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Full-Text Articles in Business

Wcbt Newsletter, May 2020, Welch College Of Business & Technology May 2020

Wcbt Newsletter, May 2020, Welch College Of Business & Technology

Department Newsletters and Magazines

Contents:

First Techstars/SHU Startup weekend a success! --Welch Scholars for 20/21 --May Startup Weekend -- Fireside Chats --Summer Courses


Incorporating Financial Statement Information To Improve Forecasts Of Corporate Taxable Income, Danielle H. Green, Erin E. Henry, Sarah M. Parsons, George A. Plesko Mar 2020

Incorporating Financial Statement Information To Improve Forecasts Of Corporate Taxable Income, Danielle H. Green, Erin E. Henry, Sarah M. Parsons, George A. Plesko

WCBT Faculty Publications

We contribute to the research on the information content of earnings as it applies to the forecasting of economic activity across reporting models. We examine whether publicly available financial statement information is incrementally useful in forecasting confidentially reported taxable income. More precise firm-level taxable income forecasts can improve policymakers’ modeling of the tax system and their ability to analyze the effect of proposed changes in corporate tax law. When aggregated, improved micro-forecasts can also yield more accurate macro-forecasts of corporate taxable income, a significant component of the federal budget. We find that financial statement information improves firm-level estimates of future ...


The Effectiveness And Effects Of Alcohol Regulation: Evidence From India, Dara Lee Luca, Emily Owens, Gunjan Sharma Dec 2019

The Effectiveness And Effects Of Alcohol Regulation: Evidence From India, Dara Lee Luca, Emily Owens, Gunjan Sharma

WCBT Faculty Publications

We provide quasi-experimental evidence on the effects of alcohol regulation on alcohol consumption and associated public health outcomes using detailed individual level and aggregate data from India, where state-level laws regulating the minimum legal drinking age generate substantial variation in the availability of commercially produced alcohol across people of different ages. We find that despite significant law evasion, men who are legally allowed to drink are substantially more likely to consume alcohol. Further, men who are legally allowed to drink are significantly more likely to commit violence against their partners, suggesting a causal channel between alcohol consumption and domestic violence ...


Do Institutional Investors Exploit Market Anomalies? New Evidence From Alternative Mutual Funds, Xin Gao, Ying-Chih Wang Nov 2019

Do Institutional Investors Exploit Market Anomalies? New Evidence From Alternative Mutual Funds, Xin Gao, Ying-Chih Wang

WCBT Faculty Publications

This paper investigates the anomaly trading behavior of a sample of mutual funds mimicking hedge fund strategies, namely alternative mutual funds (AMFs), based on both of their long and short equity positions. We document that AMFs trade on anomalies by buying underpriced stocks and short-selling overpriced peers. While AMFs’ buys and sells based on their long positions do not generate superior performance, their short-selling and covering activity based on their short positions significantly negatively predicts future abnormal returns. However, this predictability is mainly attributed to size and the nine anomaly characteristics considered. Overall, the results suggest that AMFs are sophisticated ...


The Value Of A Sports Franchise: The Influence Of Coaches, Fans, And Players, Montgomery Gray Oct 2019

The Value Of A Sports Franchise: The Influence Of Coaches, Fans, And Players, Montgomery Gray

Sacred Heart University Scholar

This article examines existing data to consider the factors that go into the valuation of a sports franchise. Rather than assuming a narrow monetary calculation, I argue for a broader perspective that includes the often incalculable influence of coaches, fans, and players.


How Commercial Advertising Enforces Gender Stereotypes Among Children And The Ways This Affects Them Psychologically, Abigail Frisoli Oct 2019

How Commercial Advertising Enforces Gender Stereotypes Among Children And The Ways This Affects Them Psychologically, Abigail Frisoli

Sacred Heart University Scholar

Some people believe that children of different sexes are born with completely separate preferences and mindsets which are permanent and predetermined. However, children are very influenced by their surroundings, which is often the main deciding factor which is predetermined by parents and caretakers from birth. Separating children by gender puts them into boxes, stunting their ability to make their own decisions and creating stereotypes. This segregation is painfully apparent in commercial advertising and is proven to have affected children psychologically in ways that can be detrimental.


The Price Of Independence In An Echo Chamber With Dependence Ambiguity, Lorán Chollete, Michael Klass, Victor De La Peña Jul 2019

The Price Of Independence In An Echo Chamber With Dependence Ambiguity, Lorán Chollete, Michael Klass, Victor De La Peña

WCBT Working Papers

How much should we pay to remove the interdependence of biased information sources? This question is relevant in both statistics and political economy. When there are many information sources or variables, their dependence may be unknown, which creates multivariate ambiguity. One approach to answer our leading question involves use of decoupling inequalities from probability theory. We present a new inequality, designed to cope with this question, which holds for any type of dependence across information sources. We apply our method to a simple formalization of a political echo chamber. For a given set of marginal information, this bound is the ...


The Influence Of Publicly-Traded Reits And Market-Based Inflation Expectations On Daily-Priced Private Commercial Real Estate Returns, Tiffany Burns Gherlone Apr 2019

The Influence Of Publicly-Traded Reits And Market-Based Inflation Expectations On Daily-Priced Private Commercial Real Estate Returns, Tiffany Burns Gherlone

Doctoral Dissertations (DBA)

Investors requiring daily Net Asset Values (NAV) represent a large and growing source of capital for the private institutional real estate asset class. Defined contribution and other daily-valued vehicles are increasing their investments into private, direct commercial real estate through funds that estimate changes to income and values in order to mark a daily NAV. Utilizing nine years of daily data from the NCREIF Fund Index – Daily Priced, we optimize a generalized autoregressive conditional heteroskedasticity model with generalized error distribution parameterization (GARCH-GED) to better understand the influence of publicly-traded real estate securities and changes in market-implied inflation expectations on daily ...


Financial Market Risk And Macroeconomic Stability Variables: Dynamic Interactions And Feedback Effects, Agnieszka M. Chomicz-Grabowska Jan 2019

Financial Market Risk And Macroeconomic Stability Variables: Dynamic Interactions And Feedback Effects, Agnieszka M. Chomicz-Grabowska

Doctoral Dissertations (DBA)

This study investigates dynamic interactions and feedback effects between financial market risk proxied by VIX and key macroeconomic stability variables that include the rate of unemployment, headline inflation and market-based inflation expectations reflected by the breakeven inflation. I argue that market risk should play a stronger role in macroeconomic modeling and forecasting than it has been recognized thus far in the literature. I employ vector autoregression with impulse response functions, as well as two-state Markov switching tests to examine these interactions on the longest available US monthly data. The empirical tests show that the association between market risk and macroeconomic ...


An Empirical Examination Of Economic Determinants Of Financial Ceo Compensation: A Comparative Study On Pre And Post Financial Crisis Periods, Mahfuja Malik, Eunsup Daniel Shim Jan 2019

An Empirical Examination Of Economic Determinants Of Financial Ceo Compensation: A Comparative Study On Pre And Post Financial Crisis Periods, Mahfuja Malik, Eunsup Daniel Shim

WCBT Faculty Publications

Inadequate risk monitoring and the executive incentive system of US financial institutions are considered to be significant factors in exacerbating the 2008 financial crisis, and regulators attempted to reform the executive compensation system in the post-crisis period. In this study, we conduct a comparative analysis of the economic determinants of the compensation for chief executive officers (CEOs) between the pre- and post-financial crisis periods, using data from US financial service institutions, since this is the sector that has been most affected by the financial crisis. We find that the mean values of total compensation and its incentive components, including cash ...


Corporate Entrepreneurship Of Emerging Market Firms: Current Research And Future Directions, Irem Demirkan, Qin Yang, Crystal X. Jiang Jan 2019

Corporate Entrepreneurship Of Emerging Market Firms: Current Research And Future Directions, Irem Demirkan, Qin Yang, Crystal X. Jiang

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to examine the current state of corporate entrepreneurship (CE) of emerging market firms (EMFs) and provide direction for future research on the topic. Design/methodology/approach – The authors specifically review the recent literature between the years 2000 and 2019 on CE with the keywords “corporate entrepreneurship,” “emerging economies” and “emerging countries” published in the Australian Business Deans Council list journals. The authors review the existing literature about CE in emerging markets, summarize current achievements and present an agenda for future research. Findings – Based on the review, the authors categorized the macro and micro ...


Climate Change: A Call To Action, Kathy K. Dhanda Jan 2019

Climate Change: A Call To Action, Kathy K. Dhanda

WCBT Faculty Publications

On Dec 15, 2018, in the town of Katowice, Poland, diplomats from 200 countries adopted a detailed set of rules to uphold and implement the Paris Agreement, the international treaty drafted by United Nations Framework Convention on Climate Change (UNFCCC) to reduce greenhouse gas emissions. This deal will require every country to track its emissions and climate policies by following a uniform set of standards. Furthermore, countries are to cut their emissions ahead of the next round of talks in 2020. Climate change is a complicated problem, one that will not be solved by national governments alone. A lot of ...


Editorial: Entrepreneurship And Innovation In A Global Context, Chun (Grace) Guo, Crystal X. Jiang Jan 2019

Editorial: Entrepreneurship And Innovation In A Global Context, Chun (Grace) Guo, Crystal X. Jiang

New England Journal of Entrepreneurship

Ever since Sir Tim Berners-Lee invented the World Wide Web in 1989, the world is revolutionized in ways of communications and social networking. Now technology advancement drives transformation around the world with fastened speed of globalization, allowing more companies achieving globalization and recognize cross-cultural, cross-national, cross-disciplinary opportunities to create new value-added activities. Technology advancement such as the fourth industrial revolution will inevitably transform the ways in which we live, work and interact with one another. As such, we need to embrace technology changes and examine the evolving domain of international entrepreneurship (IE) research and identify where the gaps are in ...


Business Model Innovation: A Review And Research Agenda, Boumediene Ramdani, Ahmed Binsaif, Elias Boukrami Jan 2019

Business Model Innovation: A Review And Research Agenda, Boumediene Ramdani, Ahmed Binsaif, Elias Boukrami

New England Journal of Entrepreneurship

Purpose – The aim of this paper is to review and synthesise the recent advancements in the business model literature and explore how firms approach business model innovation. Design/methodology/approach – A systematic review of business model innovation literature was carried out by analysing 219 papers published between 2010 and 2016. Findings – Evidence reviewed suggests that rather than taking either an evolutionary process of continuous revision, adaptation and fine-tuning of the existing business model or a revolutionary process of replacing the existing business model, firms can explore alternative business models through experimentation, open and disruptive innovations. It was also found that ...


Knowledge Transfer And Boundary Conditions: A Study Of Smes In Business Incubation Centers In China, Juana Du, Rong Wang Jan 2019

Knowledge Transfer And Boundary Conditions: A Study Of Smes In Business Incubation Centers In China, Juana Du, Rong Wang

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to examine innovative practices and emphasize the mechanism of knowledge transfer across knowledge boundaries. By comparing and discussing the emerging boundary issues in knowledge transfer among small- and medium-sized enterprises (SMEs) registered in the incubation centers in China, this paper identified the main knowledge transfer approach and several contextual and organizational factors impacting knowledge transfer. Design/methodology/approach – The authors conduct 39 semi-structured in-depth interviews with employees working within business incubation centers in China. The study uses thematic analysis for data analysis. Findings – Our results contribute to the literature of knowledge transfer and ...


The Moderating Effect Of Founding Assets On The Founders’ Human Capital: New Venture Growth Relationship, Yang Xu Jan 2019

The Moderating Effect Of Founding Assets On The Founders’ Human Capital: New Venture Growth Relationship, Yang Xu

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to investigate into the conditions under which founders’ human capital (HC) benefits new venture growth (NVG). One such condition is investigated in this study – initial assets at founding. Specifically, founding assets are hypothesized to moderate the relationship between founders’ HC and NVG. Design/methodology/approach – The longitudinal panel database from the Kauffman Firm Survey for the period 2004–2011 was used to test the hypotheses. The final sample consisted of 4,923 firms, with 34,461 observations made over seven years. Findings – The regression analysis found the effect of founders’ HC on NVG ...


Unleashing The Potential Of University Entrepreneurship Education: A Mandate For A Broader Perspective, Donna M. De Carolis, Barrie E. Litzky Jan 2019

Unleashing The Potential Of University Entrepreneurship Education: A Mandate For A Broader Perspective, Donna M. De Carolis, Barrie E. Litzky

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to highlight the ways in which traditional views of entrepreneurs and entrepreneurship have inadvertently limited entrepreneurship education. The authors propose a broader view of what it means to be an entrepreneur and describe a disruptive approach to entrepreneurship education, one that centers around building students’ entrepreneurial mindset. By tapping into students’ “inner entrepreneur” and nurturing their abilities to think and act creatively, embrace failure, effect change and be resilient, the authors are preparing them for the challenges of the twenty-first century labor market. Design/methodology/approach – This is a perspective paper about how ...


The Role Of Leadership In Business Model Innovation: A Case Of An Entrepreneurial Firm From India, Abrar A. Saiyed Jan 2019

The Role Of Leadership In Business Model Innovation: A Case Of An Entrepreneurial Firm From India, Abrar A. Saiyed

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to explore the relationship between leadership and business model innovation (BMI) in an entrepreneurial firm. From the literature, it was found that the role of a leader in BMI was unexplored. A research framework was created which was the replication of the model created showing the relationship between leadership and innovation. Design/methodology/approach – The qualitative single in-depth case study was used to understand the effects of leadership in BMI. The case of an entrepreneurial firm in the graphic and animation education sector from India was chosen to test the research framework. The ...


The Impact Of Social Dominance Orientation On Female Entrepreneurial Intention, Jeffrey Muldoon, Carol Lucy, Sheryl Lidzy Jan 2019

The Impact Of Social Dominance Orientation On Female Entrepreneurial Intention, Jeffrey Muldoon, Carol Lucy, Sheryl Lidzy

New England Journal of Entrepreneurship

Purpose – Understanding the factors that influence entrepreneurs throughout the entrepreneurial process has been a vital topic of entrepreneurial research. Despite societal changes, male entrepreneurs still outnumber females. The purpose of this paper is to develop a greater grasp on the factors that contribute to this phenomenon. Design/methodology/approach – Utilizing social dominance theory and social cognition theory, the authors suggest that a female entrepreneur’s social dominance orientation (SDO) and mentorship experiences will influence her social and conventional entrepreneurial intention. Findings – The authors’ theorizing suggests SDO can lower entrepreneurial self-efficacy which in turn can lower conventional entrepreneurial intentions but increase ...


Bet You Can’T Eat Just One: Binge Eating Disorder Promotion In American Food Advertising, Debbie Danowski Jan 2019

Bet You Can’T Eat Just One: Binge Eating Disorder Promotion In American Food Advertising, Debbie Danowski

Communication, Media & The Arts Faculty Publications

"Eat Like Andy“; "What Would You Do For A Klondike Bar?“ For well over a century, American food manufacturers have been competing for consumers’ attention through the use of catchy jingles, iconic characters and celebrities. At the same time, the products being advertised contain greater amounts of addictive ingredients, which encourage binge eating resulting in an unprecedented obesity epidemic. Combine this with the full-scale commercialization of the culture today“. Jhally identifies and the powerful impact of food advertisements becomes clear as does the need to evaluate these ads. As Kilbourne noted nearly a quarter of a century ago, the majority ...


Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang Jan 2019

Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang

WCBT Faculty Publications

To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home-country public law enforcement reduces the degree of IPO underpricing. In particular, the criminal sanction for violations of securities laws is the most significant factor in reducing underpricing. The evidence shows that even when a non-U.S. firm meets sophisticated U.S. regulations and goes public in a U.S. exchange, the degree of ...


The Effect Of Environmental Change On Gdp, Jackson V. Barliant Jan 2019

The Effect Of Environmental Change On Gdp, Jackson V. Barliant

Writing Across the Curriculum

Climate change is one of the most debated topics of the 21st century. Not only has it been detrimental to our eco-system, but it is beginning to redefine and reshape society. Can the U.S. economy continue to flourish while acknowledging the necessary steps that need to be taken in regard to combatting climate change? Yes, the inherent change within our environment due to climate change can not only be withstood by our economy, but it presents an opportunity to revolutionize and expand through innovation.


The Impact Of Participation In Athletics On Neurological And Psychological Health And The Ability To Compete, Sean Burke Jan 2019

The Impact Of Participation In Athletics On Neurological And Psychological Health And The Ability To Compete, Sean Burke

Writing Across the Curriculum

Through the analysis of data pooled from multiple studies, we identify the relationship between participation in athletics and the likelihood of developing a mental illness or brain injury and how this may impact the longevity of an athlete’s career. Using data from various studies, we find that the prolonged exposure to athletics results in a higher likelihood of developing a psychological or neurological illness both in the short and long term. Additionally, we find that this is often the result of accumulated injuries, both neurological, such as concussions, and physiological, such as tearing muscles or breaking bones. The results ...


The Value Of Sports Teams: The Influence Of Coaches, Fans, And Players On Value, Montgomery Gray Jan 2019

The Value Of Sports Teams: The Influence Of Coaches, Fans, And Players On Value, Montgomery Gray

Writing Across the Curriculum

In this paper, I argue that the true value of a team comes from the coaches, fans, and players. These are the people who influence the monetary and competitional success of a team, so are the ones who affect the value the most. Growing up, I have always been a part of a sports team and have cheered for multiple professional teams across numerous sports, but I have always questioned how a team should be valued. I have also always been in business, so I believed that the monetary value was a good source but have found that it goes ...


Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero Sep 2018

Stock Buyback Announcements: An Examination Of Abnormal Returns In Stock Price & Credit Default Swaps For S&P100 Companies, Alan L. Delfavero

Doctoral Dissertations (DBA)

This event study examines the short-run effect of stock buyback announcements on stock price and credit default swaps (CDS) exclusively for mega capitalization S&P 100 companies. The research sample consists of 53 S&P 100 companies and includes 133 buyback announcement events occurring between September 2011 and May 2018. The study utilizes the market model to estimate expected returns and to compute abnormal returns (AR) for equity and abnormal change (AC) in CDS. Based on an initial analysis, it’s determined that there is a statistically significant AR and cumulative abnormal return (CAR) for stock price, and a significant ...


The Legend Of Wara And Benchmarking Purchase Price Allocation Data, Matthew Crane May 2018

The Legend Of Wara And Benchmarking Purchase Price Allocation Data, Matthew Crane

Doctoral Dissertations (DBA)

This paper examines the relationship of the relative weightings of intangible assets recorded in purchase price allocations by industry based upon a weighted average rate of return (“WARA”) framework to determine if there is a statistical relationship between the value weightings and discount rates and if benchmarking the value weightings to industry data can be used as a reliable indicator of reasonableness. Both the WARA process and benchmarking assume that the relative values of intangibles impact the discount rate selected or that there is commonality in the industry ratios. Intuitively, the use of WARA and Benchmarking for financial reporting both ...


Hedging With Volatility, Mário Alagoa May 2018

Hedging With Volatility, Mário Alagoa

Doctoral Dissertations (DBA)

A risk-averse investor with a long equity position is presumably interested in identifying a hedging strategy that protects the value of that investment. The common approach encompasses using either financial derivatives or holding assets (such as gold or Swiss francs) as portfolio hedges as they show negative correlation with equities. This paper proposes using volatility indexes as portfolio hedges instead; it shows that a volatility-based dynamic hedging strategy is the most effective at protecting the value of an equity investment.


The Effect Of Excess Reserves On U.S Real Gross Domestic Product, Prince J. Adjei Apr 2018

The Effect Of Excess Reserves On U.S Real Gross Domestic Product, Prince J. Adjei

Doctoral Dissertations (DBA)

The recent financial crisis has triggered questions regarding the role of the Federal Reserve Bank and the effectiveness of its intervention in the financial markets, post the crisis. This paper investigates the impact of huge spikes in excess reserves on the U.S. real gross domestic product. U.S. Federal Reserve in an effort to deal with the 2008 financial crisis instituted a series of programs aimed at taming the impact of the crisis. Through its emergency lending activities and Quantitative Easing (QE) programs, the Federal Reserve created a huge spike in excess reserves to levels not seen before. The ...


Accounting Department Newsletter, 5, Department Of Accounting And Information Systems Apr 2018

Accounting Department Newsletter, 5, Department Of Accounting And Information Systems

Department Newsletters and Magazines

No abstract provided.


Water System Unreliability And Diarrhea Incidence Among Children In Guatemala, Jennifer Trudeau, Anna-Maria Aksan, Wiliam F. Vásquez Mar 2018

Water System Unreliability And Diarrhea Incidence Among Children In Guatemala, Jennifer Trudeau, Anna-Maria Aksan, Wiliam F. Vásquez

WCBT Faculty Publications

OBJECTIVES:

This article examines the effect of water system unreliability on diarrhea incidence among children aged 0-5 in Guatemala.

METHODS:

We use secondary data from a nationally representative sample of 7579 children to estimate the effects of uninterrupted and interrupted water services on diarrhea incidence. The national scope of this study imposes some methodological challenges due to unobserved geographical heterogeneity. To address this issue, we estimate mixed-effects logit models that control for unobserved heterogeneity by estimating random effects of selected covariates that can vary across geographical areas (i.e. water system reliability).

RESULTS:

Compared to children without access to piped ...