Uric Dufrene - Academia.edu (original) (raw)

Papers by Uric Dufrene

Research paper thumbnail of A Teaching Note on th eMarginal Cost of Capital Schedule

The International Journal of Business Disciplines, 1997

The challenge facing finance educators is how to convey concepts that can be easily easily under... more The challenge facing finance educators is how to convey concepts that can be easily easily understood by introductory finance students. This note explores a practical way to teach students the concept of marginal cost of capital.

Research paper thumbnail of A Model to Assess the Ethics of Benefits Distribution

Journal of Markets Morality, Mar 29, 2012

Research paper thumbnail of A Note on the Bankruptcy Reform Act of 1978, An Agency Perspective

Research paper thumbnail of Firm Performance Measures: Temporal Roadblocks to Innovation?

Managerial Finance, 1996

This study identified four performance measures often employed in corporate analysis and examined... more This study identified four performance measures often employed in corporate analysis and examined their relationship with the firm's expenditures in research and development over different periods. These measures reflect both the profitability of the firm and the market value of ...

Research paper thumbnail of Stakeholders Versus Stockholders and Financial Ethics: Ethics to Whom?

Managerial Finance, 1996

"... my contention that if corporations are to work for excellence in all respects, they mus... more "... my contention that if corporations are to work for excellence in all respects, they must make sure they are not destroyed by one of these junk-bond, bust-up raiders... The hostile takeover is at the least the terrorist bomb of American industry, not fatal to the whole world but ...

Research paper thumbnail of Stock return seasonalities in low-income African emerging markets

Managerial Finance, 1998

Volume 24 Number 3 1998 23 tries has reached an unprecedented level. According to Mullin (1993), ... more Volume 24 Number 3 1998 23 tries has reached an unprecedented level. According to Mullin (1993), Gill and Trapper (1988), and Feldman and Kumar (1995), the interest is based on the outstand-ing return performance of these markets in recent times. For example, between ...

Research paper thumbnail of The 2000 presidential election and the information cost of sensitive versus non-sensitive S&P 500 stocks

Journal of Financial Markets, 2009

We investigate the information cost of stock trading during the 2000 presidential election. We fi... more We investigate the information cost of stock trading during the 2000 presidential election. We find that the uncertainty of the election induces information asymmetry of politically sensitive firms under the Bush/Gore platforms. The unusual delay in election results creates a significant increase in the adverse selection component of the trading cost of politically sensitive stocks. Cross-sectional variations in bid-ask spreads are significantly and positively related to changes in information cost, controlling for the effects of liquidity cost and stock characteristics. This empirical evidence is robust to different estimation methods.

Research paper thumbnail of Finance Education and the Ethics Debate

Journal of Education for Business, 1995

Research paper thumbnail of The pricing of dividend consistency

Journal of Economics and Finance, 1996

This study investigates the pricing of dividend consistency. The approach used is to study the an... more This study investigates the pricing of dividend consistency. The approach used is to study the announcement effects around significant dividend changes; specifically dividend omissions, resumptions, and increases or decreases of 25% or more. We focus on the relation between the magnitude of the announcement effect and the firm's history of dividend payment consistency using an ARIMA model. We find that dividend consistency is not priced.

Research paper thumbnail of Investment implications of the korean financial market reform

International Review of Financial Analysis, 1998

This paper investigates if the Korean equity market has any structural relationship with other st... more This paper investigates if the Korean equity market has any structural relationship with other stock markets in Asia and the industrialized world. Unlike earlier studies, this one places emphasis on the Korean equity market relative to other markets in the sample. The numerical ...

Research paper thumbnail of The impacts of U.S. presidential elections on international security-markets

Global Finance Journal, 1993

I. INTRODUCTION Extant studies of U.S. presidential elections focus solely on the U.S. equity mar... more I. INTRODUCTION Extant studies of U.S. presidential elections focus solely on the U.S. equity markets and usually attempt to develop profitable trading rules from election result regularities (see, for example, Riley and Luksetich [7], and Huang [4]). The general consensus is that the U.S. equity market does react to U.S. presidential elections. However the magnitude, timing, and direction of such changes are unclear. This paper expands previous research by testing for any change in the comovement between U.S. markets and overseas markets around U.S. presidential elections. Specifically, this study focusses on the relationship between the New York, London, Toronto, and Tokyo equity markets. The results indicate that these four markets tend to move more in unison (i.e. their movements are more highly correlated) during the election month. In addition, the extent of this 'international election effect' appears to be a function of the level of uncertainty preceding the election outcome. When the election result was relatively certain for several weeks prior to voting day, no significant changes in the relationship between the S&P 500 and the foreign index were found. For these particular cases, the election period provides no new information; markets anticipate the outcome of the election and any news released within the election period is not priced by market participants. The primary implication of these findings concerns the risk-reduction benefits to be obtained from international diversification. The higher correlation of returns between these markets during the presidential election month will compromise the benefits of an international portfolio. Specifically, portfolio managers who endeavor to attain a high degree of diversification through ownership of

Research paper thumbnail of International portfolio diversification in the African emerging equity markets: a cointegration analysis

Journal of …, 1998

Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the st... more Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the study are Jakarta Composite index of 1 Indonesia, Kuala Lumpur Composite index of Malaysia, Philippine Composite index of Philippines, Strait Times Industrial index of ...

Research paper thumbnail of The 2000 Presidential Election and the Information Cost of Sensitive Vs. Non-Sensitive S&P 500 Stocks

We investigate the information cost of stock trading during the 2000 presidential election. We fi... more We investigate the information cost of stock trading during the 2000 presidential election. We find that the uncertainty of the election induces information asymmetry of politically sensitive firms under the Bush/Gore platforms. The unusual delay in election results creates a significant increase in the adverse selection component of the trading cost of politically sensitive stocks. Cross-sectional variations in bid-ask spreads are significantly and positively related to changes in information cost, controlling for the effects of liquidity cost and stock characteristics. This empirical evidence is robust to different estimation methods.

Research paper thumbnail of Evaluating tangible asset investments: the value of cross functional teams

Management Research News, 1998

Tra di tion ally, func tional units within the or gani sa tion have been evalu ated us ing cri te... more Tra di tion ally, func tional units within the or gani sa tion have been evalu ated us ing cri te ria di rectly in flu enced by their func tion. For ex am ple, ad ver tis ing ef - fec tive ness is fre quently evalu ated on the ba sis of ac com plish ing com mu ni ca tion or sales ob jec tives, mar ...

Research paper thumbnail of Urban Location and the Success of Casinos in Five States

Over the last 30 years or so, many states in the US have legalized casino gambling/gaming in an e... more Over the last 30 years or so, many states in the US have legalized casino gambling/gaming in an effort to boost tax revenues. Four mid-western (Illinois, Indiana, Iowa, and Missouri) and two southern (Louisiana and Mississippi) states adopted legalized gaming in the form of riverboat casinos due to legal restrictions originally against land-based casinos. Following changes in state laws, land-based casinos and racinos (a combination of a casino and a race track) have since appeared in these states, although riverboat casinos still compose the majority of the establishments in most of these states. Although the scholarly literature is replete with articles on whether casinos make a difference in state tax revenues or cause an increase in crime, bankruptcies or other negative externalities, few if any have been written about the efficiency and effectiveness of casino operations and what external factors (location, size of market, etc.) are important to casino success. With so many states relying on casino revenues and others recently enacting or trying to permit casino gaming, it would be desirable to know those factors which influence casino success. Tax dollars often hinge on the type of casino permitted and related location decisions. Hence, such decisions have public policy implications, and this article is the first to pinpoint factors that determine casino success.

Research paper thumbnail of A Teaching Note on th eMarginal Cost of Capital Schedule

The International Journal of Business Disciplines, 1997

The challenge facing finance educators is how to convey concepts that can be easily easily under... more The challenge facing finance educators is how to convey concepts that can be easily easily understood by introductory finance students. This note explores a practical way to teach students the concept of marginal cost of capital.

Research paper thumbnail of A Model to Assess the Ethics of Benefits Distribution

Journal of Markets Morality, Mar 29, 2012

Research paper thumbnail of A Note on the Bankruptcy Reform Act of 1978, An Agency Perspective

Research paper thumbnail of Firm Performance Measures: Temporal Roadblocks to Innovation?

Managerial Finance, 1996

This study identified four performance measures often employed in corporate analysis and examined... more This study identified four performance measures often employed in corporate analysis and examined their relationship with the firm's expenditures in research and development over different periods. These measures reflect both the profitability of the firm and the market value of ...

Research paper thumbnail of Stakeholders Versus Stockholders and Financial Ethics: Ethics to Whom?

Managerial Finance, 1996

"... my contention that if corporations are to work for excellence in all respects, they mus... more "... my contention that if corporations are to work for excellence in all respects, they must make sure they are not destroyed by one of these junk-bond, bust-up raiders... The hostile takeover is at the least the terrorist bomb of American industry, not fatal to the whole world but ...

Research paper thumbnail of Stock return seasonalities in low-income African emerging markets

Managerial Finance, 1998

Volume 24 Number 3 1998 23 tries has reached an unprecedented level. According to Mullin (1993), ... more Volume 24 Number 3 1998 23 tries has reached an unprecedented level. According to Mullin (1993), Gill and Trapper (1988), and Feldman and Kumar (1995), the interest is based on the outstand-ing return performance of these markets in recent times. For example, between ...

Research paper thumbnail of The 2000 presidential election and the information cost of sensitive versus non-sensitive S&P 500 stocks

Journal of Financial Markets, 2009

We investigate the information cost of stock trading during the 2000 presidential election. We fi... more We investigate the information cost of stock trading during the 2000 presidential election. We find that the uncertainty of the election induces information asymmetry of politically sensitive firms under the Bush/Gore platforms. The unusual delay in election results creates a significant increase in the adverse selection component of the trading cost of politically sensitive stocks. Cross-sectional variations in bid-ask spreads are significantly and positively related to changes in information cost, controlling for the effects of liquidity cost and stock characteristics. This empirical evidence is robust to different estimation methods.

Research paper thumbnail of Finance Education and the Ethics Debate

Journal of Education for Business, 1995

Research paper thumbnail of The pricing of dividend consistency

Journal of Economics and Finance, 1996

This study investigates the pricing of dividend consistency. The approach used is to study the an... more This study investigates the pricing of dividend consistency. The approach used is to study the announcement effects around significant dividend changes; specifically dividend omissions, resumptions, and increases or decreases of 25% or more. We focus on the relation between the magnitude of the announcement effect and the firm's history of dividend payment consistency using an ARIMA model. We find that dividend consistency is not priced.

Research paper thumbnail of Investment implications of the korean financial market reform

International Review of Financial Analysis, 1998

This paper investigates if the Korean equity market has any structural relationship with other st... more This paper investigates if the Korean equity market has any structural relationship with other stock markets in Asia and the industrialized world. Unlike earlier studies, this one places emphasis on the Korean equity market relative to other markets in the sample. The numerical ...

Research paper thumbnail of The impacts of U.S. presidential elections on international security-markets

Global Finance Journal, 1993

I. INTRODUCTION Extant studies of U.S. presidential elections focus solely on the U.S. equity mar... more I. INTRODUCTION Extant studies of U.S. presidential elections focus solely on the U.S. equity markets and usually attempt to develop profitable trading rules from election result regularities (see, for example, Riley and Luksetich [7], and Huang [4]). The general consensus is that the U.S. equity market does react to U.S. presidential elections. However the magnitude, timing, and direction of such changes are unclear. This paper expands previous research by testing for any change in the comovement between U.S. markets and overseas markets around U.S. presidential elections. Specifically, this study focusses on the relationship between the New York, London, Toronto, and Tokyo equity markets. The results indicate that these four markets tend to move more in unison (i.e. their movements are more highly correlated) during the election month. In addition, the extent of this 'international election effect' appears to be a function of the level of uncertainty preceding the election outcome. When the election result was relatively certain for several weeks prior to voting day, no significant changes in the relationship between the S&P 500 and the foreign index were found. For these particular cases, the election period provides no new information; markets anticipate the outcome of the election and any news released within the election period is not priced by market participants. The primary implication of these findings concerns the risk-reduction benefits to be obtained from international diversification. The higher correlation of returns between these markets during the presidential election month will compromise the benefits of an international portfolio. Specifically, portfolio managers who endeavor to attain a high degree of diversification through ownership of

Research paper thumbnail of International portfolio diversification in the African emerging equity markets: a cointegration analysis

Journal of …, 1998

Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the st... more Allied Academies National Conference page 8 In the ASEAN market, the daily indices used in the study are Jakarta Composite index of 1 Indonesia, Kuala Lumpur Composite index of Malaysia, Philippine Composite index of Philippines, Strait Times Industrial index of ...

Research paper thumbnail of The 2000 Presidential Election and the Information Cost of Sensitive Vs. Non-Sensitive S&P 500 Stocks

We investigate the information cost of stock trading during the 2000 presidential election. We fi... more We investigate the information cost of stock trading during the 2000 presidential election. We find that the uncertainty of the election induces information asymmetry of politically sensitive firms under the Bush/Gore platforms. The unusual delay in election results creates a significant increase in the adverse selection component of the trading cost of politically sensitive stocks. Cross-sectional variations in bid-ask spreads are significantly and positively related to changes in information cost, controlling for the effects of liquidity cost and stock characteristics. This empirical evidence is robust to different estimation methods.

Research paper thumbnail of Evaluating tangible asset investments: the value of cross functional teams

Management Research News, 1998

Tra di tion ally, func tional units within the or gani sa tion have been evalu ated us ing cri te... more Tra di tion ally, func tional units within the or gani sa tion have been evalu ated us ing cri te ria di rectly in flu enced by their func tion. For ex am ple, ad ver tis ing ef - fec tive ness is fre quently evalu ated on the ba sis of ac com plish ing com mu ni ca tion or sales ob jec tives, mar ...

Research paper thumbnail of Urban Location and the Success of Casinos in Five States

Over the last 30 years or so, many states in the US have legalized casino gambling/gaming in an e... more Over the last 30 years or so, many states in the US have legalized casino gambling/gaming in an effort to boost tax revenues. Four mid-western (Illinois, Indiana, Iowa, and Missouri) and two southern (Louisiana and Mississippi) states adopted legalized gaming in the form of riverboat casinos due to legal restrictions originally against land-based casinos. Following changes in state laws, land-based casinos and racinos (a combination of a casino and a race track) have since appeared in these states, although riverboat casinos still compose the majority of the establishments in most of these states. Although the scholarly literature is replete with articles on whether casinos make a difference in state tax revenues or cause an increase in crime, bankruptcies or other negative externalities, few if any have been written about the efficiency and effectiveness of casino operations and what external factors (location, size of market, etc.) are important to casino success. With so many states relying on casino revenues and others recently enacting or trying to permit casino gaming, it would be desirable to know those factors which influence casino success. Tax dollars often hinge on the type of casino permitted and related location decisions. Hence, such decisions have public policy implications, and this article is the first to pinpoint factors that determine casino success.