Table 1 Descriptions of the sample PBAS
is defined as the value weighted average of proportional spreads of the companies within the sample; STDEV is defined as the market volatility calculated as the standard deviation of value weight average daily returns across companies; NT is defined as the value weighted average of the number of transactions across companies; and VO is defined as the value weighted average of trading volume of the companies within the sample.
As we gathered for the presentation, we were invited to take a PBAS quiz-for example, Q: A cowboy rode into town on Friday.
Willaford's overview told us that PBAS was developed in the 1980s for the Army.
PBAS is the official funds distribution system for OSD, Department of the Army, and portions of the Department of the Navy Within PBAS funds distribution is the process of recording control values; issuing funding within OSD, Army, and Navy fiscal organizations; and controlling and reprogramming.
PBAS tracks those appropriations through Office of Management and Budget (OMB) apportionments, Department of the Treasury warrants, and DoD program releases.
Frey quickly pointed out that PBAS is a vehicle to get the Navy to unqualified audit opinions of Department of the Navy financial statements.
Frey stated that the Department of the Navy began using PBAS in FY 1998.
The Chief of Naval Operations (CNO) and Chief of Naval Research (CNR) suballocate their funds through PBAS.
OSD's PBAS handles 121 appropriation accounts including health, operation and maintenance, base realignment and closure, and military construction.
Some fixture items: revolving funds, discrete code fields, flexible levels, online query; and providing for PBAS feeds into the accounting systems.