University of Texas at Austin (McCombs)

Displaying 1-40 of 68 results

  • White Papers // Jan 2014

    Pipelining Nested Loops on Timing and Code-Size Optimizations for DSP Applications

    Embedded systems have strict timing and code size requirements. Software pipelining is one of the most important optimization techniques to improve the execution time of loops by increasing the parallelism among successive loop iterations. However, there is no effective techniques exist for solving the software pipelining problem on nested loops....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2014

    Real-Time Dynamic Voltage Loop Scheduling for Multi-Core Embedded Systems

    In this paper, the authors propose a novel real-time loop scheduling technique to minimize energy consumption via DVS for applications with loops considering transition overhead. Two algorithms, IDVS and DVLS, are designed integrating with DVS. IDVS is an algorithm to iteratively optimize the DAG (Directed Acyclic Graph) part of a...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2013

    Penny: Secure, Decentralized Data Management

    Structured, Peer-To-Peer (P2P) networks scalable support efficient data-retrieval operations over large data sets without resorting to centralized servers that may be vulnerable to attack or failure. However, data confidentiality policies, such as data ownership privacy, are difficult to enforce reliably in these networks. This paper presents Penny, a structured P2P...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Apr 2013

    Computation Certification as a Service in the Cloud

    In this paper, the authors propose a new form of SECurity as a Service (SECaaS) that allows untrusted, mostly serial computations in untrusted computing environments to be independently and efficiently validated by trusted, commodity clouds. This addresses the longstanding problem of safely executing high assurance computations on untrusted hosts. Untrusted...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2012

    A Note for the Ideal Order-Preserving Encryption Object and Generalized Order-Preserving Encryption

    Order-Preserving Encryption (OPE) preserves the order of data in their ciphertexts and, hence, allows range search on the encrypted data without needing to decrypt them. Security analysis of OPE schemes is very important because OPE is not a perfect encryption algorithm (the ciphertexts leak the ordering information of the plaintexts)....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2012

    Extending Order Preserving Encryption for Multi-User Systems

    Several Order Preserving Encryption (OPE) algorithms have been developed in the literature to support search on encrypted data. However, existing OPE schemes only consider a single encryption key, which is infeasible for a practical system with multiple users (implying that all users should have the single encryption key in order...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Sep 2011

    RETRO: A Framework for Semantics Preserving SQL-to-SPARQL Translation

    There have been several attempts to make RDBMS and RDF stores inter-operate. The most popular one, D2RQ, has explored one direction, i.e., to look at RDBMS through RDF lenses. In this paper, the authors present RETRO, which investigates the reverse direction, i.e., to look at RDF through relational lenses. RETRO...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2011

    Teamwork Is Key To Innovation In Health Care, Research Shows

    In the health care industry, just as in the business world, using teamwork to talk through a problem can help illuminate new solutions that otherwise would have been overlooked. New evidence suggests that collaboration in a clinical environment also results in more effective treatment of patients. The McCombs School recently...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2011

    Srinivasan Talks Social Media Effects And Online Reviews

    Being a professor in the business school is fun, said Raji Srinivasan, associate professor of marketing at McCombs. "You get to spend time with the future of the world." Srinivasan gave a paper titled "Social Influence Effects on Online Ratings of Service Firms" March 29 as part of the Faculty...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2011

    Online Chatter And Sales Go Hand-In-Hand

    In the Web 2.0 world, do online product reviews and discussions matter if they don't immediately lead to increased sales for a company? That's what Garrett Sonnier, assistant professor of marketing, discussed with students in a presentation on his research titled "A Dynamic Model of the Effect of Online Communications...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    On Sharing Viral Video Over an Ad Hoc Wireless Network

    The proliferation of mobile devices that can stream video (laptops, smartphones, and tablets) has marked a dramatic increase in demand for streaming video. At the same time, content generation and dissemination has become dramatically easier - most phones have installed video-cameras, and knowledge of a video can spread extremely rapidly...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Analytical Evaluation of Fractional Frequency Reuse for OFDMA Cellular Networks

    Fractional Frequency Reuse (FFR) is an interference management technique well-suited to OFDMA based cellular networks wherein the cells are partitioned into spatial regions with different frequency reuse factors. To date, FFR techniques have been typically been evaluated through system-level simulations using a hexagonal grid for the base station locations. This...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Unbounded HIBE and Attribute-Based Encryption

    In this paper, the authors present HIBE and ABE schemes which are "Unbounded" in the sense that the public parameters do not impose additional limitations on the functionality of the systems. In all previous constructions of HIBE in the standard model, a maximum hierarchy depth had to be fixed at...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Series Expansion for Interference in Wireless Networks

    The spatial correlations in transmitter node locations introduced by common multiple access protocols makes the analysis of interference, outage, and other related metrics in a wireless network extremely difficult. Most works therefore assume that nodes are distributed either as a Poisson Point Process (PPP) or a grid, and utilize the...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Partnership Gives Faculty Access To Retail Data

    Two research centers at McCombs have formed a partnership with the Center for Advancing Retail Technologies (CART), which will provide access to data about retail technologies, consumer behaviors and other areas of study to faculty and students for research purposes. Through this relationship, faculty in the McCombs School's Center for...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Routed Inter-ALU Networks for ILP Scalability and Performance

    Modern processors rely heavily on broadcast networks to bypass instruction results to dependent instructions in the pipeline. However, as clock rates increase, architectures get wider, and pipelines get deeper, broadcasting becomes more complex, slower, and more difficult to implement. This complexity is compounded by shrinking feature size, as the communication...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2011

    Zmail : Zero-Sum Free Market Control of Spam

    The problem of spam is a classic "Tragedy of the commons". This paper proposes the Zmail protocol as a way to preserve email as a "Free" common resource for most users, while imposing enough cost on bulk mailers so that market forces will control the volume of spam. A key...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Nov 2010

    Political Power May Lead To Lower Taxes For Federal Contractors

    It's not what you know, it's who you know. And how you use those relationships to your benefit. That was the underlying theme in a presentation on tax accounting research by Professor Lillian Mills, titled "The Effect of Political Sensitivity and Political Power on Taxes: Evidence from Federal Contractors." Mills...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Nov 2010

    Remote Batch Invocation for Web Services Document-Oriented Web Services With Object-Oriented Interfaces

    The Web Service Description Language defines a service as a procedure whose inputs and outputs are structured XML data values, sometimes called documents. In this paper the authors argue that document-oriented interfaces can be viewed as batches of calls to finer-grained procedural interfaces. Turning this correspondence around, the authors shows...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2010

    Depot: Cloud Storage With Minimal Trust (Extended Version)

    The paper describes the design, implementation, and evaluation of Depot, a cloud storage system that minimizes trust assumptions. Depot tolerates buggy or malicious behavior by any number of clients or servers, yet it provides safety and liveness guarantees to correct clients. Depot provides these guarantees using a two-layer architecture. First,...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2010

    Oligopolistic Pricing With Online Search

    The author set up a game-theoretic model to examine the oligopolistic price competition, considering two features of online search: the existence of a common search ordering and shoppers who have non-positive search cost. They find that in equilibrium firms set their prices probabilistically rather than deterministically, and different firms follow...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2010

    An Assessment of Middleware Platforms for Accessing Remote Services

    Due to the shift from Software-As-A-Product (SaaP) to Software-As-A-Service (SaaS), software components that were developed to run in a single address space must increasingly be accessed remotely across the network. Distribution middleware is frequently used to facilitate this transition. Yet a range of middleware platforms exist, and there are few...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Apr 2010

    Exploring Application and Infrastructure Adaptation on Hybrid Grid-Cloud Infrastructure

    Clouds are emerging as an important class of distributed computational resources and are quickly becoming an integral part of production computational infrastructures. An important but oft-neglected question is, what new applications and application capabilities can be supported by clouds as part of a hybrid computational platform? In this paper the...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2010

    S4: Small State and Small Stretch Compact Routing Protocol for Large Static Wireless Networks

    Routing protocols for large wireless networks must address the challenges of reliable packet delivery at increasingly large scales and with highly limited resources. Attempts to reduce routing state can result in undesirable worst-case routing performance, as measured by stretch, which is the ratio of the hop count of the selected...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2010

    Mutual Fund Tax Clienteles

    Mutual funds are pooled investment vehicles with diverse tax clienteles - taxable accounts and tax-qualified retirement accounts. Paper investigates whether the characteristics, investment strategies, and performance of mutual funds held by diverse tax clienteles differ. Examining mutual funds' income distributions and holdings, the author finds that funds held primarily by...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2010

    Interpreting The Book-Tax Income Gap As Earnings Management Or Tax Sheltering

    The measured book-tax gap is often used as a surrogate for one of the behaviors that influences the gap - earnings management or tax sheltering - without adjusting for the effect of other influences - GAAP changes, tax law changes, and macroeconomic conditions. This paper provides evidence on the quality...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2010

    Do Debt Constraints Influence Firms' Sensitivity To A Temporary Tax Holiday On Repatriations?

    This paper examines whether U.S. multinationals' private and public debt constraints influence their responses to a temporary reduction in repatriation taxes. Using a sample of 421 U.S. multinationals with permanently reinvested earnings, the author finds that external debt constraints played an important role in determining their responses to the tax...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Political Climate, Optimism, And Investment Decisions

    This paper shows that people's optimism towards financial markets and the overall economy is dynamically influenced by their political affiliation and the existing political climate. Re-publicans (Democrats) are more optimistic and they perceive the markets to be less risky and more undervalued when the Republican (Democratic) party is in power....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Hard-To-Value Stocks, Behavioral Biases, And Informed Trading

    This paper uses investor-level data to provide direct evidence for an intuitive but surprisingly untested proposition that investors make larger investment mistakes when valuation uncertainty is higher and stocks are more difficult to value. Using multiple measures of valuation uncertainty and multiple behavioral bias proxies, the author show that individual...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Asset Allocation And Portfolio Performance: Evidence From University Endowment Funds

    The author use university endowment funds to study the relationship between asset allocation decisions and performance in multiple asset class portfolios. Although endowments differ substantially in asset class composition, policy portfolio returns and volatilities are remarkably similar across the sample. The risk-adjusted performance of the average endowment is negligible, but...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Option Returns And Individual Stock Volatility

    This paper studies the cross-sectional determinants of delta-hedged stock option returns with an emphasis on the pricing of volatility risk. The author find that the average delta-hedged option returns are significantly negative for most stocks, and their magnitudes increase monotonically with the volatility of the underlying stock. Writing covered calls...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Sentiment-Driven Overvaluation And Management Forecasting Strategies

    Prior research suggests that managers adopt disclosure strategies to exacerbate sentiment driven overvaluation, concluding that managers either "Keep quiet" or inject bias into certain voluntary disclosures during high-sentiment periods. The author provides evidence that managers of overvalued firms increase their earnings guidance frequency when investor sentiment is high, especially for...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    An Approximate Moving Boundary Method For American Options

    This paper presents a method to solve the free-boundary problem that arises in the pricing of classical American options. The method presented herein leverages on a one factor approximation and the moving boundary approach to yield an algorithm which has superior runtimes and accuracy as compared other computational methods that...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Dec 2009

    Do Endowment Funds Select The Optimal Mix Of Active And Passive Risks?

    The investment decision confronting managers of multi-asset class portfolios can be characterized in terms of the passive (i.e., benchmark or policy) and active (i.e., market timing and security selection) strategies they adopt. In this paper, the author investigates whether managers select the appropriate combination of active and passive allocations in...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Dec 2009

    Greedy Receivers in IEEE 802.11 Hotspots: Impacts and Detection

    As wireless hotspot business becomes a tremendous financial success, users of these networks have increasing motives to misbehave in order to obtain more bandwidth at the expense of other users. Such misbehaviors threaten the performance and availability of hotspot networks, and have recently attracted increasing research attention. However the existing...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Dec 2009

    ARM Cortex-A8 vs. Intel Atom: Architectural and Benchmark Comparisons

    Mobile Internet Devices (MIDs) are increasingly being found in the consumer electronic markets that require low power and high performance processors. ARM and Intel have become major competitors in this domain. In order to meet the architectural requirements of MIDs, both companies have developed the following processor architectures to address...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Nov 2009

    Did FIN 48 Arrest The Trend In Multistate Tax Aggressiveness?

    This paper examines whether state corporate Effective Tax Rates (ETRs) that began trending downward in the 1990s rose in response to FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes. The author finds state ETRs increase substantially in 2006 through 2008 for tax aggressive firms. Firm-level cash...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Novel Reliability-Based Hybrid ARQ Technique

    In this paper, the authors propose a novel technique for Hybrid Automatic Repeat reQuest (HARQ) systems where turbo codes are used as the Forward Error Correction (FEC) techniques. This technique uses the histogram of the soft values generated by the turbo decoder to control the size and the contents of...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Diversity and Multiplexing of Opportunistic Shared Relay Channel and The X-Relay Channel

    In this paper, the authors study opportunistic communication in two relay channels, the Shared Relay Channel (SRC) and the X-Relay Channel (XRC). The shared relay channel consists of multiple non-interfering source-destination pairs sharing one relay. The X-relay channel is a multi-source multi-destination network where each source has a message for...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Analysis of Fundamental Limits for Partial Connectivity in Wireless Networks

    The authors consider large, random network topologies, typical in sensor or ad-hoc networks. Achieving full connectivity in these networks is hard, as it is known to asymptotically require unbounded node degrees. This certainly involves a lack of scalability, since nodes with finite resources cannot handle an unbounded neighborhood with bounded...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2012

    A Note for the Ideal Order-Preserving Encryption Object and Generalized Order-Preserving Encryption

    Order-Preserving Encryption (OPE) preserves the order of data in their ciphertexts and, hence, allows range search on the encrypted data without needing to decrypt them. Security analysis of OPE schemes is very important because OPE is not a perfect encryption algorithm (the ciphertexts leak the ordering information of the plaintexts)....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2012

    Extending Order Preserving Encryption for Multi-User Systems

    Several Order Preserving Encryption (OPE) algorithms have been developed in the literature to support search on encrypted data. However, existing OPE schemes only consider a single encryption key, which is infeasible for a practical system with multiple users (implying that all users should have the single encryption key in order...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Novel Reliability-Based Hybrid ARQ Technique

    In this paper, the authors propose a novel technique for Hybrid Automatic Repeat reQuest (HARQ) systems where turbo codes are used as the Forward Error Correction (FEC) techniques. This technique uses the histogram of the soft values generated by the turbo decoder to control the size and the contents of...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Diversity and Multiplexing of Opportunistic Shared Relay Channel and The X-Relay Channel

    In this paper, the authors study opportunistic communication in two relay channels, the Shared Relay Channel (SRC) and the X-Relay Channel (XRC). The shared relay channel consists of multiple non-interfering source-destination pairs sharing one relay. The X-relay channel is a multi-source multi-destination network where each source has a message for...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    Analysis of Fundamental Limits for Partial Connectivity in Wireless Networks

    The authors consider large, random network topologies, typical in sensor or ad-hoc networks. Achieving full connectivity in these networks is hard, as it is known to asymptotically require unbounded node degrees. This certainly involves a lack of scalability, since nodes with finite resources cannot handle an unbounded neighborhood with bounded...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Sep 2009

    Leveraging Dynamic Spare Capacity in Wireless Systems to Conserve Mobile Terminals' Energy

    This paper studies several ways in which mobile terminals can backoff on their uplink transmit power in order to extend battery lifetimes. This is particularly effective when a wireless system is underloaded as the degradation in user's perceived quality of service can be negligible. The challenge, however, is developing a...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Oct 2009

    The Orc Programming Language

    Orc was originally presented as a process calculus. It has now evolved into a full programming language, which will be described in this paper. The language has the structure and feel of a functional programming language, yet it handles many non-functional aspects effectively. This paper first describes the original concurrency...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Political Climate, Optimism, And Investment Decisions

    This paper shows that people's optimism towards financial markets and the overall economy is dynamically influenced by their political affiliation and the existing political climate. Re-publicans (Democrats) are more optimistic and they perceive the markets to be less risky and more undervalued when the Republican (Democratic) party is in power....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2009

    Self-Selection And The Forecasting Abilities Of Female Equity Analysts

    This paper investigates whether there are systematic differences between the forecasting style and abilities of female and male analysts, and whether market participants recognize these differences. Author's key conjecture is that only female analysts with superior forecasting abilities enter the profession due to a perception of discrimination in the analyst...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Hard-To-Value Stocks, Behavioral Biases, And Informed Trading

    This paper uses investor-level data to provide direct evidence for an intuitive but surprisingly untested proposition that investors make larger investment mistakes when valuation uncertainty is higher and stocks are more difficult to value. Using multiple measures of valuation uncertainty and multiple behavioral bias proxies, the author show that individual...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jul 2009

    Dynamic Style Preferences Of Individual Investors And Stock Returns

    This paper shows that individual investors systematically shift their preferences across extreme style portfolios (small vs. large, value vs. growth). These preference shifts are influenced by past style returns and earnings differentials, and advice from investment newsletters, but are unaffected by innovations in macroeconomic variables or shifts in expectations about...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Aug 2009

    Who Gambles In The Stock Market?

    This study shows that the propensity to gamble and investment decisions are correlated. At the aggregate level, individual investors prefer stocks with lottery features, and like lottery demand, the demand for lottery-type stocks increases during economic downturns. In the cross-section, socioeconomic factors that induce greater expenditure in lotteries are associated...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Dec 2009

    Do Endowment Funds Select The Optimal Mix Of Active And Passive Risks?

    The investment decision confronting managers of multi-asset class portfolios can be characterized in terms of the passive (i.e., benchmark or policy) and active (i.e., market timing and security selection) strategies they adopt. In this paper, the author investigates whether managers select the appropriate combination of active and passive allocations in...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Asset Allocation And Portfolio Performance: Evidence From University Endowment Funds

    The author use university endowment funds to study the relationship between asset allocation decisions and performance in multiple asset class portfolios. Although endowments differ substantially in asset class composition, policy portfolio returns and volatilities are remarkably similar across the sample. The risk-adjusted performance of the average endowment is negligible, but...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2009

    Happiness For Sale: Do Experiential Purchases Make Consumers Happier Than Material Purchases?

    Previous theories have suggested that consumers will be happier if they spend their money on experiences such as travel as opposed to material possessions such as automobiles. The author tests this experience recommendation and show that it may be misleading in its general form. Valence of the outcome significantly moderates...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Option Returns And Individual Stock Volatility

    This paper studies the cross-sectional determinants of delta-hedged stock option returns with an emphasis on the pricing of volatility risk. The author find that the average delta-hedged option returns are significantly negative for most stocks, and their magnitudes increase monotonically with the volatility of the underlying stock. Writing covered calls...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2010

    Mutual Fund Tax Clienteles

    Mutual funds are pooled investment vehicles with diverse tax clienteles - taxable accounts and tax-qualified retirement accounts. Paper investigates whether the characteristics, investment strategies, and performance of mutual funds held by diverse tax clienteles differ. Examining mutual funds' income distributions and holdings, the author finds that funds held primarily by...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    Sentiment-Driven Overvaluation And Management Forecasting Strategies

    Prior research suggests that managers adopt disclosure strategies to exacerbate sentiment driven overvaluation, concluding that managers either "Keep quiet" or inject bias into certain voluntary disclosures during high-sentiment periods. The author provides evidence that managers of overvalued firms increase their earnings guidance frequency when investor sentiment is high, especially for...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Apr 2009

    Staying The Course: The Role Of Investment Style Consistency In The Performance Of Mutual Funds

    While a mutual fund's investment style influences the returns it generates, little is known about how a manager's execution of the style decision affects portfolio performance. Using both holdings- and returns-based techniques to measure the consistency with which managers approach their investment mandates, we demonstrate that, on average, more style-consistent...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2009

    How Good Are The Investment Options Provided By Defined Contribution Plan Sponsors?

    The authors investigate the quality of the investment choices that sponsors of defined contribution plans offer to plan participants. Using a unique database of over 30,000 plans, they calculate the performance of equity-oriented investment options that were included in plans compared to a sample of funds that were not. On...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Aug 2009

    Do Endowment Funds Select The Optimal Mix Of Active And Passive Risk?

    The investment decision confronting managers of multi-asset class portfolios can be characterized in terms of the passive (i.e., benchmark, or policy) and active (i.e., market timing and security selection) strategies they adopt. In this paper, the authors investigate whether managers select the appropriate combination of active and passive allocations in...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jul 2009

    Who Drove And Burst The Tech Bubble?

    From 1997 to March 2000, as technology stocks rose more than five-fold, institutions were responsible for approximately 64 percent of new technology stock purchases with the remaining 36 percent attributable to individuals directly or through mutual fund flows. Among institutions, hedge funds were the most aggressive investors, but independent investment...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Sep 2003

    Informational Content Of Option Volume Prior To Takeovers

    This paper examines the information embedded in both the stock and option markets prior to takeover announcements. During normal periods, buyer-seller initiated stock volume imbalances are significant predictors of next-day stock returns and option volume imbalances are uninformative. However, prior to takeover announcements, call volume imbalances are strongly positively related...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Mar 2010

    Interpreting The Book-Tax Income Gap As Earnings Management Or Tax Sheltering

    The measured book-tax gap is often used as a surrogate for one of the behaviors that influences the gap - earnings management or tax sheltering - without adjusting for the effect of other influences - GAAP changes, tax law changes, and macroeconomic conditions. This paper provides evidence on the quality...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Nov 2009

    Did FIN 48 Arrest The Trend In Multistate Tax Aggressiveness?

    This paper examines whether state corporate Effective Tax Rates (ETRs) that began trending downward in the 1990s rose in response to FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes. The author finds state ETRs increase substantially in 2006 through 2008 for tax aggressive firms. Firm-level cash...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2010

    Do Debt Constraints Influence Firms' Sensitivity To A Temporary Tax Holiday On Repatriations?

    This paper examines whether U.S. multinationals' private and public debt constraints influence their responses to a temporary reduction in repatriation taxes. Using a sample of 421 U.S. multinationals with permanently reinvested earnings, the author finds that external debt constraints played an important role in determining their responses to the tax...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Aug 2009

    Uncertainty About Betas And Expected Returns

    This paper shows that allowing investors to be uncertain about betas in a log-linear conditional CAPM improves its ability to explain the cross-section of stock returns. When investors are uncertain about an asset's beta, its expected return is increasing not only in the investors' expectations about its beta, but also...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2009

    Consensus Information And Non-Professional Investors? Reaction To The Revelation Of Estimate Inaccuracies

    To curb opportunism in financial reporting, scholars and regulators have proposed that firms be required to report reconciliations of prior year estimates. The author provides experimental evidence that such disclosures are not sufficient for nonprofessional investors to identify those firms that are opportunistic in their estimates. They also offer evidence...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2009

    Investor Trading Behavior And Performances: Evidence From Taiwan Stock Index Options

    A unique data set allows us to examine trading behavior and realized re-turns of all participants in the Taiwan stock index options. On average individual investors lose money and foreign institutions profit from trading options, even when they use the same trading strategy and for the same type of options....

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2009

    Untangling The Web Of Emotional Deceit: Measuring Strategic Use Of Emotions In Negotiations

    This paper studies the emotion usage of negotiators, specifically the purposeful management of emotion suppression and expression as a strategic tool for shaping bargaining behavior and subsequent negotiation outcomes. The author explores the strategic use of emotions in three ways, expressing truly felt emotions, hiding felt emotions, and feigning unfelt...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Aug 2009

    Cross-Section Of Stock Option Returns And Stock Volatility Risk Premium

    This paper studies the cross-sectional determinants of delta-hedged stock option returns with an emphasis on the pricing of volatility risk. The author finds that the average delta-hedged option returns are significantly negative for most stocks, and they decrease monotonically with both total and idiosyncratic volatility of the underlying stock. Writing...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2009

    Procurement From Multiple Suppliers Using Demand Partitioning

    This paper studies the design of procurement mechanisms when a manufacturer purchases from multiple suppliers that are heterogeneous in their production costs and salvage values. The option to purchase from different suppliers helps the manufacturer hedge against demand risk. The authors first consider the case when the set of suppliers'...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jul 2009

    Managing Project Failure Risk Through Contingent Contracts In Procurement Auctions

    Procurement auctions are sometimes plagued with a chosen supplier's failing to accomplish a project successfully. The risk of project failure is considerable, especially when the buyer has inadequate information about suppliers ex ante and the project can only be evaluated at the end. To manage such uncertainty, a model of...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jun 2010

    Oligopolistic Pricing With Online Search

    The author set up a game-theoretic model to examine the oligopolistic price competition, considering two features of online search: the existence of a common search ordering and shoppers who have non-positive search cost. They find that in equilibrium firms set their prices probabilistically rather than deterministically, and different firms follow...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // May 2009

    Too Organic For Organic Listing? Interplay Between Organic And Sponsored Listing In Search Advertising

    This paper aims to answer three major questions related to the unexplored role of organic listing in online search advertising: (1) Should advertisers who are already placed at top slots in the organic list bid actively for sponsored positions? (2) Does organic listing benefit or harm search engine revenue, social...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Feb 2009

    To Place Better Or Price Cheaper? Bidding And Pricing Under Keyword Advertising

    This paper considers an integrated game-theoretic model in which firms compete for advertising positions and then compete in price for customers in a product market. Positions are differentiated in their prominence and firms differ in their competence. The authors use this framework to endogenously evaluate the value of a prominent...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2009

    Securitization And Real Investment In Incomplete Markets

    This paper studies the impact of financial innovations on real investment decisions within the frame-work of an incomplete market economy comprised of firms, investors, and an intermediary. The firms face unique investment opportunities that arise in their business operations and can be undertaken at given reservation prices. The cash flows...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Aug 2009

    Procurement Flexibility Under Price Uncertainty

    This paper examines the interaction between supply price uncertainty and demand uncertainty. The author considers a manufacturer who sources a key component using different procurement options: a long-term order on a price-only contract, short-term orders on an adjustment contract, and short-term purchases directly from the market. At the beginning of...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Jan 2010

    An Approximate Moving Boundary Method For American Options

    This paper presents a method to solve the free-boundary problem that arises in the pricing of classical American options. The method presented herein leverages on a one factor approximation and the moving boundary approach to yield an algorithm which has superior runtimes and accuracy as compared other computational methods that...

    Provided By University of Texas at Austin (McCombs)

  • White Papers // Apr 2009

    Integrating Equipment Investment Strategy With Maintenance Operations Under Uncertain Failures

    This paper studies the issue of coordinating equipment maintenance operations with capital investment strategy in the presence of random equipment failures. This problem represents an important extension of the celebrated Kamien and Schwartz (KS) paper published in Management Science. The traditional KS approach is to formulate the problem as a...

    Provided By University of Texas at Austin (McCombs)