Journal of Academy of Business and Economics articles from February 2005

Journal of Academy of Business and Economics archives from February 2005

A general explanation of the American business cycle of 1991-2001.
February 1, 2005... ABSTRACT This paper examines the American business cycle of 1991-2001 by developing a general explanation grounded in Veblen's theory of the business cycle. The expansionary phase of the business cycle which is the outcome of increased...

Gender diversity and firm value: an extension of mean-variance portfolio theory.
February 1, 2005... ABSTRACT This study sought to innovatively extend the financial concept of mean-variance portfolio theory into the areas of organizational management and firm financial performance. More specifically, the primary empirical analysis focused...

Does corporate governance determine bank loan portfolio choice?
February 1, 2005... ABSTRACT In this paper, we examine the relationship between the structure of a bank's board of directors and the bank's loan portfolio choice (holdings of agricultural, real estate, consumer, and commercial and industrial loans). The board...

Asset price volatility and consumer price inflation: is there a predictive link?
February 1, 2005... ABSTRACT Recent developments where asset price inflation has been noted to foreshadow consumer price inflation in some countries have given rise to proposals about including information about asset price inflation for the conduct of...

The effects of a stock index: evidence from the annual rebalancing of the MSCI USA index.
February 1, 2005... ABSTRACT This paper examines the effects of the annual rebalancing of the MSCI USA Index on the companies that were added to the index. Although we cannot find considerable announcement effects, our results show some weak evidence that an...

Defaultable puttable/callable bond valuation: a 3D finite difference model.
February 1, 2005... ABSTRACT This paper presents a 3D model for pricing defaultable bonds with embedded put/call options. The pricing model incorporates three essential ingredients in the pricing of defaultable bonds: stochastic interest rate, stochastic...

Trends in earned degrees in business and economics & US productivity growth: is there a feedback link?
February 1, 2005... ABSTRACT This paper presents a simple model of education and growth to establish the link between human capital accumulation and productivity growth. To examine the dynamic relationship empirically, I used the unrestricted VAR approach to...

The role of information technology in the profit and cost efficiency improvements of the banking sector.
February 1, 2005... ABSTRACT Information technology has tremendously stimulated expansion of the banking networks and range of the offered services during recent years. This paper examines the impact of the progress in information technology on the profit and...

Private sector financing on economic growth in Malaysia: results from the bounds test.
February 1, 2005... ABSTRACT In this paper the impact of private sector financing by commercial banks on economic growth in Malaysia is investigated over the period from 1976 to 1999. The short-run and long-run relationship between commercial banks private...

The performance of sector mutual funds relative to benchmarks.
February 1, 2005... ABSTRACT Implacable proponents of an all-index funds strategy of investing indefatigably and zealously elucidate how investors are consistent losers (mediocre total returns) in the active versus passive investment management competition...

Board restructure, CEO succession and financial performance in financially distressed firms.
February 1, 2005... ABSTRACT This study focuses on the relation between post-CEO-succession financial performance and board restructure in financially distressed firms. The empirical results in this study show a negative relation between the change in board...

A Bayesian regression spline approach to estimation of the term structure of interest rates.
February 1, 2005... ABSTRACT This paper presents a case study of interest rate term structure estimation of U.S. Treasury bonds and A T& T corporate bonds from April 1994 to December 1995. We first adopt a Bayesian regression spline model to estimate the term...

An empirical analysis of the relationship between the budget deficit and the trade deficit.
February 1, 2005... ABSTRACT This paper is an attempt to find the statistical evidence of the relationship between the U.S. government's budget deficit and the trade deficit by applying the cointegration and the Granger causality tests. For this purpose, the...

Special charge announcement labeling and timing choices: opportunism or signaling?
February 1, 2005... ABSTRACT Special charge announcements often confuse investors trying to evaluate firm performance. In this paper, we investigate whether managers' choices of labeling (restructuring or write-off) and timing (prior to or simultaneously with...

Acquisition performance: experience or competence?
February 1, 2005... ABSTRACT In a study of over 10,000 acquisitions between 1991 and 2002, we find evidence that past success raises future performance in private, or semi-private, bids but not in public bids. We also find that past success was not associated...

The budgeting and capital reserves process: a realistic approach and model for a non-profit organization.
February 1, 2005... ABSTRACT The budgeting and capital reserves process is an important procedure for evaluation of financial results and management decision-making. Different organizations use different procedures. The objective is the same, that is, to...

High quality and low costs? An application.
February 1, 2005... ABSTRACT The relationship between quality and quality costs is an intriguing one. The usefulness of quality cost data as the primary accounting information source to help managers make quality-improvement decisions is also debatable. In...

Build-operate-transfer of airport in fuzzy cost of capital and fuzzy capital budgeting.
February 1, 2005... ABSTRACT Most previous studies concerning financial performance evaluation focus merely on the cost control, which might directly influence the survival of a company. This paper attempts to construct a new optimal capital planning decision...