Browsing by Author "Isberg, Steven"
Now showing 1 - 9 of 9
Results Per Page
ItemA cointegration analysis of the Asian dollar and Eurodollar interest rate transmission mechanism(Springer, 1992) Fung, Hung-Gay; Isberg, Steven; Leung, Wai KThe transmission mechanism between the Asian dollar and Eurodollar markets is investigated for the period 1981–1989 using a cointegration analysis and error correction model. Results indicate the absence of reverse causality in the Asian dollar market throughout the 1980s. In the Eurodollar market, reverse causality exists in the first half, but disappears in the second half of the decade. Both markets are evolving into rapid incorporation of prior interest rate information into current rates. These results are likely to be due to reduced market regulation, expansion of futures trading, more sophisticated telecommunications and 24-hour trading practices. ItemThe effect of new capital issues on the prices of holding company shares(1987) Isberg, Steven; Brown, Donald M ItemEthical issues across cultures: Managing the differing perspectives of China and the USA(MCB University Press, 1999) Pitta, Dennis A; Fung, Hung-Gay; Isberg, StevenUS marketers know the US standard of ethics. However, that standard can lead to ethical conflict when Americans encounter the emerging market giant, China. As smaller US companies enter China, the potential for ethical conflict increases. Reducing that potential requires knowledge. Knowing the nature and history of the two cultures can lead to an understanding of the foundation of their ethical systems. Ethics and the expectations within cultures affect all business transactions. It is vital for Western marketers to understand the expectations of their counterparts around the world. Understanding the cultural bases for ethical behavior in both the USA and China can arm a marketer with knowledge needed to succeed in cross-cultural business. Implementing that knowledge with a clear series of managerial guidelines can actualize the value of that understanding. ItemInnovation, firm size and corporate finance: An initial inquiry(Elsevier, 1991) Acs, Zoltan J; Isberg, StevenThe empirical results presented here suggest that asset-specificity as measured by innovation may be significantly related to corporate capital structure. ItemIntegrity and Learning: Enhancing Workability and Student Performance Outcomes(SSRN, 2012) Isberg, Steven; Thundiyil, Tomas; Owen, Robert HThis paper uses a positive model of integrity to assess the impact of the practice of integrity on student learning outcomes. The model posits integrity as honoring one's word, and provides a very clear and specific definition of what constitutes one's word. The model is then implemented in a classroom setting, where the degree to which students honor their word is measured. Subsequent statistical tests demonstrate that higher levels of integrity are associated with superior classroom performance, even after controlling for factors such as incoming grade point average and personality traits. ItemThe international transmission of eurodollar and US interest rates: A cointegration analysis(Elsevier, 1992) Fung, Hung-Gay; Isberg, StevenThe relationship between US and Eurodollar certificate of deposit (CD) rates for the period 1981–1988 is examined using an error correction model. Results indicate that there is a structural change in the CD rates. In the earlier sub-period (1981–1983), there exists unidirectional causality leading from the domestic to the external markets. In the more recent sub-period (1984–1988), however, significant reverse causality is observed. These results are likely due to expansion in the size of the Eurodollar market and an increase in the volume of Eurodollar futures trading. ItemThe pricing of callable preferred stock(Springer, 1992) Thies, Clifford F; Isberg, StevenIn this study, the authors use both the Black/Scholes European option model and the Barone-Adesi/Whaley American option model to estimate call option values implicit in seasoned callable preferred stock issues. Consistent with the finding that call features increase bond yields, a significant relationship is found between estimated option values and discounts of these securities’ market prices from their estimated income values. However, the size of the discount is only a fraction of what would be predicted by the American option model. Specifically, the market does not appear to take the “early exercise premium” into account. Furthermore, this discount seems to be isolated to in-the-money call features that have evolved to their final call price. Thus, incorporation of a call feature into a security’s indentures, with a deferment period and an initial premium call price, appears to represent a pure gain for the issuing corporation. ItemSmall Firm Mutual Funds: Additional Evidence on the Small Firm Effect.(Springer, 1992) Thies, Clifford F; Isberg, StevenReturns generated with small firm mutual fund data are used to examine the extent to which identification of a "small firm effect" is due to the difficulty in measuring the direct and indirect transaction costs involved in investing in common shares of small capitalization stocks. Little if any evidence of the excess risk-adjusted returns is obtained for either of the period 1978-83, when the small firm effect was observed, or the period 1984-89, when it was not. The "small firm effect" may therefore be attributed to (1) higher direct transaction costs including bid-ask spread and broker fees and (2) higher indirect transaction costs including portfolio management expenses and market impact costs. ItemUsing financial analysis to assess brand equity(Emerald, 2013) Isberg, Steven; Pitta, Dennis APurpose ‐ The purpose of this article is to describe a method of assessing brand equity quantitatively. Design/methodology/approach ‐ The article describes an example of analysis using publicly available financial data to assess brand equity. Findings ‐ Brand equity measurement has been an elusive goal for product managers. While qualitative definitions are available, few studies have attempted to quantify a product or company's brand equity. Using financial analysis techniques focusing on return on equity and return on assets, the case examines the results of two distinct brand equity growth strategies. The first is growth by acquisition; the second, organic brand development. Using historical financial data for the Safeway corporation, the case calculates the brand equity effects of two distinct marketing strategies. In the example, organic brand development, the traditional task of the brand manager, results in higher brand equity. Research limitations/implications ‐ As in all case studies, the specific conditions found in one organization may not be found more generally in others. Readers are cautioned that the conclusions drawn may have limited applicability. Practical implications ‐ The work illustrates a technique that a product/service manager may use to assess the brand equity effects of a marketing strategy. Originality/value ‐ The work describes a technique not widely publicized in the brand literature.