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Security
Kinds of Security Terms modified by Security Selected AbstractsPOLICY UNCERTAINTY, ELECTORAL SECURITIES, AND REDISTRIBUTION,INTERNATIONAL ECONOMIC REVIEW, Issue 1 2010Andrea Mattozzi This article investigates how uncertainty about the adoption of a redistribution policy affects political support for redistribution when individuals can trade policy-contingent securities in the stock market. In equilibrium the support for redistribution is smaller than where no "policy-insurance market" is available. This implies that in economies with well-developed financial markets redistribution decreases with the level of participation in these markets and with income inequality. Furthermore, the existence of a policy-insurance market may lead to a less equal distribution of income than where no insurance is available even if a majority of individuals are redistributing resources through private transfers. [source] CONVERTIBLE SECURITIES: A TOLLBOX OF FLEXIBLE FINANCIAL INSTRUMENTS FOR CORPORATE ISSUERSJOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2000Trevor Ganshaw During the 1990s, convertible and equity-linked securities emerged as a major source of financing for U.S. corporate issuers. Issuance volume grew steadily throughout the decade and the secondary market value of U.S. convertible securities now exceeds $200 billion. In this overview of the market, the authors discuss the following: (1) the growth of issuance volume in the U.S. equity-linked market; (2) the basic characteristics of convertible securities; (3) convertible debt alternatives; and (4) convertible preferred alternatives. As a result of the proliferation of new convertible structures, corporate issuers are now able to adjust coupon/dividend, conversion premium, and call protection in order to meet their tax, accounting, rating agency, and cost-of-capital objectives. Historically, the convertible new issue market has had a broad variety of issuers, spanning all industry sectors as well as both investment grade and high yield credits. But in the last two years, the most aggressive issuers have been technology-oriented companies, including telecommunications, Internet, hardware, software, and biotechnology concerns. Such technology-related issuers, which are often rated below investment grade and unable to secure straight debt capital, are generally in heavy-spending phases and view convertible bonds as a source of inexpensive financing. At the same time, investment-grade, "old-economy" issuers have continued to use convertible securities selectively, in most cases as cheap "quasi-equity" in the context of mergers and acquisitions, or as a tax-deferred strategy for selling cross-holdings of stock. [source] PRICING CORPORATE SECURITIES UNDER NOISY ASSET INFORMATIONMATHEMATICAL FINANCE, Issue 3 2009Rüdiger Frey This paper considers the pricing of corporate securities of a given firm, in particular equity, when investors do not have full information on the firm's asset value. We show that under noisy asset information, the pricing of corporate securities leads to a nonlinear filtering problem. This problem is solved by a Markov chain approximation, leading to an efficient finite-dimensional approximative filter for the asset value. We discuss several applications and illustrate our results with a simulation study. [source] BIAS, NATIONAL SECURITY AND MILITARY TRIBUNALSCRIMINOLOGY AND PUBLIC POLICY, Issue 3 2002LAURA K. DONOHUE First page of article [source] LET'S END, NOT MEND, SOCIAL SECURITYECONOMIC AFFAIRS, Issue 1 2002Walter Block Social Security is a paternalist measure, supposedly forcing people to save for their old-age years, based on the assumption that they are not far-seeing enough to do so on their own behalf. It is only ,supposed', since the funds mulcted from each generation go not to finance their own retirements, but those of their predecessors. As in the case of all coercive schemes, this one cannot be shown to improve the lot of anyone (with the exception of those who do the imposing). Specifically, this measure has negative implications for family bonds, as it substitutes the state for a function previously carried out by the extended family. [source] THE HOWARD-TURNBULL NATIONAL PLAN FOR WATER SECURITY OF JANUARY 2007: RESCUE OR REJECTION?ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 2 2008ALISTAIR WATSON A ten-point, ten-year, ten billion dollar National Plan for Water Security was announced by the (then) Howard Government in January 2007. The Plan was supported by State governments, with the exception of Victoria. The (then) Opposition supported legislation in August 2007 to implement the Plan. The main part of the Plan was investment in off-farm and on-farm irrigation infrastructure, ostensibly to promote water use efficiency. A smaller programme was proposed for buyback of irrigation water for environmental purposes. Various economic criteria would favour the opposite emphasis. Investment by governments in private irrigation infrastructure goes against the spirit of other recent policy changes and, for economic and technical reasons, is unlikely to achieve its objectives. Buyback for environmental purposes should continue, subject to appropriate procedures and discipline in the selection of environmental projects. Recent developments highlight continuing controversies over policy and administration of the Murray-Darling Basin. [source] THEIR SPACE: SECURITY AND SERVICE WORKERS IN A BRAZILIAN GATED COMMUNITY,GEOGRAPHICAL REVIEW, Issue 4 2008JACQUELYN CHASE ABSTRACT. This study examines the role of service workers in creating a secure landscape in a zone of gated communities near Belo Horizonte, Brazil. Most research on gated communities emphasizes their segregation and formal security apparatuses. In fact, gated communities interact with surrounding rural settlements because they draw their service employees from them. Security emerges from informal relationships of trust that property owners establish with service workers. Gardeners, especially, enable homeowners to project their property investment to others through landscaping. Equally of importance, a manicured garden conveys the message that a home is receiving daily attention,and is secure,even if the owner is not present. The study probes this interdependence from the point of view of gardeners in the context of one gated community in an area south of Belo Horizonte and the attempts by members of its homeowners association to minimize the sense of fear they associate with the Brazilian city. [source] SOCIAL CONSTRUCTION OF HYDROPOLITICS: THE GEOGRAPHICAL SCALES OF WATER AND SECURITY IN THE INDUS BASIN,GEOGRAPHICAL REVIEW, Issue 4 2007Daanish Mustafa ABSTRACT. The article identifies important themes and future research directions for analyzing water and conflict dynamics at the subnational scale in the Indus Basin. A historical overview of water development in the Indus Basin suggests that the water-security nexus was always a salient theme in the minds of water developers, even in the nineteenth century. Conflicts over contemporary large-scale water-development projects in the Indian and Pakistani parts of the Indus Basin are reviewed. Engineers' single-minded focus on megaprojects, to the neglect of the wider set of values that societies attach to water resources in the eastern and western Indus Basin are largely to blame for continuing low-grade conflict in the basin. A review of local-level conflicts over water supply and sanitation in Karachi and the distribution of irrigation water in Pakistani Punjab illustrates the critical role of governance and differential social power relations in accentuating conflict. The article argues against neo-Malthusian assumptions about the inevitability of conflict over water because of its future absolute scarcity. Instead, the article seeks to demonstrate that, despite evidence suggesting that international armed conflict over water does not exist, the potential for political instability over domestic water distribution and development issues is real. The question of whether conflict at the subnational scale will culminate in violence will depend on how water-resources institutions in the basin behave. [source] FOOD SECURITY: G8 Meeting (L'Aquila)AFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 6 2009Article first published online: 30 JUL 200 No abstract is available for this article. [source] FOOD SECURITY: Hunger Versus ExportsAFRICA RESEARCH BULLETIN: ECONOMIC, FINANCIAL AND TECHNICAL SERIES, Issue 12 2009Article first published online: 6 FEB 200 No abstract is available for this article. [source] CAPITALISTS, WORKERS AND SOCIAL SECURITYMETROECONOMICA, Issue 2 2007Thomas R. Michl ABSTRACT This paper elaborates an exogenous growth model that nests overlapping generations of workers who save for life cycle reasons with dynastic agents who save for bequest reasons (,capitalists'). The model overcomes Marglin's objection that the overlapping generations framework requires special assumptions about technology, and it also provides a natural environment to revisit Samuelson's analysis of lump-sum transfers between generations. The ability of a benevolent planner to improve workers' welfare is severely restricted by the control capitalists exercise over the accumulation process. Prefunding social security assumes renewed significance because it overcomes this restriction. [source] SCIENCE, TECHNOLOGY AND THE NEW PRESIDENT: SECURITY, PROSPERITY AND STABILITY IN THE 21ST CENTURYPOLITICS & POLICY, Issue 6 2008Robert McCreight No abstract is available for this article. [source] SAFETY AND SECURITY: CRITICAL QUALITIES CALL FOR REFOCUSING POMPRODUCTION AND OPERATIONS MANAGEMENT, Issue 4 2001MARTIN K. STARR No abstract is available for this article. [source] PRODIGALITY AND MYOPIA,TWO RATIONALES FOR SOCIAL SECURITY*THE MANCHESTER SCHOOL, Issue 6 2008PIERRE PESTIEAU Among the rationales for social security, there is the fact that some people have to be forced to save. To explain undersaving, rational prodigality and hyperbolic preferences are often cited but treated separably. In this paper we study those two particular behaviors that lead to forced saving within an optimal income tax second-best setting. [source] INFECTIOUS DISEASES, SECURITY AND ETHICS: THE CASE OF HIV/AIDSBIOETHICS, Issue 9 2008MICHAEL J. SELGELID ABSTRACT Securitization of infectious diseases may involve suspension of ordinary human rights and liberties. In the event of an epidemic, therefore, it is important to limit the occasions upon which draconian disease control measures are implemented in the name of security. The term ,security', moreover, should not be used too loosely if it is to retain force and meaning in political discourse. It may be argued that the bar for disease securitization should be set high so that it is limited to contexts involving rapidly spreading pathogens. Such an approach, however, would rule out securitization of more slowly spreading, endemic diseases such as HIV/AIDS. An advantage of characterizing HIV/AIDS as a security threat in developing countries, where the burden of the disease is concentrated, is that this is likely to mobilize resources needed to improve the situation there. That is, if HIV/AIDS is convincingly framed as a security threat, then governments may recognize self-interested reasons to ramp up control measures. Following consideration of arguments for narrow (excluding HIV/AIDS) versus broad (including HIV/AIDS) conceptions of security, we conclude that the legitimacy of ,securitizing' HIV/AIDS ultimately turns on empirical and semantic issues, and we emphasize the importance of distinguishing (1) the nature of the threat posed by HIV/AIDS and (2) the measures required to address that threat. [source] Accounting Choices and Risk Management: SFAS No. 115 and U.S. Bank Holding Companies,CONTEMPORARY ACCOUNTING RESEARCH, Issue 2 2002Leslie Hodder Abstract This paper provides evidence that regulatory contracts affect firms' accounting choices and risk-management decisions. Specifically, we investigate whether an exogenous shock to regulatory risk induced by Statement of Financial Accounting Standards No. 115, "Accounting for Certain Investments in Debt and Equity Securities" (SFAS 1993), encouraged U.S. banks to deviate from portfolio and risk benchmarks when they adopted the standard. Because we cannot observe relevant benchmarks, we model portfolio and risk decisions as functions of macroeconomic and firm-specific factors using data from a period when regulatory capital was immune to SFAS No. 115 accounting. We examine a sample of 230 publicly traded banks and find that (1) irrespective of adoption timing, banks classified too few securities available for sale (AFS) relative to estimated benchmarks; (2) weaker banks that adopted the standard early classified far more securities as AFS relative to benchmarks; (3) banks altered the size of their securities portfolios along with the levels of interest-rate risk and credit risk as regulatory capital decreased; and (4) the level of interest-rate risk on banks' loan portfolios increased at the time of SFAS No. 115 adoption. We also explore the 1995 Financial Accounting Standards Board (FASB) amnesty when firms could "readopt" SFAS No. 115. We find that banks used the 1995 FASB amnesty to undo strategic initial SFAS No. 115 adoption decisions. Taken together, our findings suggest that SFAS No. 115 caused some of the accounting and economic consequences predicted by bankers, analysts, and academics. [source] A General Formula for Valuing Defaultable SecuritiesECONOMETRICA, Issue 5 2004P. Collin-Dufresne Previous research has shown that under a suitable no-jump condition, the price of a defaultable security is equal to its risk-neutral expected discounted cash flows if a modified discount rate is introduced to account for the possibility of default. Below, we generalize this result by demonstrating that one can always value defaultable claims using expected risk-adjusted discounting provided that the expectation is taken under a slightly modified probability measure. This new probability measure puts zero probability on paths where default occurs prior to the maturity, and is thus only absolutely continuous with respect to the risk-neutral probability measure. After establishing the general result and discussing its relation with the existing literature, we investigate several examples for which the no-jump condition fails. Each example illustrates the power of our general formula by providing simple analytic solutions for the prices of defaultable securities. [source] A Framework for Valuing Derivative SecuritiesFINANCIAL MARKETS, INSTITUTIONS & INSTRUMENTS, Issue 5 2001Philip Gray This paper develops a general framework for valuing a wide range of derivative securities. Rather than focusing on the stochastic process of the underlying security and developing an instantaneously-riskless hedge portfolio, we focus on the terminal distribution of the underlying security. This enables the derivative security to be valued as the weighted sum of a number of component pieces. The component pieces are simply the different payoffs that the security generates in different states of the world, and they are weighted by the probability of the particular state of the world occurring. A full set of derivations is provided. To illustrate its use, the valuation framework is applied to plain-vanilla call and put options, as well as a range of derivatives including caps, floors, collars, supershares, and digital options. [source] Price Discovery and Liquidity in Basket SecuritiesFINANCIAL REVIEW, Issue 2 2008Thomas Henker G10 Abstract Basket securities enable investors to purchase a broad portfolio of securities in a single transaction. We examine the link between HOLDRS, a basket security comprising stocks from an industry or sector, and the underlying stocks. We find that the price of the portfolio of underlying securities leads and is more informative than the basket price. Our results are contrary to the findings of empirical studies that use futures, which are basket securities with features less like those of the underlying equities. Our findings suggest uninformed investors can minimize adverse selection costs by trading basket securities rather than the underlying stocks. [source] Climate for Scandal: Corporate Environments that Contribute to Accounting FraudFINANCIAL REVIEW, Issue 1 2007Claire E. Crutchley G34; G38; K22 Abstract We examine the governance characteristics, earnings quality, growth rates, dividend policy, and compensation structure of 97 firms recently under investigation by the Securities and Exchange Commission (SEC) for accounting fraud. Our results show that the corporate environment most likely to lead to an accounting scandal manifests significant growth and accounting practices that are already pushing the envelope of earnings smoothing. Firms operating in this environment seem more likely to tip over the edge into fraud if there are fewer outsiders on the audit committee and outside directors appear overcommitted. [source] Spreads, Depths, and Quote Clustering on the NYSE and Nasdaq: Evidence after the 1997 Securities and Exchange Commission Rule ChangesFINANCIAL REVIEW, Issue 4 2002Kee H. Chung This paper examines liquidity and quote clustering on the NYSE and Nasdaq using data after the two market reforms,the 1997 order,handling rule and minimum tick size changes. We find that Nasdaq,listed stocks exhibit wider spreads and smaller depths than NYSE,listed stocks and stocks with higher proportions of even,eighth and even,sixteenth quotes have wider quoted, effective, and realized spreads on both the NYSE and Nasdaq. This result differs from the findings by Bessembinder (1999, p. 404) that "trade execution costs on Nasdaq in late 1997 are no longer significantly explained by a tendency for liquidity providers to avoid odd,eighth quotations," and "odd,sixteenth avoidance has little relevance for explaining post,reform Nasdaq trading costs." [source] Career success after stigmatizing organizational eventsHUMAN RESOURCE MANAGEMENT, Issue 4 2007Monika Hamori This article examines the effect of six types of stigmatizing organizational events on employees' career moves to another employer: criticism of the organization in the media; resignation of key individuals from the organization; downsizing; a drop in net income; lawsuits launched by the Securities and Exchange Commission, competitors, or customers; and lawsuits launched by employees. Stigmatizing events that signal the decline of corporate performance are the most devastating for professional career success. Outsiders, on the other hand, are less sensitive to an organization's involvement in lawsuits launched by public authorities or employees. Stigmatizing events affect the career success of every professional in the organization, irrespective of his or her hierarchical level. © 2007 Wiley Periodicals, Inc. [source] A genetic algorithm approach to detecting temporal patterns indicative of financial statement fraudINTELLIGENT SYSTEMS IN ACCOUNTING, FINANCE & MANAGEMENT, Issue 1-2 2007Bethany Hoogs This study presents a genetic algorithm approach to detecting financial statement fraud. The study uses a sample comprising a target class of 51 companies accused by the Securities and Exchange Commission of improperly recognizing revenue and a peer class of 339 companies matched on industry and size (revenue). Variables include 76 comparative metrics, based on specific financial metrics and ratios that capture company performance in the context of historical and industry performance, and nine company characteristics. Time-based patterns detected by the genetic algorithm accurately classify 63% of the target class companies and 95% of the peer class companies. Copyright © 2007 John Wiley & Sons, Ltd. [source] Auditor Independence: A Comparative Descriptive Study of the UK, France and ItalyINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2002Joanna E. Stevenson The independence of the external auditor has long been a subject of great debate, particularly by UK and US interested parties. With the growth and globalisation of the large multi-disciplinary firms, it has again been pushed to the fore: new ethical guidance issued by international bodies such as La Fédération des Experts- Comptables Européens (FEE) and The International Federation of Accountants (IFAC) and the activities of the Securities and Exchange Commission (SEC) and Independence Standards Board in the US have encouraged a wider consideration of the issue. In Europe, the European Commission has issued a Consultative Paper containing fundamental principles for adoption into Member States' own regulation on statutory auditor independence. Increasing pressure for the removal of obstacles to a single European audit market have resulted in safeguards of auditor independence in some countries being described as undesirable barriers. This paper considers the issue of statutory auditor independence across three EU Member States: the UK, France and Italy, by comparing the ethical guides and the legal and professional regulations in place, highlighting and discussing areas of divergence, and contrasting them with the EC's Consultative Paper. It takes into account factors such as culture and the historical development of auditing in order to explore the differences found. The paper demonstrates that positions taken in France and Italy on the issue of auditor independence differ markedly from that taken by the UK profession. Of the three countries reviewed, the UK viewpoint has most obviously influenced the drafting of the EC Paper. The implications of these variances for EU harmonisation are discussed, and the paper concludes that there is a clear need for empirical study of this important issue in Europe to better understand the reasons for differing perceptions and attitudes, and the repercussions of these differences on the process of European audit harmonisation. [source] The Value of Imputation Tax Credits on Australian Hybrid SecuritiesINTERNATIONAL REVIEW OF FINANCE, Issue 3 2010CLINTON FEUERHERDT ABSTRACT Hybrid securities are becoming an increasingly important component of the capital structure of Australian firms. While displaying characteristics of both debt and equity, one principal equity attribute of hybrids is their ability to pay franked dividends. This enables resident domestic investors to claim corporate tax payments as a credit against personal tax obligations under Australia's dividend imputation tax system. This paper estimates a value for the ,franking credits' that attach to hybrid securities by examining stock price changes around ex-dividend dates. We add to the literature that examines the ex-day price changes of ordinary shares (OS) in that the hybrid securities we examine have high dividend yields and are relatively insensitive to market movements. Therefore the signal-to-noise ratio is much higher than for OS. Our analysis reveals that cum-dividend day prices on hybrid securities do not include any value for franking credits. This result is consistent with the notion that the price-setting investor in the Australian market is a foreign investor who places no value on franking credits. [source] The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings ManagementJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 9-10 2009Salma S. IbrahimArticle first published online: 26 OCT 200 Abstract:, Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals. [source] Current issues challenging the professionJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 4 2010Jack T. Ciesielski The American Institute of Certified Public Accountants held its annual Current Securities and Exchange Commission and Public Company Accounting Oversight Board Conference on December 7,9, 2009. As auditors deal with various client accounting issues, and serve as gatekeepers in the whole financial reporting process, the topics presented at the conference serve as reminders for smart auditors,who incorporate them into their audit plans. The authors provide an overview of the issues and challenges discussed at the conference. © 2010 Wiley Periodicals, Inc. [source] Choice of Accounting Method for Valuation of Investment Securities: Evidence from Hong Kong FirmsJOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING, Issue 2 2003Bikki Jaggi This study examines whether Hong Kong managers choose "benchmark" or "alternative" valuation method for investment securities, after the Hong Kong SSAP 24 became effective starting with fiscal-year ending December 31, 1999. Tests are conducted on a sample of 292 firms, out of which 155 Hong Kong firms reported unrealized gains and losses and 128 firms that did not report holding gains/losses, but reported investment securities. The findings indicate that firms with strong relative performance, i.e. current year's EPS higher than that of the last year, chose the alternative valuation method when the investment securities had holding gains and recognized the unrealized holding gains in the equity section of the balance sheet. This finding is consistent with the Cookie Jar hypothesis because these holding gains would be used in the income statement in future periods, when needed. With regard to firms with strong relative performance and holding losses, the findings indicate that the benchmark valuation was used. The losses were reported in the income statement to the extent that they did not reduce the EPS below that of the last year. This finding is consistent with the Income Smoothing Hypothesis, because the use of benchmark valuation reduced EPS of the current year to bring it in line with that of the last year. Evidence on firms with weak economic performance and holding gains or losses provided weak support to the Income Smoothing Hypothesis and Big Bath Hypothesis. Additionally, the results indicate that the firms with high debt-equity ratio preferred the benchmark method and recorded securities at cost. This treatment provided managers with an opportunity to liquidate or reclassify the securities in future periods and use the accrued gains, when needed. The findings are inconclusive with regard to the impact of bonus plan on the choice of valuation method. [source] Delineating Publicly Listed Family and Nonfamily Controlled Firms: An Approach for Capital Market Research in Australia,JOURNAL OF SMALL BUSINESS MANAGEMENT, Issue 3 2007Nicholas A. Mroczkowski Recent capital market research evidence suggests that a large proportion of public companies worldwide are characterized by controlling stockholders who are more often families, usually the founder(s) or their descendants. There has been considerable debate on whether "family" firms can indeed be accurately delineated from nonfamily firms given the diversity and abundance of family business definitions in the literature. This paper provides a robust definition of family business for the purposes of capital market research. Using an accounting-based definition of family business, the paper outlines a four-step procedure that provides validation for identifying family controlled companies listed on the Australian Stock Exchange. A significant feature of the research methodology was reliance on data collected from the Australian Securities and Investments Commission. Having access to the corporate regulator's restricted data enabled the researchers to establish important links between directors and their private related entities. [source] Bounds on Derivative Prices in an Intertemporal Setting with Proportional Transaction Costs and Multiple SecuritiesMATHEMATICAL FINANCE, Issue 3 2001George M. Constantinides The observed discrepancies of derivative prices from their theoretical, arbitrage-free values are examined in the presence of transaction costs. Analytic upper and lower bounds on the reservation write and purchase prices, respectively, are obtained when an investor's preferences exhibit constant relative risk aversion between zero and one. The economy consists of multiple primary securities with stationary returns, a constant rate of interest, and any number of American or European derivatives with, possibly, path-dependent arbitrary payoffs. [source] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||