bluuebunny/crossref_metadata_2025 huggingface dataset:
Perceived Work Roles and Children in Relation to Marital Satisfaction
Authors:   , Owens Jody
Published: February 2023

This study examined the relationship among marital satisfaction, perceived, work roles of wives and presence or absence of a child (or children) in the home Participants included 450 married females recruited through use of networking and acquaintances, from nine states throughout the United States as well as some participants from psychology courses at Fort Hays State University. The first four hypotheses resulted in non-significant findings. The results suggest that wives' marital satisfaction does not decrease once a child is present in the home. Work role was also found not to effect marital satisfaction levels. Of particular interest to the present study was that those in ambivalent work roles did report lower marital satisfaction compared to the other work roles. The results of the present study also imply that there is not a significant difference in level of marital satisfaction once the children are out of the home for any of the different work roles. However the fifth hypothesis found significant results. Wives who indicate that their work role situation is what they prefer were found to have higher levels of marital satisfaction regardless of their category of work role. This finding suggests that marital satisfaction is indirectly related to how wives perceive their work role. Presence or non-presence of children and type of work role, however, were not found 10 relate to the level of marital satisfaction experienced by participants of the present research.
Mourning Dove Production in an Ellis County, Kansas Timber Claim
Authors:   , Schroeder Max
Published: February 2023

A mourning dove production study was conducted in an Osage orange timber claim located five miles north of Hays, Ellis County, Kansas during the 1962 mating season. An estimated 92 pairs of doves attempted 400 nests of which 389 were followed to completion. One hundred and sixty six nests were lost to predators, storms, abandonment, and hunting pressure for a success of 57.44 per cent. Two hundred and sixty of the 784 eggs laid and 114 of 524 nestling’s doves were lost during the nesting season for a success of 66.84 and 79.25 per cent respectively. Four hundred and ten nestlings were fledged averaging 4.45 fledged young per pair. Total nest density in the study area was an estimated 74 nests per acre. The greatest number of nests found at any one time was 92, constituting a density of 17.3 active nests per acre. The fall dove hunting season resulted in the termination of nesting activity. Doves were still in the process of nest building and incubation when the hunting season began but no new nests were started after this time and many of the active nests were deserted.
A Simultaneous Amperometric Determination of Chlorides and Phosphates
Authors:   , Nakadomari Hisamitsu
Published: February 2023

A simultaneous determination of chloride and phosphate ions was attempted using a platinum microelectrode. It was found that chlorides and phosphates can be amperometrically titrated in an acid medium and borate buffer solution respectively. A fifty per cent ethanol -water solvent was sufficient to decrease the solubility of AgCI and AglD4 in dilute solution. Relative percentage error of less than 2% were obtained in solutions down to 10-4 tl in chloride and phosphate ions. Even in the presence of 0.2% gelatin, the Ag3P04 precipitate depolarized the electrode somewhat, especially in the dilute solutions of 10-3 M to 10-4 M. For the detection of the end point, the recommended procedure for the extrapolation to the zero current had to be modified. Instead, the base line had to be drawn through the points immediately preceding the equivalence point. This method of extrapolation was used and found to be reproducible, giving well defined end points.
Possible Effects of Black-Tailed Prairie Dogs (Cynomys Ludovicianus) on Abundance and Diversity of Raptors and Small Mammals in Mixed and Shortgrass Prairie of Western Kansas
Authors:   , Luna Nina
Published: February 2023

The black-tailed prairie dog (Cynomys ludovicianus) is a burrowing rodent native to the Great Plains currently experiencing large population declines. It is debated whether prairie dogs are keystone species; however, areas with prairie dogs have higher levels of biodiversity and presumably increased biotic interactions. The goal of this study is to quantify the importance of black-tailed prairie dogs, hereafter prairie dog, by comparing abundance and diversity of raptors and small mammals on prairie dog (PD) and non-prairie dog (NON) inhabited prairie. A significant difference was detected between the two treatments (PD and NON) in the number of raptors counts; the PD treatment observed a greater abundance of individuals (n = 192) in contrast to the NON treatment (n = 115). Small mammal richness was low with only the following species detected on each treatment; 2 species (Onychomys leucogaster and Ictidomys tridecemlineatus) on the PD treatment and 5 species (Chaetodipus hispidus, Onychomys leucogaster, Perognathus flavus, Peromyscus maniculatus, and Reithrodontomys montanus) on the NON treatment. Although I did not detect abundance or all species caught in both treatments, other studies have reported higher abundances of small mammals, including Onychomys leucogaster, on prairie dog inhabited land. These data have the potential to influence prairie dog conservation efforts, as well as our knowledge of other vertebrate prairie-specialist species. Species in need of conservation, including ferruginous hawk (Buteo regalis) and burrowing owl (Athene cunicularia), rely on prairie dogs for food, shelter, or nesting sites. These species and others will be forced elsewhere as prairie dog distribution continues to decrease, and might be pushed out of their historical distribution, or towards extinction. It is essential for landowners and agencies to understand the complex ecological associations occurring on the prairie, and realize the black-tailed prairie dog is a “Species of Greatest Concern” in Kansas.
Color in Relation to Form
Authors:   , Kuchar Kathleen
Published: February 2023

The purpose of this thesis has been to explore the relationship of color to form in oil painting.
A Proposed Guide in Social Studies for Grade Eight in a Thai University Demonstration School
Authors:   , Wasanasomsithi Pibulsri
Published: February 2023

One of the most crucial problems which hinders educational advancement in Thailand is the lack of qualified textbooks. The Ministry of Education of Thailand has been striving to solve the problem by taking charge of printing the textbooks and selecting and approving the textbooks to be used in the schools throughout the kingdom. The Thai government also encourages the Thai educators to supply more textbooks to meet the needs of the country by various procedures and methods. Due to many reasons, the need for suitable textbooks for each grade level is apparently high. The present study is an attempt to resolve some problems in education in relation to the teaching of social studies in the eighth grade in the Demonstration School of Chulalongkorn University, Bangkok, Thailand. It proposes a guide for developing the knowledge necessary to understanding modern day Thailand. The purpose is to provide not merely a random description but to point toward a more basic understanding of the processes of change in politics, economics and culture in relation to geographical background of the country from its origin in the Central Asia to the Ayudhya period. The content of the book is designed in accordance with the social studies curriculum constructed by the Ministry of Education of Thailand. The book is divided into five major parts. The first part is an effort to characterize the general background of contemporary Thailand concerning its location, its political, geographical and economic aspects. The second part deals with the historical background of the Thais before their settlement in the Indo- Chinese Peninsula. The third part presents the foundation of the Thai kingdoms in the Indo-Chinese Peninsula. The fourth part describes the historical background of the Sukhothai kingdom, including its geographical, governmental and cultural aspects. The fifth part presents the establishment of the Ayudhya kingdom and its cultural aspects which are considered the grass roots of the cultural development of modern day Thailand. As this study is proposed to be used for experimental purpose in the Demonstration School of Chulalongkorn University, the writer hopes that it will serve the need of the University as well as the writer's interest. It is also hoped that the result of this study will bring about further study on the same theme but at different levels, in the near future.
A Heterogeneous Graph Model for Repurposing Drugs against Echinococcosis
Authors: Demberel Gantsooj , Dorjsuren Temuulen , Su Yansen , Batjargal Dolgorsuren
Published: February 2023

Through this research work, we aimed to use a graph model to determine important drug substances that are proper for the Echinococcosis hydatid disease. Also, that model can be used in convergence with other similar diseases due to the genes of the Echinococcus granulosus that causes this parasitic disease, and to analyze it by applying graph algorithms to the established model. Furthermore, there is an urgent need to create a basic model for machine learning and artificial intelligence methods in health and pharmaceuticals. Also, the collection of genes and proteins registered in the official internationally recognized gene-disease databases, as well as the data of drugs and pharmaceutical products used for the specific disease, is the first step in the understanding and development of interdisciplinary science. In this paper, we define a heterogeneous graph with multiple types of nodes and edges as a basic model for future studies, as well as the methods and algorithms used in the study, considering the interrelationship between Echinococcus granulosus genes, proteins, diseases, and drugs.
Biomolecular Network-based Study of a Parasitic Disease and Therapeutic Drugs
Authors: Avirmed Altankhuyag , Erdenedalai Uranchimeg , Erdenechimeg Selenge , Su Yansen , Ishdorj Tseren-Onolt
Published: February 2023

Computational drug repurposing methods, particularly biomolecular network-based disease-drug-target interaction models, are essential tools for integrating large-scale heterogenous molecular information and revealing functional mechanisms, as well as for main regulatory modules of interactants which can be useful in developing new drugs. In the present study, a drug-centric network for a parasitic disease (Echinococcosis) and therapeutic drugs have been considered. A complex network with more than 12,000 vertices and more than 33,000 edges representing interactions of 84 echinococcosis-related genes with associated proteins was built and analyzed. The networks of disease similarity and drug similarity were constructed based on the complex network. As a result, three drugs (D08356, D00701, and D00506) associated with three candidate diseases through three pathways and a protein complex have been extracted. This effort tries to predict the anti-echinococcosis effects of the drugs’ combinations with benzimidazole.
Subversive youth literature – a fairy tale play by Alenka Gerlovič, Jurček and the Three Bandits (1944), in context
Authors: Blažić Milena Mileva
Published: February 2023

The article deals with the fairy tale play by the painter Alenka Gerlovič (1919–2010) entitled Jurček in trije razbojniki (Jurček and the Three Bandits). The play was created during World War II and is an expression of the author's ethical attitude towards fascism and Nazism and the horrors of war. As the analysis shows, with this play Alenka Gerlovič became one of the world's youth writers who have commented on the war with their works. With Jurček, Alenka Gerlovič created an "imaginary screen" that enabled the audience to maintain a distance from atrocities in wartime conditions and at the same time be part of the anti-fascist struggle, also as a symbolic weapon and ethical act.

Keywords: Alenka Gerlovič, World War II, fairy tale play, subversiveness, 1944.
Capital Structure of Firms with Negative EBIT - Applying the MM Propositions
Authors: Wong Matthew
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This paper presents a model combining the MM Model and the CAPM to estimate the optimal level of debt for a firm with negative EBIT. Unlike most textbook examples, this model does not require making an assumption on the present value of bankruptcy costs which is often unrealistic. In addition to the theoretical construct, this paper illustrates the model's applicability with a numerical example using financial data from a real company. At present, one of the most frustrating aspects of investigating capital structure is that most research papers provide only qualitative guidance. There is a dearth of applicable quantitative results. This paper therefore fills the gap by providing practical quantitative guidance in identifying the optimal leverage of a firm, even if it has negative EBIT.
Developing Retirement Crisis and a Recommendation to Include Real Estate Investment in Retirement Plans
Authors: Howard Robert , Redmon Alonzo
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This paper can be considered a wake-up call for financial planners who can take action to brighten the retirement picture for their clients and potential clients in a number of ways. First of all, firms in their market areas, especially smaller ones, can be contacted to determine which ones do not offer any type of retirement plan for their employees. Secondly, financial planners should encourage their clients to increase their contributions in 401(k)s, IRAs, and other defined contribution accounts. Finally, the concept of a diversified retirement portfolio should be expanded to include real estate investments.
Characteristics and Performance of U.S. Bond Funds in Index Investing
Authors: Chang Edward , Swales, Jr. George , Bowdidge John
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
A well-diversified portfolio should contain bonds. This study has identified all bond index funds and ETFs currently available as avenues to diversify portfolios. The authors of this study find the "almost" index funds identified by Ferri (2002) tum out to be gems: they have low expense ratios and the lowest turnover, while exhibiting mostly the lowest risk and highest riskadjusted returns. Pure index funds, with low expense ratios and turnover, have performed well in the past ten years based on Morningstar's ratings, but below average in the past three years. Enhanced index funds have the highest expense ratios, extremely high turnover, average or high risk and always the lowest risk-adjusted returns. As newcomers, bond ETFs have the lowest expense ratios and comparable returns, but they underperformed "almost" and pure index funds in the areas of turnover, risks and risk-adjusted returns.
Determinants of Academic Performance in the Introductory Business Finance Course and a Test of the Models
Authors: Howard Robert , Redmon Alonzo
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This study provides useful information for advisors and finance faculty members. With the increasing emphasis on student retention, it is desirable to have information which can help to predict student performance. Advisors whose advisees are planning to enroll in business finance could pay special attention to their advisees with low math SAT scores and low grades in accounting, economics, statistics, and college math courses. Also students who have attempted a large number of hours before taking the course warrant special attention. Advisors could make special efforts to offer specific advice to these students: contact the course instructor when course concepts are not clear; reduce course load when there are substantial work or other commitments; keep up in the class daily; and take advantage of the university's tutoring services. Since the class roster and students' academic records are available to the course instructor several weeks before classes begins, similar advice could be provided by the course instructor to those students at risk of performing poorly in the class. It is extremely important, however, that any such advice be provided to students with finesse and discretion. Students should not be made to feel that they have been targeted as potential failures before the class has begun.
Introducing Arbitrage
Authors: Swanton Donald
Published: February 2023

While arbitrage is an integral part of the study of derivatives and of corporate finance, it appears also in money and banking and in international economics. Students find it difficult to develop intuition concerning arbitrage situations and trying to learn how to apply the concept at the same time increases the difficulty. I separate the two problems for them by introducing students to the notion of arbitrage first in a simple context. There they can develop some facility in the use of the ideas before plunging into the harder study of more complicated ideas. Starting with two securities, which can be converted one for the other at some date in the future, I add complications (including statecontingent pay-offs) until students can see how any two assets which are even temporarily "the same" can give rise to arbitrage opportunities if they are not equal in price today and how a complex security might be thought of as a bundle of simpler securities and therefore can then be priced as the sum of the component prices. I also point out how each example shows not only how to execute an arbitrage strategy but how much can sometimes go wrong.
Closed End Fund Discounts as Sentiment Indices
Authors: Berry Thomas
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This paper presents the results of a simple test of the hypothesis that the discounts and premiums on closed end funds are related to investor sentiment. While the results are encouraging they are not definite. The index used to measure sentiment is constructed from weekly survey data. It may well be that this data is too noisy to pick up all the changes reflected in the discounts and premiums. Alternatively it could be that the index itself is not the appropriate one and that a different construction, e.g. a lagged index or a moving average, might capture more of the changes. A second possible problem is that the sentiment index may merely reflect current market conditions rather than expectations. To test this a second variable consisting of the changes in a market index was added to the regression to see if the impact of the sentiment index is eliminated. The results are again supportive but not definitive. Considering the somewhat crude sentiment index used and the simple nature of the tests the results are encouraging. The hypothesized relationship was strongly significant in most of the regressions. Unfortunately, they are not definitive and further research is necessary to either refine the test or determine why the non-significant relationships could not be explained by the test here.
Long-run Risk-Adjusted Performance of IPOs in the Life Insurance Industry
Authors: Chugh Lal , Meador Joseph
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This study focuses on the long-run performance of life insurance IPOs issued pursuant to demutualization and compares the performance of these IPOs to the performance of several market indexes.
Contagion and Industry Risk
Authors: Tai Chu-Sheng
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This paper tests whether contagion can occur at the industry level, in particular the banking industry. The empirical results indicate strong contagion effects in the conditional means of bank stock returns after systematic risks have been accounted for. Specifically, the lead/lag relationships appear to be multidirectional among four banking sectors since the return shocks originating in anyone of the markets tend to spill over to the other three markets. As for the contagion-in-volatility effects, they are not significant. In addition, the global industry risk is significantly priced, suggesting the importance of incorporating the industry risk into the conditional ICAPM.
Do Students with Grades Curved in Mathematics Prerequisites Perform Better or Worse in Business Finance?
Authors: Peng Chien-Chih
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
This study employs regression techniques to determine whether there is a relationship between performance in mathematics courses (college algebra and business statistics) and performance in business finance, and whether students have their grades curved in the mathematics courses has any impact on the performance in business finance. The results indicate that students who earn higher grades in college algebra perform significantly better than those who do not. There is no significant difference in performance between students who have their grades curved in college algebra and students who do not. Students who fulfill the business statistics perform significantly better than those who do not. Among students who complete the business statistics, those with higher business statistics grades perform insignificantly better in business finance. There is no significant difference in performance between students who have their grades curved in business statistics and students who do not.
Developing and Teaching an Online Course: Adventures in Cyberspace with Personal Finance Online
Authors: Ary Eddie
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
Drawing from experience as an online instructor of personal finance and from the experiences of others, the author has presented some suggestions for developing and delivering an online course. As the number of universities offering online courses increases, more professors are likely to be asked to develop and teach an online course. Creating an online course requires many hours of work. Careful planning, patience, attention to detail, creativity, some knowledge of technology, and a desire to teach online are traits that are needed in course development. Compared to traditional classes, online courses put great responsibility on the student for learning. The instructor's role changes as well. Instead of taking center stage, as often occurs in the face-to-face classroom, the professor becomes a guide and facilitator of learning; as Hiltz (1994) put it, the instructor must transform from "sage on the stage" to "resource in the wings." Instead of meeting with students on a set schedule, the online instructor interacts with students throughout the day. The written word assumes greater importance than the spoken word. Despite the time involved in developing and teaching an online course, many professors have found the experience worthwhile and enjoyable--they, like the author, are teaching online and loving it!
Share Repurchase Policies and CEO Compensations: An Empirical Examination
Authors: Hu Aidong
Published: February 2023

I examined how share repurchase activities are associated with complicated managerial compensation plans. The empirical evidence in this study suggests that managerial equity based compensation incentives to increase the amount of share repurchases at companies with potentially the most severe agency problems. That is to say, the amount of share repurchases is greater for those firms that are with longer listing history, higher executive power measured by CEO's tenure and the amount of cash compensation, and fewer investment opportunities. My results show that the complexity of managerial compensation contracts plays an important role in explaining the share repurchase decisions.
Analyzing The Value of Proprietary Claims Under Uncertainty: A Real Options Approach
Authors: Balsara Nauzer , Vidozzi Andrea , Vidozzi Luca
Published: February 2023

This paper develops and implements a general framework for evaluating proprietary claims generated by patents based on a real options approach. Our model considers both demand and competitive uncertainty as endogenous variables in the valuation process, and recognizes the interaction between the proprietary claim and the deferral and abandonment options embedded in an investment project~ We find that the acquisition of a patent enhances the value of the deferral option, but reduces the value of the abandonment option as a consequence of reduced competitive uncertainty. Although we illustrate our approach with a product launch of a new technology in the automotive industry, our model applies just as easily to any capital budgeting problem where proprietary rights play an important role.
Variability of Mutual Fund Performance Persistence in the Long-Run
Authors: Maher Matt , White Harry
Published: February 2023

Mutual fund performance persistence has been well documented in the finance literature. This study extends the previous work by looking at a longer time period of returns over annual intervals, rather than longer time series groupings. The results document that persistence varies significantly through time, especially when the stock market turns. Clear long-term investing and trading rules based on persistence are not supported by the paper's conclusions.
Information Content of Credit Ratings for Equity Investors
Authors: Donahue John , Riotto Joseph
Published: February 2023

This paper studies the question that credit rating changes of industrial companies have information content important to equity investors. The paper hypothesizes that both credit increases and credit decreases should yield statistically significant results. However, research shows that on the credit rating change announcement day, only companies being downgraded experience statistically significant movement in their stock price. The cumulative abnormal returns on stock prices for companies that were upgraded and for companies that were downgraded were statistically insignificant.
Timing the Market with Valuation and Trend
Authors: Famy George , Perumpral Shalini
Published: February 2023

A market timing strategy, based on a non-linear forecasting model, is shown to deliver economically significant returns over a buy and hold strategy. The model is developed on the S&P 500 index using macro economic variables. The distribution of returns has a conditional mean that can be determined ex-ante. Using the regime given by the classification model, a market timing strategy is implemented on out-of-sample data from July 1990-August 2004. The results indicate that investors can and should condition their investment strategy on the basis of their information set. However, in order to adopt such a strategy, it may be necessary to use a nonlinear forecasting technology.
Examination of Board Meeting Frequency and CEO Characteristics: A Comparison of Dividend Paying and No-Dividend Firms
Authors: Hu Aidong , Richman Vincent
Published: February 2023

This abstract was created post-production by the JFI Editorial Board.
The monitoring role of corporate boards has been under close scrutiny by dissatisfied investors in recent years. The Institutional Shareholder Service, Inc., the Business Roundtable, and the National Association of Corporate Directors advocate many suggestions regarding how to improve corporate governance. In this research, we investigate the relation between board monitoring activities, measured by board meeting frequency, and various firm and CEO characteristics under differential dividend payout policies.
The theoretical and empirical literature on corporate governance and managerial entrenchment makes a number of unambiguous predictions regarding corporate board activities. We examine these implications and differential characteristics between dividend-paying firms and non-dividend firms by considering firm attributes and managerial compensation contracts. While our results support the theoretical predictions, we also find significant difference between dividend-paying firms and non-dividend firms regarding the board meeting frequency. We also find that duality of CEOs can increase the likelihood of holding more board meetings and the weight of intangible assets do not significantly affect the likelihood of board meeting frequency.
Case Study: Asset and Liability Management at Cumberland Valley National Bank & Trust
Authors: Peng Chien-Chih , Dufour Heather
Published: February 2023

Asset and liability management is the financial risk management practiced at financial institutions. The goal of asset and liability management is to maximize the risk-adjusted returns to shareholders over the long run. Credit risk is a very important risk category in banking because bankers usually manage credit risk on daily basis. How credit administration and asset and liability management should be coordinated to insure proper returns to shareholders is a critical issue to examine. This issue involves both the loan origination process and loan portfolio diversification. The loan origination process establishes policies and procedures to guide lenders within a banking atmosphere. These policies and procedures outline the type of loans and borrowers a bank wants to attract and those loans and borrowers a bank wants to avoid. Also among these guidelines are checks and balances to ensure compliance and accuracy. Loan portfolio diversification is important for the financial welfare of banks and for stability purposes. The goal of this paper is to identify how poor loan origination processes and poorly managed loan portfolios can negatively affect bank performance. The impact of such negative implications can result in configurations that stray from the norm, or peer group average. This paper also looks at one bank that recognized their difficulties and the actions they took to turn their company around.
IPO Portfolio: An Alternative Approach to Higher Returns?
Authors: Swales, Jr. George , Swales Michael , Chang Edward
Published: February 2023

Investors in today's financial markets continue to look for ways to enhance portfolio returns. Unfortunately, investments that offer the potential for higher gains may also include increased volatility, which can diminish some investor's desirability to hold these types of securities. Many portfolio managers, seeking to increase the return on their portfolios, will selectively choose riskier securities and practice risk reduction through diversification. Initial public offerings (IPOs) may offer the investor an investment alternative to use in an effort to enhance portfolios returns. lPO research, however, shows IPO returns can be quite volatile. Combining IPOs into a single. separate portfolio may reduce overall risk, while minimizing the potential of jeopardizing the investor's total holdings. Several research questions arise. Could a portfolio of IPQ equity securities produce a rate of return comparable to a widely held index, such as the S&P 5OO? Specifically, can a diversificd portfolio of IPO stocks out-perform the S&P 500 over short-term and longer-term time periods? If so, how risky would such an IPO portfolio be, compared to the widely-followed S&P 500 index? Finally, would combining an IPO portfolio with the S&P 500 portfolio result in overall risk reduction? This research seeks answers to these questions.
Super Size Me and Stock Prices
Authors: Byrd John , Hickman Kent
Published: February 2023

We examine the impact of the release of "Super Size Me," a movie critical of the nutritional aspects of McDonald 's restaurants, on the stock prices of McDonald's and Wendy's corporations. Consistent with investors impounding information from Ilon -traditional sources, we find a large and significant valuation effect for both firm s. A similar effect was documented for the movie "Fast Food Nation," but none was observed around the release of either "Roger and Me" or for "Walmart: The High Cost of Low Price." These result:s may indicate that investors believe that health-related issues have greater business impact than other aspects business practice.
Investigation of Board-Registered CFP® Programs at Universities with Insurance/Risk Management Programs
Authors: Adamson Stanley , Philpot James , Ragan Kent
Published: February 2023

We examine course requirements and faculty resources of departments offering both a major in insurance and a CFP® Board-registered financial planning program. Because the financial services industry is becoming increasingly comprehensive, insurance students may wish to add an emphasis in financial planning. We find that, given the overlap in requirements of the two types of programs, insurance students may add a financial planning emphasis to their degree program with little marginal coursework. Universities offering both programs do not appear to strain their faculty resources.
Decision Rules, Candlesticks, and Spreadsheets in Teaching Market Efficiency
Authors: Horton Marshall , Files James
Published: February 2023

This paper shows how students can construct spreadsheets using publicly available data to test market efficiency in the weak sense using historical data. The results produced by this method indicate that the candlestick approach does not help in stock selection. In fact, any trading rule that can be expressed by a series of inequalities can be used with this approach, showing the student first hand that stocks are indeed efficient. The authors hope that investment instructors, who want students to see for themselves that markets tend to be efficient, will find utility in this method in the classroom.
Effect of Federal Open Market Committee on Major Stock Market Indexes
Authors: Lin Jason , Junkel Justin
Published: February 2023

This project examined the impact of changes in the federal funds rate target on equity prices. The project used ordinary least squares regression to consider the effects of those changes along with corporate profits on stock market value. The goal of the project was to confirm the results of other more narrowly defined studies and in doing so show that the causal relationship is even stronger. The data sets were taken from 1990 through 2006, using the adjusted level of corporate profits and federal funds rate targets as explanatory variables and NYSE and NASDAQ composite indices as dependant variables. The results of this project showed that corporate profits were the largest driver of equity prices, as suggested by current research. It also showed that federal funds rate changes have no impact on equity prices in a direct fashion, because federal funds rate is not the rate directly faced by firms in the market. Overall results did confirm the findings of previous research.
Financial Performance of SRI Excluded Firms
Authors: Berry Thomas , Junkus Joan
Published: February 2023

Socially Responsible Investments (SRI) can be characterized as ‘negative screening’: investors eliminate certain firms from consideration based not on perceived performance but on inappropriate behavior (labor issues or support of same sex unions for example) or for products considered inappropriate for society (alcohol and tobacco for example). There have been a large number of studies examining the effect of this negative filter on investment performance, but little research on the operational impact on a firm of being systematically excluded by SRI investors. This paper examines what financial consequences, if any, occur if a firm is excluded by a large number of SRI funds. We find that debt ratios, profit margins, operating costs, and cash positions of SRI-excluded firms are affected. These excluded firms tend to use more debt, hold higher cash positions, and have higher profit margins and lower operating costs than similar, non-excluded firms.
Commercial Real Estate Concentrations: Evidence on the Survival of Small Banks
Authors: Pana Elisabeta
Published: February 2023

This study examines the survival of small banks with commercial real estate concentrations over the 2006-2009 period. Using data on 4646 banks, I document that commercial real estate loan concentrations increase the hazard of disappearance. The analysis of bank-specific factors reveals that bank capitalization, liquidity, and asset quality play a significant role on bank survival. I also find evidence that small banks in the Pacific Southwest and South Atlantic regions are less likely to survive as separate entities.
Recent Trends for the Importance of State Exports
Authors: Bahr Kevin , Maas William , Carey Sean
Published: February 2023

Exports have continued to play an increasingly important role in the United States economy. The purpose of this paper is to look at the change in the relative importance of state exports over the last decade. Two major categories of analysis are conducted: 1) the change in state exports as a percent of U.S. exports, and 2) the change in state exports as a percent of state gross domestic product (GDP). The empirical results reveal a change in the relative importance of state exports for several states. Fifteen states had statistically significant increases in the mean percentage of state exports as a percent of U.S. exports; five states had statistically significant decreases. Eighteen states had statistically significant increases in the mean percentage of state exports as a percent of state GDP; no states had decreases.
Credit Card Act of 2009: Its Financial Impact on the Retail Industry
Authors: Kuhlemeyer Gregory , Kunkel Robert
Published: February 2023

This study analyzes the House passage of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act) on the retail industry. Furthermore, this study evaluates the financial impact on those retailers that profit from both: (i) the sale of merchandise and (ii) the financing of the sale through in-house credit card (IHCC) programs. An event study methodology is used to isolate the financial impact on the retail industry by examining changes in market value of equity (MVE). Our results support that retailers with IHCC programs were negatively impacted as two-thirds of these retailers experienced stock prices decline when the House passed the Credit Card Act. Additionally, 78 percent of the large retailers suffered losses and these large retailers, on average, suffered a stock price decline of almost 3.5% which equates to a decline in MVE of $500 million.
Do Jim Cramer’s Mad Money Recommendations Have the Same Impact in a Bear Market as in a Bull Market?
Authors: Kenny Peppi , Johnson Don
Published: February 2023

Many empirical studies of investment advisory services find statistically significant abnormal returns at the time of their public availability. Jim Cramer’s Mad Money recommendations are one example of investment advice that has been studied in the recent past. This study is an extension of Neumann and Kenny’s (2007) work published earlier concerning Jim Cramer’s Mad Money stock picks. Earlier Neumann and Kenny (2007) found market reactions to Jim Cramer’s stock recommendations using 2005 data. In this study, Jim Cramer’s recommendations are examined again but utilizing more recent data occurring during a bear market rather than the previous examinations during bull markets. Specifically, this research questions whether viewers continue to follow Jim Cramer’s Mad Money stock suggestions in a bear market and whether the mentioned stocks still experience significant abnormal returns during part of the bear market of 2008. The analysis of stock returns and trading volume reveals statistical evidence of response to his buy recommendations.
International Diversification
Authors: Balik Robert , Mehran Jamshid
Published: February 2023

A fundamental ideal of finance is that investors should hold a diversified portfolio. This usually means a diversified portfolio that is Markowitz mean-variance (or standard deviation) efficient. In practical terms, this means the diversified portfolio should contain international investments. The first phase of this research, which is reported here, uses historic monthly rates of return for ten years from 1997 through 2006 to study four alternative investment categories. The four investment alternatives (portfolios) are (1) 30 U.S. firms with minimal international revenue, (2) 30 U.S. firms with maximum international revenue, (3) 30 closed end country funds and the 30 U.S. firms with minimum international revenue, and (4) 30 ADRs and 30 U.S. firms with minimum international revenue. The 30 firms with minimum international revenue are the benchmark and are the least efficient. The results indicate that portfolio (4), 30 ADRs and 30 U.S. firms with minimum international revenue, has the lowest risk, standard deviation, for a give level of return. The second phase, which is ongoing, follows the same general procedure as the first phase, but (1) Considers additional portfolio groups such as 30 ADRs and 30 U.S. firms with maximum international revenue. (2) Creates two categories of ADRs, those with minimum sales outside the home country and those with maximum sales outside the home country. This research reflects the idea that international diversification should be analyzed using, for instance, sales outside the home country, rather than location of a firm’s headquarters.
Women on the Board: Diversity and Firm Performance
Authors: Lee Sharon
Published: February 2023

While there have been significant increases in recent years in the independence level on boards due to stricter regulations, there have been modest increases in women and minority board memberships. Women directors have accounted for 15% of all directors sitting on S & P 500 firms and just 9% for small-cap firms the last few years. Several recent studies have examined the possible relationship between the size and composition of the board of directors and firm performance. Specifically, a study of S & P 500 firms (Lee, Carlson 2008) shows that firms with relatively higher levels of independence on their boards perform significantly better. Adams and Ferreira (2009) conclude that gender diversity is helpful only for firms with weak governance. Is the board more effective when there is an inclusion of different views and perspectives? This study reports the inclusion of women on the board in different economic sectors and examines the possible effects of board gender diversity on firm performance.
Determinants of the Reinsurance Decision by Life Insurance Companies
Authors: Bouzouita Raja , Young Arthur
Published: February 2023

Risk management is vital to any business including insurance companies, and reinsurance is the major risk management tool available to insurance companies. Insurance companies rely on reinsurance to manage underwriting risk, tax liability, and incentives to invest. This paper extends existing research by considering the decision to reinsure for life insurance companies in two ways. First, we analyze life insurance companies’ propensity to reinsure any amount of business. Then, for those companies that do reinsure, we analyze the extent of reinsurance by examining the proportion of reinsurance relative to the total amount of premiums. Using two cross sections of data for U.S. life insurance companies, we find measures of underwriting risk, tax incentives, and incentives to invest are significant determinants of both aspects of the reinsurance decision.
The use of the terms upbringing, schooling, and education in the legal regulations and meanings attached to them by students
Authors: Škipina Daliborka , Pavlović Zlatko
Published: February 2023

The paper outlines the results of two pieces of research. The first one measures the meanings that students attach to concepts of upbringing (Serbian vaspitanje), schooling (Serbian obrazovanje), and education (Serbian edukacija). The results reveal that the respondents dominantly associate the concept of upbringing with effects that shape moral character personality traits. In the case of influences that act primarily on the cognitive-intellectual side and influences that act primarily on the development of practical skills, they showed a tendency to label them with the terms schooling and education. The second research analyses the frequency of application of same concepts in legal acts regulating the education field in the Republic of Srpska, Serbia, Croatia, and Montenegro. The analysis shows that, in general, the least used term in the laws is education; somewhat more used is a compound term created from the terms upbringing and schooling, even more the term upbringing, and the most used term is schooling.
The relationship between schizotypal personality traits, attachment styles, and early adverse experiences
Authors: Novakov Ivana
Published: February 2023

The aim of this study was to examine the differences in manifestations of three schizotypal dimensions (cognitive-perceptive, interpersonal, disorganized), depending on the attachment style and exposure to different adverse experiences during the childhood. The study was conducted on 181 participants, with a mean age of 20.09 years (SD = 2.19). Schizotypy was measured using the Schizotypal Personality Questionnaire - Brief Revised (SPQ-BR), and for the assessment of attachment styles and harmful experiences during childhood, special questionnaires were constructed. MANOVA showed that participants with a preoccupied attachment had the most prominent interpersonal and disorganized symptoms, while individuals with a fearful style had the highest scores on interpersonal dimension. There were no significant differences between secure and avoidant attachment style in either dimension of schizotypy. Adverse childhood experiences that turned out to be relevant for the manifestation of cognitive-perceptual symptoms were: frequent quarrels, negative impact on self-esteem in the family and frequent harassment outside the family. For interpersonal dimension, the most relevant experiences were: rejection in the peer group, severe physical punishment, negative impact on self-esteem, frequent harassment outside the family. For disorganization, the most important experiences were: restrained or aggressive behavior of the mother, aggressive and punishing behavior of the father, rejection in the peer group, severe physical punishment, negative impact on self-esteem, harassment outside the family. The results showed that preoccupied and fearful attachment styles were characterized by the most prominent schizotypal manifestations, and that different dimensions of schizotypy can be associated with specific early harmful experiences, which could explain the great heterogeneity in schizotypal symptoms.
Transformaciones de la familia mexicana y su incidencia en la convivencia y la gestión de los conflictos
Authors: Iglesias Ortuño Emilia de los Ángeles
Published: February 2023

La familia mexicana está transformando su configuración debido a los componentes personales particulares y a los procesos de transformación cultural del país. El objetivo de esta investigación es el estudio de los elementos socioculturales que han incidido en las dinámicas relacionales familiares y que han producido una evolución en las habilidades comunicativas, parentales y de gestión de conflictos en el seno familiar mediante revisión documental sistematizada a través de las fuentes primarias que estudian este fenómeno que ha transformado notablemente la dinámica relacional al interior de las familias mexicanas. Como resultado de este trabajo se ha constatado que las transformaciones culturales y sociales mexicanas requieren nuevos enfoques para determinar los patrones relacionales y la configuración de las estrategias de convivencia familiar a partir de los nuevos modelos de familia, la democratización de la toma de decisiones y el reconocimiento de los menores como participantes de interés en la dinámica familiar.