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A Test of Allocational Market Efficiency in Takeovers Using Tobin's q Theory of Investment

Description: The primary purpose of the study was to investigate whether takeover markets are allocationally efficient using Tobin's q as the variable which summarizes the investment opportunities of firms. Chapter I presented the purposes, hypotheses, methodology, and limitations of the study. The two hypotheses proposed were as follows: Acquiring firms' q should be significantly higher than that of control firms, on average, and target firms' q should be significantly lower than that of control firms, on average. Chapter II presented the review of literature on takeovers and theory of investments. Chapter III presented the research design adopted to test the above hypotheses. The methodology to calculate q-values and methods to reduce the bias which may result from choice-based sampling were also given. A paired comparison t-test was employed to test the hypotheses. Sample firms were selected from the COMPUSTAT RESEARCH and COMPUSTAT INDUSTRIAL tape.
Date: May 1987
Creator: Kim, Keeho
Partner: UNT Libraries

Corporate Sale-and-Leaseback Transactions: An Examination of Corporate Incentives, Wealth Effects and Dealer Spreads

Description: There is a limited amount of research dealing with the wealth effects of sale-and-leaseback transactions, but previous research has focused predominantly on the tax effects of these transactions. The results of these studies have often been in conflict with one another. This dissertation shows that tax effects do play a role in determining the wealth effect of sale-and-leasebacks on stockholders, but there exists a framework of finance research that suggests several other factors could play a determining role as well.
Date: August 1993
Creator: Gordon, Bruce L. (Bruce Lee)
Partner: UNT Libraries

Market Timing, Forecast Ability and Information Flow in Petroleum Futures Markets

Description: Three petroleum futures contracts are examined over a ten-year period from 1986 to 1996. Intertemporal changes in futures prices and the net open interest positions of three trader types are compared to determine what, if any, market timing ability the traders have. Seasonal variation is considered and a simple trading rule is adopted to determine the dollar-return potential for market participation and shed light on issues of market efficiency.
Date: December 1997
Creator: Buchanan, William K.
Partner: UNT Libraries

Environmental Scanning Practices of Manufacturing Firms in Nigeria

Description: The purpose of this study was to examine scanning practices in a developing country by looking at the scanning behavior of executives of Nigerian manufacturing firms. Specifically, this study examined the decision maker's perception of environmental uncertainty (PEU), the frequency and degree of interest with which decision makers scan each sector of the environment, the frequency of use of various sources of information, the number of organizational adjustments made in response to actions of environmental groups, and the obstacles encountered in collecting information from the environment.
Date: May 1992
Creator: Sawyerr, Olukemi Olaitan
Partner: UNT Libraries

Analyzing the Financial Condition of Higher Education Institutions Using Financial Ratio Analysis

Description: The problem concerned the financial indicators used to evaluate the financial condition of the six sister higher education institutions under the authority of the Board of Regents of Oklahoma Colleges. The purposes were to determine the financial ratios that best indicate financial condition; to calculate those financial ratios for the six designated Oklahoma higher education institutions; and to evaluate and compare the financial condition of the six institutions. This study attempted to further the use of financial ratio analysis as an objective addition to subjective studies that examine an institution's definition of its mission, objectives, and goals and its own assessment of the degree to which its resources allow it to attain those goals. The data were obtained from the Integrated Postsecondary Education Data System; the financial reports were audited by independent certified public accountants and presented to the Board of Regents of Oklahoma Colleges; and John Minter Associates, Inc., provided the national norms. The set of financial ratios identified provides a means to study a single higher education institution through trend analysis and in comparison to national norms. It also works well with a sample of homogeneous institutions with interinstitutional comparison. The techniques are intended to provide a general profile of an institution’s financial health. Cause-and-effect ratio analysis has been proposed as another technique to aid administrators in determining changes in their financial statements and what may have caused them. The study identified a set of financial ratios that summarize the financial condition of a higher education institution. The ratios helped to analyze the financial solvency and viability of the six Oklahoma higher education institutions and focused on the ability of the institutions to meet current and future financial requirements. The importance of financial statement analysis should not be underestimated. The understandable format of financial ratios allows virtually any ...
Date: May 1999
Creator: Buddy, Nancy J.
Partner: UNT Libraries

Futures-Forward Price Differences and Efficiency in the Treasury Bill Futures Market

Description: This study addressed two issues. First, it examined the ability of two models, developed by Cox, Ingersoll and Ross (CIR), to explain the differences between futures and implicit forward prices in the thirteen-week T-bill market. The models imply that if future interest rates are stochastic, futures and forward prices differ; the structural difference is due to the daily settlement process required in futures trading. Second, the study determined the efficiency of the thirteen-week T-bill futures market using volatility and regression tests. Volatility tests use variance bounds to examine whether futures prices are excessively volatile for the market to be efficient. Regression tests investigate whether futures prices are unbiased predictors of future spot prices. The study was limited to analysis of the first three futures contracts, using weekly price data as reported in the Wall Street Journal from March, 1976 to December, 1984. Testing of the first CIR model involved determination of whether changes in futures-forward price differences are related to changes in local covariances between T-bill futures and bond prices. The same procedure applied in testing the second model with respect to changes in futures-forward price differences, local covariances between T-bill spot and bond prices, and local variances of bond prices. Volatility tests of market efficiency involved comparison of mean variances on both sides of two inequality equations. Regression tests involved determination of whether slope coefficients are significantly different from zero.
Date: May 1986
Creator: Wong, Alan, 1954-
Partner: UNT Libraries

A Time Series Analysis of the Functional Performance of the United States Supreme Court

Description: The focus of this investigation is the relationship of the United States Supreme Court's functional performance to its environment. Three functions of courts are noted in the literature: conflict resolution, social control and administration. These functions are operationalized for the United States Supreme Court. Hypotheses are developed relative to the general performance of these three functions by all courts. Box-Jenkins time series analysis is then used to test these hypotheses in relation to the performance of the United States Supreme Court. The primary analysis rests upon a data set that includes all non-unanimous decisions of the Supreme Court from 1916 to 1986. A supplemental analysis is conducted using all formal decisions for the 1953 to 1986 period. The results suggest that intellectual resources, legal resources, modernization, and court discretion are significant influences on the functional performance of the United States Supreme Court. Future research must consider these influences in the development of a general theory of courts.
Date: August 1990
Creator: Haynie, Stacia L. (Stacia Lyn)
Partner: UNT Libraries