A Critical Review of the Implied Cost of Equity: A New Way to Estimate the Expected Return

For the last three decades, the Capital Asset Pricing Model (CAPM) has been a dominant model to calculate expected return. In early 1990% Fama and French (1992) developed the Fama and French Three Factor model by adding two additional factors to the CAPM. However even with these present models, it has been found that estimates of the expected return are not accurate (Elton, 1999; Fama &French, 1997). Botosan (1997) introduced a new approach to estimate the expected return. This approach employs an equity valuation model to calculate the internal rate of return (IRR) which is often called, 'implied cost of equity capital" as a proxy of the expected return. This approach has been gaining in popularity among researchers. A critical review of the literature will help inform hospitality researchers regarding the issue and encourage them to implement the new approach into their own studies.

Can minority language proficiency pay: a study on the return on English-Spanish fluent bilingualism in South Florida

This thesis studies the economic return for fluent-bilingualism in South Florida among native-born whites using IPUMS (Integrated Public Use Microdata Series) data for Miami-Dade County (1990). Previous mainstream-oriented theories focus on the benefit in English acquisition for immigrants and their descendants, either denying or ignoring the possible benefit of minority language retention in addition to English acquisition. An alternative literature, on the other hand, suggests that minority language retention can be beneficial in at least three areas: 1) enhancing cognitive ability; 2) accessing community-level social capital; and 3) serving as human capital. This study assesses economic returns in employment and earnings, using logistic and OLS (Ordinary Least Square) regression respectively. The results, countering the mainstream-oriented theories, suggest that fluent bilingualism does have economic consequences. Rather than fully supporting the positive effects thesis, the patterns shown are much more complicated, contingent on an individual's ethnic membership and educational level. Theoretical and substantive implications are discussed and suggestions for future research are made.

Three Essays on the Interrelationships Among Financial Restatements, Corporate Governance, Market Microstructure and the Firm's Rate of Return

The increase in the number of financial restatements in recent years has resulted in a significant decrease in the amount of market capitalization for restated companies. Prior literature does not differentiate between single and multiple restatements announcements. This research investigates the inter-relationships among multiple financial restatements, corporate governance, market microstructure and the firm's rate of return in the form of three essays by differentiating between single and multiple restatement announcement companies. First essay examines the stock performance of companies announcing the financial restatement multiple times. The postulation is that prior research overestimates the abnormal return by not separating single restatement companies from multiple restatement companies. This study investigates how market penalizes the companies that announce restatement more than once. Differentiating the restatement announcement data based on number of restatement announcements, the results support for non persistence hypothesis that the market has no memory and negative abnormal returns obtained after each of the restatement announcements are completely random. Second essay examines the multiple restatement announcements and its perceived resultant information asymmetry around the announcement day. This study examines the pattern of information asymmetry for these announcements in terms of whether the bid-ask spread widens around the announcement day. The empirical analysis supports the hypotheses that the spread does widen not only around the first restatement announcement day but around every subsequent announcement days as well. The third essay empirically examines the financial and corporate governance characteristics of single and multiple restatement announcements companies. The analysis shows that corporate governance variables influence the occurrence of multiple restatement announcements and can distinguish multiple restatements announcement companies from single restatement announcement companies.

Effect of conflicting advice on return to work in patients with low back pain

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

Effect of conflicting advice on return to work in patients with low back pain

Mémoire numérisé par la Direction des bibliothèques de l'Université de Montréal.

Multivariate Appoximations to Portfolio Return Distribution

This article proposes a three-step procedure to estimate portfolio return distributions under the multivariate Gram-Charlier (MGC) distribution. The method combines quasi maximum likelihood (QML) estimation for conditional means and variances and the method of moments (MM) estimation for the rest of the density parameters, including the correlation coefficients. The procedure involves consistent estimates even under density misspecification and solves the so-called ‘curse of dimensionality’ of multivariate modelling. Furthermore, the use of a MGC distribution represents a flexible and general approximation to the true distribution of portfolio returns and accounts for all its empirical regularities. An application of such procedure is performed for a portfolio composed of three European indices as an illustration. The MM estimation of the MGC (MGC-MM) is compared with the traditional maximum likelihood of both the MGC and multivariate Student’s t (benchmark) densities. A simulation on Value-at-Risk (VaR) performance for an equally weighted portfolio at 1% and 5% confidence indicates that the MGC-MM method provides reasonable approximations to the true empirical VaR. Therefore, the procedure seems to be a useful tool for risk managers and practitioners.

Return Migration in the Ecuadorian and Bolivian population: motivations, strategies and discourses

This article analyses the motivations for return migration among the Ecuadorians and Bolivians who, after living in Spain, returned to their countries of origin during the economic crisis that started in 2008. From the analysis of 22 interviews in-depth which took place in Ecuador and 38 in Bolivia to women, men and young people from migrant families, this decision-making process is shown to be embedded into a gendered dynamics of relationships. Particular detail is given to affective and economic elements that had an influence on the decision to return, as well as to the strategies deployed to project their readjustment back in origin. Males and females occupy differential positions within the family, work and social circle, their expectations being built in a gendered manner. Despite the fact migration has brought women greater economic power within the family group, their reintegration upon return redefines their role as main managers in the household and the dynamics that allow their social reproduction. Men, for their part, aspire to refresh their role as providers in spite of their frail labour position upon return. Social mobility for females is passed on through generations by a strong investment on education for their daughters and sons, while for males this mobility revolves around setting up family businesses and around their demonstrative abilities.

Gendered Responses to Global Crisis: Circular Migration and Return among Ecuadorian Families in Spain and Ecuador

This paper analyzes the impact of Spain’s economic crisis on social reproduction strategies of Ecuadorian migrant families in Madrid and Quito. The paper analyzes circular migration experiences and more permanent returns to Ecuador. I argue that these strategies and migrants' greater or lesser capabilities to move between different migration destinations show significant gender differences. On the one hand, men and women make a differential use of their migratory status to deploy transnational strategies and expand their mobility. On the other hand, migrants’ degree of mobility and flexibility with regard to the labor market and transnational social reproduction are derivative of a specific gendered order and sexual division of labor.