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Title: COMPETITION AND PRICES IN A PERFECTLY COMPETITIVE ECONOMY.
Creator: HORNER, GEORGE FRENCH, JR., Florida Atlantic University, Scheidell, John M., College of Business, Department of Economics
Abstract/Description: In classical economic theory, competition consisted of buyers outbidding one another and sellers underbidding one another; and it was argued that, for sufficiently large markets, competition would yield uniform prices in equilibrium. Neoclassical economists subsequently investigated the role of preferences in trading, concluding that, in equilibrium, each trader would obtain the most desirable commodity bundle affordable at prevailing prices, given his initial resources. In the process,...
Show moreIn classical economic theory, competition consisted of buyers outbidding one another and sellers underbidding one another; and it was argued that, for sufficiently large markets, competition would yield uniform prices in equilibrium. Neoclassical economists subsequently investigated the role of preferences in trading, concluding that, in equilibrium, each trader would obtain the most desirable commodity bundle affordable at prevailing prices, given his initial resources. In the process, however, neoclassical economists ultimately made price uniformity an assumption, assumed individuals incapable of influencing prices under any circumstances, and redefined competition to mean price-taking behavior. By thus denying individuals any active role in price determination, an inconsistency was introduced into the theory. This thesis eliminates the inconsistency by combining classical competitive behavior and the neoclassical insights into the role of preferences, to produce an axiomatic theory of competition within which the characteristics of equilibrium (uniform prices and utility maximization) are rigorously derived.
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Date Issued: 1982
PURL: http://purl.flvc.org/fcla/dt/14128
Subject Headings: Competition, Prices
Format: Document (PDF)

Title: Is Russia Moving Toward Political Democracy?.
Creator: Ely Culbertson, Cesar Saerchinger, Hamilton Eames, Don Gardiner, Merryle Stanley Rukeyser, Samuel Levitties
Abstract/Description: This item is part of the Political & Rights Issues & Social Movements (PRISM) digital collection, a collaborative initiative between Florida Atlantic University and University of Central Florida in the Publication of Archival, Library & Museum Materials (PALMM).
PURL: http://purl.flvc.org/fau/fd/FA00002867
Subject Headings: Price regulation -- United States
Format: Document (PDF)

Title: An impartial authority speaks out on labor monopoly and its evil effects which require legislation correction.
Creator: Jacoby, Neil Herman
Date Issued: 1959
PURL: http://purl.flvc.org/FCLA/DT/3358274
Subject Headings: Prices., Labor unions., Competition.
Format: Document (PDF)

Title: Over-production and unemployment: a plea for freedom.
Creator: Mill, James
Date Issued: 1940
PURL: http://purl.flvc.org/fcla/DT/352237
Subject Headings: Business cycles., Profit., Prices.
Format: Document (PDF)

Title: THE CAPITAL ASSET PRICING MODEL.
Creator: Ayala, Mary D., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis reviews the majot' literature associated with the Capital Asset Pricing Model with emphasis on related controversial issues. The model's underlying theories, developed by Harry Markowitz and James Tobin, are presented first. This is followed by themathematicalderivation, developed by William Sharpe. Special attention is given to the controversial assumptions imposea by Markowitz and Tobin, which emerge in the CAPM. Major tests of the CAPM are reviewed next: and the empirical...
Show moreThis thesis reviews the majot' literature associated with the Capital Asset Pricing Model with emphasis on related controversial issues. The model's underlying theories, developed by Harry Markowitz and James Tobin, are presented first. This is followed by themathematicalderivation, developed by William Sharpe. Special attention is given to the controversial assumptions imposea by Markowitz and Tobin, which emerge in the CAPM. Major tests of the CAPM are reviewed next: and the empirical problems associated with test design are highlighted. It is shown that variations in test design produce controversial test results. The specific tests reviewed here fail to provide strong support for the nodel; nevertheless it becomes evident that such tests fostered a vast outpouring of new and extended models. The CAPM remains a breakthrough in financial and economic literature which deserves to be explored even more intensely in the future.
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Date Issued: 1981
PURL: http://purl.flvc.org/fcla/dt/14067
Subject Headings: Capital assets pricing model
Format: Document (PDF)

Title: Wages of Industrial Workers in the U.S.S.R. Memorandum No. 7.
Creator: University of Birmingham. Bureau of Research on Russian Economic Conditions
Abstract/Description: This item is part of the Political & Rights Issues & Social Movements (PRISM) digital collection, a collaborative initiative between Florida Atlantic University and University of Central Florida in the Publication of Archival, Library & Museum Materials (PALMM).
Date Issued: 1932
PURL: http://purl.flvc.org/fau/fd/FA00002459
Subject Headings: Wholesale price indexes
Format: Document (PDF)

Title: An examination of pricing efficiency in the offering of convertible debt securities.
Creator: Taylor, Don A., Florida Atlantic University, McDaniel, William R.
Abstract/Description: This study evaluates the relative pricing efficiency of convertible debt offerings by comparing the wealth of the convertible bond at its termination with the termination date wealth of an equal initial investment in non-convertible debt of the same approximate risk and maturity. The comparison is made via the construct of a performance ratio. The attributes of the sample's aggregate ratio versus the expected value of the ratio, given that convertible bonds are priced efficiently, provides...
Show moreThis study evaluates the relative pricing efficiency of convertible debt offerings by comparing the wealth of the convertible bond at its termination with the termination date wealth of an equal initial investment in non-convertible debt of the same approximate risk and maturity. The comparison is made via the construct of a performance ratio. The attributes of the sample's aggregate ratio versus the expected value of the ratio, given that convertible bonds are priced efficiently, provides policy implications in the use of convertible bond financing. The thesis compares the results to prior research measuring convertible pricing efficiency and discusses the relative merit of this approach. The bond rating system, as it relates to convertible issues, is examined. The dissertation concludes by presenting the implications of the results and direction of future research in this area. The results show that convertible bonds are priced in a manner that favors the convertible investor and not the common stockholder.
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Date Issued: 1999
PURL: http://purl.flvc.org/fcla/dt/12619
Subject Headings: Convertible Securities--Prices, Convertible Bonds--Prices
Format: Document (PDF)

Title: An Empirical Analysis of The Impact of Mandatory Membership Fee on Residential Real Estate Price.
Creator: Gifford, Trishanna, Caudill, Steven, Florida Atlantic University, Department of Economics, College of Business
Abstract/Description: This empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations...
Show moreThis empirical study examines the impact of a homeowners association (HOA) mandatory membership fee on residential real estate prices, a topic that has not been empirically addressed in the real estate literature. A mandatory membership fee is defined as an initiation fee charged by HOAs that grants homeowners country club access. Many studies have examined the impact of the presence of homeowners associations on price but only a few studies have examined the impact of homeowners associations on price by estimating the impact of homeowners association fees. This research expands the HOA literature by examining the specific HOA fee characteristics of a mandatory membership fee. In this analysis, hedonic price models (HPM) are used to estimate the impact of mandatory membership fee on price by analyzing 31,704 observations of single family home sales between 2018 and 2019 in Palm Beach County, Florida using data from a local multiple listing service. Specifically, Ordinary Least Squares (OLS) models using two dependent variables, sold price and natural log of sold price, with mandatory membership fee as the independent variable of interest are used to estimate the relationship between mandatory membership fee and sales price. By controlling for property, neighborhood, and market characteristics, the hypothesis I investigate states that the impact of the presence of a mandatory membership fee on sales price is negative.
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Date Issued: 2023
PURL: http://purl.flvc.org/fau/fd/FA00014345
Subject Headings: Housing--Prices, Residential real estate, Homeowners' associations, Hedonic pricing
Format: Document (PDF)

Title: Consumer evaluations of multiple price changes over time versus a single dollar equivalent price change.
Creator: Tewari, Jitendra Kumar, Florida Atlantic University, Georgoff, David M.
Abstract/Description: In many markets sellers have to make decisions on the rate of price change for a product. Prices can be increased or decreased by making a single large change, or as by making multiple smaller changes over time, leading to the same final price. The concern of sellers is the consumer response, in terms of the product's demand. With the exception of deliberate demarketing, sellers seek to minimize demand decreases in response to price increases, and maximize the positive impact in terms of...
Show moreIn many markets sellers have to make decisions on the rate of price change for a product. Prices can be increased or decreased by making a single large change, or as by making multiple smaller changes over time, leading to the same final price. The concern of sellers is the consumer response, in terms of the product's demand. With the exception of deliberate demarketing, sellers seek to minimize demand decreases in response to price increases, and maximize the positive impact in terms of increased purchases, when prices are decreased. Price changes can be made in a short period, or over a more extended duration. In some buying contexts the market may be characterized by highly fluctuating prices that create price uncertainty in the minds of the consumer. Further, consumers give varying levels of importance or weight to their past purchase experience when they make purchase decisions. This research develops theory and examines hypotheses to examine the effectiveness of single versus multiple price change strategies over time, in different contexts, using a prospect theory and reference price framework. The study finds (1) The greater the number of purchase occasions between successive price changes, the lesser is the impact on demand of a strategy of multiple price changes. (2) In situations of high price uncertainty strategies of multiple price increases lead to smaller demand decreases, and strategies of multiple price increases lead to higher demand increases, when compared to price certain situations. (3) The importance or weight assigned by consumers to the last purchase experience does not appear to significantly impact the outcomes of intertemporal price strategies. (4) The impact of price decreases appears to be more than that of price increases, in the two contexts of uncertainty, and a greater weight being assigned to the last purchase occasion. In previous research prospect theory has been used primarily in a static framework, and the prospect theory approach has used reference prices to analyze the impact of price changes in product bundling situations. This research extends the prospect theory and reference price framework to price change strategies over time, where reference prices vary and adapt.
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Date Issued: 2001
PURL: http://purl.flvc.org/fcla/dt/11950
Subject Headings: Prices, Consumption (Economics), Consumer Behavior
Format: Document (PDF)

Title: Over- and underreactions in American and global stock market indexes.
Creator: Schnusenberg, Oliver, Florida Atlantic University, Madura, Jeff
Abstract/Description: The primary objectives of this study are to investigate the stock market over- or underreaction of various U.S. stock market indexes, the over- or underreaction of a global stock market index, and the over- or underreaction of various-countries' national stock markets relative to a "global" over- or underreaction. The secondary objectives are to investigate the reasons for the U.S. over- or underreaction and for the relative under- or overreaction of individual countries. For six U.S. stock...
Show moreThe primary objectives of this study are to investigate the stock market over- or underreaction of various U.S. stock market indexes, the over- or underreaction of a global stock market index, and the over- or underreaction of various-countries' national stock markets relative to a "global" over- or underreaction. The secondary objectives are to investigate the reasons for the U.S. over- or underreaction and for the relative under- or overreaction of individual countries. For six U.S. stock market indexes, we find a one-day stock market underreaction to highly positive and negative news releases. Over a sixty-day interval, we find strong evidence of a stock market underreaction (overreaction) to positive (negative) news. Cross-sectionally, we find strong evidence that investors are more optimistic the larger the recent runup in the stock market index is. Also, investors are more optimistic in periods of high economic growth, whether they are faced with positive or negative information. Focusing on the MSCI World Indexes denominated in both local currencies and U.S. dollars, we find that investors underreact to both positive and negative news in both the short- and the long-run. The last objective of this study was to investigate the relative under- or overreaction of nineteen individual countries in response to a global under- or overreaction. We find that several countries exhibit a one-day underreaction relative to the MSCI World Index on the day following a very large positive or negative movement in the MSCI World Index. Over a sixty-day interval, several countries overreact relative to the MSCI World Index when positive information is released on a global basis but underreact to the MSCI World Index when negative information is released on a global basis. Cross-sectionally, results reveal evidence consistent with a hypothesis where investors are more optimistic with respect to both positive and negative news when there is a speculative bubble in the foreign stock market. We also find that investors in countries with high economic growth rates tend to be more optimistic than investors in countries with low economic growth rates when faced with positive and negative global news arrivals.
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Date Issued: 1999
PURL: http://purl.flvc.org/fcla/dt/12606
Subject Headings: Stock Exchanges, Stock Price Indexes
Format: Document (PDF)

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

Title: Stock prices and consumption: A new variable in the consumption function?.
Creator: Kinney, Timothy P., Florida Atlantic University, Yuhn, Ky-hyang
Abstract/Description: This thesis examines the significance of the real interest rate and stock prices as explanatory variables in the aggregate consumption function. This study applies the methodologies of OLS regression analysis and tests of cointegration to examine the relationship between stock prices and consumption. The empirical results suggest that stock prices are a significant factor in the modified aggregate consumption function. Consumers, perceiving stock prices to be an indicator of their wealth, are...
Show moreThis thesis examines the significance of the real interest rate and stock prices as explanatory variables in the aggregate consumption function. This study applies the methodologies of OLS regression analysis and tests of cointegration to examine the relationship between stock prices and consumption. The empirical results suggest that stock prices are a significant factor in the modified aggregate consumption function. Consumers, perceiving stock prices to be an indicator of their wealth, are making more expenditures on durable goods as they perceive increases in stock values to be permanent. Finally, the results of the tests for cointegration suggest that there is no long-run equilibrium relationship between stock prices and consumption.
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Date Issued: 1997
PURL: http://purl.flvc.org/fcla/dt/15504
Subject Headings: Consumption (Economics), Stocks--Prices
Format: Document (PDF)

Title: SPECTRAL ANALYSIS OF THE INTERNATIONAL TRANSMISSION OF PRICE FLUCTUATIONS.
Creator: FERRO, ALEJANDRO., Florida Atlantic University, McPheters, Lee R., College of Business, Department of Economics
Abstract/Description: This thesis examines the transmission of price fluctuations between international trading partners. Once the theoretical basis for the transmittal of fluctuations was established, cross-spectral analysis was employed in an empirical evaluation of price fluctuations between the United States and Germany, the United Kingdom, France and Japan. It was concluded that the price fluctuations in any given country have a relationship to those of their trading partners and that policy makers should...
Show moreThis thesis examines the transmission of price fluctuations between international trading partners. Once the theoretical basis for the transmittal of fluctuations was established, cross-spectral analysis was employed in an empirical evaluation of price fluctuations between the United States and Germany, the United Kingdom, France and Japan. It was concluded that the price fluctuations in any given country have a relationship to those of their trading partners and that policy makers should take this fact into consideration when instituting anti-inflationary measures.
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Date Issued: 1974
PURL: http://purl.flvc.org/fcla/dt/13648
Subject Headings: Accounting and price fluctuations, Commerce
Format: Document (PDF)

Title: PAYOUT POLICY AND STOCK PRICE VOLATILITY: INVESTIGATING THE EQUITY DURATION HYPOTHESIS AND THE REPURCHASES SUBSTITUTION HYPOTHESIS.
Creator: Haberstumpf, Craig, Pennathur, Anita, Florida Atlantic University, Department of Finance, College of Business
Abstract/Description: In Essay 1, I investigate the Equity Duration Hypothesis, which adapts Macaulay’s fixed income analysis to equity securities, finding evidence that dividend payers are less volatile than nonpayers and that dividend yield is negatively associated with volatility for the all-firms sample. Within the payer sample, however, I find unexpected evidence of a positive association when yield includes all dividends but a conflicting negative association when yield includes only quarterly dividends....
Show moreIn Essay 1, I investigate the Equity Duration Hypothesis, which adapts Macaulay’s fixed income analysis to equity securities, finding evidence that dividend payers are less volatile than nonpayers and that dividend yield is negatively associated with volatility for the all-firms sample. Within the payer sample, however, I find unexpected evidence of a positive association when yield includes all dividends but a conflicting negative association when yield includes only quarterly dividends. This ambiguous evidence is corroborated by a one-year portfolio approach, as a previously strengthening negative relationship has transitioned to a strengthening positive one, with results demonstrably trending against the EDH in recent decades. I further find that high-yield stocks that have experienced negative price shocks are highly volatile and strong support for the EDH using firm-level earnings and cash flows as a proxy for dividends, allowing extension of the analysis to nonpaying firms. Unfortunately, I find abundant evidence supporting the assertions of many researchers who suggest that ED is not a unique asset pricing factor, but rather represents a composite of a firm’s characteristics and is redundant with other factors known to be associated with volatility.
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Date Issued: 2023
PURL: http://purl.flvc.org/fau/fd/FA00014292
Subject Headings: Dividends, Stocks--Prices, Bonds
Format: Document (PDF)

Title: The impact of industry-specific variables on the performance of initial public offerings.
Creator: Johnston, Jarrod G., Florida Atlantic University, Madura, Jeff
Abstract/Description: This dissertation examines the effect of variables specific to different industries on initial public offerings (IPOs). It has been widely accepted that IPOs perform well in the immediate aftermarket and perform poorly in the subsequent months. The uncertainty surrounding IPOs has been a frequently cited reason for the initial underpricing. The size of the offering, underwriter prestige, the number of uses of gross proceeds, and the level of inside ownership are a few of the variables that...
Show moreThis dissertation examines the effect of variables specific to different industries on initial public offerings (IPOs). It has been widely accepted that IPOs perform well in the immediate aftermarket and perform poorly in the subsequent months. The uncertainty surrounding IPOs has been a frequently cited reason for the initial underpricing. The size of the offering, underwriter prestige, the number of uses of gross proceeds, and the level of inside ownership are a few of the variables that have been found to measure the uncertainty of IPOs across industries. The uncertainty of IPOs in different industries may also be affected by variables that are unique to that industry. The level of interest rates and the amount of regulation may affect the performance of existing financial service firms. The uncertainty of IPOs in the financial services industry may also be affected by these variables. This study finds that some financial service firm IPOs are affected by the level of interest rates. Some regulatory changes increase the uncertainty, and therefore the initial returns, of IPOs of financial service firms. The type of ownership structure affects the management of a firm due to differing agency costs. A mutual holding company (MHC) is a mutual company that issues a minority stake to the public. The MHC structure has been common among savings banks and is growing in popularity in the life insurance industry. The lack of takeover possibilities and stockholder control diminishes the risk taking behavior of MHCs in the thrift industry. Savings banks that choose the MHC structure experience lower initial returns without significant long run differences than savings banks that choose to convert to a completely stockholder owned bank. The operating characteristics may also affect the uncertainty of the firm. The internet allows firms to enter into an industry while having completely different operating structure than many of the other competitors. This study finds that firms that have an internet focus have higher initial returns than a matching set of IPOs. The changing environment, due to technology and low barriers to entry, increases the uncertainty of internet firms.
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Date Issued: 2000
PURL: http://purl.flvc.org/fcla/dt/12644
Subject Headings: Going public (Securities), Stocks--Prices
Format: Document (PDF)

Title: Stock prices and the money supply: Testing for informational efficiency.
Creator: Hernandez, Ulises Angel., Florida Atlantic University, Yuhn, Ky-hyang
Abstract/Description: For a stock market to allocate funds efficiently, stock prices should immediately incorporate all of the information available. If we find that there is a lag between changes in variables that might affect the price of stocks, and the reflection of that change in its price, the market for stocks will be inefficient. This thesis tests the stock markets in six of the largest developed economies for informational efficiency. It tests the stock markets in Canada, France, Germany, Japan, The...
Show moreFor a stock market to allocate funds efficiently, stock prices should immediately incorporate all of the information available. If we find that there is a lag between changes in variables that might affect the price of stocks, and the reflection of that change in its price, the market for stocks will be inefficient. This thesis tests the stock markets in six of the largest developed economies for informational efficiency. It tests the stock markets in Canada, France, Germany, Japan, The United Kingdom, and The United States, for the existence of a causal relationship between changes in the money supply and changes in stock prices, and applies the Granger-causality test to perform it. A stock market is informationally inefficient if a causal relationship between changes in the money supply and changes in stock prices is found. In this case, money supply changes could be used to predict movements in the prices of stocks, create profitable trading rules, and help us earn above-normal returns, thus casting doubts on the ability of the stock market to allocate funds efficiently.
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Date Issued: 1999
PURL: http://purl.flvc.org/fcla/dt/15627
Subject Headings: Stocks--Prices, Money supply, Stock exchanges
Format: Document (PDF)

Title: Essays in Return Predictability After Large Price Shocks.
Creator: Brady, Kevin P., Garcia-Feijoo, Luis, Florida Atlantic University, College of Business, Department of Finance
Abstract/Description: In Essay 1, I use cross-country differences in investors’ traits — trust, patience, overconfidence, and risk tolerance — to test the underreaction, overreaction, and uncertain information theories of stock returns. I find that investors’ reactions to large daily stock price shocks vary between lower and higher levels of these traits. Specifically, investors with lower levels of trust and more patience underreact more (or overreact less) to price shocks, which aligns with the predictions of...
Show moreIn Essay 1, I use cross-country differences in investors’ traits — trust, patience, overconfidence, and risk tolerance — to test the underreaction, overreaction, and uncertain information theories of stock returns. I find that investors’ reactions to large daily stock price shocks vary between lower and higher levels of these traits. Specifically, investors with lower levels of trust and more patience underreact more (or overreact less) to price shocks, which aligns with the predictions of the underreaction hypothesis. Investors with higher levels of overconfidence overreact more to positive price shocks and overreact less to negative price shocks. While this finding does not conform exactly to the predictions of the overreaction hypothesis, it is consistent with more refined theories of how overconfidence affects asset prices. Investors less tolerant of risk overreact less to positive price shocks. I also find that differences in institutional characteristics affect over/underreaction. Specifically, there is less overreaction in countries with stronger investor protections and less insider trading. Additionally, the ability to sell short is associated with more overreaction to negative shocks and less overreaction to positive shocks. In Essay 2, I investigate whether publicly available information (PAI) affects over/underreaction according to predictions of several theoretical models, and then I test if differences in investors’ traits modifies the association between publicly available information and returns. After identifying and correcting for a methodological issue in some prior research, I show that in a pooled international sample of stocks, investors overreact to price shocks not accompanied by information, and also overreact (or react efficiently in some models) to information-based price shocks. I find that the effect of PAI on returns is not the same in each country, which motivates my tests on how this variability relates to differences in investor traits. My results show that investors with higher trust tend to overreact less to shocks accompanied by PAI, while investors less tolerant of risk underreact to positive price shocks. Additionally, investors with higher overconfidence and self-attribution bias overreact more to positive price shocks, but less to negative price shocks, in accordance with behavioral theories.
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Date Issued: 2018
PURL: http://purl.flvc.org/fau/fd/FA00013153
Subject Headings: Investors, Securities--Prices, Individual investors--Attitudes
Format: Document (PDF)

Title: The Gendered Rhetoric of Product Design: Why Are You Over Paying for Your Gender?.
Creator: McGinley, Shannon Rose, Mulvaney, Becky, Florida Atlantic University, Dorothy F. Schmidt College of Arts and Letters, School of Communication and Multimedia Studies
Abstract/Description: This thesis identifies the price inconstancies between male and female consumer personal care products, such as razors and deodorants. Economic research suggests consumers purchase products based on their willingness to pay, which depends upon satisfaction granted from the product. If this is true, the question must be asked: what grants these consumers high satisfaction from product purchasing? To answer this question, this thesis investigates the rhetorical effect that stems from product...
Show moreThis thesis identifies the price inconstancies between male and female consumer personal care products, such as razors and deodorants. Economic research suggests consumers purchase products based on their willingness to pay, which depends upon satisfaction granted from the product. If this is true, the question must be asked: what grants these consumers high satisfaction from product purchasing? To answer this question, this thesis investigates the rhetorical effect that stems from product design. Using a rhetorical criticism technique, I analyze how product design allows consumers to project their gender identity. I assert that consumers are interpellated to choose products based on their gender. Once this interpellation takes place, a constitutive rhetoric formed by the product’s design already assumes the consumer’s wants by embedding masculine or feminine ideologies. The analysis shows product design perpetuates clear gender dichotomy and fortifies the belief of gender binaries.
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Date Issued: 2019
PURL: http://purl.flvc.org/fau/fd/FA00013239
Subject Headings: Consumer goods--Prices, Product design, Gender identity
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: Pricing behavior of exchange traded funds.
Creator: Richie, Nivine F., Florida Atlantic University, Madura, Jeff
Abstract/Description: This dissertation examines the pricing behavior of exchange traded funds (ETFs) in three essays. (1) The Overreaction of International ETFs, (2) Fragmentation of Night Markets, and (3) The Impact of the Creation of the QQQ on the Underlying Securities. The overreaction study examines the role of information in global overreaction. Univariate analysis reveals that overreaction associated with informed events is less pronounced than with uninformed events following extreme price decreases....
Show moreThis dissertation examines the pricing behavior of exchange traded funds (ETFs) in three essays. (1) The Overreaction of International ETFs, (2) Fragmentation of Night Markets, and (3) The Impact of the Creation of the QQQ on the Underlying Securities. The overreaction study examines the role of information in global overreaction. Univariate analysis reveals that overreaction associated with informed events is less pronounced than with uninformed events following extreme price decreases. Further, positive firm-specific announcements are met with investor overreaction while negative firm-specific announcements are not. Finally, significant reversals of winners during bull markets relative to bear markets support the hypothesis that bull markets contribute to investor overconfidence and overreaction. The fragmentation study examines the cost of market fragmentation across day and night trading sessions. Using a sample of intraday transaction data for three ETFs, I show that night markets do not impound information available in net order flow to the same degree as day markets. Bid-ask spreads are wider at night and these costs are due to higher order processing costs, market maker rents and higher inventory holding costs. Furthermore, market concentration costs at night are associated with significantly higher spreads. The QQQ creation study investigates whether the creation of tradable baskets of securities affects the pricing efficiency and risk of the underlying securities. The results show that extreme price movements in the post-QQQ period are met with less pronounced corrections than in the pre-QQQ period, and that this pricing pattern does not hold true for the control sample. A decomposition of spreads finds that quoted spreads widen and effective spreads tighten in the post-QQQ period. Furthermore, though more heavily weighted components of the QQQ experience tighter spreads, this benefit is less pronounced in the post-QQQ period implying relative benefits to the less heavily weighted components. Cross-sectional analysis reveals that liquidity is directly related to pricing efficiency, but this relationship lessens in the post-QQQ period. The results also show that systematic risk for the underlying securities declines while total risk rises, though the control sample experiences a similar rise in total risk.
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Date Issued: 2004
PURL: http://purl.flvc.org/fau/fd/FADT12071
Subject Headings: Exchange Traded Funds, Securities, Foreign exchange market, Stocks--Prices
Format: Document (PDF)

FAU Theses and Dissertations (30)	+ -
Political & Rights Issues & Social Movements Collection (4)	+ -

Stocks--Prices (11)	+ -
Prices (6)	+ -
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