Joseph Onochie | CUNY - Baruch College (original) (raw)

Papers by Joseph Onochie

1Globa l En t rep reneursh ip Mon i to r

Previous research suggests that firms substitute stock repurchases for dividend increases in resp... more 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. However, when we separately examine repurchase decisions by dividend and nondividend paying firms, we find little evidence that either cash flow uncertainty or reduced dividend tax rates after the Tax Act of 2003 induces the expected shifts in payments. Instead, we find that the two payout methods appear to have distinctly different shareholder clientele rather than being substitutes for each other. JEL Classification: G32; G35

This paper examines forecasting accuracy of state revenue forecasting for 50 states using data pu... more This paper examines forecasting accuracy of state revenue forecasting for 50 states using data published on the National Association of State Budget Officer's (NASBO) website (www.nasbo.org). The data shows four categories of revenue: sales tax, corporate income tax, personal income tax, and all other (as a residual from total taxes). It shows some evidence that forecast bias reflects a hedge against uncertainty; however, there is also evidence that there is a counterbalancing preference to find the money needed to provide the services demanded.

New England Journal of Entrepreneurship, 2010

Education has been shown to have myriad effects on people, from increasing their incomes to chang... more Education has been shown to have myriad effects on people, from increasing their incomes to changing their views of the world. In the area of entrepreneurship, education creates opportunities and increases the rate of entrepreneurial activity. This study explores educationʼs effects on the immigrant entrepreneurship development processes and outcomes in the context of Korean-Americans by comparing a national sample of Korean-Americans with differing amounts of education. The sample is part of the National Minority Business Owners Surveys (NMBOS) carried out by the Lawrence N. Field Center for Entrepreneurship at Baruch College between 2003 and 2005. The authors hypothesize that high-education Korean-Americans will have larger and more successful businesses, have more varying types of businesses, and follow differing paths to business formation. In addition, the authors hypothesize that motivations, goals, and attitudes toward their businesses, families, and their lives generally wil...

SSRN Electronic Journal, 2017

Previous research suggests that firms substitute stock repurchases for dividend increases in resp... more 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. However, when we separately examine repurchase decisions by dividend and non-dividend paying firms, we find little evidence that either cash flow uncertainty or reduced dividend tax rates after the Tax Act of 2003 induces the expected shifts in payments. Instead, we find that the two payout methods appear to have distinctly different shareholder clientele rather than being substitutes for each other.

Review of Quantitative Finance and Accounting, 2017

We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the count... more We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the country-level as well as the industry-level stock market data. We find that the relation between changes in oil prices and equity returns is positive and significant at the country-level and at the industry level. Our results show that oil prices have asymmetric effects on equity returns for 4 out of 15 industrial sectors (e.g., hotel and tourism, insurance, multi-investment, and petrochemicals). These results have significant implications for investors, portfolio managers, policymakers, and corporate finance managers.

Review of Quantitative Finance and Accounting, 2017

We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the count... more We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the country-level as well as the industry-level stock market data. We find that the relation between changes in oil prices and equity returns is positive and significant at the country-level and at the industry level. Our results show that oil prices have asymmetric effects on equity returns for 4 out of 15 industrial sectors (e.g., hotel and tourism, insurance, multi-investment, and petrochemicals). These results have significant implications for investors, portfolio managers, policymakers, and corporate finance managers.

Critical Studies on Corporate Responsibility, Governance and Sustainability, 2016

Abstract Purpose This chapter outlines the need for a sustainable financial system in the wake an... more Abstract Purpose This chapter outlines the need for a sustainable financial system in the wake and aftermath of the recent financial crises. Beginning with the widely accepted definitions of the financial system and the roles of the many participants in the system, we ask whether the financial system has lived up to expectations. Of particular interest is whether the financial system has fulfilled its obligations in the area of provision of credit, liquidity, and risk-management services. Methodology/approach We review the Neoclassical Economics, the Institutional and the functional approaches to the design of a financial system with a view to understanding the recent lack of stability exhibited by the system. We identify the many financial innovations that have been proliferating in recent years due to advances and improvements in computer technology, valuation techniques, and financial engineering. We highlight the deleterious impact of the financialization of economies and excessive development of derivative markets. After defining financialization, we give specific examples of the nature and impact of cat-bonds, securitized subprime loans, and credit-default swaps and their role in the propagation of the recent financial crisis. Finally, we propose some courses of action to secure the global financial system. Findings We identify ten challenges in achieving a sustainable financial system in the future and stress the need for all stakeholders to work to put the financial world in order and to restore confidence in the financial system. Research implications Scholars and practitioners might take into account these dimensions in their courses and their behaviors. Practical/social implications This approach participates to rebuild the financial system. The aim over the long term is to re-embed finance; we need to put finance with respect to both economy and society. Originality/value Arguments in this chapter are straightforward; there are things that regulators are implementing; for others, nothing has been decided yet. This chapter gives an academic perspective to help authorities to regulate banking and financial activities and products.

A variety of forecasting approaches have been used in the energy area. Forecast simulations provi... more A variety of forecasting approaches have been used in the energy area. Forecast simulations provide a common basis for comparing the relative precision of different forecasting methods. This paper presents a forecast simulation made using smoothing procedures for forecasting time series. The simulation design, statistical analysis, and conclusions are provided.

Typescript. Thesis--University of New Orleans. Vita. Includes bibliographical references (leaves ... more Typescript. Thesis--University of New Orleans. Vita. Includes bibliographical references (leaves 340-345).

The Financial Review, 1999

This paper tests for fractional roots in the futures prices for selected commodities, foreign cur... more This paper tests for fractional roots in the futures prices for selected commodities, foreign currencies, and stock indexes. The fractional testing method is the spectral regression method suggested by Geweke and Porter-Hudak (1983). The empirical results suggest the presence of a fractional exponent in the differencing process for several commodity and foreign currency futures prices. The returns series for these commodities and currencies exhibit long range positive dependence. However, differencing of exact order one is sufficient for the stock index futures prices. Implications are drawn concerning theoretical and econometric modeling and price forecasting.

Review of Financial Economics, 1997

We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in the 90... more We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in the 90-day U.S. T-bill rate. The estimation technique is locally weighted regression (LWR), a nearest-neighbor method, and the forecasting criteria are the root mean square error (RMSE) and mean absolute deviation (MAD) measures. We compare the forecasting performance of the nonparametric fit to the performance of two benchmark linear models: an autoregressive model and a random-walk-with-drift model. The nonparametric fit results in significant improvements in forecasting accuracy as compared to benchmark linear models both in-sample and out-of-sample, thus establishing the presence of substantial nonlinear mean predictability in the 90-day T-bill rate.

Review of Financial Economics, 1999

This article documents and examines weekday patterns in short-term contrarian profits in futures ... more This article documents and examines weekday patterns in short-term contrarian profits in futures markets. The Lo and Mackinlay (1990) methodology is used to construct contrarian portfolios and to compute daily contrarian profits. Contrarian portfolios are formed using daily closing prices and are based on the previous day's performance relative to a benchmark. Contrarian profits are measured over subsequent half-day intervals. The empirical results suggest that there are weekday patterns in short-term contrarian profits in futures markets. On average, contrarian profits are largest on Fridays, followed by those on Wednesdays, and smallest on Mondays. For currency futures, however, contrarian profits are largest on Mondays and smallest on Fridays.

Journal of Small Business Management, 2008

We here review and critique prior research on minority entrepreneurship, paying particular attent... more We here review and critique prior research on minority entrepreneurship, paying particular attention to the contributions and limitations of deployed sampling techniques and research methodologies. As based on this review, we then introduce the 2003 and 2005 National Minority Business Owner Surveys-a comprehensive and primary data collection effort that used varied methodologies to secure in-depth information about random national samples of African American, Korean American, and Mexican American populations as well as a comparison sample of nonminority business owners. We present the initial business ownership profiles developed with these recent data, in part, as a benchmark of the U.S. entrepreneurial experience, and compare the profiles with those presented in prior research. These profiles document similarities and differences across the four groups and provide an empirical foundation for understanding the origin of those similarities and differences. No longer can we ignore the in-depth study of minority businesses and their owning families nor can we simply assume that all businesses are the same, regardless of minority status or ethnicity.

Journal of Futures Markets, 1997

... Fractional dynamics in international commodity prices. John Barkoulas 1,* ,; Walter C. Labys ... more ... Fractional dynamics in international commodity prices. John Barkoulas 1,* ,; Walter C. Labys 2 ,; Joseph Onochie 3. Article first published online: 7 DEC 1998. ... How to Cite. Barkoulas, J., Labys, WC and Onochie, J. (1997), Fractional dynamics in international commodity prices. ...

Journal of Futures Markets, 1998

ABSTRACT The relationship between trading volume and price changes in futures markets continues t... more ABSTRACT The relationship between trading volume and price changes in futures markets continues to be of interest mainly due to the inconclusive nature of the results reported so far in the literature (Karpoff, 1987). One source of controversy centers on the empirical distribution of futures price changes (Sterge, 1989).A recent study by Najand and Yung (1991) concludes that price changes in U.S. Treasury bond futures markets are best characterized by a time series model that allows for generalized autocorrelation as well as conditional heteroscedasticity (GARCH) in the second moments. Using this GARCH framework, Najand and Yung (1991) document a positive relationship between price variability and trading volume, consistent with both the mixture of distributions hypothesis (Clark, 1973), several se-quential equilibrium models of speculative markets (Copeland, 1976), and certain newer classes of noisy rational expectations equilibria (Blume, Easley, and O'Hara, 1994; Easley, Keifer, and O'Hara, 1994). This paper extends Najand and Yung's (1991) study in two ways. First, a cross-section of international futures markets is examined. A study of international futures markets is important because it provides independent verification of the results obtained in domestic markets. Second, a bivariate exponential GARCH(1,1)-in-mean model is used. In ad-dition to allowing for autocorrelation in the first and second moments, this model has the advantages of avoiding simultaneity bias with regard to the effect of volume on price volatility, allowing for nonlinearities in the second moments, as well as providing a means for estimating a risk premium.

Journal of Family and Economic Issues, 2007

Small business prosperity doesn't necessarily translate into family prosperity. This study utiliz... more Small business prosperity doesn't necessarily translate into family prosperity. This study utilizes the first and second waves of the National Family Business Survey to explore the influence of changes in key business financial measures on objective and subjective measures of family success. Increases in the available cash in the business from higher gross sales or net profits brings more cash into the household, while increases in the market value of the business increases the amount of money spent on other household assets. A more subjective assessment suggests that positive changes in the business financial measures create a more positive perception of the business' success; however, these positive changes have no influence on a more positive perception of the family's success.

Journal of Economics and Finance, 2001

ABSTRACT This paper investigates the post-offering performance of initial public offerings in the... more ABSTRACT This paper investigates the post-offering performance of initial public offerings in the health care industry in a sample of 223 IPOs issued between 1985 and 1996. Statistically insignificant abnormal returns for IPOs relative to matched control firms and risk-adjusted health care index are evident for the whole sample. Thus, our empirical results support the overall information efficiency in the IPO market. However, numerical and statistical differences of the IPOs’ abnormal returns are documented in every subgroup specified according to the issuance years and sectors. We conjecture that such differences are due to the growing threat of government intervention and the significant structural changes.(JEL11, C11)

Journal of Developmental Entrepreneurship, 2008

This study utilizes the Korean-American and Mexican-American samples in the National Minority Bus... more This study utilizes the Korean-American and Mexican-American samples in the National Minority Business Survey to examine the debt structure of small businesses owned by individuals from these ethnic groups. Small business owners with higher household net worth were more likely to borrow from finance companies, friends, and credit card companies. When controlling for business, business owner and family characteristics, Mexican-American small business owners with high net worth were significantly more likely to borrow from commercial banks than Mexican-American small business owners with low net worth are. Korean-American small business owners with high net worth were significantly more likely to utilize family loans than Korean-American small business owners with low net worth are. Korean-American small businesses appeared to be more financially dependent on the financial strength of their community, while Mexican-American small businesses owners appeared to be more financially indep...

Journal of Developmental Entrepreneurship, 2009

This study explores the financial intermingling behavior of Mexican-American and Korean-American ... more This study explores the financial intermingling behavior of Mexican-American and Korean-American owned and operated small businesses. It posits that ethnically-owned and -operated small businesses with strong familial ties and more limited access to financial capital are more likely to intermingle financial resources than other small businesses. Mexican-American small business owners typically have very strong familial ties, while Korean-American small business owners typically have very strong community ties. Perhaps more importantly, Mexican-American small business owners have less access to pools of community capital than Korean-American small business owners. Therefore, it is expected that Mexican-American small business owners are more likely to intermingle financial resources than Korean-American small business owners. Even when controlling for the time in United States and English language spoken in the household, this study suggests Mexican-American small business owners are...

1Globa l En t rep reneursh ip Mon i to r

Previous research suggests that firms substitute stock repurchases for dividend increases in resp... more 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. However, when we separately examine repurchase decisions by dividend and nondividend paying firms, we find little evidence that either cash flow uncertainty or reduced dividend tax rates after the Tax Act of 2003 induces the expected shifts in payments. Instead, we find that the two payout methods appear to have distinctly different shareholder clientele rather than being substitutes for each other. JEL Classification: G32; G35

This paper examines forecasting accuracy of state revenue forecasting for 50 states using data pu... more This paper examines forecasting accuracy of state revenue forecasting for 50 states using data published on the National Association of State Budget Officer's (NASBO) website (www.nasbo.org). The data shows four categories of revenue: sales tax, corporate income tax, personal income tax, and all other (as a residual from total taxes). It shows some evidence that forecast bias reflects a hedge against uncertainty; however, there is also evidence that there is a counterbalancing preference to find the money needed to provide the services demanded.

New England Journal of Entrepreneurship, 2010

Education has been shown to have myriad effects on people, from increasing their incomes to chang... more Education has been shown to have myriad effects on people, from increasing their incomes to changing their views of the world. In the area of entrepreneurship, education creates opportunities and increases the rate of entrepreneurial activity. This study explores educationʼs effects on the immigrant entrepreneurship development processes and outcomes in the context of Korean-Americans by comparing a national sample of Korean-Americans with differing amounts of education. The sample is part of the National Minority Business Owners Surveys (NMBOS) carried out by the Lawrence N. Field Center for Entrepreneurship at Baruch College between 2003 and 2005. The authors hypothesize that high-education Korean-Americans will have larger and more successful businesses, have more varying types of businesses, and follow differing paths to business formation. In addition, the authors hypothesize that motivations, goals, and attitudes toward their businesses, families, and their lives generally wil...

SSRN Electronic Journal, 2017

Previous research suggests that firms substitute stock repurchases for dividend increases in resp... more 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. However, when we separately examine repurchase decisions by dividend and non-dividend paying firms, we find little evidence that either cash flow uncertainty or reduced dividend tax rates after the Tax Act of 2003 induces the expected shifts in payments. Instead, we find that the two payout methods appear to have distinctly different shareholder clientele rather than being substitutes for each other.

Review of Quantitative Finance and Accounting, 2017

We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the count... more We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the country-level as well as the industry-level stock market data. We find that the relation between changes in oil prices and equity returns is positive and significant at the country-level and at the industry level. Our results show that oil prices have asymmetric effects on equity returns for 4 out of 15 industrial sectors (e.g., hotel and tourism, insurance, multi-investment, and petrochemicals). These results have significant implications for investors, portfolio managers, policymakers, and corporate finance managers.

Review of Quantitative Finance and Accounting, 2017

We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the count... more We examine the impact of oil price shocks on stock market returns in Saudi Arabia using the country-level as well as the industry-level stock market data. We find that the relation between changes in oil prices and equity returns is positive and significant at the country-level and at the industry level. Our results show that oil prices have asymmetric effects on equity returns for 4 out of 15 industrial sectors (e.g., hotel and tourism, insurance, multi-investment, and petrochemicals). These results have significant implications for investors, portfolio managers, policymakers, and corporate finance managers.

Critical Studies on Corporate Responsibility, Governance and Sustainability, 2016

Abstract Purpose This chapter outlines the need for a sustainable financial system in the wake an... more Abstract Purpose This chapter outlines the need for a sustainable financial system in the wake and aftermath of the recent financial crises. Beginning with the widely accepted definitions of the financial system and the roles of the many participants in the system, we ask whether the financial system has lived up to expectations. Of particular interest is whether the financial system has fulfilled its obligations in the area of provision of credit, liquidity, and risk-management services. Methodology/approach We review the Neoclassical Economics, the Institutional and the functional approaches to the design of a financial system with a view to understanding the recent lack of stability exhibited by the system. We identify the many financial innovations that have been proliferating in recent years due to advances and improvements in computer technology, valuation techniques, and financial engineering. We highlight the deleterious impact of the financialization of economies and excessive development of derivative markets. After defining financialization, we give specific examples of the nature and impact of cat-bonds, securitized subprime loans, and credit-default swaps and their role in the propagation of the recent financial crisis. Finally, we propose some courses of action to secure the global financial system. Findings We identify ten challenges in achieving a sustainable financial system in the future and stress the need for all stakeholders to work to put the financial world in order and to restore confidence in the financial system. Research implications Scholars and practitioners might take into account these dimensions in their courses and their behaviors. Practical/social implications This approach participates to rebuild the financial system. The aim over the long term is to re-embed finance; we need to put finance with respect to both economy and society. Originality/value Arguments in this chapter are straightforward; there are things that regulators are implementing; for others, nothing has been decided yet. This chapter gives an academic perspective to help authorities to regulate banking and financial activities and products.

A variety of forecasting approaches have been used in the energy area. Forecast simulations provi... more A variety of forecasting approaches have been used in the energy area. Forecast simulations provide a common basis for comparing the relative precision of different forecasting methods. This paper presents a forecast simulation made using smoothing procedures for forecasting time series. The simulation design, statistical analysis, and conclusions are provided.

Typescript. Thesis--University of New Orleans. Vita. Includes bibliographical references (leaves ... more Typescript. Thesis--University of New Orleans. Vita. Includes bibliographical references (leaves 340-345).

The Financial Review, 1999

This paper tests for fractional roots in the futures prices for selected commodities, foreign cur... more This paper tests for fractional roots in the futures prices for selected commodities, foreign currencies, and stock indexes. The fractional testing method is the spectral regression method suggested by Geweke and Porter-Hudak (1983). The empirical results suggest the presence of a fractional exponent in the differencing process for several commodity and foreign currency futures prices. The returns series for these commodities and currencies exhibit long range positive dependence. However, differencing of exact order one is sufficient for the stock index futures prices. Implications are drawn concerning theoretical and econometric modeling and price forecasting.

Review of Financial Economics, 1997

We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in the 90... more We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in the 90-day U.S. T-bill rate. The estimation technique is locally weighted regression (LWR), a nearest-neighbor method, and the forecasting criteria are the root mean square error (RMSE) and mean absolute deviation (MAD) measures. We compare the forecasting performance of the nonparametric fit to the performance of two benchmark linear models: an autoregressive model and a random-walk-with-drift model. The nonparametric fit results in significant improvements in forecasting accuracy as compared to benchmark linear models both in-sample and out-of-sample, thus establishing the presence of substantial nonlinear mean predictability in the 90-day T-bill rate.

Review of Financial Economics, 1999

This article documents and examines weekday patterns in short-term contrarian profits in futures ... more This article documents and examines weekday patterns in short-term contrarian profits in futures markets. The Lo and Mackinlay (1990) methodology is used to construct contrarian portfolios and to compute daily contrarian profits. Contrarian portfolios are formed using daily closing prices and are based on the previous day's performance relative to a benchmark. Contrarian profits are measured over subsequent half-day intervals. The empirical results suggest that there are weekday patterns in short-term contrarian profits in futures markets. On average, contrarian profits are largest on Fridays, followed by those on Wednesdays, and smallest on Mondays. For currency futures, however, contrarian profits are largest on Mondays and smallest on Fridays.

Journal of Small Business Management, 2008

We here review and critique prior research on minority entrepreneurship, paying particular attent... more We here review and critique prior research on minority entrepreneurship, paying particular attention to the contributions and limitations of deployed sampling techniques and research methodologies. As based on this review, we then introduce the 2003 and 2005 National Minority Business Owner Surveys-a comprehensive and primary data collection effort that used varied methodologies to secure in-depth information about random national samples of African American, Korean American, and Mexican American populations as well as a comparison sample of nonminority business owners. We present the initial business ownership profiles developed with these recent data, in part, as a benchmark of the U.S. entrepreneurial experience, and compare the profiles with those presented in prior research. These profiles document similarities and differences across the four groups and provide an empirical foundation for understanding the origin of those similarities and differences. No longer can we ignore the in-depth study of minority businesses and their owning families nor can we simply assume that all businesses are the same, regardless of minority status or ethnicity.

Journal of Futures Markets, 1997

... Fractional dynamics in international commodity prices. John Barkoulas 1,* ,; Walter C. Labys ... more ... Fractional dynamics in international commodity prices. John Barkoulas 1,* ,; Walter C. Labys 2 ,; Joseph Onochie 3. Article first published online: 7 DEC 1998. ... How to Cite. Barkoulas, J., Labys, WC and Onochie, J. (1997), Fractional dynamics in international commodity prices. ...

Journal of Futures Markets, 1998

ABSTRACT The relationship between trading volume and price changes in futures markets continues t... more ABSTRACT The relationship between trading volume and price changes in futures markets continues to be of interest mainly due to the inconclusive nature of the results reported so far in the literature (Karpoff, 1987). One source of controversy centers on the empirical distribution of futures price changes (Sterge, 1989).A recent study by Najand and Yung (1991) concludes that price changes in U.S. Treasury bond futures markets are best characterized by a time series model that allows for generalized autocorrelation as well as conditional heteroscedasticity (GARCH) in the second moments. Using this GARCH framework, Najand and Yung (1991) document a positive relationship between price variability and trading volume, consistent with both the mixture of distributions hypothesis (Clark, 1973), several se-quential equilibrium models of speculative markets (Copeland, 1976), and certain newer classes of noisy rational expectations equilibria (Blume, Easley, and O'Hara, 1994; Easley, Keifer, and O'Hara, 1994). This paper extends Najand and Yung's (1991) study in two ways. First, a cross-section of international futures markets is examined. A study of international futures markets is important because it provides independent verification of the results obtained in domestic markets. Second, a bivariate exponential GARCH(1,1)-in-mean model is used. In ad-dition to allowing for autocorrelation in the first and second moments, this model has the advantages of avoiding simultaneity bias with regard to the effect of volume on price volatility, allowing for nonlinearities in the second moments, as well as providing a means for estimating a risk premium.

Journal of Family and Economic Issues, 2007

Small business prosperity doesn't necessarily translate into family prosperity. This study utiliz... more Small business prosperity doesn't necessarily translate into family prosperity. This study utilizes the first and second waves of the National Family Business Survey to explore the influence of changes in key business financial measures on objective and subjective measures of family success. Increases in the available cash in the business from higher gross sales or net profits brings more cash into the household, while increases in the market value of the business increases the amount of money spent on other household assets. A more subjective assessment suggests that positive changes in the business financial measures create a more positive perception of the business' success; however, these positive changes have no influence on a more positive perception of the family's success.

Journal of Economics and Finance, 2001

ABSTRACT This paper investigates the post-offering performance of initial public offerings in the... more ABSTRACT This paper investigates the post-offering performance of initial public offerings in the health care industry in a sample of 223 IPOs issued between 1985 and 1996. Statistically insignificant abnormal returns for IPOs relative to matched control firms and risk-adjusted health care index are evident for the whole sample. Thus, our empirical results support the overall information efficiency in the IPO market. However, numerical and statistical differences of the IPOs’ abnormal returns are documented in every subgroup specified according to the issuance years and sectors. We conjecture that such differences are due to the growing threat of government intervention and the significant structural changes.(JEL11, C11)

Journal of Developmental Entrepreneurship, 2008

This study utilizes the Korean-American and Mexican-American samples in the National Minority Bus... more This study utilizes the Korean-American and Mexican-American samples in the National Minority Business Survey to examine the debt structure of small businesses owned by individuals from these ethnic groups. Small business owners with higher household net worth were more likely to borrow from finance companies, friends, and credit card companies. When controlling for business, business owner and family characteristics, Mexican-American small business owners with high net worth were significantly more likely to borrow from commercial banks than Mexican-American small business owners with low net worth are. Korean-American small business owners with high net worth were significantly more likely to utilize family loans than Korean-American small business owners with low net worth are. Korean-American small businesses appeared to be more financially dependent on the financial strength of their community, while Mexican-American small businesses owners appeared to be more financially indep...

Journal of Developmental Entrepreneurship, 2009

This study explores the financial intermingling behavior of Mexican-American and Korean-American ... more This study explores the financial intermingling behavior of Mexican-American and Korean-American owned and operated small businesses. It posits that ethnically-owned and -operated small businesses with strong familial ties and more limited access to financial capital are more likely to intermingle financial resources than other small businesses. Mexican-American small business owners typically have very strong familial ties, while Korean-American small business owners typically have very strong community ties. Perhaps more importantly, Mexican-American small business owners have less access to pools of community capital than Korean-American small business owners. Therefore, it is expected that Mexican-American small business owners are more likely to intermingle financial resources than Korean-American small business owners. Even when controlling for the time in United States and English language spoken in the household, this study suggests Mexican-American small business owners are...

This paper examines forecasting accuracy of state revenue forecasting for 50 states using data pu... more This paper examines forecasting accuracy of state revenue forecasting for 50 states using data published on the National Association of State Budget Officer’s (NASBO) website (www.nasbo.org). The data shows four categories of revenue: sales tax, corporate income tax, personal income tax, and all other (as a residual from total taxes). It shows some evidence that forecast bias reflects a hedge against uncertainty; however, there is also evidence that there is a counterbalancing preference to find the money needed to provide the services demanded