WINNER S CURSE AND IPO INITIAL PERFORMANCE: NEW EVIDENCE FROM MALAYSIA
|
|
- Phillip McBride
- 6 years ago
- Views:
Transcription
1 WINNER S CURSE AND IPO INITIAL PERFORMANCE: NEW EVIDENCE FROM MALAYSIA Ruzta Abdul Rahm Faculty of Economcs and Management Natonal Unversty of Malaysa, 43600, UKM Bang, Selangor, MALAYSIA E-mal: ruztaar@ukm.my Nor Azzan Che Emb Kullyyah of Economcs and Management Scences, Internatonal Islamc Unversty of Malaysa, 53100, Jalan Gombak, Kuala Lumpur, MALAYSIA E-mal: zanebbm@yahoo.com Othman Yong UKM-Graduate School of Busness Natonal Unversty of Malaysa, 43600, UKM Bang, Selangor, MALAYSIA E-mal: othmanyo@ukm.my - Abstract - Ths study examnes the wnner s curse hypothess n a sample of 384 IPOs lsted on Bursa Malaysa from 1999 to We use two alternatve measures to test wnner s curse; allocaton rate (ALLOCT j ) measures the probablty of gettng the allocaton whle prvate placement (D PRIVATE ) measures the nsttutonal nvestor nvolvement n the IPOs. The coeffcent of both ALLOCTj and D PRIVATE are sgnfcantly negatve consstent wth wnner s curse hypothess. Investors are more lkely to get (wn) most of ther subscrpton f the IPOs are overprced. Smlarly, nvestors dentfy the ssues that do not nvolve nsttutonal nvestors as rsky and overprced. Issuers/underwrters proactvely respond by delberately underprcng the IPOs to allure the unnformed nvestors nto the market. Keywords: Wnner s curse; Allocaton rate; Prvate Placement; Intal Publc Offerngs; Malaysan IPO market JEL Classfcaton: D53, D82, G02, G11 1. INTRODUCTION Intal returns of ntal publc offerngs (IPOs) have been accepted as a unversal phenomenon and a puzzle that researchers consder fndng ts explanatons a challenge that s too appealng to gnore. Also known as underprcng, the abnormal ntal return occurs when the IPO offer prce s set much lower than the 151
2 prce on the frst tradng day or when the prce on the frst day of lstng ncreases to a level much hgher than the offer prce. Among the most cted studes on IPO ntal performance s Loughran et al. (1994) whch fnds that IPO underprcng exsts n all 25 countres that are examned. The results of ths study substantate the evdence of underprcng that have been establshed n earler studes ncludng by Relly and Hatfeld (1969) and Ibbotson and Jaffe (1975) for the US, Chowdhry and Sherman (1996) for the UK, Dawson (1987) and Yong (1991) for Malaysa, and Fnn and Hngham (1988) for Australa to name a few. Among the wdely accepted explanatons of IPO abnormal ntal performance are the sgnalng models (Leland & Pyle, 1977), wnner s curse hypothess (Rock 1986), nvestors faddsh behavor (Aggarwal & Rvol, 1990) and cascades n the IPO market (Welch 1992). These explanatons are commonly mutually exclusve and rooted to the problem of nformaton asymmetry (Akerlof, 1970). Of man nterest to the present study s the wnner s curse hypothess whch posts adverse selecton problem as the man reason restranng unnformed nvestors from enterng the IPO market. The nformed nvestors are not lkely to be trapped or cursed wth the overprced IPOs because wth access to more and/or better nformaton, they can dstngush hgh from low qualty nvestment. To regan the nterest of unnformed nvestors, ssuers and underwrters proactvely respond by strategcally underprcng the new ssues. A recent study by Chowdhry and Sherman (1996) on the UK-style IPOs lends a strong support for ths proposton. They explan that ssuers and underwrters have two motves to underprce the IPOs.e., to reduce the adverse selecton problem and to reduce the probablty that the ssue fals (undersubscrbe) due to the leakage of adverse nformaton. A recent study by Amhud et al. (2003) on Israel IPOs fnds that underprcng s negatvely related to IPO allocaton. They argue that ths evdence s consstent wth Rock s (1986) explanaton on the adverse selecton ssue. Unnformed nvestors wn (receve a greater porton of) the IPOs when the new ssues are overprced and lose (receve a smaller porton of) the IPOs when the IPOs are underprced. Ths s because underprced IPOs are more lkely to be subscrbed by and/or allocated to the nformed nvestors. In Malaysa, the number of studes on IPO performance s qute mpressve (for example Dawson, 1987; Yong, 1991; Jelc et al., 2001; Hau Abdullah & Mohd, 2004; Abdul Rahm & Yong, 2010). However, studes that focus on wnner s curse (Yong, 2011) are stll relatvely scant. Ths study attempts to close the gap n the lterature by examnng the phenomenon of wnner s curse durng the more recent perod that spans from 1999 to 2008 and by offerng another measure of wnner s curse proposed by Amhud et al. (2003). These are done by employng a 152
3 unque data set for IPOs lsted on Bursa Malaysa where nformaton on oversubscrpton rato of the IPOs and prvate placement ssue are avalable. Malaysa also offers a great settng for testng the wnner s curse hypothess because as an emergng market, nvestors n the IPO market are more lkely to experence relatvely severe asymmetrc nformaton problem. The remander of the paper s organzed as follows. Secton 2 presents an overvew of the Malaysan IPO market followed by secton 3 whch dscusses the data and research methodology. Secton 4 reports and dscusses the fndngs and secton 5 concludes and draws mplcatons from the results. 2. MALAYSIAN IPO MARKET Companes gong publc n Malaysa can seek for lstng on the Man Board, Second Board and MESDAQ (Malaysan Exchange of Securtes Dealng and Automated Quotaton) of Bursa Malaysa, dependng on the pad-up captal. IPOs are offered n two broad classes; prvate placement s offered to nsttutonal nvestors whle the non-prvate placement whch conssts of publc ssue and offer for sale s offered to ndvdual or retal nvestors. IPOs are generally sold through a fxed-prce offer mechansm, unlke n the US where book-buldng mechansm mostly practced. Smlar to the UK and many Asan countres (Agarwal et al. 2008), ssuers and underwrters of IPOs n Malaysa adopt the UK far allocaton polcy where all applcatons wll be allocated randomly and equally. Also, there s no wthdrawal opton allowed once the allotment decson s publczed unlke the case for Tawanese IPO markets (Ln et al. 2010). Studes on Malaysan IPOs s poneered by Dawson (1987) who fnds the average ntal returns of 21 new ssues from 1978 to 1983 are about percent. Fgure 1 to llustrate the trend of ntal returns over the 31-year perod ( ) n Malaysa. The yearly ntal returns pror to 1990 are rough estmates, but the declnng trend s stll clearly observed. The average ntal returns durng the three sub-perods declne from percent ( ) to percent ( ) to a mere percent ( ). The md sub-perod of shows large uncertantes n the IPO market whereas after 1999 the ntal returns reman consstently below the all-tme average of percent. 153
4 Fgure-1: Yearly ntal returns of Malaysan IPOs, 1978 to 2007 Notes: Yearly ntal returns pror to 1990 are estmated from the weghted average ntal returns reported n Dawson (1987) and Loughran et al. (1994). Yearly ntal returns for perod are extracted from Yong and Isa (2003) whle for perod are from Abdul Rahm and Yong (2010). 3. DATA AND METHODOLOGY The data set conssts of 384 fxed-prced IPOs ssued n Malaysa from January 1999 untl December 2008 and lsted on ether the Man Board, Second Board or MESDAQ of Bursa Malaysa (prevously known as Kuala Lumpur Stock Exchange or KLSE). On 25 March 2008 the frst two boards are merged to form the Man market whle the MESDAQ s converted to the ACE market. Ths study ses 1999 as ts startng pont to reduce the nfluence of the 1997/98 Asan fnancal crss. Ths year (3 May 1999) also marks the begnnng of the mandatory share moratorum mposed on selected companes on Man Board and all companes on Second Board and MESDAQ. The study covers the perod untl 2008 when the effect of the 2007/08 US sub-prme crss s at ts foulest. However, the Malaysan stock market s not adversely affected by the crss, not to the extent of the Asan fnancal crss. Durng the 10-year perod covered n ths study, there are a total of 426 new ssues. The study excludes specal purposes and REITS IPOs. The selecton crtera leave the study wth a fnal sample of 384 IPOs, of whch 134 (35%) nvolve prvate placement ssue. The data s collected from varous sources ncludng the webste of Bursa Malaysa and Securtes Commsson of Malaysa, Datastream and company s prospectus. Intal return or underprcng of IPOs (IPORTN) s measured usng the two methods most commonly used n prevous studes (for examples, Abdul Rahm & Yong, 2010; Agarwal et al., 2008; Dawson, 1987; Yong, 1991). One s ntal return based on the offer to openng prce and the other s ntal return based on 154
5 the offer to closng prce on the frst day of tradng. We focus on the former whch s superor because t s least nfluenced by market noses. The man varable to explan ntal returns s the wnner s curse whch s operatonally measured based on the logstc transformaton of the allocaton rate (ALLOCT j ) adopted from Amhud et al. (2003) and alternatvely, the nsttutonal nvestor nvolvement n prvate placement ssue as proposed by Yong (2011). D PRIVATE s a dummy varable that takes a value of 1 when the IPOs nvolve prvate placement and 0 otherwse. In examnng the evdence of wnner s curse n the ntal performance of the IPOs, we take nto consderaton the nfluences of eght other varables: growth motve, company s sze, age and busness rsk, ownershp of top fve shareholders, offer sze, underwrter reputaton, and market condton. The econometrc equatons are represented as follows; IPORTN J 1ALLOCT J CV j, j 1 IPORTN J 1DPRIVATE J CV j, j 1 where α s the constant term, β s coeffcent estmates, IPORTN s the ntal return of the th IPO, ALLOCTj s the logstc transformaton of allocaton rate, D PRIVATE s dummy varable for prvate placement ssue, CV s the controlled varable j = AGE,, D MKT, Age s the age of the company pror to IPO n years, LnCOSIZE s the natural log total assets, LnGROWTH s the natural log of growth purposes/total proceeds, LnOFFSIZE s the natural log of (total unts ssued x offer prce), D UNDEWTR s the dummy varable for underwrter reputaton, LnOWNSHIP s the natural log of the top 5 shareholders ownershp, D MKT s dummy varable for market condton, OPERISK s operatng rsk or standard devaton of the EBITDA over three years perod pror to IPO, and s the error term. 4. RESULTS AND DISCUSSION Table 3 summarzes the profle of the IPO companes based on the average values from 1999 to In general, the offer sze of the IPOs suggests that the companes are sellng at only 26 percent of the value of ther total assets. On average, the companes total assets worth more than RM200 mllons. At a glance, ths s a good ndcaton that the IPOs are sellng at dscount, below the fundamental values. However, gven that on average the companes are makng only RM20 mllon operatng profts per year, the IPO nvestors are roughly 155
6 payng RM2.97 per rnggt of operatng ncome (P/E = 2.97). Wth a medan of 2 years and mean of 5 years, t seems that most companes that go publc are only n busness for few years. In addton, only percent from the IPO proceeds are allocated for growth purposes. The top fve shareholders retan on average stakes n the company. More than half of the IPOs are advsed by reputable underwrters. Slghtly more than one-thrd of the IPOs nvolve prvate placement and are offered durng the hot market. The average offer prce s RM1.11 whch s 28 to 30 percent lower than the prces on the frst tradng day. Ths explan the postve ntal returns (30.21%-31.65%) whch ndcate that the performance of IPOs n Malaysa durng ths perod s consstent wth fndngs of recent studes that report hgh but declnng ntal returns (Yong & Isa, 2003; Abdul Rahm & Yong, 2010). The oversubscrpton rato (OSR) s regstered at tmes, mplyng that the IPO market s stll actve despte the declnng returns. Ths proxy of demand translates nto an allocaton rate of around 20 percent of the IPOs appled by subscrbers. Table-3: Profle of the Sample IPOs, 1999 to 2008 Items Mean Medan Mnmum Maxmum Offer Prce(RM) Openng Prce (RM) Closng Prce (RM) IPORTN OPEN (%) IPORTN CLOSE (%) Oversubscrpton Rato, OSR (tmes) ALLOC (0<(1/OSR) 1.0) IPOs wth Reputable Underwrter (%) IPOs wth Prvate placement Hot Market Condton Offer Sze (RM 000) 56,937 18,315 2,400 3,049,981 Proceeds for Growth (%) Total Asset (RM'000) 218,378 86,999 6,401 6,585,143 Average 3-yr EBITDA b (RM'000) 19,184 10,533 1, ,033 Frm s Age (Year) Ownershp of Top 5 Shareholders (%) Notes: Issues of outlers due to human errors n the data collecton process has been taken care-off n the earler stage and corrected through z-score method. Table 4 shows results usng ALLOCT j and D PRIVATE alternatvely to test for the wnner s cure hypothess. Other than ALLOCTj and D PRIVATE, offer sze, age, and ownershp of the top fve shareholders are also sgnfcant n nfluencng the level of ntal returns. The sgns of these sgnfcant predctors are consstent wth the theoretcal ntuton. D MKT s nsgnfcant and gves a contradctng sgn, 156
7 ndcatng that ntal returns are hgher when the IPOs are ssued n the cold market. GROWTH whch represents the growth motve n IPO has the correct postve coeffcent, but the effect on ntal returns s weak. It suggests that nvestors are not partcularly concern about how the company wll be usng the proceeds from the IPOs. Smlarly, even though nsgnfcant, the negatve coeffcent on RISK EBITDA suggests that nvestors are less concern about the company s ablty to sustan operatng proft, probably because most nvestors enter the IPO market for short-term rather than long-term motve. Table-4: Regresson results, 1999 to 2008 Varables Exp. Wnner s Curse: ALLOCTj Wnner s Curse: D PRIVATE (Sgn) Coeffcent t-stats Coeffcent t-stats Intercept *** *** Wnner s Curse -ve *** ** GROWTH +ve Ln(RISK EBITDA ) +ve Ln(OFFERSIZE) -ve ** ** Ln(AGE) +ve ** * Ln(TA) -ve OWNER5 -ve * * D WRITER -ve D MKT +ve Adjusted R F-Statstcs *** *** Probablty Durbn-Watson Notes: ***, **, and * ndcate sgnfcance at 1%, 5%, and 10%, respectvely. The autocorrelaton and heteroscedastcty detected through Breusch-Godfrey Langrange multpler test are corrected wth Newey-West covarance estmator. VIF range s to CONCLUSION Ths study examnes wnner s curse hypothess n 384 Malaysan IPO market ssued durng perod. Wnner s curse s proxed usng two alternatve measures, ALLOCT j whch s proposed by Amhud et al. (2003) and D PRIVATE by Yong (2011). Overall, the results consstently ndcate the presence of wnner s curse ether n the form of ALLOCT j or D PRIVATE and lead us to draw the followng conclusons. Frst, the sgnfcant negatve ALLOCT j suggests that when an nvestor receves a hgh allocaton relatve to the number of IPOs that he/she subscrbes, then he/she has the tendency to end up beng cursed for wnnng overprced IPOs. Ths mples that n such cases, the nvestor may be better off wthdrawng than takng the rsk of ncurrng a larger loss. Ths wthdrawal opton (Ln et al. 2010) s unfortunately not avalable for nvestors of IPOs n Malaysa. 157
8 In short, nvestors must scrutnze all avalable nformaton pertnent to the IPOs n addton to that provded n the prospectus pror to makng decson to place an applcaton or subscrpton for the IPOs. Second, the negatve coeffcent on D PRIVATE suggests that when nsttutonal nvestors partcpate n the IPOs, unnformed nvestors seem to be more wllng to pay the hgh offer prce and accept lower ntal returns, probably because they are confdent about the vablty of the IPOs. On the contrary, n the absence of nformed nvestors, the unnformed nvestors need to be convnced wth larger ntal returns to make sure that the non-prvate placement IPOs are fully subscrbed. Other than ALLOCT and D PRIVATE, nvestors stand a better chance n IPO market by patronzng IPOs that are smaller and ssued by companes wth less ownershp concentraton and longer experence n the busness. BIBLIOGRAPHY Abdul Rahm, Ruzta and Othman Yong (2010), Intal Returns of Malaysan IPOs and Sharah-complant Status, Journal of Islamc Accountng and Busness Research, Vol. 1, No. 1, pp Agarwal, Sumt, Chunln Lu and S. Ghon Rhee (2008), Investor Demand for IPOs and Aftermarket Performance: Evdence from the Hong Kong Stock Market, Journal of Internatonal Fnancal Markets, Insttutons and Money, Vol. 18, pp Aggarwal, Reena and Petra Rvol (1990), Fads n the Intal Publc Offerng Market, Fnancal Management, Vol. 19, pp Akerlof, George A. (1970), The Market for Lemons : Qualtatve Uncertanty and the Market Mechansm, Quarterly Journal of Economcs, Vol. 85, pp Amhud, Yakov, Shmuel Hauser and Amr Krsh (2003), Allocatons, Adverse Selecton, and Cascades n IPOs: Evdence from the Tel Avv Stock Exchange, Journal of Fnancal Economcs, Vol. 68, pp Chowdhry, Bhagwan and Ann E. Sherman (1996), The Wnner s Curse and Internatonal Methods of Allocatng Intal Publc Offerngs, Pacfc-Basn Fnance Journal, Vol. 4, pp Dawson, Steven M. (1987), Secondary Stock Market Performance of Intal Publc Offers, Hong Kong, Sngapore and Malaysa: , Journal of Busness Fnance Account, Vol. 14, pp
9 Fnn, Frank J. and Ron Hgham (1988), The Performance of Unseasoned New Equty Issues-Cum-Stock Exchange Lstngs n Australa, Journal of Bankng and Fnance, Vol. 12, pp Ibbotson, Roger G. and Jeffrey F. Jaffe (1975), Hot Issue Markets, Journal of Fnance, Vol. 30, pp Jelc, Ranko, Brahm Saadoun, and Rchard Brston (2001), Performance of Malaysan IPOs: Underwrters Reputaton and Management Earnngs Forecasts, Pacfc-Basn Fnance Journal, Vol. 9, pp Koh, Francs and Terry Walter (1989), A Drect Test of Rock s Model of The Prcng of Unseasoned Issues, Journal of Fnancal Economcs, Vol. 23, pp Leland, Hayne E. and Davd H. Pyle (1977), Informaton Asymmetres, Fnancal Structure, and Fnancal Intermedaton, Journal of Fnance, Vol. 32, pp Ln, Denns K. J., Lanfeng Kao and Anln Chen (2010), Wnner s Curse n Intal Publc Offerng subscrptons wth Investors Wthdrawal Optons, Asa-Pacfc Journal of Fnancal Studes, Vol. 39, pp Loughran, Tm, Jay R. Rtter and Krstan Rydqvst (1994), Intal Publc Offerngs: Internatonal Insghts, Pacfc-Basn Fnance Journal, Vol. 2, pp Relly, Frank K. and Kenneth Hatfeld (1969), Investor Experence wth New Stock Issues, Fnancal Analyst Journal, Vol. 25, pp Rock, Kevn (1986), Why New Issues are Underprced?, Journal of Fnancal Economcs, Vol. 15, pp Welch, Ivo (1992), Sequental Sales, Learnng, and Cascades, Journal of Fnance, Vol. 47, pp Yong, Othman (1991), Performance of New Issue Securtes n Malaysa, Malaysan Accountant (June), pp Yong, Othman and Zad Isa (2003), Intal Performance of New Issues of Shares n Malaysa, Appled Economcs, Vol. 35, pp Yong, Othman (2011), Wnner s Curse and Bandwagon Effect n Malaysan IPOs: Evdence from , Jurnal Pengurusan Vol. 32, pp
DOES WINNER S CURSE HYPOTHESIS EXIST IN EXPLAINING THE UNDERPRICING PHENOMENON OF MALAYSIAN SHARIAH-COMPLIANT IPOs?
Volume: 2 Issues: 6, pp.176-189 Internatonal ournal of Accountng, Fnance and Busness eissn: 0128-1844 ournal webste: www.afb.com DOES WINNER S CURSE HYPOTHESIS EXIST IN EXPLAINING THE UNDERPRICING PHENOMENON
More informationUNDERPRICING AND EX ANTE UNCERTAINTY IN IPOS: EVIDENCE FROM THE TUNISIAN STOCK MARKET
Busness Excellence and Management Jerb, A. UNDERPRICING AND EX ANTE UNCERTAINTY IN IPOS: EVIDENCE FROM THE TUNISIAN STOCK MARKET Ahmed JERIBI Unversty of Sfax, Sfax, Tunsa ahmedjerb07@yahoo.fr Abstract
More informationPrivatization versus Private Sector Initial Public Offerings in Poland
Prvatzaton versus Prvate Sector Intal Publc Offerngs n Poland Wolfgang Aussenegg * Venna Unversty of Technology Department of Fnance Address: Favortenstraße 9-11, A-1040 Venna, Austra, Europe E-Mal: waussen@pop.tuwen.ac.at
More informationTHE VOLATILITY OF EQUITY MUTUAL FUND RETURNS
North Amercan Journal of Fnance and Bankng Research Vol. 4. No. 4. 010. THE VOLATILITY OF EQUITY MUTUAL FUND RETURNS Central Connectcut State Unversty, USA. E-mal: BelloZ@mal.ccsu.edu ABSTRACT I nvestgated
More informationHighlights of the Macroprudential Report for June 2018
Hghlghts of the Macroprudental Report for June 2018 October 2018 FINANCIAL STABILITY DEPARTMENT Preface Bank of Jamaca frequently conducts assessments of the reslence and strength of the fnancal system.
More informationPERFORMANCE OF INITIAL PUBLIC OFFERINGS: DOES SHARIAH COMPLIANCE EXTENSIVENESS MAKE A DIFFERENCE?
Volume: 2 Issues: 6, pp. 190-205 Internatonal ournal of Accountng, Fnance and Busness eissn: 0128-1844 ournal webste: www.afb.com PERFORMANCE OF INITIAL PUBLIC OFFERINGS: DOES SHARIAH COMPLIANCE EXTENSIVENESS
More informationEmpirical study on initial public offering (IPO) underpricing and long-run performance: Evidence from China s A-share market
Afrcan Journal of Busness Management Vol. 7(11), pp. 852-861, 21 March, 2013 Avalable onlne at http://www.academcjournals.org/ajbm DOI: 10.5897/AJBM11.1424 ISSN 1993-8233 2013 Academc Journals Full Length
More informationConditional Beta Capital Asset Pricing Model (CAPM) and Duration Dependence Tests
Condtonal Beta Captal Asset Prcng Model (CAPM) and Duraton Dependence Tests By Davd E. Allen 1 and Imbarne Bujang 1 1 School of Accountng, Fnance and Economcs, Edth Cowan Unversty School of Accountng,
More informationR Square Measure of Stock Synchronicity
Internatonal Revew of Busness Research Papers Vol. 7. No. 1. January 2011. Pp. 165 175 R Square Measure of Stock Synchroncty Sarod Khandaker* Stock market synchroncty s a new area of research for fnance
More informationFM303. CHAPTERS COVERED : CHAPTERS 5, 8 and 9. LEARNER GUIDE : UNITS 1, 2 and 3.1 to 3.3. DUE DATE : 3:00 p.m. 19 MARCH 2013
Page 1 of 11 ASSIGNMENT 1 ST SEMESTER : FINANCIAL MANAGEMENT 3 () CHAPTERS COVERED : CHAPTERS 5, 8 and 9 LEARNER GUIDE : UNITS 1, 2 and 3.1 to 3.3 DUE DATE : 3:00 p.m. 19 MARCH 2013 TOTAL MARKS : 100 INSTRUCTIONS
More informationConditional beta capital asset pricing model (CAPM) and duration dependence tests
Edth Cowan Unversty Research Onlne ECU Publcatons Pre. 2011 2009 Condtonal beta captal asset prcng model (CAPM) and duraton dependence tests Davd E. Allen Edth Cowan Unversty Imbarne Bujang Edth Cowan
More informationPyramid IPOs on the Chinese Growth Enterprise Market
Pyramd IPOs on the Chnese Growth Enterprse Market Martn Holmén and Peng Wang July, 2014 Abstract Ths paper nvestgates Intal Publc Offerngs (IPOs) of hgh-tech frms on the Chnese Growth Enterprse Market
More informationFORD MOTOR CREDIT COMPANY SUGGESTED ANSWERS. Richard M. Levich. New York University Stern School of Business. Revised, February 1999
FORD MOTOR CREDIT COMPANY SUGGESTED ANSWERS by Rchard M. Levch New York Unversty Stern School of Busness Revsed, February 1999 1 SETTING UP THE PROBLEM The bond s beng sold to Swss nvestors for a prce
More informationFinal Exam. 7. (10 points) Please state whether each of the following statements is true or false. No explanation needed.
Fnal Exam Fall 4 Econ 8-67 Closed Book. Formula Sheet Provded. Calculators OK. Tme Allowed: hours Please wrte your answers on the page below each queston. (5 ponts) Assume that the rsk-free nterest rate
More informationISE High Income Index Methodology
ISE Hgh Income Index Methodology Index Descrpton The ISE Hgh Income Index s desgned to track the returns and ncome of the top 30 U.S lsted Closed-End Funds. Index Calculaton The ISE Hgh Income Index s
More informationFinancial Risk Management in Portfolio Optimization with Lower Partial Moment
Amercan Journal of Busness and Socety Vol., o., 26, pp. 2-2 http://www.ascence.org/journal/ajbs Fnancal Rsk Management n Portfolo Optmzaton wth Lower Partal Moment Lam Weng Sew, 2, *, Lam Weng Hoe, 2 Department
More informationMoney, Banking, and Financial Markets (Econ 353) Midterm Examination I June 27, Name Univ. Id #
Money, Bankng, and Fnancal Markets (Econ 353) Mdterm Examnaton I June 27, 2005 Name Unv. Id # Note: Each multple-choce queston s worth 4 ponts. Problems 20, 21, and 22 carry 10, 8, and 10 ponts, respectvely.
More informationIncorrect Beliefs. Overconfidence. Types of Overconfidence. Outline. Overprecision 4/15/2017. Behavioral Economics Mark Dean Spring 2017
Incorrect Belefs Overconfdence Behavoral Economcs Mark Dean Sprng 2017 In objectve EU we assumed that everyone agreed on what the probabltes of dfferent events were In subjectve expected utlty theory we
More informationMethod of Payment and Target Status: Announcement Returns to Acquiring Firms in the Malaysian Market
Method of Payment and Target Status: Announcement Returns to Acqurng Frms n the Malaysan Market Mansor Isa Faculty of Busness and Accountancy, Unversty of Malaya Lembah Panta, 50603 Kuala Lumpur, Malaysa
More informationDomestic Savings and International Capital Flows
Domestc Savngs and Internatonal Captal Flows Martn Feldsten and Charles Horoka The Economc Journal, June 1980 Presented by Mchael Mbate and Chrstoph Schnke Introducton The 2 Vews of Internatonal Captal
More informationAnalysis of Moody s Bottom Rung Firms
Analyss of Moody s Bottom Rung Frms Stoyu I. Ivanov * San Jose State Unversty Howard Turetsky San Jose State Unversty Abstract: Moody s publshed for the frst tme on March 10, 2009 a lst of Bottom Rung
More informationAffiliated Mutual Funds and the Allocation of Initial Public Offerings
Afflated Mutual Funds and the Allocaton of Intal Publc Offerngs Jay R. Rtter and Donghang Zhang Current Verson: February, 006 Abstract We examne how nvestment banks use ntal publc offerngs (IPOs) n relaton
More informationMarket Opening and Stock Market Behavior: Taiwan s Experience
Internatonal Journal of Busness and Economcs, 00, Vol., No., 9-5 Maret Openng and Stoc Maret Behavor: Tawan s Experence Q L * Department of Economcs, Texas A&M Unversty, U.S.A. and Department of Economcs,
More informationDeliberate premarket underpricing and aftermarket mispricing: New insights on IPO pricing
Delberate premarket underprcng and aftermarket msprcng: New nsghts on IPO prcng Abstract We decompose ntal returns nto delberate premarket underprcng and aftermarket msprcng usng Stochastc Fronter Analyss.
More informationEvaluation of the Factors Affecting Initial Public offering Underpricing by Newly-accepted Companies into Tehran Stock Exchange
Internatonal Research Journal of Appled and Basc Scences 4 Avalable onlne at www.rjabs.com ISSN 5-8X / Vol, 8 (7): 873-88 Scence Explorer Publcatons Evaluaton of the Factors Affectng Intal Publc offerng
More informationFinance 402: Problem Set 1 Solutions
Fnance 402: Problem Set 1 Solutons Note: Where approprate, the fnal answer for each problem s gven n bold talcs for those not nterested n the dscusson of the soluton. 1. The annual coupon rate s 6%. A
More informationChapter 5 Bonds, Bond Prices and the Determination of Interest Rates
Chapter 5 Bonds, Bond Prces and the Determnaton of Interest Rates Problems and Solutons 1. Consder a U.S. Treasury Bll wth 270 days to maturty. If the annual yeld s 3.8 percent, what s the prce? $100 P
More informationLecture Note 2 Time Value of Money
Seg250 Management Prncples for Engneerng Managers Lecture ote 2 Tme Value of Money Department of Systems Engneerng and Engneerng Management The Chnese Unversty of Hong Kong Interest: The Cost of Money
More informationNotes are not permitted in this examination. Do not turn over until you are told to do so by the Invigilator.
UNIVERSITY OF EAST ANGLIA School of Economcs Man Seres PG Examnaton 2016-17 BANKING ECONOMETRICS ECO-7014A Tme allowed: 2 HOURS Answer ALL FOUR questons. Queston 1 carres a weght of 30%; queston 2 carres
More informationLabor Market Transitions in Peru
Labor Market Transtons n Peru Javer Herrera* Davd Rosas Shady** *IRD and INEI, E-mal: jherrera@ne.gob.pe ** IADB, E-mal: davdro@adb.org The Issue U s one of the major ssues n Peru However: - The U rate
More informationClearing Notice SIX x-clear Ltd
Clearng Notce SIX x-clear Ltd 1.0 Overvew Changes to margn and default fund model arrangements SIX x-clear ( x-clear ) s closely montorng the CCP envronment n Europe as well as the needs of ts Members.
More informationECONOMETRICS - FINAL EXAM, 3rd YEAR (GECO & GADE)
ECONOMETRICS - FINAL EXAM, 3rd YEAR (GECO & GADE) May 17, 2016 15:30 Frst famly name: Name: DNI/ID: Moble: Second famly Name: GECO/GADE: Instructor: E-mal: Queston 1 A B C Blank Queston 2 A B C Blank Queston
More informationNetwork Analytics in Finance
Network Analytcs n Fnance Prof. Dr. Danng Hu Department of Informatcs Unversty of Zurch Nov 14th, 2014 Outlne Introducton: Network Analytcs n Fnance Stock Correlaton Networks Stock Ownershp Networks Board
More informationNYSE Specialists Participation in the Posted Quotes
European Journal of Economc and Poltcal Studes NYSE Specalsts Partcpaton n the Posted Quotes Bülent Köksal 1 Abstract: Usng 2001 NYSE system order data n the decmal prcng envronment, we analyze how the
More informationChapter 10 Making Choices: The Method, MARR, and Multiple Attributes
Chapter 0 Makng Choces: The Method, MARR, and Multple Attrbutes INEN 303 Sergy Butenko Industral & Systems Engneerng Texas A&M Unversty Comparng Mutually Exclusve Alternatves by Dfferent Evaluaton Methods
More informationElements of Economic Analysis II Lecture VI: Industry Supply
Elements of Economc Analyss II Lecture VI: Industry Supply Ka Hao Yang 10/12/2017 In the prevous lecture, we analyzed the frm s supply decson usng a set of smple graphcal analyses. In fact, the dscusson
More informationConsumption Based Asset Pricing
Consumpton Based Asset Prcng Mchael Bar Aprl 25, 208 Contents Introducton 2 Model 2. Prcng rsk-free asset............................... 3 2.2 Prcng rsky assets................................ 4 2.3 Bubbles......................................
More information02_EBA2eSolutionsChapter2.pdf 02_EBA2e Case Soln Chapter2.pdf
0_EBAeSolutonsChapter.pdf 0_EBAe Case Soln Chapter.pdf Chapter Solutons: 1. a. Quanttatve b. Categorcal c. Categorcal d. Quanttatve e. Categorcal. a. The top 10 countres accordng to GDP are lsted below.
More informationMgtOp 215 Chapter 13 Dr. Ahn
MgtOp 5 Chapter 3 Dr Ahn Consder two random varables X and Y wth,,, In order to study the relatonshp between the two random varables, we need a numercal measure that descrbes the relatonshp The covarance
More informationA copy can be downloaded for personal non-commercial research or study, without prior permission or charge
Sganos, A. (2013) Google attenton and target prce run ups. Internatonal Revew of Fnancal Analyss. ISSN 1057-5219 Copyrght 2012 Elsever A copy can be downloaded for personal non-commercal research or study,
More informationCorporate Governance and Equity Liquidity: An Analysis of S&P Transparency and Disclosure Ranking
Corporate Governance and Equty Lqudty: An Analyss of S&P Transparency and Dsclosure Rankng We-Peng Chen Humn Chung Cheng-few Lee We-L Lao ABSTRACT Ths paper nvestgates the effects of dsclosure and other
More informationEvaluating Performance
5 Chapter Evaluatng Performance In Ths Chapter Dollar-Weghted Rate of Return Tme-Weghted Rate of Return Income Rate of Return Prncpal Rate of Return Daly Returns MPT Statstcs 5- Measurng Rates of Return
More informationNetworks in Finance and Marketing I
Networks n Fnance and Marketng I Prof. Dr. Danng Hu Department of Informatcs Unversty of Zurch Nov 26th, 2012 Outlne n Introducton: Networks n Fnance n Stock Correlaton Networks n Stock Ownershp Networks
More informationUniversity of Toronto November 9, 2006 ECO 209Y MACROECONOMIC THEORY. Term Test #1 L0101 L0201 L0401 L5101 MW MW 1-2 MW 2-3 W 6-8
Department of Economcs Prof. Gustavo Indart Unversty of Toronto November 9, 2006 SOLUTION ECO 209Y MACROECONOMIC THEORY Term Test #1 A LAST NAME FIRST NAME STUDENT NUMBER Crcle your secton of the course:
More informationUniversity of Toronto November 9, 2006 ECO 209Y MACROECONOMIC THEORY. Term Test #1 L0101 L0201 L0401 L5101 MW MW 1-2 MW 2-3 W 6-8
Department of Economcs Prof. Gustavo Indart Unversty of Toronto November 9, 2006 SOLUTION ECO 209Y MACROECONOMIC THEORY Term Test #1 C LAST NAME FIRST NAME STUDENT NUMBER Crcle your secton of the course:
More informationKent Academic Repository
Kent Academc Repostory Full text document (pdf) Ctaton for publshed verson Economou, Fotn and Katskas, Epamenondas and Vckers, Gregory (2016) Testng for herdng n the Athens Stock Exchange durng the crss
More informationISE Cloud Computing Index Methodology
ISE Cloud Computng Index Methodology Index Descrpton The ISE Cloud Computng Index s desgned to track the performance of companes nvolved n the cloud computng ndustry. Index Calculaton The ISE Cloud Computng
More informationPrice and Quantity Competition Revisited. Abstract
rce and uantty Competton Revsted X. Henry Wang Unversty of Mssour - Columba Abstract By enlargng the parameter space orgnally consdered by Sngh and Vves (984 to allow for a wder range of cost asymmetry,
More informationASSET LIQUIDITY, STOCK LIQUIDITY, AND OWNERSHIP CONCENTRATION: EVIDENCE FROM THE ASE
ASSET LIQUIDITY, STOCK LIQUIDITY, AND OWNERSHIP CONCENTRATION: EVIDENCE FROM THE ASE Ghada Tayem*, Mohammad Tayeh**, Adel Bno** * Correspondng author: Department of Fnance, School of Busness, The Unversty
More informationAccounting discretion of banks during a financial crisis
Accountng dscreton of banks durng a fnancal crss Harry Huznga * (Tlburg Unversty and CEPR) and Luc Laeven (Internatonal Monetary Fund and CEPR) November 6, 2009 Abstract: Ths paper shows that banks use
More informationOn the Style Switching Behavior of Mutual Fund Managers
On the Style Swtchng Behavor of Mutual Fund Managers Bart Frjns Auckland Unversty of Technology, Auckland, New Zealand Auckland Centre for Fnancal Research Aaron Glbert Auckland Unversty of Technology,
More informationFirm fundamentals, short selling, and stock returns. Abstract
Frm fundamentals, short sellng, and stock returns Yulang Wu a and Khelfa Mazouz b* Abstract Ths study uses short sellng actvty to test whether the relaton between fundamentals and future returns s due
More informationTests for Two Correlations
PASS Sample Sze Software Chapter 805 Tests for Two Correlatons Introducton The correlaton coeffcent (or correlaton), ρ, s a popular parameter for descrbng the strength of the assocaton between two varables.
More informationTRADING RULES IN HOUSING MARKETS WHAT CAN WE LEARN? GREG COSTELLO Curtin University of Technology
ABSTRACT TRADING RULES IN HOUSING MARKETS WHAT CAN WE LEARN? GREG COSTELLO Curtn Unversty of Technology Ths paper examnes the applcaton of tradng rules n testng nformatonal effcency n housng markets. The
More informationA Multinomial Logit Based Evaluation of the Behavior of the Life Insureds in Romania
Amercan Journal of Appled Scences 6 (1): 124-129, 2009 ISSN 1546-9239 2009 Scence Publcatons A Multnomal Logt Based Evaluaton of the Behavor of the Lfe Insureds n Romana 1 Crstan Dragos and 2 Smona Dragos
More informationSynergy Motivation and Target Ownership Structure: Effects on Takeover Performance
Synergy Motvaton and Target Ownershp Structure: Effects on Takeover Performance Han Donker, School of Busness, Unversty of orthern Brtsh Columba, Canada Alex g, School of Busness, Unversty of orthern Brtsh
More informationRaising Food Prices and Welfare Change: A Simple Calibration. Xiaohua Yu
Rasng Food Prces and Welfare Change: A Smple Calbraton Xaohua Yu Professor of Agrcultural Economcs Courant Research Centre Poverty, Equty and Growth Unversty of Göttngen CRC-PEG, Wlhelm-weber-Str. 2 3773
More informationWork, Offers, and Take-Up: Decomposing the Source of Recent Declines in Employer- Sponsored Insurance
Work, Offers, and Take-Up: Decomposng the Source of Recent Declnes n Employer- Sponsored Insurance Lnda J. Blumberg and John Holahan The Natonal Bureau of Economc Research (NBER) determned that a recesson
More informationMutual Funds and Management Styles. Active Portfolio Management
utual Funds and anagement Styles ctve Portfolo anagement ctve Portfolo anagement What s actve portfolo management? How can we measure the contrbuton of actve portfolo management? We start out wth the CP
More informationSurvey of Math: Chapter 22: Consumer Finance Borrowing Page 1
Survey of Math: Chapter 22: Consumer Fnance Borrowng Page 1 APR and EAR Borrowng s savng looked at from a dfferent perspectve. The dea of smple nterest and compound nterest stll apply. A new term s the
More informationManaging EPS Through Accelerated Share Repurchases: Compensation Versus Capital Market Incentives
Managng EPS Through Accelerated Share Repurchases: Compensaton Versus Captal Market Incentves Carol Marquardt Assocate Professor Baruch College CUNY Chrstne Tan Assstant Professor Baruch College CUNY and
More informationFinite Math - Fall Section Future Value of an Annuity; Sinking Funds
Fnte Math - Fall 2016 Lecture Notes - 9/19/2016 Secton 3.3 - Future Value of an Annuty; Snkng Funds Snkng Funds. We can turn the annutes pcture around and ask how much we would need to depost nto an account
More informationAn Application of Alternative Weighting Matrix Collapsing Approaches for Improving Sample Estimates
Secton on Survey Research Methods An Applcaton of Alternatve Weghtng Matrx Collapsng Approaches for Improvng Sample Estmates Lnda Tompkns 1, Jay J. Km 2 1 Centers for Dsease Control and Preventon, atonal
More informationIND E 250 Final Exam Solutions June 8, Section A. Multiple choice and simple computation. [5 points each] (Version A)
IND E 20 Fnal Exam Solutons June 8, 2006 Secton A. Multple choce and smple computaton. [ ponts each] (Verson A) (-) Four ndependent projects, each wth rsk free cash flows, have the followng B/C ratos:
More informationEarnings Management and Stock Exposure to Exchange Rate Risk
Earnngs Management and Stock Exposure to Exchange Rate Rsk Feng-Y Chang a, Chn-Wen Hsn b, and Shn-Rong Shah-Hou c JEL classfcaton: F31, G30 Keywords: Exchange rate exposure, Earnngs Management, Theory
More informationSpeed and consequences of venture capitalist post-ipo exit
Speed and consequences of venture captalst post-ipo ext Imants Paegls * and Paranen Veeren ** Ths verson: January, 2010 * John Molson School of Busness, Concorda Unversty, 1450 Guy St. Montreal, QC, H1H
More informationForeign Exchange Exposures, Financial and Operational Hedge Strategies of Taiwan Firms
Foregn Exchange Exposures, Fnancal and Operatonal Hedge Strateges of Tawan Frms AUTHORS ARTICLE INFO JOURNAL Y-Chen Chang, Hu-Ju Ln Y-Chen Chang and Hu-Ju Ln (7). Foregn Exchange Exposures, Fnancal and
More information>1 indicates country i has a comparative advantage in production of j; the greater the index, the stronger the advantage. RCA 1 ij
69 APPENDIX 1 RCA Indces In the followng we present some maor RCA ndces reported n the lterature. For addtonal varants and other RCA ndces, Memedovc (1994) and Vollrath (1991) provde more thorough revews.
More informationStochastic ALM models - General Methodology
Stochastc ALM models - General Methodology Stochastc ALM models are generally mplemented wthn separate modules: A stochastc scenaros generator (ESG) A cash-flow projecton tool (or ALM projecton) For projectng
More informationReal Exchange Rate Fluctuations, Wage Stickiness and Markup Adjustments
Real Exchange Rate Fluctuatons, Wage Stckness and Markup Adjustments Yothn Jnjarak and Kanda Nakno Nanyang Technologcal Unversty and Purdue Unversty January 2009 Abstract Motvated by emprcal evdence on
More informationInformational Content of Option Trading on Acquirer Announcement Return * National Chengchi University. The University of Hong Kong.
Informatonal Content of Opton Tradng on Acqurer Announcement Return * Konan Chan a, b,, L Ge b,, and Tse-Chun Ln b, a Natonal Chengch Unversty b The Unversty of Hong Kong May, 2012 Abstract Ths paper examnes
More informationProblem Set #4 Solutions
4.0 Sprng 00 Page Problem Set #4 Solutons Problem : a) The extensve form of the game s as follows: (,) Inc. (-,-) Entrant (0,0) Inc (5,0) Usng backwards nducton, the ncumbent wll always set hgh prces,
More informationAsset Management. Country Allocation and Mutual Fund Returns
Country Allocaton and Mutual Fund Returns By Dr. Lela Heckman, Senor Managng Drector and Dr. John Mulln, Managng Drector Bear Stearns Asset Management Bear Stearns Actve Country Equty Executve Summary
More informationRisk and Return: The Security Markets Line
FIN 614 Rsk and Return 3: Markets Professor Robert B.H. Hauswald Kogod School of Busness, AU 1/25/2011 Rsk and Return: Markets Robert B.H. Hauswald 1 Rsk and Return: The Securty Markets Lne From securtes
More informationStock Market Reaction to Debt-Based Securities: Empirical Evidence. Mohammad Elian 1. Tai Young-Taft 2
Stock Market Reacton to Debt-Based Securtes: Emprcal Evdence Mohammad Elan Ta Young-Taft Abstract Ths paper tests for the stock market reacton to corporate debt-based securtes offerng. A standard event
More informationConstruction Rules for Morningstar Canada Dividend Target 30 Index TM
Constructon Rules for Mornngstar Canada Dvdend Target 0 Index TM Mornngstar Methodology Paper January 2012 2011 Mornngstar, Inc. All rghts reserved. The nformaton n ths document s the property of Mornngstar,
More informationWhy Don t Issuers Get Upset About Leaving Money on the Table in IPOs?
Why Don t Issuers Get Upset About Leavng Money on the Table n IPOs? Tm Loughran Unversty of Notre Dame P.O. Box 399 Notre Dame IN 46556-0399 29.63.8432 voce Loughran.9@nd.edu and Jay R. Rtter Unversty
More informationPerformance of Foreign Mutual Funds marketed in Portugal
10 21 30 31 42 47 48 49 51 73 74 85 75 76 77 79 86 Performance of Foregn Mutual Funds marketed n Portugal Date: 26-08-2016 DISCLAIMER The nformaton contaned n ths fle has been drawn up n accordance wth
More informationThe Initial Going-concern of Delisting Firms: An Application of Proportional Hazard Model
The Intal Gong-concern of Delstng Frms: An Applcaton of Proportonal Hazard Model Ch-Chen Wang Department of Fnancal Management, Natonal Defense Unversty Yueh-Ju Ln Department of Accountng, Kanan Unversty
More informationConstruction Rules for Morningstar Canada Dividend Target 30 Index TM
Constructon Rules for Mornngstar Canada Dvdend Target 0 Index TM Mornngstar Methodology Paper January 2012 2011 Mornngstar, Inc. All rghts reserved. The nformaton n ths document s the property of Mornngstar,
More informationTeaching Note on Factor Model with a View --- A tutorial. This version: May 15, Prepared by Zhi Da *
Copyrght by Zh Da and Rav Jagannathan Teachng Note on For Model th a Ve --- A tutoral Ths verson: May 5, 2005 Prepared by Zh Da * Ths tutoral demonstrates ho to ncorporate economc ves n optmal asset allocaton
More informationTesting Benjamin Graham s Net Current Asset Value Strategy in London
Testng Benjamn Graham s Net Current Asset Value Strategy n London Yng Xao and Glen Arnold Centre for Economcs and Fnance Research Salford Busness School Unversty of Salford Salford Manchester M5 4WT, UK
More informationA MODEL OF COMPETITION AMONG TELECOMMUNICATION SERVICE PROVIDERS BASED ON REPEATED GAME
A MODEL OF COMPETITION AMONG TELECOMMUNICATION SERVICE PROVIDERS BASED ON REPEATED GAME Vesna Radonć Đogatovć, Valentna Radočć Unversty of Belgrade Faculty of Transport and Traffc Engneerng Belgrade, Serba
More informationAn Empirical Study on Stock Price Responses to the Release of the Environmental Management Ranking in Japan. Abstract
An Emprcal Study on Stock Prce esponses to the elease of the Envronmental Management ankng n Japan Fumko Takeda Unversy of Tokyo Takanor Tomozawa Unversy of Tokyo Abstract Ths paper nvestgates how stock
More informationCHAPTER 1: MATHEMATICS OF INVESTMENT
Why do you need to know nvestments, bonds, stocks, nterests? Why s there a need to nvest your hard earned money? Whether you just want to save for that phone or tablet that you wanted to buy; or you re
More informationJ. Basic. Appl. Sci. Res., 2(10) , , TextRoad Publication
202, TextRoad Publcaton ISSN 2090-4304 Journal of Basc and Appled Scentfc Research www.textroad.com Comparng the Effect of Proft Increase Crtera wth the Cash Recovery Rate of Companes Lsted on Tehran Stock
More informationDo not Fear the Fear Index: Evidence from US, UK and European Markets
Do not Fear the Fear Index: Evdence from US, UK and European Markets Pankaj Chandorkar 1,# and Janusz Brzeszczyńsk 2 1 Lecturer n Fnance Northumbra Unversty, Newcastle Busness School Department of Accountng
More informationCall & Put Butterfly Spreads Test of SET50 Index Options Market Efficiency and SET50 Index Options Contract Adjustment
Call & Put Butterfly preads est of E50 Index Optons Market Effcency and E50 Index Optons Contract Adjustment Woradee Jongadsayakul Abstract hs paper tests the effcency of E50 Index Optons market and nvestgates
More informationOption Repricing and Incentive Realignment
Opton Reprcng and Incentve Realgnment Jeffrey L. Coles Department of Fnance W. P. Carey School of Busness Arzona State Unversty Jeffrey.Coles@asu.edu Tel: (480) 965-4475 Naveen D. Danel Department of Fnance
More information2) In the medium-run/long-run, a decrease in the budget deficit will produce:
4.02 Quz 2 Solutons Fall 2004 Multple-Choce Questons ) Consder the wage-settng and prce-settng equatons we studed n class. Suppose the markup, µ, equals 0.25, and F(u,z) = -u. What s the natural rate of
More informationTests for Two Ordered Categorical Variables
Chapter 253 Tests for Two Ordered Categorcal Varables Introducton Ths module computes power and sample sze for tests of ordered categorcal data such as Lkert scale data. Assumng proportonal odds, such
More informationREFINITIV INDICES PRIVATE EQUITY BUYOUT INDEX METHODOLOGY
REFINITIV INDICES PRIVATE EQUITY BUYOUT INDEX METHODOLOGY 1 Table of Contents INTRODUCTION 3 TR Prvate Equty Buyout Index 3 INDEX COMPOSITION 3 Sector Portfolos 4 Sector Weghtng 5 Index Rebalance 5 Index
More informationMeasurement and Management of Exchange Rate Exposure: New Approach and Evidence
Measurement and Management of Exchange Rate Exposure: New Approach and Evdence Taek Ho Kwon a, Sung C. Bae b,*, Rae Soo Park c January 2013 * Correspondng author; Tel) 419-372-8714; E-mal) bae@bgsu.edu
More informationSYSTEMATIC LIQUIDITY, CHARACTERISTIC LIQUIDITY AND ASSET PRICING. Duong Nguyen* Tribhuvan N. Puri*
SYSTEMATIC LIQUIDITY, CHARACTERISTIC LIQUIDITY AND ASSET PRICING Duong Nguyen* Trbhuvan N. Pur* Address for correspondence: Trbhuvan N. Pur, Professor of Fnance Char, Department of Accountng and Fnance
More informationSPECIFIC TERMS AND CONDITIONS FOR TERM DEPOSIT-i BASED ON TAWARRUQ (Effective Date: 2 April 2018)
FOR TERM DEPOSIT- BASED ON TAWARRUQ (Effectve Date: 2 Aprl 2018) The Specfc Terms and Condtons mentoned heren are applcable to all Term Depost- products based on the Sharah concept of Tawarruq offered
More informationLecture 10: Valuation Models (with an Introduction to Capital Budgeting).
Foundatons of Fnance Lecture 10: Valuaton Models (wth an Introducton to Captal Budgetng). I. Readng. II. Introducton. III. Dscounted Cash Flow Models. IV. Relatve Valuaton Approaches. V. Contngent Clam
More informationAssessment of Liquidity Risk Management in Islamic Banking Industry (Case of Indonesia)
Assessment of Lqudty Rsk Management n Islamc Bankng Industry (Case of Indonesa) Paper Presented n The 1 st UK Conference on Islamc Bankng and Fnance Dssertatons London School of Economcs, July 6 th, 2008
More informationA Meta Analysis of Real Estate Fund Performance
A Meta Analyss of Real Estate Fund Performance A Paper Presented at the ARES Annual Meetng Aprl 00 Naples, Florda Abstract Stephen Lee, Unversty of Readng * and Smon Stevenson, Unversty College Dubln Ths
More informationCHAPTER 9 FUNCTIONAL FORMS OF REGRESSION MODELS
CHAPTER 9 FUNCTIONAL FORMS OF REGRESSION MODELS QUESTIONS 9.1. (a) In a log-log model the dependent and all explanatory varables are n the logarthmc form. (b) In the log-ln model the dependent varable
More informationEconomic Design of Short-Run CSP-1 Plan Under Linear Inspection Cost
Tamkang Journal of Scence and Engneerng, Vol. 9, No 1, pp. 19 23 (2006) 19 Economc Desgn of Short-Run CSP-1 Plan Under Lnear Inspecton Cost Chung-Ho Chen 1 * and Chao-Yu Chou 2 1 Department of Industral
More information