http://hdl.handle.net/2160/822 2013-06-19T21:51:51Z http://hdl.handle.net/2160/926 Diversification efficiency and deposit rates Rhodes, Mark There is an increased sophistication in the provision of financial services by UK financial mutuals. This article presents evidence of a more complex process of price setting by these firms. From a theoretical model of the determination of deposit rates, the rate setting behaviour of firms is estimated empirically. Controlling for different service provision and firm characteristics heterogeneous levels of deposit rates are found to be offered by different building societies. This is indicative of differing levels of efficiency achieved by these firms Rhodes, Mark, 'Diversification efficiency and deposit rates', Applied Financial Economics (2005) 15(13) pp.935-945 RAE2008 2005-01-01T00:00:00Z http://hdl.handle.net/2160/925 International evidence on the payout ratio, earnings, dividends and returns Suddason, Karina; Thomas, Stephen; ap Gwilym, Owain; Seaton, James Recent evidence for the U.S. market has shown that, contrary to popular wisdom, the greater the proportion of earnings paid out as dividends, the greater the subsequent real earnings growth. This study extends previous work by examining whether a similar relationship exists in 11 international markets and by considering the role the payout ratio plays in explaining future real dividend growth and returns. Higher payout ratios do indeed lead to higher real earnings growth—but not to higher real dividend growth. This information has limited use, however, for predicting future returns. ap Gwilym, Owain, et al., 'International evidence on the payout ratio, earnings, dividends and returns', Financial Analysts Journal (2006) 62(1) pp.36-53 RAE2008 2006-01-01T00:00:00Z http://hdl.handle.net/2160/924 Does the Fed Model travel well? ap Gwilym, Owain; Seaton, James; Suddason, Karina; Thomas, Stephen Equity markets are frequently valued on the basis of the relative yields of stocks and bonds. The most widely known of these comparisons is the Fed model; stocks are considered cheap when their earnings yield exceeds a long bond yield. Comparisons examining the performance of this metric and more traditional valuation measures such as earnings and dividend yields in six international markets are interesting. The Fed model turns out to be poor in explaining long-run returns, while it has some merit as a short-term tactical asset allocation tool. ap Gwilym, Owain, et al., 'Does the Fed Model travel well?', Journal of Portfolio Management (2006) 33(1) pp.68-75 RAE2008 2006-01-01T00:00:00Z http://hdl.handle.net/2160/923 The Uzbek puzzle revisited: An analysis of economic performance in Uzbekistan since 1991 Ruziev, Kobil; Dow, Sheila; Ghosh, Dipak Ruziev, Kobil, Dow, Sheila, and Ghosh, Dipak, 'The Uzbek puzzle revisited: An analysis of economic performance in Uzbekistan since 1991', Central Asian Survey (2007) 26(1) pp.7-30 Special Issue: Focus on Uzbekistan RAE2008 2007-01-01T00:00:00Z