CAPTIVE FINANCE SUBSIDIARIES: OVERVIEW AND SYNTHESIS

A captive finance company is a wholly owned subsidiary whose primary business is to finance the sales of the parent's products and services. Despite the continued growth and long history of captive finance companies, the issue of the economic impact of forming a captive remains controversial. Some view captive finance subsidiaries as unnecessary structures that may actually reduce the value of the firm. Others hold that captives can produce benefits that will increase firm value. The primary purpose of this paper is to provide an overview of the finance academic literature and to suggest direction for future research.     

A note on least squares estimation and the blue in a generalized linear regression model

In a generalized linear regression model, least squares and Gauss-Markov estimators differ, in general, if the variance-covariance matrix of the disturbances is singular. In the present note it is shown that, nevertheless, the conventional least squares procedure leads to a Gauss-Markov estimator if it is applied to a modified model which results from adding dummy constraints to the original model. These constraints reflect the effects of the singularity of the variance- convariance matrix. As a consequence, a Gauss-Markov estimate may always be obtained by standard least squares minimization, which offers considerable computational advantages.     

INTRAWEEK SEASONALITY IN THE FEDERAL FUNDS MARKET

This paper examines daily Federal funds interest rates for intraweek seasonality over the period 1966 through June 1982. Seasonals are identified using several techniques and are found to vary over time in both intensity and relative size. Furthermore, seasonality is not limited to a Wednesday effect. The seasonals are used to test the effectiveness of active reserve management based on seasonal rate forecasts. The results indicate that extraordinary risk-adjusted profits are not likely.     

Tourism course proposal for a social science curriculum

As the economic and environmental impacts of mass tourism grow, it becomes vital that information concerning the industry is disseminated to as wide an audience as possible. Since many of the future opinion leaders attend university, one area where a balanced assessment of tourism is required is within the social science curriculums of universities. The purpose of this paper is to illustrate some issues and challenges involved with the introduction of a tourism course during this era of fiscal restraint and accountability. It is suggested that a new course proposal should include a comprehensive definition of tourism and its component parts; that it should consider its scholarly significance and operational feasibility within the university community; and that its place within and contribution to a specific discipline be demonstrated, since it is easier to innovate within the existing university structure.     

Feminization and professionalization: A review of an emerging literature on the development of accounting in the United Kingdom

This paper analyses the feminization and professionalization experience of accounting in the United Kingdom. Accountancy is involved in an on-going struggle to consolidate its privileged position in society. It is, therefore, particularly sensitive to any process which may threaten this position. Since the position of women in society is a subordinate one, the increasing feminization of accounting may adversely affect this struggle. As a result, complex patriarchal structures evolve to reduce the threat to professionalization that feminization may pose, and also to reduce the contradictions between women's subordinate role in society, and their relatively privileged role in professionally aspiring occupations.