Stanley M. Atkinson

Do Female Mutual Fund Managers Manage Differently

We examine the performance and investment behavior of female fixed-income mutual fund managers compared with male fixed-income mutual fund managers. We find that male- and female-managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the managers initial year managing the fund. 2003 The Southern Finance Association and the Southwestern Finance Association.

Capital-Budgeting Decisions Using "Crystal Ball"

Abstract The uncertainties inherent in capital-budgeting decisions can be captured using a “Crystal Ball”

A Survey of Capital Budgeting Methods Used by the Restaurant Industry

ABSTRACT The purpose of this study was to determine what capital budgeting and cost of capital procedures are being used in the food service segment of the hospitality industry and to compare the responses, where possible, with those reported in the previous studies of capital budgeting techniques in the hospitality industry. The most popular primary capital budgeting techniques selected were the sophisticated or discounted cash flow methods, such as net present value and internal rate of return. The payback method was selected as a secondary technique.

The Impact of Option Listings: A Study of Casino and Gaming Stocks

ABSTRACT This study examines the impact of option listings on the common stock of 21 firms specializing in the casino and gaming industry. Our results show that, on average, there is a significant decrease in price during the five-day window which includes the announcement of the listing, the listing day, and a two-day period following the listing during which a liquid market is created in the option. However, we also show that stock prices recover subsequent to the listing window and that there is no evidence of a permanent change in stock price resulting from the listing. We find a significant decline in trading volume beginning two days prior to the listing, suggesting that the option market displaces trades of a significant number of shares following the listing. Finally, we find a significant decline in firm-specific risk following the listing, but do not find a change in systematic risk. This result suggests that while the introduction of option trading does not change the relationship between these...

A Survey of Capital Budgeting Methods Used by the Hotel/Gaming Industry

ABSTRACT This study examines the capital-budgeting and cost of capital procedures commonly used in the gaming segment of the hospitality industry using survey research. Findings are compared with previous studies of similar nature. As such, the practice of capital-budgeting/cost of capital techniques in the gaming sector is better understood.

Gaming Stocks: Hot or Not?

ABSTRACT This study analyzed securities of hospitality industry companies that specialize in the gaming segment to determine if their performance surpassed that of the market as a whole. Results of the 21 selected companies were compared with Standard & Poors 500 and Barrons Casino Industry Group Index. Weekly data for the year 1993 were collected on the stocks included in the study. These data were analyzed using descriptive statistics and other tests as deemed appropriate. Although gaming stocks might appear glamorous and hot, according to this study, they have not out-performed the two indices, and are, therefore, not hot.

State Referendums on Casino Gaming: The Effects on the Valuation of Casino and Gaming Stock

ABSTRACT The purpose of this study is to determine whether the expansion of the casino gaming industry has had an effect on the growth of individual companies within this segment of the hospitality industry. We examine ten individual state referendums and the Indian Gaming Regulatory Act of 1988. Six state referendums and the IGRA were passed. Four state referendums failed.

The Use of Crystal Ball within a Spreadsheet to Analyze Capital-Budgeting Decisions in the Hospitality Industry

ABSTRACT The object of the paper is to show how Crystal Ball, an add-inn to a spreadsheet, can be used to provide better answers to capital-budgeting questions. While capital budgeting is not a new tool to analyze the uncertainty inherent in long-range investment decisions, recent technological developments now allow complex Monte Carlo simulations to be run on a personal computer within a “familiar” spreadsheet in a fraction of the time that was required just a few years ago. This paper shows how it is now possible to explicitly model uncertainty within the “point-and-click” environment that is within the grasp of most of todays spreadsheet users.