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Rutgers, State University of New Jersey
(31 results)-
White Papers
Improving Email Trustworthiness Through Social-Group Key Authentication
April 9, 2008, 12:00am PDT
The increasing use of email for phishing and unsolicited marketing has reduced the trustworthiness of email as a communication medium. Sender authentication is a known defense against these...
Provided by Rutgers, State University of New Jersey
-
White Papers
Space Versus Time Separation for Wireless Virtualization on an Indoor Grid
February 28, 2008, 12:00am PST
The decreasing cost of wireless hardware and ever increasing number of wireless testbeds has led to a shift in the protocol evaluation paradigm from simulations towards emulation. In addition,...
Provided by Rutgers, State University of New Jersey
-
White Papers
MAC Protocol Adaptation in Cognitive Radio Networks: An Experimental Study
May 7, 2009, 12:00am PDT
This paper presents an adaptive MAC (AMAC) protocol for supporting MAC layer adaptation in cognitive radio networks. MAC protocol adaptation is motivated by the flexibility of emerging...
Provided by Rutgers, State University of New Jersey
-
White Papers
Online Risk Analytics on the Cloud
July 8, 2009, 12:00am PDT
In today's turbulent market conditions, the ability to generate accurate and timely risk measures has become critical to operating successfully, and necessary for survival. Value-at-Risk (VaR) is...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Role Of Accruals In Predicting Future Cash Flows And Stock Returns
August 26, 2010, 12:00am PDT
The authors revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions, firm-specific regression estimates, and...
Provided by Rutgers, State University of New Jersey
-
White Papers
Value-Relevance Of Capital Expenditures And Business Cycle
January 1, 2009, 12:00am PST
The authors examine the relation between corporate capital investments and business cycles. Specifically, they test whether the stock market exhibits different reactions to corporate capital...
Provided by Rutgers, State University of New Jersey
-
White Papers
Dividend Paying Firm And Flexibility Hypothesis
August 26, 2010, 12:00am PDT
Previous research suggests that firms substitute stock repurchases for dividend increases in response to higher cash flow volatility and/or higher tax rates on dividends relative to capital gains....
Provided by Rutgers, State University of New Jersey
-
White Papers
The Role Of Analysts~ Earning Forecasts In The Valuation Process: An Introductory Overview
August 26, 2010, 12:00am PDT
This paper explains how analysts' earnings estimates (issued early in a fiscal year) affect the valuation process, illustrating key concepts with analyst forecast data. To derive estimates of...
Provided by Rutgers, State University of New Jersey
-
White Papers
Evidence Of Excess Market Frictions For Small Public Firms
August 31, 2009, 12:00am PDT
As done in prior literature, the authors first relate the theory of liquidity and asset pricing to the standard theory of an asset pricing in frictionless markets. They then review the more cited...
Provided by Rutgers, State University of New Jersey
-
White Papers
Accounting Information Quality, Stock Returns, And Macroeconomic Conditions
June 1, 2008, 12:00am PDT
This paper reexamines whether accounting information quality proxied by Accruals Quality (AQ) is priced. In two-stage cross-sectional regression tests, the authors find that the AQ risk factor is...
Provided by Rutgers, State University of New Jersey
-
White Papers
Information Uncertainty Risk And Seasonality In International Stock Returns
September 1, 2007, 12:00am PDT
A parsimonious two-factor model containing the market risk factor and a risk factor related to earnings information uncertainty has been developed in order to explain the seasonal regularity of...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Joint Impact Of Corporate Governance Mechanisms On Firm Performance And Each Other
June 1, 2008, 12:00am PDT
This paper examines the joint impact of different governance mechanisms on firm performance. The authors use three proxies for firm performance: Tobin's Q, ROA, and the Fama-French-Carhart Alpha....
Provided by Rutgers, State University of New Jersey
-
White Papers
Analysis Of Discrimination In Prime And Subprime Mortgage Markets
August 26, 2010, 12:00am PDT
This paper examines lending discrimination in prime and subprime mortgage markets. The recent development of the subprime mortgage lending market allows them to examine implications of the...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Empirical Importance Of Background Risks
April 1, 2008, 12:00am PDT
This paper uses a long panel data set to investigate the empirical importance of background risks on a household's asset allocation and on asset returns. The authors construct a set of...
Provided by Rutgers, State University of New Jersey
-
White Papers
Evidence That Companies Are Not Analyzing Goodwill For Impairment As Required By SFAS142
August 26, 2010, 12:00am PDT
SFAS142 (2001) requires that goodwill be analyzed for impairment annually and written down if impaired. Impairment testing is complex and relies on many subjective factors. To users it is a "Black...
Provided by Rutgers, State University of New Jersey
-
White Papers
Changes In Asset Turnover And Profit Margin As Signals Of Earnings Management
April 1, 2008, 12:00am PDT
When firms manage earnings up (down), the articulation between the income statement and the balance sheet generally forces a simultaneous increase (decrease) in net operating assets. Therefore,...
Provided by Rutgers, State University of New Jersey
-
White Papers
Explaining The Volatility Smile: Reduced-Form Vs. Structural Option Models
June 8, 2008, 12:00am PDT
The authors employ a "Reduced-form" approach to price European options. In contrast to "Structural" models that assume stochastic processes for the underlying state variable(s), "Reduced-form"...
Provided by Rutgers, State University of New Jersey
-
White Papers
Underpricing And Ex-Post Value Uncertainty
November 1, 2007, 12:00am PDT
As documented by a vast empirical literature, IPOs are characterized by underpricing. A number of papers have shown that underpricing is directly related to the amount of ex-ante uncertainty...
Provided by Rutgers, State University of New Jersey
-
White Papers
On The Determinants Of Bankruptcy Prediction
February 1, 2008, 12:00am PST
Structural credit models formulate the capital structure of the firm and hence have been used widely for predicting bankruptcy. Yet no paper has compared a wide variety of models with a nested set...
Provided by Rutgers, State University of New Jersey
-
White Papers
Optimal Transaction Filters Under Transitory Trading: Theory And Empirical Illustration
April 30, 2008, 12:00am PDT
If transitory profitable trading opportunities exist, filter rules mitigate transaction costs. The authors use a dynamic programming framework to design an optimal filter which maximizes...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Notching Rule For Subordinated Debt And The Information Content Of Debt Rating
May 1, 2008, 12:00am PDT
This paper provides new evidence concerning the information content of debt ratings. The authors find systematic biases in the rating of subordinated debt. Yields of speculative senior bonds are...
Provided by Rutgers, State University of New Jersey
-
White Papers
Stock Market Response To Changes In Movies Opening Dates
November 1, 2007, 12:00am PDT
How does the market react to news regarding large uncertain projects? The authors analyze stock market reactions to information about changes in opening dates of movies, and present two main...
Provided by Rutgers, State University of New Jersey
-
White Papers
Changing Business Environment And The Value Relevance Of Accounting Information
August 26, 2010, 12:00am PDT
The R2 of yearly regressions of prices on Earnings Per Share (EPS) and Book Value Per Share (BVPS) has commonly been used to measure the value relevance of accounting information. However Brown,...
Provided by Rutgers, State University of New Jersey
-
White Papers
A Re-Evaluation Of Auditor~s Opinions Versus Statistical Models In Bankruptcy Prediction
August 26, 2010, 12:00am PDT
Existent empirical evidence on the relative performance of auditors' going concern opinions versus statistical models in predicting bankruptcy is mixed. This paper attempts to add new reliable...
Provided by Rutgers, State University of New Jersey
-
White Papers
Explaining Firm Willingness To Forfeit Tax Deductions Under Internal Revenue Code Section 162(m): The Million-Dollar Cap
August 26, 2010, 12:00am PDT
In this paper, the authors examine firm responses to Internal Revenue Code Section 162(m). In particular they examine firms' willingness to forfeit tax deductions, as well as the effect of Section...
Provided by Rutgers, State University of New Jersey
-
White Papers
Financial Distress And Earnings Management: Effectiveness Of Independent Audit Committees
August 26, 2010, 12:00am PDT
This paper empirically tests whether independent audit committees protect investors' interests by constraining managerial behavior of earnings management, especially when managers have a strong...
Provided by Rutgers, State University of New Jersey
-
White Papers
Status "Leakage" In The Executive Suite: The Impact Of CEO Status Attainment On The Economics Outcomes Of Other Senior Managers
August 26, 2010, 12:00am PDT
In this paper, the authors develop and test predictions regarding the impact of CEO status on the economic outcomes of members of his or her top management team. Using a unique data set...
Provided by Rutgers, State University of New Jersey
-
White Papers
Multi-Level Study Of Sanctions: The Importance Of Second-Order Sanctions
August 26, 2010, 12:00am PDT
In this paper, the author uses observational data to analyze instances of sanction conflict in a workplace, with the goal of understanding how sanctions may compete or interact. Using a data...
Provided by Rutgers, State University of New Jersey
-
White Papers
Disclosure Analysis and Control in Statistical Databases
April 7, 2008, 12:00am PDT
Disclosure analysis and control are critical to protect sensitive information in statistical databases when some statistical moments are released. A generic question in disclosure analysis is...
Provided by Rutgers, State University of New Jersey
-
White Papers
Multinationals And The Globalization Of Technology Development
March 1, 2008, 12:00am PST
One of the most profound changes facing the world today is that the comparative advantages once enjoyed by Triad multinationals are shifting to the emerging economies and, increasingly, to...
Provided by Rutgers, State University of New Jersey
-
White Papers
Total Wireless Security: Moving Closer to the Goal With Low-Layer Techniques
October 2, 2008, 12:00am PDT
The authors discuss the motivation for incorporating low-layer security techniques into emerging wireless systems and the role that the PHY and MAC layers should play in the overall wireless...
Provided by Rutgers, State University of New Jersey
-
White Papers
Total Wireless Security: Moving Closer to the Goal With Low-Layer Techniques
October 2, 2008, 12:00am PDT
The authors discuss the motivation for incorporating low-layer security techniques into emerging wireless systems and the role that the PHY and MAC layers should play in the overall wireless...
Provided by Rutgers, State University of New Jersey
-
White Papers
Multinationals And The Globalization Of Technology Development
March 1, 2008, 12:00am PST
One of the most profound changes facing the world today is that the comparative advantages once enjoyed by Triad multinationals are shifting to the emerging economies and, increasingly, to...
Provided by Rutgers, State University of New Jersey
-
White Papers
Disclosure Analysis and Control in Statistical Databases
April 7, 2008, 12:00am PDT
Disclosure analysis and control are critical to protect sensitive information in statistical databases when some statistical moments are released. A generic question in disclosure analysis is...
Provided by Rutgers, State University of New Jersey
-
White Papers
Multi-Level Study Of Sanctions: The Importance Of Second-Order Sanctions
August 26, 2010, 12:00am PDT
In this paper, the author uses observational data to analyze instances of sanction conflict in a workplace, with the goal of understanding how sanctions may compete or interact. Using a data...
Provided by Rutgers, State University of New Jersey
-
White Papers
Status "Leakage" In The Executive Suite: The Impact Of CEO Status Attainment On The Economics Outcomes Of Other Senior Managers
August 26, 2010, 12:00am PDT
In this paper, the authors develop and test predictions regarding the impact of CEO status on the economic outcomes of members of his or her top management team. Using a unique data set...
Provided by Rutgers, State University of New Jersey
-
White Papers
Financial Distress And Earnings Management: Effectiveness Of Independent Audit Committees
August 26, 2010, 12:00am PDT
This paper empirically tests whether independent audit committees protect investors' interests by constraining managerial behavior of earnings management, especially when managers have a strong...
Provided by Rutgers, State University of New Jersey
-
White Papers
Explaining Firm Willingness To Forfeit Tax Deductions Under Internal Revenue Code Section 162(m): The Million-Dollar Cap
August 26, 2010, 12:00am PDT
In this paper, the authors examine firm responses to Internal Revenue Code Section 162(m). In particular they examine firms' willingness to forfeit tax deductions, as well as the effect of Section...
Provided by Rutgers, State University of New Jersey
-
White Papers
A Re-Evaluation Of Auditor~s Opinions Versus Statistical Models In Bankruptcy Prediction
August 26, 2010, 12:00am PDT
Existent empirical evidence on the relative performance of auditors' going concern opinions versus statistical models in predicting bankruptcy is mixed. This paper attempts to add new reliable...
Provided by Rutgers, State University of New Jersey
-
White Papers
Changing Business Environment And The Value Relevance Of Accounting Information
August 26, 2010, 12:00am PDT
The R2 of yearly regressions of prices on Earnings Per Share (EPS) and Book Value Per Share (BVPS) has commonly been used to measure the value relevance of accounting information. However Brown,...
Provided by Rutgers, State University of New Jersey
-
White Papers
Stock Market Response To Changes In Movies Opening Dates
November 1, 2007, 12:00am PDT
How does the market react to news regarding large uncertain projects? The authors analyze stock market reactions to information about changes in opening dates of movies, and present two main...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Notching Rule For Subordinated Debt And The Information Content Of Debt Rating
May 1, 2008, 12:00am PDT
This paper provides new evidence concerning the information content of debt ratings. The authors find systematic biases in the rating of subordinated debt. Yields of speculative senior bonds are...
Provided by Rutgers, State University of New Jersey
-
White Papers
Optimal Transaction Filters Under Transitory Trading: Theory And Empirical Illustration
April 30, 2008, 12:00am PDT
If transitory profitable trading opportunities exist, filter rules mitigate transaction costs. The authors use a dynamic programming framework to design an optimal filter which maximizes...
Provided by Rutgers, State University of New Jersey
-
White Papers
On The Determinants Of Bankruptcy Prediction
February 1, 2008, 12:00am PST
Structural credit models formulate the capital structure of the firm and hence have been used widely for predicting bankruptcy. Yet no paper has compared a wide variety of models with a nested set...
Provided by Rutgers, State University of New Jersey
-
White Papers
Underpricing And Ex-Post Value Uncertainty
November 1, 2007, 12:00am PDT
As documented by a vast empirical literature, IPOs are characterized by underpricing. A number of papers have shown that underpricing is directly related to the amount of ex-ante uncertainty...
Provided by Rutgers, State University of New Jersey
-
White Papers
Explaining The Volatility Smile: Reduced-Form Vs. Structural Option Models
June 8, 2008, 12:00am PDT
The authors employ a "Reduced-form" approach to price European options. In contrast to "Structural" models that assume stochastic processes for the underlying state variable(s), "Reduced-form"...
Provided by Rutgers, State University of New Jersey
-
White Papers
Changes In Asset Turnover And Profit Margin As Signals Of Earnings Management
April 1, 2008, 12:00am PDT
When firms manage earnings up (down), the articulation between the income statement and the balance sheet generally forces a simultaneous increase (decrease) in net operating assets. Therefore,...
Provided by Rutgers, State University of New Jersey
-
White Papers
Evidence That Companies Are Not Analyzing Goodwill For Impairment As Required By SFAS142
August 26, 2010, 12:00am PDT
SFAS142 (2001) requires that goodwill be analyzed for impairment annually and written down if impaired. Impairment testing is complex and relies on many subjective factors. To users it is a "Black...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Empirical Importance Of Background Risks
April 1, 2008, 12:00am PDT
This paper uses a long panel data set to investigate the empirical importance of background risks on a household's asset allocation and on asset returns. The authors construct a set of...
Provided by Rutgers, State University of New Jersey
-
White Papers
Analysis Of Discrimination In Prime And Subprime Mortgage Markets
August 26, 2010, 12:00am PDT
This paper examines lending discrimination in prime and subprime mortgage markets. The recent development of the subprime mortgage lending market allows them to examine implications of the...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Joint Impact Of Corporate Governance Mechanisms On Firm Performance And Each Other
June 1, 2008, 12:00am PDT
This paper examines the joint impact of different governance mechanisms on firm performance. The authors use three proxies for firm performance: Tobin's Q, ROA, and the Fama-French-Carhart Alpha....
Provided by Rutgers, State University of New Jersey
-
White Papers
Information Uncertainty Risk And Seasonality In International Stock Returns
September 1, 2007, 12:00am PDT
A parsimonious two-factor model containing the market risk factor and a risk factor related to earnings information uncertainty has been developed in order to explain the seasonal regularity of...
Provided by Rutgers, State University of New Jersey
-
White Papers
Accounting Information Quality, Stock Returns, And Macroeconomic Conditions
June 1, 2008, 12:00am PDT
This paper reexamines whether accounting information quality proxied by Accruals Quality (AQ) is priced. In two-stage cross-sectional regression tests, the authors find that the AQ risk factor is...
Provided by Rutgers, State University of New Jersey
-
White Papers
Evidence Of Excess Market Frictions For Small Public Firms
August 31, 2009, 12:00am PDT
As done in prior literature, the authors first relate the theory of liquidity and asset pricing to the standard theory of an asset pricing in frictionless markets. They then review the more cited...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Role Of Analysts~ Earning Forecasts In The Valuation Process: An Introductory Overview
August 26, 2010, 12:00am PDT
This paper explains how analysts' earnings estimates (issued early in a fiscal year) affect the valuation process, illustrating key concepts with analyst forecast data. To derive estimates of...
Provided by Rutgers, State University of New Jersey
-
White Papers
Dividend Paying Firm And Flexibility Hypothesis
August 26, 2010, 12:00am PDT
Previous research suggests that firms substitute stock repurchases for dividend increases in response to higher cash flow volatility and/or higher tax rates on dividends relative to capital gains....
Provided by Rutgers, State University of New Jersey
-
White Papers
Value-Relevance Of Capital Expenditures And Business Cycle
January 1, 2009, 12:00am PST
The authors examine the relation between corporate capital investments and business cycles. Specifically, they test whether the stock market exhibits different reactions to corporate capital...
Provided by Rutgers, State University of New Jersey
-
White Papers
The Role Of Accruals In Predicting Future Cash Flows And Stock Returns
August 26, 2010, 12:00am PDT
The authors revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions, firm-specific regression estimates, and...
Provided by Rutgers, State University of New Jersey
-
White Papers
Online Risk Analytics on the Cloud
July 8, 2009, 12:00am PDT
In today's turbulent market conditions, the ability to generate accurate and timely risk measures has become critical to operating successfully, and necessary for survival. Value-at-Risk (VaR) is...
Provided by Rutgers, State University of New Jersey
-
White Papers
MAC Protocol Adaptation in Cognitive Radio Networks: An Experimental Study
May 7, 2009, 12:00am PDT
This paper presents an adaptive MAC (AMAC) protocol for supporting MAC layer adaptation in cognitive radio networks. MAC protocol adaptation is motivated by the flexibility of emerging...
Provided by Rutgers, State University of New Jersey
-
White Papers
Space Versus Time Separation for Wireless Virtualization on an Indoor Grid
February 28, 2008, 12:00am PST
The decreasing cost of wireless hardware and ever increasing number of wireless testbeds has led to a shift in the protocol evaluation paradigm from simulations towards emulation. In addition,...
Provided by Rutgers, State University of New Jersey
-
White Papers
Improving Email Trustworthiness Through Social-Group Key Authentication
April 9, 2008, 12:00am PDT
The increasing use of email for phishing and unsolicited marketing has reduced the trustworthiness of email as a communication medium. Sender authentication is a known defense against these...
Provided by Rutgers, State University of New Jersey
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