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The Linkage Effect and Determinants of Direct Foreign Investment and Technology Transfer on a Developing Country's Industrialization: A Case Study of Taiwan

Description: Industrialization has held great attention in developing countries. Taiwan has demonstrated rapid industrial development. The problem of this study is to find out, what incentives the government in Taiwan has provided to foreign investors, what contributions foreign investment has made to capital formation and government revenue, and what been its impact on foreign trade and the balance of payments. The results of our study conclude that DFI and technology transfer can have a significant positive impact on a developing host country's industrialization.
Date: May 1986
Creator: Chen, Dor-Pin
Partner: UNT Libraries

An Open Economy Model of Pakistan : Relative Effectiveness of Monetary and Fiscal Policy

Description: This thesis examines the relative effectiveness of monetary and fiscal policy in Pakistan by utilizing an open economy framework. There is a great need for research about the effectiveness of macroeconomic policies as the knowledge of the relative importance of monetary and fiscal policy could prove useful to policymakers and help them understand the macroeconomic adjustment processes of these policy measures.
Date: August 1995
Creator: Hameed, Abid
Partner: UNT Libraries

Three Essays on the Effects of Equity Option Introduction

Description: This dissertation is structured as three essays on various aspects of equity option introduction. Topics addressed include the relative predictability of introduction, the relationship between predictability of introduction and the price effect associated with introduction, and a comparison of the price response of optioned versus nonoptioned stocks to changes in dividends. Essay 1 involves use of firm-specific variables in a LOGIT model to allow assignment of a probability of equity option introduction. Two samples were developed: one of firms that were optioned, the other of firms which met the objective standards but were not optioned. A LOGIT model is used to assign a probability of optioning to each firm. A holdout sample is used to test the out-of-sample predictive power of the model. Firms were correctly classified as optioned or nonoptioned in about 85 percent of cases. Various researchers have detected abnormal positive returns associated with stock option introduction. In an efficient market context, this would indicate that option introduction is "good" news to financial markets. If optioning is predictable, stocks with a higher probability of optioning would be expected to show less price response when options are introduced. In Essay 2, the relationship between the probability of optioning and abnormal returns is tested using a standard event methodology. Utilizing nonparametric statistics, no significant differences were detected among abnormal returns of portfolios formed on the basis of probability of option introduction. Essay 3 compares abnormal returns of optioned and nonoptioned stocks around announced dividend changes. Two samples were obtained. Firms in the first (second) sample had significant dividend changes while options were (were not) available on their stocks. Standard event methodology is used to compare price responses of the two samples. If the price response of optioned stocks is less pronounced than the price response of nonoptioned stocks, this may ...
Date: August 1996
Creator: Ragle, William F.
Partner: UNT Libraries

The Information Content of Pension Fund Asset Reversion

Description: Prior studies on the impact of the termination of overfunded defined benefit pension plans on shareholders' wealth have produced conflicting findings. The first study on the stock market reaction to pension plan termination was conducted by Alderson and Chen (1986); this study claimed that shareholders realize significant positive abnormal returns around the termination announcement date. A more recent study, by Moore and Pruitt (1990), disclaimed the findings of Alderson and Chen. Reexamination of these two studies with additional evidence and the use of the appropriate announcement date suggests that termination of pension plans is associated with significant wealth gain to shareholders. This study also analyzes samples from periods prior to and after the imposition in 1986 of a 10 percent excise tax on recaptured excess pension assets. The empirical results suggest that shareholders experience significant positive wealth effects for the pre-tax (1980-85) period and no wealth effects for the post-tax (1986-88) period. The primary purpose of this study is to determine the impact of stock market reaction upon shareholders' wealth under the partial anticipation hypothesis. The pre-tax sample is analyzed by isolating the expected terminators using the multiple discriminant analysis model. This study finds significant positive abnormal returns only for firms that are not anticipated by the investors as potential terminators. The results of this study do not lend support to either the "separation" or the "integration" hypothesis as proposed by Alderson and Chen (1986). Instead, the results are consistent with the information hypothesis that the market reacts to unanticipated events that provide new information. Cross-sectional regression analysis of unexpected terminators suggests that the abnormal performance of stocks of pension terminating firms is explained by the firms' debt ratio and the amount of surplus pension assets. It can be inferred that firms may resort to recapturing excess pension assets as ...
Date: August 1992
Creator: Shetty, Shekar T.
Partner: UNT Libraries

An Analysis of the Cost Accounting Literature of the United States from 1925 to 1950

Description: This research examines the assertions made by Johnson and Kaplan (1987) that cost accounting lost relevance after 1925 due to the dominance of financial accounting, to an academic preoccupation with financial accounting, to the disappearance of engineers and to a managerial emphasis on financial measures of net income and earnings per share. Additionally, the research looks at environmental effects on cost accounting, both economic and governmental.
Date: December 1993
Creator: Vollmers, Gloria Lucey
Partner: UNT Libraries

The Application of Statistical Classification to Business Failure Prediction

Description: Bankruptcy is a costly event. Holders of publicly traded securities can rely on security prices to reflect their risk. Other stakeholders have no such mechanism. Hence, methods for accurately forecasting bankruptcy would be valuable to them. A large body of literature has arisen on bankruptcy forecasting with statistical classification since Beaver (1967) and Altman (1968). Reported total error rates typically are 10%-20%, suggesting that these models reveal information which otherwise is unavailable and has value after financial data is released. This conflicts with evidence on market efficiency which indicates that securities markets adjust rapidly and actually anticipate announcements of financial data. Efforts to resolve this conflict with event study methodology have run afoul of market model specification difficulties. A different approach is taken here. Most extant criticism of research design in this literature concerns inferential techniques but not sampling design. This paper attempts to resolve major sampling design issues. The most important conclusion concerns the usual choice of the individual firm as the sampling unit. While this choice is logically inconsistent with how a forecaster observes financial data over time, no evidence of bias could be found. In this paper, prediction performance is evaluated in terms of expected loss. Most authors calculate total error rates, which fail to reflect documented asymmetries in misclassification costs and prior probabilities. Expected loss overcomes this weakness and also offers a formal means to evaluate forecasts from the perspective of stakeholders other than investors. This study shows that cost of misclassifying bankruptcy must be at least an order of magnitude greater than cost of misclassifying nonbankruptcy before discriminant analysis methods have value. This conclusion follows from both sampling experiments on historical financial data and Monte Carlo experiments on simulated data. However, the Monte Carlo experiments reveal that as the cost ratio increases, robustness of linear ...
Date: December 1994
Creator: Haensly, Paul J.
Partner: UNT Libraries

Predictability of Credit Watch Placements and the Distribution of Wealth Effects Across the Trigger Event, Placement and Removal Dates

Description: Standard and Poor's began publication of Credit Watch in November of 1981 as an early warning list for firms whose debt is under review for a possible rating change. This dissertation is composed of three essays which address various aspects of Credit Watch and the impact on shareholder wealth. The first essay uses a discriminant analysis model to classify the Credit Watch status of firms which engaged in mergers and acquisitions activity in 1991. The model correctly classifies 69.85% of the in-sample firms and 65.83% of the out of sample firms. The second essay examines whether the stock market reacts more strongly to trigger events which cause Credit Watch placements than to the actual placement. Significantly larger negative abnormal return are found around the trigger event than the placement. No evidence is found for the differential reaction evolving over time. The third essay examines firm specific and economy-wide factors which may be related to the strength of the abnormal stock return around the Credit Watch removal date. The removal return is found to be positively related to the number of trading days a firm remains on Credit Watch, negatively related to the number of updates regarding the firm released by Standard and Poor's while on the list, and positively related to the cumulative abnormal return measured between the placement and removal. This evidence suggests that the number of trading days a firm remains on Credit Watch is a proxy for information leakage to the market. The negative relationship between the removal return and the number of updates implies that the market reacts to a string of negative news of which the removal announcement is the final announcement. Finally, the positive relationship with the cumulative abnormal return between placement and removal suggests that much of the information content of the removal ...
Date: May 1996
Creator: Hudson, William C. (William Carl)
Partner: UNT Libraries

An Empirical Investigation of the Lobbying Influence of Large Corporations on Selected FASB Standards

Description: The Financial Accounting Standards Board is a private sector rule making body. Congressional inquiries have questioned whether the setting of accountin standards should remain in the private sector. Congressional critics have charged that the FASB has been captured by special interests and recommended that a governmental agency assume responsibility for standard setting. Specifically, critics charge that large corporations capture the Big Eight accounting firms who, in turn, have captured the FASB. Previous capture studies have concluded that the standard setting process is pluralistic and that the FASB has not been captured. The studies have focused on the influence of the Big Eight to determine if the FASB has been captured. They assume if standards do not reflect the expressed preferences of the Big Eight, then Congressional criticisms are invalid. The studies also assume a unidirectional influence between participants in the process and have ignored the intensity of preferences of the respondents.The purpose of this study is to provide a theoretical framework to specify selection of standards that would be expected to be subject to capture. This framework also recognizes the duo-directional nature of influence. The allegations of capture were tested using the standards selected in accordance with the theoretical framework. The following hypotheses were tested. HO_1 There is no positive statistically significant relationship between clients' preferences and an accounting firm's support for an outcome. HO_2 There is no positive statistically significant relationship between the preferences of large corporations and standards enacted by the FASB. HO_3 There is no positive statistically significant relationship between the preferences of the Big Eight firms and the standards enacted by the FASB. These hypotheses were tested for each Big Eight accounting firms and for each standard. A logist procedure was employed. The results of the tests, with three exceptions, indicate that any relationships that occurred ...
Date: May 1988
Creator: Beckman, Ronald J. (Ronald James)
Partner: UNT Libraries

An Analysis of Preferred Equity Redemption Cumulative Stock

Description: This dissertation examines whether Percs, Preferred Equity Redemption Cumulative Stocks, are properly priced regarding to the relevant securities, such as the underlying common stock, the long-term call option of the stock, and so on. Test results indicate that Percs were overpriced with respect to the equivalent packages composed of the relevant securities. Further tests on arbitrage restrictions show that transaction costs would prevent arbitrage profits. This dissertation also examines the market reactions to Percs offerings. Test results reveal that the market reactions to the announcement of Percs offering and the actual issuance are both significantly negative. Compared to the market reaction on common stock offering announcement, the market reaction on Percs offering announcement is weaker. The overpricing of Percs and the weaker reaction of the market suggest that Percs may have advantages in transaction costs, taxes and some corporate finance issues.
Date: May 1994
Creator: Pu, Hansong
Partner: UNT Libraries

Temporal and Spatial Comparisons of Ambient Toxicity of the Trinity River in Relationship to an Effluent

Description: A toxicological study was initiated because of concerns about allegations that the Texas Water Commission that effluent from the Dallas Central Wastewater Treatment Plant, which discharges into the Trinity River, was affecting downstream water quality. Monthly, flow-weighted composite effluent samples were collected. Grab samples were also collected upstream and downstream from the effluent from April 1989 to August 1991. Toxicity tests were conducted on these samples using Ceriodaphnia dubia as the test organism. Samples were collected four times during this study in which rainfall occurred prior to sampling. In every instance, this "first flush" of the watershed during a rising hydrograph was toxic to C. dubia upstream. Analyzing toxicity by season resulted in a statistically significantly lower neonate production in the effluent than in the river samples during the months of June, July, and August. This impact on neonate production was suspected of being caused by organic pesticides which are used for insect control on lawns. The effluent was never acutely toxic to C. dubia. Primarily, toxic occurrences in either the effluent or the river samples were primarily of a chronic nature. Overall, survival of C. dubia was affected more frequently at the upstream site than in the effluent or the downstream site. Because EPA's Phase I Acute Toxicity Identification Evaluations (TIEs) methods were designed for identifying acute toxicity, two alternative strategies were attempted to identify chronic toxicity. The first attempt was the modification of the phase I acute TIE methodologies. This was done by processing more sample through the phase I characterization tests. This approach was inadequate due to toxicity that occurred during the last several days of the seven-day C. dubia reproduction test. The second strategy for identifying chronic toxicity within a TIE involved the use of freeze concentration. During this preliminary investigation ofthe efficiency of freeze concentration, ...
Date: December 1993
Creator: Hall, David B., 1958-
Partner: UNT Libraries

Canadian Supreme Court Decision-making, 1875-1990 : Institutional, Group, and Individual Level Perspectives

Description: Since its creation in 1875, the Canadian Supreme Court has undergone several institutional transitions. These transitions have changed the role of the Court toward a more explicit and influential policy making role in the country. Despite this increasingly significant role, very limited attention has been given to the Court. With this perspective in mind, this study presents several analyses on the decision making process of the Canadian Supreme Court. At the institutional level, the study found that within the stable workload, the cases composition has shifted away from private law to public law cases. This shift is more significant when one concentrates on appeals involving constitutional and rights cases. The study found that this changing pattern of the Court's decision making was a result of the institutional changes shaping the Supreme Court. Statistically, the abolition of rights to appeal in civil cases in 1975 was found to be the most important source of the workload change.
Date: May 1994
Creator: Sittiwong, Panu
Partner: UNT Libraries

Structural Adjustment, Civil Society, and Democratization in Sub Saharan Africa

Description: Two recent developments dominate the political economy of Sub Saharan Africa -- the adoption of economic structural adjustment reforms and the emergence of pressures for the democratization of the political process. Economic reform measures have spawned civil society, made up of anti-authoritarian, anti-statist, non-governmental organizations, that demand political liberalization. This study is an attempt to analyze, theoretically and quantitatively, the unanticipated association between these developments. Democratic institutions inherited by Sub Saharan Africa at independence were subverted either through military coups or by the abuse and misuse of the institutions by an inordinately ambitious political elite. Thus, about a decade into independence more than three quarters of the sub continent virtually came under authoritarian rule. Contemporaneously there was a decline in the economies of these countries, forcing them to borrow from international financial institutions, in order to offset their balance of payment difficulties. By the mid-1980s most of Sub Saharan Africa had also instituted structural adjustment programs. Using a pooled cross-sectional time series model of analysis, data gathered from Sub Saharan African countries are analysed to test the explanatory power of the three extant contending theories of development: classical, dependency, and neoliberal. Then, most importantly, the analysis examines the relationship between structural adjustment, the development of civil society, and democratization. Overall, the results indicate that the institutional structures generated by, and the political millieu created by structural adjustment are conducive for the evolution of civil society and for its activities for democracy. This political opportunity, however, is also found to be dependent on the level of restructuring involved. The more the political system is restructured, the more the freedom of political participation by civil society, and the higher the level of democratization. The study found a very weak relationship between structural adjustment and economic growth, thereby calling into question many current ...
Date: December 1995
Creator: Iheduru, Obioma M.
Partner: UNT Libraries

The Determinants of Off-Balance-Sheet Hedging in the Value-Maximizing Firm: an Empirical Analysis

Description: The observed use (and indeed tremendous growth in volume) of forward contracts, futures, options, and swaps as hedges against interest rate risk, foreign exchange risk, and commodity price risk indicates that hedging does add value to the firm. The purpose this research was to empirically examine the value of off-balance-sheet hedging. The benefits of off-balance-sheet hedging were found to accrue from reducing (1) taxes, (2) expected financial distress costs, and (3) agency costs. Taxes. Hedging reduces the firm's tax liability by reducing the variability in taxable income. The value of hedging to the firm is a positive function of the convexity of the tax function and the variability of taxable income. Expected Financial Distress Costs. The value of hedging is a positive function of the degree to which hedging reduces the probability of financial distress and the costs of financial distress. Agency Cost. Due to the fact that bondholders and some managers hold fixed claims while shareholders hold variable claims, shareholders desire more risky projects than do bondholders or managers. Hedging reduces this conflict by allowing shareholders to undertake higher risk projects while protecting the holders of fixed claims. Firms can achieve the same benefits of hedging by using alternative strategies. Among the various alternatives to hedging are modifying the firm's capital structure, purchasing insurance, and modifying dividend policy. The amount of off-balance-sheet hedging activity undertaken by a specific firm is therefore a function of the value of hedging to the firm and the degree to which the firm has used alternatives to hedging. Using a regression analysis, this paper provides empirical evidence on the preceding relations. This study provides (1) the first empirical evidence into the reasons for a value-maximizing firm using off-balance-sheet hedging instruments, and (2) empirical insights into the way in which the firm's hedging decision interrelates ...
Date: December 1988
Creator: Nance, Deana R. (Deana ReneƩ)
Partner: UNT Libraries

An Empirical Study of the Causes of Military Coups and the Consequences of Military Rule in the Third World: 1960-1985

Description: This study analyzed the causes of military coups and the consequences of military rule in the Third World during the 1960-1985 period. Using a coup d" etat score, including both successful and unsuccessful coups, as a dependent variable and collecting data for 109 developing nations from the World Handbook of Political and Social Indicators, The New York Times Index, and public documents, sixteen hypotheses derived from the literature on the causes of military coups were tested by both simple and multiple regression models for the Third World as a whole, as well as for four regions (Sub-Saharan Africa, Asia, Latin America, and the Middle East and North Africa) and in two time periods (1960-1970 and 1971-1985). Similarly, three models of military rule (progressive, Huntington's, and revisionist models) were analyzed to assess the consequences of military rule. The results of the study concerning the causes of military coups suggest four conclusions. First, three independent variables (social mobilization, cultural homogeneity, and dominant ethnic groups in the society) have stabilizing consequences. Second, six independent variables (previous coup experience, social mobilization divided by political institutionalization, length of national independence, economic deterioration, internal war, and military dominance) have destabilizing consequences. Third, multiple regression models for each region are very useful; most models explain more than 50% of the variance in military coups. Fourth, the time period covered is an important factor affecting explanations of the causes of military coups. In the analysis of the consequences of military rule, this study found that military governments did not differ significally from civilian governments in terms of economic, education, health, and social performances. However, the study found that military rule decreased political and civil rights. Its findings are thus very consistent with the best of the literature.
Date: May 1988
Creator: Kanchanasuwon, Wichai, 1955-
Partner: UNT Libraries

After Earth Day: Continuing the Conservation Effort

Description: Collection of essays based on sessions presented at a conference held for the 21st Earth Day (April 1991), organized into five topical sections: Conservation Politics; Environmental Science Today and Tomorrow; Conservation, Economics, and the Corporate Effort; Environmental Philosophy; and Religion and Conservation. Index starts on page 237.
Date: 1992
Creator: Oelschlaeger, Max
Partner: UNT Press