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Empirical Evidence of Pricing Efficiency in Niche Markets

Description: Unique and proprietary data of the illiquid, one-year non cancelable for three month Bermudan swaps (1Y NC 3M swaps) and one-year non callable for three months Bermudan CDs (1Y NC 3M CDs), provides evidence of market efficiency. The 1Y NC 3M swap and 1Y NC 3M CD markets efficiently reflected unexpected economic information. The 1Y NC 3M swaption premiums also followed the European one-year into three-month (1Y into 3M) swaption volatilities. Swaption premiums were computed by pricing non-optional instruments using the quoted 1Y NC 3M swap rates and the par value swap rates and taking the difference between them. Swaption premiums ranged from a slight negative premium to a 0.21 percent premium. The average swaption premium during the study period was 0.02 percent to 0.04 percent. The initial swaption premiums were over 0.20 percent while the final swaption premiums were 0.02 percent to 0.04 percent. Premiums peaked and waned throughout the study period depending on market uncertainty as reflected in major national economic announcements, Federal Reserve testimonies and foreign currency devaluations. Negative swaption premiums were not necessarily irrational or quoting errors. Frequently, traders obligated to provide market quotes to customers do not have an interest and relay that lack of interest to the customer through a nonaggressive quote. The short-dated 1Y NC 3M swaption premiums closely followed 3M into 1Y swaption volatilities, indicating the 3M into 1Y swaption market closely follows the 1Y NC 3M swaption market and that similar market factors affect both markets or both markets efficiently share information. Movements in 1Y NC 3M swaption premiums and in 3M into 1Y swaption volatilities reflected a rational response by market participants to unexpected economic information. As market uncertainty decreased in the market place, risk measured both by swaption premiums and swaption volatilities decreased; vice verse when economic factors showed ...
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Date: May 2000
Creator: Koch, Sandra Idelle

An Empirical Examination of Service Dominant Logic: The Theory of the Network

Description: Marketing scholars question the ability of the 4Ps to explain higher order phenomena in modern marketing. Scholars contend that marketing's historical framework, based in product centric economic theory, constrains the 4Ps ability to form a foundation for a general theory of marketing. The focus on value embedded in product fails to explain knowledge-based intangible sources of competitive advantage. In response to this concern a new dominant logic for marketing called service-dominant logic (S-D Logic) has been proposed. However, not all scholars are supportive of S-D Logic. Still nescient, S-D Logic lacks a theoretic model, operationalized constructs, and relationships between those constructs. This study addresses those deficiencies by: (1) generation of a grounded theory of a performance-oriented network; (2) empirical assessment of the S-D Logic literature; and (3) development of an inductively generated theory of S-D Logic to include constructs, relationships, outcomes, and hypothesis. This investigation provides an important set of research findings. The resultant service-oriented network theory suggests a theoretic structure for S-D Logic. Use of grounded theory provides a strong empirical foundation based in a leading edge multi-national market segment composed corporations and programs worth hundreds of billions of dollars. The analysis drew upon 44 field interviews and follow-up exchanges. Multiple member checking sessions generated practitioner confirmation of the research conclusions. The work provides actionable theoretical and practical implications. This investigation provides a link between S-D Logic as a foundation for a general theory of marketing and initial model of suggestive of such theory. For the practitioner the service-oriented network model provides actionable constructs. The antecedents identified are largely influencable by inter-firm leadership and provides them a mechanism to tailor the specific service-oriented strategy to support the desired network value propositions.
Date: August 2007
Creator: Randall, Wesley Spencer

An Empirical Examination of the Effects of FASB Statement No. 52 on Security Returns and Reported Earnings of U.S.-Based Multinational Corporations

Description: Prior to the issuance of Financial Accounting Standards Board Statement No. 8 (SFAS No. 8), there was a marked inconsistency in the area of accounting for foreign currency translation. Though designed to make the diverse accounting practices of multinational corporations (MNCs) more compatible, SFAS No. 8 was the subject of a great deal of criticism, eventually leading to the issuance of Financial Accounting Standards Board Statement No. 52 (SFAS No. 52). SFAS No. 52 differs from SFAS No. 8 on objectives and method of translation, and on accounting treatments of translation adjustments. This dissertation provides an empirical examination of the security market reaction to the accounting policy change embodied in SFAS No. 52, and its impact on the volatility of reported earnings of MNCs. The effects of the issuance and early adoption of SFAS No. 52 on security return distributions were determined by both cross-sectional comparisons of cumulative average residuals (CAR) between MNCs and domestic firms and between early and late adopters, and by time-series tests on CAR of MNCs. Two volume analyses were performed to test the effects of SFAS No. 52 on security volume. The first analysis was adjusted to remove the effects of the marketwide factors on volume, and the second analysis was unadjusted for the market influences. Four nonparametric tests were used in testing the effects of SFAS No. 52 vis-a-vis SFAS No. 8 on the volatility of reported earnings of MNCs. The findings of this study led to the following conclusions: (1) SFAS No. 52 had significantly affected security returns of MNCs, but had no significant effects on security volume of MNCs; (2) the early adoption of SFAS No. 52 had no effects on security returns and volume of early adopters as opposed to late adopters; and (3) SFAS No. 52 did not have any ...
Date: December 1986
Creator: Elsayed-Ahmed, Sameh M. (Sameh Metwally)

An Empirical Investigation of Critical Factors that Influence Data Warehouse Implementation Success in Higher Educational Institutions

Description: Data warehousing (DW) in the last decade has become the technology of choice for building data management infrastructures to provide organizations the decision-making capabilities needed to effectively carry out its activities. Despite its phenomenal growth and importance to organizations the rate of DW implementation success has been less than stellar. Many DW implementation projects fail due to technical or organizational reasons. There has been limited research on organizational factors and their role in DW implementations. It is important to understand the role and impact of both technical but organizational factors in DW implementations and their relative importance to implementation performance. A research model was developed to test the significance of technical and organizational factors in the three phases of implementation with DW implementation performance. The independent variables were technical (data, technology, and expertise) and organizational (management, goals, users, organization). The dependent variable was performance (content, accuracy, format, ease of use, and timeliness). The data collection method was a Web based survey of DW implementers and DW users sampled (26) from a population of 108 identified DW implementations. Regression was used as the multivariate statistical technique to analyze the data. The results show that organization factors are significantly related to performance. Also, that some variables in the post-implementation phase have a significant relationship with performance. Based on the results of the tests the model was revised to reflect the relative impact of technical and organizational factors on DW performance. Results suggest that in some cases organizational factors have a significant relationship with DW implementation performance. The implications and interpretation of these results provide researchers and practitioners' insights and a new perspective in the area of DW implementations.
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Date: May 2003
Creator: Mukherjee, Debasish

An Empirical Investigation of Detail Design Tools and Cognitive Style of Software Developers

Description: The purpose of this study is to identify what detail design tools are more productive for the different types of professional software developers. By establishing a match between the detail design tool and the cognitive style of the professional programmer, the end product (Information Systems) should be of a higher quality. Two laboratory experiments were conducted. The first experiment was with professional Software Developers; the second one was with students. The dependant variables considered in this study were the number of semantic errors and the time required to complete a design task for conditional logic. The independent variables were the cognitive style of the subject, the complexity of the task, and the detail design tools. Decision trees, flowcharts and pseudocode were used as detailed design tools. Field dependence was the only dimension of cognitive style that was tested.
Date: May 1992
Creator: Flores-Rosales, Oscar

An empirical investigation of how perceived devaluation and income effects influence consumers' intended utilization of savings from coupon redemption.

Description: Coupons are one of the most popular and attractive tools of promotion. Redeeming coupons makes shoppers feel that they are doing something good for their family's budget, because coupons offer 'savings.' On the other hand, a coupon might have several negative effects on purchase behavior as well, which might 'devalue' the promoted product in the consumer's perception. But a review of the literature shows a lack of attention afforded to the above-mentioned aspects of coupon redemption. In addition, the consumer's coupon redemption behavior is moderated by several factors drawn from research in the fields of market pricing, economics and psychology, each of which have contributed to the current study in their own way. Finally, there does not exist any substantive research as to why coupon redemption rates have been on the decline, despite an increase in distribution of coupons. Therefore, this research not only fills existing gaps in the literature but also enriches it by synthesizing views from different academic disciplines. This dissertation concentrates on grocery products. Data is collected from about 2500 adults, primarily residing in the Dallas-Fort Worth area. The conceptual framework is based on the theory of reasoned action, which suggests that an individual's beliefs influence his/her attitude towards the consequences of actions, and attitudes, in turn, influence the individual's actions. Toward this end, the model incorporates intention to redeem coupons, intention to keep or spend savings and intention of how to spend savings from coupon redemption as the dependent variables, and several other independent variables. Behavioral independent variables are measured using items borrowed from established scales, as well as those developed exclusively for the current study. Standard statistical tools such as factor analysis and accepted measures of reliability and validity (Cronbach's alpha) are applied and reported, while structural equation modeling has been used to re-validate certain ...
Date: August 2007
Creator: Barat, Somjit

An empirical investigation of manufacturing flexibility and organizational performance as moderated by strategic integration and organizational infrastructure.

Description: The purpose of this study is empirically investigating four research questions related to manufacturing flexibility. 1) What are the components of manufacturing flexibility? 2) Is there a relationship between manufacturing flexibility and organizational performance? 3) Do integrated strategies strengthen the relationship between manufacturing flexibility and organizational performance? 4) Are there organizational characteristics that strengthen the relationship between manufacturing flexibility and organizational performance? This study used a cross-sectional survey design to collect data from manufacturing organizations in multiple industries. Organizational performance was quantified using common manufacturing measures. Strategic integration and organizational infrastructure were also measured. Data were collected using a self-administered questionnaire. Factor analysis, correlation analysis, and regression were used to analyze the data. The results indicate the variables and expected relationships exist as hypothesized. This study contributes to the manufacturing flexibility body of knowledge by identifying relationships between the manufacturing flexibility component, performance, strategic integration, and organizational infrastructure. The instrument development in this study is of particular value as there are few rigorously developed and validated instruments to measure the manufacturing flexibility components and performance. Understanding these relationships will help practitioners make better decisions in manufacturing organizations as well as enable application of the concepts in this study to other contexts such as service organizations.
Date: August 2008
Creator: Rogers, Pamela Rose Patterson

An Empirical Investigation of Matrix Sampling Involving Multiple Item Samples in a Two-Factor Analysis of Variance Design

Description: The primary purposes of this study were: (1) to study empirically differences that might occur among item-samples and (2) to compare empirically the effect of test item samples on matrix sampling estimates of the mean and variance of a population of test scores, and (3) to study empirically an analysis of variance design through multiple matrix sampling.
Date: December 1971
Creator: Newell, James Archie

An Empirical Investigation of Personal and Situational Factors That Relate to the Formation of Entrepreneurial Intentions

Description: New entrepreneurial organizations emerge as a result of careful thought and action. Therefore, entrepreneurship may be considered an example of planned behavior. Previous research suggests that intentions are the single best predictor of planned behavior. Given the significance of intentions, the purpose of this study was to investigate the relationships between the personal characteristics of the entrepreneur and perceived environmental factors, and entrepreneurial intentions.
Date: August 1998
Creator: Summers, David F. (David Frederic), 1948-

An Empirical Investigation of Personality and Situational Predictors of Job Burnout

Description: Empirical research exploring the complex phenomenon of job burnout is still considered to be in its infancy stage. One clearly established stream of research, though, has focused on the antecedents of the three job burnout components: emotional exhaustion, depersonalization, and personal accomplishment. In particular, situational characteristics have received a great deal of attention to date. Four situational factors: (1) role ambiguity, (2) role conflict, (3) quantitative role overload, and (4) organizational support were included in this analysis to test their significance as predictors of job burnout. Another set of antecedents that has received far less attention in job burnout research is personal dispositions. Individual differences, most notably personality traits, may help us understand why some employees experience burnout whereas others do not, even within the same work environment. Four personality characteristics: (1) self-esteem, (2) locus of control, (3) communal orientation, and (4) negative affectivity were included to test their significance as predictors of job burnout. An on-site, self-report survey instrument was used. A sample of 149 human service professionals employed at a large government social services department voluntarily participated in this research. The main data analysis techniques used to test the research hypotheses were canonical correlation analysis and hierarchical analysis of sets. While role ambiguity showed no significant associations with any of the three job burnout components, the remaining situational factors had at least one significant association. Among all the situational characteristics, quantitative role overload was the strongest situational predictor of emotional exhaustion and depersonalization, while organizational support was the strongest situational predictor of personal accomplishment. The personality predictor set as a whole showed a significant relationship with each of the job burnout components, providing strong proof that dispositional effects are important in predicting job burnout. Among all the personality characteristics, negative affectivity was the strongest personality predictor of emotional ...
Date: December 1996
Creator: Caudill, Helene L. (Helene Litowsky)

An Empirical Investigation of Portfolios with Little Idiosyncratic Risk

Description: The objective of this study is to answer the following research question: How large is a diversified portfolio? Although previous work is abundant, very little progress has been made in answering this question since the seminal work of Evans and Archer (1968). This study proposes two approaches to address the research question. The first approach is to measure the rate of risk reduction as diversification increases. For the first approach, I identify two kinds of risks: (1) risk that portfolio returns vary across time (Evans and Archer (1968), and Campbell et al. (2001)); and (2) risk that returns vary across portfolios of the same size (Elton and Gruber (1977), and O'Neil (1997)). I show that the times series risk reaches an asymptote as portfolio size increases. Cross sectional risk, on the other hand, does not appears to reach an asymptote as portfolio size increases. The second approach consists of comparing portfolios' performance to a benchmark portfolio that is assumed to be diversified (Statman (1987)). I develop a performance index. The performance index is calculated, for any given test portfolio, as the ratio of the Sharpe-like measure of the test portfolio to the Sharpe-like measure of the benchmark portfolio that is assumed to be diversified. The index is based on the intuition that an increase in portfolio size reduces times series risk and cross sectional risk, and increases transaction costs. Portfolio size is worth increasing as long as the marginal increase in the performance index from a decrease in risk is greater than the marginal decrease of the performance index from an increase in transaction costs. Diversification is attained when the value of the index reaches one. The results of my simulations indicate that the size of a well diversified portfolio is at the very least 30. This number can be ...
Date: May 2004
Creator: Benjelloun, Hicham

An Empirical Investigation of Psychophysiological Characteristics and Psychological Variables in Information Systems Human Factors Research

Description: The purpose of this study was to test the comparability of several psychological instruments commonly used in Information Systems (IS) cognitive style research. The objective was to determine the limitations of: existing instruments in IS cognitive style research. The motivation for this research was the inconclusive findings reported in IS human information processing research. The study used a repeated measures design. Each individual completed the following cognitive style and personality instruments; the Myers-Briggs Type Indicator, the Group Embedded-figures Test, the Learning Style Inventory, the Human Information Processing Survey, and the Torrance Tests of Creative Thinking (Figural Form A). The individual also completed a dichotic listening and tachistoscope task. Data was collected from business administration, BCIS, liberal arts majors, and IS professionals. The results of this study indicate IS researchers need to consider several factors in the use of these instruments. A direct relationship exists between cognitive ability and results on the GEFT. Cognitive ability should be considered a moderating variable in interpreting the results of the GEFT. Also, the hypothesis that the GEFT is a surrogate for analytical and low-analytical abilities is not supported by this study. Other reported results include the inappropriateness of using the TTCT with adult populations. Also, the MBTI appears to be an appropriate instrument for measuring cognitive styles in IS research. This study reported that gender is a moderating factor on the classification of MBTI types in that gender is not evenly divided among feeling and thinking types. This study reported no relationships between the cognitive style and personality instruments with the physiological measurements. The validity of the physiological measurements could be the underlying factor for not reporting any significant relationships. IS researchers will benefit from this study through an improved understanding of the appropriateness and applicability of these instruments. This benefits research through the ...
Date: December 1989
Creator: Corman, Lawrence S. (Lawrence Sanger)

An Empirical Investigation of the Discriminant and Predictive Ability of the SFAS No. 69 Signals for Business Failure in the Oil and Gas Industry

Description: In 1982, the Financial Accounting Board (FASB) issued Statment of Financial Accounting Standards No. 69 (SFAS No. 69) which required oil and gas producing companies to disclose supplementary information to the basic financial statements. These disclosures include, costs incurred, capitalized costs, reserve quantities, and a standardized measure of discounted cash flows. The FASB considered these disclosures to be necessary to compensate for the deficiencies in historical cost financial statements. The usefulness of the new signals created by SFAS No. 69, however, is an empirical question and research regarding that objective is lacking. The objective of the study is to test the usefulness of SFAS No. 69. The research strategy used to achieve that objective is to compare the discriminant and predictive power of SFAS No. 69 signals or SFAS No. 69 signals combined with financial signals to that of financial signals alone. The research hypothesized that SFAS No. 69 signals by themselves or as supplmentary to financial signals have more discriminant and predictive ability for business failure in oil and gas industry than do financial signals alone. In order to test that hypothesis, the study used the multiple discriminant analysis technique (MDA) to develop three equations. The first is based on SFAS NO. 69 signals, the second on financial statement signals, and the third on joint financial and SFAS No. 69 signals. Data were collected from the 10-K's arid the annual reports of 28 oil and gas companies (14 failed and 14 nonfailed). The analysis was repeated for four time bases, one year before failure, two years before failure, three years before failure, and the average of the three years immediately before failure. After assessing the discriminant and predictive ability of each equation in the four time bases, a t-test was used to determine a significant difference in the discriminant ...
Date: December 1985
Creator: Eldahrawy, Kamal

An Empirical Investigation of the Effectiveness of Using Assigned, Easy Goals to Strengthen Self-efficacy Perceptions and Personal Goals in Complex Task Performance

Description: The perception of self-efficacy is a central cognitive construct in explaining motivation. Assigned goals are established in the literature as affecting self-efficacy, but only a few researchers investigated their effects in complex tasks. One stream of research revealed the positive effects of easy goals on performance in a complex task without regard to self-efficacy perceptions. In the present study, the focus was on the effects of assigned, easy goals on self-efficacy and personal goals in complex task performance. It was expected that easy goals would be superior to moderate or impossible goals because the complexity and uncertainty of the task distorts subjects' perceptions of goal difficulty.
Date: December 1998
Creator: Endres, Megan L. (Megan Lee)