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- 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.
Show less - Date Issued
- 1997
- PURL
- http://purl.flvc.org/fcla/dt/15368
- Subject Headings
- Investments--Mathematics, Stocks--Prices, Interest rates
- Format
- Document (PDF)
- Title
- Hyperinflation in theory and practice: Brazil, 1980-1995.
- Creator
- Lafalaise, Jean Rony., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis reviews the causes of and policies used to end hyperinflation using the Brazilian experience between 1980 and 1995. The work of Thomas Sargent in (Hall, 1982) and Phillip Cagan (1956) found a number of common features regarding the causes and the ending of hyperinflation in a number of European countries in the early 1920s and 1940s. They noted that vigorous monetary and fiscal measures were needed to finally end the rapid rise in prices. Second, there was a final jump in the...
Show moreThis thesis reviews the causes of and policies used to end hyperinflation using the Brazilian experience between 1980 and 1995. The work of Thomas Sargent in (Hall, 1982) and Phillip Cagan (1956) found a number of common features regarding the causes and the ending of hyperinflation in a number of European countries in the early 1920s and 1940s. They noted that vigorous monetary and fiscal measures were needed to finally end the rapid rise in prices. Second, there was a final jump in the money supply in the months after the rise of prices had ended. Third, the price level did not decline after inflation terminated. And fourth, in each case, the tax burden was increased (through an increase in taxes and a cut in government expenditures). The thesis found that the Brazilian hyperinflation displayed the characteristics previously found by Cagan and Sargent. Furthermore, the policies used to end the inflation and resulting impacts were very much in line with the experiences of the countries studied by Cagan and Sargent.
Show less - Date Issued
- 1996
- PURL
- http://purl.flvc.org/fcla/dt/15256
- Subject Headings
- Inflation (Finance)--Brazil, Economic stabilization--Brazil
- Format
- Document (PDF)
- Title
- Economic transition, the case of China.
- Creator
- Lin, Min., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis is a study of China's economic transition from the traditional Soviet type socialist command economy which existed before 1978 to a market economy which China wants to achieve. Historical comparisons are applied to see the difference between early economic development and present reform efforts in China. The problems that China has encountered during the transition period also are presented and analysis are given.
- Date Issued
- 1995
- PURL
- http://purl.flvc.org/fcla/dt/15172
- Subject Headings
- China--Economic policy--1976-, Capitalism--China, China--Economic conditions
- Format
- Document (PDF)
- Title
- Concert fee determination: A game-theoretic approach.
- Creator
- Brooks, Arthur Charles., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis is in three parts. In the first, the cultural economics literature which concerns the labor market for musicians is reviewed and its major theoretical and empirical points are examined. The second part begins by briefly surveying the history and main topics in game theory, providing sufficient background for an understanding of the simplified Rubinstein-Stahl bargaining model, which is then described. The third part applies this model to the process by which concert fees are...
Show moreThis thesis is in three parts. In the first, the cultural economics literature which concerns the labor market for musicians is reviewed and its major theoretical and empirical points are examined. The second part begins by briefly surveying the history and main topics in game theory, providing sufficient background for an understanding of the simplified Rubinstein-Stahl bargaining model, which is then described. The third part applies this model to the process by which concert fees are settled upon, and leads to a number of conclusions. Among these are that subjective discount rates reflect bargaining power in the situation described, and that these discount rates are affected by the notorieties of the parties involved.
Show less - Date Issued
- 1994
- PURL
- http://purl.flvc.org/fcla/dt/15040
- Subject Headings
- Game theory, Fees, Professional, Musicians--Fees, Performing arts--United States--Finance
- Format
- Document (PDF)
- Title
- An empirical study of Florida nonprofit arts organizations.
- Creator
- Lu, Yu Hua., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis contains an empirical study of nonprofit cultural organizations in the state of Florida. Transcendental and Cobb Douglas functions are compared for a sample of 76 organizations. The organizations produce under conditions of decreasing returns to scale and both labor and capital are employed in amounts beyond the point where their marginal revenue products equal their input prices. Labor is disaggregated between artists and adjuvants, with the former functioning as essential to...
Show moreThis thesis contains an empirical study of nonprofit cultural organizations in the state of Florida. Transcendental and Cobb Douglas functions are compared for a sample of 76 organizations. The organizations produce under conditions of decreasing returns to scale and both labor and capital are employed in amounts beyond the point where their marginal revenue products equal their input prices. Labor is disaggregated between artists and adjuvants, with the former functioning as essential to production and the latter not being essential to production.
Show less - Date Issued
- 1991
- PURL
- http://purl.flvc.org/fcla/dt/14753
- Subject Headings
- Nonprofit organizations--United States, Arts--Economic aspects--United States
- Format
- Document (PDF)
- Title
- The effect of prices on the United States trade balance.
- Creator
- Liu, Jian., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis examines the extent of J-curve effects in U.S. foreign trade between 1971 and 1989. Three distinct types of trade were specified and examined for this purpose: (1) aggregate; (2) by individual countries; (3) by products. The empirical findings indicate that the aggregate trade balance of the United States displayed the J-curve pattern in reaction to relative price changes during the period and the J-curve effect also held for trade with some countries and by some products.
- Date Issued
- 1991
- PURL
- http://purl.flvc.org/fcla/dt/14751
- Subject Headings
- Balance of trade--United States, United States--Commerce, Foreign exchange problem--United States
- Format
- Document (PDF)
- Title
- Welfare effects of the 1986 Lumber Agreement between the United States and Canada.
- Creator
- Moore, Alexandra E., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
The problem of restrictions on trade is the basis of this paper. More specifically, the implications of the U.S.-Canadian Lumber Agreement are outlined in the Introduction. Chapter II offers a history of modern international trade theory as well as current trade theories. The next chapter further dissects a particular theory; the effects of trade-restriction reduction. In Chapter IV a model of the Canadian export tariff as proposed in the 1986 Agreement is explained as are empirical results...
Show moreThe problem of restrictions on trade is the basis of this paper. More specifically, the implications of the U.S.-Canadian Lumber Agreement are outlined in the Introduction. Chapter II offers a history of modern international trade theory as well as current trade theories. The next chapter further dissects a particular theory; the effects of trade-restriction reduction. In Chapter IV a model of the Canadian export tariff as proposed in the 1986 Agreement is explained as are empirical results and their effects on the U.S. economy.
Show less - Date Issued
- 1990
- PURL
- http://purl.flvc.org/fcla/dt/14580
- Subject Headings
- Lumber trade--United States, Lumber trade--Canada
- Format
- Document (PDF)
- Title
- Econometric models of individual house prices.
- Creator
- Schuler, Frederick Gerard., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis takes a theoretical and analytical look at the implicit prices of housing characteristics in a South Florida submarket. Chapter II analyzes some of the vast body of previous studies that employ Econometric Techniques. Chapter III presents the information revealed by an examination of South Florida data. Several different models are tested and compared. Locational differences between properties are measured and accounted for. Increasing and diminishing returns of certain house...
Show moreThis thesis takes a theoretical and analytical look at the implicit prices of housing characteristics in a South Florida submarket. Chapter II analyzes some of the vast body of previous studies that employ Econometric Techniques. Chapter III presents the information revealed by an examination of South Florida data. Several different models are tested and compared. Locational differences between properties are measured and accounted for. Increasing and diminishing returns of certain house characteristics are considered. Chapter IV uses econometric models to analyze tax assessment bias and to test the efficiency of the housing market. Chapter V is a summary of the conclusions and recommendations generated by this analysis.
Show less - Date Issued
- 1989
- PURL
- http://purl.flvc.org/fcla/dt/14522
- Subject Headings
- House buying--Florida, Real property--Florida--Econometric models
- Format
- Document (PDF)
- Title
- Bayesian econometrics: Analysis and illustrations.
- Creator
- Giakoumatos, Gerasimos S., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis presents the theory and an application of Bayesian econometrics. The classical theory of econometrics is also presented for a comparison study. In the Bayesian case the theory of the prior information, which is the distinguishing characteristic of the Bayesian approach, is presented by considering the cases of informative and non-informative priors. The classical and Bayesian approach represent the two fundamental, although opposite in the concept of probability, schools of...
Show moreThis thesis presents the theory and an application of Bayesian econometrics. The classical theory of econometrics is also presented for a comparison study. In the Bayesian case the theory of the prior information, which is the distinguishing characteristic of the Bayesian approach, is presented by considering the cases of informative and non-informative priors. The classical and Bayesian approach represent the two fundamental, although opposite in the concept of probability, schools of thought in statistics and econometrics. An application to the estimation of standard macroeconomic equations is also included where both classical and Bayesian techniques are employed.
Show less - Date Issued
- 1988
- PURL
- http://purl.flvc.org/fcla/dt/14484
- Subject Headings
- Bayesian statistical decision theory
- 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.
Show less - Date Issued
- 1987
- PURL
- http://purl.flvc.org/fcla/dt/14375
- Subject Headings
- Investments--United States--Mathematical models
- Format
- Document (PDF)
- Title
- KALMAN FILTER MODEL.
- Creator
- Agiakloglou, Christos N., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis demonstrates the theory and the application of the Kalman filter model, a model where the coefficients are not assumed to be constant over time but time-varying. This model is approached in two different ways. The first is the recursive approach and the second is the Mixed estimation approach. Both of these two approaches describe in different ways the original Kalman filter model. This thesis also contains an empirical application of the Kalman filter model, using real data from...
Show moreThis thesis demonstrates the theory and the application of the Kalman filter model, a model where the coefficients are not assumed to be constant over time but time-varying. This model is approached in two different ways. The first is the recursive approach and the second is the Mixed estimation approach. Both of these two approaches describe in different ways the original Kalman filter model. This thesis also contains an empirical application of the Kalman filter model, using real data from the Greek economy to estimate the Demand for Money.
Show less - Date Issued
- 1987
- PURL
- http://purl.flvc.org/fcla/dt/14372
- Subject Headings
- Kalman filtering, Estimation theory
- Format
- Document (PDF)
- Title
- PRODUCTIVITY AND INDUSTRIAL POLICY IN THE UNITED STATES.
- Creator
- HENN, PETER J., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis examines the relationship between productivity growth and industrial policy using J.S. data from 1948 to 1981. A growth accounting model is used to study productivity growth and the recent productivity slowdown. Beth sides of the industrial policy debate are offered. The analysis of the productivity slowdown is then applied to the industrial policy debate to see if the establishment of the latter could have avoided the former. The thesis purports a negative response to the question.
- Date Issued
- 1985
- PURL
- http://purl.flvc.org/fcla/dt/14256
- Subject Headings
- Industrial productivity--United States, United States--Economic policy
- Format
- Document (PDF)
- Title
- ANALYSIS OF A LOCAL ECONOMY WITH AN ECONOMETRIC MODEL.
- Creator
- OPALAT, STEPHEN E., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
The purpose of this thesis is to present an econometric model for the region of Palm Beach County. This type of economic analysis was chosen because it captures the influence of the service and trade industries as well as the simultaneous nature of other industries which dominate the local economy. The estimation results identified the construction industry as a leading indicator of economic activity in transportation, communications, utilities, finance, insurance and real estate. This...
Show moreThe purpose of this thesis is to present an econometric model for the region of Palm Beach County. This type of economic analysis was chosen because it captures the influence of the service and trade industries as well as the simultaneous nature of other industries which dominate the local economy. The estimation results identified the construction industry as a leading indicator of economic activity in transportation, communications, utilities, finance, insurance and real estate. This simultaneous structure of the model led to the application of various multipler analyses. It was found that local construction output affected gross regional product, local personal income and local total employment. National personal income was found to influence local trade which in turn affects levels of local output, employment and income.
Show less - Date Issued
- 1984
- PURL
- http://purl.flvc.org/fcla/dt/14221
- Subject Headings
- Econometrics, Palm Beach County (Fla)--Economic conditions--Econometric models
- Format
- Document (PDF)
- Title
- RIDGE REGRESSION.
- Creator
- VELENTZAS, KONSTANTINOS THEODOROS., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis demonstrates the theory and logic of the ridge regression method of statistical estimation. The effect of multicollinearity on ordinary least squares is explored, and the optimality of the ridge estimators is derived. The critical analyses of ridge regression that have been developed in the biased estimation literature and by Bayesian statisticians is discussed. The technique of ridge regression is compared to ordinary least squares in the context of estimating price and income...
Show moreThis thesis demonstrates the theory and logic of the ridge regression method of statistical estimation. The effect of multicollinearity on ordinary least squares is explored, and the optimality of the ridge estimators is derived. The critical analyses of ridge regression that have been developed in the biased estimation literature and by Bayesian statisticians is discussed. The technique of ridge regression is compared to ordinary least squares in the context of estimating price and income elasticities for Greek imports.
Show less - Date Issued
- 1984
- PURL
- http://purl.flvc.org/fcla/dt/14202
- Subject Headings
- Ridge regression (Statistics), Estimation theory
- Format
- Document (PDF)
- Title
- AN EMPIRICAL STUDY OF CANADIAN TOURISM IN THE UNITED STATES.
- Creator
- Ar, Burak Mustafa, Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This paper uses annual time series, 1950-1980, to estimate determinants of Canadian tourist expenditures in the United States. Time series analysis is also given for Florida tourism, but it is in small scale. In order to examine Canadian and non-Canadian tourist behavior, results of regression analysis are analyzed.
- Date Issued
- 1984
- PURL
- http://purl.flvc.org/fcla/dt/14198
- Subject Headings
- Tourist trade--United States, Tourist trade--Florida, Travelers--Canada
- Format
- Document (PDF)
- Title
- AN ECONOMETRIC MODEL OF PALM BEACH COUNTY, FLORIDA.
- Creator
- HILTON, JOHN DAVID., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
The purpose of this thesis is to estimate an econometric model of Palm Beach County, Florida. An econometric model was chosen as the appropriate method for study as the said county is characteristic of a service based final demand economy. An underlying objective was to utilize data on income and employment variables available on a consistent bases from a Regional Economic Information System Data computer tape provided by the u.s. Department of Commerce 1983. These data distinguished among 11...
Show moreThe purpose of this thesis is to estimate an econometric model of Palm Beach County, Florida. An econometric model was chosen as the appropriate method for study as the said county is characteristic of a service based final demand economy. An underlying objective was to utilize data on income and employment variables available on a consistent bases from a Regional Economic Information System Data computer tape provided by the u.s. Department of Commerce 1983. These data distinguished among 11 industries and referred to the years 1967-1983. In conclusion the model shows that ordinary least squares estimation results were generally significant in the signas and goodness of fit. However evidence of positive serial correlation of the disturbances was detected and the results did not change substantially after applying the Cocran-Orcutt procedure.
Show less - Date Issued
- 1984
- PURL
- http://purl.flvc.org/fcla/dt/14197
- Subject Headings
- Palm Beach County (Fla)--Economic conditions--Mathematical models
- Format
- Document (PDF)
- Title
- TIME SERIES ANALYSIS OF INCOME AND CONSUMPTION.
- Creator
- THEALL, GEORGE ALBERT., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis uses time series analysis to construct models of income and consumption in the United States between 1947 and 1983. The data are quarterly observations on three measures of income and two of consumption. The study begins with a survey of univariate and multivariate model building techniques. With the life cycle - permanent income hypothesis as a foundation, theoretical models of income and consumption are discussed. These models are then fit to the data and examined. Tests for...
Show moreThis thesis uses time series analysis to construct models of income and consumption in the United States between 1947 and 1983. The data are quarterly observations on three measures of income and two of consumption. The study begins with a survey of univariate and multivariate model building techniques. With the life cycle - permanent income hypothesis as a foundation, theoretical models of income and consumption are discussed. These models are then fit to the data and examined. Tests for causality are also covered in order to determine the manner in which the two processes are related in a multivariate model.
Show less - Date Issued
- 1983
- PURL
- http://purl.flvc.org/fcla/dt/14184
- Subject Headings
- Income--United States, Consumption (Economics)--United States, Time-series analysis
- Format
- Document (PDF)
- Title
- AN EMPIRICAL STUDY OF THE GREEK MANUFACTURING SECTOR.
- Creator
- THEOCHAROUS, ANDREAS S., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This paper uses annual time series, 1959-1975, to estimate fundamental parameters of the production process of the Greek manufacturing sector. The empirical analysis is carried out using the translog production and cost functions. Based on the results of the estimations some characteristics of the Greek manufacturing sector are explained.
- Date Issued
- 1983
- PURL
- http://purl.flvc.org/fcla/dt/14172
- Subject Headings
- Greece--Manufactures, Greece--Industries
- Format
- Document (PDF)
- Title
- DISTRIBUTED LAG MODELS.
- Creator
- KEMMSIES, WALTER HAMILTON., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
This thesis presents various formulations of finite distributed lag models. The objective is to demonstrate how prior restrictions may be imposed on econometric models in order to estimate the lag distributions. Four formulations are thus reviewed, namely, the arithmetic lag model, the inverted-V lag model, the Almon polynomial, and the cubic spline lag model. For the latter formulations, the interpolation methods are reviewed. In addition, four models of consumption are estimated under the...
Show moreThis thesis presents various formulations of finite distributed lag models. The objective is to demonstrate how prior restrictions may be imposed on econometric models in order to estimate the lag distributions. Four formulations are thus reviewed, namely, the arithmetic lag model, the inverted-V lag model, the Almon polynomial, and the cubic spline lag model. For the latter formulations, the interpolation methods are reviewed. In addition, four models of consumption are estimated under the various lag models, for different lag lengths and orders of polynomials, in order to demonstrate the properties of each formulation. In the discussion of the results, certain inferences are made about the consumption functions.
Show less - Date Issued
- 1983
- PURL
- http://purl.flvc.org/fcla/dt/14171
- Subject Headings
- Distributed lags (Economics)
- Format
- Document (PDF)
- Title
- INPUT-OUTPUT MODELS OF THE ECONOMIC BASE OF MONROE COUNTY, FLORIDA.
- Creator
- SAVAGE, KIM LENORE., Florida Atlantic University, Stronge, William B., College of Business, Department of Economics
- Abstract/Description
-
A 1979 input-output model was developed for Monroe County regional data, by reducing the 1972 National Input-Output Table using the simple location quotient technique of Shaffer and Chu. A 1979 economic base model was also developed for Monroe County using simple location quotients. Input-output and economic base theory were presented prior to the actual formulation of the regional models. The economic structure of Monroe County, the components of the economic base, and the income multipliers...
Show moreA 1979 input-output model was developed for Monroe County regional data, by reducing the 1972 National Input-Output Table using the simple location quotient technique of Shaffer and Chu. A 1979 economic base model was also developed for Monroe County using simple location quotients. Input-output and economic base theory were presented prior to the actual formulation of the regional models. The economic structure of Monroe County, the components of the economic base, and the income multipliers were presented. An analysis of the economic impact on income in the region by the components of the economic base under alternative models is discussed.
Show less - Date Issued
- 1982
- PURL
- http://purl.flvc.org/fcla/dt/14116
- Subject Headings
- Monroe County (Fla)--Economic conditions
- Format
- Document (PDF)