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A Value Relevant Fundamental Investment Strategy : The use of weighted fundamental signals to improve predictabilityEliasson, Martin, Malik, Khawar, Österlund, Benjamin January 2011 (has links)
The aim of this study is to investigate the possibility to improve the investment model defined in Piotroski (2000) and the subsequent research carried out on this model. Our model builds further upon the original fundamental score put forth by Piotroski. This further developed model is tested in two different contexts; firstly, a weighted fundamental score is developed that is updated every year in order to control for any changes in the predictive ability of fundamental signals over time. Secondly, the behavior of this score is analyzed in context of recession and growth cycles of the macro economy. Our findings show that high book-to-market portfolio consist of poor performing firms, as shown by Fama and French (1995) and is thereby outperformed by both Piotroski's F_score and our own developed scores. The score based on a rolling window correlation is performing a little better then F_score, but the score based on correlations for prior Up and Down periods is not. The conclusions we draw from the results are that improvements have to be made, both to F_score and our own developments, to sort winners from loser to get an even more profitable zero-investment hedge strategy.
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Financial Analysis and Fiscal Viability of Secondary Schools in Mukono District, UgandaTanner, Janet Jeffery 08 December 2006 (has links) (PDF)
Within the worldwide business community, many analysis tools and techniques have evolved to assist in the evaluation and encouragement of financial health and fiscal viability. However, in the educational community, such analysis is uncommon. It has long been argued that educational institutions bear little resemblance to, and should not be treated like, businesses. This research identifies an educational environment where educational institutions are, indeed, businesses, and may greatly benefit from the use of business analyses. The worldwide effort of Education for All (EFA) has focused on primary education, particularly in less developed countries (LDCs). In Sub-Saharan Africa, Uganda increased its primary school enrollments from 2.7 million in 1996 to 7.6 million in 2003. This rapid primary school expansion substantially increased the demand for secondary education. Limited government funding for secondary schools created an educational bottleneck. In response to this demand, laws were passed to allow the establishment of private secondary schools, operated and taxed as businesses. Revenue reports, filed by individual private schools with the Uganda Revenue Authority, formed the database for the financial analysis portion of this research. These reports, required of all profitable businesses in Uganda, are similar to audited corporate financial statements. Survey data and national examination (UNEB) scores were also utilized. This research explored standard business financial analysis tools, including financial statement ratio analysis, and evaluated the applicability of each to this LDC educational environment. A model for financial assessment was developed and industry averages were calculated for private secondary schools in the Mukono District of Uganda. Industry averages can be used by individual schools as benchmarks in assessing their own financial health. Substantial deviations from the norms signal areas of potential concern. Schools may take appropriate corrective action, leading to sustainable fiscal viability. An example of such analysis is provided. Finally, school financial health, defined by eight financial measures, was compared with quality of education, defined by UNEB scores. Worldwide, much attention is given to education and its role in development. This research, with its model for financial assessment of private LDC schools, offers a new and pragmatic perspective.
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