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AbstractThis research applies the options pricing model to the valuation of convertible bonds. A numeric algorithm is used to obtain theoretical values for a sample of 103 convertible bond issues. When market prices are compared with model valuations, the means are not significantly different, and 90 percent of model predictions are within 10 percent of market values. As a further test, the sample is divided on the basis of whether the model prices are (1) greater or (2) less than market prices. Returns are compared over a subsequent three‐year holding period. The results indicate that without risk adjustment, the returns for the subsample identified by the model as "undervalued" (model prices exceed market prices) are significantly greater than returns for the subsample identified by the model as "overvalued" (market prices exceed model prices).

Over the past decade, the U.S. military has conducted several studies to evaluate determinants of enlisted air traffic controller (ATC) performance. Research has focused on validation of the Armed Services Vocational Aptitude Battery (ASVAB) and has shown it to be a good predictor of training performance. Despite these efforts, enlisted ATC training and post-training attrition is higher than desirable, prompting interest in alternate selection methods to augment current procedures. The current study examined the utility of the FAA Air Traffic Selection and Training (AT-SAT) battery for incrementing the predictiveness of the ASVAB versus several enlisted ATC training criteria. Subjects were 448 USAF enlisted ATC students who were administered the ASVAB and FAA AT-SAT subtests and subsequently graduated or were eliminated from apprentice-level training. Training criteria were a dichotomous graduation/elimination training score, average ATC fundamentals course score, and FAA certified tower operator test score. Results confirmed the predictive validity of the ASVAB and showed that one of the AT-SAT subtests resembling a low-fidelity ATC work sample significantly improved prediction of training performance beyond the ASVAB alone. Results suggest training attrition could be reduced by raising the current ASVAB minimum qualifying score. However, this approach may make it difficult to identify sufficient numbers of trainees and lead to adverse impact. Although the AT-SAT ATC work sample subtest showed incremental validity to the ASVAB, its length (95 minutes) may be problematic in operational testing. Recommendations are made for additional studies to address issues affecting operational implementation.--P. i. ; "DOT/FAA/AM-08/9." ; "April 2008." ; Cover title. ; Includes bibliographical references (p. 19). ; Final report. ; Over the past decade, the U.S. military has conducted several studies to evaluate determinants of enlisted air traffic controller (ATC) performance. Research has focused on validation of the Armed Services Vocational Aptitude Battery (ASVAB) and has shown it to be a good predictor of training performance. Despite these efforts, enlisted ATC training and post-training attrition is higher than desirable, prompting interest in alternate selection methods to augment current procedures. The current study examined the utility of the FAA Air Traffic Selection and Training (AT-SAT) battery for incrementing the predictiveness of the ASVAB versus several enlisted ATC training criteria. Subjects were 448 USAF enlisted ATC students who were administered the ASVAB and FAA AT-SAT subtests and subsequently graduated or were eliminated from apprentice-level training. Training criteria were a dichotomous graduation/elimination training score, average ATC fundamentals course score, and FAA certified tower operator test score. Results confirmed the predictive validity of the ASVAB and showed that one of the AT-SAT subtests resembling a low-fidelity ATC work sample significantly improved prediction of training performance beyond the ASVAB alone. Results suggest training attrition could be reduced by raising the current ASVAB minimum qualifying score. However, this approach may make it difficult to identify sufficient numbers of trainees and lead to adverse impact. Although the AT-SAT ATC work sample subtest showed incremental validity to the ASVAB, its length (95 minutes) may be problematic in operational testing. Recommendations are made for additional studies to address issues affecting operational implementation.--P. i. ; Sponsored by the Office of Aerospace Medicine, Federal Aviation Administration; performed by the U.S. Air Force Research Laboratory, Wright-Patterson AFB, Ohio and the FAA Civil Aerospace Medical Institute ; Mode of access: Internet.