http://ir.washburnlaw.edu The WUIR digital repository system captures, stores, indexes, preserves, and distributes digital research material. Search the Channel search http://ir.washburnlaw.edu/simple-search http://hdl.handle.net/10425/514 Title: The relative valuation of US equities at bear market: a perspective on the equity risk premium<br/><br/>Authors: Weigand, Robert A.; Irons, Robert<br/><br/>Abstract: We investigate stock returns, earnings growth, interest rates and the relative valuation of US equities following the 22 major bear market bottoms from 1881-2011. We find that large, sustainable bull market returns are associated with market bottoms where stocks' earnings yield expands significantly (as P/E ratios compress below average). Market bottoms since 1950 have been associated with shorter bear markets, lower average market earnings yields and slower real earnings growth following the market bottom, but higher real stock returns over the next 10 years. Since 1950, equity values have grown significantly faster than earnings, resulting in compression of the market earnings yield and stock-over-bond risk premium. Stock returns have become gradually disconnected from earnings to the point that earnings yield is no longer reliably mean-reverting, and thus no longer predictive of future equity returns. Although we estimate the real equity risk premium to be only 0.5% below its post-1950 average, in the low-inflation, low-yield environment, US equities are priced to deliver below-average real returns of approximately 3.5% per year for the coming decade. Tue, 01 Nov 2011 20:58:14 GMT http://hdl.handle.net/10425/513 Title: The financial performance of U.S. commercial banks 2001-2010<br/><br/>Authors: Weigand, Robert A.<br/><br/>Abstract: We examine the financial performance, risk, changing revenue and asset mix, prospects for future shareholder value creation and executive compensation of the 15 largest commercial banks in the US from 2001-2010. Aggregate revenue for large commercial banks in the US reached all-time highs in 2009 and 2010. Growth has slowed in traditional sources of revenue such as interest income from loans and investments, while revenue from trading activities, fees on credit cards, and service charges on deposits has grown in recent years. Charge-offs from non-performing loans and other assets continue to weigh on bank profits, however. Aggregate dividends declined by 80% from 2008-2010. The Tier 1 capital held by the banks in our sample has more than doubled in 2009-2010. Despite persistent quality problems with their loan portfolios, flagging profitability, a dramatic reduction in dividends and poor stock price performance, the total salaries and bonuses earned by executives at our sample of banks grew by 33% from 2008-2010. Executives have also been taking more of their compensation in the form of salaries (vs. bonuses) since 2005. We find that banks that received more TARP funds actually reduced their loan portfolios by greater amounts, which refutes the idea that the TARP program had a positive impact on bank lending. Tue, 01 Nov 2011 20:55:06 GMT http://hdl.handle.net/10425/512 Title: Presenting total landed cost models in business and accounting classes<br/><br/>Authors: Roach, William; Clevenger, Thomas<br/><br/>Abstract: The decision to employ Low Cost Country Sourcing (LCCS) involves both strategic and cost considerations. This paper addresses the strategic issues and implements a simple total landed cost model (TLCM); it does not include all of the complexities of the real world, but it provides enough detail for students to have a class discussion of TLCMs and the strategic issues involved in LCCS. The paper and accompanying model area potentially useful in a number of classes: Production/Operations Management, Supply Chain Management, Managerial Accounting, and Cost Accounting. The TLCM uses some statistics and basic cost accounting and hence is accessible to junior and senior business students and first year MBA students. Tue, 01 Nov 2011 20:51:11 GMT http://hdl.handle.net/10425/511 Title: For all good reasons: role of values in social sustainability<br/><br/>Authors: Florea, Liviu<br/><br/>Abstract: Human resource management practices are at the heart of most organizations' social sustainability efforts. Despite the importance of human values for the design and implementation of such practices, few researchers analyzed how values relate to human resource management practices in organizations. The purpose of this conceptual paper is to integrate scholarship on social sustainability, human resources practices, and human values in delineating how four specific values - altruism, empathy, positive norm of reciprocity, and private self-effacement - support effective human resources practices in organizations. This paper identifies a set of distinct values that have sustainability implications and global relevance, and develops propositions with the objective of proposing relationships between these values and human resources practices, as well as effects of resource-based theory in potentiating these relationships. The current analysis suggests that values are potentially important for planning and implementing effective human resources practices. Tue, 01 Nov 2011 20:46:50 GMT