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Full-Text Articles in Business

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

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&P100 companies. The research sample consists of 53 S&P100 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 AC in ...


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

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 Alagao May 2018

Hedging With Volatility, Mário Alagao

Doctoral Dissertations

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

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

WCOB 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 ...


A Bi-Level Heuristic Solution For The Nurse Scheduling Problem Based On Shift-Swapping, Ahmed Youssef, Samah Senbel Jan 2018

A Bi-Level Heuristic Solution For The Nurse Scheduling Problem Based On Shift-Swapping, Ahmed Youssef, Samah Senbel

School of Computer Science & Engineering Faculty Publications

This paper presents a new heuristic solution to the well-known Nurse Scheduling Problem (NSP). The NSP has a lot of constraints to satisfy. Some are mandatory and specified by the hospital administration, these are known as hard constraints. Some constraints are put by the nurses themselves to produce a comfortable schedule for themselves, and these are known as soft constraints. Our solution is based on the practice of shift swapping done by nurses after they receive an unsatisfactory schedule. The constraints are arranged in order of importance. Our technique works on two levels, first we generate a schedule that satisfies ...


The Effects Of Entrepreneurial Orientation Dimensions On Performance In The Tourism Sector, Nicoletta Fadda Jan 2018

The Effects Of Entrepreneurial Orientation Dimensions On Performance In The Tourism Sector, Nicoletta Fadda

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to examine the influence of entrepreneurial orientation (EO) dimensions on firm performance in the tourism sector. The goal is twofold: on the one hand, the paper aims to test whether EO dimensions are still significant determinants of performance after controlling for possible confounding factors; on the other hand, it aims to address the question of which EO dimension exerts the strongest effect on performance.

Design/methodology/approach – A survey was carried out in the Sardinian accommodation sector in 2012 and 224 questionnaires were collected. The multidimensional EO constructs were adopted.

Findings – The results ...


Transnational Entrepreneurship, Social Networks, And Institutional Distance: Toward A Theoretical Framework, Kaveh Moghaddam, Elzotbek Rustambekov, Thomas Weber, Sara Azarpanah Jan 2018

Transnational Entrepreneurship, Social Networks, And Institutional Distance: Toward A Theoretical Framework, Kaveh Moghaddam, Elzotbek Rustambekov, Thomas Weber, Sara Azarpanah

New England Journal of Entrepreneurship

Purpose – Transnational entrepreneurship can be considered a new stream of research where migrant entrepreneurship and international business research fields intersect. The purpose of this paper is to offer a theoretical framework to address the following research question: How do transnational entrepreneurs (TEs) develop their competitive advantage to succeed in a global market?

Design/methodology/approach – Based on the strategic entrepreneurship approach and dynamic capability perspective, this paper suggests a theoretical framework to extend the understanding on how TEs may develop their competitive advantage to succeed in a global market.

Findings – The suggested theoretical framework exhibits how the social ties of ...


Founding Team Experience, Industry Context, And New Venture Creation, Jun Li, Dev K. Dutta Jan 2018

Founding Team Experience, Industry Context, And New Venture Creation, Jun Li, Dev K. Dutta

New England Journal of Entrepreneurship

Purpose – The purpose of this paper is to examine the role of founding team experience (industry and venturing) in new venture creation. This paper posits the following questions: How does founding team experience influence the likelihood of new venture creation, in the nascent stage? How does industry context moderate this relationship? The study aims to fill an important gap in the literature by unpacking the impact of different types of founding team experiences on venture outcome, and by focusing on the influence of founding team in the venture creation process, specifically at the nascent stage.

Design/methodology/approach – The paper ...


The Role Of Networking, Entrepreneurial Environments, And Support Systems In The Creation, Survival And Success Of Ventures Founded By Women, Minority, And Immigrant Entrepreneurs, Sherrhonda Gibbs, Robert P. Singh, John S. Butler, Crystal Scott Jan 2018

The Role Of Networking, Entrepreneurial Environments, And Support Systems In The Creation, Survival And Success Of Ventures Founded By Women, Minority, And Immigrant Entrepreneurs, Sherrhonda Gibbs, Robert P. Singh, John S. Butler, Crystal Scott

New England Journal of Entrepreneurship

This Special Issue sought to develop new theories or expand on existing paradigms and perspectives on how social networks, entrepreneurial environments/ecosystems and support systems of minority, women and immigrant entrepreneurs’ (MWI) impact new venture creation and entrepreneurial processes, such as opportunity recognition, resource acquisition, venture success and survival. An expansive examination of the entrepreneurship literature elucidated the need for studies on support systems, entrepreneurial ecosystems as attributing factors to MWI venture creation, survival and success.

Consequently, the editors devised a call for papers requesting that authors explore new perspectives and paradigms incorporating environmental conditions that impact MWI’s, and ...


Black Vs White Owned New Venture Performance: A Study Of Mediating Effects, Mayank Jaiswal Jan 2018

Black Vs White Owned New Venture Performance: A Study Of Mediating Effects, Mayank Jaiswal

New England Journal of Entrepreneurship

Purpose: The purpose of this paper is to move beyond individual level characteristics of founders to explain the performance gap between white and black majority owned new ventures. It specifically investigates three potential mediators: demographic characteristics of venture’s location, financial size of the venture and its credit riskiness.

Design/methodology/approach: The Kauffman Firm Survey, a longitudinal data set of 4,928 new ventures started in the USA in 2004, has been utilized in this paper. Pooled OLS and Logit regression models were employed for direct effects. Mediation effects were tested using two different approaches: the Baron and Kenny ...


(How) Does 360-Degree Feedback Benefit The Field Of Entrepreneurship?, Chao Miao, Ronald H. Humphrey, Shanshan Qian, In-Sue Oh Jan 2018

(How) Does 360-Degree Feedback Benefit The Field Of Entrepreneurship?, Chao Miao, Ronald H. Humphrey, Shanshan Qian, In-Sue Oh

New England Journal of Entrepreneurship

Purpose – Most of the studies in entrepreneurship depend on single-source rating methods to collect data on both predictors and criteria. The threat to effect sizes as a result of using single-source ratings is particularly relevant to psychology-based entrepreneurship research. Therefore, the purpose of this paper is to explore the prospects of applying 360-degree feedback to the field of entrepreneurship and to discuss a set of cases regarding how 360-degree feedback may boost effect sizes in entrepreneurship research.

Design/methodology/approach – A qualitative review of current literature was performed.

Findings – The review indicated that the effect sizes in psychology-based entrepreneurship research ...


Immigrant Entrepreneurs In The Usa: A Conceptual Discussion Of The Demands Of Immigration And Entrepreneurial Intentions, Yemisi Freda Awotoye, Robert P. Singh Jan 2018

Immigrant Entrepreneurs In The Usa: A Conceptual Discussion Of The Demands Of Immigration And Entrepreneurial Intentions, Yemisi Freda Awotoye, Robert P. Singh

New England Journal of Entrepreneurship

Purpose: Given the growing number of immigrant entrepreneurs in the USA, the purpose of this paper is to better understand the behaviors of this subgroup of entrepreneurs. Specifically, the paper aims to understand the unique challenges faced by immigrant entrepreneurs and how environmental challenges affect decisions to grow or abandon their ventures.

Design/methodology/approach: To make the theoretical arguments in this conceptual paper, the authors draw on the theory of planned behavior developed by Ajzen (1985), which suggests that a person’s behavior is predicted by their intention, and intentions are predicted by one’s attitudes, subjective norm and ...


The Influence Of Emotional Carrying Capacity And Network Ethnic Diversity On Entrepreneurial Self- Efficacy: The Case Of Black And White Entrepreneurs, Golshan Javadian, Tina R. Opie, Salvatore Parise Jan 2018

The Influence Of Emotional Carrying Capacity And Network Ethnic Diversity On Entrepreneurial Self- Efficacy: The Case Of Black And White Entrepreneurs, Golshan Javadian, Tina R. Opie, Salvatore Parise

New England Journal of Entrepreneurship

Purpose: One key determinant of entrepreneurial success is entrepreneurial self-efficacy (ESE), defined as an individual’s confidence in his or her ability to perform entrepreneurial tasks. Whereas previous research has examined how individual and business factors influence ESE, the purpose of this paper is to analyze the influence of entrepreneurs’ social networks upon ESE. The paper examines such relationships for black and white entrepreneurs.

Design/methodology/approach: In total, 110 black and white entrepreneurs responded to a survey measuring ESE and critical constructs representing elements of the quality of entrepreneurs’ networks: emotional carrying capacity (ECC) and network ethnic diversity.

Findings ...


Self-Concept Orientation And Organizational Identification: A Mediated Relationship, Chun (Grace) Guo, Jane K. Miller, Melissa S. Woodard, Daniel Miller, Kirk D. Silvernail, Mehmet Devrim Aydin, Ana Heloisa Da Costa Lemos, Vilmante Kumpikaite, Sudhir Nair, Paul F. Donnelly, Robert D. Marx, Linda M. Peters Jan 2018

Self-Concept Orientation And Organizational Identification: A Mediated Relationship, Chun (Grace) Guo, Jane K. Miller, Melissa S. Woodard, Daniel Miller, Kirk D. Silvernail, Mehmet Devrim Aydin, Ana Heloisa Da Costa Lemos, Vilmante Kumpikaite, Sudhir Nair, Paul F. Donnelly, Robert D. Marx, Linda M. Peters

WCOB Faculty Publications

Purpose: The purpose of this paper is to test a mediated model of the relationship between self-concept orientation (individualist and collectivist) and organizational identification (OrgID, Cooper and Thatcher, 2010), with proposed mediators including the need for organizational identification (nOID, Glynn, 1998) as well as self-presentation concerns of social adjustment (SA) and value expression (VE, Highhouse et al., 2007). Design/methodology/approach: Data were collected from 509 participants in seven countries. Direct and mediation effects were tested using structural equation modeling (AMOS 25.0). Findings: Individualist self-concept orientation was positively related to VE and collectivist self-concept orientation was positively related to ...


Senior Executives’ Basic Psychological Need Satisfaction And Psychological Well-Being: Is It Different At The Top?, Marcus B. Mueller, Geoff P. Lovell Jan 2018

Senior Executives’ Basic Psychological Need Satisfaction And Psychological Well-Being: Is It Different At The Top?, Marcus B. Mueller, Geoff P. Lovell

WCOB Faculty Publications

Senior executives’ decisions can have a substantial impact on their own lives, their families, their organizations’ workers and employees, and society. This quantitative study (1) investigated the relationship between basic psychological need satisfaction (BPNS) at work and psychological well-being (PWB) in 142 senior executives as antecedent of their decision making and (2) compared the results to two other managerial level samples of 260 managers and 445 employees. The results have implications for theory and practice. Our findings contribute the new theoretical perspectives of differences in the relationship between BPNS at work and PWB by managerial level and senior executives’ gender ...


Evaluating Volatility Forecasts In Various Equity Market Regimes, John P. Felletter Oct 2017

Evaluating Volatility Forecasts In Various Equity Market Regimes, John P. Felletter

Doctoral Dissertations

Forecasting volatility is a critical component of asset allocation, risk management, and option pricing. Many different methods and models are used to predict volatility, and many studies have examined the efficacy of one method or another. This study investigates whether the abilities of historical volatility, GARCH models, and VIX to forecast volatility vary in different market conditions, as distinguished by levels of volatility and returns. It is found that market conditions do impact the abilities of the variables to forecast volatility. Overall, the forecasts implied by the GARCH models perform best according to the various metrics, while the VIX forecast ...


Why We Should Have Seen That Coming: Comments On Microsoft’S Tay “Experiment,” And Wider Implications, K. W. Miller, Marty J. Wolf, Frances S. Grodzinsky Oct 2017

Why We Should Have Seen That Coming: Comments On Microsoft’S Tay “Experiment,” And Wider Implications, K. W. Miller, Marty J. Wolf, Frances S. Grodzinsky

School of Computer Science & Engineering Faculty Publications

In this paper we examine the case of Tay, the Microsoft AI chatbot that was launched in March, 2016. After less than 24 hours, Microsoft shut down the experiment because the chatbot was generating tweets that were judged to be inappropriate since they included racist, sexist, and anti-Semitic language. We contend that the case of Tay illustrates a problem with the very nature of learning software (LS is a term that describes any software that changes its program in response to its interactions) that interacts directly with the public, and the developer’s role and responsibility associated with it. We ...


Air Pollution And Life Expectancy, Zoë Kelly Oct 2017

Air Pollution And Life Expectancy, Zoë Kelly

Sacred Heart University Scholar

This article explores the effect of air pollution on life expectancy. While prior studies heavily supported the link between long-term exposure to air pollution and harmful effects on health, most are based on single-country data. The objective of this article is to fill the gap in the literature by conducting a cross-country analysis. It evaluates the effect of average air pollution on life expectancy across 111 countries between 2010 and 2015. The additional country-specific control variables that are used include GDP (Gross Domestic Product) per capita, percentage of people with access to water, population density, health care expenditure (in terms ...


The Introduction Of Virtual Reality To Education: Should The Marketing Discipline Engage?, Enda Mcgovern Oct 2017

The Introduction Of Virtual Reality To Education: Should The Marketing Discipline Engage?, Enda Mcgovern

WCOB Faculty Publications

This position paper explores whether faculty should embrace the use of virtual reality as a medium of academic engagement with the future intake of digital native students. In recent years there has been a tremendous surge in the use of digital device platforms to extend the reach of education to the wider student populations. As a result, the positive engagement by students of multimedia objects, including video, sound clips and data in a more integrated, multi-sensory digital medium has gained significant traction in the learning environment. Students are moving faster into this digital space and it is not long before ...


Effects Of The Basel Iii Liquidity Risk Metrics On U.S. Bank Performance And Stability, Cecelia Mundt Aug 2017

Effects Of The Basel Iii Liquidity Risk Metrics On U.S. Bank Performance And Stability, Cecelia Mundt

Doctoral Dissertations

This paper investigates the effects of Basel III’s liquidity metrics on profitability and stability on a subset of U.S banks from 2002 to 2014. The profitability and stability of each of these banks were calculated under the scenario of shifting 1% of its overall assets from illiquid to liquid. The empirical findings demonstrate a negative relationship between holding higher liquidity and bank profitability. It finds that this negative relationship is disproportionate across the bank classes with savings banks losing profitability at almost twice the rate as national banks. Additionally, stability of savings banks is more adversely affected than ...


Estimating The Cost Of Equity In Emerging Markets: A Case Study, Benoit Boyer, Ralph Lim, Bridget M. Lyons Jun 2017

Estimating The Cost Of Equity In Emerging Markets: A Case Study, Benoit Boyer, Ralph Lim, Bridget M. Lyons

WCOB Faculty Publications

A firm's weighted average cost of capital is an integral component in capital budgeting decisions and in assessment of the firm's enterprise and equity value. Estimation of the cost of equity is a key component in determining the overall cost of capital. The calculation of the cost of equity for U.S. based corporations is relatively straightforward and is most often estimated as a function of the U.S. risk-free rate, the firm's beta value, and an estimate of the average risk premium associated with equity investments compared to risk free assets. Since U.S. financial markets ...


New England Journal Of Entrepreneurship, Spring/Summer 2017 May 2017

New England Journal Of Entrepreneurship, Spring/Summer 2017

New England Journal of Entrepreneurship

No abstract provided.


The Effect Of Government Involvement On Chinese Firms' Corporate Entrepreneurial Activities: The Case Of Chinese Automobile Industry, Grace Chun Guo, Crystal X. Jiang, Qin Yang May 2017

The Effect Of Government Involvement On Chinese Firms' Corporate Entrepreneurial Activities: The Case Of Chinese Automobile Industry, Grace Chun Guo, Crystal X. Jiang, Qin Yang

New England Journal of Entrepreneurship

To fully understand corporate entrepreneurship (CE) of emerging markets, we propose a stage model to explore specific roles governments play that affect CE activities over time.


Just A Lemonade Stand: An Introduction To Student Entrepreneurship, Alka Gupta, Vishal K. Gupta May 2017

Just A Lemonade Stand: An Introduction To Student Entrepreneurship, Alka Gupta, Vishal K. Gupta

New England Journal of Entrepreneurship

In this article, we define the concept of student entrepreneurship, delineate its domain, and demarcate its boundaries. We propose a preliminary typology of student entrepreneurship rooted in the works of three leading economists from the Austrian School of Economics


The Role Of Trust In Social Entrepreneurship: A Case Study Of Global Brigades, Laura Tack, Mark Simon, Ruihua Joy Jiang May 2017

The Role Of Trust In Social Entrepreneurship: A Case Study Of Global Brigades, Laura Tack, Mark Simon, Ruihua Joy Jiang

New England Journal of Entrepreneurship

This article aims to begin filling this gap by utilizing a specific social entrepreneurship initiative to illustrate the role of trust in social entrepreneurship efforts.


To Be Or Not To Be An Ethnic Firm: An Analysis Of Identity Strategies In Immigrant-Owned Organizations, Diya Das, Eileen Kwesiga, Shruti R. Sardeshmukh, Norma Juma May 2017

To Be Or Not To Be An Ethnic Firm: An Analysis Of Identity Strategies In Immigrant-Owned Organizations, Diya Das, Eileen Kwesiga, Shruti R. Sardeshmukh, Norma Juma

New England Journal of Entrepreneurship

In this article, we develop a theoretical framework that draws on the concepts of liability of foreignness and social identity theory in the context of immigrant entrepreneurship.


Essays In Financial Economics, Johnson Owusu-Amoako Apr 2017

Essays In Financial Economics, Johnson Owusu-Amoako

Doctoral Dissertations

In this study, we empirically investigate the impact of credit default swap rates on short-term interest rates. We find that CDS rates significantly impact short-term interest rates. The impact remains significant after controlling for inflation and unemployment. Applying co-integration test and vector error correction modeling, the study also finds a causal relationship between CDS rates and short-term interest rates. These relationships are confirmed through autoregressive conditional heteroscedasticity (ARCH), exponential generalized ARCH [EGARCH] and vector auto-regression (VAR) analyses. The empirical results have important implications in setting short-term interest rates. A regular revision of policy targeting to capture the continual changes in ...


Wavering Interactions Between Commodity Futures Prices And Usd Exchange Rates, Monika Sywak Apr 2017

Wavering Interactions Between Commodity Futures Prices And Usd Exchange Rates, Monika Sywak

Doctoral Dissertations

This paper examines the intricate impact of commodity futures prices on US dollar exchange rates. The daily data on returns on futures and on USD are tested with Bayesian VAR, multiple breakpoint regression and two-state Markov switching. The tested commodity futures include West Texas Intermediate and Brent crude oil, as well as copper and gold. The tests imply that changes in commodity returns inversely affect USD exchange rates. This relationship is not uniform across the tested commodity futures and is affected by market risk. The relationships between crude oil futures prices and USD exchange rates are normally negative but they ...