) the underpricing unit IPOs relative to a subset of NASDAQ straight-equity IPOs; (2) the impact of the size and value of the overallotment option on the degree of underpricing and the underwriter percentage spread; (3) the impact of the size and value of the underwriter warrants on the degree of underpricing and the underwriter; (4) certification effects of auditor type and bank and bridge loans; (5) the distribution function of the underwriter; (6) the levels of financing packaged in the unit as a signal of firm quality, as well as, factors affecting the probability of packaging multiple levels of financing; (7) factors influencing the probability that the units offered will be detached into their component securities and (8) factors influencing unit bid-ask spreads. In general, the results indicate that unit IPOs are more underpriced than a similar subset of NASDAQ straight-equity IPOs. The excessive underpricing is reflective of the high degree of uncertainty surrounding these offerings. Also, the findings indicate that the degree of underpricing associated with unit offerings is influenced by the size of the offering, higher prestige unit underwriters and lower aftermarket volatility. Additionally, the value and size of the explicit options (the overallotment option and the underwriter warrants) granted in these offerings do not significantly impact the degree of unit underpricing. Furthermore, the evidence indicates the existence of certification benefits for those unit firms using big six/eight auditors and bank loans. In addition, the results imply that the underpricing of unit issues increases as the distribution effort of the underwriter decreases. Also, those unit firms packaging two levels of financing at the IPO (A and B warrants) seem to have a greater degree of uncertainty in comparison to those firms packaging only a single level of financing (A warrants only). For these firms, the probability of packaging multiple levels of financing is higher if the firm is underwritten on a best efforts basis and insiders retain a larger percentage of voting control. Similarly, the probability of a unit offering being detached into its component securities is greater with higher expected market making costs and a greater perception of firm value by the marketplace. Lastly, adverse information risk is greatest for the warrant component of detachable units. Furthermore, the findings indicate that underwriter stabilization and flipping seem to be infrequent events for the unit component.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/12508
Subject Headings: Going public (Securities), Stock warrants
Format: Document (PDF)

Title: An empirical investigation of uncovered interest parity between the United States and Japan: Cointegration and causality tests.
Creator: Enyart, Russell Roy., Florida Atlantic University, Yuhn, Ky-hyang
Abstract/Description: This study investigates the existence of Uncovered Interest Parity (UIP) between the United States and Japan. The study is conducted over a 58-month period beginning in January 1994 and continuing through October 1998. This study used unit root, cointegration, and causality tests to examine whether the exchange rates and interest rates of the two countries lent support to the UIP hypothesis. All data sets were found to contain a unit root. Further, there was no evidence for cointegration...
Show moreThis study investigates the existence of Uncovered Interest Parity (UIP) between the United States and Japan. The study is conducted over a 58-month period beginning in January 1994 and continuing through October 1998. This study used unit root, cointegration, and causality tests to examine whether the exchange rates and interest rates of the two countries lent support to the UIP hypothesis. All data sets were found to contain a unit root. Further, there was no evidence for cointegration between the exchange rate and any of the explanatory variables (US interest rates, Japanese interest rates, and the interest rate differential). However, Granger-causality was discovered between the interest rate differential and the exchange rate. Thus, it can be said there is a causal relationship between the interest rate differential and the exchange rate. Lastly, this study gives some validity to the UIP hypothesis.
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Date Issued: 1999
PURL: http://purl.flvc.org/fcla/dt/15648
Subject Headings: Interest rates--United States, Foreign exchange rates--United States, Interest rates--Japan, Foreign exchange rates--Japan
Format: Document (PDF)

Title: A financial history and analysis of the United States airline industry.
Creator: Sturm, Ray R., Florida Atlantic University, McDaniel, William R.
Abstract/Description: This dissertation analyzes the financial history of the U.S. airline industry from the perspectives of earnings, dividends, risk and capital structure. The airline industry is chosen because of its transition from economic regulation to competition. Within the area of earnings, I examine the impact of deregulation on the mean-reversion behavior of earnings documented by Fama and French (2000). Next, I examine the impact of dividends on the variation of carriers' stock returns. Then, I extend...
Show moreThis dissertation analyzes the financial history of the U.S. airline industry from the perspectives of earnings, dividends, risk and capital structure. The airline industry is chosen because of its transition from economic regulation to competition. Within the area of earnings, I examine the impact of deregulation on the mean-reversion behavior of earnings documented by Fama and French (2000). Next, I examine the impact of dividends on the variation of carriers' stock returns. Then, I extend this relation by examining the impact of specific industry characteristics, deregulation, air crashes and the events of 9/11, on both the total and market risk of the industry's stock returns. I also examine the effect of inflation on shareholder returns using the consumer price index as a proxy. I then examine the effect of deregulation and stock returns on debt ratio behavior. Finally, I examine the relation between operating leases and operating performance. My results suggest that deregulation has affected the magnitude and variation of earnings, but not on the mean-reversion behavior. I also find that stock return volatility appears to increase industry-wide following air crashes, that deregulation appears to increase the industry's total stock return risk and that 9/11 appears to have increased both the total and systematic risk of the industry. Additionally, in the presence of these risks, there does not appear to be a relation between dividends and stock return volatility. Further, there appears to be a negative relation between industry returns and the consumer price index that is robust to lagged stock returns. Within the area of capital structure, I find that the recently documented relation between stock returns and debt ratio behavior is not impacted by deregulation. Finally, although my results are mixed, I generally find a negative relation between the use of operating leases and profitability.
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Date Issued: 2005
PURL: http://purl.flvc.org/fcla/dt/12126
Subject Headings: Aeronautics, Commercial--United States--History, Airlines--United States--Management--Evaluation, Aeronautics, Commercial--United States--Statistics
Format: Document (PDF)

Title: The effect of self-efficacy on the decisions to enroll and succeed in Internet accounting courses.
Creator: Al-Moshaigeh, Abdullah I., Florida Atlantic University, Young, George R.
Abstract/Description: This study examines whether there are any significant differences between accounting students enrolled in Internet-based courses and accounting students attending campus-based courses in terms of self-efficacy, academic goal, anxiety, gender, and self-assessment of performance. The study is motivated by the many calls for research to apply social cognitive theory to determine factors of motivation and consequently success of accounting students in an online education environment. Social...
Show moreThis study examines whether there are any significant differences between accounting students enrolled in Internet-based courses and accounting students attending campus-based courses in terms of self-efficacy, academic goal, anxiety, gender, and self-assessment of performance. The study is motivated by the many calls for research to apply social cognitive theory to determine factors of motivation and consequently success of accounting students in an online education environment. Social cognitive theory (Bandura, 1986) is used to develop the hypotheses tested in the current study. Three groups of hypotheses were developed. The first group of hypotheses tests the relationships among academic self-efficacy, computer self-efficacy, Internet self-efficacy, and academic goal. The second group of hypotheses tests the relationships among academic self-efficacy, computer self-efficacy, Internet self-efficacy, computer anxiety, Internet anxiety, gender and instruction mode. The third group of hypotheses tests the relationships among academic self-efficacy, academic goal, computer self-efficacy, Internet self-efficacy, computer anxiety, Internet anxiety, gender, instruction mode and self-assessment of performance. The study's results support the hypothesis that Internet self-efficacy is a significant predictor of whether accounting students will enroll in campus-based courses or Internet-based courses when they have the choice of instruction mode. The results also indicate that gender is a significant predictor of instruction mode. Moreover, the results indicate that academic self-efficacy is a significant predictor of accounting students' academic goals. Finally, the results indicate that computer self-efficacy, Internet self-efficacy, academic goal, academic self-efficacy, computer anxiety, and Internet anxiety are significant predictors of accounting students' self-assessment of performance.
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Date Issued: 2006
PURL: http://purl.flvc.org/fcla/dt/12207
Subject Headings: Academic achievement--Psychological aspects, Education, Higher--Computer-assisted instruction, Internet in education, Educational psychology
Format: Document (PDF)

Title: An empirical analysis of the convergence hypothesis across countries: New evidence.
Creator: Butzin, Blake Donald., Florida Atlantic University, Yuhn, Ky-hyang
Abstract/Description: The Solow growth model examines the effects of saving, population and technological advances on the growth of an economy. Long-run economic growth is explained by the exogenous variable, technology. In this model lower income countries will experience higher rates of economic growth, which will lead to convergence in the standards of living between low-income and high-income countries. Additional theories including the augmented Solow model, which tests for conditional convergence and...
Show moreThe Solow growth model examines the effects of saving, population and technological advances on the growth of an economy. Long-run economic growth is explained by the exogenous variable, technology. In this model lower income countries will experience higher rates of economic growth, which will lead to convergence in the standards of living between low-income and high-income countries. Additional theories including the augmented Solow model, which tests for conditional convergence and endogenous growth theories have been developed recently. An empirical inquiry of the convergence hypothesis has been conducted using a variety samples based on income classifications and geographical locations.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/15485
Subject Headings: Economic development--Mathematical models
Format: Document (PDF)

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