Book-building versus Auctions: An investigation into which IPO pricing and selling method more effectively promotes the aims of an IPO issuer
by Amrith Krushnakumaar Abstract In recent years, book-building has emerged as a method of choice among investment banks in the U.S and around the world for pricing and selling initial public offerings (IPOs). Proponents of the book-building method argue that discriminatory share allocations, the pooling of IPOs and other standard book-building practices price new shares […]
Multi-Variable Regression Analysis For the Prediction of Equity Returns Over 10 Year Periods
by Arjun Singh Jaswal Abstract The use of 5 variables is examined in order to forecast ex ante the total return from holding equities over 10 year periods. The 5 variables are a moving average of Campbell and Shiller’s P/E ratio, Robert B. Barsky and J. Bradford De Long’s log price predictor, a function of […]
A Case Study on the Informational Role of Futures Markets: Can Weather Futures Forecast Electricity Consumption?
by Ying Chiat Ho Abstract This paper provides a case study on the informational role of futures prices by investigating the ability of Cooling Degree Day (CDD) futures prices to forecast electricity consumption for New York State. I develop a cross-sectional model relating electricity consumption with the cumulative CDDs in a month for New York […]
How Do Campaign Contributions from Pharmaceutical Manufacturers Influence Senators’ Policy Decisions?
by Ashlyn Hankey Abstract This paper examines the influence of the main interest groups in the debate over amending Section 936 of bill HR 4210, a bill that grants tax credits to American manufacturers with sites in Puerto Rico. The amendment proposed to place stipulations on the pharmaceutical manufacturers’ eligibility for the credit to lower […]
Assessing the Performance of Actively Managed Global Funds
by Luyuan Fan Abstract It has been widely debated whether managed funds outperform their index counterparts. Many scholars have carried out empirical testing for U.S. managed funds, but few have examined global funds. This study compares the total returns and risk-adjusted returns for 29 largest global funds with that of a basket of Vanguard indexes […]
Congressional Voting on the Secure Fence Act of 2006: Political Posturing Overshadows Campaign Contributions
by Simon Alexander Blank Abstract This study examines the determinants of voting on the 2006 Secure Fence Act in the U.S. House of Representatives. First, a simultaneous probit-Tobit model is used to account for the endogenous nature of campaign contributions. It reveals five significant determinants of campaign contributions from Agribusiness—political ideology, membership on the Committee […]
