bluuebunny/crossref_metadata_2025_split huggingface dataset:
Evolution of invasive traits in nonindigenous species: increased survival and faster growth in invasive populations of rusty crayfish (Orconectes rusticus)
Authors: Sargent Lindsey W. , Lodge David M. 
Published: August 2014

AbstractThe importance of evolution in enhancing the invasiveness of species is not well understood, especially in animals. To evaluate evolution in crayfish invasions, we tested for differences in growth rate, survival, and response to predators between native and invaded range populations of rusty crayfish (Orconectes rusticus). We hypothesized that low conspecific densities during introductions into lakes would select for increased investment in growth and reproduction in invasive populations. We reared crayfish from both ranges in common garden experiments in lakes and mesocosms, the latter in which we also included treatments of predatory fish presence and food quality. In both lake and mesocosm experiments,O. rusticusfrom invasive populations had significantly faster growth rates and higher survival than individuals from the native range, especially in mesocosms where fish were present. There was no influence of within‐range collection location on growth rate. Egg size was similar between ranges and did not affect crayfish growth. Our results, therefore, suggest that growth rate, which previous work has shown contributes to strong community‐level impacts of this invasive species, has diverged sinceO. rusticuswas introduced to the invaded range. This result highlights the need to consider evolutionary dynamics in invasive species mitigation strategies.
Morphological and genetic comparison between naturally produced smolts of Atlantic salmon, brown trout and their hybrids
Authors: Solem Ø. , Berg O. K. , Verspoor E. , Hindar K. , Karlsson S. O. , Koksvik J. , Rønning L. , Kjærstad G. , Arnekleiv J. V. 
Published: August 2014

AbstractMorphological characters were compared between smolts (standard length 110–220 mm) of Atlantic salmon Salmo salar L., anadromous brown trout Salmo trutta L. and their hybrids captured in River Driva, western Norway. Morphological discrimination between S. salar, S. trutta and their hybrids was correct for 93% of the individuals (correct form was determined genetically). Morphological discrimination of hybrids was incorrect with 9.1% (n = 7) classified as S. salar and 1.3% (n = 1) as S. trutta, suggesting that the hybrids were morphologically more similar to S. salar than S. trutta despite a bias towards S. trutta mothers (7 of 8 cases). The largest morphological differences were found in head (notably maxilla length) and caudal peduncle morphology. Hybrids between S. salar and S. trutta had the longest pectoral and pelvic fins. This indicates that precise discrimination based on morphological traits can be made between S. salar, S. trutta and their hybrids.
DURATION, IMMUNIZATION, AND HEDGING WITH INTEREST RATE FUTURES
Authors: Kolb Robert W. , Chiang Raymond 
Published: August 2014

AbstractThe recent advent of the interest rate futures markets has greatly enriched the hedging opportunities of market participants faced with undesired interest rate risk. The variety of futures contracts presently spans a number of instruments with different risk, maturity, and coupon characteristics. This paper modifies the concept of duration and extends the duration hedging approach to cases where futures contracts are used as the hedging instrument. The derived hedge ratios take into account differences in coupon, maturity, and risk for three different regimes. Usage of these hedge ratios should lead to more efficient hedging of interest rate risk.
SIMULATION OF PORTFOLIO RETURNS: VARYING NUMBERS OF SECURITIES AND HOLDING PERIODS
Authors: Lloyd William P. , Goldstein Steven J. 
Published: August 2014

AbstractVariability may be measured around the long‐run market return by combining the well‐developed area of security diversification with the notion of time diversification. This non‐traditional concept of diversifiable risk is illustrated with results of a very large scale simulation. The results are very general since the data used in the simulation consist of all firms on the Center for Research in Security Prices (CRSP) monthly return file from January 1926 through December 1977.
SPECULATION AND THE MARKET FOR RECOMMENDATIONS
Authors: Bosch Jean‐Claude 
Published: August 2014

AbstractThe purpose of this paper is to investigate the theoretical value of information in a speculative securities market. A model of speculative equilibrium is developed in a market where an independent profit‐seeking advisor sells information in the form of buy and sell recommendations. These recommendations and the record of the advisor determine traders' speculative commitments, which take explicit account of informational risk. The model leads to a complete specification of the speculative equilibrium which includes stock prices as well as the price that the advisor can charge for providing recommendations.
CAPITAL BUDGETING DECISIONS WHEN CASH FLOWS AND PROJECT LIVES ARE STOCHASTIC AND DEPENDENT
Authors: Bey Roger P. 
Published: August 2014

AbstractThe purpose of this study is twofold: (1) to develop an operational economic state and simulation capital budgeting procedure for allowing cash flows and project lives to be dependent and (2) to provide empirical evidence of the impact of stochastic project lives on mean‐variance and mean‐semivariance capital budgeting decisions. The required number of input estimates for the proposed model is small. For individual projects, incorrectly assuming deterministic project lives when project lives are stochastic often results in large overestimates of expected net present values and large underestimates of the variance of the net present value. Similar results occur for the mean‐variance and mean‐semivariance portfolio models. The primary managerial implication of this study is that the inclusion of stochastic project lives in capital budgeting decisions is critical to obtain appropriate risk‐return estimates.
INTEREST RATE HEDGING: AN EMPIRICAL TEST OF ALTERNATIVE STRATEGIES
Authors: Gay Gerald D. , Kolb Robert W. , Chiang Raymond 
Published: August 2014

AbstractFor hedging, financial and agricultural futures contracts differ in their usefulness. This paper presents a new hedging approach uniquely appropriate to financial futures that better fits the typical hedging situation confronted by those wishing to hedge interest rate risk. The superiority of this new hedging strategy is demonstrated empirically by comparing the strategy with several other methods currently in use.
THE EFFECT OF MARKET CONDITIONS AND RISK CLASSIFICATIONS ON MARKET MODEL PARAMETERS
Authors: Spiceland J. David , Trapnell Jerry E. 
Published: August 2014

AbstractThis article reports the results of tests used to detect shifts in market model parameters during bull and bear market conditions. The evidence indicates that the parameters exhibit nonstationarity during market advances and market declines for certain predetermined stock groups. Specifically, the parameters of stocks in high‐risk and low‐risk classifications behave as if they are affected by the alternating forces of bull and bear markets.
SHORT SELLING: THE MUTUAL FUND ALTERNATIVE
Authors: Eckardt Walter L , Bagamery Bruce D. 
Published: August 2014

AbstractShort selling allows investors to shape prospective investment return opportunities along desired lines, offers the ability to hedge factors such as unanticipated inflation, provides a means to exploit perceived return anomalies, and facilitates the equilibrium pricing of securities. Currently, a short position can be created directly, with options, or with futures contracts. Each procedure has some advantages and some drawbacks with respect to the others. The alternative of mutual fund short selling in the family of funds framework neither dominates nor is dominated by existing methods. Implementation would, therefore, augment investor welfare.
COMPENSATING BALANCES AND FOREIGNERS' DOLLAR DEPOSITS IN UNITED STATES BANKS
Authors: Swanson Peggy E. 
Published: August 2014

AbstractOver the past 15 years, foreigners have been holding increasing quantities of dollars in United States banks. Since returns on Eurodollars consistently have been higher than returns in the United States, and since foreign exchange risk to foreigners is the same in both dollar markets, the quantities are not likely to represent portfolio choices. Some holdings probably are related to dollar transactions needs, but the data indicate that growth in trade is not adequate to explain the growing quantities held. This paper investigates empirically compensating balance requirements as a motive for foreigners holding dollars in the United States and finds these requirements to be important determinants of quantities held.
TAXES AND THE REFUNDING OF DISCOUNT BONDS
Authors: Dyl Edward A. , Spahr Ronald W. 
Published: August 2014

AbstractThis paper examines the effect of the Bankruptcy Tax Act of 1980 on the decision to refund corporate bonds selling at a discount. Historically, the refunding of discount debt has appeared to be profitable on a discounted cash flow basis. This study demonstrates, however, that the tax effects of the Bankruptcy Tax Act of 1980 have eliminated effectively any potential gains from refunding discounted debt.
SHORT TERM IMPACT OF OPTION TRADING ON UNDERLYING SECURITIES
Authors: Whiteside Mary M. , Dukes William P. , Dunne Patrick M. 
Published: August 2014

AbstractThis paper examines the short‐term impact of option listing before and after the moratorium. There is no clear evidence that option trading has an effect on volatility or variability of shares traded daily. However, when the results are evaluated by year of trading, two significant trends can be identified. A trend toward decreased price volatility and increased variability in the number of shares traded daily is shown in the underlying security shortly after option trading begins.
INTERNATIONAL DIVERSIFICATION OF EQUITIES AND FIXED‐INCOME SECURITIES
Authors: Hill Joanne , Schneeweis Thomas 
Published: August 2014

AbstractPortfolio selection models have been applied principally to common stocks traded in the United States and in foreign stock markets. This study examines the efficient set of portfolios selected from a choice set that includes returns derived from domestic and international corporate bond and government bond indices as well as domestic and international stock indices. To assess the benefits of international multi‐asset diversification, the authors examine the following issues: (1) the extent to which international and domestic fixed‐income securities are included in efficient portfolios; (2) the effect on efficient set composition of using the Sharpe portfolio selection model as compared to the Markowitz portfolio selection model; (3) the sensitivity of efficient set characteristics produced from a single‐index based portfolio selection model to alternative world market indices; and (4) the correspondence between expected and realized portfolio risk and return for the different portfolio selection models.
A MODEL OF HETEROGENEOUS EXPECTATIONS AS A DETERMINANT OF SHORT SALES
Authors: Peterson David R. , Waldman Donald M. 
Published: August 2014

AbstractThis study examines the role of heterogeneous expectations as a determinant of short selling of common stock. A theoretical model demonstrates that the degree of heterogeneity of opinion and the number of investors in a market both positively influence short selling. This theory is substantiated empirically using ex‐ante data. Short selling is related directly to merger activity and the presence of options.
PORTFOLIO PERFORMANCE IN RELATION TO QUALITY, EARNINGS, DIVIDENDS, FIRM SIZE, LEVERAGE, AND RETURN ON EQUITY
Authors: Muller Frederick L. , Fielitz Bruce D. , Greene Myron T. 
Published: August 2014

AbstractThis paper examines the risk‐return performance of portfolios formed from S&P quality rankings over the time period 1970–1979. In addition, the risk‐return characteristics of the portfolios are compared with performance as measured by fundamental data regarding earnings, dividends, firm size, leverage, and return on equity. The results suggest that the S&P quality rankings are closely correlated to risk as measured by the variability of returns and earnings changes, but the rankings are not correlated with the variability of dividend changes. The quality rankings are not uniformly correlated with mean portfolio returns or mean dividend changes, nor is the relationship between quality and mean earnings changes strong. Finally, quality rankings are related to firm size and return on equity. However, relationships between quality and leverage are discernible only at the extremes.
MULTIVARIATE ANALYSIS OF CORPORATE BOND RATINGS AND INDUSTRY CLASSIFICATIONS
Authors: Perry Larry G. , Henderson Glenn V. , Cronan Timothy P. 
Published: August 2014

AbstractPrevious statistical models designed to predict bond ratings use a variety of financial data and ratios; however, the possible effect of the industry in which the firms operate is generally disregarded. Although the exact bond rating process used by the rating agencies is not known, industry analysis is an important component of the process. This study evaluates the use of industry‐specific multiple discriminant functions for predicting bond ratings. The results support using such a technique.
A FINANCIAL MANAGEMENT THEORY OF THE NONPROFIT ORGANIZATION
Authors: Wacht Richard F. 
Published: August 2014

AbstractCertain unique operational and financial characteristics of nonprofit organizations prevent the transfer and successful application of orthodox economic and financial management theories to financial management decisions in the nonprofit context. These characteristics include a dual management structure composed of professional and financial managers, multiple objectives, legal restrictions on the disposition of earnings and assets, and the constant threat of illiquidity as the result of the uncoupling of organizational goals and cash flows.The financial management theory presented here separates the financial management goals from the professional goals and allows the finance practitioner to concentrate on keeping the nonprofit organization operating as a going concern. The theory is designed as a “partial” theory of the firm and is completely consonant with accepted economic orthodoxy. Hence, by employing financial decision rules based on the new theory, a nonprofit organization can survive financially through time while its professional manager pursues utility‐denominated goals delineated by the organization's tax‐exempt status.
INTRAWEEK SEASONALITY IN THE FEDERAL FUNDS MARKET
Authors: Eisemann Peter C. , Timme Stephen G. 
Published: August 2014

AbstractThis paper examines daily Federal funds interest rates for intraweek seasonality over the period 1966 through June 1982. Seasonals are identified using several techniques and are found to vary over time in both intensity and relative size. Furthermore, seasonality is not limited to a Wednesday effect. The seasonals are used to test the effectiveness of active reserve management based on seasonal rate forecasts. The results indicate that extraordinary risk‐adjusted profits are not likely.
AN EXAMINATION OF MARKET REACTION TO SUBSTANTIAL SHIFTS IN DIVIDEND POLICY
Authors: Benesh Gary A. , Keown Arthur J. , Pinkerton John M. 
Published: August 2014

AbstractThis study provides further empirical evidence on the informational content of dividends hypothesis. To reduce the misclassification of unfavorable and favorable dividend announcements, which can result when small dividend changes are included, the analysis is restricted to cases where a substantial shift in dividend policy has occurred. Specifically, the authors examine the aggregate market response to announcements of (1) omitted dividends, (2) dividend decreases of at least 25 percent, (3) dividend increases of at least 25 percent, and (4) initial dividend payments. The results indicate that announcements of dividend omissions and large decreases have a pronounced downward impact on stock prices even though the market has anticipated the forthcoming news to a large degree. Similarly, the market reaction to initial dividend declarations is found to be substantial and much greater than previously found for favorable dividend classifications in general.
THE WRITINGS OF HENRY A. LATANÉ: A COMPILATION AND ANALYSIS
Authors: Trent Robert H. , Kemp Robert S. 
Published: August 2014

Henry A. Latané: A Brief Biographical SketchA native Virginian, Henry A. Latané was born in Buchanan, Botetourt County, in 1907. He received a BA degree from the University of Richmond in 1928 and an MBA degree from Harvard University in 1930. From 1930 to 1940 he was employed by Bankers Trust Company of New York as a security analyst. In 1940 he joined Lionel D. Edie and Company, also in New York, and remained with that firm as a security analyst until 1951. It was while he was with Lionel D. Edie that his first publication appeared, a short article in the Journal of the American Statistical Association (1942) concerning deriving seasonal factors in economic time series data.The Latané family moved from New York to Chapel Hill, North Carolina in 1951, where he obtained a Ph.D. degree in Economics from the University of North Carolina in 1957. Before completing his doctorate, however, he had published articles in the Southern Economic Journal, The Journal of Finance, and The Review of Economics and Statistics, all in 1954. His dissertation, completed in 1957 and entitled “Rational Decision Making in Portfolio Management,” provided the foundation for many of the Latané writings that have appeared in subsequent years.Latané joined the faculty of the University of North Carolina as a Research Associate in 1958 and was appointed Professor of Finance and Economics in 1960. He was elected Meade H. Willis, Sr. Professor of Investment Banking in 1969 and achieved emeritus status in 1981.He was one of the first to obtain the professional designation Chartered Financial Analyst in 1965. For many years he has been a member of both the New York Society and the North Carolina Society of Security Analysts. He served as Vice President of the Southern Economic Association during 1974–1976 and was an Associate Editor of The Journal of Finance from 1973 to 1981.
WHO HOLDS ALTERNATIVE MARKET‐YIELD ACCOUNTS?
Authors: McKenzie Joseph A. 
Published: August 2014

AbstractThis paper examines household liquid asset allocation for the period just prior to the introduction of the money market deposit account. This account, authorized in December 1982, allows depository institutions to offer the competitive equivalent of a money market mutual fund account. Estimates derived from a conditional logit model and data from a household financial services survey indicate that those most likely to have a money market mutual fund account are young, upper income college graduates. Older, non‐metropolitan, and non‐college‐educated households have much stronger ties to depository institutions.
STRONG FORM EFFICIENCY OF THE FOREIGN EXCHANGE MARKET AND BANK POSITIONS
Authors: Mahajan Arvind , Mehta Dileep 
Published: August 2014

AbstractThis paper explores the strong form efficiency of the pound sterling‐U.S. dollar market by analyzing the ability of U.S. commercial banks to formulate superior expectations vis‐a‐vis the market in two ways. First, Stein's theory is employed to distinguish between shifts and disturbances in the exchange market equilibrium. Second, the swap transaction framework extracts U.S. commercial banks' expectations from their observed behavior. Results obtained from both approaches suggest that the observed group has better than random forecasting accuracy.
COSKEWNESS, DIVIDEND YIELD AND CAPITAL ASSET PRICING
Authors: Cook Thomas J. , Rozeff Michael S. 
Published: August 2014

AbstractThe coskewness and dividend yield effects on capital asset prices have been established in two separate literatures. Neither literature controls for the variable in the other, nor for other potentially confounding factors such as size of the firm and the January effect on returns. Using stock return data for 1969–1978, this study provides evidence of coskewness, size, yield and January effects on stock returns. Coskewness appears to be a surrogate variable for dividend yield. When yield is controlled for, the coskewness effect cannot be detected. Hence, the significance of coskewness seems to result from the presence of the uncontrolled factor, dividend yield.
RETURNS ON HIGH‐QUALITY AND LOW‐QUALITY PREFERRED STOCKS IN PERIODS OF COMMON‐STOCK DIVIDEND REDUCTIONS
Authors: Rosenfeld James D. 
Published: August 2014

AbstractThis study compares the pre‐event return behavior of low‐quality and high‐quality nonconvertible preferred stocks in periods of common‐stock dividend reductions. Using the single‐index model to compute abnormal returns, the cumulative average residuals of low‐quality preferred stocks are significantly negative while those of the high‐quality group show a small, positive drift over the 12‐month period preceding the announcement month.
THE GROWTH OPTIMAL CAPITAL STRUCTURE: MANAGER VERSUS SHAREHOLDER OBJECTIVES
Authors: Antia Murad J. , Meyer Richard L. 
Published: August 2014

AbstractUtilizing a geometric mean wealth maximization approach, this paper shows potential differences between the capital structure preferred by stockholders and the one preferred by managers. In general, managers may prefer more conservative, equity‐oriented financing, while stockholders desire greater financial leverage. The problem arises because of differences in the degree of portfolio diversification achieved by managers and stockholders. Stockholders tend to have reasonably well‐diversified portfolios, causing them to be concerned with systematic risk. Managers' portfolios are apt to be more concentrated and directly tied to the financial success of an employer, causing managers to be concerned with total risk. Thus, for a given capital structure, each party views the firm as having a different level of risk. Several executive compensation plans are considered that might more closely align the interests of managers and stockholders.
THE SENSITIVITY OF THE PRIME RATE TO MONEY MARKET CONDITIONS
Authors: Goldberg Michael A. 
Published: August 2014

AbstractCommercial banking's institutional setting can make one bank's profits dependent upon the pricing strategies of its rivals. In this environment, widely disseminated prime rate quotes, loan contracts with “most‐favored‐customer” clauses, and rule‐of‐thumb pricing techniques can result in prime rate outcomes that jointly maximize banks' market values. In this paper the relationship between the prime and money market rates is examined over the last decade to determine if the prime rate behaves more like a competitive money market rate than an oligopolistic price.
THE GEOMETRY OF ASSET ADJUSTMENT WITH ADJUSTMENT COSTS
Authors: Glick Reuven 
Published: August 2014

AbstractThis paper provides a geometric analysis of asset adjustment behavior in response to changes in expected return and wealth. The analysis permits discussion of the role of different adjustment cost and risk attitude assumptions within a unified framework. It is shown that changes in expected return generally induce portfolio revision only if the marginal rate of substitution between assets is less than their relative marginal costs of adjustment. Wealth disturbances may induce sequential, rather than simultaneous, asset adjustment if marginal adjustment costs are constant or decreasing and the investor is risk neutral.