Source: Dissertation Abstracts International, Volume: 34-10, Section: A, page: 6232. / Thesis (D.B.A.)--The Florida State University, 1973.

Source: Dissertation Abstracts International, Volume: 33-06, Section: A, page: 2593. / Thesis (D.B.A.)--The Florida State University, 1972.

Source: Dissertation Abstracts International, Volume: 28-07, Section: A, page: 2417. / Thesis (Ph.D.)--The Florida State University, 1967.

Source: Dissertation Abstracts International, Volume: 28-07, Section: A, page: 2418. / Thesis (Ph.D.)--The Florida State University, 1967.

Source: Dissertation Abstracts International, Volume: 28-03, Section: A, page: 0862. / Thesis (Ph.D.)--The Florida State University, 1967.

The evidence of a negative price response generally associated with the initial announcement of seasoned common stock offerings demands a more explicit rationale for why management would undertake an action that serves to lower current shareholder wealth. Although adverse selection appears to be the prevailing explanation for this price response, it is not evident that overvaluation should suffice as an explanation for both the equity-offering decision and the pecking-order financing preference. The purpose of this study is to explore the validity of overvaluation apart from the issue of pecking-order as an explanation for this decision and the corresponding price response. Particular emphasis is put upon the market's interpretation of the equity offering and the characteristics associated with management, the firm, and the offering used by the market to arrive at this interpretation. / The results show that the market does use information relating to capital structure apart from the issue-investment decision in determining the motive for the offering. However, the results are contrary to that implied by pecking-order. In particular, equity-offering firms with binding internal and debt-financing capacity are received more favorably than those with nonbinding internal and debt-financing capacity at the initial announcement. / The evidence also shows that insiders most familiar with the operations of the firm are abnormally high sellers over the second and third months prior to the initial announcement. Further, this selling activity is directly related to the preoffering process price response and levels of internal-financing capacity, and indirectly related to measures of asset utilization efficiency. More compelling is the evidence that these types of insiders who also hold large ownership positions are heavy net sellers surrounding the offering. When analyzing purchasing activity surrounding the offering, it is apparent that, although this activity is higher after the offering announcement, it merely represents purchasing activity that would have normally occurred had the offering not taken place. Overall, these results are highly supportive of the proposition that equity offerings are conducted to take advantage of overvaluation. / Source: Dissertation Abstracts International, Volume: 52-11, Section: A, page: 4028. / Major Professor: James S. Ang. / Thesis (Ph.D.)--The Florida State University, 1991.

This study reviews the literature concerned with the apparent historical negative relationship between stock returns and inflation. Seven possible explanations for the negative relationship are compared and tested. These include the rational expectations based explanations of Fama and of Geske and Roll, the risk-premium explanation, a tax-related explanation and two portfolio adjustment explanations, one derived from monetarist theory and the other from Tobin. The irrational investor hypothesis of Modigliani and Cohn is also examined. Testing methodology includes Box-Jenkins ARIMA techniques with transfer functions. / The results of the study contradict all of the explanations except the portfolio adjustment view of Tobin and the view that investors are behaving irrationally. Found also, is that the negative relationship between stock returns and inflation is very weak if it exists at all: instead interest rate changes are the dominant factor determining stock returns. The examination of whether the earnings yield best represents a real or a nominal return, leads to the conclusion that the nominal yield view holds up best historically and that a portfolio adjustment process based on interest rates is not irrational. A successful trading rule based on interest rates is devised to exploit an apparent case of market inefficiency. / Source: Dissertation Abstracts International, Volume: 47-08, Section: A, page: 3141. / Thesis (Ph.D.)--The Florida State University, 1986.

Numerous studies document abnormal stock returns around announcement of dividend changes and attribute these returns to informational effects. The purpose of this dissertation is to evaluate the influence of dividend buying on stock returns around dividend announcements. / The central hypothesis tested is that stocks likely to be targeted for dividend buying investments provide positive abnormal returns around dividend announcements irrespective of any information inherent in the announcement. Announcements involving no change in the firm's quarterly dividend are used as an approximation of the ideal information-free test sample, and standard residual analysis techniques are employed to assess market reactions to these announcements. / Results are consistent with the hypothesis that dividend buying significantly affects stock returns around dividend announcements. Positive abnormal returns around the announcements are related to variables associated with dividend buying; the relationship with dividend yield is especially strong. The relations do not hold for stocks unsuitable for dividend buying due to tax code provisions, and are significantly changed after the passage of the 1984 Deficit Reduction Act, which reduced the tax advantages of dividend buying. / Informational effects, contemporaneous earnings announcements, and the January effect are considered possible alternative explanations for the abnormal returns reported and their relations to the variables associated with dividend buying. Tests using subsamples controlled for these influences show the effects of dividend buying persist. / The study's findings imply that efforts to measure the informational content of dividends using stock returns around dividend announcements should allow for dividend buying effects, at least over the period before passage of the Deficit Reduction Act. In addition, though corporate investors are assumed to be conservative in choosing short-term investments, the evidence suggests that risky alternatives such as dividend buying are used when they offer rates of return substantially above those on safer investments. / Source: Dissertation Abstracts International, Volume: 48-10, Section: A, page: 2691. / Thesis (Ph.D.)--The Florida State University, 1987.

This dissertation presents an investigation into the price, volume, volatility, and liquidity effects of changes in Federal Reserve margin restrictions upon the equity securities of firms previously neglected in the literature. Most of the earlier studies on the subject of margin restrictions have generally concluded that such regulations are ineffective since there is essentially no evidence that changes in margin requirements impact stock prices. Unfortunately, it is this researcher's opinion that much of this prior work is flawed, and therefore incapable of aiding in the development of regulatory policy. / This dissertation, by examining a wide range of large and small exchange-listed and OTC firms, suggests that margin changes may lead to larger security impacts than previously believed. Specifically, studies of the price and volatility responses of portfolios of 'small' NYSE firms around the time of pre-1963 margin changes suggest that 'small' firms react more significantly to margin changes than their larger S&P 500 counterparts. No differential trading volume effects were observed. / Studies of post-1963 margin changes utilizing the CRSP tape suggest that security price responses to the announcement of margin decreases and firm size are inversely correlated. The same does not appear to be true, however, for the case of margin increases. No relationship between firm size and volatility changes following margin announcements was uncovered. / Tests of the differential performance between the S&P 500 and NQB OTC index prior to the passage of the 1969 amendment to the Securities Exchange Act of 1934 failed to indicate the existence of margin-imposed binding constraints upon security investors. However, price and liquidity tests of paired 'marginable' and 'non-marginable' OTC securities in the post-1969 period did present evidence suggesting that margin restrictions impose binding constraints upon investors. No volatility differentials were uncovered. / Overall, considerable evidence was discovered suggesting that 'unexpected' margin changes result in stronger valuation responses than 'expected' changes. / Source: Dissertation Abstracts International, Volume: 48-12, Section: A, page: 3166. / Thesis (Ph.D.)--The Florida State University, 1987.

This study examines the relationship between the performance of portfolios formed according to the Value Line timeliness ranks and the firm size, the share price, and the earnings to price (E/P) ratio stock return anomalies. The primary issue examined is to determine if the same unobserved factors that are believed to be responsible for the stock return anomalies are also responsible for the abnormal returns earned by portfolios formed according to the Value Line ranks. The results from this study indicate that the performance of the Value Line portfolios cannot be attributed to the factors that are responsible for the anomalies. / Another issue examined is whether a Value Line-based investment strategy would provide larger abnormal returns than would investment strategies based on the anomalies. Portfolio-based tests were used to examine this issue. These tests indicate that a Value Line-based strategy will provide abnormal returns; however, these abnormal returns are not as high as the abnormal returns that appear to be available to a strategy based on firm size or share price. / This study also indicates that the Value Line rankings do not work during the month of January. Unlike the anomalies, the abnormal returns to a Value Line strategy are not concentrated primarily in January. / Finally, the relationship between the firm size, share price, and E/P anomalies for firms traded on the New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX) is compared to the relationship the between the anomalies for firms traded through the National Association of Securities Dealers Automated Quotation System (NASDAQ). The results indicate that the relationship between the anomalies is not the same of the NASDAQ firms as it is for NYSE and AMEX listed firms. / Source: Dissertation Abstracts International, Volume: 52-05, Section: A, page: 1847. / Major Professor: David R. Peterson. / Thesis (Ph.D.)--The Florida State University, 1991.