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Title: Target stock price runup prior to acquisitions.
Creator: Brigida, Matthew David., College of Business, Department of Finance
Abstract/Description: Information leakage before full acquisitions has been widely documented. The information leakage, and the resulting pre-bid runup in the target's stock, generally increases the total cost of the acquisition. That is, information leakage and the ensuing pre-bid runup is a gain to the target and loss to the acquirer. Herein, I first ascertain the characteristics of full acquisitions that affect the amount of information leakage. I find that if the acquirer borrows to finance the acquisition...
Show moreInformation leakage before full acquisitions has been widely documented. The information leakage, and the resulting pre-bid runup in the target's stock, generally increases the total cost of the acquisition. That is, information leakage and the ensuing pre-bid runup is a gain to the target and loss to the acquirer. Herein, I first ascertain the characteristics of full acquisitions that affect the amount of information leakage. I find that if the acquirer borrows to finance the acquisition then information leakage is greater. Further if the acquirer is foreign, if the target is a high-tech firm, and if the target has options on its stock all increase information leakage. I find hostile deals are effective in reducing information leakage. Lastly, information leakage increases in the percentage of managerial ownership. I next hypothesize that the identity and intent of partial acquirers is known to market participants before the announcement of a partial acquisition. I find that the market can anticipate whether a partial acquirer intends to fully-acquire or take an active role in the management of the target. Also, the market anticipates whether the acquirer is a private investment find or a non-financial corporation. Further, the acquirer's identity or intent is fully reflected in the target's stock price before the announcement of the partial acquisition. These results help explain why there are few partial acquisitions as precursors to full acquisitions., I next hypothesize that macroeconomic factors affect information leakage, and may serve as a signal of when to speculate on acquisitions. I find that information leakage is positively related to shocks in both expected economic conditions and financing costs, the latter signaling to speculators that acquisitions are imminent. I also find information about an imminent full acquisition is leaked earlier when there are positive shocks to economic conditions and financing costs.
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Date Issued: 2009
PURL: http://purl.flvc.org/FAU/368613
Subject Headings: Consolidation and merger of corporations, Negotiation in business, Investment analysis, Stocks, Prices, Securities industry, Corrupt practices
Format: Document (PDF)

Title: Tailored vs. invasive advertising: an empirical examination of antecedents and outcomes of consumers’ attitudes toward personalized advertising.
Creator: Gironda, John, Korgaonkar, Pradeep, Florida Atlantic University, College of Business, Department of Marketing
Abstract/Description: Personalized advertising represents an emerging trend in online advertising. Using enhanced data collection techniques, marketers can craft seemingly made to order advertisements tailored to specific individuals. In turn, this should lead to advertisements that are more relevant for consumers and more effective for marketers. Therefore, personalized advertising has the potential to benefit both consumers and firms alike. However, consumer acceptance of the technique remains a huge hurdle, as...
Show morePersonalized advertising represents an emerging trend in online advertising. Using enhanced data collection techniques, marketers can craft seemingly made to order advertisements tailored to specific individuals. In turn, this should lead to advertisements that are more relevant for consumers and more effective for marketers. Therefore, personalized advertising has the potential to benefit both consumers and firms alike. However, consumer acceptance of the technique remains a huge hurdle, as many consumers seem uncomfortable with the practice due in part to privacy concerns over the vast amounts of data collected and analyzed when generating personalized advertisements. Therefore, it is critical to garner a better understanding of consumers’ attitudes towards personalized advertising in order to be able to use those insights to alleviate consumer privacy concerns. The purpose of this research is to work towards developing a more thorough understanding of consumers’ attitudes towards personalized advertising by exploring the antecedents and outcomes of those attitudes. In particular, we examine what factors determine whether personalized advertising is perceived favorably vs. invasively by consumers and what effects those perceptions have on consumers’ attitudes and intentions. The research lends contributions to academicians, marketing practitioners, and consumers by helping to achieve an increased understanding of personalized advertising’s impact on consumers’ perceptions. The empirical study employed in this research utilizes a conceptual framework that integrates privacy calculus theory with previous research on invasiveness, advertising acceptance, and innovation adoption. In addition, this research contributes to the marketing and information privacy literatures by making a theoretical connection between perceived invasiveness and its relationship with privacy concerns, as well as its impact on consumers’ attitudes and behavioral intentions. The results from the empirical research reveal that a number of constructs, such as perceived invasiveness, privacy concerns, perceived usefulness, and consumer innovativeness demonstrate significant relationships with consumers attitudes and behavioral intentions in the context of personalized advertising. Implications for managers, researchers, and consumers are discussed.
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Date Issued: 2014
PURL: http://purl.flvc.org/fau/fd/FA00004114, http://purl.flvc.org/fau/fd/FA00004114
Subject Headings: Consumer behavior, Consumer relations, Decision support systems, Information display systems, Marketing -- Management, Relationship marketing
Format: Document (PDF)

Title: SYSTEMS OF DIFFERENCE EQUATIONS IN ECONOMIC THEORY.
Creator: WONNACOTT, LARRY RUSSELL., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This study demonstrates the importance of dynamic economic analysis, the role played by difference equations in such analysis and the properties of systems of difference equations. This is accomplished by proving the significance of dynamics in general and difference equations in particular using the Cobweb model and the "correspondence principle". The properties of systems of linear, first order difference equations are discussed in detail and it is shown that a system of any order can be...
Show moreThis study demonstrates the importance of dynamic economic analysis, the role played by difference equations in such analysis and the properties of systems of difference equations. This is accomplished by proving the significance of dynamics in general and difference equations in particular using the Cobweb model and the "correspondence principle". The properties of systems of linear, first order difference equations are discussed in detail and it is shown that a system of any order can be reduced to first order so that the discussion is completely general. The properties included in this analysis ore the traverse, impact, delayed, cumulative and long run multipliers, and stability of a linear system. A simple Keynesian model of income determination is estimated and simulated by the computer to facilitate observation of these properties.
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Date Issued: 1972
PURL: http://purl.flvc.org/fcla/dt/13521
Subject Headings: Economics, Mathematical
Format: Document (PDF)

Title: A Study of Relationships within Marketing Channels in the United States Metal Building Industry.
Creator: Daugherty, Thomas Patrick, Florida Atlantic University, Stroh, Thomas F., Department of Marketing, College of Business
Abstract/Description: "The strength of the metal building industry lies in a loyal long term dealer-manufacturer relationship." This quote was the beginning statement made during an interview by Mr. Jerry Bell, Director of the Metal Building Dealer's Association. Mr. Bell has isolated, as most important, a relationship which is responsible for over 800 million dollars of annual sales and the employment of over 14,000 people at the manufacturer's level. Countless others are employed by dealerships in the sales and...
Show more"The strength of the metal building industry lies in a loyal long term dealer-manufacturer relationship." This quote was the beginning statement made during an interview by Mr. Jerry Bell, Director of the Metal Building Dealer's Association. Mr. Bell has isolated, as most important, a relationship which is responsible for over 800 million dollars of annual sales and the employment of over 14,000 people at the manufacturer's level. Countless others are employed by dealerships in the sales and construction of this relatively new system of construction which has made significant market penetration in the non-residential low rise construction market. The relative well being of this important dealer-manufacturer relationship is the subject of this study.
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Date Issued: 1980
PURL: http://purl.flvc.org/fcla/dt/14034
Subject Headings: Buildings, Prefabricated--Trade and manufacture, Buildings, Prefabricated--United States--Marketing
Format: Document (PDF)

Title: A STUDY OF INFLATION IN THE GREEK ECONOMY DURING 1958-1980.
Creator: PRINOS, XENOPHON ATHAN., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
Abstract/Description: This thesis empirically analyzes the problem of inflation in the Greek economy. The study is based upon annual data for the period 1958 to 1980. The econometric analysis is primarily based upon the Scandinavian model of inflation for a small open economy. This model explains inflation by structural differences in productivity between sectors and a transmission mechanism which links world inflation to domestic inflation. This study also examines an extended Phillips curve model which considers...
Show moreThis thesis empirically analyzes the problem of inflation in the Greek economy. The study is based upon annual data for the period 1958 to 1980. The econometric analysis is primarily based upon the Scandinavian model of inflation for a small open economy. This model explains inflation by structural differences in productivity between sectors and a transmission mechanism which links world inflation to domestic inflation. This study also examines an extended Phillips curve model which considers both excess demand variables and structural factors. The results indicate that the above models provide fairly good explanations of the inflationary process in Greece.
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Date Issued: 1983
PURL: http://purl.flvc.org/fcla/dt/14170
Subject Headings: Inflation (Finance)--Greece, Greece--Economic conditions--1918-
Format: Document (PDF)

Title: A STUDY OF BLACK-WHITE MALE INCOME DIFFERENTIALS - 1950, 1960, 1970.
Creator: BOLES, KEITH EDWIN., Florida Atlantic University, Hemley, David D., College of Business, Department of Economics
Abstract/Description: Alternative models to explain the variability in income differentials. between Black males and White males over thirty-two Standard Metropolitan Statistical Areas (SMSAs) were estimated by ordinary least squares using cross-sectional data for each of three points in time - 1950, 1960, and 1970. Two models were tested for each time period . The Becker-type model used a Black-White male median income ratio as a dependent variable with age, education, three occupational mix variables, and...
Show moreAlternative models to explain the variability in income differentials. between Black males and White males over thirty-two Standard Metropolitan Statistical Areas (SMSAs) were estimated by ordinary least squares using cross-sectional data for each of three points in time - 1950, 1960, and 1970. Two models were tested for each time period . The Becker-type model used a Black-White male median income ratio as a dependent variable with age, education, three occupational mix variables, and current population as the independent variables. The second model used the same variables with the exception that current population was replaced by population lagged ten years. All variables were in Black-White ratio form. The results are of interest to the student of the economics of discrimination, since the methodology can be applied to the examination and comparison between any two categories of people.
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Date Issued: 1973
PURL: http://purl.flvc.org/fcla/dt/13562
Subject Headings: Income distribution--United States--Statistics, Income distribution--United States--Mathematical models, African Americans--Economic conditions
Format: Document (PDF)

Title: Strategic information disclosure when there is fundamental disagreement: an empirical investigation.
Creator: Volkov, Nikanor, Agapova, Anna, Florida Atlantic University, College of Business, Department of Finance
Abstract/Description: I empirically investigate the managements’ decision to voluntarily disclose strategic information. While carrying a benefit of reduced information asymmetry, strategic information disclosure carries a cost of investors disagreeing with managements’ strategy and thus refusing to provide funding to the firm. Using a hand- collected sample of information releases, I identify firm characteristics that affect the likelihood of strategic information disclosure.
Date Issued: 2015
PURL: http://purl.flvc.org/fau/fd/FA00004473, http://purl.flvc.org/fau/fd/FA00004473
Subject Headings: Corporate governance, Corporations -- Auditing, Disclosure of information, Management information systems, Social responsibility of business, Strategic planning
Format: Document (PDF)

Title: STOCHASTIC MODELS OF ECONOMIC INDICATORS.
Creator: MONTALI, VINCENT LOUIS, JR., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis is a study of time series modeling methods applied to six economic indicators. The weaknesses of the turning point analysis used by the National Bureau of Economic Research and deterministic models which fail to explain the random component of a series' movement are discussed. Univariate stochastic time series methods are introduced and applied to the economic indicators. The resulting models fit the data much more closely and their residuals are white noise. Bivariate time series...
Show moreThis thesis is a study of time series modeling methods applied to six economic indicators. The weaknesses of the turning point analysis used by the National Bureau of Economic Research and deterministic models which fail to explain the random component of a series' movement are discussed. Univariate stochastic time series methods are introduced and applied to the economic indicators. The resulting models fit the data much more closely and their residuals are white noise. Bivariate time series models are estimated for pairs of economic indicators from similar economic processes to investigate the validity of the lag structures commonly employed on the basis of turning point analysis.
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Date Issued: 1978
PURL: http://purl.flvc.org/fcla/dt/13927
Subject Headings: Stochastic analysis, Stochastic integral equations
Format: Document (PDF)

Title: STABILIZATION POLICIES IN AN OPEN ECONOMY UNDER ALTERNATIVE EXCHANGE RATE AND WAGE RATE CONDITIONS.
Creator: HORN, KLAUS-PETER., Florida Atlantic University, Redman, Milton, College of Business, Department of Economics
Abstract/Description: This thesis examines how the various instruments of monetary and fiscal policy work in the presence of fixed and flexible exchange rates. Based on the pioneering work of Mundell and Fleming, the traditional view assigns fiscal policy as being highly suitable for a fixed exchange rate regime, while stimulative monetary policy is effective in raising output under floating exchange rates. Once the implicit assumptions of constant prices and wages are relaxed, the conclusions of the original...
Show moreThis thesis examines how the various instruments of monetary and fiscal policy work in the presence of fixed and flexible exchange rates. Based on the pioneering work of Mundell and Fleming, the traditional view assigns fiscal policy as being highly suitable for a fixed exchange rate regime, while stimulative monetary policy is effective in raising output under floating exchange rates. Once the implicit assumptions of constant prices and wages are relaxed, the conclusions of the original model no longer hold. With the introduction of wage indexation as a mean to adjust nominal wages to changes in the price level, the initial results of policies of the Mundell-Fleming type are reversed. Finally, it was examined how the practical implications of policy actions of the United States and West Germany could be applied to the theoretical models.
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Date Issued: 1987
PURL: http://purl.flvc.org/fcla/dt/14386
Subject Headings: Monetary policy, Fiscal policy
Format: Document (PDF)

Title: THE STABILITY OF THE DEMAND FOR MONEY IN THE UNITED STATES: AN ANALYSIS OF SOME ECONOMETRIC ISSUES.
Creator: GRISWOLD, JEFFREY LEIGH., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
Abstract/Description: This thesis analyzes the demand for money in the United States during the period 1954:1 to 1981:4. A important issue regarding the stability of money demand is addressed in terms of the econometric problems that arise in money demand estimation. A partial-adjustment mechanism is specified to describe dynamic adjustments in the quantity of money. Such an adjustment mechanism introduces a lagged dependent variable as a regressor in the estimating equation. The presence of a lagged dependent...
Show moreThis thesis analyzes the demand for money in the United States during the period 1954:1 to 1981:4. A important issue regarding the stability of money demand is addressed in terms of the econometric problems that arise in money demand estimation. A partial-adjustment mechanism is specified to describe dynamic adjustments in the quantity of money. Such an adjustment mechanism introduces a lagged dependent variable as a regressor in the estimating equation. The presence of a lagged dependent variable along with an autocorrelated error term results in inconsistent and inefficient coefficient estimates. The Hatanaka technique is utilized to yield consistent and asymptotically efficient estimates of money demand. Finally, an equation is also estimated to examine the role of the entire term structures of interest rates in a money demand function.
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Date Issued: 1982
PURL: http://purl.flvc.org/fcla/dt/14135
Subject Headings: Demand for money--United States
Format: Document (PDF)

Title: SPREAD-TRADING OPPORTUNITIES IN THE FUTURES MARKET: AN EXPOST ANALYSIS.
Creator: NORTHRUP, ALLEN ARTHUR., Florida Atlantic University, Redman, Milton, College of Business, Department of Economics
Abstract/Description: This thesis focuses on the futures market for GNMA pass-through certificates and Treasury bills. The main topic covered was the speculative strategy of spread-trading. The period from January 1976 through December 1977 was analyzed to ascertain whether spread-trade opportunities did exist. The results of the analysis did support the proposition that prof i table spread-trade opportunities were possible during the time studied. Contrary to conventional wisom, the profitability of spread...
Show moreThis thesis focuses on the futures market for GNMA pass-through certificates and Treasury bills. The main topic covered was the speculative strategy of spread-trading. The period from January 1976 through December 1977 was analyzed to ascertain whether spread-trade opportunities did exist. The results of the analysis did support the proposition that prof i table spread-trade opportunities were possible during the time studied. Contrary to conventional wisom, the profitability of spread-trading was found to be heavily dependent on the correct assessment by the speculator of the direction of movement of interest rates.
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Date Issued: 1978
PURL: http://purl.flvc.org/fcla/dt/13938
Subject Headings: Market surveys
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: A SPECTRAL ANALYSIS OF MONEY, INCOME AND EXPENDITURE.
Creator: BENNETT, MARIE ELAINE., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis tests whether a simple income-expenditure model is a better predictor of induced expenditure and thus income than a simple quantity theory model. A spectral analysis was performed using alternative definitions of money, income and expenditure. From the results of cross spectral analysis, it was concluded that the money supply is the better predictor of short run (8 months - 3 years) fluctuations in consumption and thus in income.
Date Issued: 1973
PURL: http://purl.flvc.org/fcla/dt/13570
Subject Headings: Income, Consumption (Economics), Econometrics
Format: Document (PDF)

Title: SHORT-TERM FORECASTING METHODS WITH REFERENCE TO MONROE COUNTY.
Creator: PEREZ, JOSE RAMON., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis is a study of short-term forecasting models within the reference area of Monroe County. Its main concern being the nature of the models, and the accuracy of predictions rather than the actual forecast. The results are of interest to the student of forecasting and of Monroe County. A proxy model is introduced as an alternative to other methods of regional analysis with the intention of inducing further research on the field.
Date Issued: 1972
PURL: http://purl.flvc.org/fcla/dt/13515
Subject Headings: Economic forecasting--Mathematical models, Economic forecasting--Florida--Monroe County, Monroe County (Fla)--Economic conditions--Mathematical models
Format: Document (PDF)

Title: SHORT-TERM ECONOMIC FORECASTING IN A REGIONAL CONTEXT.
Creator: BLONDIN, JAMES J., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis is a study of economic forecasting in a regional context~ Its main concern is the exposition of the models and the feasibility of the techniques, rather than the actual forecast. The study should be of interest to students of forecasting or regional economics, or to planners interested in the region examined. A shift-share model is presented as an alternative to other regional forecasting techniques, and an application of it is performed on a region consisting of Broward and Dade...
Show moreThis thesis is a study of economic forecasting in a regional context~ Its main concern is the exposition of the models and the feasibility of the techniques, rather than the actual forecast. The study should be of interest to students of forecasting or regional economics, or to planners interested in the region examined. A shift-share model is presented as an alternative to other regional forecasting techniques, and an application of it is performed on a region consisting of Broward and Dade Counties, Florida.
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Date Issued: 1974
PURL: http://purl.flvc.org/fcla/dt/13660
Subject Headings: Regional economics--Mathematical models, Economic forecasting--Florida--Dade County, Economic forecasting--Florida--Broward County, Shift-share analysis, Metropolitan Dade County (Fla)--Economic conditions, Broward County (Fla)--Economic conditions
Format: Document (PDF)

Title: A SHORT RUN MACROECONOMETRIC MODEL OF THE GREEK ECONOMY, 1956-1969.
Creator: TSOUBLEKAS, GEORGE BASIL., Florida Atlantic University, Scheidell, John M., College of Business, Department of Economics
Abstract/Description: Tho basis of this study is a macroeconometric model of Greece that consists of fifteen equations estimated by ordinary least squares methods from annual data and five definitional aggregates. The model is designed primarily to explain the behavior of the Greek economy from 1953, but it also has value for short run forecasting. A unique feature is the emphasis given to the interplay of imports, investment and exports. The stability test indicates a stable model with a damped oscillation of a...
Show moreTho basis of this study is a macroeconometric model of Greece that consists of fifteen equations estimated by ordinary least squares methods from annual data and five definitional aggregates. The model is designed primarily to explain the behavior of the Greek economy from 1953, but it also has value for short run forecasting. A unique feature is the emphasis given to the interplay of imports, investment and exports. The stability test indicates a stable model with a damped oscillation of a twenty-five period cycle. The predictive ability tests were very favorable and the Durbin-Watson tests indicated low auto-correlation. Future forecasts were made with the use of trend estimated values for the exogenous variables. Finally, the analysis of multipliers was used to evaluate the policy implications of the model.
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Date Issued: 1973
PURL: http://purl.flvc.org/fcla/dt/13596
Subject Headings: Macroeconomics--Mathematical models, Greece--Economic policy--Mathematical models, Greece--Economic conditions--Mathematical models
Format: Document (PDF)

Title: A SELECTED COMPARISON OF PROFIT AND NONPROFIT ORGANIZATION ACCOUNTING PRACTICES AND PROCEDURES.
Creator: LAGASSE, ROBERT CLAUDE, Florida Atlantic University, College of Business, School of Public Administration
Abstract/Description: The study compares and contrasts general accounting practices and procedures as they are applied in profit and not-for-profit organizations. The data from which this study was made was gathered from existing publications in the fields of accounting and association management as well as policy and practice statements issued by the American Institute of Certified Public Accountants (AICPA). The study describes the differences in for-profit and not-for-profit accounting practices and procedures...
Show moreThe study compares and contrasts general accounting practices and procedures as they are applied in profit and not-for-profit organizations. The data from which this study was made was gathered from existing publications in the fields of accounting and association management as well as policy and practice statements issued by the American Institute of Certified Public Accountants (AICPA). The study describes the differences in for-profit and not-for-profit accounting practices and procedures as they exist in current practice. The study represents a state-of-the-art overview of not-for-profit accounting procedures of use to anyone establishing operating guidelines for such an organization.
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Date Issued: 1977
PURL: http://purl.flvc.org/fcla/dt/13846
Subject Headings: Business Administration, Accounting
Format: Document (PDF)

Title: SEASONAL EMPLOYMENT.
Creator: MOURDOUKOUTAS, PANAYIOTIS GEORGE., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
Abstract/Description: This thesis focuses on seasonal employment. It thus includes a theoretical examination of factors which cause variations in employment in the year, seasonal models are reviewed and estimated. From the empirical analysis, it was concluded that seasonality is partly desirable to individuals. It helps the optimum allocation of time between market and non-market activities.
Date Issued: 1978
PURL: http://purl.flvc.org/fau/fd/FADT13921
Subject Headings: Economics, General
Format: Document (PDF)

Title: The role of the term structure of interest rates in bank-failure-prediction models.
Creator: Head, Anne M., Florida Atlantic University, Manage, Neela D., College of Business, Department of Economics
Abstract/Description: Aspects of the relationship between the term structure of interest rates and bank failure from 1984 to 1989 are explored in the context of a bank-failure-prediction model. For this, the logit technique is employed. Interest rate variables used to characterize the term structure include Treasury, Federal-funds, and bank-certificate-of-deposit rates. The term structure proves a significant factor in determining the probability of bank failure. Changes in long-term rates relative to short-term...
Show moreAspects of the relationship between the term structure of interest rates and bank failure from 1984 to 1989 are explored in the context of a bank-failure-prediction model. For this, the logit technique is employed. Interest rate variables used to characterize the term structure include Treasury, Federal-funds, and bank-certificate-of-deposit rates. The term structure proves a significant factor in determining the probability of bank failure. Changes in long-term rates relative to short-term rates can profoundly affect bank performance. These findings corroborate any measures being taken by banks or regulators to minimize banks' interest rate risk exposure.
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Date Issued: 1991
PURL: http://purl.flvc.org/fcla/dt/14725
Subject Headings: Bank failures--United States, Interest rates--United States
Format: Document (PDF)

Title: The role of advertising and information asymmetry on firm performance.
Creator: Fine, Monica B., College of Business, Department of Marketing
Abstract/Description: Research linking marketing to financial outputs has been gaining significance in the marketing discipline. The pertinent questions are, therefore: how can marketing improve measures of firm performance and draw potential investors to the company, and where is the quantitative proof to back up these assertions? This research investigates the role of marketing expenditures in the context of initial public offerings (IPOs). The proposed theoretical framework comes from marketing and finance...
Show moreResearch linking marketing to financial outputs has been gaining significance in the marketing discipline. The pertinent questions are, therefore: how can marketing improve measures of firm performance and draw potential investors to the company, and where is the quantitative proof to back up these assertions? This research investigates the role of marketing expenditures in the context of initial public offerings (IPOs). The proposed theoretical framework comes from marketing and finance literature, and uses econometric models to test the hypotheses. First, we replicate the results of a previous study by Luo (2008) showing a relationship between the firm's pre-IPO marketing spending and IPO underpricing. Next, we extend the previous study by looking at the IPO's long-run returns, types of risk, analyst coverage, and market/industry characteristics. The results of this study, based on a sample of 2,103 IPOs from 1996 to 2008, suggest that increased marketing spending positively impac ts firm performance. We examine different measures of firm performance, such as risk and long-run performance, whose results are important to the firm, its shareholders, and potential investors. This study analyzes the impact marketing spending has on IPO characteristics (IPO underpricing in the short-run and cumulative abnormal returns in the long run); risk characteristics (systematic, unsystematic, bankruptcy risk, and total risk); analyst coverage characteristics (the number of analysts, optimistic coverage, and forecast error) and market characteristics (market volatility and industry type). We control for variables such as firm size, profitability, and IPO characteristics. In this paper, the results show that increased marketing spending lowers underpricing, lowers bankruptcy risk, lowers total risk, leads to greater analyst coverage, leads to more favorable analyst coverage, and lowers analyst forecast error. For theory, this paper advances the literature on the, marketing-financ e interface by extending the market-based assets and signaling theories. For practice, the results indicate that spending more money on marketing before the IPO and disclosing this information produces positive bottom-line results for the firm. KEYWORDS: Marketing-Finance, Risk, Financial Analysts, Marketing Spending, Firm Performance, Marketing Strategy Meets Wall Street, Long-Run Firm Performance, Underpricing, Stock Recommendations, Initial Public Offering, Marketing Strategy, Econometric Model.
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Date Issued: 2012
PURL: http://purl.flvc.org/FAU/3342050
Subject Headings: Investment analysis, Organizational effectiveness, Measurement, Advertising, Financial services industry, Marketing, Financial services industry, Computer network resources
Format: Document (PDF)

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