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A Study of the Anti-Catholic Bias Contained Within Jacob Burckhardt's The Civilization of the Renaissance in Italy (open access)

A Study of the Anti-Catholic Bias Contained Within Jacob Burckhardt's The Civilization of the Renaissance in Italy

This work examines the anti-Catholic bias of Jacob Burckhardt as he employed it in the Civilization of the Renaissance in Italy. A biographical chapter examines his early education in the Lutheran seminary and the influence of his educators at the University of Berlin. The Civilization is examined in three critical areas: Burckhardt's treatment of the popes in his chapter "The State as a Work of Art," the reform tendencies of the Italian humanists which Burckhardt virtually ignored, and the rise of confraternities in Italy. In each instance, Burckhardt demonstrated a clear bias against the Catholic Church. Further study could reveal if this initial bias was perpetuated through later "Burckhardtian" historians.
Date: May 1996
Creator: Kistner, Michael P. (Michael Patrick)
System: The UNT Digital Library
Financial Reporting in Poland: Privatization of Select Firms Traded on the Warsaw Stock Exchange (open access)

Financial Reporting in Poland: Privatization of Select Firms Traded on the Warsaw Stock Exchange

Poland's transition from a centrally-planned economy (CPE) to a market economy began in 1989. Building a market economy out of the failures of a CPE represents an unprecedented process in the history of economic development. At the core of the transition is the privatization of state-owned enterprises (SOEs). Many problems encountered during privatization are accounting related, and before privatization can occur valuation issues must be resolved. What has been the role of accounting in Poland's transition? Accounting is an interactive process that reflects and creates reality. The accounting process facilitates the calculation of the value created by a firm by attempting to trace the flow of resources through the value-creating process, and it identifies, measures, records, summarizes, and reports transactions. How these transactions are internalized determines how they flow through the accounting process, and, because the former SOEs are complex organizations in transition, decisions concerning when and how to record events can be diverse. The primary objective of this study is to provide insight into the accounting transition in Poland by addressing issues of ownership rights, valuation, financial reporting, and disclosure. The research question is: How is accounting transforming and being transformed in Poland? The research question is addressed in …
Date: December 1996
Creator: De la Rosa, Denise M. (Denise Mary), 1949-
System: The UNT Digital Library
Examination of the Effects of Experience and Missing Information on Tax Preparer Judgment (open access)

Examination of the Effects of Experience and Missing Information on Tax Preparer Judgment

This research examines how experience and missing information affect judgments of tax return preparers. Tax return preparers may often be faced with the problem of incomplete information, and their responses to this problem may be conditioned by whether or not they recognize information is missing. Based on the Holland et al.'s cognitive theory of induction as applied to tax judgment by Marchant et al., it was hypothesized that experienced tax preparers would correctly classify more items as to their relevance to a specific tax issue than novice tax preparers. Additionally, it was hypothesized that the strength of recommendations of tax preparers who had no relevant information missing would be greater than the strength of recommendations of tax preparers who had relevant information missing and were prompted that information was missing. Lastly, it was hypothesized that prompting that relevant information was missing would have a greater effect on the strength of recommendations of tax return preparers with lesser specific experience than it would on the strength of recommendations of tax return preparers with greater specific experience. The results suggest that experienced tax preparers do recognize the relevance of information to a greater degree than novice tax preparers. There was no significant …
Date: August 1996
Creator: Lewis, Judy D. (Judy Dianne)
System: The UNT Digital Library
The Texas Assessment of Academic Skills (TAAS) Test Scores as Predictors of Academic Success of First-Year Clarendon College Students (open access)

The Texas Assessment of Academic Skills (TAAS) Test Scores as Predictors of Academic Success of First-Year Clarendon College Students

The problem in this study was to determine the relationship between the scores on the three parts (reading, writing, and mathematics) of the Texas Assessment of Academic Skills Test (TAAS) and the academic success of first-year students at Clarendon College, Clarendon, Texas. High school grade-point average and gender were also included in the study. The purpose of the study was to develop an equation to predict first-year college grade-point average at Clarendon College . The predictor variables were the three parts of the TAAS Test (reading, writing, and mathematics) , high school grade-point average, and gender. The equation was developed through multiple correlation/multiple regression multivariate procedures. All statistical analyses were calculated through sub-programs of the Statistical Package for the Social Sciences (SPSS). The study was limited to using only 1992/1993 Texas high school graduates who had entered Clarendon College in the fall semesters of 1992 and 1993 directly following high school graduation. A search of Clarendon College records produced 115 students from these groups who fully met all standards defined for the study. Two predictor equations were developed. One developed through a simple regression command included all five predictor variables. The second equation was produced through a stepwise procedure. This …
Date: August 1996
Creator: Anglin, James William
System: The UNT Digital Library
The Substance Abuse Subtle Screening Inventory: a Predictive Validity Study with Criminal Offenders Mandated to Rehabilitative Treatment (open access)

The Substance Abuse Subtle Screening Inventory: a Predictive Validity Study with Criminal Offenders Mandated to Rehabilitative Treatment

The Substance Abuse Subtle Screening Inventory was constructed to screen for substance abuse patterns despite non-admittance of respondents. Predictive validity studies of the SASSI are limited, and are not available for probationers. Participants were 147 male and 54 female probationers mandated to treatment. Overall differences among SASSI scales were significant for treatment compliance and outcome. Higher SASSI scales were found among those probationers who were compliant/successful. Individual scales were not significantly different, however, a trend was revealed; those respondents who scored higher tended to comply/succeed in treatment. The SASSI alone accurately classified 59.7% of respondents. In summary, the SASSI's use in predicting treatment outcome is limited and should be employed with concomitant data.
Date: August 1996
Creator: Flores, Johnny Martin
System: The UNT Digital Library
Rebellion and Reconciliation: Social Psychology, Genre, and the Teen Film 1980-1989 (open access)

Rebellion and Reconciliation: Social Psychology, Genre, and the Teen Film 1980-1989

In this dissertation, I bring together film theory, literary criticism, anthropology and psychology to develop a paradigm for the study of teen films that can also be effectively applied to other areas of pop culture studies as well as literary genres. Expanding on Thomas Doherty's discussion of 1950s teen films and Ian Jarvie's study of films as social criticism, I argue that teen films are a discrete genre that appeals to adolescents to the exclusion of other groups. Teen films subvert social mores of the adult world and validate adolescent subculture by reflecting that subculture's values and viewpoints. The locus of this subversion is the means by which teenagers, through the teen films, vicariously experience anxiety-provoking adult subjects such as sexual experimentation and physical violence, particularly the extreme expressions of sex and violence that society labels taboo. Through analyzing the rhetoric of teen lifestyle films, specifically the teen romance and sex farce, I explore how the films offer teens vicarious experience of many adolescent "firsts." In addition, I claim that teen films can effectively appropriate other genres while remaining identifiable as teen films. I discuss hybrid films which combine the teen film with the science fiction genre, specifically Back to …
Date: December 1996
Creator: Hubbard, Christine Karen Reeves
System: The UNT Digital Library
Family and Self-concept Factors Contributing to the Adjustment and Achievement of Early Entrants (open access)

Family and Self-concept Factors Contributing to the Adjustment and Achievement of Early Entrants

The purpose of this study was to investigate the role of students' self-concept and their perceptions of family environment in the psychosocial adjustment and academic achievement of accelerated college students in a residential program. A secondary purpose was to investigate the differential role of those factors for students of diverse ethnic backgrounds.
Date: December 1996
Creator: Caplan, Sheryl Mink
System: The UNT Digital Library
Evaluation of a Constructed Wetland to Reduce Toxicity from Diazinon at the Pecan Creek Wastewater Treatment Plant, Denton, TX (open access)

Evaluation of a Constructed Wetland to Reduce Toxicity from Diazinon at the Pecan Creek Wastewater Treatment Plant, Denton, TX

The City of Denton Pecan Creek Wastewater Treatment Facility has periodically failed effluent toxicity testing. A Toxicity Identification Evaluation has determined that Diazinon in the effluent is contributing to the observed toxicity. Chlorpyrifos is also implicated as a factor. The City of Denton constructed a half acre experimental wetland to remove Diazinon related toxicity. Results from spiking and microcosm experiments indicate that the wetland can reduce the Diazinon.
Date: May 1996
Creator: Baerenklau, Amy L. (Amy Lyn)
System: The UNT Digital Library
The Effects of Alternative Presentation Formats on Biases and Heuristics in Human Decision Making (open access)

The Effects of Alternative Presentation Formats on Biases and Heuristics in Human Decision Making

The purpose of this research was to determine whether changes in the presentation format of items in a computer display could be used to alter the impact of specific cognitive biases, and to add to the knowledge needed to construct theory-based guidelines for output design. The problem motivating this study is twofold. The first part of the problem is the sub-optimal decision making caused by the use of heuristics and their associated cognitive biases. The second part of the problem is the lack of a theoretical basis to guide the design of information presentation formats to counter the effects of such biases. An availability model of the impact of changes in presentation format on biases and heuristics was constructed based on the findings of a literature review. A six-part laboratory experiment was conducted utilizing a sample of 205 student subjects from the college of business. The independent variable was presentation format which was manipulated by altering the visual salience or visual recency of items of information in a visual computer display. The dependent variables included recall, perceived importance, and the subjects' responses to three judgment tasks. The results clearly demonstrate that changes in presentation format can be used to alter …
Date: May 1996
Creator: Van Dyke, Thomas P. (Thomas Peter)
System: The UNT Digital Library
Rollback Reduction Techniques Through Load Balancing in Optimistic Parallel Discrete Event Simulation (open access)

Rollback Reduction Techniques Through Load Balancing in Optimistic Parallel Discrete Event Simulation

Discrete event simulation is an important tool for modeling and analysis. Some of the simulation applications such as telecommunication network performance, VLSI logic circuits design, battlefield simulation, require enormous amount of computing resources. One way to satisfy this demand for computing power is to decompose the simulation system into several logical processes (Ip) and run them concurrently. In any parallel discrete event simulation (PDES) system, the events are ordered according to their time of occurrence. In order for the simulation to be correct, this ordering has to be preserved. There are three approaches to maintain this ordering. In a conservative system, no lp executes an event unless it is certain that all events with earlier time-stamps have been executed. Such systems are prone to deadlock. In an optimistic system on the other hand, simulation progresses disregarding this ordering and saves the system states regularly. Whenever a causality violation is detected, the system rolls back to a state saved earlier and restarts processing after correcting the error. There is another approach in which all the lps participate in the computation of a safe time-window and all events with time-stamps within this window are processed concurrently. In optimistic simulation systems, there is …
Date: May 1996
Creator: Sarkar, Falguni
System: The UNT Digital Library
The Evolution of Dexter and Me (open access)

The Evolution of Dexter and Me

The Evolution of Dexter and Me is a collection of one vignette and four short stories. All of the stories deal with young men figuring out and coping with their daily life and environment. The "Dexter stories" deal with a character I developed and evolved, Dexter, a sane young man trying to find the best way to cope in an insane system.
Date: May 1996
Creator: Bond, Ray (Edgar Ray)
System: The UNT Digital Library
Correlates, Antecedents, and Consequences of Reading Disabilities in 11-Year-Old Children with ADHD as a Major Correlate (open access)

Correlates, Antecedents, and Consequences of Reading Disabilities in 11-Year-Old Children with ADHD as a Major Correlate

The purpose of this study was to follow the development of children with reading disabilities only, reading disabilites and ADHD, ADHD only, and a comparison group from the ages of 3 to 18. Differences were examined on the following variables: (a) Antecedent variables- Reynell Developmental Language Scales, Temperament, and Family Adversity; (b) School-age variables- behavioral and academic self-concept ratings; and (c) Psychological adjustment variables at age 18- self-reports of delinquency. Children from the reading disabled groups exhibited receptive language deficits, were from families who during the early childhood years had less resources to cope with problem situations, exhibited difficult temperamental characteristics, and had negative academic self-concepts. Distinctions were also noted between a "pervasive" and "situational" presentation of behavioral problems. During late adolescence the reading disabled groups exhibited similar levels of delinquency as their non-disabled peers. The implications of this study and directions for future research are discussed.
Date: August 1996
Creator: Pisecco, Stewart (Stewart Anthony)
System: The UNT Digital Library
An Examination of the Accounting Debate over the Determination of Business Income: 1945-1952 (open access)

An Examination of the Accounting Debate over the Determination of Business Income: 1945-1952

George O. May's (1952) prescient statement that "if accounting had not already become, it was well on its way to becoming a political phenomenon" provides the motivation for this study. Changing socioeconomic relationships in the post-World War II period make it an ideal period to examine the politicalization of accounting. Keynesian economic policies justified active government intervention in the economy to manage demand and ensure full employment. No longer could it be assumed that competitive market forces would ensure that corporations produced goods and services at a socially optimal level or that income would be distributed equitably. Claims that accounting profit provides a measure of managerial efficiency are based on these premises. This dissertation examines the political dynamics of one particular accounting measurement debate--the debate over the determination of business income. Policies, such as wage/price controls, the excess profits tax, and the undistributed profits tax, brought the accounting income determination debate to center stage. The perseverance of the historic cost allocation model in the face of significant economic changes presents a fascinating glimpse of the important role accounting played in justifying continued reliance on the private property rights paradigm. I use retrodiction (reasoning from present to past) to examine why …
Date: December 1996
Creator: Pence, Diana Kay
System: The UNT Digital Library
Dickens in the Context of Victorian Culture: an Interpretation of Three of Dickens's Novels from the Viewpoint of Darwinian Nature (open access)

Dickens in the Context of Victorian Culture: an Interpretation of Three of Dickens's Novels from the Viewpoint of Darwinian Nature

The worlds of Dickens's novels and of Darwin's science reveal striking similarity in spite of their involvement in different areas. The similarity comes from the fact that they shared the ethos of Victorian society: laissez-faire capitalism. In The Origin of Species, which was published on 1859, Charles Darwin theorizes that nature has evolved through the rules of natural selection, survival of the fittest, and the struggle for existence. Although his conclusion comes from the scientific evidence that was acquired from his five-year voyage, it is clear that Dawinian nature is reflected in cruel Victorian capitalism. Three novels of Charles Dickens which were published around 1859, Bleak House, Hard Times, and Our Mutual Friend, share Darwinian aspects in their fictional worlds. In Bleak House, the central image, the Court of Chancery as the background of the novel, resembles Darwinian nature which is anti-Platonic in essence. The characters in Hard Times are divided into two groups: the winners and the losers in the arena of survival. The winners survive in Coketown, and the losers disappear from the city. The rules controlling the fates of Coketown people are the same as the rules of Darwinian nature. Our Mutual Friend can be interpreted as …
Date: August 1996
Creator: Moon, Sangwha
System: The UNT Digital Library
A Comparison of Adult Children of Alcoholic Families with Adult Children from Non-Alcoholic Families: a Replication (open access)

A Comparison of Adult Children of Alcoholic Families with Adult Children from Non-Alcoholic Families: a Replication

The purpose of this study was to re-examine the issue of whether adult children of alcoholics experience more depression, anxiety, and lower self-esteem than do children of non-alcoholic families. This study is a replication of the study of David Dodd, entitled A Comparison of Adult Children of Alcoholic Families with Adult Children from Non-Alcoholic Families. 1990. The measures used in this study were as follows: Children of Alcoholics Screening Test, the Beck Depression Inventory, the State-Trait Anxiety Inventory, the Coopersmith Adult Self-Esteem Inventory, and a questionnaire developed by this writer designed to obtain family history regarding not only alcoholism, but other issues of family dysfunctionality as well. The subjects for this study were 231 students enrolled in the counselor education program at this university, all aged 19 or older. Of the 230 subjects, 31 were male and 199 were female. Eleven males identified themselves as children of alcoholics, as measured by the Children of Alcoholics Screening Test, and 60 females identified themselves as children of alcoholics. Thus, a total of 71 subjects in this study were identified as children of alcoholics. T-tests were conducted to see whether any differences existed between the male and female groups. No significant differences were …
Date: August 1996
Creator: Dooley, Sandra Y.
System: The UNT Digital Library
Elizabeth Barrett Browning: Quest for the Father (open access)

Elizabeth Barrett Browning: Quest for the Father

This dissertation explores Elizabeth Barrett's dependency on the archetypal Victorian patriarch. Chapter I focuses on the psychological effects of this father-daughter relationship on Elizabeth Barrett. Chapter II addresses Barrett's acceptance of the conventional female role, which is suggested by the nature and the situation of the women she chooses to depict. These women are placed in situations where they can reveal their devotion to family, their capacity for passive endurance, and their wish to resist. Almost always, they choose death as an alternative to life where a powerful father figure is present. Chapter III concentrates on the highly sentimental images of women and children whom Barrett places in a divine order, where they exist untouched by the concerns of the social order of which they are a part. Chapter IV shows that the conventional ideologies of the time, society's commitment to the "angel in the house," and the small number of female role models before her increase her difficulty to find herself a place within this order. Chapter V discusses Aurora Leigh's mission to find herself an identity and to maintain the connection with her father or father substitute. Despite Elizabeth Barrett's desire to break away from her paternal ties …
Date: December 1996
Creator: Yegenoglu, Dilara
System: The UNT Digital Library
Determinants and Outcomes of Salespeople's Coping Style (open access)

Determinants and Outcomes of Salespeople's Coping Style

Some salespeople cope with the chronic stress that accompanies sales jobs better than others. That is, while all salespeople possess some ability for coping with job stress, some coping mechanisms work better than others. Thus, it is critically important to identify the coping mechanismwhich are associated with the most positive organizational outcomes (i.e., higher performance, increased retention). Research on the coping mechanisms of salespeople is in its exploratory stage. Increased knowledge concerning how salespeople cope with chronic job stress would help researchers and managers to clarify why certain job outcomes occur instead of others (i.e., performance, retention, and burnout). This study proposes and tests a set of relationships pertaining to the dimensionality and the outcomes of salespeople's coping styles. The model identifies the antecedents of coping style and proposes three types of coping style salespeople employ to reduce job stress- emotion focused coping (EFC), problemfocused coping (PFC) and action oriented coping (AOC). It also elucidates the outcomes associated with EFC and PFC styles. The empiricalfindingssuggest that among salespeople, those who use PFC possess a more pronounced internal locus of control, perceive higher social support, and project higher continuance commitment, and higher self efficacy than those who use EFC. The findings …
Date: August 1996
Creator: Srivastava, Rajesh, 1964-
System: The UNT Digital Library
The Effects of Child-Centered Play Therapy Training on Trainees (open access)

The Effects of Child-Centered Play Therapy Training on Trainees

This study was designed to determine the effects of child-centered play therapy as a play therapy training model for beginning play therapy students. The purpose of this study was to determine the effects of child-centered play therapy training on play therapy trainees in (a) improving positive attitudes and beliefs toward children; (b) improving knowledge of child-centered play therapy; (c) improving confidence in applying child-centered play therapy skills; (d) reducing dominance tendencies in trainees' personality as measured by the California Psychological Inventory; and (e) increasing tolerance levels in trainees' personality as measured by the CPI. The experimental group, consisting of 37 counseling graduate students with a specialty in child counseling, received 45 clock hours of introduction to play therapy graduate course training at the University of North Texas, Denton. The control group, consisting of 29 counseling graduate students with a specialty in child counseling, received other counseling graduate courses training but no play therapy training at the time of their participation in this study at the University of North Texas. Both experimental and control group students completed the pretest and the posttest on the Play Therapy Attitude Knowledge Skills Survey and the California Psychological Inventory at the beginning and the end …
Date: December 1996
Creator: Kao, Shu-Chen
System: The UNT Digital Library
The Impact of Contextual Variables on Internal Auditors' Propensity to Communicate Upwardly (open access)

The Impact of Contextual Variables on Internal Auditors' Propensity to Communicate Upwardly

The author examined whether contextual variables impact internal auditors' self-assessed likelihood of whistleblowing. The author synthesized a theoretical framework and developed research hypotheses that predict relationships between the self-assessed likelihood of whistleblowing and (1) magnitude of the consequences (2) channels of communication and (3) type of wrongdoing. To test these hypotheses, the author provided internal auditors (n=123) with a scenario and asked them to self-assess the likelihood of reporting evidence of a malfacation to their internal audit director even though their audit manager told them to ignore the wrongdoing.
Date: December 1996
Creator: Tolleson, Thomas D. (Thomas Dale)
System: The UNT Digital Library
Adult Discouragement: Traditonal College Students (open access)

Adult Discouragement: Traditonal College Students

This study resulted in the development of the Discouragement Scale for Adults (DSA), an assessment instrument for the Adlerian construct of discouragement in adults more than 18 years of age. The DSA is a 60-item instrument that contains five sub-scales corresponding to five life tasks identified in Adlerian literature as work, love, society, self, and spirituality. Age, gender, and ethnicity norms were established for the DSA using a diverse sample (N=586). Additional normative data was developed with a presumed discouraged sample (N=47), and a special sample of traditional college students aged 18-27 years (N=531). Findings on the norm sample indicated that females are less discouraged than males on the Total DSA and on society and spirituality sub-scales. The 18-34 year old group was more discouraged than other age groups on the Total DSA and on work, society, and spirituality sub-scales. Presumed discouraged sample findings indicated that females were less discouraged than males on the society sub-scale. College student findings indicated that females were less discouraged than males on the Total DSA and sub-scales of love, society, spirituality, and work. A significant difference was found among ethnic groups in self sub-scales. Students with no absences per week were less discouraged than …
Date: December 1996
Creator: Haggan, Paul S. (Paul Stephen)
System: The UNT Digital Library
Visions of Light In the Poetry of William Blake and Emily Dickinson (open access)

Visions of Light In the Poetry of William Blake and Emily Dickinson

In this study the author compares the broad outlines of Blake's and Dickinson's thought, pointing out evidence of decisive Biblical influence not only on the content of their thought but on their attitude toward language as well. the author argues that both poets assumed the philosophical position of Job as they interpreted the Bible independently and as they explored many dimensions of experience in the fallen world. The author represents their thought not as a fixed system but as a faith-based pattern of Christian/Platonic questing for truth.
Date: December 1996
Creator: Nuckels, Rosa Turner
System: The UNT Digital Library
Beyond the Merchants of Death: the Senate Munitions Inquiry of the 1930s and its Role in Twentieth-Century American History (open access)

Beyond the Merchants of Death: the Senate Munitions Inquiry of the 1930s and its Role in Twentieth-Century American History

The Senate Munitions Committee of 1934-1936, chaired by Gerald Nye of North Dakota, provided the first critical examination of America's modern military establishment. The committee approached its task guided by the optimism of the progressive Social Gospel and the idealism of earlier times, but in the middle of the munitions inquiry the nation turned to new values represented in Reinhold Niebuhr's realism and Franklin D. Roosevelt's Second New Deal. By 1936, the committee found its views out of place in a nation pursuing a new course and in a world threatening to break out in war. Realist historians writing in the cold war period (1945-1990) closely linked the munitions inquiry to isolationism and created a one-dimensional history in which the committee chased evil "merchants of death." The only book-length study of the munitions investigation, John Wiltz's In Search of Peace, published in 1963, provided a realist interpretation. The munitions inquiry went beyond the merchants of death in its analysis of the post-World War I American military establishment. A better understanding emerges when the investigation is considered not only within an isolationist framework, but also as part of the intellectual, cultural, and political history of the interwar years. In particular, Franklin …
Date: May 1996
Creator: Coulter, Matthew Ware
System: The UNT Digital Library
Women Who Survived Childhood Sexual Abuse: Do Their Coping Strategies Vary by Personality Type as Measured by the Myers-Briggs Type Indicator? (open access)

Women Who Survived Childhood Sexual Abuse: Do Their Coping Strategies Vary by Personality Type as Measured by the Myers-Briggs Type Indicator?

Through a phenomenological qualitative approach, this study examined possible differences of introverted versus extraverted adult female survivors of childhood sexual abuse with regard to the coping mechanisms they chose. Preference modalities of introversion and extraversion were measured by the Myers-Briggs Type Indicator and data was collected through a semi-structured interview designed by the researcher. The interview contained questions about the 21 subjects' perceptions of their abuse and the ways in which they coped. Specific coping mechanisms included but were not limited to eating disorders, alcohol and/or drug abuse, high risk behavior, depression, anxiety, and somatic complaints. Results indicated that for both groups, the degree to which each of the individual coping mechanisms was used congregated at the level of "a driven pattern of behavior lasting for at least 7 days" or "on-going use resulting in severe problems". Extraverts showed higher percentages of severe use of the six coping mechanisms than did introverts. Depression was the most frequently used coping mechanism of both the introverts and the extraverts. Introverts showed higher percentages of stopping the use of eating disorders, alcohol/drug abuse, high risk behavior, and depression. Extraverts had higher percentages of discontinued use of anxiety and somatic problems. Introverts reported more …
Date: December 1996
Creator: Jahn, Linda
System: The UNT Digital Library
The Effects of Stock Delistings on Firm Value, Risk, Market Liquidity and Market Integration: With Evidence on Wealth Effects from the Stock Exchanges of Malaysia and Singapore, Using GARCH (open access)

The Effects of Stock Delistings on Firm Value, Risk, Market Liquidity and Market Integration: With Evidence on Wealth Effects from the Stock Exchanges of Malaysia and Singapore, Using GARCH

This study examines the effects of delisting on firm value, risk and market liquidity. In a world where markets are becoming increasingly integrated, delistings may prove counter productive. We use the unique event, free from company specifics, that occurred on January 2, 1990 in the stock exchanges of Singapore and Malaysia to test for the above effects. On that day, dual listed companies were required to delist from the foreign stock exchange. We also use this event to test if the Singapore and Malaysia markets are globally integrated. Since financial data is found to show persistence in volatility, we model the return generating process in a generalized autoregressive conditionally heteroskedastic (GARCH) framework that takes into consideration changing volatility. For comparison purposes, OLS and Time-Deformation models are included. The study found delistings to decrease firm value, the size of which is related to how actively the stocks were previously traded on the foreign stock exchange. Risk levels increased following delistings. Nevertheless, thinly traded stocks showed significant changes in neither firm value nor riskiness. Further evidence of new listings to increase firm value was noted. Consistent with the political motive hypothesis, delisted stocks showed an increase in post-event volume, but however, lost …
Date: May 1996
Creator: Meera, Ahamed Kameel
System: The UNT Digital Library