Essays on the selection of securities: Decision on acquisition and issuance perspectives and decision rules

This dissertation is a discourse on the capital market and its interactive framework of acquisition and issuance of financial assets that drive the economy from both sides—investors/lenders and issuers/users of capital assets. My work consists of four essays in financial economics that offer a spectrum of revisions to this significant area of study. The first essay is a delineation of the capital market over the past half a century and major developments on capital markets on issues that pertain to the investor's opportunity set and the corporation's capital-raising availability set. This chapter should have merits on two counts: (i) a comprehensive account of capital markets and return-generating assets and (ii) a backdrop against which I present my findings in Chapters 2 through 4. ^ In Chapter 2, I rework on the Markowitz-Roy-Tobin structure of the efficient frontier and of the Separation Theorem. Starting off with a 2-asset portfolio and extending the paradigm to an n-asset portfolio, I bring out the optimal choice of assets for an investor under constrained utility maximization. In this chapter, I analyze the selection and revision-theoretic construct and bring out optimum choices. The effect of a change in perceived risk or return in the mind of an investor is ascertained on the portfolio composition. ^ Chapter 3 takes a look into corporations that issue market securities. The question of how a corporation decides what kinds of securities it should issue in the marketplace to raise funds brings out the classic value invariance proposition of Modigliani and Miller and fills the gap that existed in the literature for almost half a century. I question the general validity in the classic results of Modigliani and Miller and modify the existing literature on the celebrated value invariance proposition. ^ Chapter 4 takes the Modigliani-Miller regime to its correct prescription in the presence of corporate and personal taxes. I show that Modigliani-Miller's age-old proposition needs corrections and extensions, which I derive. ^ My dissertation overall brings all of these corrections and extensions to the existing literature as my findings, showing that capital markets are in an ever-changing state of necessary revision. ^

The relationship of fear of intimacy, body image avoidance and body mass index

Issues of body image and ability to achieve intimacy are connected to body weight, yet remain largely unexplored and have not been evaluated by gender. The underlying purpose of this research was to determine if avoidant attitudes and perceptions of one's body may hold implications toward its use in intimate interactions, and if an above average body weight would tend to increase this avoidance. The National Health and Nutrition Examination Survey (NHANES, 1999-2002) finds that 64.5% of US adults are overweight, with 61.9% of women and 67.2% of men. The increasing prevalence of overweight and obesity in men and women shows no reverse trend, nor have prevention and treatment proven effective in the long term. The researcher gathered self-reported age, gender, height and weight data from 55 male and 58 female subjects (determined by a prospective power analysis with a desired medium effect size (r=.30) to determine body mass index (BMI), determining a mean age of 21.6 years and mean BMI of 25.6. Survey instruments consisted of two scales that are germane to the variables being examined. They were (1) Descutner and Thelen of the University of Missouri‘s (1991) Fear-of-Intimacy scale; and (2) Rosen, Srebnik, Saltzberg, and Wendt's (1991) Body Image Avoidance Questionnaire. Results indicated that as body mass index increases, fear of intimacy increases (p<0.05) and that as body mass index increases, body image avoidance increases (p<0.05). The relationship that as body image avoidance increases, fear of intimacy increases was not supported, but approached significance at (p<0.07). No differences in these relationships were determined between gender groups. For age, the only observed relationship was that of a difference between scores for age groups [18 to 22 (group 1) and ages 23 to 34 (group 2)] for the relationship of body image avoidance and fear of intimacy (p<0.02). The results suggest that the relationship of body image avoidance and fear of intimacy, as well as age, bear consideration toward the escalating prevalence of overweight and obesity. An integrative approach to body weight that addresses issues of body image and intimacy may prove effective in prevention and treatment.

Racial/ethnic differences on the body image perceptions and weight concerns of fourth grade girls

The purpose of this study was to determine the racial and ethnic differences on body image perceptions and weight concerns of fourth grade girls. A purposive sample of 182 fourth grade girls were eligible to participate, 166 were included in the data analysis. The Children's Eating Attitude Test (ChEAT) and a Dieting and Demographic Questionnaire (DDQ) were used to determine eating attitudes of fourth grade girls. A pictoral instrument that was modified from the original was used to assess body image. Anthropometric data was assessed and body mass index (BMI) values were used to classify subjects into percentiles. Results revealed that 56% of all fourth grade girls studied wanted to be thinner and 53% had tried to lose weight. Significantly more non-Hispanic white (NHW) girls reported wanting to be thinner than non-Hispanic black (NHB) and H girls (65.5% vs.32% and 47%, respectively, P=0.005) No significant racial/ethnic differences were revealed for the ChEAT scores. However, 19% of all subjects studied fell into the category indicative of anorexia nervosa. H girls who were less than the 85" %tile for BMI chose significantly smaller figures as their perceived body image (3.5±0.7) than both NHB and NHW girls (4.0±0.6 and 3.9±0.5, respectively, P<0.01). These findings demonstrated that weight concerns were prevalent among girls ages 9- 11 years. NHW and H girls may have more concerns about their body size and shape than their NHB counterparts. Implementing intervention programs at an early age may prevent eating disorders in adolescence and adulthood.

The Relationship of Fear of Intimacy, Body Image Avoidance and Body Mass Index

Issues of body image and ability to achieve intimacy are connected to body weight, yet remain largely unexplored and have not been evaluated by gender. The underlying purpose of this research was to determine if avoidant attitudes and perceptions of one’s body may hold implications toward its use in intimate interactions, and if an above average body weight would tend to increase this avoidance. The National Health and Nutrition Examination Survey (NHANES, 1999-2002) finds that 64.5% of US adults are overweight, with 61.9% of women and 67.2% of men. The increasing prevalence of overweight and obesity in men and women shows no reverse trend, nor have prevention and treatment proven effective in the long term. The researcher gathered self-reported age, gender, height and weight data from 55 male and 58 female subjects (determined by a prospective power analysis with a desired medium effect size (r =.30) to determine body mass index (BMI), determining a mean age of 21.6 years and mean BMI of 25.6. Survey instruments consisted of two scales that are germane to the variables being examined. They were (1) Descutner and Thelen of the University of Missouri’s (1991) Fear-of-Intimacy scale and (2) Rosen, Srebnik, Saltzberg, and Wendt’s (1991) Body Image Avoidance Questionnaire. Results indicated that as body mass index increases, fear of intimacy increases (p<0.05) and that as body mass index increases, body image avoidance increases (p<0.05). The relationship that as body image avoidance increases, fear of intimacy increases was not supported, but approached significance at (p<0.07). No differences in these relationships were determined between gender groups. For age, the only observed relationship was that of a difference between scores for age groups [18 to 22 (group 1) and ages 23 to 34 (group 2)] for the relationship of body image avoidance and fear of intimacy (p<0.02). The results suggest that the relationship of body image avoidance and fear of intimacy, as well as age, bear consideration toward the escalating prevalence of overweight and obesity. An integrative approach to body weight that addresses issues of body image and intimacy may prove effective in prevention and treatment.

Knowledge assisted data management and retrieval in multimedia database systems

With the proliferation of multimedia data and ever-growing requests for multimedia applications, there is an increasing need for efficient and effective indexing, storage and retrieval of multimedia data, such as graphics, images, animation, video, audio and text. Due to the special characteristics of the multimedia data, the Multimedia Database management Systems (MMDBMSs) have emerged and attracted great research attention in recent years. Though much research effort has been devoted to this area, it is still far from maturity and there exist many open issues. In this dissertation, with the focus of addressing three of the essential challenges in developing the MMDBMS, namely, semantic gap, perception subjectivity and data organization, a systematic and integrated framework is proposed with video database and image database serving as the testbed. In particular, the framework addresses these challenges separately yet coherently from three main aspects of a MMDBMS: multimedia data representation, indexing and retrieval. In terms of multimedia data representation, the key to address the semantic gap issue is to intelligently and automatically model the mid-level representation and/or semi-semantic descriptors besides the extraction of the low-level media features. The data organization challenge is mainly addressed by the aspect of media indexing where various levels of indexing are required to support the diverse query requirements. In particular, the focus of this study is to facilitate the high-level video indexing by proposing a multimodal event mining framework associated with temporal knowledge discovery approaches. With respect to the perception subjectivity issue, advanced techniques are proposed to support users' interaction and to effectively model users' perception from the feedback at both the image-level and object-level.

A high efficient biometrics approach for unconstrained iris segmentation and recognition

This dissertation develops an innovative approach towards less-constrained iris biometrics. Two major contributions are made in this research endeavor: (1) Designed an award-winning segmentation algorithm in the less-constrained environment where image acquisition is made of subjects on the move and taken under visible lighting conditions, and (2) Developed a pioneering iris biometrics method coupling segmentation and recognition of the iris based on video of moving persons under different acquisitions scenarios. The first part of the dissertation introduces a robust and fast segmentation approach using still images contained in the UBIRIS (version 2) noisy iris database. The results show accuracy estimated at 98% when using 500 randomly selected images from the UBIRIS.v2 partial database, and estimated at 97% in a Noisy Iris Challenge Evaluation (NICE.I) in an international competition that involved 97 participants worldwide involving 35 countries, ranking this research group in sixth position. This accuracy is achieved with a processing speed nearing real time. The second part of this dissertation presents an innovative segmentation and recognition approach using video-based iris images. Following the segmentation stage which delineates the iris region through a novel segmentation strategy, some pioneering experiments on the recognition stage of the less-constrained video iris biometrics have been accomplished. In the video-based and less-constrained iris recognition, the test or subject iris videos/images and the enrolled iris images are acquired with different acquisition systems. In the matching step, the verification/identification result was accomplished by comparing the similarity distance of encoded signature from test images with each of the signature dataset from the enrolled iris images. With the improvements gained, the results proved to be highly accurate under the unconstrained environment which is more challenging. This has led to a false acceptance rate (FAR) of 0% and a false rejection rate (FRR) of 17.64% for 85 tested users with 305 test images from the video, which shows great promise and high practical implications for iris biometrics research and system design.