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Title: THE EFFICIENT MARKETS HYPOTHESIS AS IT APPLIES TO SECURITIES.
Creator: MCCARTHY, JOSEPH MICHAEL., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis deals with the efficient markets hypothesis as it applies to the securities market. The first chapter provides the various forms of the EMH and its theoretical basis. Chapter two analyzes the weak form of the EMH and the major empirical contributions concerning it. Chapter three presents the strong forms of the EMH. It is concluded on the basis of a substantial and consistent body of analysis that efficient is an accurate description of the securities market.
Date Issued: 1980
PURL: http://purl.flvc.org/fcla/dt/14035
Subject Headings: Investment analysis
Format: Document (PDF)

Title: EXAMINATION OF PORTFOLIO PERFORMANCE USING DIFFERENT TRADING RULES.
Creator: HENNIGS, GABRIEL PEREZ., Florida Atlantic University, Redman, Milton, College of Business, Department of Economics
Abstract/Description: This thesis uses a fundamentalist approach to portfolio selection similar to that proposed by Benjamin Graham. The purpose is to examine the existence of undervalued securities and to test a methodology designed to identify those that could be considered superior investments. The model designed to select, combine and evaluate performance on risk adjusted basis takes into consideration fundamental principles of modern portfolio theory. Specifically, this analysis evaluates the informational...
Show moreThis thesis uses a fundamentalist approach to portfolio selection similar to that proposed by Benjamin Graham. The purpose is to examine the existence of undervalued securities and to test a methodology designed to identify those that could be considered superior investments. The model designed to select, combine and evaluate performance on risk adjusted basis takes into consideration fundamental principles of modern portfolio theory. Specifically, this analysis evaluates the informational contribution of price earnings ratios, earnings growth and dividend payments. The hypothesis tested is that undervalued securities selected under the conditions here proposed can produce performance results consistently superior than those of a strategy based on passively holding a market portfolio.
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Date Issued: 1984
PURL: http://purl.flvc.org/fcla/dt/14228
Subject Headings: Portfolio management, Investment analysis
Format: Document (PDF)

Title: THE IMPACT OF MULTINATIONAL CORPORATE INVESTMENT ON SELECTED LATIN AMERICAN ECONOMIES.
Creator: DITTRICH, ELIZABETH DIANN., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
Abstract/Description: This thesis analyzes the impact of transnational corporate investment patterns in five Latin American economies: Mexico, Peru, Columbia, Venezuela, and Brazil. Two important theories attributed to the dependencia and neoconventional schools of thought are first described and then econometrically tested for the above countries. The basic framework for econometrically testing these theories consists of a model specifying the domestic and foreign determinants of domestic capital formation....
Show moreThis thesis analyzes the impact of transnational corporate investment patterns in five Latin American economies: Mexico, Peru, Columbia, Venezuela, and Brazil. Two important theories attributed to the dependencia and neoconventional schools of thought are first described and then econometrically tested for the above countries. The basic framework for econometrically testing these theories consists of a model specifying the domestic and foreign determinants of domestic capital formation. Domestic determinants are formulated in terms of the 'accelerator' and loanable-funds theories of domestic investment behavior. Investment by multinational corporations is then added to the model to see if it makes any significant contribution towards indigenous investment. In order to take into account the lagged effects of multinational investment, an Almon lag estimation technique was adopted.
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Date Issued: 1982
PURL: http://purl.flvc.org/fcla/dt/14131
Subject Headings: Investments, Foreign--Latin America, Investments, Foreign--Developing countries
Format: Document (PDF)

Title: The Association of the Relative Informativeness of Market Risk Disclosures with Liquidity and Investment Efficiency.
Creator: Luo, Xin, Kohlbeck, Mark, Florida Atlantic University, College of Business, School of Accounting
Abstract/Description: In a 2016 comment letter, the SEC summarizes the ongoing debate regarding the usefulness of market risk disclosures and calls for additional discussion (SEC Concept Release 2016). In response to the SEC’s call, I investigate whether investors and firms benefit from market risk disclosures. Prior literature suggests that informative corporate disclosure is associated with improved liquidity and investment efficiency. I find that informative textual contents of market risk disclosures improve...
Show moreIn a 2016 comment letter, the SEC summarizes the ongoing debate regarding the usefulness of market risk disclosures and calls for additional discussion (SEC Concept Release 2016). In response to the SEC’s call, I investigate whether investors and firms benefit from market risk disclosures. Prior literature suggests that informative corporate disclosure is associated with improved liquidity and investment efficiency. I find that informative textual contents of market risk disclosures improve investors’ information environment, and as a result, are associated with higher liquidity level, lower liquidity uncertainty, and improved investment efficiency. My study is relevant to the ongoing debate regarding the usefulness of market risk disclosures, calls for more detailed regulatory guidance for market risk disclosures, and contributes to the literature on liquidity, investment efficiency, and risk factor disclosures.
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Date Issued: 2018
PURL: http://purl.flvc.org/fau/fd/FA00005979
Subject Headings: Investments, Financial statements, Financial risk
Format: Document (PDF)

Title: An examination of the operational efficiency of mutual funds.
Creator: Zera, Stephen Paul, Florida Atlantic University, Madura, Jeff
Abstract/Description: A pre-determined percentage of the assets of mutual funds is extracted from each portfolio's value on a daily basis to cover operating expenses. The nature of the relationship between these fund operating expenses and fund size is the focus of this dissertation. A negative relationship is shown to exist between mutual fund operating expense percentages and mutual fund size. Next, a double-log estimating equation is utilized to generate a measure of the elasticity of mutual fund operating...
Show moreA pre-determined percentage of the assets of mutual funds is extracted from each portfolio's value on a daily basis to cover operating expenses. The nature of the relationship between these fund operating expenses and fund size is the focus of this dissertation. A negative relationship is shown to exist between mutual fund operating expense percentages and mutual fund size. Next, a double-log estimating equation is utilized to generate a measure of the elasticity of mutual fund operating expenses with respect to mutual fund size. This expense-size elasticity (ESE) is estimated to be.961 for the entire cross-sectional sample, indicating that a one percent increase in fund size is associated with a.961% increase in fund operating expenses. Next, the elasticity of mutual fund operating expenses with respect to mutual fund size is calculated for each of five fund size categories. The ESE of the largest fund size category is shown to not differ in a statistically significant manner from those of the smaller categories of mutual fund size. ESEs are then calculated for various investment objective categories and are shown to differ in a statistically significant manner. ESEs also differ between load and no-load funds as well as between open-end and closed-end funds. The lack of statistically significant differences between the ESEs of various size categories is also evident in an analysis performed on a cross-sectional sample of mutual fund families. Further, evidence of the lack of significance of fund size in explaining variation in fund-specific ESES is found in an analysis of time series data for mutual funds in existence from 1976 through 1994.
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Date Issued: 1996
PURL: http://purl.flvc.org/fcla/dt/12459
Subject Headings: Mutual Funds, Investments, Portfolio Management
Format: Document (PDF)

Title: Governance and earnings management surrounding dividend initiation.
Creator: Smith, Deborah Drummond., College of Business, Department of Finance
Abstract/Description: Essay I: Governance surrounding dividend initiation. According to the free cash flow hypothesis, managers prefer to invest surplus cash, even in value reducing projects, rather than release it to shareholders. Yet, previous studies of dividend payout conclude that managers pay more in dividends when they are entrenched, supporting the substitute model... The results indicate that initiating firms have stronger shareholder rights, in contrast with much of the prior research on continuous...
Show moreEssay I: Governance surrounding dividend initiation. According to the free cash flow hypothesis, managers prefer to invest surplus cash, even in value reducing projects, rather than release it to shareholders. Yet, previous studies of dividend payout conclude that managers pay more in dividends when they are entrenched, supporting the substitute model... The results indicate that initiating firms have stronger shareholder rights, in contrast with much of the prior research on continuous divident payout. Firms with lower entrenchment index are more likely to initiate dividends... Essay II: Earnings management surrounding dividend initiation. Prior research tests earnings management surrounding changes in dividend payout and researchers conclude that the earnings management is a means of amplifying the dividend signal to the market. However, dividend initiation is a unique event. If initiation represents signaling, similar to a dividend increase, then management will manage earnings upward. If, on the other hand, divident initiation is better explained by the free cash flow hypothesis, then initiation may be entered into with caution or reluctance by management.
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Date Issued: 2012
PURL: http://purl.flvc.org/fcla/dt/3362041
Subject Headings: Investment analysis, Portfolio management, Dividends, Econometric models
Format: Document (PDF)

Title: INVESTMENT SPENDING IN THE UNITED STATES: AN ANALYSIS OF SOME ECONOMETRIC ISSUES.
Creator: SADIKU, CHRISTIANAH YEMISI., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis examines the determinants of that part of national gross fixed investment which is undertaken by the private sector. Any investment process is subject to a number of separate time lags,and as a result, lagged explanatory variables were used in this study to explain the past trends and the recent surge in capital spending. The cashflow and q models distinguished themselves from other models as relatively accurate descriptive of investment spending. It should be noted, however, that...
Show moreThis thesis examines the determinants of that part of national gross fixed investment which is undertaken by the private sector. Any investment process is subject to a number of separate time lags,and as a result, lagged explanatory variables were used in this study to explain the past trends and the recent surge in capital spending. The cashflow and q models distinguished themselves from other models as relatively accurate descriptive of investment spending. It should be noted, however, that the description of investment spending that appears to have worked well in the past does not have to work so well in the future because economic conditions change.
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Date Issued: 1987
PURL: http://purl.flvc.org/fcla/dt/14375
Subject Headings: Investments--United States--Mathematical models
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: The role of asset reliability and auditor quality in equity valuation.
Creator: Fallatah, Yaser., Florida Atlantic University, Higgs, Julia
Abstract/Description: This paper brings together the auditor quality, asset reliability and firm valuation literatures by examining the role of auditor quality in equity valuation. The study broadly follows the Richardson et al. (2005) categorization of the reliability of accounting accruals of balance sheet components and conjectures that the role of auditor quality in equity valuation is more pronounced when asset reliability is not high. Auditor quality is measured using reputation, industry specialist and...
Show moreThis paper brings together the auditor quality, asset reliability and firm valuation literatures by examining the role of auditor quality in equity valuation. The study broadly follows the Richardson et al. (2005) categorization of the reliability of accounting accruals of balance sheet components and conjectures that the role of auditor quality in equity valuation is more pronounced when asset reliability is not high. Auditor quality is measured using reputation, industry specialist and tenure metrics. The underlying assumption is that auditor quality enhances the market's perception of firm value; as such, auditor quality may mitigate the cost of security mispricing documented by Richardson et al. (2005) for low or medium reliability accruals. The results of the study provide some support that high quality auditors contribute to the valuation of equity for assets. It is less clear as to whether the value is more pronounced for low or medium reliability assets.
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Date Issued: 2006
PURL: http://purl.flvc.org/fcla/dt/12231
Subject Headings: Auditing--Quality control, Econometrics, Investment analysis
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.
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Date Issued: 2007
PURL: http://purl.flvc.org/fau/fd/FA00000307
Subject Headings: Mutual funds--Management, Investment analysis
Format: Document (PDF)

Title: OPTIMAL PORTFOLIO FOR THE INFORMED INVESTOR IN MISPRICED LEVY MARKET WITH STOCHASTIC VOLATILITY AND POWER UTILITY.
Creator: Zephirin, Duval, Long, Hongwei, Florida Atlantic University, Department of Mathematical Sciences, Charles E. Schmidt College of Science
Abstract/Description: We consider a portfolio optimization problem in stochastic volatility jump-diffusion model. The model is a mispriced Lévy market that contains informed and uninformed investors. Contrarily to the uninformed investor, the informed investor knows that a mispricing exists in the market. The stock price follows a jump-diffusion process, the mispricing and volatility are modelled by Ornstein-Uhlenbeck (O-U) process and Cox-Ingersoll-Ross (CIR) process, respectively. We only present results for the...
Show moreWe consider a portfolio optimization problem in stochastic volatility jump-diffusion model. The model is a mispriced Lévy market that contains informed and uninformed investors. Contrarily to the uninformed investor, the informed investor knows that a mispricing exists in the market. The stock price follows a jump-diffusion process, the mispricing and volatility are modelled by Ornstein-Uhlenbeck (O-U) process and Cox-Ingersoll-Ross (CIR) process, respectively. We only present results for the informed investor whose goal is to maximize utility from terminal wealth over a finite investment horizon under the power utility function. We employ methods of stochastic calculus namely Hamilton-Jacobi-Bellman equation, instantaneous centralized moments of returns and three-level Crank-Nicolson method. We solve numerically the partial differential equation associated with the optimal portfolio. Under the power utility function, analogous results to those obtain in the jump-diffusion model under logarithmic utility function and deterministic volatility are obtained.
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Date Issued: 2022
PURL: http://purl.flvc.org/fau/fd/FA00014040
Subject Headings: Investments, Portfolio, Lévy processes, Utility functions
Format: Document (PDF)

Title: THE EFFECT OF STOCK MANIPULATION AND INSTITUTIONAL OWNERSHIP ON CORPORATE VENTURE CAPITAL INVESTMENTS.
Creator: Li, Yuan, Cumming, Douglas, Florida Atlantic University, Department of Finance, College of Business
Abstract/Description: My first study proposes that stock price manipulation erodes trust, damages corporate reputation, reorients management towards short-termism, harms entrepreneurial innovation culture, and increases the cost of capital. I tested these ideas by linking stock manipulation data to corporate venture capital data for firms listed on NASDAQ and NYSE. The data indicate CVC investments in entrepreneurial firms are followed by a rise in market manipulation in the short run [-3 months, +3 months], but a...
Show moreMy first study proposes that stock price manipulation erodes trust, damages corporate reputation, reorients management towards short-termism, harms entrepreneurial innovation culture, and increases the cost of capital. I tested these ideas by linking stock manipulation data to corporate venture capital data for firms listed on NASDAQ and NYSE. The data indicate CVC investments in entrepreneurial firms are followed by a rise in market manipulation in the short run [-3 months, +3 months], but a decline thereafter. The data further indicates that stock manipulation harms the ability of CVCs to form investment syndicates and reduces the likelihood of successful IPO and acquisition exits. The hazard rate to IPO is 0.54 for CVC-backed firms that face market manipulation. Overall, the theory and evidence provide insights into how firm's manipulation can damage the effectiveness of their venture capital endeavors, ultimately contributing to sustainable growth and innovation.
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Date Issued: 2024
PURL: http://purl.flvc.org/fau/fd/FA00014451
Subject Headings: Venture capital, Investments, Stocks, Finance, Economics
Format: Document (PDF)

Title: World economic development.
Creator: Tufts, Robert W., Staley, Eugene
Date Issued: 1936
PURL: http://purl.flvc.org/FCLA/DT/3171049
Subject Headings: Capital investment in Japan., Japanese Imports of capital goods.
Format: Document (PDF)

Title: Obfuscation of Rent Extraction Behavior: Evidence from Investment Inefficiency.
Creator: Mammadov, Babak, Thevenot, Maya, Florida Atlantic University, College of Business, School of Accounting
Abstract/Description: I investigate the association between rent extraction and qualitative/quantitative characteristics of 10-K filings (i.e. readability, financial statement comparability and earnings transparency), subject to existing monitoring constraints. This study focuses on one type of such rent extraction – investment inefficiency (i.e. overinvestment or underinvestment), as extant research provides evidence that it provides personal benefits to managers, often at the expense of shareholders. Managers...
Show moreI investigate the association between rent extraction and qualitative/quantitative characteristics of 10-K filings (i.e. readability, financial statement comparability and earnings transparency), subject to existing monitoring constraints. This study focuses on one type of such rent extraction – investment inefficiency (i.e. overinvestment or underinvestment), as extant research provides evidence that it provides personal benefits to managers, often at the expense of shareholders. Managers have incentives to invest inefficiently but such behavior may be undesirable and result in negative consequences to the manager, such as turnover. Therefore, I expect that managers are likely to obfuscate information in order to make it difficult for investors to detect investment inefficiency, although monitoring over financial reporting may limit their ability to do so. I test whether monitoring over financial reporting reduces information obfuscation. Last, I study the joint effects of investment inefficiency and information obfuscation on CEO turnover and compensation. I expect that investment inefficiency is positively associated with information obfuscation but this relation is weaker for firms with effective monitoring mechanisms over financial reporting. Further, I examine how these factors affect CEO disciplining. Managers get disciplined for inefficient investment decisions. Obfuscating information makes it difficult for investors to evaluate managers’ investment decisions. Therefore, I examine whether information obfuscation prevents managers from being disciplined as a result of inefficient investment behavior. I find that investment inefficiency is positively associated with information obfuscation. Managers are more likely to obfuscate information for overinvestment type of inefficiency as opposed to underinvestment. Further, the results suggest that, while internal monitoring does not reduce information obfuscation, external monitoring constrains information obfuscation. I find that external monitoring (i.e. auditors) provide more stringent monitoring by reducing information obfuscation. I do not find support for my last prediction that information obfuscation prevents disciplining of CEOs.
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Date Issued: 2018
PURL: http://purl.flvc.org/fau/fd/FA00005952
Subject Headings: Financial statements, Misleading financial statements, Investments--Accounting
Format: Document (PDF)

Title: Three essays on the impact of analyst recommendations in the banking industry.
Creator: Premti, Arjan, Madura, Jeff, Florida Atlantic University, College of Business, Department of Finance
Abstract/Description: By analyzing the information provided by analyst recommendations in the banking industry, I find that analyst recommendations trigger an immediate impact on the value of banks (Essay 1), they profitably guide the investment decisions of investors for periods of up to three months (Essay 2), and they also have an immediate impact on the values of rival banks (Essay 3). In addition, I find that analysts’ ability to provide new information depends on the information environment of the bank. The...
Show moreBy analyzing the information provided by analyst recommendations in the banking industry, I find that analyst recommendations trigger an immediate impact on the value of banks (Essay 1), they profitably guide the investment decisions of investors for periods of up to three months (Essay 2), and they also have an immediate impact on the values of rival banks (Essay 3). In addition, I find that analysts’ ability to provide new information depends on the information environment of the bank. The degree of information asymmetry, the degree of complexity, the risk of the bank, the risk of the time period, as well as regulatory reforms that affect these characteristics, have a significant impact on the analyst’s ability to provide new information to the investors. Specifically, I find that analyst recommendations are more informative when banks suffer from a high degree of information asymmetry. In addition, regulatory reforms that reduced the information asymmetry of the banking industry also diminished the analyst’s ability to provide new information. Similarly, I find that analyst recommendations have a greater impact on the values of the rated and the rival banks when these banks operate in a risky environment. This result is robust to several measures of bank risk, period risk, and regulatory events that affected the risk of the banking industry. However, the results of Essay 2 show that positive recommendations that occur during riskier periods or after regulatory events that increased the risk of the banking industry result in lower value for the investors over the following 1-month or 3- month periods. Lastly, I find that as banks become more complex, analyst recommendations have a smaller immediate impact on the value of the bank, deliver a smaller investment value for the investors, and also have a smaller immediate impact on the value of the rival banks.
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Date Issued: 2014
PURL: http://purl.flvc.org/fau/fd/FA00004151, http://purl.flvc.org/fau/fd/FA00004151
Subject Headings: Financial engineering, Investment analysis, Portfolio management, Risk management
Format: Document (PDF)

Title: Duration and the prices of common stocks.
Creator: Konnan, Yehuda A., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: In finance, the term 'duration' means the effective length of a financial obligation which is discharged in installments. This concept has a number of applications in finance like calculating the change in the price of bonds due to the change in interest rates, immunizing the value of bonds, etc. Common stocks are also financial obligations and are considered to have durations. For bonds and similar strong contractual obligations, duration and its applications are clear cut and are used...
Show moreIn finance, the term 'duration' means the effective length of a financial obligation which is discharged in installments. This concept has a number of applications in finance like calculating the change in the price of bonds due to the change in interest rates, immunizing the value of bonds, etc. Common stocks are also financial obligations and are considered to have durations. For bonds and similar strong contractual obligations, duration and its applications are clear cut and are used widely. For common stocks duration evaluation is difficult and its practical applications hardly exist. Moreover, there are no publications of numerical results where duration was applied to common stocks. These facts make it doubtful whether duration can be applied to common stocks. The results of the empirical research here, with numerical results, make it doubtful that duration can be applied to common stocks or to explain price fluctuations of common stocks.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/15368
Subject Headings: Investments--Mathematics, Stocks--Prices, Interest rates
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: The dividend reinvestment plan puzzle: Theoretical and empirical evidence.
Creator: Lyroudi, Katerina., Florida Atlantic University, McDaniel, William R.
Abstract/Description: This study examines the significance and implications of Dividend Reinvestment Plans (DRPs) for the sponsoring company and for the shareholders' wealth from a theoretical and an empirical point of view. It develops a DRP theory, as an extension of dividend and capital structure theories. Furthermore, the study tests empirically several hypotheses related to the market reaction at the announcement of a DRP adoption, to the market reaction at the announcement of a DRP discontinuance and to the...
Show moreThis study examines the significance and implications of Dividend Reinvestment Plans (DRPs) for the sponsoring company and for the shareholders' wealth from a theoretical and an empirical point of view. It develops a DRP theory, as an extension of dividend and capital structure theories. Furthermore, the study tests empirically several hypotheses related to the market reaction at the announcement of a DRP adoption, to the market reaction at the announcement of a DRP discontinuance and to the performance of the company sponsoring a DRP. The results indicated that the market reaction to the announcement of a DRP establishment is favorable on days 1 and 2, significant only for the latter. In the long-run, DRPs create value for the sponsoring firm and its shareholders (as measured by Tobin's Q). The announcement of a DRP termination is followed by a negative market reaction, consistent with the thesis of this study. Finally, several factors such as the DRP type (Type I and Type II plans), the industry of the sponsoring company (utilities and non-utilities), tax legislation, the discount feature and the dividend payout ratio are examined in relation to the market reaction at the announcement of a DRP adoption. The Type II DRPs create more favorable reaction to Type I plans at the announcement of their introduction. There are significant differences between the market reaction at the DRP introduction of utilities and non-utilities. The tax legislation affects corporate dividend policy and DRPs. Finally, the discount feature is not regarded favorably by investors as it was hypothesized, which explains its elimination from many DRPs in the recent years.
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Date Issued: 1993
PURL: http://purl.flvc.org/fcla/dt/12328
Subject Headings: Dividend reinvestment, Corporations--Finance, Investments, Portfolio management
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.
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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: 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.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/12521
Subject Headings: Corporate debt, Monetary policy, Industrial management, Investment banking
Format: Document (PDF)

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