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The purpose of this paper is to present scenarios of interactive trilateral foreign exchange (FX) exposure, where a company’s exposures to two foreign currencies depend on those currencies’ FX rate with each other.

A pro forma analysis of three-way FX rate changes illustrates interactive trilateral FX exposure and generates observations for a multivariate regression estimation of FX exposure coefficients.

The multivariate regression estimates of FX exposure provide the basis for a useful financial hedging strategy for interactive trilateral FX exposure. Some of the FX exposure estimates have surprising signs and magnitudes.

Scenario analysis does not result in a general theory of interactive FX exposure, but the study’s diverse and rich scenarios may provide helpful insights to theoretical and empirical researchers.

The scenarios relate to many common real-world situations and thus may help managers and educators better understand how to manage FX exposure.

The topic of interactive FX exposure is under-researched and under-covered in contemporary textbooks or the applied finance literature.

The purpose of this paper is to offer a “how to” guide for applying Merton’s (1987) valuation adjustment for incomplete information, which depends on market capitalization, idiosyncratic risk and extent of investor ownership.

The paper illustrates Bodnaruk and Ostberg’s (2009) formula for Merton’s adjustment, and presents some example empirical estimates of the adjustment for some US stocks.

The adjustment estimates are material for many example stocks, particularly volatile stocks with a low percentage of shares held by institutional funds. However, the adjustment estimates are modest for many other stocks, including some smaller cap. stocks.

Measuring the model’s inputs requires using some judgment, particularly regarding the investor ownership variable. The paper will hopefully help stimulate useful empirical research on adjustment estimates and on best practices for applying the model.

The paper may encourage more use of the incomplete-information adjustment in practice, which should lead to improved discount rate estimates in valuation analyses.

No other “bridge the gap” coverage of the incomplete-information adjustment is available in textbooks or the applied literature.

The purpose of this paper is to survey the lease vs buy coverage in leading managerial finance textbooks and to clarify the impact of tax rates and borrowing rates.

The survey uses “plain vanilla” lease vs buy scenarios to critique and clarify particular issues in the textbook presentations.

The survey finds: a lone text shows that there can be a gain from leasing if the lessee’s tax rate is higher than the lessor’s, which challenges the “conventional wisdom” maintained in all the other texts; some textbook examples attribute an overall benefit to leasing to the tax rate difference, but the benefit is actually due to a borrowing rate difference, and borrowing rate differences may be a more important source of leasing benefits than tax rate differences.

The survey provides insights that are not well known and should be useful to instructors and practitioners.

The use of information and communication technology (ICT) for business processes has witnessed exponential growth over the past two decades. This paper aims to explore the level of use of ICT infrastructure in the Nigerian construction industry and analyse the implications for construction management practice.

Using quantitative questionnaire survey, data from 148 respondents were analysed with the help of descriptive and inferential statistics as well as multiple regression analysis.

Findings establish project managers, site managers and quantity surveyors as the primary users of ICT with regards to the variety of ICT devices in the Nigerian construction industry, while the foremen are the least users. Besides, word processing/accounting systems, electronic communication systems and project management systems are the three top rated in terms of frequency of use, while quality as well as cost impacts of ICT infrastructure use are established as the most important factors contributing to overall project performance.

The study establishes causal relationships between ICT infrastructure use and project performance within the context of Nigeria’s construction industry.

The primary and secondary market activity in collectible sportscards has evolved into that of a primitive, but organised financial market. This report reviews some aspects of the collectible sportscard market. The objective of the report is to introduce the sportscard investment medium to finance professionals, including those interested in the research potential of the market. The report includes an empirical analysis of the performance of some selected sportscard portfolio strategies for the period between March 1988 and December 1993. Sportscard collecting has evolved from an adolescent hobby of the 1950s into an active national market, estimated to involve approximately $5 billion and 3 million persons and served by a network of dealers and price information suppliers. The evolution of the sportscard market into its current state is described in this presentation. The description includes an empirical analysis of the performance of some selected sportscard portfolio strategies for the period between March 1988 and December 1993. The objective of the report is to provide information to those considering collectible sportscards as an investment medium and to those who might be interested in conducting financial research with collectible sportscard pricing data.

The purpose of this paper is to assess how much difference it makes for US firms to use the two‐factor ICAPM to estimate their cost of equity instead of a single‐factor CAPM.

For a large sample of US companies, the authors compare the empirical cost of equity estimates of a two‐factor international CAPM with those of the single‐factor domestic CAPM and the single‐factor global CAPM.

The authors find that the cost of equity estimates of the two‐factor ICAPM are reasonably close to those of either single‐factor model for US firms with low‐to‐moderate foreign exchange exposure; and second, perhaps surprisingly, for US firms with extreme foreign exchange exposure, that the cost of equity estimates of the two‐factor ICAPM tend to be very close to those of the domestic CAPM, and even closer than to those of the single‐factor global CAPM.

The paper's findings might prove useful to academic researchers wanting to resolve the seemingly contradictory empirical results on the pricing of FX risk.

The findings will hopefully help managers decide whether they should go to the trouble of estimating a US firm's cost of equity with the two‐factor international CAPM instead of a traditional single‐factor CAPM.

The paper extends the existing literature by focusing on the two‐factor ICAPM, and finds some new and surprising empirical results.

While an operation's unlevered value is objective, the value of the debt tax shield is subjective since it depends on the capital structure policy of the firm that owns the operation. The purpose of this paper is to explore the implications of this subjective nature of debt tax shield value for corporate investment decisions.

The study develops a simple theoretical model.

The paper shows that even a low probability of selling a project in the future to a firm with a different tax shield value can significantly affect a project's weighted average cost of capital (WACC) and total value.

Managers should be aware of this issue when making corporate investment decisions.

This is the first study to address the implication of the subjective nature of debt tax shield value.

Considers the impact of a range of variables on confidence in the police, including those given little or no previous attention, e.g. measures of crime experience and of conservative political orientation. Draws data from a larger study of urban crime‐prevention issues based on Cincinnati, Ohio. Finds that respondents’ race is not a significant determinant of confidence in the police; the most important determinant being the community context. Suggests that neighborhood social integration may provide a supportive context which could encourage positive evaluation of formal institutional arrangements. Finds that attitudes toward the police (ATP) are regulated by the social context and that much of the existing research, which excluded contextual variables, may have been wrong in making race a significant variable. Notes that confidence in the police is higher in women than in men, but this may be due to a lower rate of antagonistic contact between police and women (not measured here).

A decade after the 2008 global financial crisis, economic growth is returning to many OECD countries and EU states. However, a “rising tide does not lift all boats” and there are currently 96.6 million people at risk of poverty and social exclusion in the EU (OECD, 2017). Addressing this concerning social situation, requires innovative approaches and it has been suggested that inclusive entrepreneurship may be part of the solution. Yet, many under-represented groups (in terms of entrepreneurial activity) face significant barriers to entrepreneurship. This research study identifies how Higher Education Institutions can utilise their multidisciplinary knowledge and expertise in partnership with government, industry and civil society to address the economic and social challenges within under-represented communities by engendering higher levels of enterprising behaviour. Emerging studies in the literature have demonstrated how some Higher Education Institutions are providing tailored and holistic enterprise support to under-represented groups in their communities. However, such initiatives are not common and there is little research on how other HEIs might replicate inclusive entrepreneurship initiatives. Through the presentation of a conceptual model, this chapter identifies how HEIs can move outside of their formal education setting and dynamically support the development of enterprising competencies and behaviours amongst people within their local communities. The findings highlight six key areas for consideration in such developments including: 1. Teaching and Learning; 2. Resources; 3. Infrastructure; 4. Multidisciplinary Approaches; 5. Stakeholders and 6. Culture. These findings highlight the requirements for impactful HEI-community engagement and suggest that HEI community engagement through entrepreneurial education is a novel way of adding value for both under-represented communities and HEIs.