Managerial Finance
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Các bài báo tiêu biểu
On the Forecasting Content of the Implied Forward Rate
Tập 16 Số 6 - Trang 40-46
Today's maturity pattern of interest rates contains an implicit market forecast
of future short‐term rates. However, it is well known that these implied rates
generally fail to explain actual movements in short‐term rates. From two
empirical propositions about movements of yield curves it follows that half of
the time short‐term rates will move in the opposite direction from that
forecasted implic...
Re‐indexing the Heath, Jarrow and Morton term structure model and empirical evidence of forward function following a martingale
Tập 24 Số 9/10 - Trang 72-93
Outlines Heath, Jarrow and Morton’s (1992) method (MJM) for modelling interest
rates and refers to other research showing that although it is generally
non‐Markov, this can be modified if the volatility structure depends on relative
maturity term rather than calendar maturity date. Develops a re‐indexed MJM
model, applies it to 1975‐1991 data on non‐callable US treasury bills, notes and
bonds; and...
Multinationality of US corporations: the auditing implications
Tập 24 Số 5 - Trang 29-41
Explains the auditing problems encountered by multinational companies under the
US Foreign Corrupt Practices Act and the Regulation of Technology Transfers and
the complications of resource allocation in countries with different cultures to
the USA. Highlights currency fluctuations, human resources and environmental
audit. Lists some of the differences between US and foreign auditor independence
a...
Superstardom and Institutional Investor’s All‐British Research Team
Tập 28 Số 1 - Trang 1-13
Outlines previous research on the security analyst “superstar” phenomenon,
including the stochastic model of Yule and Simon. Applies this to data on the
1986‐1997 selections for the Institutional Investor’s All‐British Research First
Team (ABRT) and finds that it does not explain the distribution, i.e. that
selection does appear to be based on skill rather than luck. Considers
consistency with oth...
A Comparative Study of the Forecasting Accuracy of Holt‐Winters and Economic Indicator Models of Earnings Per Share For Financial Decision Making
Tập 13 Số 2 - Trang 10-15
Earnings forecasts provide useful numerical information concerning the
expectations of a firm's future prospects and indicate management's ability to
anticipate a firm's changing internal structure and external environment. The
reasons for studying the accuracy of earnings forecasts is due to the Securities
and Exchange Commission's position on financial forecasts and the issuance of a
Statement o...
The relaxation of foreign ownership limits and market integration: the case of Thailand
Tập 30 Số 7 - Trang 78-89
The Thai stock market maintains two separate listings for common stocks which
have reached foreign ownership limits. Prices on the Foreign Board are typically
traded at a premium relative to prices on the Main Board. The price premium is
both a measure and evidence of market segmentation. Thai commercial banks were
faced with financial and operational difficulties in the wake of the 1997
financial...
Hooking‐up: a unique feature of China Public Accounting Firms
Tập 26 Số 5 - Trang 21-30
Explains why, following China‘s implementation of a market economy, public
accounting firms were required to affiliate (hook‐up) with existing government
or educational institutions until 1993 when partnerships and limited liability
firms were also allowed. Describes the rules relating to independent accounting
firms and changes which should foster their development but reports that, in
fact, most...
Auditing the Board: A New Approach to the Measurement of Company Performance
Tập 5 Số 2 - Trang 127-147
The role of the internal auditor is evolving rapidly. More and more his ambit is
encompassing the whole range of a company's operations. His activities no longer
primarily consist of checking for compliance with laid down procedures but are
becoming more management orientated and focused on the appraisal of efficiency
and effectiveness of operational systems in general. These developments are
ackn...
Pricing of mortgage‐backed securities with option‐adjusted spread
Tập 24 Số 9/10 - Trang 94-109
Notes the increasing importance of option‐adjusted spread analysis for pricing
in the mortgage‐backed securities market and develops a partial differentiation
equation method (PDE) for calculation, as an alternative to the Monte Carlo
method. Discusses the mathematical theory involved and illustrates its use with
a numerical example. Claims PDE is more accurate and cheaper than the Monte
Carlo met...
Over‐optimism when pricing IPOs
Tập 33 Số 6 - Trang 352-367
– The purpose of this paper is to contribute to the literature on the valuation
of initial public offerings (IPOs). In particular, it tests the presence of
over‐optimism when pricing IPOs on the Italian Nuovo Mercato., – The paper
investigates whether the analysts make systematic errors when forecasting the
performance of the firm undergoing the IPO by comparing analysts’ ex‐ante
expectations to a...