Current Search: College of Business (x)
View All Items
(441 - 460 of 490)
Pages
- Title
- Essays on profit warnings.
- Creator
- Jackson, Dave O., Florida Atlantic University, Madura, Jeff
- Abstract/Description
-
Financial regulations require publicly traded firms to disclose firm-specific information relating to their financial performance as well as forecasts of future prospects disclosed to anyone outside the firm. Profit warnings present important market information as to the recent past firm performance as well as a glimpse into the firm's future prospects. By implementing Regulation Fair Disclosure (FD) in October 2000, the Securities and Exchange Commission (SEC) attempted to change the...
Show moreFinancial regulations require publicly traded firms to disclose firm-specific information relating to their financial performance as well as forecasts of future prospects disclosed to anyone outside the firm. Profit warnings present important market information as to the recent past firm performance as well as a glimpse into the firm's future prospects. By implementing Regulation Fair Disclosure (FD) in October 2000, the Securities and Exchange Commission (SEC) attempted to change the information environment by reducing information asymmetry between analysts and the investing public. This dissertation examines the impact of Regulation (FD) as it relates to three specific areas. Essay One examines Regulation FD's impact on market reaction to profit warnings by U.S. firms and finds significant market reaction over a two-day announcement window. The analysis in this dissertation documents statistically significant changes in the extent of the market reaction in the pre- and post-Regulation FD periods. Evidence is also presented that indicates a significant reduction in information leakage (as measured by negative cumulative abnormal returns (CARs) in stock price for firms in the two-week period immediately prior to a profit warning. Essay Two focuses on American Depositary Receipts (ADRs) and examines differences in comparative market reaction (ADRs versus U.S. stocks) in the pre and post-Regulation FD periods. Essay Three tests the market reaction to profit warnings for commercial bank stocks in the pre- and post-Regulation FD periods with particular attention focused on the contagion effect. The empirical analysis in this dissertation seeks to answer the question of whether the implementation of Regulation FD successfully achieves the SEC's goal of reducing information asymmetry between analysts and investors.
Show less - Date Issued
- 2002
- PURL
- http://purl.flvc.org/fau/fd/FADT12009
- Subject Headings
- American depository receipts, Business forcecasting, Profit, Financial statements
- Format
- Document (PDF)
- Title
- AN AREA SURVEY COMPARING SELECTED PERSONNEL ACTIVITIES BETWEEN THOSE ACUTE GENERAL, NON-PROFIT HOSPITALS WITH AND THOSE WITHOUT COLLECTIVE BARGAINING UNITS.
- Creator
- TREW, DAVID CHARLES., Florida Atlantic University, Clare, Donald A.
- Abstract/Description
-
This study was prepared to determine whether substantial differences exist in wage and salary administration, grievance procedures and seniority practices between hospitals with and those without collective bargaining units. The basis for the project is the increasing interest unions have in hospital manpower resources. In addition the saturation of industry with the labor movement has forced labor leaders to look to health workers as prospective members. The survey included two states with...
Show moreThis study was prepared to determine whether substantial differences exist in wage and salary administration, grievance procedures and seniority practices between hospitals with and those without collective bargaining units. The basis for the project is the increasing interest unions have in hospital manpower resources. In addition the saturation of industry with the labor movement has forced labor leaders to look to health workers as prospective members. The survey included two states with specific labor laws requiring hospitals to bargain collectively and two states without specific legislation and contemplating the passing of such legislation. The results of the survey indicated significant similarities and differences from both an inter and intra state viewpoint,
Show less - Date Issued
- 1973
- PURL
- http://purl.flvc.org/fcla/dt/13549
- Subject Headings
- Hospitals--Administration, Collective bargaining--Hospitals
- Format
- Document (PDF)
- Title
- AN ANALYSIS OF THE INDUSTRIAL WAGE SYSTEM AND MANAGEMENT COMPENSATION PLANS.
- Creator
- MCCLUNG, DAVID WILLIAM., Florida Atlantic University, Franklin, Charles B. Jr.
- Abstract/Description
-
This thesis reports on how companies compensate employees. It deals with the factors that influence direct and indirect compensation and what special benefits and perquisites are made available to wage and management employees. A multiplicity of influences plays upon any determination of wages for the individual and the organization. These forces vary so in their impact that any static approach to wage criteria is misleading. The executive employee's compensation must contain both financial...
Show moreThis thesis reports on how companies compensate employees. It deals with the factors that influence direct and indirect compensation and what special benefits and perquisites are made available to wage and management employees. A multiplicity of influences plays upon any determination of wages for the individual and the organization. These forces vary so in their impact that any static approach to wage criteria is misleading. The executive employee's compensation must contain both financial and non-financial elements designed to supply the urge, stimulus, and encouragement to improve profit performance and enhance the growth, expansion, and progress of the company. Since each form of compensation has both advantages and disadvantages they must be carefully weighed if they are to meet the short-term and long-term objectives of both the company and the employee.
Show less - Date Issued
- 1973
- PURL
- http://purl.flvc.org/fcla/dt/13547
- Subject Headings
- Industrial management, Wage payment systems
- Format
- Document (PDF)
- Title
- AN ANALYSIS OF THE ORGANIZATIONAL STATUS OF PAST CHIEF ELECTED OFFICIALS AND THEIR PERCEIVED DEGREE OF INFLUENCE ON THE POLICY-MAKING DECISIONS OF VOLUNTEER ASSOCIATIONS.
- Creator
- NASH, ROBERT LODGE., Florida Atlantic University, Bates, Constance S.
- Abstract/Description
-
This thesis involves the results of a questionnaire distributed to a random sample of chief staff executives who are members of the American Society of Association Executives. It pertains to the perceived degree of influence exhibited by past chief elected officials on association policy-making decisions, as well as their place in the association organizational structure. It was concluded that certain organizational structures and titles do predominate when dealing with past chief elected...
Show moreThis thesis involves the results of a questionnaire distributed to a random sample of chief staff executives who are members of the American Society of Association Executives. It pertains to the perceived degree of influence exhibited by past chief elected officials on association policy-making decisions, as well as their place in the association organizational structure. It was concluded that certain organizational structures and titles do predominate when dealing with past chief elected officials; that conflict appears to exist between the chief staff executive's visions; the past chief elected officials appear in substantial numbers on policymaking bodies, whether they be perceived or actual, and staff satisfaction with the past chief elected official appears to be high.
Show less - Date Issued
- 1981
- PURL
- http://purl.flvc.org/fcla/dt/14065
- Subject Headings
- Executives--Attitudes, Voluntarism, Organizational behavior
- Format
- Document (PDF)
- Title
- THE DEVELOPMENT OF AN EVALUATION SYSTEM OF MEMBERS' PERFORMANCE WITHIN A VOLUNTARY ORGANIZATION.
- Creator
- PRAST, JOHN J., Florida Atlantic University, Zimmerer, Thomas W.
- Abstract/Description
-
As a generalization, volunteer organizations do not have a means or method to evaluate and/or elevate members serving in important and/or leadership positions . This model study reflects a possible solution or positive approach to this situation, in that most volunteer organizations would be interested in developing an evaluation system of members' performance in order to: 1. improve organizational structure for the purpose of increasing efficiency and effectiveness in achieving the...
Show moreAs a generalization, volunteer organizations do not have a means or method to evaluate and/or elevate members serving in important and/or leadership positions . This model study reflects a possible solution or positive approach to this situation, in that most volunteer organizations would be interested in developing an evaluation system of members' performance in order to: 1. improve organizational structure for the purpose of increasing efficiency and effectiveness in achieving the organization's purpose; 2. identify future leaders for the purpose of insuring better preparation, training, exposure and broader experience prior to the assumption of top management positions; 3. create "career path opportunities" within the association for the purpose of keeping above average volunteer job performers in the "system," and at the same time demonstrate the upward mobility possible via promotion of the above average performers .
Show less - Date Issued
- 1977
- PURL
- http://purl.flvc.org/fcla/dt/13840
- Subject Headings
- Associations, institutions, etc, Job evaluation
- Format
- Document (PDF)
- Title
- A Comparative Study of Attitudes and Personal Orientations of Student Members of Professional Organizations and Non Members in Colleges of Business Administration in the United States.
- Creator
- Farrar, Charles L., Florida Atlantic University, Zimmerer, Thomas W.
- Abstract/Description
-
The three specific objectives of this study were to develop a clearer understanding of the image which business has on the college campus, to develop insights into the attitudes of business students and a comparison of students in the business college with members of Delta Sigma Pi, a professional fraternity for male students enrolled in business. In order to base the response evaluations on a reasonably homogeneous group of subjects, only those colleges with chapters of the fraternity were...
Show moreThe three specific objectives of this study were to develop a clearer understanding of the image which business has on the college campus, to develop insights into the attitudes of business students and a comparison of students in the business college with members of Delta Sigma Pi, a professional fraternity for male students enrolled in business. In order to base the response evaluations on a reasonably homogeneous group of subjects, only those colleges with chapters of the fraternity were considered. The research data was collected during the fall of 1972 from 1,000 questionnaires mailed to 13 selected colleges . Based on the comparative data obtained, it is possible to accept the major hypothesis that students in professional fraternal organizations are significantly different in their attitudes and personal characteristics than are students who do not belong to these organizations.
Show less - Date Issued
- 1973
- PURL
- http://purl.flvc.org/fcla/dt/13587
- Subject Headings
- Professional associations, Trade associations, Attitude (Psychology), Attitude change
- Format
- Document (PDF)
- Title
- Corporate Social Responsibility and Strategic Performance: Realizing A Competitive Advantage through Corporate Social Reputation and a Stakeholder Network Approach.
- Creator
- Peters, Richard C., Golden, Peggy A., Florida Atlantic University
- Abstract/Description
-
This study provides an exploratory investigation of the link between Corporate Social Responsibility (CSR) and Firm Competitive Advantage. It poses two primary research questions (1) What valuable and rare resource does the firm acquire through CSR? and 2) How does the firm's approach to stakeholder management influence its ability to protect and enhance the value of this resource? Corporate Social Reputation, the perception of the firm by its internal and external stakeholders, is argued to...
Show moreThis study provides an exploratory investigation of the link between Corporate Social Responsibility (CSR) and Firm Competitive Advantage. It poses two primary research questions (1) What valuable and rare resource does the firm acquire through CSR? and 2) How does the firm's approach to stakeholder management influence its ability to protect and enhance the value of this resource? Corporate Social Reputation, the perception of the firm by its internal and external stakeholders, is argued to be the valuable and rare resource that CSR provides. By building positive stakeholder relationships through CSR the firm is able to positively influence stakeholder assessment and gain 'reputational capital'. The value of reputational capital lies in its ability to promote operational efficiency and engender product differentiation, which independently as well as in tandem, grant firms superior performance over their competitors. Corporate Social Reputation is also expected to be positively influenced by the finn's adoption of a 'network' approach to stakeholder management. Two specific network attributes: extensiveness and consistency are argued to promote reputational capital growth. Network Extensiveness is determined by the number and diversity of firmstakeholder relationships, whereas Network Consistency is concerned with the variability of firm behavior across its entire stakeholder network. The hypothesized model was evaluated via a longitudinal study of one hundred and fifty eight firms from multiple industries. Structural Equation Modeling (SEM) was employed to assess path coefficients as well as the goodness of fit of the measurement and structural models. The results provide support for the positive influence of CSR on Corporate Social Reputation, but no support for a significant relation between either Network Extensiveness or Network Consistency and Corporate Social Reputation. Also, the results indicate that Corporate Social Reputation directly, positively and significantly contributes to a firm's ability to achieve and sustain a Competitive Advantage for both an internal (Return on Assets) and external (Tobin's q) measure of firm financial performance. Further, the findings suggest that the contribution of CSR to financial performance may be indirect and facilitated through a step-wise process which requires the attainment of a positive and superior Corporate Social Reputation before Competitive Advantage can be achieved.
Show less - Date Issued
- 2007
- PURL
- http://purl.flvc.org/fau/fd/FA00000609
- Subject Headings
- Social Responsibility of Business, Industrial Management--Moral and Ethical Aspects, Organizational Effectiveness, Strategic Planning, Competition--Social Aspects
- Format
- Document (PDF)
- Title
- Corporate control: The case of partial acquisitions.
- Creator
- Spencer, Carolyn A., Florida Atlantic University, Madura, Jeff
- Abstract/Description
-
The form of the partial acquisition provides a unique opportunity to analyze the influence the partial acquirer has on the target firm which is not available in full acquisitions. This dissertation investigates how the subsequent decisions of both the partial acquirer and the partially acquired target affect their own stock valuations and the stock valuations of the other firm. Only partial acquisitions of less than 50% were considered so that the effect of corporate control without overt...
Show moreThe form of the partial acquisition provides a unique opportunity to analyze the influence the partial acquirer has on the target firm which is not available in full acquisitions. This dissertation investigates how the subsequent decisions of both the partial acquirer and the partially acquired target affect their own stock valuations and the stock valuations of the other firm. Only partial acquisitions of less than 50% were considered so that the effect of corporate control without overt control could be measured. An event-study methodology is used to measure the stock price reactions of both firms to the announcement of several type of events: (1) acquisition/divestiture strategies, (2) dividend changes and (3) capital structure changes. The observed stock price reactions are then examined cross-sectionally to test whether firm-specific factors of explicit and implicit controls are influential in explaining the stock price reactions. A second goal of this dissertation was to measure the long term valuations of both firms and the combined entity to determine if the form of the partial acquisition is superior to that of a full acquisition. Again, various firm specific factors of explicit and implicit controls are tested cross-sectionally to determine their explanatory power on the long term valuations of both firms. The results of the event studies support the hypotheses that the actions of the partial acquirer do have an effect on the stock valuations of the partially acquired target (and vice versa) without the acquirer possessing a majority ownership position. In addition, several measures of explicit and implicit controls were found to be significant determinants of the short term stock valuations. The long term valuation studies implied that the form of the partial acquisition may not be superior to that of a full acquisition. However, it was determined that certain firm-specific factors (relatedness of the acquirer and target) have a significant effect on the long-term valuations for both firms.
Show less - Date Issued
- 1996
- PURL
- http://purl.flvc.org/fcla/dt/12472
- Subject Headings
- Consolidation and merger of corporations, Corporations--Finance, Investments
- Format
- Document (PDF)
- Title
- Corporate strategic reorientation and adjustment: A longitudinal analysis of the effects of top management teams.
- Creator
- Peyrefitte, Joseph Armand, Florida Atlantic University, Golden, Peggy A.
- Abstract/Description
-
The impact of executive cognitive bases and values on corporate strategic change was examined in a longitudinal study of the computer hardware industry. Corporate strategic change was separated into pattern and magnitude dimensions as suggested by Ginsberg (1988). These dimensions complement the logic of Tushman and Romanelli (1985) who suggest that organizations proceed through long periods of stability or adjustment, punctuated by periods of metamorphic change or reorientation. I proposed...
Show moreThe impact of executive cognitive bases and values on corporate strategic change was examined in a longitudinal study of the computer hardware industry. Corporate strategic change was separated into pattern and magnitude dimensions as suggested by Ginsberg (1988). These dimensions complement the logic of Tushman and Romanelli (1985) who suggest that organizations proceed through long periods of stability or adjustment, punctuated by periods of metamorphic change or reorientation. I proposed that executive cognitive bases and values would be associated with strategic reorientation but not strategic adjustment since executive perceptions and responses are the internal driving forces that direct and redirect organizations (Romanelli & Tushman, 1988). Panel data analysis techniques were used to test the hypotheses developed in this study. Corporate strategic reorientation and adjustment were operationalized by changes in unrelated and related diversification, and changes in between-stage and within-stage vertical integration, respectively. The mean organization tenure and functional background heterogeneity of top management teams were used as proxies for executive cognitive bases and values. Results provided overall support for the hypotheses. Mean organization tenure was negatively related to unrelated diversification change, while neither mean organization tenure nor functional background heterogeneity were associated with related diversification change. Functional background heterogeneity was positively related to between-stage vertical integration change, however, contrary to expectations, it was negatively related to within-stage vertical integration change. These findings confirm and extend the literature which relates managerial characteristics to strategic change.
Show less - Date Issued
- 1996
- PURL
- http://purl.flvc.org/fcla/dt/12449
- Subject Headings
- Executives, Chief Executive Officers, Strategic Planning, Organizational Change, Organizational Behavior, Corporate Culture, Corporate Reorganizations
- Format
- Document (PDF)
- Title
- The role of professional judgment in the application of United States accounting standards: An experimental study of the effect of professional judgment on financial reporting decisions of accountants.
- Creator
- Rentfro, Randall Wesley, Florida Atlantic University, Hooks, Karen L.
- Abstract/Description
-
This study examines two questions: (1) whether the level professional judgment required in the application of accounting standards affects the comparability of financial reporting; (2) whether financial statement preparers exploit the professional judgment in accounting standards in order to engage in earnings management. The study is motivated by former FASB Chair Dennis Beresford's call for simple accounting standards which rely heavily on the exercise of professional judgment and by SEC...
Show moreThis study examines two questions: (1) whether the level professional judgment required in the application of accounting standards affects the comparability of financial reporting; (2) whether financial statement preparers exploit the professional judgment in accounting standards in order to engage in earnings management. The study is motivated by former FASB Chair Dennis Beresford's call for simple accounting standards which rely heavily on the exercise of professional judgment and by SEC Chair Arthur Levitt's concerns that managers exploit the flexibility in accounting standards to engage in earnings management. Agency theory is used to develop two hypotheses which predict the conditions under which financial statement preparers exploit the professional judgment allowed in the application of accounting standards in order to manage earnings. Normative arguments are used to develop a third hypothesis about the relationship between the level of professional judgment required to apply accounting standards and the comparability of financial reporting. The study uses an experiment methodology to examine the financial reporting decisions of 111 financial statement preparers in corporations located throughout the United States. Participants are randomly assigned to one of four experimental groups (a control group, a profit-sharing plan group, an information asymmetry group, and a moral hazard group). The study's results support the hypothesis that there is less comparability in financial reporting when accounting standards rely heavily on the exercise of professional judgment than when standards place fewer demands on professional judgment. The findings also provide some support for the idea that moral hazard conditions interact with the level of professional judgment required in the application of accounting standards to affect the reporting decisions of financial statement preparers. However, the male financial statement preparers in this study reacted differently than their female counterparts when faced with moral hazard conditions.
Show less - Date Issued
- 2000
- PURL
- http://purl.flvc.org/fcla/dt/12653
- Subject Headings
- Accounting--Standards--United States, Accounting--Decision making
- Format
- Document (PDF)
- Title
- A test of market efficiency using ARCH models.
- Creator
- Tan, Feifei., Florida Atlantic University, Yuhn, Ky-hyang
- Abstract/Description
-
The purpose of this thesis is to examine the efficient market hypothesis (EMH) employing an ARCH model proposed by Engle (1982). The relations of the US stock market and other five major stock markets, i.e., the Canadian, French, German, Japanese, and UK markets are investigated. The time series used in this study are monthly stock price and dividend indices for the above six stock markets. The data cover the period from January 1970 to March 1991. In this study I utilize the ARCH model which...
Show moreThe purpose of this thesis is to examine the efficient market hypothesis (EMH) employing an ARCH model proposed by Engle (1982). The relations of the US stock market and other five major stock markets, i.e., the Canadian, French, German, Japanese, and UK markets are investigated. The time series used in this study are monthly stock price and dividend indices for the above six stock markets. The data cover the period from January 1970 to March 1991. In this study I utilize the ARCH model which appears to be very powerful in modeling conditional heteroscedasticity of stock prices. My test results provide unambiguous evidence of significant ARCH effects existing between the six national stock markets. Therefore, this study demonstrates the existence of market inefficiency for these national markets.
Show less - Date Issued
- 1996
- PURL
- http://purl.flvc.org/fcla/dt/15349
- Subject Headings
- Futures Market, Stock Exchanges--Econometric Models
- Format
- Document (PDF)
- Title
- The value relevance of accounting numbers and the implications for international accounting standards harmonization: Evidence from Saudi Arabia and Kuwait.
- Creator
- Alsalman, Ahmad M., Florida Atlantic University, Skantz, Terrance R.
- Abstract/Description
-
This study examines whether accounting standards or institutional factors are the prime determinants of differences in value relevance of accounting numbers across countries. The motivation for this study arises from ongoing accounting harmonization efforts to increase the comparability of financial reporting across countries. Proponents of harmonization agree that investors support the need for comparability. Opponents, on the other hand, argue that efforts toward a common set of accounting...
Show moreThis study examines whether accounting standards or institutional factors are the prime determinants of differences in value relevance of accounting numbers across countries. The motivation for this study arises from ongoing accounting harmonization efforts to increase the comparability of financial reporting across countries. Proponents of harmonization agree that investors support the need for comparability. Opponents, on the other hand, argue that efforts toward a common set of accounting standards worldwide may not achieve comparability as long as economical, cultural, and political differences exist across countries. So, the question is whether the application of common accounting standards result in enhanced comparability of financial statements, given that firms operate in different countries with different regulatory and cultural influences. This study examines the relationship between reported financial figures and both stock prices and returns across Saudi, Kuwait, the U.S., and U.S. listed firms that use international accounting standards (IAS-sample) to determine whether there are differences in the value relevance of their accounting numbers. Saudi and Kuwait have similar environments. However, they use different GAAPs. Saudi uses U.S. GAAP and Kuwait uses IAS. As a benchmark, this study uses samples of firms that use U.S. GAAP, and that use IAS, with both samples listing in the U.S. capital market. To determine whether accounting standards play a large role in differences in value relevance across these countries, four comparisons are performed: (1) Saudi and the U.S.; (2) Kuwait and IAS-sample; (3) Saudi and Kuwait; and (4) the U.S. and IAS-sample. The results show that there are significant differences in the value relevance between countries that apply the same standards but have different institutional factors. On the other hand, there are no significant differences, in most cases, in the value relevance between countries that apply different standards but operate in a similar environment. Moreover, this study attempts to determine whether earnings conservatism differs across these countries. This study provides evidence that institutional factors affect the differences in earnings conservatism. The findings of this study suggest that international harmonization of accounting standards may not be easily accomplished because institutional factors play an influential role in information dissemination.
Show less - Date Issued
- 2003
- PURL
- http://purl.flvc.org/fau/fd/FADT12079
- Subject Headings
- Accounting--Standards, Financial statements--Standards, Investment analysis--Saudi Arabia, Investment analysis--Kuwait, International economic relations--Standards, Strategic alliances (Business)--Middle East
- Format
- Document (PDF)
- Title
- The predictive validity and adverse impact of an assessment center, a multirater appraisal system and top-down appraisal for selecting retail store managers.
- Creator
- Tyler, Catherine L., Florida Atlantic University, Bernardin, Harold John
- Abstract/Description
-
This study compares the levels of criterion-related validity and the extent of statistical adverse impact against minorities based on supervisors' top-down (TD) performance appraisals, a multirater appraisal (MRA) system and a traditional assessment center (AC). Data from all three sources were collected as a part of a predictive validity study using criterion data completely independent of the predictor data and where managers who provided criterion data had no knowledge of the predictor...
Show moreThis study compares the levels of criterion-related validity and the extent of statistical adverse impact against minorities based on supervisors' top-down (TD) performance appraisals, a multirater appraisal (MRA) system and a traditional assessment center (AC). Data from all three sources were collected as a part of a predictive validity study using criterion data completely independent of the predictor data and where managers who provided criterion data had no knowledge of the predictor scores. The performance of the selected managers was used as the dependent variable. This is the first study in which direct comparisons were made for predictive validity and adverse impact among these three methods of staffing decisions for the same subjects. As hypothesized, the assessment center (uncorrected r = .32) and multirater methods (uncorrected r = .31) had the highest levels of predictive validity. The predictive validity of the top-down managerial assessment was significantly lower than the other two methods, and the correlation with subsequent managerial performance was not statistically significant (uncorrected r = .13). It was also hypothesized that multirater appraisal and assessment centers would result in less adverse impact than top-down appraisal. After examination by several commonly used methods, only partial support was found for these hypotheses. Analyses using the 80% rule and z-scores found that data from the AC and MRA methods did not indicate adverse impact against minorities while TD data resulted in adverse impact. Possible reasons for the discrepant findings of the various methods of analysis and implications for expert witness testimony are discussed.
Show less - Date Issued
- 2003
- PURL
- http://purl.flvc.org/fcla/dt/12050
- Subject Headings
- Assessment Centers (Personnel Management Procedure), Employee Selection, Executive Ability--Testing
- Format
- Document (PDF)
- Title
- The performance persistence of closed-end funds.
- Creator
- Bers, Martina K., Florida Atlantic University, Madura, Jeff
- Abstract/Description
-
The purpose of this study is to extend the research on mutual fund performance persistence to closed-end funds. Because closed-end funds trade at market prices different from net asset value (NAV) they are used to test both the performance persistence of their NAV and market price returns. While research has assessed the performance persistence of open-end funds, it has not assessed the performance persistence of closed-end funds. Yet, the unique characteristics of closed-end funds allow...
Show moreThe purpose of this study is to extend the research on mutual fund performance persistence to closed-end funds. Because closed-end funds trade at market prices different from net asset value (NAV) they are used to test both the performance persistence of their NAV and market price returns. While research has assessed the performance persistence of open-end funds, it has not assessed the performance persistence of closed-end funds. Yet, the unique characteristics of closed-end funds allow stronger arguments for their persistence than the arguments previously submitted for open-end funds. The characteristics that can potentially cause closed-end fund return persistence to be different from open-end fund return persistence include investor sentiment, restrictions on liquidity of underlying assets and cash holdings, and performance pressure on fund managers. This study also investigates the NAV and market price return persistence of international closed-end funds. This group of funds is of particular interest because investor sentiment determines a large portion of the market price return. In addition, as some international markets are less efficient due to restricted flow of information, fund managers may have an advantage in portfolio selection. Finally, this study examines cross-sectionally whether the persistence measure is related to the fund characteristics size, goal, management fees, turnover, fund family, fund experience, and the stock exchange a fund is traded on. The results show evidence for NAV and market price performance persistence, which is stronger for past winning than losing funds. NAV return persistence is less for foreign than domestic funds, possibly due to exchange rate fluctuations. However, market price return persistence is greater for foreign than domestic funds, which may indicate that price pressure is affecting foreign funds more than domestic funds. Funds with lower expense ratios, funds that are not members in a fund family, and funds traded on the NYSE show more persistence of strong NAV and market price performance. The results imply that investors should benefit from investing in past winning funds. This is particularly true for foreign funds, funds with lower expense ratios, funds that are not members of a fund family, and funds traded on the NYSE.
Show less - Date Issued
- 1998
- PURL
- http://purl.flvc.org/fcla/dt/12551
- Subject Headings
- Closed-end funds, Stock exchanges
- Format
- Document (PDF)
- Title
- The relationships between exchange rate exposure and European positioning of multinational corporations.
- Creator
- Martin, Anna D., Florida Atlantic University, Madura, Jeff
- Abstract/Description
-
Exchange rate fluctuations create disparate types and degrees of exposure. Cash flows and net income fluctuate as result of exchange rate fluctuations. Consequently, shareholders, debtholders, and management closely monitor exposure. This dissertation investigates characteristics that explain the differential exposure of U.S.-based multinational corporations (MNCs) and examines conditions that influence exposure to shift over time. Operating characteristics that represent economic and...
Show moreExchange rate fluctuations create disparate types and degrees of exposure. Cash flows and net income fluctuate as result of exchange rate fluctuations. Consequently, shareholders, debtholders, and management closely monitor exposure. This dissertation investigates characteristics that explain the differential exposure of U.S.-based multinational corporations (MNCs) and examines conditions that influence exposure to shift over time. Operating characteristics that represent economic and accounting exposure are empirically studied to determine their impact on the overall exposure of MNCs. First, the results show that MNCs with imbalances in foreign currency inflows and outflows are more sensitive to exchange rate changes. A simple measure of European involvement is not adequate to assess the level of exposure. Second, it is found that the degree of export sales is a significant determinant of exposure. Third, there is strong support that accounting exposure is relevant. The translation effect on earnings is found to be significantly related to overall exposure. It is feasible that the dynamic nature of the international marketplace and MNC operations influence exposure to shift over time. First, the European Community Exchange Rate Mechanism (ERM) crisis is studied. The ERM crisis provides an opportunity to assess the effects on exposure when a tightly-controlled exchange rate regime becomes more relaxed. Using portfolio returns, U.S.-based MNCs operating in Europe experienced a positive shift in exposure, indicating returns are positively related to a strengthening dollar, following the onset of the ERM crisis. The strength of the dollar is another condition examined. Due to potential asymmetric responses, exposure may shift as the strength of the dollar changes. The asymmetric hedging hypothesis is not strongly supported while there is some support for the asymmetric competitive response hypothesis. The effects of repositioning on exposure are also studied. This analysis differs from the previous analyses of shifts in exposure since repositioning activities are predominantly under management's control. There is some evidence that exposure is a variable that continually changes as repositioning occurs. A subset of MNCs with returns that are negatively affected by a strong dollar displays time-varying exposure due to changes in their imbalance of foreign currency inflows and outflows.
Show less - Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/12428
- Subject Headings
- International Business Enterprises, Foreign Exchange Rates, International Finance
- Format
- Document (PDF)
- Title
- The relationship between underwriter experience, excess offering yield and underwriter compensation in the market for corporate debt.
- Creator
- Jones, Wesley Matthew, Jr., Florida Atlantic University, McDaniel, William R.
- Abstract/Description
-
Contemporary finance theory suggests that the appropriate goal of the management of a corporation should be to maximize the contribution of the shareholder's ownership in the corporation to the shareholder's wealth. A related objective of the firm's management that is consistent with this prime objective should be to minimize the cost of all inputs into the firm's income producing process. This would include minimizing the cost of the capital required to fund the firm's operations. This study...
Show moreContemporary finance theory suggests that the appropriate goal of the management of a corporation should be to maximize the contribution of the shareholder's ownership in the corporation to the shareholder's wealth. A related objective of the firm's management that is consistent with this prime objective should be to minimize the cost of all inputs into the firm's income producing process. This would include minimizing the cost of the capital required to fund the firm's operations. This study examines the cost of debt to firms issuing new debt. Using a sample of new debt issues between 1988 and 1993 drawn from a listing compiled by the Capital Markets Division of the Federal Reserve Board of Governors, this study finds that when underwriters are categorized by recent (last year) experience, the issuing firm's choice of an underwriter does not affect the offering yield required of the issuer in excess of several benchmark yields. Excess yield is tested with respect to 3-month treasury bills, 10-year constant maturity treasury securities, the average contemporary yield on AAA rated corporate bonds, and the average contemporary yield on new corporate issues carrying the same rating. The results do suggest that the issuing firm's choice of underwriter does affect the underwriter spread that the issuer will be charged. The implication of the results to corporate issuers of new debt is that choosing an experienced underwriter (defined in the study as having appeared in the listing of the top ten underwriters of corporate debt reported by Wall Street Journal in the previous year) could lead to reduced overall net interest costs stemming from the reduced underwriter spread.
Show less - Date Issued
- 1997
- PURL
- http://purl.flvc.org/fcla/dt/12521
- Subject Headings
- Corporate debt, Monetary policy, Industrial management, Investment banking
- Format
- Document (PDF)
- Title
- The relationship between employee job satisfaction and key customer outcomes: A study among temporary workers.
- Creator
- Hagan, Christine M., Florida Atlantic University, Bernardin, Harold John
- Abstract/Description
-
This dissertation investigates the nature of the relationship that exists between job satisfaction among temporary workers and general customer perceptions of service quality, customer-based appraisal of specific service provider performance, and customers' future behavioral intentions concerning doing business with the firm in the future (e.g., to increase business, to recommend the organization to others, etc.). The Job Descriptive Index (JDI) and its related Job-in-General scale were used...
Show moreThis dissertation investigates the nature of the relationship that exists between job satisfaction among temporary workers and general customer perceptions of service quality, customer-based appraisal of specific service provider performance, and customers' future behavioral intentions concerning doing business with the firm in the future (e.g., to increase business, to recommend the organization to others, etc.). The Job Descriptive Index (JDI) and its related Job-in-General scale were used to measure employee satisfaction. SERVQUAL was used to gauge general customer perceptions of service quality. A 13-item battery derived from marketing literature was used to measure customer future behavioral intentions. The customer appraisal of service provider performance was based on performance appraisal literature. Results indicated significant correlation between worker satisfaction and customer perceptions of service quality (r = .27; p < .01), customer-based appraisal of specific service provider performance (r = .30; p < .01), and customer intentions concerning doing business with the organization in the future (r = .20; p < .05). Customer quality perceptions were significantly associated with their future intentions (r = .71; p < .01) and with specific customer performance appraisal (r = .63; p < .01). However, when combined with general customer service perceptions (SERVQUAL), specific customer appraisal of service provider performance did not contribute unique predictive or explanatory capability. Unexpectedly, temporary workers' satisfaction with co-workers on their job assignment was significantly related to all customer outcome measures. The results are described and discussed in comparison with meta-analyses about job satisfaction, and in terms of other studies concerning contingent workers.
Show less - Date Issued
- 1999
- PURL
- http://purl.flvc.org/fcla/dt/12602
- Subject Headings
- Job satisfaction, Consumer behavior, Temporary employees, Customer services
- Format
- Document (PDF)
- Title
- Essays on Corporate Restructuring.
- Creator
- Harris, Oneil M., Madura, Jeff, Florida Atlantic University
- Abstract/Description
-
Corporate restructuring may be defined as the reorganization of a company with the aim of improving efficiency. This dissertation examines two corporate restructuring activities, namely (i) spinoffs and (ii) mergers and acquisitions. The first essay examines whether poison pill adoptions by impending spinoff subsidiaries is consistent with goal of shareholder wealth maximization. The main implication of my findings is that poison pills do not deter takeovers; not even in environments where...
Show moreCorporate restructuring may be defined as the reorganization of a company with the aim of improving efficiency. This dissertation examines two corporate restructuring activities, namely (i) spinoffs and (ii) mergers and acquisitions. The first essay examines whether poison pill adoptions by impending spinoff subsidiaries is consistent with goal of shareholder wealth maximization. The main implication of my findings is that poison pills do not deter takeovers; not even in environments where takeovers are more likely. Hence, poison pill adoptions may not be motivated by entrenchment. However, since managers' motives are never clear, investors react adversely to poison pill adoptions because of concerns about potential abuse of power by management. Interestingly, the evidence suggests that poison pills have a positive effect on firm value over the longterm. One possible explanation for this finding is that the potential for abuse associated with poison pills promote shareholder activism. Since activist shareholders closely monitor managers, poison pills indirectly enhance firm value. The second essay examines whether spinoff withdrawals are in response to (i) the market reaction to the initial spinoff announcement, (ii) changes in the estimated value of the unit over the spinoff interval, and (iii) changes in expected spinoff gains owing to changes in market conditions within the subsidiary's industry. It takes 7 months to complete an announced spinoff, on average, over which time industry conditions are likely to change. The main implications of my findings are that managers learn from the market and track changes in industry conditions when making spinoff decisions. It appears that managers time spinoffs for periods when the subsidiary's industry valuations are high to fetch a better price in the market for the unit. These practices are consistent with the goal of maximizing shareholders' wealth. The third essay examines whether having outside blockholders with a higher propensity to monitor managers cause variations in (i) abnormal announcement returns, (ii) proportional wealth gains, (iii) takeover premiums, and (iv) payment methods. The evidence supports the view that the types of outside blockholders that targets and bidders have, in relation to their propensity to monitor managers, affect bargaining position. Firms that have outside blockholders with higher propensities to monitor managers experience higher takeover gains because monitoring limits takeover related agency costs. Therefore, acquisitions create agency problems for minority shareholders of the target and bidder firms, when managers are not monitored.
Show less - Date Issued
- 2008
- PURL
- http://purl.flvc.org/fau/fd/FA00000303
- Subject Headings
- Poison pills (Securities)--United States, Consolidation and merger of corporations, Corporations--Sociological aspects, Corporate reorganizations--United States
- Format
- Document (PDF)
- Title
- Essays on Takeovers of Privately-Held Targets.
- Creator
- Ngo, Thanh, Madura, Jeff, Florida Atlantic University
- Abstract/Description
-
Takeovers of privately-held targets have outnumbered takeovers of publiclytraded targets over the years. This dissertation focuses on takeover activities of privatelyheld targets and examines several important issues which have never been touched on in the literature. The first essay examines the factors that determine the choice between a privately-held target and a publicly-traded target. After the size of the target and the prevalence of private firms in each industry in each year are...
Show moreTakeovers of privately-held targets have outnumbered takeovers of publiclytraded targets over the years. This dissertation focuses on takeover activities of privatelyheld targets and examines several important issues which have never been touched on in the literature. The first essay examines the factors that determine the choice between a privately-held target and a publicly-traded target. After the size of the target and the prevalence of private firms in each industry in each year are controlled for, I find that the stock bidder tends to target a privately-held firm and the cash bidder tends to target a publicly-traded firm when pursuing a high-tech target. When acquiring a firm in the same industry and being inexperienced in takeover activities, the bidder is more likely to target a publicly-traded firm as opposed to a privately-held firm. The passage of the SarbanesOxley Act (SOX) also has an affect on the choice of a privately-held target or a publiclytraded target; everything else being equal, the cash bidder is more likely choose to acquire a private firm while the stock bidder is less likely to choose a private firm upon the introduction of SOX. The second essay examines the factors that influence the choice of stock versus cash payment in takeovers of privately-held targets. Stock is found to be more frequently used among takeovers in which the bidding firm has more debt and less free cash flow prior to the deal , the target is a high-tech firm, and the target management is retained in the combined entity. In addition, since the adoption of SOX, cash has been used more frequently and to greater extent among the sample of takeovers of privatelyheld targets. The third essay examines the effects of restrictions on resale of stock issued in takeovers on the bidder's wealth effect and long-run stock price performance. I find that restrictions on resale of stock are more popular among takeovers of privately-held targets as compared to takeovers of publicly-traded targets. Restrictions on resale are found to be positively related to the bidder's announcement abnormal return and negatively related to the bidder's long-run stock price performance.
Show less - Date Issued
- 2007
- PURL
- http://purl.flvc.org/fau/fd/FA00000608
- Subject Headings
- United States --Sarbanes-Oxley Act of 2002, Consolidation and Merger of Corporations--United States, Success in Business, Sale of Business Enterprises
- Format
- Document (PDF)
- Title
- Essays on Actively Managed Mutual Funds.
- Creator
- Kaushik, Abhay, Barnhart, Scott W., Florida Atlantic University
- Abstract/Description
-
In this dissertation, I examine three main issues in mutual fund research: 1) the performance of "sector funds" over the business cycles; 2) the performance and managerial characteristics of "focus funds" and finally 3) the impact of taxes and tax overhang on flow of funds & performance of "corporate bond funds". My first essay analyzes the performance of sector funds across different stages of business cycles. Using a sample of 1,488 sector funds over the period 1990 to 2005, I demonstrate...
Show moreIn this dissertation, I examine three main issues in mutual fund research: 1) the performance of "sector funds" over the business cycles; 2) the performance and managerial characteristics of "focus funds" and finally 3) the impact of taxes and tax overhang on flow of funds & performance of "corporate bond funds". My first essay analyzes the performance of sector funds across different stages of business cycles. Using a sample of 1,488 sector funds over the period 1990 to 2005, I demonstrate that sector funds perform differently across different stages in the business cycles. Average difference between expansion and recession cycles ranges from 2.75 percent per year to 3.78 percent per year. Findings of this essay further suggest that sector funds do exhibit different timing effects across recessions and expansions. Flow of funds and buy turnover ratio have differential effects across business cycles whereas sell turnover trading activities have a negative effect on funds' overall performance. My second essay analyzes the performance of "focus funds". These funds are well managed but tend to keep 50 or less stocks in their portfolio. Using a sample of 926 focus funds that existed during all or part of the period 1997 to 2006, I find that on average focus funds do not outperform a corresponding passive benchmark. My results further indicate that focus funds that are more concentrated in their top holdings, have larger net asset size, relatively young management and lower turnover ratios may offer higher abnormal returns compared to passive benchmarks. The third essay analyzes the effect of taxes and tax overhang on the flow of funds and performance in bond funds. Using a sample of 741 corporate bond funds that existed at some time during the period 1997 to 2006, findings of this essay indicate that new investors to bond funds are sensitive to unrealized capital gains/losses, however, the flow of funds is not affected by past dividend distributions. Findings further indicate that tax liabilities, unrealized gains/losses, and managerial tenure explain post-tax abnormal performance after controlling for investment style, and other known factors that explain the pre-tax performance ofbond funds.
Show less - Date Issued
- 2007
- PURL
- http://purl.flvc.org/fau/fd/FA00000307
- Subject Headings
- Mutual funds--Management, Investment analysis
- Format
- Document (PDF)
